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Investor Presentaiton

Milk Formula Business Accelerates Development of Sub-segments . 6 Strong growth in adult milk powder for Yashili, outperforming market Net revenue grew 21.5% yoy TM 194" 夢半 • 76% growth in adult milk powder revenue, becoming a new growth driver • Focusing on the development of the Reeborne brand, continued to upgrade and optimize the infant formula product portfolio • Launching premium adult functional milk powder products against the backdrop of aging population, building a leading position in the industry Strengthening product development for specific needs, launched M8 children's growth milk formula 蒙牛 啓瑞 高端中老年奶船全国销量领先* 补充营养新选择 高端奶粉选悠瑞* (2021*** BELLAMY'S 真有机 我只选贝拉米 源自塔斯马尼亚—世界尽头的真实有机牧场 CAN 04490674) #IGERS. 3.SATUR 17ERBANS 三维国际有机认证 • 7 Bellamy's actively expanded its brands and channels to strengthen its foundation Accelerated deployment of domestic cross-border channels, increased market share in cross-border e-commerce channels; Australian daigou channels affected by epidemic ⚫ Chinese-labelled organic Equi-pure infant milk formula continued to promote offline channels deployment and strengthened its channel foundation Launching the new brand positioning and advertisements of "True Organic", to increase exposure and popularity of the brand and create momentum • Established the global innovation unit to integrate global resources, refine product structure and accelerate development of new products 15
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