CORPORATE PROFILE
公司簡介
China Mengniu Dairy Company Limited (the “Company”; stock code: 2319)
and its subsidiaries (collectively “the Group” or “Mengniu”) manufacture and
distribute quality dairy products in China. It is one of the leading dairy
product manufacturers in China, with MENGNIU as its core brand. Mengniu
offers diversified products including liquid milk, ice cream, milk formula and
cheese. In 2020, Mengniu ranked eighth on the “Global Dairy Top 10” list
published by Rabobank. Mengniu also made it again among Brand Finance’s
list of the top 500 most valuable brands of the world for the second
consecutive year. As at the end of June 2020, the Group’s annual dairy
production capacity 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 Hang Seng Corporate Sustainability Index and 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」）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、奶粉及奶酪產品。二零二零年，蒙牛於荷蘭合作銀行公佈
的「全球乳業十強」排名第八；蒙牛亦連續第二年位列Brand Finance的全球
最具價值品牌500強。截至二零二零年六月底止，本集團乳製品的年生產
能力達975萬噸。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，並於二零二零年八月入選恒生可持續發展企業指
數及恒生ESG50指數。
CONTENTS
目錄
2 Corporate Information
公司資料
4 Highlights
摘要
8 Management Discussion and Analysis
管理層討論及分析
45 Report of the Directors
董事會報告
56 Independent Review Report
獨立審閱報告
58 Interim Condensed Consolidated
Statement of Profit or Loss
中期簡明綜合損益表
59 Interim Condensed Consolidated
Statement of Comprehensive Income
中期簡明綜合全面收益表
60 Interim Condensed Consolidated
Statement of Financial Position
中期簡明綜合財務狀況表
63 Interim Condensed Consolidated
Statement of Changes in Equity
中期簡明綜合權益變動表
65 Interim Condensed Consolidated
Statement of Cash Flows
中期簡明綜合現金流量表
68 Notes to Interim Condensed
Consolidated Financial Information
中期簡明綜合財務資料附註
China Mengniu Dairy Company Limited Interim Report 2020002
CORPORATE INFORMATION
公司資料
Board of Directors
Executive Directors
Mr. LU Minfang (Chief Executive Officer)
Mr. MENG Fanjie
Non-executive Directors
Mr. CHEN Lang (Chairman)
Mr. NIU Gensheng
Mr. Tim Ørting JØRGENSEN
Mr. Pascal DE PETRINI
Independent Non-executive Directors
Mr. JIAO Shuge (alias JIAO Zhen) (Vice-Chairman)
Mr. Julian Juul WOLHARDT
Mr. ZHANG Xiaoya
Mr. YAU Ka Chi
Senior Management
Mr. ZHANG Ping
Mr. GAO Fei
Mr. WEN Yongping
Mr. LUO Yan
Mr. ZHANG Zhaoxu
Ms. DAI Lu
Mr. YANG Zhigang
Mr. ZHANG Yong
Mr. LI Pengcheng
Mr. KWOK Wai Cheong, Chris (Qualified Accountant & Company
Secretary)
Stock Code
Hong Kong Stock Exchange 2319
Investor Relations Contact
Ms. Willow WU
32nd Floor, COFCO Tower
262 Gloucester Road, Causeway Bay
Hong Kong
Email: ir@
Website:
董事會
執行董事
盧敏放先生（總裁）
孟凡傑先生
非執行董事
陳朗先生（主席）
牛根生先生
Tim Ørting JØRGENSEN先生
Pascal DE PETRINI先生
獨立非執行董事
焦樹閣（又名焦震）先生（副主席）
Julian Juul WOLHARDT先生
張曉亞先生
邱家賜先生
高級管理層
張平先生
高飛先生
温永平先生
羅彥先生
張朝旭先生
戴路女士
楊志剛先生
張邕先生
李鵬程先生
郭偉昌先生（合資格會計師及公司秘書）
股份代號
香港聯合交易所 2319
投資者關係聯絡人
吳柳英女士
香港
銅鑼灣告士打道262號
中糧大廈32樓
電郵地址：ir@
網址：
003 中國蒙牛乳業有限公司 二零二零年中期報告
CORPORATE INFORMATION
公司資料
香港營業地點
香港
銅鑼灣告士打道262號
中糧大廈32樓
註冊辦事處
Maples Corporate Services Limited
. Box 309
Ugland House
Grand Cayman KY1-1104
Cayman Islands
主要股份過戶登記處
SMP Partners (Cayman) Limited
Royal Bank House — 3rd Floor
24 Shedden Road
. Box 1586
Grand Cayman, KY1-1110
Cayman Islands
香港股份過戶登記分處
香港中央證券登記有限公司
香港
灣仔皇后大道東183號
合和中心46樓
法律顧問
香港法律
蘇利文 • 克倫威爾律師事務所（香港）
有限法律責任合夥
開曼群島法律
Maples and Calder Asia
主要往來銀行
中國農業銀行
法國巴黎銀行
星展銀行
中國工商銀行
荷蘭合作銀行
渣打銀行
核數師
安永會計師事務所
投資者關係顧問
縱橫財經公關顧問（中國）有限公司
Place of Business in Hong Kong
32nd Floor, COFCO Tower
262 Gloucester Road, Causeway Bay
Hong Kong
Registered Office
Maples Corporate Services Limited
. Box 309
Ugland House
Grand Cayman KY1-1104
Cayman Islands
Principal Share Registrar
SMP Partners (Cayman) Limited
Royal Bank House — 3rd Floor
24 Shedden Road
. Box 1586
Grand Cayman, KY1-1110
Cayman Islands
Hong Kong Branch Share Registrar
Computershare Hong Kong Investor Services Limited
46th Floor, Hopewell Center
183 Queen’s Road East, Wanchai
Hong Kong
Legal Advisors
As to Hong Kong Law
Sullivan & Cromwell (Hong Kong) LLP
As to Cayman Islands Law
Maples and Calder Asia
Principal Bankers
Agricultural Bank of China
BNP Paribas
DBS Bank
Industrial Commercial Bank of China
Rabobank
Standard Chartered Bank
Auditors
Ernst & Young
Investor Relations Consultant
Strategic Financial Relations (China) Limited
China Mengniu Dairy Company Limited Interim Report 2020004
HIGHLIGHTS
摘要
2020 2019 Change
二零二零年 二零一九年 變動
For the six months ended 截至六月三十日止六個月 RMB’000 RMB’000 %
30 June (Unaudited) （未經審核） 人民幣千元 人民幣千元 百分比
Revenue 收入 37,533,459 39,857,239 –%
Gross profit 毛利 14,652,386 15,578,729 –%
Profit attributable to Owners of
the Company
本公司擁有人應佔利潤
1,211,526 2,076,926 –%
Net cash flows from operating
activities
經營業務產生的淨現金流量
2,696,776 2,640,283 %
Earnings per share (RMB) 每股盈利（人民幣元）
— Basic －基本 –%
— Diluted －攤薄 –%
• The Group generated revenue of RMB37, million for the
six months ended 30 June 2020 (2019: RMB39,
million), representing a decrease of % year-on-year.
Excluding the business of Shijiazhuang Junlebao Dairy Co.,
Ltd. (“Junlebao”), which was disposed in 2019, and
Bellamy’s Australia Limited (“Bellamy’s”), which was
acquired in 2019, the Group’s revenue from comparable
businesses amounted to RMB36, million (2019:
RMB33, million), representing a year-on-year increase
of %. During the period, the Group continued to
maintain a trend of high-quality development while each of
its main product categories continued to focus on upgrade
and innovation in order to satisfy consumers’ demand for
quality life.
• 本集團截至二零二零年六月三十日止六個
月的收入為人民幣億元（二零一九
年：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
務收入為人民幣億元（二零一九
年：人民幣 億元），同比增長
%。期內本集團繼續保持高質量發展態
勢，各主要品類繼續升級創新，不斷滿足消
費者的高品質生活需求。
005 中國蒙牛乳業有限公司 二零二零年中期報告
HIGHLIGHTS
摘要
• 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
去年同期下降%。可比業務（不包括君
樂寶及貝拉米）的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），較去年同期下降%。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，
向社會捐贈現金及乳製品。
• 二零二零年初2019冠狀病毒肺炎（「新冠肺
炎」）疫情（「疫情」）爆發後，蒙牛第一時間
啟動應急機制，統一部署全球各單位開展
防控工作，在保障員工安全、產品安全的前
提下推動復工復產。疫情中，蒙牛堅決不拒
收一滴合格生鮮乳，幫助牧場等產業鏈上
游伙伴實現可持續發展，也為第二季度的
高速增長提供了有力支撐。蒙牛及時投入
促銷費用降低渠道庫存，積極開展電商、
到家業務以及社群營銷，促進多渠道銷售
全面恢復，各項業務在第二季度實現強勁
復蘇。
• Profit attributable to owners of the Company amounted to
RMB1, mi l l ion (2019: RMB2, mi l l ion) ,
representing a decrease of % as compared with the
corresponding period last year. The profit attributable to
owners of the Company from comparable businesses
(excluding Junlebao and Bellamy’s) was RMB1, million
(2019: RMB2, million), representing a decrease of
% as compared with the corresponding period last
year. The decrease in profits mainly attributed to an
increase in the costs of the Group due to the following
measures taken in the first quarter of 2020: (i) the Group
had incurred additional expenses on epidemic prevention
and control 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
expenses to accelerate the reduction of inventories in its
distribution channels; and (iii) the Group had actively fulfilled
its corporate social responsibilities and had made cash and
dairy product donations to those in need.
• After the outbreak of the COVID-19 Epidemic (the “Epidemic”)
in early 2020, Mengniu immediately activated the emergency
response mechanism, centralising the deployment of various
business divisions around the world to carry out prevention
and control work, resuming work and production on the
premise that both the employee safety was protected and
product safety was ensured. During the Epidemic, Mengniu
adhered staunchly to its stance to maintain procurement of
every drop of qualified fresh milk, helping partners on the
upstream of the industrial chain like ranches achieve
sustainable development while providing a strong support to
ensure a rapid growth in the second quarter. Mengniu
timely invested in promotional expenses to reduce channel
inventory, actively carried out e-commerce, home delivery
business and community group marketing, thereby
facilitating a full recovery of the multi-channel sales. Overall
business realized a strong recovery in the second quarter.
China Mengniu Dairy Company Limited Interim Report 2020006
HIGHLIGHTS
摘要
• 蒙牛積極承擔社會責任，捐贈現金及產品，
為全國醫療機構及抗疫一線機構提供營養
支持，並在武漢捐建了應急物資中心。此
外，蒙牛發揮強大的物流力量，與中華慈善
總會及藍天救援隊在全國聯合開展救援物
資轉運工作，僅在武漢一地就完成了四千
多萬件物資轉運，而蒙牛捐贈的所有乳製
品，也在兩周內全部送達一線抗疫人員手
中。蒙牛突出的社會責任表現使企業與品
牌美譽度大大提升。
• 期內，常溫業務方面，蒙牛純牛奶收入增速
進一步提升，特侖蘇、純甄及真果粒的新品
上市後，常溫液態奶業務銷售實現突破式
增長。低溫業務推出高附加值低溫新品，
銷售領先行業。鮮奶業務聚焦每日鮮語、
現代牧場等品牌，推出新產品及新包裝，
銷售額較去年同期增長近100%。
• Mengniu undertook social responsibilities actively, donating
cash and products to provide nutritional support to the
medical institutions and frontline institutions of epidemic
control across the country while donating and constructing
an emergency supply centre in Wuhan. In addition, Mengniu
fully exploited its powerful logistics capacity, joined with the
China Charity Federation and the Blue Sky Rescue Team to
carry out a large scale delivery of relief materials across the
nation, completing the delivery of more than 40 million
pieces of supplies in Wuhan alone. Moreover, all the dairy
products donated by Mengniu were delivered to the
frontline anti-epidemic personnel within two weeks. Through
outstanding performance in assuming social responsibility,
Mengniu has greatly enhanced its corporate and brand
reputation.
• During the period, for room temperature business, the
revenue growth of Mengniu branded pure milk further
increased. After the launch of the new products of Milk
Deluxe, Just Yoghurt and Fruit Milk Drink, room temperature
liquid milk business achieved a breakthrough in sales
growth. By launching the new chilled products with high
added value, the sales of the chilled products led the
industry. Focusing on the Shiny Meadow and Modern
Meadow brands, the fresh milk business launched new
products and packagings which boosted an almost doubling
growth in sales as compared to the corresponding period
last year.
007 中國蒙牛乳業有限公司 二零二零年中期報告
HIGHLIGHTS
摘要
• 冰淇淋業務聚焦隨變、蒂蘭聖雪、綠色心情
等明星品牌，積極開展與消費者的溝通。
奶酪業務打造愛氏晨曦品牌，銷售及盈利
實現逆勢高增長。奶粉業務方面，雅士利持
續全力調整渠道及產品策略。貝拉米品牌
奶粉及嬰兒食品亦實現良好增長，利潤率
明顯提升。
• The ice cream business focused on its star brands, such as
Su ib ian , De luxe and Mood for Green , act ive ly
communicated with consumers. The cheese business
created the Arla ASCX brand which achieved a high
revenue and profit growth against adverse market trend. In
terms of the milk formula business, Yashili continued to
make every effort to adjust its channels and product
strategies. Bellamy’s brand milk formula and baby food
products have also achieved a favourable growth with a
significant increase in profitability.
Revenue by Product Mix
For the six months ended 30 June
RMB Million
人民幣百萬元
按產品劃分之收入
截至六月三十日止六個月
2020
Ice Cream
冰淇淋
Milk Formula
奶粉
2019
33,
4,
2,
Liquid Milk
液態奶
Other Products
其他產品
32,
2,
2,
China Mengniu Dairy Company Limited Interim Report 2020008
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
INDUSTRY REVIEW
Despite the challenges brought by the Epidemic which have
resulted in the decrease in China’s GDP in the first quarter of
2020 by % year-on-year, under the leadership of the Chinese
government and the united efforts on epidemic control and
prevention across the country, the situation has been continuously
improving and resumption of work, production, business and
operations has been accelerating. The Epidemic has been
gradually alleviating and China’s economy has been steadily
recovering since April, reversing the contraction in the first
quarter. In the second quarter, China’s GDP has increased by
% year-on-year. In the first half-year of 2020, China’s GDP has
reached approximately trillion, representing a slight
decrease of % year-on-year, reflecting the resilience of China’s
economy.
For the development of the dairy industry, the upstream and
downstream enterprises of the industrial chain, including feedstuff
and raw material production, rearing and breeding, processing,
point of sales, as well as the logistics between each sector, have
faced the impact of the Epidemic in the first quarter of the year.
With the alleviation of the Epidemic in the second quarter,
production and supply operation of the industry has steadily
returned to normal and the demand for dairy products has
gradually recovered.
While the Epidemic brought short term challenges to the dairy
industry, it further boosted consumption upgrade of dairy
products. The Epidemic has raised consumers’ concern for
nutrition, health, immunity enhancement and the quality of
products, which provided the drive for revitalization and
transformation 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 Citizens”,
recommending the public to consume 300g of liquid milk or other
dairy products with protein content equivalent to 300g of liquid
行業回顧
雖然在二零二零年第一季度，面對疫情帶來的嚴
峻考驗，中國國內生產總值同比下降%，但是
在中國政府的領導下，全國上下積極推進疫情防
控，形勢持續改善，並加快推進復工、復產、復
商、復市。進入四月份，疫情己逐漸緩和，中國
經濟穩步復蘇，扭轉了首季收縮的形勢，於第二
季度中國國內生產總值同比增長%。二零二零
年上半年的中國國內生產總值約達人民幣
萬億元，同比輕微下降%，反映了中國經濟的
強大韌性。
奶業發展方面，今年第一季度其產業鏈上下游環
節包括飼料和原料生產、養殖、加工和消費終
端，以及各環節之間的物流運輸均面對疫情的衝
擊。隨著疫情在第二季度開始逐步緩和，其生產
及供應的運作已逐漸恢復正常，乳製品市場需求
亦已逐漸恢復。
疫情一方面為奶業帶來了短期的挑戰，另一方面
卻進一步推進了乳製品的消費升級。疫情促使消
費者更加關注營養健康、增強免疫力以及產品的
品質，為奶業的振興與轉型提供新的動力。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。以上政府及權威機構的倡議均將推動乳
製品和益生菌飲料的消費需求增長，消費者對乳
製品的功能性需求也將擴展，促進乳品品類創
新，乳製品品類結構日趨豐富，常溫純牛奶、低
009 中國蒙牛乳業有限公司 二零二零年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
溫鮮奶、低溫酸奶、奶酪等品類規模將進一步擴
大，消費者對品質更優的高端有機奶的需求也將
更為明顯。
渠道發展方面，受惠於消費者在疫情期間少出門
的習慣和追求便利的需求帶動，電商及O2O到家
等新零售業務模式在今年第一季呈現爆發式高速
增長。雖然隨著疫情在第二季開始緩和，部分電
商和新零售的銷售流向了線下渠道，但是由於線
上消費習慣已經形成，電商在第二季度的快速消
費品市場仍維持大幅增長。領先零售商亦紛紛擴
張小型生鮮社區超市，加強生鮮食品的供應，充
分利用互聯網技術進行全渠道的觸達，增強和購
物者更密切的互動，加速了全渠道發展的趨勢，
線上線下渠道進一步融合，實現供應鏈、物流、
用戶等的數據共享，成為奶業消費升級、市場培
育的新引擎，也驅動了消費者購物體驗的變革。
為配合此趨勢，蒙牛在期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。
milk to promote a healthy diet. The above mentioned
recommendations from the government and authoritative
institutions promoted growth in the consumption demand for dairy
products and probiotics beverages as well as consumption
demand for functional dairy products, boosting the innovation of
dairy product categories. The categories and product mix of dairy
products will be gradually enriched and the scale of different
product categories, including room temperature pure milk, chilled
fresh milk, chilled yogurt and cheese, will be expanded while
consumer demand for high-end organic milk with higher quality
will become more prominent.
As for channel development, benefiting from consumers’ habit of
staying at home during the Epidemic and their pursuit of
convenience, new retail business mode, such as e-commerce and
O2O home delivery, demonstrated rapid growth in the first quarter
this year. With the Epidemic slowing down in the second quarter,
some of the sales through e-commerce and the new retail mode
has moved to offline channels. However, as online shopping had
already become a habit, e-commerce maintained a significant
growth in the fast-moving consumer products market in the
second quarter. Leading retailers successively expanded their
small-scale fresh supermarkets in the communities. They
strengthened supply of fresh food, utilized internet technologies to
build comprehensive channel contacts in order to strengthen
customer interaction, sped up the trend of omni-channel
development, and further integrated online and offline channels.
These actions realized data sharing among supply chains,
logistics and users, becoming the new engine of consumption
upgrade and market cultivation for the dairy industry and driving
the revolution of consumption experience. In line with such trend,
Mengniu proactively explored new e-commerce platforms, O2O
home delivery services, community marketing and WeChat
marketing during the period in order to speed up the integration
of online and offline marketing.
China Mengniu Dairy Company Limited Interim Report 2020010
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
業務回顧
二零二零年初疫情爆發，本集團管理層立即啟動
全國性公共衛生事件應急預案，一方面全面落實
貫徹中國政府疫情防控工作的部署，把員工的健
康安全放在第一位，在積極響應國家復工復產號
召的同時，極力保障員工安全防護；另一方面，
蒙牛協同產業鏈上下游，通過「保收購、保供應、
保運力、保資金、保運營」五大策略，強化上下游
抗疫信心，最大程度幫扶合作夥伴共渡難關。
此外，蒙牛亦肩負起行業領軍企業責任，第一時
間為全國一萬餘家醫療機構及抗疫一線工作單位
捐贈款項及產品，為其提供營養支持；二月，蒙
牛在武漢捐建「中華慈善總會（蒙牛）疫情防控應
急物資中心」，為打通捐助物資通往抗疫一線發
揮了重要作用。
疫情爆發後，中國有關部門採取了緊急公共衛生
措施，包括延長中國農曆新年假期及實施旅行限
制和其他與工作相關的限制等，本集團部分產品
運輸線路受到限制，售點運作和產品周轉受到較
大影響，從而影響本集團二零二零年二月至三月
的銷售，以及上下游全供應鏈的正常運作；此外，
本集團二零二零年二月至三月的以下舉措，導致
了額外成本的增加，主要包括：(i)本集團為保證
員工健康安全、正常復工復產而投入額外疫情防
控費用；(ii)本集團投入了額外營銷費用，在售點
加大促銷力度，以加速恢復正常的銷售節奏，盡
快降低渠道庫存；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
贈款物，其中包括在武漢捐建「中華慈善總會（蒙
牛）疫情防控應急物資中心」。可比業務（全文提
到的「可比業務」均指不包括君樂寶及貝拉米）在
BUSINESS REVIEW
In the beginning of 2020, as the Epidemic outbreak began, the
Group’s management team immediately activated the national
public health incident emergency plan. The Group fully
implemented and followed the Chinese government’s deployment
in controlling the spread of the Epidemic, placing priority on the
health and safety of employees. The Group actively responded to
the country’s call for resumption of work and production while
highly safeguarding employee’s safety and protection. On the
other side, Mengniu has cooperated with upstream and
downstream enterprises of the industry chain, strengthening their
confidence in fighting the Epidemic and aiding its partners to
overcome difficulties together. Five protective measures were
adopted, namely, “Securing Procurement, Ensuring Supply,
Guaranteeing Delivery, Maintaining Sufficient Capital, and Securing
Operations”.
Furthermore, Mengniu undertook the responsibilities as the
industry’s leading enterprise. In order to provide nutritional
support, the Group promptly donated cash and products to more
than 10,000 medical organizations and front-line epidemic
prevention working units. In February, Mengniu made a donation
and established the “China Charity Federation (Mengniu)
Emergency Resources Centre for Epidemic Prevention and
Control”, which played a significant role in the delivery of donated
supplies to the front-line of epidemic prevention and control.
Soon after the outbreak of the Epidemic, relevant authorities in
China launched emergency public health measures including the
extension of Chinese Lunar New Year holidays and the imposition
of travel and other work-related restrictions. Some of the routes
for transporting products of the Group were restricted and the
operations of sales points and product turnover were more
significantly affected, with adverse effects on its sales and the
normal operation of both the upstream and downstream links of
its supply chain between February and March 2020. In addition,
the costs of the Group for February and March 2020 have
increased mainly due to the following measures: (i) the Group had
incurred additional expenses in epidemic prevention and control to
safeguard the health and safety of the employees and to ensure
the resumption of work and production; (ii) the Group had
incurred additional sales expenses in promotional efforts at sales
points, in order to accelerate the resumption of normal sales and
reduce inventories in distribution channels; and (iii) the Group had
011 中國蒙牛乳業有限公司 二零二零年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
第一季度的收入同比基本持平，為人民幣
億元，本公司擁有人應佔虧損為人民幣億
元。
本集團在期內採取積極措施應對疫情帶來的影
響，例如加大促銷力度，通過電商、O2O到家等
業務以及與生鮮新零售平台開展密切合作等；此
外，本集團近年來在高端化、多元化、數字化和
國際化方面作出的努力，亦增強了本集團面對挑
戰的能力。自四月份以來，蒙牛整體業務恢復良
好，並逐步改善，本集團於第二季度可比業務的
收入為人民幣億元，較去年同期增長
%，本公司擁有人應佔利潤為人民幣
億元，較去年同期增長%。
儘管乳製品行業以至本集團在疫情期間受到一定
影響，在抗擊疫情過程中，消費者對於免疫力的
關注達到了前所未有的高度，進一步推動了乳製
品等健康品類消費的快速提升。於二零二零年二
月十五日，蒙牛與全國衛生產業企業管理協會食
品與營養健康產業分會向全社會聯合發出《天天
飲奶，健康中國人》的倡議，呼籲全民每天攝入
合理的奶及奶製品，尤其是含有益生菌和益生元
的奶製品更有利改善腸道微生態以及新冠肺炎的
預防和治療。隨著消費升級趨勢以及消費者對營
actively fulfilled its corporate social responsibilities by donating
cash and products to more than 10,000 hospitals and relevant
epidemic control organizations, and establishing the “China
Charity Federation (Mengniu) Emergency Resources Centre for
Epidemic Prevention and Control”. The Group’s revenue from
Comparable Businesses (the “Comparable Businesses” mentioned
in the full text refers to “excluding Junlebao and Bellamy’s”) in the
first quarter amounted to RMB17, million, which is
comparable to the same period last year, while the loss
attributable to owners of the Company amounted to
million.
During the period, the Group has actively taken measures to
minimize the Epidemic’s impact on our business, which included
increasing the Group’s promotional efforts through e-commerce,
O2O home delivery and close cooperation with fresh food new
retail platforms. Furthermore, the Group has strengthened its
efforts in upgrading its products, as well as diversifying,
digitalizing and internationalizing its operations in recent years,
which has improved its ability to control and manage the
challenges it faces. Since April, Mengniu’s overall business had
recovered well and improved sequentially. The Group’s revenue
from Comparable Businesses in the second quarter amounted to
RMB19, million, representing an increase of % as
compared with the corresponding period of last year, while the
profit attributable to owners of the Company amounted to
RMB1, million, representing an increase of % as
compared with the corresponding period last year.
Despite the impact of the outbreak on the dairy industry and the
Group, the Epidemic has raised an unprecedented level of
consumers’ concerns on their immune systems, which prompted
a rapid increase in the consumption of health-related products
such as dairy products. On 15 February 2020, Mengniu and the
Food, Nutrition and Health Industry branch of the National
Association of Health Industry and Enterprise Management jointly
launched the “A Glass of Milk a Day Keeps Chinese People
Healthy” initiative, encouraging the public to consume a
reasonable amount of milk and dairy products, especially those
with probiotics and prebiotics, which help improve intestinal
micro-ecology and the prevention of infection and treatment of
COVID-19. In light of the upgrade in the consumption trend and
the continuously increasing emphasis by consumers on health and
nutrition, the Board expects an increasing consumer demand for
China Mengniu Dairy Company Limited Interim Report 2020012
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
養健康的關注度持續提高，董事會認為未來消費
者對乳製品的需求將進一步增長，利好乳製品行
業及本集團業務的發展。二零二零年上半年，蒙
牛各主要品類產品亦繼續聚焦升級創新，不斷滿
足消費者對高品質生活的需求。
蒙牛勇於承擔疫情期間的各種社會責任，受到了
社會各界的認可與讚揚，在《2020年新型冠狀肺
炎抗疫企業最具影響力指數報告》中，蒙牛排名
全國第三，是榜單前十強中唯一的食品企業。在
知名調研公司益普索(Ipsos)發佈的《疫情影響下的
消費者系列調研》中，蒙牛集團位列「對企業發起
公益或捐助╱物活動的認知度及印象最深刻的捐
助排名榜」首10名。由中國社科院、責任雲研究
院發佈的《品牌戰疫指數報告》中顯示，蒙牛
從捐贈規模、捐贈速度等維度的綜合評價中榮獲
乳企第一位。
蒙牛在抗疫期間的貢獻，亦助力品牌影響力及消
費者美譽度持續上升，獲得權威機構認證。根據
凱度消費者指數發佈的《2020亞洲品牌足跡報
告》，蒙牛繼續榮獲「中國市場最受歡迎品牌」第
二名；蒙牛亦繼續位列Brand Finance二零二零年
全球品牌價值500強；在中國工業和信息化部二
零二零年中國品牌力指數(C-BPI)排名中，蒙牛連
續十年蟬聯中國酸奶行業品牌力榜首，優益C繼
續蟬聯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。
dairy products in the future, which will benefit the development of
the dairy industry and the Group’s business. In the first half of
2020, each of the main categories of Mengniu’s products has
also continued to focus on upgrade and innovation in order to
satisfy consumers’ demand for quality life.
Mengniu courageously undertook various social responsibilities
during the Epidemic, winning recognition and acclamation from
different parties across the society. In “The Index Report of the
Most Influential Enterprises Against the Novel Coronavirus
Pneumonia 2020”, Mengniu ranked third nationally and is the only
food product enterprise ranked among the top ten. According to
the “Consumer Research under the COVID-19 Epidemic”
published by the respected research company Ipsos, Mengniu
ranked among the top ten in “Awareness of Enterprises that
Organized Charity or Cash/Supply Donation Activities and the
Most Impressive Donations”. As shown in the “ Brand
Epidemic Fighting Index Report” published by the Chinese
Academy of Social Sciences and the Responsibility Cloud
Research Institute, Mengniu was awarded the first place among
dairy enterprises after an integrated assessment in dimensions of
scale and speed of donation.
The contributions made by Mengniu during the epidemic control
period also continuously reinforced its brand influence and
enhanced its reputation among consumers, winning the
recognition of authoritative institutes. According to the “Asia Brand
Footprint 2020” published by the Kantar Consumer Index,
Mengniu has once again been awarded second place in the
category of “Most Chosen Brands in China,” while also being one
of the top brands among the Brand Finance Global 500 in 2020.
In the China Brand Power Index (C-BPI) list published by the
Ministry of Industry and Information Technology of the PRC in
2020, Mengniu has been awarded the first place in Brand Power
for China’s yogurt business for the tenth consecutive year. Yoyi C
also once again retained its title as the champion of lactobacillus
drinks sector in China. Furthermore, Mengniu has won the No. 1
position for the third consecutive year in the ice cream sector,
and the champion in yogurt bar/stick brand rankings.
013 中國蒙牛乳業有限公司 二零二零年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
事業部表現
常溫業務
二零二零年上半年，受益於消費者對於健康、營
養意識的提高，蒙牛基礎純牛奶收入增速進一步
提升，特侖蘇夢幻蓋系列、純甄小蠻腰系列酸奶
及真果粒花果輕乳乳酸菌飲品系列等新品上市
後，銷量實現突破式增長，有效搶佔市場份額。
疫情發生後，由於線下銷售渠道受阻，電商、到
家業務及社群營銷等新零售銷售渠道實現全面增
長。
期內，特侖蘇夢幻蓋系列推出每100毫升克蛋
白質、125毫克原生高鈣升級有機牛奶及純牛奶
新品，鞏固了特侖蘇高端品牌地位，拉動其市場
份額穩健提升。純甄品牌推出白桃石榴小蠻腰產
品，上市以來備受年輕消費者青睞。真果粒則推
出首款花果輕乳乳酸菌飲料系列，包括櫻花白桃
和玫瑰草莓兩種口味，上市以來深受都市白領、
大學生等追求高品質生活方式的消費群體喜愛，
電商平台多次售罄。
低溫業務
疫情後消費者對酸奶及益生菌飲品有提升免疫力
功能的認知增加，剌激了有關產品的需求。蒙牛
在期內迅速抓住該市場機遇，不斷推出高品質、
高附加值低溫新品、聚焦價值營銷及消費者教
育，在深化渠道精耕策略的同時緊抓線上消費趨
勢變化，上半年低溫產品銷售表現引領行業。
Business Division Performance
Room Temperature Product Business
In the first half of 2020, benefiting from increased awareness of
health and nutrition among consumers, the revenue growth of
Mengniu’s basic pure milk has further increased. After the launch
of new products like Milk Deluxe “DreamCapTM” package series,
Just Yoghurt Xiaomanyao series and Fruit Milk Drink floral and
fruity flavor light lactobacillus drink series, Mengniu achieved a
break-through in sales volume growth, and effectively seized
market shares. After the outbreak of the Epidemic, all the new
retail sales channels like e-commerce, home delivery and
community group marketing realized growth due to offline sales
obstructions.
During the period, Milk Deluxe “DreamCapTM” package series
launched upgraded organic milk and pure milk products with
g of protein and 125 mg of original calcium content per 100 ml,
which has consolidated Milk Deluxe ’s position as a premium
brand and facilitated a steady enhancement in its market share.
In addition, Just Yoghurt launched the white peach and
pomegranate Xiaomanyao product, which has been welcomed by
young consumers since its launch. Also, Fruit Milk Drink launched
the first floral and fruity flavor light lactobacillus drink series,
which include two flavors, namely, sakura and peach, and rose
and strawberry. The floral and fruity flavor light lactobacillus drink
has been welcomed by consumer groups that pursue high quality
lifestyle since its launch, including urban white-collar workers and
university students, resulting in several sell outs via e-commerce
platform.
Chilled Product Business
Since the Epidemic, consumers have gained greater awareness of
the immunity enhancement properties of yogurt and probiotics
drinks, which has stimulated the demand for relevant products.
During the period, Mengniu has promptly seized market
opportunities by continuously launching new chilled products with
high quality and high added value, focusing on value marketing
and consumer education, as well as by capitalizing on changes in
online consumption trends while deepening its RTM strategy. The
sales performance of the Group’s chilled product led the industry
in the first half year.
China Mengniu Dairy Company Limited Interim Report 2020014
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
期內，冠益乳作為唯一一款通過「保健食品」認證
的酸奶，受到消費者的重點關注。五月，冠益乳
推出全新輕衡系列產品，提倡每日科學補充益生
菌＋益生元，更好實現腸道舒暢。目前，冠益乳
品牌已通過旗下小藍帽系列、Probio-M8系列及
輕衡系列產品形成增強免疫力、腸道舒暢及改善
便秘等全方位多功能性產品集群，持續打造產品
在功能和價值上的競爭力。此外，針對中國消費
者對於天然、低糖及品質新鮮的產品需求，優益
C品牌於四月推出控糖及0脂肪配方白桃烏龍及紅
西柚兩種口味，為消費者提供含活菌的健康飲
料，上市以來深受年輕消費者喜愛。
鮮奶業務
二零二零年上半年，鮮奶產品需求旺盛，消費者
滲透率迅速提升，每日鮮語、現代牧場等品牌引
領鮮奶品類增長，總體市場份額於六月躍升至鮮
奶品類第二名（數據來源：尼爾森）。每日鮮語品
牌持續聚焦高品質，推出沙漠有機鮮牛奶及屋頂
包裝新產品，上市以來實現突破性增長，助力每
日鮮語品牌銷售額實現三位數增長，穩居高端鮮
奶第一品牌。現代牧場品牌期內推出新升級產品
包裝，市場份額躍居基礎鮮奶第二品牌。
鮮奶業務不斷聚焦打造供應鏈「鮮」能力，今年上
半年，每日鮮語及現代牧場等品牌鮮奶T+0產品
已佔鮮奶銷售額八成。隨著蒙牛各明星鮮奶品牌
的產品力、品牌力、渠道力及「鮮」能力的不斷提
升，鮮奶業務的銷售額較去年同期增長近100%。
During the period, being the only yogurt that passed “healthy
food” certification, Champion gained tremendous attention from
consumers. In May, Champion launched the new Qingheng
product series, which, based on science, advocates the daily
intake of probiotics＋prebiotics to realize better intestinal
wellbeing. Furthermore, through its Blue Cap package series,
Probio-M8 series and Qingheng product series, the Champion
brand has thus formed a comprehensive multi-function product
portfolio spanning immunity enhancement, intestinal comfort and
constipation relief, raising the competitiveness of its products in
terms of functionality and value. In addition, in focusing on
satisfying demand for natural, low-sugar and fresh yogurt from
Chinese consumers, new products for the Yoyi C brand were
launched in April. Featuring a sugar control and zero fat formula
with white peach oolong and grapefruit flavors, the healthy live
bacteria drinks have been welcomed by young consumers since
their launch.
Fresh Milk Business
In the first half of 2020, with robust demand for fresh milk
products, the consumer penetration rate was rapidly enhanced.
Mengniu’s Shiny Meadow and Modern Meadow brands led the
growth of the fresh milk product categories, with overall market
share jumping to the second in the fresh milk product category in
June (Source: Nielsen). The Shiny Meadow brand continued to
focus on high quality and launched the desert organic fresh milk
and new roof box package product, which achieved breakthrough
growth since their launch, helping the Shiny Meadow brand to
achieve triple-digit growth in sales and consolidating its No. 1
position among high-end fresh milk brands. With respect to the
Modern Meadow brand, it launched new upgraded product
packaging during the period and its market share jumped to the
second among basic fresh milk brands.
Fresh Milk Business has continued to focus on maintaining
“freshness” in the supply chain. In the first half year, the T+0
fresh milk products of Shiny Meadow and Modern Meadow
captured 80% of fresh milk sales. Following continuous
enhancements in product power, brand power, channel power
and “freshness” power with respect to each of Mengniu’s star
fresh milk brands, sales from the fresh milk business has nearly
doubled year-on-year.
015 中國蒙牛乳業有限公司 二零二零年中期報告
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：1230）繼
續發展嬰幼兒配方奶粉和健康營養品兩大類產品
業務。二零二零年上半年，雅士利啟動了旗下多
個品牌重塑項目，以及重推高端成人功能型營養
奶粉—蒙牛悠瑞和特康力兩大品牌矩陣，為業務
的進一步提升打下堅實基礎。本集團旗下的親乳
奶粉品牌瑞哺恩於六月底正式煥新上市，全新系
列主打親乳概念，以更多營養成分，更加清淡口
味，給中國寶寶更好的口糧。目前，瑞哺恩已經
建立了從牛奶、有機到羊奶全面的品牌矩陣，推
出瑞哺恩親乳奶粉、瑞哺恩親乳有機奶粉、瑞哺
恩親乳羊奶粉三大系列七個產品。
雅士利於期內積極調整渠道戰略，嬰幼兒奶粉重
點深耕母嬰渠道，成人奶粉和營養品聚焦KA商超
渠道，全面發力，並持續調整產品策略，逐步淘
汰產值及毛利低的品類，產品的整合在一定程度
上部分抵銷了產品的銷售增長，導致雅士利的同
比收入輕微下降。
貝拉米
二零二零年上半年，蒙牛對貝拉米財務、人力資
源管理、公司治理等方面進行了全面整合。作為
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，持續打造高
品質有機產品矩陣，以及拓展澳洲境內和線上渠
道。期內，貝拉米品牌奶粉及嬰兒食品實現良好
增長，利潤率明顯提升，中國管理團隊持續強
化，為未來發掘境內市場機遇打下了堅實基礎。
Yashili Milk Formula Business
As for the milk formula business, Mengniu holds approximately
51% stake in Yashili International Holdings Limited (“Yashili”, stock
code: 1230), which has continued to maintain its development in
the business of two major categories, namely infant milk formula
and health and nutritional products. In the first half of 2020,
Yashili initiated various rebranding projects and relaunched the
brand matrixes of two high-end functional and nutritional milk
formula for adults, namely Mengniu Yourui and Topconic , which
laid a solid foundation for the further enhancement of its
business. Reeborne, a milk formula brand of the Group, was
relaunched at the end of June with the new series mainly
focused on the concept of “A Breast Milk-like Formula”, providing
a better diet with more nutrient contents and lighter flavors to the
Chinese babies. Currently, Reeborne has developed a
comprehensive brand matrix from milk, organic milk to goat milk
by launching seven products under three series, namely Reeborne
“Breast Milk-like” milk formula, Reeborne “Breast Milk-like” organic
milk formula and Reeborne “Breast Milk-like” goat milk formula.
During the period, Yashili actively adjusted its channel strategy,
with infant milk formula products mainly focused on the mother-
and-baby channels, while adult milk powder and nutritional
products focused on KA modern trade channels and these were
done with all-out efforts. At the same time, Yashili continued to
adjust the product strategy by gradually fading out products with
low production value and gross profit. The consolidation of
product mix has partly offset the sales growth of products to a
certain extent, leading to a slight decrease in Yashili’s income.
Bellamy’s
In the first half of 2020, Mengniu carried out comprehensive
integration in Bellamy’s in terms of finance, human resource
management and corporate governance. Bellamy’s, as a crucial
member of Mengniu’s international business, adhered to the
“Pursuing Organic, Naturally Organic” brand positioning strategy
and continued to construct a matrix of quality organic products
while expanding channels inside Australia as well as online. Both
milk formula and baby food products of the Bellamy’s brand
achieved good growth and profit margins were enhanced
significantly during the period. Bellamy’s management team in
China is continuously strengthened, building a sound foundation
for exploring domestic market opportunities in the future.
China Mengniu Dairy Company Limited Interim Report 2020016
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
貝拉米除了於三月上市中文版包裝有機嬰兒米粉
外，鑑於近年來嬰幼兒奶粉高端化、細分化趨勢
明顯，其中有機奶粉、羊奶粉、A2奶等需求不斷
增長，貝拉米率先抓緊市場機會，於五月在澳洲
上市首款超高端A2有機奶粉，並於六月在澳洲上
市超高端有機羊奶粉，建立有機奶粉系列矩陣。
在跨境電商渠道，貝拉米產品已覆蓋嬰幼兒、兒
童、孕婦等年齡段，形成了奶粉、嬰兒食品雙產
品線。
此外，貝拉米已於期內獲得中文標籤的嬰幼兒配
方奶粉註冊許可，首個中文標籤的貝拉米有機菁
躍嬰幼兒配方奶粉系列也已於八月下旬在中國線
下渠道上市，由此貝拉米將加速拓展中文標籤奶
粉的線下重點渠道，依靠在線上渠道多年積累的
品牌知名度與口碑，擴大品牌在一至三線城市的
知名度及線下分銷網絡。
冰淇淋業務
二零二零年上半年，冰淇淋業務繼續聚焦隨變、
蒂蘭聖雪、綠色心情等明星品牌，通過跨界合
作、明星代言人、與知名IP聯動等一系列營銷活
動，精準定位消費群體，提升品牌形像，助力產
品銷售。其中，蒂蘭聖雪及綠色心情品牌均實現
雙位數增長。蒂蘭聖雪新推出黑鳳梨果肉牛奶冰
淇淋、雪絨乳酪牛奶冰淇淋及綠色心情推出珍珠
紅茶口味、芝士抹茶口味等傳遞高品質生活主張
的新品，均表現優異。隨變與酒業品牌江小白跨
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。
In addition to the launch of its Chinese-labelled organic baby rice
in March, Bellamy’s has reacted to the trend towards
premiumization and segmentation of infant milk formula in recent
years. There has been continuous growth in demands for organic
milk formulas, goat milk and A2 milk, and Bellamy’s has taken the
lead in grasping market opportunities. It launched the first super
high-end A2 organic milk formula in Australia in May and a super
high-end organic goat milk formula in Australia in June, thereby
establishing a matrix of organic formulas. For the cross-border
e-commerce channel, Bellamy’s products have covered diverse
age groups, spanning infant, children and expectant mothers, and
included the dual product lines comprising milk formula and baby
food.
In addition, Bellamy’s has obtained the registration approval of its
Chinese-labelled infant milk formula during the period. The first
Chinese-labelled Bellamy’s Kieevagour organic infant milk formula
series has also been launched through offline channels in China in
late August, thereby Bellamy’s will accelerate the expansion of key
offline channels of the Chinese-labelled milk formula riding on the
brand awareness and reputation accumulated over the years
through online channels to expand brand awareness and offline
distribution networks in first to third-tier cities.
Ice Cream Business
During the first half of 2020, the ice cream business has
continued to focus on its star brands, such as Suibian , Deluxe
and Mood for Green. Through a series of marketing activities,
including collaborations with other products, celebrity
endorsements and joint activities with well-known IPs, the brands
were able to precisely target their consumer groups and enhance
their brand image, facilitating sales. Among them, the Deluxe and
Mood for Green brands realized double-digit growth. In addition,
the newly launched black pineapple fruit pulp milk ice cream and
the velvety yogurt milk ice cream of Deluxe as well as the new
pearl red tea flavor, and cheese and green tea flavor of Mood for
Green that promoted the concept of quality life have all
performed exceptionally. Suibian also collaborated with the
alcohol brand Jiangxiaobai and launched “ice cream for adults”,
accurately targeting young consumer groups, which enhanced
sales.
017 中國蒙牛乳業有限公司 二零二零年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
此外，通過渠道下沉、加快發展重點城市、加強
客戶溝通及提升網點數量等有效措施，冰淇淋業
務於期內實現終端掌控力、網點增長質量的進一
步提高。冰淇淋事業部亦持續推動直營系統、到
家業務和社區團購的發展，取得不俗成績。
奶酪業務
蒙牛與Arla Foods強強聯手打造專業奶酪品牌愛
氏晨曦，在品牌建設、研發創新、工廠建設等方
面全面規劃，並依託蒙牛強大的渠道優勢，傾力
打造中國奶酪領導品牌。期內，愛氏晨曦積極推
行品類創新，產品線涵蓋兒童奶酪、休閒奶酪、
佐餐奶酪及高端奶酪產品，打造包括愛氏晨曦、
高端奶酪品牌嘉士德羅(Castello)和專業液體黃油
品牌樂派克(Lurpak)，覆蓋中國消費者不同的需
要。二零二零年上半年，在疫情背景下，隨著消
費者對健康、營養和高品質生活的關注進一步提
升，愛氏晨曦品牌銷售成功實現逆勢高增長，未
來前景可期。
質量管理
二零二零年上半年，蒙牛繼續落實質量三年規劃
要求，透過引入Arla Garden先進牧場管理體系和
新西蘭AsureQuality安全管理標準，對標國內外畜
牧 養 殖 相 關 5 2部 法 律 法 規 和 標 準，結 合
ISO9000、ISO22000管理體系要求，形成專業化
的牧場管理體系，同時圍繞質量設計、完美產品
及質量文化三方面進行優化升級，全面落地質量
安全管理體系工程。期內，國家相關部門對蒙
牛所轄各奶源基地進行抽檢的合格率持續達
100%。
Through effective measures such as penetrating lower tier
markets, prompting exploration of major cities, strengthening
communications with customers and establishing greater number
of point of sales, the ice cream business also realized further
enhancement in point of sales management and quality of point
of sales growth during the period. Moreover, the ice cream
business division continued to promote development of its direct
sales system, home delivery business and community group
buying business, which resulted in satisfactory results.
Cheese business
Mengniu collaborated with Arla Foods in building the professional
cheese brand Arla ASCX, which involved comprehensive planning
in such areas as brand building, research and development,
innovation and construction of factories. Mengniu’s significant
advantage in channel distribution was leveraged as well in
creating a leading Chinese cheese brand. During the period, Arla
ASCX proactively promoted its innovation across various
categories, with product lines spanning kids’ cheese, leisure
cheese, cheese for complementing meals and high-end cheese
products. In building brands such as Arla ASCX, the high-end
cheese brand Castello , and the professional liquid butter brand
Lurpak, the diverse needs of Chinese consumers have been
addressed. In the first half of 2020, due to the growing consumer
concern over health, nutrition and quality life in the wake of the
Epidemic, Arla ASCX has succeeded in realizing high sales
growth against adverse market trend, indicating promising
prospects in the future.
Quality Management
In the first half of 2020, Mengniu has continued to implement its
three-year quality assurance plan. Through the introduction of an
advanced ranch management system from Arla Garden and
AsureQuality safety management standards from New Zealand, as
well as by benchmarking against 52 sets of domestic and foreign
laws, regulations and standards relating to animal rearing and
breeding, along with observing ISO9000 and ISO22000
management system requirements, Mengniu has established a
professional ranch management system. At the same time, by
focusing on optimizing and enhancing three aspects, . quality
design, product excellence and quality-oriented culture, the
quality and safety management system has been fully
implemented. During the period, Mengniu pride a 100% passing
rate in random inspections conducted by governmental
departments on the Group’s milk source bases.
China Mengniu Dairy Company Limited Interim Report 2020018
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
為提升奶源質量，由蒙牛和Arla Foods共同成立
的中國—丹麥乳品技術中心亦在二零二零年上半
年邀請丹麥專家走進西部、內蒙大區15家牧業基
地，培訓從業人員達1,337人次；而蒙牛的「奶牛
研究院」在奶牛健康、奶牛產能提升和牧草研究
等領域則開展了3個創新研發項目，並獲得了「國
家奶牛養殖標準化區域服務與推廣平台」認證。
常溫事業部始終秉持「以消費者為中心」的初心和
使命，不斷推進質量文化建設，通過開展文化宣
貫活動，增強員工對質量保證的責任感。報告期
內，常溫事業部從「精益、專業及協同」三方面聚
焦全產業鏈質量管理優化，在總結蒙牛歷史優秀
實踐案例的基礎上建立常溫事業部質量管理手
冊，不斷創新、提升質量管理方法及效果。低溫
事業部持續對標達能新版食品安全標準（Food
Safety Item，簡稱「FSI」），同時引入14大質量管
理工具，並融合GMP、HACCP、ISO 9001、ISO
22000體系，結合質量管理體系，有效預防系
統性風險。此外，低溫事業部嚴格把關新品的質
量及食品安全，從質量標準、原料、食品接觸材
料、包裝、設備、運輸測試、感官體驗各方面，
進行評估。
冰淇淋事業部透過生產流程、監控計劃、對標法
律法規及數據分析等的提升，建立全面的食品安
全風險識別控制體系，建立嚴於國家標準要求的
「數字化」質量標準控制體系。此外，該事業部通
過引進新技術、新工藝項目，降低交叉污染帶來
With the aim of improving the quality of milk sources, the China-
Denmark Dairy Technical Cooperation Center, jointly established
by Mengniu and Arla Foods, invited Danish experts to visit 15
dairy-farm bases in the western region and Inner Mongolia region
of China, as well as provided training to 1,337 personnel, during
the first half of 2020. Furthermore, Mengniu’s “Dairy Cattle
Research Institute” has launched three innovative research
projects covering the health of dairy cattle, production capacity
enhancement of dairy cattle and forage research, and earned the
“Regional Service and Promotion Platform of National Dairy Cattle
Rearing and Breeding Standardization” certification.
The room temperature product business division has always
adhered to its original intention and mission of “Consumer
Oriented” and continuously facilitated the development of a
“quality-first” culture and enhancing employee’s sense of
responsibility on quality assurance through launching cultural
publicity activities. During the reporting period, the room
temperature product business division focused on the
enhancement in quality management of the entire industrial chain
from three aspects, namely “lean, professional and cooperative”.
The quality management manual for the room temperature
product business division was established by consolidating
Mengniu’s past excellent practices and cases, with an aim to
continuously innovate and improve its quality management
approaches and results. The chilled product business division
continued to align with Danone Group’s newly revised Food
Safety Item (“FSI”) standards while maintaining effective prevention
on systematic risk by introducing 14 major quality assurance
tools, integrating GMP, HACCP, ISO 9001, ISO 22000 systems,
and combining quality management system . In addition, the
chilled product business division strictly monitored the quality and
food safety of new products and conducted evaluation in different
aspects, including quality standard, raw material, food contact
material, packaging, equipment, transportation test and sensory
experience.
Through enhancing production processes and monitoring plans,
complying with laws and regulations as well as improving data
analysis, the ice cream business division has established a
comprehensive food safety risk identification and control system,
and established a “digitalized” quality control standard system that
is stricter than national standards. In addition, the business
division has introduced new technologies and new technical
019 中國蒙牛乳業有限公司 二零二零年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
的食品安全隱患，加上實施產品倉儲、運輸、終
端冷鏈標準規範化、業務操作流程化、溫度監控
數字化，確保產品的品質。
奶粉業務方面，雅士利對標蒙牛質量管理體系，
從市場管理、產品創新管理、採購管理、生產運
營、物流倉儲、銷售管理和顧客溝通等方面，實
現從質量策劃、質量監控與評價、質量績效與改
進、質量安全支持與保障的全面管理。
奶源管理
二零二零年上半年疫情期間，蒙牛全力復工復
產，並透過「保收購、保供應、保運力、保資金、
保運營」五大保障舉措，維護牧場伙伴的穩定經
營和蒙牛業務的正常營運。保收購方面，蒙牛按
照購銷合同約定，保障對牧場伙伴生鮮乳的正常
收購，促進上游可持續發展；保供應方面，蒙牛
協同「愛養牛」平台供應商合作夥伴，保障合作牧
場生產所需物資的價格穩定與及時供應；保運力
方面，蒙牛協同政府、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；在保
資金方面，蒙牛協同供應鏈金融平台合作機構，
對合作牧場提供扶持資金，推出降息、預付奶款
等支持；保運營方面，蒙牛迅速制定《牧場新型
冠狀病毒防控指導手冊》，並通過各種線上技術
講座、網路直播等方式為牧場人員解答疑難，持
續推動牧場降本增效，參與直播線上學習累計人
數超過萬人次。
projects to minimize food safety hazards caused by cross-
contamination. With the implementation of standardization across
product warehousing, transportation, cold chain of point of sales,
business operation procedures and digitalized temperature
monitoring, the quality of products is assured.
As for the milk formula business, Yashili has benchmarked
against Mengniu’s quality control systems in terms of marketing
management, product innovation management, purchase
management, production and operation, logist ics and
warehousing, sales management and customer communications
to achieve a comprehensive management methodology that
covers planning, monitoring and evaluation, performance and
improvement as well as safety support and protection in relation
to quality control.
Milk Source Management
During the epidemic period that spanned the first half of 2020,
Mengniu strived to resume work and production. Moreover, five
protective measures were adopted, namely, “Securing
Procurement, Ensuring Supply, Guaranteeing Delivery, Maintaining
Sufficient Capital, and Securing Operations” to facilitate the stable
operation of its ranch partners and normal operation of Mengniu’s
business. With respect to securing procurement, Mengniu
safeguarded the procurement of fresh milk from ranch partners in
accordance with sales and purchase contracts, promoting
sustainable development across the upper stream. As for
ensuring supply, Mengniu ensured the stable pricing and timely
supply of production materials to cooperating ranches by
collaboration with suppliers from the “Aiyangniu” platform. As for
guaranteeing delivery, Mengniu worked with the government, dairy
associations and logistic partners to ensure the seamless delivery
of forage to and fresh milk from ranches. In terms of maintaining
sufficient capital, Mengniu liaised with collaborative institutions of
supply chain financial platforms to provide support funding to
cooperating ranches as well as other forms of support such as
lowering interest rates and prepaying milk costs. To secure
operations, Mengniu promptly formulated the “Guidance manual
for prevention and control of novel coronavirus in ranches” and
helped to solve problems raised by ranchers through various
online technology seminars and webcasts, so as to further
facilitate cost-cutting and efficiency enhancing among ranches. A
total of over 14,000 people participated in the online learning
broadcasts.
China Mengniu Dairy Company Limited Interim Report 2020020
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
為推動奶業振興，蒙牛於期內持續穩步推進
「136」工程，通過「數字奶源」、「奶牛研究院」及
「愛養牛」三大平台整合上游資訊、技術及資源，
助力牧場降本增效，提升運營能力。其中，愛養
牛平台正式升級，面向全行業開放，將打通乳業
全產業鏈的購銷壁壘，增加行業物資採購透明
度，為乳業產業鏈上下游客戶提供全方位、高額
度、低成本、便捷化的供應鏈金融解決方案。
蒙牛亦先後出台購牛補貼、牧場升級等補貼政
策，並在飼草料收儲等方面提供扶持資金政策，
持續解決農牧民的現金流難題。技術服務方面，
蒙牛技術人員共組建了24組「3+1」運營小組，進
駐牧場幫助降本增效。同時，蒙牛持續開展「牧
場主大學」、「奶牛金鑰匙」技術示範專場、奶牛
場高級研修、以及畜牧、獸醫、設備專班等技術
交流培訓活動，提升牧場人員專業能力，為行業
培養人才奠定基礎。
此外，蒙牛於期內與內蒙古自治區呼和浩特市、
通遼市、巴彥淖爾市政府簽署「中國乳業產業園
戰略合作協定」，助力內蒙古在沿黃河流域、西
遼河流域、嫩江流域完成「種、養、加」全產業鏈
的戰略佈局。
蒙牛繼於二零一九年制定了《動物福利保障實施
方案》和《蒙牛乳業牧場動物福利評價標準》，形
成涵蓋5個維度及88個子項目的評價標準，並在
123個牧場試點宣傳推廣後，於期內註冊出版了
《牧場奶牛福利實施體系》，並在合作牧場開展奶
In order to promote the revitalization of the dairy industry,
Mengniu has continued its efforts to realize “Project 136” during
the period, which aims to assist ranches in achieving cost
reductions and enhancing efficiency, as well as enhancing
operational capabilities by integrating upstream information,
technology and resources through three platforms: “Digital Milk
Source”, “Dairy Cattle Research Institute”, and “Aiyangniu”. The
officially upgraded “Aiyangniu” platform, in particular, has opened
up to the entire industry, with the aim of removing sales and
purchase barriers across the entire industrial chain of the dairy
industry, increasing transparency of material sourcing practices in
the industry and providing a comprehensive, high limit,
inexpensive and convenient supply chain financing solution for
upstream and downstream customers in the dairy industry.
Mengniu has also launched policies on subsidies, including those
for cattle purchasing and ranch upgrades as well as provided
capital support for the collection and storage of forage, helping to
further resolve cash flow problem faced by farmers and ranchers.
As for technical services, Mengniu’s technicians formed 24 “3+1”
operation teams, which were stationed in ranches to assist in
cost reduction and efficiency enhancement. At the same time,
Mengniu has continued to carry out technical exchange and
training activities such as the “University of Ranchers”, “Golden
Key of Milk Cow” technical demonstrations, advanced training
course for dairy farmers and special courses on livestock rearing,
veterinary and equipment, which enhanced the skills of ranchers
and laid the foundation for nurturing industry talent.
In addition, Mengniu has entered into a “Strategic Cooperation
Agreement on China Dairy Industrial Park” with the municipal
government of Hohhot City, Tongliao City and Bayannur City of
Inner Mongolia Autonomous Region during the period. The aim of
the agreement is to assist Inner Mongolia in completing
strategical deployment of the entire industrial chain, covering
“planting, rearing and processing” along the Yellow River basin,
Xiliao River basin and Nen River basin.
Mengniu has formulated the “Implementation Plan for Protection
of Animal Welfare” and “Evaluation Standard for Animal Welfare
across Mengniu Dairy Ranches” in 2019. This has established an
evaluation standard covering five dimensions and 88 sub-projects.
After piloting, promoting and publicising across 123 ranches,
Mengniu registered and published the “Implementation System for
021 中國蒙牛乳業有限公司 二零二零年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
牛福利宣傳培訓，增強行業互動，目標通過全面
搭建奶牛福利體系，提高牧場產量與提高原奶品
質，加強國際競爭力。
企業數字化戰略
二零二零年，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，以聚焦渠道融合和供
應鏈前端協同為主要目標，打造「四大在線」，即
「消費者在線」、「渠道在線」、「供應鏈在線」及
「管理在線」，加速集團數字化戰略全面落地，逐
步構建數據驅動業務的信息化體系。
「消費者在線」領域方面，蒙牛新增的數字化精準
投放系統已於四月底完成。該系統與蒙牛數字化
營銷的無縫對接，透過消費者數據實現了廣告的
精準投放與營銷，提升媒體投放曝光及點擊的轉
化率。
「渠道在線」領域方面，蒙牛的智網系統已覆蓋常
溫業務的全國經銷商，並正逐漸在其他業務單元
上線。
「供應鏈在線」領域方面，為了順應倉儲物流時代
發展趨勢並實現產品倉配運一體化，蒙牛在二零
二零年上半年正按計劃推進智慧倉儲 (WTO)項
目，該項目將實現原輔料倉儲管理、產品入庫至
到達客戶的全程管理及追蹤，提升庫房作業效
率，並能促進訂單履約過程的高度協同。
Welfare of Dairy Cattle” during the period, and conducted
promotions and training relating to dairy cattle welfare with
cooperating ranches to enhance exchange among the industry
practitioners. Such efforts aligned with the Group’s aim of
bolstering production capacity of ranches, enhancing raw milk
quality and raising competitiveness at international level through
developing a comprehensive dairy cattle welfare system.
Corporate Digitalization Strategy
In 2020, Mengniu established the Group’s digitalization strategy
management committee and digital strategy project team in order
to focus on its main targets, specifically, the integrating of
channels and generating synergies between members of the
front-line of the supply chain, realizing its “Four Online” goals,
wherein the four online goals being “Consumers Going Online”,
“Channels Going Online”, “Supply Chain Going Online” and
“Management Going Online”, with the aim of speeding up the
comprehensive implementation of the Group’s digitalization
strategy and establishing an information system that gradually
leads to a data-driven business.
In terms of “Consumers Going Online”, Mengniu’s newly added
digitalized precise advertising placement system was completed at
the end of April. The seamless matching of the system with
Mengniu’s digitalized marketing strategy has resulted in the
precise launch of advertising and marketing efforts according to
consumer data, as well as enhanced media exposure and
conversion rate of clicks.
With respect to “Channels Going Online”, Mengniu’s smart
network system provides coverage of distributors of its room
temperature product business across the nation, and will
gradually encompass other business units.
As for “Supply Chain Going Online”, Mengniu has started the
smart warehousing (WTO) project as planned in the first half of
2020. WTO will enable it to address the development trends of
warehouse and logistics industry and integrate product
warehousing, allocation and delivery operations. Correspondingly,
the project will allow for the management and tracking of key
processes, spanning warehousing of raw and ancillary materials,
warehousing of products to delivery to customers, so as to
enhance efficiency of warehouses and create added synergy
throughout the order fulfilment process.
China Mengniu Dairy Company Limited Interim Report 2020022
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
「管理在線」領域方面，本集團於去年底啟動的供
應鏈金融三期項目，正進行系統切換。通過功能
增加及完善，平台將承擔更多業務增長所帶來的
工作量，助力業務拓展，並可解決上下游業務合
作夥伴融資難和成本高的困難。此外，蒙牛基於
釘釘等軟件構建了覆蓋產業鏈上下游的高效協同
平台，特別是在疫情期間有力保障了從前端銷
售、配送到後端業務協同等業務活動，為蒙牛從
抗疫到復工復產打下了堅實的基礎。
品牌策略
二零二零年上半年，蒙牛踐行「點滴營養，綻放
每個生命」的使命，進一步完善本集團品牌架構，
強化品牌協同效應，持續推進品牌國際化戰略，
不斷提升品牌力，在向「世界牛」的蛻變之路上又
向前邁進一步。
主品牌營銷方面，蒙牛於年初借勢《哪吒》及《姜
子牙》等知名中國動漫IP熱度，推出中國動漫主
題包裝產品，深化品牌「營養」主張，助力線下銷
售增長。疫情發生後，蒙牛作為中國乳業的領軍
企業，主動肩負企業社會責任，提出「勇戰疫情，
中國要強」的口號，先後向抗疫一線捐贈款物，
並努力推進中國國家衛生健康委員會發佈的《新
型冠狀病毒感染的肺炎防治營養膳食指導》的普
及與實施，聯合全國衛生產業企業管理協會食品
In regard to “Management Going Online”, phase three of the
supply chain financing project initiated by the Group last year is
undergoing a system upgrade. Through the addition of functions
and optimization, the platform will be able to take up greater
workload arising from business growth, contribute to business
expansion and resolve difficulties in and the high cost of obtaining
financing for business partners from the upstream and
downstream of the industrial chain. Furthermore, based on
softwares such as DingTalk, Mengniu has constructed a highly
efficient collaborative platform covering the upstream and
downstream of the industrial chain. This powerful platform has
helped to safeguard business activities from front-end sales to
delivery, and has facilitated synergies between back-end
businesses during the Epidemic, laying a solid foundation for
Mengniu to resume work and production during the period to
fight against the epidemic.
Branding Strategy
In the first half of 2020, Mengniu has sought to fulfill its mission
as encapsulated in the maxim: “A Drop of Nutrition Blooms Every
Single Life”. Hence, it has sought to further optimize the branding
structure, enhance brand synergy and continue to promote the
strategy of brand internationalization. By further enhancing brand
equity, Mengniu has moved one step further on the road to
become “Mengniu of the World”.
With regard to the marketing of its master brand, Mengniu has
capitalized on the popularity of well-known Chinese animation IPs
such as “Nezha” and “Jiang Ziya” at the beginning of the year to
launch a collection of product with packaging featuring Chinese
animation themes to deepen the brand concept of “Nutrition” and
to support offline sales. Also, after the outbreak of the Epidemic,
Mengniu – being a leading enterprise in China’s dairy industry,
took up its corporate social responsibilities and advocated the
slogan “Fight Against the Epidemic Courageously, Greatness for
China”. Consequently, Mengniu contributed both cash and in-kind
donations successively to those on the frontlines of epidemic
prevention and control, as well as diligently supported the
promotion and implementation of “Nutrition and Dietary Advice on
Preventing and Recovering from COVID-19” issued by the
National Health Commission of the PRC. In addition, Mengniu
collaborated with the Food, Nutrition and Health Industry branch
of the National Association of Health Industry and Enterprise
Management to advocate the initiative of “A Glass of Milk a Day
023 中國蒙牛乳業有限公司 二零二零年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
與營養健康產業分會發出《天天飲奶，健康中國
人》倡議，提出「每天一斤奶，營養你要強」的品
牌主張，提供乳製品消費指導。
常溫業務方面，特侖蘇於期內繼續冠名贊助湖南
衛視熱門綜藝節目《嚮往的生活4》，以「支持每一
個更好的你」詮釋品牌「更好」主張，受益於節目
高收視、高熱度及品牌的高效曝光，持續強化品
牌聲量。真果粒花果輕乳乳酸菌飲品系列產品冠
名愛奇藝青年勵志類綜藝節目《青春有你2》，由
於節目熱度、話題度較高，內容營銷效果良好，
拉動真果粒品牌收入進一步加速增長。
低溫業務方面，蒙牛舉辦首次酸奶文化節、全民
營養周暨「」中國學生營養日線上活動，並聯
合營養權威以「酸奶、益生菌、免疫力」為主題開
展了10場直播課堂，通過多渠道傳播，提升國民
對活菌酸奶營養的認知。同時，冠益乳及優益C
兩大品牌在上半年借勢電視廣告、綜藝冠名、短
視頻及直播等方式不斷提高品牌聲量，剌激消費
者購買意慾。
鮮奶業務方面，每日鮮語上半年強勢聚焦華東地
區，並特約贊助東方衛視熱門綜藝節目《極限挑
戰第六季》，全方位覆蓋各大優質媒體，品牌聲
量及影響力不斷提升，市場份額不斷提升。現代
牧場圍繞「好牛產好奶，自然好新鮮」的概念，突
出每100毫升鮮奶含110毫克原生鈣的產品特點，
持續提升品牌力，促進市場份額增長。
Keeps Chinese People Healthy”, and proposed the concept of
“500g of Milk Daily, Nourish Your Greatness” as guidance on
consumption of dairy products.
For the room temperature product business, Milk Deluxe has
continued to serve as the title sponsor of the popular variety
program “Back to Field Season 4,” produced by Hunan TV,
during the period. This aligns with the brand concept of
“Betterment” by “Supporting the Betterment of Everyone”.
Benefiting from the high ratings and tremendous popularity of the
program, together with superb brand exposure, the prominence
of Milk Deluxe has been further strengthened. Similarly, Fruit Milk
Drink floral and fruity flavor light lactobacillus drink series has
served as the title sponsor of “Idol Producer 2”, an inspirational
program produced by iQiyi that targets the young population. The
program is appealing and topical, enabling content marketing to
achieve encouraging results and the Fruit Milk Drink brand to
enjoy faster revenue growth.
In respect of the chilled product business, Mengniu has staged the
first Yogurt Culture Festival, National Nutrition Week and the online
activity of “” Chinese Student Nutrition Day. In addition, ten live
broadcast classes on the theme “Yogurt, Probiotics and Immunity”
were launched in collaboration with renowned nutrition experts.
Through multichannel communications, the awareness of Chinese
people towards nutrition associated with live bacteria yogurt was
raised. At the same time, the two major brands, Champion and
Yoyi C, took advantage of TV commercials, title sponsorships of
variety programs, short videos and live broadcasts in the first half
of the year to continuously enhance brand exposure and stimulate
purchases.
Regarding the fresh milk business, Mengniu’s Shiny Meadow
brand has directed its focus on Eastern China in the first half
year, and sponsored “Go Fighting! Season 6”, a popular variety
show of Dragon TV. Furthermore, Shiny Meadow has sought
coverage on quality major media from all spheres to strive for
ever greater brand exposure and influence, consequently gaining
greater market share. As for Modern Meadow, it has focused on
publicizing the concept of “Good Cattle Produces Good Milk,
Naturally Good and Fresh” to highlight its product features, in
particular, every 100 ml of fresh milk contains 110 mg of original
calcium. From such effort, Modern Meadow was able to enhance
its brand power as well as capture greater market share.
China Mengniu Dairy Company Limited Interim Report 2020024
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
奶粉業務方面，雅士利在二零二零年上半年啟動
了旗下多個品牌重塑項目，以及重推高端成人功
能型營養奶粉 — 蒙牛悠瑞和特康力兩大品牌矩
陣，為業務的進一步提升打下堅實基礎。集團旗
下的親乳奶粉品牌瑞哺恩於六月底正式煥新上
市，全新系列主打親乳概念，以更多營養成分、
更清淡口味搶佔市場。目前，瑞哺恩已經建立了
從牛奶、有機到羊奶全面的品牌矩陣，推出瑞哺
恩親乳奶粉、瑞哺恩親乳有機奶粉、瑞哺恩親乳
羊奶粉三大系列七個產品，通過完善的產品結
構，致力成為中國媽媽和寶寶營養全方案的首選
品牌。
冰淇淋業務方面，隨變以陳飛宇、任嘉倫等偶像
和滑雪運動員谷愛淩作品牌代言人，打造潮流品
牌；蒂蘭聖雪提出「越純粹，越珍貴」的品牌理
念，與代言人戚薇合作推出全新品牌形象，針對
新時代女性目標客群，實現品牌高端轉型；綠色
心情通過跨界聯名《姜子牙》IP、冠名浙江衛視美
食探索紀錄片《風味人間》等一系列營銷活動，整
合內外資源，提振線上及線下銷售。
奶酪業務方面，愛氏晨曦邀請全球知名鋼琴演奏
家郎朗及其夫人吉娜成為全球代言人，共同推廣
奶酪食用文化，並將在全國線下平台投放全新品
牌形象廣告，借助社交平台創新宣傳，通過天
貓、京東與消費者深度互動，增強消費者的品牌
忠誠度。
In terms of the milk formula business, Yashili has launched
various rebranding projects in the first half of 2020 and
relaunched brand matrixes of two high-end functional and
nutritional milk formulas for adults, namely Mengniu Yourui and
Topconic , which laid a solid foundation to the further
enhancement of its business. Reeborne, a milk formula brand of
the Group, was relaunched at the end of June and the new
series mainly focused on the concept of “A Breast Milk-like
Formula”, seizing the market by more nutrient contents and lighter
flavors. Currently, Reeborne has developed a comprehensive
brand matrix from milk, organic milk to goat milk by launching
seven products under three series, namely Reeborne “Breast
Milk-like” milk formula, Reeborne “Breast Milk-like” organic milk
formula and Reeborne “Breast Milk-like” goat milk formula.
Through a comprehensive product structure, it strived to become
the first choice of brand providing nutritional solution for Chinese
mothers and babies.
With reference to the ice cream business, Suibian has engaged
idols such as Chen Feiyu and Ren Jialun, and skier Gu Ailing to
serve as brand ambassadors and to help increase the trendiness
of the brand. Meanwhile, Deluxe has put forward the brand
concept “Less is More”. In addition, it has cooperated with the
brand ambassador Qi Wei in launching a new brand image to
appeal to its target group – new age women, and building a
high-end image for the brand. As for Mood for Green, it has
adopted a series of marketing activities such as the cross-
sectoral co-branding of “Jiang Ziya” IP and title sponsoring the
gourmet documentary, “Once Upon a Bite” of Zhejiang TV,
integrating internal and external resources to promote online and
offline sales.
For the cheese business, Arla invited the world-renowned pianist
Lang Lang and his wife Gina Alice Redlinger as its global brand
ambassadors, to jointly promote cheese cuisine culture. In
addition, new brand image advertisements will be placed on
offline platforms across the country; social media platforms will be
leveraged to conduct innovative promotion campaigns; and close
interaction with consumers will be facilitated through Tmall and
to strengthen loyalty among consumers.
025 中國蒙牛乳業有限公司 二零二零年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
銷售管理
二零二零年上半年疫情席捲全國，居家隔離的防
疫措施給線下銷售帶來極大的影響，蒙牛各業務
部迅速響應疫情期間的消費習慣變化，電商、到
家業務及社區營銷等線上銷售渠道實現全面增
長。在數字化戰略的支持下，蒙牛不斷推進渠道
管理精細化，智網系統已在常溫業務的所有經銷
商範圍內上線，透過線上管理陳列及銷售人員費
用，提升經銷商管理和營運效率。
常溫業務於上半年升級「鎮村通工程」，圍繞著四
個專屬，即「專屬產品」、「專屬掌櫃」、「專屬平
台」和「專屬夥伴」，深挖農村市場，成功增加渠
道網點和提升銷量。電商到家業務方面，蒙牛產
品在京東到家、淘鮮達、餓了麼等平台銷售額同
比去年實現突破性增長。618購物節期間，特侖
蘇全面升級有機產品，線上市場佔有率領跑行
業，純甄、真果粒等產品銷量均實現大幅增長。
此外，透過社群營銷，常溫業務成功發展了產品
直達社區的銷售模式；蒙牛亦與美菜平台等線上
買菜平台合作，實現銷售額快速增長。
Sales Management
In the first half of 2020, the Epidemic swept across the country.
Offline sales were significantly affected due to preventive
measures imposed such as home isolation. Various business
divisions of Mengniu responded rapidly to the changing
consumption practices in the Epidemic. Online sales channels
such as e-commerce, home delivery and community marketing
experienced a boom. With the support of digital strategies,
Mengniu was able to further advance its delicacy management of
sales channels. The Smart Network System for room temperature
business has been fully launched, covering all distributors.
Consequently, both distributor management and operational
efficiency have been enhanced by online management of display
costs and sales staff expenses.
Concerning the room temperature business, it has upgraded its
“Penetration into Towns and Villages Project” in the first half year,
which has included the adoption of a four-pronged approach
comprising “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. E-commerce home-delivery
platforms such as JD Daojia, Taoxianda, have attained
impressive year-on-year growth. During the period of
Shopping Festival, Milk Deluxe upgraded the brands’ organic
products and ranked first among its peers in terms of online
market share, while remarkable growth in sales volume of Just
Yogurt and Fruit Milk Drink was realized. In addition, through
community group marketing, the room temperature business
succeeded in developing a sales model for delivering products
directly to communities. Mengniu also collaborated with online
fresh food shopping platforms such as Meicai, which resulted in
rapid sales growth.
China Mengniu Dairy Company Limited Interim Report 2020026
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
低溫業務在進一步深化渠道下沉的基礎上，快速
發展創新型新零售模式，有效促進銷量及市場份
額提升，電商、社區營銷及O2O線上銷售佔比均
迅速擴張。隨著冠益乳輕衡系列及優益C控糖系
列的新品推出，現代渠道整體盈利能力明顯提
升。傳統渠道方面，受益於持續挖掘下線城市市
場機會，低溫產品鋪市鋪貨率穩定提升。
鮮奶業務現時已覆蓋18個省份以及上海、北京等
四個直轄市。期內，蒙牛通過圍繞工廠佈局，快
速擴展渠道及網點、深化與經銷商的合作。受疫
情影響，鮮奶業務在天貓、京東等純電商平台的
銷售額比去年同期增長超過六倍，在叮咚買菜、
每日優鮮、淘鮮達、京東到家等七大到家業務平
台銷售額亦逐月提升。
奶粉業務方面，雅士利持續加強 「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」的渠道策略佈局。
在疫情期間，雅士利更加速了從傳統零售到電商
和新零售的發展，推動例如直播帶貨、社群傳
播、社區團購等多維度的消費者互動方式，深化
消費者對品牌的認知，並活用網紅營銷吸納客
戶，剌激銷售。
As for the chilled product business, sales volume and market
share have been effectively enhanced through deeper channel
penetration and faster development of innovative new retail
models. The proportion of sales from e-commerce, community
marketing and O2O businesses has increased quickly. In addition,
the launch of new products such as the Champion Qingheng
series and Yoyi C sugar control series witnessed significant
improvement in overall profitability across modern trade channels.
In traditional channels, chilled product business was able to
benefit from opportunities arising from the ongoing exploration of
lower-tier city markets. Consequently, it achieved steady growth in
product distribution rate and market coverage.
The fresh milk business currently covers 18 provinces and 4
municipalities, including Shanghai and Beijing. During the period,
Mengniu has quickly expanded its channels and point of sales by
deploying them around factories, while at the same time has
strengthened collaboration with distributors. Due to the Epidemic,
the fresh milk business saw sales derived from e-commerce
platforms such as Tmall and increase by more than six
folds as compared with the same period last year. The sales from
seven home-delivery business platforms, such as , Miss
Fresh, Taoxianda and JD Daojia, have also increased each
month.
Regarding the milk formula business, Yashili continued to
enhance its strategy in channel deployment, including “Focus on
Mother-and-baby Store Channels for Infant Formula Products,
Focus on Modern Trade Channels for Nutritional Products, Rapid
Development for E-Commerce Channels and All-round
Development for New Channels and New Products”. During the
Epidemic, Yashili accelerated its development from traditional
retail to e-commerce and new retail by facilitating multi-
dimensional consumer interaction modes like live broadcast
selling, community communication and community group buying
so as to deepen consumers’ brand awareness. It also attracted
customers and promoted sales through KOL marketing.
027 中國蒙牛乳業有限公司 二零二零年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
貝拉米於三月上市中文版包裝的有機嬰兒米粉，
並率先開拓嬰幼兒奶粉全新細分市場機會，五月
在澳洲上市首款超高端A2有機奶粉，六月在澳洲
上市超高端有機羊奶粉，建立有機奶粉系列矩
陣。貝拉米首個中文標籤的貝拉米有機菁躍嬰幼
兒配方奶粉系列也已於八月下旬在中國線下渠道
上市，未來將集中資源打造線下形象門店基礎，
加速嬰兒食品用戶招新並且驅動嬰兒食品與奶粉
品類的捆綁消費。而通過有機A2奶粉、有機羊奶
粉在品牌旗艦店、社交電商等線上跨境渠道的擴
展，貝拉米也將加快整體有機產品矩陣在線下渠
道的佈局。
冰淇淋業務深化渠道下沉，加快發展重點城市，
並透過「牛掌櫃」信息化管理工具使冰櫃管理過程
更加標準化和流程化，以及通過開發便利店系
統，有效提升終端網點覆蓋比例。現代渠道方
面，冰淇淋業務持續推動沃爾瑪、盒馬鮮生及超
級物種等直營系統的發展。線上渠道方面，該業
務進一步覆蓋京東到家、沃爾瑪到家等，市場份
額明顯提升。蒙牛並快速佈局新零售業務，開發
每日優鮮、叮咚買菜等多個生鮮電商平台及樸
樸、食享會等上萬個社團團購群組。
Bellamy’s launched an organic baby rice product with Chinese
label in March. It has taken the lead in exploring the opportunity
in the new market segmentation of infant milk formula by
launching the first super high-end A2 organic milk formula in
Australia in May and a super high-end organic goat milk formula
in Australia in June, thereby establishing a matrix of organic milk
formula series. The first Chinese-labelled Bellamy’s Kieevagour
organic infant milk formula series has been launched through
offline channels in China at the end of August and Bellamy’s will
gather its resources in building the foundation of its offline image
stores to entice new customers for baby food and promote the
consumption bundle of baby food and milk formula categories.
Also, through the expansion in online cross-border channels such
as the flagship stores and social e-commerce for organic A2 milk
formula and organic goat milk formula, Bellamy’s will also speed
up offline channel deployment of the overall organic products
matrix.
As for the ice cream business, the Group continued to work on
channel penetration and expedited its development in core cities.
Besides, it also engaged in information management tools such
as “Mengniu Storekeeper” to standardize and improve procedures
for refrigeration management, and developed convenience store
systems to effectively enhance the coverage of sales points. As
for modern trade channels, the ice cream business has continued
to promote the development of direct sales systems such as
Walmart, Fresh Hema and Super Species, etc. For online
channels, the ice cream business division expands coverage to
include JD Daojia, Walmart home delivery services, etc., resulting
in significant improvement in market share. Mengniu has also
swiftly deployed new retail businesses and developed multiple
e-commerce platforms for fresh food, including Miss Fresh and
, as well as over thousands of group-purchase groups
such as Pupu and Shixianghui.
China Mengniu Dairy Company Limited Interim Report 2020028
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
財務回顧
收入
截至二零二零年六月三十日止六個月，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%。本集團可比業務
收入為人民幣億元（二零一九年：人民幣
億元），同比增長%。
自從今年初疫情爆發以來，本集團積極採取措施
應對，包括加大促銷力度，通過電商、O2O到家
等業務以及與生鮮新零售平台開展密切合作，以
盡快降低渠道庫存，加速恢復銷售，減低疫情帶
來的影響。於第一季度，本集團可比業務的收入
為人民幣億元（二零一九年：人民幣
億元），與去年同期相若。自四月份以
來，本集團整體業務恢復良好，並逐步改善，於
第二季度可比業務的收入同比增長%至人民
幣億元（二零一九年：人民幣億
元）。
毛利
本集團期內毛利下跌%至人民幣億元
（二零一九年：人民幣億元），毛利率較
去年同期輕微下跌個百分點至%（二零
一九年：%）。
經營費用
本集團期內經營費用上升%至人民幣
億元（二零一九年：人民幣億元），佔本
集團收入比例上升至%（二零一九年：
%），上升主要由於本集團在二零二零年第一
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。
FINANCIAL REVIEW
Revenue
The Group generated revenue of RMB37, million for the six
months ended 30 June 2020 (2019: RMB39, million),
representing a decrease of % year-on-year. The Group’s
revenue from Comparable Businesses amounted to RMB36,
million (2019: RMB33, million), or an increase of % year-
on-year.
Since the outbreak of the Epidemic at the beginning of this year,
the Group has actively taken measures to help distribution
channels reduce inventory as soon as possible, accelerate the
resumption of normal sales activities and minimize its impact on
the business. These measures included increasing the Group’s
promotional efforts through e-commerce, O2O home delivery and
close cooperation with fresh food e-commerce platforms. In the
first quarter, the Group’s revenue from Comparable Businesses
amounted to RMB17, million (2019: RMB17, million),
which is comparable to the same period last year. Since April, the
overall operation of the Group resumed to a satisfactory level and
continued to improve sequentially. In the second quarter, the
Group’s revenue from Comparable Businesses increased by
% to RMB19, million (2019: RMB16, million).
Gross Profit
The Group’s gross profit for the period declined by % to
RMB14, million (2019: RMB15, million) with the gross
profit margin slightly decreased by percentage points to
% as compared with the same period last year (2019:
%).
Operating Expenses
The Group’s operating expenses during the period rose by %
to RMB13, million (2019: RMB13, million), representing
an increase to % of the Group’s revenue (2019: %).
Such increase was mainly due to the following measures taken 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 ensure the health and safety
of staff and the normal resumption of work and production; (ii)
additional marketing expenses by the Group to reduce its channel
inventory as soon as possible; and (iii) active efforts by the Group
for assuming social responsibility with donation of cash and
products to the society.
029 中國蒙牛乳業有限公司 二零二零年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
期內銷售及經銷費用上升%至人民幣
億元（二零一九年：人民幣億元），佔本
集團收入比例上升個百分點至%（二零
一九年：%）。
期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
收入比例為%（二零一九年：%）。
行政及其他經營費用，包括金融及合約資產減值
損失及按攤銷成本計量金融資產的出售虧損，上
升%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：%）。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
期內，由於本集團整體業務的收入減少，以及上
述經營費用的增加，導致本集團息稅折舊攤銷前
利潤 (EBITDA)減少%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：%）。
本公司擁有人應佔利潤同比下降%至人民幣
億元（二零一九年：人民幣億元）。
每股基本盈利為人民幣元（二零一九年：人
民幣元），同比下降%。可比業務的本
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），較去年同期下降
%。其中，第一季度本公司擁有人應佔虧損
為人民幣億元（二零一九年：應佔利潤人民
幣億元）；第二季度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），較去年同期增長%。
During the period, selling and distribution expenses increased by
% to RMB11, million (2019: RMB11, million),
representing an increase of percentage points to % of
the Group’s revenue (2019: %).
Advertising and promotion expenses during the period decreased
by % to RMB4, million (2019: RMB4, million),
representing % of the Group’s revenue (2019: %).
Administrative and other operating expenses, including impairment
losses on financial and contract assets and loss on disposal of
financial assets measured at amortised cost, increased by %
to RMB2, million (2019: RMB2, million), accounting for
% (2019: %) of the Group’s revenue. 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 period, due to the decrease in the overall revenue of
the Group and the increase in the above mentioned operating
expenses, the Group’s earnings before interest, taxes,
depreciation and amortization (“EBITDA”) declined by % to
RMB2, million (2019: RMB3, million) with EBITDA
margin at % (2019: %).
Profit attributable to owners of the Company decreased by
% year-on-year to RMB1, million (2019: RMB2,
million). Basic earnings per share were (2019:
), down by % year-on-year. The profit attributable
to owners of the Company from Comparable Businesses was
RMB1, million (2019: RMB2, million), representing a
decrease of % as compared with the corresponding period
last year, of which loss attributable to owners of the Company for
the first quarter amounted to million (2019: Attributable
profit of RMB1, million); the profit attributable to owners of
the Company for the second quarter amounted to RMB1,
million (2019: million), representing an increase of
% as compared with the same period last year.
China Mengniu Dairy Company Limited Interim Report 2020030
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
所得稅支出
截至二零二零年六月三十日止六個月，本集團所
得稅支出為人民幣億元（二零一九年：人民
幣億元），同比減少%。所得稅有效稅
率為%（二零一九年：%），同比上升
個百分點，主要由於新納入合併範圍的貝拉米的
有效稅率高於本集團其他業務。
資本支出
截至二零二零年六月三十日止六個月，本集團資
本支出為人民幣億元（二零一九年：人民
幣億元），同比上升%。資本支出用於
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
截至二零二零年六月三十日止六個月，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
相比上升%。
於二零二零年六月三十日，本集團之未償還計息
銀行及其他借貸上升至人民幣億元（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）。超過七成計息銀行及其他借貸
按固定利率計算。計息銀行及其他借貸增加，主
要為對疫情期間作額外現金儲備之用，而部分融
資亦在報告期後已償還。
本集團於二零二零年六月三十日之淨借貸（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）。
Income Tax Expenses
For the six months ended 30 June 2020, income tax expenses of
the Group totaled million (2019: million),
representing a % decrease year-on-year. Effective income tax
rate was % (2019: %), up by percentage points
year-on-year, and was mainly due to the effective income tax rate
of Bellamy’s, a newly consolidated subsidiary of the group, was
higher than that of other operations of the Group.
Capital Expenditure
For the six months ended 30 June 2020, capital expenditure of
the Group amounted to RMB2, million (2019: RMB2,
million), representing an increase of % year-on-year. Of the
total, RMB1, million was spent on building new production
facilities and modifying existing ones as well as related
investments, and million was invested in equities.
Working Capital, Financial Resources and Capital
Structure
For the six months ended 30 June 2020, the Group recorded net
cash inflow from operating activities of RMB2, million (2019:
RMB2, million), representing an increase of % as
compared with the corresponding period last year.
As of 30 June 2020, outstanding interest-bearing bank and other
borrowings of the Group increased to RMB29, million (31
December 2019: RMB23, million), of which interest bearing
bank and other borrowings repayable within one year amounted
to RMB15, million (31 December 2019: RMB13,
million). More than 70% of the interest-bearing bank and other
borrowings were bearing interest at fixed rates. The increase in
interest-bearing bank and other borrowings was mainly due to
additional cash reserves during the Epidemic, part of which had
been repaid after the reporting period.
Net borrowings (total amount of interest-bearing bank and other
borrowings net of cash and bank balances) of the Group as at 30
June 2020 were RMB18, million (31 December 2019:
RMB16, million).
031 中國蒙牛乳業有限公司 二零二零年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
本集團於二零二零年六月三十日之總權益為人民
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：%）。
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：%），同比上升個百分點。
產品
蒙牛堅持以創新作為核心競爭力，致力研發功能
性和定制性產品以順應市場發展趨勢並滿足消費
者多樣化的需求。蒙牛圍繞產品差異化和高端化
不斷革新，憑藉自身資源優勢以及國際領先技術
持續提升產品品類、口味及包裝，持續推動銷量
增長，以卓越的產品領先同業。
本集團主要業務分為液態奶、冰淇淋、奶粉及其
他產品，期內表現如下：
液態奶
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奶
特侖蘇於去年推出「夢幻蓋」升級包裝純牛奶，開
啟特侖蘇 時代。今年五月至六月更新推出每
100毫升克蛋白質、125毫克原生高鈣升級有
機牛奶及純牛奶新品，有機產品經過中國與歐盟
有機雙認證，以滿足消費者的健康需求及提升消
費體驗，進一步鞏固特侖蘇的高端品牌地位。
The Group’s total equity as at 30 June 2020 amounted to
RMB33, million (31 December 2019: RMB33, million).
Its debt-to-equity ratio (total amount of interest-bearing bank and
other borrowings over total equity) was % (31 December
2019: %).
Finance costs of the Group were million (2019:
million), or approximately % when expressed as a
percentage of revenue (2019: %), representing an increase of
percentage points year-on-year.
PRODUCTS
Mengniu insists on drawing on its innovation capability as its core
competitiveness and strives to develop functional and customized
products in response to the market trend and to satisfy the
diverse needs of consumers. In continuing to innovate, Mengniu
has focused on product differentiation and premiumization. This
has involved the leveraging of its resource advantages and
international leading technologies to continuously improve product
categories, flavors and packaging, which in turn drive further sales
volume growth and industry leadership underpinned by excellent
products.
The principal businesses of the Group are liquid milk, ice cream,
milk formula and other products. Their performances during the
period are outlined below:
Liquid Milk
Revenue amounted to RMB32, million (2019: RMB33,
million), accounting for % of Mengniu’s total revenue (2019:
%).
UHT Milk
The Milk Deluxe era began following the launch of its pure
milk in upgraded “DreamCap™” packaging last year. This year,
upgraded organic milk and pure milk containing g of protein
and 125 mg of original calcium per 100ml have been launched in
May and June. In satisfying health needs and enhancing the
consumption experience, the organic milk has been awarded dual
certifications for organic products from China and the European
Union. Such achievements will further reinforce the premium
position of the Milk Deluxe brand.
China Mengniu Dairy Company Limited Interim Report 2020032
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
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，為消費者提供了更
多健康選擇。
蒙牛未來星A2ß-酪蛋白純牛奶源自專屬牧場，奶
源限量供應，專注提升兒童牛奶產品品質。
重點產品：
– 特侖蘇
– 蒙牛純牛奶
– 學生奶
– 未來星
常溫酸奶
純甄輕乳酪風味酸奶繼推出PET瓶裝產品小蠻腰
以來，其包裝便攜性和實用性深受年輕消費者的
喜愛。純甄於今年四月推出白桃石榴小蠻腰新
品，採用純正生牛乳、進口丹麥乳酸菌發酵，蛋
白質含量高出國家風味酸奶蛋白質含量標準，美
味與營養價值兼備。
重點產品：
– 純甄輕乳酪風味酸奶
– 純甄果粒風味酸奶
Mengniu’s comprehensive UHT milk line includes Mengniu pure
milk, high-calcium milk, low-fat high-calcium milk and skimmed
milk, offering healthier options to consumers.
Mengniu’s Future Star A2ß-casein pure milk comes from selected
ranches that have limited milk supplies, and is aimed at
enhancing the quality of children milk products.
Key Products:
– Milk Deluxe
– Mengniu pure milk
– Student’s Milk
– Future Star
Room Temperature Yogurt
Since the Just Yoghurt light flavor yogurt line launched
Xiaomanyao, a product with PET bottle packaging, its portability
and practicality have increasingly won the hearts of the young. In
April, Just Yoghurt launched peach and pomegranate flavor
Xiaomanyao, which is made from pure raw milk and imported
Danish lactobacillus. Its protein content is above the national
standard for flavored yogurts, hence combining delicious flavor
with good nutritional value.
Key Products:
– Just Yoghurt light flavor yogurt
– Just Yoghurt fruit pulp flavor yogurt
033 中國蒙牛乳業有限公司 二零二零年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
常溫乳飲料
期內，真果粒牛奶飲品開拓了首款花果輕乳乳酸
菌飲品產品系列，於今年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，深
受都市白領及大學生等消費群體喜愛，上市以來
在電商平台多次售罄。
重點產品：
– 真果粒牛奶飲品
– 真果粒高端繽紛果粒系列
– 真果粒花果輕乳系列
低溫酸奶
冠益乳作為唯一一款獲「保健食品」認證的酸奶，
於五月推出全新輕衡系列產品，提倡每日科學補
充益生菌+益生元，以使腸道舒暢。冠益乳品牌
通過旗下小藍帽系列、Probi-M8系列及輕衡系列
產品形成增強免疫力、腸道舒暢及改善便秘等全
方位多功能性產品組合，鞏固其功能與價值兼備
的產品競爭力。
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。碧悠自從去年十月在中國推出首款
「輕食瓶」 — 達能碧悠法式輕果昔後，擴充了高
端品類，完善了產品結構。該產品特色是蔗糖少
於%，滿足「控甜」人士。
Room Temperature Milk Beverage
During the period, Fruit Milk Drink developed the first series of
floral and fruity flavor light lactobacillus drink products and
launched the sakura and peach flavor as well as the rose and
strawberry flavor in January this year. The series emphasizes the
innovative pairings of “flower + fruit + light lactobacillus drink”.
Made with low-fat lactobacillus, the series has been well received
by consumer groups such as urban white-collar workers and
university students, and was sold out on multiple occasions on
the e-commerce platform since its launch.
Key Products:
– Fruit Milk Drink milk beverage
– Fruit Milk Drink high-end colorful fruit pulps series
– Fruit Milk Drink floral and fruity flavor light lactobacillus drink
series
Chilled Yogurt
Champion, the only yogurt awarded the “health food” certificate,
launched the new Qingheng product series in May, and promoted
the daily replenishment of probiotics and prebiotics for intestinal
wellbeing. Through the Blue Cap series, the Probi-M8 series and
the Qingheng series under the brand, Champion has formulated a
comprehensive and multi-function product range that can
enhance immunity, promote intestinal health and relieve
constipation so as to strengthen the competitiveness of its
products in both functionality and value.
The Bio product series is positioned as a high-end yogurt, with
the main features of being a French-style meal replacement and
fruit yogurt. Since launching the first “light meal bottled yogurt”,
the Danone Bio Smoothie Francais, last October, Bio has
expanded its high-end product range and optimized its product
structure. A highlight of this product range is a sucrose content of
less than %, which suits consumers seeking “controlled
sweetness”.
China Mengniu Dairy Company Limited Interim Report 2020034
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
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
低溫乳飲料
針對中國消費者對於天然、低糖產品的個性化需
求，優益C品牌在二零二零年四月推出控糖及0脂
肪配方系列產品，其白桃烏龍、紅西柚口味輕甜
不膩，是能為消費者提供活菌的健康飲料，深受
年輕消費者喜愛。
重點產品：
– 優益C
– 優益C LC-37
鮮奶
蒙牛佈局高端市場的每日鮮語鮮牛奶，採用低溫
膜濃縮技術和瑞典乳脂分離技術，最大化保留優
質鮮乳天然營養。每日鮮語在二零二零年上半年
推出沙漠有機鮮牛奶，採用來自沙漠綠洲的歐盟
有機認證純淨奶源。每日鮮語更推出屋頂包裝新
產品，為消費者帶來新「鮮」感，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
半年推出新升級飲品包裝，不斷搶佔中端鮮奶市
場份額。
Key Products:
– Champion
– Mengniu Nordic Cheese Flavor Yogurt
– Mengniu Chinese Nourishing Nuan Yan Yogurt
– Bio
Chilled Milk Beverage
In order to meet the personalized needs of Chinese consumers
for natural, low-sugar products, the Yoyi C brand launched a
controlled sweetness and 0 fat formula series in April 2020. The
peach and oolong tea flavor and red grapefruit flavor of this
series taste light and not too sweet. These healthy drinks can
provide consumers with live bacteria, and both have already been
very popular among young consumers.
Key Products:
– Yoyi C
– Yoyi C LC-37
Fresh Milk
Mengniu’s Shiny Meadow fresh milk targets the premium market.
It is produced using low-temperature membrane concentration
technology and Swedish cream 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 desert organic
fresh milk was launched, which is produced using pure milk that
is originated from desert oases and certified for European organic
standards. In addition, Shiny Meadow launched a new product
with roof box packaging to provide consumers with refreshing
experiences, while consolidating the brand’s leading position in
the high-end fresh milk market. Similarly, Modern Meadow has
released brand new upgraded packaging in the first half of 2020,
thereby further grasping its share of the mid-end fresh milk
market.
035 中國蒙牛乳業有限公司 二零二零年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
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
冰淇淋
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：%）。
隨變冰淇淋與江小白酒業品牌跨界合作，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。
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，上市表現亮眼。
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冰淇
淋，滿足消費者對創新口味的追求，深受年輕消
費者歡迎。
重點產品：
– 隨變
– 蒂蘭聖雪
– 綠色心情
– 蒙牛冰+
– 蒙牛俄式奶磚冰淇淋
Key Products:
– Shiny Meadow fresh milk
– Shiny Meadow cold brew café latte
– Modern Meadow fresh milk
Ice Cream
Revenue from the ice cream business amounted to RMB2,
million (2019: RMB2, million), accounting for % of
Mengniu’s total revenue (2019: %).
Suibian ice cream has collaborated with the liquor brand
Jiangxiaobai in launching “Ice Cream for Adults”, which, targeted
specifically at young consumers, pushed product sales.
The premium ice cream brand Deluxe has launched the snow
velvet yogurt milk ice cream and black pineapple fruit pulp milk
ice cream in February 2020. The former is made from rich milk
and is infused with delicious yogurt, providing an intense, pure
taste. The latter contains premium pineapple pulp and high-quality
ingredients that are covered in an elegant black coating. Both
products have been well received since their launch.
Mood for Green has launched two innovative products in January
2020 that feature trendy drink flavors, specifically, red bubble tea
and cheese matcha, to satisfy consumers’ desire for innovative
tasting products. The flavored ice cream products have been
welcomed by young consumers.
Key Products:
– Suibian
– Deluxe
– Mood for Green
– Mengniu Ice+
– Mengniu Russian style ice cream brick
China Mengniu Dairy Company Limited Interim Report 2020036
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
奶粉
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。
雅士利
瑞哺恩煥新品牌主張，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，推出
七款親乳奶粉系列新品，覆蓋主流牛奶粉、有機
奶粉以及細分品類羊奶粉。其中，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加高活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，為寶寶及幼兒提供蛋白
含量高達20%的奶粉，並擁有萬泰(WIT)有機認證
以及一罐一碼的溯源系統。瑞哺恩初穎親乳羊奶
粉甄選優質小分子羊乳蛋白，同時添加珍稀成分
乳鐵蛋白、親和人體成分OPO結構脂及益生菌益
生元成分，配合脫膻技術，易消化、好吸收。
Arla擁有百年品牌歷史，作為全球最大的有機乳
品商，被授權為丹麥皇室御用品牌。Arla寶貝與
我有機奶粉獲得三大有機認證，含高DHA，黃金
比例益生元；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營養方程式，貼合自然需求。
Milk Formula
Revenue from the milk formula business amounted to
RMB2, million (2019: RMB4, million), accounting for
% of Mengniu’s total revenue (2019: %). Revenue of the
milk formula business mainly includes revenue from Yashili and
Bellamy’s.
Yashili
Reeborne reshaped the brand proposition by featuring a lighter
taste and more nutritious ingredients to target customers with
different needs. The brand launched seven new products in the
“Breast Milk-like” powder series, covering mainstream milk
powder, organic milk powder and goat milk powder. 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 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, specifically adds rare ingredients
such as lactoferrin, the body-friendly OPO structured lipid and
probiotics and prebiotics, and adopts the smell removal
technology to maintain easy digestion and good absorption.
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. The organic milk formula of
Arla Baby & Me has obtained three major organic certifications
and contains high DHA and probiotics that are in the golden ratio.
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 fat,
BB-12 probiotics, and probiotics in the golden ratio, hence is able
to satisfy those seeking natural products.
037 中國蒙牛乳業有限公司 二零二零年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
雅士利的產品亦包括多種成人奶粉和多個系列沖
調產品，本集團於本年上半年推出高端成人功能
型營養奶粉 — 蒙牛悠瑞力宜、心沛兩個系列中
老年奶粉，通過精選有益於肌肉和心腦血管的功
能性配料，促進中老年人群的健康。雅士利亦於
本年五月推出國內首款獲得保健食品認證的保健
品奶粉 – 特康力，特康力高端中老年成人奶粉採
用專業配方、科學配製，以提高「營養力+免疫
力」，以及含有「益生菌+益生元」為賣點，打造高
端功能型奶粉的新標桿。
貝拉米
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
洲上市首款超高端有機A2奶粉和超高端有機羊奶
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。
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
其他產品
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：%）。
Yashili’s products also include various milk formula products for
adults and multiple series of instant mix products. In the first half
of this year, the Group launched two series of milk formulas for
the middle aged and the elderly, namely Mengniu Yourui Liyi,
Mengniu Yourui Xinpei. Through selecting functional ingredients
that benefits the muscles as well as cerebrovascular and
cardiovascular health, this series of milk formula promote the
health of the middle aged and elderly population. Topconic , the
first domestic healthcare milk powder ever been certified as a
healthcare food product in China, was also launched by Yashili in
May. Topconic’s high-end adult milk powder for the middle-aged
and elderly adopts professional formula and scientific production
to boost “nutrition + immunity” and contains “probiotics +
prebiotics” as the selling point, both setting a new benchmark for
high-end functional milk powder.
Bellamy’s
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 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 organic goat milk formula series, being awarded
Australia dual organic certifications, contains 100% pure goat milk
protein, D-Geni-XTM probiotics and prebiotics, over 20 types of
nutrients and a full lactose formula.
Key Products:
– Reeborne
– Arla Baby & Me
– Bellamy’s organic milk powder
– Bellamy’s organic baby rice
Other Products
Revenue amounted to million (2019:
million), accounting for % of Mengniu’s total revenue (2019:
%).
China Mengniu Dairy Company Limited Interim Report 2020038
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
奶酪
報告期內，奶酪事業部將原有奶酪品牌全部整合
為愛氏晨曦品牌，涵蓋兒童奶酪、休閒奶酪、佐
餐奶酪及高端奶酪產品，同時推出高端奶酪品牌
嘉士德羅 (Caste l lo )和液體黃油品牌樂派克
(Lurpak)，覆蓋消費者全天候的食用場景。二零二
零年上半年推出0白砂糖含量的奶酪甜點產品及
含有芝士的100%鮮奶酪，切合消費者對於更健
康、營養、及豐富口味的需求。
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
生產
蒙牛根據市場潛力及產品策略佈局產能，截至二
零二零年六月三十日，蒙牛於全國共設有生產基
地40個，並分別於澳洲、新西蘭及印尼設有生產
基地1個，年產能合共為975萬噸（二零一九年
十二月：950萬噸）。
社會責任
二零二零年上半年，蒙牛致力深化可持續發展規
劃，實踐「守護人類和地球共同健康」的願景，除
了繼續推進可持續發展戰略與本集團營運目標的
配合，落實社會、經濟、環境領域的可持續發展
工作，更於疫情期間憑著豐富的企業資源和網
絡，迅速為各方提供支援，積極承擔企業社會責
任。
Cheese
During the reporting period, the cheese business division
consolidated all existing cheese brands under the Arla ASCX
brand, hence the Arla ASCX brand products now have included
kids’ cheese, leisure cheese, cheese to go with meals and high-
end cheese. Furthermore, the premium cheese brand Castello and
liquid butter brand Lurpak have been launched, thereby covering
all consumption scenarios. Cheese dessert product with no white
sugar content and cheese with 100% fresh cheese content have
entered the market in the first half of 2020 as well, so as to
address consumers’ demand for healthier and more nutritious
cheese options which offer rich flavors.
Key Products:
– Arla ASCX Cheese for Children’s Growth
– Arla ASCX cheese dessert
– Arla ASCX shredded mozzarella
PRODUCTION
Mengniu deploys its production capacity according to the
potential of relevant markets and its own product strategy. As at
30 June 2020, Mengniu had 40 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).
SOCIAL RESPONSIBILITY
In the first half of 2020, Mengniu strived to deepen the
sustainable development plan and put the vision of “Protecting
the Health of Mankind and the Earth” into practice. Apart from
continuously advancing the integration of the sustainable
development plan and the Group’s operation targets and
implementing the work for sustainable development in social,
economic and environmental aspects, Mengniu leveraged on its
abundant corporate resources and network, quickly provided
support to various parties during the Epidemic in order to
shoulder its corporate social responsibilities proactively.
039 中國蒙牛乳業有限公司 二零二零年中期報告
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
二零二零年初疫情爆發後，蒙牛響應國家號召快
速復工，透過加強安全防控，保障員工安全的同
時也確保了產品質量。蒙牛並通過繼續向牧場購
入原奶、預付奶款、金融授信、調換臨近保質期
產品等方式，幫助上下游合作夥伴共渡難關，確
保全國乳品市場供應和價格穩定。
疫情期間，蒙牛迅速捐贈現金及產品，為全國醫
療機構及抗疫一線提供營養支持，以及於武漢捐
建「中華慈善總會（蒙牛）疫情防控應急物資中
心」，打通捐助物資送往抗疫前線的運輸通路。
於武漢市解封第一天，蒙牛更宣佈向全國超過四
萬名支援湖北的醫護人員免費全年提供特侖蘇牛
奶，為抗疫前線送上敬意和關愛。
蒙牛積極抗擊疫情的系列行動得到包括中國中央
電視台、人民日報、美聯社、路透社等國內外主
流媒體的廣泛報道，為企業贏得巨大的社會讚
譽，並獲得權威機構的表揚，包括在《2020年新
型冠狀肺炎抗疫企業最具影響力指數報告》中，
蒙牛排名全國第三，是榜單前十強中唯一的食品
企業；在知名調查機構益普索(Ipsos)的《疫情影響
下的消費者系列調研》中，蒙牛位列「企業發起公
益或捐助╱物活動的認知度TOP10」第五名，是
唯一入榜的食品╱乳品企業；在中國社科院發佈
的《「3 • 15」品牌戰疫指數報告》，蒙牛亦以
分的戰疫指數成為乳品行業第一。
Following the outbreak of the Epidemic at the beginning of 2020,
in response to the government’s call for a swift resumption of
work, Mengniu, through strengthening safety precaution and
control measures, safeguarded the safety of staff as well as the
quality of products. Through initiatives such as continuous
procurement of raw milk from ranches, prepayment for milk,
financial credits and replacing products which were close to the
end of shelf-life, Mengniu assisted upstream and downstream
collaborative partners in weathering difficulties and ensured the
stable supply and pricing in the national dairy market.
During the Epidemic, Mengniu swiftly donated cash and products,
thereby providing nutritional support to healthcare institutions and
epidemic control frontlines across the nation and established the
“China Charity Federation (Mengniu) Emergency Resources Center
for Epidemic Prevention and Control” in order to connect the
logistics channels for delivering donated reso
