Sales and Revenue Performance - In 2024, the total sales volume of raw milk increased by 23.2% to 566,704 tons compared to 459,950 tons in 2023[10]. - Revenue from raw milk sales reached RMB 2,550.0 million, a 15.8% increase from RMB 2,201.9 million in 2023[10]. - Total fresh milk sales revenue reached RMB 2,552 million, a 15.5% increase from the same period in 2023[17]. - The total sales of raw milk increased by 15.5% to RMB 2,551.9 million for the year ending December 31, 2024, compared to RMB 2,208.6 million in 2023[29]. - The sales volume of raw cow milk rose by 23.2% to 566,704 tons, while the sales volume of raw sheep milk decreased by 67.2% to 306 tons[29]. Production and Livestock Management - China's milk production in 2024 was 40.79 million tons, a decrease of 2.8% year-on-year, indicating effective supply control[9]. - The average annual milk production per cow increased by 9.5% to 12.7 tons from 11.6 tons in 2023[21]. - The total number of dairy cows increased by 4.7% to 107,296 from 102,497 in 2023[23]. - The number of breeding cows rose by 23.8% to 49,330 from 39,861 in 2023[24]. - The company reported a total milk production of approximately 587,515 tons in 2024, up from 476,284 tons in 2023[168]. Financial Performance - Gross profit increased by 59.9% to RMB 944.6 million, with a gross margin improvement from 26.7% in 2023 to 37.0% in 2024[31]. - Other income and gains rose by 10.2% to RMB 158.7 million, attributed to increased interest income, government subsidies, and gains from the sale of a subsidiary[32]. - Administrative expenses decreased by approximately 17.4% to RMB 115.1 million, primarily due to reduced maintenance costs[33]. - The net profit for the year was RMB 296.7 million, a significant recovery from a net loss of RMB 339.7 million in 2023, with basic earnings per share of RMB 6.32[37]. - Cash inflow from operating activities was RMB 1,013.8 million, up from RMB 745.3 million in 2023[40]. Market and Industry Outlook - The outlook for 2025 suggests that milk prices may remain under pressure due to supply-side inventory issues despite improved consumer confidence[12]. - The dairy industry in China is expected to see gradual growth in consumption due to rising living standards and health awareness[26]. - The overall economic growth in China is projected at 5.0% for 2024, supporting the dairy sector's development[16]. - The company aims to enhance its competitive advantage in the dairy industry while optimizing production management efficiency[12]. Corporate Governance and Management - The board expresses gratitude to shareholders and acknowledges the contributions of the management team and employees over the past year[12]. - The company has a robust management team with diverse backgrounds in finance, production, and supply chain management[63][64]. - The board is responsible for overseeing business management and overall performance, ensuring necessary financial and human resources are in place[85]. - The company has a clear strategy for monitoring and improving corporate governance practices[81]. - The board has implemented an independence assessment mechanism to ensure strong independence and effective decision-making for shareholder protection[88]. Environmental, Social, and Governance (ESG) Initiatives - The company has established an environmental, social, and governance (ESG) working group to manage ESG matters, with the board of directors responsible for identifying and assessing related risks[151]. - The company aims to enhance transparency and accountability in its ESG efforts, regularly reviewing performance against ESG-related goals[151]. - The company has committed to expanding its disclosure requirements in the ESG report, including key performance indicators and comparative data[149]. - The company emphasizes the importance of stakeholder engagement in identifying significant ESG issues[150]. - The company has implemented measures to comply with environmental regulations, focusing on reducing greenhouse gas emissions and waste management[164]. Employee and Workplace Management - The total number of full-time employees as of December 31, 2024, is 2,375, a slight decrease from 2,389 in 2023[186]. - The overall employee turnover rate for 2024 is approximately 47%, up from 34% in 2023[186]. - Employee training hours significantly increased to 3,030 hours in 2024 from 245 hours in 2023, with the percentage of trained employees rising to 15% from 3%[195]. - The company provided competitive compensation and benefits to attract and retain talent, including free meals and accommodation[196]. - The company has implemented strict health and safety measures, including regular disinfection and monitoring of production areas[191]. Technology and Innovation - The company emphasizes the importance of technological innovation and operational efficiency to strengthen its market position[12]. - The company plans to leverage technology and digital solutions to optimize production and reduce breeding costs, while also focusing on sustainable development[28]. - The company has invested in new technologies and product development to improve operational efficiency and product quality[65]. - The company aims to enhance digital breeding management to improve profitability and adapt to market demand changes[21]. Risk Management and Compliance - The board is responsible for maintaining an effective risk management and internal control system, assessing risks related to operations, environment, society, and governance (ESG)[129]. - The company has established strict internal control procedures and risk management systems, including annual risk assessments and audit plans[130]. - The independent auditor has confirmed their responsibility in the independent auditor's report for the consolidated financial statements[128]. - The company has established procedures to ensure the reliability of financial information and compliance with relevant laws and regulations[129]. - The company has implemented a whistleblowing policy for employees, customers, and suppliers to report misconduct confidentially, reviewed by the audit committee[133].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 2,551,898,000, representing an increase of 15.5% compared to RMB 2,208,581,000 in 2023[4] - Gross profit for the same period was RMB 944,554,000, up 60% from RMB 590,739,000 in the previous year[4] - The company reported a profit before tax of RMB 295,438,000, a significant recovery from a loss of RMB 337,241,000 in 2023[4] - Net profit for the year was RMB 296,670,000, compared to a loss of RMB 339,699,000 in the prior year[4] - The basic earnings per share for the year was RMB 0.0632, recovering from a loss of RMB 0.0724 in the previous year[4] - Other income and gains totaled RMB 158,738,000 in 2024, compared to RMB 144,008,000 in 2023, marking an increase of about 10.2%[20] - The net profit for the year was RMB 296.7 million, a significant recovery from a net loss of RMB 339.7 million in 2023[63] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 6,252,010,000, a decrease from RMB 6,393,250,000 in 2023[6] - Current liabilities decreased to RMB 1,911,522,000 from RMB 2,166,232,000 in the previous year, indicating improved liquidity[6] - The company’s cash and cash equivalents were RMB 637,594,000, down from RMB 959,068,000 in 2023[6] - Total bank borrowings amounted to RMB 884,269,000, down from RMB 1,347,676,000 in the previous year, reflecting a reduction in leverage[35] - The company’s trade payables and notes payable totaled RMB 445,332,000, a decrease from RMB 476,602,000 year-on-year[32] - The company’s bank loans are secured by livestock and other assets, with a total of RMB 510,000,000 in guarantees provided by related parties[36] Operational Efficiency - The company continues to assess its operational cash flow and believes it can meet its financial obligations in the foreseeable future[9] - Trade receivables decreased significantly to RMB 35,048,000 from RMB 82,593,000 year-on-year, indicating improved collection efficiency[29] - The company maintained a strict credit control policy, with trade receivables primarily on a one-month credit term[29] - The company’s cash flow management appears to be effective, as evidenced by the reduction in both trade receivables and total borrowings[29][35] Production and Sales - In 2024, the total sales volume of raw milk increased by 23.2% to 566,704 tons compared to 459,950 tons in 2023[39] - The total revenue from fresh milk sales reached RMB 2,552 million, representing a 15.5% increase year-on-year[39] - The average annual milk production per cow increased by 9.5% to 12.7 tons from 11.6 tons in 2023[45] - The total number of dairy cows increased by 4.7% to 107,296 heads from 102,497 heads in 2023[46] - The number of breeding cows rose by 23.8% to 49,330 heads compared to 39,861 heads in 2023[47] - The average selling price of raw milk decreased by 6.0% to RMB 4,500 per ton from RMB 4,787 per ton in the previous year[48] Strategic Initiatives - The company aims to enhance its digital farming management to improve profitability and adapt to market demand changes[45] - The company plans to continue adjusting its herd size and production strategies to improve operational efficiency and profitability[39] - The company plans to leverage big data and AI technologies to optimize production and reduce overall farming costs[52] Governance and Compliance - The board is committed to high standards of corporate governance and has adhered to the corporate governance code throughout the year[86] - The audit committee, consisting of four independent non-executive directors, has reviewed the annual consolidated performance of the company[89] - The independent auditor has confirmed that the financial figures in the preliminary announcement are consistent with the company's annual financial statements[90] - The board includes four executive directors and four independent non-executive directors, ensuring a diverse governance structure[92] Capital and Investments - Major capital expenditures during the year were related to the construction of new pastures and maintenance of existing ones, with future capital expenditures expected to be funded through operational cash flow, debt financing, or bank loans[69] - The total amount raised from the initial public offering (IPO) was approximately HKD 3,298.0 million, with a net amount of approximately HKD 2,564.0 million after deducting listing fees and underwriting commissions[71] - As of December 31, 2024, the actual use of net proceeds from the IPO was HKD 2,216.2 million, with HKD 347.8 million remaining unutilized, expected to be used for upstream operations by the end of 2025[72] - The group's capital commitments as of December 31, 2024, were RMB 10.8 million, down from RMB 75.5 million as of December 31, 2023, used for new pasture construction and facility upgrades[79]

Dairy Farm Lim YuanShengTai Dairy Farm Limited 原 生 態 牧 業 有 限 公 司 ( 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ) 股票代號：1431 0 目 錄 2 公司資料 3 管理層討論與分析 13 企業管治及其他資料 17 獨 立 審閱報告 18 中期簡明綜合損益及其他全面收益表 19 中期簡明綜合財務狀況表 21 中期簡明綜合權益變動表 22 中期簡明綜合現金流量表 23 中期簡明綜合財務資料附註 公司資料 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------- ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,204,776,000, an increase of 11.3% compared to RMB 1,081,881,000 for the same period in 2023[2] - Gross profit for the period was RMB 445,732,000, representing a significant increase from RMB 257,096,000 in the previous year, reflecting a gross margin improvement[2] - The company reported a profit before tax of RMB 125,667,000, a turnaround from a loss of RMB 264,077,000 in the same period last year[2] - Total comprehensive income for the period was RMB 130,761,000, compared to a loss of RMB 270,036,000 in the prior year[2] - Basic earnings per share for the period was RMB 0.028, a recovery from a loss per share of RMB 0.056 in the previous year[2] - Other income and gains increased to RMB 105,458,000 from RMB 58,323,000, contributing to overall profitability[2] - The company reported a profit attributable to ordinary equity holders of RMB 128,996,000 for the six months ended June 30, 2024, compared to a loss of RMB 264,077,000 for the same period in 2023[20] - Net profit for the reporting period was RMB 129.0 million, compared to a net loss of RMB 264.1 million for the six months ended June 30, 2023[65] Assets and Liabilities - The net asset value increased to RMB 4,895,602,000 as of June 30, 2024, up from RMB 4,764,841,000 at the end of 2023[3] - Current liabilities decreased to RMB 1,820,386,000 from RMB 2,166,232,000, improving the company's liquidity position[3] - The group has available credit facilities of approximately RMB 312,566,000 that remain undrawn, supporting future operational needs[7] - Trade receivables as of June 30, 2024, amounted to RMB 512,000, a significant decrease from RMB 82,563,000 as of December 31, 2023[27] - Cash and cash equivalents increased to RMB 1,037,797,000 as of June 30, 2024, compared to RMB 959,068,000 as of December 31, 2023[27] - Deferred income rose to RMB 453,640,000 as of June 30, 2024, up from RMB 405,737,000 as of December 31, 2023[29] - The company's total liabilities for property and equipment contracts were RMB 69,134,000 as of June 30, 2024, down from RMB 75,465,000 as of December 31, 2023[33] Production and Sales - Customer contract revenue from raw milk sales for the six months ended June 30, 2024, was RMB 1,204,776,000, an increase of 11.3% from RMB 1,081,881,000 in the same period of 2023[12] - The production cost of raw milk was RMB 202,063,000 for the six months ended June 30, 2024, slightly down from RMB 206,442,000 in 2023[14] - The company recorded fresh milk sales volume of 259,180 tons, an increase of 17% compared to the same period last year[47] - Total fresh milk sales revenue reached RMB 1,204.8 million, up 11.4% year-on-year[47] - Sales volume of cow milk raw materials was 259,180 tons, up 17.0% from 221,707 tons for the six months ended June 30, 2023[56] Market Conditions - The dairy industry is facing challenges with a surplus in the raw milk market, as consumption growth is lagging behind production increases[45] - The group anticipates that the raw milk industry will face more severe challenges, entering a deeper adjustment phase in its industrial structure[45] - The average price of fresh milk in May 2024 was RMB 3.38 per kilogram, a month-on-month decrease of 2.3% and a year-on-year decrease of 12.9%[45] Management and Governance - The board is committed to maintaining high standards of corporate governance and believes it has complied with all corporate governance codes during the reporting period[82] - The company has adopted the standard code for securities trading by directors and all directors confirmed compliance during the reporting period[83] - Mr. Zhang Yongji was appointed as the executive director and CEO effective February 23, 2024, while Mr. Fu Wenguo resigned from these positions on the same date[84] - The audit committee, consisting of four independent non-executive directors, reviewed the unaudited condensed consolidated interim results for the reporting period[85] Future Outlook - The company aims to achieve positive cash flow in the next twelve months, indicating confidence in operational performance[7] - The company plans to continue expanding sales channels and enhancing cooperation with downstream dairy enterprises to improve raw milk sales and achieve sustainable profitability[55] - The company plans to optimize feeding formulas to further reduce feed costs[47]

Revenue and Sales Performance - The expected revenue for the breeding farm is RMB 25,344,000 based on a projected sales volume of 3,168,000 kg of goat milk at an average price of RMB 8.00 per kg[4]. - Actual sales of raw goat milk in 2023 were 932,000 kg at an average price of RMB 7.15 per kg, a significant decrease from 1,463,265 kg sold in 2022[5]. - The actual sales volume of raw goat milk decreased from 1,463,265 kg in 2022 to 932,000 kg in 2023, attributed to lower birth rates and slower economic recovery post-COVID-19[5]. - The average price of raw goat milk in the first half of 2023 was RMB 5.87 per kg, a 14% decrease compared to the same period in 2022[16]. Production and Operational Challenges - The average daily milk production per mother goat is expected to be 2.2 kg, but the actual production was only 1.65 kg due to weather conditions and feed quality[6]. - The company recognized an impairment loss of RMB 85,925,000 due to significant losses incurred in the first half of 2023[15]. - The fair value of biological assets as of June 30, 2023, and December 31, 2023, is approximately RMB 22,992,000 and RMB 17,486,000, respectively[6]. - The valuation report indicates that the company's operational performance is expected to decline due to falling raw milk prices and increased costs[17]. Strategic Plans and Management Outlook - The company plans to import approximately 1,500 goats to expand its herd size, but this plan was postponed due to rising import prices and economic slowdown[4]. - The company’s management is not optimistic about the future development of the goat milk business due to declining demand and increased operating costs[15]. - The management team is committed to driving growth and innovation in the agricultural sector[19]. - The company aims to expand its market presence and explore new strategic initiatives[19]. - Future outlook includes potential investments in new technologies and product development[19]. - The company is actively seeking opportunities for mergers and acquisitions to enhance its competitive edge[19]. Governance and Board Composition - The board of directors includes four executive directors: Zhao Hongliang (Chairman), Zhang Yongjiu (CEO), Chen Xiangqing (CFO), and Liu Gang[19]. - The company has three non-executive directors: Leng Youbin, Liu Hua, and Cai Fangliang[19]. - There are four independent non-executive directors: Meng Jingzong, Zhang Yuezhou, Zhu Zhanbo, and Liu Jinping[19]. - The company is focused on enhancing its governance structure with a diverse board composition[19]. - The board emphasizes the importance of sustainable practices in its operations[19]. - The management is dedicated to maintaining transparency and accountability in its financial reporting[19].

Revenue Forecast and Sales Performance - The company forecasts revenue of RMB 25,344,000 for the year ending December 31, 2023, based on an expected sales volume of 3,168,000 kg of goat milk at an average price of RMB 8.00 per kg[6]. - Actual sales volume of raw goat milk in 2023 was 932,000 kg, with an average price of RMB 7.15 per kg, significantly lower than the forecast due to economic slowdown and increased import goat prices[6]. - Goat milk sales volume decreased from 1,463,265 kg in 2022 to 932,000 kg in 2023, attributed to lower birth rates in China and slower-than-expected economic recovery post-COVID-19[20]. Price Trends - The average price of goat milk in the first half of 2023 was RMB 5.87 per kg, a 14% decrease compared to the same period in 2022, indicating a downward trend in market prices[13]. - The company plans to import approximately 1,500 goats to expand its herd size, but this plan was postponed due to rising import prices[6]. Operational Challenges - The company reported a significant impairment loss of RMB 85,925,000 on property, plant, and equipment related to the goat milk cash-generating unit due to substantial losses incurred in the first half of 2023[25]. - The actual average daily milk yield per mother goat in 2023 was 1.65 kg, lower than the expected 2.2 kg due to weather conditions and feed quality[14]. - The company anticipates facing significant challenges at the end of 2023 and into 2024, leading to a reassessment of its operations and strategies in the goat milk industry[25]. - 瑞祥诚达预计2023年经营业绩下滑，主要由于羊奶原料价格下跌和中国出生率低导致需求减弱[27]. - 由于COVID-19疫情后经济复苏停滞，瑞祥诚达面临经营成本增加的挑战[27]. - 每头母羊的每日产奶量低于预期，进一步影响了公司的业绩[27]. Biological Assets Valuation - The fair value of biological assets as of June 30, 2023, and December 31, 2023, was approximately RMB 22,992,000 and RMB 17,486,000, respectively[8]. - 生物资产的公平值估值在2023年6月30日和2023年12月31日大幅减少[27]. Acquisition Due Diligence - The company conducted due diligence on the acquisition of Green Energy Ecology, including financial and operational assessments[5].

二 零 二 三 年，本 集 團 緊 跟 中 國 奶 業、奶 牛 種 業 的 戰 略 發 展 政 策，持 續 深 耕 行 業，不 斷 擴 大 畜 群 規 模，改 善 飼 喂 配 方，並 已 成 功 構 建 完 善 的、高 質 量 的 牧 場 管 理 體 系。該等舉措 確保了本集團優質原料 牛 奶的穩定 供 應，顯著擴大了本集團的銷量。年內，本集團的原料 牛 奶總銷量較二零二二年 的409,975噸上升12.2%至 459,950噸，原料牛奶 總收益為人民幣2,201.9百萬元，較二零二二年 的人民幣2,080.1 百萬元增加5.9%。 奶 業 發 展 關 乎 國 計 民 生，乳 品 已 逐 漸 成 為 居 民 生 活 中 必 不 可 少 的「必 需 品」。自 二零一八 年《國 務 院 辦 公 廳 關 於 推 進 奶 業 振 興 保 障 乳 品 質 量 安 全 的 意 見》出 台 並 實 施 以 來，中 國奶類消費實現較快增長，近5年人均奶 類消費量年均增速達6.6%，高於近15年平均3.6%的 消 費 增 速。儘 管 二零二三 年奶業面臨奶源階段性供過 於 求、原 料 奶 價 格 下 降 的 形 勢，但 從 長 ...

Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 2,208,581,000, representing an increase of 5.64% compared to RMB 2,090,343,000 in 2022[11] - Gross profit for the same period was RMB 590,739,000, up from RMB 521,715,000, indicating a growth of 13.23%[11] - The company reported a net loss of RMB 339,699,000 for the year, compared to a profit of RMB 22,841,000 in the previous year, reflecting a significant decline[11] - Total comprehensive income for the year was RMB (339,005,000), a decrease from RMB 25,680,000 in 2022[11] - Total other income and gains for 2023 amounted to RMB 144,008,000, up from RMB 90,999,000 in 2022, reflecting a significant increase of approximately 58.59%[37] - The net loss for the year was RMB 339.7 million, compared to a net profit of RMB 22.8 million in 2022, resulting in a basic loss per share of RMB 7.24[92] Assets and Liabilities - The company's total assets as of December 31, 2023, amounted to RMB 6,180,746,000, slightly down from RMB 6,279,888,000 in 2022[18] - Current liabilities increased to RMB 2,166,232,000 from RMB 1,661,422,000, indicating a rise of 30.38%[18] - The group has a total current liability exceeding current assets by RMB 212,504,000, compared to RMB 32,642,000 in 2022, indicating a significant increase in liquidity pressure[23] - The group’s bank and other borrowings amounted to RMB 1,347.7 million, with an asset-liability ratio of 18.7% as of December 31, 2023, compared to 13.2% in the previous year[95] Cash Flow - The company's cash and cash equivalents were RMB 959,068,000, compared to RMB 576,309,000 in the previous year, showing an increase of 66.38%[18] - Cash inflow from operating activities was RMB 707.8 million, down from RMB 799.7 million in 2022, while cash and cash equivalents increased to RMB 959.1 million from RMB 576.3 million[94] Revenue Sources - Customer A contributed RMB 1,974,521,000 in revenue for 2023, up from RMB 1,741,264,000 in 2022, indicating a growth of about 13.4%[30] - Customer B's revenue decreased to RMB 204,716,000 in 2023 from RMB 311,180,000 in 2022, reflecting a decline of approximately 34.2%[30] - Customer contract revenue from raw milk for 2023 was RMB 2,208,581,000, an increase from RMB 2,090,343,000 in 2022, representing a growth of approximately 5.65%[33] Operational Highlights - The group operates primarily in the production and sale of raw cow and goat milk, with no separate financial reporting for different business segments due to their similar economic characteristics[28] - In 2023, the company's raw milk sales increased by 12.2% to 459,950 tons compared to 409,975 tons in 2022, while raw sheep milk sales decreased by 36.3% to 932 tons from 1,463 tons in 2022[60] - The total sales revenue of raw milk reached RMB 2,208.6 million, a 5.7% increase from RMB 2,090.3 million in the previous year[77] - The sales volume of raw milk was 459,950 tons, up 12.2% from 409,975 tons in 2022[77] Governance and Compliance - The company has established an audit committee consisting of four independent non-executive directors to oversee financial reporting and compliance[3] - The board of directors confirmed compliance with the corporate governance code throughout the year, ensuring adherence to best practices[3] - The board emphasizes commitment to high standards of corporate governance and compliance with listing rules[128] Future Plans and Strategies - The company plans to continue expanding its market presence and investing in new product development to drive future growth[9] - The company plans to enhance the standardization of raw milk production and implement strict quality control measures to meet the growing demand for diverse dairy products[59] - The company aims to adjust herd sizes and improve breeding and production techniques to achieve better economies of scale[59] - The group plans to enhance production management and explore new business opportunities to drive diversification in dairy products[81] Employee and Operational Metrics - As of December 31, 2023, the group employed 2,389 staff, an increase from 2,241 staff in 2022[106] - The total area of dairy farms is approximately 9,694,458 square meters, accommodating a capacity of 143,960 dairy cows[64] - The average annual milk production per cow was 11.6 tons, a 3.6% increase from 11.2 tons in 2022[68] Market Conditions - The average selling price of fresh milk slightly declined due to weak demand for raw milk, resulting in a net loss of RMB 339.699 million for the year[60] - The average selling price of raw milk decreased to RMB 4,787 per ton, down 5.7% from RMB 5,074 per ton in the previous year[79] - The average selling price of fresh milk in December 2023 was RMB 3.67 per kilogram, down 0.8% month-on-month and 11.0% year-on-year[58] Capital and Investments - Capital expenditures for the year were primarily related to the construction of new farms and maintenance of existing farms, along with the purchase of additional equipment and dairy cows[97] - The capital commitments for the group as of December 31, 2023, were RMB 75.5 million, used for the construction of new farms and upgrading existing facilities[123] Risk Management - The group has a conservative financial policy, continuously assessing the financial condition of customers to minimize credit risk[122] - The group has not taken any foreign currency hedging measures but will continue to monitor foreign exchange risks[121] Other Notable Information - The group did not recommend any final dividend for the year, consistent with the previous year[93] - The group has not recognized any impairment losses on trade receivables during the reporting periods[116] - The group has not recognized any deferred tax related to the OECD's Pillar Two model rules, as it does not apply to the group but does to its ultimate parent company[27]

Financial Performance - The group reported a net loss of RMB 264,077 thousand for the period, compared to a profit of RMB 52,660 thousand in the previous period[85]. - Revenue for the six months ended June 30, 2023, was RMB 1,081,881 thousand, an increase of 7.2% compared to RMB 1,009,035 thousand for the same period in 2022[112]. - Gross profit decreased to RMB 257.1 million for the six months ended June 30, 2023, down 5.5% from RMB 272.1 million for the same period in 2022, resulting in a gross margin decline from 27.0% to 23.8%[23]. - The company reported a loss before tax of RMB 264,077 thousand, compared to a profit of RMB 52,660 thousand in the previous year[112]. - The overall comprehensive loss for the period was RMB (270,036) thousand, compared to a comprehensive income of RMB 50,239 thousand in the previous year[111]. Cash Flow and Liquidity - The net cash inflow from operating activities was RMB 531.7 million for the six months ended June 30, 2023, down from RMB 668.8 million for the same period in 2022[29]. - Cash and cash equivalents at the end of the period were RMB 745,544 thousand, down from RMB 878,620 thousand in the previous year[116]. - Cash and cash equivalents increased to RMB 745,544 thousand as of June 30, 2023, compared to RMB 576,309 thousand as of December 31, 2022, marking an increase of 29.3%[127]. - The company has secured available credit facilities of approximately RMB 348,138,000 as of June 30, 2023, which remain unused[133]. Assets and Liabilities - As of June 30, 2023, the total assets amounted to RMB 5,108,837 thousand, with liabilities including interest-bearing bank and other borrowings at RMB 1,002,897 thousand[106]. - The total current liabilities decreased to RMB 1,598,280,000 as of June 30, 2023, down from RMB 1,661,422,000 as of December 31, 2022, indicating a reduction of 3.8%[127]. - The total non-current liabilities increased to RMB 1,324,771,000 as of June 30, 2023, compared to RMB 1,191,750,000 as of December 31, 2022, indicating an increase of 11.1%[127]. - The company has a net asset value of RMB 4,820,322,000 as of June 30, 2023, down from RMB 5,088,138,000 as of December 31, 2022, reflecting a decrease of 5.3%[127]. Operational Highlights - The group has established ten dairy farms in Heilongjiang Province and one in Jilin Province, with a total area of approximately 9,694,458 square meters[14]. - The group imported 9,390 dairy cows as of June 30, 2023, as part of its operational expansion[14]. - The total number of dairy cows increased to 101,313, up from 84,619 in the previous year, representing a growth of approximately 19.6%[49]. - The average annual milk production per cow is expected to improve as the group expands its herd size and enhances production management[52]. Cost and Expenses - The group reported a total sales cost of RMB 824.785 million for the six months ended June 30, 2023, compared to RMB 736.907 million for the same period in 2022, reflecting an increase of approximately 11.9%[22]. - Administrative expenses for the period were RMB 53.6 million, a reduction of approximately 20.7% compared to RMB 67.6 million for the same period in 2022[25]. - The cost of production and breeding was RMB 618,343,000, an increase from RMB 533,997,000 in the same period of 2022, representing a growth of approximately 15.8%[153]. - The total employee benefit expenses (excluding directors and key management personnel) were RMB 78,881,000 for the six months ended June 30, 2023, compared to RMB 73,346,000 in the same period of 2022, marking an increase of about 7.3%[153]. Market and Industry Insights - The global dairy market size reached USD 944.39 billion in 2022 and is projected to grow to USD 1,329.15 billion by 2027, indicating a significant market opportunity[44]. - China's milk production is expected to reach 4.227 million tons in 2023, reflecting a growth of 5% compared to the previous year[45]. - The international dairy price index fell to 118.7 points in May 2023, a year-on-year decrease of 17.7%, marking 11 consecutive months of decline[44]. - The group expects no significant decline in milk prices for the foreseeable future, indicating a stable outlook for its dairy operations[163]. Shareholder and Governance - The major shareholder, Mr. Leng Youbin, holds 3,342,320,920 shares, representing approximately 71.26% of the issued shares[75]. - The company has adopted a share option scheme to reward selected participants for their contributions since November 7, 2013[69]. - The company maintains high standards of corporate governance and has adhered to the corporate governance code as per the listing rules[95]. - The board has decided not to declare any interim dividends for the period ended June 30, 2023[60]. Future Plans and Investments - The group plans to allocate capital expenditures primarily towards the construction and investment of new farms as part of its future strategy[31]. - The group plans to utilize HKD 1,923 million from its IPO proceeds for the construction of new farms, with an additional HKD 384.6 million allocated for upstream operations[33]. - The unutilized net proceeds from the IPO amount to approximately HKD 347.8 million, expected to be used for upstream operations development by the end of 2024 due to ongoing market observations[63].

B_table indent_4.5 mm N_table indent_4 mm 香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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，並明確表示，概不對因本公 告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 YuanShengTai Dairy Farm Limited 原生態牧業有限公司 （於百慕達註冊成立的有限公司） （股份代號：1431） 截至二零二三年六月三十日止六個月 中期業績公告 中期業績 原生態牧業有限公司（「本公司」或「原生態」）董事（「董事」）會（「董事會」）欣然宣佈本 公司及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月（「本期間」） 的未經審核簡明綜合中期業績連同經挑選的說明性附註及相關比較數據。 ...