Financial Performance - The company reported cash EBITDA of RMB 1,515 million for the six months ended June 30, 2024, an increase of approximately RMB 244 million or 19.2% compared to the same period in 2023[2]. - The company's revenue for the six months ended June 30, 2024, was RMB 6,418.5 million, a decrease of 3.2% compared to RMB 6,633.4 million in the same period of 2023[4]. - The company recorded a net cash inflow from operating activities of RMB 397.5 million, down 81.8% from RMB 2,182.9 million in the previous year[4]. - For the six months ended June 30, 2024, the total comprehensive income was a loss of RMB 220,968 thousand, compared to a loss of RMB 197,211 thousand for the same period in 2023, representing an increase in loss of approximately 12.1%[8]. - The basic and diluted loss per share for the six months ended June 30, 2024, was RMB 2.91, compared to RMB 2.66 for the same period in 2023, indicating a decline of about 9.4%[8]. - The company reported a net loss attributable to shareholders of RMB 228.3 million for the period, a decrease of 209.1% compared to a profit of RMB 209.3 million in 2023[76]. - Basic and diluted loss per share was approximately RMB 2.91, compared to earnings of RMB 2.66 in 2023[76]. Revenue and Sales - Raw milk sales revenue amounted to RMB 5.112 billion, reflecting a year-on-year growth of 1.3%[2]. - Revenue from raw milk business was RMB 5,111,706 thousand, up from RMB 5,044,062 thousand, reflecting a growth of 1.3% year-over-year[16]. - The group reported a total revenue of RMB 6,418,499 thousand for the six months ended June 30, 2024, a decrease of 3.2% compared to RMB 6,633,422 thousand for the same period in 2023[16]. - The average selling price of raw milk was RMB 3.66 per kg, reflecting a decrease influenced by the domestic raw milk market price decline[57]. - The company sold approximately 1,398,437 tons of raw milk, an increase of 13.4% compared to 1,233,400 tons in 2023, attributed to improved annual yield per cow[56][57]. - The integrated breeding solution business generated revenue of RMB 1,306.8 million, down 17.8% from RMB 1,589.4 million in 2023, primarily due to market conditions[58]. Assets and Liabilities - Non-current assets as of June 30, 2024, totaled RMB 24,792,417 thousand, an increase from RMB 24,526,141 thousand as of December 31, 2023, reflecting a growth of approximately 1.1%[9]. - Current assets decreased to RMB 7,415,491 thousand as of June 30, 2024, from RMB 6,868,103 thousand as of December 31, 2023, showing a decline of about 7.9%[9]. - The company's total liabilities as of June 30, 2024, were RMB 13,092,542 thousand, compared to RMB 11,088,696 thousand as of December 31, 2023, indicating an increase of about 18.1%[10]. - Non-current liabilities increased to RMB 6,412,729,000 as of June 30, 2024, compared to RMB 5,183,959,000 as of December 31, 2023[41]. - As of June 30, 2024, the company reported a total debt of RMB 9,468,381,000, an increase of 28.2% from RMB 7,390,443,000 as of December 31, 2023[41]. Cost and Expenses - The cost of sales for raw milk production was RMB 3,564,743,000, slightly down from RMB 3,617,480,000, indicating a decrease of 1.5%[26]. - Employee benefits expenses rose to RMB 445,525,000, compared to RMB 405,443,000 in the previous year, an increase of 9.9%[26]. - Interest expenses on bank loans decreased to RMB 147,608,000 from RMB 163,883,000, a reduction of 9.9%[28]. - The total borrowing cost was RMB 244,427,000, slightly down from RMB 244,688,000, indicating a decrease of 0.1%[28]. - The income tax expense for the six months ended June 30, 2024, was RMB 15,951,000, compared to RMB 15,397,000 in the previous year, an increase of 3.6%[29]. - The net loss from other income and expenses increased to RMB 53.7 million, compared to a net loss of RMB 46.3 million in the previous year[73]. Operational Metrics - Average annual milk yield per cow reached 13 tons, representing a year-on-year increase of 3.2%, while total raw milk sales volume reached 1.4 million tons, up 13.4% year-on-year[2]. - The herd size increased by 6.3% to 444,859 heads compared to 418,596 heads in the previous year[4]. - The company operates 42 farms across 13 provinces and regions in mainland China, focusing on optimizing the breeding environment and cow health[47]. - The company aims to enhance its breeding capabilities by increasing investment in breeding technology and achieving self-sufficiency in core breeding resources[53]. Dividends and Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to no dividend declared for the same period in 2023[3]. - The company declared a final dividend of RMB 0.0045 per share, totaling RMB 34,888,000, down from RMB 111,997,000 in the previous year[32]. - The company purchased a total of 36,914,000 shares of its ordinary stock for a total price of HKD 27,769,000 (approximately RMB 25,281,000) under its share award plan[88]. Governance and Compliance - The audit committee consists of two independent non-executive directors and one non-executive director, overseeing financial reporting and risk management[89]. - The group's interim financial statements for the six months ending June 30, 2024, have been reviewed by the auditors in accordance with the relevant standards[90]. - The interim results announcement will be published on the company's website and the Hong Kong Stock Exchange website[91]. - The company expresses gratitude to shareholders for their continued support and acknowledges the hard work of all employees[92].

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 Since the provided content does not contain any relevant information regarding a specific company or industry, no further details can be summarized.

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 ...

Financial Performance - The total revenue for the year ended December 31, 2023, was RMB 13.458 billion, an increase of 9.5% compared to RMB 12.295 billion in the previous year[4]. - The group’s net profit for the year was RMB 185 million, a decline of 68.1% from RMB 580 million in the previous year[4]. - The group’s cash EBITDA for the year was RMB 2.496 billion, down 8.9% from RMB 2.740 billion in the previous year[4]. - Gross profit for 2023 was RMB 3,128,013 thousand, down 4.2% from RMB 3,266,979 thousand in 2022[7]. - The company reported a net foreign exchange loss of RMB 77,638,000 in 2023, a decrease from a loss of RMB 377,346,000 in 2022, indicating improved foreign exchange management[31]. - The company reported a profit attributable to shareholders of RMB 175.2 million, a decrease of 68.9% from RMB 562.5 million in 2022, with basic earnings per share dropping to RMB 2.23 from RMB 7.16[73]. Revenue Breakdown - The raw milk business generated RMB 10,263,657,000 in revenue, up from RMB 9,945,090,000 in the previous year[19]. - The offline feed business generated revenue of RMB 2,537,792,000, significantly up from RMB 1,851,325,000 in 2022[19]. - The digital platform business contributed RMB 605,278,000 in revenue, compared to RMB 498,676,000 in the previous year[19]. - Revenue from external customers in mainland China reached RMB 13,103,259,000, an increase from RMB 11,877,865,000 in 2022, representing a growth of approximately 10.3%[29]. - The revenue from raw milk was RMB 10,263,657,000, while the offline feed business generated RMB 2,537,792,000, and the digital intelligence platform contributed RMB 656,774,000[21]. Cost and Expenses - The total sales cost for the year was RMB 10,330.2 million, an increase of 14.4% compared to RMB 9,028.1 million in 2022, driven by growth in both raw milk and new business sales[56]. - The sales cost of the raw milk business reached RMB 7,350.7 million, up 7.3% from RMB 6,850.0 million in 2022, primarily due to increased sales volume[56]. - Total employee benefits expenses rose to RMB 827,191,000 in 2023, compared to RMB 748,604,000 in 2022, marking an increase of about 10.5%[32]. - The total operating expenses for the year amounted to RMB 1,230.2 million, an increase of 11.8% from RMB 1,100.1 million in 2022[66]. - Administrative expenses for the year amounted to RMB 852.4 million, an increase of RMB 122.2 million or 16.7% compared to RMB 730.2 million in 2022, primarily due to the hiring of experienced management for new farms and increased operational resources[68]. Debt and Financial Stability - The group reduced interest-bearing debt to RMB 11.497 billion, a decrease of 7.8% year-on-year[3]. - The company has sufficient financial resources to meet its debt obligations and fund ongoing operations, with available credit facilities amounting to approximately RMB 6,989.0 million[74]. - The company's net debt was approximately RMB 8,813.2 million, down from RMB 9,921.7 million as of December 31, 2022[77]. - Net gearing ratio improved to 74.4% as of December 31, 2023, down 10.8 percentage points from 85.2% in 2022, indicating better financial stability[74]. Market and Business Development - The group achieved a sales revenue of RMB 3.195 billion from new business developments, representing a year-on-year increase of 35.9%[3]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[12]. - The new business segment, which includes feed and digital platforms, is expected to continue growing and contribute to the group's profits[54]. - The company aims to increase its dairy cow inventory to over 500,000 heads and produce 3.6 million tons of fresh milk by 2025[83]. - The company plans to maintain a low operating cost while achieving high economic efficiency, high performance, high employee satisfaction, and high-quality development[82]. Operational Metrics - The total sales volume of fresh milk reached 255,000 tons, up 9.4% from 233,000 tons in the previous year[4]. - The average milk yield per cow increased by 3.3% to 12.6 tons per head per year[4]. - The average annual milk yield per cow increased to 12.6 tons in 2023, up 3.3% from 12.2 tons in 2022[48]. - Total milk production reached 2.588 million tons in 2023, representing a 9.5% increase from 2.364 million tons in 2022[50]. - The group operated 42 farms in mainland China, with a total of 450,562 dairy cows, reflecting an 11.2% increase from 405,358 cows in 2022[49]. Investment and Future Plans - The company entered into a capital injection agreement with Zhongken Fund, with an investment of RMB 600 million for a 25.4% stake in a subsidiary[89]. - The company will implement a "Five-Year Leading Plan" focusing on technological innovation and green transformation[82]. - The company is committed to sustainable development and aims to lead the industry towards digital innovation and low-carbon environmental protection[83]. - The company plans to leverage national policies and technological innovations to support high-quality development in the dairy industry despite ongoing challenges[45]. Governance and Compliance - The audit committee consists of two independent non-executive directors and one non-executive director, who reviewed the accounting principles and discussed risk management and internal controls[92]. - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[94]. - The company has established a securities trading behavior code for directors, ensuring compliance with the standards set by the listing rules[85].

财联社2月16日讯（编辑 冯轶）财联社为您带来今日港股重要公告 1）公司要闻 金沙中国有限公司(01928.HK)：发布年度业绩，2023年净收益总额为65.3亿美元，同比增长307.1%；利润为6.92亿美元，同比扭亏为盈。 现代牧业(01117.HK)：发布盈警，预计2023年净利润约1.6亿-2亿元，同比减少约66%~72%。 龙光集团(03380.HK)：开曼群岛大法院及香港高等法院已分别颁令撤销开曼清盘呈请及香港清盘呈请。 2）回购动态 汇丰控股(00005.HK)：2月15日耗资约7645.9万港元回购124.68万股，回购价60.95-61.55港元。 友邦保险(01299.HK)：斥资8910.16万港元回购139.78万股，回购价62.75-64.7港元。 百胜中国(09987.HK)：斥资2443.13万港元回购7.7万股，回购价313.4-318.8港元。 中远海控(01919.HK)：斥资1038.72万港元回购125万股，回购价8.16-8.35港元。 ...

Financial Performance - For the six months ended June 30, 2023, the Group reported revenue of RMB 6,633.4 million, representing a year-over-year increase of 17.8% compared to RMB 5,632.1 million in 2022[6]. - The net profit for the same period decreased by 59.0% to RMB 217.9 million from RMB 531.1 million in 2022[6]. - The Group's sales revenue for the first half of 2023 reached RMB 6,633.4 million, a year-on-year increase of 17.8% compared to RMB 5,632.1 million in 2022[71]. - The profit attributable to the owners of the Company for the period was RMB 209.3 million, a decrease of 58.8% compared to RMB 507.7 million in 2022[171]. - Basic earnings per share were approximately RMB 2.66 cents, down from RMB 6.46 cents in 2022, while diluted earnings per share were approximately RMB 2.65 cents, down from RMB 6.45 cents[171]. Milk Production and Yield - The herd size increased to 418,596 heads, a year-over-year growth of 9.4% from 382,693 heads[10]. - The annualized average yield per milkable dairy cow reached 12.6 tons, reflecting a year-over-year increase of 2.4%[10]. - Total milk yield for the period was 1.249 million tons, representing an 8.4% increase from the previous year[10]. - The production of raw milk was reported at 1,250,000 tons, reflecting an 8.7% increase from the previous year[29]. - The total sales volume of raw milk increased by 8.6% year-over-year to approximately 1.233 million tons, compared to 1.135 million tons in 2022[127]. New Business Segments - New business segments, including forage and feed production, contributed sales revenue of RMB 1.59 billion, marking a year-over-year increase of 105%[16]. - Sales revenue from new business segments amounted to RMB 1,589.4 million, marking a significant year-on-year increase of 105.3% from RMB 774.1 million in 2022[128]. - Revenue from the feeds and forage business reached RMB 1,105.6 million, which is a year-on-year increase of 42.8%[71]. - The Group successfully acquired Inner Mongolia Aiyangniu Technology Co., Ltd. in June 2022, expanding its business into the digital intelligence platform for the industry value chain, generating RMB 483.7 million in revenue during the period[71]. Cash Flow and Financial Stability - Net cash inflow from operating activities surged by 70.2% to RMB 2.182 billion, compared to RMB 1.282 billion in the same period last year[11]. - The Group achieved a net free cash inflow of approximately RMB 896.7 million, a significant turnaround from a net outflow of RMB 559.3 million in the prior year[6]. - Net cash inflow from operating activities was RMB 2,182.9 million, an increase of RMB 900.7 million year-over-year from RMB 1,282.2 million[174]. - Net cash outflow from investing activities decreased to RMB 1,286.2 million from RMB 1,841.5 million in 2022, a reduction of RMB 555.3 million[175]. Cost and Profitability - The Group's cost of sales rose to RMB 5,112.7 million, representing a year-over-year increase of 28.5% from RMB 3,977.3 million in 2022[133]. - The gross profit margin for the raw milk business decreased to 28.3% in 2023 from 32.2% in 2022[139]. - The gross profit of the Group's raw milk business was RMB 1,426.6 million, a year-on-year decrease of 8.8% from RMB 1,563.9 million, with a gross profit margin of 28.3%, down 3.9 percentage points from 32.2%[141][146]. Environmental and Sustainability Initiatives - The Group is committed to innovating with digital intelligence to become a global leader in dairy farming[65]. - The company aims to reduce carbon emissions by 7%, 15%, and 20% by the end of 2025, 2030, and 2035 respectively, using 2021 as the base year[111][114]. - The company has established a green recycling industrial chain that includes forage planting, cow breeding, fertilizer treatment, biogas power generation, and returning fertilizer to the field[105][106]. - The Group's commitment to environmental sustainability includes optimizing feed formulas and reducing greenhouse gas emissions through various measures[68]. Market and Industry Trends - In the first half of 2023, China's dairy industry saw milk production reach 8.34 million tons, representing a year-over-year increase of 8.59%[58]. - The average import price of alfalfa was US$566.5 per ton, a year-over-year increase of 21%[58]. - In the first half of 2023, Mainland China imported 1.5536 million tons of various dairy products, a year-over-year decrease of 12.9%, with an import value of US$7.016 billion, down 4.7%[59]. Corporate Governance and Recognition - Modern Dairy was awarded a "BBB" investment grade credit rating by Standard & Poor's, indicating stable outlook and confidence in the company's financial stability[18]. - The company has been recognized as one of the "Top 20 Leading Agricultural Industrialization Enterprises in Anhui Province," highlighting its contributions to agricultural practices[117]. - Modern Dairy was awarded the Gold Prize of Monde Selection for the tenth consecutive year, indicating strong recognition of its premium quality branded milk[112].

Financial Performance - For the six months ended June 30, 2023, the company reported revenue of RMB 6,633.4 million, an increase of 17.8% compared to RMB 5,632.1 million in the same period last year[4]. - Net profit decreased by 59.0% to RMB 217.9 million from RMB 531.1 million in the same period last year[4]. - Gross profit for the same period was RMB 1,520,752 thousand, down 8.1% from RMB 1,654,823 thousand in 2022[7]. - The group reported a total segment profit of RMB 459,431 thousand for the six months ended June 30, 2023, compared to RMB 876,963 thousand for the same period in 2022[18]. - The basic and diluted earnings per share for the six months ended June 30, 2023, were calculated based on a profit of RMB 209,288,000, a decrease of 58.8% from RMB 507,688,000 for the same period in 2022[31]. - Profit attributable to owners of the company for the six months ended June 30, 2023, was RMB 209.3 million, a decrease of 58.8% from RMB 507.7 million in 2022[67]. Revenue Breakdown - Revenue for the six months ended June 30, 2023, was RMB 6,633,422 thousand, an increase of 17.8% compared to RMB 5,632,126 thousand for the same period in 2022[7]. - Revenue from raw milk business reached RMB 5,044,062 thousand, up from RMB 4,858,036 thousand, reflecting a growth of 3.8% year-over-year[16]. - The offline feed business generated revenue of RMB 1,105,624 thousand, a significant increase of 42.7% from RMB 774,090 thousand in the previous year[16]. - The digital platform business contributed RMB 483,736 thousand in revenue, marking its first reporting period since its establishment[16]. - Revenue from mainland China accounted for RMB 6,493,234 thousand, representing an increase of 17.9% from RMB 5,507,656 thousand in the prior year[16]. Production and Operations - The total milk production reached 1,249,000 tons, representing an 8.4% increase from 1,152,000 tons year-on-year[4]. - The company’s herd size increased to 418,596 heads, a growth of 9.4% compared to 382,693 heads in the previous year[4]. - The average annual milk yield per cow was 12.6 tons, a 2.4% increase from 12.3 tons year-on-year[4]. - The average selling price of raw milk decreased by 4.4% to RMB 4.09 per kilogram, down from RMB 4.28 per kilogram in 2022[49]. - The total sales volume of raw milk increased by 8.6% to approximately 1,233,400 tons, compared to 1,135,080 tons in 2022[49]. Cash Flow and Financial Position - Operating cash flow increased by 70.2% to RMB 2,182.9 million, up from RMB 1,282.2 million year-on-year[4]. - The company achieved a free cash flow of RMB 896.7 million, compared to a net outflow of RMB 559.3 million in the previous year[4]. - Total assets as of June 30, 2023, were RMB 22,733,767 thousand, an increase from RMB 20,353,194 thousand as of December 31, 2022[10]. - The company’s cash and cash equivalents amounted to RMB 2,377,402 thousand as of June 30, 2023, compared to RMB 2,125,628 thousand at the end of 2022[9]. - The net gearing ratio as of June 30, 2023, was 80.6%, down from 85.2% as of December 31, 2022, indicating improved financial leverage[68]. Expenses and Costs - The total cost of sold feed and farm materials increased to RMB 1,495,190,000, compared to RMB 683,167,000 in the previous year, indicating a rise of approximately 118.5%[25]. - The sales cost for raw milk was RMB 3,617.5 million, reflecting a year-on-year increase of 9.8% due to higher sales volume and feed prices[52]. - The overall sales cost for the group rose to RMB 5,112.7 million, a 28.5% increase from RMB 3,977.3 million in 2022[52]. - Financial expenses for the period were RMB 260.4 million, up from RMB 153.8 million in 2022, with interest-bearing borrowings accounting for RMB 212.3 million, reflecting a 26.7% increase year-on-year[66]. - Administrative expenses increased to RMB 379.1 million for the six months ended June 30, 2023, up from RMB 318.4 million in 2022, primarily due to the growth in employee numbers and related compensation[62]. Investments and Future Plans - The company aims to achieve a dairy cow inventory of over 500,000 heads and an annual fresh milk production target of 3.6 million tons by 2025[76]. - The group is focused on integrating ecology and technology, enhancing its comprehensive business capabilities and management levels[75]. - The company has successfully integrated new businesses, including a digital platform for livestock trading, which generated RMB 483.7 million in revenue during the period[44]. - The group continues to implement a three-year strategic plan focused on cost leadership and operational efficiency, achieving better-than-expected performance across key operational metrics[44]. Employee and Operational Metrics - As of June 30, 2023, the group employed 8,817 employees, an increase of 11.9% from 7,876 employees in the previous year[73]. - Total employee costs (excluding share-based payment expenses) for the reporting period were approximately RMB 601.4 million, representing an 18.3% increase from RMB 508.4 million in 2022[73]. - The group has adopted a retirement benefits plan for employees in Hong Kong and complies with local laws for mainland employees[74]. Risk Management and Compliance - The group has implemented a credit risk management system, reviewing customer credit limits and transaction amounts biannually[74]. - The audit committee consists of two independent non-executive directors and one non-executive director, overseeing financial reporting and risk management[81]. - The group has completed the review of the interim financial statements for the six months ending June 30, 2023, in accordance with the Hong Kong Accounting Standards[82].

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 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------- ...