Dairy Farm Lim YuanShengTai Dairy Farm Limited 原 生 態 牧 業 有 限 公 司 ( 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ) 股票代號：1431 0 目 錄 2 公司資料 3 管理層討論與分析 13 企業管治及其他資料 17 獨 立 審閱報告 18 中期簡明綜合損益及其他全面收益表 19 中期簡明綜合財務狀況表 21 中期簡明綜合權益變動表 22 中期簡明綜合現金流量表 23 中期簡明綜合財務資料附註 公司資料 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------- ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,204,776,000, an increase of 11.3% compared to RMB 1,081,881,000 for the same period in 2023[2] - Gross profit for the period was RMB 445,732,000, representing a significant increase from RMB 257,096,000 in the previous year, reflecting a gross margin improvement[2] - The company reported a profit before tax of RMB 125,667,000, a turnaround from a loss of RMB 264,077,000 in the same period last year[2] - Total comprehensive income for the period was RMB 130,761,000, compared to a loss of RMB 270,036,000 in the prior year[2] - Basic earnings per share for the period was RMB 0.028, a recovery from a loss per share of RMB 0.056 in the previous year[2] - Other income and gains increased to RMB 105,458,000 from RMB 58,323,000, contributing to overall profitability[2] - The company reported a profit attributable to ordinary equity holders of RMB 128,996,000 for the six months ended June 30, 2024, compared to a loss of RMB 264,077,000 for the same period in 2023[20] - Net profit for the reporting period was RMB 129.0 million, compared to a net loss of RMB 264.1 million for the six months ended June 30, 2023[65] Assets and Liabilities - The net asset value increased to RMB 4,895,602,000 as of June 30, 2024, up from RMB 4,764,841,000 at the end of 2023[3] - Current liabilities decreased to RMB 1,820,386,000 from RMB 2,166,232,000, improving the company's liquidity position[3] - The group has available credit facilities of approximately RMB 312,566,000 that remain undrawn, supporting future operational needs[7] - Trade receivables as of June 30, 2024, amounted to RMB 512,000, a significant decrease from RMB 82,563,000 as of December 31, 2023[27] - Cash and cash equivalents increased to RMB 1,037,797,000 as of June 30, 2024, compared to RMB 959,068,000 as of December 31, 2023[27] - Deferred income rose to RMB 453,640,000 as of June 30, 2024, up from RMB 405,737,000 as of December 31, 2023[29] - The company's total liabilities for property and equipment contracts were RMB 69,134,000 as of June 30, 2024, down from RMB 75,465,000 as of December 31, 2023[33] Production and Sales - Customer contract revenue from raw milk sales for the six months ended June 30, 2024, was RMB 1,204,776,000, an increase of 11.3% from RMB 1,081,881,000 in the same period of 2023[12] - The production cost of raw milk was RMB 202,063,000 for the six months ended June 30, 2024, slightly down from RMB 206,442,000 in 2023[14] - The company recorded fresh milk sales volume of 259,180 tons, an increase of 17% compared to the same period last year[47] - Total fresh milk sales revenue reached RMB 1,204.8 million, up 11.4% year-on-year[47] - Sales volume of cow milk raw materials was 259,180 tons, up 17.0% from 221,707 tons for the six months ended June 30, 2023[56] Market Conditions - The dairy industry is facing challenges with a surplus in the raw milk market, as consumption growth is lagging behind production increases[45] - The group anticipates that the raw milk industry will face more severe challenges, entering a deeper adjustment phase in its industrial structure[45] - The average price of fresh milk in May 2024 was RMB 3.38 per kilogram, a month-on-month decrease of 2.3% and a year-on-year decrease of 12.9%[45] Management and Governance - The board is committed to maintaining high standards of corporate governance and believes it has complied with all corporate governance codes during the reporting period[82] - The company has adopted the standard code for securities trading by directors and all directors confirmed compliance during the reporting period[83] - Mr. Zhang Yongji was appointed as the executive director and CEO effective February 23, 2024, while Mr. Fu Wenguo resigned from these positions on the same date[84] - The audit committee, consisting of four independent non-executive directors, reviewed the unaudited condensed consolidated interim results for the reporting period[85] Future Outlook - The company aims to achieve positive cash flow in the next twelve months, indicating confidence in operational performance[7] - The company plans to continue expanding sales channels and enhancing cooperation with downstream dairy enterprises to improve raw milk sales and achieve sustainable profitability[55] - The company plans to optimize feeding formulas to further reduce feed costs[47]

Revenue and Sales Performance - The expected revenue for the breeding farm is RMB 25,344,000 based on a projected sales volume of 3,168,000 kg of goat milk at an average price of RMB 8.00 per kg[4]. - Actual sales of raw goat milk in 2023 were 932,000 kg at an average price of RMB 7.15 per kg, a significant decrease from 1,463,265 kg sold in 2022[5]. - The actual sales volume of raw goat milk decreased from 1,463,265 kg in 2022 to 932,000 kg in 2023, attributed to lower birth rates and slower economic recovery post-COVID-19[5]. - The average price of raw goat milk in the first half of 2023 was RMB 5.87 per kg, a 14% decrease compared to the same period in 2022[16]. Production and Operational Challenges - The average daily milk production per mother goat is expected to be 2.2 kg, but the actual production was only 1.65 kg due to weather conditions and feed quality[6]. - The company recognized an impairment loss of RMB 85,925,000 due to significant losses incurred in the first half of 2023[15]. - The fair value of biological assets as of June 30, 2023, and December 31, 2023, is approximately RMB 22,992,000 and RMB 17,486,000, respectively[6]. - The valuation report indicates that the company's operational performance is expected to decline due to falling raw milk prices and increased costs[17]. Strategic Plans and Management Outlook - The company plans to import approximately 1,500 goats to expand its herd size, but this plan was postponed due to rising import prices and economic slowdown[4]. - The company’s management is not optimistic about the future development of the goat milk business due to declining demand and increased operating costs[15]. - The management team is committed to driving growth and innovation in the agricultural sector[19]. - The company aims to expand its market presence and explore new strategic initiatives[19]. - Future outlook includes potential investments in new technologies and product development[19]. - The company is actively seeking opportunities for mergers and acquisitions to enhance its competitive edge[19]. Governance and Board Composition - The board of directors includes four executive directors: Zhao Hongliang (Chairman), Zhang Yongjiu (CEO), Chen Xiangqing (CFO), and Liu Gang[19]. - The company has three non-executive directors: Leng Youbin, Liu Hua, and Cai Fangliang[19]. - There are four independent non-executive directors: Meng Jingzong, Zhang Yuezhou, Zhu Zhanbo, and Liu Jinping[19]. - The company is focused on enhancing its governance structure with a diverse board composition[19]. - The board emphasizes the importance of sustainable practices in its operations[19]. - The management is dedicated to maintaining transparency and accountability in its financial reporting[19].

Revenue Forecast and Sales Performance - The company forecasts revenue of RMB 25,344,000 for the year ending December 31, 2023, based on an expected sales volume of 3,168,000 kg of goat milk at an average price of RMB 8.00 per kg[6]. - Actual sales volume of raw goat milk in 2023 was 932,000 kg, with an average price of RMB 7.15 per kg, significantly lower than the forecast due to economic slowdown and increased import goat prices[6]. - Goat milk sales volume decreased from 1,463,265 kg in 2022 to 932,000 kg in 2023, attributed to lower birth rates in China and slower-than-expected economic recovery post-COVID-19[20]. Price Trends - The average price of goat milk in the first half of 2023 was RMB 5.87 per kg, a 14% decrease compared to the same period in 2022, indicating a downward trend in market prices[13]. - The company plans to import approximately 1,500 goats to expand its herd size, but this plan was postponed due to rising import prices[6]. Operational Challenges - The company reported a significant impairment loss of RMB 85,925,000 on property, plant, and equipment related to the goat milk cash-generating unit due to substantial losses incurred in the first half of 2023[25]. - The actual average daily milk yield per mother goat in 2023 was 1.65 kg, lower than the expected 2.2 kg due to weather conditions and feed quality[14]. - The company anticipates facing significant challenges at the end of 2023 and into 2024, leading to a reassessment of its operations and strategies in the goat milk industry[25]. - 瑞祥诚达预计2023年经营业绩下滑，主要由于羊奶原料价格下跌和中国出生率低导致需求减弱[27]. - 由于COVID-19疫情后经济复苏停滞，瑞祥诚达面临经营成本增加的挑战[27]. - 每头母羊的每日产奶量低于预期，进一步影响了公司的业绩[27]. Biological Assets Valuation - The fair value of biological assets as of June 30, 2023, and December 31, 2023, was approximately RMB 22,992,000 and RMB 17,486,000, respectively[8]. - 生物资产的公平值估值在2023年6月30日和2023年12月31日大幅减少[27]. Acquisition Due Diligence - The company conducted due diligence on the acquisition of Green Energy Ecology, including financial and operational assessments[5].

二 零 二 三 年，本 集 團 緊 跟 中 國 奶 業、奶 牛 種 業 的 戰 略 發 展 政 策，持 續 深 耕 行 業，不 斷 擴 大 畜 群 規 模，改 善 飼 喂 配 方，並 已 成 功 構 建 完 善 的、高 質 量 的 牧 場 管 理 體 系。該等舉措 確保了本集團優質原料 牛 奶的穩定 供 應，顯著擴大了本集團的銷量。年內，本集團的原料 牛 奶總銷量較二零二二年 的409,975噸上升12.2%至 459,950噸，原料牛奶 總收益為人民幣2,201.9百萬元，較二零二二年 的人民幣2,080.1 百萬元增加5.9%。 奶 業 發 展 關 乎 國 計 民 生，乳 品 已 逐 漸 成 為 居 民 生 活 中 必 不 可 少 的「必 需 品」。自 二零一八 年《國 務 院 辦 公 廳 關 於 推 進 奶 業 振 興 保 障 乳 品 質 量 安 全 的 意 見》出 台 並 實 施 以 來，中 國奶類消費實現較快增長，近5年人均奶 類消費量年均增速達6.6%，高於近15年平均3.6%的 消 費 增 速。儘 管 二零二三 年奶業面臨奶源階段性供過 於 求、原 料 奶 價 格 下 降 的 形 勢，但 從 長 ...

Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 2,208,581,000, representing an increase of 5.64% compared to RMB 2,090,343,000 in 2022[11] - Gross profit for the same period was RMB 590,739,000, up from RMB 521,715,000, indicating a growth of 13.23%[11] - The company reported a net loss of RMB 339,699,000 for the year, compared to a profit of RMB 22,841,000 in the previous year, reflecting a significant decline[11] - Total comprehensive income for the year was RMB (339,005,000), a decrease from RMB 25,680,000 in 2022[11] - Total other income and gains for 2023 amounted to RMB 144,008,000, up from RMB 90,999,000 in 2022, reflecting a significant increase of approximately 58.59%[37] - The net loss for the year was RMB 339.7 million, compared to a net profit of RMB 22.8 million in 2022, resulting in a basic loss per share of RMB 7.24[92] Assets and Liabilities - The company's total assets as of December 31, 2023, amounted to RMB 6,180,746,000, slightly down from RMB 6,279,888,000 in 2022[18] - Current liabilities increased to RMB 2,166,232,000 from RMB 1,661,422,000, indicating a rise of 30.38%[18] - The group has a total current liability exceeding current assets by RMB 212,504,000, compared to RMB 32,642,000 in 2022, indicating a significant increase in liquidity pressure[23] - The group’s bank and other borrowings amounted to RMB 1,347.7 million, with an asset-liability ratio of 18.7% as of December 31, 2023, compared to 13.2% in the previous year[95] Cash Flow - The company's cash and cash equivalents were RMB 959,068,000, compared to RMB 576,309,000 in the previous year, showing an increase of 66.38%[18] - Cash inflow from operating activities was RMB 707.8 million, down from RMB 799.7 million in 2022, while cash and cash equivalents increased to RMB 959.1 million from RMB 576.3 million[94] Revenue Sources - Customer A contributed RMB 1,974,521,000 in revenue for 2023, up from RMB 1,741,264,000 in 2022, indicating a growth of about 13.4%[30] - Customer B's revenue decreased to RMB 204,716,000 in 2023 from RMB 311,180,000 in 2022, reflecting a decline of approximately 34.2%[30] - Customer contract revenue from raw milk for 2023 was RMB 2,208,581,000, an increase from RMB 2,090,343,000 in 2022, representing a growth of approximately 5.65%[33] Operational Highlights - The group operates primarily in the production and sale of raw cow and goat milk, with no separate financial reporting for different business segments due to their similar economic characteristics[28] - In 2023, the company's raw milk sales increased by 12.2% to 459,950 tons compared to 409,975 tons in 2022, while raw sheep milk sales decreased by 36.3% to 932 tons from 1,463 tons in 2022[60] - The total sales revenue of raw milk reached RMB 2,208.6 million, a 5.7% increase from RMB 2,090.3 million in the previous year[77] - The sales volume of raw milk was 459,950 tons, up 12.2% from 409,975 tons in 2022[77] Governance and Compliance - The company has established an audit committee consisting of four independent non-executive directors to oversee financial reporting and compliance[3] - The board of directors confirmed compliance with the corporate governance code throughout the year, ensuring adherence to best practices[3] - The board emphasizes commitment to high standards of corporate governance and compliance with listing rules[128] Future Plans and Strategies - The company plans to continue expanding its market presence and investing in new product development to drive future growth[9] - The company plans to enhance the standardization of raw milk production and implement strict quality control measures to meet the growing demand for diverse dairy products[59] - The company aims to adjust herd sizes and improve breeding and production techniques to achieve better economies of scale[59] - The group plans to enhance production management and explore new business opportunities to drive diversification in dairy products[81] Employee and Operational Metrics - As of December 31, 2023, the group employed 2,389 staff, an increase from 2,241 staff in 2022[106] - The total area of dairy farms is approximately 9,694,458 square meters, accommodating a capacity of 143,960 dairy cows[64] - The average annual milk production per cow was 11.6 tons, a 3.6% increase from 11.2 tons in 2022[68] Market Conditions - The average selling price of fresh milk slightly declined due to weak demand for raw milk, resulting in a net loss of RMB 339.699 million for the year[60] - The average selling price of raw milk decreased to RMB 4,787 per ton, down 5.7% from RMB 5,074 per ton in the previous year[79] - The average selling price of fresh milk in December 2023 was RMB 3.67 per kilogram, down 0.8% month-on-month and 11.0% year-on-year[58] Capital and Investments - Capital expenditures for the year were primarily related to the construction of new farms and maintenance of existing farms, along with the purchase of additional equipment and dairy cows[97] - The capital commitments for the group as of December 31, 2023, were RMB 75.5 million, used for the construction of new farms and upgrading existing facilities[123] Risk Management - The group has a conservative financial policy, continuously assessing the financial condition of customers to minimize credit risk[122] - The group has not taken any foreign currency hedging measures but will continue to monitor foreign exchange risks[121] Other Notable Information - The group did not recommend any final dividend for the year, consistent with the previous year[93] - The group has not recognized any impairment losses on trade receivables during the reporting periods[116] - The group has not recognized any deferred tax related to the OECD's Pillar Two model rules, as it does not apply to the group but does to its ultimate parent company[27]

Financial Performance - The group reported a net loss of RMB 264,077 thousand for the period, compared to a profit of RMB 52,660 thousand in the previous period[85]. - Revenue for the six months ended June 30, 2023, was RMB 1,081,881 thousand, an increase of 7.2% compared to RMB 1,009,035 thousand for the same period in 2022[112]. - Gross profit decreased to RMB 257.1 million for the six months ended June 30, 2023, down 5.5% from RMB 272.1 million for the same period in 2022, resulting in a gross margin decline from 27.0% to 23.8%[23]. - The company reported a loss before tax of RMB 264,077 thousand, compared to a profit of RMB 52,660 thousand in the previous year[112]. - The overall comprehensive loss for the period was RMB (270,036) thousand, compared to a comprehensive income of RMB 50,239 thousand in the previous year[111]. Cash Flow and Liquidity - The net cash inflow from operating activities was RMB 531.7 million for the six months ended June 30, 2023, down from RMB 668.8 million for the same period in 2022[29]. - Cash and cash equivalents at the end of the period were RMB 745,544 thousand, down from RMB 878,620 thousand in the previous year[116]. - Cash and cash equivalents increased to RMB 745,544 thousand as of June 30, 2023, compared to RMB 576,309 thousand as of December 31, 2022, marking an increase of 29.3%[127]. - The company has secured available credit facilities of approximately RMB 348,138,000 as of June 30, 2023, which remain unused[133]. Assets and Liabilities - As of June 30, 2023, the total assets amounted to RMB 5,108,837 thousand, with liabilities including interest-bearing bank and other borrowings at RMB 1,002,897 thousand[106]. - The total current liabilities decreased to RMB 1,598,280,000 as of June 30, 2023, down from RMB 1,661,422,000 as of December 31, 2022, indicating a reduction of 3.8%[127]. - The total non-current liabilities increased to RMB 1,324,771,000 as of June 30, 2023, compared to RMB 1,191,750,000 as of December 31, 2022, indicating an increase of 11.1%[127]. - The company has a net asset value of RMB 4,820,322,000 as of June 30, 2023, down from RMB 5,088,138,000 as of December 31, 2022, reflecting a decrease of 5.3%[127]. Operational Highlights - The group has established ten dairy farms in Heilongjiang Province and one in Jilin Province, with a total area of approximately 9,694,458 square meters[14]. - The group imported 9,390 dairy cows as of June 30, 2023, as part of its operational expansion[14]. - The total number of dairy cows increased to 101,313, up from 84,619 in the previous year, representing a growth of approximately 19.6%[49]. - The average annual milk production per cow is expected to improve as the group expands its herd size and enhances production management[52]. Cost and Expenses - The group reported a total sales cost of RMB 824.785 million for the six months ended June 30, 2023, compared to RMB 736.907 million for the same period in 2022, reflecting an increase of approximately 11.9%[22]. - Administrative expenses for the period were RMB 53.6 million, a reduction of approximately 20.7% compared to RMB 67.6 million for the same period in 2022[25]. - The cost of production and breeding was RMB 618,343,000, an increase from RMB 533,997,000 in the same period of 2022, representing a growth of approximately 15.8%[153]. - The total employee benefit expenses (excluding directors and key management personnel) were RMB 78,881,000 for the six months ended June 30, 2023, compared to RMB 73,346,000 in the same period of 2022, marking an increase of about 7.3%[153]. Market and Industry Insights - The global dairy market size reached USD 944.39 billion in 2022 and is projected to grow to USD 1,329.15 billion by 2027, indicating a significant market opportunity[44]. - China's milk production is expected to reach 4.227 million tons in 2023, reflecting a growth of 5% compared to the previous year[45]. - The international dairy price index fell to 118.7 points in May 2023, a year-on-year decrease of 17.7%, marking 11 consecutive months of decline[44]. - The group expects no significant decline in milk prices for the foreseeable future, indicating a stable outlook for its dairy operations[163]. Shareholder and Governance - The major shareholder, Mr. Leng Youbin, holds 3,342,320,920 shares, representing approximately 71.26% of the issued shares[75]. - The company has adopted a share option scheme to reward selected participants for their contributions since November 7, 2013[69]. - The company maintains high standards of corporate governance and has adhered to the corporate governance code as per the listing rules[95]. - The board has decided not to declare any interim dividends for the period ended June 30, 2023[60]. Future Plans and Investments - The group plans to allocate capital expenditures primarily towards the construction and investment of new farms as part of its future strategy[31]. - The group plans to utilize HKD 1,923 million from its IPO proceeds for the construction of new farms, with an additional HKD 384.6 million allocated for upstream operations[33]. - The unutilized net proceeds from the IPO amount to approximately HKD 347.8 million, expected to be used for upstream operations development by the end of 2024 due to ongoing market observations[63].

B_table indent_4.5 mm N_table indent_4 mm 香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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 告全部或任何部份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。 YuanShengTai Dairy Farm Limited 原生態牧業有限公司 （於百慕達註冊成立的有限公司） （股份代號：1431） 截至二零二三年六月三十日止六個月 中期業績公告 中期業績 原生態牧業有限公司（「本公司」或「原生態」）董事（「董事」）會（「董事會」）欣然宣佈本 公司及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月（「本期間」） 的未經審核簡明綜合中期業績連同經挑選的說明性附註及相關比較數據。 ...

Financial Performance - Total revenue for the year reached RMB 2,090.3 million, representing a 17.7% increase compared to the same period in 2021[95]. - The group recorded a net profit of RMB 22.8 million for the fiscal year[113]. - The group's net profit for the year was RMB 22.8 million, a decrease from RMB 157.0 million in the previous year, primarily due to rising hay prices[125]. - The cash inflow from operating activities for the year was RMB 799.7 million, compared to RMB 720.1 million in the previous year[126]. - Gross profit for the year rose to RMB 521.7 million, an increase of 8.8% from RMB 479.3 million in 2021, while the gross profit margin decreased from 27.0% in 2021 to 25.0% in 2022[145]. - Other income and gains increased by 24.5% to RMB 91.0 million, primarily due to increased interest income and rental income from land leased for feed cultivation[145]. - Administrative expenses rose to RMB 135.1 million, a 16.3% increase from RMB 116.2 million in 2021, mainly due to higher wages and stock option expenses[146]. - Other expenses increased by approximately 44.7% to RMB 55.0 million, attributed to increased land rental costs and losses from the sale of assets[147]. Operational Highlights - The company aims to reduce the number of sick dairy cows and goats through improved disease prevention and management measures[3]. - The company has implemented a standardized milking procedure to ensure the quality and safety of milk produced[11]. - The company actively communicates with customers and suppliers to ensure the quality of raw milk products meets customer expectations[37]. - The company has established a product recall management procedure in compliance with national regulations[8]. - The company completed the acquisition of several assets, including goat farming facilities and land use rights for several farms, to expand its operations in the Chinese market[95]. - The company plans to continue focusing on high-quality raw milk production and strict quality control to meet the diverse demands of the market[99]. - The company aims to leverage its advantages in raw milk resources to develop specialty goat milk products and improve dairy cow quality[106]. Market Trends - The high-end raw milk market in China is expected to remain in short supply, with stable upward trends in milk prices anticipated[97]. - The overall economic recovery in China is expected to benefit the dairy industry, with significant growth opportunities for large-scale dairy enterprises[98]. - China's total milk production for 2022 was 39.32 million tons, reflecting a growth of 6.8%[94]. Employee and Management Information - The company provides a fair and safe working environment for employees, offering competitive compensation and development opportunities[25]. - The company has a gender ratio of 74.9% male employees and 25.1% female employees, which is considered reasonable[79]. - The group employed 2,241 staff as of December 31, 2022, an increase from 1,903 employees in 2021[159]. - The board of directors is composed of experienced individuals, including the chairman and CEO, with a commitment to re-election at the annual general meeting[42]. - The board's remuneration committee reviews the compensation of directors and senior management based on their responsibilities and the group's performance[185]. Strategic Initiatives - The company plans to explore new business opportunities to increase profit growth points while enhancing its core competitiveness in the dairy industry[106]. - The management team emphasized a commitment to enhancing shareholder value through strategic initiatives and operational efficiencies[191]. - The company is investing in R&D, allocating $H million towards developing sustainable farming practices and advanced dairy processing technologies[191]. - The company plans to implement new marketing strategies aimed at increasing brand awareness and customer engagement, projected to boost sales by I%[191]. Risk Management and Compliance - The board is committed to ensuring that the company's risk management policies effectively mitigate operational risks[23]. - The company strictly adheres to local safety production laws and regulations, including dairy quality safety supervision management regulations[8]. - There were no corruption complaints or lawsuits against the company or its employees during the year[16]. Shareholder Information - The company reported a total of 3,342,320,920 shares held by China Feihe Limited, representing 71.26% of the issued shares[52]. - The company has not disclosed any other entities or individuals holding 5% or more of the shares as of December 31, 2022, apart from those mentioned[53]. - The company has a stock option plan adopted on November 7, 2013, aimed at incentivizing selected participants for their contributions[55].

B_table indent_4.5 mm N_table indent_4 mm 香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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 告全部或任何部份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。 YuanShengTai Dairy Farm Limited 原生態牧業有限公司 （於百慕達註冊成立的有限公司） （股份代號：1431） 截至二零二二年十二月三十一日止年度 的 年度業績公告 財務業績 原生態牧業有限公司（「本公司」或「原生態」）董事（「董事」）會（「董事會」）公佈本公司 及其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度（「本年度」） 的經審核綜合年度業績連同截至二 零二一年十二月三十一日止年度的比較數字。 ...