Investor Presentaiton

Fresh Milk & Cheese Businesses Maintain Strong Growth Momentum • • • 2 Fresh milk business continued to expand market share Net revenue up 85% yoy • Market share increased from 11.1% to 13.4% No. 1 sales in JD.com, Sam's Club and Yonghui Superstore Shiny Meadow grew 80%, strengthened its leading position in the premium fresh milk market Continued product innovation, launching Shiny Meadow A2 fresh milk, 4.0g milk protein fresh milk ♡ 蒙牛 Ⓡ SHINY MEADO 每日鲜语高端鲜奶新标杆优于欧盟标准生牛孙* 数百万精英家庭的品质。20 04 鮮牛奶 • Accelerated development of digitalized supply chain, completing basic layout of "fresh" capabilities # * *TURN TO ♡ 蒙牛 Ⓡ 自由式滑雪世界冠军谷爱凌冰雪迎新年奶酪助成长 • . 3 41% net revenue growth for cheese Launched ASCX additive-free organic cheese sticks and new room temperature leisure cheese products, exploring new consumption scenarios Exploration of opportunities in market segments such as new food services, new bakery and new tea beverages, offering professional dairy product solutions Completed strategic investment in Milkground's share placement 13 in July, developing leading position in the cheese market

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