1

--------------------------------3 --------------------------4 ------------------------------5 --------------9 ------------------------------------12 --------------------------------14 --------------------------------------16 --------------------------------------26 ----------------------------------------28 ----------------------------------------34 -----------------------------------34 2

GuangCai Construction Group Co., Ltd. A (0755)82985998-215 (0755)82985866 cjh@gcjs.com.cn A (0755)82985998-238 (0755)82985859 zy@gcjs.com.cn A A 518026 http://www.gcjs.com.cn dsh@gcjs.com.cn http://www.cninfo.com.cn 000046 1 1989 5 9 2003 2 19 2 4403011013197 3 440304618815877 4 3

5022 B 11 110,206,451.43 88,896,710.46 89,525,151.44 199,676,137.70 1,662,830.91 110,934,696.80-197,086.70 176,692.56-707,851.23 597,486,940.68 40,625,588.58-628,440.98 2004 2003 2002 1,001,936,767.89 576,042,941.63 461,318,808.30 88,896,710.46 36,609,183.11 34,174,987.16 3,102,551,558.20 3,384,601,204.49 2,513,399,616.55 1,092,836,725.31 1,010,042,123.38 997,841,374.37 0.30 0.15 0.14 0.30 0.15 0.14 0.31 0.19 0.13 3.73 4.14 4.09 3.71 4.12 4.06 4

2.04-1.873-0.515 % 8.13% 3.62% 3.42% % 8.46% 3.69% 3.48% % 8.19% 4.67% 3.27% % 8.52% 4.76% 3.33% 244,084,341.00 48,816,868.00 292,901,209.00 463,050,853.37 24,408,434.00 438,642,419.37 77,887,056.33 77,887,056.33 : 25,073,409.81 25,073,409.81 225,019,872.68 88,896,710.46 30,510,542.53 283,406,040.61 1,010,042,123.38 137,713,578.46 54,918,976.53 1,092,836,725.31 1 2003 2 1 + 5

1 117,566,103 11,756,610 11,756,610 141,079,323 117,566,103 11,756,610 11,756,610 141,079,323 2 117,566,103 11,756,610 11,756,610 141,079,323 1 126,518,238 12,651,824 12,651,824 151,821,886 2 126,518,238 12,651,824 12,651,824 151,821,886 244,084,341 24,408,434 24,408,434 292,901,209 2 (1) (2) 2003 2004 7 13 2003 2003 10 1 10 1 292,901,209 (3) 1 2004 12 31 55,538 2 10 23,513,220 141,079,323 48.17 141,079,323-5,063,218 1,416,800 0.48 6

1,192,664 0.41-95,631 1,028,784 0.35 1,009,012 0.34 149,549 897,293 0.31 121,281 727,684 0.25 117,597 705,581 0.24 107,672 646,032 0.22 334,766 621,097 0.21 2004 6 23 2004 11 12 3 50,000 1995 7 5% 100,000 71.2% 75% 7

75% 71.2% 48.17% 4 10% 5 10 A B H 1,416,800 A 1,192,664 A 1,028,784 A 1,009,012 A 897,293 A 727,684 A 705,581 A 646,032 A 621,097 A 8

600,563 A 1 52 2004 12 0 0 2007 12 2004 12 38 2007 12 0 0 50 2004 12 0 0 2002 2007 12 7 2004 12 42 2007 12 0 0 2004 12 34 2007 12 0 0 2004 12 37 2007 12 0 0 69 2004 12 2007 12 0 0 43 2004 6 2007 12 0 0 49 2004 7 2007 12 0 0 44 2004 12 0 0 2004 2007 12 41 2004 12 2007 12 0 0 36 2004 12 2007 12 0 0 2004 12 40 2007 12 0 0 9

2004 12 35 2007 12 0 0 2 10

3 2,000 6,000 2,021,303 892,200 11

1,228,200 30 4 10 20 1 4 2004 12 26 2004 2004 56 21 7 9 19 9 26 12 6 27 8 5 12

2004 2004 26 4 2004 9 7 2 9 6 1 2 9 7 2 1 2 13

3 4 5 2004 2003 2003 2004 5 16 A 2 6 117,689,503 48.22% 2003 2003 14

2003 2003 2003 244 084 341 10 1 10 0.25 2003 244 084 341 10 1 2004 6000 / / 2004 4 10 2004 5 18 2004 2004 2004 12 26 A 7 141,362,523 292,901,209 48.26% 1 6 2004 11 24 2004 12 28 15

1 2003 2004 2003 2004 2004 100,193.68 73.93 % 19,967.61 23.13 % 8,889.67 142.83% 92,991.64 92.81% 79.16% 0.30 ( ) (%) 92,991.64 69,755.66 24.99 79.16 99.59-23.48 3,737.77 2,504.86 32.99 23.94 33.16-12.33 1,866.79 1,319.13 29.34 26.80 15.96 44.62 1,597.48 1,258.83 21.20 65.31 84.86-28.21 ( ) 49,420.12 2.48 4,096.12 15.23 16

46,671.44 699.21 2 92.5% RMB 1,000 5,877.30 439.39 70% USD1,250 33,744.88 9.00 40% USD1,000 110,257.75 2,330.53 90% RMB 500 1,707.11 35.47 90% RMB 2,800 25,580.89 11.14 20% RMB 40,000 220,572.68 65% USD2,000 90,171.71 2004 5 7,185.30 67.17 % 5 8,919.77 8.90% 2005 17

2005 2004 2004 2001 5 40,024 39,760 40,024 4,800 39,760 13,000 13,000 9,972.45 15,000 15,000 6,814.85 70% 18

7,000 6,760 822.75 5,000 5,000 9 10 11 2004 2 70% 2004 5 2004 12 31 54,510,703 1 A 2 2004 2 15 2004 12 31 207,062,979 3 2004 9 12 31 133,294,886 4 5 6 7 8 5 6 7 8 19

5 CBD CBD 8.31 4000 CBD 20 2004 2003 % 310,255.16 338,460.12-28,204.96-8.33% 109,283.67 101,004.21 8,279.46 8.20% 19,967.61 16,216.50 3,751.11 23.13% 8,889.67 3,660.92 5,228.75 142.83% 4,062.56 7,438.11-3,375.55-45.38% 2004 2004 2004 2005

2004 2005 1 ISO / 2 2005 A 2002 2005 2005 2004 3 4 5 1 1 2004 4 8 21

2003 2003 2003 2003 244 084 341 10 1 10 0.25 2003 244 084 341 10 1 2004 2003 40 6000 / / 2003 2004 5 16 2003 2 2004 8 5 2004 3 2004 11 21 22

9 3 6 2004 244,084,341 292,901,209 244,084,341, 117,566,103 ( 48.17%) 126,518,238 ( 51.83%) 292,901,209, 141,079,323 ( 48.17%) 151,821,886 ( 51.83%) 2004 2004 12 26 3 00 2004 4 2004 12 26 A 23

9 5 2004 4 20 10 19 10 20 10 21 2004 2004 6 2004 12 29 3 3 24

9 0 0 2 2004 7 13 2003 2003 244 084 341 10 1 10 0.25 10 0 10 1 292,901,209 2004 12 26 2004 2003 2004 110,543,451.43 88,896,710.46 2004 292,901,209 0.30 2004 10% 8,889,671.05 5% 4,444,835.52 194,509,330.15 270,071,534.04 2004 292 901 209 10 1 10 0.25 7,322,530.23 233,458,882.91 2004 2004 12 31 438,642,419.37 2004 292 901 209 25

10 1 2004 2004 12 31 32,720 2004 29.94% 32,400 2004 2004 2004 2004 5 16 2003 2004 12 26 2004 1 2004 4 8 A 16 3 3 2003 2003 26

2004 4 10 2 2004 8 5 3 3 2004 2004 8 7 3 2004 11 21 3 1 2004 2004 11 24 4 2004 12 26 A 16 2004 12 28 1 2 2004 27

3 2001 40,024 4 3 5 3 1 P20000395 P20040056 P20000395 2003 12 31 [ 2003 0379 ] 5300 2004 3 3 C C 28

C 2004 3 2 P20040056 5300 2005 1 27 2380 2005 3 2 2004 15-1479-5 1-9 2005 3 3 2004 15-1479-6 2003 0379 2005 3 15 2005 001816 P20040056 2005 3 10 P20040056 2000 2001 2002 P20000395 2004 3 6 2004 4 2 2005 3 5 P20040056 2 2000 2004 2004 2 12 2004 4 2 3 2003 10 15 29

601606.36 2004 3 23 601606.36 2003 10 15 2004 3 24 2004 12 28 3.43% 3 3 ( ) 0.19 0.19 34,049.26 34,049.26 30,000.00 19.18 0.00 13.90 0.00 4.64 30.00 30.00 1,890.00 1,890.00 902.83 902.83 0.43 314.04 314.04 1,500.00 1,500.00 30

100.00 100.00 14.08 14.08 36,986.36 30000.19 38,833.29 1,819.11 30,000 1998 11 A 1999 12 A 1 2004 12 28 3.43% 3 3 2002 8 3.43% 3 3 2004 12 31 2 2004 2,561.74 22 15 10000 75% 25% 31

80% 2001 10 16 1.2 2004 12 31 10,799.92 1 2 2001.10.23 320 2001.10.23-2002.10.23 19 0 19 320 32,400 32,400 20 32,720 29.94% 50 0 70 0 50 0 32

3 2001 3 1,000 2000 2001 2380 1000 2003 2004 5 16 2003 2004 2004 5 18 40 4 1 2004 6 ISO9001/ISO14001 GB/T19001 2000 GB/T24001 1996 ISO / 2004 2 2004 12 24 33

(2005) 030 :, ( )2004 12 31 2004 2004,,, 2004 12 31 2004 34

35

2004 12 31 : : : 281,030,069.89 88,755,198.08 240,404,481.31 44,930,433.74 100,000.00 0.00 8,184,170.65 7,534,170.65 150,000.00 132,187,134.70 69,420,550.39 156,813,114.01 4,927,110.56 74,777,241.38 835,472,723.33 67,723,332.68 782,937,170.63 327,753,564.90 575,703,816.02 355,685,585.70 583,866,316.02 1,837,224,821.46 372,363,492.57 2,112,497,490.97 375,459,098.22 2,653,072,832.33 1,941,715,780.39 2,941,458,175.32 1,799,654,299.82 : 383,651,938.82 887,873,685.58 384,134,751.70 861,969,646.77 383,651,938.82 887,873,685.58 384,134,751.70 861,969,646.77 : 3,651,178.82 4,134,751.70 : :3,651,178.82 4,134,751.70 64,903,999.34 42,237,971.90 65,593,197.12 41,987,025.90 : 16,549,458.53 7,852,184.13 14,632,680.75 6,429,248.63 48,354,540.81 34,385,787.77 50,960,516.37 35,557,777.27 : 2,674,819.26 2,674,819.26 2,674,819.26 2,674,819.26 45,679,721.55 31,710,968.51 48,285,697.11 32,882,958.01 19,797,889.29 0.00 10,179,525.71 65,477,610.84 31,710,968.51 58,465,222.82 32,882,958.01 : 336,459.51 139,169.90 543,054.65 180,283.90 12,716.70 0.00 349,176.21 139,169.90 543,054.65 180,283.90 : 3,102,551,558.20 2,861,439,604.38 3,384,601,204.49 2,694,687,188.50 36

( ) 2004 12 31 : : : 1,169,800,000.00 570,000,000.00 1,465,800,000.00 963,000,000.00 65,000,000.00 120,000,000.00 35,000,000.00 174,019,130.06 119,725,981.81 121,748,158.74 26,605,661.10 21,761,359.61 14,731,719.00 10,702,473.23 749,715.94 868.91 868.91 1,951,839.73 363,838.27 2,200,634.21 243,099.90 99,088,943.15 19,892,132.36 80,676,503.72 11,218.31 606,172.62 515.11 603,712.86 625.75 139,168,515.20 897,491,992.09 66,166,351.01 569,034,744.12 780,021.00 283,295.85 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 80,000,000.00 80,000,000.00 250,000,000.00 1,762,176,850.28 1,712,207,047.55 2,128,181,129.62 1,604,645,065.12 : 54,000,000.00 54,000,000.00 80,000,000.00 80,000,000.00 6,740,000.00 60,740,000.00 54,000,000.00 80,000,000.00 80,000,000.00 : 2,208,181,129.62 1,684,645,065.12 : 186,797,982.61 166,377,951.49 : 292,901,209.00 292,901,209.00 244,084,341.00 244,084,341.00 438,642,419.37 438,642,419.37 463,050,853.37 463,050,853.37 91,221,562.90 91,221,562.90 77,887,056.33 77,887,056.33 : 29,518,245.33 29,518,245.33 25,073,409.81 25,073,409.81 270,071,534.04 272,467,365.56 225,019,872.68 225,019,872.68 : 7,322,530.23 7,322,530.23 6,102,108.53 6,102,108.53 1,092,836,725.31 1,095,232,556.83 1,010,042,123.38 1,010,042,123.38 3,102,551,558.20 2,861,439,604.38 3,384,601,204.49 2,694,687,188.50 37

2004 : : 1,001,936,767.89 408,199,420.30 576,042,941.63 3,854,522.00 748,384,797.29 278,107,049.59 387,114,545.94 3,928,434.27 53,875,832.90 20,617,208.11 26,763,432.81 132,034.36 199,676,137.70 109,475,162.60 162,164,962.88-205,946.63 1,662,830.91 12,200.00 1,578,989.85 8,600.00 : 34,395,476.90 7,372,817.52 27,505,262.17 714,471.99 23,385,947.95 18,132,258.54 21,859,620.37 10,284,681.86 32,622,846.96 9,914,695.96 16,757,059.27 7,903,456.17 110,934,696.80 74,067,590.58 97,622,010.92-19,099,956.65 (197,086.70) 24,313,439.73 333,473.83 65,790,558.81 176,692.56 129,100.00 378,105.31 59,188.66 163,760.57 13,452.35 1,085,956.54 1,130.00 12,144,860.81 10,094,871.40 110,206,451.43 98,439,088.97 86,103,484.51 36,609,183.11 17,442,709.85 7,146,546.99 37,007,115.72 3,867,031.12 12,487,185.68 88,896,710.46 91,292,541.98 36,609,183.11 36,609,183.11 225,019,872.68 225,019,872.68 218,310,501.14 218,310,501.14 313,916,583.14 316,312,414.66 254,919,684.25 254,919,684.25 8,889,671.05 8,889,671.05 3,660,918.31 3,660,918.31 4,444,835.52 4,444,835.52 1,830,459.16 1,830,459.16 300,582,076.57 302,977,908.09 249,428,306.78 249,428,306.78 6,102,108.53 6,102,108.53 24,408,434.10 24,408,434.10 24,408,434.00 24,408,434.00 270,071,534.04 272,467,365.56 225,019,872.68 225,019,872.68 : 1. 2. 3. ( ) 4. ( ) 5. 6. 38

2004 : : 2004 2003 1,033,244,553.53 357,085,933.93 619,188,830.25 8,657,168.52 176,692.56 4,500.53 222,736,865.61 334,102,421.14 53,525,589.26 36,030,924.86 1,256,158,111.70 691,188,355.07 672,718,920.04 44,688,093.38 477,597,058.72 165,342,712.78 983,419,091.63 67,888,237.64 33,414,140.47 8,866,793.49 28,201,573.61 7,250,105.64 61,687,099.45 11,245,810.07 61,374,191.11 3,055,035.70 85,972,872.38 70,088,802.44 56,968,771.72 352,974,290.46 658,671,171.02 255,544,118.78 1,129,963,628.07 431,167,669.44 597,486,940.68 435,644,236.29-457,244,708.03-386,479,576.06 8,469,896.83 7,743,571.57 3,007,856.22 2,407,856.22 8,469,896.83 7,743,571.57 3,007,856.22 2,407,856.22 2,494,786.11 192,422.00 6,019,575.93 1,821,296.29 100,000.00 1,800,000.00 1,650,010.00 108,601,010.00 2,594,786.11 1,992,422.00 7,669,585.93 110,422,306.29 5,875,110.72 5,751,149.57-4,661,729.71-108,014,450.07 16,553,000.00 : 590,800,000.00 415,000,000.00 2,290,800,000.00 1,465,000,000.00 2,724,831.59 1,215,686.93 2,710,331.46 1,720,563.31 610,077,831.59 416,215,686.93 2,293,510,331.46 1,466,720,563.31 1,082,800,000.00 754,000,000.00 1,641,348,242.05 924,548,242.05 89,749,695.82 59,598,586.89 115,638,902.11 78,012,989.08 : : 261,787.62 187,721.56 235,625.33 162,941.13 1,172,811,483.44 813,786,308.45 1,757,222,769.49 1,002,724,172.26-562,733,651.85-397,570,621.52 536,287,561.97 463,996,391.05-2,810.97 40,625,588.58 43,824,764.34 74,381,124.23-30,497,635.08 39

2004 : 2004 2003 1 2 88,896,710.46 91,292,541.98 36,609,183.11 36,609,183.11 3,867,031.12 12,487,185.68 202,882.06 3,378,341.16 539,475.15-200,183.32 3,753,468.34 1,422,935.50 2,844,401.91 1,361,777.80 154,547.30 41,114.00 511,685.70 41,114.00 496,725.15-261,265.16 15,937.80 76,035.27 149,032.71 71,933.26 5,965.92 32,742,532.81 9,877,777.62 16,703,702.48 7,903,456.17 197,086.70-24,313,439.73-333,473.83-65,790,558.81 317,688,930.73 3,095,605.65-865,124,092.09-61,322,801.60 47,427,228.48-69,712,622.32 141,196,733.49-777,220,346.00 99,498,995.50 420,561,982.43 197,433,787.00 472,132,816.67 2,395,831.52 597,486,940.68 435,644,236.29-457,244,708.03-386,479,576.06 3 281,030,069.89 88,755,198.08 240,404,481.31 44,930,433.74 240,404,481.31 44,930,433.74 166,023,357.08 75,428,068.82 : 40,625,588.58 43,824,764.34 74,381,124.23-30,497,635.08 40

: 2004 12 17,173,766.52 266,513.12 1,295,927.31 16,144,352.33 8,253,148.11 1,295,927.31 6,957,220.80 8,920,618.41 266,513.12 9,187,131.53 1,320,615.31 1,320,615.31 0.00 1,320,615.31 1,320,615.31 0.00 2,674,819.26 2,674,819.26 2,568,915.10 2,568,915.10 105,904.16 105,904.16 41

1. 2004, 1989 1 4 (89)3 1991 6 [1991]434 1994 5 3 [1994]24 1994 5 4 1994 9 13 100326 1998 10 23 [1998]177 [1998]74 52.50% 1998 12 24 N47742 1999 7 28 2002 4 4 2. 1 2 3 4 42

5, 6 : 7 8, 5% 9 : :, 10% 40 10 50% 20% 20% 43

10 11 a. ; 2000 b. 30% c. 5% 40 2.4% 10 9.5% 11 8.6% 8 12% 8 12% 12 13 44

14 15 5 16 : 3% 17 a. 50% b. c. d. 45

a) b) 18 19 20 3. 17% 5% 7% 1% 3% 15% 33% 33% 15% 4. 1 46

RMB500 RMB500 90% 10% RMB1,000 RMB925 92.5% --- USD1,250 USD875 70% --- *1 USD1,000 RMB3,358 40% --- RMB2,800 RMB2,520 90% --- *2 RMB385 RMB385 100% --- *3 USD 2,000 USD 1,300 65% --- RMB 50 RMB50 10% 90% *1 2002 4 5 85% 15%, 40% 35% 25% 85% *2 2003 *3 2003 65% 10% 25% 2004 12 31 2003 5. 1. 658,271.34 1.00 658,271.34 1,373,598.31 33,929.09 1.06 36,112.55 42,632.21 --- 8.27 --- 9,932.04 694,383.89 1,426,162.56 279,428,146.32 1.00 279,428,146.32 238,450,948.68 3,020.92 1.06 3,213.35 2,791.94 109,403.50 8.27 904,326.33 223,885.60 280,335,686.00 238,677,626.22 --- 1.00 --- 300,692.53 --- 300,692.53 281,030,069.89 240,404,481.31 6 6,500 2,000 47

2. 1 100,000.00 --- 9,504,785.96 1,320,615.31 100,000.00 --- 9,504,785.96 1,320,615.31 2 : --- --- 2002.07.17 --- 7,754,775.96 1,320,615.31 180 --- --- 2002.11.04 --- 100,000.00 --- --- --- 2003.08.26 --- 1,650,010.00 --- 100,000.00 --- 2004.06.22 --- --- --- 100,000.00 --- --- 9,504,785.96 1,320,615.31 1,320,615.31 --- 1,320,615.31 --- 1,320,615.31 --- 1,320,615.31 --- 3. --- 150,000.00 --- 150,000.00 4. RMB % RMB RMB % RMB 134,350,125.11 96.55 6,717,509.28 160,597,795.14 97.29 8,029,889.76 1,724,275.16 1.24 86,213.76 1,844,304.10 1.12 92,215.21 578,363.46 0.42 28,918.17 602,549.50 0.37 30,127.47 2,491,591.77 1.79 124,579.59 2,021,613.38 1.22 100,915.67 139,144,355.50 100 6,957,220.80 165,066,262.12 100 8,253,148.11 5% 39,445,366 28.35 % 22,269,295.00 48

RMB % RMB RMB % RMB 70,810,442.00 96.90 3,540,522.10 2,788,142.97 53.76 139,407.15 18,444.00 0.03 922.20 7,935.00 0.15 396.75 362,859.17 0.50 18,142.96 507,835.80 9.79 25,391.79 1,882,518.40 2.57 94,125.92 1,882,518.40 36.30 94,125.92 73,074,263.57 100 3,653,713.18 5,186,432.17 100 259,321.61 5% 37,019,295.00 50.66% 5. RMB % RMB RMB % RMB 16,710,432.74 19.90 741,809.43 18,470,684.21 24.10 537,997.55 22,410,382.48 26.69 1,120,519.12 13,610,502.39 17.76 1,070,796.86 36,734,838.65 43.75 2,843,948.13 36,442,216.64 47.55 2,829,317.03 8,108,719.04 9.66 4,480,854.85 8,120,547.85 10.59 4,482,506.97 83,964,372.91 100 9,187,131.53 76,643,951.09 100 8,920,618.41 5% 10% 10% [ 9] 26,495,180.93 13,070,000.00 64,445,525.45 76.75% 4,988,912.88 RMB % RMB RMB % RMB 781,720,508.12 92.64 209,378.69 726,941,077.49 91.86 111,479.79 17,834,633.48 2.11 891,731.67 20,161,030.82 2.55 1,008,051.54 36,552,885.63 4.33 2,834,850.48 36,355,521.63 4.59 2,824,982.28 7,764,404.88 0.92 4,463,747.94 7,895,299.88 1.00 4,471,245.58 843,872,432.11 100 8,399,708.78 791,352,929.82 100 8,415,759.19 5% 10% 10% 777,532,934.40 49

828,908,459.85 98.23% 4,988,912.88 6. RMB % RMB % 21,313,325.41 6.50 17,119,727.98 4.81 38,000.00 0.01 25,206,008.23 7.09 --- --- 92,281.41 0.03 306,402,239.49 93.49 313,267,568.08 88.07 327,753,564.90 100 355,685,585.70 100 5% 1 A 300,000,000.00 1999 2000 A 1999 3 17 78% 1998 11 29 1999 12 30 A 3 A 90% 2004 12 31 300,000,000.00 7 2 5,166,088.08 ( 3 13,246,088.08 ) ( ) 182 47,508.17 3,700.00 / 169,573,211.00 40% 2004 12 31 7,522,104.71 7. 1,332,420,067.99 1,332,420,067.99 1,391,086,783.88 1,391,086,783.88 476,686,035.28 476,686,035.28 706,736,686.58 706,736,686.58 12,193,888.93 12,193,888.93 5,564,065.08 5,564,065.08 1,821,299,992.20 1,821,299,992.20 2,103,387,535.54 2,103,387,535.54 8,683.00 8,683.00 3,203,284.93 3,203,284.93 6,523,978.81 6,523,978.81 3,453,788.92 3,453,788.92 1,944,584.13 1,944,584.13 1,498,369.08 1,498,369.08 4,662,575.81 4,662,575.81 --- --- 1,170,691.90 1,170,691.90 --- --- 92,882.45 92,882.45 161,544.95 161,544.95 1,521,433.16 1,521,433.16 792,967.55 792,967.55 15,924,829.26 15,924,829.26 9,109,955.43 9,109,955.43 1,837,224,821.46 1,837,224,821.46 2,112,497,490.97 2,112,497,490.97 A. 50

( ) 2003 06 2004 12 11,552.06 --- 39,544,335.44 2002 09 2004 12 19,491.51 --- 90,744,760.44 ( ) 2003 05 2004 12 14,180.68 --- 63,815,522.25 2003 11 2006 10 48,596 118,380,433.09 113,879,516.80 A 2001 03 2005 05 30,000 59,064,238.85 42,452,070.92 ( ) 883,152,506.44 773,817,182.07 201 62,507,200.00 62,507,200.00 38,360,990.86 38,360,990.86 B6-2 B7-1 164,229,454.72 159,239,961.10 E 6,725,244.03 6,725,244.00 1,332,420,067.99 1,391,086,783.88 B6-2 B7-1 2,869,344.05 4,381,517.34 --- 7,250,861.39 ( ) 20,839,965.99 36,536,241.17 --- 57,376,207.16 A 39,888,399.99 16,017,287.65 --- 55,905,687.64 6,915,395.05 1,476,214.44 8,391,609.49 --- 5,010,586.31 1,386,610.47 6,397,196.78 --- 6,683,942.59 814,780.69 7,498,723.28 --- 1,038,965.48 --- --- 1,038,965.48 83,246,599.46 60,612,651.76 22,287,529.55 121,571,721.67 B. 1997 06 3,271,944.49 --- 200,055.61 3,071,888.88 1999 01 1,845,557.87 --- 103,820.45 1,741,737.42 1999 10 5,942,100.67 --- --- 5,942,100.67 2000 12 46,605,024.61 18,771,990.42 37,140,620.97 28,236,394.06 1996 12 8,203,876.37 --- 159,277.40 8,044,598.97 1998 04 6,108,622.38 106,562.00 202,208.44 6,012,975.94 ( ) 7,289,084.00 --- 7,289,084.00 --- 2003 09 627,097,668.74 12,489,308.80 391,393,763.27 248,193,214.27 2004 12 --- 141,806,676.96 43,530,385.91 98,276,291.05 2004 12 --- 115,520,574.17 103,383,461.83 12,137,112.34 2004 12 --- 194,915,128.90 130,258,214.67 64,656,914.23 372,807.45 --- --- 372,807.45 706,736,686.58 483,610,241.25 713,660,892.55 476,686,035.28 C. 3,283,688.01 --- 68,002.76 3,215,685.25 110 1,064,102.10 --- 22,036.76 1,042,065.34 51

866,274.97 --- 17,939.92 848,335.05 B 40 401 350,000.00 --- 6,693.76 343,306.24 --- 6,744,497.05 --- 6,744,497.05 5,564,065.08 6,744,497.05 114,673.20 12,193,888.93 248,193,214.27 8. 1 3,651,178.82 --- 3,651,178.82 4,134,751.70 --- 4,134,751.70 --- --- --- --- --- --- 380,000,760.00 --- 380,000,760.00 380,000,000.00 --- 380,000,000.00 383,651,938.82 --- 383,651,938.82 384,134,751.70 --- 384,134,751.70 2 a. I 3.43% 300,000,000.00 300,000,000.00 --- --- 300,000,000.00 300,000,000.00 300,000,000.00 --- --- 300,000,000.00 II 7 100% * 3,850,000.00 --- --- --- (3,850,000.00) --- 20% ** 80,000,000.00 --- 760.00 --- --- 80,000,760.00 83,850,000.00 --- 760.00 --- (3,850,000.00) 80,000,760.00 * ** b. 2,811,530.76 15 2,061,789.24 187,435.38 1,874,353.86 2,961,374.95 10 2,072,962.46 296,137.50 1,776,824.96 4,134,751.70 483,572.88 3,651,178.82 52

1 507,872,925.58 --- 507,872,925.58 481,750,393.09 --- 481,750,393.09 --- --- --- --- --- --- 380,000,760.00 --- 380,000,760.00 380,219,253.68 --- 380,219,253.68 887,873,685.58 --- 887,873,685.58 861,969,646.77 --- 861,969,646.77 2 a. I * 3.43% 300,000,000.00 300,000,000.00 --- --- 300,000,000.00 300,000,000.00 300,000,000.00 --- --- 300,000,000.00 * 10 II 15 90% 2,700,000.00 1,800,000.00 2,151,175.75 --- 1,765,113.10 6,265,113.10 15 92.5% 6,438,469.24 --- 4,064,386.44 --- 14,802,881.15 21,241,350.39 15 70% 197,038,625.04 --- 63,002.67 --- 12,767,810.14 209,806,435.18 50 40% 33,579,510.00 --- 19,809,537.13 --- 99,724,536.87 133,304,046.87 50 65% 107,601,000.00 --- --- --- --- 107,601,000.00 50 90% 25,200,000.00 --- 100,235.03 --- 386,032.87 25,586,032.87 50 100% 3,850,000.00 --- --- --- (3,850,000.00) --- 20% 80,000,000.00 --- 760.00 --- 760.00 80,000,760.00 15 10% 50,000.00 --- 198,514.67 --- 367,768.35 417,768.35 456,457,604.28 1,800,000.00 26,387,611.69 --- 125,964,902.48 584,222,506.76 b. 2,811,530.76 15 2,061,789.24 187,435.38 1,874,353.86 2,961,374.95 10 2,072,962.46 296,137.50 1,776,824.96 4,134,751.70 483,572.88 3,651,178.82 9. 42,454,109.41 58,524.00 --- 42,512,633.41 6,497,274.46 399,482.06 2,111,665.20 4,785,091.32 53

2,659,405.63 342,573.76 39,400.00 2,962,579.39 8,895,140.04 343,368.00 --- 9,238,508.04 5,087,267.58 536,683.10 218,763.50 5,405,187.18 65,593,197.12 1,680,630.92 2,369,828.70 64,903,999.34 5,648,254.96 1,077,275.11 --- 6,725,530.07 2,903,755.46 733,752.08 1,735,741.44 1,901,766.10 874,986.76 321,421.29 21,282.20 1,175,125.85 3,339,506.27 790,773.37 --- 4,130,279.64 1,866,177.30 877,947.36 127,367.79 2,616,756.87 14,632,680.75 3,801,169.21 1,884,391.43 16,549,458.53 2,568,915.10 --- --- 2,568,915.10 --- --- --- --- --- --- --- --- 105,904.16 --- --- 105,904.16 2,674,819.26 --- --- 2,674,819.26 48,285,697.11 45,679,721.55 16,959,257.93 14,259,889.79 1,753,940.15 10. 26,519,075.89 9,920,808.73 831,744.10 --- --- 10,752,552.83 40.55% 12,000,000.00 --- 8,843,451.48 --- --- 8,843,451.48 58.96% 270,000.00 258,716.98 2,500.00 59,332.00 --- 201,884.98 96.75% 38,789,075.89 10,179,525.71 9,677,695.58 59,332.00 --- 19,797,889.29 1,435,139.77 --- --- --- 1,435,139.77 1,435,139.77 --- --- --- 1,435,139.77 11. 1,370,363.64 241,375.37 --- 113,433.30 1,242,421.57 127,942.07 13 588,379.06 301,679.28 --- 93,161.84 379,861.62 208,517.44 2 3 1,958,742.70 543,054.65 --- 206,595.14 1,622,283.19 336,459.51 54

12. * 348,800,000.00 RMB285,800,000.00 285,800,000.00 ** 1,117,000,000.00 RMB579,000,000.00 579,000,000.00 *** --- RMB270,000,000.00 270,000,000.00 --- RMB35,000,000.00 35,000,000.00 1,465,800,000.00 1,169,800,000.00 * 2004.06.26 219,000,000.00 248,193,214.27 2004.02.23 1,800,000.00 102 1,753,940.15 2004.10 65,000,000.00 A 16 14,686,957.21 ** 6 3 C *** 2000 2000 3.43% 250,000,000.00 13. 174,019,130.06 5% 5% 14. 2004.7.6 2004.7.7 2004.12.16 55 2005.1.6 2005.1.7 2005.6.16 10,000,000.00 20,000,000.00 21,000,000.00 2004.12.15 2005.6.15 14,000,000.00 65,000,000.00 5% 5% 15. RMB % RMB % 21,691,359.61 99.68 10,640,473.23 99.42 20,000.00 0.09 12,000.00 0.11 --- --- 20,000.00 0.19 50,000.00 0.23 30,000.00 0.28 21,761,359.61 100 10,702,473.23 100 5% 5% 1 103.33% 16.

139,168,515.20 5% 5% 17. 321,958.22 71,712.32 24,335,248.45 13,165,449.35 154,906.17 28,611.29 61,098,105.53 62,463,890.02 10,013,170.81 4,848,176.69 3,165,553.97 99,404.34 --- (740.29) 99,088,943.15 80,676,503.72 18. 28,730.99 3% 577,441.63 606,172.62 19. --- 83,295.85 382,000.00 200,000.00 398,021.00 --- 780,021.00 283,295.85 20. 150,000,000.00 --- 100,000,000.00 --- --- RMB40,000,000.00 40,000,000.00 2003.01.23-2005.01.23 6.039% --- RMB40,000,000.00 40,000,000.00 2003.04.14-2005.01.23 6.039% 250,000,000.00 80,000,000.00 21. 10,000,000.00 10,000,000.00 2003 12 31 2001 1 10,000,000.00 7(3) 56

22. 40,000,000.00 --- 40,000,000.00 --- --- RMB24,000,000.00 24,000,000.00 2004.01.08-2006.01.07 6.039% --- RMB30,000,000.00 30,000,000.00 2004.01.13-2006.01.07 6.039% 80,000,000.00 54,000,000.00 23. 117,566,103.00 23,513,220.00 --- 141,079,323.00 117,566,103.00 23,513,220.00 --- 141,079,323.00 126,518,238.00 25,303,648.00 --- 151,821,886.00 126,518,238.00 25,303,648.00 --- 151,821,886.00 244,084,341.00 48,816,868.00 --- 292,901,209.00 2001 071 2004 047 24. 423,277,021.46 --- 24,408,434.00 398,868,587.46 39,773,831.91 --- --- 39,773,831.91 463,050,853.37 --- 24,408,434.00 438,642,419.37 2004 5 16 2003 2003 2003 12 31 244,084,341 10 1 25. 71,394,919.53 13,334,506.57 --- 84,729,426.10 46,321,509.72 8,889,671.05 --- 55,211,180.77 25,073,409.81 4,444,835.52 --- 29,518,245.33 6,492,136.80 --- --- 6,492,136.80 77,887,056.33 13,334,506.57 --- 91,221,562.90 10% 5% 26. 57

225,019,872.68 88,896,710.46 43,845,049.10 270,071,534.04 10% 5% 2004 16 2003 2003 2003 244,084,341 10 1 10 0.25 6,102,108.53 27. (1) : 929,916,404.73 697,556,617.60 519,029,929.07 349,498,833.48 37,377,680.78 25,048,586.20 30,157,778.17 18,810,423.23 16,461,701.73 12,631,796.16 12,982,215.60 10,892,923.40 2,206,169.30 559,545.07 4,369,860.34 1,102,891.38 15,974,811.35 12,588,252.26 9,663,263.05 6,809,474.45 1,001,936,767.89 748,384,797.29 576,203,046.23 387,114,545.94 --- --- 160,104.60 --- 1,001,936,767.89 748,384,797.29 576,042,941.63 387,114,545.94 (2) : 457,828,551.02 311,241,371.24 58,404,646.16 40,614,446.02 40,961,192.52 37,140,620.97 35,547,424.07 21,632,303.85 494,201,244.21 391,938,350.22 482,250,976.00 324,867,796.07 8,945,780.14 8,064,454.86 --- --- 1,001,936,767.89 748,384,797.29 576,203,046.23 387,114,545.94 --- --- 160,104.60 --- 1,001,936,767.89 748,384,797.29 576,042,941.63 387,114,545.94, 49.32% 40.53% 89,197,682.00 8.90% 46,269,295.00 73.93% 406,107,851.00 277,582,739.47 1,231,529.00 2,998,733.46 2,091,569.30 524,310.12 2,622,993.00 929,700.81 408,199,420.30 278,107,049.59 3,854,522.00 3,928,434.27 58

--- --- --- --- 408,199,420.30 278,107,049.59 3,854,522.00 3,928,434.27 83,487,668.00 20.45% 28. 47,919,775.93 26,726,371.05 389,194.79 (59,219.89) 189,771.73 96,281.65 5,377,090.45 --- 53,875,832.90 26,763,432.81 101.30% 29. 1,117,467.04 220,997.74 --- 1,218,662.11 545,363.87 139,330.00 1,662,830.91 1,578,989.85 30. 35,464,553.43 18,450,071.79 2,930,842.99 1,887,589.28 2,810.97 50.95 19.85 121.94 86,345.40 194,647.75 32,622,846.96 16,757,059.27 2003 31. (1,034,889.13) 7,856.22 1,320,615.31 809,190.49 760.00 --- (483,572.88) (483,572.88) (197,086.70) 333,473.83 59

(1,111,214.39) 7,856.22 1,320,615.31 809,190.49 24,587,611.69 65,457,084.98 (483,572.88) (483,572.88) 24,313,439.73 65,790,558.81 32. 1. --- 109,979.74 286,766.27 43,584.80 91,339.04 10,196.03 378,105.31 163,760.57 2. --- 283,409.41 164,470.51 149,030.53 185,426.03 1,206,943.43 635,560.00 --- --- 10,000,000.00 500.00 4,717.96 100,000.00 500,759.48 1,085,956.54 12,144,860.81 7 33. 190,182,410.91 13,240,994.07 --- 6,922,332.40 --- 17,201,969.48 / 177,940.81 41,576.90 29,345,065.85 3,384,472.19 --- 35,000,000.00 2,080,783.00 573,146.00 950,665.04 9,608,381.34 222,736,865.61 85,972,872.38 34. 60

2,724,831.59 --- --- 261,787.62 2,724,831.59 261,787.62 6. (1) / (2) a. RMB5 48.17% 4 9 2 b. : 2004.1.1 2004.12.31 RMB500,000,000.00 --- --- RMB500,000,000.00 c. 2004.1.1 2004.12.31 RMB117,566,103.00 48.17% RMB 23,513,220.00 --- RMB141,079,323.00 48.17% (3) a. 2001 10 16 1.2 2,561.74 2004 12 31 61

10,799.92 b. 2003 12 5 1-4# 4,500 408.85 2004 12 31 3,496.03 c. 2004 12 31 564,000,000.00 2003 12 31 908,000,000.00 2004 12 31 140,000,000.00 2003 12 31 130,000,000.00 4000 (4) 1,933.00 --- 1,659,512.75 3,184,507.75 2,584,752.14 17,828,514.86 300,000,000.00 300,000,000.00 --- 191,760.58 2,238,235.99 2,238,235.99 --- 139,042.94 46,372.72 46,372.72 4,343.10 49,070.17 3,140,386.20 --- 15,000,000.00 --- 7. 1 2004 12 31 3,200,000.00 * 3,200,000.00 * 2 30% 62

2004 12 31 3 \ 1993 9 51% 49% 2000 A B C D E 2003 12 31 P20000395 [2003] 0379 1 2 3,282,768.00 3 4000 1000 4 E F G 5 1,324,604.00 30 50% 5300 9 2001 1 13, 1000 ( 1000 ) 1000 1000 [2003] 0379 2003 1000 8. 1 1-2 2-3 3 * 807,139,500.00 * --- --- --- 9,944,384.00 9,944,384.00 --- --- --- 63

9,171,555.00 9,171,555.00 --- --- --- 10,599,253.00 10,599,253.00 --- --- --- ** 23,800,000.00 23,800,000.00 --- --- --- 860,654,692.00 * 2002 350,475.45 157,713.95 2004 12 31 7.7 ** 9 1 9. 1 2005 1 27 P20000395 2380 2005 2 1 714 2001 7 3 2005 3 25 5029.518093 1000 4029.518093 2 2005 3 18 " " " 2005 3 18 " 28.17% 82,503,728 2004 9 30 82,503,728 28.17% 20% 58,575,595 3 2005 4 5 2004 2004 88,896,710.46 10% 5% 2004 292,901,209.00 10 1 10 0.25 7,322,530.23 2004 12 64

31 292,901,209.00 10 1 2004 10. 2004 12 28 3 1 3 11. 285,726.18 229,128.70 15% 33% (483,572.88) (483,572.88) 176,692.56 176,692.56 338,231.04 237,508.58 15% 33% 39,874.27 33,673.53 15% 33% (164,470.51) (110,195.24) 33% (185,426.03) (185,426.03) (636,060.00) (426,250.20) 15% 33% (100,000.00) (100,000,00) (729,005.37) (628,440.98) 12. 18.27% 19.00% 0.6817 0.6817 10.15% 10.56% 0.3787 0.3787 8.13% 8.46% 0.3035 0.3035 8.19% 8.52% 0.3056 0.3056 65

2005 091 2004 ( 2003 56 ) 1 2004 12 31 30,648.43 2 (1) 2004 12 31 223.82 33.08 12.88% (2) 33.08 5,136.48 4,504.89 664.67 66

A B................... /........................... *..... 67

2005 4 5 3