Feeding the Chinese via Reuters

8/6/2019 Feeding the Chinese via Reuters

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YHGG YASHENG GROUP(PINK OTC MARKETS INC)

Date: 22 April 2011 Sector: Industry: Fishing & Farming

Business Summary

YaSheng Group (YHGG) is a holding company that operates and primarily conducts its businessoperations in Peoples Republic of China, through its seven subsidiaries and operating entities. The

Company is a producer of agriculture-based products, specializing in developing the agriculture in-

dustry by cultivating, processing, marketing and distributing a variety of food and agro-byproducts.

YHGG also operates a small concrete plant in Baiyin City, Gansu Province, China. The Companys

food and agro-byproducts are processed primarily from premium specialty agriculture products

grown in Northwest China in six agricultural product categories: fresh fruits, vegetables, field crops,

specialty crops, seeds and eggs.The Companys primary product offering includes over 30 major

agriculture products under six product categories: field crops; vegetables; fruit; specialty crops;

seeds, and poultry.

Share PerformancePrice ($): 1.75 52 Week High: 3.25 Currency: USD

Volume (millions): 0.0 52 Week Low: 1.00

Financial Summary

BRIEF: For the fiscal year ended 31 December 2010, Yasheng Group's Revenues increased 15% to$849.5M. Net income increased 25% to $99.2M. Revenues reflect an increase in income from net

sales. Net income also reflects a decrease in interest expenses and an increase in operating profit

margins. Yasheng Group is engaged in developing, processing, marketing & distributing a variety

of food products from agriculture products.

Valuation Ratios Per Share Data

Yasheng Group805 Veterans Blvd

Suite 228

Redwood City

CA 94063

United States

()

http://www.yashenggroup.com/

P/E: 2.74Employees: 15,000

(Millions)

Market Cap: 271.42

Shares Outstanding: 155.10Float: 14.15

Sales

628

65 6

68 4

71 2

74 0

768

Dec 07 Dec 08 Dec 09

($ Millions)

Income

68.8

71.3

73.9

76.5

79.1

81.6


($ Millions)

Earnings per Share0.53
http://www.yashenggroup.com/


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Key Ratios & Statistics

Financial Strength

12 Mo

Dec 07

12 Mo

Dec 08

12 Mo

Dec 09

MRQ 3 Year

Average

Quick Ratio 0.59 0.61 0.91 1.32 0.70

Current Ratio 1.18 1.24 1.84 2.82 1.42

LT Debt/Equity 0.02 0.00 0.00 0.14 0.01

Total Debt Equity 0.06 0.04 0.02 1.43 0.04

Current Ratio

0.6

1. 2

1 .7

2 .3

2.8

3.4

12 MoDec 07

12 MoDec 08

12 MoDec 09

MRQ 3 YearAverage

Quick Ratio: Cash plus Short Term Investments plus Accounts Receivable divided by the Total Cur-

rent Liabilities for the same period. Current Ratio: Total Current Assets divided by Total Current

Liabilities for the same period. Long Term Debt To Total Equity: Total Long Term Debt divided

by Total Shareholder Equity. Total Debt to Total Equity: Total Debt divided by Total Shareholder

Equity for the same period.

Profitability

12 Mo

Dec 07

12 Mo

Dec 08

12 Mo

Dec 09

TTM 3 Year

Average

Gross Margin (%) 11.63 11.03 11.39 12.46 11.35

Operating Margin (%) 11.00 10.43 10.80 11.87 10.74

Net Profit Margin (%) 10.88 10.32 10.69 11.68 10.63

Interest Coverage 30.45 30.89 32.39 -- 31.24

Gross Margin (%)

10.55

11.03

11.51

11.98

12.46

12.94

12 MoD 07

12 MoD 08

12 MoD 09

TTM 3 YearA

Financial Strength looks at business risk. Thestronger a company is from a financial standpoint,

the less risky it is. The Quick Ratio compares cash

and short-term investments (investments that could

be converted to cash very quickly) to the financial

liabilities they expect to incur within a year's time.

The Current Ratio compares year-ahead liabilitiesto cash on hand now plus other inflows (e.g. Ac-

counts Receivable) the company is likely to realize

over that same twelve-month period.

Current Ratio 1.84

Total Current Assets

Total Current Liabilities

159.23

86.75

The Long Term Debt/Equity Ratio looks at the

company's capital base. A ratio of 1.00 means thecompany's long-term debt and equity are equal. The

Total Debt/Equity Ratio includes long-term debt

and short term debt.

These ratios realize overall profitability, or the bot-

tom line.

Gross Margin (%) 11.39 (%)

Gross Profit

Revenuex 100

84.25

739.63x 100

Gross Margin shows the amount of revenue left over

after deducting direct costs of producing the goodsor services. Operating Profit and Operating Margin

trace the progress revenue down to another impor-

tant level. From gross profit, we now subtract indi-rect costs, often referred to as overhead e.g. facili-

ties and salaries associated with headquarters op-

erations.


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Key Ratios & Statistics (cont.)

Management Effectiveness (%)

12 Mo

Dec 07

12 Mo

Dec 08

12 Mo

Dec 09

TTM 3 Year

Average

Return on Equity % 5.56 5.26 5.04 5.89 5.29

Return on Assets % 4.66 4.55 4.55 5.49 4.59

Return on Investments % 5.13 4.93 4.83 5.73 4.96

Return on Asse ts %

4.24

4.55

4.86

5.18

5.49

5.8

12 MoDec 07

12 MoDec 08

12 MoDec 09

TTM 3 YearAverage

Return On Equity: Income Available to Common Stockholders divided by the Common Equity and

expressed as a percentage. Return on Assets: This value is the Income After Taxes divided by theAverage Total Assets, expressed as a percentage. Return on Investments: Income after taxes divided

by the average total long term debt, other long term liabilities and shareholders equity, and expressed

as a percentage.

Dividend Information

12 Mo

Dec 07

12 Mo

Dec 08

12 Mo

Dec 09

MRQ 3 Year

Average

Payout Ratio (%) 0.00 0.00 0.00 0.00 0.00

Dividend Per Share 0.00 0.00 0.00 0.00 0.00

Dividend Per Share: Common Stock Cash Dividends divided by the shares outstanding.Payout Ratio:

This ratio is the percentage of the Primary/Basic Earnings Per Share Excluding Extraordinary Items

paid to common stockholders in the form of cash dividends.

A company's ability to operate profitably can bemeasured directly by measuring its return on assets.

ROA (Return On Assets) is the ratio of a company's

net profit to its total assets, expressed as a percent-

age.

Return on Assets (%) 4.55 (%)

Income After TaxesAverage Total Assets

x 100 79.061,738.47

x 100

ROA measures how well a company's management

uses its assets to generate profits. It is a better mea-

sure of operating efficiency than ROE, which on-

ly measures how much profit is generated on the

shareholders equity but ignores debt funding. This

ratio is particularly relevant for banks which typi-

cally have huge assets.

The annual dividend is the total amount($) of div-

idends you could expect to receive if you held

the stock for a year (assuming no change in thecompany's dividend policy).

Payout Ratio (%) 0.00 (%)

Dividend Per Share

Primary EPSx 100

0.00

0.51x 100

The dividend yield is the indicated annual dividendrate expressed as a percentage of the price of thestock, and could be compared to the coupon yield on

a bond. The Payout Ratio tells you what percent of

the company's earnings have been given to share-

holders as cash dividends. A low payout ratio indi-

cates that company has chosen to reinvest most of

th fit b k i t th b i


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Key Ratios & Statistics (cont.)

Per Share Data

12 Mo

Dec 07

12 Mo

Dec 08

12 Mo

Dec 09

TTM 3 Year

Growth

Earning Per Share 0.46 0.49 0.51 0.64 0.06

Sales Per Share 4.23 4.75 4.77 5.48 0.07

Book Value 8.79 9.85 10.37 11.34 0.10

Cash Flow 0.46 0.49 0.51 0.70 0.06

Cash Per Share 0.14 0.05 0.05 0.07 (0.22)

Earnings Per Share

0.4

0.46

0.52

0.58

0.64

0 .7

12 Mo

Dec 07

12 Mo

Dec 08

12 Mo

Dec 09

TT M

EPS Excluding Extraordinary Items: This is the adjusted income available to Common divided by

the diluted weighted average shares outstanding. Sales (Revenue) Per Share: Total Revenue divided

by the Average Diluted Shares Outstanding. Book Value Per Share: This is defined as the Common

Shareholder's Equity divided by the Shares Outstanding. Cash Flow: Cash Flow is defined as the sum

of Income After Taxes minus Preferred Dividends and General Partner Distributions plus Deprecia-

tion, Depletion and Amortization. Cash Per Share: This is the Total Cash plus Short Term Invest-

ments divided by the Shares Outstanding.

The most important Per-Share Data item is Earn-ings Per Share. That's because ultimately, the price

of your stock is related in some way to the value of

the stream of earnings attributable to that share.

Earnings Per Share 0.51

Adjusted Income Avail. to Common Shareholders

Diluted Weighted Average Shares

79.06

155.10

This section also includes the amount of Cash Per

Share the company had at the time of its most re-

cent quarterly or annual report. Most of the time,

this number will be far below the stock price. In

a healthy industrial company, a Cash Per Share

figure that is close the stock price might suggest

that investors are underestimating the worth of the

company's ongoing business, thereby creating an

interesting investment opportunity for you.


5/40


Consensus Estimates

Analyst Recommendations& Revisions

Current As of 1

Week Ago

As of 4

Weeks Ago

As of 8

Weeks Ago

As of 13

Weeks Ago

Buy -- -- -- -- --

Outperform -- -- -- -- --

Hold -- -- -- -- --

Underperform -- -- -- -- --

Strong Sell -- -- -- -- --

Mean Rating -- -- -- -- --

Consensus Estimate Trends Current As of 1Week Ago

As of 4Weeks Ago

As of 8Weeks Ago

As of 13Weeks Ago

Sales(Millions)

Year Ending N/A -- -- -- -- --


Quarter Ending - N/A -- -- -- -- --


Earnings (Per share)





Consensus Estimate Analysis No. ofEstimates

MeanEstimate

HighEstimate

LowEstimate

Sales(Millions)

Year Ending N/A -- -- -- --


Quarter Ending - N/A -- -- -- --


LT Growth Rate -- -- -- --

Earnings (Per share)





LT Growth Rate -- -- -- --

Quarter Historical Surprises Estimate Actual Difference Surprise(%)

Sales(Millions)

N/A

Consensus Recommendation

Company Fiscal Year End MonthN/A

Last Updated22 April 2011


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Annual Income StatementType of Update UPD UPD UPD

($ Millions) ($ Millions) ($ Millions)

12Months31 Dec 07

12Months31 Dec 08

12Months31 Dec 09

Total Revenue 655.7 736.2 739.6

Cost of Revenue,Total 579.4 655.0 655.4

Gross Profit 76.2 81.2 84.3

Selling/General/Admin.Expenses 4.1 4.4 4.4

Research & Development -- -- --

Depreciation/Amortization -- -- --

Interest Expense/Income Net Op. -- -- --

Unusual Income/Expense -- -- --Other Operating Expenses,Total -- -- --

Total Operating Expense 583.5 659.4 659.8

Operating Income 72.1 76.8 79.9

Interest Expense/Income Net Non Op. -- -- --

Gain/(Loss) on Sale of Assets -- -- --

Other, Net 1.6 1.7 1.7

Income Before Tax 71.3 76.0 79.1

Income Tax - Total 0.0 0.0 0.0

Income After Tax 71.3 76.0 79.1Minority Interest -- -- --

Equity In Affiliates -- -- --

U.S. GAAP Adjustment -- -- --

Net Income Before Extra. Items 71.3 76.0 79.1

Accounting Change -- -- --

Discontinued Operations -- -- --

Extraodinary Item -- -- --

Tax on Extraordinary Items -- -- --

Net Income 71.3 76.0 79.1Preferred Dividends -- -- --

General Partner's Distributions -- -- --

Inc. Avail. to Common Excl. Extra. Items 71.3 76.0 79.1

Inc. Avail. to Common Incl. Extra. Items 71.3 76.0 79.1

Basic Weighted Average Shares 155.1 155.1 155.1

Basic EPS Excl. Extra. Items 0.460 0.490 0.510

Basic EPS Incl. Extra. Items 0.460 0.490 0.510

Dilution Adjustment -- -- --

Diluted Net Income 71.333 75.996 79.064

Diluted Weighted Average Shares 155.097 155.097 155.097

Diluted EPS Excl. Extra. Items 0.460 0.490 0.510

Diluted EPS Incl. Extra. Items 0.460 0.490 0.510

Div's per Share - Common Stock 0.000 0.000 0.000

Gross Dividends - Common Stock 0.000 0.000 0.000

Interest Expense, Supplemental 2.369 2.487 2.466

Tota l Revenue

628

65 6

68 4

71 2

74 0

768


($ Millions)

Gross Profi t

73.6

76.2

78.9

81.6

84.3

86.9


($ Millions)

Opera t ing Income

69.5

72.1

74.7

77.3

79.9

82.4


($ Millions)

Net Income

68.8

71.3

73.9

76.5

79.1

81.6


($ Millions)

Diluted Normalized EPS

0 44

0.46

0.48

0.49

0.51

0.53


7/40


Annual Balance SheetType of Update UPD UPD UPD


31 Dec 07 31 Dec 08 31 Dec 09

Cash -- -- --

Cash and Equivalents 22.5 7.9 8.0

Short Term Investments -- -- --

Cash and Short Term Investments 22.5 7.9 8.0

Accounts Receivable(Trade), Net 61.0 64.6 71.2

Notes Receivable - Short Term -- -- --

Other Receivables -- -- --

Total Receivables, Net 61.0 64.6 71.2

Total Inventory 79.7 70.4 75.3

Prepaid Expenses 4.6 4.8 4.7

Other Current Assets -- -- --

Total Current Assets 167.8 147.6 159.2

Property/Plant/Equipment - Gross 437.4 458.2 463.4

Accumulated Depreciation (39.8) (48.5) (64.2)

Property/Plant/Equip., Net 397.6 409.8 399.2

Goodwill, Net -- -- --

Intangibles, Net 872.3 945.9 958.1

Long Term Investments 0.2 0.2 0.2

Note Receivable - Long Term -- -- --

Other Long Term Assets, Total 176.5 224.0 232.7

Other Assets, Total -- -- --

Total Assets 1,614.4 1,727.5 1,749.4

Accounts Payable -- -- --

Payable/Accrued 81.2 65.9 55.0

Accrued Expenses 1.2 1.2 1.1

Notes Payable/Short Term Debt 33.8 25.8 19.6

Current Port. LT Debt/Capital Leases 24.7 25.2 9.8Other Current Liabilities, Total 1.3 1.4 1.2

Total Current Liabilities 142.2 119.5 86.7

Long Term Debt 26.7 3.6 3.2

Capital Lease Obligations -- -- --

Total Long Term Debt 26.7 3.6 3.2

Total Debt 85.1 54.6 32.6

Deferred Income Tax -- -- --

Minority Interest -- -- --

Other Liabilities, Total 82.2 77.2 51.6Total Liabilities 251.1 200.2 141.6

Redeemable Preferred Stock -- -- --

Preferred Stock(Non Redeemable), Net -- -- --

Common Stock 155.1 155.1 155.1

Additional Paid-In Capital -- -- --

Retained Earnings/Accum. Deficit 1,057.3 1,133.3 1,212.3

Cash & Shor t Term Inves tm ents

3.0

7 .9

12.7

17.6

22.5

27.3


($ Millions)

Tota l Curren t Asse ts

141

148

15 4

161

168

17 4


($ Millions)

Total Debt

15

33

50

68

85

103


($ Millions)

Total Equity

1280

1360

1440

1530

1610

1690


($ Millions)

Tota l Comm on Shares Outs tanding

0

39

78

11 6

155

19 4


8/40


Annual Cash Flow StatementType of Update UPD UPD UPD


12Months31 Dec 07

12Months31 Dec 08

12Months31 Dec 09

Net Income/Starting Line 71.3 76.0 79.1

Depreciation/Depletion 8.4 8.7 8.8

Amortization -- -- --

Deferred Taxes -- -- --

Non-Cash Items 2.4 (4.9) (25.3)

Cash Receipts -- -- --

Cash Payments -- -- --

Cash Taxes Paied 0.0 0.0 0.0Cash Interest Paid 4.5 3.8 3.8

Changes in Working Capital (0.8) (9.9) (22.9)

Total Cash from Operating Activities 81.3 69.9 39.6

Capital Expenditures (157.9) (142.0) (17.6)

Other Investing Cash Flow Items, Total 0.0 0.0 0.0

Total Cash from Investing Activities (157.9) (141.9) (17.6)

Financing Cash Flow Items -- -- --

Total Cash Dividends Paid -- -- --

Insurance/Retirement of Stock, Net -- -- --Insurance/Retirement of Debt, Net (6.0) (30.6) (22.0)

Total Cash from Financing Activities (6.0) (30.6) (22.0)

Foreign Exchange Effects 88.2 88.0 0.0

Net Change in Cash 5.7 (14.6) 0.1

Depreciation, Supplemental 8.4 8.7 8.8

Cash Interest Paid, Supplemental 4.5 3.8 3.8

Cash Taxes Paid, Supplemental 0.0 0.0 0.0

Auditor GHCP GHCP GHCP

Auditor Opinion UNO UNO UNOSource Document 10-K 10-K 10-K

Total Cash from Operating Activit ies

26

40

54

67

81

95


($ Millions)

Capital Expenditures

- 2 0 5

- 1 5 8

- 1 1 1

- 64

- 18

29


($ Millions)

Issue of Debt

- 39

- 31

- 22

- 14

- 6

2


($ Millions)

Net Change in Cash

- 21

- 15

- 8

- 1

6

12


($ Millions)


9/40


Quarterly Income StatementType of Update UPD UPD UPD UPD UPD

($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions)

3Months31 Dec 09

3Months31 Mar 10

3Months30 Jun 10

3Months30 Sep 10

3Months31 Dec 10

Total Revenue 199.8 168.3 191.3 235.6 254.3

Cost of Revenue,Total 180.2 149.9 170.2 201.8 221.8

Gross Profit 19.6 18.4 21.1 33.8 32.5

Selling/General/Admin.Expenses 1.1 1.1 1.1 1.4 1.4

Research & Development -- -- -- -- --

Depreciation/Amortization -- -- -- -- --

Interest Expense/Income Net Op. -- -- -- -- --

Unusual Income/Expense -- -- -- -- --Other Operating Expenses,Total -- -- -- -- --

Total Operating Expense 181.3 151.0 171.3 203.2 223.2

Operating Income 18.5 17.3 20.0 32.4 31.1

Interest Expense/Income Net Non Op. -- -- -- -- --

Gain/(Loss) on Sale of Assets -- -- -- -- --

Other, Net 0.4 0.4 0.4 (0.2) 0.1

Income Before Tax 18.3 17.1 19.8 31.7 30.6

Income Tax - Total 0.0 0.0 0.0 0.0 0.0

Income After Tax 18.3 17.1 19.8 31.7 30.6Minority Interest -- -- -- -- --

Equity In Affiliates -- -- -- -- --

U.S. GAAP Adjustment -- -- -- -- --

Net Income Before Extra. Items 18.3 17.1 19.8 31.7 30.6

Accounting Change -- -- -- -- --

Discontinued Operations -- -- -- -- --

Extraodinary Item -- -- -- -- --

Tax on Extraordinary Items -- -- -- -- --

Net Income 18.3 17.1 19.8 31.7 30.6Preferred Dividends -- -- -- -- --

General Partner's Distributions -- -- -- -- --

Inc. Avail. to Common Excl. Extra. Items 18.3 17.1 19.8 31.7 30.6

Inc. Avail. to Common Incl. Extra. Items 18.3 17.1 19.8 31.7 30.6

Basic Weighted Average Shares 155.1 155.1 155.1 155.1 155.1

Basic EPS Excl. Extra. Items 0.118 0.111 0.128 0.204 0.197

Basic EPS Incl. Extra. Items 0.118 0.111 0.128 0.204 0.197

Dilution Adjustment -- -- -- -- --

Diluted Net Income 18.261 17.138 19.820 31.652 30.576

Diluted Weighted Average Shares 155.097 155.097 155.097 155.097 155.097

Diluted EPS Excl. Extra. Items 0.118 0.111 0.128 0.204 0.197

Diluted EPS Incl. Extra. Items 0.118 0.111 0.128 0.204 0.197

Div's per Share - Common Stock 0.000 0.000 0.000 0.000 0.000

Gross Dividends - Common Stock 0.000 0.000 0.000 0.000 0.000

Interest Expense, Supplemental 0.618 0.623 0.600 0.529 0.602

Tota l Revenue

14 0

168

197

22 6

25 4

283

D e c 0 9 Ma r 1 0 J u n 1 0 Se p 1 0 D e c 1 0

($ Millions)

Gross Profi t

13

18

24

29

34

39


($ Millions)

Opera t ing Income

12

17

22

27

32

37


($ Millions)

Net Income

12.3

17.1

22.0

26.8

31.7

36.5


($ Millions)

Diluted Normalized EPS

0 08

0.11

0.14

0.17

0 .2

0.24


10/40


Quarterly Balance SheetType of Update UPD UPD UPD UPD UPD


31 Dec 09 31 Mar 10 30 Jun 10 30 Sep 10 31 Dec 10

Cash -- -- -- -- --

Cash and Equivalents 8.0 7.5 7.7 10.0 10.1

Short Term Investments -- -- -- -- --

Cash and Short Term Investments 8.0 7.5 7.7 10.0 10.1

Accounts Receivable(Trade), Net 71.2 72.7 75.1 74.9 76.2

Notes Receivable - Short Term -- -- -- -- --

Other Receivables -- -- -- -- --

Total Receivables, Net 71.2 72.7 75.1 74.9 76.2

Total Inventory 75.3 75.0 82.7 92.3 103.6

Prepaid Expenses 4.7 4.5 4.5 4.5 4.5

Other Current Assets -- -- -- -- --

Total Current Assets 159.2 159.6 169.9 181.7 194.5

Property/Plant/Equipment - Gross 463.4 456.2 459.0 466.6 477.4

Accumulated Depreciation (64.2) (65.7) (55.7) (59.9) (66.4)

Property/Plant/Equip., Net 399.2 390.5 403.3 406.6 411.0

Goodwill, Net -- -- -- -- --

Intangibles, Net 958.1 975.2 969.7 979.8 985.0

Long Term Investments 0.2 0.2 0.2 0.2 0.2Note Receivable - Long Term -- -- -- -- --

Other Long Term Assets, Total 232.7 231.1 240.4 254.0 276.4

Other Assets, Total -- -- -- -- --

Total Assets 1,749.4 1,756.6 1,783.5 1,822.2 1,867.1

Accounts Payable -- -- -- -- --

Payable/Accrued 55.0 54.3 51.9 47.2 44.6

Accrued Expenses 1.1 1.1 1.1 1.0 1.0

Notes Payable/Short Term Debt 19.6 17.9 17.7 15.6 15.1

Current Port. LT Debt/Capital Leases 9.8 8.9 8.6 8.0 7.5Other Current Liabilities, Total 1.2 4.2 1.2 0.9 0.8

Total Current Liabilities 86.7 86.4 80.4 72.8 69.0

Long Term Debt 3.2 2.9 3.0 2.6 2.4

Capital Lease Obligations -- -- -- -- --

Total Long Term Debt 3.2 2.9 3.0 2.6 2.4

Total Debt 32.6 29.8 29.3 26.2 25.1

Deferred Income Tax -- -- -- -- --

Minority Interest -- -- -- -- --

Other Liabilities, Total 51.6 44.8 46.4 39.4 37.4Total Liabilities 141.6 134.2 129.8 114.8 108.8

Redeemable Preferred Stock -- -- -- -- --

Preferred Stock(Non Redeemable), Net -- -- -- -- --

Common Stock 155.1 155.1 155.1 155.1 155.1

Additional Paid-In Capital -- -- -- -- --

Retained Earnings/Accum. Deficit 1,212.3 1,229.5 1,249.3 1,280.9 1,311.5

Cash & Shor t Term Inves tm ents

6 .6

7.5

8.4

9 .2

10.1

11.0


($ Millions)

Tota l Curren t Asse ts

147

159

171

183

19 4

20 6


($ Millions)

Total Debt

22.5

25.1

27.6

30.1

32.6

35.1


($ Millions)

Total Equity

1560

1610

1660

1710

1760

1810


($ Millions)

Tota l Comm on Shares Outs tanding

0

39

78

11 6

155

19 4


11/40


Quarterly Cash Flow StatementType of Update UPD UPD UPD UPD UPD


12Months31 Dec 09

3Months31 Mar 10

6Months30 Jun 10

9Months30 Sep 10

12Months31 Dec 10

Net Income/Starting Line 79.1 17.1 37.0 68.6 99.2

Depreciation/Depletion 8.8 2.2 4.3 6.6 9.0

Amortization -- -- -- -- --

Deferred Taxes -- -- -- -- --

Non-Cash Items (25.3) (5.2) (5.3) (13.1) (15.9)

Cash Receipts -- -- -- -- --

Cash Payments -- -- -- -- --

Cash Taxes Paied 0.0 0.0 0.0 0.0 0.0Cash Interest Paid 3.8 0.6 1.2 1.8 2.7

Changes in Working Capital (22.9) (3.6) (13.9) (27.0) (41.2)

Total Cash from Operating Activities 39.6 10.5 22.0 35.1 51.1

Capital Expenditures (17.6) (7.8) (19.0) (26.9) (42.1)

Other Investing Cash Flow Items, Total 0.0 0.0 0.0 0.0 0.0

Total Cash from Investing Activities (17.6) (7.8) (19.0) (26.9) (42.1)

Financing Cash Flow Items -- -- -- -- --

Total Cash Dividends Paid -- -- -- -- --

Insurance/Retirement of Stock, Net -- -- -- -- --Insurance/Retirement of Debt, Net (22.0) (3.2) (3.5) (7.0) (8.6)

Total Cash from Financing Activities -- -- -- -- --

Foreign Exchange Effects 0.0 0.0 0.1 1.2 1.7

Net Change in Cash 0.1 (0.5) (0.3) 2.4 2.1

Depreciation, Supplemental 8.8 2.2 4.3 6.6 9.0

Cash Interest Paid, Supplemental 3.8 0.6 1.2 1.8 2.7

Cash Taxes Paid, Supplemental 0.0 0.0 0.0 0.0 0.0

Source Document 10-K 10-Q 10-Q 10-Q 10-K

Fiscal Period 4 1 2 3 4

Total Operating Activit ies

0

13

26

38

51

64


($ Millions)

Capital Expenditures

- 54

- 42

- 31

- 19

- 8

4


($ Millions)

Issue of Debt

- 28

- 22

- 16

- 9

- 3

3


($ Millions)

Net Change in Cash

- 1 .5

- 0 .5

0.5

1.5

2.4

3.4


($ Millions)


12/40


Further Information

Internet Information

Home Page: http://www.yashenggroup.com/

News Releases: http://www.yashenggroup.com/news.htm

Investor Relations: http://www.yashenggroup.com/Introduction.htm

Financial Information: http://www.yashenggroup.com/Financial.htm

Corporate History/Profile: http://www.yashenggroup.com/about.htm

Executives: http://www.yashenggroup.com/Management.htm

Products/Services: http://www.yashenggroup.com/Products.htm

Officers

Chang Sheng Zhou Chairman of the Board, Chief Executive Officer

Mei Ping Wu President, Director

Hai Yun Zhuang Chief Financial Officer, Director

Dengfu Wang Director

Xitian Wang Director

Shurong He Director

Lefu Wei Director

Shengniu Yang Director

Tingwu Wei Independent Director

Baoquan Yang Independent Director

Xinmin Zhang Independent Director

Darong Liu Independent Director

Anxue Wang Independent Director

Yasheng Group Group Headquarters: 805 Veterans Blvd, Suite 228, Redwood City, CA 94063, United States,

Unless otherwise stated, this Report and its contents are Thomson Reuters 2011. All rights reserved (including without limitation copyright and rights in databases).

Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson

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other factors In particular but without limiting the preceding sentence statements of fact or opinion made by Reuters in this Report may not be up-to-date and may


13/40

March 2011 OTCQB: YHGG XETRA: YSF.DE


14/40

Safe Harbor Statement

Any statements in this summary about YaSheng Groups expectations, beliefs, plans, objectives,

assumptions or future events or performance are not historical facts and are forwardlooking

statements for purposes of the Private Securities Litigation Reform Act of 1995 (the Act). These

statements are often, but not always, made through the use of words or phrases such as believe,

will, expect, anticipate, estimate, intend, plan, forecast, could, and would. YHGG basesthese forwardlooking statements on current expectations about future events. They involve known

and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity,

performance or achievements to differ materially from those expressed or implied by any forward

looking statement.

Some of the risks, uncertainties and assumptions that could cause actual results to differ materially

from estimates or projections in the forwardlooking statement include, but are not limited to, the risk

that we might not achieve our anticipated development milestones, the market for our products will

not grow as expected, and the risk that our products will not achieve expectations. For additional

information about risks and uncertainties YHGG faces, see documents YHGG files with the SEC. YHGG

claims the protection of the safe harbor for forwardlooking statements under the Act and each assumeno obligation and expressly disclaim any duty to update any forwardlooking statement to reflect events

or circumstances after the date of this presentation or to reflect the occurrence of subsequent events.

2


15/40


16/40

Market Data at a Glance

YHGG(OTCQB) (asof12/31/10) FYE: December31

Price $2.74

SharesOutstanding 155.1M

MarketCap $425M

Cash $10.1M

TotalAssets $1.87BLTDebt $2.4M

Revenue $849.5M

Net

Income $99.2

MEPS $0.64

FY2011RevenueGuidance $976M

4


17/40

Investment Highlights

Profitable Business Model with Strong Track Record

30 years of successful operations in Northwest China

Agricultural leader in China: Over 30 major products

History of strong sales and earnings growth

Assets

Highly qualified management team, experienced workforce

Over 250,000 acres of land, beneficial climatic/soil conditions

Ongoing R&D investment in advanced technologies

Diverse portfolio of awardwinning premium specialty agriculture products

Large Market Opportunity & Favorable Environment

Strong product demand driven by Chinas GDP and population growth and limited arable land

Favorable government policies (taxfree agro sector)

Longterm highgrowth domestic and global market opportunity

Growth Plan

Capitalize on longstanding market leadership in Chinese agricultural industry

ExpandintoglobalmarketthroughorganicgrowthandM&Awhilekeepingupwithexpanding

domesticdemands

AccesstoglobalcapitalmarketthroughduallistingofU.S.andDeutsche Brse exchange

5


18/40

Market Trends Domestic

Safe,highqualityfoods

Organicallnaturalfoods

Proteinbasedfoods(meats,milk)

Convenience,specialtyprocessedfoods

Highendluxuryfoods

Demandforwholesomefoods,

whichdrivesneedfororganicfertilizersandhealthyprocessingpractices

Demandformeatsanddairy,

whichincreasesneedforanimalfeeds

Urbanizationreduceslandforcultivationdrivingneedfor

fertilizersandefficientfarmingtechniques

drives

Growthindomesticconsumerdemandfor

Growthincommoditymarket

6


19/40

Market Trend Global

3.0

3.6

4.4

5.2

6.0

6.8

7.68.3

8.9

9.5

2.0

4.0

6.0

8.0

10.0

1959 1969 1979 1989 1999 2009 2019 2029 2039 2049

WorldPopulationGrowthForecast(Billion)

14% / 10 years

Source:

US

Census

Bureau

Agroproductpricesstillnearalltimerecords.

Agrodemandforecasttoincrease:

Expected

world

population

growth Worldwiderobusteconomicgrowth

Increasingpercapitaincomedrivingtrendtowardsmorediverse,highercaloriediets(withfruits,vegetablesandmeat)awayfromstaplediets

Impactofdevelopingworldsincreasinglydiversedietonglobalagrodemandcompoundedbyrapidpopulationgrowththere(nearlydoubletherateofdevelopedcountries)

Source: Economicresearchservice,USDA

Risingdemandforfoodandagrocommoditiespresentsgloballongterm

growthopportunity. Yasheng expandingtomeetthisdemand.

7


20/40

Less Arable Land for Cultivation

3.5Bacresarablelandin2005

Worldwideaveragelossof24.7Macresp.a.

Factors: Urbanization,soiloveruse/

degradation,climateshifts,costofland

Landallocatedtogrowthofbiomassfor

biofuel production0.50

0.42

0.350.30

0.25

-

0.10

0.20

0.30

0.40

0.50

0.60

2009 2019 2029 2039 2049

Arable

land

acreage

per

capita

Source:UnitedNations

YASHENG: VastlandresourcesinNorthwestChina

Strategicgeologicallocationwithfavorablenaturalconditions

8


21/40

Focusonagriculture,biotech,andchemicalindustrieswithoriginallyover126operatingdivisionsandR&Dcapabilities

Overpast30yearstransformedfamilyplotstylefarmintoindustrialagro

operations

with

infrastructure

to

support

long

term

growth

Gansu Province

XiaheqingJiuquan

Jinta

Tiaoshan

7 Large-scale Agro Production Bases

Lanzhou

Headquarters

9


22/40


23/40

Sales into Various Markets

StrategicCommodities

InstitutionalContractGrowing

ConsumerDirectWholesaleMarkets

Domestic&ExportFoodDistribution

Animal

Husbandry

AgroBusiness

Medical&Biotech

AlternativeEnergyProducts

11


24/40

Competitive Advantage Land

Long

sunny

days

with

short

nights

during

growing

seasons

produce

larger

yields

then

otherareas inChina

Veryhotdays/verycoldnightsallowagroproductsamoresugarwithrichflavor

Dryairwithlimitedhumidityreducesthreatfrompests,leadingtolowerpesticideneeds

Veryaeratedsoilanditschemicalbalanceprovidefavorableconditionsforgrowingwithout

heavy useofartificialfertilizers

Landisabundantandmanufacturingindustryislowreducingexposuretopollution

MajorityofAgroBasesarefedbytheglacierwatersfromtheQilianMountainsandthe

upperreachesoftheYellowRiver,whichareverycleancomparedtootherpartsofChina

andtheworld

Yahengs AgroBasesstrategicallyplacedingeologicallocationswith

naturalenvironmentalbenefits:

12


25/40

Advanced R&D Capabilities

MaintainsstrongR&Drelationships/capabilitiesinagroindustry R&Dinvestmenttodevelophybridstrains (higheryields,drought,pest,&diseaseresistance

Focusonbiononfoodfeedstocks &biomasswaste(alternativeenergyproduction)

AssociationwithGanSuYasheng Groupprovidesstrategicadvantagesintrainingandresearch

ResearchresultsofYasheng GroupScienceAcademys appliedincompanysoperations

Yasheng GroupScienceAcademy

PostDoctoralDegreeCenter

BiologyResearchInstitute

TransGeneticResearchInstitute

ChineseMedicineResearchInstitute

Information

Technology

Research

Institute

NewBiologyMaterialResearchInstitute

GanSu Yashengs AGROR&DPark

Hightechagroparkfullyoperationalafter

strategicinvestmentssince2000

Focus

on

high

tech

agro

R&D

in

bio

engineering,soillessculture,propagation,

othermodernindustrialagrotechniques

Hightechagroadvantagesresultedfrom

intellectualadvancementsbyYasheng

AcademyofScience

13


26/40

Operational Excellence Example

WATERCONSERVATIONSOLUTIONS

CompanywideModernDripIrrigationTechnologyProjects

Thetechnologycontrolsbothbiochemicalandphysical

indices

for

crop

and

flower

growth

and

allow

precise

adjustmentofwater,fertilizerandinsecticideusage

Itmoderatestheextremecoolingeffectssometimesproducedbyfloodtypeirrigation

IntroducedthemostadvancedwaterefficientdripirrigationtechniquesfromIsraeltoensureefficientwateruseonlargescaleintensiveagriculturalprojectsinthefertile,butwaterscarceHexi Corridor

Over

20

years

of

industrial

agro

experience

turning

harsh

landsintomajorfoodbaseoasis

14


27/40

Institutional Contract Growing

Contractgrowingforinstitutionalfoodandbeveragecontractors

Establishedlongtermrelationshipswithinstitutionsandlargefoodandbeverage

processorstogrowproductsthatmeettheirneedsandstandards

YashengGroupworkscloselywithprocessorstoestablishdemandsandassure

qualityforconsistencyandlongtermmarketstability

LongtermhopssupplierforBeijingYanjing Group,TsingtaoBreweryGroup,Beijing

Huarun SnowflakeGroup,ShanghaiYingbo Group,HarbinBeer,HenanJinxing,and

Chongqing

Beer PotatosuppliertoYUMBrands(KFC)&McDonald

LiquoricesrootbasesuppliertoTraditionalChineseMedicinemarket

Blackmelon,sunflowerseeds,NationalChineseWolfberry

Awardwinningfruitsandvegetables

15


28/40

Sales & Marketing

Extensivedomesticsalesanddistribution

networkin18provinces:

Directclients(30) Distributors(200),70%ofsales

Diverse

customer

base

(food

processors,

supermarketsandwholesalestores)

Stablelongtermgroupofdistributorsselling

productsnationallyandinternationally

Longtermcontracts

Cooperativerelationships

PreferredSupplierinthestrategiccommoditiesdistributionnetwork

Exportqualificationandlicense

Lowcustomerconcentration

16

GlobalMarketPresence2010


29/40

Recognition for Quality & Leadership

IndustrialandTechnologyAwards:

ChinaAAAImageEnterprise

NationalKeyHiTechEnterprise

LeadingEnterpriseforNationalAgriculture

Industrialization OrganicFoodcertificationformanyproductsbythe

NationalOrganicFood DevelopmentCenter

Tiaoshan Fruitsnationalandprovincialawards

GreenFoodrecognitionbyChinaNationalGreen

FoodDevelopmentCenter

PremiumonQuality

NationalmodelasAAAgreenfoodbase

Modelforsustainablepollutionfreefarm

ISO9000,ISO14000InternationalQualityrecognition

HACCP(HazardAnalysis&CriticalControlPoint)

standardfoodprocessing

17


30/40

Growth Plan: Market Focus & Product Innovation

Maintainandexpandexistingdomesticmarketpositioninpremium

productswithfocusoncustomersatisfaction

ContinuestrategicconsolidationandsegmentationofYasheng products

emphasisonhighmarginandhighgrowthproductsegments

ContinuetoincreasebrandawarenessforYasheng Products

Expandproductlinewithnewbyproductsbyutilizingmoderndeep

processingfoodtechnologymeetingtheincreaseddomesticdemand for

qualityproducts

Developbyproducts;fruitandvegetableconcentrates,foodextracts,

nutritional beverages,edibleandbiooils,organicandenvironmentally

friendlyproducts,frozenandfreshvegetableswithuniformpackaging

18


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Growth Plan: Expand Know How

Continuetoacquireanddevelopnewhybridstrains foragro

productsthatimprovequality,yield,andoverallcultivationmethods

Expandcultivationareabyusingmorehightechirrigationsystems

andothermodernagriculturetechniques

Expandseedingandpropagationtechnologiestoconsistentlysupply

growers

Expandanimalhusbandrydivision,agriculturechemicals,fertilizers,

animalfeed,andenvironmentalproductsegment

Continuetoimplementthevisionasleadingcompanyinsustainable

agriculturalpractices

Implementbusinessplansforthedevelopmentofbiofriendly

products(bioplastics,biomassmoldingtechniques,biofuels etc.)

19


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Growth Plan: Diversify Market

Expanddomesticandinternationalbusinessdevelopmentandsales

departmentstoenternewmarkets

Strategicproductdevelopmenttomeetdemandsofspecializedmarkets

(institutions,organicnichemarkets,andretailvolumeoutlets)

Continuetoestablishlongtermrelationshipswithindustrialscaleagro

contracting tofoodandbeverageprocessorsanddistributors

Strengthenglobalanddomesticlogisticsanddistributionnetwork

Internalandexternalacquisitionsthatbringaddedvalueintechnology,

management,productioncapabilities,andopenupnewmarketsand

distributionpoints

20


33/40

Competitive Advantages

Scaleadvantageoverlocalcompetitors: Largestcompetitorinfragmenteddomesticmarket

Morediversifiedproducts

Economiesofscalethroughhigherproductioncapacity,greaterresources,

Successfullysetupmodernagriculturaloperatingmodel(furtheradvancedthanothersin

China)regardingpolicyarrangements,institutionaldesign,coverage,cooperationwith

farmsetc.

Longtermestablishedrelationshipsonlocal,regionalandnationallevel: Honoredasatop

industrialcompanyinChina

Contractswithmajorinstitutions: Designatednationalstrategicsupplierofcommodities

LowerlaborandrawmaterialscostthanelsewhereinChinaorworld

Significantbarrierstoentry: Overpast30yearsacquiredvastlandresources,leasesand

landuserights;builtrelationshipswithlocalandprovincialgovernmentagenciesandland

tenants

21


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2008 to 2010 Quarterly Comparison (unaudited)

22

Q1 Q2 Q3

2008 2009 2010 2008 2009 2010 2008 2009 2010

Net Sales 161.81 168.08 168.32 191.17 190.12 191.29 181.99 181.59 235.59

GrossProfit 18.98 18.41 18.44 19.79 20.99 21.12 25.33 25.25 33.79

Netincome 17.96 17.11 17.14 18.26 19.69 19.82 24.06 24.01 31.65

EPS 0.12 0.11 0.11 0.12 0.13 0.13 0.16 0.15 0.20

NetMargin 11.1% 10.2% 10.2% 9.6% 10.4% 10.4% 13.2% 13.2% 13.4%

TotalAssets 1670.46 1730.62 1756.55 1715.25 1732.76 1783.50 1723.99 1733.78 1822.25

TotalLiabilities 239.22 186.52 131.16 232.39 168.07 129.81 208.19 144.42 114.75

ShareholderEquity 1431.24 1544.10 1622.40 1482.86 1564.69 1653.69 1515.80 1589.36 1707.50

BookValue $9.23 $9.96 $10.46 $9.56 $10.09 $10.66 $9.77 $10.25 $11.01

In

US$

Million

(except

EPS).EPScalculationdoesnotincludeForeignExchangegainandlosses.


35/40

Consolidated Balance Sheet

23

Year Ended December 31,

Current liabilities:

Accounts payable and accrued expenses 44,593,435 55,031,294 65,925,273

Short term loans 15,099,582 19,606,983 25,761,947

VAT Tax payable 988,429 1,142,638 1,205,555

Current portion of long term debt 7,518,868 9,796,158 25,228,661

Other current liabilities 801,140 1,170,455 1,365,609

Total current liabilities 69,001,454 86,747,529 119,487,044

Long term debt 2,441,364 3,220,335 3,579,453

Long term payable 37,359,986 51,643,382 77,168,451

Total liabilities 108,802,804 141,611,245 200,234,948

Stockholders equity:

Common stock, US$1.00 par value

800,000,000 shares authorized

155,097,355 shares issued and outstanding 155,097,355 155,097,355 155,097,355

Accumulated other comprehensive income 291,678,383 240,383,631 238,919,350

Retained earnings 1,311,516,545 1,212,330,569 1,133,266,828

Total stockholders equity 1,758,292,283 1,607,811,555 1,527,283,533

Total liabilities & stockholders' equity 1,867,095,086 1,749,422,800 1,727,518,481

Year Ended December 31,

2010 2009 2008

ASSETS 849,454,265 739,630,043 736,213,299

Current assets:

Cash and cash equivalents 10,116,750 8,010,017 7,880,338Accounts receivable, net 76,240,589 71,216,566 64,616,646

Inventories 103,588,885 75,332,668 70,357,148

Prepaid and other current assets 4,538,059 4,673,279 4,762,327

Total current assets 194,484,282 159,232,530 147,616,459

Equity and other investments 193,974 190,402 190,509

Property, plant and equipment, net 404,385,526 393,776,831 403,954,071

Construction in progress 6,664,773 5,446,595 5,823,620

Intangible assets, net 985,004,893 958,065,063 945,931,378

Other long term assets 276,361,639 232,711,379 224,002,445

Total assets 1,867,095,086 1,749,422,800 1,727,518,481


36/40

Experienced Management Team

Mr. Zhou Changsheng, Chairman & CEOFounder and Chairman of Yasheng Group, Mr. Zhou leads the overall operation and management of the Company. He is also a standingcouncil member of International Hops Grower Association and holds many other positions in industrial and agricultural trade associations.From May 1987 to May 1997, Mr. Zhou served as Chairman of Gansu Yasheng Salt Industry (Group) Co., Ltd. Subsequently, he served asChairman of the Board of Gansu Yasheng Industrial (Group) Co., Ltd. from June 1997 to May 2006. Mr. Zhou holds a Ph.D. in BusinessAdministration. Mr. Zhou, a Senior Economist, have over 40-year experience in several fields: agriculture, chemicals, biotechnology,

management, and finance.

Ms. Wu Meiping, PresidentMs. Wu is President of YaSheng Group and sits on the Board of Directors. She is also holds an honorary PhD in Architecture and a master ofBusiness Administration. Ms. Wu practiced architecture for many years and designed dozens of significant buildings throughout

Northwestern China. She is an accomplished and published artist. Ms. Wu works for YaSheng Group for over seven years and has been anactive business leader in the bay area of California for eight years. She has accumulated extensive experience in operation andmanagement. Ms. Wu is also Honorary Principal of Silk Road Fine Art Research Institution.

Mr. Zhuang Haiyun, CFOMr. Zhuang has served as both the Chief Financial Officer and Director of the Company since March 2007. Between February 2005 and May

2006, Mr. Zhuang was the Chief Financial Officer of Gansu Salt Industrial Group. From December 2003 to March 2007, he served as theChief Financial Officer of Yasheng Group. Mr. Zhuang was the General Accountant of Gansu Salt Industrial Group from June 1998 toNovember 2003. Mr. Zhuang holds a bachelor degree in Accounting. Mr. Zhuang, a Senior Accountant, has over 15-year experience inbusiness administration and finance of agriculture industry.

24


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38/40

Investment Recap

PROFITABLE BUSINESS MODEL WITH STRONG TRACK RECORD

30 years of successful operations in North West China

Agricultural leader in China: Over 30 major products

History of strong sales and earnings growth

ASSETS

Highly qualified management team, experienced workforce

Over 250,000 acres of land, beneficial climatic/soil conditions

Ongoing R&D investment in advanced technologies

Diverse portfolio of awardwinning premium specialty agriculture products

LARGE MARKET OPPORTUNITY & FAVORABLE ENVIRONMENT

Strong product demand driven by Chinas GPD and population growth and limited arable land

Favorable government policies (taxfree ag sector)

Longterm highgrowth domestic and global market opportunity

GROWTH PLAN

Capitalize on longstanding market leadership in Chinese agricultural industry

Expansion into global market through organic growth and M&A while keeping up with expanding

domestic demands

Access to global capital market through duallisting of U.S. and Deutsche Brse exchange

26

C


39/40

Contact

INVESTORRELATIONS

Makovsky +Co.

GeneMarbach,(212)5089645

[email protected]

DanielaViola,(212)5089676

[email protected]

INDEPENDENTAUDITOR

GansuHongxin CPA

12ndFloor,Xingzhong Mansion

20Gaolan Avenue

Lanzhou,China730030

YASHENGGROUP

805VeteransBoulevard

RedwoodCity,CA94063

www.yashenggroup.com

LEGAL

COUNSELStevenM.Kaplan,Esq.

ROSENFELD&KAPLAN,LLP

535FifthAvenueSuite1006

NewYork,NewYork10017

27

F Chi A S
mailto:[email protected]:[email protected]://www.yashenggroup.com/http://www.yashenggroup.com/mailto:[email protected]:[email protected]


40/40

Facts on Chinas Agro Sector

Chinahas6%oftheWorldsarablelandand22%ofglobalpopulation

RisingfoodpricesandagopolicyhasbecomeamajorconcernofthePRC

PRCGovernmentPolicydirectivesimplementedtogrowandprotectdomesticagroindustrylongterm

12th 5YearPlanforAgricultureEconomicDevelopment (20112015):

PRCBeneficialPoliciesforkeyhightechagricultureindustries

IncomeTaxFreetoagrobusinessandpreferentiallandpolicy

Favorablepoliciestowardsecofriendlyagroproductsandenergy

28

Feeding the Chinese via Reuters

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