蒙牛乳业(02319) - 2023 - 年度财报

Financial Performance - Revenue increased by 6.5% to RMB 98,624 million in 2023[5] - Operating profit grew by 13.8% to RMB 6,170.6 million, with an operating profit margin of 6.3%[6] - Mengniu achieved steady growth in revenue and a continuous increase in operating profit margin in 2023[23] - Revenue for 2023 increased by 6.5% year-on-year to RMB98,624.0 million (2022: RMB92,593.3 million)[102][106] - Gross profit rose to RMB36,640.1 million (2022: RMB32,689.8 million), with gross profit margin increasing by 1.9 percentage points to 37.2% (2022: 35.3%)[103][107] - Operating profit increased by 13.8% to RMB6,170.6 million (2022: RMB5,423.2 million), with operating profit margin rising by 0.4 percentage points to 6.3% (2022: 5.9%)[109] - Selling and distribution expenses increased by 12.7% to RMB25,192.2 million (2022: RMB22,347.3 million), accounting for 25.5% of revenue (2022: 24.1%)[104][108] - Product and brand marketing expenses surged by 36.9% to RMB7,522.7 million (2022: RMB5,495.1 million), representing 7.6% of revenue (2022: 5.9%)[104][108] - Administrative expenses increased by 6.8% to RMB4,742.5 million (2022: RMB4,441.9 million), maintaining a flat percentage of revenue at 4.8%[105][108] - Total business operating expenses increased by 11.7% to RMB30,469.5 million (2022: RMB27,266.6 million), accounting for 30.9% of revenue (2022: 29.4%)[109] - EBITDA increased by 4.2% to RMB9,506.7 million, with EBITDA margin at 9.6%, down 0.3 percentage points year-on-year[110] - Profit attributable to owners decreased by 9.3% to RMB4,809.2 million, with basic earnings per share down 9.1% to RMB1.220[110] - Income tax expenses increased by 8.2% to RMB1,425.2 million, with an effective tax rate of 22.6%, up 2.3 percentage points year-on-year[111] - Capital expenditure decreased by 17.8% to RMB4,171.8 million, with RMB4,134.7 million spent on production facilities and related investments[115] - Net cash inflow from operating activities increased by 0.2% to RMB8,349.3 million[116] - Net borrowings decreased to RMB24,967.0 million, with a debt-to-equity ratio of 73.9%, down from 78.1% in 2022[117] - Finance costs increased to RMB1,569.3 million, representing 1.6% of revenue, up 0.4 percentage points year-on-year[117] - Liquid milk revenue increased to RMB82,071.1 million, accounting for 83.2% of total revenue[123] - Revenue from the ice cream business amounted to RMB6,026.3 million, accounting for 6.1% of Mengniu's total revenue[135] - Revenue from the milk formula business was RMB3,801.7 million, representing 3.9% of Mengniu's total revenue[137] - Cheese business revenue reached RMB4,357.3 million, contributing 4.4% to Mengniu's total revenue[139] Production Capacity and Facilities - The Group's annual dairy production capacity reached 14.04 million tons as of December 31, 2023[2] - Mengniu built a fully intelligent Ningxia factory, allowing 100 people to produce an annual output of 1 million tons with a value of RMB10 billion[28] - Mengniu established a fully digitalized Ningxia factory with a capacity of 1 million tons and an output value of 10 billion yuan, marking a milestone in intelligent manufacturing[30] - Mengniu launched the world's first fully intelligent dairy factory in Ningxia, producing 1 million tons annually with a value of RMB10 billion, operated by only 100 people[97][100] - Mengniu's total annual production capacity increased to 14.04 million tons as of December 2023[142] - Mengniu expanded its production bases to include 45 in China, 2 in Indonesia, 2 in Australia, 1 in the Philippines, and 1 in New Zealand[142] - Mengniu's total production capacity reached 14.04 million tons in 2023, with 45 production bases in China and 6 overseas[146] - The Ningxia factory, a fully intelligent super factory, reduced energy consumption by 43% compared to conventional factories[148] Product Innovation and Development - Mengniu launched China's first liquid protein nutritional supplement, M-ACTION Sports Protein Drink, and independently developed human milk oligosaccharide (HMO)[9] - Mengniu's independently-developed human milk oligosaccharide (HMO) was approved by the National Health Commission, becoming the only domestic company among the first batch of approved enterprises in China[19] - Mengniu launched China's first liquid protein nutritional supplement drink under the brand M-ACTION, injecting new momentum into the Group's sustainable development[27] - Mengniu developed and commercially applied its proprietary "super ingredient" HMO (Human Milk Oligosaccharides), gaining a first-mover advantage in the nutrition frontier[30] - Mengniu successfully developed HMO (human milk oligosaccharide) and obtained approvals from Chinese regulatory authorities, becoming the first Chinese dairy company to achieve this milestone[82][84] - Mengniu launched Reeborne Enzhi series 4, the first milk formula product in China to use independently developed HMO and MLCT[82][84] - Mengniu introduced China's first liquid protein nutritional supplement, M-ACTION Sports Protein Drink, entering the sports nutrition market[85][86] - M-ACTION Sports Function Evaluation Center uses international advanced equipment to provide athletes with comprehensive testing and evaluation of sports biomechanics and physiology[85][86] - Mengniu launched a new lactose-free milk product under its parent brand in 2024 to cater to lactose-intolerant Chinese consumers[124] - Just Yoghurt launched an additive-free original flavor yogurt in 2024, featuring "zero artificial flavors, zero colorants, zero gelatin, zero milk powder" and certified by EU standards[127] - Fruit Milk Drink introduced a new series of milk tea drinks in 2024, including "Earl Gray Tea Flavor" and "Melon Oolong Flavor", with "zero added milk powder, zero added non-dairy creamer, and zero trans fatty acids"[129] - Mengniu enhanced its plain yogurt brand with the launch of Fresh Yogurt, emphasizing fresh milk sources, premium strains, and advanced processing methods[130] - YO!FINE DIARY, a premium yogurt brand, introduced Osmanthus and Water Chestnut Yogurt and Forest Avocado Yogurt, well-received by consumers[130] - Champion Jianzihao was repositioned as the "pioneer in Chinese healthcare yogurt" with products designed to boost immunity[130] - Yoyi C zero sucrose products, rich in live probiotics, promote intestinal motility and feature eco-friendly, label-free packaging[132] - Yoyi C launched a "Smooth" series with zero sucrose and zero fat, containing 5 strains of complex probiotics and 2 essential dietary fibers for intestinal health[132] - Shiny Meadow 4.0 Jersey fresh milk was launched, sourced from rare Jersey cattle accounting for only 1% of domestic stock[133] - Suibian Gold Label series introduced with high cocoa content (72% and 52%) and quality raw milk content (≥40%)[135] - Reeborne Enzhi series became the first in the world to add MLCT structured lipids[137] - Milkground launched Organic Cheese Sticks and premium leisure products like "Mousse Cheese Cup"[139] Market Share and Business Performance - Mengniu's market share in the liquid milk market continued to expand, with Milk Deluxe consistently increasing its brand equity and extending its lead in the high-end segment[25] - Mengniu's chilled-product business saw strong performance of new products, driving sales to grow against the trend and maintaining the market share first place for 19 consecutive years[25] - Mengniu's liquid milk market share continued to expand, with Milk Deluxe achieving double-digit growth in its organic series and further optimizing its product mix[44] - Mengniu's chilled product business achieved counter-cyclical growth, maintaining its market share leadership for the 19th consecutive year[57] - Mengniu's online membership exceeded 74 million, with steady growth in new retail channels and leading market share in home delivery services[55] - Mengniu's room temperature milk beverages recorded positive growth, with significant market share increases driven by new product launches[53] - Mengniu's room temperature business expanded to 26,000 townships, covering over 800,000 distribution points, enhancing market penetration in rural areas[55] - Mengniu ranked in the top eight of the 2023 "Global Dairy Top 20" list, solidifying its position as the youngest company in the global dairy industry's top ten[47] - Mengniu's room temperature pure milk sales outpaced industry growth, driven by consumer demand for nutritional health and immunity[52] - Mengniu's chilled probiotic drinks segment narrowed the gap with the leading brand, reinforcing its position as the second-largest brand in the segment[57] - Mengniu's room temperature yogurt brand, Just Yoghurt, launched a new plain yogurt meeting EU standards, emphasizing zero artificial additives[53] - Mengniu's room temperature business unit optimized its channel structure, with online sales growth solidifying its position as the top player in online sales within the room temperature product segment[55] - Yoyi C probiotic drinks adopted a proprietary probiotic strain tailored for the Chinese population, leading to significant growth in new product growth rate and improved profit structure[58][59] - Mengniu's chilled business achieved positive growth despite weak industry demand, maintaining the No.1 market share for 19 consecutive years[59] - Shiny Meadow, a high-end fresh milk brand, solidified its position as the market leader in the high-end fresh milk market, with Xiaoxianyu recording exceptional annual sales growth in the mid-to-high end fresh milk market[61][64] - Shiny Meadow upgraded to 4.0 fresh milk using 1nm micro-membrane freshness-locking technology, locking in 4.0g of fresh milk protein and preserving nutrients[62][64] - Mengniu's basic fresh milk consistently held the top market share in the basic fresh milk segment for three consecutive years[63][64] - Mengniu's fresh milk business maintained its leadership in both online and offline channels, ranking No.1 in market share at major retailers and e-commerce platforms[65] - Mengniu's domestic infant formula business focused on the Reeborne brand, with the Reeborne Enzhi series driving strong growth in online sales[67][68] - Bellamy's achieved strong growth in sales, maintaining its position as the No.1 cross-border e-commerce brand for organic milk formula[69] - Yourui's high-end adult milk formula products were upgraded with a new formula including whey protein, calcium citrate, MLCT, and a combination of vitamins and minerals[70] - Mengniu's ice cream business continued to innovate and upgrade its brands, exploring novel consumption scenarios and raising product influence and brand reputation[71] - Bellamy achieved strong sales growth by enhancing brand operations, price management, channel execution, and supply chain efficiency, maintaining its position as the top organic infant formula brand in cross-border e-commerce[72] - Bellamy expanded its product portfolio with new organic offerings, including walnut oil, flaxseed oil, and baby noodle series, while also expanding into new cross-border channels like Aiyingshi and Hema[72] - Suibian reinforced its leadership in the chocolate ice cream market with its billion-level bestseller, the Strawberry Soft Core Crispy Skin ice cream, and expanded its brand influence through collaborations with top IPs like Universal Studios[74] - Deluxe, Mengniu's premium brand, underwent a significant rebranding, focusing on purity and taste, and launched ten new products across three series, including cross-brand collaborations with Maotai[74] - The ice cream business division strengthened its store expansion and market coverage, focusing on key urban markets and accelerating expansion into county and township markets, leading to a year-on-year increase in end-market coverage[75] - Aice, Mengniu's overseas ice cream brand, ranked number one in market share in Indonesia and number three in the Philippines, with strong growth in overall sales revenue and profit margins[77] - Milkground continued to rank first in domestic cheese market share, launching new products like "Organic Cheese Sticks" and "Golden Cheese Sticks," and expanding into new product categories targeting urban white-collar workers and families[79] - Mengniu's cheese business focused on expanding into the catering sector, launching its first in-house produced light cream and pioneering the first domestically produced fermented butter in China[81] Sustainability and ESG - Mengniu's MSCI ESG rating was elevated to AA, making it the only comprehensive dairy company in China to achieve this rating[12] - Mengniu's MSCI ESG rating was upgraded to AA, the highest rating in the industry[18] - Mengniu adopted a series of measures under its "GREEN" sustainable development strategy, including signing up to join the global initiative to grow, restore and conserve one trillion trees with the World Economic Forum[29] - Mengniu received the highest "AA" rating among Chinese integrated dairy companies in the MSCI ESG rating[29] - Mengniu achieved an "AA" rating in MSCI ESG, the highest among Chinese dairy companies, reflecting its commitment to sustainability[30] - Mengniu implemented 15 specific carbon reduction measures as part of its "GREEN" sustainable development strategy[143] - Mengniu has planted 97 million trees in the Ulan Buh Desert, turning over 200 square kilometers of desert into an oasis[144] - Mengniu achieved a carbon reduction of more than 180,000 tons in its upstream pastures through various emission reduction measures[145] - Mengniu built 30 national-level green factories, with the Qujing factory achieving carbon neutrality for two consecutive years[148] - Mengniu launched a variety of carbon-neutral and green low-carbon products in the downstream market[149] - Mengniu's MSCI ESG rating was upgraded from A to AA, making it the only comprehensive dairy company in China with an AA rating[151] - Commitment to lead the dairy industry towards "carbon neutrality" under the "Greener" strategy[160] Digital Transformation and Innovation - The Group completed the construction of the world's first fully intelligent dairy factory and introduced MENGNIU.GPT and the "WOW Health+" platform[11] - Mengniu successfully released the world's first model focused on nutrition and health, MENGNIU.GPT, and implemented it in the digital intelligent nutrition and health management platform, WOW Health+[28] - Mengniu released MENGNIU.GPT, the world's first AI model focused on nutrition and health, integrated into its digital health management platform WOW Health+[30] - The company introduced the AI-driven digital intelligence dual flywheel strategy, upgrading digital capabilities across the supply and consumption chains[98][100] - Mengniu.GPT, the world's first nutrition and health model, was launched, alongside the "WOW Health+" platform, providing personalized health services[99][100] - Aim to achieve full digitalization across the entire industry chain from feeding to consumer terminals under the "Smarter" strategy[160] Corporate Governance and Leadership - Mr. Gao Fei, aged 47, was appointed as the CEO and executive director of the company on 26 March 2024, bringing extensive experience in sales, marketing, and business operations within the dairy industry[167] - Ms. Wang Yan, aged 45, was appointed as an executive director in December 2021, with a background in human resources management and talent development[168] - Mr. Zhang Ping, aged 59, served as an executive director from December 2021 to 26 March 2024, with over 33 years of experience in the fast-moving consumer goods industry, specializing in finance, audit, and risk control[169] - Mr. Chen Lang, aged 58, was appointed as a non-executive director and chairman of the board in April 2019, with a strong background in corporate leadership and strategy across various industries[171] - Mr. Wang Xi, aged 40, was appointed as a non-executive director in December 2021, with expertise in strategy, direct investment, and M&A, currently serving as the deputy director of the Strategy Department at COFCO Corporation[174] - Mr. Simon Dominic Stevens led the UK business of Arla Foods to grow from £500 million to £2.5 billion, achieving the No. 1 position in FMCG from No. 4 in dairy[176] - Mr. Simon Dominic Stevens successfully navigated the MENA business through COVID-19, delivering high growth for key brands and maintaining a safe environment for 3,000 employees[176] - Mr. Li Michael Hankin has over 30 years of experience in financial and accounting, fundraising, mergers and acquisitions, restructuring, and international business development[179] - Mr. Li Michael Hankin served as an independent non-executive director of COFCO Joycome Foods Limited, where COFCO Corporation holds a 29.10% interest[179] - Mr. Li Michael Hankin has held key positions in several Hong Kong-listed companies, including GCL-Poly Energy Holdings Limited and Newton Resources Limited[179] - Mr. Luo Yan, aged 62, is currently a vice president and the head of chilled product business unit and fresh milk business unit of the Group, with 30 years of experience in the food industry[186][187] - Mr. Yan Zhiyuan, aged 41, is currently a vice president and the head of milk formula business unit, leading the room temperature sales management team to achieve continuous high growth in sales revenue and market share[188][189] - Mr. Han Jianjun, aged 50, is currently a vice president and the head of the ice product business unit of the Group, leading the ice products business unit to achieve growth of over 100% for three consecutive years[190] - Mr. Zhao Jiejun, aged 47, is currently a vice president and the head of milk sourcing and animal husbandry industry chain business unit of the Group, with almost 20 years of experience in dairy industry[191] - Mr. Wen Yongping, aged 49, is the Vice President and Head of Research and Development and Innovation at the Group, with extensive experience in production and operations management, milk sources management, and core business operation management[192][194] - Mr. Yang Zhigang,