2003

2 2 3 5 7 9 9 16 17 20 20 1

1 SHENZHEN ENERGY INVESTMENT CO. LTD. SEIC 2 3 2068 33 0755-83684356 0755-83684248 seic@szonline.net 4 2068 33 2068 33 518031 seic@szonline.net 5 www.cninfo.com.cn 6 A 000027 7 2003 11 10 4403011030752 440304192241158 440301192241158 5020 1 1494369387.07 713667938.00 706168249.57 1616752659.87 8695744.14 1507936551.10-16425379.47 --- 2858215.44 2336250168.97 839259744.85 2

17894970.65-5284407.61 1193818.75 3917055.86 7499688.43 2 2003 2002 2001 4804631978.49 3828587948.53 3828587948.53 3347807762.89 3347807762.89 713667938.00 517917366.84 506869504.40 405221200.59 398136838.90 8894253251.01 8133521941.66 7994429248.12 7885134952.56 7764864405.23 3641391708.57 3140989909.27 2891875964.69 2939900687.36 2598529087.39 0.5935 0.4307 0.4215 0.4044 0.3973 0.5935 0.4307 0.4215 0.4044 0.3973 0.5873 0.4455 0.4363 0.4470 0.4399 3.0282 2.6121 2.4049 2.9338 2.5931 3.0165 2.6074 2.3658 2.9299 2.5321 1.9428 1.9327 1.9327 1.9526 1.9526 19.60% 16.49% 17.53% 13.78% 15.32% 20.67% 16.75% 17.77% 13.23% 14.59% 19.39% 17.05% 18.14% 15.24% 16.96% 3 9 % 44.40 46.83 1.34 1.34 41.41 43.67 1.25 1.25 19.60 20.67 0.59 0.59 19.39 20.45 0.59 0.59 4 1202495332 534350081.42 783963946.64 227848025.85 392332523.36 3140989909.27 - - 142968693.88 71363086.35 713667938.00 927999718.23 - - - - 427597918.93 427597918.93 1202495332 534350081.42 926932640.52 299211112.20 678402542.43 3641391708.57 1 3

(1) 1 ( ) 664778960 -- 664778960 2 51400191 -- 51400191 716179151 -- 716179151 486316181 -- 486316181 580729 -- 335567 486316181 -- 486316181 1202495332 -- 1202495332 2003 7 25 2002 A 100,790 2004 2 234777 (2) A 2001 2001 1,002,079,444 10 3 2 10 3 1 10 1 2001 2002 7 2 2001 2002 7 24 2002 7 31 2002 8 1 2002 8 1 B A 2 (1) 2003 12 31 156,183 (2) 10 (%) 1 664778960 55.28 2 21880255 1.82 3 8220061 0.68 4 6443042 0.54 5 6300000 0.52 6 5502130 0.46 7 5355947 0.45 8 5290000 0.44 9 5259870 0.44 10 5106179 0.42 (3) 1985 7 9.56 4

75% 25% (4) 1987 7 A B C D E 5 10 1 21880255 A 2 6443042 A 3 6300000 A 4 5502130 A 5 5355947 A 6 5290000 A 7 5106179 A 8 4909769 A 9 4755000 A 10 4071341 A 1 47 2003.11-2005.06 41 2002.06-2005.06 60 2002.06-2005.06 57 2003.12-2005.06 49 2002.06-2005.06 44 2002.06-2005.06 61 2002.06-2005.06 48 2002.06-2005.06 40 2003.07-2005.06 46 2003.07-2005.06 59 2002.06-2005.06 77730 77730 47 2002.06-2005.06 39 2002.06-2005.06 59 2002.06-2005.06 40 2003.11-2005.06 37 2003.11-2005.06 43 2002.06-2005.06 40 2002.06-2005.06 5

2 3 18 7 171.6 19 25.3 5 25.3 30.8 2 55.8 81.1 10 4 1 2003 3 28 2 2003 7 25 2002 3 2003 7 25 4 2003 11 5 5 2003 11 5 6 2003 11 5 6

7 7 2003 12 9 2003 5 2003 95% 1 (1) (2) (3) (4) (5) (6) (7) 2

8 3 (1) (2) (3) (4) (5) 1 6 30 0.0415 / 0.0415 / 0.003 / [1999]213 1.55% 2002

1 2003 5 27 2002 2003 6 25 2002 2003 7 25 9 2002 2068 35 17 758,854,937 1,202,495,332 63.11% 2002 2002 2002 2002 2002 2003 2003 7 26 2 2003 11 7 2003 2003 12 9 10 2003 2068 33 13 698106881 1202495332 58.05% 2003 12 10 1 (1) (2) 9

1 6 101 46.8% 5.6 2003 39.2 34 2003 6.31 13.6 2003 46.34 28.79 2003 7.62 6, 5 6, 5 6 12 17 12 25 13.74 6.03% (3) 2 1 60% 3.54 1198.8 2 PG9171E 180 MW S109E 360 MW 11.8 8 28 11 18 12 31,2# 2004 4 5 2# 10

2# 2 MAX GOLD INVESTMENTS LIMITED 51% 3.54 1196 2 180MW 11.8 3 2003 12 31 889425.33 76073.14 9.35% 232232.03 9688.43 4% 364139.17 50040.18 15.93% 3.03 480463.2 97604.4 25.49% 161675.27 53005.68 48.78% 71366.79 19575.05 37.8% 0.59 2003 83925.97 36740.32 77.86% 4 1 2003 11 2 2005 1000, 3 5 2003 1 2003 2003 227,949,369.74 A 2003 ( +, -) 170,549,491.14 (a) -16,377,080.06 (b) -7,927,079.28 (c) 11

-13,896,492.36 (d) -789,710.68 (e) -19,733,869.32 (f) -6,577,956.44 (f) 105,247,303.00 (a) 2003 1 1 (0.063 / )2003 1 1 2002 32,823,377.58 2002 137,726,113.56 2003 170,549,491.14 (b) 2003 1 1 2002 1,709,223.84 2002 14,667,856.22 2003 16,377,080.06 (c) (d) 2003 2003 1 1 (e) 789,710.68 (f) 2002 131,559,128.76 15% 5% 19,733,869.32 6,577,956.44 2002 19,297,576.31 2002 3,859,515.27 2002 89,809,241.96 2002 10,082,983.62 2002 1,512,447.54 2002 49,858,161.98 2002 11,047,862.44 2002 4,069,376.41 2002 40,596,583.91 B 2003 12 < > 2002 300,623,833.20 2002 120,249,533.40 2003 180,374,299.80 2 12

2003 1 1 2003 1 1 2003 1 1 0.063 / 0.0044 / 2003 124,871,929.17 2003 68,679,561.04 6 1 2 2004 3 2004 5 30 2004 6 30 2004 9 30 2004 2005 5 2005 4 7 (1) A 2003 1 10 2068 13

33 57.5% B 2003 3 28 2068 33 2003 4 1 C 2003 4 18 2068 33 2002 2002 2002 2002 1202495332 10 1.5 2002 2003 2003 2003 4 22 D 2003 4 28 12 2003 2003 4 29 E 2003 6 20 2068 33 2002 2003 7 25 9 2068 35 2003 6 25 F 2003 8 8 2068 33 14

2003 2003 8 13 10 6 10 G 2003 10 21 12 2003 2003 10 22 H 2003 11 5 2068 33 2003 2003 12 9 10 2068 33 2003 2003 11 7 I 2003 11 21 2068 33 2003 11 26 J 2003 11 5 90% 2003 12 26 90% 15

2003 12 30 (2) 2002 2003 7 25 2002 2002 1202495332 10 1.5 2002 2003 8 29 2003 9 4 2003 9 5 8 2003 71,366.79 68,122.18 10% 6,812.22 5% 3,406.11 7,484.65 3,730.20 14,296.87 7,136.31 3,289.18 39,233.25 18,037.43 67,840.25 2003 2003 1,202,495,332 10 3.00 360,748,599.60 317,653,942.83 2003 1 1 2003 4 18 2002 2002 2002 2 2003 7 25 3 2004 3 10 2003 2 2003 1 2003 2 2003 3 4 16

2003 1 2000 4 ( ) 25% 11 28, [2000]961,, 12 15, [2000] 020 2001 3, [2000] 020 2002 9 27, (2001) 2, 2003 12 22 [2003]1345 ( ) 25% 2004 2 23 (2002) 29 (2001) 2 [2000] 020 (1) ( 1,937,500.00 96,875.00 58,125.00, 2,092,500.00,, 2,092,500.00 ) 2 3 1,,, 1.55% 2003 2002 17

1,518,175 71,618,210.33 6,501,837.26 1,457,494 78,879,663.28 6,662,150.00 2,480,638 104,071,592.25 10,570,970.67 1,447,620 78,964,833.00 6,621,030.00 2,, 6,562,249.00 13,124,498.05, 19,686,747.05 3 2002, 0.015 /, 2003,, 0.0415 / ( ) 0.003 / 2003 2002 544,315,643.40 549,845,094.97 34,005,154.88 71,165,926.70 974,259,655.16 557,541,458.00 58,371,893.10 51,804,210.00 4 2001 8 1 S106B S106B, 2003, S106B 2003, 18

S106B 41,039,330.67 S106B 134,983,657.65 2003 12 31 57,334,481.73, 32,476,449.00, 24,858,032.73 2003 41,039,330.67 5,377,883.44 21.63% 5 1,413,384.09 6,, B, 2002 12 31, 1.3, 7000 1 2003 12 31 1 7 2003 1107 240 ( 1228 ) 1200 8 A 8,084,595.03 90% 2003 12 31 B 502.5 10% 4 2003 5 6 2003 59 12 7 1 2003 6 25 2 6 2003 7 31 19

3 2003 8 5 4 [2004]19 0.34 / 0.34598 / 0.394 / 0.39998 0.39181 / 0.39779 / 2004 1 1 1 2 3 1 2 3 2003 4 20

2003.1.1 2003.12.31 ( ) ( ) 1. RMB 133,000,000.00 RMB 24,541,068.71 RMB 132,401,518.65 RMB 25,139,550.06* 5,400.00 -- -- 5,400.00 2. 13,246,805.27 573,480.00 -- 13,820,285.27** 3. 1,751,852.39 75,000.00 1,605,990.07 220,862.32 4. 488,865.13 436,874.42 271,068.60 654,670.95 5. 4,907,558.80 621,825.29 5,529,384.09 -- ( ) 6. 769,490.17 -- -- 769,490.17 7. 31,442,844.97 757,359,406.53 768,535,534.04 20,266,717.46*** 8. 6,138,968.93 -- 6,138,968.93 -- S106B RMB 191,751,785.66 RMB 783,607,654.95 RMB 914,482,464.38 RMB 60,876,976.23

1 2-3 4 5 6 7 8 9 10 11 12 73 ( ) 74 ( ) 75 ( ) 76 ( ) 77-78

* * (2004) 44 ( ) 1

2003.12.31 2002.12.31 5 RMB 2,144,441,537.71 RMB 1,305,181,792.86 2(8).2(12).6 32,457,917.00 52,040,000.00 2(9).7 515,394,944.48 374,315,640.08 2(9).8.43(3) 99,076,283.63 107,449,293.31 9.43(3) 24,545,211.43 187,180,687.86 2(10).10 181,459,227.05 156,148,234.31 2,997,375,121.30 2,182,315,648.42 2(11).11 309,001,934.08 357,665,849.00 2(11).11 100,831,822.38 108,545,737.28 309,001,934.08 357,665,849.00 2(13).12 9,447,086,539.77 8,658,930,486.48 2(13).12 4,985,495,508.74 4,190,395,487.83 4,461,591,031.03 4,468,534,998.65 2(13).12 76,436,181.79 71,449,641.25 4,385,154,849.24 4,397,085,357.40 629,014.74 17,373,461.26 2(14).2(15).13 917,402,380.92 912,738,614.92 5,303,186,244.90 5,327,197,433.58 2(16).14 273,560,744.96 261,367,722.07 2(17).15 11,129,205.77 4,975,288.59 284,689,950.73 266,343,010.66 RMB 8,894,253,251.01 RMB 8,133,521,941.66 2

( ) 2003.12.31 2002.12.31 16 RMB 80,000,000.00 RMB 165,000,000.00 17.43(3) 242,346,029.98 154,462,522.40 29,273,027.90-181,735.00 23,675.04 18 114,649,887.71 88,170,580.60 19-2,894,207.75 3.20 140,971,544.02 83,631,315.93 792,295.76 600,796.11 21.43(3) 545,939,313.36 505,234,243.78 22 174,416,444.86 185,002,209.19 23-4,185,000.00 1,328,570,278.59 1,189,204,550.80 24 990,000,000.00 1,230,000,000.00 25 3,750,000.00-993,750,000.00 1,230,000,000.00 2,322,320,278.59 2,419,204,550.80 2(20) 2,930,541,263.85 2,573,327,481.59 26 1,202,495,332.00 1,202,495,332.00 27 534,350,081.42 534,350,081.42 28 1,226,143,752.72 1,011,811,972.49 299,211,112.20 227,848,025.85 29 678,402,542.43 392,332,523.36 360,748,599.60 180,374,299.80 3,641,391,708.57 3,140,989,909.27 RMB 8,894,253,251.01 RMB 8,133,521,941.66 ( ) 3

2003.12.31 2002.12.31 RMB 162,033,227.63 RMB 12,094,395.74 9,261,890.43 7,112,441.65 2(9).42(1) 95,858,061.49 35,108,449.21 14,824.50 795,424.50 267,168,004.05 55,110,711.10 2(11).42(2) 3,605,815,946.62 3,200,295,070.30 3,605,815,946.62 3,200,295,070.30 2(13) 53,185,460.44 52,796,261.52 2(13) 14,483,562.40 11,178,520.19 38,701,898.04 41,617,741.33 2(13) 2,570,000.00 2,570,000.00 36,131,898.04 39,047,741.33 36,131,898.04 39,047,741.33 2(17) 645,799.03 537,378.44 645,799.03 537,378.44 RMB 3,909,761,647.74 RMB 3,294,990,901.17 4

( ) 2003.12.31 2002.12.31 RMB 280,000,000.00 RMB 175,000,000.00 185,952.17 140,584.88 3 13,481,256.87 1,652,649.69 169.58 4,423.56 5,533,460.94 3,041,094.58 11,505,341.88 12,759,179.78 23-4,185,000.00 310,706,181.44 196,782,932.49 310,706,181.44 196,782,932.49 1,202,495,332.00 1,202,495,332.00 534,350,081.42 534,350,081.42 725,275,076.92 623,091,807.31 188,143,024.80 154,081,934.93 1,136,934,975.96 738,270,747.95 360,748,599.60 180,374,299.80 3,599,055,466.30 3,098,207,968.68 RMB 3,909,761,647.74 RMB 3,294,990,901.17 ( ) 5

2003 2002 2(18).30 RMB 4,804,631,978.49 RMB 3,828,587,948.53 30 3,170,688,754.46 2,731,886,847.88 3(1) 17,190,564.16 10,005,207.82 1,616,752,659.87 1,086,695,892.83 ( ) 31 8,695,744.14 (4,199,367.36) 8,312,112.51-88,321,623.87 (26,681,108.34) 2(15).32 20,878,116.53 39,750,954.80 1,507,936,551.10 1,069,426,679.01 ( ) 33 (16,425,379.47) (75,861,116.05) 34-128,632,438.09 35 13,866,047.59 3,085,699.13 36 11,007,832.15 29,657,118.30 1,494,369,387.07 1,095,626,581.88 2(19).3(2) 128,314,762.16 119,751,829.37 2(20) 652,386,686.91 457,957,385.67 713,667,938.00 517,917,366.84 29 392,332,523.36 461,098,062.41 1,106,000,461.36 979,015,429.25 29 142,968,693.88 119,369,970.46 29 71,363,086.35 31,852,511.65 29 32,891,838.90 34,628,646.58 858,776,842.23 793,164,300.56 29 180,374,299.80 300,623,833.20-100,207,944.00 29 RMB 678,402,542.43 RMB 392,332,523.36 ( ) 6

2003 2002 RMB - RMB - - - - - - - 257,069.00 397,000.00 23,634,362.60 29,369,493.17 2(15) 5,696,468.66 (598,749.53) ( ) (29,073,762.26) (28,373,743.64) 42(3) 706,523,074.97 500,338,589.75 4,746,015.00 358,080.48 973,530.29 4,265,813.93 681,221,797.42 468,057,112.66 2(19) - - 681,221,797.42 468,057,112.66 738,270,747.95 741,253,979.39 1,419,492,545.37 1,209,311,092.05 68,122,179.74 46,805,711.27 34,061,089.87 23,402,855.63 1,317,309,275.76 1,139,102,525.15 180,374,299.80 300,623,833.20-100,207,944.00 RMB 1,136,934,975.96 RMB 738,270,747.95 ( ) 7

2003 RMB 5,533,417,669.49-37 203,615,100.18 5,737,032,769.67 2,244,951,143.82 56,385,459.18 692,816,105.63 38 406,629,892.07 3,400,782,600.70 2,336,250,168.97 73,246,400.00 4,333,319.15 9,942,662.06 39 1,758,935.02 89,281,316.23 656,161,679.88 114,447,488.84 : 75,626,371.84 40 37,798,041.86 808,407,210.58 (719,125,894.35) 107,689,875.40 215,000,000.00-322,689,875.40 540,000,000.00 551,434,519.21 41 9,120,000.00 1,100,554,519.21 (777,864,643.81) 114.04 2(7) RMB 839,259,744.85 8

( ) 2003 1. RMB 713,667,938.00 652,386,686.91 4,453,997.43 826,164,536.24 13,755,833.11 2,503,952.50 (10,585,764.33) 3,284,583.92 32,438,256.73 14,525,379.47 ( ) (25,054,635.10) 23,486,827.36 85,222,576.73 2,336,250,168.97 2. - 3. 2,144,441,537.71 1,305,181,792.86 2(7) RMB 839,259,744.85 ( ) 9

2003 RMB 257,069.00 19,354,755.95 19,611,824.95 5,662,825.77 3,569,042.19 90,345,969.13 99,577,837.09 (79,966,012.14) 5,905,300.00 363,003,575.00-368,908,875.00 326,398.92 : 67,618,676.35 8,084,595.03-67,945,075.27 300,963,799.73 280,000,000.00-280,000,000.00 175,000,000.00 175,938,955.70 120,000.00 351,058,955.70 (71,058,955.70) - 2(7) RMB 149,938,831.89 10

( ) 2003 1. RMB 681,221,797.42 2,846,467.98 3,305,042.21 460,500.00 ( ) (1,253,837.90) 5,602,554.98 ( ) (706,523,074.97) ( ) (62,506,622.55) (3,118,839.31) (79,966,012.14) 2. - 3. 162,033,227.63 12,094,395.74 2(7) RMB 149,938,831.89 ( ) 11

1., [1992]13, (, ), [1992]066, ( ), 55%,, [1993]355 [1993] 141, (A ), [1993]82 (1991) 34,,,,, 4403011030752, N24691 13

2. (1) (2) (3) ( ) ( ) (4),,, (5), ( ),,,, (6), 14

15,, (7) (8),, 6 (9),,, ( ),,

* 7% 15% 30% 50% 80% 100% *, ( ),, 7 8 (10),,,,,,,,,,, 10 16

17 (11),, 20%, 20% 50%, 50%, 20% 50%,,,,,,,, 11 (12),,,,,,,,, 6

(13), 2,000.00,,,, ( 5%), ( ) 20 4.75% 10 9.50% 5 19.00% 5 19.00% 11 8.64%,, ( ) ( / ) 2003 2002 0.0044 * 0.0800 0.1100 0.1100 0.0800 ** 0.0800 * 0.08 /,, 18

19, 0.063 / 12(1), 2(21),,, 0.063 / 0.0044 / 2(21) **,,,, 12 (14),,,,,,,

20 13 (15),,,,,,,, 13 32 (16) A, ( ),, B. ( ) C D ( ),, 2 13 2(21)

,,, 14 (17) A,, B [2002]16,, C 15 (18),,, [2002]302 0.340 / ( ) (, ) [1997]177 ( 262,824, 0.4909 / ( ) 21

262,824, 0.2078 / ( )), [2002]16 ( ) 0.4359 / ( ), [2002]302 0.394 / ( ) 168, 5 6, 0.205 / ( ), 0.39 / ( ), 95% ( 0.3705 / ) [2003]93 5 0.39181 / ( ),,,, 30 (19) 22

23 3(2) (20) (1995)11 < >,, 4(1), 57.5%,, 11(3) ( )90% 10%, 1996 2 4(1) ( ) 10%, 1996 2 4(1) 90%, ( ),

(21) 2 13 12(1) 0.08 / 0.063 / 170,549,491.14 93,802,220.13 14(1) 16,377,080.06 9,007,394.03 0.063 / 0.0044 / 124,871,929.17 68,679,561.04 3. 24

(1) 5% 25 17% 13% 5% 17% 13% 3% 17% 5% 5% 3% 13% 17% 3% [1999]609, [2002]415,, [2003]150, ( ) ( ) 1% 7% 3%

(2) 15% 15% 15% * 7.5% ** 7.5% *** --- **** 15% ***** 15% 33% ***** --- ***** * [2002] 289, ** (1994) 9,,, 7.5% *** (1997)58,, 7.5% [2002]569, 7.5% **** [2001]380,,,,, 26

*****,, (3) 70%, 1.2%, 12% (4) 4. (1) 50% 1. 1989.09.11 RMB 560,000,000.00 RMB 323,120,000.00 57.7%,, 2. * 1993.07.17 RMB 28,000,000.00 RMB 14,280,000.00 51% 0 3. ** 1994.06.30 RMB 1,360,000,000.00 RMB 693,600,000.00 51% 11 4. 1996.03.28 RMB 41,323,691.52 RMB 41,323,691.52 100%,, 5. *** 1999.08.27 USD 500,000.00 RMB 2,321,586.30 51% ( 5 ) 716 6. **** 80 2001.05.23 RMB 5,000,000.00 RMB 2,550,000.00 51% 7. 2003.08.25 USD 11,988,000.00 USD 7,192,800.00 60% ***** 8. 1999.02.03 RMB 50,000,000.00 RMB 43,750,000.00 87.5% ( ****** 26 ) 9. 1999.08.13 RMB 5,000,000.00 RMB 4,112,500.00 82.25% ( 19 )******* 10. 65 1994.12.15 HKD 1,000,000.00 HKD 900,000.00 90% ******** D 10/F 27

*, 51%, 51,609,925.56, 14,280,000.00, SZXYZH/V04001 ** 680,000,000.00,,, 1,360,000,000.00,,, 346,800,000.00 (2003) 14 *** (2004) CA040 **** ( ), 2(20), ***** [2003]1647 ( ) [2003]0018 008602 250,000,000.00 28

11,988,000.00 7,192,800.00 60% (2003) 71011 ****** ( ) ( ) 33.75% 23.75%( 57.5%) 96,000,000.00 ( 78,750,000.00 ), 46,555,238.25, 57.5%, 30% 50,000,000.00 ( 41,000,000.00 ), 39,407,714.00 30%, : 2003.05.01 RMB 32,624,444.74 RMB 4,852,246.01 RMB 44,259,420.73 RMB 14,625,965.89 RMB 96,362,077.37 RMB 28,128,199.25 RMB 26,250,000.00 RMB 54,378,199.25 RMB 41,983,878.12 29

2003.05.01-2003.12.31 RMB 49,685,271.86 RMB 9,381,913.39 RMB 4,790,508.44 RMB (15,716.44) RMB 4,806,224.88 [2004]40 ******* 94% ********, ( ) 8,084,595.03 90%, : 2003.12.31 RMB 1,291,508.20 RMB 16,763,820.23 RMB 18,055,328.43 RMB 14,967,084.64 RMB 14,967,084.64 RMB 3,088,243.79 (2) 50% 176 322 1998.06.03 RMB 24,450,000.00 RMB 12,225,000.00 50% ( ) 30

, 50% 20% 20% 10% 22,000,000.00,, 2,450,000.00,,, 16,000,000.00 [2002]14,, (3) 50% 1. 1991.09.12 RMB 56,000,000.00 RMB 10,640,000.00 19% ( )* 2. 1993.09.15 RMB 1,050,000.00 RMB 415,611.61 33.33% ( ) 3. 1996.04.23 RMB 50,480,000.00 RMB 18,680,000.00 37% ( )** 4. 1997.07.25 RMB 290,000,000.00 RMB 121,800,000.00 42% ( )*** 92 1201-1208 5. 1998.08.25 RMB 1,600,000,000.00 RMB 44,580,000.00 2.71% ( ) 23 E 6 2003.10.27 RMB 125,000,000.00 RMB 3,125,000.00 5% ( )**** *, 15,000,000.00 56,000,000.00, 31

11% 30% [2004]0374 **,,, 10%,, ***, 10,000,000.00,,, 290,000,000.00, 42% ( 10% ) **** 125,000,000.00 95% N09019 50% B [2003] 028 (4) A ( ) 32

( ),,,,,,,, 1,500,000.00, 5%,, ( ),,, 1,500,000.00, 1,600,000.00, 54,267,000.00 4,100,000.00, 58,367,000.00,,, 1,167,340.00, 57,199,660.00, 58,367,000.00, 1,720,000.00, 60,087,000.00, B ( ) ( ) ( ) ( ) ( ) ( 98,000 33

, 7,000,000.00, 350, 3,000,000.00, 150, 2,000,000.00 C. 50,000.00 10%. 5. 2003.12.31 2002.12.31 RMB 200,728.04 --- RMB 200,728.04 RMB 85,040.88 --- RMB 85,040.88 HKD 84,620.93 1.0657 91,234.87 HKD 139,468.15 1.0613 149,338.96 USD 15,848.61 8.2767 131,182.07 USD 19,152.19 8.2766 158,525.66 FF 727.66 1.1156 801.65 FF 182.26 1.1156 193.20 423,946.63 393,098.70 RMB 2,123,335,127.53 --- 2,123,335,127.53 RMB 1,256,372,725.71 --- 1,256,372,725.71 HKD 3,028,637.10 1.0657 3,223,793.79 HKD 2,664,201.55 1.0613 2,827,725.66 USD 1,853,740.52 8.2767 15,343,933.48 USD 1,849,472.13 8.2766 15,309,198.78 EUP 595.08 10.3383 5,165.80 EUP --- --- --- 2,141,908,020.60 1,274,509,650.15 RMB 2,109,570.48 --- 2,109,570.48 * RMB 30,279,044.01 --- 30,279,044.01 RMB 2,144,441,537.71 RMB 1,305,181,792.86 * 1,190,000.00 6. 2003.12.31 2002.12.31 02(13) RMB 18,126,117.00 * RMB 18,540,000.00 RMB --- RMB 20,000,000.00 RMB 20,023,400.00 RMB --- 13,500,000.00 * 13,332,000.00 168,200.00 12,040,000.00 --- --- 1,000,000.00 ** 1,066,400.00 --- --- --- --- --- --- --- 20,000,000.00 --- --- RMB 32,626,117.00 RMB 32,938,400.00 RMB 168,200.00 RMB 52,040,000.00 RMB 20,023,400.00 RMB --- * 02(13) 34

** 1.0664 7. (1) 2003.12.31 2002.12.31 1 RMB 516,513,592.42 99.94% RMB 1,362,582.97 7% RMB 374,417,933.60 99.93% RMB 318,877.42 7% 1 2 77,212.49 0.01% 11,581.87 15% 254,804.59 0.07% 38,220.69 15% 2 3 254,720.59 0.05% 76,416.18 30% --- --- --- 30% RMB 516,845,525.50 100.00% RMB 1,450,581.02 RMB 374,672,738.19 100.00% RMB 357,098.11 (2) 2003.12.31 RMB 502,701,733.13 * 97.26% 1 *, (3) 5%( 5%) 8. (1) 2003.12.31 2002.12.31 1 RMB 80,638,575.83 51.32% RMB 4,710,490.61 7% RMB 94,351,908.65 56.12% RMB 13,362,058.27 7% 1 2 18,516,749.44 11.79% 2,798,245.97 15% 24,580,899.82 14.62% 3,687,134.98 15% 2 3 10,713,392.29 6.82% 6,238,017.70 30% 7,139,404.30 4.25% 2,141,821.30 30% 3 4 5,775,570.47 3.68% 2,887,785.23 50% 459,061.10 0.27% 229,530.54 50% 4 5 332,675.48 0.21% 266,140.37 80% 1,692,822.65 1.01% 1,354,258.12 80% 5 41,139,785.14 26.18% 41,139,785.14 100% 39,903,530.19 23.73% 39,903,530.19 100% RMB 157,116,748.65 100.00% RMB 58,040,465.02 RMB 168,127,626.71 100.00% RMB 60,678,333.40, 35

(2) 2003.12.31 1. ( ) RMB 17,187,900.00 * 10.94% 5 2. ( ) ( ) RMB 16,600,000.00 ** 10.57% 5 3. ( ) RMB 13,820,285.30 *** 8.80% 2 3 4. RMB 13,150,000.00 **** 8.37% 1 ( ) 5. RMB 9,184,217.41 ***** 5.85% 1 3 6. RMB 4,320,000.00 ****** 2.75% 2 3 7. RMB 3,834,979.03 ******* 2.44% 5 5%( 5%) 43(3) * ( ), 3,000,000.00 ( ), 3,000,000.00, 3,000,000.00 ( ) 13,500,000.00, 16,500,000.00,,, ** ( ), A 3,036, 20,000,000.00, 3,400,000.00,, 36

(1998) 93 (1999) 39, 14,100,000.00, 14,100,000.00,,, [2000] 19-4, 5G 5F 6C 6E 6H 16A 16G 16E 16F 17G 17D 17H 23D 23F 14 14,100,000.00,,, *** 12,000,000.00, 4.779% 12,000,000.00 [2003] 1107 2,400,000 ( 12,280,000.00 ) 12,000,000.00 **** 13,150,000.00 4.779% 005008 37

15,000,000.00 6,000,000.00 40% ***** [2001]251 220KV, 220KV, 4,028,283.20 5,155,934.21 ****** 4,320,000.00 *******, ( ) 6,000,000.00,,, (1997) 112 (1998) 31,,,,, [2001] 14, (1997) 112 906,353.27 3,369,646.73,, 25% 458,667.70 38

, 3,834,979.03, (3) ( ) ( ) 18,591,558.80 17,800,000.00 791,558.80 621,825.29 1,413,384.09 9. (1) 2003.12.31 2002.12.31 1 RMB 23,923,305.58 97.47% RMB 166,752,261.36 89.09% 1 2 598,481.35 2.44% 176,000.00 0.09% 2 3 3,424.50 0.01% 20,232,426.50 10.81% 3 4 --- --- 20,000.00 0.01% 5 20,000.00 0.08% --- --- RMB 24,545,211.43 100.00% RMB 187,180,687.86 100.00% (2) 2003.12.31 RMB 16,020,000.00 1 RMB 598,481.35 1 2 5%( 5%) 43(3) 39

10. 2003.12.31 2002.12.31 RMB 85,741,533.47 RMB --- RMB 85,741,533.47 RMB 73,533,954.18 RMB --- RMB 73,533,954.18 48,848,545.52 --- 48,848,545.52 62,479,033.29 --- 62,479,033.29 47,336,661.01 4,446,627.07 * 42,890,033.94 24,838,231.55 4,702,984.71 20,135,246.84 3,979,114.12 --- 3,979,114.12 --- --- --- RMB 185,905,854.12 RMB 4,446,627.07 RMB 181,459,227.05 RMB 160,851,219.02 RMB 4,702,984.71 RMB 156,148,234.31 * 11. (1) 2003.01.01 2003.12.31 RMB 11,835,000.00 RMB --- RMB 11,835,000.00 RMB --- RMB --- RMB 11,835,000.00 RMB --- RMB 11,835,000.00 297,343,224.20 60,058,112.48 237,285,111.72 3,175,000.00 43,025,000.02 257,493,224.18 61,158,112.48 196,335,111.70 108,545,737.28 --- 108,545,737.28 10,161,741.59 17,875,656.49 100,831,822.38 --- 100,831,822.38 RMB 417,723,961.48 RMB 60,058,112.48 RMB 357,665,849.00 RMB 13,336,741.59 RMB 60,900,656.51 RMB 370,160,046.56 RMB 61,158,112.48 RMB 309,001,934.08 (2) 2003.12.31 ( ) (A ) 2,230,800 0.46% RMB 4,185,000.00 RMB --- RMB 12,938,640.00 (A ) 1,540,000 0.81% 1,250,000.00 --- 7,022,400.00 (A ) 2,160,000 1.58% 4,100,000.00 --- 24,969,600.00 (A ) 1,200,000 1.98% 2,300,000.00 --- 6,660,000.00 RMB 11,835,000.00 RMB --- RMB 51,590,640.00 40

(3) 2003.12.31 ( ) ( ) ( ) 42 RMB 44,580,000.00 RMB --- RMB 44,580,000.00 2.71% RMB --- RMB --- RMB --- 30 33,400,000.00 88,400,000.00 121,874,500.11 42% --- 74,500.11 --- 20 10,640,000.00 --- 10,640,000.00 19% --- --- --- 20 ( 5,025,000.00 --- --- 10% (5,025,000.00 ) (5,025,000.00 ) --- )* ** 20 18,680,000.00 --- --- 37% --- (18,680,000.00 ) --- 50 4,000,000.00 --- --- 40% (4,000,000.00 ) (4,000,000.00 ) --- *** 15 11,000,000.00 1,225,000.00 12,171,112.48 50% --- (53,887.52 ) 4,171,112.48 50 58,367,000.00 1,720,000.00 60,087,000.00 --- --- --- 55,087,000.00 37 3,125,000.00 --- 3,125,000.00 5% --- --- --- 20 2,550,000.00 --- 2,550,000.00 51% --- --- 1,900,000.00 415,611.59 --- 415,611.59 33.33% --- --- --- 2,000,000.00 --- 2,000,000.00 --- --- --- --- 15 ( 25,000,000.00 --- --- 8% (25,000,000.00) (25,000,000.00 ) --- )**** 20 9,000,000.00 --- --- 90% (9,000,000.00 ) (9,000,000.00 ) --- ***** 50,000.00 --- 50,000.00 10% --- --- --- RMB 227,832,611.59 RMB 91,345,000.00 RMB 257,493,224.18 RMB (43,025,000.00 )RMB (61,684,387.41 ) RMB 61,158,112.48 * ( ) 5,025,000.00 < > 5,025,000.00 10% **, 41

*** ( ) 8,803,000.00 3,441,200.00 YB6480 ( 80,000.00 ) 800,000.00 508,800.00 **** 25,000,000.00 8% 25,000,000.00 16,000,000.00 9,000,000.00 ***** ( ), 90% 10% 39% 3,900,000.00 51% 5,100,000.00 42

9,000,000.00 (4) 2003.01.01 2003.12.31 * RMB 140,366,994.94 10 RMB 108,784,421.08 RMB --- RMB 14,036,699.48 RMB 94,747,721.60 ** (265,204.21 ) 10 (238,683.80 ) --- (26,520.43 ) (212,163.37 ) *** 81,592,403.58 10 --- 81,592,403.58 3,865,477.44 77,726,926.14 **** (71,430,661.99 ) 10 --- (71,430,661.99) --- (71,430,661.99) RMB 150,263,532.32 RMB 108,545,737.28 RMB 10,161,741.59 RMB 17,875,656.49 RMB 100,831,822.38 * ** *** 4(1) 57.5% 78,750,000.00 24,140,729.92 54,609,270.08 30% 41,000,000.00 14,016,866.50 26,983,133.50 81,592,403.58 **** 4 1 90% 8,084,595.03 43

3% 79,515,257.02 71,430,661.99 (5) 2003.12.31 2002.12.31 * RMB 4,171,112.48 RMB 4,171,112.48, ** --- 800,000.00 *** 1,900,000.00 --- **** 55,087,000.00 55,087,000.00 RMB 61,158,112.48 RMB 60,058,112.48 * 4(2), 16,000,000.00,, 4,171,112.48 ** 11(3) *** 650,000.00 1,900,000.00 **** 60,087,000.00 4(4)A,,, 5,000,000.00, 55,087,000.00 44

12. (1) 2003.01.01 * 2003.12.31 RMB 1,859,525,674.11 RMB 585,964,417.72 RMB 352,066,125.47 RMB 22,741,064.83 RMB 2,774,815,152.47** 6,699,922,278.34 (597,318,317.64) 434,495,521.85 10,741,676.44 6,526,357,806.11** 63,053,958.40 --- 3,902,302.58 9,055,913.10 57,900,347.88 47,782,475.55 --- 11,216,916.70 9,212,644.73 49,786,747.52 --- --- 38,226,485.79 --- 38,226,485.79 8,670,284,386.40 (11,353,899.92) 839,907,352.39 *** 51,751,299.10 9,447,086,539.77 473,928,086.28 252,656,570.54 118,660,375.03 6,693,455.38 838,551,576.47 3,810,945,237.03 (423,206,061.68 ) 684,672,522.29 8,629,194.82 4,063,782,502.82 43,862,998.73 --- 5,057,830.14 7,522,856.62 41,397,972.25 32,208,656.93 --- 5,388,164.60 8,219,008.51 29,377,813.02 --- --- 12,385,644.18 --- 12,385,644.18 4,360,944,978.97 RMB (170,549,491.14 ) RMB 826,164,536.24 RMB 31,064,515.33 4,985,495,508.74 RMB 4,309,339,407.43 RMB 4,461,591,031.03 * 3,000,000,000.00 ( ) RMB 1,147,577,029.40 RMB 578,910,000.00 RMB 568,667,029.40 17,297,388.32 --- 17,297,388.32 1,823,771,682.36 2,421,090,000.00 (597,318,317.64) RMB 2,988,646,100.08 RMB 3,000,000,000.00 RMB (11,353,899.92) 2(21) 2 13 (0.063 / ) 45

2003 1 1 2003 1 1 ( ) RMB 469,072,110.74 RMB 222,642,600.00 RMB 246,429,510.74 6,227,059.80 --- 6,227,059.80 1,529,639,174.70 1,952,845,236.38 (423,206,061.68 ) RMB 2,004,938,345.24 RMB 2,175,487,836.38 RMB (170,549,491.14 ) 170,549,491.14 32,823,377.58 137,726,113.56 ** ( ) 40,489,379.00 24 25, 40,489,379.00, 53,280,191.00 [2000]16 [2000]25,, 424,164,687.49,, 2,658,460,000.00 1,860,169,690.11 ***, 663,824,973.16 46

(2) 2003.12.31 RMB 1,897,778,156.00 RMB 11,878,462.18 * RMB 1,885,899,693.82 2,303,166,388.71 64,557,719.61 ** 2,238,608,669.10 16,502,375.63 --- 16,502,375.63 20,408,934.50 --- 20,408,934.50 25,840,841.61 --- 25,840,841.61 RMB 4,263,696,696.45 RMB 76,436,181.79 RMB 4,187,260,514.66 *, 2,570,000.00,,, 6,332,283.70 2,976,178.48 ** 100WM, 64,611,900.60,, ALSTOM DCS DCS 7,338,442.68, DCS ALSTOM, DCS 2,064,543.05, 62,547,357.55 47

2,010,362.06 13. 2003.01.01 2003.12.31 RMB 54,378,419.19 RMB(55,188,419.19 )* RMB 810,000.00 RMB --- RMB --- RMB --- 3,706,814.90 --- --- --- 3,706,814.90 --- --- --- 1,568,968.74 1,568,968.74 --- --- --- --- 12,912,292.13 5,346,558.82 --- 7,565,733.31 396,544,451.57 --- 313,851,305.30 650,313,152.27 --- 60,082,604.60 **** (40,042,505.19 ) --- --- --- --- (40,042,505.19 )***, (8,267,997.70 ) --- 1,402,836.98 --- --- (6,865,160.72 )***, 542,873,655.33 --- 70,754,796.52 --- --- 613,628,451.85 ** 10,926,556.00 --- --- --- --- 10,926,556.00 ***, --- --- 244,209,165.50 --- --- 244,209,165.50 ***** 721,010.48 --- 515,678.88 --- --- 1,236,689.36 16,902,507.03 (9,815,877.50 )* 26,479,467.61 6,596,293.33 308,957.60 26,660,846.21 RMB 977,742,911.61 RMB(65,004,296.69 ) RMB 672,504,511.66 ) RMB 663,824,973.16 RMB 4,015,772.50 RMB 917,402,380.92 * 12 **,,, 142 [1999]175 [1999]190,, 6.21%, 613,628,451.85 375,860,509.53, 48

(2002)05 3 4, 314,366,629.65, *** 12,, **** 30, 3,255,370,000.00 650,313,152.27 [2002]2777 2002, ( ) 0.0141526% ***** 2X180MW 1X120MW 1X120MW 1X60MW [2003]586 1X180MW 14. (1) 2003.01.01 2003.12.31 RMB 406,862,636.82 RMB 230,666,031.64* RMB 34,899,628.14 RMB 18,365,509.00 RMB 13,355,837.11 RMB 850,002.00 RMB 269,725,329.67 21-67 10,000,000.00 --- --- 8,433,349.00 399,996.00 --- 8,033,353.00 20.17 RMB 416,862,636.82 RMB 230,666,031.64 RMB 34,899,628.14 RMB 26,798,858.00 RMB 13,755,833.11 RMB 850,002.00 RMB 277,758,682.67 49

* 12 RMB 306,586,708.20 RMB 255,310,000.00 RMB 51,276,708.20,, 2003 1 1 2003 1 1 RMB 93,679,271.40 RMB 77,302,191.34 RMB 16,377,080.06 51,276,708.20 16,377,080.06 16,377,080.06 1,709,223.84 14,667,856.22 (2) 2003.12.31 2002.12.31 RMB 4,197,937.71 * RMB 4,197,937.71 *,,, 4,197,937.71, 15. 2003.01.01 2003.12.31 RMB 5,499,296.74 RMB 2,466,640.23 RMB 2,043,254.79 RMB 1,637,316.80 RMB 2,872,578.22 * RMB 2,626,718.52 853,779.00 512,267.40 --- 170,755.80 341,511.60 512,267.40 5,800,000.00 --- 5,800,000.00 ** 30,419.58 5,769,580.42 30,419.58 4,141,916.49 1,996,380.96 814,614.89 665,460.32 2,145,535.53 1,996,380.96 RMB 16,294,992.23 RMB 4,975,288.59 RMB 8,657,869.68 RMB 2,503,952.50 RMB 11,129,205.77 RMB 5,165,786.46 * 2(17)B 50

** 5,800,000.00 16. 2003.12.31 2002.12.31 RMB 80,000,000.00 4.779% RMB 165,000,000.00 4.536%-4.779% 17. (1) 2003.12.31 2002.12.31 1 RMB 173,161,405.12 71.45% RMB 141,989,163.62 91.92% 1 2 60,082,267.91 24.79% 589,500.00 0.38% 2 3 589,500.00 0.25% 5,311,828.83 3.44% 3 8,512,856.95 * 3.51% 6,572,029.95 4.26% RMB 242,346,029.98 100.00% RMB 154,462,522.40 100.00% * 1,862,467.00 3,733,417.50 (2) 2003.12.31 2002.12.31 RMB 11,724,814.56 RMB 49,709,437.46 RMB --- * RMB 49,536,171.42 RMB 51,784,768.54 RMB --- RMB 115,185,547.95 RMB 6,021,898.48 RMB 17,080,000.00 RMB --- * 5%( 5%) 43(3) 18. 2003.12.31 2002.12.31 RMB 114,649,887.71 * RMB 88,170,580.60 51

* 113,746,609.20 5% 10% 10% 19. 2003.12.31 2002.12.31 RMB --- RMB 2,894,207.75 20. 2003.12.31 2002.12.31 RMB 80,407,846.55 RMB 50,487,368.08 42,719,914.51 28,789,187.89 2,016,506.79 1,907,067.46 478,220.79 308,447.98 99,555.97 101,558.16 15,249,499.41 2,037,686.36 RMB 140,971,544.02 RMB 83,631,315.93 3 21. (1) 2003.12.31 2002.12.31 1 RMB 134,125,747.43 24.57% RMB 369,214,972.02 73.08% 1 2 306,651,397.44 56.17% 49,926,998.14 9.88% 2 3 45,960,045.14 8.42% 44,365,199.24 8.78% 3 59,202,123.35 10.84% 41,727,074.38 8.26% RMB 545,939,313.36 100.00% RMB 505,234,243.78 100.00% (2) 2003.12.31 2002.12.31 RMB --- * RMB 29,655,088.48 RMB 23,225,088.81 ** RMB 29,789,892.27 RMB 375,860,509.53 *** RMB 375,847,599.53 RMB 13,297,836.38 **** RMB --- RMB 10,896,925.37 **** RMB --- RMB 4,692,734.09 ***** RMB --- 52

* [2000]97, [2002]1, 660,864,564.65,,, [1999]175, 1,063,923,702.18 ( 152,054,841.80 ), 968,837,303.40 ( 27,313,354.54 ), 95,086,398.78,, 29,655,088.48 2002.12.31 RMB 911,868,860.38 RMB 152,054,841.80 RMB 1,063,923,702.18 941,523,948.86 27,313,354.54 968,837,303.40 --- 95,086,398.78 95,086,398.78 ( ) RMB (29,655,088.48 ) RMB 29,655,088.48 RMB --- 29,655,088.48 ** 5%( 5%) 43(3) ***, 13 53

**** ***** S106B 22. 2003.12.31 2002.12.31 RMB 75,000,000.00 * RMB 101,143,099.33 47,261,897.68 20,873,835.85 1,331,036.23 1,556,212,32 38,971,112.49 ** 41,985,045.27 10,275,000.00 10,275,000.00 1,577,398.46 9,169,016.42 RMB 174,416,444.86 RMB 185,002,209.19 *,,, 75,000,000.00 ** 1%, 23., ( ) ( ), 75% 232,400,000.00 25% 77,500,000.00, 38,750,000.00,, [2000]961 54

,,, [2000] 020, 1,937,500.00 96,875.00 58,125.00 38,750.00, 2,131,250.00 2,208,750.00,,, [2000] 020, (2001) 2, [2000] 020 (1) 1,937,500.00 96,875.00 58,125.00, 2,092,500.00,, 2,092,500.00, 4,185,000.00, [2003]1345 25% (2002) 29 (2001) 2 [2000] 020 (1) ( 1,937,500.00 96,875.00 55

58,125.00, 2,092,500.00, 2,092,500.00 ) 4,185,000.00 24., 2003.12.31 * RMB 500,000,000.00 2002.04.01-2007.03.31 5.022% 360,000,000.00 2002.04.01-2012.03.31 5.184% 30,000,000.00 2002.04.17-2012.04.16 5.184% ** 100,000,000.00 2002.11.25-2005.11.24 3.56% RMB 990,000,000.00 * (2001) 0194 5 6 60 2,500,000,000.00, 2,500,000,000.00, **,,, B, 100,000,000.00 25. 2003.12.31 2002.12.31 RMB 3,750,000.00 *RMB --- * 56

26. 2003.01.01 2003.12.31 RMB 664,778,960.00 RMB --- RMB --- RMB 664,778,960.00 664,778,960.00 --- --- 664,778,960.00 51,400,191.00 --- --- 51,400,191.00 716,179,151.00 --- --- 716,179,151.00 486,316,181.00 --- --- 486,316,181.00 486,316,181.00 --- --- 486,316,181.00 RMB 1,202,495,332.00 RMB --- RMB --- RMB 1,202,495,332.00 (2002) 22 27. 2003.01.01 2003.12.31 RMB 493,349,550.10 RMB --- RMB --- RMB 493,349,550.10 41,000,531.32 --- --- 41,000,531.32 * RMB 534,350,081.42 RMB --- RMB --- RMB 534,350,081.42 * 41,000,000.00 (1998)32 (1999)32, 59,610,000.00 104,390,000.00,, 25%, 28. 2003.01.01 2003.12.31 RMB 650,737,839.42 * RMB 142,968,693.88 RMB --- RMB 793,706,533.30 227,848,025.85 * 71,363,086.35 --- 299,211,112.20 133,226,107.22 --- --- 133,226,107.22 RMB 1,011,811,972.49 RMB 214,331,780.23 ** RMB --- RMB 1,226,143,752.72 57

* 29 19,733,869.32, 10,853,628.13 10,310,946.71 21,164,574.84 ** 29 102,183,269.61 112,148,510.62 29. 2003.12.31 2002.12.31 RMB 164,383,153.62 RMB 119,877,645.30 713,667,938.00 506,869,504.40 ( ) --- 11,047,862.44 ( ) 227,949,369.74 341,220,417.11 142,968,693.88 116,769,622.05 71,363,086.35 31,348,362.47 32,891,838.90 33,663,767.76 --- 180,374,299.80 --- 2,600,348.41 --- 504,149.18 --- 964,878.82 180,374,299.80 120,249,533.40 --- 100,207,944.00 RMB 678,402,542.43 RMB 392,332,523.36 RMB 170,549,491.14 * (16,377,080.06)** (7,927,079.28)*** (13,896,492.36)**** (789,710.68)***** (19,733,869.32)****** (6,577,956.44)****** RMB 105,247,303.00 58

* 12 32,823,377.58 137,726,113.56 170,549,491.14 ** 14 1,709,223.84 14,667,856.22 16,377,080.06 *** **** *****, [2003] 197 364, 80,210.68, 709,500.00 ****** 131,559,128.76 15% 5% 19,733,869.32 6,577,956.44 19,297,576.31 3,859,515.27 89,809,241.96 10,082,983.62 1,512,447.54 49,858,161.98 59

11,047,862.44 4,069,376.41 40,596,583.91 2003 12 < > 300,623,833.20 120,249,533.40 180,374,299.80 30. 2003 2002 2003 2002 2003 2002 RMB 4,712,081,462.69 RMB 3,809,482,526.56 RMB 3,111,364,240.36 RMB 2,719,957,913.42 RMB 1,600,717,222.33 RMB 1,089,524,613.14 49,685,271.86 --- 40,106,903.95 --- 9,578,367.91 --- 20,393,243.30 --- 4,370,811.15 --- 16,022,432.15 --- 12,027,104.42 19,105,421.97 6,509,472.44 11,928,934.46 5,517,631.98 7,176,487.51 10,444,896.22 --- 8,337,326.56 --- 2,107,569.66 --- RMB 4,804,631,978.49 RMB 3,828,587,948.53 RMB 3,170,688,754.46 RMB 2,731,886,847.88 RMB 1,633,943,224.03 RMB 1,096,701,100.65 31. ( ) 2003 2002 RMB 26,308,251.00 RMB 24,020,577.00 RMB 2,287,674.00 * RMB --- RMB --- RMB --- 16,950,351.27 7,853,071.09 9,097,280.18 ** --- --- --- 9,434,783.09 12,123,993.13 (2,689,210.04 )*** 7,431,806.38 11,631,173.74 (4,199,367.36 ) RMB 52,693,385.36 RMB 43,997,641.22 RMB 8,695,744.14 RMB 7,431,806.38 RMB 11,631,173.74 RMB (4,199,367.36 ) * ** *** 4(4)A,,, ( ),, 60

, ( 1,500,000.00, 1,600,000.00 ), 1,600,000.00 32. 2003 2002 RMB 32,438,256.73 RMB 58,793,040.91 12,021,371.34 23,314,766.26 14,978.62 1,221,974.50 446,252.52 3,050,705.65 RMB 20,878,116.53 RMB 39,750,954.80 33. ( ) 2003 2002 ( ) RMB -- RMB (9,488,908.06 ) ( ) 2,792,500.00 4,870,263.56 (17,875,656.51 ) (14,010,179.07 ) 223,080.00 * 446,160.00 (1,900,000.00 ) (58,090,772.48 ) 321,200.00 --- 13,497.04 412,320.00 RMB (16,425,379.47 ) RMB (75,861,116.05 ) * 2003 2002 RMB 223,080.00 RMB 446,160.00 34. 2003 2002 * RMB --- RMB 128,632,438.09 * 3(1) 61

35. 2003 2002 RMB 187,626.79 RMB 537,575.39 2,143,398.43 8,654,917.39 * -- 4,185,000.00 ** -- 838,503.41 404,725.31 RMB 13,866,047.59 RMB 3,085,699.13 * ** 23 36. 2003 2002 RMB 2,134,569.61 * RMB 8,054,935.19 4,986,540.54 ** 6,332,283.70 1,337,641.10 *** --- --- 4,197,937.71 --- 4,185,000.00 --- 4,000,000.00 736,884.00 **** 1,565,048.00 526,585.95 260,015.61 1,285,610.95 1,061,898.09 RMB 11,007,832.15 RMB 29,657,118.30 * 2,098,869.61 ** *** 1,337,641.10 **** 62

37. 2003 RMB 7,287,878.27 3,884,367.49 12,428,098.06 29,766,000.00 132,401,518.65 4,579,187.84 450,000.00 1,166,511.22 4,000,000.00 7,651,538.65 RMB 203,615,100.18 38. 2003 RMB 129,540,238.76 119,426,280.45 34,346,596.58 29,655,088.48 13,150,000.00 26,772,799.40 7,315,563.72 4,000,000.00 2,810,516.80 3,772,518.53 2,681,410.35 2,252,339.67 2,520,385.40 2,419,182.72 2,736,724.30 1,500,000.00 21,730,246.91 RMB 406,629,892.07 63

39. 2003 RMB 800,000.00 505,618.86 340,000.00 113,316.16 RMB 1,758,935.02 40. 2003 RMB 17,250,000.00 10,795,740.59 5,096,600.00 2,824,190.68 1,831,510.59 RMB 37,798,041.86 41. 2003 RMB 9,000,000.00 120,000.00 RMB 9,120,000.00 42. (1) A. 2003.12.31 2002.12.31 1 RMB 78,365,218.30 48.31% RMB 5,485,565.29 7% RMB 308,454.72 0.31% RMB 21,591.83 7% 1 2 64,000.00 0.04% 9,600.00 15% 19,538,000.00 19.82% 2,930,700.00 15% 2 3 19,714,000.00 12.15% 5,914,200.00 30% 12,868,713.96 13.05% 3,860,614.19 30% 3 4 13,440,713.96 8.29% 6,720,356.98 50% 12,147,573.10 12.32% 6,073,786.55 50% 4 5 12,019,257.48 7.41% 9,615,405.98 80% 15,662,000.00 15.88% 12,529,600.00 80% 5 38,599,179.03 23.80% 38,599,179.03 100% 38,081,546.73 38.62% 38,081,546.73 100% RMB 162,202,368.77 100.0% RMB 66,344,307.28 RMB 98,606,288.51 100.00% RMB 63,497,839.30 64

, B. 2003.12.31 RMB 63,115,601.00 1 RMB 42,946,400.00 2 5 RMB 17,187,900.00 * 5 RMB 16,600,000.00 * 5 RMB 15,000,000.00 RMB 3,834,979.03 * 5 RMB 2,453,306.96 2-3 * 8(2) (2) 2003.01.01 2003.12.31 RMB 11,835,000.00 RMB --- RMB 11,835,000.00 RMB --- RMB --- RMB 11,835,000.00 * RMB --- RMB 11,835,000.00 3,080,666,761.70 991,112.48 3,079,675,649.22 870,243,313.86 456,190,913.68 3,494,719,161.88 ** 791,112.48 3,493,928,049.40 108,784,421.08 --- 108,784,421.08 5,305,175.62 14,036,699.48 100,052,897.22 *** --- 100,052,897.22 RMB3,201,286,182.78 RMB 991,112.48 RMB3,200,295,070.30 RMB 875,548,489.48 RMB470,227,613.16 RMB 3,606,607,059.10 RMB 791,112.48 RMB3,605,815,946.62 * 11(2) ** 2003.12.31 ( ) ( ) ( ) 30 RMB 308,000,000.00 RMB --- RMB 1,870,474,136.76 55% RMB 81,392,247.29 RMB 1,562,474,136.76 RMB --- 20 5,025,000.00 --- --- 10% (5,025,000.00 ) (5,025,000.00 ) --- 20 10,640,000.00 --- 10,640,000.00 19% --- --- --- 30 170,000,000.00 --- 1,468,331,548.81 51% 276,648,081.16 1,298,331,548.81 --- 50 16,529,477.60 --- 6,988,858.10 40% (276,434.00 ) (9,540,619.50 ) --- 30 14,500,000.00 14,500,000.00 29,000,000.00 10% --- --- --- 50 1,000,000.00 --- --- 10% (1,000,000.00 ) (1,000,000.00 ) --- 15 2,200,000.00 245,000.00 2,391,112.48 10% --- (53,887.52 ) 791,112.48 42 44,580,000.00 --- 44,580,000.00 2.71% --- --- --- 50 2,779,419.41 --- 2,779,419.41 90% --- --- --- 20 59,534,086.32 --- 59,534,086.32 60% --- --- --- 20 18,680,000.00 --- --- 37% --- (18,680,000.00 ) --- RMB 653,467,983.33 RMB 14,745,000.00 RMB 3,494,719,161.88 RMB 351,738,894.45 RMB 2,826,506,178.55 RMB 791,112.48 65

*** 2003.01.01 ( ) * RMB 140,366,994.94 10 RMB 108,784,421.08 RMB --- RMB 14,036,699.48 RMB 94,747,721.60 **** 5,305,175.62 10 --- 5,305,175.62 --- 5,305,175.62 RMB 145,672,170.56 RMB 108,784,421.08 RMB 5,305,175.62 RMB 14,036,699.48 RMB 100,052,897.22 (3) ( ) ( ) 2003 2002 ( )* RMB 717,463,894.45 RMB 511,090,241.71 ( ) 2,792,500.00 3,630,000.00 (14,036,699.48 ) (14,036,699.48 ) 223,080.00 446,160.00 --- (791,112.48 ) 80,300.00 RMB 706,523,074.97 RMB 500,338,589.75 * ( ) 2003 2002 RMB 328,892,247.29 RMB 356,884,766.22 388,848,081.16 168,993,120.41 (276,434.00 ) (5,545,822.41 ) -- (9,241,822.51 ) RMB 717,463,894.45 RMB 511,090,241.71 43. (1) A. 4(1) 66

B. 2003.01.01 2003.12.31 RMB 860,000,000.00 RMB --- RMB --- RMB 860,000,000.00 RMB 560,000,000.00 RMB --- RMB --- RMB 560,000,000.00 RMB 680,000,000.00 RMB 680,000,000.00 RMB --- RMB 1,360,000,000.00 RMB 41,323,691.52 RMB --- RMB --- RMB 41,323,691.52 RMB 28,000,000.00 RMB --- RMB --- RMB 28,000,000.00 RMB 5,000,000.00 RMB --- RMB --- RMB 5,000,000.00 USD 500,000.00 USD --- USD --- USD 500,000.00 USD -- USD 11,988,000.00 USD -- USD 11,988,000.00 HKD 1,000,000.00 HKD --- USD -- USD 1,000,000.00 RMB 50,000,000.00 RMB --- RMB -- RMB 50,000,000.00 RMB 5,000,000.00 RMB --- RMB -- RMB 5,000,000.00 C. 2003.01.01 2003.12.31 % % % % RMB 664,778,960.00 55.28 RMB --- --- RMB --- --- RMB 664,778,960.00 55.28 RMB 308,000,000.00 55 RMB --- --- RMB --- --- RMB 308,000,000.00 55 RMB 693,600,000.00 51 RMB --- --- RMB --- --- RMB 693,600,000.00 51 RMB 41,323,691.52 100 RMB --- --- RMB --- --- RMB 41,323,691.52 100 RMB 14,280,000.00 51 RMB --- --- RMB --- --- RMB 14,280,000.00 51 RMB 2,550,000.00 51 RMB --- --- RMB --- --- RMB 2,550,000.00 51 USD 255,000.00 51 USD --- --- USD --- --- USD 255,000.00 51 HKD --- --- HKD 900,000.00 90 HKD --- --- HKD 900,000.00 90 RMB --- --- RMB 43,750,000.00 87.50 RMB --- --- RMB 43,750,000.00 87.50 RMB --- --- USD 7,192,800.00 60 USD --- --- USD 7,192,800.00 60 RMB --- --- RMB 4,112,500.00 82.25 RMB --- --- RMB 4,112,500.00 82.25 D ( ) ( ) ( ) B 67

(2) A,, 10.00,,,, 1.55%, : 2003 2002 --- RMB 6,501,837.26 --- RMB 6,662,150.00 1,518,175 RMB 71,618,210.33 1,457,494 RMB 78,879,663.28 --- RMB 10,570,970.67 --- RMB 6,621,030.00 2,480,638 RMB 104,071,592.25 1,447,620 RMB 78,964,833.00 B,, 6,562,249.00 13,124,498.05, 19,686,747.05 68

C, 0.015 /,,, 0.0415 / ( ) 0.003 / 2003 2002 RMB 544,315,643.40 RMB 549,845,094.97 RMB 34,005,154.88 RMB 71,165,926.70 RMB 974,259,655.16 RMB 557,541,458.00 RMB 58,371,893.10 RMB 51,804,210.00 D, 60,390,954.03, S106B ( 51MW ) 60,390,954.03 2,169,026.28 69

S106B S106B, 2003, S106B, S106B 41,039,330.67 S106B 134,983,657.65 57,334,481.73, 32,476,449.00, 24,858,032.73 41,039,330.67 5,377,883.44 21.63% E 8(3) 1,413,384.09 F, 1,716,000.00 ( ) G 24,, B,, 130,000,000.00, 70,000,000.00 100,000,000.00 100,000,000.00 H. 8(2) 2003 1107 70

2,400,000 ( 12,280,000.00 ) 12,000,000.00 I a. 4(1) 8,084,595.03 90% b. 11(3) 5,025,000.00 10% (3) 2003.12.31 2002.12.31 ( ) 2003.12.31 2002.12.31 RMB 24,546,468.71 RMB 5,400.00 15.6% --- 20,266,717.46 31,442,844.97 12.9% 18.7% 220,862.32 1,751,852.39 0.14% 1.0% 13,820,285.27 13,246,805.27 8.8% 7.9% 654,670.95 488,865.13 0.42% 0.3% 769,490.17 769,790.17 0.5% 0.5% --- 6,138,968.93 --- 3.6% --- 4,907,558.80 --- 2.9% RMB 60,278,494.88 RMB 58,752,085.66 38.36% 34.9% RMB 598,481.35 RMB 133,000,000.00 2.44% 71.05% RMB --- RMB 49,536,171.42 --- 32.07% RMB 23,225,088.81 RMB 29,789,892.27 4.25% 5.90% 4,692,734.09 --- 0.86% --- --- 91,000.00 --- 0.02% --- 182,331.80 --- 0.03% RMB 27,917,822.90 RMB 30,063,224.07 5.11% 5.95% 44. 13 608,825,419.94 71

45. 2003 2002 RMB 9,421,146.51 RMB 1,769,417.68 3,344,070.11 19,955,528.70 2,109,824.31 --- 7,423.37 --- : 207,977.00 --- (902,612.65 ) 431,044.61 RMB 7,499,688.43 RMB (17,755,066.41 ) 46. (1) [2004]19 ( / ) ( / ) RMB 0.34000 RMB 0.34598 RMB 0.39400 RMB 0.39998 RMB 0.39181 RMB 0.39779 (2) 200,000,000.00 (3) 321,000,000.00 (4) 4(2), 16,000,000.00 6,969,360.35 (5) [2004]180 72

MAX GOLD INVESTMENTS LIMITED ( ) 11,960,000.00 6,099,600.00 51% [2004]0006 005007 (6) 41,632,446.00 12 13 100,000.00 39,532,446.00, 2,000,000.00 (7) 8(2) (8) 4(3) 11% [2004]0374 (9), 1,202,495,332 10 3.00 47. (1) 43(2)D, S106B S106B 41,039,330.67 (2) 12 14, 73

(3) 13, 375,860,509.53,,, 48., 74

( ) 2003 2002 1 RMB 341,200.00 RMB - 2. ( ) RMB 68,679,561.04 RMB - 75

( ) RMB 61,035,431.51 RMB 1,093,482.91 RMB - RMB 2,637,868.38 RMB 2,637,868.38 RMB 59,491,046.04 RMB 357,098.11 RMB 1,093,482.91 RMB - RMB - RMB - RMB 1,450,581.02 RMB 60,678,333.40 RMB - RMB - RMB 2,637,868.38 RMB 2,637,868.38 RMB 58,040,465.02 RMB 4,702,984.71 RMB - RMB - RMB 256,357.64 RMB 256,357.64 RMB 4,446,627.07 RMB 4,702,984.71 RMB - RMB - RMB 256,357.64 RMB 256,357.64 RMB 4,446,627.07 RMB - RMB 168,200.00 RMB - RMB - RMB - RMB 168,200.00 RMB - RMB 168,200.00 RMB - RMB - RMB - RMB 168,200.00 RMB 60,058,112.48 RMB 1,900,000.00 RMB - RMB 800,000.00 RMB 800,000.00 RMB 61,158,112.48 RMB 60,058,112.48 RMB 1,900,000.00 RMB - RMB 800,000.00 RMB 800,000.00 RMB 61,158,112.48 RMB 71,449,641.25 RMB 4,986,540.54 RMB - RMB - RMB - RMB 76,436,181.79 RMB 8,902,283.70 RMB 2,976,178.48 RMB - RMB - RMB - RMB 11,878,462.18 RMB 62,547,357.55 RMB 2,010,362.06 RMB - RMB - RMB - RMB 64,557,719.61 RMB 4,197,937.71 RMB - RMB - RMB - RMB - RMB 4,197,937.71 RMB 4,197,937.71 RMB - RMB - RMB - RMB - RMB 4,197,937.71 76

( ) 2003 : ( / ) 44.40% 46.83% 1.34 1.34 41.41% 43.67% 1.25 1.25 19.60% 20.67% 0.59 0.59 19.39% 20.45% 0.59 0.59 2002 ( / ) 34.60% 35.15% 0.90 0.90 34.05% 34.59% 0.89 0.89 16.49% 16.75% 0.43 0.43 17.05% 17.33% 0.45 0.45 77

( ) : 2003.12.31/2003 2002.12.31/2002/ 1 RMB 2,144,441,537.71 RMB 1,305,181,792.86 64.30% 2 RMB 32,457,917.00 RMB 52,040,000.00 (37.63%) 3 RMB 515,394,944.48 RMB 374,315,640.08 37.69% 4 RMB 24,545,211.43 RMB 187,180,687.86 (86.89%) 5 RMB 11,129,205.77 RMB 4,975,288.59 123.69% 6 RMB 80,000,000.00 RMB 165,000,000.00 (51.52%) 7 RMB 242,346,029.98 RMB 154,462,522.40 56.90% 8 RMB 29,273,027.90 RMB --- --- 9 RMB --- RMB 2,894,207.75 (100.00%) 10 RMB 140,971,544.02 RMB 83,631,315.93 68.56% 11 RMB --- RMB 4,185,000.00 (100.00%) 12 RMB 17,190,564.16 RMB 10,005,207.82 71.82% 13 RMB 8,695,744.14 RMB (4,199,367.36) 307.07% 14 RMB 8,312,112.51 RMB --- --- 15 RMB 88,321,623.86 RMB (26,681,108.34) 431.03% 16 RMB 20,878,116.53 RMB 39,750,954.80 (47.48%) 17 RMB (16,425,379.47) RMB (75,861,116.05) 78.35% 18 RMB --- RMB 128,632,438.09 (100.00%) 19 RMB 13,866,047.59 RMB 3,085,699.13 349.36% 20 RMB 11,007,832.15 RMB 29,657,118.30 (62.88%) 1 2 20,000,000.00 3 4 5 5,800,000.00 78

6 7 8 9 10 11 12 13 14 15 100,000,000.00 16 17 18 19 20 79