Revenue and Profitability - Revenue for the year ended December 31, 2023, was RMB 3,520,212 thousand, representing a 5.5% increase from RMB 3,335,669 thousand in 2022[2]. - Sales revenue increased by 6.5% to RMB 3,383,629 thousand from RMB 3,176,253 thousand in the previous year[2]. - The company's gross profit rose to RMB 1,025,020 thousand, a 1.2% increase compared to RMB 1,012,682 thousand in 2022[2]. - The net profit attributable to equity holders of the parent company significantly decreased by 79.3% to RMB 86,076 thousand from RMB 416,460 thousand in the prior year[2]. - Cash EBITDA increased by 5.8% to RMB 991,013 thousand from RMB 936,875 thousand in 2022[2]. - The total revenue from other income and gains for the year ended December 31, 2023, was RMB 72,319,000, compared to RMB 46,109,000 in 2022, reflecting a growth of 56.8%[30]. - The company's profit attributable to owners of the parent for 2023 was RMB 86.1 million, a decrease of RMB 330.4 million compared to RMB 416.5 million in 2022[62]. - The group reported a loss of RMB 706.3 million from the fair value changes of biological assets less selling expenses in 2023, an increase from RMB 291.4 million in 2022, mainly due to the proactive retirement of inefficient cattle and declining market prices[85]. Sales and Production - Total sales volume increased by 12.0% to 711,465 tons from 635,451 tons in the previous year[2]. - The average yield per lactating cow improved by 8.2% to 11.38 tons per year per head from 10.52 tons[2]. - The average selling price of raw milk decreased by 4.9% year-on-year to RMB 4.76 per kg, while the total sales volume of raw milk reached 711,000 tons, representing a 12.0% increase compared to 635,000 tons in 2022[53]. - The company achieved a daily fresh milk production of 2,119 tons in 2023, with 18 organic certified farms producing 1,667 tons, 2 DHA milk farms producing 133 tons, and 1 organic A2 milk farm producing 34 tons[44]. - The sales volume of organic raw milk increased by 19.7% year-on-year, accounting for 77.0% of total raw milk sales[161]. - The company successfully launched "DHA Milk" and "Organic A2 Raw Milk," with sales volumes of 39,355 tons and 1,647 tons respectively in 2023[161]. Assets and Liabilities - The total non-current assets as of December 31, 2023, amounted to RMB 6,361,869,000, an increase of 17.5% from RMB 5,412,707,000 in 2022[23]. - Current assets totaled RMB 2,155,042,000 as of December 31, 2023, down 13.0% from RMB 2,474,925,000 in 2022[23]. - The company's net current liabilities increased to RMB (867,205,000) in 2023 from RMB (195,588,000) in 2022, indicating a significant decline in liquidity[23]. - The total liabilities increased to RMB 4,125,656,000 in 2023 from RMB 3,625,950,000 in 2022, indicating a rise of 13.8%[25]. - The total assets less current liabilities stood at RMB 5,494,664,000 as of December 31, 2023, compared to RMB 5,217,119,000 in 2022, marking a growth of 5.3%[23]. Costs and Expenses - The company's pre-tax profit for the year was impacted by employee benefits expenses totaling RMB 377,381,000, up from RMB 330,701,000 in 2022, representing a 14.1% increase[32]. - The cost of raw milk sales for the company was RMB 2,358.6 million in 2023, an increase of 9.0% from RMB 2,163.6 million in 2022, primarily due to the growth in sales volume[54]. - The average cost of milk sold was RMB 3.32 per kg in 2023, a decrease of RMB 0.08 compared to the previous year[47]. - Administrative expenses rose to RMB 166.3 million, an increase of 18.0% year-on-year, accounting for 4.9% of sales revenue[197]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.23 per share, down from HKD 1.13 per share in 2022[2]. - The company declared a final dividend of RMB 87,184,000 for the year ended December 31, 2023, compared to no dividend in 2022[34]. - The company plans to distribute a final dividend of HKD 0.23 per share, subject to shareholder approval at the 2024 annual general meeting[173]. Financing and Capital Structure - Financing costs decreased by 7.6%, and the proportion of medium to long-term interest-bearing debt increased to 57.3%[7]. - The group maintained a credit facility exceeding RMB 10 billion with a utilization rate below 30%, ensuring stable operations[64]. - The company's total bank borrowings as of December 31, 2023, were RMB 2,131,239,000, up from RMB 1,840,250,000 in 2022[148]. - The group provided guarantees for bank loans amounting to RMB 69.0 million for a subsidiary, a significant decrease from RMB 142.9 million in the previous year, reflecting a reduction of approximately 51.7%[96]. Strategic Initiatives and Future Outlook - The company aims to double the sales volume of organic raw milk by 2025 compared to 2020 levels, aligning with national and local government policies to enhance the dairy industry[100]. - The company is constructing a dairy farming demonstration area in Ulanqab and the desert base to enhance organic milk sales and brand strength[189]. - The company imported over 3,800 high-quality young Holstein cows from Australia to support the demonstration area[189]. - The company has implemented cost control measures effectively, leading to improved operational efficiency despite declining raw milk prices[156]. Corporate Governance and Compliance - The group has maintained a high level of corporate governance, recognizing its importance to the company's value and shareholder benefits[101]. - The group has established a policy to only engage in transactions with recognized and reputable third parties, minimizing credit risk[97]. - The company has applied the revised International Financial Reporting Standards, which are not expected to have a significant impact on its financial statements[135].

Financial Performance - For the six-month period ended June 30, 2023, operating income was RMB 1,643,416 thousand, representing a year-on-year increase of 2.7% compared to RMB 1,600,623 thousand in 2022[8]. - Revenue from sales of raw milk reached RMB 1,565,011 thousand, a 1.1% increase from RMB 1,548,581 thousand in the same period last year[8]. - Gross profit decreased by 18.4% to RMB 418,289 thousand from RMB 512,764 thousand in the previous year[8]. - Profit attributable to owners of the parent was RMB 23,327 thousand, down 89.8% from RMB 228,843 thousand in 2022[8]. - For the first half of 2023, the profit for the period was RMB 21,274,000, a decrease from RMB 243,242,000 in the same period of 2022[78]. - The total comprehensive income for the period was RMB 22,274,000, compared to RMB 221,135,000 in the first half of 2022[78]. - Profit before tax for the first half of 2023 was RMB 21,345, a significant decrease of 91.2% compared to RMB 243,242 in the same period of 2022[105]. - Loss arising from changes in fair value increased to RMB 286,085, up 45.0% from RMB 197,169 in the previous year[105]. Sales and Production - Sales volume increased by 9.2% to 340,086 tonnes compared to 311,565 tonnes in the first half of 2022[8]. - The average annualized milk yield per milkable cow increased by 3.9% to 10.94 tonnes/year from 10.53 tonnes/year in the previous year[8]. - The herd size grew by 2.6% to 139,897 heads from 136,344 heads in the first half of 2022[8]. - The proportion of organic raw milk sold increased by 9.2 percentage points from 71.5% in 2022H1 to 76.8% in 2023H1[55]. - The volume of raw milk sold in 2023H1 was 34,000 tonnes, reflecting a growth rate in cow herd size[55]. Market and Economic Context - In the first half of 2023, China's GDP grew by 5.5% year-on-year, with total retail sales of consumer goods increasing by 8.2%[28]. - The total volume of imported dairy products decreased by 12.9% year-on-year, equivalent to a reduction of 9,580,000 tonnes of fresh raw milk[33]. - The self-sufficiency rate of domestic milk sources accelerated due to rising costs of imported dairy products and the development of high-end domestic dairy products[33]. Assets and Liabilities - Total equity as of June 30, 2023, was RMB 4,180,051,000, down from RMB 4,261,682,000 as of December 31, 2022, indicating a decrease of about 1.9%[101]. - Non-current liabilities increased to RMB 1,122,279,000 as of June 30, 2023, compared to RMB 955,437,000 as of December 31, 2022, representing an increase of approximately 17.5%[101]. - The company's net assets decreased from RMB 4,261,682,000 as of December 31, 2022, to RMB 4,180,051,000 as of June 30, 2023, reflecting a decline of approximately 1.9%[101]. - The reserve accounts in the condensed consolidated statement of financial position totaled RMB 4,016,709,000 as of June 30, 2023, down from RMB 4,081,306,000 as of December 31, 2022[103]. Operational Efficiency and Strategy - The company continues to focus on its core business and aims to enhance operational efficiency amid challenging market conditions[90]. - The company aims to provide the highest quality desert organic milk globally, focusing on sustainable practices[36]. - The Group focuses on the production and sales of desert-based organic milk, aiming to enhance its product mix and profitability through the development of functional raw milk[200]. Shareholder and Capital Information - The share capital remained unchanged at RMB 69,000,000 as of June 30, 2023[101]. - Treasury shares held under the share award scheme increased to RMB (40,804,000) as of June 30, 2023, from RMB (26,188,000) as of December 31, 2022[101]. - The Group's capital commitments for property, plant, and equipment amounted to RMB 86.9 million as of June 30, 2023, significantly up from RMB 5.0 million as of December 31, 2022[121]. - The Group acquired assets at a cost of RMB 98.71 million during the six months ended June 30, 2023, compared to RMB 61.14 million in the same period of 2022[136]. Employee and Management Compensation - Short-term employee benefits for key management personnel amounted to RMB 4,527,000 for the six months ended June 30, 2023, compared to RMB 4,565,000 for the same period in 2022[175]. - The Group recognized a share award expense of RMB 15,046,000 for the six months ended June 30, 2023, compared to RMB 6,562,000 for the same period in 2022, with a total of 53,889,000 shares vested during this period[148]. Environmental and Compliance - The Group's operations were in compliance with applicable national and local environmental protection laws and regulations during the reporting period[183]. - The company's unique organic eco-sand treatment system has been recognized by the United Nations Global Compact as a best practice in sustainable production[38]. Financial Instruments and Risk Management - The carrying amounts of the Group's financial instruments approximate their fair values due to short-term maturities[179]. - The Group's credit risk is managed by trading only with recognized and creditworthy third parties, with no collateral generally required[196].

| --- | --- | |---------------------------------------|------------------------------------------| | | | | | | | 國際財務報告準則第 17 號的修訂 | 保險合約 | | 國際財務報告準則第 17 號的修訂 | 初步應用國際財務報告準則第 17 號及 | | | 國際財務報告準則第 9 號－比較資料 | | 國際會計準則第 1 號及國際財務報告準則 | 披露會計政策 | | 實務報告第 2 號的修訂 | | | 國際會計準則第 8 號的修訂 | 會計估計的定義 | | 國際會計準則第 12 號的修訂 | 與單一交易產生的資產及負債相關之遞延稅項 | | 國際會計準則第 12 號的修訂 | 國際稅收改革－支柱二立法模板 | (a) 國際會計準則第1號的修訂要求實體披露彼等重要會計政策信息，而非彼等重大會計政 策。倘連同實體財務報表內其他資料一併考慮，會計政策信息可以合理預期會影響通用財 務報表的主要使用者根據該等財務報表所作出的決定，則該會計政策信息屬重要。國際財 務報告準則實務報告第2號的修訂就如何 ...

Supply Agreements - As of December 31, 2022, the annual cap for the Dabeinong Group materials supply framework agreement is RMB 146.0 million, with an actual transaction amount of RMB 26.9 million[13]. - The duration of the Dabeinong Group materials supply framework agreement is extended to December 31, 2024[8]. - The actual transaction amount for the Yiyingmei Raw Fresh Milk Supply Framework Agreement as of December 31, 2022, is RMB 1.8 million, against a cap of RMB 17.0 million[19]. - The Yiyingmei Raw Fresh Milk Supply Framework Agreement is effective from March 28, 2022, to December 31, 2024[16]. - The company will continue to purchase materials from Dabeinong Group based on written orders, ensuring compliance with market pricing standards[10]. - The company has established a monthly milk supply plan to meet the purchasing standards of Yiyingmei Dairy[16]. - The original framework agreement with Dabeinong Group was terminated and replaced with the new agreement on March 28, 2022[8]. - The company is committed to expanding its supply agreements to enhance operational efficiency and market reach[16]. Financial Performance - The company’s financial statements for the year ended December 31, 2022, were audited by Ernst & Young[29]. - Total staff costs for 2022 amounted to RMB 330.7 million, compared to RMB 272.0 million in 2021, reflecting a year-over-year increase of approximately 21.5%[53]. - The group has made a provision of RMB 357 million for potential losses related to a civil judgment, reflecting a decrease from RMB 492 million in 2021[106]. - The provision for probable losses related to litigation amounted to RMB 35.7 million in 2022, down from RMB 49.2 million in 2021[136]. - The Company has adopted a dividend policy effective from March 28, 2023, which allows the Board to determine the declaration and payment of dividends based on profits, cash flow, and other factors[146]. Corporate Governance - The Company has adopted and complied with the Corporate Governance Code as per the Listing Rules[40]. - The Company has complied with the Corporate Governance Code for the year ended December 31, 2022[65]. - The Board is responsible for formulating overall strategies and policies to ensure the Group achieves its goals swiftly[39]. - The Board comprises nine Directors, including one executive Director and three independent non-executive Directors[68]. - The Company ensures all independent non-executive Directors are independent as per the Listing Rules, with confirmations received from each[70]. - The roles of the Chairman and Chief Executive Officer are separate, performed by different individuals, ensuring clear governance[70]. - The Company has established various committees under the Board to assist in governance and management functions[68]. - The Company has established a mechanism to ensure independent views and input are available to the Board during the year[148]. Risk Management - The Group has established effective internal control systems for risk assessment[39]. - The Group's risk management and internal control systems are designed to provide reasonable assurance against material misstatement or loss[155]. - The Group's internal control management center is responsible for evaluating and optimizing the internal control system across the industrial chain to ensure effective risk management[157]. - The Board conducted a review of the effectiveness of the Group's risk management and internal control systems, including all material controls, in 2022[155]. - The internal audit function reports to the Audit Committee, which in turn reports findings to the Board, ensuring oversight of internal controls[161]. Employee Management - As of December 31, 2022, the Group had a total of 2,845 employees, an increase from 2,682 employees in 2021[53]. - The Group provides on-the-job education and training opportunities to improve employee skills and knowledge[53]. - The Group has adopted a Share Option Scheme aimed at attracting, retaining, and motivating Directors, senior management, and employees[53]. - The Share Award Scheme aims to enhance corporate governance, attract talent, and motivate core employees for sustainable growth[126]. - The Company emphasizes the importance of integrity and law-abiding practices at all levels, with a strong focus on anti-corruption measures[163]. Shareholder Information - As of December 31, 2022, Start Great Holdings Limited and China Mengniu Dairy Company Limited each held a beneficial interest of 2,513,178,555 shares, representing 29.99% of the total shares[64]. - Nong You Co., Ltd. and Beijing Zhi Nong Investment Co., Ltd. each held 1,301,651,000 shares, accounting for 15.53% of the total shares[64]. - The company has a total of 8,381,295,229 shares issued as of December 31, 2022[108]. - The attendance record of directors at general meetings shows full participation, with key meetings held on June 20, 2022, and December 29, 2022[119]. Compliance and Legal Matters - The Company is not aware of any material uncertainties that may affect its ability to continue as a going concern as of December 31, 2022[122]. - The Company has established a whistle-blowing policy to encourage employees to report financial reporting and operational improprieties, ensuring protection against unfair dismissal[163]. - All employees received anti-corruption training during the year, including seminars and online training, to enhance awareness of anti-corruption practices[163]. - The external auditor for the Group is Ernst & Young, with fees for audit and non-audit services paid or payable for the years ending December 31, 2021, and December 31, 2022[167].

每股攤薄盈利乃根據母公司普通股權益持有人應佔年內溢利人民幣416,460,000元（二零二一 年：人民幣471,713,000元）計算。用於計算普通股的加權平均數為計算每股基本盈利時所用的 年內已發行普通股數目8,352,133,000股（二零二一年：8,381,295,000股），加假設行使認股權證 及具攤薄效果的或然普通股按無代價發行的普通股加權平均數。 – 16 – 於報告期末，根據發票日期及扣除虧損撥備的貿易應收款項的賬齡分析如下： 10. 貿易應付款項及應付票據 – 18 – 2022年受多重內外部因素的較強衝擊，國內經濟增速放緩，最終消費對經濟增長 的貢獻率明顯減弱，工業經濟增速回落至低於疫情前的水平，服務業受疫情擾動復 蘇受阻、結構分化明顯。2022年國內生產總值約人民幣1,210,207億元，按不變價 格計算，比上年增長3.0%，社會消費品零售總額人民幣439,733億元，比去年下降 0.2%。基本生活類消費穩定增長，其中限額以上單位糧油食品類、飲料類商品零售 額分別增長8.7%、5.3%。全年居民消費價格(CPI)比去年上漲2.0%，其中糧食價格 上漲2.8%，物價保持平穩運行。全年全國居民 ...

CHINA SHENGMU ORGANIC MILK LIMITED 中國聖牧有機奶業有限公司 (Incorporated in the Cayman Islands with limited liability) ( 於朗曼群島註冊成立的有限公司 ) Stock Code 股份代號 : 1432 INTERIM REPORT 中期報告 2022 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|------------------|-------|------------------|------------------|-------|---------|-------|-------|------------------| | | | | | | | | | | | | | | | | | | | | INVD: | | | ORGANIC 圣较有机 | Ø | ORGANI ...

CHINA SHENGMU ORGANIC MILK LIMITED 中國聖牧有機奶業有限公司 ( 於房曼群島註冊成立的有限公司 ) 股份代號 : 1432 年 度 報 告 2021 提 供 全 球 最 高 品 質 的 沙 漠 有 機 奶 o 0 1.2 . t to ORGANIC 0 ORGANIC ORGANIC ORGANIC 圣欲有国 ORGANIC DINV980 3 2017-08-08 11:27: ex 有机儿童好 192 6 19 目錄 公司資料 2 有機產業基地位置圖 4 董事會主席報告 5 管理層討論及分析 7 董事會報告 23 董事及高級管理層 43 企業管治常規報告 48 獨立核數師報告 59 綜合損益表 63 綜合全面收益表 64 綜合財務狀況表 65 綜合權益變動表 67 綜合現金流量表 69 財務報表附註 71 財務概要 146 公司資料 吳亮先生 | --- | --- | |--------------------------------|----------------------------------------------| | | | | 董事會 | 提名委員會 ...

CHINA SHENGMU ORGANIC MILK LIMITED 中國聖牧有機奶業有限公司 (於開曼群島註冊成立的有限公司) 股份代號 : 1432 中 期 報 告 2021 ORGANIC 圣牧有机 ORGANIC Ø ORGANIC 公衣官引 提 供 全 球 最 高 品 質 的 沙 漠 有 機 奶 目錄 | --- | --- | |--------------------------|-------| | | | | 公司資料 | | | 摘要 | | | 管理層討論及分析 | | | 董事會報告 | | | 中期財務報表審閱報告 | | | 中期簡明綜合損益表 | | | 中期簡明綜合全面收益表 | | | 中期簡明綜合財務狀況表 | | | 中期簡明綜合權益變動表 | | | 中期簡明綜合現金流量表 | | | 中期簡明綜合財務資料附註 | | 公司資料 | --- | --- | |---------------------------|----------------------------------------------| | 董事會 | 提名委員會 | | 執行董事 | 盧敏放先生 ...

2020 年度報告 CHINA SHENGMU ORGANIC MILK LIMITED 中國聖牧有機奶業有限公司 ( 於開曼群島註冊成立的有限公司 ) 股份代號 : 1432 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|---------|-------|-------------------|-------|------------------|-------|-------|------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | ORGANIC | | | | | | | | | | | NVD8 | | ORGANIC | | 圣权有机一 છ | | ORGANIC 圣家有机 | | | ORGANIC 圣牧有机 | | | | | | | | | | | | | | | | | 提供全球最高品質的沙漠有 ...

CHINA SHENGMU ORGANIC MILK LIMITED 中 國 聖 牧 有 機 奶 業 有 限 公 司 (於開曼群島註冊成立的有限公司) 股份代號: 1432 12 8 202 目錄 公司資料 2 摘要 4 管理層討論及分析 5 董事會報告 16 中期財務報表審閱報告 25 中期簡明綜合損益表 26 中期簡明綜合全面收益表 27 中期簡明綜合財務狀況表 28 中期簡明綜合權益變動表 30 中期簡明綜合現金流量表 32 中期簡明綜合財務報表附註 34 3 DX = = | --- | --- | --- | |---------------------------|------------------------------|-------| | | | | | | | | | | | | | 董事會 | 薪酬委員會 李軒先生 （主席） | | | 執行董事 | 孫謙先生 | | | 姚同山先生 | 付文革先生 | | | 張家旺先生 （首席執行官） | 提名委員會 | | | 非執行董事 | 付文革先生 （主席） | | | 邵根夥先生 （董事長） | 邵根夥先生 | | | 孫謙先生 | 姚同 ...