Investment Rating - Buy rating maintained for the company [1] Core Views - The company's liquid milk segment shows steady growth, with fresh milk maintaining a strong market position [3] - The acquisition of Miaokelanduo significantly boosted the cheese business revenue [3] - Gross margin continues to improve due to lower raw milk prices and product structure upgrades [3] - The company's channel advantages and rapid new product iterations are expected to further enhance market share [4] Financial Performance - Total revenue for 2023 reached 990.95 billion yuan, a 6.62% year-on-year increase [3] - Net profit attributable to shareholders was 4.809 billion yuan, a 9.31% year-on-year decrease [3] - Gross margin for 2023 was 37.15%, up 1.85 percentage points year-on-year [3] - Sales expenses increased, with the sales expense ratio rising to 25.54%, up 1.41 percentage points [3] Business Segments - Liquid milk revenue in 2023 was 82.071 billion yuan, a 4.86% year-on-year increase [3] - Cheese business revenue surged by 229.81% to 4.357 billion yuan, mainly due to the Miaokelanduo acquisition [3] - Ice cream and milk powder segments showed mixed performance, with ice cream revenue up 6.62% and milk powder down 1.56% [3] Future Outlook - The company is expected to achieve net profits of 5.436 billion, 5.983 billion, and 6.483 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 13.04%, 10.05%, and 8.36% [4] - The PE ratios for 2024, 2025, and 2026 are projected to be 12, 11, and 10 times, respectively [4] Market Position - The company's fresh milk business outperformed the industry, with the "Daily Fresh" brand maintaining its leading position in the high-end fresh milk market [4] - The company's organic series achieved double-digit growth, and the white milk product structure continued to upgrade [4]

M N 2024 年 3 月 28 日 招银国际环球市场 | 睿智投资 | 公司更新 蒙牛乳业 (2319 HK) 2H23 不及预期，高品质发展目标延续 目标价 审视中 蒙牛 2H23 营收和净利润同比分别+5.9%/+15.3%。剔除妙可蓝多并表影响，公 (此前目标价 36.5港元) 司全年营收可比增长2.9%。派息率由往年的30%提升至40%。在周二公布年度 潜在升幅 n.a. 业绩的同时，公司宣布高飞先生新任执行总裁，但并未表示对整体业务发展战 当前股价 17.08港元 略做出大幅调整。业绩会上，公司对于 2024 年运营层面重点提出以下战略： 中国必选消费 1）以价换量策略并不适合当下发展；2）原奶走弱仍将持续利好毛利率改善。 黄铭谦 按业务板块来看，公司认为，液体奶高端化的趋势不变；奶酪业务仍具发展潜 (852) 3900 0838 力；奶粉业务已经呈现改善趋势；个性化产品领域有望加大布局；海外冰激凌 josephwong@cmbi.com.hk 业务取得了 20%以上的亮眼增长，且势头延续。公司给出了基本一致于市场预 李昀嘉 期的指引，目标 2024 年实现营收低至中单位数增长，并延续经营利润率 ...

[Table_Title] 证券研究报告 业绩表现稳健，总裁实现交接 公司研究 [Table_ReportDate] 2024年3月28日 [Table_ReportType] 公司点评报告 [T事ab件le：_S公um司ma发ry布] 2023年业绩公告。2023年，公司实现营收人民币986.24 [蒙Ta牛bl乳e_业Sto(c2k3A1n9dR.aHnKk)] 亿元，同比+6.5%，实现归母净利润48.09亿元，同比-9.31%。其中，23H2 公司实现营收 475.05 亿元，同比+5.9%；实现归母净利润 17.89 亿元，同 投资评级 比+15.3%。 上次评级 [马Ta铮b le _ A u t食ho品r]饮 料行业首席分析师 点评： 执业编号：S1500520110001 联系电话：13392190215 ➢ 全年收入表现平稳，细分品类呈现分化。尽管行业增速有所放缓，公司 邮 箱：mazheng@cindasc.com 全年收入同比+6.5%（包含妙可蓝多并表）。分品类看，液态奶产品表现 出色，营收同比+4.9%；冰淇淋受东南亚市场增长拉动，营收同比 +6.6%；奶粉业务受市场整体影响，营收同 ...

公司研 究 证 券研究 报 告 食品饮料 2024年03月28日 蒙 牛乳业（02319.HK）2023年报点评 强 推 （维持） 目标价：25港元 盈利提升达成，聚焦增长质量 当前价：17.08港元 事项： 华创证券研究所  公司发布 2023 年年报。2023 年实现主营收入 986.24 亿元，同比+6.51%；经 证券分析师：欧阳予 营利润为 61.71 亿元，同比+13.8%；归母净利润 48.09 亿元，同比-9.31%。 2023H2实现主营收入475.06亿元，同比+5.87%；经营利润为28.96亿元，同 邮箱：ouyangyu@hcyjs.com 比-0.25%；归母净利润 17.89 亿元，同比+15.28%。剔除妙可蓝多并表影响， 执业编号：S0360520070001 23年、23H2公司营收945.8、455.2亿元，同比+2.56%、2.33%。 评论： 证券分析师：范子盼  23H2液奶稳健增长，奶酪并表增厚。分品类看，液态奶23年/23H2实现收入 邮箱：fanzipan@hcyjs.com 820.71/404.31亿元，同比+4.86%/+4.73%，延续稳健增长。其 ...

证券研究报告·海外公司点评·食物饮品(HS) 蒙牛乳业（02319.HK） 2023 年报点评：23 年 OPM 稳健提升，集团 2024 年 03月 27日 元老履新 CEO 证券分析师 孙瑜 买入（维持） 执业证书：S0600523120002 suny@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 股价走势 营业总收入（百万元） 92,593 98,624 101,142 105,553 110,556 同比 5.05% 6.51% 2.55% 4.36% 4.74% 蒙牛乳业 恒生指数 归母净利润（百万元） 5,303 4,809 5,638 6,131 6,605 3% -3% -9% 同比 5.52% -9.31% 17.23% 8.74% 7.74% -15% -21% EPS-最新摊薄（元/股） 1.35 1.22 1.43 1.56 1.68 -27% -33% -39% P/E（现价&最新摊薄） 11.71 12.91 11.01 10.13 9.40 -- 54 15 %% [关Ta键bl词e_：Ta#g业] ...

[Table_Page] 公告点评|食品、饮料与烟草 证券研究报告 [【Table_T广itle] 发 食 品 & 海 外 】 蒙 牛 乳 业 [公Tab司le_I评nves级t] 买入 当前价格 18.96港元 （02319.HK） 合理价值 22.80港元 前次评级 买入 全年稳步收关，分红比例提升 报告日期 2024-03-27 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 事件：公司发布2023年全年业绩。2023年公司收入986.24亿元，同 10% -2% 比+6.51%；归母净利润48.09亿元，同比-9.31%。 03/23 05/23 07/23 09/23 11/23 01/24 03/24 -15% ⚫ 液奶延续稳健增长，持续推动结构升级。分产品：2023年蒙牛液奶收 -27% 入 820.71 亿元，同比+4.86%，2023H2 液奶同比+4.73%。其中特仑 -40% 苏全年在较高基数基础上仍实现较快增长，有机系列延续10%+增长， -52% 蒙牛乳业 恒生指数 带动结构升级；常温酸预计仍承压，低温酸实现逆势增长。2023年 ...

Financial Performance - The group achieved a revenue growth of 6.5% to RMB 98.624 billion in 2023[2] - Operating profit increased by 13.8% year-on-year to RMB 6.171 billion, with an operating profit margin improvement of 0.4 percentage points to 6.3%[2] - The net profit for the year was RMB 4.887 billion, a decrease from RMB 5.185 billion in the previous year[6] - Basic earnings per share decreased to RMB 1.220 from RMB 1.342 year-on-year[5] - The total comprehensive income for the year was RMB 4.755 billion, compared to RMB 4.307 billion in the previous year[6] - The adjusted profit before tax for the group was RMB 6,303,713, with a net profit of RMB 4,886,975 after tax expenses of RMB 1,425,212[17] - The pre-tax profit for the current year is RMB 6,312,187 thousand, down from RMB 6,502,353 thousand in the previous year, reflecting a decrease of 2.9%[29] - Net profit attributable to equity shareholders decreased by 9.3% to RMB 4.8092 billion, with basic earnings per share of RMB 1.220, down 9.1% year-on-year[63] Market Position and Share - The group maintained its leading market share in low-temperature yogurt for 19 consecutive years, while liquid milk market share continued to expand[2] - The liquid milk segment generated revenue of RMB 82,071,069, accounting for the largest share of total revenue[17] - The liquid milk business generated revenue of RMB 94,335,586 thousand in 2023, up from RMB 87,997,985 thousand in 2022, indicating a growth of about 7.5%[22] - The low-temperature business achieved continuous growth, maintaining the number one market share for nineteen consecutive years, with probiotic beverage market share also showing an upward trend[43] - The fresh milk business achieved significant growth, outperforming the industry with a continuous profit for three years, driven by the high-end brand "Daily Fresh" leading the premium fresh milk market share[45] - The basic fresh milk segment maintained the number one market share for three consecutive years, with the launch of the "Daily Bone Strength" high-calcium milk and "Nourishing Beauty" iron-zinc milk targeting the aging population[46] Product Development and Innovation - The company launched China's first liquid protein nutritional supplement and became the first Chinese dairy company to independently develop human milk oligosaccharides (HMO)[3] - The group established the world's first fully digitalized dairy factory and launched the global first large language model in the nutrition and health field, MENGNIU.GPT[3] - The company is focusing on innovation in product categories, with new product growth rates significantly increasing and improved profit structures[44] - The infant formula segment focused on the "Ruibuen" brand, launching the world's first infant formula with MLCT structure fat, enhancing product offerings under the new national standards[47] - Key product launches include A2β-casein milk and lactose-free milk, targeting specific consumer needs[68] - The health nutrition segment launched tailored products for the elderly, focusing on whey protein and essential minerals, addressing the growing demand for adult milk powder[48] Financial Management and Investments - The total amount of share repurchase during the year was HKD 795.6 million, with a proposed final dividend of RMB 0.489 per share, totaling RMB 1.924 billion, an increase of 21.0% year-on-year[2] - Total capital expenditure for the year was RMB 6,277,598 thousand, compared to RMB 4,855,867 thousand in the previous year, reflecting an increase of approximately 29.2%[20] - The company plans to focus on R&D innovation, brand building, and digital transformation in 2024, aiming to enhance product structure and business balance[78] - The company has established a comprehensive salary system linked to business performance, granting 6,626,176 restricted stock awards during the year[76] Sustainability and Corporate Responsibility - The company is committed to sustainable practices, launching products with reduced packaging carbon footprints and promoting a "better organic" concept[41] - The company is committed to its "GREEN" strategy and "dual carbon" goals, with initiatives to reduce carbon emissions across the supply chain[74] - Mengniu has planted 97 million trees in Ulan Buh Desert, contributing to the transformation of over 200 square kilometers of desert into green land[74] - The establishment of the world's first fully intelligent dairy factory in Ningxia is expected to achieve an annual output of 1 million tons and generate RMB 10 billion in revenue[58] - The company received ISO 37301 and GB/T35770 compliance management system certifications, marking it as the first dairy enterprise globally to achieve such certifications[75] Operational Efficiency - The company continues to monitor performance across its operating segments to inform resource allocation and performance evaluation decisions[16] - The company is actively optimizing its channel structure and enhancing operational management efficiency through integrated management and centralized factory layouts[44] - Sales and distribution expenses increased by 12.7% to RMB 25.1922 billion, accounting for 25.5% of total revenue[62] - The company has recognized a deferred tax expense of RMB 164,341 thousand for the current year, down from RMB 376,195 thousand in the previous year, indicating a significant reduction of 56.3%[29] Shareholder Returns - The proposed final dividend for the current year is RMB 0.489 per ordinary share, up from RMB 0.402 per share in the previous year, marking a 21.6% increase[31] - The total declared and paid ordinary share dividends for the current year amount to RMB 1,588,015 thousand, compared to RMB 1,506,669 thousand in the previous year, which is an increase of 5.4%[31] - The board of directors proposed a final dividend of RMB 0.489 per share for the year ending December 31, 2023, compared to RMB 0.402 per share for 2022[86]

China Mengniu Dairy Company Limited 中國蒙作亂黨有限公司： Uncorporated in the Cayman Islands with limited lability) (fs Health and Design 24 Janes 1999) Stock Code K 分伏族 INTERIM REPORT 2023 中期報告 (B) * For identification purpose only 僅供歡別 CORPORATE PROFILE China Mengniu Dairy Company Limited (the "Company"; stock code: 2319) and its subsidiaries (collectively "the Group" or "Mengniu") mainly manufacture and distribute quality dairy products in China. It is one of the leading dairy product manufacturers in China, with ...

Financial Performance - For the first half of 2023, the company's revenue reached RMB 51.118 billion, a year-on-year increase of 7.1% compared to RMB 47.722 billion in 2022[2] - Operating profit grew by 29.9% to RMB 3.275 billion, with an operating profit margin rising to 6.4%, up 110 basis points from 5.3% in 2022[2] - The total comprehensive income for the first half of 2023 was RMB 2.895 billion, down from RMB 3.317 billion in the same period of 2022[7] - The basic earnings per share attributable to ordinary shareholders was RMB 0.765, compared to RMB 0.949 in the previous year[6] - The adjusted profit before tax for the company was RMB 3,703,278 thousand, compared to RMB 4,147,733 thousand in the previous year, indicating a decrease of approximately 10.7%[16] - The company reported a net profit of RMB 3,058,988 thousand for the period, down from RMB 3,643,099 thousand in the same period last year, reflecting a decline of about 16.0%[16] - Net profit attributable to equity shareholders decreased by 19.5% to RMB 3.0205 billion, with basic earnings per share of RMB 0.765, down 19.4% year-on-year[60] - Income tax expense increased by 27.7% to RMB 644.3 million, with an effective tax rate of 17.4%, up 5.2 percentage points year-on-year[61] Assets and Liabilities - As of June 30, 2023, total non-current assets amounted to RMB 82,612,072 thousand, an increase from RMB 81,036,131 thousand as of December 31, 2022, representing a growth of 1.95%[8] - Current assets totaled RMB 40,881,664 thousand, up from RMB 36,777,074 thousand, indicating an increase of 8.45%[9] - Total liabilities increased to RMB 73,372,324 thousand from RMB 67,761,407 thousand, reflecting a rise of 8.67%[9] - Net current assets improved significantly to RMB 6,785,722 thousand, compared to RMB 3,623,822 thousand, marking an increase of 87.67%[9] - The company's total assets as of June 30, 2023, amounted to RMB 123,493,736 thousand, an increase from RMB 117,813,205 thousand as of December 31, 2022[16] - The total equity attributable to shareholders was RMB 50,121,412 thousand, slightly up from RMB 50,051,798 thousand, showing a marginal increase of 0.14%[10] - The company's long-term borrowings increased to RMB 31,031,326 thousand from RMB 26,106,255 thousand, representing a rise of 18.36%[9] Revenue Breakdown - The liquid milk business generated revenue of RMB 41,640,229 thousand, accounting for approximately 81.5% of total revenue, while the ice cream business contributed RMB 4,308,698 thousand, representing about 8.4%[15] - Total revenue from customer contracts reached RMB 51,118,523 thousand, with liquid milk business contributing RMB 41,640,229 thousand, accounting for approximately 81.5% of total revenue[18] - The ice cream business generated RMB 4,308,698 thousand, representing about 8.4% of total revenue, while the milk powder and cheese businesses contributed RMB 1,894,213 thousand and RMB 2,256,051 thousand respectively[18] Market Position and Growth - The company maintained its position as one of the top 10 global dairy companies, ranking 8th in the "2023 Dairy Industry Top 20" by Rabobank[4] - The company reported a steady growth in liquid milk business, with an increase in market share for ambient liquid milk during the first half of 2023[37] - The company maintained strong demand resilience for room temperature pure milk, achieving the largest market share in the white milk segment[39] - The low-temperature division secured the number one market share for the 19th consecutive year, focusing on functional, delicious, and nutritious yogurt products[40] - The high-end brand "Daily Fresh" in the fresh milk category experienced double-digit growth, solidifying its position as the leading high-end fresh milk brand[41] Innovation and Product Development - The company achieved significant breakthroughs in innovative business, with its flagship products leading market growth, including a top market share in the liquid milk segment[2] - The company launched China's first liquid protein nutritional supplement, entering the sports nutrition sector, and developed rare nutritional component HMO, which has passed safety assessments[4] - The company launched new products, including a blueberry-flavored PET bottle yogurt series and a cold brew fresh coffee latte, to meet diverse consumer needs[42] - The company upgraded its senior nutrition product line, focusing on bone health and muscle maintenance for the elderly[44] - The company has developed a new formula for its senior milk powder series, focusing on bone health and muscle maintenance for older adults[73] Sustainability and Corporate Responsibility - The company has set industry-leading carbon neutrality goals and joined the World Economic Forum's initiative to plant a trillion trees, committing to a "zero deforestation" target across its supply chain[4] - The company is committed to achieving "carbon peak by 2030 and carbon neutrality by 2050" as part of its sustainable development strategy[75] - The company has planted 97 million trees in the Ulan Buh Desert, contributing to its goal of "zero deforestation by 2030" and mitigating supply chain deforestation risks[75] - The group has achieved a total of 27 factories recognized as national-level green factories, with energy consumption reduced by 43% compared to conventional factories[76] Digital Transformation and Technology - The company is focusing on digital transformation across the entire industry chain, from farming to consumer end[38] - The company introduced the AI-driven MENGNIU.GPT model, providing personalized nutrition and health services to families, enhancing consumer health management[55] - The company is enhancing its digital transformation strategy, emphasizing data-driven decision-making and consumer-centric approaches[55] Employee and Governance - The company’s employee benefits expenses, including salaries for directors and senior management, amounted to RMB 4,424,102 thousand, reflecting an increase from RMB 4,061,412 thousand in the previous year[22] - The audit committee consists of three independent non-executive directors: Mr. Li Hengjian (Chairman), Mr. Ye Lide, and Mr. Ge Jun[86] - The board of directors includes three executive directors, three non-executive directors, and three independent non-executive directors[89] Shareholder and Market Engagement - The company did not recommend the distribution of an interim dividend for the first half of 2023, consistent with the previous year[27] - The company repurchased a total of 13,074,000 shares at a total cost of HKD 419,334,350 during the reporting period[83] - The company expresses gratitude to shareholders and employees for their support and hard work[89]

Financial Performance - Revenue for 2022 reached RMB 92,593.3 million, a year-on-year increase of 5.1%[5] - Operating profit for 2022 was RMB 5,423.2 million, up 11.6% year-on-year, with an operating profit margin of 5.9%, an increase of 40 basis points[5] - Profit attributable to owners of the company increased by 5.5% year-on-year to RMB 5,303.0 million[5] - Mengniu's overall revenue increased by 5.1% year-on-year, with operating profit rising by 11.6% and operating profit margin improving by 40 basis points[28] - Revenue increased by 5.1% year-on-year to RMB 92.593 billion (2021: RMB 88.141 billion)[109] - Gross profit margin decreased by 1.4 percentage points to 35.3% (2021: 36.7%) due to rising raw material costs and increased depreciation[110] - Selling and distribution expenses decreased by 4.9% to RMB 22.347 billion (2021: RMB 23.488 billion), accounting for 24.1% of revenue (2021: 26.6%)[111] - Administrative expenses increased by 26.0% to RMB 4.442 billion (2021: RMB 3.524 billion), accounting for 4.8% of revenue (2021: 4.0%)[111] - Operating profit increased by 11.6% year-on-year to RMB 5.423 billion (2021: RMB 4.862 billion), with an operating profit margin of 5.9% (2021: 5.5%)[112] - EBITDA improved by 14.3% to RMB 9.121 billion (2021: RMB 7.980 billion), with an EBITDA margin of 9.9% (2021: 9.1%)[113] - Net profit attributable to owners increased by 5.5% year-on-year to RMB 5.303 billion (2021: RMB 5.026 billion)[113] - Capital expenditure decreased by 58.2% year-on-year to RMB 5.074 billion (2021: RMB 12.135 billion), with RMB 5.065 billion spent on production facilities[115] - Net cash inflow from operating activities increased by 10.4% to RMB 8.333 billion (2021: RMB 7.545 billion)[120] - Debt-to-equity ratio increased to 78.1% (2021: 64.4%) due to increased interest-bearing borrowings[122] Product Performance - Liquid milk revenue grew by 2.3% year-on-year to RMB 78,269.3 million, with strong growth in Milk Deluxe, Mengniu pure milk, and Shiny Meadow fresh milk[8] - Ice cream business revenue surged by 33.3% year-on-year to RMB 5,652.4 million, driven by innovative products like "Moutai Ice Cream"[8] - Mengniu's Milk Deluxe organic pure milk achieved the top market share in its category[29] - Mengniu's chilled product business held the top market share in the industry for 18 consecutive years[29] - Mengniu's UHT pure milk showed strong growth, with Milk Deluxe significantly widening its competitive advantage[29] - Fresh milk business achieved strong growth with Shiny Meadow ranking first in high-end fresh milk and Xiaoxianyu gaining popularity among women and teenage customers[31] - Ice cream business recorded record-high revenue, outperforming industry growth levels, with successful product launches in collaboration with Moutai Group and Shanghai Disneyland[31] - Mengniu became the absolute No. 1 in China's cheese market through cooperation with Milkground, focusing on children's cheese sticks, cheese snacks, and butter for family and professional foodservice channels[31] - Yashili capitalized on the "New National Standards" with several infant milk formula products approved for registration, enhancing market share and profitability in middle-aged, elderly, and children's milk formula segments[32] - Mengniu's room temperature pure milk brands, including Milk Deluxe and Mengniu, maintained robust growth, while the chilled yogurt business remained the market leader[46] - Mengniu's fresh milk business division outperformed the industry in terms of annual sales growth, with Shiny Meadow achieving rapid growth that far exceeded the market level[46] - Milk Deluxe organic pure milk took the lead in terms of market share, solidifying the position of Milk Deluxe as a high-end brand[52] - Just Yoghurt developed a new generation of healthy yogurt products characterized by low sugar and low calories, leading the trend of room temperature healthy yogurt products[53] - Fruit Milk Drink launched new milkshake yogurt beverages, including neroli pomelo with aloe vera and jasmine with green grape, to attract young Generation-Z consumers[54] - Mengniu and Milk Deluxe brands sold 1 million boxes of World Cup-themed products, capturing top positions in online sales and overall market share[56] - Champion's Every day's Fresh Yogurt and the Zero Sucrose Yogurt series achieved double-digit sales growth with increasing market shares[61] - Shiny Meadow, Mengniu's high-end fresh milk brand, maintained the top market share in the high-end fresh milk market with rapid growth far above the market level[63] - The newly launched Xiaoxianyu sub-brand exhibited exceptional growth in sales and market shares, targeting youngsters with its unique selling point of yummy light fresh milk[65] - The fresh milk business ranked first in China in terms of sales share in the systems of Sam's Club, Hema, Yonghui Superstores, and Aeon[66] - The Group launched the first healthcare yogurt in China, the Champion Jianzihao immune booster series, addressing consumers' growing concerns about immunity[61] - The Group introduced its first label-free products, the Yoyi C zero sucrose product series with eco-friendly packaging, in response to environmental protection policies[61] - Yashili's revenue for 2022 reached RMB 3.7382 billion, with a focus on infant milk formula and nutritional products[73] - Yashili became the first milk formula company in China to have its products assessed and certified under EU food standards (SGS)[71] - Yashili launched Reeborne Enzhi and Reeborne Jingzhi, the world's first infant milk formulas using MLCT, new OPO structural lipids, and desert organic raw milk, respectively[71] - Bellamy's launched three new milk powder products in 2022, including organic kids milk powder and GOLD+ high-end infant formula[75] - Bellamy's developed local supply chains for complementary foods, launching organic rice cereal, baby noodles, milk rusks, and puffs[76] - The Group's ice cream brands (Suibian, Mood for Green, Deluxe, Ice+) achieved rapid growth through product innovation and upgrades[79] - The Group collaborated with Moutai Group to launch "Moutai Ice Cream," which became one of the most popular crossover ice cream products[80] - The Group introduced a World Cup-themed ice cream series under the "Suibian" brand, sold exclusively at World Cup venues[81] - Ice cream business achieved rapid growth with innovative product launches, including the "奇思巧想 • 熱點風味" series and "巧冰硬實力 • 甜品脆筒" series, driving sales growth[82] - The company collaborated with Moutai to launch Moutai ice cream, combining Moutai liquor with milk, which became a highly popular cross-industry product[82] - Ice cream sales on e-commerce platforms recorded rapid growth, with efforts to expand into corporate group buying, catering, and scenic spots[83] - The cheese business introduced additive-free children's cheese sticks and the casual cheese series "Zhishifenzi", targeting young consumers[84] - Domestic table cheese and butter products saw steady sales growth, with the Ai Shi Chen Xi series of butter products expanding into professional catering applications[85] - The company completed the acquisition of Milkground, holding 35.01% of its shares, aiming to expand into the domestic and global cheese market[87][91] - Milkground is a leading cheese company in China with the largest production capacity and top market share for cheese products and children's cheese sticks[88] - The company upgraded nine major product categories, including pasteurized milk and cheese, to meet EU standards, aiming to develop "EU benchmark products"[90] - Revenue from the ice cream business reached RMB5,652.4 million, accounting for 6.1% of Mengniu's total revenue, up from 4.8% in 2021[140] - The Group launched Yoyi C zero sucrose products with eco-friendly packaging, marking Mengniu's first label-free product to align with environmental protection policies[138] - Shiny Meadow's 4.0 series fresh milk products experienced robust growth, with the launch of low-fat products targeting health-conscious female customers[139] - Suibian introduced a new generation of chocolate ice cream products, including cocoa and milk tea flavors, and collaborated with "Genshin Impact" for IP-themed ice cream[140] - Mood for Green upgraded its condensed milk and red bean products with a low-sugar formula and expanded into the high-end market with the "Zhiqing" ice cream series[141] - Deluxe collaborated with Moutai Group to launch "Moutai ice cream," which became a best-selling product, and partnered with Disney for IP-themed products[142] - Revenue from the milk formula business amounted to RMB3,862.0 million, accounting for 4.2% of Mengniu's total revenue, down from 5.6% in 2021[144] - Yashili's Reeborne brand launched innovative infant formula products, including the first to use MLCT structured lipids and organic raw milk from desert areas[144] - Yashili expanded its product line with Yourui for middle-aged and elderly customers, M8 children's milk formula, and Huicongming for students[146] - Bellamy's launched three new milk powder products in 2022, including organic kids milk powder and Bellamy's GOLD+ high-end infant milk formula, targeting children over 3 years old[147] - Bellamy's organic kids milk powder uses 1% rare organic milk source and features a special formula with "active" lactoferrin, FOS prebiotics, and high β-glucans content[147] - Revenue from other products, including cheese, accounted for 5.2% of Mengniu's total revenue in 2022, amounting to RMB4,809.6 million, up from 2.8% in 2021[150] - Mengniu upgraded its cheese product lines and introduced additive-free children's cheese sticks, targeting young consumers with the Zhishifenzi casual cheese series[150] Sustainability and ESG - Mengniu's "GREEN" sustainable development strategy aims to achieve carbon peak by 2030 and carbon neutrality by 2050[12] - Mengniu was included in the Hang Seng Corporate Sustainability Index Series for the third consecutive year[12] - Mengniu's nine major product categories met EU standards, and its Daily Fresh factory received GFSI global food safety dual certification[12] - Mengniu's "smart quality" digital management practice earned it the industry's only "National Quality Benchmark" title[12] - Mengniu unveiled its "GREEN" sustainable development strategy, committing to carbon peak by 2030 and carbon neutrality by 2050, with an MSCI ESG Rating upgraded to "A"[36] - Mengniu's MSCI ESG rating improved to an A grade, the highest in China's food industry[12] - Mengniu became the first dairy company to join the responsible business platform Sedex and refined its Supplier Code of Conduct to improve carbon management[155] - Three of Mengniu's factories obtained the German TÜV Rheinland landfill-free waste management system certification, and two factories applied for AWS international sustainable water management standard certification[155] - Mengniu's MSCI ESG rating improved to an A grade, the highest in the Chinese food industry, and it was included in the Hang Seng Corporate Sustainability Index Series[156] - Mengniu unveiled its "GREEN" sustainable development strategy, aiming for carbon peak by 2030 and carbon neutrality by 2050, with 15 specific carbon reduction measures across six major aspects[154] Innovation and Technology - The Group introduced the self-developed "aerospace bacteria strain" and enhanced technologies for grass cultivation, cow breeding, and milk production[11] - Mengniu introduced two aerospace bacteria strains in collaboration with China Space Foundation, advancing technological breakthroughs in grass cultivation, cow breeding, and milk production[38] - Mengniu's nine major product categories have been upgraded to meet EU standards, continuing to create a world quality benchmark[38] - The Group introduced the Arla Garden advanced dairy farm management system to enhance quality and safety standards[95] - The Group implemented the "10,000-tonne milk" plan to accelerate the establishment of milk source bases[94] - The Qilin Platform was developed to support the digitization of the ice cream business division[99] - The Group established a smart talent system for human resources management and developed a digital HR system[103] - The room temperature Ningxia Factory was established as a pilot project to meet the World Economic Forum's "Lighthouse Factory" standards[101] - The Group's global dairy industry talent training center provided training to 800,000 talents, focusing on topics such as digitalization, smart technologies, and the dual-carbon strategy[163] Market and Brand Positioning - Mengniu's global dairy ranking improved to 7th, making it the youngest among the top 10 global dairy enterprises[7] - Mengniu's brand value grew by 15% year-on-year in the 2022 Kantar BrandZ™ ranking, leading in brand value growth in China's dairy industry[7] - Mengniu ranked 7th in the 2022 "Global Dairy Top 20" list, up two places from the previous year[28] - Mengniu's brand value grew by 15% year-on-year, ranking first in China's dairy industry in the 2022 Kantar BrandZ™ ranking[34] - Mengniu rose two places to rank 7th in the Global Dairy Top 20 published by Rabobank, distinguishing itself as the only Chinese dairy enterprise to achieve an improved ranking[49] - Mengniu aims for high-quality development with a focus on brand, innovation, and digitalization, targeting a strong growth trajectory and global competitiveness[41] - Mengniu plans to innovate rapidly in product and technology to meet diverse consumer needs, targeting the younger generation and the silver economy with products like milk formula for the elderly and adult nutrition[173] - The company will focus on high-quality sustainable development, emphasizing fresh milk, ice cream, cheese, adult milk powder, and global market expansion to capture growth opportunities[174] - Mengniu will accelerate innovation in foodservice and snack cheese products to capitalize on the growing cheese market[173] - The company will continue to strengthen its core competitiveness, including brand power, R&D capabilities, and digital transformation, to build a consumer-centric, international, and responsible brand[171] - Mengniu will leverage the trend of high-end, functional, snack, and non-dairy product fusion to meet evolving consumer preferences[172] - The company will enhance its product offerings for the middle-aged and elderly, focusing on milk formula and adult nutritional products[173] - Mengniu will further expand its presence in the global market, aligning with its strategy to lead the upgrade and transformation of China's dairy industry[174] - The company will continue to invest in digital transformation and organizational capabilities to support its long-term growth strategy[171] Human Resources and Management - As of December 31, 2022, Mengniu had approximately 47,329 employees, with total employee costs amounting to RMB8,657.5 million, up from RMB7,476.1 million in 2021[159] - The Group employed a total of 47,329 employees in mainland China, Hong Kong, Oceania, and Southeast Asia as of December 31, 2022, an increase from 44,629 in 2021[162] - Total employee costs, including salaries for directors and senior management, amounted to RMB 8.6575 billion in 2022, up from RMB 7.4761 billion in 2021[162] - The Group granted 5,533,245 restricted shares and 44,977,913 share options to employees under its share award and share option schemes in 2022[161] - Mr. Simon Dominic Stevens led Arla Foods' UK business growth from £500 million to £2.5 billion, elevating it from the 4th to the 1st position in the FMCG dairy sector[186] - Mr. Simon Dominic Stevens managed Arla's MENA region, ensuring high growth for key brands and maintaining a safe environment for approximately 3,000 employees during COVID-19[186] - Mr. Simon Dominic Stevens joined Arla's Executive Management team as EVP International, overseeing all international business and the international supply chain starting January 1, 2021[186] - Mr. Yih Dieter was appointed as an independent non-executive director in December 2021, bringing expertise in corporate finance, capital markets, and regulatory compliance[189][190] - Mr. Li Michael Hankin, appointed in December 2021, has over 30 years of experience in financial and accounting, fundraising, mergers and acquisitions, and international business development[191][193] - Mr. Ge Jun, appointed in December 2021, has extensive experience in corporate governance, innovation mechanisms, and sustainable development[192][194] - Mr. Gao Fei, a senior vice president, has been with the company since 1999 and currently heads the UHT business unit, contributing to the rapid growth of Mengniu's market share[195] - Mr. Wen Yongping, a vice president, has been with the company since 1999 and currently heads research and development and innovation, with extensive experience in production and operations management[196] - Mr. Gao Fei, aged 46, is currently the Senior Vice President and head of the Ambient Product Business Unit, with extensive experience in dairy sales, marketing, and management[197] - Mr. Wen Yongping, aged 48, is the Vice President and head of R&D and Innovation, with a Ph.D. in Food Science and Engineering and over 20 years of experience in production and supply chain management[197] - Mr. Zhao Jiejun, aged 46, is the Vice President and head of Milk Sourcing and Animal Husbandry Industry Chain Business Unit, with nearly 20 years of experience in dairy industry sales and supply chain management[198] - Mr. Luo Yan, aged 61, is the Vice President and head of Chilled Product Business Unit and Fresh Milk Business Unit, with 30 years of experience in the food industry and management[199] - Mr. Chen Yiyi, aged 49, is the Vice President and head of Strategy Management, responsible for strategic and investment management, with extensive experience in FMCG, strategic planning, and M&A[200] Strategic Initiatives and Future Plans - The Group completed the acquisition of 20% interest