This evening, Mengniu Dairy, the second largest dairy enterprise in China, presented its mid-2022 report card.
In the first six months of this year, Mengniu’s revenue was 47.722.3 billion yuan, an increase of 27.3% year-on-year to 3751.4 million yuan. This group of figures is better than some analysts’ expectations.
This is the first interim report submitted by Mengniu after the adjustment of the six members of the board of directors in December last year. In the reorganization of the board of directors, Niu Gensheng formally resigned as a non-executive director and a member of the strategy and Development Committee of Mengniu. In addition, in the first half of this year, Danone, a French food giant, officially announced that it would dissolve some of the last relationships with Mengniu to reduce its leverage ratio: the foreign side would buy back Domex, withdraw from Yashili and the yogurt joint venture of both sides.
Let’s first look at the specific contents of Mengniu Zhongbao.
Mengniu said today that due to the increase in the average price of raw and auxiliary materials during the period, and the increase in depreciation expenses arising from the increase in plant and production equipment, the gross profit
Compared with the same period last year, the rate decreased by 1.6 percentage points to 36.6%.
分产品看，在液态奶方面，蒙牛中报显示其收入为396.653亿元（去年同期为394.481亿元），占蒙牛总收入的83.1%（去年同期为85.9%）。
In fact, with the growth of domestic normal temperature dairy products no longer running wild, dairy giants are opening up more new battlefields. In the first half of this year, Mengniu further invested in low-temperature fresh milk, cheese, milk powder, ice cream and other businesses, hoping to achieve differentiated competition with its main competitors and promote its goal of “creating a new Mengniu” within five years.
It is worth noting that milk source is an important link in the layout of high-end dairy products. Today, a senior manager of modern animal husbandry, which is controlled by Mengniu, said that the growth of low-temperature fresh milk and high-end low-temperature yogurt has been very rapid in recent years. If the company establishes upstream and downstream connections, it can enable Chinese dairy enterprises to use their raw milk more.
In addition, although the ultrafiltration milk brand fairlife jointly built by Mengniu and Coca Cola is still in the early stage, Mengniu’s own high-end low-temperature fresh milk brand daily fresh language has achieved rapid growth. Today’s Zhongbao pointed out that daily Xianyu was launched in June this year as a sub brand of xiaoxianyu for young people, with better light fresh milk as its differentiated selling point. In addition, Mengniu expressed that it would put 780ml fresh milk of Mengniu on the market.
In terms of ice cream, the cross-border cooperation between Mengniu and Maotai is the most memorable thing in the period. This makes the high-end brand “Tilan Shengxue” under Mengniu receive more attention from the outside world. In the above middle report, Mengniu pointed out that the ice cream business income was 3.039 billion yuan, accounting for 8.2% of Mengniu’s total income (the same period last year)
In terms of milk powder, in the first half of this year, one of Mengniu’s biggest actions was to promote the privatization of Yashili, hoping to achieve deep collaboration among its many milk powder. According to the mid-term report, the milk powder business income of Mengniu in the first half of the year was 2.547 billion yuan, accounting for 4.0% of the total income of Mengniu (the milk powder business income in the same period of last year mainly included the income from the business of Yashili and Bellamy).
According to the interim results announced by Yashili today, its revenue was 1.886.7 billion yuan (2.156.9 billion yuan in the same period last year), a year-on-year decrease of 12.5%. Yashili pointed out that during the period, the income of adult milk powder and infant milk powder was affected by the epidemic and the external market competition was fierce
Today, when talking about the outlook, Mengniu pointed out that under the strong start of the five-year strategy of “creating a new Mengniu”, the company will comprehensively promote the established strategy this year, and strive to become a more responsible, strong cultural gene and digital first cow “.
In addition, in view of the aging trend of the population, Mengniu said that it would strengthen the product mix of milk powder for the middle-aged and the elderly. At the same time, the diversification of cheese categories in dairy product consumption upgrading, low penetration of cheese consumption, and family baking will accelerate the innovation of food and snack cheese products to grasp the cheese market
▼
Follow the “snack generation” (wechat: foodinc) and reply to “Mengniu” to see the wonderful news.
Just now, Mengniu, after saying goodbye to Niu Gensheng, handed over its first mid-term report card
华西证券的分析师也在早前预计蒙牛下半年业绩或会改善。“假设下半年疫情可控，考虑中秋国庆双节备货，叠加下半年基数走低，我们判断蒙牛下半年收入同比增速将回升至双位数。”
该分析师指出，在成本费用方面，预计下半年蒙牛成本端环境延续上半年状况，无大规模疫情情况下预计无额外促销费用投入，销售费用和管理费用保持上半年变化趋势；去年利润率基数较低，整体预计下半年利润率同比提升，利润同比增速提升。
除了业绩，蒙牛今天发布的中报还有一些数字可供留意。
在生产方面，截至上半年，蒙牛在全国生产基地维持在41个不变，海外基地增加1个，其年产能合共为1166万吨，去年同期为1089万吨。
在人力资源上，期内蒙牛在中国大陆、香港、大洋洲及东南亚合计共聘用雇员约44277名，包括雅士利雇员约2557名。期内雇员总成本（包括董事及高级管理人员薪金）约为40.614亿元。这些数字在去年同期为43397名、2858名和35.254亿元。
今天，在谈及展望时，蒙牛指出在“再创一个新蒙牛”五年战略的强开局下，公司将在今年全面推进既定战略，致力成为“中国消费者首选的乳制品品牌”，打造一个“消费者至爱的、国际化的、更负责任的、拥有强大文化基因的、数智化的FIRST牛”。
另外，针对人口老龄化的趋势，蒙牛称将强化中老年奶粉产品组合和营销投入。同时，奶酪品类在乳制品消费升级、奶酪消费渗透率低、家庭烘焙等多元化消费场景的兴起下增长迅速。蒙牛将加速餐饮、零食奶酪产品创新，以把握奶酪市场的增长机遇。
▼
