Lanzhou Zhuangyuan Pasture Co., Ltd.*
1533
2019 12 31
2019 12
31
–1–
I.
2018 10 31
2018 12 31 58.7
12.5
2019 12 31 22 2020
263 312
48.7
2019
2018 10 31
2019 2019
(a) (b)
(a)
2018 3 31
,
–2–
—
2018 3 31
A
2016 2017 2018 3
2018 4–12 2019 2022
2018 2022
2018 2022 2018
2018 4–9 2018 1–3 10.47% 2019 -2022
6.37%
–3–
B
2016
2018 3 60.37% 60.26% 57.33% 59.32%
38.49% 2016 2017 2018 3 31
2018 4–12 2019 2020 2021 2022
60.02% 60.03% 59.48% 58.86% 57.78% 60.02%
C
(WACC)
WACC [Ke ×E D+E + Kd ×D D+E × 1— T ]
(a) Ke (CAMP)
Ke Rf + β Rm-Rf + Rc
Rf:
3.75%
Rm-Rf:
6.05%
β:
β β
β
β β 0.6144
–4–
Rc:
3.40%
Ke Rf +β Rm-Rf +Rs 10.87%
(b) Kd
4.75%
(c) D E
(d) T
[2008]149
2001 202
2017 2020
15%
2021 — 25% 2020
4 23
2020 23 2021 1 1 2030 12 31
15%
–5–
2018 4 2021 WACC
10.39% 2022 — WACC 10.29%
D
0.00 0.00
E
4,621.02 4,621.02 0.00
0.00 4,621.02
F
9,930.57 9,930.57
–6–
2018
4-12 2019 2020 2021 2022
16678.89 22764.22 23783.72 25396.38 26772.01 26772.01
10011.32 13664.93 14147.04 14948.45 15469.29 15469.29
261.30 333.66 343.70 359.57 373.11 373.11
6406.27 8765.63 9292.98 10088.36 10929.61 10929.61
0.00 0.00 0.00 0.00 0.00 0.00
2815.43 3692.31 3807.92 3981.01 4127.60 4127.60
1283.31 1776.48 1841.92 1925.12 2003.97 2003.97
0.00 0.00 0.00 0.00 0.00 0.00
2307.53 3296.84 3643.14 4182.23 4798.04 4798.04
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
2307.53 3296.84 3643.14 4182.23 4798.04 4798.04
342.98 448.37 495.47 568.78 652.53 1199.51
1964.53 2848.47 3147.68 3613.45 4145.51 3598.54
1974.39 2632.52 2632.52 2632.52 2632.52 2632.52
13.23 17.64 17.64 17.64 17.64 17.64
1987.62 2650.16 2650.16 2650.16 2650.16 2650.16
-637.84 70.01 49.78 77.07 69.34
2602.37 2778.46 3097.90 3536.38 4076.17 3598.54
35,763.21
4,621.02
9,930.57
30,453.66
–7–
(b)
2018 2019 8 —
2018 2019 2018
2019 2019
–8–
A
2017 2018 2019
2020 2024
2020 2020
2003
2020 2019
7.00% 2021 2020 4.57% 2022 -2024
8.55%
B
2017
2019 60.26% 60.79% 64.77% 61.94%
38.44% 2019
2020 2021 2022 2023 2024
64.00% 63.93% 63.91% 63.97% 64.02% 64.02%
C
(WACC)
WACC [Ke ×E D+E + Kd ×D D+E × 1— T ] 1— T
(a) Ke (CAMP)
Ke Rf + β Rm-Rf + Rc
Rf:
3.98%
–9–
Rm-Rf:
4.81%
β:
β β
β
β β 0.8817
Rc:
3.20%
Ke Rf +β Rm-Rf +Rs 11.42%
(b) Kd
4.75%
(c) D E
– 10 –
(d) T
[2008]149
2001 202
2017 2020
15%
2021 — 25% 2020
4 23
2020 23 2021 1 1 2030 12 31
15%
2020 WACC 11.33% 2021 —
WACC 13.21%
– 11 –
2019
2020 2021 2022 2023 2024
18,499.73 19,344.49 21,365.56 23,653.72 24,715.75 24,715.75
11,839.38 12,367.42 13,655.41 15,131.42 15,822.95 15,822.95
171.19 175.65 185.92 197.27 202.44 202.44
2,539.88 2,656.05 2,888.67 3,149.40 3,293.06 3,293.06
1,723.58 1,808.47 1,940.79 2,083.78 2,189.28 2,189.28
— — — — — —
— — — — — —
— — — — — —
1,808.13 1,808.13 1,808.13 1,808.13 1,808.13 1,808.13
138.77 138.77 138.77 138.77 138.77 138.77
1,303.70 1,303.70 1,303.70 1,303.70 1,303.70 1,946.90
—402.11 45.19 99.01 110.74 55.49 —
3,271.00 2,934.90 3,238.95 3,624.31 3,795.71 3,208.01
0.11 0.13 0.13 0.13 0.13 0.13
1.00 2.00 3.00 4.00 5.00 —
0.50 1.50 2.50 3.50 4.50 —
0.95 0.83 0.73 0.65 0.57 4.33
3,100.06 2,436.50 2,375.16 2,347.62 2,171.76 13,898.78
26,329.89
31,201.82
-4,871.93
– 12 –
2020 16,359,000
2020 2020 2020
18,499.73 19,892.31 7%, 16,575.09
2019 18,388.91 9.86% 2020 288.69 2019
255.85 12.84% 1,635.94 2019 1,291.76 26.64%
(1)
18,499.73 2017 2018 2019
2020 2020
2020
2003
2003 2020
2019 7%
(2)
a)
11,839
2019 64%
– 13 –
b)
171
2020
640 7% 3%
2% 1.2%
c)
2540
2019 13.73%
d)
1724
2019 9%
e)
100 2019
2019
– 14 –
f)
2020 -201
2019
2019
2019
g) 15%
2.1
2.2
= —
÷ ×
—
– 15 –
2.3
1
2020 4 23
2019
[2020] 35–00016
2019 2019 12 31
17,358,124.99 4,975,124.24
2020 5 22 17,358,124.99
4,975,124.24
– 16 –
.
147,600.00 201,882.24 10,517.76 360,000.00
89,570.00 259,962.24 10,517.76 360,050.00
100,130.00 261,402.24 10,517.76 372,050.00
68,227.00 105,162.24 10,517.76 183,907.00
30,000.00 30,000.00
30,000.00 30,000.00
105,381.10 105,381.10
30,000.00 30,000.00
78,685.55 62,741.69 10,517.76 151,945.00
195,381.10 484,212.55 891,150.65 52,588.80 1,623,333.10
1. 2019 12 31
2. 2019 12 31
– 17 –
2020 6 3
*
– 18 –