2020 年度報告 CHINA SHENGMU ORGANIC MILK LIMITED 中國聖牧有機奶業有限公司 ( 於開曼群島註冊成立的有限公司 ) 股份代號 : 1432 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|---------|-------|-------------------|-------|------------------|-------|-------|------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | ORGANIC | | | | | | | | | | | NVD8 | | ORGANIC | | 圣权有机一 છ | | ORGANIC 圣家有机 | | | ORGANIC 圣牧有机 | | | | | | | | | | | | | | | | | 提供全球最高品質的沙漠有 ...

Financial Performance - For the six months ended June 30, 2020, the company's sales revenue was RMB 1,251.1 million, a decrease of 11.9% compared to RMB 1,420.6 million in the same period of 2019[3] - The gross profit for the same period was RMB 470.8 million, down 9.0% from RMB 517.4 million year-on-year[3] - The profit from continuing operations surged to RMB 165.7 million, a significant increase of 414.2% compared to RMB 32.2 million in the previous year[3] - The company reported a net profit of RMB 165.7 million, compared to a loss of RMB 20.8 million in the same period last year, marking a turnaround of RMB 186.5 million[3] - For the first half of 2020, the company's sales revenue was RMB 1,251.1 million, with a gross margin increase from 36.4% in the first half of 2019 to 37.6% in 2020, an increase of 1.2%[14] - The company achieved a profit of RMB 165.7 million in the first half of 2020, recovering from a loss of RMB 20.8 million in the same period of 2019, with the profit attributable to the parent company increasing from a loss of RMB 73.5 million to a profit of RMB 142.9 million[14] - The external sales of raw milk increased from RMB 1,159.0 million in the first half of 2019 to RMB 1,251.1 million in the first half of 2020, representing a year-on-year increase of 7.9%, with organic raw milk sales rising by 21.4%[16] - The average selling price of organic raw milk was RMB 4,992 per ton in the first half of 2020, compared to RMB 4,687 per ton in the same period of 2019, reflecting a price increase[17] - The total sales volume of raw milk decreased by 5.2% from 313,948 tons in the first half of 2019 to 297,675 tons in the first half of 2020, primarily due to the disposal of inefficient cattle[18] - The group had no income tax expenses in the first half of 2020, while it incurred RMB 0.2 million in income tax expenses in the first half of 2019[28] - For the six months ended June 30, 2020, the profit attributable to the owners of the parent company was RMB 142.9 million, a turnaround from a loss of RMB 73.5 million in the same period of 2019, representing an improvement of RMB 216.4 million[29] Operational Efficiency - The company is focusing on lean operations and precise management to reduce costs and improve efficiency, contributing to healthy business growth[7] - The group’s sales cost decreased from RMB 903.2 million in the first half of 2019 to RMB 780.3 million in the first half of 2020, with a gross margin increase from 36.4% to 37.6%[21] - The average daily fresh milk production is 1,715 tons, with 730 tons coming from organic certified farms, making it the largest organic raw milk base in China[6] - The company is developing a precision breeding management platform to enhance production efficiency and establish a smart dairy farming system[12] - The company is focusing on talent development to ensure a dynamic talent pool for achieving its strategic goals[13] - The company is exploring effective dairy-meat linkage projects to capitalize on market opportunities amid consumption upgrade trends[13] Strategic Plans - The company plans to convert three conventional farms to organic farms to enhance profitability and meet market demand for high-end organic milk[9] - The company plans to convert three organic farms in the second half of 2020, having completed the conversion of two farms by July 2020, aiming to strengthen its leading position in the organic sector[11] - The company aims to expand overseas organic feed cooperation and certification business to enhance its organic control capabilities and product image[11] - The company intends to spend about RMB 94.6 million to acquire 5,000 to 6,000 dairy cows domestically and overseas by the end of 2021[49] Financial Position - As of June 30, 2020, total current assets amounted to RMB 1,724.4 million, slightly down from RMB 1,783.3 million as of December 31, 2019, with inventory decreasing by RMB 245.0 million[30] - Total current liabilities decreased to RMB 3,601.5 million as of June 30, 2020, from RMB 4,121.0 million as of December 31, 2019, primarily due to repayment of borrowings and issuance of shares for the acquisition of minority interests[31] - The group had cash and bank balances of RMB 559.8 million as of June 30, 2020, an increase of RMB 249.6 million compared to RMB 310.2 million at the end of 2019, benefiting from improved operational performance[30] - The group had a total of 2,591 employees as of June 30, 2020, down from 2,749 employees a year earlier[39] - The group’s capital commitments increased to RMB 94.1 million as of June 30, 2020, compared to RMB 81.1 million at the end of 2019, primarily due to fixed asset investments by subsidiaries[38] - The company has available undrawn bank credit facilities of RMB 1,895,644,000, which supports its liquidity position going forward[89] Shareholder Information - The company completed the sale of a 49% stake in its associate company Shengmu Dairy to Inner Mongolia Mengniu for a total consideration of HKD 0.33 per share, resulting in a total of 688,705,234 shares issued[42] - Following the share issuance, the total number of shares increased to 8,381,295,229, with China Mengniu becoming the largest shareholder, holding 17.51% of the issued shares[43] - The company has adopted a share option scheme that allows for the issuance of up to 10% of the total issued shares as of the listing date, equating to 635,440,000 shares[71] - The company has disclosed that there are no other interests or short positions held by directors or senior management as of June 30, 2020[67] Governance and Compliance - The audit committee has been established in accordance with listing rules, consisting of Mr. Wang Liyan, Mr. Fu Wenge, and Mr. Li Xuan, with Mr. Wang serving as the chairman[55] - The remuneration committee includes Mr. Li Xuan, Mr. Sun Qian, and Mr. Fu Wenge, chaired by Mr. Li, focusing on human resource management policies and executive compensation[56] - The nomination committee, chaired by Mr. Fu Wenge, is responsible for recommending candidates to fill board vacancies[57] - Non-executive directors have confirmed no direct or indirect competition with the company's business as of June 30, 2020[59] - Continuous related party transactions during the interim period include agreements with Shengmu Pangu and Da Bei Nong Group for the supply of milk and feed[60][61] Market Outlook - The Chinese Dairy Industry Association reported a dairy merchant index of 62.7 in 2020, up from 60.7 in 2019, indicating a positive outlook for the dairy industry[5]

GANIC MILI 2019年度報告 CHINA SHENGMU ORGANIC MILK LIMITED 中 國 聖 牧 有 機 奶 業 有 限 公 司 (於開曼群島註冊成立的有限公司) 股份代號:1432 0 -24 1 er and the province of the station of the station of the station of the see and 新闻 ORGANIC MILK 自動機+吸 ORGANIC MILA -- ORGANIC 6 - 2 g #83888888 Ething #1 nd 目錄 公司資料 2 有機產業基地位置圖 4 董事長致辭 5 管理層討論及分析 7 董事會報告 19 董事及高級管理層 35 企業管治常規報告 39 環境、社會及管治報告 48 獨立核數師報告 80 綜合損益表 84 綜合全面收益表 85 綜合財務狀況表 86 綜合權益變動表 88 綜合現金流量表 89 財務報表附註 91 財務概要 176 公司資料 | --- | --- | |-----------------------------------------|-------- ...

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Financial Performance - In 2018, the company achieved a sales revenue of RMB 2.89 billion, with a gross profit of RMB 940 million[12]. - In 2018, the company's sales revenue increased by 6.7% to RMB 2,887.2 million from RMB 2,706.8 million in 2017[18]. - The gross profit decreased by 13.2% to RMB 939.6 million in 2018, down from RMB 1,083.0 million in 2017[18]. - The loss attributable to equity holders increased from RMB 1,015.3 million in 2017 to RMB 2,225.2 million in 2018[18]. - The sales revenue of raw milk rose by 60.1% from RMB 1,279.2 million in 2017 to RMB 2,047.7 million in 2018[20]. - The sales revenue from liquid milk decreased by 41.2% from RMB 1,427.7 million in 2017 to RMB 839.4 million in 2018[25]. - The average selling price of organic raw milk dropped by 17.1% from RMB 4,571 per ton in 2017 to RMB 3,789 per ton in 2018[23]. - The total sales volume of raw milk increased by 11.8% from 585,930 tons in 2017 to 655,294 tons in 2018[23]. - The company's liquid milk business accounted for 29.1% of total sales revenue in 2018, down from 52.7% in 2017[25]. - The sales revenue from the dairy farming segment decreased from RMB 2,502.2 million in 2017 to RMB 2,404.1 million in 2018[23]. Strategic Initiatives - The company sold 51% of its downstream liquid milk business to Mengniu Group, while acquiring minority interests in 12 farms located in the core area of its organic industry system[6]. - The strategic shift aims to enhance the company's focus on dairy farming and raw milk business, leveraging its experience and advantages in the organic industry[6]. - The strategic focus on building a safe milk source base is expected to support sustainable long-term development[6]. - The company is committed to enhancing its operational capital needs through strategic partnerships and asset integration[6]. - The company aims to focus on upstream dairy farming to ensure sustainable long-term development in the competitive dairy industry[17]. Market and Industry Trends - The Chinese dairy industry is undergoing revitalization, with a target to achieve a milk production of 45 million tons by 2025, enhancing quality and competitiveness[9]. - The government aims for over 65% of dairy farms to have more than 100 heads of cattle by 2020, with a self-sufficiency rate of 70%[9]. - The overall quality of raw milk in China continues to improve, supported by collaboration among leading dairy enterprises[10]. - The company is positioned to benefit from the growing demand for dairy products as per capita consumption continues to rise[10]. Operational Developments - The company has improved its brand recognition and reputation through innovative sales strategies and upgraded product image[5]. - The company developed 63 new market bases and established 328 new business partners in 2018[13]. - The company shipped a total of 4.822 million units through the Yunji platform in 2018, enhancing brand visibility and consumer acceptance[14]. - The company established an organic feed base covering over 200,000 acres and built a processing plant with an annual capacity of 70,000 tons of organic fertilizer[15]. - The company has established a comprehensive organic feed management system, becoming a demonstration base for large-scale organic farming in China[15]. Financial Position and Liabilities - Total current assets decreased to RMB 2,048.2 million as of December 31, 2018, down from RMB 3,604.3 million in 2017[37]. - Current liabilities increased to RMB 4,573.4 million as of December 31, 2018, from RMB 4,341.6 million in 2017[41]. - The financial leverage ratio was 82.3% as of December 31, 2018, compared to 62.3% in 2017[45]. - The company had cash and bank balances of RMB 77.3 million as of December 31, 2018, down from RMB 582.3 million in 2017[45]. Corporate Governance - The board consists of nine directors, including three executive directors and three independent non-executive directors[130]. - The company has adopted and complied with the Corporate Governance Code as per the Hong Kong Stock Exchange's listing rules[127]. - The company has established effective internal control systems for risk assessment[128]. - The board has delegated certain functions to various committees, including the audit committee and remuneration committee[129]. - The company encourages continuous professional development for all directors, providing training on responsibilities, insider trading regulations, and market misconduct[137]. Environmental and Social Responsibility - China Shengmu's sustainable development efforts have transformed over 200,000 acres of desert into quality grasslands and built 11 reservoirs in the Ulan Buh desert[162]. - The company emphasizes environmental responsibility, creating a green industry chain and adhering to all relevant environmental laws and regulations[190]. - The company has implemented a strict quality management system, ensuring that all products meet organic standards without any preservatives, artificial colors, or flavors[176]. - The company has established a comprehensive product traceability system, recording all agricultural activities and maintaining real-time health records for each cow, ensuring full traceability of feed and milk production[184]. - The company has committed to complying with regulations and contributing to local economic development through job creation and tax contributions[171].