蒙牛乳业(02319) - 2023 - 中期财报

Financial Performance - For the six months ended June 30, 2023, the Group's revenue was RMB 51,118.5 million, representing a year-on-year increase of 7.1% from RMB 47,722.3 million in 2022[13]. - Gross profit for the same period was RMB 19,630.2 million, reflecting a year-on-year increase of 12.4% from RMB 17,458.8 million[13]. - Profit attributable to owners of the Company decreased by 19.5% to RMB 3,020.5 million, down from RMB 3,751.4 million in 2022[13]. - Operating profit increased by 29.9% year-on-year to RMB 3,274.9 million, with an operating profit margin rising to 6.4%, up from 5.3% in 2022[14]. - Basic earnings per share decreased by 19.4% to RMB 0.765, down from RMB 0.949 in 2022[13]. - EBITDA decreased by 5.6% to RMB 5,178.3 million, with an EBITDA margin of 10.1%, down 1.4 percentage points from the previous year[115]. - Income tax expense increased by 27.7% to RMB 644.3 million, with an effective tax rate of 17.4%, up 5.2 percentage points from 12.2% in 2022[119]. - Capital expenditure for the six months ended June 30, 2023 was RMB 1,887.2 million, a decrease of 15.0% year-on-year[122]. - Net borrowings as of June 30, 2023 were RMB 28,795.4 million, an increase from RMB 26,342.8 million as of December 31, 2022[121]. - The Group's finance costs were RMB 727.1 million, representing approximately 1.4% of revenue, an increase of 0.3 percentage points year-on-year[126]. Market Position and Growth - The Company ranked 8th in the "Global Dairy Top 10" in 2023 and was the only Chinese FMCG brand with double-digit growth in brand value, which increased by 15% year-on-year[2]. - Mengniu's revenue growth was supported by a progressive recovery in domestic consumer demand, with dairy product sales improving month by month[28]. - The overall domestic demand for dairy products and end-market sales steadily rebounded, driven by increased consumer emphasis on nutrition and health[14]. - Mengniu ranked among the top eight in the 2023 "Global Dairy Top 20" list published by Rabobank, solidifying its status as the youngest company within the global dairy industry's top ten[33][34]. - Mengniu's total annual production capacity increased to 13.60 million tons as of June 30, 2023, from 12.91 million tons in December 2022[164]. Product Innovation and Development - Mengniu developed the rare nutritional ingredient HMO, becoming the first domestic dairy company to independently develop it, with plans for future industrialization[19]. - The Group launched China's first liquid protein nutritional supplement, M-ACTION Sports Protein Drink, entering the sports nutrition market[19]. - Mengniu launched the YO!FINE DIARY high-end yogurt brand, introducing new flavors and expanding its product line to include set yogurts and chunky fresh fruit pulp products[45][46]. - Mengniu's focus on product innovation and brand communication has driven the expansion of Milk Deluxe's leading market share within the high-end milk sector[37]. - Mengniu has been collaborating with technical partners and industry leaders to enhance R&D resources and explore new fields within the dairy industry, aiming for sustainable growth[77]. Sustainability and Corporate Responsibility - Mengniu announced industry-leading carbon-neutral goals and joined the global initiative to grow, restore, and conserve one trillion trees[22]. - The Group's sustainable development efforts were recognized as the "Most Improved Enterprise in the Industry" in the inaugural "Sustainability Yearbook (China Edition)" by S&P Global[170]. - In 2022, Mengniu achieved a reduction of 180,000 tons of CO2e through its "Net Zero Carbon Emission" policy[169]. - The Group has planted 97 million trees in the Ulan Buh Desert as part of its "Zero Deforestation by 2030" initiative[165]. - The Group aims to achieve net-zero emissions through international cooperation and emphasizes research investments in high-quality dairy and nutritional products[177]. Strategic Initiatives - The Group's strategic focus on "Greener, More Nutritious and Smarter" initiatives contributed to stable and high-quality growth in its core business[14]. - The "2025 Value Sharing" strategy aims to create a complete dairy industry value chain, enhancing efficiency and sustainability in the raw milk industry[90]. - The Group will continue to optimize operational strategies and expand its product matrix to cultivate global brand influence[181]. - The Group's ranches adhered to the "Mengniu Ranch Quality and Safety Management System," ensuring 100% compliance with stringent access controls and enhancing food safety[93]. - The "Smart Ranch Management Platform" was adopted, utilizing cloud computing, IoT, and AIoT technologies for granular management of dairy cattle throughout their lifecycle[94]. Consumer Engagement and Market Expansion - As of June 2023, Mengniu's online membership exceeded 65 million, reflecting its successful expansion in new retail channels[40][41]. - The room temperature business unit extended its presence to 26,000 townships, covering over 800,000 distribution points, enhancing its market penetration rate[41]. - Mengniu's ice cream business introduced the Strawberry Soft Core Crispy Skin ice cream and developed new cheese-flavored ice cream products, winning the "Innovative and Imaginative" award in the second Mengniu Innovation Contest[63][64]. - Mengniu's ice cream brand Suibian has introduced new flavors, including Strawberry Chocolate Crunch, enhancing product variety and consumer appeal[151]. - The Group's cooperative farms have successfully re-utilized manure, promoting organic circulation in farming practices[169]. Employee and Corporate Governance - The total cost of employees amounted to approximately RMB4,424.1 million in the first half of 2023, compared to RMB4,061.4 million in 2022[171]. - As of June 30, 2023, the Group employed approximately 46,355 employees, with total employee costs amounting to RMB 4.424 billion, an increase from RMB 4.061 billion in 2022[173]. - In the first half of 2023, the Group granted 6,626,176 restricted shares to its employees as part of its performance-based remuneration system[176]. - The Group has been approved to build a "national high-skilled personnel training base" and is the first in China's dairy industry to obtain self-certification for vocational skill levels[175].