新疆西部牧业股份有限公司 2015 年第一季度报告全文 新疆西部牧业股份有限公司 2015 年第一季度报告 临 2015－018 2015 年 04 月 1 新疆西部牧业股份有限公司 2015 年第一季度报告全文 第一节 重要提示 本公司董事会、监事会及其董事、监事、高级管理人员保证本报告所载资 料不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担个别及连带责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人徐义民、主管会计工作负责人范素梅及会计机构负责人(会计主 管人员)范素梅声明：保证季度报告中财务报告的真实、完整。 2 新疆西部牧业股份有限公司 2015 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业总收入（元） | 160,823,352.50 | 154,002,101.25 | 4.43% | | 归属于上市公司普通股股东 ...

Financial Performance - The company's operating revenue for 2014 was CNY 771,379,830.66, representing a 70.86% increase compared to CNY 451,460,275.35 in 2013[18]. - The operating profit increased significantly to CNY 10,549,671.19, a rise of 478.85% from CNY 1,822,536.36 in the previous year[18]. - The net profit attributable to shareholders decreased by 17.25% to CNY 22,489,359.83 from CNY 27,176,996.02 in 2013[18]. - The total assets at the end of 2014 were CNY 1,748,810,317.49, marking a 36.61% increase from CNY 1,280,128,573.11 in 2013[18]. - The total liabilities increased by 67.46% to CNY 993,833,911.73 from CNY 593,457,751.23 in the previous year[18]. - The cash flow from operating activities showed a significant negative net amount of CNY -166,624,995.15, worsening from CNY -33,834,476.52 in 2013[18]. - The basic earnings per share decreased to CNY 0.14, down 17.65% from CNY 0.23 in the previous year[18]. - The weighted average return on equity was 3.61%, a decline from 4.53% in 2013[18]. - The company reported a net profit of -8,802,544.46 CNY from non-current asset disposal losses in 2014, compared to -1,569,868.33 CNY in 2013 and -2,935,249.36 CNY in 2012[22]. - The company achieved total operating revenue of 771,379,830.66 CNY in 2014, a year-on-year increase of 70.86%[38]. Assets and Liabilities - The company's total assets reached 1,748,810,300 CNY, up 36.61% from the previous year, while net assets increased by 9.95% to 754,976,400 CNY[31]. - The company's asset-liability ratio rose to 56.83%, up from 46.36% in 2013, indicating increased financial leverage[19]. - Total operating costs rose by 75.83% to CNY 657.41 million, with raw material costs accounting for 33.56% of total costs[41]. - Short-term loans increased by CNY 20.84 million, a growth of 51.71%, primarily due to the expansion of breeding operations[55]. Government Support and Subsidies - Government subsidies recognized in the current period amounted to 27,579,308.83 CNY, a decrease from 29,002,462.31 CNY in 2013 and 5,730,937.36 CNY in 2012[22]. - The company received a total of 11,270,000 CNY in livestock development subsidies, which is part of the government support for the agricultural sector[24]. - The company benefits from government support and subsidies, which are crucial for its operations in the agricultural sector, but future changes in these policies could affect its performance[28]. Risks and Challenges - The company faces risks from fluctuations in fresh milk prices, with a downward trend observed in the second half of 2014 due to international market pressures[25]. - There is a significant risk related to product quality, especially for infant formula, despite the company maintaining high standards and having no major food safety issues reported during the period[26]. - The company is exposed to animal epidemic risks as the scale of its dairy farming operations increases, which could impact fresh milk production and product sales[27]. - The company has faced challenges in achieving expected economic benefits due to the impact of increased imports of milk powder and declining prices in the domestic market[67]. Investments and Acquisitions - The company completed fixed asset investments of 96,066,500 CNY in 2014, establishing 14 large-scale dairy and beef cattle farms[34]. - The company’s strategic acquisition of Huayuan Dairy enhanced its market competitiveness and brand recognition, completing the integration of the entire livestock industry chain[33]. - The company plans to issue 49,140,000 shares to raise funds for a 150,000-ton feed project and to repay bank loans[35][36]. - The company has reported a cumulative investment of 39.05 million yuan in the Shihezi City Zhenxing Animal Husbandry Co., Ltd. project, with a cumulative loss of 21.98%[69]. Subsidiary Performance - The subsidiary Xinjiang Shihezi Garden Dairy Co., Ltd. achieved a revenue of CNY 252.13 million and a net profit of CNY 27.68 million, attributed to increased brand awareness and sales volume[77]. - Xinjiang Xibu Bordo Animal Husbandry Co., Ltd. reported a total revenue of CNY 28.07 million but incurred a net loss of CNY 0.026 million, indicating ongoing challenges during its establishment phase[77]. - The company’s subsidiary, Xinjiang Production and Construction Corps Animal Husbandry Engineering Technology Research Center reported a net loss of CNY 0.34 million, highlighting the need for improved operational efficiency[76]. Shareholder and Dividend Policies - The company has implemented a cash dividend policy that requires at least 10% of the distributable profit to be distributed in cash each year, or a cumulative distribution of at least 30% over three consecutive years[96]. - A cash dividend of CNY 0.20 per 10 shares was declared, totaling CNY 3,276,000.00, which represents 14.57% of the net profit attributable to shareholders[106]. - The total distributable profit at the end of the year was CNY 119,792,977.52, with no capital reserve fund conversion to share capital for 2014[103]. - The company maintained a capital reserve balance of CNY 280,584,749.75 at the end of the reporting period[103]. Management and Governance - The company has a strong management team with extensive experience in various sectors, which is expected to drive future growth[178]. - The board of directors consists of nine members, with a diverse background in management and finance, enhancing the company's governance structure[177]. - The company has established an independent financial department with a complete accounting system and financial management policies[200]. - The governance structure includes independent shareholder meetings, a board of directors, and a supervisory board, all operating under legal regulations[200]. Market Position and Strategy - The company aims to become a nationally recognized leader in livestock industry by 2015, focusing on high-quality dairy and meat production, and establishing a traceable quality control system[89]. - The company is actively pursuing mergers and acquisitions to facilitate low-cost and rapid expansion[47]. - The company is expanding its market presence by entering three new provinces, aiming for a 25% market share in these regions within two years[182]. - The company plans to increase its marketing budget by 20% to enhance brand visibility and customer engagement[182].

新疆西部牧业股份有限公司 2014 年第三季度报告全文 新疆西部牧业股份有限公司 2014 年第三季度报告 临 2014－055 2014 年 10 月 1 新疆西部牧业股份有限公司 2014 年第三季度报告全文 第一节 重要提示 本公司董事会、监事会及其董事、监事、高级管理人员保证本报告所载资料不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 全体董事亲自出席了审议本次季报的董事会会议 公司负责人徐义民、主管会计工作负责人范素梅及会计机构负责人(会计主管人员)范素梅声明：保证 季度报告中财务报告的真实、完整。 2 新疆西部牧业股份有限公司 2014 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增 | | --- | --- | --- | --- | --- | | | | | | 减 | | 总资产（元） | 1,498,022,604.92 | | 1,280,128,573.11 ...

Financial Performance - Total revenue for the first half of 2014 reached ¥338,939,004.48, representing a 20.82% increase compared to ¥280,538,981.20 in the same period last year[17]. - Net profit attributable to shareholders was ¥20,327,699.52, up 25.68% from ¥16,173,571.19 year-on-year[17]. - Net profit after deducting non-recurring gains and losses was ¥18,096,577.06, a 34.56% increase from ¥13,448,321.40 in the previous year[17]. - Basic earnings per share increased by 21.43% to ¥0.17, up from ¥0.14 in the previous year[17]. - Operating profit reached CNY 19.06 million, representing a growth of 47.7% compared to the same period last year[28]. - The company reported a net profit for the first half of 2014 of CNY 24,516,010.89, showing an increase compared to the previous period[138]. Cash Flow - Net cash flow from operating activities surged by 163.49% to ¥19,853,364.61, compared to ¥7,534,893.10 in the same period last year[17]. - The company reported a significant increase in cash flow per share from operating activities, which rose by 182.83% to ¥0.1697 from ¥0.06 in the previous year[17]. - The cash inflow from operating activities totaled CNY 534,791,518.61, a significant increase from CNY 252,897,918.33 in the previous period, representing a growth of approximately 111%[131]. - The net cash flow from financing activities was CNY 18,116,493.72, down from CNY 46,036,714.47 in the prior period, showing a decline of about 61%[132]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,408,153,988.13, a 10.00% increase from ¥1,280,128,573.11 at the end of the previous year[17]. - Current liabilities increased to CNY 615,271,079.03 from CNY 519,369,747.60, which is an increase of around 18.5%[120]. - Total liabilities rose to CNY 696,967,155.36 from CNY 593,457,751.23, marking an increase of about 17.5%[120]. - The total equity increased to CNY 711,186,832.77 from CNY 686,670,821.88, showing a growth of approximately 3.5%[120]. Revenue Sources - The main sources of profit for the company in the first half of 2014 were self-produced fresh milk sales, dairy product sales, and breeding livestock sales, while sales of purchased fresh milk significantly declined[39]. - Self-produced fresh milk revenue was CNY 73.25 million, a significant increase of 36.88% compared to the previous year[29]. - The revenue from self-produced fresh milk reached 73,246,003.92 CNY, an increase of 36.88% from the previous year, while dairy product sales increased by 13.44% to 122,621,874.19 CNY[34]. Investment and Projects - The project for the construction of a high-yield dairy cattle breeding base has a total investment of 9,073.24 million, with a completion rate of 100.44%[54]. - The company has invested in multiple research projects, including integrated demonstration of dairy cattle sex control breeding technology and standardized breeding technology[43]. - The company has established long-term stable partnerships with well-known dairy companies such as Yili and Wahaha, enhancing its competitive advantage[44]. Shareholder Information - The controlling shareholder, Shihezi State-owned Assets Management (Group) Co., Ltd., committed not to transfer or entrust the management of its shares for 36 months from the date of the company's stock listing[99]. - The largest shareholder, Shihezi State-owned Assets Management Group Co., Ltd., holds 44.32% (51,856,138 shares) of the company[107]. - The total number of shareholders at the end of the reporting period is 11,201[106]. Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares for this period[5]. - The company has implemented a cash dividend policy, distributing no less than 10% of the annual distributable profit in cash dividends[69]. - The company plans to distribute a cash dividend of RMB 0.25 per 10 shares, totaling a payout based on a total share capital of 117,000,000 shares, resulting in a total distribution of RMB 29.25 million[72]. Operational Strategy - The company is focusing on cost control and optimizing operational management to ensure stable and sustainable growth[32]. - The company plans to enhance product safety and market promotion, investing significantly in producing high-quality products[30]. - The company aims to become a leading enterprise in the livestock industry, focusing on high-end dairy products and beef production[48]. Compliance and Governance - The financial report for the first half of 2014 has not been audited yet[101]. - The company has not reported any significant litigation or arbitration matters during the reporting period[77]. - The company has not engaged in any repurchase transactions during the reporting period[108].

Financial Performance - The company's operating revenue for 2013 was ¥451,460,275.35, a decrease of 6.15% compared to ¥481,038,879.97 in 2012[18] - The operating profit significantly dropped to ¥1,822,536.36, reflecting a 93.33% decline from ¥27,335,168.95 in the previous year[18] - The net profit attributable to shareholders decreased by 14.32% to ¥27,176,996.02 from ¥31,720,957.48 in 2012[18] - The total assets increased by 16.36% to ¥1,280,128,573.11 compared to ¥1,100,170,122.93 at the end of 2012[18] - The total liabilities rose by 33.82% to ¥593,457,751.23 from ¥443,466,493.55 in the previous year[18] - The company's cash flow from operating activities turned negative at -¥33,834,476.52, a decline of 231.09% from ¥25,810,361.65 in 2012[18] - The basic earnings per share decreased by 14.81% to ¥0.23 from ¥0.27 in the previous year[18] - The weighted average return on equity fell to 4.53%, down from 5.52% in 2012[18] - The asset-liability ratio increased to 46.36%, up from 40.31% at the end of 2012[18] Revenue Breakdown - The company reported a significant increase in government subsidies, with other operating income rising by 23.61 million yuan, a growth rate of 335.55%[29] - The sales of self-produced fresh milk reached 101.16 million yuan, an increase of 14.81% year-on-year[29] - The sales of dairy products increased by 30.72%, amounting to 214.26 million yuan[29] - The revenue from purchased fresh milk accounted for 8.18% of total operating income, down 18.81% year-on-year, while self-produced fresh milk revenue increased by 3.95% to 22.47% of total income[33] - The revenue from dairy products accounted for 47.59% of total operating income, reflecting a growth of 13.14% year-on-year[33] Cost and Expenses - The company's main business cost was 373,890,299.20 yuan, a decrease of 7.28% from the previous year, with a significant drop in costs from purchased fresh milk[39] - The sales volume of purchased fresh milk decreased by 46.95% year-on-year, resulting in a loss of 25,557,000 yuan in revenue[37] - The company’s sales expenses increased by 100.4% year-on-year, reaching 24,131,134.88 yuan[40] - The company’s financial expenses increased by 9.83 million yuan, a growth rate of 92.07% due to increased operating loans[29] - Management expenses rose by 24.87%, totaling 27.35 million yuan, attributed to the expansion of the company's scale and increased salaries for management personnel[41] - Financial expenses surged by 92.07%, reaching 20.50 million yuan, mainly due to increased interest expenses from working capital loans[41] Investments and Projects - The company invested in the "High-efficiency Breeding Base for Improved Beef Cattle" project with a registered capital of 10 million yuan, holding a 60% stake[31] - The company launched infant formula milk powder production, becoming the first local enterprise in Xinjiang to obtain production and sales licenses[30] - The company achieved a total investment commitment of 15,358.54 million CNY, with an actual investment of 15,482.4 million CNY, achieving 100.81% of the planned investment[61] - The introduction of 500 purebred Angus cows is expected to enhance local beef cattle industry development, with a project fund of 945 million CNY allocated for this purpose[62] - The company has completed the acquisition of 60% equity in Xinjiang Shihezi Huayuan Dairy Co., Ltd. for 3,700 million CNY, contributing to its market expansion strategy[62] Cash Flow and Financing - Operating cash flow decreased by 231.09%, resulting in a net cash outflow of 33.83 million yuan, primarily due to increased cash payments for products and employee compensation[43] - Investment cash flow net amount decreased by 63.38%, totaling -79.17 million yuan, due to reduced investment activities compared to the previous year[44] - Financing cash inflow increased by 63.32%, amounting to 445.06 million yuan, driven by the need for additional working capital loans[43] - The company entered into multiple working capital loan contracts totaling 20 million RMB with China Construction Bank, with a loan term of 1 year and an interest rate of 6%[131] - The company secured additional loans of 10 million RMB from Industrial and Commercial Bank of China and 24.06 million RMB from Agricultural Development Bank, both with a loan term of 1 year and an interest rate of 6%[132] Shareholder and Dividend Policy - The company has established a clear cash dividend policy, ensuring that at least 10% of the distributable profit is allocated as cash dividends annually[90] - The company’s cash dividend distribution is contingent upon positive net profit and sufficient cash flow, with a maximum payout not exceeding the cumulative distributable profit[91] - The company plans to distribute cash dividends of 0.25 RMB per 10 shares, totaling 2,925,000 RMB for the year 2013, which represents 100% of the profit distribution amount[96] - The retained earnings at the beginning of the year were 94,594,598.37 RMB, with a net profit of 14,287,691.98 RMB for 2013, after which 1,428,769.20 RMB was allocated to surplus reserves[97] Governance and Compliance - The company has established a system for managing insider information to ensure compliance with regulations and protect investor rights[101] - The company has implemented strict confidentiality measures during the reporting period to control the dissemination of insider information[102] - The independent directors attended all 7 board meetings and provided independent opinions on significant matters, ensuring compliance with regulations[194] - The audit committee confirmed that the financial statements for 2013 were prepared in accordance with accounting policies and accurately reflected the company's financial status[198] - The company maintained a commitment to transparency and compliance with legal requirements in its operations and disclosures[190] Market Position and Strategy - The dairy industry is recognized as a high-efficiency sector, with increasing competition from both domestic and foreign brands, particularly in the high-end milk powder market[75] - The company has a competitive advantage in the regional market by developing halal dairy products tailored to local consumer needs, enhancing brand recognition[76] - The company aims to enhance dairy cow breeding efficiency and increase milk production, targeting growth in both milk yield per cow and total milk output[84] - The company plans to develop high-value-added dairy products, focusing on the premium infant formula brand as a key project[84] - The company is supported by national policies aimed at boosting the livestock industry in Xinjiang, creating a favorable environment for high-yield dairy farming[82]

新疆西部牧业股份有限公司 2014 年第一季度报告 临 2014-026 新疆西部牧业股份有限公司 2014 年第一季度报告全文 2014 年 04 月 1 新疆西部牧业股份有限公司 2014 年第一季度报告全文 第一节 重要提示 本公司董事会、监事会及其董事、监事、高级管理人员保证本报告所载资 料不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担个别及连带责任。 所有董事均已出席了审议本报告的董事会会议。 公司负责人徐义民、主管会计工作负责人范素梅及会计机构负责人(会计主 管人员)范素梅声明：保证季度报告中财务报告的真实、完整。 2 新疆西部牧业股份有限公司 2014 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | | | | （%） | | 营业总收入（元） | 154,002,101.25 | 129,111,938.83 | 19.28% | ...