L/O/G/O

1
2

3
4

1
2

3
4

R&D
/

10

=+50%
+15%

15%
25%
90%

xxxx

xxxx

2.5
10 hr/w

xxxx
xxxx

100%

xxxx
xxxx
xxxx

100%

xxxx
xxxx

100%

MBO

xxxx
xxxx

11

45

12

13

1
2

3
4

14

33

15




(1
A.

B.
C.
D.

16

17

18


(1)

(2)

(3) :
19

()

1
2,

3
4
5
20

2010116.350.5
200917.79%9.44
20105.35
21


2010(2010; 2009)

2010

2010116.320.3%;
77.42%20093.02%

22


2010(2010; 2009)

19.69%39.72%

23


(1) 2010
2006
171.4%

(2)

24


2010&2009 30%

(1)
2010
(2)
25

(1) 2010

128.88

2.06
47.39

(2)

26


2010&2009 30%
(1)

(2)

(3)

(4)

27


(1)
2006
21.12
201062.01
193.5%

(2)

28


2010&2009 30%

2

29

1
2

3
4

30

31

Name

FY 2006

SALES_REV_TURN

4328.485

6633.35

7559.92

8729.49

10056.3

Sales growth ratio

27%

53%

14%

15%

15%

Return On Assets

18%

28%

29%

24%

22%

operating income
margin

36%

43%

50%

49%

50%

ROE

25%

34%

33%

29%

27%

SALES_REV_TURN
10000

FY 2007

FY 2008

FY 2009

SALES_REV_
Sales
growth ratio

53%

8000

48%

6000

43%

4000
FY
2006

FY
2007

FY
2008

FY
2009

FY
2010

FY 2010

Return On
Assets

38%
33%
23%

operating income
margin

18%

ROE

28%

13%
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010

32

11
SALES_REV_TURN
12000
10000
8000
6000
4000
2000
0

SALES_REV_TURN
Poly. (
SALES_REV_TURN)
FY FY FY FY FY FY FY FY FY FY FY FY FY
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Sales growth ratio

60%

50%
40%

Sales growth ratio

30%
20%

Log. ( Sales growth

ratio)

10%
0%
FY FY FY FY FY FY FY FY FY FY FY FY
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

33


3-2

operating working
capital/sales
Net non-current
asset/Sales

FY 2006

FY 2007

FY 2008

FY 2009

FY 2010

0.530145

0.384239

0.548561

0.677296

0.737041

0.647305

0.483914

0.464745

0.47128

0.525769

0.673263

0.540451

0.520705

0.53897

0.602336

1.886276

2.602545

1.822951

1.47646

1.356776

1.544868

2.066484

2.151716

2.121879

1.901974

sales/PP&E

1.485304

1.850306

1.920471

1.85539

1.660204

trade receivable
turnover

17.04123

44.98608

36.79909

21.70723

48.80143

inventories turnover

0.409501

0.406766

0.295131

0.260215

0.215624

PP&E/Sales
sales/operating
working capital
sales/net non-current
asset

Trade receivable turnover

34

FY 2006

FY 2007

FY 2008

FY 2009

FY 2010

ARD_COST_OF_PRODUCTS
_SOLD

786.5402

871.6436

799.7133

950.6729

1052.932

BS_INVENTORIES

1980.903

2304.819

3114.568

4192.246

5574.126

average_inventories

990.4516

2142.861

2709.693

3653.407

4883.186

invenories turnover

79.41%

40.68%

29.51%

26.02%

21.56%

11%

-8%

19%

11%

16%

35%

35%

33%

35%
30%
25%
20%

15%

Log. ()

10%

Log. ()

5%
0%
-5%

FY 2006

FY 2007

FY 2008

FY 2009

FY 2010

-10%

35

LFY 2006

LFY 2007

LFY 2008

LFY 2009

Maotai

Inventory Turnover

40.95%

40.68%

29.51%

26.02%

LaoJiao

Inventory Turnover

70.27%

102.24%

106.17%

122.26%

Swellfun

Inventory Turnover

53.86%

28.00%

26.50%

64.33%

120.00%

100.00%
80.00%

Maotai Inventory Turnover

LaoJiao Inventory Turnover

60.00%

Swellfun Inventory Turnover

40.00%
20.00%
LFY 2006 LFY 2007 LFY 2008 LFY 2009 LFY 2010

36


3.4
2.9

Maotai Current Ratio

2.4

LaoJiao Current Ratio

1.9

Swellfun Current Ratio

1.4
LFY 2006

LFY 2007

LFY 2008

LFY 2009

LFY 2010

3
2.5
Maotai Quick Ratio

LaoJiao Quick Ratio

1.5

Swellfun Quick Ratio

1
0.5
LFY 2006

LFY 2007

LFY 2008

LFY 2009

LFY 2010

3.5
3
2.5

MaoTai
Current Ratio

1.5

MaoTai Quick
Ratio

1
0.5
0
-0.5
-1

FY
1998

FY
1999

FY
2000

FY
2001

FY
2002

FY
2003

FY
2004

FY
2005

FY
2006

FY
2007

FY
2008

FY
2009

FY
2010

37

0.45
0.4
0.35

Maotai Asset-liability ratio

LaoJiao Asset-liability ratio
Swellfun Asset-liability ratio

0.3
0.25
0.2
LFY 2006

LFY 2007

LFY 2008

LFY 2009

LFY 2010

38

Field

Mnemonic

MFY 2006

MFY 2007

MFY 2008

MFY 2009

MFY 2010

Current Ratio

1.989145

3.441942

2.879655

3.06488

2.888409

Quick Ratio

1.72155

3.01197

2.585903

2.787791

2.645985

ROE

0.250462

0.338258

0.330291

0.294333

0.272311

sales_margins

0.818287

0.868597

0.894217

0.891097

0.895293

Asset Turnover

0.512327

0.690498

0.523143

0.489134

0.454646

0.175264

0.282345

0.289642

0.242792

0.222729

15.48893

28.7042

38.31329

25.60573

29.60591

0.409501

0.406766

0.295131

0.260215

0.215624

Return On
Assets
Receivables
Turnover Ratio
Inventory
Turnover

39

Field

Mnemonic

Current Ratio

Quick Ratio

ROE

sales_margin
s
Asset
Turnover
Return On
Assets
Receivables
Turnover
Ratio
Inventory
Turnover

2.852806

0.477484

2.55064

0.439725

0.297131

0.033445

0.873498

0.029279

0.533949

0.081718

0.242555

0.041765

27.54361
0.317448

7.357402

Current
Ratio
Quick
Ratio
ROE
sales_mar
gins
Asset
Turnover
Return On
Assets
Receivable
s Turnover
Ratio
Inventory
Turnover

5.116089

63.95111

63.95111

2.29491

28.68638

92.63748

0.545991

6.824894

99.46238

0.04301

0.537622

100

2.22E-16

2.78E-15

100

1.51E-16

1.89E-15

100

-3.4E-17

-4.3E-16

100

-2.5E-16

-3.1E-15

100

0.078222

40

1.6
1.4
1.2

Series1

Log. (Series1)

0.8
0.6

2006

2007

2008

2009

2010

-0.4
-0.6

2006

2007

2008

2009

2010

-0.8
-1
-1.2

Series1
Poly. (Series1)

-1.4
-1.6
-1.8

41


2000-2010

700000
600000
500000
400000
300000
200000
100000
0
-100000
-200000
-300000

42

2001
20

43

44


2006-2010

45

2006

2006
2010

194.58%

126.64%

71.01%

210517.1

620147.65

77806.96

176338.96

75599.28

129284.56

46

47

1
2

3
4

48

49

2005

3400.27

2006

4328.49

27.3%

2007

6633.35

53.2%

2008

7559.92

14.0%

2009

8729.49

15.5%

2010

10056.27

15.2%

50

2010 ()

10056.27

2011

11564.71

15%

2012

13299.42

15%

2013

15294.33

15%

51

2006

1616.38

736.42

46%

2007

2966.05

618.85

21%

2008

4000.76

789.02

20%

2009

4552.89

953.83

21%

2010

5339.76

937.03

18%

20%

52

2011E

2012E

2013E

11564.71

13299.42

15294.33

(1462.95)

(1682.39)

(1934.75)

10101.76
(2427.83)

11617.02
(2792.00)

13359.58
(3210.80)

7673.93

8825.02

10148.78

0.00

0.00

0.00

0.00
138.39

0.00
159.15

0.00
183.02

7812.32
(1953.08)

8984.17
(2246.04)

10331.80
(2582.95)

5859.24
1171.85

6738.13
1347.63

7748.85
1549.77

585.92

673.81

774.88

4101.47

4716.69

5424.19

25%

10%

53

54

2006

4328.49

254.00

17.04

2007

6633.35

147.45

44.99

2008

7559.92

205.44

36.80

2009

8729.49

402.15

21.71

2010

10056.27

206.07

48.80

33.87

55

2011 11564.71

33.87

341.47

206.07

476.88

2012 13299.42

33.87

392.70

476.88

308.51

2013 15294.33

33.87

451.60

308.51

594.69

30%

2010 ()
2011
2012
2013

206.07
268.58
350.07
456.27

30%
30%
30%
56

2006

786.54

1980.90

0.40

2007

871.64

2304.82

0.38

2008

799.71

3114.57

0.26

2009

950.67

4192.25

0.23

2010

1052.93

5574.13

0.19

57

2011 1462.95

0.19

7744.73

2012 1682.39

0.19

8906.44

9915.34

7897.55

2013 1934.75

0.19

10242.41

7897.55

12587.27

5574.1261

9915.34

23%

2010 ()

5574.13

2011

6833.06

23%

2012

8376.34

23%

2013

10268.17

23%

58

2006

4328.49

2511.10

1.72

2007

6633.35

3078.07

2.16

2008

7559.92

3275.53

2.31

2009

8729.49

3848.44

2.27

2010

10056.27

4923.49

2.04

2.10

59

2011 11564.71

2.10

5508.26

6093.04

6334.50

4923.4871
6093.04

2012 13299.42

2.10

2013 15294.33

2.10

7284.68

6575.97

7993.39

6575.97
13%

2010 ()
2011
2012
2013

6057.27
6837.40
7718.02
8712.05

1133.78
1279.80
1444.63
1630.69

13%
13%
13%
60


5
/

2011E

2012E

2013E

14904.88

17532.14

20666.97

11.38
268.58
6833.06
1876.45
23894.37
68.14

23.70
350.07
8376.34
2157.92
28440.16
72.55

36.95
456.27
10268.17
2481.61
33909.97
77.25

6837.40
1279.80
5557.60
312.42

7718.02
1444.63
6273.38
325.57

8712.05
1630.69
7081.36
339.27

5938.17
29832.53

6671.51
35111.67

7497.87
41407.84

61

62

+
=

2006

786.54

1980.90

1860.55

906.89

41.25

21.99

2007

871.64

2304.82

1980.90

1195.56

59.68

20.03

2008

799.71

3114.57

2304.82

1609.46

121.29

13.27

2009

950.67

4192.25

3114.57

2028.35

139.12

14.58

2010

1052.93

5574.13

4192.25

2434.81

232.01

10.49

12.78

63

+
=

2011 1462.95
2012 1682.39
2013 1934.75

6833.06
8376.34
10268.17

5574.13
6833.06
8376.34

2721.89
3225.67
3826.58

12.78
12.78
12.78

212.96 232.01 193.91

252.38 193.91 310.84
299.39 310.84 287.94
5.55%

2010 ()

232.01

2011

244.88

5.55%

2012

258.47

5.55%

2013

272.81

5.55%

64


2011E

1000

244.88
0.00
3963.23
2366.25
6574.37
0.00
10.00
10.00
6584.37
943.80
1374.90
2762.67
18004.73
162.06
23248.16
29832.53

2012E

2013E

258.47
272.81
0.00
0.00
3471.03
3132.36
2721.19
3129.37
6450.68
6534.53
0.00
0.00
10.00
10.00
10.00
10.00
6460.68
6544.53
943.80
943.80
1374.90
1374.90
3436.49
4211.37
22721.42 28145.62
174.37
187.62
28650.98 34863.31
35111.67 41407.84

65

66

2011E

2012E

2013E

5859.24
146.02
(62.52)
(1258.94)
(244.75)
12.87
(775.34)
308.64
3985.23

6738.13
164.83
(81.48)
(1543.27)
(281.47)
13.58
(492.21)
354.94
4873.05

7748.85
186.06
(106.20)
(1891.83)
(323.69)
14.34
(338.67)
408.18
5697.03

67


2011E

2012E

2013E

(4.14)
(780.14)
(12.61)
(796.90)

(4.41)
(880.61)
(13.15)
(898.17)

(4.70)
(994.03)
(13.70)
(1012.43)

0.00
0.00
(1171.85)
(1171.85)

0.00
0.00
(1347.63)
(1347.63)

0.00
0.00
(1549.77)
(1549.77)

2016.49
12888.39
14904.88

2627.25
14904.88
17532.14

3134.84
17532.14
20666.97

-
-

68

/
/

2010A

2011E

2012E

2013E

53.1%
0.39
20.9%
28.8%

50.7%
0.39
19.6%
25.2%

50.7%
0.38
19.2%
23.5%

50.7%
0.37
18.7%
22.2%

2.89
2.10
1.83

3.63
2.60
2.27

4.41
3.11
2.72

5.19
3.62
3.17

27.5%
37.9%

22.1%
28.3%

18.4%
22.5%

15.8%
18.8%

69

70

2011
18549.33
19.65
5859.24
6.21
1171.85
1.24
24.62
2.16
4.05
0.90
3.65
275.88

2012

2013

24.62
6738.13
7.14
1347.63
1.43
30.33
2.71
4.43

30.33
7748.85
8.21
1549.77
1.64
36.90
3.34
4.87
340.52
0.73
248.98

0.81
3.60

10%
22.2%
11%

71