1、ANNUAL REPORT2018年 報China Mengniu Dairy Company Limited中國蒙牛乳業有限公司 *(Incorporated in the Cayman Islands with limited liability)(於開曼群島註冊成立之有限公司)Stock Code 股份代號：2319ANNUAL REPORT 年 報 2018CORPORATE PROFILE公司簡介China Mengniu Dairy Company Limited (the “Company”; stock code: 2319) and its subsidiaries (the

2、 “Group” or “Mengniu”) manufacture and distribute quality dairy products in China. It is one of the leading dairy product manufacturers in China, with MENGNIU as its core brand. Mengniu s diversified products include liquid milk (such as UHT milk, milk beverages and yogurt), ice cream, milk formula

3、and other products (such as plant-based protein beverage and cheese). Mengniu made it on the “Global Dairy Top 20” list published by Rabobank, placing itself among the top 10 of dairy industry in 2017 and 2018 consecutively. By the end of December 2018, the Group s annual production capacity of dair

4、y products reached 9.75 million tons. In March 2014, Mengniu became a Hang Seng Index constituent, making it the first blue chip Chinese dairy product enterprise.中國蒙牛乳業有限公司 （ 本公司 ；股份代號：2319） 及其子公司 （統稱 本集團 或 蒙牛 ） 於中國生產及銷售優質乳製品。憑藉其主要品牌蒙牛，蒙牛已成為中國領先的乳製品生產商之一。蒙牛提供多元化的產品，包括液態奶 （如UHT奶、乳飲料及酸奶） 、冰淇淋、奶粉及其他產品

5、（如植物蛋白飲品、奶酪） 。蒙牛於二零一七年及二零一八年連續兩年於荷蘭合作銀行公佈的 全球乳業20強 佔據全球首十名。截至二零一八年十二月底，本集團乳製品的全年生產能力達975萬噸。二零一四年三月，蒙牛獲納入恒生指數成份股，成為首家中國乳製品企業藍籌股。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16Directors and Senior Management董

6、事及高級管理層52Corporate Governance Report企業管治報告64Report of the Directors董事會報告85Corporate Information公司資料103Independent Auditor s Report獨立核數師報告105Consolidated Statement of Profit or Loss綜合損益表113Consolidated Statement of Comprehensive Income綜合全面收益表114Consolidated Statement of Financial Position綜合財務狀況表115Co

7、nsolidated Statement of Changes in Equity綜合權益變動表118Consolidated Statement of Cash Flows綜合現金流量表120Notes to Financial Statements財務報表附註123Financial Summary財務概要31920182017二零一八年二零一七年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68,97760,156Gross Profit毛利25,78421,18

8、3Profit Attributable to Owners of the Company本公司擁有人應佔利潤3,0432,048Net cash flows from operating activities經營業務產生的凈現金流量6,3645,505Earnings per Share (RMB)每股盈利 （人民幣元） Basic基本0.7790.526 Diluted攤薄0.7780.526 In 2018, Mengniu continued to be named among the “Global Dairy Top 10” by Rabobank for two years in

9、 a row, BrandZs list of top 20 most valuable Chinese brands for the fourth consecutive year and topping the list of brand contribution. In 2019, for the first time, Mengniu made it among Brand Finances list of the top 500 most valuable brands of the world. Mengniu introduced the “Power of Nature, Bo

10、rn for Greatness” brand proposition which gained unprecedented success by tying in with 2018 FIFA World Cup (“World Cup”) themed marketing. During the period of World Cup, the brand power of Mengniu increased significantly, climbing to the top spot of the industry for the first time in five years. M

11、engnius room temperature products saw a significant boost in sales volume, while overall sales recorded considerable growth and the business gained a bigger market share; the share of chilled products remained the first in the market for the 13th consecutive year. Core products delivered steady perf

12、ormance while its innovative new products performed brilliantly; the ice cream business achieved sales that had grown at a high single-digit rate. The milk formula business, which had turned around to profit and capitalized on the growth momentum, managed significant growth. During the year, Mengniu

13、 consolidated and established new business divisions, focusing on businesses with high potentials including overseas markets, fresh milk, plant-based protein beverage and yogurt, with which the overall deployment witnessed initial satisfactory results. Mengniu strengthened its digital marketing deve

14、lopment and reinforced channel and Point of Sales (“POS”) constructions, while promoting new retail model via B2B and empowering distributors to enhance its sales capability. Mengniu further optimized the deployment in quality milk sources and production lines in order to enhance the efficiency of i

15、ts supply chain. Also, it established a factory in Indonesia as its second overseas factory, which is also the first liquid milk factory of Mengniu located in overseas markets, serving to speed up the entry to Southeast Asian markets. 於二零一八年，蒙牛第二年蟬聯荷蘭合作銀行公佈的 全球乳業十強 ，並連續第四年入選BrandZ最具價值中國品牌榜前20強，及躍居品牌

16、貢獻總榜第一名。蒙牛更在二零一九年首次躋身Brand Finance的全球最具價值品牌500強。 蒙牛提出 自然力量，天生要強 的品牌主張，配合2018 FIFA世界盃 （ 世界盃 ） 主題營銷獲得空前成功，世界盃期間，蒙牛品牌力大幅提升，五年以來首次位列行業第一。 蒙牛常溫產品銷量顯著提升，整體銷售增長可觀，進一步增加市場份額；低溫產品的市場份額連續第13年保持第一，核心產品表現穩健，創新產品表現亮眼；冰淇淋業務實現高單位數增長。奶粉業務在扭虧為盈的基礎上，銷售乘勢而上，持續大幅增長。 蒙牛在年內整合設立新業務群，聚焦海外市場、鮮奶、植物基蛋白飲品、奶酪等高潛力業務，整體佈局初顯成效。 蒙牛

17、加強數字化營銷建設，深化渠道和終端建設，推廣B2B新零售模式，賦能經銷商，提升銷售力。 蒙牛進一步優化優質奶源及生產線的佈局，提升供應鏈效率，並於印尼設立海外第2間工廠，該工廠亦是蒙牛在海外市場的第一間液態奶工廠，以加速進軍東南亞市場。HIGHLIGHTS摘要China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司22001825,689.29,879.817,446.029,688.79,998.319,701.659,388.62,723.46,017.4847.753,015.02,513.1 4,042.1 585.4Ice C

18、ream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 ended 31 December)按產品劃分之收入（截至十二月三十一日止年度）RMB Million 人民幣百萬元 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

19、 人民幣百萬元 Annual Report 2018 二零一八年年報3HIGHLIGHTS 摘要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Gansu甘肅Sichuan四川Xinjiang新疆Henan河南Hubei湖北Wuhan武漢Anhui安徽Jiangsu江蘇Zhejiang浙江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

20、其他產品Saibei Plant塞北生產基地Chabei Plant察北生產基地Taiyuan Plant太原生產基地Helin (Hi-tech) Plant和林 （高科） 生產基地Helin (Headquarters) Plant和林 （總部） 生產基地Baotou Plant包頭生產基地Bameng Plant巴盟生產基地Yinchuan Plant銀川生產基地齊齊哈爾生產基地Qiqihaer Plant新疆生產基地Xinjiang Plant尚志生產基地Shangzhi PlantWulanhaote Plant烏蘭浩特生產基地Tongliao (Keerqin) Plant通遼 （

21、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Taian Plant泰安生產基地Jiaozuo Plant焦作生產基地Maanshan 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 (Yashil

22、i) Plant廣東 （雅士利） 生產基地Wuhan Plant武漢生產基地Dangyang Plant當陽生產基地Baoji Plant寶雞生產基地Linxia Hui Autonomous Prefecture (Yiqing) Plant臨夏回族自治州 （壹清） 生產基地Shanxi Plant山西生產基地Zhengzhou (Plant-BasedFood Business) Plant鄭州植物基食品生產基地Meishan Plant眉山生產基地Youzhiyou Plant友芝友生產基地Jinhua Plant金華生產基地雅士利新西蘭工廠已於2015年11月正式投產The New Z

23、ealand factory of Yashili commencedproduction in November 2015蒙牛印尼工廠已於2018年11月正式投產The Indonesia factory of Mengniu commenced production in November 2018註 Note:PLANT MAP生產基地位置圖China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司4MAJOR AWARDS AND ACHIEVEMENTS主要獎項及殊榮Annual Report 2018 二零一八年年報5本集團及管理層 連續十年入選荷

24、蘭合作銀行的 全球乳業20強 榜單，並連續第二年位居全球前十 在 機構投資者 雜誌2018年度亞洲區公司管理團隊調查中 ，分別獲必需消費品行業類別的 最佳CEO 、 最佳CFO 及 最佳投資者關係工作 頭三位殊榮 榮獲國務院扶貧辦和中國社會科學院頒發的 企業扶貧藍皮書2018 企業扶貧優秀案例獎 榮獲亞洲企業商會頒發的 2018亞洲企業社會責任社會公益發展獎 蒙牛成為四家首批獲得能源基金會與能效經濟委員會 中國頒發 氣候領袖企業 榮譽稱號的企業之一，並成為國內乳品行業中唯一獲此殊榮企業。榮獲中國食品安全年會組委會頒發的 2017-2018年食品安全十強企業 ，總裁盧敏放先生榮獲 2017-20

25、18年食品安全優秀企業家 稱號蒙牛品牌 榮獲BrandZ2018最具價值中國品牌榜20強 榮獲Brand Finance全球最具價值品牌500強 在中國工業和信息化部的中國品牌力指數(C-BPI)中，蒙牛低溫酸奶連續第八年蟬聯C-BPI中國酸奶行業品牌力榜首，優益C蟬聯C-BPI乳酸菌飲料行業品牌力榜首 蒙牛在凱度消費者指數的調研中，位列 中國市場消費者首選品牌榜 第二名蒙牛產品 特侖蘇有機純牛奶及蒙牛瑞哺恩有機嬰幼兒奶粉系列分別獲得 第十二屆中國國際有機產品博覽會產品金獎 及 優質配方獎 現代牧業純牛奶連續5年榮膺世界食品品質評鑒大會金獎 在 第十二屆內蒙古乳業博覽會暨高峰論壇 中，慢燃纖維

26、奶昔牛奶榮獲 首款體重管理牛奶創新獎 ， 冠益乳BB-12酸奶榮獲 首款雙功能保健酸奶創新獎 雅士利國際嬰幼兒營養品有限公司獲得由中國乳製品工業協會及國際乳品聯合會中國國家委員會聯合授予的 乳品質量安全管理標杆企業 稱號THE GROUP AND ITS MANAGEMENT Included in the “Global Dairy Top 20” list published by Rabobank for the tenth consecutive year and climbed into the worlds top 10 for the second consecutive yea

27、r. Ranked among the top 3 for “The Best CEO”, “The Best CFO” and “The Best Investor Relations Program” in the consumer/staples category published in the 2018 All-Asia Executive Team Survey conducted by the Institutional Investor magazine. Granted the “Blue Book of Poverty Alleviation for Enterprises

28、 (2018) Excellent Case in Poverty Alleviation” by the State Council Leading Group Office of Poverty Alleviation and Development and the Chinese Academy of Social Sciences. Honoured with the “Asia Responsible Entrepreneurship Award 2018 Social Empowerment Category” conferred by Enterprise Asia. Mengn

29、iu was one of the first four enterprises to receive the honourable title of “Climate Leader Plant” from the Energy Foundation and China Council for an Energy Efficient Economy, making itself the only enterprise to receive this honour in the dairy product industry in China. With the award of “2017-20

30、18 Top 10 Food Safety Enterprise” granted by the Organizing Committee of China Food Safety Annual Conference, Mr. Jeffrey, Minfang Lu, Chief Executive Officer, was awarded the title of “2017-2018 Outstanding Food Safety Entrepreneur”.MENGNIU S BRANDS Ranked among the top 20 in the BrandZ 2018 list o

31、f the most valuable Chinese brands. Ranked among Brand Finances list of the top 500 most valuable brands in the world. On the “China Brand Power Index (C-BPI)” list published by the Ministry of Industry and Information Technology of the PRC, Mengnius chilled yogurt held the championship in Chinas yo

32、gurt industry for the eighth consecutive year and Yoyi C retained the championship in C-BPI Brand Power in the probiotics drinks industry. Mengniu was ranked second on the list of “Most Chosen Brands in China” in the consumer research statistics of Kantar Worldpanel.MENGNIU S PRODUCTS Milk Deluxe Or

33、ganic Milk and Reeborne Organic infant milk series respectively garnered the “Gold Award” and “Quality Formula Award” conferred by the 12th Biofach China. The pure milk of Modern Dairy won the Gold Award from Monde Selection for the fifth consecutive year. The milkshake milk product Burnlooking won

34、the “Innovation Award for the First Weight Management Milk” and the Champion BB-12 yogurt won the “Innovation Award for the First Dual Functional Healthcare Yogurt” in the 12th Inner Mongolia International Dairy Expo and Summit. Yashili International Infant Nutrition Co., Ltd. was granted the title

35、of “Benchmark Enterprise for Dairy Product Quality and Safety Management” jointly awarded by the China Dairy Industry Association and Chinese National Committee of the International Dairy Federation.CEO S STATEMENT總裁致辭China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司8二零一八年，儘管面對經濟環境挑戰及行業競爭加劇，蒙牛並沒有依賴價格競爭

36、，相反，蒙牛仍然堅守既定戰略，聚焦營養健康，持續提升新品數量和質量，以差異化產品攻佔市場，並透過母子品牌協同作戰，大力進行世界杯主題營銷，以及升級渠道佈局，進一步拓展電商及新零售銷售，優化供應鏈效率，發展新業務，打造蒙牛增長新引擎。成功的戰略規劃及高效的戰略執行，助力蒙牛業務增長提速，進入了高質量、可持續的發展模式。本集團的傳統業務結構已日趨完善，新興業務正蓄勢待發，蒙牛亦已從二十年前的 內蒙牛 逐漸壯大為全球知名的 世界牛 ，蟬聯荷蘭合作銀行公佈的 全球乳業十強 。Despite facing a challenging economic environment and intensifie

37、d industry competition in 2018, Mengniu did not rely on price competition. Quite the opposite, it remained steadfast in upholding its set strategies of focusing on nutrition and health, increasing the quantity and improving the quality of new products, using differentiated products to seize market s

38、hare and carrying out World Cup-themed marketing in full strength with the parent brand and the sub-brands working in collaboration. It also upgraded channel deployment, stepped up expanding e-commerce and new retail sales, optimized supply chain efficiency and developed new business, so as to creat

39、e new growth drivers for itself. Successful strategic planning and effective execution of the plans enabled Mengniu to speed up business growth and enter a high-quality and sustainable development mode. The structure of the Groups traditional business has gradually optimized while new businesses are

40、 ready to gain ground. Mengniu has developed and grown from “Mengniu of Inner Mongolia” 20 years ago into “Mengniu of the world”, as evidenced by it being named again among the “Global Dairy Top 10” by Rabobank.Mr. Jeffrey, Minfang LU 盧敏放先生Chief Executive Officer總裁Ditfih lliiitd i tifi dAnnual Repor

41、t 2018 二零一八年年報9CEO S STATEMENT 總裁致辭Mengnius new product category-based business division system is operating efficiently. Each business segment performed well during the year. By focusing on core product categories and premium products, and drawing on its core competitiveness, that is, its ability t

42、o innovate, the Group continued to exert on research and development of innovative products during the year, targeting at premium, nutritious and healthy products, and launched over 40 new products. These efforts, together with the extensive World Cup marketing campaign, had enabled the Group to ach

43、ieve outstanding results for the year.蒙牛按產品種類劃分的新事業部制高效運營，各業務板塊齊頭並進。本集團聚焦核心品類及明星產品，以創新作為核心競爭力，於年內持續發力產品創新研發，推進產品向高端化、營養化、健康化升級，推出40多款新品，配合聲勢浩大的世界杯營銷戰，取得了豐碩的成果。China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司10CEO S STATEMENT 總裁致辭年內，蒙牛的常溫業務增長可觀，蒙牛和特侖蘇品牌牛奶取得雙位數增長，增速進一步提升。而蒙牛在年內推出便攜式瓶裝設計的純甄小蠻腰以及常溫果粒酸奶等新品

44、，上市以來成績理想，令常溫酸奶銷售表現再創高峰。蒙牛的低溫產品穩佔行業領先地位，蒙牛品牌酸奶增長穩健，功能酸奶冠益乳在新品BB-12酸奶的帶動下與明星乳酸菌飲品優益C齊頭並進，創新產品碧悠卡趣滋表現亮眼、歐式炭燒酸奶銷售更取得爆發式增長。冰淇淋業務聚焦第一大品牌隨變進行大型促銷活動，加上推出多個新品，實現銷售連續三年雙位數的複合增長率，增速領先行業。奶粉業務在扭虧為盈的基礎上，銷售乘勢而上，持續大幅增長。同時，本集團整合設立新業務群，聚焦海外市場、鮮奶、植物基、奶酪等高潛力業務，整體佈局初顯成效，為未來增長奠定了堅實的基礎。During the year, Mengnius room temp

45、erature product business achieved considerable growth. Each of Mengniu and Milk Deluxe branded milk achieved double-digit growth, with growth rate further increased in the year. New products launched during the year, such as the Just Yoghurt easy-to-carry bottle series Xiaomanyao and room temperatur

46、e fruit pulp yogurt both performed satisfactorily since their debut, contributing to the sales of room temperature yogurt reaching new heights. Mengnius chilled products retained solid leadership in the industry, with Mengniu branded yogurt recording steady growth, whereas the functional yogurt Cham

47、pion, at the drive of the new BB-12 yogurt grew shoulder-to-shoulder with the star probiotics drink Yoyi C. Furthermore, the innovative Bio Kaquzi product performed brilliantly and European Charcoal Yogurt recorded explosive growth in sales. As for ice cream business, at the major promotional effort

48、s mounted for the flagship brand Suibian and the launch of a number of new products, it achieved sales that had grown at a double-digit compound annual growth rate over the last three years, leading in growth speed in the industry. Having turned around to profit and capitalizing on the strong growth

49、 momentum gathering, the milk formula business achieved a substantial increase in sales. At the same time, the Group integrated and set up new business divisions to help develop overseas markets and businesses, such as fresh milk, plant-based beverage and cheese, which have promising growth potentia

50、l. Such deployment has started to show effect, suggesting that a solid foundation has been laid for future growth.Annual Report 2018 二零一八年年報11CEO S STATEMENT 總裁致辭二零一八年，蒙牛品牌力全面升級，成為2018 FIFA世界盃 （ 世界盃 ） 全球官方贊助商，亦是首個作為FIFA全球贊助商的乳品品牌及首個作為世界盃全球贊助商的中國食品飲料品牌，蒙牛品牌的國際影響力更上一層樓。蒙牛並聘請前世界足球先生里奧 梅西 （Lionel Messi，

51、簡稱 梅西 ）簽約成為品牌代言人，傳播 天生要強 的品牌主張，使 天生要強 成為年度熱詞，進一步深化蒙牛的國際化品牌形象。本集團各部門凝心聚勢、全面部署，在世界盃營銷戰中取得驕人業績，在玩轉FIFA世界盃，掃碼紅包100%（ 掃碼紅包 ）大型整合營銷活動期間，蒙牛與消費者深入互動，共享世界盃激情，掃碼人次超過兩億。世界盃營銷活動期間，蒙牛的品牌影響力顯著提升，根據華通凱度的調研，其品牌影響力五年來首次位列行業第一。蒙牛憑藉高品質、國際化品牌形象，屢屢作為 國家名片 亮相國際級、國家級盛會，年內除成為上海合作組織工商論壇的官方合作夥伴外，亦進駐首屆中國國際進口博覽會。憑藉品牌力的全面突破，蒙牛連

52、續四年入選BrandZTM最具價值中國品牌榜前20強，更躍居品牌貢獻總榜第一名，此外，蒙牛亦在二零一九年首次躋身Brand Finance的全球最具價值品牌500強。In 2018, Mengniu was an Official 2018 FIFA World CupTM (“World Cup”) Sponsor and also the first dairy product brand to cooperate with FIFA as a global sponsor and the first food and beverage brand in China as a World

53、Cup global sponsor. The sponsorship saw Mengnius international brand influence board new heights. Mengniu also appointed Lionel Messi (“Messi”), the former FIFA World Player of the Year, as brand ambassador to promote its “Born for Greatness” brand proposition, making “Born for Greatness” buzzwords

54、of the year, helping strengthen the international brand image of Mengniu. Working as one team, all the different departments rolled out in concert the World Cup marketing campaign of the Group and achieved outstanding results. During the large-scale integrated marketing activity “FIFA World Cup Fun,

55、 Scan the Code for Red Packet 100%” (“Scan the Code for Red Packet”), with more than 200 million times of code scanning, the Group had in-depth interaction with consumers, sharing together with them the excitement of the World Cup. During the World Cup marketing campaign, Mengnius brand influence in

56、creased notably, ranking first in the industry the first time in five years, according to Kantar Millward Browns research.Boasting high quality products and an international brand image, Mengniu has represented the country at international and national events. During the year, apart from being an of

57、ficial partner of the Shanghai Cooperation Organization Business Forum, it also participated in the first China International Import Expo. Managing breakthrough in overall brand power, Mengniu continued to make it among the top 20 in the BrandZTM list of Most Valuable Chinese Brands for the fourth c

58、onsecutive year and climbed to first place this year in brand contribution. In addition, in 2019, for the first time, the Group made it on to Brand Finances list of top 500 most valuable brands in the world.China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司12CEO S STATEMENT 總裁致辭蒙牛通過進一步深化銷售佈局變革，精細化銷售管理，優

59、化供應鏈模式，落實 通路精耕、渠道下沉 策略，銷售力得到全面提升，透過穩步拓展傳統渠道，借勢電商及新零售渠道，有序擴張銷售網點，發力村鎮市場及校園渠道。蒙牛電商事業部達成二零一八年的全部核心指標，銷售額增長超過五成，高於行業平均增速。蒙牛持續深化與京東、天貓等電商的戰略合作，在各電商平台表現脫穎而出，於 雙十一 、 超級品牌日 等營銷活動戰績碩果累累。另一方面，蒙牛著重新品類、新渠道拓展，與零售通及惠下單達成戰略合作，因應不同渠道特性推出專屬產品。大數據時代背景下，年內 智網行動 正式啟動，旨在通過標準化的管理系統落實到銷售渠道的各層面，打造專業營銷一體化的智網系統，提供全數字化營銷及渠道拓展

60、解決方案，助力蒙牛集團及經銷商數字化戰略的全面實現。此外，蒙牛在優化Customer Relationship Management （ CRM ） 會員體系的同時，協同不同品牌打破產品界限，深度融合跨品牌消費者大數據，提升消費者分群能力及洞察能力，達致數字化精準營銷。蒙牛在年內繼續完善全球化佈局，致力構築一條打通從奶源到生產銷售、自研發到質量管控的全部環節的全球化產業鏈。本集團更刷新 蒙牛速度 ，以172天於印尼設立海外第二間工廠，該工廠亦是蒙牛在海外市場的第一間液態奶工廠，以提升蒙牛在東南亞市場的競爭力，加速進軍東南亞市場。Adhering to its “developing route

61、s to market and enhancing channel penetration” strategy, Mengniu took its sales deployment reform further, practiced refined management of sales and optimized its supply chain model, and in turn was able to enhance sales capability. By steadily expanding traditional channels and tapping the power of

62、 e-commerce and new retail channels, it was able to systematically expand its sales points and enlarge its market coverage and penetration in towns and villages as well as campuses. Mengnius e-commerce division achieved all its core targets for 2018 and boasted an over 50% growth in sales, surpassin

63、g the industry average. Mengniu stepped up strategic cooperation with e-commerce merchants such as JD.com and Tmall and achieved outstanding performances on e-commerce platforms during such shopping carnivals as “Double 11” and “Super Brand Day”. At the same time, dedicated to developing new product

64、 types and new channels, Mengniu became strategic partners with and H and tailored and launched unique products that match the characteristics of the different channels. In the advent of the Big Data era, Mengniu initiated the “Smart Network Action” during the year. By applying its standardized mana

65、gement system on sales channels and building a professional integrated smart marketing network system to provide digital marketing and channel expansion solutions, the Group aims to help itself and its distributors reap fully the benefit of digitalization. Moreover, while optimizing the Customer Rel

66、ationship Management (“CRM”) membership system, Mengniu also coordinated collaboration among different brands in integrating consumer Big Data across brands to enhance grouping and more thorough understanding of consumers and ultimately, with the help of digital technology, realize precision marketi

67、ng.During the year, Mengniu continued to optimize global deployment, dedicating in building a global industrial chain that connects milk source to production and sales, and also in-house research and development to quality control. The Group also made new “Mengniu speed” record by building its secon

68、d overseas factory, this latest in Indonesia, in 172 days. The factory is also the first liquid milk factory of Mengniu set up overseas, the purpose of which is to enhance the competitiveness of Mengniu in Southeast Asian markets hence hasten its business expansion in those markets.Annual Report 201

69、8 二零一八年年報13CEO S STATEMENT 總裁致辭Mengniu continued to join force with its three major shareholders to align its operations with international standards and apply the resources available to it from around the world so as to develop itself into a world-class dairy enterprise. Upholding the core value of

70、 no compromise on quality, Mengniu adopts refined management practices on quality across the entire industrial chain to make sure it can provide products of consistent quality to consumers. At the same time, as a representative of Chinese enterprises bearing social responsibility, Mengniu has contin

71、ued to implement charitable campaigns like the “Inclusive Nutrition Plan” and also pushed forward its sustainable development strategy, so as to bring happiness to more people.The dairy industry in China is moving closer to achieving the target of completing revitalization by 2025 and the industry i

72、s advancing into a “golden decade” of rapid growth. Looking forward, Mengniu will continue its current business strategies to enhance core competitiveness, including investing resources into the Mengniu parent brand to help bolster sales of sub-brands, strengthening digital marketing-related constru

73、ction, stepping up channel and POS construction to empower distributors, pursuing B2B new retail mode in greater depth and enhancing sales capability, fortifying R&D capabilities for achieving product innovation and upgrade, as well as optimizing deployment of quality milk source and product lines t

74、o boost supply chain efficiency. In addition, Mengniu will pool resources to develop new businesses and products under its key brands, and push forward market upgrade and channel development, to power rapid growth of its new businesses.Mengniu will celebrate its 20th anniversary in 2019, another mil

75、estone in its hundred-year journey of development and also the starting point of its next stage of advancement. In 2019, Mengniu will strive to excel on all fronts from products, brands, sales channels, to innovation and culture. The Mengniu team will diligently carry on the “Born for Greatness” Men

76、gniu spirit and build a powerful army that embraces the wolf team culture of “must-win” and “win-win”, opening the new “Mengniu of the world” era.Jeffrey, Minfang LU Chief Executive OfficerHong Kong, 27 March 2019蒙牛持續攜手三大股東，對標世界級標準，利用全球資源，打造世界級的乳製品企業。蒙牛堅守以質量為核心的價值觀，細化全產業鏈質量管理，為消費者帶來優質如一的產品。同時，作為民族企業

77、，肩負著社會責任，蒙牛持續推行 營養普惠計劃 等公益活動，深入推進可持續發展戰略，為更多人創造點滴幸福。二零二五年乳業全面振興的目標正逐步接近，中國乳製品行業正邁向快速發展的 金色十年 。展望未來，蒙牛將延續現時的業務戰略，以持續提升核心競爭力，包括持續提升對蒙牛母品牌的投入，拉動子品牌的營銷；加強數字化營銷建設，深化渠道和終端建設，賦能經銷商，深化B2B新零售模式，提升銷售力；持續強化研發能力，實現產品的創新升級；以及進一步優化優質奶源及生產線的佈局，提升供應鏈效率。蒙牛並將集中資源，深入發展新業務，聚焦重點品牌，升級市場及渠道的發展，以推動新業務的快速增長。二零一九年將是蒙牛發展的二十週年

78、，是蒙牛百年征途的又一里程碑，亦是全新的起點。蒙牛將力爭贏在二零一九要贏在產品、贏在品牌、贏在渠道、贏在創新、贏在文化。蒙牛人將秉承 天生要強 的蒙牛精神，以 必贏、共贏 的狼性團隊文化打造 要強鐵軍 ，開啟 世界牛 的新時代。盧敏放總裁香港，二零一九年三月二十七日MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司16行業回顧二零一八年，國內整體經濟持續增長，消費依然穩健。年內，中國國內生產總值約為人民幣90萬億元，同比增長6.6%；中國社會消費品零售總額約為人民幣38

79、萬億元，按年增長約9.0%。在國家政策支持乳業振興的背景下，乳業保持健康發展。國內消費持續升級和中產階級的壯大，推動了乳製品行業的升級及產品結構優化。新消費時代驅使乳製品行業迎合消費者對健康、即時性及個性化的追求，高端、健康、多元的乳製品成為行業增長的驅動力，市場領先者均以研發新產品及高質量乳製品搶佔市場。三四線城市居民消費力增強，而乳製品消費滲透率尚低，亦成為乳製品行業增長的另一主要推動力。互聯網使用愈見普及，新興網上零售高速增長，大型乳企如蒙牛正把握當前機遇，積極進行線上線下渠道整合，融合發展 新零售 模式，讓購買和營銷場景無縫切換，並且透過大數據賦能，提升購物者的體驗和隨時滿足消費者的需

80、求，以實現乳製品產品價值的飛躍。在行業致力開發新品以及品牌營銷下，液態奶銷售繼續維持強勁增長。大眾對健康的熱切追求促使常溫酸奶、高端純牛奶及低溫新鮮乳製品產品越來越受歡迎，成為行業增長引擎。此外，隨著國產奶粉的品質持續提升，中國嬰幼兒配方奶粉市場中，外資和國產品牌呈現均衡發展，消費升級亦令有機嬰幼兒配方奶粉、羊奶粉等成為奶粉行業的銷售增長點。截至二零一八年十二月底，中國政府實施的嬰幼兒奶粉配方註冊制一共批准了1,195個嬰幼兒配方乳粉產品配方，優勝劣汰下，行業集中度進一步提高，有利優質及富實力的品牌搶佔市場。INDUSTRY REVIEWIn 2018, the overall economy

81、 of China continued to grow with consumption remaining steady. The countrys GDP for the year amounted to approximately RMB90 trillion, representing an increase of 6.6% year-on-year. Total Retail Sales of Consumer Goods were approximately RMB38 trillion, up by 9.0% year-on-year.As for the dairy indus

82、try, it maintained healthy development thanks to government policies supportive of revival of the industry. The continuous consumption upgrade and a growing middle class in China have given the dairy industry the drive to upgrade and optimize product structure, and the unfolding of the new consumpti

83、on era is pushing dairy industry players to meet consumers demand for healthy, readily accessible and personalized products. As such, high-end, healthy, diversified dairy products have become growth engines of the industry, and leading players are resorting to developing new and high-quality dairy p

84、roducts to seize market share. The consumption power of residents in third-tier and fourth-tier cities is growing while the penetration rate of dairy products has been low, which means that the penetration potential in lower-tier cities is another major growth driver of the industry. With Internet u

85、se more and more prevalent and the new online retail business developing rapidly, large dairy enterprises like Mengniu are seizing the opportunity to integrate online and offline channels to develop the “new retail” model that merges seamlessly purchase and marketing scenarios. Moreover, empowered b

86、y Big Data, they are able to enhance consumption experience and meet consumer demands at all times, thereby markedly elevate the value of dairy products.At the introduction of new products and active brand marketing by the industry, liquid milk sales continued to register strong growth. The keen int

87、erest of consumers in healthy products have translated into demand for room temperature yogurt, high-end pure milk and chilled fresh milk products, turning them into growth engines of the industry. In addition, as the quality of domestic milk formula continues to improve, both foreign and domestic i

88、nfant milk formula brands have been developing in equally strong strides in the China market. Consumption upgrade has also turned products like organic infant milk formula and goat milk powder into impetus of sales growth for milk powder industry. By the end of December 2018, a total of 1,195 infant

89、 milk product formulas had gained approval under the infant milk formula registration policy launched by the Chinese government. With players lacking in competence weeded out, the industry has further consolidated, which is conducive to high quality and strong brands seizing market shares.Annual Rep

90、ort 2018 二零一八年年報17MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析中國國務院於二零一八年六月頒佈 關於推進奶業振興、保障乳品質量安全的意見 ，以優質安全、綠色發展為目標，推進供給側結構性改革，以降成本、優結構、提質量、創品牌、增活力，強化標準規範、科技創新、政策扶持、執法監督和增加消費培育，加快構建現代奶業在生產、經營和質量安全的體系，預期新政將進一步提高奶業發展質量、效益和競爭力，推動奶業現代化。此外，國家個人所得稅改革自二零一九年起實施，預期將增加居民的可支配收入，支持消費支出的穩定增長，加上消費升級的大趨勢，有利乳業的穩健發展。目前

91、全球乳業發展不均勻，新興市場特別是亞洲地區相對歐洲和北美洲而言，呈現生產資源較緊缺、乳業科技水平相對較落後、人均消費量較低等特徵，發展空間廣闊，消費增長亦更為快速。要撬動巨大的市場空間，中國乳企需要融入國際舞台，堅持 引進來、走出去 的國際化進程，快速提升競爭能力，體現世界乳業一體化，謀求更多合作機會。蒙牛作為國內領軍乳品企業之一，亦於過去一年為國際化積極向前，逐步向建立全球乳業共同體邁進。In June 2018, the State Council of the PRC issued a circular to further revive the milk industry and im

92、prove the quality and safety of domestic dairy products, aiming to, with quality, safety and green development as ultimate targets, facilitate supply-side structural reform to lower cost, optimize industry structure, improve quality, build brands and enhance vitality of the industry, as well as stre

93、ngthen standards, technological innovation, policy support, law enforcement and monitoring, and enhance consumption, all to the end of speeding up construction of the production system, operation system and quality and safety system of a modern dairy industry. The new policy is expected to help boos

94、t the quality, efficiency and competitiveness of the dairy industry, contributing to modernization of the industry. Additionally, the individual income tax reform in China taking effect in 2019 is expected to increase residents disposable income, hence support the steady growth of consumption expend

95、iture. That plus the prevailing consumption upgrade will brace the healthy development of the dairy industry.Currently, dairy industries in different parts of the world are not developing at the same speed. Compared with Europe and North America, emerging markets, especially those in Asian regions,

96、are facing pressure from such as tight production resources, lagging in technological strength and lower per capita consumption, therefore have lots of room for development and faster consumption growth. To tap the enormous market potential, dairy enterprises in China need to gain a place on the int

97、ernational stage, insist on the internationalization process of “bringing in, going out” to quickly enhance competitiveness, strive for a unified global dairy industry and look for more cooperation opportunities. As a leading dairy product enterprise in China, Mengniu had pressed forward with intern

98、ationalization in the past year, gradually developing a global dairy community.China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司18MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析業務回顧事業部表現常溫業務蒙牛常溫業務圍繞消費者需求，以產品創新、營銷創新、深化渠道精耕 （Route to Market，簡稱RTM ） 等戰略配合世界盃主題營銷，品牌影響力及產品銷量顯著提升，整體銷售增長可觀，進一步增加市場份額。蒙牛純牛奶和高端純牛奶特侖

99、蘇均取得雙位數增長，而蒙牛在年內推出便攜式瓶裝設計的純甄小蠻腰以及果粒酸奶等新品，上市以來成績理想，常溫酸奶銷售表現再創高峰。年內，高端純牛奶品牌特侖蘇聚焦細分產品和產品持續升級，繼於二零一七年推出針對泛運動人群的超高端M-PLUS高蛋白牛奶後，於年內繼續圍繞其高端品牌定位，以富有特色的 夢幻蓋包裝全新推出特侖蘇有機純牛奶，推動特侖蘇銷售持續高增長。純甄圍繞世界盃主題開展營銷活動，以 味道純純，盡享精彩 為口號，集中投放廣告以及有效實施線上線下互動營銷，並且推出高端便攜式瓶裝設計新品純甄小蠻腰酸奶，成功刺激純甄的銷售；蒙牛再順勢於年底推出紅西柚口味，進一步豐富純甄小蠻腰酸奶的產品類別。此外，蒙

100、牛在市場推出首款體重管理牛奶慢燃纖維奶昔牛奶及首款水解膠原蛋白晶璨果凍產品凝純。順應消費者需求，創新銷售模式，通過社交營銷平台傳播推廣，成功吸引注重健康及愛美的消費人群。低溫業務蒙牛低溫事業部在工藝技術、產品開發、包裝設計、菌種、營養等多個專業領域均顯著提升；蒙牛亦持續深化與戰略股東Danone SA及其子公司（ Danone集團 ） 在產品研發及技術工藝等方面的合作，並取得了豐碩成果。二零一八年，蒙牛低溫產品的市場份額連續第13年保持行業第一，收入實現雙位數增長。核心產品表現穩健，功能酸奶冠益乳與明星乳酸菌飲品優益C齊頭並進，品牌力持續提升並保持第一，歐式炭燒酸奶銷售強勁，市場佔有率進一步提

101、升，新品代餐酸奶碧悠卡趣滋表現亮眼。BUSINESS REVIEWBusiness Division PerformanceRoom Temperature Product BusinessWith consumers needs in mind, Mengnius room temperature product business pursued product and marketing innovation and stepped up route-to-market (“RTM”) development, tying these efforts in with World Cup t

102、hemed marketing. As such, it saw a significant boost in brand influence and the sales volume of products. Overall sales recorded considerable growth and the business gained a higher market share. Mengniu Pure Milk and high-end pure milk Milk Deluxe both achieved double-digit growth in sales. New pro

103、ducts launched during the year, such as the Just Yoghurt easy-to-carry bottle series Xiaomanyao and fruit pulp yogurt, also achieved satisfactory results, sending the sales performance of room temperature yogurts to new heights.During the year, the high-end pure milk brand Milk Deluxe focused on dev

104、eloping its sub-categories as well as continuing product upgrade. Following the launch of a super high-end product tailored for sports enthusiasts, namely M-PLUS High Protein Milk, in 2017, staying loyal to the high-end brand positioning of Milk Deluxe during the year, the new Milk Deluxe Organic Mi

105、lk product that features the “DreamCapTM” packaging was launched, giving Milk Deluxe a strong boost to achieve continued rapid sales growth. Just Yoghurt mounted the World Cup themed marketing activities with “Pure Flavor, Full Enjoyment” as the slogan, and with the help of focused advertising, effe

106、ctive online and offline interactive marketing plus launching the high-end easy-to carry bottle yogurt series Just Yoghurt Xiaomanyao, the sales of Just Yoghurt was boosted. Mengniu continued to launch the grapefruit flavor, enriching the Just Yoghurt Xiaomanyao product line at the end of the year.

107、In addition, Mengniu unveiled to the market its first weight management fiber-rich milkshake milk product Burnlooking and its first hydrolyzed collagen jelly product Ningchun. In response to consumers demand, these products were launched in an innovative sales mode via social marketing and publicity

108、 platforms, capturing the eyes of the health and beauty conscious mass.Chilled Product BusinessMengnius chilled product division made great advancement in various professional aspects, including production techniques, product research and development (“R&D”), packaging design, as well as probiotics

109、and nutritional content. Mengniu also continued to strengthen cooperation with its strategic shareholder Danone SA and its subsidiaries (the “Danone Group”) on product R&D and production techniques, which brought fruitful results. In 2018, Mengniu continued to hold the leading share in the chilled p

110、roduct market for the 13th consecutive year and achieved double-digit revenue growth. Core products delivered steady performance while the functional yogurt Champion and star probiotics beverage Yoyi C both grew in equally strong strides, with brand power increasing and staying at the top in the mar

111、ket. European Charcoal Yogurt prided strong sales, claiming a larger share of market, and the new meal replacement yogurt Bio Kaquzi also performed brilliantly.Annual Report 2018 二零一八年年報19MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析年內，蒙牛推出多款低溫新品，助力低溫業務增長。冠益乳自二零一七年推出BB-12新品以來，著力提升產品的市場滲透率，通過強化保健功能酸奶的教

112、育傳播，鞏固其 專業功能性 酸奶定位，在年內銷售表現突出。優益C於二零一七年推出顛覆活性乳酸菌品類的創新產品LC-37系列，深受消費者歡迎，在年內更推出世界盃主題包裝，配合 掃碼紅包 活動，進一步推動產品銷售。此外，蒙牛的歐式炭燒酸奶佈局全國，推出新包裝、新口味拓展產品系列，年內銷售出現爆發式增長。蒙牛亦針對國內消費者日益強烈的代餐需求，於二零一七年底推出國內首創的復合穀物與酸奶分室包裝代餐酸奶碧悠卡趣滋，並於二零一八年十一月推出蒙牛第一款攪拌型Fruit on the Bottom （ FOB ，即底層有水果的意思） 酸奶碧悠雙層酪乳等尖端產品，優化碧悠的產品結構。奶粉業務奶粉業務方面，本集

113、團持有約51%股份的雅士利國際控股有限公司 （ 雅士利 ，股份代號：1230） ，旗下有雅士利、多美滋、瑞哺恩、朵拉小羊和Arla寶貝與我五大品牌，以全方位的產品戰略定位，科學高效地管理各產品線，實現對中端、高端和超高端等層級市場的全面覆蓋。隨著中國嬰幼兒奶粉配方註冊制的實施，雅士利成為首批公佈名單中獲得嬰幼兒奶粉註冊配方數量最多的企業，截至二零一八年底已完成旗下產品連同合作品牌Arla在內的16個系列共48個配方的註冊，本集團旗下另一品牌君樂寶亦已完成9個系列27個配方的註冊，產品質素備受認可。二零一八年，雅士利繼續致力豐富品牌矩陣，完善產品結構，並完成品牌的全面升級，以 匯你所想，為你所愛

114、 的品牌主張，於二零一八年四月推出嶄新品牌標誌及形象。在獲得 CCTV 匠心品牌 及 2018世界盃官方指定奶粉 （大中華區） 等殊榮的支持下，配合多元化平台進行全方位品牌推廣，以及聚焦母嬰渠道並輔以商超、電商渠道深入滲透縣、鎮級及三、四線城市拓展業務，使奶粉業務在扭虧為盈的基礎上，在年內銷售乘勢而上，持續大幅增長。During the year, Mengniu launched a number of new chilled products, which bolstered growth of the chilled product business. Since the new pro

115、duct BB-12 was launched in 2017, Champion has focused on enhancing market penetration via strengthening education of the health benefits of the functional yogurt to reinforce the “professional and functional” positioning of the brand, and as such, recorded outstanding sales performance during the ye

116、ar. The well received Yoyi C LC-37 series, a revolutionary probiotics product launched in 2017, took on a new World Cup themed packaging during the year and, at the complement of the “Scan the Code for Red Packet” activity, further enhanced sales. Moreover, targeting for nationwide deployment, the E

117、uropean Charcoal Yogurt series appeared in new packaging and had new flavors added, which resulted in explosive sales growth during the year. At the end of 2017, Mengniu optimized Bios product structure by launching a leading-edge product Bio Kaquzi, the first domestic meal replacement yogurt with m

118、ixed grains and yogurt separately packed, in order to meet the growing demand of domestic consumers for food replacement. Mengniu also launched another leading-edge product Bio Shuangcenglaoru, the first stirred Fruit on the Bottom (“FOB”) yogurt of Mengniu in November 2018.Milk Formula BusinessAs f

119、or the milk formula business, Yashili International Holding Ltd (“Yashili”, stock code: 1230), in which the Group holds approximately 51% stake, owns five brands including Yashily, Dumex, Reeborne, Doraler and Arla Baby & Me, which are positioned in agreement with its comprehensive product strategie

120、s and are scientifically and effectively managed for the product lines to cover all-tier markets: mid-range, high-end and super high-end. Yashili was on the first published list of enterprises with the most infant formulas registered following the implementation of the countrys infant milk formula r

121、egistration policy. By the end of 2018, Yashili had completed registration of 48 formulas in 16 product series of its own brands and also the cooperative brand Arla. The Groups another milk formula brand Junlebao also completed registration of 27 formulas in 9 product series, reflective of the recog

122、nition it enjoys for product quality.In 2018, Yashili continued to enrich its brand mix and improve product structure, and completed its comprehensive branding upgrades. It launched its new logo and a new brand image with the brand slogan of “Do Our Best for Your Loved Ones” in April 2018. On the ba

123、ck of honors such as CCTVs “Craftsmanship Brand” and “Official Powdered Milk of the 2018 FIFA World CupTM (for Greater China)”, it mounted all-round brand promotion on various platforms. Yashili also strengthened its penetration into counties, townships and third- and fourth-tier cities via the moth

124、er-and-baby store channels, supplemented by modern trade channels and e-Commerce channels to grow its business. The business, which had turned around to profit, had sales climbing during the year, managing significant growth.China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司20MANAGEMENT DISCUSSION AND A

125、NALYSIS 管理層討論及分析冰淇淋業務冰淇淋事業部借勢世界盃熱播效應，聚焦第一大冰淇淋品牌隨變的12個重點產品，開展 隨變搖紅包，贏世界盃門票 大型主題促銷活動，電視、網絡、戶外廣告整合宣傳，線上線下全方位覆蓋消費者，通過超高曝光率和代言人青年偶像吳亦凡的粉絲效應，增強與消費者的互動，拉動銷量，搶佔市場份額，並且聚焦重點城市，驅動全國銷量，於二零一八年實現銷售高單位數增長，毛利率亦明顯提升。年內，蒙牛總共推出了28個冰淇淋新品，例如隨變推出雙脆層比利時巧克力櫻桃果醬夾心冰淇淋及草莓巧克力口味雪糕等高端產品，以拓展產品系列，優化產品結構。高端品牌蒂蘭聖雪推出絢彩脆皮冰淇淋，帶動該品牌銷售。冰

126、+推出多款新品，包括聯手梅西推出足球形狀定制產品百香果口味雪泥等，深受消費者喜愛。蒙牛俄式系列、綠色心情系列等冰淇淋品牌亦有新品推出。新業務發展奶酪業務為抓緊中國奶酪市場的增長機遇，蒙牛設立奶酪事業部發展零售、乳品深加工及餐飲奶酪三大業務，透過加強與歐洲最大乳品企業Arla Foods合作，利用新產品、新配方、新包裝、新品牌形象以及新營銷，積極開拓奶酪市場，致力實現 奶酪振興，助推營養健康中國夢 。蒙牛聯合Arla Foods引進專業餐飲品牌Arla Pro，於二零一八年上半年推出第一款專為中國市場定制並在蒙牛工廠生產的愛氏晨曦馬蘇里拉乾酪絲，進軍高端餐飲奶酪業務，並與Arla Foods成為

127、二零一八年世界擊劍錦標賽官方贊助商，加強品牌推廣。去年十一月，本集團亦推出100%丹麥原裝進口的愛氏晨曦小探險家兒童奶制品系列新品，涵蓋兒童奶酪杯及兒童奶酪條，進軍奶酪零售。Ice Cream BusinessTapping into the World Cup craze, the ice cream business division focused on 12 key products of its flagship brand Suibian and rolled out extensive promotion titled “Shake for Red Packets, Win Ti

128、ckets to the World Cup”, appealing to consumers online and offline through integrated promotion on television, the Internet and via outdoor advertisement. The extraordinary exposure plus the appointment of Kris Wu, who has a massive young fan base, as brand ambassador enabled the Group to enhance in

129、teraction with consumers and in turn boost sales volume and gain market share. And, the promotional efforts targeting major cities with rippling effect also helped pushed up sales nationwide. In 2018, the division achieved sales that had grown at a high single-digit rate. Gross profit margin of the

130、business also increased notably.During the year, Mengniu launched a total of 28 new ice cream products. For instance, Suibian expanded and optimized its product offerings by introducing such high-end products as the double-layer crunchy Belgian chocolate and cherry jam ice cream and strawberry and c

131、hocolate flavor ice cream. The high-end brand Deluxe launched the new product wonder color crunchy ice cream to drive sales of the brand. Ice+ introduced various new products, including the special football shape passion fruit flavor ice cream launched in cooperation with Messi, which won the hearts

132、 of consumers. New products were also added to Mengniu Russian series and Mood for Green series, etc.New Business DevelopmentCheese BusinessTo grasp growth opportunities in the cheese market in China, Mengniu established a cheese business division responsible for three major areas of development, na

133、mely retail, deep processing of dairy products and cheese for catering service. By strengthening cooperation with Arla Foods, the largest dairy enterprise in Europe, the Group strived to develop the cheese market with new products, new formula, new packaging, new brand image and new marketing approa

134、ch as its means, aiming to realize the aspiration of “building a strong cheese industry to help make the healthy China dream come true”. In the first half of 2018, Mengniu and Arla Foods together introduced Arla shredded mozzarella under the professional catering brand Arla Pro, the first cheese pro

135、duct customized for China market and produced in Mengnius factories, helping Mengniu enter the business of high-end cheese for catering. Together with Arla Foods, it also became the official sponsor of the 2018 World Fencing Championships, thus strengthening brand promotion. The Group also entered t

136、he cheese retailing business by launching new kids cheese cup and kids cheese sticks under the children dairy product series Arla Little Explorer last November. Such products are 100% imported from Denmark.Annual Report 2018 二零一八年年報21MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析鮮奶業務鮮奶事業部對標國際品質，利用中國現代牧

137、業控股有限公司 （ 中國現代牧業 ；股份代號：1117）的優質原奶資源，採用國際領先生產技術系統，生產優質好鮮奶。年內，蒙牛共推出了17個鮮奶單品，主打產品有佈局高端市場的每日鮮語鮮牛奶，以原生高蛋白質及原生高鈣引領新時代健康生活方式，每日鮮語更於年內獨家冠名中國首屆國際獨立咖啡節，以提升品牌的影響力。另一款新推出的新鮮工廠鮮牛奶佈局中高端市場，以360項新鮮標準打造源頭上的新鮮，產品蛋白質含量高於對標產品的優勢，獲得市場青睞。蒙牛鮮奶事業部由二零一七年年底開設至今，建立商業模式，打造鮮奶供應鏈服務能力，佈局銷售渠道，現已覆蓋至華東、華南、華北、華中等大區約30個重點城市。結合鮮奶消費人群及產

138、品定位，圍繞核心區域市場，聚焦重點渠道展開產品鋪市，不斷提升產品曝光度，為鮮奶業務的發展建立了良好基礎。植物基蛋白飲品業務二零一八年，蒙牛的植物基蛋白飲品品牌植樸磨坊聚焦豆奶品類，以 時尚健康、國際品質、創新美味 為產品定位，推廣Silk美式豆奶，憑藉源自美國的先進生產標準和四十年的品牌保證，以精準營銷作為驅動力，銷售額較上一年度大幅增長。同時，植樸磨坊在Silk美式豆奶原味及巴旦木風味基礎上再新增高端品類，於年內推出全新北美混合莓果系列產品，助力提升品牌整體毛利率。此外Silk美式豆奶亦強化與星巴克的B2B合作，為其所有豆奶底咖啡提供植物基解決方案，不斷拓展合作區域及網點，並借勢蒙牛液態奶業

139、務渠道資源，逐步拓展新客戶、增加網點數量、提升單店盈利能力及加強終端掌控力。Fresh Milk BusinessTo align with international standards, the fresh milk business division leveraged the high quality raw milk resources of China Modern Dairy Holdings Ltd. (“China Modern Dairy”, stock code: 1117) and adopted world-leading production technology

140、system to produce excellent quality fresh milk. During the year, Mengniu launched a total of 17 fresh milk SKUs, with Shiny Meadow fresh milk as the main product targeting the high-end market. Boasting high original protein and calcium contents, Shiny Meadow aims to lead a healthy lifestyle in a new

141、 era. During the year, the brand was the sole title sponsor of the 1st International Indie Coffee Festival in China, an endeavor to enhance brand influence. The other new product launched during the year was Greenhouse fresh milk that targets the mid-range to high-end markets. Using 360 relevant sta

142、ndards to measure milk at source to ensure freshness and also standing out in having higher protein content than peer products, it won market preference.Since established in late 2017, Mengnius fresh milk business division has worked hard to establish its business model, build up the service capabil

143、ity of its fresh milk supply chain and deploy sales channels that cover to date about 30 major cities in Eastern, Southern, Northern and Central China. Taking the characteristics of fresh milk consumers and product positioning into account, major channels have been employed to introduce fresh milk p

144、roducts to markets in core regions to enhance product exposure, thereby lay a sound foundation for the fresh milk business to develop.Plant-based Protein Beverage BusinessIn 2018, Mengnius plant-based protein beverage brand ZhiPuMoFang focused on the soymilk category, promoting Silk Americano Soymil

145、k s positioning as “trendy and healthy, of international quality and great new tastes”. The Group mounted precision marketing for the product by highlighting the advanced American production standards that it met and the 40-year history of the Silk brand, and achieved significant growth in sales as

146、compared with the previous year. At the same time, ZhiPuMoFang added a new high-end product on the basis of Silk Americano Soymilk s original taste and almond flavor, launching the North American mixed berries flavor series during the year. That helped enhance the overall gross profit margin of the

147、brand. In addition, Silk Americano Soymilk also strengthened B2B cooperation with Starbucks, offering plant-based solutions to all of the soymilk-based coffees of its partner and expanding cooperation in more regions and outlets. It also took advantage of the channel resources of Mengnius liquid mil

148、k business to rally new customers, increase the number of sales points, enhance profitability of each individual store and strengthen POS control.China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司22MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析Overseas BusinessIn 2018, the overseas business division adhere

149、d to the strategy of “leveraging the World Cup to deploy business across Southeast Asia” in expanding business. It organized marketing roadshows in Hong Kong, Singapore and Myanmar for Just Yoghurt, Yoyi C and ice cream products to help raise the influence of the Mengniu brand and drive sales, which

150、 resulted in double-digit growth in export volume of the Groups products for the fifth consecutive year. Mengnius Yoyi C factory in Indonesia commenced operation in November 2018. It has a designed daily production capacity of 130 tons and will contribute to the integration of production, supply and

151、 sales all in one place and be able to also supply products to major ASEAN countries in the future, as such help boost Mengnius competitiveness in the Southeast Asian market, and in turn speed up implementation of the internationalization strategy of the Group.Quality ManagementMengniu has aligned w

152、ith international benchmark enterprises observing ISO9001, FSSC22000 and HACCP standards, and tying them in with its organizational accountability system to establish a three-tier quality and safety management system. The system comprises 26 management modules taking care of from quality management

153、planning to implementation, evaluation and improvement, reinforcement and protection across the entire industrial chain, and covers all business and quality related processes in ranches, feed and veterinary drugs management and at the retail-end, among others, and with the entire chain traceable, th

154、e safety and quality of products are assured. For its new business divisions like overseas business, fresh milk and e-commerce operation, Mengniu has drawn up three-year quality assurance plans that cover aspects including their quality and safety management system, organizational structure setting

155、and division of labor and special guidance has been provided to their personnel, and regarding their equipment and relevant craftsmanship.The milk source business division has strived to improve the quality of milk supply by multiple ways and means, including adopting a risk alert mechanism to keep

156、check on the risk exposure of each milk source and plant, and with regard to use of medications on dairy cattle. It also enhanced environment and safety management at the ranches and strengthened professional training of ranch personnel. During the year, Mengniu prided a 100% passing rate of inspect

157、ions conducted by 37 inspection bodies on a total of 29,354 raw milk samples from 47 projects of its milk source departments randomly selected.海外業務二零一八年，海外事業部圍繞 全面借力世界盃、全面佈局東南亞 的戰略拓展業務，聚焦純甄、優益C、冰淇淋等產品，在香港、新加坡、緬甸等地開展營銷路演活動，提升品牌影響力，推動銷售，促使本集團產品出口銷量連續五年呈雙位數高增長。蒙牛優益C印尼工廠亦於二零一八年十一月正式投產，該工廠設計日產能130噸，它的投產將

158、實現在當地的產供銷一體模式，並在未來供應東盟主要國家，以提升蒙牛在東南亞市場的競爭力，有力推動集團國際化戰略的快速實施。質量管理蒙牛依據ISO9001、FSSC22000及HACCP標準，對標國際先進標杆企業，結合組織權責矩陣，建立三級質量安全管理體系，形成從質量管理策劃到全產業鏈執行、評價改進、支持保障的質量安全管理體系共26個管理模塊，涵蓋了從牧場、飼料、獸藥管理到終端零售，覆蓋全業務與質量相關的所有過程，且全程可追溯，有力保障產品的安全質量。蒙牛並重點推動海外、鮮奶、電商等新事業部在質量安全管理體系、組織架構設置及職責分工方面的工作，製定三年質量規劃，以及對人員、設備、工藝等環節作專項指

159、導。奶源事業部致力從多維度提升供奶方質量，包括全面啟動風險預警機制，排查各奶源、工廠及奶牛用藥等方面的風險。其亦提高牧場環境安全管理，及加強牧場專業人才培養。年內，37家抽檢機構對蒙牛所轄各奶源部累計抽檢了47個項目共29,354個原奶樣品，合格率達100%。Annual Report 2018 二零一八年年報23MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析常溫事業部以 精益質量 為管理方向，利用內噴碼鐳射新技術對產品實現雙重追蹤，優化工廠的計量檢定管理模式，在年內開發了109項食品安全快速檢測技術，並進行規模化應用。新產品開發方面則運用大數據分析對新

160、產品進行測試，落實新品立項前期風險評估機制，以及中試、保溫試驗、試產、產品穩定性等的測試標準，有效把控新產品質量。低溫事業部持續推行Danone集團新版食品安全標準 （Food Safety Item，簡稱 FSI ） ，引入新品管理流程和終端質量管理Store Check方法，持續推行FSI食品安全審核及Nepture清洗驗證，將Danone集團的優秀做法，與蒙牛實際業務融合，實現低溫食品安全管控的新突破。年內，低溫事業部亦全面推動終端冷鏈建設管理的標準化進程，使低溫脫冷率大幅下降。冰淇淋事業部改善了包裝及生產流程管理，使業務流程更標準化，並且完成了OEM管理的改革，以及升級改造化驗室和加強

161、食品安全防護的標準化。奶酪事業部則繼續提升技術工藝，保障各項指標符合新品特性，同時聯合Arla Foods以歐洲食品安全管理標準進行審核，細化品質安全管控工作。鮮奶事業部從食品安全管理、工廠質量監控、終端質量管理三方面穩步推進質量與食品安全管理體系建設工作，二零一八年實現食品安全事件零發生率。As for the room temperature business division, it embraces the management direction of “refining quality”. Using the new internal laser code printing tec

162、hnology, it is able to carry out double tracking of products and optimize the quantitative inspection management mode of production plants. During the year, it developed 109 food safety fast inspection techniques and started applying them in scale. In the area of new product development, it used Big

163、 Data analysis on testing new products and implemented a risk assessment mechanism for new products before they are deemed good for launch, plus setting testing standards for pilot test, incubation test, trial production and product stability, so as to effectively control the quality of new products

164、.The chilled business division continued to implement Danone Groups newly revised Food Safety Item (“FSI”) standards, introducing new product management procedure and the Store Check method for management of quality at the retail-end and continuing to implement FSI food safety audits and Nepture cle

165、ansing verification, therefore integrating the good practices of Danone Group with Mengnius business operations to achieve new breakthroughs in management and control of safety of chilled products. During the year, the division pushed ahead with standardizing process of construction and management o

166、f the cold chain at the retail-end and was able to significantly reduce the defrosting rate of chilled products.The ice cream business division improved product packaging and management of the production process, which contributed to standardization of the business process. It also completed reformi

167、ng OEM management, upgrading its laboratory and stepping up standardization of food safety protection. As for the cheese business division, it continued to upgrade techniques and craftsmanship to ensure various benchmarks agree with the features of new products. Also, the division and Arla Foods tog

168、ether performed audits based on European food safety management standards and better defined quality and safety control and management procedures. The fresh milk business division pressed ahead with construction of its quality and food safety management system with emphasis on three aspects, namely

169、food safety management, quality control at factories and quality management at the retail-end. It had zero food safety incident in 2018.China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司24MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析此外，二零一八年是 乳製品國家標準修訂年 。為響應國家標準將全面落實奶業振興的要求，蒙牛主動參與行業標準起草，向工業和信息化部積極申報了 濃縮乳

170、和 乳及其製品中-酪蛋白的測定 標準，致力於引領中國乳品行業質量邁向新高度。另一方面，蒙牛更於年內獲批為乳製品行業唯一的 國家技術標準創新基地 （乳業） 籌建單位，設立品質奶源生產、智能製造應用、乳品技術研發、檢測技術研製、標準化服務五個分基地，現時已組織了多名行業權威專家，並召集76家科研機構、檢測機構及企業組成共建單位，將聯手打造成國際一流的乳製品行業標準創新中心。奶源管理二零一八年，蒙牛系統分析產業鏈現狀，奶源建設通過 調佈局、優結構、理節奏 有效舉措，實現供需有效平衡，助力集團業績提升。蒙牛並持續圍繞 奶源卓越運營管理模式 ，致力提升供方牧場管理水平和效率，同時啟動數字化奶源建設，以實

171、現牧場管理與原奶供應鏈的信息共享，推動產業鏈整體升級。蒙牛的奶源地主要分佈在中國西北、東北、華北適宜養牛的黃金奶源帶。年內，蒙牛持續提升參股公司的牧場，包括中國現代牧業、內蒙古富源牧業有限責任公司、原生態牧業有限公司等的供奶比例，同時積極開拓海外奶源，將奶源地延伸至丹麥、澳大利亞、新西蘭等地的黃金奶源帶，確保本集團持續得到優質奶源供應。年內，蒙牛規模化、集約化的奶源比例持續達到100%。In addition, 2018 was the “Year of the National Standard Revision for Dairy Products”. In response to the

172、 country implementing national standards to revitalize the industry, Mengniu took the initiative to participate in drafting the industry standards. It reported to the Ministry of Industry and Information Technology the standards for “condensed milk” and “the testing results of -casein in dairy and r

173、elated products”, proof of its commitment to taking the quality of Chinas dairy industry to a new height. In addition, during the year, Mengniu was the only enterprise in the dairy product industry which has been given approval to setup the “National Innovation Base of Technical Standards (for the d

174、airy industry)”. It established five sub-bases for, namely quality milk sources production, application of intelligent manufacturing, R&D of dairy technology, development of testing technology and standardized services, and brought together various industry experts and 76 research institutions, test

175、ing institutions and enterprises to form a joint unit to develop a world-leading dairy industry standard innovation center.Milk Source DevelopmentIn 2018, Mengniu analyzed systematically the current situation of its industrial chain. By effectively “adjusting deployment, optimizing structure and rat

176、ionalizing pace”, it was able to achieve a balance between supply and demand in milk source development, which helped enhance the Groups business performance. Moreover, Mengniu continued to apply its “Excellent Milk Source Operation and Management Model” to help enhance the management level and effi

177、ciency of supplier ranches, while kicking off digitalization of milk source operation to enable information sharing among ranch management and the raw milk supply chain, facilitating upgrade of the industrial chain.The milk sources of Mengniu are primarily in Northwestern, Northeastern and Northern

178、China, areas ideal for rearing dairy cattle. During the year, Mengniu was able to increase the proportion of milk supply from ranches of its investee companies, including China Modern Dairy, Inner Mongolia Fuyuan Farming Co., Ltd. and YuanShengTai Dairy Farm Limited, etc. Moreover, it actively expan

179、ded overseas milk sources, in such countries as Denmark, Australia and New Zealand, known for their rich milk supply to ensure the Group has access to continuous supply from quality milk sources. During the year, the percentage of milk sources of Mengniu from standardized ranches and scaled farms wa

180、s maintained at 100%.Annual Report 2018 二零一八年年報25MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析蒙牛持續提升奶源品質，並透過優化對原奶的分析指標及分類方法，改善原奶的供應管理，支持蒙牛開發高端差異化產品。蒙牛融合國內外優秀經驗，圍繞微生物及體細胞兩項核心指標建立原奶分級標準，與原奶計價支付體系結合，並以蛋白指標值為分類標準對原奶進行分類，滿足不同產品的用奶需求，實現經濟效益最大化，提升優質原奶的供應。年內， 中國原奶感官營養地圖項目亦順利啟動，由專業感官評價團隊對不同地區、不同原奶加以分析其營養指標及風味的

181、差異性，為產品創新提供決策依據。年內，蒙牛繼續就牧場管理對標丹麥Arla Foods先進牧場標準化操作規程 （Standard Operational Procedure，簡稱 SOP ） 及國際上認可度最高的食品品質安全認證之一的新西蘭AsureQuality安全管理標準等，深化 蒙牛牧場質量安全管理體系的運作執行，並攜手與Arla Foods共同成立的中國丹麥乳品技術中心實施了 熱應激改善項目 及區域試點牧場降本增效項目 ，有效提升牧場細節管理，令其進一步與國際牧場管理水準接軌，加強蒙牛產品的競爭優勢。作為乳業數字化先行者，蒙牛將數字化管理應用於原奶供應鏈，目的是貫通全國範圍內的 牛牧場乳

182、企第三方 信息，透過打造 數字奶源的信息化平台，實現牧場管理與原奶供應鏈的信息共享，推動行業高效發展。 數字奶源 項目將分階段逐步上線，在二零一八至二零一九年先重點搭建數字化管理平台的整體框架，建立奶量預測、牛群檔案、單產、獸藥及結算的系統；在二零二零至二零二一年，將逐步配套智能化硬件設施，實現牧場日常運營數據的自動化採集。預計從二零二二年以後，將逐步通過數字化管理平台，進一步實現牧場精細化、標準化管理，提高牧場資源利用率，降低牧場營運費用。Mengniu has continued to enhance the quality of milk source and, via optimizi

183、ng analysis indicators and classification methods, improve supply management to support development of high-end differentiated products. Combining outstanding local and overseas experiences and taking reference of two core indicators in relation to microorganism and somatic cells, Mengniu has drawn

184、up a set of grading standards for raw milk. The system is integrated with the raw milk pricing and payment mechanism, and protein content benchmarks are used to aid raw milk classification for meeting the different requirements of different products, thereby allowing the Group to achieve maximum eco

185、nomic benefit and has enhanced supply of quality raw milk. During the year, Mengnius “Sensory and Nutrition Map of Chinas Raw Milk” project started smoothly, with a professional flavor evaluation team sent to analyze the nutritional content and flavor differences of raw milk from various regions and

186、 of different kinds, providing reference for product innovation.During the year, Mengniu continued to align with the advanced Standard Operation Procedure (“SOP”) for ranch management used by its Danish partner Arla Foods and the AsureQuality safety management standard from New Zealand, one of the m

187、ost-respected food quality and safety certification standards in the world. It also took to greater depth the operation of the “Mengniu Ranch Quality and Safety Management System” and together with the China-Denmark Milk Technology Cooperation Center, which it set up jointly with Arla Foods, rolled

188、out the “Heat Stress Alleviation Project” and “Regional Ranch Cost-cutting and Efficiency-enhancing Pilot Project”, which effectively helped ranches improve delicacy management and further align with international ranch management standards, and ultimately enhanced the competitive strengths of Mengn

189、ius products.As the first mover in the dairy industry to embrace digitalization, Mengniu applies digital management across its raw milk supply chain, aiming for connection of “cattle-ranch-dairy enterprise-third party” information across the country and, by building a “Digital Milk Source” informati

190、on platform, to enable sharing of information among ranch management and the raw milk supply chain, so as to drive effective industry development. The “Digital Milk Source” project will go online by stage. In 2018 and 2019, the focus is to build the overall framework of the digital management platfo

191、rm and set up systems for forecasting milk yield, herd record keeping, recording output per cow, veterinary drugs management, and clearing and settlement. In 2020 and 2021, intelligent hardware facilities will be gradually available for automatic collection of daily ranch operation data. The Group e

192、xpects to, from 2022 onwards, gradually achieve delicate and standardized ranch management with the support of the digital management platform, to help it improve ranch resources utilization and lower ranch operating cost.China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司26MANAGEMENT DISCUSSION AND ANAL

193、YSIS 管理層討論及分析二零一八年，國家提出奶業振興戰略，蒙牛亦以行動配合，整合多方資源，搭建牧場專屬的互聯網融資平台，協助供應方牧場降低其融資成本，促進奶源基地的轉型升級。同時，得益於蒙牛與牧場進一步深化合作，牧場運營效率及綜合盈利能力進一步提升，取得奶業上下游的協同共贏。企業數字化戰略二零一八年，蒙牛加速推動數字化戰略，積極完善智能製造、供應鏈管理、消費者洞察等方面的數字化建設，以營銷數字化、渠道數字化、全員質量數字化、生產數字化、產供銷集成數字化、資源整合數字化、決策數字化為目標，全面打造數字蒙牛 。蒙牛以帶頭建設 智能乳企 及定義 中國製造新高度為已任，在年內穩步推進智能製造數字化工

194、廠項目，利用大數據分析降本增效，對上下游產業鏈進行升級。此項目以建設 智慧型 車間生產運營管理的製造執行系統為核心，結合數據自動採集平台，集成企業自動化生產設備及其他經營管理信息化系統，真正實現設備互聯、系統互通。目前，和林六期工廠及金華工廠已率先完成智能製造模式升級。蒙牛積極推進智能製造數字化工廠項目，獲得國家工信部認可，獲 國家智能製造試點 示範單位榮譽，並成為 中國製造2025 與 德國工業4.0 的乳業智能製造對標企業。智能製造數字化工廠項目的逐步實施，將推動乳品製造業由傳統模式向自動化、資訊化、高度集成化升級。In 2018, China announced the strategy

195、 to revive the countrys dairy industry and Mengniu responded with efforts to consolidate different resources, build an exclusive Internet financing platform for ranches to help supplier ranches lower financing costs and promote transformation and upgrade of milk source bases. At the same time, benef

196、iting from tightening Mengniu-ranch cooperation, both the operational efficiency and overall profitability of the ranches improved, resulting in win-win and synergistic benefits for upstream and downstream dairy operations.Corporate Digital StrategyIn 2018, Mengniu speeded up executing its digital s

197、trategy, actively optimizing the digital architecture to aid intelligent manufacturing, supply chain management and understanding of consumer behaviors. The Group is striving for digitalization of sales, channels, staff work quality, manufacturing, integration of manufacturing, supply and sales, res

198、ources integration and decision-making, that it may evolve to become the “Digital Mengniu”.Mengniu has taken on the responsibility of leading the industry in building the “Smart Dairy Enterprise” and giving “Made in China” a new and more superior definition. During the year, it steadily proceeded wi

199、th the intelligent manufacturing digital factory project using Big Data analysis to help with lowering cost and heightening efficiency, and upgrading up- and down-stream operations along its industrial chain. At the heart of the project is a manufacturing execution system capable of “smart” workshop

200、 production and operation management, which when integrated with the Groups automated data collection platform and automated production facilities as well as other operation management information systems, can enable true interconnection of facilities and operation systems. Phase VI of the Helin Fac

201、tory and the Jinhua Factory were the first to complete upgrading their intelligent manufacturing mode. Mengnius active pursuit of the intelligent manufacturing digital factory project has won the recognition of the Ministry of Industry and Information Technology, which awarded it the “China Intellig

202、ent Manufacturing Pilot Demonstration Enterprise” honor, warranting its position as an intelligent manufacturing enterprise matching “Made in China 2025” and “Germanys Industry 4.0” standard. The progressive implementation of the intelligent manufacturing digital factory project will drive the dairy

203、 industry in upgrading its traditional operation model with focus on automation, informatization and integration.Annual Report 2018 二零一八年年報27MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析蒙牛於二零一八年五月正式啟動智慧供應鏈項目，結合物聯網技術和現代供應鏈管理方法，以大數據分析為基礎，實現供應鏈的智能化、網絡化和自動化技術與管理，基於實際銷售量的大數據，實現更精準的需求預測和更高效的生產排期，以及更完善的營銷資源規

204、劃、工廠生產資源、配送資源的佈局，提升供應鏈運營效率。該項目將和阿里雲與蒙牛的其他合作項目結合起來，共享數據，高效協作，助力本集團降本增效。此外，蒙牛於二零一八年八月在全國正式啟動智網項目，旨在上線智網系統。智網系統將打通零售終端、經銷商、分子銷售公司及蒙牛總公司的運營系統，實現可視化的售點管理，對接企業資源計劃法 （ ERP ） 系統，是為客戶量身打造的業務財務一體化、多品牌兼容、多形式分銷的運營體系，滿足經銷商業務需求，為經銷商賦能提供系統支持，以打通渠道，提升費用管理，減少人員成本，增強銷售管理效率。二零一八年六月，蒙牛消費者大數據項目啟動。蒙牛與阿里雲合作，建立消費者數據處理中心，構建

205、以 人 為核心的蒙牛消費者洞察體系。該項目通過建立全集團統一的資料規範體系及資料管理平台，通過資料整合和身份識別打通技術，進行消費者、行為、偏好等多維度標籤，驅動精細化運營，實現多渠道精準觸達消費者，同時借助營銷活動不斷收集資料，持續積累高價值消費者數據資產，為營銷決策提供支援，深化企業競爭優勢。未來，蒙牛將持續鞏固智能化競爭優勢，深挖數字資產價值，構築數字化產業鏈，全力衝刺 2020信息化戰略 目標。In May 2018, Mengniu kicked off the intelligent supply chain project that integrates Internet of

206、Things (“IoT”) technology and modern supply chain management methods and employs Big Data analysis to realize intelligent, networked and automated supply chain operation and management. With Big Data of actual sales volume as basic reference, the Group is able to more accurately forecast demand, mor

207、e efficiently schedule production and optimize deployment of marketing resources, factory production resources and logistics resources to enhance the operational efficiency of its supply chain. The Group intends for the project to connect with Alibaba Cloud and other of its cooperative projects, all

208、owing sharing of data and more effective collaboration, and ultimately help the Group lower cost and enhance effectiveness of its operations.Furthermore, Mengniu launched its smart network project across the nation in August 2018, aiming to build a smart network online system. The system will link u

209、p the POS, the operations of distributors, member sales companies and Mengniu headquarters, allowing visible POS management and connection with Enterprise Resource Planning (“ERP”) system. It is a system that integrates business and financial functions and covers multiple brands and multiple distrib

210、ution formats tailored to meet the business needs of distributors, empowering them in opening up channels, improving cost management, reducing staff costs and boosting sales management efficiency.In June 2018, Mengniu collaborated with Alibaba Cloud to commence its consumer Big Data project entailin

211、g setting up a consumer data processing center and a “people-oriented” Mengniu consumer behavior analysis system. By establishing a unified data standardization system and an information management platform that serve the entire Group, and through integration of data and employing identity identific

212、ation technology to label consumers, their behaviors and preferences, delicacy management of operation and accurate targeting of consumers and reaching them via multiple channels are possible. At the same time, through different marketing activities, useful information can be collected continuously

213、to amass for the Group valuable consumer data assets to support marketing decision-making and give the Group yet stronger competitive advantages.Looking ahead, Mengniu will continue to reinforce its digital competitive advantages, unearth the value of its data asset and build a digital industrial ch

214、ain, all to the end of achieving at full strength the goals of its “2020 Informatization Strategy”.China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司28MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析品牌策略年內，蒙牛聚焦世界盃主題營銷，提出 自然力量，天生要強 的全新品牌主張，持續深化品牌國際化戰略。蒙牛作為2018 FIFA世界盃全球官方贊助商亮相世界盃賽場，旗下4大品類共27個品牌的161個產品獲得 2018

215、FIFA世界盃全球官方飲用酸奶 、 2018 FIFA世界盃全球官方預包裝冰淇淋 、 2018 FIFA世界盃官方牛奶 （大中華區） 和 2018 FIFA世界盃官方奶粉 （大中華區） 的殊榮。阿根廷知名球星、前世界足球先生梅西簽約成為蒙牛品牌代言人，加上李易峰、趙麗穎、吳亦凡、陳偉霆、張藝興、TFBOYS、盧靖姍等多位明星協助宣傳，完美詮釋品牌精神，使 天生要強 的品牌主張成為年度熱詞，蒙牛的國際化品牌形象隨著世界盃風靡全球深入人心。本集團借勢世界盃主題營銷，通過母子品牌協同聯動及多元化的渠道宣傳，帶動全集團品牌更好的發展。二零一八年初起，蒙牛對全線產品包裝及營銷物料進行世界盃主題升級，並透

216、過全方位戰略部署，聚焦聚勢開展了一系列整合營銷活動，取得空前反響。其中，蒙牛於二零一八年三月至七月期間推出 掃碼紅包 大型整合營銷活動，凡消費者購買蒙牛常溫、低溫及冰淇淋產品，掃描包裝上的二維碼即有機會贏取金額不等的微信現金紅包，同時，消費者亦可通過趣味集卡環節參與抽獎，贏取世界盃旅遊機會。此營銷活動最大化利用社交平台特性，增強與消費者的互動性，吸引消費者關注的同時有效拉動了產品的複購率。截至二零一八年七月三十一日活動結束，活動掃碼人次已突破2.3億，總參與人數超過7,400萬。根據華通凱度的調研和檢測數據，世界盃整合營銷活動期間，蒙牛的品牌力同比提升11.4%，五年來首次位列行業第一，全國消

217、費者對蒙牛品牌的喜好度及購買意願亦獲提升。Branding StrategyDuring the year, Mengniu focused on the World Cup themed marketing that highlighted its new brand proposition “Power of Nature, Born for Greatness” to help it with furthering its strategy to take its brand international. As an Official 2018 FIFA World Cup Sponso

218、r, Mengniu gained exposure at the event venues and a total of 161 products of 27 brands in its four product categories were awarded the titles of “Official Drinkable Yogurt of the 2018 FIFA World Cup”,”Official Pre-packaged Ice Cream of the 2018 FIFA World Cup”, “Official Milk of the 2018 FIFA World

219、 Cup (for Greater China)”, and “Official Powdered Milk of the 2018 FIFA World Cup (for Greater China)”. The famous Argentinean football player and former FIFA World Player of the Year Messi was appointed as ambassador of the Mengniu brand, together with other celebrities namely Li Yifeng, Zhao Liyin

220、g, Kris Wu, William Chan, Zhang Yixing, TFBOYS and Celina Jade helping with promotion, Mengnius brand spirit was perfectly represented and the brand proposition of “Born for Greatness” became buzzwords of the year. The World Cup ties also helped plant Mengnius international brand image deep into peo

221、ples heart. Moreover, with the parent brand and the sub-brands working in collaboration and using diverse communication channels for the World Cup themed marketing, the Group achieved excellent interaction with consumers.Starting early 2018, Mengniu embarked on upgrading the packaging and marketing

222、material for all product lines to align with the World Cup theme, undertaking all-round strategic deployment to roll out forcefully a series of integrated marketing activities which received fantastic responses. Of all the marketing initiatives, between March and July 2018, Mengniu launched a large-

223、scale integrated marketing campaign named “Scan the Code for Red Packet”. Upon purchase of Mengnius room temperature, chilled and ice cream products, consumers can scan the QR code on the packaging for a chance to receive WeChat red packets of different amounts. In addition, another part of the prom

224、otion also encouraged consumers to collect fun cards for an opportunity to win a World Cup tour. The marketing activity had taken full advantage of social media platforms to increase interaction with consumers, not only attracting their attention, but also effectively pushing up the rate of repeated

225、 purchase of products. The activity which ended on 31 July 2018 registered accumulatively over 230 million times of QR code scannings from more than 74 million participants. According to data collected and survey findings of Kantar Millward Brown, during the period of its World Cup themed integrated

226、 marketing campaign, the brand power of Mengniu had increased by 11.4% against the same period in the previous year, climbing to the top spot of the industry the first time in five years. Consumer preference for the Mengniu brand and willingness to purchase both improved across the country.Annual Re

227、port 2018 二零一八年年報29MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析蒙牛於世界盃期間開展 踢球吧！少年強 主題公益活動，助力中國少年足球夢。活動期間，蒙牛攜手范志毅、李毅、菲戈(Luis Figo)及楊晨四位明星隊長，在全國範圍內選拔出24位優秀足球少年，在名譽隊長、青年演員關曉彤的帶領下前往俄羅斯，於世界盃期間與俄羅斯少年隊切磋球技，並在江蘇衛視播出該比賽，展示中國足球的未來力量，鞏固民族乳業品牌的正能量形象。世界盃期間，各品牌全方位圍繞世界盃主題開展營銷活動，深化品牌影響力。常溫及低溫品牌方面，純甄整合世界盃核心廣告資源及CCTV5關

228、鍵權益展示，配合 搖瓶喝出彩 線上線下互動營銷活動，使品牌影響力進一步提升。蒙牛優益C攜手美圖公司，發起 Show出你的球迷臉 互動活動，開創球迷臉AR自拍互動新體驗，參與互動人次約二億次，成功吸引年輕消費者積極參與。冰淇淋業務方面，蒙牛以世界盃品牌資源為依託，聚焦明星品牌隨變，開展 隨變搖紅包，贏世界盃門票 大型主題促銷活動，刺激消費需求，同時藉助代言人粉絲效應，加強與消費者的互動，提升品牌關注度及好感度，拉動銷售。蒂蘭聖雪冰淇淋作為高端冰淇淋典範，專為本屆世界盃推出蒂蘭聖雪麥片脆皮雪糕予現場球迷，同時聯動媒體及意見領袖，刷新品牌的知名度及美譽度。此外，蒙牛深化國際化品牌形象，成為各種國際級

229、、國家級盛會的 國家名片 。二零一八年六月，蒙牛作為上海合作組織工商論壇的官方合作夥伴，旗下蒙牛純牛奶系列產品及明星產品特侖蘇、純甄小蠻腰、蒂蘭聖雪集體亮相該峰會，成為會議指定產品。同年十一月，蒙牛旗下特侖蘇純牛奶、純甄常溫酸牛奶、蒂蘭聖雪冰淇淋、每日鮮語鮮牛奶四款產品進駐首屆中國國際進口博覽會，進一步深化蒙牛的國際品牌形象。During the World Cup period, Mengniu kicked off the charitable activity called “Show Your Skills, Young Footballers!” to help youngsters

230、 in China realize their football dream. Twenty-four outstanding young football players from different parts of the country were selected by Mengniu and four star team captains, namely Fan Zhiyi, Li Yi, Luis Figo and Yang Chen, and led by their honorary team captain, the young actress Guan Xiaotong,

231、they visited Russia and had a match with the Russian youth football team during the World Cup event period. The match was broadcasted on Jiangsu Television, letting the audience see the power that can foster development of football in China in the future while reinforcing the positive image of Mengn

232、iu as a national dairy brand.During the World Cup period, all of Mengnius brands launched their respective marketing activities tied in with the World Cup theme to consolidate brand power. Among room temperature and chilled product brands, Just Yoghurt saw its brand power strengthened by integrating

233、 core World Cup advertising resources and crucial exposure on CCTV5, complemented by the “Shake the Bottle, Drink the Best” interactive online and offline marketing activity. Mengnius Yoyi C collaborated with Meitu Inc. to initiate an interactive activity called “Show your Football Fan Faces” that e

234、nticed football fans to enjoy the new experience of taking AR selfie of their faces. The initiative was a big success, attracting about 200 million times of active participation, among young consumers. As for the ice cream business, the star brand Suibian was the focus of World Cup related marketing

235、 resources. A large-scale promotion event “Suibian Shake the Red Packets, Win World Cup Tickets” was launched to stimulate consumer demand, and benefitting from brand ambassador influence, interaction with consumers was enhanced, which in turn boosted consumer awareness and preference of the brand a

236、nd gave a big push to sales. As the iconic high-end ice cream brand, Deluxe presented a special World Cup edition ice cream called Royal Deluxe crunchy oat ice cream to football fans at the event venue, and by engaging the media and key opinion leaders, managed to take consumer awareness of the bran

237、d and its brand reputation to new heights.Moreover, with enhanced international brand image, Mengniu became a brand representative of the country at international and national events. In June 2018, Mengniu, as the official partner of Shanghai Cooperation Organization Business Forum, had its Mengniu

238、Pure Milk product series and star products such as Milk Deluxe, Just Yoghurt Xiaomanyao, and Deluxe made their debuts at the forum as designated products. In November 2018, Mengnius Milk Deluxe pure milk, Just Yoghurt room temperature yogurt, Deluxe ice cream, and Shiny Meadow fresh milk gained expo

239、sure in the first China International Import Expo, helping strengthen Mengnius international brand image.China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司30MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析年內，蒙牛旗下各子品牌亦積極實施配合自身定位的品牌宣傳策略，例如特侖蘇以白金合作夥伴身份贊助2018中國網球公開賽，透過多渠道將品牌曝光最大化，傳遞健康積極的品牌形象；其於年內推出的特侖蘇有機純牛奶，亦冠名贊

240、助湖南衛視 聲入人心 歌唱比賽節目，深化品牌傳播，強化產品高端性；另一針對運動人群的特侖蘇M-PLUS高蛋白牛奶，則繼續贊助2018北京馬拉松活動，詮釋 下一步更好 的溝通主題；新品真果粒美粒酸奶通過線上線下廣告投放、代言人李易峰、趙麗穎的粉絲營銷等多種傳播途徑，提升知名度；冠益乳以人氣偶像陳偉霆代言BB-12產品廣告，增加品牌好感度。此外，隨著優益C印尼工廠正式營運以加速開拓海外市場，蒙牛首度將明星產品品牌優益C創立成為海外母品牌，逐步推動優益C成為東南亞酸奶類第一品牌的願景。奶粉品牌雅士利在年內發佈了全新品牌標誌及形象，並成為 2018 FIFA世界盃官方奶粉 （大中華區） 及 CCTV

241、匠心品牌 ，此外，其與電視節目如 最愛故鄉味 、 超級小達人 及 媽咪妳最美等合作宣傳，配合多元渠道進行深入推廣互動，提升渠道和消費者信心。於二零一八年，蒙牛持續獲得消費者認可及權威機構背書，包括蟬聯荷蘭合作銀行公佈的 全球乳業十強 ；連續四年入選BrandZ最具價值中國品牌榜前20強，並躍居品牌貢獻總榜第一名；在中國工業和信息化部二零一八年中國品牌力指數(C-BPI)排名中，蒙牛的低溫酸奶連續第八年蟬聯C-BPI中國酸奶行業品牌力榜首，蒙牛優益C也蟬聯C-BPI乳酸菌飲料行業品牌力第一名。根據凱度消費者指數的調研，蒙牛於年內以突破10億人次的消費者觸及數，位列中國市場消費者首選品牌榜第二名。

242、此外，本集團旗下蒙牛、特侖蘇、純甄品牌亦榮獲中國企業評價協會的 中國滿意品牌 稱號。於二零一九年，蒙牛更首次躋身Brand Finance的全球最具價值品牌500強。During the year, all of Mengnius sub-brands were active in implementing their respective brand promotion strategy in line with their brand positioning. For instance, Milk Deluxe was a Platinum Partner of the 2018 Chin

243、a Open tennis tournament, allowing it to gain maximum exposure of its healthy and active brand image via various channels. Milk Deluxe Organic Milk launched during the year was also the title sponsor of Hunan Televisions “Super-Vocal” singing contest and that helped extend the reach of brand communi

244、cations and also fortify the high-end image of the product. Another milk product tailored for sports enthusiasts, namely Milk Deluxe M-PLUS High Protein Milk, continued to sponsor the 2018 Beijing Marathon with the communication theme “The Next Step Is Better”. The new product Fruit Milk Drink Fruit

245、 Yogurt boosted brand awareness by employing different publicity channels including online and offline advertising and with its brand ambassadors Li Yifeng and Zhao Liying rallying support of their fans for the product. Champion succeeded in raising brand acceptance by having super star William Chan

246、 as the brand ambassador in BB-12 product advertising. In addition, Mengniu speeded up developing overseas markets after its Yoyi C factory in Indonesia began operation. Mengniu also for the first time designated the star product brand Yoyi C as a parent brand in overseas markets to help it graduall

247、y realize the vision of grooming Yoyi C to become the “Number One” yogurt brand in Southeast Asia.Milk formula brand Yashili unveiled its new brand logo and image during the year. It also became the “Official Powdered Milk of the 2018 FIFA World CupTM (for Greater China)” and named as CCTVs “Craftsm

248、anship Brand”. Moreover, it cooperated with TV shows such as “Memory of the Taste”, “Super Baby” and “Beautiful Mom” to do publicity, coupled with in-depth promotion and interaction via diverse channels. It thus has boosted the confidence of its channel partners and consumers.In 2018, Mengniu contin

249、ued to gain consumer recognition and endorsement by authoritative organizations, including continuing to be named among the “Global Dairy Top 10” by Rabobank, BrandZs list of top 20 most valuable Chinese brands for the fourth consecutive year and topping the list of brand contribution the latest. On

250、 the “2018 China Brand Power Index (C-BPI)” list published by the Ministry of Industry and Information Technology of the PRC, Mengnius chilled yogurt came first in C-BPI Brand Power in Chinas yogurt industry for the eighth consecutive year, while Mengnius Yoyi C retained the top position in C-BPI Br

251、and Power in the probiotics drinks industry. According to the research statistics of Kantar Worldpanel, the Consumer Reach Point of Mengniu rose to over one billion, placing it second on the list of Most Chosen Brands in China. Moreover, the Groups Mengniu, Milk Deluxe and Just Yoghurt brands receiv

252、ed the “China Satisfaction Brand” honor from China Enterprises Evaluation Association. Also, in 2019, for the first time, Mengniu made it among Brand Finances list of the worlds top 500 most valuable brands.Annual Report 2018 二零一八年年報31MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析銷售管理年內，蒙牛各事業部深化RTM策略，加

253、大三、四線城市銷售渠道的投入，拓展鄉鎮市場及校園渠道，並著力開拓電商渠道和建設新零售渠道，以及透過渠道資源、品牌優勢和數字平台提升銷售效率，加強對渠道與終端銷售點的控制，推動高效分銷、精準營銷以及全域營銷的建設。常溫事業部進一步完善RTM佈局，提高鋪市鋪貨率，提升經銷商終端服務能力及效率。在維護經銷商利益的前提下，常溫事業部與 惠下單 及 零售通 等平台達成戰略合作，借力 新零售 ，聯合 鎮村通 工程，加速滲透三四線城市及鄉鎮市場，並推行 星火計劃 ，加強鎮村終端覆蓋。低溫事業部共有14個銷售管理大區，於年內銷售實現全渠道份額領先，新零售業績超額達成。RTM方面，於二零一八年四月啟動核心及A類

254、市場渠道，打造精耕樣板市場。二零一八年，通過聚焦明星品類，堅持價值營銷，提升產品溢價能力，實現了新品的良好增長。另一方面，通過 全員一線，徒步終端 等渠道創新舉措，精耕傳統渠道、拓展新渠道，穩步擴張網點數量。奶粉業務方面，雅士利秉持 嬰配聚焦母嬰渠道、營養品聚焦KA商超、新渠道新產品全面發展 的渠道策略，形成以產品線為管理基礎的組織架構，積極將銷售網點擴展滲透至縣鎮及三四線城市，推進奶粉業務均衡發展。冰淇淋銷售聚焦重點城市，以重點城市銷量增長驅動全國銷量。各渠道表現優秀，核心傳統渠道銷售穩步增長，現代渠道銷售快速發展，並全面佈局特通渠道包括推動餐飲、軟冰、體驗店、禮品項目的發展，使特通渠道增長

255、迅猛。Sales ManagementDuring the year, Mengnius business divisions stepped up execution of RTM strategy, with more effort put into channels in third- and fourth-tier cities and in exploring channels in village and town markets and also school campuses. They also pushed forcefully to develop e-commerce

256、channels and open up new retail channels, and used channel resources, brand advantages and the digital platform to enhance sales efficiency, strengthen channel and POS control, and foster establishment for carrying out efficient distribution, precision marketing and all-channel marketing.The room te

257、mperature product business division managed to optimize its RTM deployment, enhance penetration of products at the retail-end, and help its distributor to improve their POS service capability and efficiency. While safeguarding the interest of distributors, the division forged strategic partnership w

258、ith such platforms as H and . Leveraging the “New Retail” mode and the “Penetration into Towns and Villages Project”, it was able to hasten penetration of third- and fourth-tier cities as well as village and town markets. It also, via rolling out the “Spark Program”, strengthened POS coverage in tow

259、ns and villages.The chilled product business division operates in a total of 14 major sales management regions. During the year, it achieved leading share in all channel sales, with new retail business performance exceeding sales target. To enhance RTM, in April 2018, the division started tapping co

260、re and type A market channels to develop sample markets. In 2018, by focusing on star product categories, insisting on value marketing and enhancing product price premium, the division was able to achieve satisfactory growth in sales of new products. Furthermore, via implementing such innovative cha

261、nnel measures as promoting sales efforts with on-site visits and assistance by all staff of the division at the POS, traditional channels were enhanced and new channels were expanded, resulting in steady expansion of the POS network.For the milk formula business, adhering to the channel strategy of

262、“Focus on the Mother-and-baby Store Channel for Infant Formula Products, KA Modern Trade Channel for Nourishment Products, and All-round Development for New Channels and New Products”, a product line-based management and organizational structure was thus established. It also actively expanded its sa

263、les network, penetrating county, township and third- and fourth-tier cities, to drive balanced development of the milk formula business.In bolstering ice cream sales, the Group had its eyes on key cities and by growing sales in them drove sales volume nationwide. All sales channels performed well, w

264、ith core traditional channels managing steady sales growth and sales via modern channels climbing quickly. Specialty channels including catering outlets, soft-serve ice cream stores, experience stores and gift projects were also deployed, contributing to remarkable specialty channel growth.China Men

265、gniu Dairy Company Limited 中國蒙牛乳業有限公司32MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析蒙牛的海外事業部借世界盃營銷強勢，在強化香港、新加坡、澳門等現有市場的售點開發和產品鋪市的同時，積極拓展東南亞市場，在年內將銷售網絡擴展至緬甸和印尼等國家。二零一八年十一月底，印尼生產工廠亦正式投入營運，該工廠將實現蒙牛在當地產銷一體的業務模式，並在未來供應東盟主要國家，以便加速滲透東南亞市場。蒙牛電商事業部利用大數據，對新品孵化和電商運營進行全面升級。二零一八年五月， 蒙牛電商數據大屏 正式上線，全球電商大數據應用平台亦同年六月於

266、內蒙古和林格爾新區內的雲谷啟動，標誌著蒙牛數字化行銷與大數據融合進入新階段。蒙牛並進一步深化與京東、天貓等電商平台的戰略合作，包括於京東開設低溫和冰淇淋自營旗艦店，以及聯合打造智慧供應鏈體系、提供更多的個性化定制產品。蒙牛亦升級與阿里巴巴的合作，推動快消品消費升級及開展智慧商業，年內在天貓開設特侖蘇及Silk品牌官方旗艦店，取得理想成績。以 雙十一 期間的營銷活動為例，蒙牛產品的全網銷售額連續四年位列乳製品行業第一名，在阿里全平台成為首個乳製品銷售破億元人民幣的產品品牌，以及於京東超市連續四年奪得牛奶品類銷售額冠軍。二零一八年，蒙牛旗下液態奶的線上銷售連續三年穩佔市場份額第一。蒙牛電商銷售額增

267、長超過五成，高於行業平均增速。新零售方面，蒙牛與新零售品牌盒馬鮮生合作，在盒馬鮮生APP內設置蒙牛世界盃專屬活動直播入口進行推廣，實現線上線下聯動。蒙牛並深化與零售通及惠下單等B2B平台合作，開展針對傳統售點的世界盃營銷活動，舉辦線上訂貨會，成功帶動銷售增長。蒙牛亦積極佈局智能無人便利店，並以纖維奶昔牛奶慢燃等產品積極探索社交零售。Mengnius overseas business division took full advantage of the marketing efforts tied in with the World Cup. At the same time as it w

268、orked to develop sales outlets and strengthen product penetration at the retail-end in existing markets including Hong Kong, Singapore and Macau, it also actively explored new markets in Southeast Asia and expanded coverage of its sales network to countries including Myanmar and Indonesia during the

269、 year. At the end of November 2018, Mengnius factory in Indonesia commenced operation, giving the Group a local manufacturing and sale integrated business setup that can serve markets in major ASEAN countries in the future and help Mengniu speed up penetration of Southeast Asian markets.As for the e

270、-commerce division, it used Big Data to aid development of new products and upgrade of Mengnius e-commerce operation. In May 2018, the “Mengniu E-commerce Data Big screen” was officially launched and, in June 2018, the global e-commerce Big Data application platform also began operation in Yungu in

271、Horinger New Area, Inner Mongolia, marking the start of a new stage of digital sales and Big Data integration pursued by Mengniu. Moreover, the Group stepped up strategic collaboration with e-commerce platforms such as JD.com and Tmall, including setting up its own flagship stores for chilled and ic

272、e cream products in JD.com, and together with JD.com developed an intelligent supply chain system and offered more personalized products to consumers. Mengniu also tightened cooperation with Alibaba to drive consumption upgrade of fast-moving consumer goods and rolled out intelligent business. Durin

273、g the year, Milk Deluxe and Silk opened flagship stores in Tmall and they returned satisfactory sales performances. For instance, during the “Double 11” shopping festival, Mengniu achieved top total online sales volume in the dairy product industry for the fourth consecutive year and became the firs

274、t dairy product brand to make sales of more than RMB100 million on the Alibaba platform. Mengniu was also the champion in sales volume of dairy products in JD.com the fourth consecutive year. In 2018, Mengnius liquid milk claimed the top share of the online sales market for the third consecutive yea

275、r. Mengnius online sales for the year grew more than 50% year-on-year, higher than the average growth rate of the industry.For the new retail business, Mengniu cooperated with the new retail brand Hema Xiansheng, with access to live broadcast of special Mengniu World Cup activities incorporated into

276、 the Hema Xiansheng APP, allowing connection of online and offline interaction. Mengniu also worked closer with B2B platforms including and H to roll out World Cup marketing theme activities tailored for traditional sales outlets, organized online ordering club, which translated into sales growth. M

277、engniu also actively deployed smart un-manned convenience stores and explored social network retailing with such products as the fiber-enriched milkshake milk Burnlooking.Annual Report 2018 二零一八年年報33MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析財務回顧收入受益於產品創新、佈局完善以及世界盃推廣營銷所帶來的銷量增長，本集團二零一八年總收入為人民幣689.771

278、億元 （二零一七年：人民幣601.556億元） ，同比增長14.7%；其中液態奶收入同比增長12.0%，冰淇淋收入同比增長8.4%，奶粉業務收入同比實現48.9%的突破性增長。毛利由於產品結構顯著優化及原奶價格相對平穩，本集團年內毛利上升至人民幣257.836億元 （二零一七年：人民幣211.827億元） ，毛利率較去年上升2.2個百分點至37.4% （二零一七年：35.2%） 。經營費用為加強銷售營運和提升品牌競爭力，本集團年內採取積極的渠道發展及加強品牌宣傳推廣，本年度經營費用為人民幣226.848億元 （二零一七年：人民幣185.485億元） ，佔本集團收入比例上升至32.9% （二零一

279、七年：30.8%） 。年內銷售及經銷費用上升26.7%至人民幣188.333億元 （二零一七年：人民幣148.688億元） ，佔本集團收入比例上升至27.3% （二零一七年：24.7%） 。廣告及宣傳費用上升37.8%至人民幣70.058億元（二零一七年：人民幣50.831億元） ，佔本集團收入比例上升至10.2% （二零一七年：8.4%） 。行政及其他經營費用，包括金融及合約資產減值損失，上升4.7%至人民幣38.515億元 （二零一七年：人民幣36.797億元） ，佔本集團收入比例為5.6% （二零一七年：6.1%） 。經營業務利潤及淨利潤年內，在本集團整體業務的收入和毛利顯著增加以及產品

280、優化的成效下，本集團息稅折舊攤銷前利潤(EBITDA)上升29.6%至人民幣53.736億元 （二零一七年：人民幣41.447億元） ，EBITDA利潤率為7.8% （二零一七年：6.9%） 。本公司擁有人應佔利潤上升48.6%至人民幣30.430億元 （二零一七年：人民幣20.478億元） 。每股基本盈利上升48.1%至人民幣0.779元 （二零一七年：人民幣0.526元） 。FINANCIAL REVIEWRevenueBenefiting from exertion in product innovation, optimized business structure and the b

281、oosted sales volume as brought by the success of World Cup themed marketing and promotion, the Groups total revenue in 2018 was RMB68,977.1 million (2017: RMB60,155.6 million), representing an increase of 14.7% year-on-year, of which revenue from liquid milk increased 12.0% year-on-year, while that

282、from ice-cream increased by 8.4% year-on-year, and that from the milk formula business saw a breakthrough growth of 48.9% year-on-year.Gross profitWith a notably improved product mix and raw milk price relatively stable, gross profit of the Group for the year increased to RMB25,783.6 million (2017:

283、RMB21,182.7 million) and gross profit margin was 37.4%, up by 2.2 percentage points as compared with last year (2017: 35.2%).Operating expensesTo strengthen sales operation and raise brand competitiveness, the Group implemented active strategies for channel development and strengthened brand promoti

284、on during the year. As such, it incurred operating expenses of RMB22,684.8 million (2017: RMB18,548.5 million), representing an increase to 32.9%, as expressed as a percentage of the Groups revenue (2017: 30.8%).Selling and distribution expenses for the year increased by 26.7% to RMB18,833.3 million

285、 (2017: RMB14,868.8 million), representing an increase to 27.3% of the Groups revenue (2017: 24.7%).Advertising and promotion expenses increased by 37.8% to RMB7,005.8 million (2017: RMB5,083.1 million) and, as a percentage of the Groups revenue, increased to 10.2% (2017: 8.4%).Administrative and ot

286、her operating expenses, including impairment losses on financial and contract asset, increased by 4.7% to RMB3,851.5 million (2017: RMB3,679.7 million), accounting for 5.6% (2017: 6.1%) of the Groups revenue.Profit from operating activities and net profitDuring the year, with the Group achieving mar

287、ked increase in overall revenue and gross profit and at the impact of product optimization, its EBITDA increased by 29.6% to RMB5,373.6 million (2017: RMB4,144.7 million) and EBITDA margin was 7.8% (2017: 6.9%).Profit attributable to owners of the Company increased by 48.6% to RMB3,043.0 million (20

288、17: RMB2,047.8 million). Basic earnings per share increased by 48.1% to RMB0.779 (2017: RMB0.526).China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司34MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析所得稅支出本集團於二零一八年所得稅支出為人民幣6.490億元 （二零一七年：人民幣5.943億元） ，同比上升9.2%。所得稅有效稅率為16.9% （二零一七年：22.6%） ，同比下降5.7個百分點，主要由於(i)年內應

289、佔聯營公司虧損減少；(ii)去年一項無稅務抵扣的視同出售聯營公司部分權益之會計損失；以及(iii)二零一八年度利用了以前年度未確認遞延稅項的稅務虧損所致。資本支出截至二零一八年十二月三十一日止年度，本集團資本支出為人民幣37.723億元 （二零一七年：人民幣66.509億元） ，同比下降43.3%；資本支出用於新建和改建生產設備及相關投入，達人民幣32.038億元；購入生物資產達人民幣3.137億元；以及股權投資 （主要包括支付收購旗幟嬰兒乳品股份有限公司股權的款項） 達人民幣2.548億元。營運資金、財務資源及資本架構截至二零一八年十二月三十一日止年度，本集團經營業務所產生的現金淨流入增加至

290、人民幣63.635億元 （二零一七年：人民幣55.054億元） ，主要由於產品結構持續優化以及提升營運資金管理所致。於二零一八年十二月三十一日，本集團之未償還計息銀行及其他借貸增加至人民幣147.153億元（二零一七年十二月三十一日：人民幣139.501億元） ，其中一年內償還的計息銀行及其他借貸為人民幣65.229億元 （二零一七年十二月三十一日：人民幣79.350億元） 。超過六成計息銀行及其他借貸按固定利率計算。計息銀行及其他借貸增加主要為年內新增股權投資所致。本集團於二零一八年十二月三十一日之淨借貸 （計息銀行及其他借貸總額扣除現金及銀行存款） 為人民幣74.173億元 （二零一七年十

291、二月三十一日：人民幣79.912億元） 。Income tax expensesIncome tax expense of the Group in 2018 was RMB649.0 million (2017: RMB594.3 million), up by 9.2% year-on-year. Effective income tax rate was 16.9% (2017: 22.6%), down by 5.7 percentage points year-on-year, mainly due to (i) the decrease in share of losses of

292、associates during the year; (ii) a non-deductible item relating to the accounting losses on deemed disposal of partial interests in associates by the Group in the previous year; and (iii) previous unrecognised deferred tax arising from tax losses utilised during the year of 2018.Capital expenditureF

293、or the year ended 31 December 2018, capital expenditure of the Group was RMB3,772.3 million (2017: RMB6,650.9 million), down by 43.3% year-on-year. Of the total, RMB3,203.8 million was spent on building new production facilities and modifying existing ones and related investments, RMB313.7 million o

294、n purchasing biological assets and RMB254.8 million was invested in equities (including mainly payment of the consideration for the acquisition of Banner Baby Dairy Company Limited).Working capital, financial resources and capital structureFor the year ended 31 December 2018, the Groups net cash inf

295、low from operating activities increased to RMB6,363.5 million (2017: RMB5,505.4 million), primarily due to the Groups continuously optimizing product structure and enhanced working capital management.As at 31 December 2018, outstanding interest-bearing bank and other borrowings of the Group increase

296、d to RMB14,715.3 million (31 December 2017: RMB13,950.1 million), including interest-bearing bank and other borrowings repayable within one year in the amount of RMB6,522.9 million (31 December 2017: RMB7,935.0 million). More than 60% of the total interest-bearing bank and other borrowings bore fixe

297、d interest rates. The increase in interest-bearing bank and other borrowings was mainly the result of increase in equity investments during the year.Net borrowings (total amount of interest-bearing bank and other borrowings net of cash and bank balances) of the Group as at 31 December 2018 were RMB7

298、,417.3 million (31 December 2017: RMB7,991.2 million).Annual Report 2018 二零一八年年報35MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析本集團於二零一八年十二月三十一日之總權益為人民幣304.643億元 （二零一七年十二月三十一日：人民幣271.071億元） 。債務權益比率 （計息銀行及其他借貸總額除以總權益） 為48.3%， （二零一七年十二月三十一日：51.5%） 。本集團於二零一八年的融資成本為人民幣5.507億元 （二零一七年：人民幣3.999億元） ，佔收入比重約0.9%

299、 （二零一七年：0.7%） 。產品蒙牛結合優勢資源以及國際領先技術，持續進行產品創新和研發，積極向產品差異化、高端化發展，從品類、口味及包裝等多方面提升產品，蒙牛並按消費者追求個性化產品及注重健康飲食的大趨勢，發展功能性和定制產品，為消費者帶來更佳的體驗。此外，蒙牛更利用大數據、新媒體及新零售渠道進行推廣及營銷，大力拓展銷售渠道，成績驕人。The Groups total equity as at 31 December 2018 was RMB30,464.3 million (31 December 2017: RMB27,107.1 million). Debt-to-equity ra

300、tio (total amount of interest-bearing bank and other borrowings over total equity) was 48.3% (31 December 2017: 51.5%).Finance costs of the Group in 2018 were RMB550.7 million (2017: RMB399.9 million), representing approximately 0.9% of the revenue (2017: 0.7%).PRODUCTSCombining its resource advanta

301、ges and world-leading technologies, Mengniu kept exerting on product innovation and R&D, aiming at developing differentiated and high-end products, and enhancing its products in such aspects as product category, flavor and packaging. Alive to consumers growing preference for personalized products an

302、d healthy diet, Mengniu also developed functional and customized products that promise consumers better experiences. In addition, with the help of Big Data, new media and new retail channels, it rolled out promotion and marketing initiatives to expand sales channels and achieved excellent results.Ch

303、ina Mengniu Dairy Company Limited 中國蒙牛乳業有限公司36MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析本集團主要業務分為液態奶、冰淇淋、奶粉及其他產品，年內表現如下：The principal businesses of the Group are liquid milk, ice cream, milk formula and other products. Their performances during the year are outlined in the table below:Product categ

304、oryFinancial performanceHighlights產品品類財務表現動向Liquid milk液態奶Revenue amounted to RMB59,388.6 million (2017: RMB53,015.0 million), accounting for 86.1% of Mengnius total revenue (2017: 88.1%).收入為人民幣593.886億元 （二零一七年：人民幣530.150億元） ，佔蒙牛總收入的86.1% （二零一七年：88.1%） 。UHT milkUHT奶Revenue amounted to RMB29,688.7 mi

305、llion (2017: RMB25,689.2 million), accounting for 50.0% of the revenue of the liquid milk segment (2017: 48.5%)收入為人民幣296.887億元 （二零一七年：人民幣256.892億元） ，佔液態奶收入50.0% （二零一七年：48.5%） In May 2018, Milk Deluxe launched another upgraded product Organic Milk in the packaging that adopts the “DreamCap” in place

306、of the traditional drinking straw, making it yet easier to carry and more practical. 特侖蘇於二零一八年五月推出升級產品有機純牛奶，該產品包裝設計以夢幻蓋 取代傳統的吸管飲用方式，提高了牛奶的便攜性及實用性。 Mengniu Pure Milk took on an upgraded packaging design that agreed with World Cup themed promotion. Mengniu also launched the Prime Ranch high calcium mi

307、lk during the year to fill the high calcium milk gift pack offer gap in the industry. 蒙牛純牛奶採用世界盃主題升級包裝設計，配合世界盃營銷。蒙牛並於年內推出精選牧場高鈣牛奶，填補了蒙牛高鈣牛奶禮盒包裝的市場空缺。 In late 2017, Mengniu introduced Future Star A2 Casein Pure Milk made with premium milk in limited supply from selected designated ranches, and has si

308、nce raised the quality of children milk products. 蒙牛於自二零一七年底推出來自專屬牧場、奶源限量供應的未來星A2-酪蛋白純牛奶，提升兒童牛奶產品品質。Key products: Milk Deluxe Mengniu Pure Milk Mengniu Flavored Milk Future Star Student s Milk重點產品： 特侖蘇 蒙牛純牛奶 蒙牛花色奶 未來星 學生奶Annual Report 2018 二零一八年年報37MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析Product

309、categoryFinancial performanceHighlights產品品類財務表現動向Milk beverages乳飲料Revenue amounted to RMB9,998.3 million (2017: RMB9,879.8 million), accounting for 16.8% of the revenue of the liquid milk segment (2017: 18.6%)收入為人民幣99.983億元 （二零一七年：人民幣98.798億元） ，佔液態奶收入16.8% （二零一七年：18.6%） Yoyi C LC-37 series, which ta

310、rgets the professional probiotics beverage market, has 50 billion active bacteria C in every 100 ml of the product, 500 times that of the national standard. It also has an exclusive 37 C highly active bacterial strain, making it a revolutionary probiotics product and marking a breakthrough of the te

311、chnical bottleneck limiting the low temperature probiotics industry before. During the World Cup period, packaging featuring the national flag was launched for the series complemented by “Scan the Code for Red Packet” promotion and the Yoyi C brand gained popularity. 優益C的LC-37專業型乳酸菌系列，每100毫升含有500億活的

312、活力C菌，高於國家標準500倍，更擁有獨家37強活性的菌株特性，打破了低溫乳酸菌行業的技術瓶頸，成為顛覆活性乳酸菌品類的創新產品。LC-37系列在世界盃期間推出了定製版國旗瓶世界盃包裝，配合 掃碼紅包 活動，進一步提升了品牌熱度。Key products: Yoyi C Fruit Milk Drink Suan Suan Ru重點產品： 優益C 真果粒 酸酸乳Yogurt酸奶Revenue amounted to RMB19,701.6 million (2017: RMB17,446.0 million), accounting for 33.2% of the revenue of th

313、e liquid milk segment (2017: 32.9%)收入為人民幣197.016億元 （二零一七年：人民幣174.460億元） ，佔液態奶收入33.2% （二零一七年：32.9%） Just Yoghurt changed its packaging across the board to align with the World Cup theme at the beginning of the year and under the “Pure Flavor, Full Enjoyment” promotion slogan launched the new flavors

314、mango and passion fruit, lime-matcha-avocado, and vanilla. It also introduced new PET bottle product Xiaomanyao and new grapefruit flavor and fruit pulp yogurt were added at year end. 純甄在年初統一切換世界盃包裝，並以 味道純純，盡享精彩 作宣傳口號，推出芒果百香果、青檸抹茶牛油果和香草等新口味。純甄亦推出PET瓶裝新品小蠻腰，並且於年底新增了紅西柚口味及果粒酸奶。 Milk Deluxe Yogurt is a

315、 product that combines patented bacteria from the United States, the exclusive technique of Danone Group from France and premium ingredients from all over the world. During the year, continuing to uphold the “Not all yogurts are Milk Deluxe” spirit, the brand explored the high-end yogurt market and

316、launched six bottle packaging that feature paintings of nature to enhance brand image. 特侖蘇酸奶，是結合美國專利菌種、法國Danone集團獨有工藝及全球優質食材打造而成，年內繼續成就 不是所有酸奶都是特侖蘇 的品牌精神，拓展高端酸奶市場，並推出6款自然主題藝術畫瓶裝，強化品牌形象。enue a amoChina Mengniu Dairy Company Limited 中國蒙牛乳業有限公司38MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析Product catego

317、ryFinancial performanceHighlights產品品類財務表現動向 During the year, Champion stepped up promotion and education of consumers regarding its “BB-12” bacteria content to bring under the spotlight its positioning as a “professional and functional” yogurt. 冠益乳在年內強化了其擁有 BB-12 菌種的宣傳教育，進一步突出其 專業功能性 酸奶定位。 In late 2

318、017, Bio introduced the Kaquzi grain mix flavored yogurt to meet demand for meal replacements. The product contains American almonds and cranberries, Australian oats and pumpkin seeds, making it the yogurt with the most of natural grain ingredients among similar products in the Mainland market. Last

319、 November, Mengniu launched Bio Shuangcenglaoru, its first stirred FOB yogurt. 碧悠在二零一七年底推出卡趣滋穀物組合風味發酵乳，並主打代餐，內含美國扁桃仁、蔓越莓乾、澳洲燕麥、甄選南瓜籽，是國內酸奶市場天然原料種類最豐富的穀物蓋。去年十一月更推出碧悠雙層酪乳，這是蒙牛推出的第一款攪拌型FOB酸奶。 European Charcoal Yogurt expanded the series packaging specifications and introduced new flavors like lime and

320、yellow peach with pulps, etc. 歐式炭燒酸奶拓展系列包裝規格，並推出酸青檸、黃桃果粒等新口味。Key products: Just Yoghurt Champion Milk Deluxe Yogurt Future Star Kid Nutritious Flavored Yogurt Inner Mongolia Solid Yogurt Bio European Charcoal Yogurt重點產品： 純甄 冠益乳 特侖蘇酸奶 未來星兒童營養風味酸牛奶 內蒙古老酸奶 碧悠 歐式炭燒酸奶Annual Report 2018 二零一八年年報39MANAGEMEN

321、T DISCUSSION AND ANALYSIS 管理層討論及分析Product categoryFinancial performanceHighlights產品品類財務表現動向Ice Cream冰淇淋Revenue amounted to RMB2,723.4 million (2017: RMB2,513.1 million), accounting for 4.0% of Mengnius total revenue (2017: 4.2%)收入為人民幣27.234億元 （二零一七年：人民幣25.131億元） ，佔蒙牛總收入4.0% （二零一七年：4.2%） Suibian laun

322、ched the double-layer crunchy Belgium chocolate and cherry jam ice cream, made with world-class technique and a premium selection of ingredients from all over the world. It is the first of its kind in the country and is positioned as a high-end product. A new strawberry and chocolate flavor was also

323、 launched. 隨變推出雙脆層比利時巧克力櫻桃果醬夾心冰淇淋，採用世界頂級工藝，全球甄選食材，國內首創，定位高端。此外還推出了草莓巧克力口味雪糕。 Mengniu created a customized World Cup football-shape ice cream product Ice+ passion fruit flavor ice cream, and also launched Ice+ pineapple popsicle and four fruits wonder popsicle, which drew much consumer enthusiasm. 蒙牛

324、以世界盃的足球形狀訂制冰淇淋產品冰+百香果口味雪泥、並推出冰+鳳梨冰棒和四果奇冰棒冰，獲得消費者熱烈反響。 The high-end ice cream brand Deluxe launched the new product wonder color crunchy ice cream, coming in three popular flavors, namely matcha, tiramisu and toffee, to please consumers palates. 高端冰淇淋品牌蒂蘭聖雪推出新品絢彩脆皮冰淇淋，優選時下最流行的抹茶、提拉米蘇、太妃焦糖三種口味，為消費者帶來多

325、重美味體驗。 Mood for Green added a new red bean flavor popsicle with the red beans prepared using a secret recipe. Another new innovative product that hit the market was the Bean Mill glutinous rice and red bean ice cream. 綠色心情推出新口味秘制紅豆冰棒，含有大量秘方煮制紅豆。此外還推出了甜品跨界組合禦豆坊糯米紅豆雪糕，打造創新產品。China Mengniu Dairy Compan

326、y Limited 中國蒙牛乳業有限公司40MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析Product categoryFinancial performanceHighlights產品品類財務表現動向 Mengniu s Russian ice cream series had new members added, including Russian milk block ice cream and Russian chocolate flavor ice cream. They boast rich milk content, strong mil

327、k flavor and are smooth and delicate on the palate. 蒙牛俄式冰淇淋系列推出新產品包括俄式奶磚冰淇淋和俄式巧純冰淇淋，奶含量高，奶味濃鬱，口感細膩。 Mengniu also introduced the Mengniu Premium Ranch milk and grape flavor ice cream, marrying pure milk with grapes treated with a unique recipe to give consumers a taste of pure and aromatic sweetness.

328、 蒙牛並推出蒙牛優牧牛奶提子口味雪糕，純正牛奶搭配秘制提子，口感純正香甜。Key products: Suibian Deluxe Mood for Green Ice+ Russian重點產品： 隨變 蒂蘭聖雪 綠色心情 冰+ 俄式Annual Report 2018 二零一八年年報41MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析Product categoryFinancial performanceHighlights產品品類財務表現動向Milk Formula奶粉Revenue amounted to RMB6,017.4 million (2

329、017: RMB4,042.1 million), accounting for 8.7% of Mengnius total revenue (2017: 6.7%)收入為人民幣60.174億元 （二零一七年：人民幣40.421億元） ，佔蒙牛總收入8.7% （二零一七年：6.7%） Yashily brand is dedicated to providing basic nutrients. Yashily Kieember infant milk formula, canned in and imported from New Zealand, targets the mid-rang

330、e to high-end market and owns the patented INFATTM active energy system, altogether five patents enabling it to take care of the healthy growth of babies. Yashily Kieevagour and Yashily Qinrshi are tailored for the mid-range market, with Yashily Qinrshuo having a stronger appeal to the mass. The ori

331、ginal Yashily formula completed upgrading with enriched probiotics and lactoferrin content. 雅士利品牌側重基礎營養，其中新西蘭原罐進口的雅士利菁珀嬰幼兒奶粉定位中高端市場，擁有專利INFATTM動態活力系統，五項專利全面呵護寶寶成長；雅士利菁躍及雅士利親兒適定位中端，雅士利親兒碩則定位更親民。原雅士利配方完成配方升級，強化益生菌及乳鐵蛋白。 Reeborne brings Chinese babies with organic purity from the Alps. Qinyou series an

332、d Organic series of Reeborne completed packaging and formula upgrade and focused on penetrating the organic market, as such achieved significant growth. 瑞哺恩將阿爾卑斯的有機純淨帶給中國寶寶。瑞哺恩的親悠系列及有機系列已完成包裝及配方升級，並著力強化有機市場的滲透，取得顯著增長。 Dumex, originated from Europe, is committed to conducting research on Chinese babi

333、es immune system in its bid to provide professional solutions to satisfy the nutritional needs of infants and toddlers. The Diamor series possesses dual patents in Europe and OPO structured fat, which is easy to digest and absorb, and good for improving babies immune system. The Boyoujia series contains patented prebiotics and is rich in nutrition, being amiable and easy to absorb. Dumex goat milk