Investor Presentaiton

Operational Efficiency Indicators Inventory Turnover (Days) ♡ 蒙牛 Ⓡ Receivables Turnover (Days) (1) Payables Turnover (Days) (2) 40.8 39.3 36.5 ill 2019 2020 2021 16.7 15.8 14.8 2019 2020 2021 (1) Receivables Turnover = (Average Balance of Trade and Bills Receivables / Revenue) x Number of Days (2) Payables Turnover = (Average Balance of Trade and Bills Payables / Cost of Sales) x Number of Days 56.6 54.9 52.1 2019 2020 2021

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