庄园牧场：H股公告-2020年度报告（英文版）.PDFVIP

About Us We are one of the leading dairy companies in Gansu, Shaanxi and Qinghai where our operations and sales are primarily located and we operate a vertically integrated business model. Our business model covers the critical stages of the dairy industry value chain, from dairy farming, to manufacturing, and then to marketing and sales of dairy products. Our dairy farming operations aim to ensure a stable supply of high quality raw milk for our dairy product manufacturing. We believe our business model allows stringent control over each important process of dairy production and thereby guarantees the high quality and safety of our dairy products. Contents 2 Corporate Information 4 Annual Results Highlights 5 Chairman’s Statement 6 Management Discussion and Analysis 25 Directors, Supervisors and Senior Management 29 Supervisory Committee’s Report 30 Corporate Governance Report 48 Directors’ Report 70 Auditor’s Report 76 Consolidated Income Statement 79 Consolidated Balance Sheet 82 Consolidated Cash Flow Statement 84 Consolidated Statement of Changes in Equity 86 Income Statement of the Parent Company 88 Balance Sheet of the Parent Company 91 Cash Flow Statement of the Parent Company 93 Statement of Changes in Equity of the Parent Company 95 Notes to the Financial Statements 230 Financial Summary Corporate Information BOARD OF DIRECTORS STRATEGY COMMITTEE Executive Directors Mr. Ma Hongfu (Chairman) Mr. Ma Hongfu Mr. Zhao Xinmin Mr. Wang Guofu AUTHORISED REPRESENTATIVES Ms. Zhang Qianyu Mr. Ma Hongfu Non-Executive Director Ms. Ho Wing Yan(ACG