蒙牛乳业(02319) - 2021 - 年度财报

Financial Performance - For the year ended December 31, 2021, the Group's revenue amounted to RMB 88,141.5 million, representing a year-on-year increase of 15.9% from RMB 76,034.8 million in 2020[8]. - Profit attributable to owners of the Company increased by 42.6% year-on-year to RMB 5,025.5 million, up from RMB 3,525.0 million in 2020[8]. - Gross profit rose to RMB 32,389.9 million, with a gross profit margin of 36.7%, down 1.0 percentage point from 37.7% in 2020 due to increased raw milk prices[171]. - EBITDA improved by 38.1% to RMB 7,980.3 million, with an EBITDA margin of 9.1%, up from 7.6% in 2020[179]. - Net cash inflow from operating activities was RMB 7,544.7 million, representing a 41.1% increase compared to RMB 5,347.7 million in 2020[188]. - As of December 31, 2021, the Group's total equity was RMB 41,999.4 million, with a debt-to-equity ratio of 64.4%, up from 50.9% in 2020[190]. Business Segments Performance - Revenue from the liquid milk business increased by 12.9% year-on-year to RMB 76,514.4 million, compared to RMB 67,751.0 million in 2020[8]. - The ice cream business segment saw a revenue increase of 61.0% year-on-year to RMB 4,240.2 million, up from RMB 2,633.7 million in 2020[8]. - Revenue from the milk formula business rose by 8.2% year-on-year to RMB 4,949.1 million, compared to RMB 4,573.0 million in 2020[8]. - Revenue from other businesses, including cheese, saw a significant increase of 126.3%[170]. - The fresh milk business maintained rapid growth in 2021, outpacing the overall liquid milk industry[95]. Strategic Initiatives - The Group's five-year strategy "Creating a New Mengniu" commenced in 2021, focusing on product innovations, branding enhancement, and channel expansion[8]. - Mengniu aims to achieve carbon neutrality in the dairy industry and will announce its carbon emission reduction targets and roadmap in 2022[11]. - Mengniu's strategic focus includes digital transformation and enhancing product quality to align with national policies promoting green and low-carbon development in the dairy industry[69]. - Mengniu aims to create a "new Mengniu" by 2025, focusing on becoming the first choice for Chinese consumers and enhancing its international presence[59]. Market Position and Recognition - Mengniu ranked 9th globally in the "Global Dairy Top 20" list published by Rabobank for the thirteenth consecutive year[25]. - The company was recognized as the "Most Influential Brand of the Year" at the 2021 NetEase New Force Dairy Industry Summit[26]. - Mengniu was awarded the "China Charity Award" for its contributions to poverty alleviation and the fight against COVID-19[11]. - The company received the Chinese Red Cross Humanitarian Medal for its contributions to COVID-19 prevention efforts[31]. Product Development and Innovation - Mengniu's innovative high-end products, such as Milk Deluxe's organic pure milk, recorded stellar performance in the market[44]. - The milk formula segment introduced adult functional milk powder products, targeting the aging population, which is expected to drive new growth[48]. - New product launches included "better organic" desert pure milk and high-calcium pure milk under the Milk Deluxe brand, as well as a variety of innovative products from Mengniu pure milk[76]. - The ice cream division introduced new product lines, including herbal ice cream and co-branded products with Xiao Guan Cha, aligning with the new Chinese trend Guochao[130][132]. E-commerce and Digital Transformation - Mengniu's total online membership doubled to over 30 million from over 15 million in 2020, ranking first among all brands on JD.com and all dairy product brands on Tmall[81]. - During the 618 Shopping Festival, Mengniu achieved first place in liquid milk sales on both JD.com and Tmall, with total online sales exceeding RMB 100 million on June 18[81]. - New sales channels such as community group purchases, O2O, and live streaming e-commerce expanded rapidly in 2021, reflecting changing consumer shopping habits[71]. - Mengniu's digital management platform improved customer operation capabilities and accelerated product penetration in rural markets[82]. Social Responsibility and Sustainability - Mengniu actively engaged in social responsibility initiatives, receiving the "China Charity Award" for its contributions during the COVID-19 pandemic[53]. - The company launched its 2025 GREEN sustainable development strategy, aiming to set a benchmark for sustainable development in the dairy industry[53]. - Mengniu implemented five protective measures to support dairy farmers and promote industry recovery post-COVID-19[152]. - The company collaborated with financial institutions to support dairy farms in purchasing cattle and upgrading operations[152]. Supply Chain and Quality Management - Mengniu's fresh milk supply chain has established a nationwide layout with seven factories, enhancing delivery efficiency and reducing costs[104]. - Mengniu achieved a 100% passing rate in randomized inspections of its milk bases conducted by governmental authorities, indicating high standards in raw milk quality management[161][166]. - The company initiated its digital transformation in 2021, focusing on increasing revenue through customer insights and enhancing efficiency via online supply chain management[162][167]. - The Dairy Cattle Research Institute of Mengniu led the preparation of seven approved standards to enhance upstream management in the dairy industry[159].