2022-09-19-港交所-现代牧业_2022_中期报告_107页_34mb

Company Overview

China Modern Dairy Holdings Limited is a leading dairy farming operator and fresh raw milk producer in Mainland China, known for its "Zero distance Integration of Forage Grass Planting, Cows Breeding and Milk Processing within Two Hours" integrated model and sustainable practices.

Business Highlights

• Financial Performance:
  Revenue increased by 77.1% to RMB5.63 billion, gross profit rose 40.0% to RMB1.65 billion, and net profit grew slightly by 5.0% to RMB531 million.

  • Key driver: Raw milk sales volume increased 56.7%, with average revenue per kilogram lower than the industry but unit costs well-controlled.

• Operational Growth:

  • Herd size expanded 51.9% to 382,693 dairy cows, milk yield increased 56.9% to 1.15 million tons, breaking record-high single-cow production.
  • Strong cost control: Average raw milk production cost was RMB2.90/kg, lower than the industry average.

• Strategic Initiatives:

  • Acquired two subsidiaries (Mufeng Dairy and Yilei) to expand the herd scale and reinforce the dairy farming position.
  • Implemented "Dual Carbon Project" to align with national carbon reduction targets and enhance environmental initiatives.

• Corporate Recognition:

  • Pure milk has won the "Monde Selection Gold Award" for nine consecutive years.
  • Continued investment in high-quality breeding and SGS certification.

Stakeholder Focus

• Prioritized employee welfare and responsible governance, maintaining a focused leadership team.
• Delivered reputable products, earning awards for ethical operations and environmental stewardship.