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• Revenue: -29.79% (1Q10)
• Net Profit: -35.52% (1Q10)
• Press Release: Operating profit surged 27.1% to RMB150.4 million on the back of a 25.9% increase in sales to RMB177.2 million
• Sales of raw milk, bull semen and cow embryos rose 50.6%, 19.3% and 22.7% respectively
• Outlook: The Group has observed signs of consolidation where major dairy companies and farms are expanding their herds via acquisitions, while small-scale dairy farmers who account for the bulk of China’s raw milk supply continue to be affected by lower economies of scale and rising feed costs.
• The Group is also facing a downward pressure on the pricing of its bull semen and cow embryos, against the backdrop of intense competition from local and overseas producers of bull semen and cow embryos in the last few months.
• The Group will remain focused on raising its efficiency via continuous improvement of its herd structure and expansion of its Canadian and Australian dairy cows via internal breeding.
• Going forward, the Group will intensify its sales and promotion efforts by actively participating in consumer and F&B events as well as setting up booths at supermarkets.

FINANCIAL RECORDS

Revenue (RMB '000)

FY 1Q 2Q 3Q 4Q Total
2010 111,246
2009 158,444 165,867 177,162 146,249 647,722
2008 124,200 132,578 140,710 149,282 546,770
2007 93,463 107,527 113,867 128,006 442,863
2006 68,186 72,784 78,994 81,025 300,989
2005 NA NA NA NA 243,680
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Earnings (RMB '000)

FY 1Q 2Q 3Q 4Q Total
2010 65,461
2009 101,524 108,296 119,116 53,534 382,470
2008 82,190 99,920 116,929 181,568 480,607
2007 88,633 100,731 103,044 86,065 378,473
2006 56,075 59,528 76,656 75,937 268,196
2005 NA NA NA NA 210,081
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Dividends

FY Interim Final Special (RMB)
2009 0.0028 NA NA
2008 NA NA NA
2007 NA 0.05 NA
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Bonus Issue / Stock Split

Date Type Details
NA
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Share Data (RMB)

NAV = $3.05
EPS = $0.09 (3M FY10)
No of Shares = 738,600,000
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date
NA