1, inflation In 2022, outdoor consumption scenes and terminal store passenger flow will be affected by external factors, coupled with global market inflation and rising raw material costs, which will have an impact on the dairy industry.

The price of raw materials has gone up. Mengniu's gross profit margin decreased from 2002/kloc-0 to 2022 due to the decline of milk powder and milk beverage business, the increase of average price of raw and auxiliary materials, and the increase of factory buildings and production equipment, which led to the increase of depreciation expenses.