( 4 3,100,711 2,132,428 (1,623,168) (1,062,620) 1,477,543 1,069,808 52,722 87,098 4 47,424 28,405 (265,468) (128,111) (107,470) (101,733) 6 (99,147) (

CHINA SHENGMU ORGANIC MILK LIMITED 1432 3,100,711 2,132,428 45.4% 1,477,543 1,069,808 38.1% 800,652 711,228 12.6% 1

( 4 3,100,711 2,132,428 (1,623,168) (1,062,620) 1,477,543 1,069,808 52,722 87,098 4 47,424 28,405 (265,468) (128,111) (107,470) (101,733) 6 (99,147) (60,272) (18,041) (7,651) 265 5 1,087,828 887,544 7 (4,606) (3,736) 1,083,222 883,808 1,893 2,779 1,893 2,779 1,085,115 886,587 800,652 711,228 282,570 172,580 1,083,222 883,808 802,545 714,007 282,570 172,580 1,085,115 886,587 9 0.126 0.118 0.124 0.116 2

2,093,230 1,657,827 5,066 5,252 15,518 15,969 32,055 28,160 1,404 980 10 3,285,436 2,720,126 15,690 26,985 1,076 910 5,449,475 4,456,209 824,514 701,183 11 915,312 397,543 468,456 185,175 70,277 16,431 1,731,759 734,703 4,010,318 2,035,035 12 1,018,126 423,963 17,320 32,440 338,293 293,443 1,599,855 1,334,000 1,974 2,299 2,975,568 2,086,145 1,034,750 (51,110) 6,484,225 4,405,099 1,117,000 150,000 1,117,000 150,000 5,367,225 4,255,099 3

13 50 50 4,551,605 3,721,848 4,551,655 3,721,898 815,570 533,201 5,367,225 4,255,099 4

928,527 426,686 (1,371,025) (1,914,605) 1,118,751 2,095,168 676,253 607,249 734,703 127,059 543 395 1,411,499 734,703 5

1. P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands 2. 19 6

2. (a) 19 (b) 8 8 16 38 24 (c) 3 3 7

2. 13 13 9 39 13 13 40 3 40 622 3. (a) (b) 8

3. 1,445,022 1,655,689 3,100,711 1,076,373 1,076,373 2,521,395 1,655,689 4,177,084 (1,076,373) 3,100,711 996,931 110,668 1,107,599 (72,596) 52,722 (4,503) 1,083,222 8,347,005 1,537,127 9,884,132 (551,363) 127,024 9,459,793 3,560,796 1,083,123 4,643,919 (551,363) 12 4,092,568 9

3. 1,393,117 739,311 2,132,428 416,918 416,918 1,810,035 739,311 2,549,346 (416,918) 2,132,428 752,063 123,733 875,796 (37,345) 87,098 (41,741) 883,808 5,870,719 701,917 6,572,636 (217,494) 136,102 6,491,244 1,960,303 490,019 2,450,322 (217,494) 3,317 2,236,145 10

4. 1,445,022 1,393,117 1,655,689 739,311 3,100,711 2,132,428 31,791 16,204 12,234 6,016 (40) 6,167 3,439 18 47,424 28,405 3,148,135 2,160,833 11

5. 1,623,168 1,062,620 (52,722) (87,098) 105,046 58,953 186 97 1,454 988 8,981 3,591 9,532 8,932 3,450 2,750 236,787 161,694 12,504 8,391 9,434 7,073 27,011 23,396 285,736 200,554 6. 107,319 68,798 250 (8,422) (8,526) 99,147 60,272 12

7. 4,772 4,459 (166) (723) 4,606 3,736 1,087,828 887,544 (i) 271,957 221,886 (ii) (266,858) (217,232) (iii) (4,073) (2,699) (iv) 5,083 2,093 (1,503) (312) 0.4% (2014: 0.4%) 4,606 3,736 (i) 25% 25% (ii) (iii) 15% (iv) 13

8. 9. 6,354,400,000 6,018,136,000 6,354,400,000 6,018,136,320 86,155,092 114,264,051 6,440,555,092 6,132,400,371 10. (A) 66,790 55,032 44,605 48,220 111,395 103,252 14

10. (B) 2,359,795 1,775,096 925,641 945,030 3,285,436 2,720,126 11. 915,181 393,443 500 4,100 (369) 915,312 397,543 15

11. 3 627,740 336,882 4 6 224,208 46,383 7 12 60,042 13,688 1 3,322 590 915,312 397,543 369,000 12. 1 3 680,070 406,785 4 6 191,138 13,224 7 12 137,390 2,470 1 2 8,183 1,451 2 3 1,312 33 3 33 1,018,126 423,963 13. 300,000 30,000,000,000 0.00001 63,544 6,354,400,000 16

2015 11 3 17

D20(CHINA DAIRY 20 ALLIANCE) D20 31.0 45.4% 16.56 124.0% 53.4% 69.0% 76.4% 2016 18

100% 2015 19

(TMR) (TMRWATCH) 20

21 3 12 64,769 38,483 72,843 38,552 21 30,049 42,794 72,843 19 30,768 34,001 64,769 12 14,556 23,996 38,552 12 17,452 21,031 38,483 33 44,605 66,790 111,395 31 48,220 55,032 103,252 357,434 179,866 210,519 142,765 100% 62,280 135,960 2015 21 21

800 200 2015 2015 22

23

C C 14 428 24

400 25

O2O 26

2015 12 27

2,132.4 45.4% 3,100.7 711.2 12.6% 800.7 34.7% 53.4% (1) 2,521,395 1,076,373 1,445,022 46.6% 1,655,689 1,655,689 53.4% 3,100,711 1,810,035 416,918 1,393,117 65.3% 739,311 739,311 34.7% 2,132,428 (1) 45.4% 34.7% 53.4% 51,248 145,214 183.4% 739.3 1,655.7 124.0% 28

712,677 139,290 5,116 28.3% 731,806 132,906 5,506 40.5% (1) 1,076,373 202,352 5,319 42.7% 416,918 72,586 5,744 23.0% 1,789,050 341,642 5,237 71.0% 1,148,724 205,492 5,590 63.5% 732,345 173,026 4,233 29.0% 661,311 139,204 4,751 36.5% 2,521,395 514,668 4,899 100.0% 1,810,035 344,696 5,251 100.0% (1) 1,810.0 2,521.4 39.3% 1,148.7 1,789.1 55.7% 23.0% 42.7% 29

739.3 1,655.7 124.0% 34.7% 53.4% 69.0% 76.4% 1,655,689 739,311 124.0% 145,214 51,248 183.4% 11,402 14,426-21.0% 732,345 23.6% 661,311 31.0% 712,677 23.0% 731,806 34.3% 1,655,689 53.4% 739,311 34.7% 2,368,366 76.4% 1,471,117 69.0% 3,100,711 100.0% 2,132,428 100.0% 30

% % 902,814 886,236 49.5% 575,446 573,278 49.9% (1) 368,084 344,593 48.4% 372,181 359,625 49.1% 456,719 275,626 37.6% 385,062 276,249 41.8% 1,359,533 1,161,862 46.1% 960,508 849,527 46.9% (1) 824,803 620,219 42.9% 757,243 635,874 45.6% 1,267,411 388,278 23.5% 481,685 257,626 34.8% (2) 798,365 857,324 51.8% 305,377 433,934 58.7% 1,623,168 1,477,543 47.7% 1,062,620 1,069,808 50.2% (1) (i) (ii) (a) (b) (2) (i) (ii) (1) 1,062.6 1,623.2 1,069.8 1,447.5 50.2% 47.7% 31

52.8% 38.1% 50.2% 47.7% 28.4 47.4 265.5 128.1 107.5 101.7 3.5% 4.8% 22.6 3.5% 3.7% 32

52.7 87.1 (a) (b) 18.0 7.7 25% 15% 33

4.6 3.7 0.4% 282.6 172.6 4,010.3 2,035.0 824.5 701.2 915.3 397.5 468.5 185.2 1,731.8 734.7 734.7 1,731.8 34

915,181 393,443 500 4,100 (369) 915,312 397,543 6 851,948 93.1% 383,265 96.4% 7 12 60,042 6.5% 13,688 3.4% 1 3,322 0.4% 590 0.2% 915,312 100.0% 397,543 100.0% 93.1% 6 369,000 468.5 185.2 35

2,975.6 2,086.1 1,018.1 424.0 17.3 32.4 338.3 293.4 1,599.9 1,334.0 2.0 2.3 1.1 14.0 70.3 16.4 36

(a) 1,731.8 734.7 (b) 2,716.9 1,484.0 1,117.0 50.6% 34.9% 4.48% 7.14% 5.88% 7.04% 16 4.48% 10 201.2 243.0 3,713 3,288 258.7 177.2 37

38

KA 6500 KA 39

A.2.1 A.2.1 2016 1 27 World Shining Investment Limited Nong You Co., Ltd. 2016 1 28 2016 1 29 2016 1 31 2016 2 1 2016 2 2 801.2 40

2015 12 31 182,525 145,644 40,102 120,306 120,306 80,204 689,087 3.21 41

(www.hkexnews.hk) (www. youjimilk.com) 42