Investor Presentaiton

SG&A Expenses Selling & Distribution Expenses RMB million ♡蒙牛 Ⓡ Admin Expenses RMB million 28.3% 27.2% 26.6% 4.3% 4.1% 4.0% 23,488 21,541 18,452 2019 2020 Expenses % of revenue 3,524 3,133 2,905 2021 2019 2020 2021 Expenses -% of revenue

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