[公告]蒙牛乳业：年报2017
ANNUAL REPORT 2017 年報 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司* (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code 股份代號：2319 世界杯全球官方贊助商 ANNUAL REPORT 2017 年報 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司* (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code 股份代號：2319 世界杯全球官方贊助商 CORPORATE PROFILE 公司簡介 China Mengniu Dairy Company Limited (the “Company”; stock code: 2319) and its subsidiaries (the “Group” or “Mengniu”) manufacture and distribute quality dairy products in China. It is one of the leading dairy product manufacturers in China, with MENGNIU as its core brand. Mengniu’s diversified products include liquid milk (such as UHT milk, milk beverages and yogurt), ice cream, milk formula and other products (such as plant protein beverage and cheese). As of December 2017, the Group’s annual production capacity reached 9.22 million tons. In March 2014, Mengniu became a Hang Seng Index constituent, making it the first blue chip Chinese dairy product manufacturer. 中國蒙牛乳業有限公司（「本公司」；股份代號：2319）及其子公司（統稱「本集團」或 「蒙牛」）於中國生 產及銷售優質乳製品。憑藉其主要品牌蒙牛，蒙牛已成為中國領先的乳製品生產商之一，提供多元 化的產品，包括液態奶（如UHT奶、乳飲料及酸奶）、冰淇淋、奶粉及其他產品（如植物蛋白飲品、奶 酪）。於二零一七年十二月，本集團乳製品的全年生產能力達922萬噸。二零一四年三月，蒙牛獲納入 恒生指數成份股，成為首家中國乳製品企業藍籌股。 CONTENTS 目錄 HighlightsPlant MapMajor Awards and AchievementsCEO’s StatementManagement Discussion and AnalysisDirectors and Senior ManagementCorporate Governance ReportReport of the DirectorsCorporate InformationIndependent Auditors’ ReportConsolidated Statement of Profit or LossConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to Financial StatementsFinancial Summary 摘要 生產基地位置圖 主要獎項及殊榮 總裁致辭 管理層討論及分析 董事及高級管理層 企業管治報告 董事會報告 公司資料 獨立核數師報告 綜合損益表 綜合全面收益表 綜合財務狀況表 綜合權益變動表 綜合現金流量表 財務報表附註 財務概要 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司 HIGHLIGHTS 摘要 2017 二零一七年 RMB Million 人民幣百萬元 2016 二零一六年 RMB Million For the Year Ended 31 December截至十二月三十一日止年度 人民幣百萬元 60,156 21,183 2,048 5,505 0.526 0.526 53,779 Gross Profit毛利 Revenue收入 17,635 Profit/(Loss) Attributable to Owners 本公司擁有人應佔利潤╱（虧損） (751) of the CompanyNet cash flows from operating activities經營業務產生的凈現金流量 4,513 Earnings/(Loss) per Share (RMB)每股盈利╱（虧損）（人民幣元） (0.193) – Basic －基本 (0.193) – Diluted －攤薄 . Mengniu was included in the “Global Dairy Top 20” list published by Rabobank for the ninth consecutive year. In 2017, for the first time, Mengniu climbed into the top 10, attaining a new height in the global dairy industry ranking. . Mengniu has fully implemented its new business division system and the Group’s four major business divisions, namely room temperature, chilled, milk formula and ice cream products, have been established based on product categories. This has translated into greater synergies for development, better resources utilization, and higher operational and management efficiency, as well as enhanced product quality. . Mengniu focuses on its dominant brands, strengthens brand communication and product innovation, as well as sales execution. While strengthening traditional channels, it also vigorously develops digital marketing and new retail channels, so as to enhance sales and profitability in multiple dimensions. . Mengniu’s liquid milk maintained its market leadership, while the overall sales of room temperature dairy products have been favorable, and chilled dairy products achieved a steady increase in market share, strengthening its top position nationwide based on market share. . Mengniu continued its upstream resources deployment by increasing its stake in China Modern Dairy Holdings Ltd. (“China Modern Dairy”; stock code: 1117) to ensure stable supply of high quality raw milk sources. At the same time, it has actively expanded its raw milk sources overseas to enhance its international milk sources deployment. . Mengniu is moving towards a new milestone in international brand building. It is cooperating with world famous brands like Shanghai Disney Resort in its promotion efforts; becoming the official dairy products partner of Universal Beijing Resort; sponsoring international events such as NBA matches, Boao Forum for Asia and BRICS Summit; and at the end of 2017, becoming the Official 2018 FIFA World CupTM Sponsor. . 蒙牛連續九年入選荷蘭合作銀行發佈的「全 球乳業20強」，並於二零一七年首次進入前 十，刷新在全球乳業的排名。 . 蒙牛新事業部制全面實施，按產品種類劃分 為常溫、低溫、奶粉、冰淇淋四大事業部， 進一步提升協同發展、資源利用、營運管理 效率和產品質量。 . 蒙牛聚焦優勢品牌，強化品牌溝通和產品創 新，並且強化銷售執行力，在加強傳統渠 道的同時，大力開發數字化營銷及新零售渠 道，多維度提升銷售和盈利能力。 . 蒙牛液態奶保持市場領先地位，常溫乳品整 體銷售良好，低溫乳品市場份額穩步上升， 進一步鞏固其全國市場份額第一地位。 . 蒙牛持續佈局上游資源，透過增持中國現代 牧業控股有限公司（「中國現代牧業」；股份 代號： 1117），確保優質奶源的穩定供應， 同時積極在海外拓展奶源地，深化其國際奶 源佈局。 . 蒙牛在品牌國際化方面邁向新里程，除與世 界知名品牌如上海迪士尼度假區合作推廣 外，同時成為北京環球度假區官方乳製品的 合作夥伴，並贊助國際級盛事如NBA賽事、 博鰲亞洲論壇、金磚國家峰會，二零一七年 底更正式成為2018 FIFA世界盃全球官方贊 助商。 Annual Report 2017二零一七年年報 HIGHLIGHTS 摘要 2016 2017 2016 2017 23,851.9 9,380.2 14,870.8 25,689.2 9,879.8 17,446.0 53,015.0 2,513.1 4,042.1 585.4 48,102.9 2,179.9 3,150.9 345.6 Ice Cream 冰淇淋 Liquid Milk 液態奶 Other Products 其他產品 Milk Formula 奶粉 UHT Milk UHT奶 Yogurt 酸奶 Milk Beverages 乳飲料 Revenue by Product Mix (For the year ended 31 December) 按產品劃分之收入（截至十二月三十一日止年度） Revenue by Product Mix in Liquid Milk Segment (For the year ended 31 December) 按液態奶產品劃分之收入（截至十二月三十一日止年度） RMB Million人民幣百萬元 RMB Million人民幣百萬元 4 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司 Inner Mongolia 內蒙古 Liaoning 遼寧 Heilongjiang 黑龍江 Beijing 北京 Hebei 河北 Shandong 山東 Shanxi 山西 Shaanxi 陝西 Gansu 甘肅 Sichuan 四川 Xinjiang 新疆 Henan 河南 Hubei 湖北 Anhui 安徽Jiangsu 江蘇 Zhejiang 浙江 Guangdong 廣東 UHT Milk and Milk Beverages UHT 奶及乳飲料 Yogurt 酸奶 Milk Formula 奶粉 Ice Cream 冰淇淋 Other Products 其他產品 Saibei Plant 塞北生產基地 Chabei Plant 察北生產基地 Taiyuan Plant 太原生產基地 Helin (Hi-tech) Plant 和林（高科）生產基地 Helin (Headquarters) Plant 和林（總部）生產基地 Baotou Plant 包頭生產基地 Bameng Plant 巴盟生產基地 Yinchuan Plant 銀川生產基地 齊齊哈爾生產基地 Qiqihaer Plant 新疆生產基地 Xinjiang Plant 尚志生產基地 Shangzhi Plant Wulanhaote Plant 烏蘭浩特生產基地 Tongliao (Keerqin) Plant 通遼（科爾沁）生產基地 Shenyang Plant 瀋陽生產基地 Tangshan Plant 唐山生產基地 Luannan Plant 灤南生產基地 Tianjin Plant 天津生產基地 Beijing Plant 北京生產基地 Baoding Plant 保定生產基地 Shijiazhuang (Junlebao) Plant 石家莊（君樂寶）生產基地 Hengshui Plant 衡水生產基地 Tai’an Plant 泰安生產基地 Jiaozuo Plant 焦作生產基地 Ma’anshan Plant 馬鞍山生產基地 Suqian Plant 宿遷生產基地 Qingyuan Plant 清遠生產基地 Guangdong (Yashili) Plant 廣東（雅士利）生產基地 Wuhan Plant 武漢生產基地 Dangyang Plant 當陽生產基地 Baoji Plant 寶雞生產基地 Linxia Hui Autonomous Prefecture (Yiqing) Plant 臨夏回族自治州（壹清）生產基地 Shanxi Plant 山西生產基地 Zhengzhou (Plant-Based Food Business) Plant 鄭州植物基食品生產基地 Meishan Plant 眉山生產基地 註： 雅士利新西蘭工廠已於2015年11月正式投產 Note: The New Zealand factory of Yashili commenced formal production in November 2015 Jinhua Plant 金華生產基地 PLANT MAP 生產基地位置圖 Annual Report 2017 二零一七年年報 MAJOR AWARDS AND ACHIEVEMENTS 主要獎項及殊榮 The Group and its Management . Made “Global Dairy Top 20” list published by Rabobank and ranked among the top 10 for the first time . Awarded “2017 Leading Enterprise of China’s Dairy Industry” by China Dairy Industry Association . Conferred the title of “Strategic Partner of China’s Aerospace Program” by the China Space Foundation . Received the “Case Prize of the Belt & Road Initiative in 2017” at the Media Cooperation Forum on Belt and Road organized by the People’s Daily . Awarded the “Poverty Alleviation Award of China Social Responsibility 2017” by xinhuanet.com and Corporate Social Responsibility Research Center of the Chinese Academy of Social Sciences . Named “Leading Enterprise of Corporate Social Responsibility under China’s New Normal” by Chinadevelopment.com.cn . Mr. Lu Minfang, Chief Executive Officer, named “2017 Food Leader” by xinhuanet.com at the 2017 China Food Development Conference Mengniu’s Brands . One of the “Interbrand Best Chinese Brands 2017” . Among the top 20 in the BrandZ. 2017 list of the most valuable Chinese brands . Yogurt and probiotics drinks topped the “2017 China Brand Power Index (C-BPI)” list published by the Ministry of Industry and Information Technology of the PRC . One of the “TOP 10 most effective brands” named at the “2017 Greater China Effie Awards” 蒙牛品牌 . 榮獲Interbrand 2017最佳中國品牌 . 榮獲BrandZ.2017最具價值中國品牌20強 . 酸奶及乳酸菌飲料位列中國工業和信息化部 「2017年中國品牌力指數(C-BPI)排行榜」冠軍 . 評為「2017大中華區艾菲獎最具實效品牌TOP 10」 Mengniu’s Products . Milk Deluxe Organic Milk garnered the “Gold Award” at the 11th BioFach China . Champion Oats and the Red product series were named “Outstanding Chinese New Dairy Products” by the China Dairy Industry Association . Ruipuen garnered “Gold Prize – Quality Award” from the China Dairy Industry Association and also “Excellent Reputation Award” at the China Children and Woman Industry Expo in 2017 本集團及管理層 . 獲荷蘭合作銀行列入「全球乳業二十強」名單， 並首次躋身前十 . 榮獲中國乳製品工業協會頒發「中國乳業2017 年度領軍企業」 . 榮獲中國航天基金會授予「中國航天事業戰略 合作夥伴」稱號 . 榮獲《人民日報》「一帶一路」媒體合作論壇頒發 「2017一帶一路建設案例獎」 . 榮獲新華網及中國社會科學院企業社會責任研 究中心頒發「2017中國社會責任扶貧獎」 . 榮獲中國發展網頒發「中國新常態企業社會責 任領軍企業獎」 . 總裁盧敏放先生獲新華網2017中國食品發展 大會評為「2017年度食品領軍人物」 蒙牛產品 . 特侖蘇有機奶榮膺「第十一屆中國國際有機食 品博覽會乳品金獎」 . 冠益乳燕麥及紅色系列產品獲中國乳製品工業 協會頒發「中國乳業優秀新產品獎」 . 瑞哺恩於2017年獲授予「中國乳製品工業協會 品質金獎」，並榮獲「婦兒博覽會消費者好口 碑」大獎 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司 CEO’S STATEMENT 總裁致辭 STAY TRUE TO OUR INITIAL GOAL, TRIUMPH TOGETHER, AND BUILD A HUNDRED-BILLION YUAN REVENUE INTERNATIONAL DAIRY ENTERPRISE AT “MENGNIU SPEED” 不忘初心，共贏冠軍， 以蒙牛速度 打造千億級國際乳企 Mr. Jeffrey, Minfang LU 盧敏放先生 Chief Executive Officer 總裁 For Mengniu, 2017 was a year of change and advancement. 二零一七年是蒙牛的變革、奮進之年。蒙牛堅守 During the year, Mengniu adhered to its core values of quality 質量、創新的核心，嚴格落實「聚焦、聚勢、凝 and innovation, following diligently the strategy of “Focusing 心、凝力」戰略舉措，堅實通過新事業部制打造獨 on Development and Gathering Strengths” in developing the 立業務板塊，聚焦明星品牌及整合優勢資源，保 independent businesses under its new business division system, 障各品類全面、均衡發展，並且透過釋放蒙牛人 keeping its eyes on star brands and consolidating advantageous 的「狼性」文化，打造高質高效的蒙牛團隊，攜手 resources, so as to ensure the balanced development of all 使本集團首次挺進「全球乳業十強」。 product categories. It also endeavored to unleash the “wolf spirit” in members of the Mengniu team, building a team of superb quality and high efficiency, a team that by working hand-in-hand saw the Group make the “Global Dairy Top 10” list for the first time. In this first year of implementation of the new business division 於新事業部制施行的第一年，蒙牛按產品種類劃 setup, the four major businesses namely room temperature, chilled, 分為常溫、低溫、奶粉、冰淇淋四大事業部。應 milk formula and ice cream products, have been established based 對國內消費結構升級、消費行為多元化的趨勢及 on product categories. Responding to consumption structure 低溫產品市場龐大的拓展空間，蒙牛高效利用自 upgrade in the country, consumers wanting more diverse choices 有技術與優質奶源，積極開發中高端定位產品， and the still largely untapped chilled product market, Mengniu was 推出多款明星品牌下的新產品，並大力發展低溫 able to effectively apply its proprietary technologies and quality 酸奶產品，搶佔中高端市場份額。 milk source to develop mid-range to high-end products and introduce new products under its various star brands, plus step up development of chilled yogurt products to seize share in the midrange to high-end markets. 二零一七年，蒙牛在品牌國際化方面取得了卓越 的成績。三月份，蒙牛與北京環球度假區達成戰 略協議，成為在度假區提供乳製品和冰淇淋的獨 際化方面面取得取了卓越越 京環京環球度球度假區假區達成達成戰戰 一七年，蒙牛在品牌國 績。三月份，蒙牛與北京 議，成為在度假區提供乳 國際際 北京京 CEO’S STATEMENT 總裁致辭 二零一七年，蒙牛在品牌國際化方面取得了卓越 的成績。三月份，蒙牛與北京環球度假區達成戰 略協議，成為在度假區提供乳製品和冰淇淋的獨 際化方面面取得取了卓越越 京環京環球度球度假區假區達成達成戰戰 一七年，蒙牛在品牌國 績。三月份，蒙牛與北京 議，成為在度假區提供乳 國際際 北京京 CEO’S STATEMENT 總裁致辭 In 2017, Mengniu has achieved an outstanding performance in brand internationalization. In March, Mengniu signed a strategic agreement with the Universal Beijing Resort and became the resort’s exclusive official dairy and ice cream products partner. At that, the Group is now a partner of two major theme parks, one in Shanghai and the other in Beijing, and hence the first dairy brand to own cooperation rights with both Disneyland and the Universal Studio in one same country. Around the end of the year, Mengniu’s international standard quality again gained endorsement. It became the Official 2018 FIFA World Cup. Sponsor. It is not only the first dairy brand to make it among global official sponsors of the FIFA, but also the first Chinese food and beverage brand to make that list, marking a new milestone on its path to building an international brand. Innovation is what provides Mengniu the new energy to develop, and with strong and effective execution capability, the Group boasts the “Mengniu Speed” never seen before in the industry – updates on all online and offline advertisements for different product brands were completed in only 12 days after the global sponsorship was announced and in just 18 days the first product in World Cup-themed packaging hit the market, followed subsequently by 161 products under 27 brands. A World Cup Russia “all-star team” has born. 家官方合作夥伴。這樣一來，蒙牛已將上海和北 方合作夥伴這樣來 京的兩大主題公園盡收囊中，成為可以在一個國 家裏同時拿下迪士尼樂園和環球影城的合作權益 的第一個乳業品牌。年底蒙牛國際化質量再獲背 書，正式成為2018 FIFA世界杯全球官方贊助商， 不僅是FIFA全球官方贊助商中的首個乳品品牌， 也是第一個作為世界杯全球贊助商的中國食品飲 料品牌，使蒙牛的品牌國際化邁向新里程。創新 為蒙牛帶來新的發展活力，而高效、強大的執行 力則打造刷新行業的「蒙牛速度」– 在宣布成為世 界杯全球官方贊助商後，蒙牛僅用了12天便完成 了多個品牌的綫上綫下廣告全面更新；僅18天便 推出首款世界杯主題包裝產品，旗下27個產品品 牌161款產品隨後統一換上世界杯主題包裝，組成 俄羅斯世界杯賽場上一支閃耀的「明星之隊」。 10 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司 CEO’S STATEMENT 總裁致辭 Quality has always been the core value of Mengniu and innovation is its core competitive strength, and the new normal for Mengniu’s development is to pursue international standards and use the most stringent of those standards as benchmark to transform itself into a world-class Chinese dairy enterprise. Together with strategic partners like Danone Group and Arla Foods, Mengniu has led the pack in deploying its global value chain following international standards and, in doing so, has helped the Chinese dairy industry improve its overall quality. It has kept putting the latest technological achievements to use and adopting the most rigorous quality requirements throughout its industrial chain to help it explore and exploit the potential-rich “blue ocean” of new products. Its innovative and quality products are not only widely recognized by consumers in China, but also those overseas as reflected in its sales overseas rapidly growing. During the period of the BRICS summit, Mengniu’s products namely Milk Deluxe, Just Yoghurt, Champion, Pure Milk and Deluxe ice cream were the designated dairy products for the BRICS leaders’ meeting held in Xiamen, showing to the world the leading quality of Mengniu products. On top of consistently improving dairy product quality and striving for development which is in sync with the industrial chain, Mengniu is also dedicated to being an outstanding corporate citizen, promoting charitable activities, driving development of local communities and helping its employees learn and grow, so that Mengniu can become a leading sustainable enterprise. During the year, Mengniu mounted the “Mengniu Inclusive Nutrition Plan” for pupils in rural schools in 157 districts and counties in 24 provinces, cities and autonomous regions in the PRC, spreading the warmth and care from Mengniu to the next generation. At the same time, sparing no efforts in nurturing industry specialists, Mengniu continued to, via such projects as the “Golden Key of Milk Cow” technology workshops, the “Star Ranchers” advanced learning platform and the “University of Ranchers”, establish a sustainable dairy industry ecosystem and enhance the competitiveness of the Chinese dairy industry. Mengniu’s effort to lead corporations in the PRC in fulfilling their social responsibility are well-recognized by the community. During the year, the Group was awarded “Leading Enterprise of Corporate Social Responsibility under China’s New Normal” by chinadevelopment.com.cn. Mengniu, together with its three major shareholders and international leading partners, will continue to apply world-class advanced resources and platforms and bring in leading technologies and management modes, with the aim of building Mengniu into a worldclass dairy enterprise. By deploying a global industrial chain and drawing on overseas resources to fortify its advantages in the industry, Mengniu will continue to facilitate the building of a global “Dairy Community”, pinpointing especially countries along the “Belt and Road”. 蒙牛始終把質量作為核心價值觀，把創新作為核 心競爭力，將國際標準作為發展新常態，用全球 最嚴標準打造世界級的中國乳業品牌。蒙牛攜手 Danone集團及Arla Foods等戰略夥伴，率先開展 全球乳業布局，在全產業鏈層面對標國際標準， 助力中國乳業全面質量升級，同時不斷推動最新 技術成果和嚴格質量規範在全產業鏈上的應用， 開發高潛力的新品市場藍海。創新、優質的產品 不僅廣受國內消費者認可，海外銷售增長亦勢頭 喜人。在金磚國家峰會期間，蒙牛旗下的特侖 蘇、純甄、冠益乳、純牛奶和蒂蘭聖雪等產品成 為金磚國家領導人廈門會晤的指定乳製品，向世 界展示了蒙牛產品的領先質量。 在不斷提升本集團的乳製品質量、與產業鏈共同 發展的同時，蒙牛亦致力成為優秀的企業公民， 推動公益慈善、帶動地方發展，並促進員工學習 成長，讓蒙牛成為可持續發展企業的典範。蒙牛 於年內在中國24個省、市、自治區，合共157個 區縣的鄉村學校推行「蒙牛營養普惠計劃」，讓下 一代感受到來自蒙牛的溫暖與關愛。同時，我們 不遺餘力培養業界專才，通過「奶牛金鑰匙」技術 示範專場、「星牛人」高端學習平台及「牧場主大 學」等項目，致力打造可持續奶業生態圈及提升中 國乳業競爭力。社會各界充分肯定蒙牛引領中國 企業肩負社會責任，本集團於年內獲中國發展網 頒發「中國新常態企業社會責任領軍企業獎」。 蒙牛將繼續攜手三大股東及國際領先的合作夥 伴，利用世界先進的資源及平台，引入先進的技 術和管理模式，打造世界級的乳品企業。通過全 產業鏈的國際化布局，利用海外資源鞏固行業優 勢，蒙牛將繼續推進全球、特別是「一帶一路」沿 綫國家的「乳業共同體」的建設。 Annual Report 2017二零一七年年報 11 CEO’S STATEMENT 總裁致辭 With rising consumer confidence, the younger consumer population and their demand for diverse product choices growing, commanding upgrade of the mid-range to high-end consumption structure, Mengniu is open to new development opportunities. We believe, in the coming future, the dairy industry in China will venture into a “golden decade” and see rapid growth. Adhering to its emphasis on “Quality, Innovation and Internationalization”, Mengniu will insist on upholding the core value of quality, maintaining its excellence via innovation, enhancing the efficiency of research and development, closely following the trend of consumption upgrade, in its march towards the mid to high-end of the value chain. At the same time, Mengniu will further its effort in brand internationalization. Leveraging the 2018 FIFA World Cup., the most influential sports event in the world, Mengniu will let the world see the top Chinese dairy product enterprise that it is and present to consumers its natural, nutritious and delicious products. Mengniu celebrated its 18th birthday in 2017. The next decade will see the Group grow from 19 years of age to 28, which is also the golden 10 years for a person. This golden 10 years of Mengniu match perfectly with that of the industry. This is a rare development opportunity for Mengniu and all Mengniu staff members are ready to devote their best 10 years in life to embrace the advent of the golden 10 years of the dairy industry in China. We will stay true to our initial goal when we started up our business as we begin a new journey. We will continue to foster development of our business with innovation and to provide green, healthy and high quality dairy products to consumers and better satisfy people’s desire for a good life. Remaining loyal to the spirit of “No Compromise on Product, Quality, Execution and Values” and returning to the work culture that emphasizes the “wolf spirit” characterized by strength in execution and with the determination to “winning and win-win”, we aim to build Mengniu into a hundredyear enterprise, a champion in the dairy industry and a forerunner in the global dairy industry. Mengniu will speed up realizing its “2020 Goal”, which is to achieve its objective to become a hundred-billion yuan revenue international dairy enterprise by 2020. Jeffrey, Minfang LU Chief Executive Officer Hong Kong, 27 March 2018 隨著消費者信心回升，消費年齡年輕化及需求多 樣化，中高端消費結構升級為蒙牛帶來新的發展 機遇。我們相信，未來一段時間，中國乳業必將 迎來一個快速發展的新「金色十年」。蒙牛圍繞「質 量、創新、國際化」，堅守以質量為核心價值觀， 以創新保持不凡，提升研發效率，緊跟消費升 級，引領消費趨勢，邁向價值鏈中高端。同時蒙 牛將進一步推進品牌國際化，借勢2018 FIFA世界 杯這一全球最具影響力的體育賽事，向全球展現 中國頂級乳品企業，為消費者介紹天然、營養、 美味的蒙牛產品。 二零一七年是蒙牛18歲的生日，未來的十年，從 19歲到28歲，也是一個人的金色十年。蒙牛的金 色十年和行業的金色十年完全重合了在一起，這 是一個難得的發展機遇，蒙牛人已經準備好用人 生中最好的十年，迎接中國乳業的金色十年。 我們將回歸創業初心，開啟全新征途。我們將貫 徹創新發展理念，為消費者提供綠色健康的優質 乳品，更好地滿足人們對於美好生活的嚮往。我 們將秉持「產品不妥協、質量不妥協、執行不妥 協、價值觀不妥協」的精神，回歸高執行力的「狼 性」團隊文化，抱以「必贏、共贏」的決心，共築百 年蒙牛、共贏乳業冠軍，堅守在全球乳業第一陣 營，加速邁向蒙牛的「二零二零目標」─即蒙牛在 二零二零年要成為銷售額達到一千億人民幣的國 際乳業巨企。 盧敏放 總裁 香港，二零一八年三月二十七日 14 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 INDUSTRY REVIEW 行業回顧 In 2017, China, as the world’s second largest economy, developed 二零一七年，中國作為全球第二大經濟體，發展 steadily in positive strides with GDP growing at 6.9%. The rebound 態勢穩中向好，國民生產總值增長達6.9%；國內 of domestic consumer confidence index and the increase in the 消費者信心指數回升，全國居民人均可支配收入 country’s per capita disposable income pushed up consumption 持續增長拉動消費需求，促進消費結構升級，對 demand and in turn drove the upgrade of consumption structure, 國內乳業發展產生正面的影響。 all developments conducive to the growth of the country’s dairy industry. Phenomena including emergence of the middle class, the growing 隨著新興中產階級、新生代消費群體增加及人口 population of new-generation consumers and the aging population 老齡化多極發展，消費者追求健康綠色的生活方 have seen more consumers earnest in pursuing healthy and green 式，傾向於購買高端、健康及新鮮的產品，促使 lifestyle, and choosing premium, healthy and fresh products. 市場產品結構進一步邁向多元。年內，快消品行 As a result, product offerings in the market have become more 業維持穩定增長的趨勢，競爭由價格促銷轉向產 diversified. During the year, fast-moving consumer goods industry 品創新及渠道轉型的角力，企業品牌優勢逐漸顯 maintained steady growth with the focus of competition shifting 現。乳製品行業加快復蘇，在原奶供應及價格穩 from pricing to product innovation and channel transformation, 定的背景下，產品升級創新、推出高端差異化乳 bringing to the foreground the importance of having corporate 製品等成為企業持續提升盈利能力的主要動力。 brand advantage. As for the dairy product industry, it has been recovering at a faster pace against the backdrop of stable supply and pricing of raw milk. Measures such as product upgrade and innovation and introducing differentiated premium dairy products have become the main boosters of sustainable profitability improvement for dairy enterprises. In spite of growing demand, product quality remains crucial in 儘管需求增長，產品質量依然是提升中國乳業競 helping China’s dairy industry enhance competitiveness. During the 爭力的關鍵。年內國家持續加強食品安全監察力 year, the state continued to strengthen monitoring of food safety 度，促進乳製品質量提升，國家農業部部署振興 and endeavored to improve the quality of dairy products. The 乳業「五大行動」，加快乳業現代化步伐，提升 Ministry of Agriculture has vowed to invigorate the country’s dairy 全產業鏈的質量建設，確保中國乳業的可持續發 product industry and for that has drawn up plans for “Five Major 展。二零一七年，在國家監管部門抽檢的各大類 Actions”, aiming to speed up modernization of the industry and 食品中，乳製品合格率達99.2%，嬰幼兒配方乳 enhance the quality of the entire industry chain, thereby ensuring 粉合格率達到99.5%，質量領跑食品行業，顯示 sustainable development of the industry. In 2017, among the major 中國乳製品質量持續穩定向好，進一步提升了消 food product types sampled by the national regulatory authorities, 費者對於國產乳製品的信心度。 the passing rates of dairy products and infant milk formula are as high as 99.2% and 99.5% respectively, which is proof of China’s dairy products leading the food industry and having made a sustainable improvement in quality, helping to boost the confidence of consumers in domestic dairy products. Looking forward, with dairy product consumption still in the stage 展望未來，中國仍然處在乳製品消費穩健增長的 of steady growth in China, the dairy product industry is expected to 時期，預計未來5–10年乳製品行業仍會在產品 maintain relatively fast growth in the next 5 to 10 years at the push 創新和產能升級推動下保持較快發展。常溫業務 of product innovation and capacity upgrade. Room temperature 發展穩中有升，低溫業務將保持高速發展，特別 product business will trend up steadily, while the business of chilled 是鮮奶、奶酪等新興業務增長較佳。奶粉業務方 products will maintain rapid growth, with new product segments 面，二胎政策帶來的人口紅利開始體現，而國內 such as fresh milk and cheese expected to stand out. As for milk 嬰幼兒奶粉配方註冊制將在二零一八年落地推 Annual Report 2017二零一七年年報 15 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 powder business, with the two-child policy starting to bear result and the national infant milk formula registration system to take effect in 2018, which will raise the industry barrier, hasten the consolidation of the industry and optimize the industry structure, the milk powder industry is expected to develop healthily in the long run. In the changing market and with consumers becoming more sophisticated in taste, leading dairy product enterprises with good reputation, outstanding quality, strong innovative capability, and sales channels that reach wide and deep will be well-poised to reinforce their leadership in the consolidating industry. As China assumes growing importance on the international stage, her dairy industry is also advancing in strides on the path of internationalization. Dairy product enterprises have been aligning production with international standards, perking up production techniques and research capability and improving overall product quality, and actively pushing to “go global” by expanding their overseas markets and building a global supply chain to help them achieve stronger brand recognition and reputation internationally. BUSINESS REVIEW In 2017, Mengniu introduced a new business division system, achieving integrated management of production, supply and sales, manpower, finance and assets as well as accountability, power and incentives. After implementation of the new organizational structure, four major business divisions, namely room temperature, chilled, milk formula and ice cream products, have been established based on product categories, resulting in greater synergies for development, better resources utilization, and operational and management efficiency, as well as enhanced product quality. To keep up with the domestic consumption upgrade and diversification of consumption behavior, Mengniu has kept focusing effort on product research, development and innovation, with providing premium and ever more nutritious and healthier products as the purpose of product upgrade. Mengniu has set its sight on capturing market share in mid-range and high-end markets by using its proprietary technology and quality milk sources efficiently to develop products for these markets. To fortify the dominance of Mengniu’s star brands and products, the Group has not only introduced many new products under its star brands, but has also strived for continuous technological breakthroughs aiming to best and quickly “lock up freshness”. Adopting Quick Response (QR) code technology, Mengniu has made it possible for consumers to trace the milk sources and manufacturing process, letting them know that the products are fresh, healthy, high-quality and safe to enjoy. 行，有利提高行業門檻、加速奶粉產業的整合、 優化產業結構，預期奶粉行業將長遠健康發展。 由於市場格局變化及消費需求升級，口碑好、質 量高、創新強、銷售渠道覆蓋廣而深的龍頭乳製 品企業將可在行業整合中進一步鞏固領先地位。 隨著中國在全球化格局中的地位日益顯著，中國 乳業也在國際化道路上不斷前行。中國乳製品企 業紛紛對標國際水平，提升技術及研發能力，全 面提升產品質量，同時積極「走出去」，拓展海外 市場及佈局全球供應鏈，提升品牌的國際知名度 及美譽度。 業務回顧 二零一七年，蒙牛推行新事業部制，建立產供銷 一體化、人財物一體化、責權利一體化的管理系 統。隨著新的組織架構正式落地，本集團以產品 種類劃分，設立了常溫、低溫、奶粉、冰淇淋四 大事業部，使本集團在協同發展、資源利用、營 運管理效率以致產品質量均有所提升。 為順應國內消費結構升級與消費行為多元化的趨 勢，蒙牛發力產品研發創新，以高端化、營養 化、健康化作為產品升級之目標，高效利用自有 技術與優質奶源，積極開發中高端定位產品，搶 佔中高端市場份額。為鞏固蒙牛明星品牌及產品 的主導地位，本集團推出多款明星品牌下的新產 品，在技術層面不斷升級，力求短時間最大限度 「鎖住新鮮」，並以二維碼技術為基礎，為消費 者打開追蹤奶源及生產流程的大門，傳遞產品新 鮮、健康、優質、安全的訊息。 16 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 Using digital technology and Big Data in management, the Group has built itself into a smart dairy enterprise by adopting a management and tracing system that covers the entire industrial chain, enabling it to realize continuous innovation in product quality management and marketing methods. During the year, the Group set up the e-commerce division to start deploying its new retail model, optimizing sales channels and nurturing new growth drivers. Mengniu also beefed up marketing efforts, enhancing flexibility and employing diverse marketing means. By making use of platforms such as social media and synchronizing online and offline efforts, it was able to infuse its brand proposition into marketing processes, thus achieving optimal communication effect. During the year, Mengniu’s liquid milk maintained its market leadership, while the overall sales of room temperature product business continued to improve. Milk Deluxe achieved double digit growth in sales and scaled a new height. Star products such as Just Yoghurt and Fruit Milk Drink reported high growth in sales and sales of chilled products were growing significantly faster than the entire industry. With market shares climbing steadily, the Group has strengthened its top position in the nationwide chilled fresh dairy product market. Milk formula business gradually made adjustments on channel deployment, product structure and branding, which laid a solid foundation for it to compete in a market skewing towards high-end and differentiated products. To date, Yashili has completed registration of 39 formulas in 13 series and Junlebao has completed registration of 18 formulas in 6 series to prepare for seizing business opportunities arising in the gradually recovering milk formula market. For ice cream business, upgrade efforts were made on multi dimensions including branding, product, packaging and marketing communication. 42 new products were launched to market and achieved satisfactory sales growth. The brand influence of Mengniu also made new heights. Not only was it included on the “Global Dairy Top 20” list published by Rabobank in 2017 for the ninth consecutive year, but it also earned a spot among the top 10 for the first time, a record for Mengniu in global ranking of dairy companies. During the same period, Mengniu was again named by Interbrand as one of the Best China Brands in 2017 and also made it among the top 20 in the BrandZ. list of the most valuable Chinese brands for three years in a row. In the “2017 China Brand Power Index (C-BPI)” published by the Ministry of Industry and Information Technology of the PRC, Mengniu’s yogurt products and Yoyi C made the top C-BPI rankings in the yogurt and probiotics drinks industries respectively, whereas its yogurt products retained the top position for seven years in a row and was crowned the “Golden Brand” title. 本集團透過數字化管理及大數據技術打造智能乳 企，建立全產業鏈管理和全追溯體系，實現產品 質量管理及市場營銷方式上的不斷創新。本集團 在年內成立了電商事業部，搶先佈局新零售模 式，不斷優化銷售渠道及開拓新的業績增長點。 蒙牛並在營銷上加大投入，增強營銷方式之靈活 性與多樣性，結合社交媒體等平台於線上、線下 協同發力，將品牌主張巧妙融入營銷過程，從而 實現最佳傳播效果。 年內，蒙牛液態奶繼續保持市場領先地位。常溫 業務整體銷售業績進一步向好，特侖蘇銷售達到 雙位數增長並再創新高，明星產品純甄、真果粒 銷售實現高增長，低溫產品銷售增速亦明顯優於 行業增速，市場份額穩步上升，進一步鞏固其低 溫新鮮乳製品市場全國第一地位。奶粉業務逐步 進行渠道佈局、產品結構和品牌佈局方面的調 整，為市場高端化差異化的競爭打下良好基礎， 直至目前為止，雅士利已完成13個系列39個配方 的註冊，而君樂寶已完成6個系列18個配方的註 冊，迎接奶粉市場逐步回暖的商機。冰淇淋業務 從品牌、產品、包裝及營銷傳播等多維度升級， 推出42個新產品，銷售增長理想。 蒙牛的品牌影響力亦飛躍上新的臺階，不但連續 第九年入圍荷蘭合作銀行公佈的二零一七年度 「全球乳業二十強」名單，更首次躋身前十，刷 新蒙牛在全球乳業的排名。同期，蒙牛再度入選 Interbrand 2017最佳中國品牌，並連續三年入選 BrandZ.最具價值中國品牌二十強。於中國工業 和信息化部二零一七年中國品牌力指數(C-BPI)排 名中，蒙牛酸奶及優益C分別獲評C-BPI酸奶、乳 酸菌飲料行業品牌力第一，而蒙牛酸奶更連續七 年蟬聯榜首，榮膺「黃金品牌」。 Annual Report 2017二零一七年年報 17 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 The Group was relentless in building Mengniu into a reputed 借力國際知名品牌合作推廣及大力贊助國際級盛 international dairy product brand during the year via cooperating 事，蒙牛在年內不斷發力打造世界知名乳業品 with world famous brands in promotion and sponsoring international 牌。除了是NBA中國官方市場合作夥伴、博鰲亞 events. Apart from being the official partner of NBA in China, the 洲論壇唯一指定乳品供應商、上海迪士尼度假區 sole official dairy products provider of the Boao Forum for Asia, 官方乳品合作夥伴、北京環球度假區官方乳品及 the official dairy products partner of the Shanghai Disney Resort, 冰淇淋獨家供應商、以及「中國航天事業戰略合作 the exclusive dairy and ice cream provider of the Universal Beijing 夥伴」外，蒙牛於二零一七年更成為金磚國家峰會 Resort and the “Strategic Partner of China’s Aerospace Program”, 期間，金磚國家領導人廈門會晤指定產品，以及 Mengniu products were also chosen as the official products for 於去年底正式成為2018 FIFA世界盃全球官方贊助 the meeting of BRICS leaders in Xiamen during the BRICS Summit 商。蒙牛不僅是FIFA全球官方贊助商中的首個乳 in 2017. In the year end, Mengniu has become an Official 2018 品品牌，也是第一個作為世界盃全球贊助商的中 FIFA World CupTM Sponsor. Mengniu is not just the first dairy 國食品飲料品牌，使蒙牛的品牌國際化邁向新里 brand among the global official sponsors of FIFA, but also the first 程。 Chinese food and beverage brand to be a global official sponsor of the World Cup, taking Mengniu towards a new milestone in international brand building. To realize a more integrated up- and down-stream cooperating 為實現更融合的上下游合作體系及增加協同效 system and unleash greater synergies, in 2017, Mengniu acquired 應，蒙牛於二零一七年經過一連串交易增持中國 additional shares in China Modern Dairy through a series of 現代牧業股份，使其於中國現代牧業的持股量增 transactions, increasing its shareholdings in China Modern Dairy 加至約60.77%。中國現代牧業是國內規模最大的 to approximately 60.77%. China Modern Dairy is the largest dairy 奶牛養殖企業，也是首家優質UHT奶及巴氏奶同 farming company in China and also the first in the industry to obtain 時通過優質乳工程驗收的企業。增持中國現代牧 the national High-quality Milk Project accreditation for its UHT milk 業後，本集團不斷加強與中國現代牧業在上游和 and pasteurized milk. After increasing its shareholdings in China 下游業務的協同。上游方面，蒙牛更好地利用中 Modern Dairy, the Group has been continuously enhancing its 國現代牧業的優質原奶供應和全國的牧場資源， synergy with China Modern Dairy for its upstream and downstream 獲得穩定的原奶供給保障，支持低溫酸奶業務發 businesses. On the upstream, Mengniu has made better use of 展及低溫鮮奶業務佈局。下游業務方面，本集團 the quality milk supply and nationwide ranch resources of China 發揮專業的品牌運作經驗，於二零一七年七月與 Modern Dairy, thereby securing stable supply of raw milk to support 中國現代牧業以組合品牌方式推出常溫純牛奶鮮 the development of low temperature yogurt business and business 語，主打牛奶之「鮮」與「活」；在生產運營方面， deployment of low temperature fresh milk. As for downstream 本集團於二零一八年一月簽署協議，收購中國現 business, in July 2017, the Group, applying its professional brand 代牧業旗下兩家乳製品工廠的50%股權，由此中 operation experience, launched together with China Modern Dairy 國現代牧業將專注於經營奶牛養殖業務及原奶供 the crossover brand Xianyu room temperature pure milk, with 應，而蒙牛將整合該工廠產能資源，利用自身健 “freshness” and “vitality” as its appeals. On the manufacturing and 全完善的銷售渠道擴大品牌產品銷售。 operation front, the Group signed an agreement to acquire 50% equity interests in two dairy plants of China Modern Dairy in January 2018, such that China Modern Dairy will focus on rearing of milk cattle and supplying raw milk, whereas Mengniu will integrate the production capacities of the factories and use its well-established sales channels to drive sales of brand products. 18 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 Business Division Performance 事業部表現 Room Temperature Product Business 常溫業務 The Group continued to boost the room temperature product 本集團持續發力常溫產品，配合消費升級趨勢， business through product upgrade and innovation, launching 通過產品升級創新，推出高端化、多元化及健康 more high-end, diversified and healthy products that match the 化的常溫產品，並加大品牌營銷力度，使該業務 trend of consumption upgrade. Leveraging increased branding 整體銷售業績進一步向好。其中，中國牛奶第一 and marketing efforts, overall sales of room temperature product 單品特侖蘇，年內錄得雙位數增長，銷售額超過 business continued to improve. Of which, Milk Deluxe, the hottest 人民幣百億元。常溫酸奶純甄、果粒乳飲料真果 milk product in China, recorded double-digit growth with a sales 粒分別實現良好增長。 amount of over RMB10 billion during the year. Room temperature yogurt Just Yoghurt and fruit dairy drink Fruit Milk Drink also reported satisfactory growth. As for UTH milk, Milk Deluxe has speeded up deployment for 在UTH奶方面，特侖蘇加快高端化及個性化佈 moving high-end and delivering personalized consumption 局，推出針對泛運動人群的M-PLUS高蛋白牛奶超 experience. It has launched the super high-end M-PLUS High 高端產品，成為中國首個針對運動人群之專屬牛 Protein Milk, the first milk product tailored for sports enthusiasts in 奶產品，並推出超高端禮品級產品奶爵6特乳。為 China, and Milk Supreme, a gift-grade super high-end milk product. 配合消費者對產品新鮮度日益增強的追求，蒙牛 To meet consumers’ growing demand for fresh products and 結合中國現代牧業原奶資源，與中國現代牧業攜 tapping the raw milk resources of China Modern Dairy, Mengniu 手推出鮮語純牛奶，主打「從擠奶到加工，兩小時 joint hands with China Modern Dairy to introduce Xianyu Pure Milk, 完成」的生產工藝，保留原奶活性物質，力保新鮮 using the production technique that can complete the processes 營養，成功在常溫牛奶和鮮牛奶市場之間，開闢 “from milking to processing in two hours” to retain bioactive 出常溫鮮牛奶市場。乳飲料方面，蒙牛抓緊消費 substances, thus the freshness of and nutrients in the milk, and as 心理需求，結合新生代消費群體關注的議題及人 such has opened the room temperature fresh milk niche between 氣偶像李易峰代言，推出真果粒藍莓味單品，銷 the room temperature milk and fresh milk markets. With respect to 量增長突出。而純甄則透過與好萊塢電影《變形金 dairy beverages, heeding consumption psychology and the topics 剛5：最後的戰士》強勢合作和捆綁《極限挑戰3》進 of interest of the new-generation consumers, and engaging the 行品牌宣傳，並邀請張藝興為產品代言人。此等 celebrity Li Yifeng as the product ambassador, Mengniu launched 成功的品牌推廣活動，令銷售再創高峰。 the blueberry flavor Fruit Milk Drink which recorded outstanding sales growth. As for Just Yoghurt, brand promotion was carried out via the strong alliance with the Hollywood hit “Transformers: The Last Knight” and bundling with “Go Fighting! Season 3”, with Zhang Yixing endorsing the product. These successful brand promotion activities have contributed to the record breaking sales. Chilled Product Business 低溫業務 During the year, the chilled product division of Mengniu strived to 蒙牛低溫事業部於年內在組織管理層面力求效能 maximize organizational and management efficiency. With “Refining 最大化，以「品類佈局，實現產品創新領先」為 Product Mix Deployment and Striving for Product Innovation and 核心任務，通過調整市場部架構、優化品牌管理 Leadership” as its core mission, the division adjusted the structure 體系，實現生產高效協同、節省成本及提升營銷 of its marketing department and optimized its brand management 費用投入效益，並深化與蒙牛第二大戰略股東 system, thereby achieving highly efficient and synergistic Danone S.A.及其子公司（統稱「Danone集團」）在 manufacturing, cost saving and improved cost effectiveness 低溫業務方面之合作，藉著Danone集團世界級 of marketing spending. It also tightened cooperation on chilled 低溫產品研發技術，積極開展區域產品研發，並 product business with Danone S.A., the second largest strategic推出多款低溫新品，驅動銷量良好增長。此外， Annual Report 2017二零一七年年報 19 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 shareholder of Mengniu, and its subsidiaries (collectively referred 低溫事業部在深耕傳統商超渠道，推動售點增加 to as “Danone Group”). Drawing on Danone Group’s world-class 和渠道下沉的同時，亦力拓電商、餐飲等新興渠 chilled product research and development technology, it actively 道，開闢新的銷售增長來源。以上舉措，促使蒙 pursued regional product research and development and launched 牛低溫產品在二零一七年保持行業領先地位，穩 many new chilled products which gave sales a strong push to 步提升市場份額。 grow. In addition, on top of making all-out effort to expand modern trade channels, increase the number of sales points and increase its market penetration, the business division also strived to develop such emerging channels as e-commerce platforms and catering channel to create new sales growth drivers. The above measures helped Mengniu’s chilled products maintain industry leadership and achieved a steadily increased market share in 2017. In 2017, the chilled business division of Mengniu embarked on 二零一七年，蒙牛低溫事業部對標Danone集團， product research and development and production technology 進行了產品研發、工藝技術等方面的升級，合力 upgrades to align with practices of Danone Group, building together 打造世界領先工廠，並於年內發佈6個系列的新 world-leading production facilities. The division launched six new 品，全面鋪開價值營銷。其中，於二零一七年四 product series during the year supported by comprehensive value 月，蒙牛首次運用Danone集團獨有Ystral專利平 marketing. For instance, in April 2017, Mengniu used for the first 滑工藝，使用美國專利菌種與中國優質牧場原 time the exclusive patented Ystral smoothening technique from 奶，推出特侖蘇原味及榴蓮味超高端酸奶；優益CDanone Group, combined with patented bacteria from the US and 亦推出採用高濃度濃縮技術及獨家菌種授權研製 the raw milk from quality ranches in China to introduce super high的 功能性產品LC-37，成為顛覆活性乳酸菌品類 end Milk Deluxe Yogurt of plain and durian flavors. Yoyi C also 的創新產品，並進一步升級推出低糖酵素口味的 launched the functional product LC-37, a new probiotics product LC-37，滿足市場日趨健康化的消費需求；冠益乳 made using powerful concentration technology with authorized 積極進行產品結構升級，推出BB12健字號、麥酪 use of exclusive bacteria and an innovative product revolutionizing 乳、鮮酪乳一系列產品，強化「專業功能性」酸奶 probiotics product offerings. Under LC-37, an upgraded low定 位。基礎低溫產品亦從包裝及口感上進行升級 sugar enzyme-rich product was also launched to meet consumers’ 更新，持續提升產品競爭力。 growing demand for healthier product choices. For Champion, active product structure upgrade was carried out and the new BB12 product series namely Jianzihao, Mailaoru and Xianlaoru were introduced to strengthen the brand’s “professional and functional” positioning in the yogurt market. To continue to enhance the competitiveness of basic chilled products, their packaging and taste were also upgraded. Milk Formula Business 奶粉業務 As for the milk formula business, Yashili International Holdings Ltd 奶粉業務方面，本集團持有約51%股份的雅士利 (“Yashili”, stock code: 1230), in which the Group held approximately 國際控股有限公司（「雅士利」，股份代號：1230） 51% shares, has completed the registration of 39 formulas in 13 配合中國嬰幼兒奶粉配方註冊制的實施，至今已 product series to date in response to the implementation of China’s 完成13個系列39個配方註冊，是首批公佈的名單 milk formula registration system. Yashili had the highest number 中獲得註冊配方數量最多企業，向行業及消費者 of registered formulas in the first batch list announced, which 全方位展示專業化實力。本集團旗下的另一奶粉 has clearly demonstrated its professional strength to the industry 品牌君樂寶，至今亦已完成6個系列18個配方的註 and consumers alike. The Group’s another milk formula brand, 冊。 Junlebao, has also completed registrations of 18 formulas in 6 product series as of now. 20 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 During the year, Yashili gradually rolled out its differentiated 年內，雅士利逐步推進差異化業務模式及品牌佈（未完）  |