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Public company info - China Huishan Dairy Holdings Co. Ltd. , 06863.HK
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China Huishan Dairy Holdings Co. Ltd., 06863.HK - Company Profile
Chairman YANG Kai
Share Issued (share) 13,476,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Dairy Products
Corporate Profile Business Summary: The Group mainly operated three major businesses: (i) the dairy farming business, under which we primarily produced and sold raw milk; (ii) the liquid milk business, under which we primarily produced and sold liquid milk products; and (iii) the milk powder business, under which we primarily produced and sold milk powder products and dairy ingredients. Performance for the year: Revenue was RMB4,526.5 million, representing an increase of 15.4% as compared to the corresponding period in 2015 Gross profit margin (before biological fair value adjustments) was 56.0% Profit from operations (before biological fair value adjustments) was RMB1,583.4 million, representing an increase of 23.6% as compared to the corresponding period in 2015 Profit for the year attributable to equity shareholders of the Company (before biological fair value adjustments) was RMB824.6 million, representing a decrease of 8.3% as compared to the corresponding period in 2015 Business Review: the Group are a leading and the most vertically integrated dairy company in China. In contrast to dairy farming and dairy product processing companies which focus on a single area along the dairy value chain, the Group's business model covers the entire dairy value chain from plantation of alfalfa and supplementary feeds, processing of concentrated feeds to dairy farming and manufacturing and sales of dairy products under the ‘‘Huishan’’ brand. This ‘‘fully vertically integrated’’ business model maximises the value throughout upstream and downstream on the dairy value chain by effectively integrating each segment while ensuring the safety of raw materials and products, enabling us to enjoy leading profitability in the dairy industry. Currently, the Group are the largest self-sustaining company in China capable of supplying 100% of raw milk required for the production of liquid milk and milk powder products under the Group's own brand by using raw milk from self-operated farms. the Group's excellent product safety records and high quality products forge the Group's reliable brand in China. During the Reporting Year, the Group’s selling prices of raw milk the Groupre affected by the drop in domestic market prices of raw milk; as the Group's new liquid milk processing plant had just commenced operation, the production and sales of liquid milk products, especially pasteurized dairy products, the Groupre slightly affected in the second quarter of 2015 due to equipment relocation and the initial run-in; the depreciation of Renminbi resulted in unfavthe Group'sable foreign exchange loss on the Group’s borrowings denominated in foreign currencies. Nevertheless, by leveraging on the Group's pioneered vertically integrated and self-controlled business model, spanning from large-scale feeds plantation, customized feeds processing, scientific dairy farming, fine dairy production to highly-fresh dairy delivery, the Group's Group managed to achieve a turnover of RMB4,526.5 million (the corresponding period in 2015: RMB3,923.4 million), representing a year-on-year growth of 15.4%. The overall gross profit margin has reached 56.0% which is above the average level in the industry. During the Reporting Year, the Group made progress amidst difficulties and continued to strengthen and broaden the development model of the Group's fully vertically integrated value chain. With industrial integration as the core, the Group pursued in-depth vertical development and continued to innovate on the basis of the existing agricultural planting, concentrated feeds processing, large-scale dairy farming and dairy products processing and selling; the Group also further extended the Group's industrial chain to renewable energy segments such as biogas compressed natural gas and organic fertilizer. Breaking the bottleneck of production capacity of liquid milk and increasing the Group's market share by differentiated products During the Reporting Year, the Group's new liquid milk processing plant in Shenbei District officially commenced production, increasing the design capacity of liquid milk to an aggregate of 620,000 tonnes per year. The new plant broke the bottleneck of restricted production capacity of liquid milk and enriched the Group's product range. It was not only a great force to strengthen the Group's foothold of liquid milk in the China’s Northeastern market, but also laid a solid foundation for the Group to build up business presence for Huishan’s liquid milk products in key markets all over the country. Leveraging on the advantage of Huishan being the top brand in the Northeastern region, the Group continued to increase the number of home delivery customers by innovative campaigns such as the ‘‘Fresh Milk Festival’’ and further secured the leading position of the Group's pasteurized dairy products in the Northeastern region and built barriers by creating products and sales channel which cannot be replicated by the Group's competitors. Besides adopting the product promotion ideology of ‘‘Only 1% Dairy Cows Qualify for Jersey Farm Milk’’, the Group also upgraded and optimized the packaging by pioneering the use of Tetra Brik Aseptic Edge packaging equipment in China, using high protein products in the ‘‘Jersey Farm’’ products series produced from milk of the Group's Jersey cows as the Group's key product under the Group's differentiated competition strategy. According to the Frost & Sullivan report, in terms of retail sales, the market share of the Group's liquid milk products in Northeastern China increased from 20.9% in 2014 to 21.9% in 2015, while the market share of low-temperature yogurt was 33.0% and that of pasteurized dairy products even reached 39.5%. Improving the Group's brand awareness and actively penetrating the retail market Based on the brand proposition of ‘‘Drinking milk, grateful for its sthe Group'sce; good milk sthe Group'sces make great milk’’ (‘‘飲奶思源，好奶源成就好牛奶’’), the Group launched Huishan’s sthe Group'sce-tracking campaign entitled ‘‘Drinking milk, grateful for its sthe Group'sce’’ with the enthusiastic participation of over a hundred cities which lasted for six months. Mr. HU Qiaohua (‘‘Hua Shao’’), dubbed the ‘‘Tongue of China’’ and the spokesperson of Huishan, visited the operation in Huishan with some netizens from Sina and media professionals to explore the good milk sthe Group'sces of China. The visit further defines the concept of origin that the Group insisted and opens a new chapter on the standard of healthy consumption of milk, which in turn substantially enhances the reputation and the influence of the ‘‘Huishan’’ brand all over the country. the Group engaged Ms. LIU Tao, a famous film and television actress, as the spokesperson of the ‘‘Huishan’’ milk powder products and broadcasted TV commercials starring Ms. LIU on TV and online media channels in the Group's focus regions such as Liaoning, Chongqing, Shandong and Henan in order to raise the influence and awareness of the Group's brand. Facing the ever-changing trend of consumption, the Group established the new marketing model in the ‘‘Internet+’’ era and improved the experience of consumers by innovative services in order to optimize the consumption experience while delivering high-quality dairy products and strengthening the emotional connection betthe Groupen the brand and the consumers. Laying the solid foundation to build up a nationwide market with whole-hearted focus During the Reporting Year, several operating companies under the joint venture project in Jiangsu the Groupre established, marking the complete launch of the project of vertically-integrated dairy value chain in Eastern China. The construction of the Group's liquid milk processing plant in Yancheng, Jiangsu, with a design capacity of 180,000 tonnes per year, commenced at the end of March 2015 and obtained the production permit in May 2016. Products from the new plant would be focusing on the pasteurized milk markets of Shanghai, Jiangsu, Zhejiang and Anhui. The successful replication of the fully vertically integrated value chain business model in Jiangsu symbolizes the implementation of the Group's strategic plan in relation to entering and expanding into markets other than Northeastern China and serves as an important milestone of the Group's transformation from a regional brand to a national dairy Enterprise. During the Reporting Year, the Group completed the joint venture agreement with Friesland Campina (Royal FrieslandCampina N.V., hereafter referred to as ‘‘FrieslandCampina’’). The joint venture leverages on the high quality and safe sthe Group'sces of milk from Huishan, the successful management and marketing experience in relation to IMF products of FrieslandCampina and their supreme marketing channels in China; the joint venture perfectly combined the Group's existing high-quality domestic supply chain and the century-old professional management experience of FrieslandCampina. The whole process of purchasing, production, promotion and sales will be under the full control of the joint venture in order to ensure that the most stringent quality control standards are adopted during the production of IMF products and provide quality guarantee to Chinese consumers. The joint venture passed two audits by SGS and was accredited with the compliance certificate of food safety system certification standard FSSC22000:2013. The campaign of domestic originated IMF products with international quality for Chinese consumers will be launched in 2016. Deeply exploiting potential efficiency along extended fully vertically integrated value chain With industry integration as the core, the Group pursued in-depth vertical development and continued to innovate on the basis of the existing agricultural planting, concentrated feeds processing, large-scale dairy farming and dairy products processing and selling, contributing to further extension of the Group's industrial chain to renewable energy segments such as biogas compressed natural gas and organic fertiliser. Considering the significant, stable and growing revenue and gains that renewable energy can potentially contribute to the Group and the possibility of broadening future sthe Group'sces of income for the Group, and building immunity to cyclical changes of dairy industry, the Group completed the acquisition of all equity interest of a renewable energy company held by the Group's controlling shareholder and his son in October 2015 (details of which are set out in the announcement of the Company dated September 29, 2015). In February 2016, the Group entered into a non-legally binding letter of intent (‘‘letter of intent’’) with CGN Energy Service Co., Ltd. (‘‘CGN Energy’’) and Yingde (Shanghai) Equity Investment Partnership (Limited Partnership) (‘‘Yingde Shanghai’’) with the intention to set up a company engaging in biomass gasification in China (details of which are set out in the announcement of the Company dated February 23, 2016). CGN Energy is a wholly-owned subsidiary of China General Nuclear Pothe Groupr Corporation, a mega-size state-owned clean energy enterprise in the PRC. CGN Energy is primarily engaged in businesses including but not limited to the research and development, project development, investment and operation of technology related to conversion of biomass to natural gas and utilization of energy from waste resthe Group'sces. Leveraging on the resthe Group'sces and industry experience possessed by CGN Energy in the field of biomass gasification and the financial strength of Yingde Shanghai, the Group would take advantage of the strategic opportunities arising from the rapidly developing biomass gasification industry and further realize the added-value in the vertical industry chain. Furthermore, the Group have started conducting research on installing solar energy panels on the Group's dairy farms, e.g. roof of barns, awnings and vacant ground, without occupying additional land resthe Group'sces. By leveraging the abundant solar energy resthe Group'sces in Liaoning Province, the Group will be able to develop an innovative ‘‘agri-solar’’ energy project, which is an efficient and eco-friendly consolidation of dairy farming and solar energy. Such initiative can enhance the profitability of solar energy project through the efficient use of dairy farming resthe Group'sces, therefore, contributing a significant and stable income to the Group. During the Reporting Year, the Group mainly operated three major businesses: (i) the dairy farming business, under which the Group primarily produced and sold raw milk; (ii) the liquid milk business, under which the Group primarily produced and sold liquid milk products; and (iii) the milk powder business, under which the Group primarily produced and sold milk powder products and dairy ingredients. Dairy Farming As at March 31, 2016, the Group operated China’s largest number of dairy farms in Liaoning Province, China with 82 standardized dairy farms (March 31, 2015: 69 standardized dairy farms) and a total herd size of 200,892 of dairy cows (March 31, 2015: 180,331 dairy cows). Of which, 48.0% the Groupre milkable cows (March 31, 2015: 41.3%). Liquid Milk The level of competition in the market of domestic dairy products, especially liquid milk products, has intensified due to the continuously low prices of imported whole-milk powder. In response to this market environment, the Group strengthened the Group's differentiated competitiveness by continuously optimizing the Group's product mix through high-protein dairy products with outstanding quality and fresh low-temperature products, which is made possible by the Group's resthe Group'sces advantages brought about by self-operated farms. At the same time, the Group continued to enrich the category of UHT sterilized milk (which is ultra-high temperature milk and hereinafter referred to as ‘‘UHT’’ milk) to increase market share, strengthen the Group's No. 1 position in the liquid milk market in Northeastern China and ratchet up the Group's market development efforts in Northern China. the Group also spent increasing efforts in respect of research and development and launched new products of lactobacillus beverage in order to gain market share with such beverage characterized by the milk sthe Group'sce of Huishan. Milk Powder — IMF Products, Adult Milk Powder and Dairy Ingredients Leveraging on the Group's unique advantage of resthe Group'sces from the fully vertically integrated value chain and scientific formula, the advanced technique of one-off powdering from fresh milk, the safety and quality of the Group's milk powder and the IMF products under the Group's own brand are extensively recognized by customers all over China. the Group launched new products under the 5 main brands of Golden Queen, Gold Label (金裝), 5A, Red Label (紅裝) and Supreme Label (優裝). With these 5 brands, the Group consolidated the Group's market position during the process of building business presence in key markets all over the country. Meanwhile, the Group adopted a triumviral marketing model by integrating the three marketing channels, namely retail stores and supermarkets, mother-and-baby stores and electronic commerce, in order to build up the image of ‘‘Huishan’’ brand in the huge social network of mothers. To fulfill the sales demand of customers at different ages and in different regions of market, the Group continued to launch new products under the Group's brand of adult milk powder and extended their reach to customers. As the national regulatory policy was implemented more extensively, the quality of products, as the foundation of a brand, is subject to close attention of distributors and customers. All registered IMF enterprises in China the Groupre placed on the list of ‘‘key random checks’’ according to the Notice of the List of Food Production Enterprises under the Key Random Checks by the Food and Drug Administration 2016 (No.64 of 2016) promulgated by China Food and Drug Administration. Accordingly, the Group will publish the result of the monthly random checks of the Group's IMF products every month. The quality and strength of the Group's IMF products the Groupre proved by the recommendation from the industrial association as part of the ‘‘National Team of Milk Powder Manufacturers’’, recognition by the Ministry of Industry and Information Technology of China as one of the companies under the first batch of pilot enterprises with traceability of safety and quality of milk powder, and the accreditation of ‘‘Best New Product’’ to the Group's IMF products named ‘‘Huishan Golden Queen’’ in the industrial assessment in 2015. Prospects: The past year was a challenging year for the dairy industry in China with a glut of raw milk, consumer market demand changing and market competition intensifying. Hothe Groupver, with the performance of China’s economy to improve, there is still enormous room for improvement in the dairy consumer market in China. According to the report of Frost & Sullivan, total retail sales of the dairy market in China increased from RMB194.5 billion in 2010 to RMB360.1 billion in 2015. Penetration of dairy products will continue to rise with advancing urbanization and escalating residents’ health awareness. More and more consumers consider milk as daily consumption products. Sales of liquid milk in China increased from RMB99.7 billion in 2010 to RMB174.5 billion in 2015. According to the forecast of Frost & Sullivan, the size of the retail market of liquid milk in China will further grow steadily and reach RMB294.0 billion in 2020. Nowadays, consumers constantly pursue higher living standard and their requirements for food safety and quality have become higher. Only high protein, nutritious and tasty dairy products could satisfy consumers demand. A major trend of consumption upgrade emerges in the liquid milk market as shown by the increasing proportion of high-end liquid milk year by year and it is estimated that the sales will increase to RMB112.9 billion by 2020. In the future, consumption proportion of high-end dairy products will keep on increasing and facilitate further development of dairy products in China. the Group take the lead in forging the most fully vertically integrated value chain of the dairy industry in China and maximizing the synergistic effects of each stage, which brought about significant cost advantages and resthe Group'sce advantages. Facing constant decline of international prices of whole milk powder and changes of market consumption environment in China, it is necessary for us to actively cope with the changes of market environment, realize rapid transformation and upgrade besides achieving innovation in multiple areas to ensure that the Group stand out among competitors. the Group will continue to insist on integrated industry-consolidation development, exert local market advantages, adjust product structure according to circumstances and healthily develop towards high-quality, highefficiency, strong comprehensive utilization of resthe Group'sces and ecologically sustainable development using a mechanism that virtuously integrates economic interest. In the spirit of artisans, the Group will focus on the aim and responsibility of providing consumers with safe and high quality dairy products and formulate and implement core development strategies with the operational ideology of integrated industry-consolidation: Insist on ‘‘Planting-breeding combination’’, expand the core competitive advantage of low costs and high quality raw milk Recently, the Ministry of Agriculture of China revised the Identification of Reconstituted Milk in Pasteurized Milk and UHT Sterilized Milk (巴氏殺菌乳和UHT滅菌乳中復原乳的鑒定) and it has been implemented on April 1, 2016. The promulgation of the revised standard improved the identification standard of reconstituted milk in China and provided scientific basis for calling illegally adding reconstituted milk. Lately, China Dairy Farming Union (中國農墾乳業聯盟主席聯席會) considered and approved the Production and Quality Standards of Fresh Milk of China’s Farms (中國農墾生鮮乳生產 和品質標準) (hereafter the ‘‘New Standard’’) on the Joint Chairman Meeting. The New Standard is in line with international standards such as those adopted by Europe and the USA and is also the highest enterprise standard in China. Its aim is to guide dairy product production enterprises to use more raw milk as raw materials in order to raise consumers’ confidence. The promulgation of the aforesaid policies fully illustrated that the dairy industry has started to develop from market-driven to milk sthe Group'sce-driven. As milk sthe Group'sce is the starting point of solving all problems, milk sthe Group'sce advantages will become core competitiveness of dairy products in the future. Imported whole milk powder and reconstituted milk are extensively used by dairy product processing enterprises. The root cause is long-term dependence on imported high protein feeds such as alfalfa, which resulted in higher raw milk production cost in China and uncompetitive raw milk price in the international market. The large scale dairy cow breeding pattern of ‘‘High input, high output’’ in China no longer adapted to the requirements of international competition. In 2016, the No. 1 document of the Central Government of the PRC emphasized accelerating development of feed farming, supported plantation of forage grass and feeds such as corn silage and alfalfa. This has fully demonstrated that only ‘‘planting-breeding combination’’ and ‘‘farming-breeding integration’’ is sustainable and the most economic development model for dairy cow breeding industry in China. While others in dairy industry thinking highly of short term interests to snatch market share, the Group focus on long term development, uphold the simple concept of ‘‘planting quality grass, breeding quality cows’’, pay attention to digging deep from sthe Group'sce and are committed to exploration and implementation of contemporary farming techniques in upstream industry chain and promotion of industrial supply side reform through milk sthe Group'sce upgrade. the Group will further expand land area for two-harvest cultivation, raise productivity of unit area through the way of double cropping, adjust and optimize feed formula for dairy cows with sufficient resthe Group'sces and lothe Groupr production costs of raw milk without compromising the quality of milk sthe Group'sce. Several key indicators of the Group's raw milk are higher than the New Standard promulgated by China Dairy Farming Union (中國農墾乳業聯盟). This implies that the raw milk produced by us does not only satisfy the demand of the Group's self-operated processed dairy products but also provide consumers with more quality dairy products and is even expected to become an important raw material procurement sthe Group'sce of other dairy product enterprises in China. Strengthen the strong position in respect of low-temperature products, develop national market with differentiation of innovative products Development towards low-temperature products of the dairy products industry is one of the signs of modern development of a country’s dairy industry and the best way to protect milk sthe Group'sce in China is to develop low-temperature products. The government has formulated various food cold chain development policies and encthe Group'sagement measures to support the development of pasteurized milk and low-temperature yogurt in China. At the same time, the Group raise public understanding and acceptance level towards pasteurized milk through multiple activities such as fresh milk festival. Consumption proportion of pasteurized milk among all liquid milk is anticipated to rise. the Group's absolute advantage in low-temperature products in the northeastern market is unshakeable. the Group will cater to consumers’ healthy concepts such as safe milk sthe Group'sce, freshness, additive-free and organic, focus on forging and promoting ‘‘Dr. Fresh’’ (鮮博士) and ‘‘Jersey Farm’’ pasteurized dairy products by high quality raw milk which exceeds the European Union standard, intensively cultivate the market, enhance points-ofsale layout and continuously increase sales of pasteurized dairy products in order to consolidate the strong position in the low-temperature market and continually enhance product standard and Profitability. The economically developed eastern China market is one of the largest markets of dairy product consumption in China and its consumption proportion of high-end liquid milk is far higher than the average level in China. The construction of the Group's dairy product processing factory in Yancheng, Jiangsu was completed in May 2016 which is the first time the Group successfully duplicated the fully vertically integrated value chain model of dairy industry in other place. Leveraging on the highest level of the Group's milk sthe Group'sce, the Group will start with low-temperature dairy products to demonstrate the Group's advantage of milk sthe Group'sce and establish the ‘‘Sthe Group'sces make a great difference’’ (源來大不同) brand image in the Eastern region. the Group will adopt a retailing system combining online and offline approaches to explore Jiangsu and Zhejiang markets first and gradually complete coverage over markets of other regions, such as Shanghai to satisfy the demand for quality pasteurized milk and other high-end dairy products in the Eastern China. A diversified profit structure of the liquid milk market is taking shape and generations born in the 1990s and the 2000s are gradually becoming major consumption groups. The demand for dairy products of these consumers has elevated from simple pursuit of safety and quality to requiring nutrition and character. the Group will forge the product connotation symbols of young, stylish and high-end by ‘‘Huayaozhenguoshu (花妖珍果蔬)’’, which is an ambient lactobacillus beverage combining the advantages of three products including ‘‘lactobacillus beverage, fruit and vegetable beverage and nutrient beverage’’, ‘‘Jinxiaoshun’’, a low temperature lactobacillus beverage which is produced by fermentation of 6 kinds of lactobacillus, and ‘‘Wolingka’’, a room temperature yoghurt product which is natural brown in color, to meet young people’s palate and personality, lead innovation of the dairy products industry through cross-sector marketing model and pothe Grouprful coverage of the national market. IMF powder is the Group's key product for building a national market presence. the Group will focus on the development of nutritious and special functional products and constantly enrich product categories to provide consumers with more options. the Group will draw support from the international cooperation platform with FrieslandCampina, leverage on high quality and safe milk sthe Group'sce, adopt successful management experience, marketing experience and superior sales channels of FrieslandCampina in the IMF powder field to forge a domestic IMF brand with international quality for consumers in China. Cope with changes in consumption trend, forge a new cross-sector retailing system of the ‘‘Internet+’’ era Under the background of Internet+, consumers do not only demand for quality products but also stress convenience and favorable purchasing experience. the Group will accelerate e-commerce development, carry out upgrade and improvement on product introduction, payment method and product access, realize consumers’ habit changes in purchasing dairy products from offline to online, achieve cooperation with major e-commerce platforms in China such as JD.com and Tmall through forging various liquid milk and milk powder products which are exclusively available on e-commerce platforms and allow consumers all over China to enjoy high quality Huishan dairy products leveraging its mature channels. the Group will put great efforts on building self-owned public the Groupchat platform and expand communication channels with consumers while providing online sales services in order to enhance brand influence. Consumers decide the future of every enterprise. the Group view in consumers’ perspectives and satisfy consumers’ demand through constant innovation on products and channels. the Group will enhance multisectors cooperation with music, animated games, the Groupll-known the Groupbsites and third party e-commerce platforms by ‘‘Huayaozhenguoshu’’, a characterized lactobacillus beverage product, and adopt the new ‘‘Internet+’’ marketing system, establish various marketing combination strategies including ‘‘brand cross-sectors upgrade’’, ‘‘product combination with milk sthe Group'sce advantages’’, ‘‘deep alliance with distributors’’, ‘‘consumers education on freshness’’ and ‘‘all channels and multi-dimensions construction’’ in order to lead the development of the dairy industry by cross-sectors and innovative marketing model. Enhance brand communication, advance ‘‘partnership mechanism’’ of distributors In 2015, ‘‘Caravan’’ activity accumulated the Group's brand awareness and consumers’ understanding towards the ‘‘value of sthe Group'sce’’. the Group will input more resthe Group'sces in brand promotion and dissemination, continue the jthe Group'sney of brand communication with ‘‘Drinking milk, grateful for its sthe Group'sce; sthe Group'sces make a great difference’’ (飲奶思源，源來大不同) as the Group's core, carry out ground breaking brand communication by the Group's differentiation on industrial integration, product differentiation and strength of resthe Group'sces difference; shaping the Group's milk sthe Group'sce value through online communication and on-site interaction; allowing consumers to understand the Group's high quality milk sthe Group'sce advantages through lively creation with selfoperated fully vertically integrated value chain as offline experience; carrying out accurate cross-sectors communication using several exclusively-available products under ‘‘Drinking milk, grateful for its sthe Group'sce’’ category and jointly promote with the channels. the Group will carry perseverance and persistence of Huishan people and constantly demonstrate the brand’s stylish and high-end temperament and Huishan’s ‘‘value of sthe Group'sce’’. the Group will base on the changing trend of industry structure under the new norms, start from selfadvantages and long-term development strategic plan of the enterprise and create innovative cooperation methods with distributors. the Group will establish the ‘‘partnership mechanism’’ of ‘‘create platforms, build alliance, share together’’ basing on the sales model, allowing distributors to operate their own specialties as the market owners and stimulate the distributors to optimize self-control and their initiatives in expanding the market. the Group will prove the foresight of the Group's operational strategies and development concepts again by successfully launching and implementing the ‘‘partnership mechanism’’.

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