In 2017, Mengniu continued to innovate and actively pursue product research and development to promote continuous improvement of the enterprise. Heeding the trend of consumers craving for diverse, high-end and healthy products, it launched differentiated and market-oriented new products. All-out efforts were also made to upgrade products in terms of variety, flavor and packaging, so as to create better consumption experience of dairy products for consumers. Mengniu also achieved huge success in brand promotion, marketing and sales by using new media and Big Data flexibly.
38 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
The main products of the Group are liquid milk, ice cream, milk formula and other products. Their performances during the year under review are outlined in the table below:
Product
category Financial performance Highlights
產品品類 財務表現 動向
Liquid milk 液態奶
Revenue amounted to RMB53,015.0 million (2016: RMB48,102.9 million), accounting for 88.1% of the Group’s total revenue (2016:
89.4%).
收入為人民幣530.150億元（二零一六年：人民幣481.029億元），佔本集團總收入的88.1%（二零一六年：89.4%）。
UHT milk UHT奶
Revenue amounted to RMB25,689.2 million (2016:
RMB23,851.9 million), accounting for 48.5% of the liquid milk segment revenue (2016: 49.6%).
收入為人民幣256.892億元（二零一六年：人民幣
238.519億元），佔液態奶收入48.5%（二零一六年：
49.6%）。
– Milk Deluxe upgraded its organic milk product series, continuing to boost its image as a high-end product brand and promote its brand spirit of “New Nutritional Level Makes a Better Life”. During the period, super high-end Milk Deluxe M-PLUS High Protein Milk was launched, which is the first milk product created for sports enthusiasts in China. In addition, Mengniu also launched the super high-end Milk Supreme that comes in specially designed gift packaging.
– 特侖蘇 全線升級有機奶，持續強化特侖蘇 的產品高端性，進一步發揚
「營養新高度、成就更好人生」的品牌精神。期內特侖蘇 推出超高端產品 M-PLUS高蛋白牛奶 ，打造中國首個針對運動人群之專屬牛奶產品；此 外，蒙牛亦推出定位超高端禮盒裝產品─奶爵6特乳。
– Future Star Kid Growth Milk undertook innovative research and development on its formula, and launched Future Star Kid Organic Milk during the year, which is produced using Milk Deluxe organic milk source and under the banner of “Natural Nutrition and Focus on Growth”. It also introduced Future Star A2ß Casein Pure Milk, made with premium milk in limited supply from meticulously selected designated ranches.
– 未來星兒童成長牛奶對配方進行創新性研發，在年內推出採用特侖蘇有機 奶源製造、以「自然營養，專注成長」為口號的未來星兒童有機奶，並發佈 精選來自專屬牧場、奶源限量供應的未來星A2ß－酪蛋白純牛奶。
本集團產品主要分為液態奶、冰淇淋、奶粉及其 他產品，回顧年內表現如下：
Annual Report 2017 二零一七年年報 39
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
Product
category Financial performance Highlights
產品品類 財務表現 動向
– Prime Ranch Pure Milk in fresh packaging was launched to market.
Using QR code and implementing “One Pack, One Code”, product batch numbers can be traced with ease and production processes are more transparent.
– 精選牧場純牛奶使用全新包裝上市，全面推行「一包一碼」，通過二維碼技 術實現產品批次信息同步及提高生產過程的透明度。
– Mengniu joined hands with China Modern Dairy to introduce Xianyu Pure Milk. It has opened a niche – the room temperature fresh milk market – in between the room temperature milk and fresh milk markets.
– 蒙牛與中國現代牧業攜手推出鮮語純牛奶 ，在常溫牛奶和鮮牛奶市場之 間，開闢出常溫鮮牛奶市場。
– The upgraded packaging of Mengniu Pure Milk carries an aerospace-themed label to highlight the brand proposition of “Let’s Enjoy Aeronautic Quality Milk”.
– 蒙牛純牛奶升級包裝設計，增加航天背書標識，突出「航天品質，你我共 享」的品牌主張。
Key products:
– Milk Deluxe – Mengniu Pure Milk – Prime Ranch Pure Milk – Future Star Kid Growth Milk – Xianyu Pure Milk – XinYangDao – Awakening Youth Milk 重點產品：
– 特侖蘇
– 蒙牛純牛奶 – 精選牧場純牛奶 – 未來星兒童成長牛奶 – 鮮語純牛奶
– 新養道
– 煥輕
40 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
Product
category Financial performance Highlights
產品品類 財務表現 動向
Milk beverages 乳飲料
Revenue amounted to RMB9,879.8 million (2016:
RMB9,380.2 million), accounting for 18.6% of the liquid milk segment revenue (2016: 19.5%).
收入為人民幣98.798億元（二零一六年：人民幣93.802 億元），佔液態奶收入18.6%（二零一六年：19.5%）。
– Yoyi C launched LC-37 that targets the professional probiotics beverage market. Every 100 ml of the product contains 50 billion active bacteria C, 500 times the national standard. It also has an exclusive 37˚C highly active bacterial strain, overcoming the technical bottleneck faced by the low temperature probiotics industry and becoming an innovative product which revolutionizes probiotics product offerings. In May 2017, under LC-37, an upgraded low-sugar enzyme-rich product was launched.
– 優益C針對專業型乳酸菌市場推出LC-37，每100毫升含有500億活的活力 C菌，高於國家標準500倍，更擁有獨家37℃強活性的菌株特性，打破了 低溫乳酸菌行業的技術瓶頸，成為顛覆活性乳酸菌品類的創新產品，二零 一七年五月LC-37更進一步升級推出低糖酵素口味新品。
– Fruit Milk Drink focused on the new blueberry flavored product, and mounted a promotional campaign themed “Bring Your Blue Friend Home”, so as to capture share in the young consumer market.
– 真果粒重點發力藍莓味新品，以「帶藍朋友回家」為營銷主題，搶佔年輕消 費者市場份額。
Key products:
– Yoyi C – Fruit Milk Drink – Suan Suan Ru 重點產品：
– 優益C
– 真果粒
– 酸酸乳
Yogurt 酸奶
Revenue amounted to RMB17,446.0 million (2016:
RMB14,870.8 million), accounting for 32.9% of the liquid milk segment revenue (2016: 30.9%).
收入為人民幣174.460億元（二零一六年：人民幣 148.708億元），佔液態奶收入32.9%（二零一六年：
30.9%）。
– During the year, 15 new products of chilled yogurt under 6 series were introduced to the market, targeting at higher market share of the high-end yogurt market.
– 於年內共上市6個產品系列共15款低溫酸奶新產品，大力搶佔高端的酸奶 市場。
– Building on the strong brand advantage of Milk Deluxe, Milk Deluxe Yogurt was launched. The product combines patented bacteria from the US, Danone’s exclusive craftsmanship from France and premium ingredients from all over the world, speaking truly to the brand spirit of “Not all yogurts are Milk Deluxe”. The Group’s yogurt business has advanced on the high-end trend.
– 以特侖蘇的品牌優勢，強勢推出特侖蘇酸奶，以美國專利菌種、法國達能 獨有工藝及全球優質食材匠心演繹「不是所有酸奶都是特侖蘇 」的品牌精 神，進一步拓展高端酸奶業務。
urt Revenue am
–
–
Ke – – –
Annual Report 2017 二零一七年年報 41
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
Product
category Financial performance Highlights
產品品類 財務表現 動向
– Just Yoghurt and the Hollywood movie “Transformers: The Last Knight”
jointly launched the Transformers special edition packaging. Brand promotion revolved around “Go Fighting! Season 3”, with the Go Fighting brothers featuring in six new packaging designs.
– 純甄與好萊塢電影《變形金剛5：最後的戰士》合作推出變形金剛特別定制 包裝；捆綁《極限挑戰3》進行品牌宣傳，結合極限兄弟形象定制6款新包 裝。
– Champion focused on optimizing product structure and introduced a series of products, namely Jianzihao, Mailaoru and Xianlaoru. Making the best of its core asset – the “BB-12” bacteria, Champion has strengthened its positioning as a “professional and functional” yogurt.
– 冠益乳聚焦優化產品結構，推出健字號、麥酪乳、鮮酪乳一系列產品，圍 繞品牌核心資產「BB-12」菌種，強化「專業功能性」酸奶定位。
– Bio introduced Kaquzi Grain Mix Flavored Yogurt, with its positioning as a food replacement boosting the best mix of natural ingredients among the domestic yogurt market, containing American almonds and cranberries, Australian oats and pumpkin seeds.
– 碧悠推出卡趣滋穀物組合風味發酵乳，並主打代餐，內含美國扁桃仁、蔓 越莓乾、澳洲燕麥、甄選南瓜籽，是國內酸奶市場天然原料種類最豐富的 穀物蓋。
Key products:
– Just Yoghurt – Milk Deluxe Yogurt – Champion
– Inner Mongolia Solid Yogurt – European Charcoal Yogurt – Bio
重點產品：
– 純甄
– 特侖蘇酸奶
– 冠益乳
– 內蒙古老酸奶 – 歐式炭燒酸奶
– 碧悠
42 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
Product
category Financial performance Highlights
產品品類 財務表現 動向
Ice Cream 冰淇淋
Revenue amounted to RMB2,513.1 million (2016: RMB2,179.9 million), accounting for 4.2% of the Group’s total revenue (2016: 4.1%).
收入為人民幣25.131億元（二零一六年：人民幣21.799億元），佔本集團總收入4.2%（二零一六年：4.1%）。
– Mengniu’s newly launched Russian Milk Ice Cream brings back the original flavor of Russian ice cream. With high milk content, rich milk flavor and a smooth texture, the product has been well received by the market.
– 蒙牛全新推出俄式奶純冰淇淋，還原俄羅斯冰淇淋風味，含奶量高，奶味 濃郁，口感細膩，推出後大受歡迎。
– SuiXinGuo product series under Suibian continued to lead the trend of matching delicious cheese with fruit jam and ice cream. During the year, two brand-new products, blueberry cheese crunchy cone ice cream and mango cheese crunchy cone ice cream, were launched.
– 隨變隨芯果系列產品繼續引領美味芝士配搭果醬與冰淇淋的新風，於年內 推出兩款新品：藍莓芝士脆筒口味雪糕和芒果芝士脆筒口味雪糕。
– Mood for Green launched the sticky rice red bean ice cream, adopting unique technique in the industry to make sure the sticky rice dumplings are evenly set and pleasantly chewy, which earned great market acclaims.
– 綠色心情推出糯米紅豆冰淇淋，採用行業獨創工藝，保證糯米團子均勻排 列和Q彈狀態，獲得市場好評。
– Deluxe carried out upgrade on multiple fronts from branding, product, packaging to marketing and communication. Two new ice cream gift box packagings were introduced.
– 蒂蘭聖雪從品牌、產品、包裝及營銷傳播等多維度升級，推出兩款冰淇淋 禮盒。
Key products:
– Deluxe
– Russian Milk Ice Cream – Suibian
– Mood for Green 重點產品：
– 蒂蘭聖雪
– 俄式奶純冰淇淋
– 隨變
– 綠色心情
Annual Report 2017 二零一七年年報 43
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
Product
category Financial performance Highlights
產品品類 財務表現 動向
Milk Formula 奶粉
Revenue amounted to RMB4,042.1 million (2016: RMB3,150.9 million), accounting for 6.7% of the Group’s total revenue (2016: 5.9%).
收入為人民幣40.421億元（二零一六年：人民幣31.509億元），佔本集團總收入6.7%（二零一六年：5.9%）。
– Yashily emphasizes the provision of basic nutrients. Originally canned and imported from New Zealand, Yashily Super α-Golden Stage (renamed as Yashily Jingpo upon implementation of the national infant milk formula registration system) targets the medium-to-high end market and owns the patented INFATTM active energy system, which promotes probiotics growth in intestines of infants and toddlers.
– 雅士利品牌側重基礎營養，其中新西蘭原罐進口的雅士利超級α–金裝（國 家嬰幼兒奶粉配方註冊制實施後已更名為雅士利菁珀）嬰幼兒奶粉定位中 高端市場，擁有專利INFATTM動態活力系統，提升嬰幼兒腸道益生菌生長。
– Qinyou series and organic series of Reeborne completed the upgrade of their packaging and formula, and made increasing efforts in penetrating the organic market, while taking advantage of online and offline advertising exposures and soft interactive marketing with target customers to enhance brand exposure and recognition.
– 瑞哺恩的親悠系列及有機系列完成包裝及配方升級，並著力強化有機市場 的滲透，同時結合線上線下平台進行廣告曝光及與消費群軟性互動，提升 品牌曝光度及知名度。
– Dumex is committed to building professional formula series to satisfy babies’ special nutritional needs. Its three major product series cover products for allergies, digestion and under-weight new born babies.
– 多美滋致力滿足嬰幼兒的特殊營養需求，為嬰幼兒提供專業配方系列產 品，三大系列產品包括過敏系列、消化系列及低體重兒系列。
– Arla Baby & Me organic formula is originated from Denmark, highlighting its royal origination and aiming at super high-end market.
– Arla寶貝與我有機奶粉源自丹麥，有「皇室御用品牌」的美譽，定位超高端
市場。
44 China Mengniu Dairy Company Limited 中國蒙牛乳業有限公司
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
Product
category Financial performance Highlights
產品品類 財務表現 動向
– Yashili launched Doraler, its first high-end imported goat milk formula brand, in last November, which is originally canned and imported from Australia. 100% made of pure goat milk protein, the new product has a smooth and creamy texture and is easy to be absorbed.
– 雅士利於去年十一月推出首個高端進口羊奶粉品牌朵拉小羊，為澳大利亞 原罐進口，100%純羊乳蛋白，溫和細膩易吸收。
Key products:
– Yashily Super α- Golden Stage (Currently known as Yashili Jingpo) – Reeborne
– Dumex Diamor – Arla Baby & Me – Doraler
– Yashily α- Golden Stage 重點產品：
– 雅士利超級α-金裝（現已更名為雅士利菁珀）
– 瑞哺恩
– 多美滋致粹 – Arla寶貝與我
– 朵拉小羊
– 雅士利α-金裝 Other Products
其他產品
Revenue amounted to RMB585.4 million (2016: RMB345.6 million), accounting for 1.0% of the Group’s total revenue (2016: 0.6%).
收入為人民幣5.854億元（二零一六年：人民幣3.456億元），佔本集團總收入1.0%（二零一六年：0.6%）。
– The plant-based protein beverage ZhiPuMoFang, a joint creation of Mengniu and WhiteWave, underwent product adjustment and upgrade.
Heeding future market trend, Silk Americano Soymilk series featuring two flavors – original and almond – was launched.
– 蒙牛與WhiteWave共同創立的植物蛋白飲品品牌植樸磨坊，對產品進行了 調整和升級，根據未來市場發展趨勢推出Silk美式豆奶系列產品，有原味 及巴旦木兩種口味。
Key products:
– Silk Americano Soymilk – Lao Qu Bei
重點產品：
– Silk美式豆奶
– 酪趣貝
Products Revenue amounted to RMB