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Mr.
Niu Gensheng, CEO of China Mengniu Dairy
Company Limited, and nine other founding individuals established
Inner Mongolia Mengniu Milk Industry Co., Ltd., which
is our principal operating subsidiary on 18 August 1999.
This company was subsequently renamed Inner Mongolia Mengniu
Milk Industry (Group) Co., Ltd. ("Mengniu Group") on 23 April
2003.
Since establishment, Mengniu Group
has been growing at a fast pace. The revenue of the Mengniu
Group for the period from 18 August 1999 to 31 December
1999 was RMB 37.3 million. Since 1999, the revenue
of the Mengniu Group has increased by a compound annual
growth rate of 223.2%, reaching RMB246.7 million in 2000,
RMB724.0 million in 2001, RMB1,668.7 million in 2002,
and RMB4,071.5 million in 2003.
The Mengniu Group also increased its total annual production
output from approximately 50,000 tons in 2000 to 2 million
tons in 2004. According to a China General Chamber of
Commerce and China National Commerce Information Center
joint survey of large retailers, Mengniu Group was the
top liquid milk producer in China by sales volume in 2003.
In addition, according to a December 2004 survey by ACNielsen
in 24 of China's 31 provinces, autonomous regions and
directly administered municipalities, Mengniu Group was
the country's leading liquid milk producer with a 22.0%
market share by sales value, excluding yogurt and milk
beverages.
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