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Consumer Non-Durables

China Mengniu Dairy Co., Ltd.

Company Background

China Mengniu Dairy is a Chinese manufacturer and distributor of dairy products, including raw milk, yogurt, milk beverages, ice cream and milk powder. The state-owned company held the largest share of the domestic milk market until 2014. Mengniu Dairy became the first dairy products maker to be included on the Hang Seng Index in 2014.

In August 1999, Mengniu Dairy was established as a private company in Hohhot, the Inner Mongolia Autonomous Region. In 2009, however, China National Cereals, Oils and Foodstuffs (COFCO), China's largest state-owned agricultural conglomerate, acquired a stake in the company, becoming its biggest shareholder. It listed on the Hong Kong Stock Exchanges and Clearing (HKEX) in June 2004. It has more than 50 plants in over 20 provinces in China, with an annual production capacity of more than 8.1 million tons.

The company has formed strategic alliances with makers of dairy products in Denmark, France, the U.S. and New Zealand. In 2008, it was revealed that milk powder manufactured by Chinese dairy company Sanlu Group was contaminated with the toxic chemical melamine. Mengniu Dairy's milk powder was also found to be tainted with the substance, shaking the Chinese public's sense of safety regarding domestic milk powder.

It plans to expand its business overseas. In April, the company announced its strategic alliance with Shanghai Disney Resort, scheduled to open in the spring of 2016. It aims to increase its name recognition among overseas visitors by selling its own-brand milk and ice cream, along with other products, at the theme park.

Business Summary

China Mengniu Dairy Co., Ltd. is an investment holding company, which engages in the manufacture and distribution of dairy products. It operates through the following segments: Liquid Milk Products, Ice Cream Products, Milk Powder Products, and Others. The Liquid Milk Products segment produces and distributes ultra-high temperature milk, milk beverages, and yogurt. The Ice Cream Products segment offers its products under the Deluxe, Mood for Green, Ice+, and Suibian brands. The Milk Powder Products segment includes infant milk formula brand products such as Milex, Meimengyi, Ruipuen Oushi Series, Yashily Super a-Golden, Yashili Golden Ambery, Arla Merla, Arla Baby & Me, and Dumex Series. The Others segment comprises of cheese products, plant-based nutrition product, and trading business. The company was founded on February 16, 2004 and is headquartered in Hong Kong.

Financial Highlights

Dec 2021 HKDUSD
Gross Profit39,036.67M5,022.19M
Operating income5,386.96M693.05M
Income before tax6,236.76M802.37M
Net income6,056.83M779.23M
Diluted EPS1.520.19
Dividends Per Share0.440.05
Total Assets120,004.00M15,392.43M
Total liabilities68,043.02M8,727.60M
Total equity45,047.71M5,778.08M
Operating cash flow10,695.94M1,376.06M
Currency in HKDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 69,364.65M 81,700.15M 89,613.25M 85,439.84M 106,229.07M
Gross Profit 24,451.87M 30,531.94M 33,653.06M 32,175.66M 39,036.67M
Operating income 3,725.90M 4,048.38M 4,589.75M 3,633.92M 5,386.96M
Income before tax 3,026.80M 4,563.37M 6,157.60M 4,190.00M 6,236.76M
Net income 2,361.33M 3,604.32M 4,655.22M 3,961.06M 6,056.83M
EBITDA 5,659.47M 6,187.12M 7,147.72M 6,030.74M 8,269.67M
Diluted EPS 0.60 0.92 1.18 1.00 1.52
Dividends Per Share 0.14 0.20 0.19 0.32 0.44
Total Assets 69,792.36M 75,785.00M 87,851.58M 95,024.60M 120,004.00M
Total liabilities 36,364.06M 40,068.56M 50,236.76M 50,364.42M 68,043.02M
Total equity 27,135.19M 28,751.09M 32,587.23M 39,105.54M 45,047.71M
Operating cash flow 7,354.52M 8,725.91M 8,361.06M 7,322.72M 10,695.94M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 8,901.10M 10,424.20M 11,437.26M 11,015.97M 13,666.70M
Gross Profit 3,137.74M 3,895.60M 4,295.11M 4,148.48M 5,022.19M
Operating income 478.12M 516.53M 585.78M 468.53M 693.05M
Income before tax 388.41M 582.24M 785.88M 540.22M 802.37M
Net income 303.01M 459.87M 594.14M 510.71M 779.23M
EBITDA 726.24M 789.42M 912.25M 777.55M 1,063.92M
Diluted EPS 0.07 0.11 0.15 0.12 0.19
Dividends Per Share 0.01 0.02 0.02 0.04 0.05
Total Assets 8,927.93M 9,679.60M 11,274.87M 12,255.15M 15,392.43M
Total liabilities 4,651.74M 5,117.73M 6,447.38M 6,495.40M 8,727.60M
Total equity 3,471.17M 3,672.22M 4,182.24M 5,043.37M 5,778.08M
Operating cash flow 943.75M 1,113.34M 1,067.11M 944.13M 1,376.06M

Valuation Measures

Dec 2021
Operating margin5.07%
Profit margin5.70%

Key executives

  • Chief Executive Officer & Executive Director: Min Fang Lu
  • Chief Financial Officer, Executive Director & VP: Ping Zhang
  • Vice President, Head-Research & Development: Lu Dai
  • Vice President: Jie Jun Zhao
  • Vice President & Head-Human Resources: Lijun Liu


  • China State-Owned Assets Supervision & Admn Commission (24.0%)
  • First Sentier Investors (Hong Kong) Ltd. (3.9%)
  • FIL Investments International (3.5%)
  • The Vanguard Group, Inc. (2.4%)
  • FIL Investment Management (Singapore) Ltd. (2.1%)
  • BlackRock Fund Advisors (1.7%)
  • FIL Investment Management (Hong Kong) Ltd. (1.5%)
  • First Sentier Investors (UK) IM Ltd. (1.5%)
  • FIL Investment Advisors (UK) Ltd. (1.5%)
  • Schroder Investment Management (Hong Kong) Ltd. (1.4%)

Contact Details

  • Website:
  • Address: 32/F, COFCO Tower, 262 Gloucester Road, Hong Kong, Hong Kong
  • Phone: +852.2180.9050

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Last Updated on 20 Mar, 2023

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