蒙牛乳业年报2023

ANNUAL REPORT2023 ChinaMengniu Dairy Company Limited(the“Company”;stock code:2319)and its subsidiaries(collectively the“Group”or“Mengniu”) mainly manufacture and distribute quality dairy products inChina. It is one of the leading dairy product manufacturers in China, withMENGNIU as its corebrand. Mengniu offers diversified products including liquid milk products, ice cream, milk formula andcheese. Mengniu ranked 8th in the 2023“Global Dairy Top 20”list published by Rabobank. As of31December 2023,the Group’s annual dairy production capacity reached 14.04 million tons.InMarch 2014, Mengniu became a Hang SengIndex constituent,making it the firstblue chip Chinesedairy product manufacturer. In 2023, Mengniu’s MSCI ESG ratingwas elevated to AA,distinguishingit as the only comprehensive dairy company in China to achieve this rating. Mengniuis a constituentofthe Hang Seng Corporate Sustainability Index,Hang Seng(Mainland and HK)CorporateSustainability Index, Hang Seng Corporate Sustainability Benchmark Index and HSI ESG EnhancedSelect Index. 2319蒙牛1,404MSCI ESGAAAAESG CONTENTS 摘要2生產基地位置圖8主要獎項及殊榮9總裁致辭14管理層討論及分析26董事及高級管理層61企業管治報告72董事會報告98公司資料127獨立核數師報告129綜合損益表138綜合全面收益表139綜合財務狀況表140綜合權益變動表143綜合現金流量表145財務報表附註148五年財務概要331 HighlightsPlant MapMajor Awards and AchievementsCEO’s StatementManagement Discussion and AnalysisDirectors and Senior ManagementCorporate Governance ReportReport of the DirectorsCorporate InformationIndependent Auditor’s ReportConsolidated Statement of Profit or LossConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to the Financial StatementsFive-Year Financial Summary HIGHLIGHTS •In2023,the Group continued to strengthen its corebusiness, optimized its business structure, and refined itsoperationalmanagement,achieving growth in revenue by6.5% to RMB98,624.0 million.• •TheGroup expanded its market share in the liquid milkmarket,continuing Milk Deluxe’s leading market shareexpansion within the high-end milk sector, and there was asignificant increase in the market share of room temperaturemilkbeverages.The chilled yogurt business achievedcounter-trend growth and maintained the top market shareforthe nineteenth consecutive year.The growth of freshmilk business outpaced the industry, reinforcing the leadingpositionfor high-end fresh milk.The ice cream businessfocused on development in both domestic and internationalmarkets, pushing for extensive innovative breakthroughs.• 7.95640%0.48919.24421.0% •The Group conducted share repurchases with a total amountofHK$795.6 million during the year to reward itsshareholdersearnestly.In addition,the directorsrecommend the dividend payout ratio to be raised to 40%for 2023, and payment of a final dividend of RMB0.489 perordinaryshare,with a total proposed payment of cashdividend of RMB1,924.4 million, representing a year-on-yearincrease of 21.0%.• •HMO •Toimplement the“More Nutritious”strategy,Mengniufocused on exploring the potential opportunities in the dairyproductsegment,and dedicated itself to research anddevelopmentfor innovations and breakthroughs to meetconsumer needs. During the year, Mengniu expanded intothe sports nutrition field and launched the first liquid proteinnutritional supplement in China, M-ACTION Sports ProteinDrink. It also became the first Chinese dairy company tos u c c e s s f u l l yi n d e p e n d e n t l y d e v e l o p h u m a n m i l koligosaccharide (HMO), establishing a first-mover advantagein the frontier field of nutrition. HIGHLIGHTS MENGNIU.GPTWOW+ •Topursue a“Smarter”approach,the Group proactivelyimplementeda digital strategy to create new qualityproductivity.During the year,Mengniu completed theconstruction of the world’s first fully intelligent dairy factory,and introduced the world’s first model in the nutrition andhealthfield,MENGNIU.GPT,as well as a nutrition andhealth management platform, “WOW Health+”. The Group iscommitted to providing billions of families with personalized,long-term health services for the entire family.• GREENMSCIESGAAAAA •Tofulfill the“Greener”objective,the Group continued toimplementits“GREEN”strategy and the dual-carbonstrategicgoal,by announcing a leading industry pledgetowards“zero-deforestation”.The Group also activelypromotedcarbon reduction in farms,green operations,responsible supply chain, and development of nutritious andhealthy, green and low-carbon products. During the year,theGroup’s MSCI ESG rating was raised from A to AAlevel, and it was the only comprehensive dairy company inChina to obtain an AA rating. 按產品劃分之收入 Revenue by Product Mix （截至十二月三十一日止年度） (For the year ended 31 December)RMB Million PLANT MAP 海外生產基地Overseas Plants 印尼生產基地、雅士利新西蘭生產基地、貝拉米澳洲生產基地Indonesia Plant, Yashili’s New Zealand Plant, Bellamy’s Australia Plant Burra澳洲生產基地、艾雪印尼生產基地、艾雪菲律賓生產基地Burra’s Australia Plant, AICE’s Indonesia Plant, AICE’sPhilippines’ Plant MAJOR AWARDSAND