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Public company info - YuanShengTai Dairy Farm Ltd. , 01431.HK
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YuanShengTai Dairy Farm Ltd., 01431.HK - Company Profile
Chairman Zhao Hongliang
Share Issued (share) 4,690,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Dairy Products
Corporate Profile Business Summary: The Group is principally engaged in the production and sale of raw milk. Performance for the year: The Group’s net profit was RMB578.0 million for the Year, as compared with a net profit of RMB223.1 million for the year ended 31 December 2019. Basic earnings per share was approximately RMB12.32 cents for the Year (2019: basic earnings per share of RMB4.76 cents). Business Review In terms of herd size and production volume, YuanShengTai is one of the leading dairy farming companies in the PRC. During the Year, the total sales volume of raw milk of the Group increased by 6.3% to 355,599 tonnes from 334,424 tonnes in 2019. The total revenue amounted to RMB1,554 million, representing an increase of 12% as compared with the same period of 2019. During the Year, the Group recorded a net profit of RMB578.0 million (2019: RMB223.1 million), representing a year-on-year increase of 159%. Since its establishment, the Group has built long-term and stable relationships with China’s leading dairy manufacturers. In 2020, the three major customers of the Company were Feihe Dairy Group, Mengniu Group and Bright Dairy Group. All these three major customers benefited from the preferential policy, continued to expand their product portfolio and expand into the international market, which were constructive to the sustained development of the Group’s business. The revenue from these three major customers accounted for approximately 99.3% of the Group’s revenue. Following the close of the conditional voluntary general offer by CLSA Limited on behalf of China Feihe Limited (“Feihe”) (Stock Code: 6186, a company listed on the Main Board of the Stock Exchange) for all of the outstanding shares of the Company and for the cancellation of all of the outstanding options of the Company on 2 December 2020, Feihe acquired 71.26% of issued shares of the Company from existing shareholders and obtained control over the Group with a consideration of HKD2,105.7 million. In addition, Feihe paid compensation to existing option holders of the Group with a consideration of HKD63.9 million. On 3 December 2020, Mr. Leng Youbin, Mr. Liu Hua and Mr. Cai Fangliang, directors of Feihe, were appointed as non-executive Directors and Ms. Liu Jinping, a director of Feihe, was appointed as an independent non-executive Director. Senior management of the Group did not change after the acquisition. For more details of the acquisition by Feihe, please refer to the joint announcements dated 6 September 2020, 28 September 2020, 12 October 2020, 30 September 2020, 28 October 2020, 18 November 2020 and 2 December 2020 and the composite document dated 30 October 2020 jointly issued by the Company and Feihe. In line with the increasing demand of the market for high-quality raw milk, the Group plans to continue to construct new farms in addition to the existing farms to grow its production capacity. In the future, the Group is expected to continue to supply raw milk products to the three major customers in the long term, and be committed to providing raw milk according to the highest safety standards and nutritional standards in China. Prospects: According to the data in the “2020 China Dairy Industry Development Report” (the “Report”), the current per capita consumption of dairy products in China is insufficient. At present, two most imperative concerns are the revitalization of the dairy industry and the steady modernization of the farming industry. The Report further pointed out that the dairy industry boasts of huge consumption potential and bright market prospects. In order to satisfy the diversified and personalised consumer needs, the Group will devote itself to improving the operational capabilities of the farms, focusing on production of high-quality raw milk, and strengthening standardised and large-scale production of products. In the future, the Group will seize market opportunities and upgrade its product mix, continuously leveraging on its own technological advantages and resource endowments in line with the innovation and consumption upgrading trend. the Group believe that while providing high-quality dairy products to the society, YuanShengTai will maintain its leading position in China’s dairy farming industry and make its greatest contribution to the revitalization of China’s dairy industry.

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