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蒙牛乳业(02319) - 2022 - 中期财报
MENGNIU DAIRYMENGNIU DAIRY(HK:02319)2022-09-26 08:44

Financial Performance - For the six months ended June 30, 2022, revenue reached RMB 47,722.3 million, a year-on-year increase of 4.0% from RMB 45,905.2 million in 2021[6]. - Profit attributable to owners of the Company increased by 27.3% year-on-year to RMB 3,751.4 million, compared to RMB 2,946.5 million in 2021[6]. - Basic earnings per share increased by 26.9% to RMB 0.949, compared to RMB 0.748 in 2021[6]. - Gross profit slightly decreased to RMB 17,458.8 million, with a gross profit margin of 36.6%, down 1.6 percentage points from 38.2% in the same period last year[111][112]. - Operating expenses increased by 1.3% to RMB 15,265.6 million, accounting for 32.0% of the Group's revenue, a decrease from 32.8% in 2021[113]. - EBITDA improved by 26.3% to RMB 5,486.3 million, with an EBITDA margin of 11.5%, up from 9.5% in 2021[115][116]. - Income tax expenses for the six months ended June 30, 2022, totaled RMB 504.6 million, representing a 17.4% increase year-on-year, with an effective tax rate of 12.2%[119]. - Capital expenditure decreased by 66.8% year-on-year to RMB 2,220.5 million, with RMB 1,865.9 million allocated to new production facilities and RMB 354.7 million to equity investments[121]. - Net cash inflow from operating activities decreased by 35.1% to RMB 1,754.1 million, primarily due to a decrease in other payables and strategic increases in raw material reserves[123]. - Outstanding interest-bearing bank and other borrowings increased to RMB 36,011.9 million, with over 90% at fixed rates, mainly due to strategic financing[125]. - Total equity as of June 30, 2022, amounted to RMB 43,961.5 million, with a debt-to-equity ratio of 81.9%[126]. - Finance costs increased to RMB 518.4 million, representing approximately 1.1% of revenue, up by 0.4 percentage points year-on-year[126]. Revenue Breakdown - Revenue from the liquid milk business rose to RMB 39,665.3 million, up from RMB 39,448.1 million in 2021[9]. - Ice cream business revenue increased by 29.9% year-on-year to RMB 3,903.5 million, compared to RMB 3,003.9 million in 2021[9]. - Liquid milk revenue amounted to RMB 39,665.3 million, accounting for 83.1% of total revenue, a slight decrease from 85.9% in the previous year[129]. - Revenue from the milk formula business amounted to RMB 1,894.2 million, accounting for 4.0% of Mengniu's total revenue[154]. - Revenue from other products amounted to RMB 2,259.3 million, accounting for 4.7% of Mengniu's total revenue[161]. Market Position and Brand Value - Mengniu ranked 7th in the "Global Dairy Top 10" in 2022, marking an improvement in its global dairy ranking[8]. - Mengniu's brand value grew by 15% year-on-year, ranking first in China's dairy industry[8]. - Mengniu's chilled products maintained the industry's leading market share for the 18th consecutive year[30]. - Mengniu's ice cream brands achieved rapid growth, outperforming the industry average, indicating successful product innovation and channel management[11]. - Mengniu's fresh milk sales ranked first in China in the systems of Sam's Club, Yonghui Superstores, and Sun Art Retail[40]. Product Innovation and Development - The Group focused on product innovation, marketing innovation, and channel expansion to enhance its business fundamentals[7]. - Mengniu's comprehensive UHT pure milk line includes various products, with the introduction of new high-protein and high-calcium options to meet consumer health needs[129]. - The company focused on product innovation and marketing strategies, including the launch of new health-oriented products to meet evolving consumer demands[24]. - Mengniu launched a family-sized zero sucrose yogurt and the industry's first active probiotic sparkling water during the period[35]. - Mengniu introduced the Shiny Meadow fresh milk brand, utilizing low-temperature membrane concentration technology to retain natural nutrients, and launched a 4.0 low-fat fresh milk targeting female consumers[143]. - Mengniu's new product, Yummy Yoghurt, combines snacks with yogurt, transforming room temperature yogurt into a spoon-eating experience[130]. - Mengniu launched its first organic cheese stick with 51% organic cheese content, targeting the high-end children's cheese stick market[165]. Sustainability and ESG Initiatives - Mengniu has set a dual-carbon strategic goal, committing to peak carbon emissions by 2030 and achieving carbon neutrality by 2050, with 15 specific carbon reduction measures planned[12][13]. - The company is actively promoting low-carbon farming practices through its subsidiaries, contributing to sustainable development in the dairy industry[101]. - Mengniu's ESG management system covers over 500 indicators, reflecting its commitment to sustainable development and responsible supply chain practices[167]. - Mengniu's initiatives in sustainable development include guidance on low-carbon farming practices, with an expected reduction of 110,000 tonnes in carbon emissions through various measures[99][100]. Digital Transformation and Operational Efficiency - The total number of customer interactions exceeded 200 million, reflecting the effectiveness of the digital transformation strategy[103][105]. - The Group's digital transformation strategy focuses on "Consumers Going Online," "Channels Going Online," "Supply Chain Going Online," and "Management Going Online" to enhance operational efficiency[102][106]. - The implementation of electronic signing in human resources management has significantly enhanced the efficiency of various business procedures[107]. - Mengniu successfully integrated digitalization and quality management systems, ensuring all new products are covered under its quality design management[83][92]. Strategic Goals and Future Plans - Mengniu aims to achieve peak carbon emissions by 2030 and carbon neutrality by 2050, with 15 specific carbon reduction measures planned[166]. - The company plans to strengthen its product mix and marketing investment for milk formula aimed at the middle-aged and elderly in response to the aging population trend[180]. - Mengniu aims to create a new company by 2025, enhancing core capabilities such as branding, R&D innovation, channel expansion, and digital transformation[181]. - The company will focus on high-quality development in the dairy industry, strengthening new growth engines including fresh milk, cheese, adult milk powder, and global market expansion[183]. Shareholding Structure - The total number of ordinary shares held by Director Lu Minfang is 21,186,046, representing 0.54% of the company's issued share capital[192]. - Director Zhang Ping holds 3,090,357 ordinary shares, accounting for 0.08% of the company's issued share capital[193]. - The company reported a total of 3,954,693,020 shares issued as of June 30, 2022, which is the basis for calculating the percentage of shareholdings[195]. - The total number of shares held by substantial shareholders indicates a concentrated ownership structure within the company[200].