1、2China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司China Mengniu Dairy Company Limited (the “Company”; stock code: 2319) and its subsidiaries (the “Group” or “Mengniu”) manufacture and distribute quality dairy products in China. It is one of the leading dairy product manufacturers in China, with MENGNIU

2、 as its core brand. Mengniu s diversified products include liquid milk products (such as UHT milk, milk beverages and yogurt), ice cream, milk formula and other products (such as cheese). As of December 2016, the Group s annual production capacity reached 9.21 million tons. In March 2014, Mengniu be

3、came a Hang Seng Index constituent, making it the first blue chip Chinese dairy product manufacturer.中國蒙牛乳業有限公司 （ 本公司 ；股份代號：2319） 及其子公司 （統稱 本集團 或 蒙牛 ） 於中國生產及銷售優質乳製品。憑藉其主要品牌蒙牛，蒙牛已成為中國領先的乳製品生產商之一，提供多元化的產品，包括液態奶 （如UHT奶、乳飲料及酸奶） 、冰淇淋、奶粉及其他產品 （如奶酪） 。截至二零一六年十二月，本集團乳製品的全年生產能力達921萬噸。二零一四年三月，蒙牛獲納入恒生指數成份股，成為首家

4、中國乳製品企業藍籌股。CORPORATE PROFILE公司簡介1Annual Report 2016 二零一六年年報CONTENTS目錄Highlights摘要2Plant Map生產基地位置圖4Major Awards and Achievements主要獎項及殊榮5CEO s Statement總裁致辭8Management Discussion and Analysis管理層討論及分析14Directors and Senior Management董事及高級管理層54Corporate Governance Report企業管治報告64Report of the Directors董

5、事會報告84Corporate Information公司資料101Independent Auditor s Report獨立核數師報告103Consolidated Statement of Profit or Loss綜合損益表111Consolidated Statement of Comprehensive Income綜合全面收益表113Consolidated Statement of Financial Position綜合財務狀況表114Consolidated Statement of Changes in Equity綜合權益變動表117Consolidated Stat

6、ement of Cash Flows綜合現金流量表119Notes to Financial Statements財務報表附註122Financial Summary財務概要291HIGHLIGHTS摘要2China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司20162015二零一六年二零一五年RMB MillionRMB MillionFor the Year Ended 31 December截至十二月三十一日止年度人民幣百萬元人民幣百萬元 Revenue收入53,77949,027Gross Profit毛利17,63515,375Profit/(

7、Loss) Attributable to Owners of the Company本公司擁有人應佔利潤 （虧損）(751)2,367Net cash flows from operating activities經營業務產生的凈現金流量4,5131,909Earnings/(Loss) per Share (RMB)每股盈利 （虧損）（人民幣元） Basic基本(0.193)0.609 Diluted攤薄(0.193)0.607 Mengniu focuses on product quality and innovation, and is in the vanguard of the

8、premium product consumption trend. During the year, Mengniu s liquid milk and chilled dairy products continued to lead the market with the largest market share. Continued with integration of the milk formula business, drawing on the resources support of Danone Group and the research and development

9、expertise of Dumex Baby Food Co., Ltd. (“Dumex China”) to improve its product development capabilities and augment the positioning of its product portfolio. Implemented new reforms for its business divisions in order to develop the independent room temperature, chilled, milk formula and ice cream pr

10、oduct business segments. This has facilitated resource coordination and risk control, and thereby enabled the Group to achieve a balanced development. Entered into cooperative relations with international brands such as Shanghai Disney and NBA China to enhance the value of the Mengniu brand. Visiona

11、ry deployment of upstream and downstream resources by increasing Mengniu s shareholding in China Modern Dairy Holdings Ltd. (“Modern Dairy”; stock code: 1117) in 2017, which is expected to help the Group to build smoother cooperative ties between upstream and downstream and ensure the supply of qual

12、ity raw milk. 蒙牛著力產品品質創新，引領消費升級。年內，蒙牛液態奶及低溫乳品持續領先市場，市場份額保持第一。 持續整合奶粉業務，憑藉Danone集團的資源支持及多美滋嬰幼兒食品有限公司 （ 多美滋中國 ） 的研發專業能力提高產品開發能力，並豐富產品組合定位。 實施新事業部變革，打造常溫、低溫、奶粉、冰淇淋產品等獨立業務板塊，加強資源協同與風險管控，實現均衡發展。 積極打造國際品牌合作矩陣，例如與上海迪士尼、NBA中國合作，提升蒙牛品牌價值。 蒙牛預先部署上下游資源，於二零一七年增持中國現代牧業控股有限公司 （ 現代牧業 ；股份代號：1117） ，建立更順暢的上下游合作關係，確保優

13、質原奶供應。3Annual Report 2016 二零一六年年報Highlights 摘要2001621,364.510,434.711,527.423,851.99,380.214,870.848,102.92,179.9 3,150.9 345.643,326.6 2,141.2 3,228.8 329.9Ice Cream冰淇淋Liquid Milk液態奶Other Products其他產品Milk Formula奶粉UHT MilkUHT奶Yogurt酸奶Milk Beverages乳飲料REVENUE BY PRODUCT MIX (FOR THE YEAR

14、ENDED 31 DECEMBER)按產品劃分之收入 （截至十二月三十一日止年度）Revenue by Product Mix in Liquid Milk Segment (For the year ended 31 December)按液態奶產品劃分之收入 （截至十二月三十一日止年度）RMB Million 人民幣百萬元 RMB Million 人民幣百萬元 InnerMongolia內蒙古Liaoning遼寧Heilongjiang黑龍江Beijing北京Hebei河北Shandong山東Shanxi山西Shaanxi陝西Sichuan四川Xinjiang新疆Henan河南Hubei湖北

15、Anhui安徽Jiangsu江蘇Guangdong廣東UHT Milk and Milk BeveragesUHT 奶及乳飲料Yogurt酸奶Milk Formula奶粉Ice Cream冰淇淋Other Products其他產品Saibei Plant塞北生產基地Chabei Plant察北生產基地Taiyuan Plant太原生產基地Helin (Hi-tech) Plant和林 （高科） 生產基地Helin (Headquarters) Plant和林 （總部） 生產基地Baotou Plant包頭生產基地Bameng Plant巴盟生產基地Yinchuan Plant銀川生產基地齊齊哈

16、爾生產基地Qiqihaer Plant新疆生產基地Xinjiang Plant尚志生產基地Shangzhi PlantWulanhaote Plant烏蘭浩特生產基地Tongliao (Keerqin) Plant通遼 （科爾沁） 生產基地Shenyang Plant瀋陽生產基地Tangshan Plant唐山生產基地Luannan Plant灤南生產基地Tianjin Plant天津生產基地Beijing Plant北京生產基地Baoding Plant保定生產基地Shijiazhuang (Junlebao) Plant石家莊 （君樂寶） 生產基地Hengshui Plant衡水生產基地T

17、ai an Plant泰安生產基地Jiaozuo Plant焦作生產基地Ma anshan Plant馬鞍山生產基地Suqian Plant宿遷生產基地Qingyuan Plant清遠生產基地Guangdong (Yashili) Plant廣東 （雅士利） 生產基地Wuhan Plant武漢生產基地Dangyang Plant當陽生產基地Baoji Plant寶雞生產基地Shanxi Plant山西生產基地Zhengzhou (Plant-BasedFood Business) Plant鄭州植物基食品生產基地Meishan Plant眉山生產基地註： 雅士利新西蘭工廠已於2015年11月正

18、式投產Note: The New Zealand factory of Yashili commenced formal production in November 2015PLANT MAP生產基地位置圖4China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司5Annual Report 2016 二零一六年年報MAJOR AWARDS AND ACHIEVEMENTS主要獎項及殊榮本集團獲中國航天基金會授予 中國航天事業特別貢獻獎獲中國輕工業聯合會頒發 中國輕工業百強企業獲 財資 雜誌 2016年最佳公司治理獎 之 最佳公司治理獎金獎獲中國公益年會授

19、予 2016年度中國公益企業大獎在中國社會科學院發佈 企業社會責任藍皮書2016 的中國乳品企業社會責任發展指數中排名第一榮獲 人民日報 第三屆 一帶一路 媒體合作論壇頒發 2016一帶一路案例大獎蒙牛品牌BrandZTM2016最具價值中國品牌20強液態奶及酸奶位列中國工業和信息化部 2016年第六屆中國品牌力指數(C-BPI)排行榜 冠軍蒙牛產品嗨Milk在第十屆全球乳製品代表大會上奪得世界乳業創新大獎中 最佳乳品 及 最佳乳品包裝 獎項嗨Milk獲 IF產品設計獎 頒發 Design Award 2016 大獎純甄榮獲 中國內容營銷盛典金成獎 頒發 最佳影視內容營銷案例獎銀獎特侖蘇榮獲

20、中國內容營銷盛典金成獎 的 最佳社會化整合營銷案例獎金獎雅士利、瑞哺恩雙雙獲得中國乳製品工業協會頒發的2016年度 質量金獎新養道獲得 第八屆金鼎創意傳播國際大獎 頒發快消品項銀獎 及 電子商務與O2O項銀獎精選牧場獲得 2016年度中國廣告長城獎 的 互動創意金獎新養道獲得 2016年度中國廣告長城獎廣告獎 的年度行銷傳播案例獎THE GROUPAwarded the “Special Award for Contributions to Chinas Space Program” presented by the China Space FoundationRanked as one of

21、 the “Top 100 Chinese Light Industry Enterprises” by the China National Light Industry CouncilHonored “The Best Corporate Governance Awards 2016 Gold Award” by Asset MagazineAwarded the “Community Enterprises of China 2016” at the 2016 China Annual Conference on PhilanthropyRanked the first in the C

22、hinese dairy enterprise corporate social responsibility fulfillment level index in the “Blue Book of Corporate Social Responsibility for 2016” issued by the Chinese Academy of Social SciencesAwarded the “Case Prize of the Belt & Road Initiative in 2016” in the third Media Cooperation Forum on Belt a

23、nd Road organized by the People s DailyMENGNIU BRANDTop 20 in the BrandZTM2016 list of the most valuable Chinese brandsLiquid milk and yogurt brands ranked first on the “2016 Sixth China Brand Power Index (C-BPI)” list published by the Ministry of Industry and Information Technology of the PRCMENGNI

24、U PRODUCTSAt the 10th Global Dairy Congress, Hi Milk garnered the “Best Dairy Product” and “Best Packaging of Dairy Products” awards under the World Dairy Innovation AwardsHi Milk garnered the “Design Award 2016” at “IF Product Design Award”Just Yoghurt won the “Best Video Content Marketing Case Sil

25、ver Award” at the “China Content Marketing Awards Ceremony Gold Award”Milk Deluxe won the “Best Integrated Social Marketing Case Gold Award” at the “China Content Marketing Awards Ceremony Gold Award”Yashiliy and Ruipuen were both awarded “Gold Prize Quality” from the China Dairy Industry Associatio

26、n in 2016Xinyangdao won the “FMCG category Sliver Award” and “E-commerce and O2O Sliver Award” at the 8th Jinding International Award of Creative CommunicationsPrime Ranch Pure Milk won the “Interactive Creative Awards Gold Award” at the 2016 China Advertising Great Wall AwardsXinyangdao won the “An

27、nual Marketing Communication Case Award” at the 2016 China Advertising Great Wall Awards6China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司7Annual Report 2016 二零一六年年報點滴匯聚擁抱幸福Each Drop Creates Happiness8China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司Mr. Jeffrey, Minfang LU 盧敏放先生Chief Executive Officer總裁In

28、 2016, Mengniu actively implemented innovative reforms starting with the finest details. The Group kept up efforts to improve on aspects including milk sources development, product quality, branding strategies, sales channels and digitalized management, allowing it to focus on its business with gath

29、ered strengths and raise brand value. On top of strengthening product differentiation in terms of brands and categories and a more solid milk sources foundation, Mengniu rolled out a new business division system that is more systematic, effective, and efficient, made up of independent business segme

30、nts namely room temperature, chilled, milk formula and ice cream products. Mengniu is committed to becoming China s most dynamic brand and a hundred-billion yuan revenue international dairy enterprise.During the year, Mengniu joined hands with strategic partners and lived up to international standar

31、ds for integration, optimization and innovation upgrades. The joint-equity company of Mengniu and Danone Group is dedicated to ensuring product quality and also innovation, diligently adhering to uniform international food safety and quality standards. It was able to upgrade production capacity and

32、at the same time improved cost control efficiency, thus enabled it to maintain leadership in the domestic chilled dairy products market. With Arla Foods century-long experience of advanced ranch management, Mengniu has leveraged to optimize milk sources quality, thereby consolidate its core competit

33、iveness. 二零一六年，蒙牛從點滴做起，積極創新變革。蒙牛在奶源建設、產品品質、品牌策略、銷售渠道及信息化管理等方面持續發力，凝聚優勢，專注業務及提升品牌價值。在聚焦品牌、品類差異化及夯實質量基礎的同時，我們構建更系統、快速、高效的全新事業部運營平台打造常溫、低溫、奶粉、冰淇淋產品等獨立業務板塊，致力成為最具中國活力的品牌，蓄勢打造千億級國際乳企。年內，蒙牛攜手戰略夥伴，對標國際標準整合優化及創新升級。蒙牛與Danone集團的合資公司致力於產品品質與創新，恪守全球統一食品安全與質量標準，提高產能的同時增加成本管控效益，持續領先全國低溫乳品市場。蒙牛藉助Arla Foods百年先進牧場管理

34、經驗，提高奶源品質，夯實核心競爭力。年內，蒙牛旗下雅士利完成向Danone集團收購從事嬰幼兒配方奶粉的多美滋中國，奶粉業務實力得到進一步增強，可把握行業發展先CEOS STATEMENT總裁致辭FOCUSING ON DEVELOPMENT AND GATHERING STRENGTHS MARCHING FORWARD TO BECOME A HUNDRED-BILLION YUAN REVENUE INTERNATIONAL DAIRY ENTERPRISE聚焦聚勢 凝心凝力邁向千億級國際乳企9Annual Report 2016 二零一六年年報CEOs Statement 總裁致辭Dur

35、ing the year, Yashili under Mengniu completed the acquisition of Dumex China, which operates infant milk formula products business, from Danone Group, and that has strengthened Mengnius milk formula business for taking initiative to seize opportunities in the sector. Moreover, the Group was able to

36、better integrate upstream and downstream resources on its industrial chain by increasing its stake in Modern Dairy in early 2017. The move will assure the Group of supply of quality milk sources as well as build a more harmonious ecosystem. At the same time, Mengniu and Arla Foods strengthened strat

37、egic cooperation by setting up a joint venture dedicated to cheese business to tap the high-potential cheese market.Quality is a corporate value of Mengniu. “Perfect products” is the new milestone in quality management development that Mengniu is pushing forward as it embraces the strategic mission

38、of giving the perfect experience to consumers by providing them with safer, healthier and more nutritious products. Through achieving constant synergistic operation of the Laboratory Information Management System (“LIMS”) and SAP system, Mengniu has applied end-to-end quality management and built a

39、food safety security matrix to offer intelligent and systematic quality assurance throughout the entire industrial chain.機。蒙牛進一步整合產業鏈上下游資源，於二零一七年初增持現代牧業股份，確保高品質奶源供應，打造更融洽的生態體系。同時，蒙牛攜手Arla Foods在奶酪業務上加強戰略合作成立合資企業，以發力高潛力的奶酪市場。蒙牛以質量作為企業的價值觀，以 完美產品 作為產品品質管理上的全新里程碑，致力為消費者提供更安全、更富營養、更健康的產品，實現消費者完美體驗。蒙牛持續通

40、過LIMS （Laboratory Information Management System） 系統和SAP系統高效協同工作，以端到端的全產業鏈質量管理及構建矩陣式食品安全防護網，為全產業鏈提供智慧化、系統化的品質保障。整合產業鏈上下游資代牧業股份確保高shili under Mengniu compacquisition productsngthened e to seize 機。蒙牛進一七年初增持現代應，打造更融洽的Foods在奶酪業務進一步整增持現代10China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司CEOs Statement 總裁致辭響應

41、國家 互聯網+ 創新號召，我們積極整合線上線下資源，全方位提升品牌價值。透過數字化革新，蒙牛打造立體式營銷渠道，促使消費者與品牌之間更緊密的互動，並更快更廣地傳遞 只為點滴幸福 的品牌理念。蒙牛深入洞察消費者偏好，更精確地把握市場需求，升級品牌結構，優化產品創新，獲得多個權威獎項，贏取了廣大消費者的認可和喜愛。蒙牛持續深化 國際化 戰略佈局，秉承 只為點滴幸福 的品牌理念，全方位提升品牌價值。此外，蒙牛的航天品質實力獲得高度肯定，獲中國航天基金會授予 中國航天事業特別貢獻獎 。蒙牛持續以消費者為中心，通過營銷模式的創新，借勢國內外頂級資源優勢，打造更具前瞻性的年輕品牌形象。蒙牛優選合作夥伴及平

42、台，作為NBA十年的中國戰略合作，以 十年友你，只為點滴幸福 為主題，推出包裝設計中含有NBA元素的蒙牛品牌的定制牛奶。年內，蒙牛成為上海迪士尼度假區的官方乳品供應商，借勢里約奧運會開展奧運營銷活動全面滲透市場，擴大品牌影響力。此外，蒙牛於二零一七年與北京環球度假區達成戰略協議，將成為在度假區提供乳製品和冰淇淋的獨家官方合作夥伴，從而能夠為來自世界各地的游客提供廣泛的產品體驗，並將探索其他合作的可能性。蒙牛務實推進 縱向扁平、橫向整合、完善職能、做實大區 的變革方向，強化通路精耕 （Route to Market，簡稱 RTM ） 項目，全力打造以經銷商為主體，經銷商、銷售公司、核心業務單元

43、（Central Business Unit，簡稱 CBU ） 共同發展的運營模式。蒙牛將可持續發展理念融入企業文化，以 領先的標準、務實的項目、感人的公益、頂層的溝通、開創的引領 的項目實施策略，將蒙牛 專注營養健康，每一天每一刻為更多人帶來點滴幸福 的理念貫徹執行。蒙牛連同社會各界公益夥伴，包括知名人士、本集團員工、社會大眾全方位推動公益，為社會傾注源源不斷的關懷。蒙牛以提升公眾對中國牛奶產品信心及維持中國乳業長遠健康發展為己任，通過 牧場主大學 、 星牛人項目及 金鑰匙項目 踐行社會責任。我們在企業社會責任的努力獲得社會各界認同，2016中國公益年會榮獲 2016年度中國公益企業 大獎，

44、成為唯一獲此殊榮的乳品企業。Answering the country rally for support to “Internet+” innovation, we actively integrate online and offline resources to upgrade every aspect of our brand value. Via digital revolution, Mengniu has established a three-dimensional sales channel to promote closer interaction between cust

45、omers and the brand, and more quickly and widely deliver the brand concept of “A Little Happiness Matters”. Mengniu goes in-depth to gain understanding in consumers preferences, to grasp market need more precisely, to upgrade brand structure and optimize product innovation. These efforts were honore

46、d by a number of awards reflecting consumers recognition and support. Mengniu continues to push forward with “internationalization” at the core of its strategic layout and uphold its “A Little Happiness Matters” brand concept, targeting to enhance its brand value all-round. In addition, Mengniu was

47、awarded the “Special Award for Contributions to Chinas Space Program” by China Space Foundation, which is a clear recognition of Mengniu s fit-for-aerospace strengths and quality.Mengniu continues to put consumers first and, through innovative marketing and taking advantage of its access to top-grad

48、e resources worldwide, has created for itself a more forward-looking and younger brand image. Mengniu selects to work with high-quality partners and platforms. As the strategic partner of NBA in China for a decade, Mengniu launched unique milk products in China with NBA elements incorporated in the

49、package design, themed “Friends for 10 years, A little happiness matters”. During the year, Mengniu became the official dairy product provider of Shanghai Disney Resort and mounted marketing activities taking advantage of the Rio Olympics to penetrate the markets. In addition, Mengniu has reached st

50、rategic agreement with Universal Beijing Resort in 2017, where it will become the exclusive official partner in providing dairy products and ice cream at the resort, hence becoming able to offer extensive product experience to visitors of the resort from all over the world. The two parties will also

51、 explore other possible cooperative endeavors.Mengniu pushed forward with pragmatism the reform direction that emphasizes “vertical flattening, horizontal integration, function optimization and enhancement of sales regions”, which enabled it to strengthen its Route to Market (“RTM”) project and crea

52、te an operation mode centered around distributors and developed together by distributors, sales companies and the Central Business Units (“CBU”).Mengniu has embedded the philosophy of sustainable development into its corporate culture, and carries out the mission of “Focus on nutrition and health, d

53、eliver a drop of happiness for every moment and every day to more people”, with the support of its project implementation strategy that emphasizes “Leading standards, pragmatism, charity that touches hearts, top-level communication and pioneering leadership”. Mengniu together with CSR partners from

54、different communities, including celebrities, its own employees and the public to promote charity on all fronts, and to give the society endless care. Mengniu takes upon itself the responsibility of enhancing public confidence in Chinese milk products and maintaining the long-term healthy developmen

55、t of the dairy industry in China. Mengniu has fulfilled its corporate social responsibility via such initiatives as “University of Ranchers”, “Star Ranchers” and “Gold Key Project” and its efforts have won wide recognition in the community. It was awarded the “Community Enterprises of China 2016” at

56、 China Annual Conference on Philanthropy 2016, the only dairy enterprise to receive the honor.11Annual Report 2016 二零一六年年報CEOs Statement 總裁致辭為有效支撐本集團2020戰略，我們於二零一六年底實施了新事業部制組織變革，打造常溫、低溫、奶粉及冰淇淋產品等獨立業務板塊，並為各板塊業務發展提供更多資源和支持，促進本集團旗下各品類全面均衡發展。展望未來，蒙牛將持續與三大股東及國際領先的合作夥伴保持緊密互動，藉助全球頂級資源優勢打造全球創新平台，實現與國際標準接軌，刷

57、新中國乳品品質高度。蒙牛將聚焦品類、品牌和差異化優勢，以專業化運營的新事業部平台形成以消費者及市場為導向的組織模式，重點打造低溫事業部，創造新增長點。同時，蒙牛將前瞻性地佈局產業上下游資源，提升奶源品質強化奶源。蒙牛並將攜手乳業生態圈夥伴不斷創新，整合資源及聚焦品牌建設，打造企業的核心競爭力。同時進一步強化渠道和營銷體系，依託SAP及LIMS系統，強化數字化管理能力，實踐數字化營銷，為實現本集團的長期戰略目標打下扎實基礎。隨著配方奶粉註冊制實施、全面開放二胎政策、消費者人均收入增加和城鎮化持續推進，國內乳品類市場需求正逐步釋放潛能。蒙牛以 國際化作為新常態，以創新作為核心競爭力，深化資源整合，

58、創新產品品類，推進精細化管理和渠道精耕，以精益求精的工匠精神，繼續引領消費升級。我們將繼續圍繞 以消費者為中心，成為創新引領的百年營養健康食品公司 的企業願景及秉承 誠信、創新、激情、開放 的企業文化，從 聚焦、聚勢、凝心、凝力 整合優化資源及凝聚員工、客戶與消費者的力量，以求真務實地打造最具中國活力的千億級國際乳企，加速邁向 2020戰略 ，將蒙牛發展成為世界級乳業品牌。盧敏放總裁香港，二零一七年三月二十九日To effectively support the Group s 2020 Strategy, we reorganized the business setup at the en

59、d of 2016. The new setup comprises independent professional business segments dedicated to room temperature products, chilled products, milk formula and ice cream products, and more resources and support have been provided to each business segment, with the aim of facilitating overall and balanced d

60、evelopment of the Group s various product categories.Looking ahead, Mengniu will continue to work closely with its three major shareholders and partners as well as take advantage of its access to first-class resources worldwide to create a global innovation platform, and in doing so align with inter

61、national standards and raise the quality of Chinese dairy products to new levels. Mengniu will focus on various product segments, using its edges in branding and product differentiation, forming a consumer and market-oriented organizational model backed its professional business platform, and focusi

62、ng on developing the chilled product division to create a new growth point. At the same time, Mengniu will draw on its foresights in deploying upstream and downstream resources to enhance quality of milk sources. Mengniu will also join hands with other partners in the dairy ecosystem to strive for c

63、onstant innovation, to integrate resources, and build its brand, and core competitiveness. It will also keep strengthening its sales channels and marketing system, relying on its SAP and LIMS systems, to reinforce its digitalized management capabilities and carry out digitalized marketing to lay a s

64、trong foundation for the Group to achieve its long-term strategic goals.With the milk formula registration system taking effect, the two-child policy in full rollout, per capita income of the Chinese people rising and urbanization continuing in China, demand for dairy products in the country will gr

65、adually be unleashed. For Mengniu, “going international” is the new normal and innovation is its core competitive strength. It will fortify resources integration, develop new product offerings, and promote delicacy management and cultivate channels with intensive effort. It aims to continue to lead

66、consumption upgrade with the craftsman spirit of constantly striving for excellence.Adhering to the vision of “becoming a century-old consumer-oriented and innovative-led food company offering nutrition and health”, upholding the corporate culture of “Integrity, Innovation, Passion, Openness”, and e

67、mphasizing the theme of “focusing development and gathering strengths”, Mengniu will continue to integrate and enhance its resources, and gather the strength of its staff, customers and consumers. Adhering to its 2020 Strategy, Mengniu will speed up its strides toward becoming Chinas most dynamic an

68、d a hundred-billion yuan revenue international enterprise, enabling “Mengniu” emerge as a world class dairy brand.Jeffrey, Minfang LUChief Executive OfficerHong Kong, 29 March 201712China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司點滴匯聚營養升級Each Drop for Better Nutrition13Annual Report 2016 二零一六年年報MANAGE

69、MENT DISCUSSION AND ANALYSIS管理層討論及分析14China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司INDUSTRY REVIEWIn 2016, the market continued to be laden with challenges with the Chinese economy facing downward pressure. The dairy industry in China, however, revived with dairy products output up and price relati

70、vely stable. At the same time, dairy consumption moved obviously toward the high-end, as reflected in the gradually increasing consumption volume of high added-value products such as high-end UHT milk and yogurt. With improvement in the consumption level, brand awareness and health consciousness of

71、the Chinese people, as well as dairy enterprises keep enhancing their products structure and business strategy, the impending consumption upgrade will drive the industry to further development. High-end products, especially high-end UHT milk and chilled products, will continue to boast relatively mo

72、re rapid growth and make up a major share of the liquid milk product category. Furthermore, new dairy products such as cheese are likely to become new star products of the industry.International raw milk price went through cyclical adjustments in 2016, and milk price in the domestic market also tune

73、d as a result of improvement in the demand and supply structure. Competition among domestic dairy enterprises remained fierce; however, with the cost structure changing, it is likely that competitive landscape will ease in the future for the industry. On the other hand, the domestic dairy industry,

74、especially the infant milk formula sector, has been facing challenges on various aspects, such as the sales system, from the impact of international players and cross-border e-commerce merchants. Against this backdrop, domestic dairy enterprises have not only strengthened internal management and mon

75、itoring of food safety to keep improving product quality, but are also embracing Internet marketing, using innovative and interactive online tactics to engage and communicate with consumers, building a new type of sales and marketing platform.Since 2016, the regulatory authorities in China have tigh

76、tened supervision on and inspection of infant milk formula products. The effects of these moves on market discipline are expected to manifest gradually. Under the impact of the infant milk formula registration system and the full rollout of the two-child policy, the demand and supply structure of th

77、e domestic milk formula industry has been improving, with enterprises and production capacities unable to meet relevant regulatory requirements to be ousted from the market. High-end products will be the main battle field in the future.行業回顧二零一六年，中國經濟仍面臨下行壓力，市場環境充滿挑戰。中國乳製品行業有所恢復，乳製品產量保持增長，價格相對穩定。與此同時

78、，乳業消費升級趨勢明顯，高端UHT奶及酸奶等高附加值品類的消費規模逐步增長。隨著中國居民消費水平、品牌意識及健康意識提升，伴隨乳企產品結構及策略升級，未來消費升級將進一步帶動行業增長。高端產品，特別是高端UHT奶和低溫品類消費將維持較高增速並佔據液態奶產品主要份額，此外，奶酪等新興乳品有望成為行業新亮點。國際原奶價格在二零一六年經歷週期性調整，中國奶價也隨著供需結構改善有所調節。中國乳業競爭仍然激烈，但由於成本結構調整，未來行業競爭格局有望緩和。另一方面，中國乳品行業，尤其是嬰幼兒配方奶粉，受到國際品牌與跨境電商衝擊，在銷售體系等多個方面均面臨挑戰。在這樣的背景下，中國乳企均強化自身對食品安全

79、的管理和監控，持續提升產品品質，同時積極擁抱互聯網，在營銷方面以創新互動的方式與消費者深入溝通，搭建新型銷售平台。二零一六年起，國內監管部門對嬰幼兒配方奶粉產品的監管和抽檢日趨嚴格，對市場秩序的規範成果預期將逐漸顯現。在嬰幼兒配方奶粉註冊制與全面二胎政策的共同作用下，國內奶粉行業供需結構逐漸得到改善，不符合監管要求的企業及產能將被淘汰，行業未來競爭將進一步集中於高端產品品類。15Annual Report 2016 二零一六年年報Management Discussion and Analysis 管理層討論及分析BUSINESS REVIEWIn 2016, Mengniu continue

80、d to perfect its international resources setup, which enabled it to fully utilize its global resources and industrial chain advantages to guard the product safety of Chinese dairy products on par with relevant international standards, and to make Chinese brands stronger. On top of continuously impro

81、ving product quality, the Group has also worked hard on product differentiation in terms of brands and product categories, and, has allocated more resources to research and development of innovative products and product upgrade, thereby guiding the new nutritional demands of consumers. Furthermore,

82、Mengniu has been active in optimizing its organizational structure and improving overall operational efficiency with the consumer and market demands in mind. At the end of 2016, Mengniu started to implement a new business division system that comprises independent business segments including room te

83、mperature, chilled, milk formula and ice cream products, aiming for a balanced development of the different business segments and to strengthen synergy among the resources and risk management. Moreover, through digitalized management, Mengniu has built itself into an intelligent dairy enterprise usi

84、ng Big Data. It was able to manage product quality and sales and marketing with innovation by employing a management and tracking system that covers its entire industrial chain.Mengniu kept its leading position in the liquid milk market in 2016. Despite the fierce market competition, the room temper

85、ature products Milk Deluxe reported growth surpassing that of the industry, and Just Yoghurt also recorded substantial increase in revenue and market share. As for chilled products, Mengniu has kept the top spot in terms of market share throughout the year, maintaining its solid market leadership po

86、sition. In regard to milk formula business, with challenges coming from international brands and cross-border e-commerce merchants and the brand upgrade and sales channel transformation, the improvement in operational efficiency and production capacity is expected to be seen gradually.業務回顧二零一六年，蒙牛持續

87、深耕國際化的資源佈局，充分發揮全球資源與產業鏈的優勢，比肩國際標準守護中國乳品品質安全，致力做強中國品牌。除了不斷夯實品質，蒙牛同時聚焦品牌、品類差異化，加大創新研發投入，著力產品升級，從而引領消費者的營養新需求。此外，蒙牛堅持以消費者、市場為導向，積極優化組織架構，提升整體運營效率。在二零一六年年底，蒙牛啟動新事業部制的實施，打造常溫、低溫、奶粉、冰淇淋產品等獨立業務板塊，以實現各業務單元均衡發展，加強資源協同與風險管控。另一方面，透過數字化的管理，蒙牛建構大數據智慧型乳企，利用全產業鏈管理和追溯體系，實現創新品質管理與銷售及市場推廣。蒙牛液態奶於二零一六年仍然保持市場份額領先地位。在激烈的

88、市場競爭下，常溫品類中的特侖蘇實現超出行業的增長，純甄也取得顯著收入增長及市場份額提升；此外，低溫品類全年市場份額保持第一，市場領先位置持續穩固。奶粉業務方面，由於受國際品牌及跨境電商衝擊，加上處於品牌升級、渠道轉型落地階段，預期對運營效率及產能的改善成效將逐步呈現。16China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司Management Discussion and Analysis 管理層討論及分析年內，蒙牛再次入選BrandZ 2016最具價值中國品牌20強，並在中國工業和信息化部2016年 （第六屆） 中國品牌力指數(C-BPI)排名中，連續

89、三年榮獲液態奶及酸奶兩個行業C-BPI冠軍，其中蒙牛酸奶連續六年蟬聯榜首，榮膺 黃金品牌 稱號。在人民日報 舉辦的第三屆 一帶一路 媒體合作論壇上，蒙牛榮獲 2016一帶一路案例大獎 。而在財資 雜誌的 2016年最佳公司治理獎 評選中，蒙牛還摘得 最佳公司治理獎金獎 ，為唯一獲獎乳企。此外，蒙牛高端定制牛奶嗨Milk在第十屆全球乳製品代表大會上，奪得世界乳業創新大獎中 最佳乳品 及 最佳乳品包裝 獎項，成為唯一獨攬兩項大獎的中國乳企。而雅士利、瑞哺恩嬰幼兒配方奶粉則雙雙獲得中國乳製品工業協會頒發的2016年度 質量金獎 ，反映市場對蒙牛產品品質的肯定與信心。戰略合作與整合 低溫業務：Dano

90、ne S.A.及其子公司 （統稱Danone集團 ）Danone集團持有蒙牛9.9%的股份，為蒙牛的第二大戰略股東。蒙牛與Danone集團合資成立的內蒙古蒙牛達能乳製品有限公司（ 蒙牛達能 ） 中，蒙牛和Danone集團分別佔80%和20%的股份。二零一六年，蒙牛達能在全國低溫乳品市場繼續領先，錄得良好銷售增長，市場排名保持第一。通過應用數字化管理系統，蒙牛達能從生產管理體系的源頭出發，不斷強化銷售需求、原材料採購和產能的配合，達致更均衡的產銷匹配。此外，蒙牛達能通過引用PET瓶和優化配方，獲得良好的成本管控效益。During the year, Mengniu once again made

91、 it among the top 20 on the BrandZ 2016 list of the most valuable Chinese brands. In addition, the Group s liquid milk and yogurt topped their respective categories in the sixth China Brand Power Index (C-BPI) published by the Ministry of Industry and Information Technology of the PRC in 2016. That

92、was the third consecutive year Mengniu made the two top C-BPI rankings and for its yogurt products the sixth consecutive win, taking home the “Golden Brand” title. In the third Media Cooperation Forum on Belt and Road organized by the People s Daily, Mengniu was awarded the “Case Prize of the Belt &

93、 Road Initiative in 2016”. Mengniu was also honored “The Best Corporate Governance Awards 2016 Gold Award” by Asset Magazine, being the only dairy enterprise to be honored. In addition, at the 10th Global Dairy Congress, Hi Milk, Mengnius premium customized milk, garnered the “Best Dairy Product” an

94、d “Best Packaging of Dairy Products” awards under the World Dairy Innovation Awards. Mengniu was the only Chinese dairy enterprise that won two major awards at that event. And, Yashily and Ruipuen, the Group s infant milk formula products, were both awarded “Gold Prize Quality” from the China Dairy

95、Industry Association in 2016, a reflection of the market recognition and confidence that Mengniu enjoys for its quality products.Strategic Cooperation and Integration Chilled product business: Danone S.A. and its subsidiaries (“Danone Group”)Danone Group, which owns 9.9% stake in Mengniu, is Mengniu

96、s second largest strategic shareholder. Inner Mongolia Mengniu Danone Dairy Co., Ltd. (“Mengniu Danone”) is a joint-equity company held 80% by Mengniu and 20% by Danone Group.In 2016, Mengniu Danone continued to boast leadership in the domestic chilled dairy products market, placing first in the mar

97、ket by virtue of commendable growth in sales. Applying a digitalized management system, Mengniu Danone was able to enhance matching of sales demand with raw material procurement and production capacity, starting at the beginning of its production management system, thus achieving a better balance be

98、tween production and sales. In addition, Mengniu Danone was able to improve cost management effectiveness by using PET bottles and optimizing product formula.17Annual Report 2016 二零一六年年報Management Discussion and Analysis 管理層討論及分析蒙牛達能馬鞍山工廠在年內進一步提升產能，同時加強成本控制，降低損耗，大幅提升了生產效率。馬鞍山工廠的成功經驗將被推廣至其他15個新鮮乳工廠。二

99、零一六年，蒙牛金華工廠正式投入運營，並引入Danone集團全球統一食品安全與質量標準，成為本集團目前數字化程度最高的工廠，最大程度上保持產品原有質地和口感，同時使生產過程更加節能環保。蒙牛達能致力於產品品質與創新，年內五款新品成功上市。其中，優益C推出跨界創新的活茶系列，完美結合印度紅茶、龍井綠茶和乳酸菌，並通過一系列線上線下的互動宣傳，成功吸引年輕消費者。此外，優益C自主創新的 溫度自控數字系統 已獲專利授權，有效保證產品中的益生菌活菌穩定。冠益乳推出紅色+系列酸奶，首創石榴玫瑰和櫻桃玫瑰的超級紅色水果鮮花酸奶系列，備受女性消費者青睞。此外，蒙牛達能於二零一六年一月推出基礎酸奶新品中華滋養燕

100、麥紅棗小瓶酸奶。產品創新驅動低溫業務在年內獲得持續的收入增長。蒙牛達能將借助Danone集團國際化的先進技術、品質管理和產品創新能力，以及蒙牛強大的分銷實力，繼續投入發展高端乳品，引領全國低溫乳製品市場。Regarding the Maanshan plant of Mengniu Danone, it completed a capacity upgrade during the year, stepped up cost control and notably reduced wastage, which translated into a substantial increase in

101、production efficiency. The successful experience of the plant will be promoted at the other 15 fresh dairy products plants. Mengniu Danones Jinhua plant officially began operation in 2016 adopting the unified food safety and quality standards used by Danone Group, making it the plant with the highes

102、t level of digitalization in the Group. The plant is able to maintain to the largest extent the original texture and taste of products and, at the same time, afford production processes that are more environmentally-friendly and conducive to energy conservation.Mengniu Danone is dedicated to ensurin

103、g product quality and also innovation. It released five new products to the market during the year. Among them, Yoyi C launched the innovative cross-segment Live Tea series, a perfect blend of Indian black tea, the Longjing green tea, and probiotics. The Live Tea series launched had complemented a s

104、eries of online and offline promotional initiatives enabling it to attract patronage of young consumers. And, Yoyi C obtained patent for its proprietary “Temperature Self-regulation Digital System”, which can effectively ensure the stability of probiotics in the products. Champion added the Red+ yog

105、urt series to its name, the first yogurt series pomegranate & rose and cherry & rose in the market that features red super fruit and fragrant flower flavors, which has won the heart of many female consumers. Furthermore, to its basic yogurt products, Mengniu Danone included the new product Nourishin

106、g Oats and Red Dates Flavor Yogurt in small bottle in January 2016. Driven by product innovation, the chilled product business segment achieved continuous growth in sales during the year. Drawing on Danone Groups advanced international technologies and capabilities in quality management and product

107、innovation, and Mengnius own strength in distribution, Mengniu Danone will continue to develop high-end dairy products and set the trend for the country s chilled dairy products market.18China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司Management Discussion and Analysis 管理層討論及分析 Arla Foods為提高奶源品質，夯實核心競

108、爭力，蒙牛藉助Arla Foods百年經驗，引入先進牧場管理體系，建立中國牧場經濟技術管理新模式，並培養專業乳業技術及管理人才。二零一六年，蒙牛與Arla Foods針對牧場管控進行了更深入的合作，結合中國牧場的實際情況和管理經驗，蒙牛對從Arla Foods引進的標準化操作規程 （Standard Operational Procedure，簡稱 SOP ） 進行因地制宜的改良和本土化，從數百個關鍵點對生產管控進行詳細的規範，在每一個環節精耕細作。蒙牛還引進了更多精益管理項目，並於二零一六年十一月舉辦了SOP及精益管理項目培訓，為來自奶源總部及各區域的技術經理進行針對性教學，全力保障國際化標

109、準的高品質奶源。蒙牛與Arla Foods持續深化在研發生產方面的協同效益作用，通過深入丹麥有機農場及農業研究中心豐富生產經驗，進一步推動常溫品類、高端有機奶粉以及差異化乳酪等品類上的產品和營養創新，引領消費升級趨勢，在品質與創新水平上樹立中國乳品品牌的自信。 奶粉業務：雅士利國際控股有限公司 （ 雅士利 ，股份代號：1230）蒙牛持有雅士利約51%的股份，為雅士利的控股股東。雅士利於二零一六年五月三十一日完成向Danone集團收購從事嬰幼兒配方奶粉業務的多美滋中國。通過收購多美滋中國，雅士利對其先進生產設施進行整合及優化，提升自身生產網絡，同時享有多美滋中國的研發能力及Danone集團資源支

110、持，提高產品開發水平。 Arla FoodsMengniu has tapped into Arla Foods century-long experience to optimize the quality of milk source thereby consolidating its core competitiveness. The Group also brought in Arla Foods advanced ranch management system to help establish Chinas own dairy farming economy that embrac

111、es a new technology management model and fostered personnel with professional expertise in dairy production as well as in management. In 2016, Mengniu and Arla Foods stepped up cooperation on ranch management. The Standard Operational Procedure (“SOP”) brought in from Arla Foods was modified and loc

112、alized based on the practical situations and management experience of ranches in China, and detailed specifications were drawn up for several hundred key points in the production process, thereby standardizing every aspect of production control. At the same time, Mengniu introduced more lean managem

113、ent projects, and organized training programs on SOP and lean management in November 2016 for technical managers of the milk source operation from the headquarters and regional offices, to ensure that the Group has access to quality milk sources of international standard.Mengniu and Arla Foods conti

114、nued to exhume more synergies on the research and development and production fronts. Reaching deep into the experiences of the organic farms and agricultural research centers in Denmark for insights, the Group was able to promote product and nutrition innovation in categories including room temperat

115、ure products, high-end organic milk formula and cheese products. Such endeavors have enabled Mengniu to pilot consumption upgrade and build a Chinese dairy brand which is confident of the quality of its products and its ability to innovate. Milk formula business: Yashili International Holdings Ltd (

116、“Yashili”; stock code: 1230)Mengniu holds an approximately 51% stake in Yashili and is its controlling shareholder. Yashili completed the acquisition of Dumex China from Danone Group on 31 May 2016. Dumex China mainly engages in the business of infant milk formula products. Through the acquisition o

117、f Dumex China, Yashili improved its production network by integrating the advanced manufacturing facilities of Dumex China with its own and optimizing those facilities. Furthermore, Yashili also has access to the research and development capabilities of Dumex China and the resources support of Danon

118、e Group, which raises the product development standards.19Annual Report 2016 二零一六年年報Management Discussion and Analysis 管理層討論及分析年內，國內奶粉行業量跌價升，市場規模基本持平，但由於國際進口品牌及跨境電商衝擊，行業總體面對巨大挑戰。二零一六年，雅士利處於銷售渠道轉型與內部產能整合的變革關鍵階段，積極通過改善供應鏈運營效率等措施，提升應對市場的能力。在此基礎上，雅士利將營銷架構改制為 4個CBU+1個項目部 形式，從而令銷售團隊的目標更為明確，並進一步推進渠道改革。在互聯網

119、的衝擊下，傳統商超渠道繼續萎縮，雅士利著力強化母嬰及電商渠道的營銷隊伍投入及模式改進。在電商渠道方面，雅士利從單一銷售平台逐漸轉型到以消費者為中心的多維度業務平台，細分產品線進行精細化運營，線上銷售規模穩步增長。而在母嬰渠道方面，雅士利則通過推動 全員母嬰 工程，提高母嬰渠道佔比。作為唯一一家在新西蘭自建工廠生產的國內奶粉品牌，雅士利新西蘭工廠與Danone集團簽訂戰略合作供應協議，進一步提升產能利用率，降低生產成本。二零一六年四月，首發新西蘭原罐雅士利超級 -金裝奶粉，同步於國內母嬰、電商等多個渠道銷售及新西蘭市場上架，打造雅士利 專業化、國際化、高品質 的形象。此外，雅士利引進Arla F

120、oods的超高端品牌，進一步豐富其產品線，逐步完善產品組合定位。通過加強Danone集團、Arla Foods等合作夥伴之間的協同，雅士利致力於推動寶貝與我、多美滋及瑞哺恩等品牌在高端及一線城市的增長，進而對未來經營產生正面影響。During the year, the size of the domestic infant formula market remained the same as last year with prices up and sales down. In general, the industry faced huge challenges from importe

121、d international brands and cross-border e-commerce merchants. In 2016, Yashili was in a critical stage of reform, embarking on sales channel transformation and integration of production capacity to enhance supply chain operations and boost its responsiveness to the market. On this basis, Yashili cha

122、nged its marketing and sales structure to “four CBUs plus one project department”, which provided the sales team more clearly defined objectives and facilitated sales channel transformation. Feeling the detrimental blow of the Internet, traditional business channels have continued to shrink. Yashili

123、 has actively coped with this new development trend by investing in the sales and marketing team and enhancing the model of the mother-and-baby store and e-commerce channels. On the e-commerce front, Yashili has transformed its single sales platform into a multi-dimensional and consumer-oriented bus

124、iness platform, and has been adopting delicacy management for more differentiated product lines, as a result of which, online sales have been on steady climb. As for mother-and-baby channels, Yashili has increased the proportion of such channels among all channels via promoting its “all staff engagi

125、ng in mother-and-baby store channel” program.Yashili is the only milk formula brand in China with its own factory in New Zealand. Yashili s New Zealand factory signed a strategic cooperation supply agreement with Danone Group, which will allow it to improve utilization rate of its production capacit

126、y thereby reducing production cost. In April 2016, Yashily Super -Golden, a newly developed milk formula product directly canned in New Zealand, was launched for sale via various channels including mother-and-baby channels and e-commerce platforms in China and New Zealand, helping Yashili build a “p

127、rofessional, international, high-quality” image.Furthermore, Yashili has brought in the superior high-end brand of Arla Foods to enrich its product lines, gradually optimizing the positioning of its product portfolio. By strengthening collaboration with its partners such as Danone Group and Arla Foo

128、ds, Yashili has been propelling growth of brands including Baby & Me, Dumex and Ruipuen in high-end markets and first-tier cities, which will bear positively on its future operation.20China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司Management Discussion and Analysis 管理層討論及分析隨著中國嬰幼兒奶粉配方註冊制的實施，以及全面二胎政策的

129、積極影響逐漸呈現，嬰幼兒配方奶粉行業將迎來新機遇。雅士利將在品牌升級、渠道轉型、產品研發、質量管理及系統支持等方面持續改善經營，同時加強與合作夥伴的協同效應，把握有利機會尋求發展。 植 物 基 營 養 品 業 務 ： The WhiteWave Foods Company （ WhiteWave ）蒙牛和WhiteWave於二零一四年四月註冊成立合資公司，分別持有合資公司51%及49%的權益。蒙牛與WhiteWave共同創立的植物原飲品牌Silk植樸磨坊，採用全球領先的-Grind微米級研磨技術，保留原始營養成分，打造最健康的味道。繼推出核桃及巴旦木兩種口味的植物蛋白飲品後，合資公司在二零一六

130、年五月上市一系列多種口味產品，除了更新原有兩種口味外，還推出醇香豆奶系列產品。新產品的開發沿用WhiteWave在植物基營養品領域的領先技術，口感和口味更符合消費者偏好，配方中的低糖含量也更順應當前消費者對健康飲食的要求，進一步填補了國內植物蛋白飲料高端市場，為中國消費者帶來更多營養選擇。蒙牛還對包裝進行升級，更加突出英文標誌Silk，強調產品源自美國的高品質基因。配合產品革新，依託蒙牛的市場及渠道優勢，植樸磨坊在二零一六年下半年的銷售表現顯著提升。With the implementation of the milk formula registration system and the p

131、ositive impact of the full rollout of the two-child policy in China gradually noticeable, the infant milk formula sector is expecting to see the surface of new opportunities. Yashili will continue to improve its operations on such fronts as brand upgrade, sales channel transformation, product resear

132、ch and development, quality management and system support, and strive for stronger synergies with its partners, as well as to capture any promising development opportunities. Plant-based nutrition product business: The WhiteWave Foods Company (“WhiteWave”)Mengniu and WhiteWave formed an equity joint

133、 venture in April 2014, in which Mengniu and WhiteWave holds 51% and 49% equity interest respectively.Produced using the world-leading advanced -Grind grinding technology, the plant-based beverage brand Silk ZhiPuMoFang jointly developed by Mengniu and WhiteWave retains the nutritional content of th

134、e original ingredients and presents the most healthy taste to consumers. After launching the plant protein beverage of two flavors, namely walnut and almond, the joint venture marketed in May 2016 a series of new products of various flavors. In addition to refining the existing two flavors, it also

135、launched the Mellow Soy Milk series. New products are developed using WhiteWaves leading technology in the field of plant-based nutritional products, with taste and feel more agreeable with the palate and preference of consumers. The low sugar content formula also fits in with the healthy diet need

136、of today s consumers. The product series adds to the portfolio of the high-end plant protein beverage market and gives more nutritional choices to consumers in China. In addition, Mengniu updated the packaging of the product with the English logo Silk highlighted even more vividly to emphasize that

137、the products have “superior genes” originated in the United States. Thanks to product innovation and Mengniu s existing market and channel advantages, sales of ZhiPuMoFang increased notably in the second half of 2016.21Annual Report 2016 二零一六年年報Management Discussion and Analysis 管理層討論及分析植物蛋白飲料市場近年增速

138、迅猛，隨著消費者收入水平和食品消費能力與日俱增，品質更高、營養更均衡的食品越來越受到青睞，被定位為天然、營養、健康的植物蛋白飲料在中國具有很大的市場潛力。預期Danone集團收購WhiteWave有助蒙牛植物蛋白飲品業務得到更多來自Danone集團的支持。合資公司將更緊密結合蒙牛核心業務在市場及渠道方面的資源，持續豐富產品線，打造植物基營養品領域的競爭優勢，形成蒙牛在行業內的差異化優勢。 中國現代牧業控股有限公司 （ 現代牧業 ，股份代號：1117）二零一七年一月四日，蒙牛宣佈以約19億港元增持現代牧業965,465,750股股份，相當於有關購股協議完成時現代牧業的已發行股本總額約15.7%。

139、交易完成後，蒙牛實益持有現代牧業已發行股本總額約37.7%，觸發有條件強制性現金要約 （ 要約 ） ，收購現代牧業全部已發行股份 （蒙牛已擁有或同意收購的股份除外） 及註銷現代牧業所有尚未行使的購股權。有關交易已於二零一七年二月三日的股東特別大會上通過。蒙牛已於二零一七年三月七日宣佈要約於各方面為無條件，並已於二零一七年三月二十一日宣佈要約於當日下午四時正截止。根據要約，蒙牛共就1,442,400,662股現代牧業股份（相當於現代牧業全部已發行股本約23.5%）及264,320,873份現代牧業尚未行使的購股權 （相當於現代牧業全部尚未行使的購股權約83.8%） 接獲有效接納。緊隨要約截止後，

140、鑒於要約已就現代牧業1,442,400,662股股份接獲有效接納，蒙牛將持有共計3,755,769,412股現代牧業股份 （相當於現代牧業已發行股本約61.3%） 。要約完成後，現代牧業仍保留上市地位。詳情請參閱本公司日期為二零一七年一月四日、二零一七年一月二十五日、二零一七年二月七日、二零一七年二月十四日、二零一七年三月七日及二零一七年三月二十一日的公告。The plant protein beverage market has seen rapid growth in recent years. As consumers income level and food consumption

141、level continue to rise, foods of better quality and that offer more balanced nutrition have become increasingly popular, thus plant protein beverages deemed natural, nutritious and healthy have tremendous market potential in China. The acquisition of WhiteWave by Danone Group is expected to give Men

142、gniu s plant protein beverage business more access to support from Danone Group. The joint venture will step up integration with the existing market and channel resources of Mengnius core business and continue to diversify its product lines, building the competitive strengths of its products in the

143、plant-based nutritional product arena. Such moves will give Mengniu the differentiating edge to stand out in the industry. China Modern Dairy Holdings Ltd. (“Modern Dairy”, stock code: 1117)On 4 January 2017, Mengniu announced the acquisition of 965,465,750 additional shares of Modern Dairy, represe

144、nting approximately 15.7% of the total issued share capital of Modern Dairy upon completion of the relevant share purchase agreement, for a consideration of approximately HK$1.9 billion. Upon completion of such acquisition, Mengniu beneficially held approximately 37.7% of the total issued share capi

145、tal of Modern Dairy, and conditional mandatory cash offers (the “Offers”) were triggered to acquire all the issued shares in Modern Dairy (other than those already owned or agreed to be acquired by Mengniu) and for cancellation of all outstanding options in Modern Dairy. Such transaction was approve

146、d at the extraordinary general meeting of the Company held on 3 February 2017. Mengniu announced on 7 March 2017 that the Offers were unconditional in all aspects, and announced on 21 March 2017 that the Offers were closed at 4:00 p.m. of that day. Under the Offers, Mengniu received valid acceptance

147、s in respect of a total of 1,442,400,662 shares of Modern Dairy (representing approximately 23.5% of the entire issued share capital of Modern Dairy) and in respect of a total of 264,320,873 outstanding options in Modern Dairy (representing approximately 83.8% of the total number of outstanding opti

148、ons in Modern Dairy). Immediately following the close of the Offers, taking into account the valid acceptances in respect of 1,442,400,662 shares of Modern Dairy under the Offers, Mengniu would hold an aggregate of 3,755,769,412 shares of Modern Dairy (representing approximately 61.3% of the issued

149、share capital of Modern Dairy). The listing status of Modern Dairy was maintained after the close of the Offers. Please refer to the Company s announcements dated 4 January 2017, 25 January 2017, 7 February 2017, 14 February 2017, 7 March 2017 and 21 March 2017 for details.22China Mengniu Dairy Comp

150、any Limited 中國蒙牛乳業有限公司Management Discussion and Analysis 管理層討論及分析根據中國奶業協會的資料，按畜牧群大小計算，現代牧業是中國最大的乳牛畜牧公司及最大的原奶供應商，並率先引入國際奶牛養殖管理模式，致力於為消費者提供安全優質的乳製品。現代牧業是蒙牛的長期合作夥伴，也是本集團最大的原奶供應商。透過進一步增持現代牧業，蒙牛將建立更順暢的上下游合作關係，打造更融合的行業生態體系。借助現代牧業嚴格的原奶生產流程，蒙牛將進一步確保高品質奶源供應，助力發展低溫業務，補充中高端產品線，鞏固本集團在高端乳製品市場的領導地位。質量管理蒙牛以 完美產品 作

151、為質量管理發展的全新里程碑，以為消費者提供更安全、更健康、更富營養的產品作為戰略使命，致力實現消費者完美體驗。年內，蒙牛繼續以端到端的全產業鏈質量管理，層層把控奶源、生產、銷售等全產業鏈風險，建立從牧場到餐桌的全過程質量信息化系統，全面提升產品質量。蒙牛持續通過LIMS系統和SAP系統高效協同工作，並結合自身質量管理和實驗室管理體系，從原奶入廠、原輔料採購、生產製造過程到終端的全產業鏈提供智慧化、系統化的品質保障，實現產品在全產業鏈的質量控制點的正反向信息追溯。蒙牛並將LIMS-SAP系統拓展至整個產業鏈中，包括全面推廣至上海多美滋工廠、焦作植樸磨坊及壹清臨夏工廠等。質量安全管理系統對標Dan

152、one集團的食品安全管理模式，持續完善覆蓋全產業鏈的食品安全風險管理機制，建設具國際水平的數字化 食品安全質量即時監控平台 ，全面覆蓋各牧場、生產工廠和銷售大區，即時監測每一環節的產品安全狀況。同時通過 食品安全雲 平台，將產品質量數據上載至雲端，實現牧場、工廠、市場的全產業鏈信息化，保持與監管部門及消費者透明的溝通。According to the Dairy Association of China, in terms of herd size, Modern Dairy is the largest dairy farming company as well as the largest

153、 raw milk producer in China. It is the first to bring in advanced international management model to China s dairy breeding industry, in its hope to provide safe and quality dairy products to consumers. Modern Dairy is a long-term partner of Mengniu and its largest raw milk supplier. The further equi

154、ty investment in Modern Dairy will enable Mengniu to smoothen upstream and downstream cooperation, thus creating a more harmonious industry ecosystem. The strict raw milk production process of Modern Dairy will assure Mengniu of supply of quality milk sources, conducive to the development of chilled

155、 products business, and also to help enrich its mid-range and high-end product lines and fortify its leadership in the high-end dairy products market.Quality Management“Perfect products” is the new milestone in quality management development that Mengniu is pushing forward as it embraces the strateg

156、ic mission of giving the perfect experience to consumers by providing them with safer, healthier and more nutritious products. During the year, Mengniu continued to apply end-to-end quality management to strictly control risks throughout the entire industrial chain from milk source to production and

157、 sales. A quality information system has been established with coverage that stretches from the ranch to the dining table to improve overall product quality. Through achieving constant synergistic operation of the LIMS and SAP system combined with its own quality management and laboratory management

158、 systems, Mengniu has been able to assure quality systematically using intelligent technologies throughout the entire industrial chain, from delivery of raw milk to factories, procurement of raw/auxiliary materials, production processes to the point-of-sale. It is able to track information forward a

159、nd backward at all quality control points along the industrial chain of the products. The LIMS-SAP system has since been introduced in the entire industrial chain, including to the Dumex plant in Shanghai, the ZhiPuMoFang plant in Jiaozuo and Yiqing plant in Linxia.In alignment with the food safety

160、management model of Danone Group, Mengnius quality and safety management system is constantly upgraded and applied in the food safety and risk management mechanism that covers the entire industrial chain. It has built a digitalized “Real-time Food Safety and Quality Monitoring and Control Platform”

161、of international standard that monitors real time food safety in every stage covering ranches, production plants and major sales regions. Product quality data are uploaded onto a “Food Safety Cloud” platform, realizing informatization of the entire industrial chain from ranches and factories to mark

162、ets, for maintaining transparent communication with regulators as well as consumers. In 2016, Mengniu and Beijing Entry-Exit Inspection 23Annual Report 2016 二零一六年年報Management Discussion and Analysis 管理層討論及分析二零一六年，蒙牛聯合北京出入境檢驗檢疫局實施 北京國檢局質量安全追溯系統蒙牛項目 ，共同實施和運用信息化追溯管理系統，成為該系統首家上線乳品企業。蒙牛首開中國乳業先河，打造質量雲平台，為

163、蒙牛的質量控制系統化提供國際先進的管理平台。年內，依託salesforcePaaS雲平台，蒙牛質量信息化審核系統QA-Cloud實現多平台互動、動態監測食品安全以及質量審核檢索共用交互等功能。該系統實現與質量相關方，包括與Danone集團的實時溝通互動，為未來的質量信息化拓展打下堅實基礎。蒙牛加強內部審核，運用先進質量分析工具，分析本集團質量風險預警系統大數據，及時掌握質量的運行趨勢，預防質量風險。通過開展季節性質量預防管理，蒙牛對全產業鏈控制重點進行專項預警與防控，質量控制水平持續提升。蒙牛優化完善了橫向覆蓋全產業鏈，縱向強化了標準建設、源頭管理、過程控制、評價改善、數字化保障 五大維度的矩

164、陣式食品安全防護網，實施覆蓋人員、設備、物料、環境、方法、檢驗檢測六個維度的全方位管理，形成全過程網狀食品安全防護體系，通過過程控制及檢測手段雙保險管控，確保產品符合質量與安全標準。年內，蒙牛開展管理體系 一站式崗位管理制度的建設工作，形成科學管理制度，確保業務活動符合質量管理要求、食品安全管理要求以及法律法規管理要求，持續促進覆蓋全產業鏈的全面食品安全管理體系(Total Food Security Quality Management，簡稱 TFSQM )的深化與落實。同時通過質量100人才培養平台，培養質量專家隊伍。蒙牛與第三方機構開展食品安全監測合作，並從消費者營養健康角度出發研究與探

165、索食品的安全標準。and Quarantine Bureau jointly implemented the “Quality and Safety Tracing System of Beijing Entry-Exit Inspection and Quarantine Bureau Mengniu Project”, which involved the implementation and application of information tracing management system. Mengniu is the first dairy enterprise to join

166、 and be covered by the system.Mengniu is a pioneer in China dairy industry in building a quality cloud platform, which provides advanced international management platform for Mengnius quality management systematization. During the year, supported by the salesforcePaaS cloud platform, Mengnius qualit

167、y information assessment system QA-Cloud has permitted the Group to realize multi-platform interaction, dynamic monitoring of food safety and sharing and exchange of quality assessment index. With the system, Mengniu can communicate and interact real time with quality-relevant parties including Dano

168、ne Group, which laid a solid foundation for advancing the quality informationization in the future. By strengthening internal review, using advanced quality analysis tools to analyze Big Data as collected via the Group s quality risk warning system, the Group could timely grasp the quality trend and

169、 thus able to prevent quality risks. Mengniu has also been improving its quality management through the implementation of seasonal quality prevention management that entails warning and preventive control with regard to specific links in the entire industrial chain.Mengniu has optimized a food safet

170、y security matrix which covers horizontally the entire industrial chain and vertically five major dimensions, namely standard specification, source management, process control, assessment improvement and digitalized assurance. General management covers six major dimensions, namely personnel, equipme

171、nt, materials, environment, methods and inspection, forming a food safety security network system that guards all procedures. Through adopting procedural control and inspection means, products are given dual guarantee to their quality and safety standards. During the year, Mengniu started to develop

172、 a “One-stop Position Management System” to establish a scientific management mechanism for ensuring its business operations complying with quality management, food safety management requirements and relevant laws and regulations. Such a move can facilitate thorough implementation of the Total Food

173、Security Quality Management (“TFSQM”) system that serves the entire industrial chain. And the Group s “Quality 100 Talent” training platform has enabled it to groom teams of quality experts. Mengniu also worked with third party institutions on food safety monitoring, testing and studying food safety

174、 standards from the perspective of consumers nutrition and health.24China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司Management Discussion and Analysis 管理層討論及分析奶源質量管理工作方面，各事業部主動響應更高的國家要求，從奶牛、牛奶、飼料、設備四個維度提高自檢能力，進一步提高供奶方抽檢頻次以及抽檢要求，年內抽檢機構對蒙牛各事業部供奶方原奶樣品抽檢的合格率達100%。營運質量管理中心量化 完美產品 的定義及指標，從產品內容物、外包裝、消費者體驗等方面

175、進行多維度衡量，年內全產業鏈開展兩次完美產品對標互動，力求使消費者獲得超越預期的體驗。同時全面控制配方設計、包裝設計、生產過程維護、儲運物流控制等環節，在保證產品質量的前提下，全面提升產品核心競爭力。蒙牛利用互聯網技術建立工藝標準在線互聯平台，以及借鑒IBM智慧化工廠先進管理資源建立全面質量管理 （Total Quality Management，簡稱 TQM ） 分析模型，同時突破革新技術，實現精細化管理，顯著降低質量安全風險。年內，焦作、瀋陽、馬鞍山、武漢實驗室接受中國合格評定國家認可委員會審核，並合作建立 企業內部檢測實驗室認可指南 ，引領中國企業實驗室的認可工作。銷售質量管理中心進一步

176、推進終端冷鏈業務建設項目，對經銷商進行資質審核及風險排查，確保冷鏈管理標準落實到位。年內低溫品類經銷商經營資質風險排查已全面完成，已上線的冷鏈溫控試點市場系統均運行良好。蒙牛持續加強產品的可追溯性，貫穿從出廠到銷售終端的流通鏈，落實重點市場及產品按週追踪，對全國80個重點市場已建立全批次記錄，將信息化追溯成果應用於重點產品追溯中。為了加強合作夥伴的質量安全On quality management of milk sources, all of the Group s business divisions actively responded to the stricter national

177、standards. In particular, they enhanced their self-inspection capability in four major areas, namely dairy cattle, milk, fodder and equipment, and at the same time, increased the frequency of inspection on milk suppliers and tightened inspection requirements as well. During the year, milk suppliers

178、of Mengniu s various business divisions passed 100% the tests conducted by inspection organizations on samples of raw milk.The operation quality management center has quantified the definition and benchmark of a “perfect product”, and the assessment was carried out in various aspects of the product

179、including its content, exterior packaging and consumer experience. Two interactive sessions to help the alignment of perfect product benchmarks throughout the entire industrial chain were organized during the year, the purpose of which was to ensure consumers would have an experience that exceeds th

180、eir expectation. At the same time, the Group made sure it has full control over various operational stages such as formula design, packaging design, maintenance of production process and storage and delivery logistics, allowing it to boost the core competitiveness of its products with quality assure

181、d. Also, using Internet technology, Mengniu has built an online platform dedicated to craftsmanship standards and, taking reference of IBMs intelligent factory management resources, has come up with its own Total Quality Management (“TQM”) analysis model. Moreover, it made technological innovation b

182、reakthroughs, empowering it for delicacy management and substantial reduction of quality safety risks. During the year, the laboratories in Jiaozuo, Shenyang, Ma anshan and Wuhan were examined by the China National Accreditation Service for Conformity Assessment, and worked with the authority on com

183、piling the “Guidance on technical requirements of enterprise internal testing laboratory”, helping to lead the development of accreditation procedures for in-house laboratories of Chinese enterprises.The sales quality management center has further propelled construction of cold chain at the sales te

184、rminals by conducting qualification reviews and risks investigation on distributors to ensure proper execution of cold chain management standards by them. Risk assessments on distributors in respect of their operating qualifications for chilled dairy products was completed during the year. And, the

185、cold chain temperature control system which was already in trial operation performed well. Mengniu continued to strengthen traceability of products from delivery out of plants to the point-of-sale, with tracking of key products and markets on weekly basis. It has compiled full product batch records

186、for 80 major markets in the country and informationized technologies are applied in tracing major products. To help its partners enhance quality safety management, Mengniu has signed approximately 10,000 25Annual Report 2016 二零一六年年報Management Discussion and Analysis 管理層討論及分析管理，蒙牛與經銷商共簽訂約10,000份食品安全承

187、諾書，簽訂率達100%，確保產品質量安全。蒙牛與新西蘭國有企業AsureQuality共同合作的國內首個牧場食品安全保障標準已付實施，著重牧場食品安全管理，並落實至119個控制點。蒙牛聯合第三方公司對蒙牛的戰略合作夥伴開展食品安全審核工作，嚴查戰略牧場食品安全管理存在的風險漏洞並及時提出改進措施，推動戰略合作夥伴食品安全管理體系的落地，從源頭提升食品安全保障能力。二零一六年，蒙牛已經推進現代牧業、富源牧業、聖牧集團、賽科星集團及原生態牧業五個戰略合作夥伴共21個牧場的食品安全專項審核。蒙牛聯合第三方向畜牧總站推薦此標準技術規範作為行業規範，提升整體行業食品安全管控水平。奶源建設蒙牛持續推行 奶

188、源2020可持續發展生態圈 ，於五個方面包括 區域風險防控 、 基地升級改造 、 牧場SOP標準化 、 W-W虛擬牧業 、 奶源基地P+項目 積極促進管理技術的提升。通過引進國際先進的資源與技術，運用數字化、信息化和新技術，蒙牛從奶源的佈局、結構、質量、科技等方面持續夯實奶源基礎，提升牛奶質量，降低食品安全風險。年內，蒙牛規模化、集約化的奶源比例達到100%。在Arla Garden先進的百年牧場管理經驗基礎上，蒙牛因地制宜構建蒙牛Garden生態牧場管理體系，加快建設蒙牛現代化奶源體系，在奶源營養、品質安全、動物福利以及蓄養環境等環節與Arla Foods對標。年內，蒙牛聯合第三方對戰略合作

189、供奶方進行食品安全審核，確保牧場食品安全保障標準在戰略牧場的落地及推動行業整體食品安全管理水平再上新高。letters of commitment in respect of food safety with distributors, with execution rate amounting to 100%, to assure the quality and safety of its products.The first domestic ranch food safety standards, which were jointly developed by Mengniu and N

190、ew Zealand state-owned enterprise AsureQuality, have been applied at 119 control points, focusing on food safety management in ranches. Mengniu, in collaboration with third party institutions, have conducted food safety reviews on operations of its strategic partners to identify potential defects an

191、d risks and offer remedies and improvement suggestions, thereby helping the Groups strategic ranches execute food safety management system to assure food safety at the source. In 2016, Mengniu assisted its five strategic partners, namely Modern Dairy, Fuyuan Farming, Shengmu Group, Saikexing Group a

192、nd YuanShengTai Dairy Farm, to conduct food safety reviews over a total of 21 ranches. Mengniu, together with third parties, recommended to the National Animal Husbandry Service to use these standards as code of conduct applicable for the entire industry, targeting to improve the overall food safety

193、 management of the industry.Development of milk sourcesMengniu continued to develop the “2020 Sustainable Ecosystem of Milk Sources”, and effectively promoted the improvement of the management techniques of milk suppliers with focus on five aspects “Control of Regional Risk”, “Upgrade of Production

194、Bases”, “SOP Standardization in Ranches”, “W-W Virtual Dairy Farming” and “P+ Project of Milk Source Bases”. By bringing in advanced international resources and technologies, as well as employing digitalization, informatization and other new technologies, Mengniu has continued to strengthen its milk

195、 sources foundation in aspects including deployment, structure, quality and technology, in order to optimize milk quality and minimize food safety risks. During the year, the percentage of Mengniu s milk sourced from standardized ranches and scaled farms reached 100%.Braced by the advanced and centu

196、ry-long experience of Arla Garden in ranch management and heeding local conditions and situations, Mengniu has built the Mengniu Garden ranch management ecosystem to speed up construction of a modernized milk source system. The system has standards in relation to nutrients of raw milk, quality safet

197、y, animal welfare and the breeding environment that aligns with those of Arla Foods. During the year, Mengniu together with third party conducted food safety reviews on strategic milk supplying partners to make sure applicable food safety standards were implemented at strategic ranches and helped dr

198、ive improvement of the overall level of food safety management in the industry.26China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司Management Discussion and Analysis 管理層討論及分析蒙牛引入丹麥Arla Foods先進牧場管理SOP標準，進一步夯實牧場標準化建設的基礎和精細化技術管理能力，提高國內牧場營運能力。圍繞原奶生產鏈，蒙牛聯合國家奶牛產業技術體系、SEGES（前丹麥農業知識中心） 以及業內專家牧場主，制定 蒙牛牧場技術SOP 的通

199、用條款，並整合全國各區域專家意見，制定區域特殊條款，通過符合各地區養殖特點的SOP標準來指導不同地區的牧場提高運營水平，助力中國奶業健康發展。蒙牛年內全面推廣 W-W虛擬牧業 項目，提升供奶方與本集團的合作緊密度及牧場運營水平。年內，項目共覆蓋逾500個供奶方及約八成奶源部門前線員工，對試點牧場進行責任承包。蒙牛全方位對標Arla Garden先進的評估管理體系，重點圍繞源頭管理、結果評價、技術管理、財務管理四大模組開展，有效提升供奶方盈利能力及降低內部運營成本。 W-W虛擬牧業項目 於二零一六年榮獲 國家創新二等獎 。蒙牛還積極響應國家 糧改飼 的政策導向，通過資金扶持及技術指導全面推廣牧場

200、科學飼餵全株青貯玉米的 糧改飼 項目，集約化牧場青貯覆蓋率已達100%，切實解決奶牛的飲食問題。同時，為改善中國奶牛飼養水平偏低的問題，蒙牛年內全面完成基礎設施改造，改善奶牛的居住環境，同時為原奶質量提升奠定基礎。為加強牧場原奶生產的監督管理，逐步實現原奶生產至原奶運輸全程的數字化、智慧化管理，年內蒙牛將華北、遼蒙東兩個大區五個事業部作為試點實施 牧場監控項目 ，將牧場監控設施與事業部監控終端進行網絡連接，實現對牧場的遠程物聯監控。該項目通過先進技術對牧場進行數字化管理，於年內在飼料庫、獸藥室、擠奶廳、化驗室、奶車等生產過程中的關鍵區域已實現全程物聯監控、原奶生產全程可追溯、可重播，從Meng

201、niu has adopted advanced ranch management SOP standard from Denmark-based Arla Foods, to help it fortify the foundation for establishing standardized ranches and strengthen its ability to apply delicacy management of technologies, and in turn enhance the operational capability of ranches in China. F

202、or the raw milk production chain, Mengniu cooperated with the National Dairy Industry Technology System, the SEGES (formerly known as Knowledge Center of Agriculture of Denmanrk) and expert ranch operators to establish the “Mengniu Ranch Technology SOP” for general application, and for specific regi

203、ons, dedicated terms were drawn up with the help of regional experts across the nation. Ranches in different regions can apply SOP standards befitting the cattle rearing conditions of their respective regions to improve their operation and contribute to the healthy development of the country s dairy

204、 industry.During the year, Mengniu went ahead in full scope with promotion of the “W-W Virtual Dairy Farming” project, targeting to tighten cooperation with milk suppliers and improve operating performance of ranches. During the year, the project achieved coverage of more than 500 milk suppliers and

205、 approximately 80% of the front-line staff of milk sources department, and the concept of contractual responsibility was applied in selected ranches. Mengniu aligned the advanced assessment management system of Arla Garden with its own, focusing on four major modules namely source management, outcom

206、e assessment, technology management and financial management, to help milk suppliers effectively enhance profitability and minimize internal operating costs. The “W-W Virtual Dairy Farming” project was presented the “Second Class National Innovation Award” in 2016.Guided by the central governments “

207、Grain to Fodder” policy, Mengniu has given support, in terms of capital aid and technical guidance, to ranches in the scientific use of corn silage in feeding. The use of silage in scaled farms has reached 100%, which effectively resolved the problem concerning the feeding of milk cattle. At the sam

208、e time, to improve the overall milk cattle rearing husbandry standard in the country, Mengniu completed infrastructural upgrade during the year to improve the living environment of milk cattle, hence laid the foundation for enhancement of raw milk quality.To strengthen supervision on and management

209、of raw milk production at ranches, and gradually realize digitalized and intelligent management of raw milk production and the entire delivery process of raw milk, Mengniu implemented the “Ranch Monitor Project” in five selected business units in two major sales regions, namely northern China and Li

210、aoning & eastern Inner Mongolia regions, during the year. The monitoring facilities in ranches were connected via the Internet with the business units monitoring terminals, enabling Mengniu to remotely monitor 27Annual Report 2016 二零一六年年報Management Discussion and Analysis 管理層討論及分析而保障原奶質量安全。未來蒙牛將深入優化

211、該項目並於全國整體實施運行，實現對牧場的無縫監管，為牧場整體數字化管理打下堅實基礎。此外，蒙牛於年內推行 奶車GPS項目 ，加強原奶運輸途中的安全管控，降低安全風險。截至二零一六年年底，約一半的原奶運輸車輛已安裝GPS定位系統及攝像鏡頭，對原奶運輸車輛運輸路線及在途異常行為進行可視化監控，保障原奶運輸最後一公里 的安全。為保障特侖蘇供應需求，全面支持特侖蘇產品升級戰略，蒙牛於二零一六年重點推行 奶源基地P+項目 。圍繞奶牛福利、精細飼餵、品種改良三大核心技術，通過10期實驗、技術方案、專人承包、計價支持四大管理手段，同時以日報監控、信息預警雙重監控機制全面推廣。管理系統蒙牛於二零一三年引入的S

212、AP系統旨在提升六個方面的管理能力：精準營銷及深度渠道管理、業務與財務一體化的管控平台、快速反應的供產銷協同體系、集成的質量管理與逐步完善的質量追溯、科學合理的產業佈局和高效的採購及物流管理。SAP項目整體規劃分三個階段，第一階段為基礎夯實階段，已於二零一五年三月圓滿完成，實現了蒙牛供應鏈全鏈條業務一體化、財務業務一體化和產供銷業務一體化，大大提升了蒙牛業務數據的標準化程度和透明度，在提升內部工作效率、管理效率和決策效率的同時，實現進一步的數據挖掘和數據應用。ranch operations using Internet-of-Things (“IoT”) technology. The pr

213、oject allows digitalized ranch management and IoT-enabled monitoring of key areas in the production process including feed storage, veterinary drugs room, milking hall, laboratory and milk transportation vehicles. As such, the entire production process of raw milk is traceable and can be reviewed, w

214、hich can help assure the quality and safety of raw milk. In the future, Mengniu will keep optimizing the project and implement it in related facilities across the nation, hence realize seamless monitoring of ranch operations as well as lay a solid foundation for overall digitalized ranch management.

215、 Mengniu also developed the “Milk Vehicle GPS Project” during the year to strengthen safety management and lower safety risks during transportation of raw milk. As at the end of 2016, about half of its raw milk transportation vehicles had GPS positioning system and shooting lens installed, enabling

216、visual tracking of transportation routes of the vehicles and any abnormalities on the way to guarantee safety of raw milk on its “last kilometer” transportation.To safeguard the supply of Milk Deluxe and give full support to the strategic upgrade of Milk Deluxe products, Mengniu focused on implement

217、ing the “P+ Project of Milk Source Bases” in 2016. It promoted in full scope management measures in relation to three core technologies relevant to dairy cattle welfare, refined feeding and species improvement. Four management approaches 10 rounds of experiments, devising of technological solutions,

218、 hiring exclusive contractors and pricing support, plus daily reporting of monitoring findings and warning mechanism were used.Management systemIn 2013, Mengniu adopted the SAP system to boost its management capabilities in six areas: precision marketing and in-depth sales channel management; integr

219、ated business and financial management platform; a responsive synergetic system for supply, production and sales; integrated quality management and gradually refined quality tracking; scientific and rational industry deployment, and highly effective management of procurement and logistics.There are

220、three phases in the roll out of the SAP project. The first was foundation implementation, which was completed in March 2015. Mengniu achieved integration of businesses throughout the entire supply chain, integration of finance and business functions as well as integration of production, supply and s

221、ales functions, enhancing substantially the level of standardization and transparency of Mengniu s business data. On top of improving the efficiency of internal work-related undertakings, management and decision-making, the Group now has boosted strength in data mining and application.28China Mengni

222、u Dairy Company Limited 中國蒙牛乳業有限公司Management Discussion and Analysis 管理層討論及分析第二階段為二零一五至二零一六年精細營運階段，包括四個子項目，分別是商務智能項目（Business Intelligence，簡稱 BI ） 、設備管理項目 （Plant Maintenance，簡稱 PM ） 、銷售公司業務財務一體化項目 （Integration of Business and Finance of Sales Company，簡稱 IBFSC ）和財務共享中心項目 （Finance Shared Service Cente

223、r，簡稱 FSSC ） 。BI營銷項目已於二零一六年六月正式上線。利用BI系統分析平台即時獲取各品牌、品類的銷售數據和決策支援，本集團實現快速監測銷量、費用，加強終端管控能力，突破原有傳統單一業務分析的慣性思維。蒙牛財務共享中心擁有一步建成的成熟運營模式，為中國乳品企業第一家財務共享中心。蒙牛於二零一六年二月正式啟動了FSSC項目二期，目前全部生產基地已納入財務共享中心。在全面應用SAP SSF(Share Service Framework)創新技術的基礎上，全面打通了業務、財務系統，同時為本集團後期建立人力共享、IT共享、採購共享奠定了堅實的基礎。財務共享平台全面支持財務管理，並將持續推進

224、共享中心流程變革，為本集團管控模式、成本集約、技術融合與創新及變革轉型等方面帶來效益提升。二零一六年，項目榮獲IBM全球最佳實踐項目 及 2016 SAP消費品行業最佳創新實踐獎 。此外，為更有效地實現本集團採購的規模效益，提升管理水平、核心競爭力和抗風險能力，蒙牛於二零一六年四月啟動了供應商關係管理 （Supplier Relationship Management，簡稱SRM ） 項目，搭建高效、統一、集成的供應商及採購管理信息平台，為本集團內各單位更好地制定和執行採購策略提供系統支援。經過六個多月的建設，平台已於二零一六年十月上線，建立了本集團統一的採購招標管理平台、供應商管理平台和供應

225、商門戶；有效銜接合同管理平台和SAP-ERP (Enterprise Resource Planning)系統；實現電腦目錄式採購物耗，提升各環節效率。The second phase involves operational refinements for roll out between 2015 and 2016. It includes four sub-projects, namely Business Intelligence (“BI”), Plant Maintenance (“PM”), Integration of Business and Finance of Sales

226、 Company (“IBFSC”) and Finance Shared Service Center (“FSSC”).The BI marketing project was officially launched in June 2016. The BI system analysis platform provides access to real time sales data of different brands and product categories to facilitate related decision-making. The Group can thus mo

227、nitor sales and expenses data timely and strengthen sales-end control, freeing the Group from the conventional analysis approach based on single business.Mengniu is the first dairy enterprise in China to have a FSSC running on a mature operational model. In February 2016, it officially commenced pha

228、se II of the FSSC project. Currently, all production plants are FSSC-covered. On the back of innovative SAP-SSF (Share Service Framework) technology, business and finance systems of the Group are now connected and a solid foundation has been laid for establishing shared service centers for human res

229、ources, information technology and procurement functions. The FSSC platform provides full support to financial management and will continue to push for procedural upgrades of the center, so as to help the Group improve its management model, intensive cost saving, technology integration and innovatio

230、n, as well as business transformation, etc. In 2016, the project received the “Best IBM Practice Project of the Globe IBM” award and the “2016 Best Innovation and Practice Prize in SAP Consumers Goods Industry 2016 SAP”.Also, to enjoy the economies of scale in procurement and to strengthen its manag

231、ement standard, core the competitiveness and risk resistance, Mengniu commenced the Supplier Relationship Management (“SRM”) project in April 2016, the purpose of which is to provide systematic support to members of the Group to better establish and execute their procurement strategies via developin

232、g an efficient, centralized and integrated supplier and procurement information management platform. The platform built over six months was launched in October 2016 giving the Group a centralized procurement tender management platform, a supplier management platform and a supplier portal. The Group

233、s contract management platform and SAP-ERP (Enterprise Resource Planning) system are effectively connected, permitting centralized purchasing of consumables via the system thus improving the efficiency of every procedure in the procurement process.29Annual Report 2016 二零一六年年報Management Discussion an

234、d Analysis 管理層討論及分析目前蒙牛已全面進入第三階段，即協同優化階段，根據項目實際執行情況進行局部優化及調整。建設實體大區SAP與微銷售 （Wei Sales Platform，簡稱 WSP ） ，打造本集團銷售信息化管理平台是二零一六年蒙牛信息化建設的重點工作之一。年內SAP+WSP成功上線，形成從銷售執行、運營到財務結算全面的直營渠道閉環管理模型，並快速推廣至全國，協助實體銷售單元運營體系落地。蒙牛同步推廣SAP+WSP雙項目，整合前端銷售執行和後端業務運營，形成全面閉環管理，對業務流程關鍵點進行有效管控，為蒙牛做實大區夯實了信息化基礎。憑藉生態圈合作夥伴協助，本集團整合各板塊

235、資源，並於年內完成南北數據中心建設工作，標誌著 蒙牛數字化心臟 的正式落成。二零一七年將繼續推進 蒙牛雲 建設，為本集團各業務板塊提供快速、可靠的IT基礎設施共享服務，降低企業信息化系統整體成本，為蒙牛在 互聯網+ 的市場環境中打下堅實基礎。品牌策略借助全球頂級資源優勢，蒙牛持續深化 國際化及 數字化 的創新戰略佈局，全方位提升品牌價值。蒙牛秉承 只為點滴幸福 的品牌理念，圍繞美食、運動、娛樂 三大平台展開多元化互動營銷，將健康的生活方式、幸福的理念傳遞給消費者。蒙牛作為中國航天事業戰略合作夥伴，13年來持續為中國宇航員和航天工作者提供高品質乳製品。蒙牛啟動 航天菌種計劃 ，自主研發菌種 長雙

236、歧杆菌BBMN68 搭載神舟十一號載人航天飛船開展太空科研，探索未來乳品營養升級的無限可能。蒙牛開展 助力中國，牛到太空 航天主題營銷活動，配合線下終端以及電商平台進行營銷推廣，與消費者共享神舟十一號成功發射的喜悅，迅速引起廣大消費者關注，強化蒙牛高科技、高Currently, the project is in its third phase, going through coordination work and optimization, being improved and adjusted based on actual situations encountered during i

237、mplementation.One of the main informatization endeavors of the Group in 2016 was to build a sales information management platform, therefore the construction of region-wide SAP and Wei Sales Platform (“WSP”). SAP+WSP was launched during the year offering the Group a closed-loop model for direct sale

238、s channel management that covers sales execution, operation and financial settlement functions. It was quickly promoted countrywide to help physical sales entities effectively implement their operating systems. Mengniu promotes both SAP and WSP at the same time, as the two together can integrate fro

239、nt-end sales execution and back-end business operation, putting them in a closed-loop system for comprehensive management, allowing effective control over critical business procedures. It also provides Mengniu a stronger foundation for pursuing regional business expansion.With the help of partners i

240、n the ecosystem, the Group integrated resources from different segments and completed construction of the southern and northern data centers during the year, in other words, the “Heart of Mengniu Digitalization” has started beating. In 2017, Mengniu will continue to push forward construction of the

241、“Mengniu Cloud” to provide fast and reliable IT infrastructure sharing service to its different business segments, which will reduce the overall cost the Group incurs for its information system and lay a solid foundation for the Group to develop in the “Internet+” market environment.Branding Strateg

242、yTaking advantage of its access to first-class resources worldwide, Mengniu continued to push for “internationalization” and “digitalization” in its innovative strategic layout targeting to enhance its brand value all-round. Adhering to its “A Little Happiness Matters” brand concept, Mengniu mounted

243、 a wide array of interactive marketing activities on three major platforms food, sport and entertainment to help it relay messages of living healthy and the concept of happiness to consumers.Mengniu has been a strategic partner of Chinas aerospace program for 13 years, during which it has provided h

244、igh quality dairy products to astronauts and aerospace workers in the country. It has kicked off an “aerospace probiotics program” and developed its proprietary BBMN68 Bifidobacterium Lactis (BL) that was taken into space in Shenzhou 11 for experiments to explore the possibilities in upgrading the n

245、utritional value of dairy products. Mengniu launched a series of aerospace themed activities under the “Support China, Excel in Space” banner, to share with consumers the joy of the successful launch of Shenzhou 11. With the support of integrated online and offline promotions, the activities attract

246、ed tremendous 30China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司Management Discussion and Analysis 管理層討論及分析質量的品牌形象。二零一六年，蒙牛更獲中國航天基金會授予 中國航天事業特別貢獻獎 ，蒙牛的航天品質實力獲得高度肯定。多年來，蒙牛已與NBA中國建立長期戰略合作關係。雙方致力在中國推廣籃球文化和 多喝牛奶多運動 的營養健康的生活方式，在多個領域開展深度合作，實現雙方品牌價值。二零一六年蒙牛開展全國校園3V3籃球挑戰賽，吸引12個城市48所高校的大學生籃球愛好者參與，冠軍隊伍獲得NBA總冠軍克

247、利夫蘭騎士隊游學機會，該活動持續提升蒙牛在年輕消費者的品牌影響力。NBA國際系列賽期間，蒙牛與NBA中國以 十年友你，只為點滴幸福 為主題，引發眾多球迷情感共鳴，喚起他們過去10年關於籃球和健康生活的點滴記憶。此外，NBA中國授權蒙牛在產品包裝設計上使用NBA標識，在中國市場推出包裝設計中含有NBA元素的蒙牛品牌的定制牛奶，深化球迷對蒙牛品牌的歸屬感。蒙牛借勢二零一六年里約奧運會，攜手焦劉洋、汪順、劉湘三位冠軍代言人，啟動 三冠標準 品牌主張，助力奧運健兒出征。冠益乳展開 全面奪冠，牛到里約 的大型奧運營銷活動，通過新聞事件傳播，將冠益乳的冠軍態度最大化；以一系列豐富多彩的健身運動深化品牌體驗

248、；同時與優質運動平台悅動圈合作，進行線下跑步線上積累運動里程活動，獲廣大消費者熱情參與及好評，打造冠益乳的冠軍品牌形象。此外，蒙牛以跑步沸騰國民，攜手新浪打造 牛到里約，跑動中國 活動，在全國100座城市中展開，涵蓋花海、海洋、森林、晨光、湖光五大自然主題。蒙牛通過百城自然跑提倡全民運動生活理念，傳遞 好牛奶自然純 的品牌價值，令參加者感受自然和運動帶來的幸福體驗。同時，蒙牛將對牛奶營養標準的追求融入運動價值，為消費者提供強力的營養支援。consumer attention and helped boost Mengnius high-tech and high quality brand i

249、mage. In 2016, the China Space Foundation awarded Mengniu the “Special Award for Contributions to China s Space Program”, a clear recognition of Mengniu s strengths and quality in the aerospace aspect.Mengniu and NBA China are long-standing strategic partners. The two parties have been devoted to pr

250、omoting basketball culture and the healthy lifestyle of “more milk and more sports” and have cooperated closely in many areas to realize their respective brand value. In 2016, Mengniu initiated the 3V3 National University Basketball Challenge Match, which attracted participation of basketball fans i

251、n 48 universities in 12 cities. The champion team won the chance to visit the NBA overall champion, the Cleveland Cavaliers. The event has continued to elevate the influence of Mengniu among young consumers in China. During the NBA Global Game period, Mengniu and NBA China rolled out interactive act

252、ivities themed “Friends for 10 years, A little happiness matters”. Those activities resonated with basketball fans, bringing back for them memories about basketball and healthy living in the past decade. In addition, Mengniu was authorized to use the NBA logo on the packaging of its products and lau

253、nch unique milk products in China with NBA elements incorporated in the package design to strengthen basketball fans sense of affiliation to Mengniu.Taking advantage of the 2016 Rio Olympics, Mengniu, together with its three sports champion ambassadors Jiao Liuyang, Wang Shun and Liu Xiang, initiate

254、d the “Tri-Champion Standards” brand proposition to support Chinese athletes taking part in the Rio Olympics. Champion mounted a large-scale marketing campaign themed “Everyone is Champion, Excel in Rio”. The various marketing events put Champion s champion spirit in the news spotlight and the serie

255、s of related activities that promoted sports and exercises gave consumers memorable experiences in relation to the Champion brand. Champion also cooperated with Rejoice Sport, a quality sport platform, on a running and accumulating mileage online activity, which was very well received and attracted

256、the participation of a huge number of consumers, thus helping Champion build its champion brand image. In addition, Mengniu collaborated with Sina on a running event named “Excel in Rio, Run China”, with activities organized in 100 cities nationwide featuring five nature-related themes Blossoms, Oce

257、an, Forest, Morning Light and Lake to advocate exercise for all and convey its “High quality milk is definitely pure” brand value, letting participants experience the happiness of being with nature and exercising. Mengniu has married the value of sports with the pursuit of high nutritional standard

258、in milk and is supporting consumers as a provider of nutritional dairy products.31Annual Report 2016 二零一六年年報Management Discussion and Analysis 管理層討論及分析上海迪士尼度假區於二零一六年六月盛大開幕，與上海迪士尼度假區建立戰略聯盟標誌著蒙牛品牌國際化的又一里程碑。蒙牛作為上海迪士尼度假區的官方乳品供應商，在度假區內不同位置均呈現綜合品牌。同時，來自世界各地的遊客能在度假區享受蒙牛高品質的牛奶、酸奶、冰淇淋等產品。蒙牛更為上海迪士尼度假區打造多個創新制定

259、產品，包括米奇經典冰淇淋、米妮趣夾心冰淇淋、紳士唐納德蘇打冰棒等。此外，蒙牛與上海迪士尼度假區舉辦了多個主題營銷活動，如二零一六年六月至七月在園區內開展 奇妙旅程，快樂出發未來星主題營銷活動；二零一六年九月至十月，開展 幸福佳節，奇妙旅程 蒙牛中秋國慶主題營銷活動。特侖蘇一直以創新帶動產品升級，引領中國高端UHT奶的發展。蒙牛通過提升特侖蘇全線產品營養標準，二次定義 高端 ，並以著名藝術家陳道明作為代言人，完美詮釋特侖蘇營養新高度，成就更好人生 的品牌內涵；結合新媒體及線下活動製造話題，提升產品曝光率，打造 金牌品質 的高端形象。特侖蘇升級新品的營銷策略獲得廣大消費者的積極迴響，並取得 中國內

260、容營銷盛典金成獎 之 最佳社會化整合營銷案例獎金獎 的殊榮。The strategic alliance with Shanghai Disney Resort, which opened in June 2016, represented another milestone for Mengniu in taking its brand international. As the official dairy provider of Shanghai Disney Resort, Mengniu has an integrated brand presence at a variety of

261、 locations in the resort. Meanwhile, visitors from all over the world can enjoy Mengnius quality products including milk, yogurt and ice cream in the resort. Many innovative delights are exclusively created for Shanghai Disney Resort, such as Mickey s Ice Cream Classic, Minnie s Sweet Treat and Dona

262、ld s Duckburg Ice. In addition, Mengniu also launched several themed marketing campaigns with the resort, such as the “Happy Start to a Wonderful Journey” marketing activity featuring Future Star from June to July 2016 and the “A Wonderful Journey to Happy Festivals” activities between September and

263、 October 2016 to that coincided with Mid-Autumn Festival and National Day celebrations.Innovation has been the driving force behind Milk Deluxe product upgrades, explaining its leadership in the development of premium UHT milk in China. Mengniu has redefined “premium” by enhancing the nutritional st

264、andard of all Milk Deluxe products and appointed the famous artist Chen Daoming as its ambassador, who perfectly represents its “New Nutrition Level Makes a Better Life” brand essence. Using the new media and offline activities combined, Milk Deluxe gained considerable exposure for its products and

265、built for itself a high-end brand image that stands for “golden quality”. Consumers responded very positively to Milk Deluxes marketing efforts for its upgraded new products, with those efforts winning for the Group the “Best Integrated Social Marketing Case Gold Award” at the “China Content Marketi

266、ng Awards Ceremony Gold Award”.32China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司Management Discussion and Analysis 管理層討論及分析純甄與湖南衛視再度合作，以王牌綜藝節目 全員加速中 第二季刷新娛樂營銷的新高度，將品牌元素通過多種形式植入場景模式，並通過代言人深度綁定節目，實現幾何擴散的粉絲影響力，品牌認知度得以顯著提升。與此同時，透過微信、新浪微博創造熱話，與消費者構建互動體驗，使消費者對 不添加的純真好味道 的品牌理念產生共鳴，並引導購買，帶動產品銷售。純甄還通過 美人魚 電影植

267、入品牌氣質，於二零一六年六月榮獲中國內容營銷盛典金成獎 之 最佳影視內容營銷案例獎銀獎 。二零一六年六月，蒙牛與好萊塢電影 獨立日：捲土重來 全方位深度合作，將產品創意化展現，打造出 Mengniu Moon Milk （蒙牛月球牛奶） ，自然貼切地將產品融入電影情節，將中國品牌與好萊塢大片的合作提升到新高度。此外，蒙牛圍繞電影主題開展一系列線上線下全方位傳播，成功吸引年輕消費者關注，更深化蒙牛產品作為中國航天員專用乳製品的高科技、高品質形象。憑藉Mengniu Moon Milk與電影娛樂資源的完美融合，蒙牛 獨立日：捲土重來 整合營銷項目在二零一六年榮獲由 中國創新營銷大獎 頒發的 201

268、6年度最佳行業創新營銷案例獎金獎 、由 中國廣告長城獎廣告主獎 頒發的 年度營銷傳播案例獎 及 創意互動金獎 以及由 大中華區艾菲獎 頒發的 飲料非酒水非碳酸類銅獎 及 單一影響互動傳播銅獎 等多個獎項。蒙牛依托旗下專注中老年營養健康的煥輕品牌開展 致敬偉大 關愛父母公益活動，邀請明星代言人、社會精英及本集團內不同崗位的蒙牛人為該活動代言，通過社交媒體上的廣泛傳播提升煥輕Just Yoghurt again worked with Hunan TV, tapping into the popular prime-time variety show “Run for Time” in its s

269、econd season to plant brand elements in the show setting. And, with strong ties to the show forged through its ambassador, awareness of the brand was markedly enhanced at the influence of fans of the show. At the same time, by sparking hot discussions on WeChat and Sina Weibo and interacting with co

270、nsumers, the mass consumers came to appreciate the concept of “No additives, pure and delicious taste” of the brand and such appreciation turned into sales. Just Yoghurt also instilled its brand presence into the movie “The Mermaid”, which won for it the “Best Video Content Marketing Case Silver Awa

271、rd” at the “China Content Marketing Awards Ceremony Gold Award” in June 2016.In June 2016, Mengniu cooperated with the Hollywood production “Independence Day: Resurgence”. It demonstrated innovation in product development and created “Mengniu Moon Milk”, which was seamlessly embedded in the movie, t

272、aking cooperation between Chinese brands and Hollywood movies to a new height. In addition, Mengniu embarked on a series of comprehensive online and offline movie-themed communications, which successfully grabbed the attention of young consumers and also strengthened the high-tech and high quality i

273、mage of Mengnius products befitting for consumption by Chinese astronauts. Through perfect integration of Mengniu Moon Milk with the movie and entertainment resources, Mengniu s “Independence Day: Resurgence” integrated marketing program won the “2016 Best Innovative Marketing Award Gold Award 2016”

274、 at the China Innovative Marketing Award, the “Annual Marketing Communication Case Award” and “Innovative Interaction Gold Award” at the China Advertising Great Wall Awards Advertisers Awards, the “Non-alcohol and Non-carbonate Beverage Bronze Award” and “Single Effect Interactive Communication Bron

275、ze Award” at the Greater China Effie Awards and other awards in 2016.Mengniu organized a charitable campaign named “Salute to Great Parents” that echoed with the focus of its Awakening Youth Milk brand on the nutrition and health of the middle-aged and elderly. The campaign had the support of ambass

276、adors including 33Annual Report 2016 二零一六年年報Management Discussion and Analysis 管理層討論及分析品牌的活躍度和美譽度，喚起更多人一起關愛父母。同時，煥輕品牌還整合國家游泳隊資源，通過為游泳隊員的父母及教練專供煥輕產品，關注冠軍 背後的英雄，傳遞煥輕品牌態度及專屬產品屬性。蒙牛連續兩年冠名高收視率的綜藝美食節目 十二道鋒味 ，通過美食啟動人們 活出鋒味 的生活感悟，提倡優益C腸活動，常年輕 的健康樂活的生活主張，刷新人們對質量生活的追求。蒙牛在節目中多元化植入優益C品牌，聯同線上線下雙向傳播，實現互動營銷。同時，借助不

277、同社交媒體平台，優益C為節目粉絲們推出一系列圍繞節目亮點的互動活動，與消費者構建互動體驗，提升優益C的品牌影響力。二零一六年蒙牛酸酸乳冠名 超級女聲 ，搭載經典IP，通過全新互聯網時代的真人秀節目進行互聯網化新探索。酸酸乳在行業中首次採用一包一碼技術，打通產品銷售及超女投票活動，將產品與活動深度結合，使品牌營銷活動切實拉動銷售；同時開展線下大篷車路演，將選手送到線下，與品牌消費者深度交流，將活動粉絲轉換為品牌消費者，拉動終端銷售，創造了互聯網化真人秀與品牌合作的新案例。未來星作為中國第一款專業兒童牛奶，攜手電影冰川時代5：星際碰撞 強勢合作，推出冰川時代版限量包裝，進行視頻及平面媒體相結合的多

278、渠道傳播，打造助兒童健康成長的優質品牌形象。蒙牛並乘勝追擊，貼合電影 冰川時代5：星際碰撞 受眾，藉著電影的冰涼元素與冰+產品賣點緊密結合，推出冰川時代限量版冰+產品並精準展開豐富多彩的宣傳活動，引發大量粉絲關注，為消費者在炎夏帶來無限冰爽體驗，並獲得合作方的讚賞。celebrities, social elites and staff members of Mengniu in different positions. And, through the social media, this campaign was widely publicized and the Awakening Yo

279、uth Milk brand gained vigor and fame, while encouraging more people to care about their parents. Furthermore, the Awakening Youth Milk brand has also integrated the resources of the Chinese national swimming team, with the products supplied to the parents of the swimming team members and the coaches

280、, showing Mengniu s care for the heroes behind the “champions” and highlighting the brand spirit and character of Awakening Youth Milk.Mengniu was the title sponsor of “Chef Nic”, a leading food variety show that boasts high rating nationwide, for two years in a row. The program through delicious fo

281、ods inspires people to “live the essence of life” and Mengniu through the program advocated the “Healthy Intestines Keep You Young” brand proposition of Yoyi C encouraging people to live healthy and happy and setting a new standard for the pursuit of quality living. The Yoyi C brand was incorporated

282、 into the show in various forms, and was complemented with interactive marketing via both online and offline communications. Yoyi C also made use of different social media platforms to roll out a series of interactive activities surrounding highlights of the show for fans, aiming to boost its brand

283、influence.Suan Suan Ru became the title sponsor of “Super Girl” in 2016. With classic IP as its vehicle, Mengniu explored new online marketing approaches in association with the reality show in the new Internet era. Suan Suan Ru was the first in the industry to adopt the one barcode per pack technol

284、ogy to connect product marketing with the voting activities of “Super Girl”, forging close ties between the product and the program and stimulating actual sales. At the same time, offline caravan roadshows were presented bringing with it the contestants to communicate with brand consumers, turning f

285、ans of the show into patrons of the brand and in turn driving sales. That was a new example of cooperation between reality shows and brands in the new Internet era.Future Star is the first milk product designed specifically for kids in China. In cooperation with the movie “Ice Age: Collision Course”

286、, it introduced the Ice Age limited edition packaging and engaged a host of different channels, including video and print, for marketing, building its premium image as a quality brand that helps children grow healthily. The movie with ice and coolness as elements also gave marketing leverage to Meng

287、niu s Ice+ products. The Group put out Ice Age limited edition Ice+ products and mounted a variety of supportive promotion that succeeded in catching the eyes of many fans of the movie. It offered consumers soothingly cool products in the hot summer and received commendation from the partner.34China

288、 Mengniu Dairy Company Limited 中國蒙牛乳業有限公司Management Discussion and Analysis 管理層討論及分析依托消費者大數據研究，蒙牛與京東升級戰略合作，共同創出具獨特互聯網基因的新品牌甜小嗨。運用線上營運模式，打造 甜小嗨解憂事務所 ，不斷製造趣味營銷話題和事件，通過蔣勁夫系列直播、日常搞笑微博微信及視頻等優質內容，多維度與年輕消費者進行情感溝通，以輕鬆幽默手法傳播 喝點甜的，小嗨一下 的積極樂觀的生活態度。蒙牛攜手 明星合夥人 歌手組合羽泉聯合推出的首款高質量互聯網牛奶嗨Milk純牛奶，每100毫升富含3.6克乳蛋白，並於二零一六

289、年在IP定制化營銷方面大放異彩，與電影 憤怒的小鳥 、暢銷小說 盜墓筆記 改編的電影以及羅技滑鼠分別推出了聯合制定包裝，受到消費者的廣泛認可與歡迎。嗨Milk純牛奶於二零一六年榮膺多項國際殊榮，包括由第十屆全球乳製品大會頒發的 最佳乳品 和 最佳乳品包裝 兩大獎項，以及素有產品設計界奧斯卡之稱的 iF產品設計獎 ，標誌著蒙牛創新的產品設計獲國際市場的高度評價。蒙牛將繼續以消費者為中心，通過營銷模式的創新，拉動消費者一同打造品牌的核心價值，打造更具前瞻性和年輕化的品牌形象。銷售渠道蒙牛務實推進 縱向扁平、橫向整合、完善職能、做實大區 的變革方向，強化RTM項目，全力打造以經銷商為主體，經銷商、銷

290、售公司、CBU共同發展的運營模式。建立區域實體公司，完善權責體系，落實管理機制，充分發揮區域實體公司的功能。透過增加蒙牛和經銷商業務代表，運用系統工具進行標準化作業，對零售網點實行標準化及一體化管理。此外，通過建立直營銷售團隊、培養團隊直接服務零售終端的能力，蒙牛逐步強化對零售終端的掌控力，打造市場核心優勢，為蒙牛全渠道精細化管理體系奠下穩固的基礎。Based on consumer Big Data research findings, Mengniu and JD upgraded strategic cooperation and jointly created the new bran

291、d Tianxiaohai that has unique Internet genes. The “Advisor Office of the Tianxiaohai” was set up online which kept coming up with interesting marketing topics and events and, via live shows featuring Jiang Jinfu, daily humorous Weibo and WeChat messages and videos, etc., communicated with and touche

292、d the heart of young consumers from various aspects. With humor and a sense of ease, the marketing activities helped publicized the positive and optimistic “Drink Sweet, Be Happy” life attitude.The first high quality “Internet milk” (sold exclusively online) Hi Milk which Mengniu launched jointly wi

293、th its “Star Partner” the singer group Yu Quan contains 3.6g of lactoprotein per 100ml of milk. The product harvested tremendous success in IP customized marketing in 2016. Special packaging was launched respectively for the “Angry Birds” animated movie, the movie adapted from the best-selling book

294、“Time Raiders” and the launch of the Logitech mouse, which were all hailed high among consumers. Hi Milk garnered many international honors in 2016, including two awards “Best Dairy Product” and “Best Packaging of Dairy Products” at the 10th Global Dairy Congress, and the “iF Product Design Award” d

295、ubbed the Oscar in the product design field, symbolizing the high acclaims Mengniu enjoys internationally for its innovative product designs.Mengniu will continue to put consumers first and, through innovative marketing, rally the support of consumers to its brand value building efforts, thereby cre

296、ate for itself a more forward-looking and younger brand image.Sales ChannelsMengniu pushed forward with pragmatism the reform direction that emphasizes “vertical flattening, horizontal integration, function optimization and enhancement of sales regions”, strengthened its RTM project and created an o

297、peration mode centered around distributors and developed together by distributors, sales companies and the CBU. With role and responsibility system improved and management mechanism implemented, the regional entities set up were able to fully deliver their functions. By increasing the number of its

298、business representatives and distributors and employing system tools to standardize operations, Mengniu was able to carry out standardized management throughout its retail network. Furthermore, through establishing direct sales teams and strengthening their capacities in serving point-of-sale direct

299、ly, Mengniu has been gradually boosting point-of-sale control and its core competitiveness, giving it a solid foundation for building an omni-channel delicacy management system.35Annual Report 2016 二零一六年年報Management Discussion and Analysis 管理層討論及分析蒙牛運用WSP項目管理終端銷售人員在終端售點的作業，從目標到銷售全過程採用閉環式管理。其功能包括實行標準

300、拜訪步驟、規範考勤管理、指導指標管理，開展標準化管理以及對終端實時進行準確的數據收集及統計分析。WSP統一基礎信息數據和標準化作業流程的優勢，有助於連接與互通銷售系統內部運營中各項業務模塊，助力渠道管理升級，實現整體系統平台專業化、規範化、標準化及一體化管理。現時，蒙牛已在銷售公司及CBU全面推廣WSP項目。通過全面提升關鍵客戶管理架構 （Key account，簡稱 KA ） ，蒙牛加強總部客戶經理、大區重點客戶專員及經銷商KA團隊的三層級組織緊密交流。蒙牛搭建重點零售客戶售點數據分析平台，緊密監控重點客戶每個零售點及到貨率數據，全面掌控賣場銷售進度，提升應對消費者需求變化的能力，實現與零售

301、商無縫對接；同時為銷售決策提供依據，助力達成銷售目標。此外，蒙牛執行差異化營銷策略，針對各個重點零售客戶的不同特點，推出定制產品和營銷活動，通過多元化的營銷方式因地制宜打造新的增長機會。透過與重點零售商構建 零供戰略聯盟 ，蒙牛將有限資源投入到重點市場和品類中，共同打造生態圈的合作共贏平台。同時，蒙牛全面啟動便利店渠道銷售提升項目，從產品結構、價格體系、物流配送、定制化、粉絲營銷等多方面實施改善計劃。Mengniu uses the WSP project to manage sales personnel s work at the point-of-sale, applying a clo

302、sed-loop management system that covers from objective setting to sales execution. The project performs such functions as standardizing sales visits, setting parameters for management of employee attendance, guiding target management, carrying out standardized management, and collecting and analyzing

303、 real-time point-of-sale data. Armed with the advantages of access to basic information and data and having standardized operational procedures, WSP helps connect the relevant functions of different business segments in the internal operation of the sales system, and as such contributes to channel m

304、anagement upgrade and the professional, regulated, standardized and integrated management of the overall system platform. The WSP project has been promoted by Mengniu in full scope to sales companies and the CBUs.By enhancing the overall Key Account (“KA”) management structure, Mengniu has enabled c

305、loser exchange and communication among the different parties in three-tier organizational structure the client teams at the headquarters, key account teams at sales regions and the distributor KA teams. Mengniu has established a customer data analysis platform for major point-of-sale of the key acco

306、unts, by which it closely monitored each point-of-sale of major customers and product delivery rate data, giving it a full grasp of and control on sales progress at each outlet and also boosting its responsiveness to changes in consumer demand, as well as linking it seamlessly with retailers. The pl

307、atform also provided reference for effective sales decision making for achieving sales targets. In addition, Mengniu adopted differentiated marketing strategies, launching products and marketing activities customized according to the characteristics of major customers, thus created new growth opport

308、unities in line with local conditions. By forming strategic alliance with major retailers, Mengniu was able to direct limited resources to key markets and product categories, building together with retailers a win-win platform for the business ecosystem. At the same time, Mengniu has kicked off in f

309、ull scale an enhancement program for the convenience store sales channel pinpointing such areas as product structure, pricing system, delivery logistics, customization and marketing.36China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司Management Discussion and Analysis 管理層討論及分析藉著互聯網思維，蒙牛全力拓展電商銷售渠道，與消費者全方

310、位互聯互通。年內，蒙牛深化在優質平台的電商業務佈局，與天猫及京東平台簽署戰略合作協議。現時，產品已全面覆蓋中國的主流電商平台，包括天貓、京東、1號店、蘇寧、我買網等。二零一六年，蒙牛在各電商平台創造佳績，通過流量佈局及營銷預熱，於雙十一期間成功吸引大量消費者關注，拉動近億元人民幣的銷量，更在天猫、京東等各大電商平台的旗艦店問鼎銷售冠軍。蒙牛積極佈局海外業務版圖，產品現已涵蓋香港、澳門、蒙古、緬甸及新加坡等海外市場。常溫產品包括純奶、低脂高鈣奶、特侖蘇、真果粒、純甄；低溫產品主要為優益C；冰淇淋產品包括蒂蘭聖雪、隨變、綠色心情等。蒙牛進一步推動產品結構的調整，推進低溫品類和冰淇淋產品上市；同時透

311、過展開多元創新的營銷推廣，增加品牌曝光度，成功拉動銷售，年內港澳及海外銷售表現理想。財務回顧收入受益於產品結構及品牌升級及積極營銷推廣，本集團二零一六年總收入為人民幣537.793億元（二零一五年：人民幣490.265億元） ，同比增長9.7%。不含雅士利，本集團收入增加10.2%至人民幣515.760億元 （二零一五年：人民幣468.147億元） 。對收入增幅貢獻較大的產品為特侖蘇、純甄及蒙牛純牛奶。With an appreciation of the power of the Internet, Mengniu is forging ahead with expanding e-comm

312、erce sales channels and connecting with consumers through all possible means. During the year, Mengniu consolidated its business layout on quality e-commerce platforms and signed strategic cooperation agreements with Tmall and JD. Currently, its products are sold on all major e-commerce platforms in

313、 China including Tmall, JD, Y, Suning and W. In 2016, Mengniu recorded outstanding results on e-commerce platforms. Thanks to well-tailored traffic plans and marketing efforts to zest up demands, Mengniu attracted considerable consumer attention during the “Double 11” period, achieving sales totalin

314、g near RMB100 million, and snatched the top spot in sales on major e-commerce platforms such as Tmall and JD.Mengniu has been expanding its overseas business footprint actively. It now sells products in oversea markets such as Hong Kong, Macau, Mongolia, Myanmar and Singapore. The room temperature p

315、roducts included Pure Milk, Low-Fat High Calcium Milk, Milk Deluxe, Fruit Milk Drink, Just Yoghurt; and the chilled products included mainly Yoyi C, and ice cream product brands such as Deluxe, Suibian and Mood for Green, etc. Mengniu further adjusted its product structure and carried forward the in

316、troduction of chilled products and ice cream products into the market. Also, Mengniu increased product exposure and stimulated sales by employing diverse and innovative promotion activities. It achieved good sales performance in Hong Kong and Macau, and other overseas markets during the year.FINANCI

317、AL REVIEWRevenueBenefiting from the upgrade in product structure and brands, and active promotion and marketing efforts, the Group s total revenue for 2016 was RMB53,779.3 million (2015: RMB49,026.5 million), representing an increase of 9.7% year-on-year. Excluding Yashili, the Group s revenue incre

318、ased by 10.2% to RMB51,576.0 million (2015: RMB46,814.7 million). Products with greater contributions to revenue growth were Milk Deluxe, Just Yoghurt and Mengniu Pure Milk.37Annual Report 2016 二零一六年年報Management Discussion and Analysis 管理層討論及分析毛利由於年內原奶平均價格下調和產品結構持續優化，本集團年內毛利升至人民幣176.354億元（二零一五年：人民幣1

319、53.755億元） ，毛利率較去年上升1.4個百分點至32.8% （二零一五年：31.4%） 。不含雅士利，本集團毛利為人民幣165.837億元 （二零一五年：人民幣142.424億元） ，毛利率為32.2%，同比上升1.8個百分點。經營費用因應市場競爭，本集團採取積極的渠道推廣和品牌投入策略，加上年內對相關奶粉產品業務的商譽進行減值撥備 （非現金費用） ，使經營費用升至人民幣187.573億元 （二零一五年：人民幣132.489億元） ，佔本集團收入比例升至34.9%（二零一五年：27.0%） 。不含雅士利的經營費用及商譽減值，本集團經營費用為人民幣147.312億元 （二零一五年：人民幣1

320、18.831億元） ，佔其收入28.6% （二零一五年：25.4%） 。年內銷售及經銷費用上升22.3%至人民幣134.352億元 （二零一五年：人民幣109.850億元） ，佔本集團收入比例上升2.6個百分點至25.0% （二零一五年：22.4%） 。不含雅士利，本集團的銷售及經銷費用為人民幣122.642億元 （二零一五年：人民幣98.726億元） ，佔其收入23.8% （二零一五年：21.1%） ，同比上升2.7個百分點。年內，計入銷售及經銷費用的廣告及宣傳費用上升30.6%至人民幣53.337億元 （二零一五年：人民幣40.851億元） ，佔本集團收入比例上升至9.9%（二零一五年：8

321、.3%） 。不含雅士利，本集團廣告及宣傳費用上升35.1%至人民幣48.355億元 （二零一五年：人民幣35.782億元） ，佔其收入9.4% （二零一五年：7.6%） ，同比增加1.8個百分點。由於雅士利年內錄得虧損，並考慮雅士利近年的經營狀況和財務表現，本集團於年內確認與相關奶粉產品業務的商譽減值撥備人民幣22.538億元（二零一五年：零） 。扣除商譽減值，行政及其他經營費用上升35.5%至人民幣30.682億元 （二零一五年：人民幣22.638億元） ，佔本集團收入比例升至5.7% （二零一五年：Gross ProfitWith the declined average price of

322、 raw milk during the year and continued optimization of product mix, the Group s gross profit for the year increased to RMB17,635.4 million (2015: RMB15,375.5 million) and gross profit margin increased by 1.4 percentage points to 32.8% as compared with last year (2015: 31.4%). Excluding Yashili, the

323、 Group s gross profit was RMB16,583.7 million (2015: RMB14,242.4 million), while gross profit margin increased by 1.8 percentage points year-on-year to 32.2%.Operating ExpensesTo cope with market competition, the Group implemented proactive channel expansion strategies and invested more heavily on b

324、randing. The Group also recognized an impairment provision on goodwill relating to milk powder product business, a non-cash expense, during the year. As such, its operating expenses increased to RMB18,757.3 million (2015: RMB13,248.9 million), representing an increase to 34.9% (2015: 27.0%) of the G

325、roup s revenue. Excluding Yashili s operating expenses and the impairment of goodwill, the Groups operating expenses were RMB14,731.2 million (2015: RMB11,883.1 million), representing 28.6% of its revenue (2015: 25.4%).Selling and distribution expenses for the year increased by 22.3% to RMB13,435.2

326、million (2015: RMB10,985.0 million), representing an increase of 2.6 percentage points to 25.0% (2015: 22.4%) of the Group s revenue. Excluding Yashili, the selling and distribution expenses of the Group were RMB12,264.2 million (2015: RMB9,872.6 million), representing 23.8% of its revenue (2015: 21

327、.1%), an increase of 2.7 percentage points year-on-year.Advertising and promotion expenses included in selling and distribution expenses, for the year increased by 30.6% to RMB5,333.7 million (2015: RMB4,085.1 million), representing an increase to 9.9% (2015: 8.3%) of the Group s revenue. Excluding

328、Yashili, the Group s advertising and promotion expenses increased by 35.1% to RMB4,835.5 million (2015: RMB3,578.2 million), representing 9.4% of its revenue (2015: 7.6%), an increase of 1.8 percentage points year-on-year.As Yashili recorded a loss during the year and took into consideration the ope

329、rating condition and financial performance of Yashili in recent years, the Group recognized an impairment provision of RMB2,253.8 million against the goodwill recorded in the related milk powder product business during the year (2015: nil).Excluding the impairment of goodwill, administrative and oth

330、er operating expenses increased by 35.5% to RMB3,068.2 million (2015: RMB2,263.8 million), representing an increase to 5.7% (2015: 38China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司Management Discussion and Analysis 管理層討論及分析4.6%） 。升幅主要由於計及部份奶粉工廠年內產能使用率不足而產生的費用及僱員成本增加所致；不含雅士利，本集團行政及其他經營費用人民幣24.669億元 （二

331、零一五年：人民幣20.105億元） ，佔其收入4.8% （二零一五年：4.3%） ，同比上升0.5個百分點。經營業務利潤及淨損益因i)雅士利年內錄得虧損及本集團對商譽進行減值；ii)原料奶粉庫存優化措施，包括以市價出售多餘的存貨；及iii)聯營公司年內大幅虧損，本集團息稅折舊攤銷前利潤(EBITDA) 下降77.4%至人民幣9.560億元 （二零一五年：人民幣42.299億元） ，EBITDA利潤率降至1.8% （二零一五年：8.6%） ；不含雅士利及商譽減值，本集團EBITDA為人民幣35.247億元 （二零一五年：人民幣42.287億元） ，EBITDA利潤率降至6.8% （二零一五年：9

332、.0%） 。本公司擁有人應佔虧損為人民幣7.512億元 （二零一五年本公司擁有人應佔利潤：人民幣23.673億元） 。每股基本虧損為人民幣0.193元 （二零一五年每股基本盈利：人民幣0.609元） 。不含雅士利及商譽減值，本公司擁有人應佔利潤為人民幣16.869億元 （二零一五年：人民幣23.310億元） ，同比下降27.6%。所得稅支出本集團於二零一六年的稅前虧損為人民幣4.614億元 （二零一五年：稅前利潤為人民幣30.302億元） ，而所得稅支出為人民幣3.514億元 （二零一五年：人民幣5.10億元） ，主要由於商譽減值虧損人民幣22.538億元為不可抵扣稅的項目。扣除商譽減值，本集

333、團二零一六年所得稅有效稅率為19.6% （二零一五年：16.8%） ，同比上升2.8個百分點，主要由於雅士利及一間主要聯營公司對本集團的貢獻從去年的利潤轉為今年的虧損。不含雅士利及商譽減值，本集團所得稅有效稅率為17.2% （二零一五年：17.1%） ，與去年相若。資本支出截至二零一六年十二月三十一日止，本集團資本支出 （ 資本支出 ） 為人民幣43.525億元 （二零一五年：人民幣30.269億元） ，同比上升43.8%；資本支出用於新建和改建生產設備及相關投入，達人民幣30.375億元；購入生物資產達人民幣2.308億元；及新增股權投資 （包括多美滋中國） 達人民幣10.842億元。不含雅士利，本集團資本支出為人4.6%) of the Group s revenue. The increase was mainly attributable to the inclusion of t