中商官网
研究报告
蒙牛乳业（HK2319）
主要经济指标
| 类别\年份 | 营业额 （元) |
营业利润 （元) |
利润总额 （元) |
净利润 （元) |
资产合计 （元) |
负债合计 （元) |
权益合计 （元) |
| 2001 | 723997000.0000 | 184106000.0000 | 50866000.0000 | 33521000.0000 | 391270000.0000 | 253914000.0000 | 137356000.0000 |
| 2002 | 1668745000.0000 | 451578000.0000 | 137164000.0000 | 76694000.0000 | 830468000.0000 | 455236000.0000 | 375232000.0000 |
| 2003 | 4071468000.0000 | 1023519000.0000 | 293788000.0000 | 164372000.0000 | 2334310000.0000 | 1474589000.0000 | 859721000.0000 |
| 2004 | 7213827000.0000 | 1606464000.0000 | 410553000.0000 | 319393000.0000 | 4836384000.0000 | 2533256000.0000 | 2303128000.0000 |
| 2005 | 10824950000.0000 | 2413205000.0000 | 617135000.0000 | 456847000.0000 | 6087105000.0000 | 3320026000.0000 | 2767079000.0000 |
| 2006 | 16246368000.0000 | 3721771000.0000 | 942320000.0000 | 727352000.0000 | 7763678000.0000 | 4130998000.0000 | 3632680000.0000 |
| 2007 | 21318062000.0000 | 4803505000.0000 | 1130310000.0000 | 935786000.0000 | 9681279000.0000 | 3846575000.0000 | 5834704000.0000 |
| 2008 | 23864975000.0000 | 4669399000.0000 | -1089275000.0000 | -948600000.0000 | 11315275000.0000 | 6577304000.0000 | 4737971000.0000 |
| 2009 | 25710460000.0000 | 6852231000.0000 | 1346346000.0000 | 1115799000.0000 | 14096126000.0000 | 5184432000.0000 | 8911694000.0000 |
| 2010 | 30265415000.0000 | 7786436000.0000 | 1538102000.0000 | 1237273000.0000 | 17305841000.0000 | 7088332000.0000 | 10217509000.0000 |
| 2011 | 37387844000.0000 | 9592152000.0000 | 2060630000.0000 | 1589274000.0000 | 20201685000.0000 | 8152865000.0000 | 12048820000.0000 |
| 2012 | 35999990000.0000 | 8949998000.0000 | 1733863000.0000 | 1303101000.0000 | 20915894000.0000 | 7794787000.0000 | 13121107000.0000 |
| 2013 | 43356908000.0000 | 11697245000.0000 | 2204503000.0000 | 1630925000.0000 | 40339396000.0000 | 22328258000.0000 | 18011138000.0000 |
| 2014 | 50049243000.0000 | 15433613000.0000 | 3150008000.0000 | 2350803000.0000 | 47080792000.0000 | 22587919000.0000 | 24492873000.0000 |
| 2015 | 49026516000.0000 | 15375474000.0000 | 3030170000.0000 | 2367291000.0000 | 50652541000.0000 | 24037387000.0000 | 26615154000.0000 |
| 2016 | 53779339000.0000 | 17635402000.0000 | -461386000.0000 | -751155000.0000 | 49124427000.0000 | 23620699000.0000 | 25503728000.0000 |
| 2017 | 60155622000.0000 | 21182695000.0000 | 2624961000.0000 | 2047839000.0000 | 58138731000.0000 | 31031608000.0000 | 27107123000.0000 |
| 2018 | 68977066000.0000 | 25783626000.0000 | 3852722000.0000 | 3043030000.0000 | 66457257000.0000 | 35992978000.0000 | 30464279000.0000 |
| 2019 | 79029856000.0000 | 29678614000.0000 | 5605447000.0000 | 4105437000.0000 | 78537405000.0000 | 45190068000.0000 | 33347337000.0000 |
| 2020 | 76034844000.0000 | 28629280000.0000 | 4154786000.0000 | 3525044000.0000 | 80146240000.0000 | 42898681000.0000 | 37247559000.0000 |
| 2021 | 88141475000.0000 | 32389914000.0000 | 5868168000.0000 | 5025537000.0000 | 98101344000.0000 | 56101912000.0000 | 41999432000.0000 |
| 2022 | 92593322000.0000 | 32689782000.0000 | 6502353000.0000 | 5302972000.0000 | 117813205000.0000 | 67761407000.0000 | 50051798000.0000 |
| 2023 | 98624041000.0000 | 36640095000.0000 | 6312187000.0000 | 4809197000.0000 | 115219951000.0000 | 64568240000.0000 | 50651711000.0000 |
| 2024 | 88674774000.0000 | 35090440000.0000 | 999177000.0000 | 104507000.0000 | 106292792000.0000 | 58267301000.0000 | 48025491000.0000 |
盈利能力分析
| 类别\年份 | 销售毛利率 （%) |
主营利润率 （%) |
总资产利润率 （%) |
净资产收益率 （%) |
存货周转率 | 应收账款周转率 （次) |
总资产周转率 （次) |
| 2001 | 25.43 | 7.0500 | 13.00 | 24.4600 | 6.21 | -- | 1.85 |
| 2002 | 27.06 | 8.2000 | 16.52 | 20.5400 | 6.68 | -- | 2.01 |
| 2003 | 25.14 | 7.2000 | 12.59 | 23.8500 | 7.46 | -- | 1.74 |
| 2004 | 22.27 | 5.6900 | 8.49 | 16.3400 | 7.84 | -- | 1.49 |
| 2005 | 22.29 | 5.7300 | 10.14 | 19.6000 | 10.77 | -- | 1.78 |
| 2006 | 22.91 | 5.7500 | 12.14 | 24.2500 | 11.69 | -- | 2.09 |
| 2007 | 22.53 | 5.2000 | 11.68 | 18.3100 | 18.82 | -- | 2.20 |
| 2008 | 19.57 | -4.6900 | -9.63 | -21.2500 | 23.28 | -- | 2.11 |
| 2009 | 26.65 | 5.1600 | 9.55 | 13.0100 | 26.38 | -- | 1.82 |
| 2010 | 25.73 | 4.9500 | 8.89 | 12.6800 | 19.11 | -- | 1.75 |
| 2011 | 25.66 | 5.3700 | 10.20 | 13.8500 | 16.49 | -- | 1.85 |
| 2012 | 24.86 | 4.9600 | 8.29 | 10.4300 | 19.85 | -- | 1.72 |
| 2013 | 26.98 | 4.7300 | 5.46 | 10.6200 | 12.29 | -- | 1.07 |
| 2014 | 30.84 | 5.7400 | 6.69 | 10.9400 | 7.97 | -- | 1.06 |
| 2015 | 31.36 | 5.9000 | 5.98 | 10.6900 | 7.75 | -- | 0.97 |
| 2016 | 32.79 | -0.4400 | -0.94 | -3.6000 | 10.91 | -- | 1.09 |
| 2017 | 35.21 | 5.2500 | 4.51 | 9.0600 | 11.10 | -- | 1.03 |
| 2018 | 37.38 | 6.0200 | 5.80 | 12.0700 | 10.09 | -- | 1.04 |
| 2019 | 37.55 | 6.8700 | 7.14 | 14.0900 | 9.70 | -- | 1.01 |
| 2020 | 37.65 | 4.9000 | 5.18 | 10.6900 | 8.60 | -- | 0.95 |
| 2021 | 36.75 | 5.8700 | 5.98 | 13.6500 | 8.60 | -- | 0.90 |
| 2022 | 35.30 | 6.5800 | 5.52 | 13.2200 | 7.42 | -- | 0.79 |
| 2023 | 37.15 | 6.3100 | 5.48 | 10.8500 | 10.18 | -- | 0.86 |
| 2024 | 39.57 | 2.1100 | 0.94 | 0.2500 | 10.85 | -- | 0.83 |
偿债能力分析
| 类别\年份 | 资产负债率 （%) |
股东权益比率 （%) |
流动比率 | 速动比率 |
| 2001 | 64.89 | 35.11 | 1.04 | 0.57 |
| 2002 | 54.82 | 45.18 | 1.23 | 0.73 |
| 2003 | 63.17 | 36.83 | 0.96 | 0.56 |
| 2004 | 52.38 | 47.62 | 1.06 | 0.71 |
| 2005 | 54.54 | 45.46 | 1.00 | 0.69 |
| 2006 | 53.21 | 46.79 | 0.96 | 0.61 |
| 2007 | 39.73 | 60.27 | 1.12 | 0.86 |
| 2008 | 58.13 | 41.87 | 0.88 | 0.74 |
| 2009 | 36.78 | 63.22 | 1.76 | 1.60 |
| 2010 | 40.96 | 59.04 | 1.55 | 1.36 |
| 2011 | 40.36 | 59.64 | 1.44 | 1.20 |
| 2012 | 37.27 | 62.73 | 1.44 | 1.24 |
| 2013 | 55.35 | 44.65 | 0.90 | 0.76 |
| 2014 | 47.98 | 52.02 | 1.42 | 1.11 |
| 2015 | 47.46 | 52.54 | 1.40 | 1.13 |
| 2016 | 48.08 | 51.92 | 1.30 | 1.08 |
| 2017 | 53.38 | 46.62 | 1.15 | 1.00 |
| 2018 | 54.16 | 45.84 | 1.18 | 1.01 |
| 2019 | 57.54 | 42.46 | 1.18 | 1.02 |
| 2020 | 53.53 | 46.47 | 1.21 | 0.99 |
| 2021 | 57.19 | 42.81 | 1.07 | 0.84 |
| 2022 | 57.52 | 42.48 | 1.11 | 0.87 |
| 2023 | 56.04 | 43.96 | 1.05 | 0.86 |
| 2024 | 54.82 | 45.18 | 0.97 | 0.83 |
成本费用分析
| 类别\年份 | 销售成本 （元) |
销售费用 （元) |
管理费用 （元) |
财务费用 （元) |
| 2001 | 539891000.0000 | -- | 19809000.0000 | 4901000.0000 |
| 2002 | 1217167000.0000 | -- | 37075000.0000 | 5911000.0000 |
| 2003 | 3047949000.0000 | -- | 86099000.0000 | 12900000.0000 |
| 2004 | 5607363000.0000 | -- | 136662000.0000 | 29086000.0000 |
| 2005 | 8411745000.0000 | -- | 267817000.0000 | 31058000.0000 |
| 2006 | 12524597000.0000 | -- | 420004000.0000 | 47254000.0000 |
| 2007 | 16514557000.0000 | -- | 461902000.0000 | 6494000.0000 |
| 2008 | 19195576000.0000 | -- | 622162000.0000 | -15447000.0000 |
| 2009 | 18858229000.0000 | -- | 863750000.0000 | -23889000.0000 |
| 2010 | 22478979000.0000 | -- | 1036039000.0000 | -42681000.0000 |
| 2011 | 27795692000.0000 | -- | 1110089000.0000 | -112110000.0000 |
| 2012 | 27049992000.0000 | -- | 1174851000.0000 | -178989000.0000 |
| 2013 | 31659663000.0000 | -- | 1605791000.0000 | -198918000.0000 |
| 2014 | 34615630000.0000 | -- | 1941237000.0000 | -207728000.0000 |
| 2015 | 33651042000.0000 | -- | 1871250000.0000 | -244639000.0000 |
| 2016 | 36143937000.0000 | -- | 2471365000.0000 | -184144000.0000 |
| 2017 | 38972927000.0000 | -- | 2497212000.0000 | -184139000.0000 |
| 2018 | 43193440000.0000 | -- | 2915035000.0000 | -317595000.0000 |
| 2019 | 49351242000.0000 | -- | 3319414000.0000 | -460589000.0000 |
| 2020 | 47405564000.0000 | -- | 3132947000.0000 | -512358000.0000 |
| 2021 | 55751561000.0000 | -- | 3524302000.0000 | -284322000.0000 |
| 2022 | 59903540000.0000 | -- | 4441844000.0000 | -260122000.0000 |
| 2023 | 61983946000.0000 | -- | 4742531000.0000 | -106274000.0000 |
| 2024 | 53584334000.0000 | -- | 4228995000.0000 | 55813000.0000 |