现代牧业二零二三年年报

突破无止境， Breakthroughsbeyondlimits,innovationembracesvictories 创新赢未来。 CORPORATEPROFILE 公司简介 ChinaModernDairyHoldingsLimited(the“Company”or“ModernDairy”togetherwithitssubsidiaries,the“Group”)istheleadingdairyfarmingoperatorandrawmilkproducerinthePeople’sRepublicofChina(the“PRC”).ModernDairyoperates42dairyfarmingcompaniesinthePRCwithdairycowsover450,000headsandannualizedmilkyieldofover2.59milliontons.TheGroupisaleadingdairyfarmingoperatorandrawmilkproducerintermsofherdsizeinthePRC.TheCompanyinitiatedtheproductionmodelof“Zero-distanceIntegrationofForageGrassPlanting,CowsBreedingandMilkProcessingwithinTwoHours”,whichisthefirstinthePRCthatappliesintegratedproductionmodelwithSGScertification.ModernDairy’sproductshavebeenawardedtheGoldPrizeofMondeSelectionwhichisgenerallyregardedasthe“NobelPrize”inthefoodindustry,forthepasttenconsecutiveyears.Inrecentyears,ourbusinesssegmenthasexpandedtofeedandforage,intelligente-commerceplatformanddairycowsbreeding. 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45万头乳牛，年化产奶量达259万吨以上。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，我们的业务板块已扩展至饲草料﹑数智平台及乳牛种业。 “Raisehealthycows,safeguardeachandeverydropofmilk” “牧育健康牛，守护每一滴好牛奶” CONTENTS 目录 Highlights 摘要 2 CorporateCulturePanorama 企业文化全景图 8 FarmMapandSnapshotoftheGroup 集团牧场位置图及剪影 10 ProductsoftheGroupandAssociates 集团及联营公司产品 14 MajorAwardsandAchievements 主要奖项及殊荣 16 Chairman’sStatement 主席致辞 19 CEO’sStatement 总裁报告书 22 ManagementDiscussionandAnalysis 管理层讨论及分析 26 DirectorsandSeniorManagement 董事及高级管理层 55 CorporateGovernanceReport 企业管治报告 64 ReportoftheDirectors 董事会报告书 90 CorporateInformation 公司资料 123 IndependentAuditor’sReport 独立核数师报告 125 ConsolidatedStatementofProfitorLossandOtherComprehensiveIncome 综合损益及其他全面收益表 132 ConsolidatedStatementofFinancialPosition 综合财务状况表 134 ConsolidatedStatementofChangesinEquity 综合权益变动表 136 ConsolidatedStatementofCashFlows 综合现金流量表 137 NotestotheConsolidatedFinancialStatements 综合财务报表附注 141 FinancialSummary 财务概要 299 HIGHLIGHTS 摘要 YEARENDED31DECEMBER 截至12月31日止年度 20232023年 2022Change2022年变动 (AllamountsinRenminbi(“RMB”) （除特别列明外，所有金额以人民币 millionsunlessotherwisestated) （“人民币”）百万元列示） FINANCIALDATA 财务数据 Revenue 收入 13,458 12,295+9.5% CashEBITDA(Note1) 现金EBITDA（附注1） 2,496 2,740-8.9% ProfitfortheYear 年内溢利 185 580-68.1% NetCashfromOperatingActivities 经营活动所得现金净额 5,449 1,577+245.5% NetFreeCashInflow(Outflow)(Note2) 自由现金流入（流出）净额（附注2） 1,568 (2,414)N/A不适用 NetAssetValueperShare(RMB)(Note3) 每股资产净值（人民币元）（附注3） 1.42 1.42– EarningperShare(Basic)(RMBcents) 每股盈利（基本）（人民币分） 2.23 7.16-68.9% KEYOPERATINGDATA 主要经营数据 TotalRawMilkSold 生鲜奶总销量（万吨） (tenthousandtons) 255 233+9.4% HerdSize(heads) 畜群规模（头） 450,562 405,358+11.2% AverageMilkYield 平均成乳牛单产（吨╱头•年） (tonnes/head•year) 12.6 12.2+3.3% Notes: (1)CashEBITDAisdefinedasearningsbeforefinancecostsandtaxhavingaddedback:i)depreciationandamortisationchargedtoprofitandloss;ii)othergainsandlosses,net;iii)impairmentlossesunderexpectedcreditlossmodel,netofreversal;andiv)lossarisingfromchangesinfairvaluelesscoststosellofdairycows. (2)Freecashflowisdefinedasthenetcashgeneratedfromoperatingactivitieslessthenetcashoutflowfrominvestingactivities. (3)EquityattributabletoownersoftheCompanyattheyearenddividedbythenumberofordinarysharesinissueasat31December2023and31December2022,respectively. DIVIDEND TheBoardrecommendedthepaymentofafinaldividendofRMB0.0045perordinaryshare(2022:RMB0.0142). 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)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)本公司拥有人应占权益除以年末（定义为截至2023年12月31日及截至2022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 0.0045元（2022年：人民币0.0142元）。 2ChinaModernDairyHoldingsLtd.AnnualReport2023 HIGHLIGHTS 摘要 HIGHLIGHTS: Withthecorporatevisionof“establishingawholedairyvaluechain,innovatingwithdigitalintelligence,andbecomingaglobaldairyfarmingleader”,whilefocusingonthecorebusinessofrawmilkanddrivenbydigitalizationandecologicalapproaches,theGroup’sbusinessescovertheentiredairyvaluechainofthedairyindustry’supstreamsectors,includingbreeding,forageplantation,feeds,dairyfarminganddairyvaluechaine-commerceplatform.Withanexcellentmanagementteam,leadingscientificresearchandinnovation,highlydigitizedintelligentvaluechainandefficientcostcontrol,ModernDairyhasachievedorganicsynergybetweenitscorerawmilkbusinessandnewvaluechainbusinesses,whichhasempoweredtheoverallbusinessofourGrouptodevelopstablyandrobustly. •StrongGrowthinCoreBusiness:Rawmilkproduction,beingthecorebusinessoftheGroup,hasperformedsolidly.Duringtheyear,boththeaverageannualisedmilkyield(“AMY”)permilkingcowandthetotalmilkyieldhavereachedrecordhighs,andtherehasalsobeenasignificantincreaseintheherdsizeandsalesrevenuefromrawmilk.Asof31December2023,theGrouphadinvestedinandoperated42dairyfarmingcompaniesinmainlandChina,andthenumberofdairycowsreached450,562heads,representingayoyincreaseof11.2%.TheAMYpermilkabledairycowreachedanindustr