证券研究报告·海外公司点评·食物饮品(HS) 蒙牛乳业（02319.HK） 2023 年报点评：23 年 OPM 稳健提升，集团 2024 年 03月 27日 元老履新 CEO 证券分析师 孙瑜 买入（维持） 执业证书：S0600523120002 suny@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 股价走势 营业总收入（百万元） 92,593 98,624 101,142 105,553 110,556 同比 5.05% 6.51% 2.55% 4.36% 4.74% 蒙牛乳业 恒生指数 归母净利润（百万元） 5,303 4,809 5,638 6,131 6,605 3% -3% -9% 同比 5.52% -9.31% 17.23% 8.74% 7.74% -15% -21% EPS-最新摊薄（元/股） 1.35 1.22 1.43 1.56 1.68 -27% -33% -39% P/E（现价&最新摊薄） 11.71 12.91 11.01 10.13 9.40 -- 54 15 %% [关Ta键bl词e_：Ta#g业] ...

[Table_Page] 公告点评|食品、饮料与烟草 证券研究报告 [【Table_T广itle] 发 食 品 & 海 外 】 蒙 牛 乳 业 [公Tab司le_I评nves级t] 买入 当前价格 18.96港元 （02319.HK） 合理价值 22.80港元 前次评级 买入 全年稳步收关，分红比例提升 报告日期 2024-03-27 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 事件：公司发布2023年全年业绩。2023年公司收入986.24亿元，同 10% -2% 比+6.51%；归母净利润48.09亿元，同比-9.31%。 03/23 05/23 07/23 09/23 11/23 01/24 03/24 -15% ⚫ 液奶延续稳健增长，持续推动结构升级。分产品：2023年蒙牛液奶收 -27% 入 820.71 亿元，同比+4.86%，2023H2 液奶同比+4.73%。其中特仑 -40% 苏全年在较高基数基础上仍实现较快增长，有机系列延续10%+增长， -52% 蒙牛乳业 恒生指数 带动结构升级；常温酸预计仍承压，低温酸实现逆势增长。2023年 ...

Financial Performance - The group achieved a revenue growth of 6.5% to RMB 98.624 billion in 2023[2] - Operating profit increased by 13.8% year-on-year to RMB 6.171 billion, with an operating profit margin improvement of 0.4 percentage points to 6.3%[2] - The net profit for the year was RMB 4.887 billion, a decrease from RMB 5.185 billion in the previous year[6] - Basic earnings per share decreased to RMB 1.220 from RMB 1.342 year-on-year[5] - The total comprehensive income for the year was RMB 4.755 billion, compared to RMB 4.307 billion in the previous year[6] - The adjusted profit before tax for the group was RMB 6,303,713, with a net profit of RMB 4,886,975 after tax expenses of RMB 1,425,212[17] - The pre-tax profit for the current year is RMB 6,312,187 thousand, down from RMB 6,502,353 thousand in the previous year, reflecting a decrease of 2.9%[29] - Net profit attributable to equity shareholders decreased by 9.3% to RMB 4.8092 billion, with basic earnings per share of RMB 1.220, down 9.1% year-on-year[63] Market Position and Share - The group maintained its leading market share in low-temperature yogurt for 19 consecutive years, while liquid milk market share continued to expand[2] - The liquid milk segment generated revenue of RMB 82,071,069, accounting for the largest share of total revenue[17] - The liquid milk business generated revenue of RMB 94,335,586 thousand in 2023, up from RMB 87,997,985 thousand in 2022, indicating a growth of about 7.5%[22] - The low-temperature business achieved continuous growth, maintaining the number one market share for nineteen consecutive years, with probiotic beverage market share also showing an upward trend[43] - The fresh milk business achieved significant growth, outperforming the industry with a continuous profit for three years, driven by the high-end brand "Daily Fresh" leading the premium fresh milk market share[45] - The basic fresh milk segment maintained the number one market share for three consecutive years, with the launch of the "Daily Bone Strength" high-calcium milk and "Nourishing Beauty" iron-zinc milk targeting the aging population[46] Product Development and Innovation - The company launched China's first liquid protein nutritional supplement and became the first Chinese dairy company to independently develop human milk oligosaccharides (HMO)[3] - The group established the world's first fully digitalized dairy factory and launched the global first large language model in the nutrition and health field, MENGNIU.GPT[3] - The company is focusing on innovation in product categories, with new product growth rates significantly increasing and improved profit structures[44] - The infant formula segment focused on the "Ruibuen" brand, launching the world's first infant formula with MLCT structure fat, enhancing product offerings under the new national standards[47] - Key product launches include A2β-casein milk and lactose-free milk, targeting specific consumer needs[68] - The health nutrition segment launched tailored products for the elderly, focusing on whey protein and essential minerals, addressing the growing demand for adult milk powder[48] Financial Management and Investments - The total amount of share repurchase during the year was HKD 795.6 million, with a proposed final dividend of RMB 0.489 per share, totaling RMB 1.924 billion, an increase of 21.0% year-on-year[2] - Total capital expenditure for the year was RMB 6,277,598 thousand, compared to RMB 4,855,867 thousand in the previous year, reflecting an increase of approximately 29.2%[20] - The company plans to focus on R&D innovation, brand building, and digital transformation in 2024, aiming to enhance product structure and business balance[78] - The company has established a comprehensive salary system linked to business performance, granting 6,626,176 restricted stock awards during the year[76] Sustainability and Corporate Responsibility - The company is committed to sustainable practices, launching products with reduced packaging carbon footprints and promoting a "better organic" concept[41] - The company is committed to its "GREEN" strategy and "dual carbon" goals, with initiatives to reduce carbon emissions across the supply chain[74] - Mengniu has planted 97 million trees in Ulan Buh Desert, contributing to the transformation of over 200 square kilometers of desert into green land[74] - The establishment of the world's first fully intelligent dairy factory in Ningxia is expected to achieve an annual output of 1 million tons and generate RMB 10 billion in revenue[58] - The company received ISO 37301 and GB/T35770 compliance management system certifications, marking it as the first dairy enterprise globally to achieve such certifications[75] Operational Efficiency - The company continues to monitor performance across its operating segments to inform resource allocation and performance evaluation decisions[16] - The company is actively optimizing its channel structure and enhancing operational management efficiency through integrated management and centralized factory layouts[44] - Sales and distribution expenses increased by 12.7% to RMB 25.1922 billion, accounting for 25.5% of total revenue[62] - The company has recognized a deferred tax expense of RMB 164,341 thousand for the current year, down from RMB 376,195 thousand in the previous year, indicating a significant reduction of 56.3%[29] Shareholder Returns - The proposed final dividend for the current year is RMB 0.489 per ordinary share, up from RMB 0.402 per share in the previous year, marking a 21.6% increase[31] - The total declared and paid ordinary share dividends for the current year amount to RMB 1,588,015 thousand, compared to RMB 1,506,669 thousand in the previous year, which is an increase of 5.4%[31] - The board of directors proposed a final dividend of RMB 0.489 per share for the year ending December 31, 2023, compared to RMB 0.402 per share for 2022[86]

China Mengniu Dairy Company Limited 中國蒙作亂黨有限公司： Uncorporated in the Cayman Islands with limited lability) (fs Health and Design 24 Janes 1999) Stock Code K 分伏族 INTERIM REPORT 2023 中期報告 (B) * For identification purpose only 僅供歡別 CORPORATE PROFILE China Mengniu Dairy Company Limited (the "Company"; stock code: 2319) and its subsidiaries (collectively "the Group" or "Mengniu") mainly manufacture and distribute quality dairy products in China. It is one of the leading dairy product manufacturers in China, with ...

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佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA MENGNIU DAIRY COMPANY LIMITED 中 國 蒙 牛 乳 業 有 限 公 司* （在開曼群島註冊成立之有限公司） （股份代號：2319） 截至二零二三年六月三十日止六個月 中期業績公佈 摘要 • 二零二三年上半年，隨著消費市場逐步回暖，國內整體乳製品消費需求及終端銷 售平穩復甦，消費者亦越來越重視營養健康和免疫力提升。期內，本集團在「綠 色、營養、智慧」三個戰略維度發力，業績實現穩健的高質量增長，核心基本盤業 務展現出強大的增長韌性，創新業務達成重要突破，品牌力全面提升。 • 截至二零二三年六月三十日止六個月，本集團收入為人民幣511.185億元（二零二 二年：人民幣477.223億元），同比上升7.1%。受益於降本增效、產品結構持續提 升，本集團經營利潤同比增長29.9%至人民幣32.749億元（二零二二年：人民幣 25.203億元），經營利潤率升至6.4%（二零二二 ...

Financial Performance - Revenue for 2022 reached RMB 92,593.3 million, a year-on-year increase of 5.1%[5] - Operating profit for 2022 was RMB 5,423.2 million, up 11.6% year-on-year, with an operating profit margin of 5.9%, an increase of 40 basis points[5] - Profit attributable to owners of the company increased by 5.5% year-on-year to RMB 5,303.0 million[5] - Mengniu's overall revenue increased by 5.1% year-on-year, with operating profit rising by 11.6% and operating profit margin improving by 40 basis points[28] - Revenue increased by 5.1% year-on-year to RMB 92.593 billion (2021: RMB 88.141 billion)[109] - Gross profit margin decreased by 1.4 percentage points to 35.3% (2021: 36.7%) due to rising raw material costs and increased depreciation[110] - Selling and distribution expenses decreased by 4.9% to RMB 22.347 billion (2021: RMB 23.488 billion), accounting for 24.1% of revenue (2021: 26.6%)[111] - Administrative expenses increased by 26.0% to RMB 4.442 billion (2021: RMB 3.524 billion), accounting for 4.8% of revenue (2021: 4.0%)[111] - Operating profit increased by 11.6% year-on-year to RMB 5.423 billion (2021: RMB 4.862 billion), with an operating profit margin of 5.9% (2021: 5.5%)[112] - EBITDA improved by 14.3% to RMB 9.121 billion (2021: RMB 7.980 billion), with an EBITDA margin of 9.9% (2021: 9.1%)[113] - Net profit attributable to owners increased by 5.5% year-on-year to RMB 5.303 billion (2021: RMB 5.026 billion)[113] - Capital expenditure decreased by 58.2% year-on-year to RMB 5.074 billion (2021: RMB 12.135 billion), with RMB 5.065 billion spent on production facilities[115] - Net cash inflow from operating activities increased by 10.4% to RMB 8.333 billion (2021: RMB 7.545 billion)[120] - Debt-to-equity ratio increased to 78.1% (2021: 64.4%) due to increased interest-bearing borrowings[122] Product Performance - Liquid milk revenue grew by 2.3% year-on-year to RMB 78,269.3 million, with strong growth in Milk Deluxe, Mengniu pure milk, and Shiny Meadow fresh milk[8] - Ice cream business revenue surged by 33.3% year-on-year to RMB 5,652.4 million, driven by innovative products like "Moutai Ice Cream"[8] - Mengniu's Milk Deluxe organic pure milk achieved the top market share in its category[29] - Mengniu's chilled product business held the top market share in the industry for 18 consecutive years[29] - Mengniu's UHT pure milk showed strong growth, with Milk Deluxe significantly widening its competitive advantage[29] - Fresh milk business achieved strong growth with Shiny Meadow ranking first in high-end fresh milk and Xiaoxianyu gaining popularity among women and teenage customers[31] - Ice cream business recorded record-high revenue, outperforming industry growth levels, with successful product launches in collaboration with Moutai Group and Shanghai Disneyland[31] - Mengniu became the absolute No. 1 in China's cheese market through cooperation with Milkground, focusing on children's cheese sticks, cheese snacks, and butter for family and professional foodservice channels[31] - Yashili capitalized on the "New National Standards" with several infant milk formula products approved for registration, enhancing market share and profitability in middle-aged, elderly, and children's milk formula segments[32] - Mengniu's room temperature pure milk brands, including Milk Deluxe and Mengniu, maintained robust growth, while the chilled yogurt business remained the market leader[46] - Mengniu's fresh milk business division outperformed the industry in terms of annual sales growth, with Shiny Meadow achieving rapid growth that far exceeded the market level[46] - Milk Deluxe organic pure milk took the lead in terms of market share, solidifying the position of Milk Deluxe as a high-end brand[52] - Just Yoghurt developed a new generation of healthy yogurt products characterized by low sugar and low calories, leading the trend of room temperature healthy yogurt products[53] - Fruit Milk Drink launched new milkshake yogurt beverages, including neroli pomelo with aloe vera and jasmine with green grape, to attract young Generation-Z consumers[54] - Mengniu and Milk Deluxe brands sold 1 million boxes of World Cup-themed products, capturing top positions in online sales and overall market share[56] - Champion's Every day's Fresh Yogurt and the Zero Sucrose Yogurt series achieved double-digit sales growth with increasing market shares[61] - Shiny Meadow, Mengniu's high-end fresh milk brand, maintained the top market share in the high-end fresh milk market with rapid growth far above the market level[63] - The newly launched Xiaoxianyu sub-brand exhibited exceptional growth in sales and market shares, targeting youngsters with its unique selling point of yummy light fresh milk[65] - The fresh milk business ranked first in China in terms of sales share in the systems of Sam's Club, Hema, Yonghui Superstores, and Aeon[66] - The Group launched the first healthcare yogurt in China, the Champion Jianzihao immune booster series, addressing consumers' growing concerns about immunity[61] - The Group introduced its first label-free products, the Yoyi C zero sucrose product series with eco-friendly packaging, in response to environmental protection policies[61] - Yashili's revenue for 2022 reached RMB 3.7382 billion, with a focus on infant milk formula and nutritional products[73] - Yashili became the first milk formula company in China to have its products assessed and certified under EU food standards (SGS)[71] - Yashili launched Reeborne Enzhi and Reeborne Jingzhi, the world's first infant milk formulas using MLCT, new OPO structural lipids, and desert organic raw milk, respectively[71] - Bellamy's launched three new milk powder products in 2022, including organic kids milk powder and GOLD+ high-end infant formula[75] - Bellamy's developed local supply chains for complementary foods, launching organic rice cereal, baby noodles, milk rusks, and puffs[76] - The Group's ice cream brands (Suibian, Mood for Green, Deluxe, Ice+) achieved rapid growth through product innovation and upgrades[79] - The Group collaborated with Moutai Group to launch "Moutai Ice Cream," which became one of the most popular crossover ice cream products[80] - The Group introduced a World Cup-themed ice cream series under the "Suibian" brand, sold exclusively at World Cup venues[81] - Ice cream business achieved rapid growth with innovative product launches, including the "奇思巧想 • 熱點風味" series and "巧冰硬實力 • 甜品脆筒" series, driving sales growth[82] - The company collaborated with Moutai to launch Moutai ice cream, combining Moutai liquor with milk, which became a highly popular cross-industry product[82] - Ice cream sales on e-commerce platforms recorded rapid growth, with efforts to expand into corporate group buying, catering, and scenic spots[83] - The cheese business introduced additive-free children's cheese sticks and the casual cheese series "Zhishifenzi", targeting young consumers[84] - Domestic table cheese and butter products saw steady sales growth, with the Ai Shi Chen Xi series of butter products expanding into professional catering applications[85] - The company completed the acquisition of Milkground, holding 35.01% of its shares, aiming to expand into the domestic and global cheese market[87][91] - Milkground is a leading cheese company in China with the largest production capacity and top market share for cheese products and children's cheese sticks[88] - The company upgraded nine major product categories, including pasteurized milk and cheese, to meet EU standards, aiming to develop "EU benchmark products"[90] - Revenue from the ice cream business reached RMB5,652.4 million, accounting for 6.1% of Mengniu's total revenue, up from 4.8% in 2021[140] - The Group launched Yoyi C zero sucrose products with eco-friendly packaging, marking Mengniu's first label-free product to align with environmental protection policies[138] - Shiny Meadow's 4.0 series fresh milk products experienced robust growth, with the launch of low-fat products targeting health-conscious female customers[139] - Suibian introduced a new generation of chocolate ice cream products, including cocoa and milk tea flavors, and collaborated with "Genshin Impact" for IP-themed ice cream[140] - Mood for Green upgraded its condensed milk and red bean products with a low-sugar formula and expanded into the high-end market with the "Zhiqing" ice cream series[141] - Deluxe collaborated with Moutai Group to launch "Moutai ice cream," which became a best-selling product, and partnered with Disney for IP-themed products[142] - Revenue from the milk formula business amounted to RMB3,862.0 million, accounting for 4.2% of Mengniu's total revenue, down from 5.6% in 2021[144] - Yashili's Reeborne brand launched innovative infant formula products, including the first to use MLCT structured lipids and organic raw milk from desert areas[144] - Yashili expanded its product line with Yourui for middle-aged and elderly customers, M8 children's milk formula, and Huicongming for students[146] - Bellamy's launched three new milk powder products in 2022, including organic kids milk powder and Bellamy's GOLD+ high-end infant milk formula, targeting children over 3 years old[147] - Bellamy's organic kids milk powder uses 1% rare organic milk source and features a special formula with "active" lactoferrin, FOS prebiotics, and high β-glucans content[147] - Revenue from other products, including cheese, accounted for 5.2% of Mengniu's total revenue in 2022, amounting to RMB4,809.6 million, up from 2.8% in 2021[150] - Mengniu upgraded its cheese product lines and introduced additive-free children's cheese sticks, targeting young consumers with the Zhishifenzi casual cheese series[150] Sustainability and ESG - Mengniu's "GREEN" sustainable development strategy aims to achieve carbon peak by 2030 and carbon neutrality by 2050[12] - Mengniu was included in the Hang Seng Corporate Sustainability Index Series for the third consecutive year[12] - Mengniu's nine major product categories met EU standards, and its Daily Fresh factory received GFSI global food safety dual certification[12] - Mengniu's "smart quality" digital management practice earned it the industry's only "National Quality Benchmark" title[12] - Mengniu unveiled its "GREEN" sustainable development strategy, committing to carbon peak by 2030 and carbon neutrality by 2050, with an MSCI ESG Rating upgraded to "A"[36] - Mengniu's MSCI ESG rating improved to an A grade, the highest in China's food industry[12] - Mengniu became the first dairy company to join the responsible business platform Sedex and refined its Supplier Code of Conduct to improve carbon management[155] - Three of Mengniu's factories obtained the German TÜV Rheinland landfill-free waste management system certification, and two factories applied for AWS international sustainable water management standard certification[155] - Mengniu's MSCI ESG rating improved to an A grade, the highest in the Chinese food industry, and it was included in the Hang Seng Corporate Sustainability Index Series[156] - Mengniu unveiled its "GREEN" sustainable development strategy, aiming for carbon peak by 2030 and carbon neutrality by 2050, with 15 specific carbon reduction measures across six major aspects[154] Innovation and Technology - The Group introduced the self-developed "aerospace bacteria strain" and enhanced technologies for grass cultivation, cow breeding, and milk production[11] - Mengniu introduced two aerospace bacteria strains in collaboration with China Space Foundation, advancing technological breakthroughs in grass cultivation, cow breeding, and milk production[38] - Mengniu's nine major product categories have been upgraded to meet EU standards, continuing to create a world quality benchmark[38] - The Group introduced the Arla Garden advanced dairy farm management system to enhance quality and safety standards[95] - The Group implemented the "10,000-tonne milk" plan to accelerate the establishment of milk source bases[94] - The Qilin Platform was developed to support the digitization of the ice cream business division[99] - The Group established a smart talent system for human resources management and developed a digital HR system[103] - The room temperature Ningxia Factory was established as a pilot project to meet the World Economic Forum's "Lighthouse Factory" standards[101] - The Group's global dairy industry talent training center provided training to 800,000 talents, focusing on topics such as digitalization, smart technologies, and the dual-carbon strategy[163] Market and Brand Positioning - Mengniu's global dairy ranking improved to 7th, making it the youngest among the top 10 global dairy enterprises[7] - Mengniu's brand value grew by 15% year-on-year in the 2022 Kantar BrandZ™ ranking, leading in brand value growth in China's dairy industry[7] - Mengniu ranked 7th in the 2022 "Global Dairy Top 20" list, up two places from the previous year[28] - Mengniu's brand value grew by 15% year-on-year, ranking first in China's dairy industry in the 2022 Kantar BrandZ™ ranking[34] - Mengniu rose two places to rank 7th in the Global Dairy Top 20 published by Rabobank, distinguishing itself as the only Chinese dairy enterprise to achieve an improved ranking[49] - Mengniu aims for high-quality development with a focus on brand, innovation, and digitalization, targeting a strong growth trajectory and global competitiveness[41] - Mengniu plans to innovate rapidly in product and technology to meet diverse consumer needs, targeting the younger generation and the silver economy with products like milk formula for the elderly and adult nutrition[173] - The company will focus on high-quality sustainable development, emphasizing fresh milk, ice cream, cheese, adult milk powder, and global market expansion to capture growth opportunities[174] - Mengniu will accelerate innovation in foodservice and snack cheese products to capitalize on the growing cheese market[173] - The company will continue to strengthen its core competitiveness, including brand power, R&D capabilities, and digital transformation, to build a consumer-centric, international, and responsible brand[171] - Mengniu will leverage the trend of high-end, functional, snack, and non-dairy product fusion to meet evolving consumer preferences[172] - The company will enhance its product offerings for the middle-aged and elderly, focusing on milk formula and adult nutritional products[173] - Mengniu will further expand its presence in the global market, aligning with its strategy to lead the upgrade and transformation of China's dairy industry[174] - The company will continue to invest in digital transformation and organizational capabilities to support its long-term growth strategy[171] Human Resources and Management - As of December 31, 2022, Mengniu had approximately 47,329 employees, with total employee costs amounting to RMB8,657.5 million, up from RMB7,476.1 million in 2021[159] - The Group employed a total of 47,329 employees in mainland China, Hong Kong, Oceania, and Southeast Asia as of December 31, 2022, an increase from 44,629 in 2021[162] - Total employee costs, including salaries for directors and senior management, amounted to RMB 8.6575 billion in 2022, up from RMB 7.4761 billion in 2021[162] - The Group granted 5,533,245 restricted shares and 44,977,913 share options to employees under its share award and share option schemes in 2022[161] - Mr. Simon Dominic Stevens led Arla Foods' UK business growth from £500 million to £2.5 billion, elevating it from the 4th to the 1st position in the FMCG dairy sector[186] - Mr. Simon Dominic Stevens managed Arla's MENA region, ensuring high growth for key brands and maintaining a safe environment for approximately 3,000 employees during COVID-19[186] - Mr. Simon Dominic Stevens joined Arla's Executive Management team as EVP International, overseeing all international business and the international supply chain starting January 1, 2021[186] - Mr. Yih Dieter was appointed as an independent non-executive director in December 2021, bringing expertise in corporate finance, capital markets, and regulatory compliance[189][190] - Mr. Li Michael Hankin, appointed in December 2021, has over 30 years of experience in financial and accounting, fundraising, mergers and acquisitions, and international business development[191][193] - Mr. Ge Jun, appointed in December 2021, has extensive experience in corporate governance, innovation mechanisms, and sustainable development[192][194] - Mr. Gao Fei, a senior vice president, has been with the company since 1999 and currently heads the UHT business unit, contributing to the rapid growth of Mengniu's market share[195] - Mr. Wen Yongping, a vice president, has been with the company since 1999 and currently heads research and development and innovation, with extensive experience in production and operations management[196] - Mr. Gao Fei, aged 46, is currently the Senior Vice President and head of the Ambient Product Business Unit, with extensive experience in dairy sales, marketing, and management[197] - Mr. Wen Yongping, aged 48, is the Vice President and head of R&D and Innovation, with a Ph.D. in Food Science and Engineering and over 20 years of experience in production and supply chain management[197] - Mr. Zhao Jiejun, aged 46, is the Vice President and head of Milk Sourcing and Animal Husbandry Industry Chain Business Unit, with nearly 20 years of experience in dairy industry sales and supply chain management[198] - Mr. Luo Yan, aged 61, is the Vice President and head of Chilled Product Business Unit and Fresh Milk Business Unit, with 30 years of experience in the food industry and management[199] - Mr. Chen Yiyi, aged 49, is the Vice President and head of Strategy Management, responsible for strategic and investment management, with extensive experience in FMCG, strategic planning, and M&A[200] Strategic Initiatives and Future Plans - The Group completed the acquisition of 20% interest

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。 CHINA MENGNIU DAIRY COMPANY LIMITED 中 國 蒙 牛 乳 業 有 限 公 司* （在開曼群島註冊成立之有限公司） （股份代號：2319） 截至二零二二年十二月三十一日止年度 的全年業績公告 摘要 • 二零二二年，戶外消費場景、終端賣場客流受到外部影響，加之全球市場通貨膨 脹攀升、原輔料成本上漲，為乳業帶來經營環境和成本高企的多重挑戰。本集團 堅定推進「再創一個新蒙牛」戰略、執行高質量增長策略，積極抵禦大環境挑戰， 核心基本盤業務展現出強大的增長韌性，創新業務達成重要突破，品牌力全面提 升，業績實現穩健的高質量增長。 • 截至二零二二年十二月三十一日止年度，本集團收入為人民幣925.933億元（二零 二一年：人民幣881.415億元），同比上升5.1%。受益於降本增效的多項舉措，本集 團經營利潤為人民幣54.232億元（二零二一年：人民幣48.616億元），同比上升 11 ...

四蒙井 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司 * (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code 股份代號：2319 2022 FIFA 世界杯" 全球官方 INTERIM REPORT 中期報告 2022 · For Identification purpose only 僅供識別 CORPORATE PROFILE China Mengniu Dairy Company Limited (the "Company"; stock code: 2319) and its subsidiaries (collectively "the Group" or "Mengniu") mainly manufacture and distribute quality dairy products in China. It is one of the leading dairy product manufacturers in China ...

自由式滑雪 世界冠軍 谷愛凌 年報 ANNUAL REPORT 年報 Annual Report 2021 年報 CORPORATE PROFILE 公司簡介 China Mengniu Dairy Company Limited (the "Company"; stock code: 2319) and its subsidiaries (collectively the "Group" or "Mengniu") mainly manufacture and distribute quality dairy products in China. It is one of the leading dairy product manufacturers in China, with MENGNIU as its core brand. Mengniu offers diversified products including liquid milk products, ice cream, milk formula and cheese. Mengniu ranked as "Global Dairy Top ...