目錄

Interim Report 2012 Xiwang Sugar Holdings Company Limited (Incorporated in Bermuda with limited liability)

目錄

2 公司資料 4 管理層討論及分析 22 簡明綜合全面收益表 23 簡明綜合財務狀況表 26 25 簡明綜合權益變動表 27 簡明綜合現金流量表 簡明綜合財務報表附註 44 45 組織架構 其他資料

公司資料 2012 2 2012 7 5 2012 7 5 2012 7 5 2012 3 30 2012 3 30 2012 3 30 2012 3 30 (FCCA, CPA) Clarendon House 2 Church Street Hamilton HM 11 Bermuda 25 21 2110

22 1 40 Conyers Dill & Pearman 8 1 2901 Butterfield Fulcrum Group (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke Bermuda 28 26 (852) 3104 0576 ir@xiwang-sugar.com.hk www.xiwang-sugar.com 3

管理層討論及分析 1. 2001 2005 12 250 80 5 2007 2010 4 2012

2005 2009 (1) (2) 5

管理層討論及分析 (1) C (GI) 4:6 F42 42% GI0 100 100 6 2012

GI 0.7 100 1.3 1.8 19 F42 1.0 62 1.0 65 200 0 (2) 60% 20-25% 70% 7

管理層討論及分析 2. 2012 6 30 6 2011 6 30 6 2012 2011 000 000 % 1,786,299 1,712,702 4.3 134,404 261,374 (48.6) 42,223 155,161 (72.8) 3,015 110,403 (97.3) 7.5% 15.3% (7.8) 2.4% 9.1% (6.7) 0.2% 6.4% (6.2) 2011 2012 10.7% 15.1% 5.0% 10.9% 4.4% 5.4% 7.8 7.5% 2011 15.3% 97.3%30020111.10 8 2012

6 30 6 2012 2011 000 000 % 774,191 823,177 (6.0) 84,273 30,349 177.7 4,599 163,084 172,781 (5.6) 1,026,147 1,026,307 (0.02) 101,774 100,163 1.6 122,016 106,100 15.0 164,456 158,410 3.8 59,987 9,582 526.0 257,438 282,603 (8.9) 54,481 29,537 84.5 760,152 686,395 10.7 1,786,299 1,712,702 4.3 3% 1% 15% 43% 17% 48% 3% 1% 9% 9% 7% 6% 6% 6% 9% 5% 2012 10% 2% 2011 9

管理層討論及分析 10.26201110.26 57% 2011 60% 7.6020116.86 43% 2011 40% 6 30 6 2012 2011 % 243,570 230,772 5.5 12,813 4,510 184.1 942 79,440 80,454 (1.3) 27,776 25,425 9.2 88,996 89,074 (0.1) 45,695 46,236 (1.2) 21,754 3,767 477.5 58,496 60,767 (3.7) 10 2012

6 30 6 2012 2011 % 3,719 3,179 4,173 3,567 (10.9) 7,695 6,577 7,873 6,729 (2.3) 5,713 4,883 2,402 2,053 2,513 2,148 (4.4) 4,287 3,664 4,610 3,940 (7.0) 1,371 1,371 1,191 1,191 15.1 4,067 3,599 3,871 3,426 5.0 3,227 2,758 2,976 2,544 8.4 5,149 4,401 5,442 4,651 (5.4) 1. 2012 (www.gsmn.com.cn) 2010/20111,045 2011/12 1,152201210% 10.9% 11

管理層討論及分析 2. 3. 2011 4. 2012 2012 12.5%2011 17.4% 9.4% 2011 29.4% 5. 6. 7. 2012 4 12 2012

8. 2012 16.6% 2011 32.9% 6 30 6 2012 2011 000 000 % 1,593,506 1,422,066 12.1 192,793 290,636 (33.7) 1,786,299 1,712,702 4.3 11% 17% 89% 83% 2012 2011 89% 2011 83%11% 2011 17% 13

管理層討論及分析 12.1% 33.7% 6 30 6 2012 2011 000 000 % 1,205,784 1,043,754 15.5 103,612 97,361 6.4 207,851 197,401 5.3 62,561 43,314 44.4 38,663 36,718 5.3 33,424 32,780 2.0 1,651,895 1,451,328 13.8 4% 2% 2% 3% 2% 2% 13% 14% 6% 7% 73% 72% 2012 2011 14 2012

16.52 2011 14.51 2011 13.8% 73% 2011 72% 58.32011 59.2 75% 2011 79% 2,0682,3372011 10.7% 2011 1,8682,111 100% 12 15

管理層討論及分析 6 30 6 2012 2011 % 9.7 21.9 (12.2) 18.1 21.1 (3.0) 16.6 5.9 8.5 (2.6) (27.1) (11.9) (15.2) 0.2 (6.4) 6.6 5.9 11.0 (5.1) 9.2 10.9 (1.7) 11.2 18.2 (7.0) 7.5 15.3 (7.8) 7.5% 2011 15.3% 7002011600 5,00020117,000 16 2012

4,90020114,200 5.6% 2011 6.6% 3,80020112,600 3,80020112,900 2011 602011 2000.4% 20020111,900 25%2012 25% 2011 25%2010 11 2011 1 25% 15% 2012 15% 33% 2011 15% 17

管理層討論及分析 2012 6 30 2011 12 31 215 232 1,420 1,432 49 404 2,951 2,149 ( 1) 1.02 1.24 ( 2) 0.41 0.56 1 2 2012 6 302.152011 12 31 2.32 9,80020111.48 9.0320116,200 8.25 7.872011 1.58 8.62 1,200 2012 6 30 14.202011 12 31 14.32 20116,300 2012 6 3014.20 9.73 2012 6 309,700 2012 6 30 7.10 18 2012

2012 6 30 7,800 2012 6 304.32 2.22 1.00 9.0320117,400 2012 6 30 19

管理層討論及分析 2012 6 303,2422011 12 31 3,226 3. 1,400 1,3502011 2015 10.6 24.5 70%30% 2012 1.91 2012 1.975 20% 10% 20 2012

2012 2012 2012 2502007 2011 2012 21

簡明綜合全面收益表 2012 6 30 6 6 30 6 2012 2011 000 000 2 1,786,299 1,712,702 3 (1,651,895) (1,451,328) 134,404 261,374 7,238 6,299 3 (50,450) (70,270) 3 (48,969) (42,242) 42,223 155,161 4 (37,715) (26,047) 4,508 129,114 5 (1,493) (18,711) 3,015 110,403 3,015 110,403 3,015 110,403 6(a) 0.0030 0.1097 6(b) 0.0023 0.1096 7 27 43 22 2012

簡明綜合財務狀況表 2012 2011 6 30 12 31 000 000 8 2,626,067 1,824,965 271,369 234,298 5,051 5,051 2,902,487 2,064,314 9 953,818 584,148 10 865,775 1,156,885 15(c) 93,048 101,879 214,634 232,491 2,127,275 2,075,403 5,029,762 4,139,717 11 102,086 102,086 73,586 11 1,121,040 332,207 62,733 12 1,107,287 933,015 547,273 718,611 2,951,272 2,148,652 23

簡明綜合財務狀況表 2012 2011 6 30 12 31 000 000 319,447 13 629,104 483,008 1,351 8,084 15(c) 28,368 67,731 1,419,667 1,112,795 2,078,490 1,671,618 2,078,490 1,991,065 5,029,762 4,139,717 48,785 403,785 2,951,272 2,468,099 27 43 24 2012

簡明綜合權益變動表 000 000 000 000 000 000 2011 1 1 101,896 328,531 921,492 613,586 1,965,505 110,403 110,403 211,972 (211,972) 11 3 73 76 11 184 2,247 2,431 11 355 355 12 (157,088) 157,088 187 2,675 54,884 (54,884) 2,862 2011 6 30 102,083 331,206 976,376 669,105 2,078,770 2012 1 1 102,086 332,207 995,748 718,611 2,148,652 3,015 3,015 11 2 2 11 73,586 787,957 861,543 11 874 874 12 (62,814) (62,814) 12 174,353 (174,353) 73,586 788,833 111,539 (174,353) 799,605 2012 6 30 102,086 73,586 1,121,040 1,107,287 547,273 2,951,272 27 43 25

簡明綜合現金流量表 6 30 6 2012 2011 000 000 97,697 (148,331) (902,522) (61,501) (804,825) (209,832) 786,968 (158,336) (17,857) (368,168) 232,491 548,502 214,634 180,334 26 2012

簡明綜合財務報表附註 1.1 2005 2 21 Clarendon House, 2 Church Street, Hamilton HM11, Bermuda 2005 12 9 2012 8 28 1.2 34 16 2011 12 31 2011 2011 27

簡明綜合財務報表附註 1.3 2012 1 1 7 7 12 12 2 2012 6 30 6 000 000 000 1,026,147 1,807,144 2,833,291 (1,046,992) (1,046,992) 1,026,147 760,152 1,786,299 47,455 (5,232) 42,223 4 (37,715) 4,508 5 (1,493) 3,015 28 2012

2 2011 6 30 6 000 000 000 1,026,307 1,679,664 2,705,971 (993,269) (993,269) 1,026,307 686,395 1,712,702 137,797 17,364 155,161 4 (26,047) 129,114 5 (18,711) 110,403 1,593,506,000 2011 1,422,066,000 192,793,000 2011290,636,000 29

簡明綜合財務報表附註 3 6 30 6 2012 2011 000 000 22,192 (44,927) 65,064 52,415 161 323 63,474 59,403 1,291,805 1,176,150 37,588 59,911 205,185 203,682 4 6 30 6 2012 2011 000 000 50,758 41,601 (a) (12,970) (12,257) 37,788 29,344 641 (1,881) 38,429 27,463 (714) (1,416) 37,715 26,047 30 2012

4 (a) 10(c) 410,000,000 5 6 30 6 2012 2011 000 000 1,493 18,711 2011 2011 25%2012 25%(2011 25%) 2010 11 2011 1 25% 15% 201215% 2008 1 1 2008 1 12012 6 30 31

簡明綜合財務報表附註 6 (a) 6 30 6 2012 2011 000 000 000 3,015 110,403 1,008,566 1,006,307 0.0030 0.1097 (b) 32 2012

6 (b) 6 30 6 2012 2011 000 000 000 3,015 110,403 1,008,566 1,006,307 294,258 1,424 1,302,824 1,007,731 0.0023 0.1096 2012 5 17907,709,900 7 2011 12 31 2.8 3.8 63,000,0002012 5 11 2012 5 2011 33

簡明綜合財務報表附註 8 825,000,000 2012 3 27 2012 4 9 2012 6 30 000 2011 12 31 000 697,078 305,216 88,261 95,576 168,479 183,356 953,818 584,148 1,651,895,000 20111,451,328,000 10 2012 2011 6 30 12 31 000 000 (a) 143,154 117,206 (b) 653,891 568,426 (c) 54,806 462,873 13,924 8,380 865,775 1,156,885 34 2012

10 (a) 30 180 (b) (c) 6 4(a) 2012 6 30 000 2011 12 31 000 0 30 47,887 66,045 31 60 58,662 32,885 61 90 31,466 7,876 90 5,139 10,400 143,154 117,206 35

簡明綜合財務報表附註 11 000 000 000 2011 1 1 1,006,303 101,896 328,531 (a) 35 3 73 2,193 184 2,247 355 2011 6 30 1,008,531 102,083 331,206 2012 1 1 1,008,565 102,086 332,207 (a) 1 2 (c) 907,710 73,586 787,957 874 2012 6 30 1,008,566 907,710 102,086 73,586 1,121,040 36 2012

11 (a) 2011 1 21 2012 2 22 2.55 1,047 2.55 2011 35,000 (b) 2012 3 27 200,000,000 2,000,000,000 600,000,000 4,000,000,0002,000,000,000 (c) 2012 1 27 1.18 2012 5 17 907,709,900 (d) 2005 11 6 80,000,000 37

簡明綜合財務報表附註 11 (d) 2012 2011 1 1 1.50 9,693 1.32 4,386 (2,193) 6 30 1.50 9,693 1.32 2,193 2017 3 13 1.55 500 2019 5 7 1.32 2,193 2021 9 13 1.55 7,000 9,693 38 2012

12 000 000 000 000 000 2011 1 1 117,023 168,023 164,593 471,853 921,492 211,972 211,972 (13,963) (99,929) (43,196) (157,088) 2011 6 30 103,060 68,094 333,369 471,853 976,376 2012 1 1 103,060 87,466 333,369 471,853 995,748 (a) 174,353 174,353 (62,814) (62,814) 2012 6 30 103,060 87,466 507,722 409,039 1,107,287 (a) 2012 3 2011 174,353,000 13 2012 6 30 000 2011 12 31 000 378,337 190,909 167,667 195,864 59,295 35,283 3,471 24,510 20,334 36,442 629,104 483,008 39

簡明綜合財務報表附註 13 2012 6 30 000 2011 12 31 000 0 30 9,538 48,817 31 60 58,136 59,277 61 90 60,539 32,827 90 250,124 49,988 378,337 190,909 2012 6 30137,234,000 2011 12 31 153,017,000 14 2012 6 30 000 2011 12 31 000 5,074 4,844 62,260 69,530 67,334 74,374 40 2012

15 2012 6 30 56% 44% Xiwang Group Company Limited 西王集團有限公司 ( Xiwang Group ) Shandong Xiwang Food Company Limited 山東西王食品有限公司 ( Xiwang Food ) (a) Xiwang Pharmaceutical 西王藥業有限公司 Company Limited ( Xiwang Pharmaceutical ) Xiwang Investment Company Limited 西王投資有限公司 ( Xiwang Investment ) (a) 2010 12 52.08% 41

簡明綜合財務報表附註 15 (a) 6 30 6 2012 2011 000 000 152,408 125,681 164,084 180,105 26,659 1,387 1,049 1,266 344,200 308,439 42 2012

15 (b) 2012 6 30 710,000,000 2011 12 31 200,000,000 (c) 2012 6 30 000 2011 12 31 000 93,048 101,879 28,368 67,731 43

組織架構 *57.98% *42.02% 100% 100% 100% 100% 100% * 44 2012

其他資料 2012 6 30 6 2005 11 6 2011 45

其他資料 2005 11 6 2012 6 309,693,000 11(d) 2012 2012 2012 6 30 6 1 1 6 30 2009 5 8 2,193,000 2,193,000 1.32 4 1 2 2011 9 14 7,500,000 7,500,000 1.55 4 3 9,693,000 9,693,000 (1) 571 (2) 2009 5 7 1.28 (3) 2011 9 12 1.49 (4) 2012 5 8 2,193,000 2012 9 13 2,333,333 2013 9 13 2,333,333 2014 9 13 2,333,334 2016 9 13 500,000 46 2012

2012 6 30 571XV 352 2012 6 30 562,494,077 55.77% 2 (L) 4 904,454,180 (L) 99.64% 4 2 128,722(L) 64.36% 2 71,278(L) 35.64% 3(L) 100% 2 1,500,000,000 75% 3 (L) 4 3,546(L) 1.77% 3,546(L) 1.77% 1,773(L) 0.89% 1,773(L) 0.89% 47

其他資料 (1) L (2) 100% 64.36% 64.36% 1.77%0.89% (3) 2012 6 30 75% (4) 48 2012

XV (a) 2012 6 30336 2012 6 30 1 562,494,077 55.77% (L) 904,454,180 99.64% (L) 562,494,077 55.77% 2 (L) 904,454,180 99.64% (L) 562,494,077 55.77% 3 (L) 904,454,180 99.64% (L) (1) L (2) (3) 49

其他資料 (b) XV (a) 2012 6 30 336 13.18 13.182010 3 2 2010 3 2 20,000,000 30.76% (1) (2) (3) (4) 51% 50 2012

13.182010 4 1 2010 4 120,000,000 (1) 45% (2) 100% (3) (a) (b) (c) 50% (d) 51

其他資料 2012 6 30 23,380,000 52 2012

Xiwang Sugar Holdings Company Limited (Incorporated in Bermuda with limited liability) For identification purpose only