中国圣牧中期报告2025

Corporate Profile China Shengmu Organic Milk Limited (the “Company” or “China Shengmu”, together with its subsidiaries, the “Group”) hassuccessfully established a closed-loop ecological industry of “desert oasis + organic farming and breeding”. By the end of the sixmonths ended 30 June 2025 (the “Reporting Period”), the Group owned 34 farms, including organic milk farms, DHA milk farms,organic A2 milk farms, and standard high-quality raw milk farms, with a total of 144 thousand dairy cows and a daily fresh milkproduction of approximately 2,169 tonnes. The annual production capacity of ecological organic raw milk has reached 600,000tonnes. +202563034DHAA214.42,16960 China Shengmu has firmly pursued a high-quality development path guided by ecological priority and green sustainability, withthe Ulan Buh Desert as its core base. We have transformed 350,000 mu of desert into high-quality pasture, planted over 98million sand-fixing trees, and built a robust sand barrier, turning 220 square kilometers of desert into an oasis. This once barrenland has been transformed into an ecological organic paradise. We have significantly increased our investment in ecologicalconstruction, solidifying the industrial environmental foundation, constructing 193.3 kilometers of roads, 277.9 kilometers ofpower lines, 11 reservoirs, 9 organic manure fermentation plants, and 1 bio-organic fertilizer processing plant in the desert. 359,800220193.3277.91191 China Shengmu was recognized by the United Nations Global Compact as the best integrated practice in the category of“Sustainable Production and Consumption”. China Shengmu’s end-user brand organic milk won the Gold Award at the 17thAsia International Organic Product Expo once again. For 15 years, the Group has focused on desert organic practices, and itsadvocated “Natural Slow-Rearing” organic philosophy has resonated strongly within the industry. The Group firmly believes thathigh-quality milk originates from natural sources. “Slow cultivation of soil”, “slow cultivation of grass” and “slow cultivation ofcows” are the key factors behind the success of Shengmu’s organic milk. 15 Contents 25782535373839414345 Corporate InformationHighlightsCorporate CultureManagement Discussion and AnalysisReport of the DirectorsReport on Review of Interim Financial StatementInterim Condensed Consolidated Statement of Profit or LossInterim Condensed Consolidated Statement of Comprehensive IncomeInterim Condensed Consolidated Statement of Financial PositionInterim Condensed Consolidated Statement of Changes in EquityInterim Condensed Consolidated Statement of Cash FlowsNotes to Interim Condensed Consolidated Financial Information Corporate Information Board of DirectorsEXECUTIVE DIRECTORMr. ZHANG Jiawang(Chief Executive Officer) NON-EXECUTIVE DIRECTORS Mr. CHEN Yiyi(Chairman)Mr. ZHANG PingMr. ZHAO JiejunMr. SUN QianMs. SHAO Lijun INDEPENDENT NON-EXECUTIVE DIRECTORS Mr. WANG LiyanMr. WU LiangMr. SUN Yansheng (CPA, ACG, HKACG) Company Secretary Mr. LI Kwok Fat(CPA, ACG, HKACG) Authorised Representatives Mr. ZHANG JiawangMr. LI Kwok Fat Audit Committee Mr. WANG Liyan(Chairman)Mr. ZHANG PingMr. WU Liang Remuneration Committee Mr. SUN Yansheng(Chairman)Mr. ZHANG PingMr. WU Liang Nomination Committee Mr. CHEN Yiyi(Chairman)Mr. WANG LiyanMr. WU Liang Strategic and Sustainability Committee Mr. CHEN Yiyi(Chairman)Mr. ZHANG JiawangMr. ZHAO JiejunMr. SUN Qian Registered Office P.O. Box 309Ugland HouseGrand Cayman, KY1-1104Cayman Islands P.O. Box 309Ugland HouseGrand Cayman, KY1-1104Cayman Islands Principal Place of Business in Hong Kong 26232A Room A, 32nd Floor COFCO Tower262 Gloucester RoadCauseway BayHong Kong Headquarter and Principal Place of Business inChina Food Industry ParkDeng Kou County Bayannur CityInner Mongolia Autonomous RegionPRC 1432 Stock Code The Main Board of The Stock Exchange of Hong Kong Limited1432 Principal Share Registrar and Transfer Office Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary HallCricket SquareGrand Cayman KY1-1112Cayman Islands Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary HallCricket SquareGrand Cayman KY1-1112Cayman Islands Corporate Information Hong Kong Branch Share Registrar and TransferOffice 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong Principal Bankers Bank of China LimitedAgricultural Bank of China LimitedIndustrial Bank Co., Ltd.The Export-Import Bank of ChinaDBS Bank Ltd. Auditor Ernst & Young(Certified Public Accountants and Registered PIE Auditor) Legal AdvisorAS TO HONG KONG LAWLinklaters AS TO CAYMAN ISLANDS LAWMaples and Calder http://www.shengmuorganicmilk.com Websitehttp://www.shengmuorganicmilk.com Corporate Culture Corporate mission: The Board has establishedthe Company’s mission, visionand core values. All Directorsshall act with integrity, leadby example, and promote thedesired corporate culture. Devote to the nation and