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10 2006 2006 2006 1

[2006]738 1417 0871-6242658 0871-4318098 650228 ( ) 200 39 1 8 801 010 85185505 010 85184068 100738 ( ) 1 2

618 021-62580818-560/823 021-62566568 200042 2 2 A 35 A 4 010-88092288 010-88092037 100032 3 38 1005 010-84538250 010-84538215 100027 4 48 50 16 5 3

010 66212490 010 66212490 517 518048 ( ) 1 8 2 811 010-83988063-819 010-83988063-818 100032 2 528 16 528 14 021-68816000 021-68819320 200120 3 155 1 155 1 9 0871-3577983 0871-3579825 650011 4

4 16 16 1901 010 85252652 010 85252690 100020 5 99 15 021 68598000 6511 021-68598030 200120 1 0871 3513271 0871 3523569 650051 ( ) 33 B 5 010 88087971 88087972 5

: 010 88086356 100032 ( ) 3 389 16 0871 3121203 0871-3184386 3140056 650011 1 622 7 珺 021-53061122 021-63848585 200020 2 26 B 20 010 64606677 010 84583355 100016 6

902 0871-3116533 0871-3116989 650021 2006 06 10 15 4.05% 100 1,000 1,000 1,000 () ( ) 3 2006 4 30 1 2006 4 28 4 28 2006 4 28 2021 4 27 7

2007 2021 4 28 ( 1 ) 20 ( ) 2021 4 28 ( 1 ) 20 ( ) AAA AAA 6 8

1417 168,000 70 13 1974 1977 1997 1999 2000 2001 2002 2003 50 2005 9

05 9 30 (%) 100.00 23,800.00 133,275.10 49,899.10 40,159.75 1 * 69.59 11,585.00 105,064.83 41,902.10 37,229.13 100.00 78,217.00 16,476.56 4,795.73 1,552.61 100.00 2,265.50 4,129.00 1,436.40 143.27 66.79 50,408.00 520,417.27 270,134.00 131,928.79 1 * 73.62 6388 172,712.00 76,347.00 40,519.00 2 * 52.17 46,000.00 86,088.00 46,000.00 79.6 5,144.20 203,667.50 60,684.40 88,640.00 29.59 11,475.00 57,509.86 26,405.10 30,554.93 89.14 5,497.12 16,698.60 4,620.10 622.90 62.74 74,802.80 115,281.60 72,026.60 32,916.50 55.00 40,000.00 161,680.70 46,654.80 32,507.90 55.00 19,474.00 135,146.00 22,061.00 55,749.00 55.00 3,500.00 70,285.70 24,548.40 27,594.67 88.00 10,426.00 10,954.50-4,580.90 100.00 1,901.50 5,801.20-8,684.70 1,405.50 * 520 10

10 500 2004 114.71 49.72 2002 2003 2004 16.17 26.20 43.16 0.15 0.43 1.19 2005 205.47 85.90 103.87 10.82 600096 1997 7 65.94 2005 62.91 26.72 2005 26.76 6.70 600792 1997 1 29.59 2005 5.74 2.04 2005 5.69 0.17 1979 11

31,004 489,425 2004 1,000 36 A2 2004 40137.69 34915.49 25900.72, 780.63 2004 319.74 84.41 2004 948.12 875.59 717.30, 6.50 2004 51.72 12

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( ) 2005 4 ( ) ( ) ( ) www.chinabond.com.cn 14

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( ) ( ) ( ) ( ) ( ) ( ) 1 2007 2021 4 28 1 20 ( ) ( ) 16

( ) 2021 4 28 1 20 ( ) 2003 9 10 3 4.1 1.6% 1.9% 2.2% 2005 12 31 35,748.7 45,109,044 8.53% 5,251.30 12.8% 10 50 120 10 10 1 2 200 / 57.06 50 50 50 5.2 / 17

2.5 243,469 102,507 23.3 120 120 80 / 30 / 60 / 15,000 / 7000kw 16.8 10 10 1 10 6 4 6 6 4 4 2 1.38 10 10 PVC 2.24 1 1 63-68% 1.08 6.7 2 2 / 2 4.1 2738 200 / 200 / 200 / 128.36 30.5% 6.16 18

1 2 3 1 2003 19

PVC 2 2004 2.33 57.06 3 4 5 20

1 2 3 4 1 21

2 3 1 70% 22

2001 3% 2 3 2003 IT ERP CRM SCM 23

4 5 1 2 24

3 4 2002 2003 2004 161,650.18 261,960.82 431,579.14 1,453.38 4,333.56 11,941.03 585,899.44 889,272.57 1,147,139.33 205,760.85 286,585.65 342,248.69 54.70% 58.16% 56.66% 2002 2003 2004 482.54 562.94 637.55 28.97 19.22 20.03 29,765.66 34,940.16 40,137.69 1,360.40 1,379.69 780.63 25

2002 2003 2004 47.88 43.02 51.72 706.63 811.85 948.12 10.01 4.32 6.50 2002 2003 2004 2002 2003 2004 2002 2003 2004 2002 2003 2004 2002 2003 2004 2004 2002 2003 2004 2002 2003 2004 10 2006 10 26

2002 2003 2004 9,502 16,645 47,077 2004 12 31 49.72 40% 6 27

28

2006 1 1 8 1 801 010-85185505 2 * 10 13A 010-63109981 * 21 010-88092288 * 17 010-84538250 3 * 1 010-66212490 * 3 010-83988063 4 35 A 4 010-88092288 5 38 1005 010-84538250 6 16 5 010-66212490 7 2 811 010-83988063 8 16 1901 010-85252652 9 618 021-62580818-560 10 528 14 021-68816000 11 99 15 021-6859800-6511 12 155 1 9 0871-3577983 13 * 0871-3102460 * 29

2002 2003 2004 2002 2003 2004 793,770,604.54 2,018,989,422.09 2,479,993,571.92 48,858,085.10 68,775,851.92 90,964,131.88 18,812,807.20 63,836,180.68 63,212,669.74 - - - - - - 109,862,655.84 210,950,598.15 298,982,580.68 202,145,405.95 187,417,621.44 297,380,086.44 152,513,701.66 162,501,678.78 455,573,494.45 496,448.32 3,226,447.46 451,882.04 112,245.51 - - 319,097,417.11 519,974,592.46 745,103,888.98 9,255,195.05 5,287,475.95 5,110,027.55 (215,108.02) (175,063.97-7,059,063.40 4,579,583.33-1,661,768,521.66 3,245,364,388.29 4,436,772,333.68 584,663,811.01 - - 562,523,903.66 794,216,869.89 1,030,266,945.80 22,139,907.35 12,690,324.02 37,690,324.02 (126,619,852.54) 9,439,973.83 47,634,873.17 458,043,958.47 816,347,167.74 1,067,957,269.82 3,858,366,081.43 5,393,094,431.20 6,200,871,014.22 1,324,446,729.33 1,753,163,864.82 2,011,071,570.59 2,533,919,352.10 3,639,930,566.38 4,189,799,443.63 3,595,470.24 9,026,334.60 20,932,483.33 2,530,323,881.86 3,630,904,231.78 4,168,866,960.30 27,709,712.30 117,425,857.46 165,840,508.36 716,108,267.09 584,058,206.05 1,128,711,813.58 - - 72,021.63 548,072.89 8,129.42-3,274,689,934.14 4,332,396,424.71 5,463,491,303.87 445,034,578.82 481,804,516.40 466,656,530.42 18,277,276.67 11,813,186.46 31,515,893.44 30

- 5,000,000.00 5,000,000.00 463,311,855.49 498,617,702.86 503,172,423.86 1,180,098.27-5,858,994,368.03 8,892,725,683.60 11,471,393,331.23 1,535,529,000.00 1,961,991,680.24 2,585,520,000.00 64,078,778.40 132,918,008.62 131,494,036.43 248,421,277.70 404,352,036.91 601,917,100.69 95,019,670.89 233,958,051.19 376,506,586.09 27,271,238.54 89,642,098.38 96,604,896.43 28,235,438.21 45,517,060.20 63,770,901.59 40,480,367.96 202,720.00 1,272,885.43 9,389,009.06 25,358,422.24 92,879,170.42 759,478.94 1,067,407.84 1,980,957.78 189,312,237.48 356,649,541.24 268,776,887.16 23,484,155.61 8,446,595.62 21,706,308.36 - - 11,465,133.23 79,999,700.00 206,200,000.00 99,700,000.00 219,471.88 - - 2,342,199,824.67 3,466,303,622.48 4,353,594,863.61 805,193,543.61 1,185,988,553.49 1,820,789,359.20-412,004,444.45 226,653,495.32 38,029,373.49 56,515,588.49 60,789,450.63 19,083,158.77 27,150,441.58 32,976,866.05-5,000,000.00 5,000,000.00 862,306,075.87 1,686,659,028.01 2,146,209,171.20 3,204,505,900.54 5,152,962,650.49 6,499,804,034.81 596,879,996.16 873,906,573.21 1,549,102,381.71 680,000,000.00 930,000,000.00 1,265,000,000.00 1,194,112,436.64 1,604,793,283.12 1,752,557,734.61 392,575,748.33 432,599,261.84 549,979,094.17 - - 57,186,226.17 93,821,158.22-411,553.66 1,400,576.07 (209,079,713.64) 101,947,638.72 146,450,490.14 - - - 2,057,608,471.33 2,865,856,458.90 3,422,486,914.71 5,858,994,368.03 8,892,725,683.60 11,471,393,331.23 31

2002 2003 2004 2002 2003 2004 1,616,501,846.21 2,619,608,205.22 4,315,791,440.64 1,174,181,906.14 1,790,021,943.52 2,825,103,890.55 4,776,165.01 15,148,362.55 29,636,289.07 437,543,775.06 814,437,899.15 1,461,051,261.02 (17,486,353.26) (65,333,677.08) 22,305,926.53 55,351,624.34 136,363,229.48 235,179,148.47 221,625,000.00 343,400,030.90 523,756,827.02 100,791,769.40 131,188,048.54 157,634,534.16 42,289,027.46 138,152,913.15 566,786,677.90 49,563,340.96 18,616,943.91 (155,805,037.72) 31,832,343.28 22,347,688.62 71,151,221.27 6,866,520.85 8,613,436.62 20,472,063.68 35,534,685.58 21,276,097.29 31,831,745.80 95,016,546.97 166,454,885.01 470,773,179.33 31,922,879.39 42,422,376.19 88,001,957.79 48,559,832.54 80,696,939.86 263,360,924.01 14,533,835.04 43,335,568.96 119,410,297.53 (148,515,978.94) (102,196,161.42) (116,353,450.08) (133,982,143.90) (58,860,592.46) 3,056,847.45 12,020,041.41 22,522,749.43 61,818,016.33 7,116,746.49 13,155,042.11 38,435,658.47 981,830.30 2,687,928.49 6,865,446.35-1,417,174.79 3,495,582.65-1,677,397.78 3,495,582.65 (154,100,762.10) (100,320,885.06) (111,053,439.00) - - - 54,820,762.05-13,736,445.07 158,189.49 1,626,753.66 21,660,606.07 - - - (209,079,713.64) (101,947,638.72) 146,450,490.14 32

2002 2003 2004 2002 2003 2004 1,901,397,153.90 3,205,188,717.85 4,320,249,220.14 23,855,436.58 16,343,993.00 38,982,462.15 217,648,719.66 374,341,549.94 247,692,074.87 2,142,901,310.14 3,595,874,260.79 4,606,923,757.16 1,238,061,024.48 1,781,625,041.71 2,336,092,104.53 162,673,261.21 262,588,613.73 367,393,708.97 102,755,493.03 208,480,880.72 298,353,612.36 336,597,932.94 549,961,016.06 691,702,206.24 1,840,087,711.66 2,802,655,552.22 3,693,541,632.10 302,813,598.48 793,218,708.57 913,382,125.06 342,122,702.82 18,046,620.49 52,354,588.30 43,283,708.27 127,391,553.58 45,556,282.97 3,519,215.71 9,717,043.82 30,584,518.02 26,970,307.51 27,406,075.95 6,658.34 415,895,934.31 182,561,293.84 128,502,047.63 669,673,607.17 1,008,089,779.91 1,531,967,620.43 392,995,832.02 278,272,980.00 437,828,115.85 1,407,680.75 205,343,953.43 90,666,496.51 1,064,077,119.94 1,491,706,713.34 2,060,462,232.79 (648,181,185.63) (1,309,145,419.50) (1,931,960,185.16) 257,320,684.00 1,171,339,759.68 670,751,779.32 2,587,459,790.00 3,143,766,694.07 4,024,293,349.27 12,181,223.13 23,800,678.53 1,004,604.53 2,856,961,697.13 4,338,907,132.28 4,696,049,733.12 2,210,892,557.55 2,273,527,435.61 2,927,855,431.27 146,255,670.23 312,144,406.65 284,549,250.12 55,612.25 11,351,787.38 9,933,974.61 33

2,357,203,804.03 2,597,023,629.64 3,222,338,656.00 499,757,857.10 1,741,883,502.64 1,473,711,077.12 1,318,751.89 494,825.84 5,871,132.81 ( ) 155,709,021.84 1,226,451,617.55 461,004,149.83 63,093,667.58 43,335,568.96 119,410,297.53-80,696,939.86 263,360,924.01 10,035,399.94 (6,096,612.11) 233,044,868.06 227,361,532.44 303,974,500.15 352,802,304.12 15,212,594.25 18,478,122.15 22,282,285.09 1,379,043.78 12,514,684.84 11,463,319.81 (2,368,380.52) 1,663,293.22 140,891.25 15,236,518.70 (16,356,556.62) (13,451,206.10) 11,339,676.95 4,023,266.79 (7,695,716.55) (1,222.57) 411,204.23 1,515,962.44 116,197,962.46 150,346,982.61 207,934,874.58 (58,464,433.57) (18,616,943.91) (27,080,076.11) (1,180,098.27) - - (86,263,585.08) (201,024,603.80) (213,419,542.40) ( ) (30,768,045.75) (166,346,619.48) (411,833,573.33) ( ) 13,947,689.54 586,215,481.68 373,426,591.18 8,055,278.60-1,479,921.48 302,813,598.48 793,218,708.57 913,382,125.06 - - - - - - - - - 793,770,604.54 2,018,989,422.09 2,479,993,571.92 : 638,061,582.70 793,770,604.54 2,018,989,422.09 : - 1,232,800.00 - : - - - 155,709,021.84 1,226,451,617.55 461,004,149.83 34

2002 2003 2004 2002 2003 2004 231.88 256.60 277.55 3,232.45 3,604.69 3,936.06 201.45 142.68 163.55 725.68 560.74 536.16 19,129.60 22,683.93 25,900.72 238.10 284.96 323.79 617.20 569.33 374.11 267.08 213.15 203.91 4,202.24 5,762.67 7,730.52 603.38 626.63 629.57 61.42 64.57 79.23 731.38 740.13 630.10 29,765.66 34,940.16 40,137.69 24,796.18 29,972.88 34,915.49 1,529.58 1,518.96 1,517.06 1,411.28 1,386.52 1,376.40 219.03 173.54 250.42 449.19 508.57 1,297.69 28,405.26 33,560.47 39,357.06 1,360.40 1,379.69 780.63 29,765.66 34,940.16 40,137.69 35

2002 2003 2004 2002 2003 2004 848.08 929.32 1018.65 (395.85) (415.97) (467.52) 452.23 513.35 551.13 23.39 35.10 71.72 (3.46) (4.00) (3.67) 10.38 18.49 18.37 482.54 562.94 637.55 (340.14) (386.07) (578.98) (100.95) (157.85) (10.67) (50.66) (48.43) (55.67) (9.21) (29.41) (7.77) 75.32 104.23 141.86 7.39 13.97 14.48 (44.33) (69.37) (64.16) 29.17 19.42 84.41 0.20 0.20 64.38 28.97 19.22 20.03 36

2004 : 1,112.87 98.32 9.02 71.73 3,672.56 14,495.58 226.61 1,238.95 20,925.64 401.71 44.38 3.97 256.53 14,264.46 553.23 2,066.91 563.89 1.89 64.38 52.64 791.47 19,047.46 1,878.18 141.87 25.72 167.59 40.25 648.24 1,074.17 1,762.66 (1,595.07) 18.51 6.83 25.34 5.51 5.51 19.83 302.94 37

2002 2003 2004 2002 2003 2004. 461.52 374.27 418.04 7.85 9.96 8.68 33.58 34.11 32.24 217.11 122.43 158.54 0.83 - - 0.45 0.39 0.37 1.86 2.76 2.51 190.43 196.38 209.81 - - - 4.21 3.41 1.41 3.66 3.35 2.98 1.54 1.44 1.48 - - 0.02 - - 0.01 - - -. 233.52 425.60 518.81 145.47 287.41 354.65 76.15 128.36 153.77 4.16 6.16 7.23 1.28 0.99 1.46 18.86 20.20 21.98 4.78 5.77 6.68 14.08 14.44 15.31 0.01 0.09 0.10 0.64 0.55 0.83. 0.40 0.42 0.40. 11.10 11.56 10.86 2.87 1.49 0.70 6.26 0.69 7.96-2.39 2.20 2.06 - - 706.63 811.85 948.12 2.22 5.37 18.50. 483.88 574.98 845.67 38

261.75 294.41 358.79 172.44 219.19 267.13 - - - 1.61 13.54-10.40 6.80 - - - - 29.31 29.93 39.46 1.00 1.00 1.00 - - - 0.42 2.02 2.98 3.63 4.61 3.87 1.69 1.55 2.32 1.09 1.00 1.37 0.12 0.53 (1.55) (1.63) 0.44 0.70 - - - 1.57 0.84 2.48 0.02 0.10 0.10 - - - - - 162.45 0.07 4.20. 212.65 232.56 95.95 15.77 20.81 6.81 186.26 203.62 81.01 - - - 0.00-0.03 0.00 0.03 0.02 10.71 8.13 8.13 698.85 807.53 941.62. 10.01 4.32 6.50 ( ) - - - 0.98 0.98 0.98 - - - 8.98-5.45 0.05 0.05 0.07 706.53 811.85 948.12 2.32 5.37 18.50 39

2002 2003 2004 2002 2003 2004 18.79 22.64 27.62 28.52 19.48 21.66 0.40 0.55 1.50 0.07 0.08 0.11 0.04 0.05 0.07 0.06 0.22 0.75 47.88 43.02 51.72 8.00 7.97 9.01 21.76 16.57 17.69 8.91 11.44 13.38 1.78 3.31 2.61 1.24 1.27 1.60 2.27 2.39 4.20 0.02 (0.06) (0.38) 43.97 42.90 48.11 40