Investor Presentaiton

2021 Business Review PO ♡蒙牛 Ⓡ • • The rise of health awareness stimulated dairy consumption and product upgrades Growth in demand for dairy products drove an increase in raw milk prices 2 Effective measures taken to manage and digest the pressure of rising raw milk prices, maintaining stable margins 1010L 010 Focusing on dairy products, accelerated development in segments including cheese, fresh milk, adult formula, driving sales growth and product upgrades AIN • • 5 • Capitalizing on consumption upgrade trends, driving branding and product upgrades Expanding omnichannel marketing, accelerating the development of emerging channels and channel penetration Acceleration of the digital transformation initiatives Promoted digital upgrade, with "consumers, channels, supply chain and management" going online Fully grasping industry opportunities, executed on strategic upgrades, achieveded the fastest growth in five years

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