Transcription

1 2005 ( :600604,900902) 2005 OO - 1 -

2

3 SHANGHAI ERFANGJI CO.,LTD (021) (021) (021) public7.sta.net.cn 687 (021) (021) (021) public7.sta.net.cn B A B : :30, , ; , , ; , ;

4 ,950, ,687, ,095, ,167, ,055, ,862, ,293, , ,370, ,598, ,152, ,251, , , ,810, , ,725, ,783, B A ( ) (30.30) (30.30) - 4 -

5 (209.20) : : (%) 1,021,169, ,183,812, ,027,163, ,950, ,582, ,492, ,687, ,152, ,815, ,095, ,590, ,923, % % % 6-28,598, ,338, ,480, (%) 1,362,411, ,317,273, ,394,150, ,658, ,852, ,030, = / = / = / = / = / 100% - 5 -

6 2005 % ( ) 566,449, ,140, ,678, ,377, ,916, ,852, ,287, , , ,687, ,290, ,015, ,468, ,483, ,449, ,412, ,657, ,867, ,135, ,658, : 1262,342, ,342, ,342, ,342,

7 ,342, ,342, ,181, ,181, ,925, ,925, ,106, ,106, ,449, ,449, A B ( ) (%) 0 262,342, ,887,232 1,887, ,060,133 1,060, , , MERRILL LYNCH FAR EAST LIMITED 50, , B 689, , , B 0 655, B NAITO SECURITIES CO., LTD , B 0 643, B - 7 -

8 2005 ( ) ( ) 262,342, % 2 ( ) ,,,,,,,,,,,,,, % 100% 46.31% - 8 -

9 A B H 1,887,232 1,060, ,300 MERRILL LYNCH FAR EAST LIMITED 806,425 B 689, ,100 B 655,600 B NAITO SECURITIES CO., LTD. 651,001 B 643,805 B 560,811 B ( ) ( ) , , , , , , ,

10 , , , , ( ) ( ) ( )

11

12

13 [2005]

14

15 , , , QC EJM138JL QC QC

16 : : (%) % ,304, ,133, % % % ,888, ,983, % % % 3. 2,431, , % 4.55% 0.00% 1,418,625, ,294,418, % % % 397,455, ,455, % % % 1,021,169, ,969,627, % % % ,304, ,133, % % % 465,320, ,285, % % % 1,418,625, ,294,418, % % % 397,455, ,455, % % %

17 2005 1,021,169, ,969,627, % % % , : : ( ) 326,507, % 8,180, % 3,149, % 592,215, % 435,588, % 23,422, % 27,804, % 1,756, % 1,418,625, % 397,455, % 1,021,169, % 4 : 115, , ,675 5 % % 133,618, ,861, ,756, ,879, ,515, ,363, ,917, ,029, ,887,

18 ,681, ,069, ,612, ,933, ,144, ,210, ,938, ,152, ,213, ,463, ,164, ,701, A 35,756, B 7,363, C 3,887, D E 31,210, F G % 1,021,169, ,183,812, ,643, % 19,405, ,930, ,524, % 103,559, ,833, ,274, % 9,120, ,317, ,197, % A ,643, B C -28,598, ,338, ,936, % 620, ,931, ,310, % -28,068, ,160, ,092, % -57,152, ,010, ,162, %

19 2005 A % B 98.55% 2004 C 36.06% % : : (%) ,304, ,133, ,320, ,285, ,455, ,445, ,021,169, ,962, % : : 164,744, % 406,578, % 3 1 8%

20 % 6% EJM138JL EJK211 EJP

21 %

22 (1) (2) ( 2004 ) < > (3) (4) (5) (6) (7) < > 2 < > (8)

23 2005 (9) , , % % , : : (1) (2004 ) (2) (3) (4) (1) 2005 (2)

24 [2005] [ ] 30 1, , [2005]

25 , ,111, ,991, ,146, ,322, ,424, ,146, ,649, ,997, ,337, ,759, ,784, ,771, ,178, ,121,

26 : : / : : 5,000,000 ( ) ( ) 2,400,000 ( ) ( ) 16,000,000( ) 16,000,000( ) 16,000,000 ( ) 16,000,000 ( ) 16,000,000 ( ) 2.41%

27 A 24,913, A A A G ,455, ,767, ,222,

28 A ,,,

29 : : : 151,374, ,526, ,507, ,391, ,618, ,861, ,143, ,106, ,686, ,723, ,589, ,918, ,353, ,142, ,521, ,280, ,879, ,515, ,318, ,444, ,476, ,716, ,349, ,925, , ,388, ,513, ,428, ,066, ,265, ,191, ,449, ,761, ,265, ,191, ,449, ,761, ( - ) ( - ) -385, , , , ,039,027, ,090,250, ,212, ,030,209, ,332, ,139, ,442, ,932, ,694, ,110, ,770, ,277, ,982, ,791, ,005, ,663, ,712, ,319, ,764, ,613, ,917, ,029, ,837, ,757,

30 ,629, ,349, ,601, ,371, ,128, ,638, ,128, ,638, ,128, ,638, ,128, ,638, ,362,411, ,404,692, ,278,607, ,330,838, ,681, ,069, ,398, ,069, , ,654, ,560, ,276, ,388, ,933, ,144, ,807, ,772, ,268, ,286, ,738, ,441, ,953, ,360, , , , , ,938, ,152, ,977, ,887, ,463, ,164, ,463, ,950, ,645, ,073, ,842, ,319, ,082, ,082, ,082, ,082, ,727, ,156, ,842, ,319, ( ) 10,025, ,684, ,449, ,449, ,449, ,449, ,449, ,449, ,449, ,449,

31 ,412, ,140, ,412, ,140, ,524, ,056, ,611, ,564, ,867, ,377, ,203, , ,135, ,916, ,292, ,364, ( ) ( ) 863, ,709, ,658, ,852, ,765, ,518, ,362,411, ,404,692, ,278,607, ,330,838, : : :

32 : : : 1,021,169, ,183,812, ,154, ,317, ,962, ,024,829, ,328, ,661, ,038, ,496, ,439, , ,167, ,486, ,386, ,138, ,055, ,834, ,370, , : 19,405, ,930, ,295, ,756, ,559, ,833, ,317, ,350, ,120, ,317, ,547, ,586, ,862, ,760, ,402, ,082, ,293, ,962, ,420, ,651, , , , ,043, ,944, ,012, ,496, ,326, ,387, ,372, ,525, ,950, ,582, ,402, ,841, ,493, ,590, ,427, ,589, , , ( ) - 190, ,091, ,687, ,152, ,974, ,251, ,916, ,205, ,364, ,225, ,604, ,357, ,338, ,477, , ,627, , , , , , , ( )

33 ,135, ,916, ,292, ,364, ( - ) ( ) 4. ( ) ,135, ,916, ,292, ,364, : : :

34 : : : 810,252, ,108, ,745, ,979, ,570, ,977, ,679, ,953, ,451, ,388, ,656, ,543, ,824, ,690, ,004, ,575, ,936, ,598, ,256, ,713, ,713, ,713, ,713, , ,325, ,824, ,816, ,727, ,855, ,084, ,072, , , ,107, ,094, , ,761, ,700, ,700, ,700, ,700, ,000, ,000, ,637, ,079, ,

35 2005 2,939, ,576, ,079, ,876, ,379, , , ,152, ,884, ,687, ,974, ( - ) -40, , ,590, ,400, ,492, ,297, , , , ,701, ,487, ,247, ,251, ( : ) 9,890, ,468, ,081, ,420, ,887, ,811, ( ) -64,456, ,925, ( ) -15,539, ,359, ( ) -28,598, ,256, ,374, ,507, ,526, ,391, ,152, ,884, : : :

36 : : : 1 23,813, ,994, / / 11,469, ,338, ,870, ,613, / / 8,879, ,604, , ,380, / / 2,589, ,733, ,364, , ,305, ,305, ,824, ,899, , ,365, ,365, ,596, ,708, ,764, , , ,126, ,176, , ,195, ,176, , ,195, ,791, ,128, ,679, ,808, ,982, ,778, ,128, ,130, ,388, ,421, ,012, , , ,463, ,300, ,300, ,300, ,300, ,300, ,300,

37 ,444, ,779, ,167, ,716, ,883, ,341, : : : 2005 : : : 1 15,143, ,589, / / 24,733, ,346, ,509, / / 22,855, , ,080, / / 1,877, ,310, , , , ,698, ,507, , ,564, ,207, ,847, ,055, ,176, , ,195, ,176, , ,195, ,663, ,128, , ,658, ,005, ,648, ,128, ,128, ,519, ,014, , , ,485,

38 ,294, ,589, ,128, ,122, ,251, ,632, : : :

39 OO

40 2005 OO [1991] A B 1 B ,449,

41 < >

42 [2004]

43 % % % %

44

45 %

46 2005 % % 12,418, ,176, ,180, ,180, ,500, ,500, ,000, ,000, ,500, ,350, ,000, ,000, ,000, ,400, ,000, ,000, ,000, ,000, ,000, ,100, ,000, ,700, ,000, ,675, ,180, , % ,158, % 2,388,

47 % 107, % ,018, ,388, , , ,248, ,295, ,142, ,651, ,183, ,265, ,183, ,298, ,100, ,892, , , , ,325, ,935, ,506, , ,451,

48 , , ,858, ,673, ,267, ,480, ,374, ,526, , , ,421, ,808, , , , , , , ,397, , ,267, ,272, ,861, ,345, ,618, ,861, ,101, ,756, ,036, % 5% 5,951, ,790, % 5% 6,239,

49 ,685, % 10% 1,368, ,240, % 10% 424, , % 20% 69, , % 20% 54, , % 50% 186, ,277, % 50% 3,138, ,847, % 50%-100% 16,028, ,014, % 100% 13,014, ,290, % 23,604, ,594, % 22,870, ,328, ,597, ,223, ,025, , ,038, ,052, ,447, % 5% 172, ,053, % 5% 52, ,476, % 10% 547, ,039, % 10% 403, , % 20% 12, , % 20% 88, , % 50% 101, , % 50% 154, , % 100% 900, , % 100% 243, ,086, % 1,733, ,084, % 942,

50 ,418, % , %, 6 203, % ,335, , ,001, ,335, ,879, % 3,515, % ,879, % 3,515, % ,363, %

51 ,875, ,202, ,954, ,126, ,982, ,708, ,363, ,100, ,774, ,690, , , ,556, ,016, , ,310, ,596, ,889, ,899, , ,757, ,064, ,562, ,301, ,824, ,080, ,364, , , ,461, ,195, ,367, ,176, ST 388, ,266, ,266, ,266, , ,107, ,107, ,107, G 836, ,390, ,390, ,390, ,083, ,584, ,584, , ,584, G 184, , , , G 74, , , , G 325, , , ,

52 2005 G 450, , , , A 880, ,040, ,040, ,028, ,040, , , , , , ,911, ,911, ,911, , ,605, ,605, ,605, ,943, ,120, ,120, ,120, , , , , , , , ,131,352 27,456, ,456, ,195, ,306, A , , % , , , , , B % ,100, ,100, % 1,778, , , , ,675, , ,807, % 6,260, , , , , ,563, , ,457, % 500, , , , , ,538, , , , , , ,838, ,573, ,265,

53 % C % , , , , , , % 2,263, , , , ,000, ,000, , ,988, % 650, , , , , , ,913, , , , , ,050, ,600, ,087, ,687, ST 165, , A 2,010, , ,028, , , ,176, , , ,195, ,381, , , , , , , , , ,237, ,494, ,538, ,194, ,963, ,563, ,400, ,403, ,089, ,423, ,068, ,645, , , ,364, ,090,250, ,924, ,147, ,039,027,

54 2005 4,383, ,147, ,938, ,354, , ,878, ,926, ,472, ,317, , ,611, ,299, ,023, ,722, ,599, ,974, , , ,242, ,139, ,492, ,317, ,617, ,332, ,128, ,317, ,810, ,161, ,130, ,031, ,616, ,128, ,488, ,012, , ,463, ,791, ,128, ,679, ,982, ,128, ,317, ,810, ,125, ,374, ,833, ,917, ,831, ,158, ,564, ,108, ,509, ,361, ,098, ,049, ,467, ,894, ,496, ,076,

55 ,888, ,956, ,680, , ,823, ,499, , ,103, ,602, , ,928, , , , ,680, ,888, ,253, ,538, , , , , % 529, , , % 520, , , , , % 428, , , ,613, % --- 3,109, ,109, ,450, % , , , % , , , % , , , % , , , % , , , , , % , , , % , , , % , , , , , ,591, ,316, ,461, , ,029, ,606, ,383, ,335, ,917, ,887,

56 ,787, ,415, , ,808, ,979, ,495, ,927, , ,831, ,664, ,720, ,295, , , ,187, ,000, ,300, ,300, , CAD 349, , , , , ,352, ,938, , ,300, , ,924, ,128, ,300, ,300, ,00, ,735, ,069, ,946, ,000, ,681, ,069, , , ,700, , ,654, ,560,

57 ,933, ,144, ,832, , ,938, ,152, , ,993, ,950, ,409, ,540, ,213, ,187, ,768, % 45, ,651, % 598, , % 2,073, ,405, %-33%

58 , , , ,738, ,441, ,702, , , % 85, , % 966, , ,285, ,285, ,500, , , ,379, ,463, ,164, ,701, % : 4,082, ,082, ,342, ,342, ,342, ,342, ,342, ,342, ,181, ,181,

59 ,925, ,925, ,106, ,106, ,449, ,449, ,441, ,441, , , ,664, , ,015, ,942, ,816, ,993, ,810, ,140, ,287, ,015, ,412, ,015, , ,678, , ,657, ,377, , ,867, ,056, ,468, ,524, ,916, ,687, ,

60 , ,135, ,304, ,208,383, ,133, ,065,956, ,888, ,269, ,983, ,772, ,035, ,806, ,431, ,326, , , ,418,625, ,826,015, ,294,418, ,665,836, ,455, ,202, ,455, ,006, ,021,169, ,183,812, ,962, ,024,829, ,507, ,087, ,492, ,494, ,180, ,752, ,933, ,634, ,486, ,217, ,149, ,732, ,816, ,541, ,215, ,071, ,320, ,353, ,588, ,740, ,493, ,462, ,422, ,061, ,943, ,654, ,804, ,872, ,847, ,339, ,756, ,388, ,570, ,244, ,820, ,893, ,418,625, ,826,015, ,294,418, ,665,836, ,455, ,202, ,455, ,006, ,021,169, ,183,812, ,962, ,024,829, ,578, % 5% 122, , %-7% 2,021, ,

61 2005 3% 893, , , , ,038, ,496, ,541, ,189, ,909, , ,297, ,785, ,488, ,329, ,607, ,721, ,315, ,548, ,767, ,135, ,135, ,717, ,717, ,278, ,359, ,080, , , , ,932, ,876, ,055, ,944, ,110, ,834, % 10% 12,329, ,607, ,721, ,135, ,135, ,221, ,918, ,269, ,507, ,381, , , , , , , ,120, ,317,

62 , , , , ,998, , ,293, , , , , , ,377, , ,476, ,299, ,927, , , ,377, , ,476, ,292, ,962, ,713, ,227, ,726, ,213, ,439, ,441, ,331, % , , , , , , , ,

63 2005 2,400, ,862, , , , , ,043, ,944, % 10% 2,400, ,901, ,929, ,152, ,861, , , , ,810, ,130, , , ,326, ,387, % 10% 1,152, ,810, ,714, ,979, ,235, ,000, ,696,

64 ,690, ,002, ,000, ,696, ,500, , , ,939, ,939, ,227, % 5% 5,661, ,379, % 5% 6,118, ,198, % 10% 1,119, ,894, % 10% 389, , % 20% 26, , % 20% 33, , % 50% 19, ,033, % 50% 3,016, ,847, % 50%-100% 16,028, ,787, % 100% 4,787, ,445, % 22,855, ,265, % 14,346, ,360,

65 ,597, ,223, ,025, , ,886, ,052, ,042, % 5% 152, ,690, % 5% 234, ,256, % 10% 725, ,747, % 10% 374, , % 20% 88, , % 50% 99, , % 50% 99, , % 100% 900, % ,398, % 1,877, ,077, % 797, ,811, , , 3 199,

66 ,335, ,893, ,644, ,195, ,937, ,176, ST 388, ,266, ,266, ,718, , ,107, ,107, ,252, G 836, ,390, ,390, ,886, ,083, ,584, ,584, , ,416, G 184, , , ,698, G 74, , , , G 325, , , ,018, G 450, , , ,493, A 880, ,040, ,040, ,028, ,012, , , , ,024, , ,911, ,911, ,240, , ,605, ,605, ,546, ,943, ,120, ,120, , , , , , , ,131, ,456, ,456, ,195, ,927,

67 A % , , B % 10,171, ,171, ,000, ,007, ,000, ,000, % ,100, ,100, % 10,573, ,573, ,000, , ,000, ,000, % 7,955, ,955, ,000, , ,000, ,000, % 12,904, , ,036, , ,176, ,864, ,040, % 28,137, ,643, ,505, , ,919, ,861, ,780, % 28,284, , , , ,000, ,495, ,495, % ,827, ,827, % ,400, , ,400, ,400, % 2,903, ,903, ,500, , , ,500, ,500, % 1,320, , , ,350, , ,009, % 1,778, , , , ,675, , ,807, % 585, , , , , , , ,617, ,482, ,199, ,580, , , ,204, ,248, ,113, ,134, C % 100, , , , , , % 2,263, , , , ,000, ,000, , ,988,

68 % 650, , , , , , ,013, , , , ,050, ,600, ,087, ,687, D -1,381, , , , , , , , , , , ,010, , ,028, , , ,176, , , ,195, ,154, ,317, ,328, ,661, , ,009, , ,998, , ,420, , , , , ,299, , ,476, ,299, ,616, , ,299, , ,476, ,292, ,651,

69 ,726, ,213, , , , , , , , , , , , , , ,

70 , , , , , , , , , , , , ,111, ,991, ,146,

71 ,322, ,424, ,146, ,649, ,997, ,337, ,759, ,784, ,771, ,178, ,121, ,052, ,762, ,485, ,550, ,752, , , , ,437, ,242, ,832, ,103, ,504, ,302, ,800, , ,991,

72 , , ,400, ,000,

73 A A A G ,225, , ,235, ,767, ,002, ,794, ,038, ,251, ,

74 , ,810, , ,725, ,783,

75 P

76 ,018,130 1,182,316 (896,962) (1,024,829) 121, , ,713 7,039 (19,406) (22,930) (97,770) (146,204) / 13,705 (4,608) 7 9,431 31,159 8 (10,629) (11,699) (492) , ,663 16,342 10(a) (4,494) (5,590) 8,169 10,752 8,210 9,821 (41) 931 8,169 10,

77 , , ,917 2, ,831 33, (829) 16 12,082 11, ,698 25, , ,179 産 , , , ,269 19,772 8,168 23(b)(i) 6,415-23(b)(i) 25,810 4,328 23(b)(ii) 6,699 4,085 3, , , , , , , , ,399 47,416 70,726 66,597 91,939 23(b)(i) 1,242-23(b)(i) 5,893 17,440 23(b)(ii) 8,518 18,094 2,074 3, , , ,743 95, , ,619

78 2005 ( ) , , (4,083) (4,083) 675, , , ,449 99,090 88, , ,852 10,025 19, , ,

79 2005 ( 20) ( 21(b)) ( 21(c)) ( 21(d)) ,449 29,779 5,084 2,530 41, ,031 18, , ,821 9, , (209) (209) - - 1, (2,442) ,449 29,779 6,679 3,377 48, ,852 19, ,536 ( 2) ,184 2,184-2, ,449 29,779 6,679 3,377 50, ,036 19, , ,210 8,210 (41) 8, ,210 8,503 (41) 8, (1,212) (1,212) (4,654) (4,654) (3,752) (3,752) (1,468) ,449 30,072 7,658 3,866 57, ,539 10, ,

80 ,663 16,342 (363) (70) (1,508) (1,381) 10,918 11,270 42,352 46,474 / (4,811) 1, ,300 / 2,298 (10,041) / (827) 6,673 (648) (1,490) - (35) - (3,477) (3,895) - (3,654) - (1,247) (28,851) 1, (364) 53,774 37,541 / (12,887) 18,736 / (25,717) 82,875 (3,267) - (32,117) (4,381) / (13,282) 66,522 / 37,408 (5,742) (23,664) (115,346) / (11,120) 20,671 (19,881) (7,001) / (50,753) 93,875 (10,918) (11,270) (5,513) (4,718) / (67,184) 77,887

81 ,619 (11,146) (12,750) (150) (30) ,935 26, ,588-1, ,508 1,381 6,365 41,694 (455,435) (453,100) 458, ,750 (1,000) - (1,212) (220) / 400 (33,570) / (60,419) 86, , , , ,527

82 ( ) ( ) A B , ,000

83 ,184,000 别 829,000 1,355, 别 138, , 别 691,000 1,129, , ,820, (a) 3 c d e

84 2005 (b) 3 3. (c) (d) 5

85 2005 (e) 3. (f) 2.1% 3.2% 4.8% 12% 4.8% 12% (g) (h) 3.

86 2005 (i) (j) 3. (k) (i) (ii)

87 (k) (iii) (iv) (v) (l) (m) (i) (ii) (iii)

88 2005 (n) 3. (o) 22.5% (p) (q)

89 (q) (r) (s) (i) (ii) (t) (u) 3. (v) 爲 4. (a) -

90 % (b) , , , ,327 (3,039) (1,497) 1,018,130 1,182, ,722 6,767 4,135 3,717 1,508 1,381 / 280 (5,488) (1,081) (161) 7. 9,713 7, ,895-3,654-1,247 29, , (19) (1,300) 291 (124) 9,431 31,159

91 ,918 11, ,991 11,381 / (362) / 10,629 11, ,545 45, , ,336 82,788-16,375 15,859 / 2,298 (10,041) / (4,811) 1,130 / (827) 6,673 1, (364) (a) 爲 : ,494 5,590 爲 15% % 爲 15% - 33% (b)

92 ,210, ,821, ,449, ,449, ,782 8, ,999 1,110, ,541 3,672 4, ,971 9,617 / (19,897) (2,356) (9,283) (31,536) 9,379 (98) (9,281) ,668 6, ,947 1,092, , ,773 4,734 (5,923) (322) (7,645) (13,890) / (1,644) (300) (42,779) (44,723) ,596 6, ,612 1,039, ,646 4, , ,084 12, ,495 45,472 / (7,028) (1,569) (6,693) (15,290) 1, , (2) (76) ,360 3, , ,396 10, ,297 41,545 (3,957) (175) (6,596) (10,728) / (159) (198) (37,678) (38,035) (4,811) - - (4,811) ,260 3, , , ,336 2, , , ,308 2, , ,319

93 ,007 15,546 10,606 9,078 (1,985) - (4,734) (9,617) 18,894 15,007 12,977 12,977 5,917 2, ,728 41,728 8,090 7, ,002 8,897 8,090 32,831 33, (243)

94 (243) ,493 9,894 2,589 2,914 - (1,355) 12,082 11, % % % %

95 , ,967 (99,404) (93,806) 23,828 26,161 12,082 12, , ,776 1,559 6, , ,587 6,221 * 21,306 21,156 27,893 27,377 (2,195) (2,176) 25,698 25,201 * ,501 47,644 98, , , , , ,

96 , , , , , , , ,083 4, , , (275,681) (185,650) 12 4,083 4, % 5.74% % 5.72% 155,700,000 3,267, ( A ) ( B ). A B ,449, , ,449, , ,342, , ,342, ,342 A 71,181,880 71,182 71,181,880 71,182 B 232,925, , ,925, , ,449, , ,449, ,449

97 2005 (a) (i) (ii) (iii) (iv) (v) 10% 50% 5% 10% 21. (b) (i) (ii) (iii) B (c) 25% (d) (e) ,136, ,916,000

98 % 90% 3, ,954 14, ,125 (9,860) (8,830) (1,678) (313) 13,323 9,205 (492) 8,713 8,713 (2,125) 6,588 26,166,000 64, ,000 4,386,000 4,557, (a)

99 ,316-99,757 75,122 5,771-1,111-14,991 34,147 39,322 - (b) (i) (ii) / / (c) ,951 1, ,363 2,325 (a) : ,578 1,720 2,289 2,432 (b) 爲

100 ,446 10,926 10,391 14,228 3,700 5,761 26,537 30,915 (a) ,000, : 60,000,000 (b) ,569,000 2,606, % ( % ) 16,375, ,859, 爲 % % % % 産

101 : (a) (i), (ii) (iii) (iv) (b) i) 19 ii) , ,658

102 2005 (303) 1, ,037 - (191) - 8, , A A % 24 10% ,638,000

103

104 2005

105 2005 SHANGHAI ERFANGJI CO., LTD. Annual Report 2005 IMPORTANT NOTICE The Board of Directors, the Supervisory Committee, directors, supervisors and senior executives of Shanghai Erfangji Co., Ltd. (hereinafter referred to as the Company) individually and collectively accepts responsibility for the correctness, accuracy and completeness of the contents of this report and confirms that there are no material omissions nor errors which would render any statement misleading. Shanghai Shulun Pan Certified Public Accountants Co., Ltd. and Horwath Certified Public Accountants audited the 2005 financial report for the Company and issued an unqualified Auditors Report for the Company. Herein, the Company s legal representative Zheng Yuanhu, CFO Mei Jianzhong and Principal of Financial Dept. Chen Zhihu jointly declare that the finance report enclosed in this annual report is true and complete. This report has been prepared in Chinese version and English version respectively. In the event of difference in interpretation between the two versions, the Chinese report shall prevail.

106 2005 CONTENTS. COMPANY PROFILE SUMMARY OF FINANCIAL HIGHLIGHT AND BUSINESS HIGHLIGHT CHANGES IN SHARE CAPITAL AND PARTICULARS ABOUT SHAREHOLDERS----. PARTICULARS ABOUT DIRECTORS, SUPERVISORS, SENIOR EXECUTIVES AND EMPLOYEES CORPORATE GOVERNANCE BRIEF OF THE SHAREHOLDERS GENERAL MEETING REPORT OF BOARD OF DIRECTORS REPORT OF SUPERVISORY COMMITTEE SIGNIFICANT EVENTS FINANCIAL REPORT DOCUMENTS AVAILABLE FOR REFERENCE

107 2005 I. Company Profile 1. Company s legal Chinese name: Company s legal English name: SHANGHAI ERFANGJI CO., LTD. 2. Company s legal representative: Zheng Yuanhu 3. Secretary of the Board: Li Bo Contact address: No. 687 Changzhong Road, Shanghai Tel.: (86) , (86) Fax: (86) shej@public7.sta.net.cn Securities Affairs Representative of the Board: Wu Tao Contact address: No. 687 Changzhong Road, Shanghai Tel.: (86) , (86) Fax: (86) wutao@shefj.com 4. Registered address and office address: No. 687 Changzhong Rd. Shanghai Postal code: shej@public7.sta.net.cn Company s website: 5. Newspaper chosen for disclosing the information of the Company: Shanghai Securities News and Ta Kung Pao Internet website designated by CSRC for publishing the annual report: The place where the annual report is prepared and placed: office of the Board of Directors, No. 687 Changzhong Road, Shanghai 6. Stock exchange listed with: Shanghai Stock Exchange Short form of the stock: Erfangji & Erfang B gu Stock code of A-share: ; Stock code of B-share: Other related information of the Company Initial registered capital: RMB 303,986,900 Evolutive course of the Company s registered capital: RMB 425,581,700 on Oct. 7, 1993 in Shanghai Municipal Administrative Bureau of Industry & Commerce; RMB 461,839,800 on Dec. 12, 1995 in Shanghai Municipal Administrative Bureau of Industry & Commerce; RMB 514,953,800 on July 23, 1996 in Shanghai Municipal Administrative Bureau of Industry & Commerce; RMB 566,449,200 on Jun. 25, 1997 in Shanghai Municipal Administrative Bureau of Industry & Commerce; Business license registration No.: QGHZ Zi No municipal bureau Tax registration No.: GSH Zi No.: Name and address of Certified Public Accountants engaged by the Company: Name: Shanghai Shulun Pan Certified Public Accountants Co., Ltd. Address: 61, Nanjing East Road, Shanghai Name: Horwath Hong Kong CPA Limited Address: Room 2001, Central Plaza, 18 Harbour Road, Wan Chai, Hong Kong

108 2005 II. Summary of Financial Highlight and Business Highlight (I) Accounting data as of the year 2005 Unit: RMB 1. Total profit 9,950, Net profit 5,687, Net profit after deducting non-recurring gains and losses -4,095, Profit from main operations 121,167, Other operating profit 8,055, Operating profit -2,862, Investment income 6,293, Subsidy income 149, Net non-operating income/expenses 6,370, Net cash flows from operating activities -28,598, Net increase in cash and cash equivalent -57,152, (II) Note: Items of deducting non-recurring gains and losses and the relevant amount: Items of non-recurring gains and losses as of the year 2005 are as follows: Unit: RMB Yuan 1. Gains/losses from disposal of long-term equity investment, fixed assets, project in construction, intangible assets and other long-term assets 6,251, Various government subsidies 149, Other various non-operating income/expenses after deducting daily reserve for impairment of assets withdrawn by the Company in line with the regulations of Accounting System for Business 312, Switching back various reserves for impairment losses allotted over the previous years 4,810, Minority interests -14, Impact on income tax -1,725, Total 9,783, (II) Explanation on difference in net profit audited in conformity to Chinese Accounting Standards and International Accounting Standards The Company s net profit as of year 2005 audited by Shanghai Shulun Pan Certified Public Accountants and Horwath Hong Kong CPA Limited was RMB 5,687,900 and RMB 8,209,800 respectively. The Company s accounting statement of B-share as of year 2005 reported based on International Accounting Standards was audited by Horwath Hong Kong CPA Limited, and net profit and net assets compared with accounting statement of A-share reported in line with Chinese Accounting Standards are as follows: (Unit: RMB 0000) Net profit Net assets Year-end of Year-end of

109 As reported as Chinese Accounting Standards Writing back goodwill amortization (30.30) (30.30) Writing back negative goodwill at the year-begin Revocation payable Unconfirmed loss from consolidated (209.20) subsidiaries Gains and losses directly dealt with in equity As restated based on International Accounting Standards (III) Major accounting date and financial indexes over the past three years ended the report period Unit: RMB Major accounting data Increase/decrease compared with the last year(%) 2003 Income from main operations 1,021,169, ,183,812, ,027,163, Total profit 9,950, ,582, ,492, Net profit 5,687, ,152, ,815, Net profit after deducting non-recurring -4,095, ,590, ,923, gains and losses Earnings per share Latest earnings per share Return on equity (%) A decrease of 0.84 percent 1.68 Return on equity calculated based on net An increase of profit after deducting percent non-recurring gains and losses (%) Weighted average return on equity calculated based on net profit after deducting non-recurring gains and losses (%) Net cash flow arising from operating activities -28,598, ,338, ,480, Net cash flow per share arising from operating activities

110 2005 At the end of 2005 At the end of 2004 Increase/decrease compared with the end of the At the end of 2003 last year (%) Total assets 1,362,411, ,317,273, ,394,150, Shareholders (excluding interests) equity minority 663,658, ,852, ,030, Net assets per share Net assets per share after adjustment Calculation equation for major financial indexes: Earnings per share = net profit / total number of ordinary shares at the year-end Net assets per share = shareholders equity at the year-end / total number of ordinary shares at the year-end Net assets per share after adjustment = (shareholders equity at the year-end accounts receivable over 3 years prepaid expenses assets loss in suspense (flow and fixed) organization costs long-term prepaid expenses) / total number of shares at the year-end Net cash flow per share arising from operating activities = Net cash flow arising from operating activities / total number of shares at the year-end Return on equity = net profit/ shareholders equity at the year-end 100% (IV) Return on equity and earnings per share are calculated according to Editing and Reporting Rules Regarding Information Disclosure for Companies Publicly Issuing Securities (No. 9) promulgated by CSRC: Return on equity (%) Earnings per share (RMB) Profit as of the report period Fully diluted Weighted average Fully diluted Weighted average Profit from main operations Operating profit Net profit Net profit after deducting non-recurring gains and losses (V) Particulars about change in shareholders equity in the report period Items Share capital Capital reserve Surplus reserve Amount at the period-begin Increase this period Decrease this period in in Statutory public welfare funds Retained profit Total shareholders equity 566,449, ,140, ,678, ,377, ,916, ,852, ,287, , , ,687, ,290, ,015, ,468, ,483,774.38