现代牧业二零二二年年报

天生要强， Borntobestrongandgobeyondourselves. 与自己较劲。 CORPORATEPROFILE 公司简介 ChinaModernDairyHoldingsLimited(the“Company”or“ModernDairy”togetherwithitssubsidiaries,the“Group”)istheleadingdairyfarmingoperatorandrawmilkproducerinthePeople’sRepublicofChina(the“PRC”).ModernDairyoperates41dairyfarmingcompaniesinthePRCwithdairycowsover400,000headsandannualizedmilkyieldofover2.36milliontons.TheGroupisaleadingdairyfarmingoperatorandrawmilkproducerintermsofherdsizeinthePRC.TheCompanyinitiatedtheproductionmodelof“Zero-distanceIntegrationofForageGrassPlanting,CowsBreedingandMilkProcessingwithinTwoHours”,whichisthefirstinthePRCthatappliesintegratedproductionmodelwithSGScertification.ModernDairy’sproductshavebeenawardedtheGoldPrizeofMondeSelectionwhichisgenerallyregardedasthe“NobelPrize”inthefoodindustry,forthepastnineconsecutiveyears. 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”）乳牛畜牧营运商及原料奶生产商的翘楚。现代牧业于中国经营41家乳牛牧场公司，拥有逾40万头乳牛，年化产奶量达236万吨以上。按畜群大小计算，就畜群规模，本集团是中国乳牛畜牧营运商及原料奶生产商的行业翘楚。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。 “Raisehealthycows,safeguardeachandeverydropofmilk” “牧育健康牛，守护每一滴好牛奶” CONTENTS 目录 Highlights 摘要 2 FarmMap 牧场位置图 6 CorporateCulturePanorama 企业文化全景图 7 ProductsoftheGroupandAssociates 集团及联营公司产品 8 MajorAwardsandAchievements 主要奖项及殊荣 10 CEO’sStatement 总裁报告书 14 ManagementDiscussionandAnalysis 管理层讨论及分析 18 BiographiesofDirectorsandSeniorManagement 董事及高级管理层履历 46 CorporateGovernanceReport 企业管治报告 54 ReportoftheDirectors 董事会报告书 80 CorporateInformation 公司资料 114 IndependentAuditor’sReport 独立核数师报告 117 ConsolidatedStatementofProfitorLossandOtherComprehensiveIncome 综合损益及其他全面收益表 123 ConsolidatedStatementofFinancialPosition 综合财务状况表 125 ConsolidatedStatementofChangesinEquity 综合权益变动表 127 ConsolidatedStatementofCashFlows 综合现金流量表 128 NotestotheConsolidatedFinancialStatements 综合财务报表附注 132 FinancialSummary 财务概要 307 HIGHLIGHTS 摘要 20222022年 20212021年 Change 变动 (AllamountsinRenminbi(“RMB”)（除特别列明外，所有金额以 millionsunlessotherwisestated) 人民币（“人民币”）百万元列示） FINANCIALDATA 财务数据 Revenue 收入 12,295 7,078 +73.7% CashEBITDA(Note1) 现金EBITDA（附注1） 2,740 2,434 +12.6% AdjustedNetProfit(Note2) 经调整净利润（附注2） 950 925 +2.7% NetAssetValuePerShare(RMB)(Note3) 每股资产净值（人民币元）（附注3） 1.42 1.37 +3.6% KEYOPERATINGDATA 主要经营数据 TotalRawMilkSold 生鲜奶总销量（万吨） (tenthousandtons) 233 159 +46.5% HerdSize(heads) 畜群规模（头） 405,358 353,793 +14.6% AverageMilkYield 平均成乳牛单产（吨╱头•年） (tonnes/head•year) 12.2 11.3 +8.0% YEARENDED31DECEMBER Notes: (1)CashEBITDAisdefinedasearningsbeforefinancecostsandtaxhavingaddedback:i)depreciationandamortisationchargedtoprofitandloss;ii)othergainsandlosses,net;iii)impairmentlossesunderexpectedcreditlossmodel,netofreversal;andiv)lossarisingfromchangesinfairvaluelesscoststosellofdairycows. (2)Theadjustednetprofitisdefinedasnetprofitafterexcludingthegainsandlossesarisingfromforeignexchangesandderivativefinancialinstruments. (3)EquityattributabletoownersoftheCompanyattheyearenddividedbythenumberofordinarysharesinissueasat31December2022and31December2021,respectively. DIVIDEND TheBoardrecommendedthepaymentoffinaldividendofRMB0.0142perordinaryshare(2021:RMB0.026). 截至12月31日止年度 附注： (1)现金EBITDA定义为在加回以下项目后的除融资成本及税项前盈利：i)计入损益的折旧与摊销；ii)其他收益及亏损净额；iii)预期信贷亏损模型下减值亏损，扣除拨回；及iv)乳牛公平值变动减乳牛销售成本产生的亏损。 (2)经调整净利润定义为撇除外汇及衍生金融工具损益后的净利润。 (3)本公司拥有人应占权益除以年末（定义为截至2022年12月31日及截至2021年12月31日）已发行普通股股数。 股息 董事会建议派发期末股息每股普通股人民币 0.0142元（2021年:人民币0.026元）。 2ChinaModernDairyHoldingsLtd.AnnualReport2022 HIGHLIGHTS 摘要 HIGHLIGHTS: Withthecorporatevisionof“deploythewholeindustrychain,innovatewithdigitalintelligence,andbeaglobaldairyfarmingleader”andfocusingonthecorebusinessofrawmilk,theGroupcontinuestoimprovethelayoutoftheentireindustrialchainandcontrolmorehigh-qualityresources,whichwillnotonlybringnewcontributionstotheperformanceoftheCompany,butwillalsohelptheGrouptoreducecostsandincreaseefficiencyinthecorebusinessofrawmilk,andthusenhancetheGroup’scorecompetitiveness. StrongGrowthinCoreBusiness:AsthecorebusinessoftheGroup,therawmilkbusinesshasasolidandresilientfoundationfordevelopment,anditsherdsize,AMY,totalmilkyieldandsalesrevenuehaveallrecordedsubstantialgrowth.Asof31December2022,theGrouphadinvestedandoperatedin41dairyfarmingcompaniesinthePRC,andthenumberofdairycowsreached405,358heads,representinganincreaseof51,565headsoverthepreviousyearandayoyincreaseof14.6%.TheaverageAMYpermilkabledairycowreachedanindustry-leading12.2tonsthisyear,representingayoyincreaseof8.0%,whichwasbetterthanexpectedandisexpectedtocontinuetogrow.Totalmilkyieldreached2.36milliontons,representingasignificantyoyincreaseof46.6%.ThesalesrevenueofrawmilkamountedtoRMB9,945million,representingayoyincreaseof42.0%. RapidDevelopmentofNewBusiness:Duringtheyear,theGroupsuccessfullyacquiredAiyangniuTechnology,andourbusinesshassinceexpandedtotheoperationofaninternetplatformforlivestockindustry,whichtogetherwiththefeedandforagesegmentfromFuyuanInternational,contributedRMB2.35billioninthesalesrevenueoffeedtotheGroupthisyear.AiyangniuTechnologyandFuyuanInternational