Huishan China Huishan Dairy Holdings Company Limited 06863 2016/2017
02 03 04 33 41 42 43 44 46 49 50
2016/17 6863 16 19 01 ir@huishangroup.com www.huishandairy.com 16 19 01 Floor 4, Willow House Cricket Square PO Box 2804 Grand Cayman KY1-1112 Cayman Islands 111 110000 Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands 183 22 18 20 253 110013 10 8 18 1 29 A 2
(1) 2,516,434 2,516,434 2,137,359 2,137,359 51.7% 22.6% 53.6% 20.4% 774,173 1,045,104 757,051 1,126,200 347,390 618,321 375,996 745,145 (2) 0.05 0.05 25.164 17.7% 51.7% 7.742 2.3% 3.474 7.6% (1) (2) 638 3
2016/17 (GDT) 4
7 100% 5
2016/17 25.164 21.374 17.7%51.7% 18 + + O2O 6
O2O 3.6 859000 7
2016/17 2016119%70 2016 200 2016 500 (i)(ii) (iii) 95,093 96,339 73,503 70,624 28,400 33,929 196,996 200,892 8182 196,996200,892 48.3% 48.0% 37.85 35.62 6.3% 25.34 22.79 66.7% 70.9% 8
7.88.7 2,138 1,998 4,144 4,483 UHTUHT 494100 498 1324.515.7 9
2016/17 49,67341,795 18.8% 80 219,458182,403 20.3%17.397 13.475 29.1% UHT 3.6 10
1% UHT 11
2016/17 12 + ++ 12
O2O O2O + 5A 13
2016/17 24 41,523 12,665 KA 17 1816 3,053 13,4841,041 5 23250 VR 14
O2O SGS (Dutch Lady) (Mama)(New Born) (First Steps) (Explore) 2016 9 15
2016/17 39 16
2016 100% 17
2016/17 36 (World Brand Summit) 500 500 500500 2016 2016 119% 702016 200 2016 500 500 18
390,987 1,090,040 1,481,027 505,866 1,025,614 1,531,480 1,739,671 1,739,671 1,347,499 1,347,499 385,542 385,542 283,994 283,994 234 234 2,516,434 2,137,359 21.37417.7% 25.164 390,987 103,972 3,761 505,866 113,679 4,450 1,090,040 253,417 4,301 1,025,614 227,937 4,500 1,481,027 357,389 4,144 1,531,480 341,616 4,483 14.810 3.3% 2016 9 19
2016/17 372,260 49,673 7,494 305,417 41,795 7,308 UHT 639,540 100,748 6,348 476,556 83,966 5,676 653,753 52,131 12,541 520,118 43,578 11,935 74,118 16,906 4,384 45,408 13,064 3,476 1,739,671 219,458 7,927 1,347,499 182,403 7,387 17.39729.1% 69.1% 63.0% 21.9 18.2 20.3% 7,387 7,927 20
193,164 1,423 135,744 224,717 1,840 122,129 20,974 470 44,626 39,220 849 46,196 171,404 13,484 12,712 20,057 1,041 19,267 385,542 15,377 25,073 283,994 3,730 76,138 3.855 2.84035.8% 13,4841,041 21
2016/17 % % 766,826 51.8 801,209 52.3 184,168 47.1 266,522 52.7 490,782 28.2 301,268 22.4 980,517 56.4 686,225 50.9 (33,548) 8.7 133,163 46.9 136,382 35.4 192,468 67.8 8.0124.3% 7.668 2.66530.9% 1.842 47.1% 52.7% 22
% % 492,798 69.0 559,386 76.6 59,354 8.3 44,557 6.1 35,844 5.0 20,271 2.8 36,790 5.2 34,927 4.8 42,362 5.9 24,610 3.4 47,053 6.6 46,520 6.3 714,201 100.0 730,271 100.0 3.01362.9% 4.908 6.86242.9% 9.805 50.9% 56.4% 23
2016/17 1.332125.2% 3,350 1.925 29.1% 1.364 13,4841,041 67.8% 35.4% 10.89213.9% 9.374 24
6,6501,160 5,3677,962 358,837 329,888 17,898 28,751 195,407 171,421 572,142 530,060 5.3015.721 3.588 3.2998.8% 680,085,000 1,790 25
2016/17 (48,988) (29,150) 347,287 250,881 (6,732) (16,472) 53,816 21,104 56,944 124,595 451,315 380,108 402,327 350,958 3.510 4.023 3.4062.344 0.88 0.92 40.7%55.9% 59.833 81.568 21.853 26
3.989 13.931 18.708 9.133 110.875 2.31%8.88% 49.5363.41%8.88%46.518 34.612 27
2016/17 75.446 9% 9% 14% 3%23.106 1.803 13.985 11,643 3.330 3.181 28
(2016) 29
2016/17 30
31 3.6% O2O O2O + 360
2016/17 UHT 32
XV352 10 (i) (1)(2)(3) 9,809,192,316 72.79% 124,093,000 0.92% 2,000,000 0.01% (4) 2,000,000 0.01% 9,933,285,316 73.71% (5) 101,250,000 0.75% 3,000,000 0.02% (5) 101,250,000 0.75% (5) 33,750,000 0.25% 33
2016/17 (ii) (6) Champ Harvest Limited 10,000 100% Champ Harvest (6) Champ Harvest 10,000 100% (1) Champ Harvest9,809,192,316Champ Harvest 70% King Pavilion LimitedChamp Harvest 20% Champ Harvest 9,809,192,316 Champ Harvest (2) 124,093,000 (3) 2,000,000 Gain Excellence Limited Champ Harvest 10%Champ Harvest 2,000,000 (4) Gain Excellence LimitedChamp Harvest 10% Champ Harvest 9,933,285,3162,000,000 (5) 101,250,000101,250,00033,750,000 101,250,000101,250,00033,750,000 3,000,000 (6) Champ Harvest 7,000Champ Harvest 70% Champ Harvest 2,000Champ Harvest 20%Champ Harvest 1,000 Champ Harvest 10%Champ Harvest 10,000 XV 352 34
336 Champ Harvest (1) 9,809,192,316 72.79% 3,792,000,000 28.14% 3,792,000,000 28.14% (1) Champ Harvest9,809,192,316Champ Harvest 70% King Pavilion LimitedChamp Harvest 20%Champ Harvest 1,000 Champ Harvest 10%Champ Harvest 10,000 XV23 336 35
2016/17 680,085,000 2.67 (i)2.59 (ii)2.67 (iii)0.1 (i) 30% (ii) 20% (iii) 15% (iv) 15% (v) 20% 36
101,250,000 101,250,000 101,250,000 101,250,000 33,750,000 33,750,000 437,591,000 1,530,000 436,061,000 2.67 2.67 2.67 2.67 673,841,000 1,530,000 672,311,000 2.91 26 Core Pacific-Yamaichi International (H.K.) Nominees Limited 3%13,963,034,000 37
2016/17 50,000,000 388,000,000 20,000,000156,000,000 30% 200,000,0001,560,000,000 180,000,000156,000,000 (i) (ii)(iii) 30% 34.612 29.921 38
30 150 810 110 130 23.946 23.712 A.2.1 39
2016/17 40
42 84 34 34 2410 34 10 8 41
2016/17 3 2,516,434 2,516,434 2,137,359 2,137,359 3, 5(a) (1,215,309) (732,981) (1,948,290) (992,144) (708,412) (1,700,556) 1,301,125 (732,981) 568,144 1,145,215 (708,412) 436,803 5(a) 937,396 937,396 1,089,187 1,089,187 66,516 66,516 (11,626) (11,626) 59,214 59,214 4 45,190 45,190 82,682 82,682 (358,837) (358,837) (329,888) (329,888) (213,305) (213,305) (200,172) (200,172) 774,173 270,931 1,045,104 757,051 369,149 1,126,200 48,988 48,988 29,150 29,150 (451,315) (451,315) (380,108) (380,108) 5(b) (402,327) (402,327) (350,958) (350,958) (38,312) (38,312) (15,356) (15,356) 333,534 270,931 604,465 390,737 369,149 759,886 6 (1,708) (1,708) (16,097) (16,097) 331,826 270,931 602,757 374,640 369,149 743,789 618,321 745,145 (15,564) (1,356) 602,757 743,789 8 0.05 0.05 27(a) 50 84 42
602,757 743,789 7 (25,050) 47,074 7 (11,334) 577,707 779,529 593,269 780,883 (15,562) (1,354) 577,707 779,529 50 84 43
2016/17 9 8,105,390 7,813,238 762,231 806,127 10 3,779,317 4,017,062 11 6,679,389 6,007,333 12 615,352 654,104 62,008 39,364 13 96,685 81,015 20,100,372 19,418,243 14 1,936,943 1,992,670 15 334,273 248,946 16 4,046 4,046 17 1,930,681 3,799,233 18 2,072 19 1,627,224 1,873,378 20 8,156,780 2,185,253 13,992,019 10,103,526 21 3,268,326 2,488,208 22 574,095 493,837 23 931,154 879,882 24 10,804,988 6,947,481 25 282,491 183,784 1,725 23,675 15,862,779 11,016,867 (1,870,760) (913,341) 18,229,612 18,504,902 50 84 44
24 4,548,704 5,372,021 25 404,913 357,198 344,984 340,443 5,298,601 6,069,662 12,931,011 12,435,240 27 1,062,594 1,062,466 27 11,822,200 11,376,200 12,884,794 12,438,666 46,217 (3,426) 12,931,011 12,435,240 50 84 45
2016/17 1,135,678 8,490,470 6,941 264,434 242,757 9,918 3,535,968 13,686,166 (1,125) 13,685,041 2 (847) (847) (847) 28 100,000 (13,532) 86,468 86,468 1,135,678 8,490,470 6,941 364,434 242,757 9,918 3,521,589 13,771,787 (1,125) 13,770,662 745,145 745,145 (1,356) 743,789 7 35,738 35,738 2 35,740 35,738 745,145 780,883 (1,354) 779,529 180 5,446 (821) 4,805 4,805 (58,514) (7,501) (66,015) (66,015) (1,295,657) (200,324) (1,495,981) (1,495,981) (58,514) 58,514 26(a) 28,751 28,751 28,751 (474) 474 27(a) (207,946) (207,946) (207,946) (58,334) (1,556,671) (207,825) 58,514 27,456 474 (1,736,386) (1,736,386) 1,077,344 6,933,799 (207,825) 65,455 391,890 242,757 45,656 4,267,208 12,816,284 (2,479) 12,813,805 50 84 46
1,077,344 6,933,799 (207,825) 65,455 391,890 242,757 45,656 4,267,208 12,816,284 (2,479) 12,813,805 (83,270) (83,270) (930) (84,200) (777) (777) (17) (794) (777) (83,270) (84,047) (947) (84,994) 74,179 (74,179) 19 585 (87) 517 517 (9,779) 7,501 (2,278) (2,278) (265,372) 200,324 (65,048) (65,048) (9,779) 9,779 26(a) 4,089 4,089 4,089 26(b) (5,118) 5,118 (147,651) (147,651) (147,651) (91) 91 28 (105,393) 22,193 (83,200) (83,200) (14,878) (274,566) 207,825 14,897 (101,482) 74,179 (199,546) (293,571) (293,571) 1,062,466 6,659,233 80,352 290,408 316,936 44,879 3,984,392 12,438,666 (3,426) 12,435,240 50 84 47
2016/17 1,062,466 6,659,233 80,352 290,408 316,936 44,879 3,984,392 12,438,666 (3,426) 12,435,240 618,321 618,321 (15,564) 602,757 7 (25,052) (25,052) 2 (25,050) (25,052) 618,321 593,269 (15,562) 577,707 27(b)(i) 128 3,864 (575) 3,417 3,417 26(a) 17,898 17,898 17,898 65,205 65,205 27(a) (168,456) (168,456) (168,456) 128 (164,592) 17,323 (147,141) 65,205 (81,936) 1,062,594 6,494,641 80,352 307,731 316,936 19,827 4,602,713 12,884,794 46,217 12,931,011 50 84 48
3,113,856 1,181,415 (52,506) (18,388) 3,061,350 1,163,027 (369,663) (879,116) (29,246) (499,610) (14,371) (643,453) (519,285) 692,270 854,150 524,081 (38,722) 335,869 (1,258,834) 7,830,693 4,068,204 (4,709,659) (1,773,732) 27(a) (168,456) (207,946) (1,484,634) (367,344) (248,829) (15,788) (279,670) 2,569,446 73,393 5,966,665 (22,414) 2,185,253 2,613,628 4,862 (2,049) 20 8,156,780 2,589,165 50 84 49
2016/17 1 34 2 34 2410 41 1,870,760,000 8,156,780,000 11,087,479,000 50
1 4,984,858,000 2 1638 1 1641 41, 4,429,0005,276,000 847,000 1,016,117 51
2016/17 3 UHT (a) 52
3 (a) EBITDA EBITDA 53
2016/17 3 (a) 390,987 1,739,671 385,542 2,516,200 1,090,040 1,090,040 1,481,027 1,739,671 385,542 3,606,240 206,819 1,248,889 419,090 1,874,798 507,382 507,382 714,201 1,248,889 419,090 2,382,180 766,826 490,782 (33,548) 1,224,060 EBITDA 773,436 188,064 (150,974) 810,526 34,204 9,398 3,075 46,677 145,333 102,361 20,854 268,548 74,391 41,598 11,070 127,059 38,312 38,312 54
3 (a) 505,866 1,347,499 283,994 2,137,359 1,025,614 1,025,614 1,531,480 1,347,499 283,994 3,162,973 239,344 1,046,231 150,831 1,436,406 490,927 490,927 730,271 1,046,231 150,831 1,927,333 801,209 301,268 133,163 1,235,640 EBITDA 790,610 81,022 29,644 901,276 2,221 13,722 1,197 17,140 143,726 45,550 17,575 206,851 49,410 13,841 14,032 77,283 59,214 59,214 15,356 15,356 55
2016/17 3 (a) 28,797,298 14,439,554 3,988,454 47,225,306 518,552 99,328 74,035 691,915 229,723 160,492 60,244 450,459 19,596,592 8,537,725 3,012,638 31,146,955 24,976,448 14,869,333 2,482,865 42,328,646 1,145,104 477,347 134,815 1,757,266 945,631 289,162 82,258 1,317,051 16,507,333 7,656,652 2,031,837 26,195,822 56
3 (b) 3,606,240 3,162,973 234 (1,090,040) (1,025,614) 2,516,434 2,137,359 2,382,180 1,927,333 176 732,981 708,412 (1,167,047) (935,189) 1,948,290 1,700,556 57
2016/17 3 (b) 1,224,060 1,235,640 58 (732,981) (708,412) 77,007 (90,425) 568,144 436,803 810,526 901,276 48,988 29,150 (340,555) (234,409) (137,318) (80,683) 59,214 (38,312) (15,356) (86,802) (178,030) 204,415 380,775 66,516 (11,626) 77,007 (90,425) 604,465 759,886 58
3 (b) 47,225,306 42,328,646 62,008 39,364 12,972,493 8,841,698 (26,167,416) (21,687,939) 34,092,391 29,521,769 31,146,955 26,195,822 16,181,841 12,578,646 (26,167,416) (21,687,939) 21,161,380 17,086,529 59
2016/17 4 53,671 79,620 (13,257) 834 2,949 1,227 (574) (197) 2,072 (500) 329 1,698 45,190 82,682 5 (a) 937,396 1,089,187 (84,070) (49,378) 629,209 419,616 (667,360) (751,013) 815,175 708,412 * (82,194) 732,981 708,412 * 60
5 (b) (48,988) (29,150) 320,840 250,881 26,447 * (6,732) (16,472) 53,816 21,104 56,944 124,595 451,315 380,108 402,327 350,958 * 4.90% 7.68% 4.90% 7.68% (c) 156,902 144,536 26,231 22,367 22,786 20,889 76,909 68,458 26(a) 17,898 28,751 16,728 19,161 317,454 304,162 61
2016/17 5 (d) 137,318 80,683 6 24,352 18,728 (22,644) (2,631) 1,708 16,097 25% 62
7 (25,050) (25,050) 47,074 47,074 (11,334) (11,334) (25,050) (25,050) 35,740 35,740 8 (a) 618.32 745.152 288(b) 13,413,942,984 14,084,119,906 (b) 13,412,622,000 14,320,064,000 27(b)(i) 1,320,984 226,873 (235,671,612) (499,355) 13,413,942,984 14,084,119,906 63
2016/17 8 (c) 26(a) 9 7,813,238 6,355,669 2 4,429 28 92,008 7,813,238 6,452,106 466,262 1,643,081 (172,510) (280,791) (1,600) (1,158) 8,105,390 7,813,238 64
10 4,017,062 3,823,583 28 16,926 4,017,062 3,840,509 29,476 485,928 (267,221) (309,375) 3,779,317 4,017,062 11 (a) 95,093 96,339 73,503 70,624 28,400 33,929 196,996 200,892 65
2016/17 11 (a) 14 10 6 300 6 60 70 60 70 390,000 480,000 (b) 3,954,304 3,778,673 1,977,751 1,839,963 371,425 388,697 21,076 354,833 6,679,389 6,007,333 66
12 615,352 654,104 13 49,940 35,787 46,745 45,228 96,685 81,015 14 1,121,135 1,012,081 100,701 111,326 859 723,458 987,238 1,946,153 2,110,645 (9,210) (117,975) 1,936,943 1,992,670 67
2016/17 15 331,974 240,199 2,299 8,747 334,273 248,946 334,273 248,946 (a) 3 288,407 206,902 36 25,751 26,291 61 14,828 10,788 12 3,461 3,367 2 1,826 1,598 334,273 248,946 68
15 (b) 237,151 210,890 1 51,616 9,451 13 29,978 12,852 36 4,257 8,321 61 9,434 7,432 1 1,837 97,122 38,056 334,273 248,946 16 69
2016/17 17 962,651 946,490 5,000 3,700 493,373 1,559,649 10,672 (i) 125,000 125,000 5,137 9,987 1,133 2,571 10,265 28,902 (ii) 854,150 6,408 6,114 6,834 28,121 28,177 20,656 78,150 43,352 15,508 9,304 6,358 43,105 3,546 5,114 41,012 10,522 47,795 47,795 83,662 54,701 1,930,681 3,799,233 1,930,681 3,799,233 (i) 70
17 (ii) 3 845.00 3.20% 3.80% 3 18 1,003 1,069 2,072 19 1.75% 3.80% 1.30% 3.57% 71
2016/17 20 8,156,780 2,185,253 21 1,162,708 1,025,473 10,572 22,584 19,438 2,095,046 1,420,713 3,268,326 2,488,208 1 338,715 367,524 13 1,395,474 597,728 36 1,206,187 1,105,331 61 298,536 405,706 1 2 27,391 5,854 2 2,023 6,065 3,268,326 2,488,208 72
22 449,807 417,652 4,907 4,907 28,393 18,035 8,015 72,628 62,938 325 325 574,095 493,837 23 529,886 466,809 14,679 12,337 283 233 9,730 7,520 61,395 55,909 45,936 39,614 30,910 25,396 7,409 6,488 (i) 92,400 103,200 (ii) 64,841 69,550 43,110 68,976 54,425 931,154 879,882 73
2016/17 23 (i) (ii) 1.37 23.20 24 10,804,988 6,947,481 1,830,917 2,053,441 2,119,087 2,653,740 598,700 664,840 4,548,704 5,372,021 15,353,692 12,319,502 74
24 287,733 321,642 75,000 100,000 60,000 60,000 1,064,950 1,082,250 80,000 146,912 142,146 200,000 200,000 587,740 109,675 11,017,343 8,623,195 1,914,014 1,600,594 15,353,692 12,319,502 2,225.99 2,299.85 75
2016/17 25 10010,000 282,491 183,784 306,943 199,063 97,970 158,135 404,913 357,198 687,404 540,982 1,235.24692.25 26 (a) 680,085,000 204,025,500136,017,000 102,012,750102,012,750 136,017,000 2.67 76
26 (a) 33,750,000 2.67 2.67 1.72 33,750,000 (i) 0.4739 0.5057 2.59 1.69 2.67 1.72 35.21% 38.23% 6 6 0% 2.02% 1.22% 1.49% 35% 35% 77
2016/17 26 (a) (i) 17.9028.75 (ii) 2.67 673,841,000 2.63 712,147,500 1.78 (35,887,500) 2.67 (1,530,000) 2.67 (2,419,000) 2.67 672,311,000 2.67 673,841,000 2.67 537,059,000 2.67 437,150,000 2.91 2.91 2.67 2.6733.5 78
26 (b) 62,335,000 27 (a) (i) (ii) 0.0125 0.0153 168,456 207,946 79
2016/17 27 (b) 13,412,622,000 1,062,466 14,320,064,000 1,135,678 0.1 (i) 1,530,000 128 2,419,000 199 0.1 (847,526,000) (68,293) 0.1 (62,335,000) (5,118) 13,414,152,000 1,062,594 13,412,622,000 1,062,466 (i) 4,085,100 3,417,0641,530,000 26(a)153,000127,980 3,932,1003,289,084725,067575,014 (c) (1) (i) 1,494,2520.001 100% 80
27 (c) (1) (ii) 100% Talent Pool Holdings Limited 144.31 1 0.001 (iii) Champ Harvest Limited 317.19 1 0.001Champ Harvest Limited (iv) (v) (2) (i) (ii) (iii) 26(a) 28 83,200,000 100% 81
2016/17 29 (a) (i) 13 1,003 1,069 2,072 1 2 3 82
29 (a) (ii) Black-Scholes (b) 30 795,766 890,871 795,766 890,871 83
2016/17 31 (a) 10,048 71,057 33,988 157,209 8,594 20,370 20,420 80,160 10,769 50,295 4,046 295,926 (b) 2,299 8,747 4,046 4,046 152,771 182,023 (10,572) (42,022) (101,021) (62,938) (283) (233) 32 228 84