现代牧业2023 中期报告

CORPORATEPROFILE 公司简介 ChinaModernDairyHoldingsLimited(the“Company”or“ModernDairy”togetherwithitssubsidiaries,the“Group”)istheleadingdairyfarmingoperatorandrawmilkproducerinthePeople’sRepublicofChina(the“PRC”).ModernDairyoperates42dairyfarmingcompaniesinthePRCwithdairycowsover418,000headsandannualizedmilkyieldofover2.50milliontons.TheGroupisaleadingdairyfarmingoperatorandrawmilkproducerintermsofherdsizeinthePRC.TheCompanyinitiatedtheproductionmodelof“Zero-distanceIntegrationofForageGrassPlanting,CowsBreedingandMilkProcessingwithinTwoHours”,whichisthefirstinthePRCthatappliesintegratedproductionmodelwithSGScertification.ModernDairy’sproductshavebeenawardedtheGoldPrizeofMondeSelectionwhichisgenerallyregardedasthe“NobelPrize”inthefoodindustry,forthepasttenconsecutiveyears.Inrecentyears,wehavealsosuccessfullyexpandedourbusinesstofeedandforage,intelligentdigitalplatformanddairycowsbreeding. 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42家乳牛牧场公司，拥有逾41.8万头乳牛，年化产奶量达250万吨以上。按畜群大小计算，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十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。近年，我们还成功将业务板块扩到至饲草料﹑数智平台及乳牛种业。 CONTENTS目录 Highlights2摘要 FarmMap6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 CorporateInformation44公司资料 ReportonReviewofCondensedConsolidatedFinancialStatements46简明综合财务报表审阅报告 CondensedConsolidatedStatementofProfitorLossandOtherComprehensiveIncome48简明综合损益及其他全面收益表 CondensedConsolidatedStatementofFinancialPosition50简明综合财务状况表CondensedConsolidatedStatementofChangesinEquity52简明综合权益变动表CondensedConsolidatedStatementofCashFlows53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) 2023 2022 Change 2023年 2022年 变动 FINANCIALDATA 财务数据 (unaudited) （未经审核） (unaudited) （未经审核） Revenue 收入 6,633.4 5,632.1 +17.8% CashEBITDA(Note1) 现金EBITDA（附注1） 1,271.4 1,440.8 -11.8% Netprofit 净利润 217.9 531.1 -59.0% Netcashfromoperatingactivities 经营活动所得现金净额 2,182.9 1,282.2 +70.2% Netfreecashinflow(outflow)(Note2) 自由现金流入（流出）净额（附注2） 896.7 (559.3) N/A不适用 Netassetvaluepershare(RMB)(Note3) 每股资产净值（人民币元）（附注3） 1.44 1.41 +2.1% KEYOPERATINGDATA 主要经营数据 Herdsize(heads) 畜群规模（头） 418,596 382,693 +9.4% Annualisedaverageyield 年化平均成乳牛单产 12.6 12.3 +2.4% (tons/head•year) （吨╱头•年） Milkyield(tenthousandtons) 产奶量（万吨） 124.9 115.2 +8.4% Notes: 附注： (1)CashEBITDAisdefinedasearningsbeforefinancecostsandtaxhavingaddedback:i)depreciationandamortisationchargedtoprofitorloss;ii)othergainsandlosses,net;iii)impairmentlossesunderexpectedcreditlossmodel,netofreversal;andiv)lossarisingfromchangesinfairvaluelesscoststosellofdairycows. (2)Freecashflowisdefinedasthenetcashgeneratedfromoperatingactivitieslessthenetcashoutflowfrominvestingactivities. (3)EquityattributabletoownersoftheCompanyattheperiodenddividedbythenumberofordinarysharesinissueattheendofthereportingperiods,definedasof30June2023and30June2022. (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)自由现金流定义为经营活动所得现金净额减投资活动现金净流出。 (3)期末本公司拥有人应占权益除以汇报期末（定义为截至2023年6月30日及截至2022年6月30日）已发行普通股股数。 2CHINAMODERNDAIRYHOLDINGSLTD.INTERIMREPORT2023 HIGHLIGHTS 摘要 DIVIDEND TheBoarddidnotrecommendthepaymentofanyinterimdividendforthesixmonthsended30June2023(sixmonthsended30June2022:nil). HIGHLIGHTS Withthecorporatevisionof“establishingawholedairyvaluechain,innovatingwithdigitalintelligence,andbecomingaglobaldairyfarmingleader”,whilefocusingonthecorebusinessofrawmilkanddrivenbydigitalizationandecologicalapproaches,theGroup’sbusinessescovertheentiredairyvaluechainofthedairyindustry’supstreamsectors,includingbreeding,forageplantation,feeds,dairyfarminganddairyvaluechaininternettradingplatform.Asthedomesticconsumermarketrecoversgradually,theGroupstartedtoseearapidreleaseofrawmilkproductioncapacity.Withitscostadvantageandleveragingonanorganicsynergybetweennewandtheconventionalbusinesses,theGroupsubstantiatesastableandcontinuousbusinessdevelopmentwithhighquality. StrongGrowthinCoreBusiness:RawmilkproductionbeingthecorebusinessoftheGroup,hasperformedsolidly.Duringtheperiod,theherdsize,AMY,totalmilkyieldandsalesrevenueofrawmilkhaveallrecordedasignificantgrowth.Asof30June2023,theGrouphadinvestedinandoperated42dairyfarmingcompaniesinmainlandChina,andthenumberofdairycowsreached418,596heads,representingayoyincreaseof35,903headsoverthesameperiodlastyearorayoyincreaseof9.4%.TheAMYpermilkabledairycowreachedanindustry-leadinglevelof12.6tonsasattheendoftheperiod,representingayoyincreaseof2.4%,anditisexpectedtogrowcontinuously.Totalmilkyieldreached1.249milliontonsduringtheperiod,representingayoyincreaseof8.4%,withsalesrevenueamountingtoRMB5,044million,representingayoyincreaseof3.8%. RobustFinancialFundamentalwithDecreasingLeverage:Duringtheperiod,theGroup’spersistentstrengtheningofcos