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3 ( ) ( ) SHANGHAI SANMAO ENTERPRISEGROUPCO.LTD. shsanmao *601 zhanglf@ com sanmaogrout@ com A A A B B B B ( )

4 ( ) 2005 : : 5,926, ,306, ,156, ,171, ,021, ,701, ,617, ,010, ,301, ,129, : : 7, , , ,168 9, , , ,232 7, , ,087 7,178 9, ,232 : : 51,040, ,

5 ( ) ,244, ,742, ,659, ,462, : : (%) 1,472,165, ,386,635, ,272,708, ,926, ,485, ,395, ,306, ,125, ,548, ,156, ,141, ,101, % % % ,301, ,545, ,676, (%) ,023, ,410, ,239,017, ,167, ,861, ,987, : : 200,991, ,843, ,997, ,780, ,971, ,721, , , ,301, ,843, , ,991, ,843, ,666, ,115, ,971, ,420,

6 ( ) : (%) (%) 1 72,572, ,572, ,572, ,572, ,088, ,088, ,660, ,660, ,544, ,544, ,787, ,787, ,331, ,331, ,991, ,991, (1) (2) (3) 6

7 ( ) : 49,838 (%) ,572, ,572, ,354, ,354, ,358, ,358, , , , ,736 0 MERRILL LYNCH FAR EAST LIMITED , , , , ,000-53, ,000 69, , , ,730 MERRILL LYNCH FAR EAST LIMITED 426, , , , , , ,309 DEBORAH WANG LIN 225, ,283 7

8 ( ) , : : ( ) ,218 2,

9 ( ) ,109 1, / / / / / 3,327 3,327 / 5 (1) (2) (3) (4) (5) (6)

10 ( ) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) 10

11 ( )

12 ( ) ( )

13 ( ) ) 2) 3) 4) 5) 1) % A B ISO

14 ( ) ERP : : : (%) % 426,716, ,097, ,038,729, ,840, ,175, , ,544, , ,472,165, ,379,886, ,465,446, ,378,938, ,175, , ,544, , ,472,165, ,379,886, : : () 391,696, ,080,469, ,472,165,

15 ( ) , ) ) ) ) ) % 40% % 6) ) ) % 31% ) ) ) ) )

16 ( ) ) : ,306, ,327, ,721, ,306, ,765, % 513, % 256, ,420, : , ,

17 ( ) 2005 (1) (2) 40% (1) (2) 90% (3) 70% (4) 31% (5) 60% (6) 70% " ) ) % ) , ) % 1, ,

18 ( ) ,480 5, ) % ) % ) , (1) : : (), 11,172, (2) : : (), 8,657,

19 ( ) ) % : : , , , , ,410 7,810 3, , ,

20 ( ) ) ) , ) , ) , ) , %

21 ( ) 2005 (2006) : : : 1 87,956, ,986, ,204, ,741, ,521, ,249, , ,049, , ,776, ,551, ,893, ,846, ,793, ,298, ,837, ,608, ,484, ,724, ,327, ,608, ,733, ,458, ,580, ,130, ,317, ,234, ,076,

22 ( ) , , , , ,545, ,338, ,976, ,665, ,622, ,361, ,983, ,315, ,622, ,361, ,983, ,315, ( ,204, ,545, ) ( - ) ,107, ,558, ,588, ,434, ,590, ,467, ,781, ,709, ,516, ,090, ,806, ,725, , ,012, , ,555, ,562, ,078, ,309, ,170, ,946, ,495, ,184, ,495, ,502, ,011, ,573, ,494, ,666, ,195, ,710, , , ,647, ,425, , , ,843, ,135, , , ,023, ,410, ,905, ,404, ,250, ,300, ,800, ,000, ,277, ,236, ,004, ,500, ,521, ,395, ,039, ,442, ,487, ,626, , , , , , , ,702, ,120, ,343, ,154,

23 ( ) , , , , ,459, ,887, ,220, ,166, ,255, ,272, ,201, ,201, ,215, ,239, ,215, ,239, ,002, ,871, ,597, ,424, ,553, ,553, ,553, ,553, ,760, ,760, ,760, ,760, ,313, ,313, ,313, ,313, ,315, ,184, ,910, ,737, ( 8,540, ,364, ) ,991, ,991, ,991, ,991, ,991, ,991, ,991, ,991, ,843, ,843, ,843, ,843, ,753, ,748, ,610, ,610, ,115, ,780, ,132, ,132, ,420, ,721, ,449, ,777, ( ) ( ) 331,167, ,861, ,994, ,667, ,023, ,410, ,905, ,404, : : : 23

24 ( ) : : : ,472,165, ,386,635, ,938, ,076, ,379,886, ,281,633, ,870, ,368, ,107, ,845, ,171, ,156, ,067, ,708, ,021, ,706, ,868, ,843, : 46,471, ,812, ,233, ,670, ,737, ,599, ,049, ,815, ,685, ,221, ,601, ,626, ,701, ,771, ,948, ,561, ,617, ,315, ,715, ,101, ,618, ,047, ,113, ,456, ,492, ,589, ,103, ,473, ,931, ,241, ,926, ,485, ,327, ,266, , ,922, ,237, ,228, ( ) 1,053, ,306, ,125, ,327, ,266, ,721, ,643, ,777, ,488, ,765, , ,650, ,152, ,449, ,777, , , , , ( ) -151,420, ,721, ,449, ,777,

25 ( ) 2005 ( - ) -151,420, ,721, ,449, ,777, ,515, , ,461, , ( ) 4. ( ) 169, , : : : : : : 1,611,471, ,824, ,396, ,774, ,276, ,613, ,760,145, ,212, ,632,321, ,187, ,124, ,242, ,782, , ,217, ,752, ,791,446, ,708, ,301, ,496, ,621, ,621, ,188, ,927, ,155, ,001, ,000, ,000, ,964, ,550, ,279, ,840,

26 ( ) ,800, ,613, ,278, ,358, ,453, ,606, ,096, ,950, ,950, ,000, ,200, ,591, ,833, ,225, ,591, ,033, ,640, ,033, ,793, , ,129, , ,306, ,327, ( - ) -2,237, ,315, ,747, ,208, ,297, , , , , , , , ,863, ,098, (: ) 19,175, ,905, ,617, ,715, ,660, ,654, ( ) 41,595, ,676, ( ) -36,262, , ( ) 43-23,154,

27 ( ) ,301, ,496, ,656, ,204, ,786, ,741, ,129, , : : : 2005 : : : 1 89,537, , / / 1,477, ,326, ,683, / / 1,477, ,205, ,854, , / / 80,120, ,691, ,235, ,709, ,709, ,218, ,895, ,234, , , ,216, , , , , , ,096, ,491, ,588, ,096, ,491, ,588, ,012, ,058, ,058, , ,012, ,058, ,058, , , ,

28 ( ) , , ,577, ,994, ,245, ,245, ,327, : : : 2005 : : : ,142, ,249, / / 688, ,703, ,254, / / 688, ,566, ,887, ,249, / / 77,137, ,967, ,186, ,154, ,967, ,186, ,154, ,096, ,491, ,588, ,096, ,491, ,588, ,555, ,058, ,058, , ,555, ,058, ,058, , , ,500.16

29 ( ) , , ,001, ,928, ,746, ,746, ,183, : : : 9 : : % (1993)

30 ( ) (1 ) 2 (%) (%)

31 ( ) [2004]3 [2004] [2004] % 10~40 5% 2.38%~9.5% 12~18 5% 5.28%~7.92% 31 % 5~12 5% 7.92%~19% 5~12 5% 7.92%~19% 5~10 10%~20%

32 ( )

33 ( ) (1) (2) 1) (3) 33

34 ( ) % (2000) % 2 (2000) % 3 (2003) % : : (%) ) : 1 : / / 604, / / 889, / / 604, / / 889, / / 81,758, / / 113,572, / / 68,778, / / 91,513, ,570, ,673, ,665, ,058, , ,

35 ( ) 2005 / / 5,594, / / 10,523, / / 5,594, / / 10,523, / / 87,956, / / 124,986, : : 17,960, ,249, , ,521, ,249, : : 337, , , , , , , , ,049, , , : : (%) (%) ,564, ,368, ,622, ,621, : : 9,683, ,477, ,477, ,205,

36 ( ) : : (%) (%) 11,135, ,213, : : (%) 2,999, , ,706, , ,012, , ,837, , ,578, , / 11,135, / / 222, / 5 : : (%) 133, , , , , , , , , , , , / / 6 5%(5%) 5 1 : : (%) (%) 41,923, ,665, ,352, ,335, ,070, ,907, ,213, ,442, ,820, ,764,

37 ( ) ,685, ,669, ,848, ,596, ,419, ,120, ,691, ,854, : : 79,854, , ,120, : : 135,688, ,496, : : 49,085, ,140, ,700, , ,582, ,511, ,187, , ,132, ,025, / 135,688, / / 75,482, / 5 : : (%) 846, , , , , , ,017, ,017, / / 37

38 ( ) : : 3,257, / 8,807, ,257, %(5%) 6 1 : : (%) (%) 35,796, ,766, , , , , , , ,724, ,327, : : (%) (%) 6,849, : : 1,600, ,500, ,499, ,308, , ,849, / 4 5%(5%) 7 : : 12,580, ,878, ,458, ,580, ,878, ,458,

39 ( ) ,878, : : 12,565, , ,564, ,561, , ,764, ,528, ,216, ,311, ,987, ,895, ,091, ,356, ,356, ,441, ,441, , , , , ,878, ,878, ,494, ,494, ,002, ,002, ,188, ,188, , , ,348, ,218, ,130, ,009, ,691, ,317, : : 58, , , , , , , , , , , , , , , / 41, : : 33,142, ,142, ,495, ,392, ,102, ,952, , ,637, ,890, ,198, ,692, ,432, ,432, ,545, , ,193, ,204, ,458, , ,099, ,211, ,096, ,491, ,588, ,361, ,639, ,099, ,622,

40 ( ) : : (%) 2,331,303 7,865, ,865, ,848, ,016, ,176 1,040, ,040, ,040, ,500,000 1,000, ,000, ,000, , , , , , , , , ,

41 ( ) , , , , , ,000 79, , , ,000 55, , , ,529, ,838, ,838, ,838,

42 ( ) 2005 / / 33,142, ,142, ,453, ,688, / (%) 1% 3 : : (%) ,000, ,000, ,000, , , , ,000, ,000, ,000, , , , , , , , , , , , , ,432, ,432, ,432, ,313, ,613, ,927, , , , ,

43 ( ) : : -325, , , , ,455, ,276, ,027, ,427, , , , , ,223, ,649, , ,058, , , , , , , , , ,545, ,476, , , ,660, ,204, / /

44 ( ) : : 415,558, ,294, ,745, ,107, ,112, ,147, ,949, ,309, ,303, , ,042, ,215, ,142, ,192, ,753, ,581, ,467, ,208, ,085, ,590, ,925, ,169, ,451, ,642, ,888, ,198, ,394, ,692, ,654, ,840, ,239, ,255, ,090, ,085, ,659, ,516, ,186, ,978, ,497, ,667, ,415, ,244, ,647, ,523, ,488, ,648, ,514, ,325, ,012, ,058, , ,977, ,058, , , , ,078, ,085, ,601, ,562, ,186, ,978, ,497, ,667, ,437, ,244, ,589, ,603, ,453, ,648, ,514, ,291, : : 2,193, , ,946, ,743, , ,495, : : ,645, ,645, ,200, ,200, , , , , , , , , ,184, ,743, ,640, ,204, ,985, / 2,193, :, 44

45 ( ) : : 247, , , , / 13 : : 1,818, ,818, , , ,406, ,406, ,502, ,502, : : 2,188, , ,195, ,702, , ,710, : : 1 4,578, , , ,578, ,850, , , , ,000, ,800, , ,600, ,400, , , , , , , , , , , / 9,668, ,702, , ,479, ,188, / 1 71, , : : 992, ,

46 ( ) : : ( 1) 1,256, , , , , ,221, ,555, , , ,247, ,974, ( 2) 5,477, ,425, , , ,829, ,647, / , , (1) : : 147,000, ,000, ,800, ,800, ,450, ,500, ,000, ,250, ,300, (2) : : 28,800, / / / / 17 : : 3,487, ,626,

47 ( ) : : 727, , , , / 19 : : -2,463, ,026, %17% 2,072, ,126, %5% 582, , %33% 417, , , , % 6, ,916, ,111, ,702, ,120, / 1 2,582, : : 76, , , , % 103, , , : : 1,778, ,801, , : : 1,107, ,107, , , , 47

48 ( ) : : (1) 300, , (2) 8,460, ,460, ,760, ,760, : (%) (%) 1 72,572, ,572, ,572, ,088, ,660, ,544, ,787, ,331, ,991, : : 211,512, ,512, , , ,329, ,329, ,843, ,843,

49 ( ) : : 23,997, , ,843, ,666, ,780, , , ,115, ,971, ,971, ,748, , ,765, ,753, %5% 2 513, , ,843, , : : 7,306, ,125, ,721, ,643, ,765, , , , , , ,420, ,721, : : 1,053, ,053, : : 456,325, ,147, ,796, ,164, ,084,662, ,030,259, ,005,989, ,476,

50 ( ) ,175, , ,371, ,658, ,544, , ,336, ,904, :10,406, ,166, ,266, ,558, ,547,706, ,455,355, ,579,494, ,474,204, ,541, ,469, ,859, ,571, ,472,165, ,379,886, ,386,635, ,281,633, : : 1,540,987, ,454,407, ,563,786, ,466,641, ,175, , ,371, ,658, ,544, , ,336, ,904, : 10,406, ,166, ,266, ,558, ,547,706, ,455,355, ,579,494, ,474,204, ,541, ,469, ,859, ,571, ,472,165, ,379,886, ,386,635, ,281,633, : : 467,237, ,914, ,504, ,512, ,080,469, ,022,440, ,989, ,691, : 10,406, ,166, ,896, ,187, ,547,706, ,455,355, ,579,494, ,474,204, ,541, ,469, ,859, ,571, ,472,165, ,379,886, ,386,635, ,281,633, : : 10,483, ,843, ,640, ,938, , ,130, ,406, , ,215, ,846, , ,545,

51 ( ) ,859, ,112, , ,651, ,384, , ,321, ,003, , ,949, , ,481, ,549, , , ,558, ,390, , , , , ,446, , ,114, ,040, ,019, ,021, ,389, ,683, ,706, : : 17,333, ,122, , ,494, ,921, , , ,275, ,725, ,685, ,221, : : 104, , , , ,512, ,497, , ,211, , , ,187, ,738, ,515, , ,491, ,889, ,617, ,315,

52 ( ) : : 2,518, , ,618, ,618, % 34 : : 2,231, ,440, ,368, , , ,132, , , ,113, ,456, ,368, , : : 2,735, ,327, , , , , ,400, ,332, ,370, , ,103, ,473, ,369, : : 857, ,922, , ,922,

53 ( ) : : 17,864, ,017, ,550, , ,276, : () 38 : : 74,127, ,074, ,300, ,716, ,217, : : 13,000, ,000, ,000, : : 2,278, ,278, ,278, : : 6,950,

54 ( ) : : 75,000, ,591, ,591, : 1 : / / 77, / / 77, / / 34,855, / / 30,950, , ,905, / / 265, / / 265, / / 35,204, ,741, : : (%) (%) ,385, ,189, ,443, ,442, : : 7,254, , , ,566, : : (%) (%) 8,495, ,847,

55 ( ) : : (%) 319, , , , , , / 438, / / 438, / / 5 5%(5%) 3 1 : : (%) (%) 48,444, ,320, ,373, , ,217, ,621, ,647, ,329, ,829, , ,574, ,558, ,929, ,677, ,746, ,137, ,372, ,887, : : 69,887, ,249, ,137, : : (%) (%) 135,125, ,607, : : 49,085, ,140, ,700, ,

56 ( ) ,582, ,511, ,187, , ,569, ,356, / 135,125, / / 74,812, / 5 : : (%) 846, , , , / 906, / / 906, / / 6 5%(5%) 4 1 : : 12,303, ,303, ,571, ,934, ,637, ,952, , ,637, ,152, ,590, ,561, ,432, ,432, ,162, , ,904, ,609, ,412, ,840, ,572, ,096, ,491, ,588, ,315, ,491, ,840, ,983, : : (%) 2,331,303 7,865, ,865, ,848, ,016, ,176 1,040, ,040, ,040,

57 ( ) ,500,000 1,000, ,000, ,000, , , , , , , , , , , , , , , ,000 79, , , ,000 55, , , / / 12,303, ,303, ,453, ,849, / (%) 1% 3 : : (%) 6 6,000, ,000, ,000, , , , ,000, ,000, ,000, , , , , , , , , , , , , ,432, ,432, ,432, ,313, ,613, ,927, , , , ,

58 ( ) : : -325, , , , ,455, ,276, ,027, ,427, , , , ,

59 ( ) ,223, ,649, , ,058, ,195, ,960, , ,899, , , , , ,719, ,149, , ,504, , , , ,

60 ( ) ,162, ,066, , , ,675, ,609, / /

61 ( ) : : 642, ,914 5,500 5,500 4,000 4,000 1,000 1, ,800 6,800 2,000 2, ,000 3, ,186 1, ,000 2, : : 72,572, ,572,

62 ( ) ,354, ,354,

63 ( ) : : (%) (%) 1,135, , ,822, ,563, , ,172, ,219, : : (%) (%) 711, ,896, ,504, ,037, ,504, ,657, ,115, ,246,

64 ( ) , ,512, , : : 10, ,334, , ,517, , ,372, ,578, ,465, ,085, ,312, ,132, ,557, ,582, ,661, ,187, , , , ,196, , , , , ,308, , , , ,450, ,451, ,451, ,172, ,194, , , , , , ,888, ,835, ,

65 ( ) , , , , , , , , ,691, , ,208, , , ,130, , ,981, , , ( ),

66 ( ) ,572, % 36.11% 72,572,143 72,572,143,, , , , , , ,125 2, , ,110, ,866, , ,068,

67 ( ) ,906,227 2,927, ,433, ,531, , , , B13C M M A 27E M

68 ( ) , ,480 5, , , ,807, ,807, ,807, ,807, (2005) ,257, , ,

69 ( ) ,200 1, , , , , , A , , ,074, ,074, ,520 T 3, ,058, , , ( )

70 ( ) ( ) P

71 ,472,166 1,386,635 (1,380,992) (1,285,478) 91, , ,366 17,632 (46,472) (60,813) (87,099) (220,416) 7 (32,031) (162,440) 8 11,743 10,423 9 (22,531) (24,703) 50, (701) (13,212) / 7,930 (189,521) 10(a) (857) (1,922) / 7,073 (191,443) 9,414 (188,110) (2,341) (3,333) 7,073 (191,443) / (0.936) 8 39

72 , , ,946 16, ,050 37, ,584 37, ,224 1,576 - (865) 産 , , , ,960 産 , , , ,384 93,380 89, ,049 25(b)(i) 26,038 36,116 25(b)(i) 3, ,459 12, , , , , , ,539 96, ,339 86, ,518 55,522 41, (b)(i) 844 2,791 25(b)(i) 6,264 13,509 25(b)(ii) 2,452 2, , ,894 (10,456) (50,269) 産 361, ,691

73 産 361, , ,553 1,553 8,760 8,760 (10,313) (10,313) 産 350, , , , , , , ,953 11,497 20, , ,

74 ( )/ ( 22) ( 23(b)) ( 23(c)) ( 23(d)) ( 23(c)) , ,842 23,837 13,701 11,972 32, ,063 34, , (188,110) (188,110) (3,333) (191,443) (7,336) (7,336) (3,131) (3,131) - - (220) (110) (569) , ,842 23,997 13,780 11,972 (155,629) 328,953 20, ,378 ( 2) , ,842 23,997 13,780 11,972 (154,764) 329,818 20, ,243 / ,414 9,414 (2,341) 7, (1,225) (1,225) (1,478) (1,478) (3,884) (3,884) - - (1,843) (922) - 2, (769) , ,842 22,667 13,114 11,972 (143,354) 339,232 11, ,

75 / 7,930 (189,521) ,212 (845) (1,511) (378) - 17,334 21,344 15,446 15, ,327 3,350 - (223) 産 - 2,400 (50,781) - - 2,500 5,546 75,962 2,527 22,647 2,491 5,888 (16,369) - 産 (669) (411) (105) (583) (12,363) (27,712) / (68,348) 5,884 / 36,206 (31,814) / (21,572) 72,552 / (2,093) 16,975 10,078 12,533 (1,947) (5,460) / 4,900 (9,200) / (26,035) 17,936 49,462 84,353 - (8,000) / (7,245) 7,024 / (38,957) 135,071 (781) (6,517) (17,334) (21,344) / (57,072) 107,210

76 ( ) (4,945) (44,797) - (26) (7,278) (66,989) 7,383 67,572 (1,800) (3,483) - (1,029) 2,942 4, , ,128 7, ,511 2,084 1,272 16,369 - / 94,249 (34,432) 296, ,660 (364,823) (660,187) (1,225) (6,323) (9) - (69,306) (134,850) (32,129) (62,072) 115, , , ,

77 産 産 ,572, % ,572,

78 , , , , , , ,000

79 箽 (a) (b) 3

80 3. (b) (c) (d)

81 3. (e) (f) 産 産 産 爲 産 産 産産 産 産 産 産

82 3. (g) 産 産 産 (h) (i) 産 産 産 産

83 3. (j) (k) 産産 産

84 3. (l) (i) (ii) (iii)

85 3. (l) (iv) (v) (m) (n) (i) (ii) (iii) (o) (p) 22.5%

86 3. (q) (r)

87 3. (s) (t) (u) (v) (i) (ii) (iii) (iv) 産 産 産 爲 爲 (w) 爲

88 4. (a) % (b) 産 産 爲 , ,645 1,080, ,990 1,472,166 1,386, ,640 7,493 2,215 3, , , ,272-2,619 10,366 17,632

89 7. / / 産 15,446 15,598 産 3,327 3,350 3,638 6,989 2,288 75,962 2,527 22,647-29,946 28,384-4,111 9,238-11,533 10,748 3, , ,482 16, ,112 (5,004) (6,050) 11,743 10, ,, 21,256, ,256,000 16,369,000

90 ,334 21,344 3,276 2,524 20,610 23,868 1, ,531 24, (a) 爲 : ,922 爲 爲 15% 爲 15%33% (b) 爲 産産 11. / 9,414, ,110, ,991, ,991,343

91 , ,580 26, ,456 7,871 11,507 3,043 22,421 45, ,089 (214) (23,577) (2,080) (25,871) - (28,905) (1,701) (30,606) - 2,167 (2,167) , ,772 23, ,489 1, ,448 3,311 14, ,984 (4,171) (60,016) (2,368) (66,555) - (1,610) (839) (2,449) (297) 941 ( 644) ,694 88,632 21, , , ,063 13, ,488 4,508 8,660 2,430 15,598-2,400-2,400 (123) (16,664) (1,032) (17,819) - (9,856) (778) (10,634) (6,019) 6,964 (945) ,296 94,567 13, ,033 5,350 7,869 2,227 15,446 (1,613) (47,832) (1,695) (51,140) - (1,022) (274) (1,296) 101 (292) ,134 53,290 13,619 98, ,560 35,342 7, , ,569 54,205 10, ,456

92 ,496 41,711 1,634 22,375 (14,984) (45,089) (1,200) (2,501) 1,946 16, ,545 35,844 1,399 2,495 : (894) (597) 505 1,898 33,050 37,742

93 % 2004 % 爱 实业 : 1. 2.

94 , ,266 (39,826) (81,721) 94, ,545 30,027 34, , ,192 (2,709) (22,807) (701) (13,212) ,432 10,432 * 33,142 33,142 43,574 43,574 (8,990) (6,499) 34,584 37,075 *

95 , (109) ,002 (352) 3 2 (426) , (426) , ,576

96 , , , , , , ,565 8, ,948 3, ,202 10,513 11, ,922 3, ,607 13,435 15, , , , , , , ,461 30,313 産 26,356 14,521 産 158, ,987 2,003 2, , ,009 (47,218) (44,691) 157, ,318

97 ,300,000 28(c) , ,500 78, , , , %6.26% ( %6.14% ) (i) 1,107 1,107 (ii) ,553 1,553 (i) (ii) 産 産爲 爲 爲

98 A 72,572,143-72,572 72,572 11,088,000-11,088 11,088 68,544,000 - A 68,544 68, , ,204 48,787,200 B 48,787 48, , ,991 A B 23. (a) (i) (ii) (iii) (iv) (v) 10% 50% 5%10% (b)

99 23. (c) 25% (d) (e) 爲 爲 151,420, ,721,000

100 % 90% 産 1,153 72, ,392 3,288 2,279 (9,369) (1,647) (45,736) (108) 23,529 (3,884) 19, ,781 70,778 64,800 5,978 70,778 64,800 (2,279) 62,521 6,367, ,000 10,000 6,600,000 9,684,000

101 25. : (a) ,369 28,266-1, ,618 78,803-11, ,512 1,002 (b) (i) / (ii) (c) 1,478,000(2004: 1,408,000) (d) ,979,000

102 26. (a) 爲 : ,444 2,644 1,440 4,093-2,742 2,884 9,479 (b) 爲 爲 ,487 6,301 ( ) 12,572 7,645-2,060 21,059 16,006

103 爲 ,200 3,000 78, ,350 80, , (a) ( ) ( ) ,500,000 5,850,000 (b) ( ) ,570,000 1,356, (c) ( ) 3,920,000 ( ) 4,300,000 ( 19) ,600,000 1,320,

104 28 (d) 廸 9,266, ,582,000 29,512, 爲 172,012, ,131, % % 爲 爲 6,593, ,218,000

105 爲 % % ( ) 産 産 産 ( ) 産

106 % % 産 :

107 32. : (a) (i),, (ii) (iii) (b) (i) (ii) 20

108 , , ,087 7,178 9, , % 60% 32,204,

109

110 ( )

111 AUDITORS REPORT TO THE SHAREHOLDERS OF SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED (Incorporated in the People s Republic of China with limited liability) We have audited the financial statements on pages 2 to 42 which have been prepared in accordance with International Financial Reporting Standards. RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS The Company s directors are responsible for the preparation of financial statements which give a true and fair view. In preparing financial statements which give a true and fair view, it is fundamental that appropriate accounting policies are selected and applied consistently. It is our responsibility to form an independent opinion, based on our audit, on those statements and to report our opinion to you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. BASIS OF OPINION We conducted our audit in accordance with International Standards on Auditing. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation of the financial statements and of whether the accounting policies are appropriate to the Group s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance as to whether the financial statements are free from material misstatement. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. We believe that our audit provides a reasonable basis for our opinion. OPINION In our opinion the financial statements give a true and fair view of the state of affairs of the Group as at 31 December 2005 and of its results and cash flows for the year then ended. HORWATH HONG KONG CPA LIMITED Certified Public Accountants 23 March 2006 Chan Kam Wing, Clement Practising Certificate number P Central Plaza 18 Harbour Road Wanchai Hong Kong Page 1

112 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2005 (Expressed in Renminbi thousands) Notes RMB 000 RMB 000 Turnover 5 1,472,166 1,386,635 Cost of sales (1,380,992) (1,285,478) Gross profit 91, ,157 Other revenue 6 10,366 17,632 Selling expenses (46,472) (60,813) Administrative expenses (87,099) (220,416) Loss from operations 7 (32,031) (162,440) Other gains and losses 8 11,743 10,423 Finance costs 9 (22,531) (24,703) Gain on disposal of subsidiaries 50,781 - Gain on disposal of associates Share of losses of unconsolidated subsidiaries and associates (701) (13,212) Profit/(loss) before taxation 7,930 (189,512) Income tax 10(a) (857) (1,922) Profit/(loss) for the year 7,073 (191,443) Attributable to: Equity holders of the parent 9,414 (188,110) Minority interests (2,341) (3,333) 7,073 (191,443) Basic earnings/(loss) per share 11 RMB0.047 RMB(0.936) The notes on pages 8 to 42 form part of these consolidated financial statements Page 2

113 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2005 (Expressed in Renminbi thousands) Notes RMB 000 RMB 000 Non-current assets Property, plant and equipment , ,456 Construction in progress 13 1,946 16,496 Interests in unconsolidated subsidiaries and associates 14 33,050 37,742 Available-for-sale investments 15 34,584 37,075 Goodwill 16 1,224 1,576 Negative goodwill - (865) Intangible assets , ,610 Long term prepayments , ,960 Current assets Inventories , ,318 Trade and note receivables 101, ,384 Other receivables and prepayments 93,380 89,250 Dividends receivable 764 1,049 Amounts due from unconsolidated subsidiaries and associates 25(b)(i) 26,038 36,116 Amounts due from related companies 25(b)(i) 3, Value added tax on export recoverable 21,459 12,580 Cash and bank balances 19 87, , , ,625 Current liabilities Interest-bearing loans and borrowings , ,539 Trade payables 96, ,339 Other payables and accrued expenses 86, ,518 Advances from customers 55,522 41,395 Tax payable Dividends payable Amounts due to unconsolidated subsidiaries and associates 25(b)(i) 844 2,791 Amounts due to related companies 25(b)(i) 6,264 13,509 Amount due to a shareholder 25(b)(ii) 2,452 2, , ,894 Net current liabilities (10,456) (50,269) Total assets less current liabilities 361, ,691 Page 3

114 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2005 (Expressed in Renminbi thousands) Notes RMB 000 RMB 000 Total assets less current liabilities 361, ,691 Non-current liabilities Non-interest-bearing loans and borrowings 21 1,553 1,553 Other long term payables 8,760 8,760 (10,313) (10,313) Net assets 350, ,378 Equity Share capital , ,991 Reserves , ,962 Attributable to equity holders of the parent 339, ,953 Minority interests 11,497 20,425 Total equity 350, ,378 The financial statements were approved and authorised for issue by the board of directors on 23 March Director Director The notes on pages 8 to 42 form part of these consolidated financial statements. Page 4

115 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE YEAR ENDED 31 DECEMBER 2005 (Expressed in Renminbi thousands) Share capital Capital reserves Statutory surplus reserve fund Statutory public welfare fund Discretionary surplus reserve fund Retained Profits/ (accumulated losses) Attributable to equity holders of Minority the parent interests Total equity RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 RMB 000 (Note 22) (Note 23(b)) (Note 23(c)) (Note 23(d)) (Note 23(c)) At 1 January , ,842 23,837 13,701 11,972 32, ,063 34, ,288 Loss for the year (188,110) (188,110) (3,333) (191,443) Dividend paid to minority shareholders (7,336) (7,336) Change in minority interests (3,131) (3,131) Transfer on disposal of a subsidiary - - (220) (110) Profit appropriations (569) At 31 December , ,842 23,997 13,780 11,972 (155,629) 328,953 20, ,378 Effect of change of accounting policy (Note 2) As restated 200, ,842 23,997 13,780 11,972 (154,764) 329,818 20, ,243 Profit for the year ,414 9,414 (2,341) 7,073 Dividend paid to minority shareholders (1,225) (1,225) Change in minority interests (1,478) (1,478) Transfer on disposal of a subsidiary (3,884) (3,884) Liquidation of subsidiaries - - (1,843) (922) - 2, Profit appropriations (769) At 31 December , ,842 22,667 13,114 11,972 (143,354) 339,232 11, ,729 The notes on pages 8 to 42 form part of these consolidated financial statements. Page 5

116 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2005 (Expressed in Renminbi thousands) RMB 000 RMB 000 Operating activities Profit/(loss) before taxation 7,930 (189,521) Adjustment for: Share results of unconsolidated subsidiaries and associates ,212 Interest income (845) (1,511) Dividend income (378) - Interest expenses 17,334 21,344 Depreciation 15,446 15,598 Amortisation of goodwill Goodwill written off Amortisation of intangible assets 3,327 3,350 Release of negative goodwill as income - (223) Provision for impairment loss on property, plant and equipment - 2,400 Gain on disposal of subsidiaries (50,781) - Construction in progress written off - 2,500 Provision for bad and doubtful debts 5,546 75,962 Provision for obsolete and slow-moving inventories 2,527 22,647 Provision for impairment loss on available-for-sales 2,491 5,888 Net income on removal (16,369) - Loss on disposal of property, plant and equipment and construction in progress Gain on disposal of associates (669) (411) Gain on disposal of investments held for trading (105) (583) Provision for impairment loss on interest in associates Amortisation of long term prepayment Cash flows before changes in working capital (12,363) (27,712) (Increase)/ decrease in inventories (68,348) 5,884 Decrease/(increase) in trade and note receivables 36,206 (31,814) (Increase)/decrease in other receivables, prepayments and value added tax on export recoverable (21,572) 72,552 (Increase)/decrease in amounts due from related companies (2,093) 16,975 Decrease in amounts due from unconsolidated subsidiaries and associates 10,078 12,533 Decrease in amounts due to unconsolidated subsidiaries and associates (1,947) (5,460) Decrease/(increase) in bank balances frozen by the Court 4,900 (9,200) (Decrease)/increase in trade and note payables (26,035) 17,936 Increase in advances from customers, other payables and accrued expenses 49,462 84,353 Decrease in amount due to a shareholder - (8,000) (Decrease)/increase in amounts due to related companies (7,245) 7,024 Cash (used in)/generated from operations (38,957) 135,071 Income tax paid (781) (6,517) Interest paid (17,334) (21,344) Net cash (used in)/generated from operating activities (57,072) 107,210 Page 6

117 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2005 (Expressed in Renminbi thousands) Notes RMB 000 RMB 000 Investing activities Purchase of property, plant and equipment and construction in progress (4,945) (44,797) Purchase of intangible assets - (26) Purchase of investments held for trading (7,278) (66,989) Proceeds from sale of investments held for trading 7,383 67,572 Acquisition of additional interest in a subsidiary (1,800) (3,483) Net cash outflow on deconsolidation of a subsidiary - (1,029) Proceeds from disposal of associates 2,942 4,344 Proceeds from disposal of subsidiaries 24 62, Proceeds from disposal of property, plant and equipment and construction in progress 16,128 7,084 Bank interest received 845 1,511 Dividends received 2,084 1,272 Receipts of removal compensation 16,369 - Net cash generated from/(used in) investing activities 94,249 (34,432) Financing activities New bank loans 296, ,660 Repayment of bank loans (364,823) (660,187) Dividends paid to minority shareholders (1,225) (6,323) Dividends paid to shareholders (9) - Net cash used in financing activities (69,306) (134,850) Net decrease in cash and cash equivalents (32,129) (62,072) Cash and cash equivalents at beginning of year 115, ,858 Cash and cash equivalents at end of year 19 83, ,786 The notes on pages 8 to 42 form part of these consolidated financial statements. Page 7