Summary of Conference Call Company or Industry Involved - No specific company or industry mentioned in the provided content Core Points and Arguments - No core points or arguments provided in the content Other Important but Possibly Overlooked Content - The content only includes a greeting and does not provide any substantial information or data related to a company or industry Overall, the provided content does not contain any relevant information regarding a specific company or industry analysis.

Revenue and Sales Performance - Revenue for the year reached RMB 13,458 million, representing a year-on-year increase of 9.5%[6] - Total raw milk sold was 2.55 million tons, a year-on-year increase of 9.4%, with sales revenue from raw milk amounting to RMB 10,264 million, up 3.2%[10] - New business segments, including e-commerce and feed production, generated sales revenue of RMB 3,195 million, marking a 35.9% year-on-year increase[12] - Modern Dairy achieved a sales revenue contribution of RMB 3.195 billion from new business developments, representing a year-on-year increase of 35.9%[14] - The Group's sales revenue for the year was RMB 13,458.2 million, representing a year-on-year increase of 9.5%, with raw milk sales revenue at RMB 10,263.7 million, up 3.2%[81][84] - Revenue from new business segments reached RMB 3,194.6 million, marking a significant year-on-year increase of 35.9% from RMB 2,350.0 million in 2022[116] Profitability and Financial Performance - Profit for the year was RMB 185 million, a decline of 68.1% compared to RMB 580 million in 2022[6] - Cash EBITDA for the year was RMB 2,496 million, a decrease of 8.9% from the previous year[6] - The gross profit from the raw milk business decreased by 5.9% year-on-year to RMB 2,913.0 million in 2023, down from RMB 3,095.0 million in 2022[133] - The gross profit margin for the raw milk business decreased by 2.7% year-on-year to 28.4% in 2023, compared to 31.1% in 2022[133] - Profit attributable to owners of the company fell by 68.9% to RMB 175.2 million in 2023, compared to RMB 562.5 million in 2022[155] Cash Flow and Financing - Net free cash inflow was approximately RMB 1,568 million, a significant turnaround from a net outflow of RMB 2,414 million in the previous year[13] - The group recorded consolidated revenue of RMB 13,458.2 million in 2023, representing a year-over-year increase of 9.5% compared to RMB 12,295.1 million in 2022[116] - The net cash inflow from operating activities surged to RMB 5,449.0 million in 2023, a significant increase of RMB 3,871.9 million year-on-year[157] - The net cash outflow from investing activities decreased to RMB 3,881.1 million in 2023, down RMB 110.4 million from RMB 3,991.5 million in 2022, due to adjusted merger and acquisition strategies[158] - The net gearing ratio improved to 74.4% as of December 31, 2023, down from 85.2% in the previous year, reflecting a 10.8 percentage point decrease[153] Operational Efficiency and Production - The herd size increased to 450,562 heads, reflecting an 11.2% year-on-year growth[10] - Average milk yield per cow reached 12.6 tons, a 3.3% increase compared to the previous year[10] - Modern Dairy produced over 2.5 million tons of high-quality raw milk in 2023, maintaining industry-leading cost efficiency[66] - The average annualized milk yield per cow was 12.6 tons, up 3.3% from 12.2 tons in 2022, while total milk yield increased by 9.5% to 2.588 million tons[80][84] - The average unit cost of raw milk before inter-segment offset was RMB 2.92/kg in 2023, a decrease from RMB 2.97/kg in 2022[126] Debt and Borrowing - Interest-bearing borrowings decreased by 7.8% year-on-year to RMB 11,497 million[13] - As of December 31, 2023, total interest-bearing borrowings decreased by 7.8% to RMB 11,496.7 million from RMB 12,470.9 million in 2022[163] - The net borrowings of the Group were approximately RMB 8,813.2 million as of December 31, 2023, down from approximately RMB 9,921.7 million in 2022[171] Awards and Recognition - Modern Dairy maintained a "BBB" investment grade credit rating with a stable outlook, marking it as the first Chinese dairy farming enterprise to achieve this recognition[14] - The company was recognized as one of the "Top 20 Leading Agricultural Industrialization Enterprises in Anhui Province," highlighting its contributions to agricultural practices and technologies[48] - Modern Dairy received the "2023 Netease New Energy Annual ESG Pioneer Enterprise Award," showcasing its commitment to environmental, social, and governance practices[54] Sustainability and ESG Initiatives - The company has been recognized for its excellent ESG performance, receiving the "Green Development Typical Case" award from the China Dairy Industry Association[17] - The Group's commitment to social responsibility includes improving product quality and promoting local economic development through job creation and direct donations[191] - The Group's dual carbon targets were recognized in the COP28 "2023 Corporate Climate Action Case Collection," underscoring its commitment to sustainable development[68] Digital Transformation and Innovation - The company is focused on deploying the entire industry chain and innovating with digital intelligence to enhance its competitive edge in the global dairy farming sector[24] - The digital transformation initiatives include the Aiyangniu and Yunyangniu platforms, aimed at reducing procurement costs and integrating AIoT solutions for dairy management[105] - The Group is committed to enhancing digitalization across the entire value chain and accelerating the transition to green practices[198] Product Quality and Development - The company’s branded pure milk has won the Gold Prize of the Monde Selection for ten consecutive years, highlighting its commitment to product quality[16] - Modern Dairy's Gold Award High Calcium Milk contains 125mg of calcium per 100ml, enriched with vitamin D to enhance calcium absorption[44] - The Group maintains a raw milk quality compliance rate of 100%, emphasizing the importance of product quality for long-term development[104] Strategic Goals and Future Outlook - The Group aims to increase its dairy cow herd size to over 500,000 heads by 2025, targeting an annual milk yield of 3.6 million tons[199] - The motto for 2024 is "Breakthrough Beyond Limits, Innovation Embraces Victories," focusing on high-quality development through innovation[197] - The Group aims to implement a cost leadership strategy to manage rising material prices by expanding herd size, improving yields, and enhancing operational management to reduce unit costs[94]

智通财经APP获悉，中信里昂发布研报表示，现代牧业(01117)在2023年的销售额和净利润分别同比增长 了9%和下降了69%，与之前发布的盈利预警一致。由于消费者需求疲软，该行预计原奶价格的下行周 期将在短期内延续。尽管如此，该行认为CMD可以凭借与下游合作伙伴的紧密合作、饲料采购优化和 效率改进，胜过其上游乳制品同行。该行维持"买入"评级，并保持目标价为港币1.00。 2023财年回顾 2023财年原奶/新业务销售（饲料和数字平台）分别同比增长了3%和36%。原奶平均售价同比下降了 6%，销量同比增长了9%（产量增长：同比增长3%至12.6吨）。每吨毛利润同比下降了14%，原因是原 奶价格疲软和饲料成本上升。销售和管理费用占收入比率同比扩大了0.2个百分点，达到9.1%。经调整 的税前息税折旧摊销前利润（Cash Ebitda）同比下降了9%，至人民币25亿元。报告的净利润同比下降 了69%，至人民币1.75亿元。 原奶价格可能保持下行势头 中国原奶价格在2023年平均同比下降了8%，受需求疲软的影响，而2024年的下降幅度更大，原奶价格 同比下降了11%。管理层预计2024年第三季度可能出现逆转。该行认 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 China Modern Dairy Holdings Ltd. 中國現代牧業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1117） 截至2023年12月31日止年度的 全年業績公告 亮點摘要： 本集團以「佈局產業鏈，數智創新，做全球牧業引領者」為企業願景，以原料 奶生產為業務核心，以數智化和生態化為引領，業務貫穿乳業全產業鏈條， 覆蓋上游的「種業、草業、飼料、奶牛養殖及產業鏈互聯網交易平台」。現代牧 業憑藉優秀的管理團隊，領先的科研創新，高度的產業鏈數智化，高效的成 本控制，原料奶核心業務與產業鏈新業務形成有機協同，讓本集團整體業務 持續穩健發展。 ...

CORPORATE PROFILE 公司簡介 China Modern Dairy Holdings Limited (the "Company" or "Modern Dairy" together with its subsidiaries, the "Group") is the leading dairy farming operator and raw milk producer in the People's Republic of China (the "PRC"). Modern Dairy operates 42 dairy farming companies in the PRC with dairy cows over 418,000 heads and annualized milk yield of over 2.50 million tons. The Group is a leading dairy farming operator and raw milk producer in terms of herd size in the PRC. The Company initia ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 對 因 本 公 告 全 部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Modern Dairy Holdings Ltd. 中國現代牧業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1117） 截 至2023年6月30日止六個月的中期業績公告 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

天生要強， 與自己較勁。 Born to be strong and go beyond ourselves. CORPORATE PROFILE 公司簡介 China Modern Dairy Holdings Limited (the “Company” or “Modern Dairy” together with its subsidiaries, the “Group”) is the leading dairy farming operator and raw milk producer in the People’s Republic of China (the “PRC”). Modern Dairy operates 41 dairy farming companies in the PRC with dairy cows over 400,000 heads and annualized milk yield of over 2.36 million tons. The Group is a leading dairy farming operator and raw milk produ ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 China Modern Dairy Holdings Ltd. 中國現代牧業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1117） 截 至2022年12月31日止年度的 全年業績公告 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------- ...

天生要強，與自己較勁。 Born to be strong and go beyond ourselves. CORPORATE PROFILE 公司簡介 China Modern Dairy Holdings Limited (the "Company" or "Modern Dairy" together with its subsidiaries, the "Group") is a leading dairy farming operator and fresh raw milk producer in the People's Republic of China (the "PRC"). Modern Dairy operates 38 dairy farming companies in the PRC with dairy cows over 380,000 heads and annualised milk yield of over 2.3 million tons. The Company initiated the production model of "Zero distance I ...