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1、2?3?4?8?10?23?28?37?49?50?52?53?55?56?58?59?128?2?16,246,36810,824,950?727,352456,847? ?0.5320.365?0.5320.334? ?0.10940.0686?50.1%?162.464?7.2735?AC? ? ? ? ?28.6%?4.7?33.3%?3?5? ? ? ? ? ? ? ? ? ? ? ?104? ? ?OMP? )?OMP?.?6? ? ? ? ? ? ? ?50.1%?162.46?7.2735?0.532?0.1094?53.1%?87.8%?40.3%?11.2%?21.9%?1
2、.0%?7? ? ?20?500?8?(?)?AC? ? ? ? ? ? ? ? ? ? ?25? ? ?100?500? ? ?9? ? ? ?Hay? ?50? ? ? ? ? ? ?IR? ? ?11?50.1%?162.464? ?108.250? ?7.2735?4.5685? ?0.532? ?0.365?0.334? ?54.2%?37.218? ?24.132? ?22.9%?28.170? ?17.867? ?17.3% ?16.5%? ?23.803? ?14.950? ?14.6% ?13.8%? ?11.061?6.8% ?6.1%? ?4.367? ?2.917? ?
3、2.7%? ?EBITDA? ?50.7%?13.961?EBITDA?8.6%?12?7,603.2?7.2735? ?4.5685? ?13.301? ?12.478? ?14.028? ?13.283? ?8.7516? ?8.113? ?2.3402?6.4114? ? ?24.1%?29.3%?5.2?27.671?36.327?4,725? ?3,106? ?0.3%? ? ? ?13?25?AC?20%?AC? ?33.3%? ? ?28.6%?64.9%?14? ? ? ? ? ? ? ? ? ? ? ? ?15?87.8%?142.609?53.1%?UHT?UHT?46.1
4、%?95.762?67.2%?UHT? ? ? ?104? ?OMP? ? ?OMP?71.9%?36.412?25.5%?16?62.8%?10.435?7.3%?40.3%?18.180?11.2%? ? ?17?1.674?1.0%? ? ? ? ? ? ?18?19?393? ?278? ?19? ? ? ? ? ?500? ? ?20?3,000?21?22? ? ?29,000? ?29,000? ? ? ?6.739? ?3.903? ?23?49? ? ? ? ? ? ? ? ? ? ? ? ? ? ?40?Barrington University? ? ? ? ? ? ?4
5、0?24? ? ?41 ?CDH China Fund, L.P.?51?Julian Juul Wolhardt?33?Wolhardt?KKR Asia Limited?Wolhardt?Urbana-Champaign?25?63?43?69? ? ?26?45?50?43?27?55?36? ? ? ? ?34?29? ? ? ? ? ? ? ? ? ? ? ?30?8/8?8/8?7/8?8/8? ?8/8? ?1/1? ?0/3Julian Juul Wolhardt ?5/7?8/8?5/8?8/8? ? ? ? ?31? ?1? ? ? ? ?Julian Juul Wolha
6、rdt? ? ? ?3.13?23?27? ? ?112?1?32? ? ? ? ?33?)2/2?2/2?2/2? ?50? ? ? ? ? ?1?1?34?2/2?2/2Julian Juul Wolhardt ?1/2?2/2?2/2?Julian Juul Wolhardt? ? ? ? ? ? ? ? ? ? ?1/1?1/1?1/135? ? ? ? ? ? ?36? ? ?2,3801,860?396350?40602,8162,270?37? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?UHT? ? ? ? ? ?15?3?52?0.1094? ?0.0686?
7、?149,718,000? ?93,873,000? ?11?55?33? ? ?1,566,649,000? ?1,516,046,000? ?38?2,841,000? ?3,085,000? ? ? ? ? ? ? ?Julian Juul WOLHARDT? ?112? ? ? ? ? ? ?39?23?27? ? ? ? ? ? ?352? ? ? ? ? ? ? ? ? 45,505,172(L)3.33%?216,730,130(L)15.84%?1?16,514,220 (L)6.18%?2?7,325,670(S)2.74%?3?804,646(L)0.30%?1,068,6
8、46(L)0.40%?1,772,646(L)0.66%40?(1)?Yinniu Milk Industry Limited ? ? ? ? ?81.3%?(2)?2%?(3)?CDH China Fund L.P.?Actis China InvestmentCompany Limited?MS Dairy Holdings ? ? ? ?7,325,670?2.7%?(L)?(S)? ?XV? ?41?336? ? ?1?216,730,130(L)15.84%Jinniu Milk Industry Limited ? ? ?2?152,191,836(L)11.12%Alliance
9、Bernstein L.P. ?Alliance Capital Management L.P.?94,900,000(L)6.94%?(1)? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 59.1%? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 15.8%? ? ? ? ? ? ? ? ? ? ?216,730,130?(2)? ? ?83.4%?87.2?26.96%?(L)?336?42? ? ?10%?14A.11(5)? ? ? ? ?14A.11(6)? ? ? ? ? ? ?10%?14A.11(5)?43?1.?UHT?514,5092.?UHT?7
10、0,4053.? ? ? ? ? ? ?18,8564.?14,3645.?395,00044?1.?UHT?UHT?UHT?UHT?UHT? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?2.?UHT? ? ? ? ?UHT?UHT?UHT?45?3.?4.? ? ? ? ? ? ? ? ?5.? ? ? ?46? ? ?(i)?(ii)?(iii)?(iv)?6,803,000?13.4?35?4
11、7?30%?30%?774,400,000? ?601,930,000? ?37?36?41?128?48?28?36?49? ? ?Julian Juul Wolhardt?2319?18?10?1001?mengniu_?http:/?18?10?1001?M&C Corporate Service, P.O. Box 309 GTUgland House, South Church StreetGeorge Town, Grand CaymanCayman Islands?Butterfield Fund Services (Cayman) LimitedButterfield Hous
12、e68 Fort StreetP.O. Box 705, George TownGrand Cayman, Cayman Islands?183?46?Maples and Calder Asia? ? ?50? ? ? ?52?127? ? ? ? ?51?8?18?52?416,246,36810,824,950?(12,524,597)(8,411,745)?3,721,7712,413,205?476,45924,967?(2,380,324)(1,494,970)?(420,004)(267,817)?(16,712)(23,897)?981,190651,488?15,82712,
13、898?7(63,081)(43,956)? ?8,384(3,295)?5942,320617,135?8(76,032)(61,612)?866,288555,523?727,352456,847?138,93698,676866,288555,523?993,87380,053?9149,71893,873?10?0.532?0.365?10?0.532?0.334?53?114,160,2833,140,433?12348,405235,373?1313,204?14128,38665,923?1640,37118,700?1815,3168,029?19115,549115,5494
14、,821,5143,584,007?201,071,460781,001?21128,09381,528?22186,976174,657?23180,506164,475?2445,07153,673?241,330,0581,247,7642,942,1642,503,098?251,034,699887,333?26323,736229,672?317,8894,145?271,439,803976,574?28234,022365,590?2931,00023,600?6,1048,4723,077,2532,495,386? ? ?(135,089)7,712?4,686,4253,
15、591,719?54?28641,136445,702?2911,481?30292,110311,521?31120,49955,9361,053,745824,640?3,632,6802,767,079?32145,573145,573?993,822569,307?33(A)1,859,4691,615,7412,998,8642,330,621?633,816436,458?3,632,6802,767,079?55? ?33(A)?118,138204,6361,313,050318,6501,954,474348,6542,303,128?456,847456,84798,676
16、555,523?(647)(647)(647)?(647)456,847456,20098,676554,876?32(a)27,435(204,636)177,201?136,137(136,137)?(15,605)(15,605)?9(10,000)(70,053)(80,053)(80,053)?4,7334,733?145,5731,615,741569,3072,330,621436,4582,767,079?727,352727,352138,936866,288?4,3134,3134,313?4,313727,352731,665138,936870,601?353,1083
17、,1083,108?208,964(208,964)?(21,833)(21,833)?(93,873)(93,873)(93,873)?107,955107,955?34 (b)27,34327,343(27,343)?(357)(357)?145,5731,859,469993,8222,998,864633,8163,632,680?56?942,320617,135?(15,827)(12,898)?63,08143,956?5403,485276,964?51,7071,309?51,354?51,0753,243?53,108? ?53,478(194)? ? ?(8,384)3,
18、295?4(2,167)?51,1552,349?4(4,605)(4,145)?4(16,217)(2,069)?4(25,000)?1,348,563928,945?(291,614)(68,551)? ? ?(61,683)3,307? ?8,602(32,910)?(16,039)(31,561)?241,430422,408?298,342199,776?1,527,6011,421,414?(46,375)(38,541)?(78,400)(54,576)?1,402,8261,328,29757?36,346521?(381,108)(216,165)?13(804,266)(6
19、73,606)?14(7,558)?15(64,842)(35,118)?(7,287)(2,000)?(357)?(18,732)(1,835)?72,913?5,871?(150,000)?15,82712,898?1,740368?(1,301,453)(914,937)?26,8814,733?741,094923,361?(674,108)(894,312)?9(93,873)(80,053)?(21,833)(15,605)?22,00011,481?(26,081)(17,000)?(188,275)(117,129)?45,116?(169,079)(184,524)? ? ?
20、(67,706)228,836?241,247,7641,018,928?241,180,0581,247,764?241,180,0581,247,764?58?116588?151,824,2251,661,6291,824,2901,661,717?51,265?9566?2411,4032,62462,7632,690?4,3052,788?286,62210,9272,788? ? ?51,836(98)?1,876,1261,661,619?28157,432?1,718,6941,661,619?32145,573145,573?33(B)1,573,1211,516,046?1
21、,718,6941,661,619?59?1.? ? ? ? ?2.1 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?2.2 ?39? ?39? ? ?39?37? ? ?18?60?2.2 ?4?2.3 ?1? ?23? ?7?8?7?29?8?2?9?10?11?2?12?1? ? ?7?61?2.3 ?8?14?10?1? ? ?7?8?2.4 ? ? ?62?2.4 ? ? ? ? ? ? ?14? ? ? ? ? ? ?63?2.4 ? ? ? ? ? ? ?20?5?10?5?5? ? ? ? ?64?2.4 ? ? ? ?10?65?2.4 ? ?3-10? ? ?
22、? ?66?2.4 ? ? ? ? ? ?39? ? ?67?2.4 ?(a)?(b)?68?2.4 ? ? ? ? ?69?2.4 ? ? ? ? ? ?(a)?(b)?70?2.4 ? ? ? ? ? ? ? ?39?(i)?37?(ii)? ? ?18?71?2.4 ? ? ?72?2.4 ? ? ?73?2.4 ? ? ?74?2.4 ? ? ?20?50?75?2.4 ? ? ? ? ? ? ? ? ? ? ?76?2.4 ? ? ? ? ? ? ? ?35? ? ? ? ? ? ? ? ? ? ? ?77?2.4 ? ?10? ?2.5 ? ? ?19?78?2.5 ?8?3.?
23、? ?UHT? ? ?79?3.?14,260,9299,314,688?1,818,0421,295,861?167,397214,40116,246,36810,824,950?970,207637,292?119,61080,492?24,394(623)1,114,211717,161?(133,021)(65,673)?981,190651,488?15,82712,898?(63,081)(43,956)? ?8,384(3,295)?942,320617,135?(76,032)(61,612)?866,288555,523?80?3.?6,049,9104,274,241?1,
24、029,309886,902?118,804169,559?1,668,7201,226,247?(1,103,065)(469,844)?7,736,6786,087,105?3,809,6252,547,286?471,854386,960?33,65567,239?918,929788,385?(1,103,065)(469,844)?4,130,9983,320,026?1,300,644739,821?86,804246,915?7,21620,823?77,76138,2941,472,4251,045,853?312,529210,296?73,41951,972?5,9275,
25、713?14,67110,292406,546278,273? ? ?3,304(764)?(187)219?1,4892,795?27(95)4,6332,15581?4.?16,246,36810,824,950?(a)22,43810,426?1,3681,896?(b)4,6054,145?16,2175,733?(c)25,000?2,167?4,6642,76776,45924,96716,322,82710,849,917?(a)?(b)?(c)?82?5.? ? ?12,524,5978,411,745? ?6? ?619,649380,277? ?51,09810,050?
26、? ?35?3,108673,855390,327?403,485276,964?1,7071,309?1,354?5,5066,291? ?3,478(194)?1,1552,349?32,9108,788?87,82760,886?1,0753,243?2,8162,27083?6.? ? ? ? ?161?270165? ?4,5763,503 ?42204,8883,688? ?30988141,032 ?(a)30798828 ?301,770141,814 ?301,020141,064? ?(b) ?(b) ?(b) Julian JuulWolhardt?(b)? ?5050
27、?5050 ?50502704,576424,888?84?6.? ?188585881 ?186855708 ?181,05051,073 ?189105933? ? ? ? ?3131 ?3131 ?31311653,503203,688(a)?(b)? ? ?12,500? ?36,000? ? ?96,000? ?18,000? ?85?6.? ? ? ? ?3,0951,604?151208?90?40253,3761,837?1,000,000?21,000,001?1,500,000?332?1,140,000? ?889,000? ?1,127,000? ? ? ?35? ?
28、? ?86?7.?48,47440,826?14,8555,415?(248)(2,285)63,08143,956?5.67% ?2.88%?5.76%? ?8.? ? ? ? ? ? ?33%?87?8.?942,320617,135?33%?310,966203,655? ?(4,234)22,685?(a)(230,700)(164,728)?8.1% ?10.0%? ?76,03261,612?(a)? ? ?699,090,000? ?499,176,000? ? ? ? ? ? ? ? ? ? ? ? ?(b)?4,790,000? ?1,687,000? ? ? ?88?8.?
29、2,17414,377?27,481?141,70766,068171,36280,445?438,037,000? ?182,023,000? ?89?9.?93,87380,053? ?0.1094?0.0686?(a)149,71893,873?(a)?1,368,416,000? ?1,368,416,000? ? ? ? ? ?10. ?90?10. ?1,368,4161,251,129?117,287?1,368,4161,368,41691?11. ?1,012,7162,040,89055,68031,1473,140,433?40,278421,41427,2524,872
30、493,816? ?34(b)?37,39735,4221,25574,074? ?12?181,058727,7094,214912,981?(60)(8,751)(202)(1,294)(10,307)? ?(c)?(20,115)(20,115)? ?(c)?(8,035)(18,777)(302)(27,114)?(55,543)(317,954)(19,679)(10,309)(403,485)?1,187,6962,879,95368,21824,4164,160,283?1,091,8582,457,70384,40951,9553,685,925?(79,142)(416,81
31、3)(28,729)(20,808)(545,492)?1,012,7162,040,89055,68031,1473,140,433?1,319,5363,599,339115,88454,9325,089,691?(131,840)(719,386)(47,666)(30,516)(929,408)?1,187,6962,879,95368,21824,4164,160,283?92?11. ?775,4811,351,75362,37437,9202,227,528?340,9896,0613,287350,337? ?12?286,735557,2063,434847,375?(5,1
32、04)(2,449)(83)(207)(7,843)?(44,396)(206,609)(16,106)(9,853)(276,964)?1,012,7162,040,89055,68031,1473,140,433?810,3371,563,04278,43249,1742,500,985?(34,856)(211,289)(16,058)(11,254)(273,457)?775,4811,351,75362,37437,9202,227,528?1,091,8582,457,70384,40951,9553,685,925?(79,142)(416,813)(28,729)(20,808
33、)(545,492)?1,012,7162,040,89055,68031,1473,140,433(a)?(b)?609,929,000? ?467,667,000? ?30?(c)?40,230,000?54,228,000?50%? ?34?39? ?93?11. ? ? ?88105?26?(23)(23)?(2)?6588?121115?(33)(10)?88105?121121?(56)(33)?6588?94?12. ? ? ?235,373292,013?1,026,013790,735?11?(912,981)(847,375)?348,405235,37313. ?7,55
34、87,558? ?34(a)?7,0007,000?(233)(1,121)(1,354)?6,7676,43713,204?7,0007,55814,558?(233)(1,121)(1,354)?6,7676,43713,204?95?14. ?67,87134,062?64,84235,118?(1,707)(1,309)?131,00667,871? ? ?23? ?2,6201,948?128,38665,923131,00667,87115. ?851,806689,210?972,419972,4191,824,2251,661,629? ? ? ? ? ? ?96?15. ?*
35、? ?China Dairy Holdings (i)?214?100%?China Dairy (Mauritius) Limited (i)?100?100%? ? ?84.32%?(iii)?267,429,488?(i)(ii)?43.85%?500,000?84.32%?(i)(ii)?45,000,000? ? ?84.32%?(i)(iii)?30,000,000?84.32%?(i)(iii)?20,000,000?97?15. ?*? ? ?(i)(iii)?84.32%?42,000,000? ?(i)(iii)?26.70%61.81%?60,000,000?(i)(ii
36、)?43.00%?500,000? ?(i)(iii)?26.05%62.37%?100,000,000?43.85%?(i)(ii)?10,000,000?26.40%62.06%?(i)(iii)?30,000,000? ? ?84.32%?(i)(iii)?40,000,000?98?15. ?*? ? ? ?75.89%?(i)(ii)?10,000,000? ? ?(i)(iii)?84.32%?110,000,000?(i)(iii)?26.03%62.37%?110,000,000? ?(i)(iii)?26.06%62.34%?56,000,000? ?(i)(iii)?26.
37、05%62.35%?70,000,000? ?(i)(iii)?84.32%?155,000,000? ? ?(i)(iii)?43.85%?120,000,000?99?15. ?*? ?(i)(ii)?54.81%?20,000,000?(i)(ii)?84.32%?150,000,000? ?(i)(ii)?84.32%?50,000,000? ? ?(i)(ii)?84.32%?50,000,000? ?(i)(ii)?65.77%?30,000,000? ? ?(i)(iii)?84.32%?60,000,000?*?China Dairy Holdings?China Dairy
38、(Mauritius) Limited?(i)?(ii)?(iii)?100?16. ?40,37118,700? ?(i)?21%21%?25%25%?(i)?(i)?39%38%?34%33%?(i)?34%33%?(i)?34%33%?(i)101?16. ? ?(i)?24%31%?(i)?34%33%?(i)?34%33%?(i)?34%33%?38%38%?(i)?(i)?34%33%?(i)?38%38%?(i) (ii)?17%17%?(i)?38%38%?102?16. ? ?(i)?33%34%?38%38%?(i)?38%38%?(i)?38%38%?(i)?38%38%
39、?(i)?17%17%?(i) (ii)?34%?(i)?(i)?38%?103?16. ? ?(i)?34%?(i)?39%?(i)?38%?(i)?34%?(i)?38%?(i)?38%?(i) (ii)?17%?(i)?34%?104?16. ? ?(i)?38%?(i)?38%?(i)?26%?(i)?38%38%?(i)?(ii)?20%?84.32%?20%?105?16. ? ? ?125,33577,901?72,81661,134?(117,443)(97,064)?(40,337)(23,271)?40,37118,700? ?1,075,167610,063? ?8,38
40、4(3,295)17. ? ?(i)?42.16%?(i)?106?17. ?40,077?78,700?(33,645)?85,132?49,178?(54,098)?(4,920)18. ?15,3168,029107?19. ? ? ? ? ? ?;?;?12.9%12.2%8.0%8.3%?12.9%12.2%5.0%8.3%?12.9%12.2%6.0%8.3%?108?19. ?115,549,000?83,839,000?23,865,000?7,845,000?(a)?(b)?(c)?20. ?520,050488,937?551,410292,0641,071,460781,
41、001109?21. ?3?125,14081,1674?6?2,953361128,09381,528?119,400,000? ?80,590,000? ? ? ? ?28? ?22. ?30?3?163,944160,4854?6?20,4537,5807?12?2,1046,5921?475?186,976174,657?66,459,000? ?30,748,000? ?1,973,000? ? ?110?23. ?4,8103,047?154,690144,076? ?14?2,6201,948?18,38615,404180,506164,47524. ?1,180,0581,2
42、47,764?45,07153,673?150,000?1,375,1291,301,437? ?26?(45,071)(53,673)?1,330,0581,247,764?11,4032,624?1,358,807,000? ?1,285,418,000? ?111?25. ?3?971,494770,3734?6?51,69694,8847?12?5,62315,4381?5,8866,6381,034,699887,333?4,872,000? ?3,224,000? ?26. ?3?221,527125,6454?6?102,209104,027323,736229,672?152,
43、902,000? ?148,877,000? ?36,438,000? ?36,475,000? ?24? ?112?27. ?274,141227,484?132,59679,699? ?30?201,423146,766?771,305498,195?60,33824,4301,439,803976,574?52,206,000? ?32,374,000? ?28. ? ?119,40080,590? ?72,00042,622155,000130,000? ?641,13675,000370,702191,400683,758310,590500,702? ?6,622? ?157,43
44、2164,054113?28. ?119,400,000? ?80,590,000? ? ?21? ?3.00%?5.814%?3.00%?6.65% ?3.00%?5.58%?2.88%?5.76%? ?33,000,000? ?257,759,000? ?10,000,000? ?1?234,022365,5901?2?399,630190,0002?5?241,506255,702?875,158811,292?1?(234,022)(365,590)641,136445,702?1?6,6221?2?69,9702?5?87,462?164,054?1?(6,622)157,432?1
45、14?29. ?31,00023,600?11,48131,00035,081?1?31,00023,6001?2?11,48131,00035,081?115?30. ?1?201,423146,7661?2?122,889165,8812?5?164,862145,6405?4,359?493,533458,287?1? ?27)(201,423)(146,766)292,110311,521? ?11(b)? ?31. ?60,08164,226?72,912?(4,605)(4,145)?128,38860,081?7,8894,145?120,49955,936128,38860,0
46、81?116?32. ?3,000,000,000?0.1?319,235319,235?1,110,525118,138?(a)257,89127,435?1,368,416145,573?(a)?24,664,000? ?204,636,000? ?257,891,000?0.10?177,201,000?204,636,000?27,435,000? ?33? ?117?33. ?(A)?(a)?(b)?35?950,380214,677149,962(1,969)1,313,050?32(a)?177,201177,201?136,137136,137?(10,000)(10,000)
47、?(647)(647)?1,127,581204,677286,099(2,616)1,615,741?208,964208,964? 4,3134,313?27,34327,343?3,1083,108?1,127,581232,020495,0631,6973,1081,859,469?118?33. ?(B)?(a)?35?950,380397,5741,2631,349,217? ?(d)?69,88069,880?(10,000)(70,053)(80,053)? ?32(a)?177,201177,201?(199)(199)?1,127,581387,574(199)1,0901
48、,516,046?(d)?144,277144,277?(93,873)(93,873)?3,5633,563?3,1083,108?1,127,581387,5743,36451,4943,1081,573,121119?33. ?(B)?(a)?(b)?10% ? ? ? ?(c)? ? ?1,566,649,000? ?1,516,046,000? ?(d)?144,277,000? ?69,880,000? ?152,408,000? ?80,053,000? ?120?34. ?(a)?7,000,000? ?13? ?(b)?74,074,000? ?11? ?(c)?217,31
49、3,000? ?197,903,000? ?(d)?40,230,000?11(c)? ?50,000,000? ?4(c)? ?35. ? ? ? ? ? ? ?10%?136,842,000?1%?121?35. ?0.1%? ? ?5,000,000?20?1? ? ?(i)? ? ? ? ?(ii)?(iii)? ? ?6,803,000?13.4? ? ?25%?4.85?3,108,000?122?35. ?(%)1.0?(%)38?(%)3.9? ?5-5.5? ?13.38? ?13.40?36. ?(a)?613,660343,232?55,675,000? ? ? ? ?1
50、,190,000,000? ?1,226,768,000? ?155,000,000? ? ?123?36. ?(b)?1?9,3334,8412?5? ?21,01417,16530,34722,006?37. ? ? ? ? ?153,976,000? ?140,976,000? ? ? ?38. ?124?39. ?(a)?(i)2,293,7961,234,058(b)?(i)120,35097,704(c)?(i)661(d)?(i)(64,139)(17,475)(e)?(ii)48,969(f)?(i)(1,517)(g)?(i)(22,610)(h)?(iii)58,776(i
51、)?(iv)41,104(j)?(iv)(2,337)?(i)?(ii)? ? ?(iii)?(iv)?(v)?(vi)?6?125?40. ?i)?28?ii)?2,619,000? ?3,894,000? ?13,703,000? ?12,125,000? ?257,759,000? ?80,702,000? ?363,588,000? ?139,059,000? ?126?40. ?iii)?153,976,000? ?140,976,000? ?37? ?149,976,000? ?140,976,000? ?iv)?v)?127?41. ? ? ? ? ?134,400,000? ?
52、 ? ? ? ? ?48%? ? ? ? ? ?25%?42. ?43. ?128? ? ? ? ?1? ?16,246,36810,824,9507,213,8274,071,468459,020?942,320617,135410,553293,50744,696?(76,032)(61,612)(18,454)(61,177)(17,062)?866,288555,523392,099232,33027,634?727,352456,847319,393164,37218,525?138,93698,67672,70667,9589,109?149,71893,87380,05361,860? ?2?0.5320.3650.3570.1920.025?0.5320.3340.285?7,763,6786,087,1054,836,3842,334,310814,581?4,130,9983,320,0262,533,2561,474,589455,236?2,998,8642,330,6211,954,474689,210233,217?633,816436,458348,654170,511126,128?(1)?China Dairy Holdings ? ?(2)?10?