梅西
谷愛凌
ANNUAL REPORT
2020 年報
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CORPORATE
PROFILE
公司簡介
China Mengniu Dairy Company Limited (the “Company”; stock code:
2319) and its subsidiaries (collectively the “Group” or “Mengniu”)
mainly 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, ice cream, milk formula and other products such as
cheese. In 2020, Mengniu moved up to the eighth place on the
“Global Dairy Top 20” list published by Rabobank. By the end of
December 2020, the Group’s annual production capacity of dairy
products reached million tons. In March 2014, Mengniu became
a Hang Seng Index constituent, making it the first blue chip Chinese
dairy product enterprise. In August 2020, Mengniu was included as a
constituent of the Hang Seng Corporate Sustainability Index and the
Hang Seng ESG50 Index.
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」）主要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。蒙牛提供多
元化的產品，包括液態奶、冰淇淋、奶粉及其他產品例如奶酪等。於
二零二零年，蒙牛在荷蘭合作銀行的「全球乳業20強」排行榜中躍升至
第八位。截至二零二零年十二月底，本集團乳製品的年生產能力達990
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。二零二零年八月，蒙牛獲納入香港恒生可持續發
展企業指數及恒生ESG50指數成分股。
CONTENTS目錄
Highlights 摘要 2
Plant Map 生產基地位置圖 4
Major Awards and Achievements 主要獎項及殊榮 5
CEO’s Statement 總裁致辭 10
Management Discussion and Analysis 管理層討論及分析 18
Directors and Senior Management 董事及高級管理層 68
Corporate Governance Report 企業管治報告 79
Report of the Directors 董事會報告 101
Corporate Information 公司資料 119
Independent Auditor’s Report 獨立核數師報告 121
Consolidated Statement of Profit or Loss 綜合損益表 129
Consolidated Statement of Comprehensive Income 綜合全面收益表 130
Consolidated Statement of Financial Position 綜合財務狀況表 131
Consolidated Statement of Changes in Equity 綜合權益變動表 134
Consolidated Statement of Cash Flows 綜合現金流量表 136
Notes to Financial Statements 財務報表附註 139
Financial Summary 財務概要 343
HIGHLIGHTS
摘要
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司2
• 年內，本集團高效應對2019冠狀病毒肺炎
（「新冠肺炎」）疫情（「疫情」）挑戰、把握疫
情後市場機會，推動業務持續高質量發展。
截至二零二零年十二月三十一日止年度，
本集團收入為人民幣億元（二零
一九年：人民幣億元），較去年同
期減少%。如不包括二零一九年處置的
石家莊君樂寶乳業有限公司（「君樂寶」）及
二零一九年收購的Bellamy’s Australia
Limited（「貝拉米」）的業務收入，本集團的
可比業務（本報告提到的「可比業務」均不包
括君樂寶及貝拉米）收入為人民幣
億元（二零一九年：人民幣億元），
同比增長%。
• 本公司擁有人應佔利潤為人民幣億
元（二零一九年：人民幣億元），較
去年同期減少%。上述利潤下降主要是
因為本集團在二零二零年第一季度的以下
舉措導致了額外成本的增加：(i)本集團為保
證員工健康安全、正常復工復產而投入了
額外疫情防控費用；(ii)本集團為盡快降低渠
道庫存、加速恢復正常的銷售節奏而投入
了額外營銷費用；及(iii)本集團積極承擔社
會責任，向全國一萬餘所醫院等抗擊疫情
相關機構捐贈現金及乳製品。
2020 2019
二零二零年 二零一九年
RMB Million 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 人民幣百萬元
Revenue 收入 76,035 79,030
Gross Profit 毛利 28,629 29,679
Profit Attributable to Owners of the Company 本公司擁有人應佔利潤 3,525 4,105
Net cash flows from operating activities 經營業務產生的凈現金流量 5,348 6,307
Earnings per Share (RMB) 每股盈利（人民幣元）
— Basic －基本
— Diluted －攤薄
• During the year, the Group had successfully overcome the
challenges the COVID-19 Epidemic (the “Epidemic”)
brought. By grasping market opportunities as the Epidemic
eased, it was able to drive high quality growth of its
business. For the year ended 31 December 2020, the
revenue of the Group amounted to RMB76, million
(2019: RMB79, million), representing a year-on-year
decrease of %. Excluding the revenue of Shijiazhuang
Junlebao Dairy Co., Ltd. (“Junlebao”), which was disposed
of in 2019, and of Bellamy’s Australia Limited (“Bellamy’s”),
which was acquired in 2019, the revenue of Comparable
Businesses (the “Comparable Businesses” in this report
excludes Junlebao and Bellamy’s) of the Group for the year
amounted to RMB75, million (2019: RMB67,
million), representing a year-on-year increase of %.
• Profit attributable to owners of the Company amounted to
RMB3, mi l l ion (2019: RMB4, mi l l ion) ,
representing a year-on-year decrease of %. The decline
in profit was mainly due to the additional costs incurred
resulting from the following actions taken in the first quarter
of 2020: (i) the Group had incurred additional expenses on
epidemic prevention to safeguard the health and safety of its
employees, and to ensure the resumption of work and
production; (ii) the Group had incurred additional marketing
and sales expenses to reduce inventories in its distribution
channels in order to accelerate the resumption of normal
sales, and (iii) the Group had actively fulfilled its corporate
social responsibilities and had made cash and dairy product
donations to more than 10,000 hospitals and relevant
epidemic control organizations.
Annual Report 2020 二零二零年年報 3
HIGHLIGHTS
摘要
• Despite facing dire challenges of the Epidemic, Mengniu
managed to resume operation and production quickly, and
actively developed new retai l channels, including
e-commerce platforms, O2O home delivery service,
community group purchase and WeChat social groups, to
speed up integration of on- and off-line sales networks. As
such, the Group’s business started to see a strong rebound
in the second quarter of 2020.
• To maintain the healthy and sustainable development of its
industrial chain, Mengniu accepted from ranchers all fresh
raw milk that passed quality checks during the Epidemic
and strengthened cooperation with upstream and
downstream business partners. The Group also donated
money and products to frontline healthcare and medical
personnel helping the fight against the Epidemic. Dairy
products were sent to major healthcare institutions in
Wuhan and across China. As a result, the good reputation
of Mengniu brand improved notably.
• During the year, Mengniu moved up two places to the eighth
place on the “Global Dairy Top 20” list. In addition, it was
selected as a constituent stock in the Hang Seng Corporate
Sustainability Index (“HSSUS”). It is the only Chinese food
producer in the HSSUS.
REVENUE BY PRODUCT MIX
(FOR THE YEAR ENDED 31 DECEMBER)
RMB Million
Ice Cream
冰淇淋
Liquid Milk
液態奶
Other Products
其他產品
Milk Formula
奶粉
67,
2,
4,
1,
0
10000
20000
30000
40000
50000
60000
70000
80000
67,
2,
7,
2020 2019
• 面對疫情帶來的嚴峻挑戰，蒙牛迅速推動
復工復產，同時積極拓展電商平台、O2O到
家業務、社區團購、微信社群等新零售渠
道，加速發展線上線下一體化營銷，業務在
二零二零年第二季開始便實現強勁復甦。
• 為維護產業鏈健康及可持續發展，蒙牛在
疫情期間堅決不拒收一滴合格生鮮乳，強
化與上下游合作夥伴的業務協作，並在疫
情期間積極捐獻款物支持防疫一線，向武
漢市和全國重要醫療機構提供乳品供應，
蒙牛品牌美譽度獲得極大提升。
• 年內，蒙牛在「全球乳業20強」排行榜中躍
升兩級至第八，並入選恒生可持續發展企
業指數(HSSUS)成份股，成為唯一入選的國
內食品企業。
按產品劃分之收入
（截至十二月三十一日止年度）
人民幣百萬元
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
Fresh Milk
鮮奶
Inner
Mongolia
內蒙古
Liaoning
遼寧
Heilongjiang
黑龍江
Beijing
北京
Hebei
河北Tianjin
天津
Shandong
山東
Shanxi
山西
Shaanxi
陝西
Sichuan
四川
Xinjiang
新疆
Henan
河南
Hubei
湖北
Wuhan
武漢
Guangdong
廣東
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
Helin Cheese Plant
和林（高科）生產基地
和林奶酪生產基地
Shengmu Helin Plant
聖牧和林生產基地
Shengmu Bameng Plant
聖牧巴盟生產基地
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
Tianjin Fresh Milk Plant
天津鮮奶生產基地
Modern Dairy Feidong Plant
現代牧業肥東生產基地
Guangdong Fresh Milk Plant
廣東鮮奶生產基地
Hengshui Plant
衡水生產基地
Tai’an Plant
泰安生產基地
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
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
Youzhiyou Plant
友芝友生產基地
Jinhua Plant
金華生產基地
雅士利新西蘭工廠已於2015年11月投產
The New Zealand factory of Yashili commenced
production in November 2015
2019年12月完成收購貝拉米後新增澳洲有機奶生產基地
An organic milk production base in Australia was added
after completion of the acquisition of Bellamy's
in December 2019
註 Note:
蒙牛印尼工廠已於2018年11月投產
The Indonesia factory of Mengniu commenced
production in November 2018
Anhui
安徽
Jiangsu
江蘇
Zhejiang
浙江
Jiaozuo Plant
焦作生產基地
Modern Dairy Bengbu Plant
現代牧業蚌埠生產基地
Baoding Plant
保定生產基地
Suqian Plant
宿遷生產基地
Ma’anshan Plant
馬鞍山生產基地
PLANT MAP
生產基地位置圖
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司4
MAJOR AWARDS
AND ACHIEVEMENTS
主要獎項及殊榮
Annual Report 2020 二零二零年年報 5
本集團及管理層
— 連續第十二年入選荷蘭合作銀行的「全球乳
業20強」榜單，並躍升兩位至全球第八位
— 入選恒生可持續發展企業指數（HSSUS）及
恆生ESG50指數成份股
— 總裁盧敏放先生躋身達沃斯世界經濟論壇
的消費品執委會正式成員，成為該組織歷
史上首位中國籍委員。此外，盧先生並榮任
中華慈善總會名譽副會長，以及獲中國新
聞社及中國新聞週刊頒發「年度責任人物」
榮譽
蒙牛品牌
— 於BrandZTM「最具價值中國品牌100強」排行
榜排名第31位
— 連續第二年躋身Brand Finance全球品牌價
值500強
— 繼續名列凱度消費者指數發佈的「中國消費
者選擇最多的國內快速消費品品牌」第二名
— 在中國工業和信息化部的中國品牌力指數
(C-BPI)中，蒙牛低溫酸奶連續十年蟬聯中
國酸奶行業品牌力榜首，優益C連續四年榮
獲中國乳酸菌飲料行業品牌力第一名，此
外，蒙牛於冰淇淋╱雪糕品牌排行榜中，連
續三年位列第一，並在奶酪棒╱條品牌排行
榜位列第一名
— 榮獲2020網易新能量乳製品行業峰會「年度
最具影響力品牌」
THE GROUP AND ITS MANAGEMENT
— Included in the “Global Dairy Top 20” list published by
Rabobank for the twelfth consecutive year and moved up
two places to rank eighth among global dairy companies
— Selected as a constituent stock of the Hang Seng Corporate
Sustainability Index (“HSSUS”) and the Hang Seng ESG 50
Index
— Mr. Lu Minfang, our Chief Executive Officer, was appointed
as a member of the Executive Committee of Consumer
Products of World Economic Forum in Davos, being the first
Chinese member of the forum since its establishment.
Mr. Lu also served as the honorary vice president of China
Charity Federation and was awarded “Responsible Person of
the Year” by China News Service and The China News
Weekly
MENGNIU’S BRANDS
— Ranked 31st among “Top 100 Most Valuable Chinese
Brands” selected by BrandZTM
— Ranked among Brand Finance Global 500 for the second
consecutive year
— Ranked first runner-up of “Most Chosen Fast Moving
Consumer Goods Brands in China” again by Kantar
Worldpanel’s consumer research
— On the China Brand Power Index (C-BPI) list published by
the Ministry of Industry and Information Technology of the
PRC, Mengniu’s chilled yogurt held the championship in
China’s yogurt industry brand power for the tenth
consecutive year, while Yoyi C was honored as champion
of brand power in the probiotics drinks industry for the
fourth consecutive year. In addition, Mengniu was honored
as champion among ice-cream brands for the third
consecutive year and as champion among cheese stick
brands
— In the 2020 NetEase New Force Dairy Industry Summit,
Mengniu was honored as the “Most Influential Brand of the
Year”
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司6
MAJOR AWARDS
AND ACHIEVEMENTS
主要獎項及殊榮
蒙牛產品
— 特侖蘇連續8年奪得BIOFACH國際有機產品
博覽會產品金獎
— 特侖蘇在2020網易新能量乳製品行業峰會
上榮獲「年度超級單品」
— 雅士利旗下的瑞哺恩品牌榮獲經濟觀察報
頒發的「年度創新嬰幼兒乳品」獎。
社會責任
— 獲中國社會科學院責任研究中心之社科院
乳品企業社會責任發展指數第一名
— 獲得民政部評選的第十一屆「中華慈善獎」
— 獲頒2020年騰訊新聞企業社會責任評選的
「年度中國益公司」獎
MENGNIU’S PRODUCTS
— Milk Deluxe won the gold product award conferred by
BIOFACH China for the eighth consecutive year
— In the 2020 NetEase New Force Dairy Industry Summit, Milk
Deluxe was honored as “Excellent Product of the Year”
— Reeborne, a brand of Yashili, was awarded “Innovative Infant
Dairy Product of the Year” by the Economic Observer
SOCIAL RESPONSIBILITY
— Ranked first in terms of Dairy Corporate Social Responsibility
Development Index by the Corporate Social Responsibility
Research Center of Chinese Academy of Social Sciences
— Won the 11th “China Charity Award” by the Ministry of Civil
Affairs
— Won the “China Benefit Corporation Award” in the 2020
Corporate Social Responsibility Selection organized by
Tencent News
Annual Report 2020 二零二零年年報 7
MAJOR AWARDS
AND ACHIEVEMENTS
主要獎項及殊榮
— 「1-3-6」工程榮獲澎湃新聞頒發的年度「脫
貧攻堅特別貢獻獎」
— 蒙牛扶貧案例入選國務院扶貧辦社會扶貧
司「企業精準扶貧綜合案例50佳」和「企業精
準扶貧專項案例50佳」名單
— The “1-3-6” Program was awarded “Special Contribution for
Poverty Alleviation” of the year by The Paper
— Mengniu’s poverty alleviation project was selected as “50
Best Corporate Targeted Poverty Alleviation Programs —
Integrated Program” and “50 Best Corporate Targeted
Poverty Alleviation Programs — Individual Program” by the
State Council Leading Group Office of Poverty Alleviation
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司10
Mr. Jeffrey, Minfang LU
盧敏放先生
Chief Executive Officer
總裁
CEO’S
STATEMENT
總裁致辭
Annual Report 2020 二零二零年年報 11
CEO’S STATEMENT
總裁致辭
二零二零年是極不平凡的一年，突發而來的一場
疫情席捲全球，至今仍在許多國家肆虐。但是，
在中央政府的領導及全體社會的共同努力下，國
內疫情防控取得了重大的成果。在全體蒙牛人及
合作夥伴們的齊心協力下，蒙牛業務繼續高質量
高速發展。
早於四年前，蒙牛已開始大刀闊斧地進行架構調
整，極具魄力地開展品牌建設，前瞻性地開展奶
源佈局，堅定地推進國際化戰略，令本集團踏上
高質量發展的軌道。年內，蒙牛在荷蘭合作銀行
的「全球乳業20強」排行榜中躍升至第八位。同
時，蒙牛更入選恒生可持續發展企業指數
(HSSUS)成份股，躋身港股可持續發展表現排名
前30，被資本市場認可為港股可持續發展表現最
為卓越的企業之一，是目前國內食品行業內唯一
入選企業。
2020 was a very unusual year with the outbreak of the Covid-19
Epidemic (the “Epidemic”) sweeping across the world and to date
many countries are still struggling to cope. However, in China,
under the leadership of the central government and with
cooperation from the general public, efforts to prevent and control
the Epidemic have been successful. And, for Mengniu, working in
concert with its employees and business partners, it was able to
maintain quality and rapid development during the year.
Four years ago, Mengniu began its organization restructuring and
brand building with resolution, deployed its milk sources with
foresight and promoted its internationalization strategy steadfastly.
These initiatives have sent the Group onto a quality development
track. During the year, Mengniu moved up to the eighth place on
the “Global Dairy Top 20” list published by Rabobank. In addition,
it was selected as a constituent stock of the Hang Seng
Corporate Sustainability Index (“HSSUS”), recognized by the
capital market as one of the top 30 best-performing enterprises in
terms of sustainability. Mengniu is the only food producer in
China selected as a constituent of the HSSUS.
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司12
CEO’S STATEMENT
總裁致辭
年內，乳業在所有消費品行業中恢復得最快，而
蒙牛在所有乳品企業中，復蘇尤為出色。蒙牛的
業務從第二季度便開始V型反彈，下半年的發展
速度及質量都超過疫情前的水平。常溫高端品牌
市場份額持續提升，居行業的第一位。鮮奶業務
保持高速增長，同比增長達100%，奶酪的品類更
是逆勢增長，其中零售奶酪表現尤為突出，收入
和淨利潤均實現三位數增長，業績超預算完成。
在持續升級產品結構和強化銷售渠道建設的努力
下，冰淇淋業務的利潤率也有明顯提升。
作為一家深受中國消費者信賴的企業，蒙牛在疫
情當中也積極承擔了社會責任，對內，蒙牛及時
啟動應急機制，成立抗疫領導小組，統一部署全
球各單位推進疫情防控工作，迅速採購和生產包
括口罩在內的必要防護用品，在保障員工安全、
產品安全的前提下，快速復工復產，將疫情對業
務運作的影響減至最低。對外，蒙牛向抗疫一線
捐贈現金和產品，並在武漢捐建了應急物資中
心。此外，蒙牛在疫情期間沒有拒收一滴合格生
鮮乳，同時還為蒙牛的合作牧場提供資金支持，
幫助產業鏈上游渡過難關。
During the year, the dairy industry recovered the fastest among all
consumption sectors and Mengniu led the recovery among all
dairy players. Its business started a V-shaped rebound in the
second quarter, followed by a growth in the second half of the
year which was faster and better than before the Epidemic hit.
Market share of its high-end room temperature products
continued to increase, claiming the top spot in the industry. Fresh
milk business maintained rapid growth of 100% as compared with
the previous year. Despite the overall adverse market conditions,
sales of cheese increased, in particular, retail sales revenue and
net profits recorded triple-digit growth, exceeding expectation.
The profit margin of ice cream business also improved
significantly thanks to the continuous upgrade of product mix and
stronger effort on developing sales channels.
To warrant the trust of consumers in China, Mengniu actively
shouldered its social responsibility in fighting the Epidemic.
Internally, Mengniu promptly activated its contingency plan and
established a team to coordinate Epidemic prevention work of
business units around the world and procure and produce
essential preventive supplies, including face masks. The Group
was able to resume operation and production quickly, with
employees’ health and product safety well in mind, to minimize
the impacts of the Epidemic on its business. Externally, Mengniu
donated money and products to frontline personnel fighting
against the Epidemic and also made a donation and set up an
emergency resources center in Wuhan. Moreover, Mengniu
accepted all fresh raw milk that passed quality check and offered
financial assistance to partnering ranches, helping upstream
operators to get through the difficult times.
Annual Report 2020 二零二零年年報 13
CEO’S STATEMENT
總裁致辭
蒙牛的卓越表現，實有賴於堅定執行六大戰略：
1. 第一是品牌升級。由於蒙牛在疫情期間為
抗疫一線的醫療機構和醫護人員作出了大
量的營養支持，促進了蒙牛品牌力的上升，
同時，蒙牛的產品營銷年輕化及包裝年輕
化計劃亦空前成功，進一步提升蒙牛在年
輕人群當中的品牌力。
2. 第二是渠道精耕。蒙牛進一步推進渠道精
耕策略，包括強化鋪市，進一步提升液態奶
的鋪市率，賦能經銷商，提升渠道精細化管
理。另外，全面鎮村通的模式已經在多省實
施，以數字化互聯網的形式進行全新鎮村
覆蓋模式，年內增加了十餘萬個新的農村
銷售網點，並將此模式在全國推廣。在新零
售的渠道中，除了持續推進和阿里巴巴、
京東等主流電商的深度合作外，蒙牛積極
展開電商到家業務、生鮮買菜平台、社區團
購等，在疫情期間建立了超過10萬個微信
社群，推動業務增長。
The outstanding performance of Mengniu owed much to its firm
execution of the following six major strategies:
1. Brand upgrade. The significant nutritional support given by
Mengniu to personnel in healthcare institutions, doctors and
nurses fighting against the Epidemic on the frontline had
boosted the brand power of Mengniu. In addition, due to
the success of marketing and product packaging that target
young consumers, the brand power of Mengniu has
improved among young people.
2. Channel execution. Mengniu furthered its route-to-market
(“RTM”) strategy, including strengthening distribution and
market penetration for liquid milk. Distributors were
empowered to participate in sales channel management for
higher efficiency. The distribution model of “Penetration into
Towns and Villages” was adopted in a number of provinces,
with the help of digital technology and the Internet. The
channel network welcomed more than 100,000 new sales
points in towns and villages during the year and the model
was promoted across the country. As for new retail sales
channels, in addition to enhancing cooperation with major
e-commerce operators, including Alibaba and ,
Mengniu also developed its businesses through O2O home
delivery services, platforms for fresh food purchase and
community group purchase. During the Epidemic, Mengniu
sold its products via more than 100,000 WeChat social
groups to bolster business growth.
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司14
CEO’S STATEMENT
總裁致辭
3. 第三是完善奶源佈局。蒙牛在年內加強了
國內外奶源的佈局。另外，蒙牛已成為中國
最大的有機奶生產的牧業公司 — 中國聖牧
有機奶業有限公司的第一大股東，而蒙牛
另外兩間聯營公司 — 中國現代牧業控股有
限公司及內蒙古富源國際實業（集團）有限
公司也在全面提升效率，滿足蒙牛對原奶
的需求。
4. 第四是提升效能。蒙牛提出DTV（「Design to
Value」）理念，即以消費者為核心驅動產品
設計，讓產品設計更加貼近消費者，同時簡
化產品的複雜程度，使產品能夠體現真正
的價值，以及節約產品成本，推動蒙牛更健
康及可持續的發展。
5. 第五是企業數字化轉型。蒙牛已成立數字
化戰略項目組，推動全集團的數字化轉型，
逐步構建數據驅動業務的信息體系化建設，
賦能全集團進行高效、敏捷的業務決策。
6. 第六是整合已收購的業務。蒙牛自從於二
零一九年十二月完成收購貝拉米後，已把
貝拉米的運營與公司治理等各方面進行全
面的整合，貝拉米作為蒙牛國際事業部非
常重要的一員，大力擴展有機產品矩陣，
拓展澳洲境內和跨境電商渠道，以及中國
的線下渠道，為寶寶提供優質、營養均衡、
美味的有機嬰兒食品和配方奶粉。
3. Optimization of milk sources. During the year, Mengniu
stepped up its efforts in exploring milk sources in China and
overseas. Furthermore, Mengniu has become the largest
shareholder of China Shengmu Organic Milk Limited, the
largest organic milk producer in China. Two associated
companies of Mengniu, namely China Modern Dairy
Holdings Ltd. and Inner Mongolia Fuyuan International
Industrial (Group) Co., Ltd., have also improved operational
efficiency to meet the raw milk demand of Mengniu.
4. Efficiency enhancement. Mengniu adopted the consumer-
centric Design to Value (“DTV”) product design principle,
enabling it to introduce products that perfectly match the
demands of consumers. Efforts were also made to
streamline product ranges to bring out the true value of
products and reduce production costs, all conducive to the
healthy and sustainable development of Mengniu.
5. Digitalization. Mengniu has put in place a digitalization
strategy task force to coordinate digital transformation
across the Group. We aim to gradually build up a data-
driven business system, thus enabling efficient and prompt
decision-making regarding the Group’s operations.
6. Integration of acquired business. The operation and
corporate governance of Bellamy’s, the acquisition of which
was completed in December 2019, were fully integrated
with those of Mengniu. As a major member of the
international business division of Mengniu, Bellamy’s has
been with great strength expanding its organic product mix,
the sales network in Australia, cross border e-commerce
platform and offline sales channels in China. The business
integration has allowed Mengniu to provide organic infant
food and formula milk products that are of high quality, with
well-balanced nutrients and tasty.
Annual Report 2020 二零二零年年報 15
CEO’S STATEMENT
總裁致辭
今天，消費者在發生變化，行業格局在發生變
化，營銷模式也在發生變化，在新的時代背景
下，蒙牛於二零二零年升級企業文化體系，以「點
滴營養，綻放每個生命」為使命，以「草原牛、世
界牛，全球至愛，營養20億消費者」為願景。為
積極踐行使命，早日實現願景，蒙牛已制定五年
規劃，目標使本集團成為消費者至愛的、數智化
的、國際化的、文化基因強大的，更具責任感的
蒙牛。在與疫情的戰鬥中，全球接近四萬名蒙牛
人的使命感、對生命的熱愛與對事業的激情已經
被充分點燃。未來五年，蒙牛將以「二零二五年，
再創一個新蒙牛！」為奮鬥目標，務求於二零二五
年，通過一個更有價值、更可持續的途徑來實現
長期戰略目標，在未來的路上走得更快，走得更
遠。
盧敏放
總裁
香港，二零二一年三月二十四日
Today, the consumption pattern, industry structure and marketing
models in the milk industry have been changing continuously.
Against such backdrop, Mengniu also took its corporate culture to
the next level with the mission of “Every drop of nutrition makes
every life thrive” and the vision of “From the grasslands across
the world, Mengniu products nourish and are loved by over 2
billion consumers around the world”. To deliver its mission and
realize its vision, Mengniu has drawn up a five-year plan to
develop into a Mengniu beloved by consumers, a digitalized
Mengniu, an internationalized Mengniu, a Mengniu with strong
culture gene, and a Mengniu with strong sense of responsibility.
The fight against the Epidemic has ignited the sense of mission
and passion for life and work of the near 40,000 Mengniu
employees worldwide. In the next five years, the goal of Mengniu
is “To Create a New Mengniu by 2025”. The Group intends to
follow paths that are more rewarding and sustainable to realize its
long-term strategic goal, and to grow faster and reach further by
2025.
Jeffrey, Minfang LU
Chief Executive Officer
Hong Kong, 24 March 2021
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司18
行業回顧
二零二零年初，2019新冠肺炎（「新冠肺炎」）疫情
（「疫情」）無可避免地為乳業帶來了短期挑戰。於
第一季度，乳業產業鏈上下游均受到疫情的衝
擊。隨著疫情在第二季度開始逐步緩和，行業生
產及供應的運作逐漸恢復正常，乳製品市場需求
在第二季開始逐步恢復，當中以液態奶的復甦尤
其明顯。在中國政府及權威機構的倡議推動下，
消費者更加關注營養健康，剌激乳製品的消費增
加，為奶業的強勁復甦及升級轉型帶來新動力。
二零二零年二月八日，中國國家衛生健康委員會
推出《新型冠狀病毒感染的肺炎防治營養膳食指
導》，建議「普通型或康復期患者每天攝入300克
的奶及奶制品（酸奶能提供腸道益生菌，可多
選）」。二月二十六日，全國衞生產業企業管理協
會、中國營養學會、中國奶業協會和中國乳製品
工業協會亦共同發佈《中國居民奶及奶製品消費
指導》，建議中國民眾每天攝入300克液態奶或相
當於300克液態奶蛋白質含量的其他奶製品，推
動民眾的健康飲食和乳製品需求增長。
疫情下，消費者對於健康和免疫力更為關注，對
食品的營養品質更為講究，使低脂、低糖、含乳
鐵蛋白的產品越來越受歡迎和認可，更多消費者
選擇通過飲用乳製品改善身體狀況，健康、營
養、蛋白質含量、新鮮成為消費者飲用牛奶的主
要選購因素。年內，液態奶的消費分級趨勢明
顯，高端純牛奶、經濟型純牛奶需求強勁，高品
質和性價比推動消費分級。同時，消費者對功能
性乳製品和有機奶的需求也在不斷增加，促進乳
製品的品類創新和高端化發展。
INDUSTRY REVIEW
In early 2020, the dairy industry was inevitably affected by the
COVID-19 Epidemic (the “Epidemic”) temporarily. Indeed, during
the first quarter, all upstream and downstream sectors of the
dairy industry saw their operations affected. Following the
mitigation of the Epidemic in the second quarter, production and
supply within the dairy industry gradually returned to normal and
market demand began to recover, in particular the demand for
liquid milk. With the support and promotion from the Chinese
government and authoritative organizations, consumption of dairy
products increased as consumers began to have greater
awareness of nutrition and health, which became a driving factor
for the strong recovery and further development of the dairy
industry. On 8 February, 2020, the National Health Commission of
the PRC issued the “Nutrition and Dietary Advice on Prevention
and Recovery from Novel Coronavirus Infected Pneumonia” and
recommended that “moderate or recovering patients should
consume 300g of milk and dairy products per day (yogurt can be
consumed more as they provide intestinal probiotics)”. On
26 February, the National Association of Health Industry and
Enterprise Management, the Chinese Nutrition Society, the Dairy
Association of China and the China Dairy Industry Association
jointly published the “Guidelines on Consumption of Milk and
Dairy Products for Chinese People”, recommending the public to
consume 300g of liquid milk or other dairy products with protein
content equivalent to 300g of liquid milk to promote a healthy
diet, hence boosting the demand for dairy products.
In the wake of the Epidemic, consumers have become more
conscious of their health and immunity and have paid more
attention to food nutrient content and food quality, resulting in
higher popularity of products with low fat and sugar content as
well as high lactoferrin content. More consumers have opted for
dairy products to improve their health and prefer dairy products
which are healthy, nutritious, rich in protein and fresh. During the
year, there was strong demand for both high-end and affordable
pure milk due to different consumption preferences for
high-quality and value-for-money products, respectively. Demand
for functional dairy products and organic milk also increased,
which encouraged producers to develop innovative and high-end
dairy products.
Annual Report 2020 二零二零年年報 19
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
渠道發展方面，2020年上半年疫情爆發之後，中
國城市家庭通過O2O到家配送服務購買快速消費
品，一定程度上彌補了線下渠道客流明顯下降的
挑戰，雖然疫情已在下半年有所緩和，但消費者
已普遍養成網上購物的習慣。為有效應對疫情後
的渠道變化，蒙牛在年內積極拓展電商平台、
O2O到家業務、社區營銷、微信銷售等新渠道，
加速發展線上線下一體化營銷。
此外，由於疫情嚴重影響產品生產及各地區銷
售，蒙牛全面啟動數智化轉型建設，透過數字化
營運不斷提高供應鏈敏捷性，應對全渠道發展的
變化趨勢、推動線上線下渠道進一步融合。
此外，二零二零年十二月三十日，中國政府發佈
《乳製品質量安全提升行動方案》，重點包括1）支
持企業採用新技術、新工藝生產新產品，鼓勵企
業使用生鮮乳生產乳製品；2）強化奶酪、黃油等
乾乳製品研發；3）加強奶品生產全過程控制，例
如加強奶源管理，提高自建自控奶源比例；4）推
動企業建立食品安全追溯體系；5）強化乳製品質
量標準制定，提升乳品安全及品質指標，以及修
訂及完善《嬰幼兒配方乳粉產品配方註冊管理辦
法》等。新政策將提高市場准入標準，利好奶源
自控比例高、生鮮乳使用比率高、品質指標領先
的行業領導者。
As for channel development, after the outbreak of the Epidemic in
the first half of 2020, urban families in China purchased
fast-moving consumer products through O2O home delivery,
which helped to offset the significant decrease in offline sales to
a certain extent. Although the Epidemic was less severe in the
second half of 2020, most consumers had already developed the
habit of online shopping. In preparation for changes in sales
channels after the Epidemic, Mengniu proactively explored new
e-commerce platforms, O2O home delivery services, community
sales and WeChat group sales during the year, in order to
expedite integration of online and offline marketing.
As production and sales in different areas were severely affected
by the Epidemic, Mengniu began the full implementation of the
Group’s digitalization strategy to continuously improve the
flexibility of the supply chain through digitalization. Mengniu also
promoted omni-channel development and the integration of online
and offline channels.
On 30 December 2020, the Chinese government issued the
“Action Plan for Improving Quality and Safety of Dairy Products”,
highlights of which included 1) promoting the use of new
technology and new production processes to create new
products as well as the use of fresh milk to produce dairy
products; 2) strengthening the research and development of dried
dairy products such as cheese and butter; 3) enhancing the
control of the whole production process of dairy products, such
as strengthening milk source management and increasing the
proportion of self-owned and self-controlled milk sources; 4)
promoting the establishment of food safety tracking systems; and
5) tightening the quality standards of dairy products and
improving safety and quality indicators and amending and
enhancing the “Administrative Measures on Product Formula
Registration of Infant Milk Formula”. The new policies will increase
market entry barriers, which will be favorable to industry leaders
who own a high proportion of self-controlled milk sources with
high usage of fresh milk and provide high-quality standard
products.
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司22
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
業務回顧
事業部表現
常溫業務
二零二零年，受益於消費者對於健康、營養意識
的提高，常溫事業部根據疫情前後的市場變化積
極調整執行策略，全年實現高速增長。其中，特
侖蘇及蒙牛純牛奶的銷售進一步加速增長，純甄
及真果粒品牌在推出新產品後亦實現逆勢增長。
此外，面對疫情初期令銷售渠道受阻，蒙牛堅定
執行渠道精耕策略，加速發展數字化營銷和鄉鎮
市場渠道下沉，敏捷佈局O2O到家業務、生鮮買
菜平台及社區團購等新興渠道，市場份額及鋪市
率顯著提升。
年內，特侖蘇推出每100毫升克蛋白質、125
毫克原生高鈣的夢幻蓋有機牛奶系列及純牛奶升
級版產品，鞏固了特侖蘇高端品牌地位，拉動其
銷量增長。蒙牛純牛奶推出臻享濃牛奶利樂包產
品，深受家庭及年輕群體的喜愛，銷量高速增
長。純甄品牌首創常溫酸真實果粒型產品，推出
白桃石榴小蠻腰新品，不斷滿足年輕群體對消費
場景及豐富口味的需求。真果粒品牌開拓首款輕
脂肪、輕發酵、輕酸甜的花果輕乳系列產品，主
打獨特的「花+果+輕乳」的創新組合，上市以來深
受都市白領、大學生等消費群體的喜愛，電商平
台多次售罄。
BUSINESS REVIEW
Business Division Performance
Room Temperature Product Business
In 2020, benefiting from the increased awareness of health and
nutrition among consumers, the room temperature product
business division proactively adjusted its strategies in line with
market trends resulting from the Epidemic, and realized fast
growth during the year. Sales of Milk Deluxe and Mengniu pure
milk increased more rapidly, while sales of Just Yoghurt and
Zhenguoli Fruit Milk Drink also increased thanks to the
introduction of new products. Moreover, despite that sales
channels were disrupted during the early stages of the Epidemic,
Mengniu continued with its route-to-market (“RTM”) strategy and
accelerated marketing digitalization and channel penetration in
towns and villages. Mengniu also promptly developed its new
sales channels, including O2O home delivery channels, online
fresh food shopping platforms and community group purchase
platforms, resulting in significant increases in market share and
penetration rate.
During the year, Milk Deluxe launched upgraded “DreamCapTM”
organic pure milk and pure milk containing of protein and
125 mg of original calcium per 100ml, further reinforcing the
premium position of the Milk Deluxe brand and stimulating its
sales. Mengniu pure milk introduced the Nutritious and Mellow
Enjoyment series in a tetra pack, which has been very well
received by families and young consumers, resulting in robust
sales growth. The Just Yoghurt brand, which innovated room
temperature yogurt with real fruit pulp, introduced the new
Xiaomanyao white peach and pomegranate flavored fruit yogurt
products in order to meet the different demands of young
consumers in respect of consumption scenario and flavor. The
Zhenguoli Fruit Milk Drink brand has developed floral and fruity
flavor light lactobacillus drinks, which are low-fat, slightly
fermented and subtly sweet and sour flavored. Emphasizing the
innovative combination of “flower + fruit + light lactobacillus
drink”, the series has been well received by consumer groups
such as urban white-collar workers and university students, and
has been sold out on multiple occasions on the e-commerce
platforms since its launch.
Annual Report 2020 二零二零年年報 23
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
品牌策略方面，疫情下消費者對於健康和免疫力
的持續關注，強化了純牛奶的「必需品」屬性，使
蒙牛純牛奶銷量大幅提升，通過不斷提高品牌力
及升級產品組合，蒙牛純牛奶的經營效率亦大幅
改善。特侖蘇通過對消費者大數據進行深度分
析，實現了千人千面的數字化互動創新，通過贊
助湖南衛視《響往的生活第四季》及《舞蹈風暴》等
高收視節目，不斷提升品牌聲量及活躍度，助推
銷量增長。年內，純甄品牌全新升級為「料實材
真，才是純甄」的品牌定位，冠名贊助了《創造營
2020》及《中餐廳第四季》等高熱度節目，首次與
時裝品牌Moschino跨界合作推出聯名產品，通過
數字化營銷實現品牌潮流化，帶動品牌的年輕化
發展。真果粒花果輕乳系列通過冠名贊助愛奇藝
《青春有你2》成功上市推廣，在銷售受阻的疫情
期間，真果粒通過產品高端化、借勢頂級流量與
年輕消費者積極溝通，實現逆勢增長。
渠道策略方面，疫情爆發後，常溫業務利用線上
線下雙向深度分銷的模式，在持續發展阿里巴
巴、京東等傳統電商渠道的同時，快速佈局O2O
到家業務、生鮮買菜平台及社區團購等新興渠
道。常溫業務的經銷商亦已全面使用「智網」系
統，打通了蒙牛對門店的鏈路管理，高效、精細
化的渠道管理進一步提升了蒙牛對終端的掌控力
及費用投放效率。此外，「鎮村通」工程已全面升
級版本，圍繞「專屬產品、專屬掌櫃、專屬平
台、專屬夥伴」，深挖農村市場，透過人員和網點
的系統化、可視化管理，實現網點及銷量雙增長。
Regarding branding strategy, as consumers have become
increasingly aware of the importance of health and immunity
following the outbreak of the Epidemic and pure milk has been
more widely perceived as a “necessity”, Mengniu pure milk has
achieved significant sales volume growth during the year. By
enhancing its brand position and upgrading its product mix, the
operational efficiency of Mengniu pure milk has improved
substantially. Through in-depth analysis of consumer-related big
data, Milk Deluxe enhanced its digitalized interaction with
consumers which have different demands. Brand awareness and
sales volume increased following the promotion of the brand
through the sponsorship of highly popular Hunan TV programs,
including “Back to Field Season 4” and “Dance Smash”. During
the year, Just Yoghurt used a new brand positioning slogan of
“It’s the real thing. It’s Just Yoghurt.” and served as the title
sponsor of popular programs including “Produce Camp 2020”
and “The Chinese Restaurant Season 4”. The Just Yoghurt brand
also launched crossover products with fashion brand Moschino
for the first time, appealing to young consumers and using digital
marketing to position itself as a fashionable brand. The Zhenguoli
Fruit Milk Drink floral and fruity flavor light lactobacillus drink series
was successfully launched through the title sponsorship of “Idol
Producer 2” produced by iQiyi. Although sales channels were
disrupted during the Epidemic, sales of Zhenguoli Fruit Milk Drink
increased due to the introduction of premium products and efforts
to connect with young consumers through popular media
publicity.
As for channel strategy, following the outbreak of the Epidemic,
Mengniu’s room temperature product business distributed its
products through the in-depth cooperation between online and
offline channels. In addition to further development of traditional
e-commerce channels including Alibaba and , it promptly
deployed its sales channels, including O2O home delivery
services, fresh food shopping platforms and community group
purchase platforms. The distributors of the room temperature
products have all started using the “Smart Network” system,
which enables online management of store channels. Highly
efficient and meticulous channel management further enhanced
Mengniu’s point of sales control and monitoring of sales
expenses investment. Moreover, the “Penetration into Towns and
Villages Project” has progressed to version , which focuses on
“Exclusive Products, Exclusive Storekeepers, Exclusive Platforms
and Exclusive Partners”. Rural markets have been further
developed, such that the number of sales points and sales
volume have increased through the systematic and visible
management of salespersons and sales points.
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司26
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
低溫業務
蒙牛抓緊消費趨勢、消費渠道及消費者認知的變
化，通過持續推進低溫酸奶及低溫乳酸菌的價值
營銷、產品創新及RTM渠道建設，連續16年保持
低溫品類市場份額第一。受疫情及競爭加劇影
響，雖然低溫業務收入表現優於行業，但仍錄得
負增長。
年內，冠益乳作為全國唯一一款通過國家食品藥
品管理局的保健食品認證的酸奶，透過舉辦酸奶
文化節、營養專家背書及直播科普等活動，針對
益生菌功能性持續推進消費者教育。同時，冠益
乳推出輕盈舒暢系列低溫酸奶，產品富含益生菌
及益生元，可有效促進腸道舒暢。此外，優益C
品牌針對中國消費者對於低糖、低脂等健康產品
的需求，推出控糖及0脂肪配方，上市白桃烏龍
及紅西柚兩種口味，並通過與手機遊戲王者榮耀
合作，滲透年輕消費者階層，實現品牌的年輕化
發展。
疫情爆發後，線下消費者流量大幅減少，導致購
買頻次顯著下降，面對消費渠道由線下轉線上的
變化，低溫業務在年內快速佈局新零售，例如
O2O到家業務、生鮮買菜平台、社區團購和線上
直播等渠道，並持續通過提升網點數量、優化渠
道結構及完善數字化管理等方式，不斷深化渠道
下沉，另外，低溫業務亦加快推動「智網」項目的
實施，以提升渠道運營效率。
Chilled Product Business
In view of the changes in consumption trends, sales channels and
health awareness of consumers, Mengniu further promoted the
nutritional values of chilled yogurt and chilled lactobacillus and
developed new products and RTM channels. Sales of Mengniu’s
chilled products maintained the first in the industry for the 16th
consecutive year. Although the Group’s sales of chilled products
still outperformed others in the industry as a whole, revenue
recorded negative growth in 2020 as it was affected by the
Epidemic and intensified competition.
Throughout the year, Champion, the only yogurt awarded State
Food and Drug Administration’s health food certificate, was
continuously promoted to consumers, with an emphasis on the
functions of its probiotic content, through various activities
including a yogurt cultural festival, nutritionist recommendation
and live streaming of science lectures. Champion has also
launched the light and refresh chilled yogurt series, which
contains probiotics and prebiotics to improve intestinal health. In
addition, focusing on satisfying the demand for healthy, low-sugar
and low-fat products from Chinese consumers, the Yoyi C brand
has launched a low sugar and zero-fat formula product with white
peach oolong and grapefruit flavors. Yoyi C has also successfully
penetrated the youth consumer market with the help of a
collaboration with the mobile game Honor of the Kings.
After the outbreak of the Epidemic, offline purchase frequency
decreased significantly in line with the substantial decrease in
consumer flow. In response to the shift from offline consumption
channels to online, the chilled product business promptly
deployed new retail channels during the year, including the O2O
home delivery services, fresh food shopping platforms, community
group purchases and live broadcast selling. By increasing the
number of points of sale, optimizing channel structure and
refining digitalized management, further penetration of the market
was achieved. The chilled product business also accelerated its
implementation of the “Smart Network” project in order to
improve the efficiency of channel operations.
Annual Report 2020 二零二零年年報 27
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
鮮奶業務
二零二零年，蒙牛的鮮奶業務發展勢頭強勁，通
過產品創新、嚴格質量管控、強化供應鏈佈局、
拓展渠道等策略，收入實現翻倍增長，市場份額
顯著提升。
鮮奶業務持續聚焦每日鮮語與現代牧場兩大品
牌。年內，高端品牌每日鮮語以「高端鮮奶新標
桿」為核心，通過創新的媒介組合強化消費者溝
通，同時，每日鮮語推出沙漠有機鮮奶和優護
A2ß-酪蛋白鮮牛奶新品，進一步鞏固其高端鮮奶
第一品牌地位。現代牧場則通過技術創新，大幅
提升當天生產當日上架的T+0產品的到貨比例，
保證產品新鮮度。同時，鮮奶事業部不斷推進鮮
奶品類的消費者教育，助力市場份額快速增長。
銷售管理方面，鮮奶業務聚焦通路精耕，通過經
銷商加直營的銷售模式，進一步提升渠道掌控能
力，並與傳統電商及O2O新零售渠道進行戰略合
作，618及雙十一當天銷售額位列京東平台生鮮
乳品銷售第一。此外，蒙牛持續發展便利店網
絡，通過打造高標準、獨立的鮮奶專屬區及門
店，助力鮮奶業務高質量高速增長。
Fresh Milk Business
In 2020, Mengniu’s fresh milk business developed robustly.
Through product innovation, stringent quality control, and
extension of the supply chain and sales network, revenue
doubled and market share also increased significantly.
Mengniu has focused on the promotion of Shiny Meadow and
Modern Meadow, two major brands of its fresh milk business.
During the year, Shiny Meadow, a premium brand, was promoted as
a new standard of high-quality fresh milk through a new combination
of media channels which strengthened communication with
consumers. The market position of Shiny Meadow as a leading
premium fresh milk product was further consolidated through the
introduction of new products: organic fresh milk from the desert and
Youhu A2ß-casein fresh milk. Modern Meadow has adopted
innovative technologies to increase daily supply of T+0 milk products
significantly, so as to ensure the freshness of milk. The fresh milk
business division also achieved robust growth in market share
through continuous consumer education on fresh milk product
knowledge.
As for sales management, the fresh milk business focused on
RTM development. Through a sales model comprising both
distributors and direct sales, greater control over sales channels
has been achieved. Mengniu also strategically cooperated with
traditional e-commerce channels and O2O new retail channels. Its
sales of fresh milk products ranked first on the platform
in the June 18 Shopping Festival and November 11 Shopping
Festival. In addition, Mengniu further developed its convenience
store network for sales of fresh milk by establishing independent
sales counters and stores, facilitating quality and robust growth of
the fresh milk business.
Annual Report 2020 二零二零年年報 31
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
雅士利奶粉業務
奶粉業務方面，蒙牛持有約51%股份的雅士利國
際控股有限公司（「雅士利」；股份代號：）
銷售額實現穩步增長，主要是由於以下舉措，包
括：(i)成人粉及營養品擴大新功能性產品覆蓋率，
向高端化發展，同時發展細分市場；(ii)嬰配粉持
續優化產品結構，品牌煥新後業務增長勢頭良
好；(iii)通過多種投放方式，提升品牌曝光度及公
信力，促進線上、線下銷量增長。
二零二零年，雅士利繼續發展嬰幼兒配方奶粉和
健康營養品兩大類產品業務。嬰幼兒配方奶粉方
面，雅士利對已上市的產品進行全線配方升級，
創新開發親乳配方的嬰幼兒乳粉，並為新冠疫情
下消費者對增強免疫力的需求提供解決方案，推
出多款高端成人功能型奶粉。其中，核心嬰幼兒
配方奶粉瑞哺恩在年內推出親乳奶粉系列，覆蓋
主流奶粉、有機奶粉及羊奶粉品類的七個產品。
雅士利的健康營養品方則不斷進行產品升級，推
出蒙牛超金裝系列、鉑金裝系列及悠瑞系列成人
奶粉，並上市新品類產品，包括中國首款免疫力
保健品奶粉特康力奶粉、紐西能奶粉、水果麥
片、M8兒童成長配方奶粉及脫脂奶粉等。
年內，雅士利繼續加強「嬰配奶粉聚焦母嬰渠道，
營養品聚焦商超渠道，快速發展電商渠道，新渠
道新產品全面發展」的渠道佈局。疫情下，雅士
利的送貨到家服務已成為標準服務，雅士利並加
深與阿里巴巴、京東等電商平台的合作，同時拓
展社區團購、社交電商等的新零售業務，助力業
務穩步發展。
Milk formula business of Yashili
The milk formula business of Yashili International Holdings Limited
(“Yashili”, stock code: ), in which Mengniu holds 51%
equity interest, recorded steady increase in sales, mainly due to (i)
expansion of the coverage of adult milk powder and nutrition
products on new functional products to shift focus to high-end
products while developing market segments; (ii) optimization of
product structure of infant formula products, and the satisfactory
business growth after the rebranding; (iii) enhanced brand
exposure and credibility through a variety of advertising and
promotion efforts, which promoted online and offline sales volume
growth.
In 2020, Yashili continued to develop its business of two major
product lines, infant milk formula and nutritional products. In
respect of infant milk formula, Yashili upgraded the formula of all
existing product lines and introduced breast milk-like infant milk
formula products. In view of the demand of nutritional products
for enhancement of immunity during the Epidemic, Yashili
introduced various high-end functional milk powder. Reeborne, its
major infant milk formula brand, launched seven products under
the breast milk-like milk formula series, covering mainstream milk
formula, organic milk formula and goat milk formula. Yashili also
continued to upgrade its nutritional products and introduced
Mengniu Premium Gold, Platinum and Yourui series. Yashili also
introduced additional new products, including Topconic , the first
milk powder health product in China for immunity enhancement,
Nutriall milk powder, fruit oatmeal, M8 children’s growth milk
formula and skimmed milk powder.
During the year, Yashili continued to focused on the
mother-and-baby channels for infant milk formula and the KA
modern trade channels for nutritional products. Yashili also
accelerated the development of e-commerce channels as well as
the development of new channels and new products. Home
delivery service has become part of the regular business
operation during the Epidemic. Yashili also strengthened its
cooperation with Alibaba, and other e-commerce
platforms and further developed new retails channels, such as
community group purchase and online social group purchase, to
boost the steady development of its business.
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司32
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
貝拉米業務
本集團於二零一九年末收購的澳洲有機嬰幼兒配
方奶粉及嬰兒食品廠商貝拉米，成為了蒙牛國際
事業部重要的一員。貝拉米堅持「追求極致有機，
天生有機」的品牌定位，大力擴展高端有機產品
矩陣。
年內，憑藉在線上渠道多年積累的品牌知名度和
美譽度，貝拉米品牌持續拓展產品線，並快速佈
局中國線下渠道，發展國內一至三線城市的分銷
網絡。二零二零年三月，貝拉米上市中文版包裝
的有機米粉輔食產品，積極開拓輔食產品的高端
有機產品市場；五至六月，貝拉米分別在澳洲發
布首款超高端有機A2奶粉及首款摯純系列有機A2
羊奶粉，並通過跨境電商平台同步在中國市場發
售，完成嬰幼兒配方奶粉高端細分市場的有機全
矩陣佈局；八月，貝拉米在線下渠道推出中文版
包裝的菁躍有機嬰幼兒配方奶粉。
Bellamy’s Business
Bellamy’s, an Australian organic infant milk formula and baby food
provider, was acquired by the Group at the end of 2019 and has
become a crucial member of Mengniu’s international business
division. Bellamy’s has adhered to the “Pursuing Organic,
Naturally Organic” brand positioning strategy and actively
expanded its portfolio of high-end organic products.
During the year, capitalizing on the reputation it has established
in online channels over the years, Bellamy’s continued to expand
its product lines and established offline channels in China in order
to develop distribution networks in first- to third-tier cities. In
March 2020, Bellamy’s launched its Chinese-labelled organic baby
rice and proactively increase its share in the high-end organic
supplementary food market. In May and June, Bellamy’s launched
the first super high-end organic A2 milk powder and Mim’s Gentle
Milk CoTM organic A2 goat milk powder in Australia, both of which
were also offered in China through cross-border e-commerce
platforms. The comprehensive deployment of organic infant milk
formula products within the high-end market segment has been
completed since then. The Chinese-labelled Bellamy’s organic
Equi-pure infant milk formula series was also launched through
offline channels in August.
Annual Report 2020 二零二零年年報 33
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
依託菁躍有機中文版嬰配粉上市，貝拉米快速佈
局中國線下渠道，發展國內一至三線城市的分銷
網絡。截至2020年末，產品已覆蓋至13個省份的
近三千家門店。年內，跨境電商渠道表現亮眼，
嬰配粉全年商品成交金額的整體排名升至第五，
嬰幼兒米粉增長強勁，穩居跨境電商渠道有機米
粉品類第一。
冰淇淋業務
二零二零年，冰淇淋業務聚焦品牌煥新與產品升
級，通過線上線下聯動，多維度合作進行產品推
廣，提升品牌知名度，助力銷售穩健增長。
綠色心情以豆冰品類進行產品延伸，聯名《薑子
牙》IP，推出兩款茶飲冰淇淋，通過抖音及小紅書
等平台進行全方位媒體投放，推廣品牌年輕形
象。蒂蘭聖雪與代言人戚薇深入合作，全面煥新
品牌年輕形象，推出黑鳳梨果肉牛奶冰淇淋和雪
絨乳酪牛奶冰淇淋等創新產品，打造鮮奶冰淇淋
的高端定位，精準覆蓋中產女性客群。隨變啟用
多位新一代當紅明星進行品牌宣傳，並與酒業品
牌江小白跨界合作，推出「大人吃的冰淇淋」，打
造百變、潮酷的品牌形象，助力產品銷售。
年內，蒙牛持續發展傳統渠道與現代渠道，並大
力發展每日優鮮、叮咚買菜等生鮮電商、社區團
購等新零售渠道，帶動冰淇淋銷售穩健增長。
Through the launch of the Bellamy’s organic Equi-pure infant milk
formula, Bellamy’s speedily deployed offline channels in China and
developed distribution networks covering first- to third-tier cities in
the country. As of the end of 2020, the products were sold in
nearly 3,000 offline stores in 13 provinces. During the period, the
performance of cross-border e-commerce channels was
outstanding and Bellamy’s ranked fifth for infant milk formula
products in terms of annual sales. The sales of infant rice also
increased substantially, and the brand ranked first for sales of
organic rice products on cross-border e-commerce channels.
Ice Cream Business
In 2020, the ice cream business primarily focused on rebranding
and product upgrades. Products were promoted through
online-offline coordination and multi-dimensional cooperation, in
order to improve brand awareness and maintain a steady growth
in sales.
Based on its bean-flavored ice cream products, Green Mood
co-branded with “Jiang Ziya” IP to launch two tea-flavored ice
cream products. The brand was advertised on TikTok,
Xiaohongshu and other platforms to promote its youthful image. In
cooperation with its ambassador Qi Wei, Deluxe rebranded itself
as a youthful brand. By launching innovative products such as
black pineapple fruit pulp milk ice cream and velvet yogurt milk
ice cream, Deluxe established its fresh milk ice cream product
positioning to target middle-class female customers. Suibian
engaged a number of new generation celebrities to promote its
brand. It also collaborated with the alcohol brand Jiangxiaobai
and launched “ice cream for adults”, creating a diverse and
trendy brand image which ultimately enhanced sales.
During the year, in addition to developing traditional channels and
modern trade channels, Mengniu also developed fresh food online
shopping channels such as Miss Fresh and , as well as
other new retail channels such as group purchase channels,
which led to the steady growth of ice cream sales.
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司34
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
奶酪業務
為把握中國奶酪市場的增長機遇，蒙牛與歐洲最
大的乳品企業Arla Foods共同成立高端奶酪品牌
愛氏晨曦，在研發創新、品牌推廣、渠道運營及
工廠建設等方面協同合作。蒙牛通過積極推動產
品創新及數字化營銷、深化渠道拓展，以及強化
傳統電商渠道等舉措，不斷提高品牌知名度及銷
售額。
年內，本集團不斷開發新產品，推出0白砂糖含
量的奶酪甜點、開創性的常溫魷魚奶酪零食和全
國首款國內生產的液體黃油。為提升品牌形象，
愛氏晨曦奶酪聘請全球知名鋼琴家郎朗和夫人吉
娜為全球代言人，推廣全新品牌形象。本集團並
借助數字化和社會化平台，聯手天貓、京東與消
費者深度互動，同時，本集團積極佈局中西餐
飲、烘焙茶飲及酒店航線等市場，不斷提高奶酪
產品的市場滲透率。
質量管理
二零二零年，本集團持續以質量三年戰略規劃為
指導，推進質量管理體系，升級質量文化，秉
持「以消費者為核心，匠心製造完美產品，成為
全球乳業質量標桿」的質量願景，為消費者提供
世界品質、安全可信賴的產品。
Cheese business
To capture the growth opportunities of the cheese market in
China, Mengniu and Arla Foods, which is the largest dairy
enterprise in Europe, co-founded 愛氏晨曦 , a high-end cheese
brand, and cooperated in research and development, innovation,
brand promotion, channel operation and construction of factories.
By actively promoting product innovation and digital marketing,
deepening channel expansion, as well as enhancing traditional
e-commerce channels, 愛氏晨曦 continued to raise brand
awareness and sales.
During the year, the Group actively developed new products,
including white sugar-free cheese desserts, brand new room
temperature squid flavored cheese snacks and the first made-in-
China liquid butter. 愛氏晨曦 cheese engaged the world-renowned
pianist Lang Lang and his wife Gina Alice Redlinger as its global
brand ambassadors to promote its new brand image. Leveraging
digital and social platforms, the Group collaborated with Tmall and
to further engage with consumers. The Group also actively
increased its market presence in such segments as Chinese and
Western catering, baking and tea beverage, and hotels and airlines,
in order to further improve the penetration of its cheese products.
Quality Management
In 2020, Mengniu continued to implement its three-year quality
assurance plan alongside the adoption of the quality management
system . Mengniu also remained dedicated to promoting a
quality-oriented culture through the production of excellent
products for consumers and upholding its vision of becoming a
benchmark for milk producers worldwide, providing consumers
with safe and trusted products reflecting international standards.
Annual Report 2020 二零二零年年報 35
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
優質奶源是保證高質量產品的源頭，本集團通過
引入Arla Garden先進的牧場管理體系和新西蘭
AsureQuality安全管理標準，對標國際、國內畜牧
養殖法律法規和標準，結合ISO9000及ISO22000
管理體系的要求，構建了專業化的牧場管理體
系。年內，本集團重點圍繞上游供應商管理、獸
藥管理、動物福利及牧場信息化建設等方面，有
效提升牧場質量管控水平，不斷加強蒙牛與上遊
牧場的協作共贏關係。二零二零年，國家相關部
門對蒙牛所轄各奶源基地進行抽檢，合格率連續
七年實現100%。
為了嚴格控制全產業鏈及各環節的產品質量，蒙
牛引進全球先進生產設備、工藝及技術，對標達
能集團和Arla等國際領先公司的食品安全標準，
不斷探索適合中國乳業的質量安全管理制度。年
內，蒙牛持續落地「質量安全管理體系」項目，
推動採購及供應的全生命週期質量管理，不斷優
化質量管理工作的要素、制度及標準，為消費者
提供更高品質的產品和服務。
Utilizing quality sources of milk is essential for the production of
high-quality products. Mengniu has established a professional
range management system by introducing an advanced ranch
management system from Arla Garden and safety management
standards from AsureQuality of New Zealand. In addition, the
Group is committed to benchmarking against international and
domestic laws, regulations and standards relating to animal
rearing and breeding, along with observing ISO9000 and
ISO22000 management system requirements. During the year, the
Group focused on the management of upstream suppliers,
veterinary drugs, animal welfare and the digitalization of ranch
management. The quality management systems used by ranches
were effectively improved, enhancing Mengniu’s cooperation with
upstream ranches. In 2020, the Group’s milk source bases
passed all random inspections by relevant government
departments for the seventh consecutive year.
In order to more strictly control the product quality of the entire
industry chain, Mengniu introduced advanced production facilities,
skills and technologies from around the world and adhered to the
food safety standards of Danone Group and Arla, two of the
world’s leading producers, and further developed quality and
safety management systems that are suitable for the dairy
industry in China. During the year, Mengniu continued to
implement the “Quality and Safety Management System ” to
cover the entire cycle of procurement and supply. Quality
management activities pertaining to elements, systems, and
standards have been improved, ultimately providing consumers
with products and services of a higher quality.
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司38
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
二零二零年，蒙牛全面邁進4Q質量管理體系時
代。本集團基於消費者需求，以風險預防管理為
主要目標，融合國際標準和實踐經驗，創出由質
量策劃 (Quality Planning)、質量控制 (Quality
Control)、質量保證 (Quality Assurance)、質量支
持 (Quality Support)組成的4Q質量管理體系，具
有「一模型（4Q質量金字塔模型）、兩中心（以消
費者為中心、以品質為中心）、三驅動（文化驅
動、創新驅動、智能驅動）」的特色，覆蓋由供應
商到消費者的全產業鏈所有業務活動，為蒙牛卓
越營運和質量管理體系奠定理論基礎，為完善「集
團 — 事業部 — 工廠」三級管理制度與標準化流
程及員工的質量管理工作提供依據。
奶源管理
二零二零年疫情期間，蒙牛全力復工復產，推出
「保收購、保供應、保運力、保資金、保運營」五
大保障舉措以穩定上游供應商的信心，維護牧場
夥伴的穩定經營和蒙牛業務的正常營運。蒙牛協
同「愛養牛」平台為供應商合作夥伴提供物資保
障，確保合作牧場生產所需物資的價格穩定與及
時供應，同時協同政府、奶業協會及物流合作夥
伴，保障牧場飼草料和生鮮乳的運送暢通，維護
廣大奶農的利益，推動奶業快速復蘇。
年內，蒙牛加強在整個國內外奶源的佈局，包括
在內蒙、河北、河南、山東、黑龍江等地建立新
牧場和新的加工產業網絡。另外，蒙牛已成為中
國最大的有機奶生產的牧業公司 — 中國聖牧有
機奶業有限公司的第一大股東，同時，蒙牛也與
另外兩間旗下聯營公司中國現代牧業控股有限公
司及內蒙古富源國際實業（集團）有限公司也在全
面提升效率，滿足蒙牛對優質生鮮乳的需求。
In 2020, Mengniu entered a new era of the 4Q quality
management system. In order to meet the demands of
consumers, the Group took a risk prevention approach to
introduce the 4Q quality management system, . Quality
Planning, Quality Control, Quality Assurance and Quality Support,
according to international standards and practices. The system
has the characteristics of a 4Q quality pyramid model, adhering to
the principles of “consumer first” and “quality first”, and is driven
by culture, innovation and intelligentization. It encompasses all
business activities within the industry chain from suppliers to
consumers. The system forms the theoretical framework for the
Group’s excellent operation and quality management system,
which enhanced the Group’s three-tier management system,
covering corporate, business divisions and production facilities,
and provides guidelines for procedure standardization and quality
control practices for employees.
Milk Source Management
During the Epidemic that blighted the year 2020, Mengniu strived
to resume its operations and production. Five protective
measures were adopted, namely “Securing Procurement, Ensuring
Supply, Guaranteeing Delivery, Maintaining Sufficient Capital, and
Securing Operations”, with the aim of maintaining the confidence
of upstream suppliers and facilitating the stable operation of
Mengniu’s ranch partners and the normal operations of Mengniu’s
business. Mengniu ensured the stable pricing and timely supply of
production materials to cooperating ranches by collaboration with
the “Aiyangniu” platform. In addition, Mengniu worked with the
government, dairy associations and logistic partners to ensure the
seamless delivery of forage to and fresh milk from ranches,
safeguarding the interest of dairy farmers and accelerate the
recovery of the dairy industry as a whole.
During the year, Mengniu stepped up deploying milk sources in
China and overseas. New ranches and milk processing facilities
were set up in Inner Mongolia, Hebei, Henan, Shandong and
Heilongjiang. Furthermore, Mengniu has become the largest
shareholder of China Shengmu Organic Milk Limited, the largest
organic milk producer in China. Two associated companies of
Mengniu, namely China Modern Dairy Holdings Ltd. and Inner
Mongolia Fuyuan International Industrial (Group) Co., Ltd., have
also improved operational efficiency to meet the quality fresh raw
milk demand of Mengniu.
Annual Report 2020 二零二零年年報 39
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
此外，蒙牛持續推進「數字奶源 智慧牧場」、「奶
牛研究院」及「愛養牛」三大服務平台，善用大數
據、5G、區塊鏈等技術，實現更高效、精細及智
能化的奶源管理。年內，蒙牛亦持續推進六大利
益聯結舉措，包括資金扶持、技術服務、科學計
價、合同量價、人才培養等，以建立有效的利益
聯結機制，推動牧場降本增效，提升運營能力。
為助力奶源基地的建設發展，蒙牛奶源技術支持
中心通過與國家奶牛產業技術體系和中國農業大
學合作，開展「單產提升」專項行動，包括組建專
家團隊，引入二十多位奶牛行業專家，共同組建
22支評估小隊，圍繞現場評估、交流答疑，輔助
牧場提升奶牛福利及單產量。此外，蒙牛參與的
「中國乳業產業園奶源基地建設項目」已分別在巴
彥淖爾市、通遼市、呼和浩特市開工奠基，助力
內蒙古在沿黃河流域、西遼流域、嫩江流域完成
「種、養、加」全產業鏈的戰略佈局。
為構建專業化及可持續的牧場管理體系，蒙牛在
年內不斷加強牧場的疫病防控和用藥管理，通過
引入動物福利體系不斷提升動物健康，有效降低
奶牛的發病率和死亡率。蒙牛堅持「科學使用，
減少獸藥」的原則，停止使用存在安全風險的獸
藥，並依託「智慧牧場」平台，實現獸藥使用追溯
系統100%的覆蓋，使獸藥出入庫、獸藥使用、用
藥牛的隔離及隔離後的管理可全程追溯監管。
Moreover, Mengniu has continued its efforts to promote the three
major service platforms, namely “Digital Milk Sources and Smart
Ranches”, “Dairy Cattle Research Institute” and “Aiyangniu” and
make effective use of big data, 5G, block chain and other
technologies to achieve efficient, refined and intelligent milk source
management. During the year, Mengniu continued to carry out six
measures, including financial support, technological services,
scientific and standardized pricing, price determination through
contracts, and talent training, with the aim of establishing an
effective system to create mutual benefits between Mengniu and
the ranches. With this system, ranches were able to reduce
costs, enhance efficiency and optimize operational capabilities.
In order to support the development of milk source bases, the
Mengniu Milk Source Technical Support Center carried out a
special campaign, “Improvement of Output per Dairy Cow”, in
cooperation with the National Dairy Industry and Technology
System and China Agricultural University. As part of the initiatives
of this campaign, an expert team has been set up while 22
evaluation panels have been established with the introduction of
more than 20 industry experts from the dairy industry. These
teams aim to support ranches in improving the welfare of dairy
cattle and the output per dairy cow through on-site assessment,
exchange of information and discussion of problems. Furthermore,
Mengniu participated in the “Milk Source Base Construction
Project of China Dairy Industrial Park”, which conducted
groundbreaking ceremonies in Bayannur City, Tongliao City and
Hohhot City. The project aims to assist Inner Mongolia in
completing strategic deployment of the entire industrial chain,
covering “planting, rearing and processing” along the Yellow River
basin, Xiliao River basin and Nen River basin.
During the year, Mengniu stepped up disease prevention and
medication management efforts at ranches to ensure that the
management system of ranches remained professional and
sustainable. A dairy cattle welfare system was introduced to
improve cattle health, effectively reducing morbidity and mortality.
Also, based on the principle of “Scientific and Fewer Use of
Veterinary Drugs”, Mengniu ceased the use of veterinary drugs
which have safety risks and capitalized on the “Intelligent Ranch”
platform to ensure the tracing system for veterinary drugs to
reach a coverage of 100%, enabling supervision of the entire
process, ranging from the inventory taking and use of veterinary
drugs to medicated cattle isolation and post-isolation
management.
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司40
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
蒙牛亦於二零二零年借鑒國際先進經驗和模範做
法，發佈《牧場奶牛福利推廣實施體系》，圍繞奶
牛養殖的全產業鏈條，為福利實施的實際操作方
法提供系統化的指導，推進奶牛福利的執行、評
估、改善和評價系統的實施，完成650個牧場評
估，並組織相關培訓30場次，提升了奶牛的產
能，助力品牌影響力的提升。
企業數字化戰略
二零二零年，為應對疫情，蒙牛通過數字化轉型
升級，逐步構建數據驅動業務的信息化體系建
設，賦能全集團進行高效、敏捷的業務決策。蒙
牛成立了集團數字化戰略管理委員會和數字化戰
略項目組，以聚焦「消費者、渠道、供應鏈、管
理」四大在線策略，打造平台化、生態化的數智
化經營模式。同時通過搭建數字奶源、質量管
理、「智網」、智慧供應鏈及消費者營運管理等系
統，不斷深化核心業務鏈的全方位數據採集、融
合及管理，助力業務決策並提升營運效率。
「消費者在線」領域方面，蒙牛通過深入消費者洞
察及價值鏈分析，積極整合優質媒體資源，以消
費者數據為基礎，進行多營銷場景分析，通過不
斷進行消費者洞察及產品價值營銷，引導消費者
購買健康、營養的產品，實現精準的營銷推廣和
高效的資源投放。
In 2020, with reference to advanced experiences and best
practices worldwide, Mengniu issued the “Promotion and
Implementation System for the Welfare of Dairy Cattle”, pursuant
to which a systemic guidance template of implementation
standards was provided for the entire industry chain of dairy
cattle rearing and breeding. Cattle welfare was carried out under
implementation, evaluation, improvement, and assessment. With
the completion of 650 ranch evaluations and the organization of
30 related training sessions, production capacity of dairy cattle
and brand influence were successfully enhanced.
Corporate Digital Strategy
In 2020, in view of the Epidemic, Mengniu upgraded its
operations through digitalization and establishment of an
information system that gradually leads to a data-driven business.
The system enabled the efficient and prompt decision-making
regarding the Group’s operations. Mengniu has established a
digitalization strategy management committee and a digitalization
strategy task force to work on four strategies, including
“Consumers Going Online”, “Channels Going Online”, “Supply
Chain Going Online” and“Management Going Online”, to form a
digital and intelligent management model on the basis of
operational platform and ecosystem. The sourcing of milk, quality
management, “Smart Network”, smart supply chain and consumer
management are operated under a digitalized system. Data from
the core business lines are collected, integrated and managed to
enable better operational decisions and efficiency.
In respect of “Consumers Going Online”, Mengniu made use of
consumer insights and value chain data analysis to consolidate its
quality media resources. Through analyzing consumer data and
various consumption scenarios and marketing the value of its
products, Mengniu provided guidance to consumers on healthy
and nutritional products consumption and ensured that its sales
and marketing accurately targeted potential customers and its
investment in resources was highly effective.
Annual Report 2020 二零二零年年報 41
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
「渠道在線」領域方面，蒙牛通過「智網」系統不斷
深化渠道精耕，圍繞產品鋪市、陳列管理及規劃
拜訪線路等方面，創新性地開發了「牛牛惠」、「牽
牛花」等線上工具，開展更數字化、可視化及精
細化的渠道賦能和管理。同時，蒙牛持續在商
品、渠道、庫存等方面進行優化管理，通過完善
物流倉儲配送體系、優化運輸路線，提升了蒙牛
全渠道的營運管理能力及營銷費用和物流費用的
使用效率。
「供應鏈在線」領域方面，蒙牛聚焦「數字奶
源 智慧牧場」，前瞻性佈局奶源，推動上遊牧場
逐步向自動化、數字化的方向發展，助力上下游
實現協同共贏。經過多年歷史數據的積累，蒙牛
的質量管理系統亦具備了多維度洞察、預測及預
警能力，為消費者提供更高品質的產品。
「管理在線」方面，蒙牛不斷深化全域消費者營
運、全鏈路數字化賦能、全生態創新協同，加速
企業數字化發展，持續賦能產業鏈上下游，目標
實現具備以消費者為中心的敏捷服務及回應能
力、以數據為中心的全域全形式的智慧洞察能
力、以及成本效益、效率、質量全面提升的高質
量發展能力。
With regard to “Channels Going Online”, Mengniu further
accelerated its efforts in RTM through its “Smart Network”
system. The Group has developed its own online tools, such as
“Niu Niu Hui” and “Qian Niu Hua”, to facilitate the market
penetration and display of products as well as the planning of
routes for channel visits. The empowerment and management of
channels have been further digitalized, visualized and refined. In
addition, the Group has enhanced its management of products,
channels and inventory. The entire channel management was
improved through the optimization of its logistics, warehousing
and distribution systems, and routing of transportation. The
effectiveness of sales & marketing expenses and logistics
expenses was also improved.
Regarding “Supply Chain Going Online”, Mengniu focused on
establishing “Digital Milk Sources and Smart Ranches”. The Group
proactively deployed its milk sources through the promotion of
automation and digitalization of upstream ranches, so as to
achieve mutual benefits with partners along the industrial chain.
Based on data collected over the years, Mengniu’s quality
management system is able to identify, anticipate and alert any
quality issues to ensure that consumers are provided with
products of the highest quality.
As for “Management Going Online”, Mengniu has further
enhanced the comprehensive management of consumers,
digitalization of its industrial chain and synergy within its
ecosystem. The Group has continued to accelerate digitalization
of its operations and empower the upstream and downstream
partners along the industrial chain. Mengniu’s objective is to
enhance its capability to swiftly serve and respond to the needs
of consumers, provide business insights in all aspects based on
data collected, as well as improve cost effectiveness, efficiency
and product quality for high quality development.
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司44
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
財務回顧
二零一九年，本集團出售了君樂寶，故只合併其
業績到二零一九年十一月，同時，二零一九年集
團亦收購了貝拉米，其業績自二零一九年十二月
開始合併。另外，二零一九年本集團錄得出售君
樂寶稅前收益人民幣億元，出售君樂寶的
所得稅支出人民幣億元，計提商譽及其他
無形資產減值人民幣億元等一次性財務影
響。二零二零年，因新冠疫情爆發，本集團在第
一季度的以下舉措導致額外成本增加，利潤下
降：(1)本集團為保證員工健康安全、正常復工復
產而投入了額外疫情防控費用；(2)本集團為盡快
降低渠道庫存而投入了額外營銷費用；及(3)本集
團積極承擔社會責任，向社會捐贈現金及乳製
品。以上因素使得二零二零年對比二零一九年的
財務表現不完全可比。為了使股東及投資者更好
地瞭解本集團二零二零年之財務表現，若干數據
會扣除以上相關的因素而作出調整分析。
收入
截至二零二零年十二月三十一日止年度，本集團
收入為人民幣億元（二零一九年：人民幣
億元），同比下降%。
二零二零年貝拉米為集團貢獻收入為人民幣
億元（二零一九年：人民幣億元），
而君樂寶則於二零一九年為集團貢獻收入人民幣
億元。如不包括二零一九年處置的君樂
寶及二零一九年十二月收購的貝拉米的業務收
入，本集團的可比業務收入為人民幣億
元（二零一九年：億元），增長%。
FINANCIAL REVIEW
In 2019, the Group had made a disposal of its subsidiary,
Junlebao, and thus consolidating its financial result only up to
November 2019; in addition, the Group had made an acquisition
of Bellamy’s and has consolidated its financial result since
December 2019. Moreover, there were several one-off financial
impacts in 2019, which included the recognization of a pretax
gain on disposal of Junlebao of RMB3, million, income tax
expense for the gain on disposal of Junlebao of
million, and provision for impairment of goodwill and other
intangible assets of RMB2, million. In 2020, because of the
outbreak of the Epidemic, during the first quarter the Group had
taken several actions that incurred additional cost, resulting in a
decrease in profit, namely (i) additional expenses incurred for
epidemic prevention and control to safeguard the health and
safety of workers and to resume normal work and production; (ii)
additional sales and promotion expenses incurred for the Group
to reduce its channel inventories as soon as possible; and (iii)
donation of cash and dairy products to actively fulfill the Group’s
social responsibilities. Because of the above mentioned factors,
the financial performance of 2020 and 2019 might not be directly
comparable. In order for shareholders and investors to better
understand the financial performance of the Group in 2020,
certain financial data might exclude the factors mentioned above
for analysis.
Revenue
The revenue of the Group amounted to RMB76, million for
the year ended 31 December 2020 (2019: RMB79, million),
representing a year-on-year decrease of %.
During 2020, Bellamy’s contributed RMB1, million (2019:
million) to the Group’s revenue while in 2019, Junlebao
contributed RMB11, million to the Group’s revenue in that
year. Excluding the business revenue of Junlebao which was
disposed of in 2019, and that of Bellamy’s which was acquired in
December 2019, the Group’s revenue from Comparable
Businesses amounted to RMB75, mil l ion (2019:
RMB67, million), representing an increase of %.
Annual Report 2020 二零二零年年報 45
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
毛利
本集團年內毛利下降至人民幣億元（二零
一九年：人民幣億元），雖然原料鮮奶價
格同比有所上升，由於產品結構顯著優化，本集
團毛利率較去年同期輕微上升個百分點至
%（二零一九年：%）。
經營費用
年內，本集團經營費用下降至人民幣億
元（二零一九年：人民幣億元），佔本集
團收入比例為%（二零一九年：%）。二
零一九年，經營費用包括商譽及其他無形資產減
值人民幣億元，如扣除商譽及其他無形資
產減值，去年的費用佔收入比例為%，以此
比較，則上升個百分點。上升主要由於本集團
於二零二零年第一季度的以下舉措導致了額外費
用的增加，包括 (i)本集團為保證員工健康安全、
正常復工復產而投入了額外疫情防控費用；(ii)本
集團為盡快降低渠道庫存而投入了額外營銷費
用；及(iii)本集團積極承擔社會責任，向社會捐贈
款物。
年內銷售及經銷費用為人民幣億元（二零
一九年：人民幣億元），佔本集團收入比
例上升 1個百分點至 28 .3%（二零一九年：
%）。
年內廣告及宣傳費用下降%至人民幣
億元（二零一九年：人民幣億元），佔本集
團收入比例下降至%（二零一九年：%）。
Gross Profit
The Group’s gross profit for the year decreased to RMB28,
million (2019: RMB29, million). Despite the increase in the
price of raw milk as compared with the previous year, with a
notably optimized product mix, the Group’s gross profit margin
increased slightly by percentage point to % as compared
with the previous year (2019: %).
Operating Expenses
Operating expenses of the Group for the year decreased to
RMB26, million (2019: RMB28, million), representing
% when expressed as a percentage of the Group’s revenue
(2019: %). In 2019, operating expenses included provision for
impairment of goodwill and other intangible assets which
amounted to RMB2, million, if excluding provision for
impairment of goodwill and other intangible assets, the operating
expenses represented % when expressed as a percentage of
the Group’s revenue. Taking this into comparison, operating
expenses expressed as a percentage of the Group’s revenue
increased by percentage points. The increase was mainly
attributable to the measures adopted by the Group in the first
quarter of 2020 that resulted in an increase in extra costs,
including (i) additional expenses by the Group for epidemic
prevention and control to safeguard the health and safety of
workers and to resume normal work and production; (ii) additional
sales and promotional expenses by the Group to reduce its
channel inventories as soon as possible; and (iii) donations of
cash and products to actively fulfil the Group’s social
responsibilities.
Selling and distribution expenses for the year amounted to
RMB21, million (2019: RMB21, million), representing
% when expressed as a percentage of the Group’s revenue
(2019: %), an increase of 1 percentage point in 2020
compared to that of 2019.
Advertising and promotion expenses for the year decreased by
% to RMB6, million (2019: RMB8, million),
representing a decrease to % when expressed as a
percentage of the Group’s revenue (2019: %).
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司48
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
行政及其他經營費用，包括金融及合約資產減值
損失及按攤餘成本計量金融資產的出售虧損，下
降%至人民幣億元（二零一九年：人民
幣億元），佔本集團收入比例%（二零
一九年：%）。如前述，如扣除商譽及無形資
產減值人民幣億元，二零一九年該費用佔
收入比例為%。與此比較，則上升個百分
點。上升主要原因為疫情期間積極捐贈現金及乳
製品所致。
經營業務利潤及淨利潤
年內，本集團息稅折舊攤銷前利潤（「EBITDA」）下
降%至人民幣億元（二零一九年：人民
幣億元），EBITDA利潤率為%（二零
一九年：%）。下降主要原因為二零一九年本
集團錄得出售君樂寶收益人民幣億元及商
譽及無形資產減值人民幣億元，結合約
億元的淨收益，以及本年度上述經營費用
增加所致。
本公司擁有人應佔利潤下降%至人民幣
億元（二零一九年：人民幣億元）。
每股基本盈利下降%至人民幣元（二零
一九年：人民幣元）。
所得稅支出
本集團於二零二零年所得稅支出為人民幣
億元（二零一九年：人民幣億元），同比下
降%，主要由於二零一九年處置子公司君樂
寶產生的收益需繳納人民幣億元所得稅項。
所得稅有效稅率為%（二零一九年：%），
同比下降個百分點，主要由於去年產生的商譽
減值及其他無形資產減值為不可抵扣稅的項目。
資本支出
截至二零二零年十二月三十一日止年度，本集團
資本支出為人民幣億元（二零一九年：人
民幣億元），同比下降%。資本支出
Administrative and other operating expenses, including impairment
losses on financial and contract assets and loss on disposal of
financial assets measured at amortized cost, decreased by %
to RMB5, million (2019: RMB7, million), accounting for
% (2019: %) of the Group’s revenue. As mentioned above,
if the provision for impairment of goodwill and intangible assets of
RMB2, million was excluded, administrative and other
operating expenses when expressed as a percentage of the
Group’s revenue should be % in 2019. Taking this into
comparison, there was an increase of percentage points in
2020 compared to that of 2019. The increase was mainly due to
the active donation of cash and dairy products during the
Epidemic.
Profit from Operating Activities and Net Profit
During the year, the Group’s earnings before interest, taxes,
depreciation and amortization (“EBITDA”) decreased by % to
RMB5, million (2019: RMB7, million) and EBITDA
margin was % (2019: %). The decrease was mainly due to
a gain arising from disposal of Junlebao of RMB3, million
and provision for impairment of goodwill and intangible assets of
RMB2, million, resulting in a net gain of million
recorded in 2019, and an increase in operating expenses in 2020
as mentioned above.
Profit attributable to owners of the Company decreased by
% to RMB3, million (2019: RMB4, million). Basic
earnings per share decreased by % to (2019:
).
Income Tax Expenses
In 2020, the Group’s income tax expenses amounted to
million (2019: RMB1, million), representing a
year-on-year decrease of %, primarily due to the income tax
expenses of million on gain arising from the disposal
of Junlebao, a subsidiary of the Company in 2019. The effective
income tax rate was % (2019: %), down by
percentage points year-on-year, mainly due to the impairment of
goodwill and impairment of other intangible assets included in the
previous year which were non-deductible items.
Capital Expenditure
For the year ended 31 December 2020, the Group’s capital
expenditure amounted to RMB6, mi l l ion (2019:
RMB11, million), representing a year-on-year decrease of
Annual Report 2020 二零二零年年報 49
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
用於新建和改建生產設備及相關投入達人民幣
億元，以及股權投資達人民幣億
元。
營運資金、財務資源及資本架構
截至二零二零年十二月三十一日止年度，本集團
經營業務所產生的現金淨流入為人民幣億
元（二零一九年：人民幣億元），與去年同
期相比下降%。
於二零二零年十二月三十一日，本集團之未償還
計息銀行及其他借貸下降至人民幣億元
（二零一九年十二月三十一日：人民幣億
元），其中一年內償還的計息銀行及其他借貸為
人民幣億元（二零一九年十二月三十一日：
人民幣億元）。超過九成計息銀行及其他
借貸按固定利率計算。
本集團於二零二零年十二月三十一日之淨借貸（計
息銀行及其他借貸總額扣除現金及銀行存款）為
人民幣億元（二零一九年十二月三十一日：
人民幣億元）。
本集團於二零二零年十二月三十一日之總權益為
人民幣億元（二零一九年十二月三十一
日：人民幣億元）。債務權益比率（計息
銀行及其他借貸總額除以總權益）為%（二零
一九年十二月三十一日：%）。
年內，本集團的融資成本為人民幣億元（二
零一九年：人民幣億元），佔收入比重約
%（二零一九年：%）。
產品
蒙牛憑藉自身資源優勢以及國際領先技術，圍繞
產品差異化和高端化不斷革新，以卓越的產品領
先同業，推動銷量增長。年內，蒙牛提出並實踐
DTV (Design to Value)理念，即以消費者為中心
驅動產品設計，讓產品設計更加接近消費者，同
時簡化產品的複雜程度，使產品能夠體現真正的
價值，推動蒙牛更可持續的發展。
%. RMB4, million was spent on building new
production facilities and modifying existing ones and related
investments, while RMB1, million was invested in equities.
Working Capital, Financial Resources and Capital
Structure
For the year ended 31 December 2020, the Group recorded net
cash inflow from operating activities of RMB5, million (2019:
RMB6, million), representing a decrease of % when
compared with the previous year.
As at 31 December 2020, the Group’s outstanding
interest-bearing bank and other borrowings decreased to
RMB18, million (31 December 2019: RMB23, million),
of which interest-bearing bank and other borrowings repayable
within one year amounted to RMB4, million (31 December
2019: RMB13, mil l ion). More than 90% of the
interest-bearing bank and other borrowings were bearing interest
at fixed rates.
Net borrowings (total amount of interest-bearing bank and other
borrowings net of cash and bank balances) of the Group as at
31 December 2020 amounted to RMB7, mil l ion
(31 December 2019: RMB16, million).
The total equity of the Group as at 31 December 2020
amounted to RMB37, million (31 December 2019:
RMB33, million). The debt-to-equity ratio (total amount of
interest-bearing bank and other borrowings over total equity) of
the Group was % (31 December 2019: %).
Finance costs of the Group for the year were million
(2019: million), or approximately % when expressed
as a percentage of revenue (2019: %).
PRODUCTS
Leveraging its advantage in resources and globally advanced
technologies, Mengniu focused on product differentiation and
premiumization, which in turn drive further sales volume growth
and industry leadership underpinned by superior products. During
the year, Mengniu adopted a consumer-oriented production
development concept of DTV (Design to Value) to introduce
products that perfectly meet the demands of consumers. The
Group’s product lines had been streamlined to reveal the value of
its products for the sustainable development of Mengniu.
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司52
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
本集團主要業務分為液態奶、冰淇淋、奶粉及其
他產品，年內表現如下：
The principal businesses of the Group are liquid milk, ice cream,
milk formula and other products with their performance during the
year outlined as below:
Product category Financial performance Highlights
產品品類 財務表現 動向
Liquid Milk
液態奶
Revenue amounted to RMB67, million (2019: RMB67, million), accounting for % of
Mengniu’s total revenue (2019: %).
收入為人民幣億元（二零一九年：人民幣億元），佔蒙牛總收入的%（二零一九年：
%）。
UHT Milk
UHT奶
— The Milk Deluxe era began following the launch of its
products in upgraded “DreamCap™” packaging in 2019. In
May and June 2020, upgraded organic pure milk and pure
milk of “DreamCap™” packaging containing g of natural
high quality milk protein and 125 mg of natural calcium per
100 ml have been launched. In satisfying health needs of
consumers, the organic pure milk has been awarded dual
certifications for organic products from China and the
European Union. Such achievements further reinforced the
premium position of the Milk Deluxe brand.
— 特侖蘇於二零一九年推出「夢幻蓋」升級包裝產品，開啟特侖蘇
時代。二零二零年五月至六月，夢幻蓋系列新推出每100毫
升含有克天然優質乳蛋白、125毫克天然高鈣的升級版特侖
蘇有機純牛奶及特侖蘇純牛奶新品，其中特侖蘇有機純牛奶經
過中國與歐盟有機雙認證，以滿足消費者的健康需求，進一步
鞏固特侖蘇的高端品牌地位。
— Mengniu’s comprehensive UHT pure milk line includes Mengniu
pure milk, high-calcium milk, low-fat high-calcium milk and
skimmed milk. In August 2020, Mengniu’s Nutritious and
Mellow Enjoyment pure milk series was introduced. The
product contains g of protein per 100 ml and has a very
rich taste.
— 蒙牛UHT純牛奶包括蒙牛純牛奶、高鈣牛奶、低脂高鈣和脫脂
純牛奶等產品，二零二零年八月，蒙牛品牌推出臻享濃牛奶產
品，每100毫升含有克蛋白質，口感更香濃。
Key Products:
— Milk Deluxe
— Mengniu pure milk
— Student’s Milk
— Future Star
重點產品：
— 特侖蘇
— 蒙牛純牛奶
— 學生奶
— 未來星
Annual Report 2020 二零二零年年報 53
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Product category Financial performance Highlights
產品品類 財務表現 動向
Room Temperature Yogurt
常溫酸奶
— Just Yoghurt’s light flavor yogurt with fruit introduced a
new Xiaomanyao white peach and pomegranate flavored
product in April 2020. With pure raw milk, imported
Danish lactobaci l lus and ref resh ing imported
pomegranate juice and peach pulp, the sugar content of
this product is 31% less.
— 純甄果粒輕乳酪風味酸奶於二零二零年四月推出白桃石榴
果粒的小蠻腰新品，採用純正生牛乳、進口丹麥乳酸菌發
酵，配搭進口清甜石榴汁及白桃果粒，白砂糖減少 31%。
Key Products:
— Just Yogurt light flavor yogurt
— Just Yogurt light flavor yogurt with fruit
重點產品：
— 純甄輕乳酪風味酸奶
— 純甄果粒輕乳酪風味酸奶
Room Temperature Milk Beverage
常溫乳飲料
— During the year, Fruit Milk Drink developed the first series
of floral and fruity flavor light lactobacillus drink and
launched the sakura and white peach flavor as well as
the rose and strawberry flavor in January 2020. The
series emphasizes the innovative pairings of “flower +
fruit + light lactobacillus drink” made with low-fat
lactobacillus.
— 年內，真果粒果粒牛奶飲品開拓了首款花果輕乳乳酸菌飲
品系列，於一月推出櫻花白桃和玫瑰草莓兩款口味。該系
列產品主打獨特的「花 +果 +輕乳」的創新組合，採用低
脂肪乳酸菌發酵。
— Fruit Milk Drink ’s high-end colorful fruit pulp series
contains various combination of fruit pulp. It introduced
the new “mango + passion fruit” and “peach +
raspberry” series during the year.
— 真果粒高端繽紛果粒牛奶飲品系列，主打複合果粒組合，於
年內推出芒果百香果和白桃樹莓兩款新品。
Key Products:
— Fruit Milk Drink
— Fruit Milk Drink high-end colorful fruit pulp series
— Fruit Milk Drink floral and fruity flavor light lactobacillus
drink series
重點產品：
— 真果粒牛奶飲品
— 真果粒高端繽紛果粒牛奶飲品系列
— 真果粒花果輕乳乳酸菌飲品系列
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司54
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Product category Financial performance Highlights
產品品類 財務表現 動向
Chilled Yogurt
低溫酸奶
— Champion introduced a new product series in PET bottle
in May 2020. The product is produced from 100% raw
milk with BB-12 probiotics and prebiotics. Besides, the
“Champion Yogurt Approved Health Food” series which
holds the blue cap is the only yogurt certified by the
Chinese government as a health food in China. The
product contains BB-12, a very active Bifidobacterium
which can effectively regulate the bacteria population in
the digestive system, from Denmark. The Champion zero
sucrose yogurt series contains no cane sugar, no
artificial sweeteners and no preservative.
— 冠益乳於二零二零年五月推出全新PET瓶系列產品，
100%生牛乳發酵，含BB12益生菌搭配益生元。另外，冠
益乳小藍帽「健字號」系列產品作為國內唯一一款獲得國
家保健食品認證的酸奶，甄選丹麥BB-12雙歧桿菌，超強
活性，有效調節腸道菌群。冠益乳0蔗糖系列則主打0蔗
糖、0人工甜味劑，0添加防腐劑。
— The Activia product series is positioned as a high-end
yogurt, with the main features of being a French-style
meal replacement and fruit yogurt. Danone Activia
Smoothie Francais, the first “light meal bottled yogurt”,
was introduced in late 2019. The product contains
imported fruit pulp with low sucrose content of less than
%, which suits the demand of consumers seeking
“controlled sweetness”.
— 碧悠系列產品定位高端酸奶市場，主打法式代餐及果酪
特色。於二零一九年底在中國推出首款「輕食瓶」 — 達能
碧悠法式輕果昔，甄選進口水果果漿，產品蔗糖含量少
於%，滿足「控甜」人士對低糖食品的需求。
Key Products:
— Champion
— Mengniu Danish Cheese Flavor Yogurt
— Mengniu China Nourishing Nuanyan Yogurt
— Activia
重點產品：
— 冠益乳
— 蒙牛北歐芝士風味酸奶
— 蒙牛中華滋養暖妍酸奶
— 碧悠
Annual Report 2020 二零二零年年報 55
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Product category Financial performance Highlights
產品品類 財務表現 動向
Chilled Milk Beverage
低溫乳飲料
— Yoyi C LC-37 series launched a new low-sugar product
of original flavor in April 2020. Each bottle of the
product contains 50 billion active probiotics, zero fat,
low sugar as well as high calcium and vitamin D.
Enough number of probiotics can remain active to
effectively regulate the condition of the digestive system
even with the presence of gastric acid and bile and
under the body temperature of 37℃.
— 優益C品牌的LC-37系列在二零二零年四月推出低糖原味
新品，每小瓶含500億活性益生菌，採用0脂肪、低糖、
高鈣加維生素D的配方，經過胃酸和膽汁的破壞，仍有足
夠數量的活菌到達腸道，在37℃體溫環境下依然煥發活
性，更好呵護腸道。
Key Products:
— Yoyi C
— Yoyi C LC-37
重點產品：
— 優益C
— 優益C LC-37
Fresh Milk
鮮奶
— Mengniu’s Shiny Meadow fresh milk was introduced as
a premium brand. It is produced using low-temperature
membrane concentration technology and Swedish milk
fat separation technology, enabling it to retain the
highest proportion of natural nutrients in quality fresh
milk. In the first half of 2020, the Shiny Meadow organic
fresh milk was launched, which is produced using pure
milk that has been awarded dual certifications for
organic standards from China and the European Union
and is originated from desert. The milk contains g
protein and 120 mg original calcium per 100 ml. In
December, Shiny Meadow launched the Youhu
A2β-casein fresh milk from selected ranches with GAP+
certification. The product meets the demand for A2
fresh milk of toddlers changing from drinking formula
milk to drinking fresh milk, which helped to consolidate
the brand’s leading position in the high-end fresh milk
market. Modern Meadow has released a brand new
carton package in the first half of 2020.
— 蒙牛推出高端品牌每日鮮語鮮牛奶，採用低溫膜濃縮技
術和瑞典乳脂分離技術，最大化保留優質鮮奶天然營養。
每日鮮語在二零二零年上半年推出有機鮮牛奶，採用擁
有中歐有機雙認證、來自沙漠的純淨奶源，每100ml鮮牛
奶含蛋白質和120mg原生高鈣。每日鮮語更於十二
月推出由GAP一級認證的專屬牧場生產的優護A2β-酪蛋
白鮮牛奶產品，滿足轉奶幼童對A2鮮牛奶的飲用需求，
鞏固高端鮮奶市場領導地位。現代牧場鮮牛奶則在二零
二零年上半年推出新升級屋頂包產品。
Key Products:
— Shiny Meadow fresh milk
— Shiny Meadow cold brew café latte
— Modern Meadow fresh milk
重點產品：
— 每日鮮語鮮牛奶
— 每日鮮語冷萃鮮咖啡拿鐵
— 現代牧場鮮牛奶
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司56
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Product category Financial performance Highlights
產品品類 財務表現 動向
Ice Cream
冰淇淋
— Revenue from the ice cream business amounted to
RMB2, million (2019: RMB2, million),
accounting for % of Mengniu’s total revenue (2019:
%).
— 收入為人民幣億元（二零一九年：人民幣億
元），佔蒙牛總收入的%（二零一九年：%）。
— Suibian ice cream has collaborated with the liquor brand
Jiangxiaobai in launching “Ice Cream for Adults”, which,
targeted specifically at young consumers and pushed
product sales.
— 隨變冰淇淋與江小白酒業跨界合作，推出「大人吃的冰淇
淋」，精準定位年輕消費群體，助力產品銷售。
— The premium ice cream brand Deluxe has launched velvet
yogurt milk ice cream and pineapple milk ice cream in
February 2020. The former is made from mellow milk
and is blended with delicious yogurt. The latter contains
pineapple pulp and well-selected ingredients that are
covered in an elegant black coating.
— 高端冰淇淋品牌蒂蘭聖雪於二零二零年二月推出雪絨乳
酪牛奶冰淇淋和黑鳳梨果肉牛奶冰淇淋，雪絨乳酪牛奶
冰淇淋採用醇香牛奶融入美味乳酪，口味純正濃郁，黑
鳳梨果肉牛奶冰淇淋以馥雅黑色搭配鳳梨果粒，用料層
層優選。
— Green Mood has launched two innovative products in
January 2020 that feature popular drink flavors, namely
red bubble tea flavor ice-cream and cheese and matcha
flavor ice-cream. Ingredients such as large natural
tapioca pearls and smooth red tea, and rich cheese and
refreshing matcha, are used in these products,
respectively.
— 綠色心情於二零二零年一月推出兩款創新流行特飲口味
產品，包括珍珠紅茶及芝士抹茶口味雪糕，選料天然大
顆珍珠和香滑紅茶，以及濃鬱芝士和清新抹茶。
Key Products:
— Suibian
— Deluxe
— Green Mood
— Mengniu Ice +
— Mengniu Russian style pure taste milk ice cream
重點產品：
— 隨變
— 蒂蘭聖雪
— 綠色心情
— 蒙牛冰+
— 蒙牛俄式奶純冰淇淋
Annual Report 2020 二零二零年年報 57
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Product category Financial performance Highlights
產品品類 財務表現 動向
Milk Formula
奶粉
Revenue from the milk formula business amounted to RMB4, million (2019: RMB7, million),
accounting for % of Mengniu’s total revenue (2019: %). The revenue of Milk Formula business
mainly included the revenue from Yashili and Bellamy’s.
收入為人民幣億元（二零一九年：人民幣億元），佔蒙牛總收入的%（二零一九年：
%）。奶粉業務收入主要包括來自雅士利及貝拉米業務的收入。
Yashili
雅士利
— In 2020, Yashili reshaped the brand proposition of
Reeborne with the launch of Reeborne “Breast Milk-like”
milk formula series. As the core product series for the
year and the future, it is characterized by a lighter flavor
and more nutritious ingredients. To cater for different
needs of its target customers, the brand launched seven
new products in the “Breast Milk-like” powder series,
covering mainstream cow milk powder, organic milk
powder and goat milk powder.
— 2020年，雅士利煥新瑞哺恩的品牌主張，推出瑞哺恩親
乳奶粉系列產品。作為本年度乃至未來核心打造的產品
系列，該產品以更清淡的口味及更多營養成分為亮點。
針對不同需求的目標客戶，親乳奶粉系列有7款新品，覆
蓋主流牛奶粉、有機奶粉以及細分品類羊奶粉。
— By adopting advanced MSD drying technology, Reeborne
Kieember series is able to retain the active nutrients of
its ingredients. With double premium protein, patented
OPO structured lipid and highly active CPP and
prebiotics that are in the golden ratio, the product
provides babies with all kinds of nutrition that can be
easily absorbed. Reeborne Qinyou organic milk powder
adopts the pure organic milk from free-range dairy cows
that are grass-fed for 300 days on seven-year clean soil
farms in Alps, in a way to provide milk powder with
protein content of up to 20% for babies and toddlers. It
passes the WIT organic certification and adopts the
“One Can, One Code” tracking system to provide quality
assurance. Reeborne TruYn goat milk powder selects
high-quality small molecule goat milk protein and
specifically adds rare ingredients such as lactoferrin, the
body-friendly OPO structured lipid and probiotics and
prebiotics to ensure easy digestion and good absorption
for babies. Also available in Reeborne “Breast Milk-like”
milk formula series are products of different pricing and
nutrient contents that address different nutritional needs
of babies and toddlers.
— 瑞哺恩菁珀牛奶粉以先進MSD乾燥工藝，保留營養成分
的活性，含雙重優質蛋白、專利OPO結構脂、高活CPP
因子以及黃金比例的益生元，為寶寶提供全方位營養，
更易吸收。瑞哺恩親悠有機奶粉採用來自七年淨土純淨
牧場的純淨阿爾卑斯有機奶源，以300天自由草飼的幸福
奶牛，為嬰幼兒提供蛋白含量高達20%的奶粉，擁有萬
泰(WIT)有機認證以及一罐一碼的溯源系統，提供高質量
的保證。瑞哺恩初穎親乳羊奶粉甄選優質小分子羊乳蛋
白，同時特別添加珍稀成分乳鐵蛋白、親和人體成分OPO
結構脂及益生菌益生元成分，為寶寶提供易消化、好吸
收的優質營養。此外，瑞哺恩親乳奶粉系列亦包括其他
不同價格、不同營養成分、解決不同嬰幼兒營養需求的
產品。
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MANAGEMENT DISCUSSION AND ANALYSIS
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Product category Financial performance Highlights
產品品類 財務表現 動向
— Arla , the world’s largest organic dairy producer with over
100 years of brand history, is an authorized purveyor of
dairy products to the Danish royal family due to its high
quality. The organic milk formula of Arla Baby & Me has
obtained three major organic certifications and contains
high DHA and ARA, prebiotics that are in the golden
ratio, and organic whole lactose. As for Arla Baby & Me
Lanxi , it contains the unique NutriCollab formula
featuring premium nutrients such as choline, taurine and
nucleotide. In addition, the newly upgraded formula of
Arla Milex is a Pro Plus nutrition formula that contains
OPO structured lipid, BB-12 probiotics, and prebiotics in
the golden ratio, hence is able to satisfy those seeking
natural products.
— Arla擁有百年品牌歷史，是全球最大的有機乳品商，品牌
的高質量使其被授權為丹麥皇室御用品牌。Arla寶貝與我
有機奶粉獲得3大有機認證，含高DHA和ARA，黃金比例
益生元，使用有機全乳糖；Arla寶貝與我藍曦含有獨特的
NutriCollab營養協同組合，添加膽鹼、牛磺酸、核苷酸等
優質營養元素；Arla美力滋全新升級配方以OPO結構脂、
BB-12益生菌、黃金比例益生元，組成Pro Plus倍樂加成
長配比，貼合自然需求。
— Yashili’s nutritional products include various milk formula
products for adults. Apart from the golden series and
standard series of Mengniu brand adult milk formula,
Youyi brand adult milk formula and Zhengwei brand
oatmeal, Yashili continues to launch upgraded and
innovative products, such as the Mengniu ultra-gold
series and platinum series and Yourui series adult milk
formula. Moreover, new products were introduced during
the year, including Topconic milk powder, Nutriall milk
formula, fruit oatmeal, M8 children’s growth milk formula
and skimmed milk formula. The following is the
introduction of the key new products:
— 雅士利的健康營養品包括多種成人奶粉，除了蒙牛品牌
金裝系列成人奶粉及普通裝系列成人奶粉、優怡系列成
人奶粉及正味麥片以外，雅士利不斷進行產品升級與創
新，推出了蒙牛超金裝系列、蒙牛鉑金裝系列及悠瑞系
列成人奶粉。此外，雅士利亦在年內推出新品類產品包
括特康力奶粉、紐西能奶粉、水果麥片、M8兒童成長配
方奶粉及脫脂奶粉等。以下為重點新品類產品的介紹：
Topconic milk powder, the first healthcare milk powder
in China for boosting the immune system, is a high-end
series that principally aims to enhance the immunity of
consumer groups that have weaker immune system.
Topconic milk powder mainly contains Bifidobacterium,
Lactobacillus acidophilus and Xylooligosaccharides to
strengthen the immune system of consumers.
特康力奶粉為高端系列產品，以增強免疫力為核心價值，
主要面向免疫力低下的消費群體，是中國首款免疫力保
健品奶粉。特康力奶粉以雙歧桿菌、嗜酸乳桿菌、低聚木
糖為主要成分，幫助消費者增強自身抵抗力。
Annual Report 2020 二零二零年年報 59
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Product category Financial performance Highlights
產品品類 財務表現 動向
Nutriall milk formula is an imported milk powder suitable for
the whole family. Using the milk source from New Zealand
that is certified with the New Zealand FernMark, the formula
meets various nutritional needs of the whole family, such as
calcium, protein, vitamins, soy lecithin and linoleic acid.
紐西能奶粉是一款適合全家消費者的進口奶粉，採用新西蘭奶
源，擁有新西蘭銀蕨葉認證，配方能補充鈣、蛋白質、維生
素、大豆卵磷脂、亞油酸等多種營養成分，滿足全家營養需求。
M8 children’s growth milk formula focuses on the positioning
of “promoting digestion and absorption” and the selling-point
of “improving appetite”. Specially added with Bifidobacterium
lactis, Probio-M8, it can facilitate nutrient absorption, and
regulate and strengthen the condition of the digestive system.
The formula is also specially enhanced with a variety of
nutrients, including FOS, GOS, PS, DHA, ARA, lactoferrin,
N-acetylneuraminic acid, zeaxanthin and lutein. Rich in calcium
and vitamin D, it is an effective formula that supports the
growth of children.
M8兒童成長配方奶粉圍繞「促進消化吸收」的定位及「改善不愛
吃飯」的產品賣點，特別添加乳酸雙歧桿菌Probio-M8，幫助營
養吸收、有益腸道健康，提升保護力。多種營養素強化配方，
特別添加FOS、GOS、PS、DHA、ARA，乳鐵蛋白、N-乙醯神
經氨酸、玉米黃質、葉黃素，富含鈣和維生素D，科學配比，
助力孩子成長。
Fruit oatmeal is a product targeting young female consumers
aged between 18 and 35. Featuring various ingredients such
as dried fruit, nuts, milk and rose petals, this product is rich in
dietary fiber with low calorie and no added sugar.
水果麥片是一款主打18–35歲年輕女性用戶的產品。產品添加
水果乾、堅果、牛乳，玫瑰花瓣等多元成分，低卡零糖，富含
膳食纖維。
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司60
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Product category Financial performance Highlights
產品品類 財務表現 動向
Bellamy’s
貝拉米
— Bellamy’s launched the Chinese-labelled organic baby
rice series, which is directly canned in and imported
from Australia, in March 2020. It also launched the first
super high-end organic A2 milk formula as well as super
high-end Mim’s Gentle Milk CoTM organic goat milk
formula in Australia from May to June. The super
high-end organic A2 milk formula series is made from
1% rare organic milk source, and contains BB-12 active
probiotics, algae oil DHA and lutein. The super high-end
Mim’s Gentle Milk CoTM organic goat milk formula series,
being awarded Australia dual organic certifications,
contains 100% pure goat milk protein, D-Geni-XTM
probiotics and prebiotics, and over 20 types of nutrients
and a full lactose formula.
— 貝拉米於二零二零年三月推出中文版包裝系列的澳洲原
罐進口有機嬰兒米粉，並於五至六月在澳洲上市首款超
高端白金版有機A2奶粉和超高端摯純系列有機羊奶粉。
超高端有機A2奶粉系列採用1%珍稀有機奶源，含有
BB-12活性益生菌、藻油DHA及葉黃素，超高端有機羊奶
粉系列擁有澳洲雙重有機認證，含有100%純羊乳蛋白、
D-Geni-XTM益生菌及益生元及20多種營養及全乳糖配方。
— In August 2020, Bellamy’s launched the Chinese-labelled
organic Equi-pure infant milk formula with the addition of
nucleotide. The product contains six major nutrients,
namely DHA, ARA, choline, taurine, inositol and
L-carnitine. In addition, the product has new ingredients
of organic GOS/FOS, a combination of prebiotics, which
can enhance the protection function of the micro
ecosystem of the intestines of infants. Bellamy’s also
sells other supplementary foods for infants, including
organic dried fruits and organic puree.
— 二零二零年八月，貝拉米再推出中文版包裝的菁躍有機
嬰兒配方奶粉，將Nucleotide核苷酸注入有機奶配方，包
含DHA、ARA、膽鹼、牛磺酸、肌醇、左旋肉碱6大營養
素。新增有機GOS/FOS雙重益生元組合，可幫助嬰幼兒
建立腸道微生態屏障，加強抵禦力。此外，貝拉米亦有銷
售其他嬰幼兒輔食品如有機乾果及有機果泥等。
Key Products:
— Reeborne
— Arla Baby and Me
— Bellamy’s organic milk powder
— Bellamy’s organic baby rice
重點產品：
— 瑞哺恩
— Arla寶貝與我
— 貝拉米有機奶粉
— 貝拉米有機米粉
Annual Report 2020 二零二零年年報 61
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Product category Financial performance Highlights
產品品類 財務表現 動向
Other Products
其他產品
Revenue from other products amounted to RMB1, million (2019: million), accounting
for % of Mengniu’s total revenue (2019: %).
收入為人民幣億元（二零一九年：人民幣億元），佔蒙牛總收入的%（二零一九年：
%）。
Cheese
奶酪
— During the year, the cheese business division of Mengniu
launched 愛氏晨曦 brand, covering cheese products
including kid’s cheese, leisure cheese, cheese to go with
meals and high-end cheese. Furthermore, the premium
cheese brand Castello and liquid butter brand Lurpak
were launched, thereby covering all consumption
scenarios. 愛氏晨曦 introduced children’s growth cheese
stick in new package with no preservative, artificial
flavors and color additives. New products, such as
cheese dessert made of imported cheese and free of
white sugar with high calcium and high protein content,
were also introduced. 愛氏晨曦 also introduced fresh
cheese with 100% cheese content, as well as
revolutionary room temperature squid flavored cheese
snacks so as to address consumers’ demand for
healthier and more nutritious cheese options which offer
rich flavors.
— 年內，蒙牛奶酪事業部推出愛氏晨曦品牌，涵蓋兒童奶
酪、休閒奶酪、佐餐奶酪及高端奶酪產品，同時推出嘉士
德羅 (Castello)高端奶酪和樂派克 (Lurpak)液體黃油，覆蓋
消費者全天候的食用場景。愛氏晨曦推出新包裝兒童成
長奶酪棒，主打0防腐劑、0香精、0色素，以及推出多款
新產品，包括奶酪甜點產品，該產品0白砂糖含量、採用
進口奶酪、含高鈣高蛋白質。此外，愛氏晨曦推出了含
100%真芝士的鮮奶酪、以及突破性的常溫魷魚奶酪零
食，以迎合消費者對於更健康、有營養及豐富口味的產
品需求。
Key Products:
— 愛氏晨曦 children’s growth cheese stick
— 愛氏晨曦 cheese dessert
— 愛氏晨曦 shredded mozzarella
重點產品：
— 愛氏晨曦兒童成長奶酪
— 愛氏晨曦奶酪甜點
— 愛氏晨曦馬蘇里拉乾酪
China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司62
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
生產
蒙牛根據市場潛力及產品策略佈局產能，截至二
零二零年十二月三十一日，蒙牛於全國共設有生
產基地41個，並分別於澳洲、新西蘭及印尼設有
生產基地各1個，年產能合共為990萬噸（二零
一九年十二月：950萬噸）。
可持續發展
二零二零年，蒙牛堅持以「守護人類和地球共同
健康」為可持續發展願景，全面推動可持續發展
戰略與公司營運目標的融合，二零二零年八月，
蒙牛獲納入香港恆生可持續發展企業指數及恒生
ESG50指數成分股，年內，蒙牛旗下獲得工信部
「國家級綠色工廠」稱號的工廠，亦已由二零一九
年底的9家增加至二零二零年底的17家。
二零二零年新冠疫情爆發後，蒙牛發起「勇戰疫
情 中國要強」抗疫公益行動，為全國超過10,000
間醫療及防疫機構捐贈乳製品，保障營養供給，
更為全國援鄂醫護人員捐贈全年特崙蘇牛奶，同
時，蒙牛第一時間於武漢捐建疫情防控應急物資
中心，累計為武漢轉運4,012萬件應急物資，保障
武漢防疫物資供應；另外，蒙牛為產業鏈合作夥
伴提供融資和授信等幫助，解決物流難題，幫助
合作夥伴共渡疫情難關。憑藉疫情期間的突出貢
獻，蒙牛獲中國民政部頒發第十一屆「中華慈善
獎」。
PRODUCTION
Mengniu deploys its production capacity according to the
potential of relevant markets and its own product strategy. As at
31 December 2020, Mengniu had 41 production bases in China,
and one production base in Australia, New Zealand and
Indonesia, respectively. It had a total annual production capacity
of million tons (December 2019: million tons).
SUSTAINABLE DEVELOPMENT
In 2020, Mengniu was committed to its vision of “Protecting the
Health of Mankind and the Earth” and promoted the integration of
its sustainable development plan and the Group’s operation
targets in all aspects. In August 2020, Mengniu was selected as
one of the constituent stocks of the Hang Seng Corporate
Sustainability Index (“HSSUS”) and the Hang Seng ESG50 Index.
During the year, Mengniu’s factories that were awarded the title of
“National Green Factory” by the Ministry of Industry and
Information Technology also increased from 9 at the end of 2019
to 17 at the end of 2020.
Since the outbreak of the COVID-19 virus in 2020, Mengniu has
been organizing charity activities under the slogan “Fight Against
the Epidemic Courageously, Greatness for China”. The Group
donated dairy products to more than 10,000 health care
institutions and epidemic prevention organizations to provide
nutritional support. Medicare personnel from across the country
helping in Hubei were provided with Milk Deluxe for free
throughout the year. In addition, Mengniu made a prompt
donation to aid the establishment of an emergency resources
center for epidemic prevention and control in Wuhan following the
outbreak of the Epidemic, which organized the delivery of
million items to Wuhan to ensure epidemic prevention and control
supplies. Mengniu also provide support to the partners in the
industrial chain who were affected by the Epidemic by providing
loans and financial credits, as well as assisting in the
arrangement of logistics. Consequently, Mengniu was awarded
“The 11th China Charity Awards” by the Ministry of Civil Affairs of
China for its outstanding contribution during the Epidemic.
Annual Report 2020 二零二零年年報 63
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
年內，蒙牛繼續強化環境、社會及企業管治的工
作，首次召開集團可持續發展委員會、可持續發
展執行委員會全體大會，深入討論「環境、社會
及企業管治」相關議題，持續優化三年行動路線
圖，推進戰略落地，強化組織管理。截至二零二
零年底，蒙牛在全國共有17個「國家級綠色工
廠」，較二零一九年底增加了八個。年內，蒙牛亦
開展責任供應鏈建設行動，將「環境、社會及企
業管治」因素納入採購管理體系，為供應商提供
培訓。同時，蒙牛藉著植樹節、世界地球日、節
能宣傳周等特殊節日宣揚綠色低碳知識，發起「釘
釘雲種樹」、「地球一小時」、「節能減排大講堂」
等一系列宣傳活動，56個工廠累計17,073人次、
850個家庭積極參與。二零二零年九月十六日，
600多名蒙牛人參加「生態志願，清潔地球」的志
願活動，共行走15千米的河灘，清潔1,418公斤
垃圾。年內，蒙牛低溫酸奶的環保周轉箱項目，
採用可重複使用的環保箱代替紙箱，獲得第
二十三屆中國塑料回收和再生大會「可回收性設
計金蘋果獎」。
二零二零年，蒙牛通過多元化的公益活動，助力
改善各類社會問題。蒙牛持續推行「營養普惠計
劃」，全年向20個省市自治區、共494所學校、超
過70萬學生捐贈626萬包未來星學生奶。同時，
蒙牛通過捐贈的方式支持深圳市恒暉公益基金會
「傳薪計劃」公益項目，為全國160名抗疫犧牲英
烈的子女提供長期營養支持及教育支持等。此
外，蒙牛持續與「青椒計劃」進行戰略合作，幫助
內蒙古、河北、甘肅等地1,175名鄉村教師，透過
互聯網為鄉村青年教師提供教師培訓，推動鄉村
教育發展。二零二零年，蒙牛再次榮獲中國社會
科學院責任研究中心之社科院乳品企業社會責任
發展指數第一名。
During the year, Mengniu strengthened its efforts towards the
Environment, the Society and Corporate Governance. The
Sustainable Development Committee and Executive Committee on
Sustainable Development held their first meeting in the year,
which enabled in-depth discussion on issues in relation to “the
Environment, the Society and Corporate Governance”, and
enhanced the roadmap of its three-year plan, so as to further
implement its strategies and strengthen its organisational
management. As at end of 2020, Mengniu had a total of 17
“National Green Factories”, an increase of eight when compared
with that at the end of 2019. During the year, Mengniu promoted
a responsible supply chain by including “Environmental, Social and
Corporate Governance” factors in the management of
procurement and providing suppliers with ESG training. Mengniu
also promoted education in green and low carbon lifestyles by
organizing an array of activities including “DingTalk Cloud
Planting”, “Earth Hour” and lectures on energy saving and
emission reduction, riding on special events, such as Arbor Day,
Earth Day and Energy-saving Week. Staff from 56 factories and
850 families have joined these events, which participated 17,073
person-times in total. On 16 September 2020, more than 600
Mengniu employees took part in “Clean Up the World”, a
voluntary event, and cleared 1,418 kg of rubbish from 15 km of
riverbank. In addition, Mengniu launched a project to replace
paper boxes with reusable boxes for chilled yogurt during the
year. The project was honored “Golden Apple Reusable Items
Design Award” by the 23rd China Plastics Recycling Conference.
In 2020, Mengniu participated in a number of charity events to
help alleviate social problems. Mengniu continued its “Inclusive
Nutrition Plan” and provided million packs of Future Star
Student’s Milk to more than million students from 494
schools across 20 provinces, cities and autonomous regions.
Mengniu also supported the “Heroes Legacy Program” launched
by the Henghui Charity Foundation in Shenzhen through a
donation to provide long-term nutrition and education support for
the children of 160 frontline personnel in China who lost their lives
in fighting the spread of the Epidemic. Furthermore, Mengniu
continued to cooperate with the “Youth Teacher Empowerment
Education Plan”, which provides online training to 1,175 young
village teachers in Inner Mongolia, Hebei and Gansu, in order to
promote education in villages. In 2020, Mengniu ra
