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1 Page hepg@guosen.com.cn dingdan@guosen.com.cn 120% 100% 80% 60% 40% 20% 0% /02/ /12/ /03/ /04/ /07/ /03/ /06/ /03/ ~ %24% GMP SFDA GMP GDP 2001 PE PE 20 PE 30 PE 6 PE PE

2 Page GMP : A / /11VCUSD/kg / /11 VB2USD/kg / /11 VAUSD/kg / /11 VEUSD/kg / /02 USD/BOU PE PE PE PE ()

3 Page ~ % % 50% 40% 30% 20% 10% ~ % CEIC % % 30.56% 30.03% 0.53% % 20.48% 21.89% 1.41% % 11.70% 12.54% 0.84% % 7.24% 7.75% 0.51% % 1.54% 1.60% 0.06% NA NA NA % 9.65% 7.94% 1.71% NA NA NA CEIC NA

4 Page % 21.88% 17.16% 28.34% 19.27% % 49.49% 46.15% 46.44% 51.08% 30.56% 39.09% 20.10% 30.67% 38.54% +0.53% -0.07% +2.26% +0.64% -0.2% 9.65% 10.33% 7.13% 12.51% 11.49% +1.71% +1.91% +1.42% +2.63% +2.42% CEIC %

5 Page % % % GMP GMP SFDA GMP GMP GMP GMP GMP GMP 2 18

6 Page % % 70% () X - (γ ) 500 GE

7 Page 7 50 PB / /11VCUSD/kg VC CEIC t/ C 10 /kg C CEIC 07/08 kg usd/kg % 0.54% % 2.01% % 6.78% % 1.80% % 7.88% % 27.24% % 13.50% % 1.42% % -1.88% % % % 11.94% % 9.77% 08/ % 7.22% VB2 CEIC /kg VB2 200% 200 /

8 Page / /11 VB2USD/kg CEIC /08 kg usd/kg % 3.93% % 3.19% % 7.48% % 7.09% % -6.62% % 55.78% % 21.93% % 21.61% % 36.15% % % % 1.89% % -7.89% 08/ % 5.66% / /11 VAUSD/kg VA DSM 200 /kg CEIC /08 kg usd/kg % -8.71% % 1.01% % 18.83% % % % 4.76% % % % 34.87% % 0.92% % % % 73.49% % % % % 08/ % 25.36% VE07 9 VE 2.62% 9.45% 3.17% 8.93% 14.22% VE VE % 200 /kg VA

9 Page / /11 VEUSD/kg /08 kg usd/kg % 8.64% % 1.98% % 0.18% % -8.82% % -4.07% % 2.53% % 16.39% % -8.78% % 2.62% % 9.45% % 3.17% % 8.93% CEIC 08/ % 14.22% USD/BOU 17-18USD/BOU / /02 USD/BOU PE PE A

10 Page () 2007 Page1 PE ~ ~ ~ % 20.80% A % 27.63% % 28.65% wind PE 25 PE 38 52PE GDP 2006 PE PE PE PE 80 PE() PE PE 100% PE 50 90% 80% 70% % 31% % 38% 50 60% %~64% 40 50% 30 40% 30% 20 20% 10 PE 20 10% 0 0% %~79% %~73% %~91% %~71% %~59% WIND 2001~2006 PE 2007 PE / PE wind

11 Page PE PE PE PE 20 PE 30 PE 6 PE PE PE PE A PE % PE % 80% 70% 60% 50% 40% % 30% 20% 10% PE % PE2007 PE / PE wind WIND 07/12/16 08/01/ % 8.49% 2 08

12 Page % No EPS 0.05 / 8300 A H EPS / EPS / A PE

13 Page PB PS A H QDII H : & )

14 Page A EPS %

15 Page EPS PE EPS % EPS 0.31 EPS 0.32 EPS ROE 16.5%

16 Page EPS EPS EPS GMP EPS % 0.54 EPS ROE 8.8% %

17 Page OTC PE % %EPS0.56 / EPS0.1 /1633 EPS0.07 / EPS0.03 / / % % CE

18 Page EPS0.74 /0.93 /08 09PE5443 & % %EPS1.09 / EPS / / % % )9

19 Page ~097732EPS / 1.65EPS0.06 /08 EPS 1.46 / % %EPS0.28 / EPS0.24 / / %

20 Page 20 08& 7 PCR PCR PCRCE EPS /6650 PE34X 23X 4 EPS PB PE PEG 08/03/26 07E 08E 09E 10E 07E 08E 09E 10E [600535] [000423] [600085] [600252] [000538] [600557] [600332] [600436] [600161] [002038] [002030] [002022] [000661] [002007] [600276] [600829] [600521] [600267] [000522] [600511] [000028] [600849]

21 Page 21 [600587] [600055] [600529] EPS PE PB EV/EBITDA EPS E 2008E E 2008 BARR PHARMA INC MYLAN LABS INC WATSON PHARMACEUTCLS na (4.37) PHARMACUTICAL CO HI-TECH PHARMACAL na na na 1.59 na (0.17) (0.25) na ALPHARMA INC-CLA TEVA PHARMACEUTICAL IND RANBAXY LABORATORIES JOHNSON AND JOHNS PFIZER INC GLAXOSMITHKLINE PLC NOVARTIS AG-REG ASTRAZENECA PLC MERCK CO INC LILLY ELI CO ABBOTT LABORATORIES WYETH BRISTOL MYERS SQIBB ROCHE HOLDING N.A GENENTECH INC AMGEN GILEAD SCIENCES na (1.29) SERONO SA ADS #N/A GENZYME CORPORATION na (0.06) BIOGEN IDEC INC CEPHALON INC MEDIMMUNE INC #N/A MILLIPORE CORP INVITROGEN CORP na (3.72)

22 Page CARDINAL HEALTH INC MCKESSON CORP AMERISOURCEBERGEN CP CELESIO AG UNITED DRUG PLC WALGREEN CO na CVS CP LONGS DRUG STRS INC SUZUKEN CO LTD ALFRESA HOLDINGS CORP MEDICEO PALTAC HOLDING TOWA PHARMACEUTICAL SAWAI PHARMACEUTICAL CHUGAI PHARMACEUTICAL ONO PHARMACEUTICAL SHIONOGI&CO LTD ASTELLAS PHARMA INC DAIICHI SANKYO CO LTD EISAI CO LTD RANBAXY LABORATORIES CIPLA LIMITED #N/A N.A SUNPHARMACEUTICALS GLAXOSMITHKLINE DR.REDDY'S LABORATORIES NICHOLAS PIRAMAL INDIA WOCKHARDT LIMITED MATRIX LABORATORIES LTD AVENTIS PHARMA LTD CADILA HEAL THCARE LTD LUPIN LTD N/A N.A

23 Page Bloomberg

24 IT I T zhengdong@guosen.com.cn shengjp@guosen.com.cn maxd@guosen.com.cn zhengyi@guosen.com.cn wangxj@guosen.com.cn wanglf@guosen.com.cn tancy@guosen.com.cn wangcs@guosen.com.cn liuqin@guosen.com.cn liuyh@guosen.com.cn shaoyf@guosen.com.cn

营销战略创新，提升百年老店核心力

营销战略创新，提升百年老店核心力 2006 03 03 600085.SH 13.99 16.00-17.20 60/4.69% A 434.02 6,071.97 24.98/ 19.58 / 1293 2004 1.12% 24.45 23.45 22.45 21.45 20.45 19.45 18.45 17.45 () 050228 050527 (8621)64718888-1241 chenqd@kinghing.com