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WANXIANG QIANCHAO CO., LTD. 1

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500, 50% 1999 11 2000 8 8 2000 8 8 41,419,397.82 2003 7 15, 34,795,622.52 6,623,775.30 2003 1-6 73.81 8,672,557.55 11

1 2 1 1 12 31 3 4 5 1 6 / 7 3 8 12

1 2 / / 9 1 1 1 5% 1-2 6% 2-3 50% 3 100% 2 : 10 1 2 3 4 11 1 20% 20%20% 13

14 20%20% 20% 50% 50% 2 10 10 3 4 12 1 2 3 13 1 (1) (2) (3) 2 30% 3

10% 3% % 8-40 2.25-12.13 5-18 5.00-19.40 8-12 7.50-12.13 5-6 15.00-19.40 5 18.00-19.40 4 14 1 2 3 15 1 2 1) 2) 3) 15

3 3 16 1 2 10 3 17 1 2 18 1 2 16

3 19 20 1 13%17% 2 3%5% 3 5%7% 4 3%4% 5 33% 16.5% 33% 17

1 5,000 2,550 51.00% 1,000 1,000 100.00% 10,000 5,100 51.00 5,300 5,580 100.00% 7,000 9360 68.00% 8,800 8,510.96 76.71% 2,000 1,300 65.00% 1200 804 67.00% 1,000 500 50.00% 1,000 885 73.77% 2,105.70 1,290 59.54% 2,880 1,698.50 60.00% 3,000 1,800 60.00% 2,000 2,000 100.00% 2,500 2,500 100.00% 4,800 2,880 60.00% 6,000 3,900 65.00% 100 75 75.00% 2 1 2 50% 18

, * 1 250,745,165.69 (1) (%) (%) 1 255,709,238.30 95.83 12,785,461.92 242,923,776.38 218,982,420.28 95.29 10,949,121.01 208,033,299.27 1-2 6,955,662.21 2.61 417,339.73 6,538,322.48 8,505,725.56 3.70 510,343.53 7,995,382.03 2-3 2,566,133.67 0.96 1,283,066.84 1,283,066.83 2,100,757.53 0.91 1,050,378.77 1,050,378.76 3 1,601,007.72 0.60 1,601,007.72-217,879.29 0.10 217,879.29-266,832,041.90 100 16,086,876.21 250,745,165.69 229,806,782.66 100.00 12,727,722.60 217,079,060.06 (2) 5 58,133,007.11 21.79% (3) 5% 5% (4) 1) / 40% 2-3 50% 3 100% 2) 136,238.46 3) 1,227,421.19 267,274.40 2 17,674,546.60 (1) 19

(%) (%) 1 18,111,044.20 86.52 905,552.21 17,205,491.99 6,131,991.59 63.18 306,599.58 5,825,392.01 1-2 53,792.26 0.26 3,227.54 50,564.72 2,578,585.60 26.57 154,715.14 2,423,870.46 2-3 836,979.79 4.00 418,489.90 418,489.89 830,616.30 8.56 415,308.15 415,308.15 3 1,931,874.59 9.22 1,931,874.59-163,867.97 1.69 163,867.97-20,933,690.84 100 3,327,932.21 180981,517.95 9,705,061.46 100.00 1,040,490.84 8,664,570.62 (2) 5 12,729,437.36 60.81% (3) 5% 5% (4) 1) 40% 2-3 50% 3 100% 2) 3 (1) 379,506,164.66 12,401.06-12,401.06 394,911.18-394,911.18 62,268,020.05 239,293.61 62,028,726.44 39,038,677.39 174,612.24 38,864,065.15 224,780.79-224405.78 83,661.51-83,661.51 844,780.79-844,780.79 598,888.12-598,888.12 29,289,981.78 679,769.58 28,610.212.20 29,698,542.85 501,983.64 29,196,559.21 221,349,375.29 6,638,223.40 214,711,151.89 208,472,718.16 7,115,729.15 201,356,989.01 2,221,790.04-2,221,790.04 1,199,266.59-1,199,266.59 71,616,140.79 763,444.33 70,852,696.46 56,485,148.87 528,405.89 55,956,742.98 387,826,895.58 8,320,730.92 379,506,161.66 335,971,814.67 8,320,730.92 327,651,083.75 (2) 20

(3) 1 174,612.24 64,681.37-239,293.61 501,983.64 177,785.94-679769.58 7,115,729.15-477505.75 6,638,223.40 528,405.89 235,038.44-763,444.33 8,320,730.92 477,505.75 477,505.75 8,320,730.92 [] 2) 4 4,729,855.14 740,634.51 48,753.21 2,477,862.65 653,416.67 302,080.47 266,354.45 1,209,277.51 451,586.98 4,729,855.14 1,420,111.31 5 195,055,968.01 (1) 17,926,287.28-17,926,287.28 34,897,327.88-34,897,327.88 170,809,680.73-170,809,680.73 167,410,539.92-167,410,539.92 6,320,000.00-60320,000.00 6,320,000.00-6,320,000.00 195,055,968.01-195,055,968.01 208,627,867.80-208,627,867.80 21

(2) 1) 10,000,000.00 33.33% 150,000,000.00 30.00% 6,000,000.00 6.00% 320,000.00 20.00% 166,320,000.00 2) 10,000,000.00 - -650,677.97 2,951,082.71-650,677.97 150,000,000.00-4,049,818.78 4,049,818.78 165,000,000.00 3,399,140.81 2,951,082.71 3,399,140.81 3) a 18,820,489.68 16,224,560.04 324,491.22-15,251,086.38 29 19,299,155.59 16,358,331.88-16,358,331.88 - - 773,516.65 386,758.34 38,675.82 348,082.52 10 18,335.73 17,113.33 1,833.60 15,279.73 5 3,159,746.42 1,895,847.86 157,987.32 1,737,860.54 10 890,514.99 381,649.24 63,608.22-,318,041.02 7 942,851.08 463,227.62 47,142.54-416,085.08 10-336,479.88-181,177.99-21,030.00- -160,147.99 8 43,692,500.38 34,897,327.88 612,708.72 16,358,331.88 17,926,287.28 b. 2002, 2211.432, 3437.67, 4 20% 6 1,502,687,916.66 22

(1) 276,792,352.41 21,697,290.67 4,822,457.12 293,667,185.96 226,124,174.87 8,232,646.93 6,067,400.15 228,269,614.65 968,789,288.17 36,777,164.86 43,531,346.55 962,087,152.07 13,106,192.58 2,200,191.03 1,936,892.76 13,337,252.26 4,558,175.41 768,536.31 5,326,711.72 1,489,370,183.44 69,676,829.80 56,358,096.58 1,502,687,916.66 2 66,078,332.25 3 55,513,388.21 844,708.37 4 1,493,103.00 5 6 1,221,447.56 1,007,965.19-213,482.37 147,865.00 142,115.71-5,749.29 1,369,312.56 1,150,080.90-219,231.66 7 2,440,149.97 2,321,036.74-119,113.23 13,284,598.81 12,612,491.23-672,107.58 50,459,716.03 48,935,981.13-1,523,734.90 1,020,503.52 961,856.51-58,647.01 1,180,659.48 1,138,258.09-42,401.39 68,385,627.81 65,969,623.70-2,416,004.11 10% 5,206,218.22 3% 8 23

9 7 527,463,780.54 45,906,153.09 6,718,823.27 1,811,578.61 50,813,397.75 107,202,918.39 9,427,745.40 5,439,035.37 111,191,628.42 336,337,484.96 45,090,822.47 24,154,930.67 357,273,376.76 6,806,224.47 705,833.58 1,531,223.19 5,980,834.86 1,870,899.40 333,643.35-2,204,542.75 498,123,680.31 62,276,868.07 32,936,767.84 527,463,780.54 8 975,224,136.12 242,853,788.21 230,886,199.32 117,097,793.23 118,921,256.48 604,761,729.72 632,451,803.21 7,388,655.99 6,299,968.11 3,122,168.97 2,687,276.01 975,224,136.12 991,246,503.13 9 128,066,241.73 1 150 / 17,321,170.28-17,321,170.28 12,945,336.64-12,945,336.64 321,452.39-321,452.39 163,084.20-163,084.20 8,622,341.07-8,622,341.07 8,659,371.56-8,659,371.56 141,471.90-141,471.70 12,877,161.69-12,877,161.69 6 0 21,000.00-21,000.00 42,000.00-42,000.00 - - - 28,742.68-28,742.68 27,328,665.33-27,328 665.33 20,327,444.08-20,327,444.08 24

74,310,140.76-74,310,140.76 42,818,426.81-42,818,426.81 128,066,241.73-128,066,241.73 97,861,567.66-97,861,567.66 2 150 / ( ) % 12,945,336.64 6,215,738.47 1,839,904.83-17,321,170.28 2,970 100.00 163,084.20 5,010,145.08 4,851,776.89-321,452.39 /17,480 100.00 8,659,371.56 2,281,245.76 2,318,276.25-8,622,341.07 2,780 100.00 12,877,161.69 761,151.49 13,638,313.18 - - / 2850 47.81 ( ) - 1,022,944.56 881,472.66-141,471.90 / 9,932 1.03 ( ) 6 0 42,000.00-21,000.00-21,000.00 2,987 100.00 28,742.68-28,742.68 - - 2,726 100.00 20,327,444.08 15,285,835.59 8,254,614.34 30,000.00 27,328,665.33 42,818,426.81 66,424,241.97 34,244,231.42 688,296.69 74,313,140.76 97,861,567.66 97,001,302.92 66,078,332.25 718,296.69 128,066,241.73 (3) 10 5,096,052.10 1 1,134,179.73 287,191.13-56,709.00 230,482.13 903,697.60 24-39 34,220.00 10,265.76-1,711.02 8,554.74 25,665.26 36 800KVA 407,295.00 186,676.58-20,364.78 166,311.80 240,983.20 26 919,144.73 150,612.50 768,532.23-919,144.73-3,639,055.76 1,809,339.70 1,829,716.06-3,639,055.76-706,467.42 499,405.74-366,902.80 132,502.94 573,964.48 6,840,362.64 2,943,491.41 2,598,248.29 445,687.60 5,096,052.10 1,744,310.54 2 25

11 173,900,000.00 1 173,900,000.00 218,060,000.00 173,900,000.00 218,060,000.00 2 173,900,000.00 3 * 12 / 949,197,351.54/748,581,961.99 (1) 1 674,018,182.92 357,186,204.94 374,338,247.51 271,741,193.84 132,400,852.03 62,383,989.93 297,372,633.69 185,709,986.72 1,478,129,916.15 1,077,021,375.43 528,932,564.61 338,876,979.88 949,197,351.54 738,144,395.55 2 566,244,384.22 467,273,066.66 305,494,333.88 220,910,119.15 115,909,897.36 53,176,640.31 290,192,566.35 180,629,890.64 1,277,841,181.81 921,989,683.76 26

529,259,219.82 338,876,979.88 748,581,961.99 583,112,703.88 (2) 1 72,998,518.18 61,743,100.08 112,486,061.00 96,818,404.81 34,758,962.28 33,230,706.02 75,656,192.84 50,587,470.95 3,084,689.20 4,347,446.81 50,639,680.23 47,436,740.88 1,128,505,812.42 782,857,505.88 1,478,129,916.15 1,077,021,375.43 528,932,564.61 338,876,979.88 949,197,351.54 738,144,395.55 2 62,348,931.15 54,531,123.43 94,505,523.57 81,939,767.66 27,493,066.83 28,085,164.02 61,766,137.29 42,489,742.73 2,378,086.66 3,646,555.80 45,146,114.70 39,282,452.18 984,203,321.61 672,014,877.94 1,277,841,181.81 672,014,877.94 529,259,219.82 338,876,979.88 748,581,961.99 583,112,703.88 (3) 5 307,372,830.08 32.38% 27

13 6,949,930.15 (1) 10,158,309.01 10,332,415.83-174,106.82 9,152,596.74 9,088,990.35 63,606.39 7,885,489.55 2,396,811.23 5,488,678.32 6,037,924.31 837,859.43 5,200,064.88 72,542.74 3,625.00 68,917.74 39,185.74 39,185.74 87,775.78 17.41 87,758.37 48,004.10 48,004.10 581,920.27-581,920.27 1,225.22 1,225.22 1,534,685.43 637,923.16 896,762.27 7,547,298.10 6,830,046.50 717,251.60 20,320,722.78 13,370,792.63 6,949,930.15 22,826,234.21 16,756,896.28 6,069,337.93 14 6,922,175.44 7,596,651.60 1,839,207.47 923,773.66 4,272,814.04-80,000.00 504,077.16 623,014.58 7,176,955.10-1,890,591.98 15 5,737,514.80-111,642.75 6,350,223.52 4,266,085.17-612,708.72-905,995.33 - - 5,737,514.80 3,471,732.59 16 13,995,399.98 1 1,639,919.98-12,341,980.00 30,670,002.84 28

13,500.00 107,500.00 13,995,399.98 30,777,502.84 2 1 a. [2001]141 2001 1 1-2002 12 31 2002 1,308,424.72 b. [1999]73 [2001]204 2001 1 1-2005 12 31 331,495.26 2 9,966,500.00 1,560,000.00 500,000.00 315,480.00 12,341,980.00 3 13,500.00 17 12,373,596.45 1 2,052, 034.89 1,663,509.94 936,590.02 594,761.45 305,914.00-8,672,557.55-406,499.99 1,880,853.01 12,373,596.45 4,139,124.40 2 29

1 55,513,338.21 22,920,748.86 2,052,034.89 2) 25,754,300.00 8,672,557.55 18 2,478,269.78 (1) 781,971.79 125,524.87 1,356,424.33 831,088.36 246,862.90 617,594.83 93,010.76 314,039.44 2,478,269.78 1,888,247.50 * * 19 109,247,743.04 (1) (%) (%) 1 111,870,357.21 98.93 5,693,517.86 108,176,839.35 79,999,113.48 97.22 3,999,955.67 75,999,157.81 1-2 1,025,895.78 0.89 61,553.75 964,342.03 1,558,205.12 1.89 93,492.31 1,464,712.81 2-3 207,123.33 0.18 103,561.67 103,561.66 701,313.93 0.85 350,656.97 350,656.96 3 3,896.00-3896.00-25,666.15 0.04 25,666.15-115,107,273.12 100 5,862,530.08 109,244,743.04 82,284,298.68 100.00 4,469,771.10 77,814,527.58 (2) 5 44,667,365.56 38.80% (3) 5% 5% (4) 1) 40% 30

2-3 50% 3 100% 20 28,332,743.04 (1) (%) (%) 1 29,765,544.86 94.03 1,488,277.24 28,277.267.62 16,012,446.30 85.98 800,622.32 15,211,823.98 1-2 44,119.06 0.14 2647.14 41,471.92 2,559,989.46 13.75 153,599.37 2,406,390.09 2-3 28,007.00 0.09 14,003.50 28007.00 20,615.47 0.11 10,307.74 10,307.73 3 1,818,619.64 5.74 1,818,619.64-30,000.00 0.16 30,000.00-31,656,290.56 100 3,323,547.52 28,332,743.04 18,623,051.23 100.00 994,529.43 17,628,521.80 (2) 15,100,000.00 15,100,000.00 (3) 5 21,560,549.44 68.11% (4) 5% 5% (5) 1) 40% 2-3 50% 3 100% 2) 21 870,410,823.40 (1) 31

693,601,142.67-693,601,142.67 781,477,563.48-781,477,563.48 170,809,680.73-170,809,680.73 167,410,539.92-167,410,539.92 6,000,000.00-6,000,000.00 7,228,961.54-7,228,961.54 870,410,823.40-870,410,823.40 956,117,064.94-956,117,064.94 (2) 1) 58,853,872.00 67.00% 62,960,000.00 71.55% 90,000,000.00 68.00% 43,200,000.00 81.50% 13,000,000.00 65.00% 5,000,000.00 50.00% 5,500,000.00 55.00% 12,537,337.80 59.54% 7,750,000.00 77.50% 10,000,000.00 33.33% 17,280,000.00 60.00% 51,000,000.00 51.00% 39,000,000.00 65.00% 18,000,000.00 60.00% 6,218,550.00 75.00% 1,000,000.00 5.00% 28,800,000.00 60.00% 25,500,000.00 51.00% 22,500,000.00 90.00% 150,000,000.00 30.00% 6,000,000.00 6.00% 674,099,759.80 32

2) a. 7,000 2003 6 30 13,235.30 2003 6 6,235.30 b. 8,800 2003 6 30 10,750 2001 1,950 71.55% 76.71% c. 5,300 2003 6 30 5,580 20002001 280 81.50% 82.44% d. 1,000 2003 6 30 11,996,895.63 55% 73.77% 3) 4 32,438,400.00 48,754,720.00 47,713,767.20 3,501,420.00 47,389,275.98 10,929,600.00 74,180,000.00 1,365,226.92 1,326,551.10 15,600,000.00 78,000,000.00 44,732,824.86-44,732,824.86 18,200,000.00 27,800,000.00-1,209,164.75 - -1,367,152.07 7,800,000.00 5,200,000.00-648,210.01 - -648,210.01 1,500,000.00 3,500,000.00 405,190.90-341,582.68 5,500,000.00 3,349,893.08 1,123,794.58-1,123,794.58 9,000,000.00 3,900,000.00 314,547.15 1,687,243.38 267,404.61 59,966,000.00 124,408,512.16-152,292,954.61 - -168,651,286.49 9,500,000.00 1007,340.40-32,108,650.27 65,997,175.35-32,110,483.87 10,000,000.00 - -650,677.97 2,951,082.71-650,677.97 15,840,000.00 1,440,000.00 3,239,001.53-3,260,031.53 49,000,000.00 1,997,310.99 2,109,317.66-2,109,317.66 39,000,000.00-377,352.22-377,352.22 33

18,000,000.00 - -849,675.72 - -849,675.72 6,216,900.00-450.00 - - - 1,000,000.00-12,153,325.17-12,153,325.17 25,500,000.00 2,000,000.00 1,229,127.81 1,229,127.81 1,229,127.81 28,800,000.00 - -5,813.48 - -5,813.48 22,500,000.00-216,651.09-216,651.09 150,000,000.00 4,049,818.78 4,049,818.78 536,290,900.00 37,553,7326.63-68,735,200.94 90,554,049.25-85,706,241.54 4) a 18,820,489.68 15,575,577.60-324,491.22-15,251,086.38 29 19,299,155.59 16,358,331.88 - - 16,358,331.88-35 773,516.65 386,758.34-38,675.82-348,082.52 10 18,335.73 17,113.33-1,833.60-15,279.73 5 3,159,746.42 1,895,847.86-157,987.32-1,737,860.54 10 890,514.99 381,649.24-63,608.22-318,041.02 7 942,851.08 463,227.62-47,142.54-416,085.08 10-336,479.88-181,177.99 - -21,030.00 - -160,147.99 8 43,568,129.96 34,897,327.88-612,708.72 16,358,331.88 17,926,287.28 b. 2002 2211.432 * 22 317,527,885..42 1) 262,213,338.42 237,110,596.67 34

12,331,905.03 8,392,324.63 25,860,489.54 10,395,217.60 17,122,152.83-317,527,885.82 255,898,138.90 (2) 5 189,777,810.24 59.77% 24 276,614,725.87 224,206,712.97 199,808,406.51 13,344,392.54 9,667,675.61 24,966,122.05 9,130,195.65 14,097,498.31-276,614,725.87 218,606,277.77 25 70,099,854.83 (1) 370,320.45 2,192,257.30 70,342,243.10 63,152,729.25-612,708.72-905,995.33 70,099,854.83 64,438,991.22 [] 2 10%(10%) 35,717,244.41 33,692,076.65 43.70% 27,807,321.77 60,811,045.96 35

1 50,000,000.00 51.00% 10,000,000.00 100.00% 100,000,000.00 51.00% 53,000,000.00 100.00% 132,353,000.00 68.00% 88,000,000.00 76.71% 20,000,000.00 65.00% 10,000,000.00 50.00% USD12,000,000.00 67.00% USD1,000,000.00 75.00% 25,000,000.00 100.00% 10,000,000.00 73.77% 21,057,000.00 59.54% 28,800,000.00 60.00% 30,000,000.00 60.00% 48,000,000.00 60.00% 20,000,000.00 100.00% 60,000,000.00 65.00% 2 36

1. 165,188,200.57-61,977,225.62-21,623,085.00 - - - 9,256,410.26 196,067,695.83-61,977,225.62-2. () / / 41,286,338.48 20.46 64,836,316.29 20.85 15,327,488.35 11.45 18,138,072.79 16.29 194,598.000 13.58 252,098.00 14.42 7,190,813.92 28.25 31,902,825.10 31.34 37

3,758,295.90 0.06 1,781,512.62 0.06 13,867,048.90 79.17 22,999,227.20 131.60 7,481,017.05 123.25 14,227,119.33 100.43 1,460,128.40 4.07 1,573,777.21 19.11 1,030,686.10 5.70 5,236,483.47 7.79 91,596,415.10 160,947,432.01 36,790,426.71 19.87 - - 72,450.85 11.39 - - 3,513.68 - - - 44,499.60 15.39 - - 6,364,564.02 36.54 - - 207,271.20 0.30 - - 23,386,191.59 35.96 - - 5,754,027.83 23.58 - - 1,222,139.15 6.86 - - 8,460,860.86 5.70 - - 82,305,945.49 - - 8,258,849.60 182,161,210.19 160,947,432.01-3. ( ) ( ) % 1 6,523,955.65 8,489,535.06 2.62 3.69 6,523,955.65 8,489,535.06 2.62 3.69 2 38

4,037,574.71 1,125,971.35 12.34 5.96 5,391,463.53 577,640.00 16.48 3.06 9,429,038.24 1,703,611.35 28.82 9.02 3 2,457,090.00 869,788.10 0.91 0.43 2,457,090.00 869,788.10 0.91 0.43 4 2,010,645.80 995,335.00 12.31 2.33 205,398.83 2,459,038.83 1.26 5.75 2,216,044.63 3,454,373.83 13.57 8.08 5 17,937,239.65 2,153,946.77 21.59 2.33 1,120,500.00 1,120,500.00 1.35 1.21 19,057,739.65 3,274,446.77 22.94 3.54 4. 1 356,100,000.00 7,500,168.13 2003 6 30 322,100,000.00 2003 6 30 12,800 800 2 1999 4 175,184,327.74 32003 6 5 17,649,383.86 39

40

2003 6 30 71,477,483.44 63,876,753.84 41

2003 6 30 93,548,056.59 42

2003 6 30 13,768,213.44 5,577,807.01 19,346,020.45 12,727,722.60 3,359,153.61 16,086,876.21 1,040,490.84 2,218,653.40 3,259,144.24 8,320,730.92 477,505.75 477,505.75 8,320,730.92 7,115,729.15 477,505.75 6,638,223.40 174,612.24 64,681.37 239,293.61 43

2003 16 2003 16 44

2003 16 2002 16 255,898,138.90 738,144,395.55 218,606,277.77 583,112,703.88 1,045,093.38 3,945,996.10 36,246,767.75 151,085,695.57 2,347,766.71 6,069,337.93 7,104,003.61 28,902,436.02 20,103,982.92 55,271,490.90-2,679,736.44-1,890,591.98 14,066,284.37 74,871,698.56 64,438,991.22 3,471,732.59 107,500.00 30,777,502.84 1,373,293.06 4,139,124.40 295,185.79 1,888,247.50 79,690,882.86 111,371,810.89 6,208,930.71 26,540,154.93-10,077,064.26 73,481,952.15 74,754,591.70 51,857,098.90 11,615,801.35 - - 125,339,051.05 86,370,393.05-10,670,690.77-5,816,732.28 - - - - - - - - 125,339,051.05 69,882,970.00 - - - - - - - 125,339,051.05 69,882,970.00 45

: 1. 2. 3. 4. 5. 6. 46

2003 16 47

2003 16 1 2 48