Revenue and Profit Performance - Revenue for 2022 reached RMB 18,050.8 million, a 17.6% increase compared to RMB 15,346.2 million in 2021[8] - Raw milk business revenue grew by 13.8% to RMB 10,853.9 million in 2022, up from RMB 9,537.8 million in 2021[8] - Ruminant animal farming system solutions revenue increased by 23.9% to RMB 7,196.8 million in 2022, compared to RMB 5,808.4 million in 2021[8] - Gross profit decreased by 10.0% to RMB 4,223.7 million in 2022 from RMB 4,694.5 million in 2021[8] - Net profit attributable to owners of the company dropped by 73.4% to RMB 414.8 million in 2022 from RMB 1,558.0 million in 2021[8] - Adjusted net profit attributable to owners of the company decreased by 56.4% to RMB 889.3 million in 2022 from RMB 2,040.4 million in 2021[8] - The company's total revenue for 2022 reached RMB 18,051 million, a 17.6% increase compared to 2021[14] - The company's net profit attributable to owners in 2022 was RMB 415 million, a 73.4% decrease compared to 2021[14] - Revenue for the company reached RMB 18,051 million in 2022, a 17.6% increase compared to RMB 15,346 million in 2021[32] - Raw milk business revenue was approximately RMB 10.85 billion, accounting for 60.1% of total revenue, a 13.8% increase from 2021[33] - Feed business revenue reached RMB 6.58 billion, a 23.4% increase compared to 2021[33] - Revenue increased by 17.6% from RMB 15,346 million in 2021 to RMB 18,051 million in 2022[78] - Raw milk business revenue grew by 13.8% from RMB 9,538 million in 2021 to RMB 10,854 million in 2022, driven by a 19.6% increase in raw milk sales volume from 1,947,226 tons to 2,328,512 tons[79] - Ruminant animal farming system solutions business revenue rose by 23.9% from RMB 5,808 million in 2021 to RMB 7,197 million in 2022[79] - Net profit attributable to owners decreased from RMB 1,558 million in 2021 to RMB 414.8 million in the reporting period[96] - Adjusted net profit attributable to owners was RMB 889.3 million in the reporting period, compared to RMB 2,040.4 million in 2021[96] Operational Performance and Production - The company operates 78 farms, 15 feed production bases, 14 forage production bases, and 3 core breeding bases, with nearly 500,000 dairy cows[2] - Raw milk production reached nearly 2.38 million tons in 2022, with concentrated feed sales exceeding 1.09 million tons[2] - The company produced nearly 14,000 high-yield dairy cow sex-controlled embryos, becoming one of the earliest enterprises in China to achieve large-scale production and commercial application[2] - The annualized milk yield per mature cow (excluding Jersey cows) in 2022 was 11.4 tons, a 4.6% increase from 10.9 tons in 2021[16] - The company's refined feed sales exceeded 1.09 million tons, making it the first enterprise in the industry to surpass the 1 million ton mark in external sales of ruminant refined feed[16] - The company's breeding product sales reached 1.23 million doses (pieces), a 25.8% increase compared to 2021[16] - The company produced nearly 14,000 high-yield dairy cow sex-controlled embryos, becoming one of the earliest enterprises in China to achieve large-scale production and commercial application of such embryos[16] - The company operates 78 dairy farms covering 16 provinces and autonomous regions, with a total of 500,000 dairy cows[12] - The company has 15 feed production bases and 4 forage production bases, serving nearly 1.5 million ruminant animals across 25 provinces and autonomous regions[12] - Raw milk production reached nearly 2.38 million tons, with an annualized yield per mature cow (excluding Jersey cows) of 11.4 tons, a 4.6% increase from 2021[33] - Feed production exceeded 1.37 million tons, a 23.6% increase from 2021[33] - The company operates 78 modernized ranches across 16 provinces in China, with a total of nearly 500,000 dairy cows[33] - The company operates 15 feed production bases and 14 forage production bases in China[33] - High-quality alfalfa grass produced by the company reached over 60% of RFV170 and above, with 30% of alfalfa silage protein indicators reaching 22%, comparable to top U.S. alfalfa levels[33] - The number of cows in stock increased by 20.0% from 416,196 in 2021 to 499,451 in 2022[37] - Raw milk production increased to 2,377,156 tons in 2022, up from 1,989,684 tons in 2021[36] - The annualized milk yield per mature cow (excluding Jersey cows) increased to 11.4 tons in 2022 from 10.9 tons in 2021[36] - The company operates 78 modernized ranches across 16 provinces in China as of December 31, 2022[37] - Seven new ranches were put into operation during the reporting period, including one 10,000-head organic milk ranch[38] - Raw milk production increased by 19.5% from 1,989,684 tons in 2021 to 2,377,156 tons in the reporting period[43] - Annualized milk yield per mature cow (excluding Jersey cows) increased by 4.6% from 10.9 tons in 2021 to 11.4 tons in the reporting period[43] - The newly commissioned 7 farms achieved an annualized milk yield of 12.3 tons per mature cow, with one farm exceeding 13 tons[43] - The acquired Saikexing farms achieved an annualized milk yield of 10.9 tons per mature cow, a 3.8% increase from 2021[44] - The acquired Fonterra China farms achieved an annualized milk yield of 11.5 tons per mature cow, an 11.7% increase from 2021[44] - Concentrated feed sales increased by 19.5% from 914,085 tons in 2021 to 1,092,738 tons in the reporting period, making the company the first in the industry to exceed 1 million tons in external sales[49] - Concentrated feed production increased by 23.6% from 1.111 million tons in 2021 to 1.373 million tons in the reporting period[50] - The company commissioned a new feed production base with a design capacity of 400,000 tons and added a cooperative production agreement with a third-party feed producer in Gansu[50] - The company is constructing a new feed production base in Hebei, which will increase total feed production capacity to 1.89 million tons upon completion[50] - The company has developed and upgraded multiple concentrate feed products under eight feed brands, utilizing core technologies such as amino acid balance technology and precision nutrition assessment technology, in collaboration with Dr. Harkins[52] - The company has established 14 grass production bases nationwide, producing high-quality roughage products like alfalfa hay and corn silage, achieving a significant increase in yield from 1.8 tons/mu in 2021 to 3.5 tons/mu in the reporting period, a 94.4% increase[54][55] - The company's self-produced alfalfa grass quality has reached Grade 1 or above, with over 60% of the alfalfa grass achieving RFV170 or higher, and alfalfa silage protein content reaching 22% or above, comparable to top U.S. alfalfa levels[55] - The company operates 28 offline dairy cow supermarkets and an online platform, "Jumucheng Technology," serving approximately 1.5 million dairy cows across 25 provinces, offering over 1,000 types of dairy farming consumables[57] - The company's breeding product sales increased by 25.8% from 977,988 doses in 2021 to 1,230,050 doses in the reporting period, with nearly 14,000 sex-controlled embryos produced, making it one of the earliest companies in China to commercialize high-yield dairy cow sex-controlled embryos[58] - The company operates three breeding bases in Inner Mongolia, China, and Wisconsin, USA, with a designed capacity of 3,500 cows in the Inner Mongolia base, which is expected to produce over 14 tons of high-yield sex-controlled embryos annually, totaling 50,000 embryos, and 2,000 breeding embryos, cultivating 500 breeding cattle[59] - The company has established a high-quality beef cattle core breeding farm in China, completing company registration, project design, license acquisition, and construction bidding during the reporting period[59] - The company has accelerated the production of world-class core breeding farms, increased investment in US joint venture breeding farms, and established strategic breeding partnerships with global leading seed companies[60] - The company has developed a genetic evaluation system for breeding embryos through genome-wide testing, enhancing breeding efficiency and reducing breeding costs[61] - The company has established a prediction model for methane emissions in dairy cows through the analysis of production performance and infrared spectral data[61] - The company has a technical R&D team of over 400 people, with 75 core patented technologies covering various business segments as of December 31, 2022[63] - The company has developed 7 types of specialty fresh milk and a range of precision feed products, including structural calf feed, rumen-protected soybean meal, premix, heat stress feed, and perinatal feed[63] - The company has constructed China's leading ruminant nutrition database and developed advanced genetic improvement and sex control technologies for cattle[63] - The company has undertaken key projects such as "High-end Dairy Cow Genetic Resource Mining and Efficient Breeding Technology Innovation" and "High-quality Alfalfa New Variety Breeding and Industrialization Demonstration"[63] - The company's subsidiary, Saikexing, was selected as a key support unit for the "National Livestock and Poultry Breeding Industry Array Enterprise" and the "Breeding Enterprise Breeding Capacity Evaluation Reward Project" in Inner Mongolia[63] - The company's near-infrared nutrition database exceeded 1 million calibration samples, enhancing precision nutrition and testing efficiency in the livestock industry[64] - The company achieved a 100% pass rate in quality inspections by national regulatory agencies and was awarded the "2022 Excellent Dairy Processing Enterprise" by the China Dairy Association[64] - The company collaborated with 44 strategic suppliers on 96 strategic synergy projects, optimizing procurement costs and reducing risks[66] - The company implemented digital transformation through platforms like "Hui Mu Yun" and "Ju Mu Cheng Tech," leveraging cloud computing, AI, and IoT for data-driven business management[67] - The company launched a carbon neutrality strategy, aiming for carbon peak by 2030 and carbon neutrality by 2050, with detailed carbon reduction plans and third-party audits[68] - The company integrated sustainable development into its operations, with over 2.5 million acres of land for combined planting and breeding, promoting green practices[68] - The company achieved breakthroughs in cow cloning embryo production efficiency and recipient pregnancy rate[70] - The company aims to double its income and strengthen profitability through technological empowerment and innovation[71] - The company plans to accelerate the development of high-tech and high-value-added business platforms[73] - The company will optimize its digital strategy blueprint and initiate a comprehensive digital transformation[75] - The company will implement a green and sustainable development strategy, reducing fossil energy usage and enhancing resource recycling[77] - The company will focus on talent development, aiming to upgrade from quantity to quality in its workforce[76] - The company will deepen lean management practices to improve efficiency and value realization[74] Costs and Expenses - Sales cost increased by 18.3% from RMB 14,333 million in 2021 to RMB 16,959 million in 2022, driven by growth in raw milk and ruminant farming system solutions businesses[80] - Raw milk sales cost before fair value adjustment rose by 33.2% from RMB 5,585 million in 2021 to RMB 7,442 million in 2022, due to new farms, increased cow numbers, and rising raw material prices[81] - Average feed cost for high-quality and specialty fresh milk increased by 14.3% to RMB 2.48/kg in 2022, driven by higher feed and forage costs[82] - Ruminant farming system solutions sales cost before fair value adjustment increased by 26.0% from RMB 5,066 million in 2021 to RMB 6,385 million in 2022, mainly due to growth in feed and cow supermarket consumables[83] - Gross profit decreased from RMB 4,694 million in 2021 to RMB 4,224 million in 2022, with gross margin dropping from 30.6% to 23.4% due to rising raw material prices and lower raw milk sales prices[85] - Raw milk business gross profit decreased from RMB 3,953 million in 2021 to RMB 3,412 million in 2022, with gross margin falling from 41.4% to 31.4%[87] - Ruminant farming system solutions gross profit increased from RMB 742 million in 2021 to RMB 812 million in 2022, but gross margin declined from 12.8% to 11.3% due to rising raw material costs[87] - Fair value loss on biological assets increased from RMB 407 million in 2021 to RMB 1,617 million in 2022, driven by lower cow valuations and higher feeding costs[88] - Other income increased by 138.8% from RMB 152 million in 2021 to RMB 363 million in 2022, mainly due to higher government subsidies and reward subsidies[89] - Expected credit loss impairment increased by 163.2% from RMB 12 million in 2021 to RMB 33 million in 2022, due to recoverability issues with certain receivables[90] - Sales and distribution expenses increased by 6.0% from RMB 557 million in 2021 to RMB 590 million in the reporting period, mainly due to increased loading and transportation fees and employee salaries[92] - Administrative expenses decreased by 13.6% from RMB 835 million in 2021 to RMB 722 million in the reporting period, reflecting efficient operational management and cost control[92] - Other expenses increased significantly from RMB 3 million in 2021 to RMB 65 million in the reporting period, primarily due to increased R&D investment[92] - Financing costs surged by 49.8% from RMB 732 million in 2021 to RMB 1,097 million in the reporting period, driven by increased interest on convertible notes and bank loans[92] - Pre-tax profit dropped sharply from RMB 2,095 million in 2021 to RMB 475 million in the reporting period, impacted by rising raw material costs and declining milk prices[92][94] Cash Flow and Financial Position - Net cash generated from operating activities increased from RMB 2,266 million in 2021 to RMB 2,547.8 million in the reporting period[98][99] - Net cash used in investing activities rose from RMB 8,697 million in 2021 to RMB 10,783.8 million in the reporting period, mainly due to payments for biological assets and property, plant, and equipment[99] - Net cash generated from financing activities increased from RMB 5,424.3 million in 2021 to RMB 8,051.8 million in the reporting period, driven by new bank borrowings and early redemption of convertible notes[100] - Bank loans increased to RMB 20,559,056 thousand in 2022, up from RMB 9,456,114 thousand in 2021, with unsecured loans rising to RMB 18,838,786 thousand[101] - Net leverage ratio increased to 135.0% in 2022 from 68.6% in 2021, primarily due to increased bank and other borrowings for dairy farm expansions[102] - Capital commitments for property, plant, and equipment, and biological assets rose to RMB 2,998 million in 2022, a 19.6% increase from RMB 2,506 million in 2021[103] - The company's assets, including shares in subsidiaries and restricted bank deposits, were used as collateral for bank and other borrowings, totaling RMB 8 million[104] - The company has no foreign exchange hedging policy but monitors foreign exchange risks and considers hedging when necessary[105] - The company formed a joint venture with Rixin Investment, with a registered capital of RMB 1 billion, to invest in new dairy farms in China[109] - Total employee count was 11,449 as of December 31, 2022, with technical and skilled workers making up 64.1% of the workforce[110] - Total salary expenses (excluding share-based payments and retirement plan contributions) increased by 12.3% to RMB 1,012 million in 2022 from RMB 901 million in 2021[112] - The company's revenue from its top five customers reached RMB 11,544 million, accounting for 64.0% of total revenue, with the largest customer, Yili Group, contributing RMB 10,485 million, representing 96.6% of raw milk revenue[119] - Yili Group, the company's controlling shareholder, remains the largest customer, with revenue from Yili increasing to RMB 10,485 million in 2022 from RMB 8,757 million in 2021[119] - The company's revenue from overlapping parties, who are both customers and suppliers of Yili Group, contributed approximately 1.3% to total revenue during the reporting period[119] - The company's top five suppliers accounted for less than 30% of total procurement during the reporting period[121] - The company maintains a long-term stable cooperative relationship with Yili Group, which is crucial for its success[119] - The company focuses on providing high-quality raw milk and comprehensive ruminant farming solutions to its customers[122] - The company implements strict procurement policies to ensure the quality and reliability of its suppliers[123] - The company has integrated human rights principles into its Supplier Code of Conduct, prohibiting discrimination

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，並表明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 內容而引致的任何損失承擔任何責任。 China Youran Dairy Group Limited 中國優然牧業集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9858） 截至2022年12月31日止年度之 年度業績公告 | --- | --- | --- | --- | |-------------------------------------------------|----------------------|----------------------|-----------------| | | | | | | 摘要 | | | | | | 截至 12 月 31 | 日止年度 | | | | 2022 年 人民幣千元 | 2021 年 人民幣千元 | 同比變動 (%) | | | | | | | 收入 | 18,050,761 | 15,346,167 | 17.6 | | 其中：原料奶業務收入 | 10,853,91 ...