ANNUALREPORT 2023年报 CORPORATEPROFILE 公司简介 ChinaMengniuDairyCompanyLimited(the“Company”;stockcode:2319)anditssubsidiaries(collectivelythe“Group”or“Mengniu”)mainlymanufactureanddistributequalitydairyproductsinChina.ItisoneoftheleadingdairyproductmanufacturersinChina,withMENGNIUasitscorebrand.Mengniuoffersdiversifiedproductsincludingliquidmilkproducts,icecream,milkformulaandcheese.Mengniuranked8thinthe2023“GlobalDairyTop20”listpublishedbyRabobank.Asof 31December2023,theGroup’sannualdairyproductioncapacityreached14.04milliontons.InMarch2014,MengniubecameaHangSengIndexconstituent,makingitthefirstbluechipChinesedairyproductmanufacturer.In2023,Mengniu’sMSCIESGratingwaselevatedtoAA,distinguishingitastheonlycomprehensivedairycompanyinChinatoachievethisrating.MengniuisaconstituentoftheHangSengCorporateSustainabilityIndex,HangSeng(MainlandandHK)CorporateSustainabilityIndex,HangSengCorporateSustainabilityBenchmarkIndexandHSIESGEnhancedSelectIndex. 中国蒙牛乳业有限公司(“本公司”;股份代号:2319)及其子公司(统称“本集团”或“蒙牛”)主要于中国生产及销售优质乳制品。凭藉其主要品牌蒙牛,蒙牛已成为中国领先的乳制品生产商之一。蒙牛提供多元化的产品,包括液态奶、冰淇淋、奶粉及奶酪产品。蒙牛于荷兰合作银行公布的二零二三年“全球乳业二十强”中排名第八。截至二零二三年十二月三十一日,本集团乳制品的年生产能力达1,404万 吨。二零一四年三月,蒙牛获纳入恒生指数成份股,成为首家中国乳制品企业蓝筹股。二零二三年,蒙牛MSCIESG评级跃升至AA级,成为中国唯一一家取得AA评级的综合型乳制品企业,并入选恒生可持续发展企业指数、恒生内地及香港可持续发展企业指数、恒生可持续发展企业基准指数及恒指ESG增强精选指数。 CONTENTS目录 Highlights 摘要 2 PlantMap 生产基地位置图 8 MajorAwardsandAchievements 主要奖项及殊荣 9 CEO’sStatement 总裁致辞 14 ManagementDiscussionandAnalysis 管理层讨论及分析 26 DirectorsandSeniorManagement 董事及高级管理层 61 CorporateGovernanceReport 企业管治报告 72 ReportoftheDirectors 董事会报告 98 CorporateInformation 公司资料 127 IndependentAuditor’sReport 独立核数师报告 129 ConsolidatedStatementofProfitorLoss 综合损益表 138 ConsolidatedStatementofComprehensiveIncome 综合全面收益表 139 ConsolidatedStatementofFinancialPosition 综合财务状况表 140 ConsolidatedStatementofChangesinEquity 综合权益变动表 143 ConsolidatedStatementofCashFlows 综合现金流量表 145 NotestotheFinancialStatements 财务报表附注 148 Five-YearFinancialSummary 五年财务概要 331 HIGHLIGHTS 摘要 2023 二零二三年 RMBMillion 人民币百万元 2022 二零二二年RMBMillion人民币百万元 RevenueGrossProfitOperatingProfit(GrossProfitLessBusinessOperatingExpenses)ProfitAttributabletoOwnersoftheCompanyNetcashflowsfromoperatingactivitiesEarningsperShare(RMB) —Basic—Diluted 收入毛利经营利润(毛利减业务经营费用)归属于本公司权益股东的利润经营业务产生的净现金流量每股盈利(人民币元) —基本—摊薄 98,624 92,593 36,640 32,690 6,171 5,423 4,809 5,303 8,349 8,333 1.220 1.342 1.216 1.336 •In2023,theGroupcontinuedtostrengthenitscorebusiness,optimizeditsbusinessstructure,andrefineditsoperationalmanagement,achievinggrowthinrevenueby6.5%toRMB98,624.0million. •In2023,theGroup’soperatingprofitincreasedby13.8%year-on-yeartoRMB6,170.6million,whileitsoperatingprofitmarginincreasedby0.4percentagepointsyear-on-yearto6.3%. •本集团于二零二三年积极强化核心业务、优化业务结构,精细化运营管理,实现收入增长6.5%至人民币986.240亿元。 •本集团于二零二三年的经营利润同比增长13.8%至人民币61.706亿元,经营利润率同比提升0.4个百分点至6.3%。 ChinaMengniuDairyCompanyLimited中国蒙牛乳业有限公司 2 摘要 •TheGroupexpandeditsmarketshareintheliquidmilkmarket,continuingMilkDeluxe’sleadingmarketshareexpansionwithinthehigh-endmilksector,andtherewasasignificantincreaseinthemarketshareofroomtemperaturemilkbeverages.Thechilledyogurtbusinessachievedcounter-trendgrowthandmaintainedthetopmarketshareforthenineteenthconsecutiveyear.Thegrowthoffreshmilkbusinessoutpacedtheindustry,reinforcingtheleadingpositionforhigh-endfreshmilk.Theicecreambusinessfocusedondevelopmentinbothdomesticandinternationalmarkets,pushingforextensiveinnovativebreakthroughs. •TheGroupconductedsharerepurchaseswithatotalamountofHK$795.6millionduringtheyeartorewarditsshareholdersearnestly.Inaddition,thedirectorsrecommendthedividendpayoutratiotoberaisedto40%for2023,andpaymentofafinaldividendofRMB0.489perordinaryshare,withatotalproposedpaymentofcashdividendofRMB1,924.4million,representingayear-on-yearincreaseof21.0%. •Toimplementthe“MoreNutritious”strategy,Mengniufocusedonexploringthepotentialopportunitiesinthedairyproductsegment,anddedicateditselftoresearchanddevelopmentforinnovationsandbreakthroughstomeetconsumerneeds.Duringtheyear,MengniuexpandedintothesportsnutritionfieldandlaunchedthefirstliquidproteinnutritionalsupplementinChina,M-ACTIONSportsProteinDrink.ItalsobecamethefirstChinesedairycompanytosuccessfullyindependentlydevelophumanmilkoligosaccharide(HMO),establishingafirst-moveradvantageinthefrontierfieldofnutrition. •本集团液态奶市场份额持续扩张,特仑苏持续扩大高端领先优势,常温乳饮料市场份额大幅提升;低温酸奶业务逆势正增长,连续十九年稳居市场份额第一;鲜奶增速跑赢行业,继续夯实高端鲜奶标杆地位;冰淇淋聚焦国内国外市场发展,推进全面创新突破。 •本集团积极回馈股东,年内股票回购金额共计7.956亿港元。同时,董事会建议将二零二三年度派息比率提升至40%,派发期末股息每股普通股人民币0.489元,合计拟派发现金股利人民币19.244亿元,同比增加21.0%。 •“更营养”方面,蒙牛坚持从消费者出发,深度挖掘乳制品赛道潜力,不断推进研发创新的突破。年内,蒙牛进军运动营养领域,推出中国首款液体蛋白营养补剂迈胜运动蛋白饮,并成为首家成功自主研发母乳低聚糖HMO的中国乳企,奠定在营养前沿的先发优势。 AnnualReport2023二零二三年年报 HIGHLIGHTS 3 HIGHLIGHTS 摘要 •Topursuea“Smarter”approach,theGroupproactivelyimplementedadigitalstrategytocreatenewqualityproductivity.Duringtheyear,Mengniucompletedtheconstructionoftheworld’sfirstfullyintelligentdairyfactory,andintroducedtheworld’sfirstmodelinthenutritionandhealthfield,MENGNIU.GPT,aswellasanutritionandhealthmanagementplatform,“WOWHealth+”.TheGroupiscomm