现代牧业2022 中期报告

天生要强，与自己较劲。 Borntobestrongandgobeyondourselves. CORPORATEPROFILE 公司简介 ChinaModernDairyHoldingsLimited(the“Company”or“ModernDairy”togetherwithitssubsidiaries,the“Group”)isaleadingdairyfarmingoperatorandfreshrawmilkproducerinthePeople’sRepublicofChina(the“PRC”). ModernDairyoperates38dairyfarmingcompaniesinthePRCwithdairycowsover380,000headsandannualisedmilkyieldofover2.3milliontons.TheCompanyinitiatedtheproductionmodelof“ZerodistanceIntegrationofForageGrassPlanting,CowsBreedingandMilkProcessingwithinTwoHours”,whichisthefirstinthePRCthatappliesintegratedproductionmodelwithSGScertification.ModernDairy’sproductshavebeenawardedtheGoldPrizeofMondeSelectionwhichisgenerallyregardedasthe“NobelPrize”inthefoodindustryforthepastnineconsecutiveyears. 中国现代牧业控股有限公司（“本公司”或“现代牧业”连同其附属公司“本集团”），为中华人民共和国（“中国”）乳牛畜牧营运商及生鲜原料奶生产商的翘楚。 现代牧业于中国经营38家乳牛牧场公司，拥有逾38万头乳牛，年化产奶量达230万吨以上。本公司首创 “种养加一体化、零距离2小时”的生产模式，是中国首家一体化生产模式并通过SGS认证的企业。现代牧业的产品于过去九年连续在素有食品业“诺贝尔奖”之称的世界食品品质评鉴大会中获得金奖。 CONTENTS目录 Highlights2摘要 FarmMap5牧场位置图 CorporateCulturePanorama7企业文化全景图ProductsoftheGroupandAssociates8集团及联营公司产品ManagementDiscussionandAnalysis10管理层讨论及分析 ReportoftheDirectors36董事会报告 CorporateInformation45公司资料 ReportonReviewofCondensedConsolidatedFinancialStatements47简明综合财务报表审阅报告 CondensedConsolidatedStatementofProfitorLossandOtherComprehensiveIncome49简明综合损益及其他全面收益表 CondensedConsolidatedStatementofFinancialPosition51简明综合财务状况表CondensedConsolidatedStatementofChangesinEquity53简明综合权益变动表CondensedConsolidatedStatementofCashFlows54简明综合现金流量表 NotestotheCondensedConsolidatedFinancialStatements56简明综合财务报表附注 HIGHLIGHTS 摘要 FORTHESIXMONTHSENDED30JUNE 截至6月30日止六个月 (AllamountsinRenminbi(“RMB”)millionunlessotherwisestated) （除特别列明外，所有金额以人民币百万元列示） 2022 2021 Change 2022年 2021年 变动 (unaudited) （未经审核） (unaudited) （未经审核） Revenue 收入 5,632.1 3,179.7 +77.1% Grossprofit 毛利 1,654.8 1,181.6 +40.0% CashEBITDA(Note1) 现金EBITDA（附注1） 1,440.8 1,152.7 +25.0% Netprofit 净利润 531.1 505.6 +5.0% Adjustednetprofit(Note2) 经调整净利润（附注2） 729.2 489.7 +48.9% Profitattributabletoownersofthe 本公司拥有人应占溢利 Company 507.7 496.7 +2.2% Netoperatingcashinflow 经营现金净流入 1,282.2 1,464.9 -12.5% Netassetvaluepershare(RMB)(Note3) 每股资产净值（人民币元）（附注3） 1.41 1.34 +5.2% Herdscale(heads) 畜群规模（头） 382,693 251,876 +51.9% MilkYield(tenthousandtons) 产奶量（万吨） 115.2 73.4 +56.9% •RobustResults:ThetotalrevenueoftheGroupreachedRMB5.63billionfortheReportingPeriod,representingayear-on-year(“yoy”)increaseof77.1%.CashEBITDAamountedtoRMB1.44billion,representingayoyincreaseof25.0%.Duringtheperiod,netprofitrecordedRMB531million,representingayoyincreaseof5.0%,andtheadjustednetprofitreachedRMB729millionwithasignificantyoyincreaseof48.9%. •业绩强劲：汇报期内，本集团的总收入达人民币56.3亿元，同比增长77.1%；录得现金EBITDA人民币14.4亿元，同比增长25.0%；期内录得净利润人民币5.31亿元，同比增长5.0%；经调整净利润人民币7.29亿元，同比大幅增长48.9%。 2 CHINAMODERNDAIRYHOLDINGSLTD.INTERIMREPORT2022 HIGHLIGHTS 摘要 •ExcellentOperatingIndicators:Thankstotheefficientmanagementandoperationandthededicationofallstaffs,theperformanceoftheGroup’smainoperatingindicatorswasbetterthanexpectedduringtheperiod.Theannualizedunityieldpermilkabledairycowonaveragegrewby11%yoyto12.3tons,breakingarecordhigh,and10farmsofwhichhaveevenexceeded13tons.Thetotalmilkyieldreached1,152thousandtonsduringtheperiod,representingayoyincreaseof56.9%.Duringtheperiod,theaveragecostofmilkperkilogramwasRMB2.90,whichwaslowerthantheindustrylevel.Wecontinuedtoleadtheindustryintermsofunitmilkyield,totalproductionandeffectivenessofcostcontrol. •BeingAssigneda“BBB”InvestmentGradeRatingAgain:Followinglastyear,ModernDairywasagainassigneda“BBB”investmentgraderatingbyStandard&Poor’s,withastableoutlook.ModernDairybecamethefirstdairyfarmingcompanyintheworldhavingbeenassignedsuchacreditrating,whichfullyaffirmedtherecognitionreceivedbytheCompanyandChina’slarge-scalefarmingmodelfrominternationalcreditratingagencies,anditalsoestablishedapositiveimagefortheindustry. •BrandedMilkWonGoldAwardforNineConsecutiveYears:TheGroup’spuremilkwasawardedtheGoldPrizeofMondeSelectionfortheninthconsecutiveyear,symbolizingthatourpremiumqualitybrandedmilkwaswidelyrecognizedbyallsectorsofthesociety. Notes: (1)CashEBITDAisdefinedasearningsbeforefinancecostsandtaxhavingaddedback:i)depreciationforproperty,plantandequipmentandright-of-useassetschargedtoprofitorloss;ii)othergainsandlosses,net;iii)impairmentlossesunderexpectedcreditlossmodel,netofreversal;andiv)lossarisingfromchangesinfairvaluelesscoststosellofdairycows. (2)Theadjustednetprofitisdefinedasnetprofitafterexcludingthegainsandlossesarisingfromforeignexchangesandderivativefinancialinstruments. (3)EquityattributabletoownersoftheCompanyattheperiodenddividedbythenumberofordinarysharesinissueattheendofthereportingperiods,definedasof30June2022and30June2021. •营运指标亮丽：得益于高效的经营管理及全员的努力，期内主要营运指标表现均优于预期。成乳牛年化产量平均每头提升11%至12.3吨，创历史新高，当中有10个牧场的成乳牛平均年化单产更突破13吨；期内产奶量达到115.2万吨，同比增长56.9%；期内公斤奶成本平均为人民币2.90元，低于行业水平。单产、总产及成本管控成效持续优于行业。 •再获投资级BBB评级：继去年，现代牧业再次获标准普尔给予“BBB”投资级的信用评级，评级展望为稳定。现代牧业作为全球首家获得该评级的奶牛养殖企业，充分印证了国际信用评级机构对本公司乃至中国规模化养殖模式的肯定，亦为业界树立了良好形象。 •品牌奶九度蝉联金奖：本集团纯牛奶连续九年获世界食品