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(IncorporatedintheCaymanIslandswithlimitedliability)*Foridentificationpurposeonly(IncorporatedintheCaymanIslandswithlimitedliability)InterimReport2011CorporateProfileChinaMengniuDairyCompanyLimited(the“Company”)(StockCode:2319)anditssubsidiaries(the“Group”or“Mengniu”)manufactureanddistributequalitydairyproductsinChina.ItisoneoftheleadingdairyproductmanufacturersinChina,withMENGNIUasitscorebrand.TheGroup’sdiversifiedproductsrangeincludesliquidmilkproducts,suchasUHTmilk,milkbeveragesandyogurt,icecreamandotherdairyproductssuchasmilkpowder.InJune2011,theGroup’sannualproductioncapacityreached6.76milliontons.2319UHT676CorporateInformation2Highlights4ManagementDiscussionandAnalysis6ReportoftheDirectors20ReportonReviewofInterimFinancialInformation30CondensedConsolidatedIncomeStatement32CondensedConsolidatedStatementofComprehensiveIncome33CondensedConsolidatedStatementofFinancialPosition34CondensedConsolidatedStatementofChangesinEquity36CondensedConsolidatedStatementofCashFlows38NotestoCondensedConsolidatedFinancialStatements39ContentsChinaMengniuDairyCompanyLimitedInterim[e-mail](aliasJIAOZhen)Mr.JulianJuulWOLHARDTMr.YUXuboMr.MAJianpingMr.FANGFengleiMr.MAWangjunIndependentNon-ExecutiveDirectorsMr.ZHANGJulin(resignedon10June2011)Mr.LIUFuchunMr.ZHANGXiaoyaMr.XIETao(appointedon10June2011)SeniorManagementMr.LUJianjunMr.YAOHaitaoMs.ZHAOYuanhuaMr.LIUWeixingMr.KWOKWaiCheong,Chris(QualifiedAccountant&CompanySecretary)StockCodeHongKongStockExchange2319InvestorRelationsContactMr.KWOKWaiCheong,ChrisUnit1001,10thFloor,JubileeCentre18FenwickStreet,WanchaiHongKongEmail:[e-mail]:(Continued)MaplesCorporateServicesP.O.Box309UglandHouseGrandCayman,KY1-1104CaymanIslandsButterfieldFulcrumGroup(Cayman)LimitedButterfieldHouse68FortStreetP.O.Box609GrandCayman,KY1-1107CaymanIslands18346MaplesandCalderAsiaRegisteredOfficeMaplesCorporateServicesP.O.Box309UglandHouseGrandCayman,KY1-1104CaymanIslandsPrincipalShareRegistrarButterfieldFulcrumGroup(Cayman)LimitedButterfieldHouse68FortStreetP.O.Box609GrandCayman,KY1-1107CaymanIslandsHongKongBranchShareRegistrarComputershareHongKongInvestorServicesLimited46thFloor,HopewellCentre183Queen’sRoadEast,WanchaiHongKongLegalAdvisorsAstoHongKongLawNortonRoseHongKongAstoCaymanIslandsLawMaplesandCalderAsiaPrincipalBankersAgriculturalBankofChinaBankofChinaIndustrialCommercialBankofChinaBNPParibasAuditorsErnst&YoungInvestorRelationsConsultantStrategicFinancialRelations(China)LimitedHighlightsUnauditedForthesixmonthsended30June20112010RMB’000RMB’000Revenue18,578,64214,434,223Grossprofit4,824,8883,787,172ProfitattributabletoownersoftheCompany789,754618,820Netcashinflowfromoperatingactivities1,381,4541,168,703Earningspershare(RMB)–Basic0.4540.356–Diluted0.4530.355•TheGroupfurtheroptimizeditsproductmixandemployedagreenandhealthybrandimagetoconsolidateitsleadingmarketposition,revenueroseby28.7%toRMB18,578.6millionwhileprofitattributabletoownersoftheCompanyincreasedby27.6%toRMB789.8millionduringtheperiod.•TheGroupcontinuedtoexpanditsproductioncapacity,andtheaggregateannualproductioncapacityreached6.76milliontonsasofJune2011.•TheGroupcontinuedtopromoteits“HighQualityforaGreenLife”brandpropositionbylaunchinganumberofgreenactivities.Duringtheperiod,Mengniuwasnamed“SocialResponsibleEnterprise”and“MostInfluentialLeaderinaLowCarbonEconomy”,aswellaspresentedwiththe“Eco-ChinaContributionAward”onceagain.•AftertheacquisitionofJunlebao,bothpartieshavebeenactivelyengagedincollaborativeefforts.Resourcesfrombothsideshavebeendirectedtowardacceleratingbusinessdevelopment.•TheGroupmadefurtherprogressinreformingitsorganizationalstructuretostrengthencoordinationamongvarioussystems,andtheoverallsynergygraduallyrevealed.•28.7%185.78627.6%7.898•676•••44ChinaMengniuDairyCompanyLimitedInterimReport2011-54Highlights(Continued)RevenuebyProductMixForthesixmonthsended30JuneRevenuebyProductMixinLiquidMilkSegmentForthesixmonthsended30JuneLiquidMilkIceCreamOtherDairyProductsUHTMilkUHTMilkBeveragesYogurtRMBMillion2010201186.4%87.7%1.0%1.1%11.2%12.6%05,00010,00015,00020,000RMBMillion2010201161.0%60.1%10.4%13.8%26.1%28.6%05,00010,00015,00020,000ManagementDiscussionandAnalysisFinancialReviewDuringtheperiod,bycapitalisingontheopportunitiesarisingintheindustrysuchastheongoingexpansionofthedairymarketinChina,andtherationalisationofthedairyindustryinChinaincludingthereapplicationforproductionpermitsbytheenterprises,Mengniufurtherconsolidateditsshareinthemarketwithanoptimisedproductportfolioandagoodbrandimage.Hence,theGrouprecordedstablegrowthforthesixmonthsended30June2011withrevenueamountingtoR