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 –