China Mengniu Dairy Company Limited
(incorporated in the Cayman Islands with limited liability)
Stock Code : 2319
Annual Report 2005
growth
healthy
fresh
CONTENTS
Corporate Profile Financial Highlights Corporate Structure CEO's Statement Major Awards and Achievements Management Discussion and Analysis Directors and Senior Management Corporate Governance Report Report of the Directors Report of the Auditors Consolidated Income Statement Consolidated Balance Sheet Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Balance Sheet Notes to Financial Statements Financial Summary Corporate Information 1 2 3 4 6 7 14 18 26 39 40 41 43 44 46 47 95 96
CORPORATE PROFILE
China Mengniu Dairy Company Limited (SEHK: 2319) and its subsidiaries (the "Group") manufacture and distribute quality dairy products in China, including Hong Kong and Macau. It has become one of the leading dairy product manufacturers in China, with MENGNIU as its core brand. The Group's diverse products include liquid milk products, such as UHT milk, yogurt and milk beverages, ice cream and other dairy products such as milk powder and milk tablets. In 2005, the Group operated 14 production bases with an aggregate annual production capacity of 2.78 million tons.
COMPETITIVE EDGE
Strong Brand Equity
Innovative and sound marketing campaign to combat intensified competition High quality and tasty products foster strong consumer loyalty
Comprehensive Product Portfolio
Quality products produced at strategically located production facilities Dedicated efforts to develop new, high value-added products to cater for different market segments
Strategic Partnership
Close relationship with dairy farmers and milk collection centers secures stable raw milk supply Extensive national sales and distribution network facilitates instant grasp of ever changing market trends
Management Excellence

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