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CHENGDU HOIST INC., LTD.

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1 CHENGDU HOIST INC., LTD. HOIST INC. 2 000790 3 37 1 A 6 37 1 610075 A 6 http://www.hoist.com.cn/ hoist @ hoist.com.cn 4 5 37 1 A 6 02887739541 87751070 02887778104 hoist @ hoist.com.cn 6 http://www.cninfo.com.cn A 6 3

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,:88,200,000 39,780,000 127,980,000 1,0769 1,0769 43,200,000 43,200,000 23,058,000 9,000,000 8,100,000 4,842,000 5

384,717 336,465 336,400 299,573 283,515 (ABC ) A A A A A 6

A A A A A 88,200,000 7

1 2004 1-6 2003 1-6 % 83,975,541.97 76,114,543.43 10.33 24,838,818.77 25,191,667.92-1.40 3,741,873.24 5,934,143.01-36.94-793,712.08-14,015,458.76 94.34 36.94 94.34 2 2004 6 30 2003 12 31 % 682,264,488.25 597,343,146.50 14.22 405,482,399.20 401,740,525.96 0.93 1 8

2 GMP GMP GSP 83,975,541.97 10.33% 225.89% 0 9

2 % 24,958,844.59-38.25 59,016,697.38 65.33 3 4 5 1 6,352.70 ---- 1,959.00 88% 2,950.00 55% 3,000.00 69% 281.30 100% 0.00 10

11

12

[2003]56 50% (1988)009 13

1993 (1993)167 1996 9 (1996)026 1997 11 11 1998 3 27 1700 1998 6 27 1997 000790 2002 2 9 5101001801570 12798 () 1. 2. 1 1 12 31 3. 4. 5. 6. 14

7. 8. a. ; b., 5% 10% 20% 40% 80% 100% 9. 15

10. 10% 11. a. b. 10, c. 20% 20% 20% 20%( 20%) 20% 16

a. b. c., 12. 2000 5% % 17

1035 9.52.71% 610 15.839.50% 510 19.009.50% 8 11.875% 13. 3 14. 48-70 10 5 18

15. a. b. 5 16. (1) a. b. c. (2) a. b. (3) 3 19

(4) 17. a. b. c. a. b. 18. () 20

19. 20. 50% 50% 21

% 13%17% 3%5% 5%7% 3% 12%1.2% 15% 1996 (1997)57 15% () () 2000 1900 2000 1020 1000 756.1 2000 2000 2000 1020 10,000 1000 ( ) ( ) 50 20 22

5000 3300 2800 900 75 30 1. 2004-6-30 2003-12-31 RMB 11,368,713.36 11,368,713.36 3,749,936.11 3,749,936.11 RMB 186,717,989.94 186,717,989.94 195,130,479.27 195,130,479.27 RMB 10,000.00 10,000.00 10,000.00 10,000.00 198,096,703.30 198,096,703.30 198,890,415.38 2. 2004 6 30 391,542.00 3. 2004-6-30 1 57,508,289.62 70.64% 2,858,133.82 54,650,155.80 1-2 5,880,199.22 7.22% 588,019.92 5,292,179.30 23

2-3 7,681,076.29 9.43% 1,536,215.26 6,144,861.03 3 10,345,851.91 12.71% 7,062,719.24 3,283,132.67 81,415,417.04 100% 12,045,088.24 69,370,328.80 2003-12-31 1 45,487,247.52 59.01% 2,274,362.38 43,212,885.14 1-2 14,950,483.35 19.39% 1,495,048.33 13,455,435.02 2-3 8,409,670.13 10.91% 1,681,934.03 6,727,736.10 3 8,237,954.75 10.69% 5,182,523.61 3,055,431.14 77,085,355.75 100.00% 10,633,868.35 66,451,487.40 2004 6 30 12853228.36 1762895.21 1664601.90 1623251.65 1615089.11 5%( 5%) 4. 2004-6-30 1 946,940.31 61.68% 6,839.29 940,101.02 1-2 28,040.00 1.83% 2,804.00 25,236.00 2-3 44,763.13 2.92% 8,952.63 35,810.50 3 515,466.8 33.57% 403,956.33 111,510.47 1,535,210.24 100.00% 422,552.25 1,112,657.99 24

2003-12-31 1 242,749.14 29.77% 10,931.10 231,818.04 1-2 8,540.00 1.05% 554.00 7,986.00 2-3 100,170.13 12.29% 20,034.03 80,136.10 3 463,854.80 56.89% 377,811.08 86,043.72 815,314.07 100.00% 409,330.21 405,983.86 2004 6 30 300000.00 1998 100000.00 2002 53172.39 2001 26967.89 1999 24432.60 2003 5%( 5%) 5. 2004-6-30 2003-12-31 1 26,703,202.55 35.30% 32,149,769.73 44.54% 1-2 18,647,487.00 24.65% 11,000,067.20 15.24% 2-3 13,530,667.98 17.89% 28,313,490.19 39.23% 3 16,759,039.24 22.16% 717,612.66 0.99% 75,640,396.77 100.00% 72,180,939.78 100.00% 2004 6 30 16032554.73 2001 13600000.00 2001 25

22530000.00 2003 8000000.00 2003 3809700.00 2003 5%( 5%) 6. 2004-6-30 2003-12-31 16,964,502.29 31,520.55 16,932,981.74 15,701,620.32 23,959.04 15,677,661.28 8,562,394.16 59,036.75 8,503,357.41 8,930,927.42 101,918.53 8,829,008.89 4,928,066.46 4,928,066.46 3,645,736.69 3,645,736.69 1,189,198.24 1,189,198.24 1,149,876.33 1,149,876.33 73,347.67 73,347.67 35,632.48 35,632.48 531,975.73 154.61 531,821.12 472,684.98 1,917.73 470,767.25 3,857.41 3,857.41 3,857.41 3,857.41 7,406,474.83 4,583.38 7,401,891.45 5,046,155.97 8,125.24 5,038,030.73 1,695,031.25 1,695,031.25 2,950,245.33 2,950,245.33 41,354,848.04 95,295.29 41,259,552.75 37,936,736.93 135,920.54 37,800,816.39 2003-12-31 2004-6-30 23,959.04 17,046.75 9,485.24 31,520.55 101,918.53 42,881.78 59,036.75 1,917.73 1,763.12 154.61 8,125.24 3,541.86 4,583.38 135,920.54 17,046.75 57,672.00 95,295.29 7. 2003-12-31 2004-6-30 2,221.17 2,221.17 26

20,000.00 8,000.00 12,000.00 2,800.00 933.33 1,866.67 56,024.00 18,674.67 37,349.33 63,200.00 15,800.00 47,400.00 10,044.00 1,800.00 11,844.00 12,265.17 143,824.00 57,473.17 98,616.00 8. 2003-12-31 2004-6-30 10,201,445.24 42,260,962.60 52,462,407.84 10,201,445.24 42,260,962.60 52,462,407.84 2003-12-31 () 2004-6-30. 40% 200,000.00 201,445.24-39037.40 162407.84 33,000,000.00 33,000,000.00 9,000,000.00 9,000,000.00 300,000.00 300,000.00 200,000.00 201,445.24-39,037.40 42,300,000.00 42,462,407.84. 2002.12.21 2050.12.20 10% 10,000,000.00 10,000,000.00 10,000,000.0 10,000,000.00 10,000,000.00 10,000,000.0 10,200,000.00 10,201,445.24-39,037.4 2,462,407.84 2004 4 20 900 27

30 9. 2003-12-31 2004-6-30 143,312,635.34 49,787.34 2,854,583.46 140,507,839.22 7,540,128.47 197,528.56 7,737,657.03 43,576,830.99 541,830.00 490,517.70 43,628,143.29 11,967,165.11 45,283.00 11,921,882.11 206,396,759.91 789,145.90 3,390,384.16 203,795,521.65 18,808,346.62 2,033,133.64 20841480.26 4,430,520.12 422,114.15 4,852634.27 19,726,145.71 2,328,938.11 135370.75 21,919,713.07 6,397,065.40 626251.16 7023316.56 49,362,077.85 5410437.06 135370.75 54637144.16 157,034,682.06 149,158,377.49 10. 2003.12.31 (: (: ) ) ( : ) 2004.6.30 (: (: ) ) 6,054,384.89 10,057,800.41 16,112,185.30 55% 4,037,456.84 130,174.50 8,632,109.10 12,669,565.94 18,228,200.10 18,358,374.60 88% 69% 28

GMP 5,339,503.76 86,916.78 5,426,420.54 98% 0.00 0.00 0.00 265,784.57 265,784.57 28,462.71 28,462.71 150.48 150.48 98% 28.5% 0.15% 15,561,519.99 37,299,424.15 52,860,944.14 239.69% 11. 2003-12-31 2004-6-30 () 2,040,000.00 1,207,000.00 102,000.00 110,5000 55 2,000,000.00 866,644.00 100,002.00 766,642.00 46 10,210,377.00 9,359,512.21 808,760.00 110,979.57 10,057,292.64 522 7,500,000.00 6,287,500.00 75,000.00 6,212,500.00 497 20,999,373.06 18,974,433.08 149,995.50 18,824,437.58 753 3,100,000.00 2,854,583.46 38,749.98 2,815,833.48 436 1,272,727.30 545,454.58 181,818.18 363,636.40 12 800,000.00 466,666.70 66,666.66 400,000.04 36 550,000.00 430,713.29 55,060.02 375,653.27 41 193,088.80 86,889.85 19,308.90 67,580.95 21 34,188.04 30,769.24 5,811.96 3,418.80 33,162.40 48 EIP 85,470.09 84,045.59 14,529.91 8,547.00 90,028.50 53 48,785,224.29 38,339,628.54 3,683,685.33 911,546.61 41,111,767.26 12. 2003-12-31 2004-6-30 () 63,772.24 54,661.92 9,110.32 1 52,083.57 60,000.00 24,223.62 12,499.98 39,583.59 19 7,500.00 52,500.00 42 24,223.62-29

200,079.43 98,885.52 101,193.91 13. 2004-6-30 2003-12-31 176,000,000.00 85,000,000.00 26,000,000.00 85,000,000.00 176,000,000.00 85,000,000.00 15,600 1,500 500 107.06 14. 18,937,161.40 5%( 5%) 15. 14,402,764.53 5%( 5%) 16. 6,032,982.45 5%( 5%) 17. 2004-6-30 2003-12-31 4,284,996.07 3,980,219.36 8,109,202.80 6,433,207.38 408,202.29 407,514.93 7,484.92 27,661.88 1,141.51 48,588.66 56,504.56 289,242.79 3,399,927.32 3,395,373.19 31,516.98 31,516.98 30

16,297,834.94 14,614,466.68 18. 11,577,700.96 5%( 5%) 19. 2004-6-30 2003-12-31 95,996.74 9,735.00 7,115.23 10,332.00 38,382.23 37,800.00 86,436.00 64,858.60 28,806.16 10,000.02 726,000.00 1,067,926.98 47,535.00 20. 2004630 20031231 14,000,000.00 2003.9.10 5.58% 14,000,000.00 ~2008.9 14,000,000.00 14,000,000.00 21. () 2003-12-31 2004-6-30 () 1. - - - - - - - : - - - - - - - 31

- - - - - - - - - - - - - - - - - - - - - - - - - - - - 2. : - - - - - - - - - - - - - - - - - - - - - 88,200,000.00 88,200,000.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3. : - - - - - - - 88,200,000.00 88,200,000.00 () 1. 39,780,000.00 39,780,000.00 2. - - - - - - - 3. - - - - - - - 4. - - - - - - - 39,780,000.00 39,780,000.00 () 127,980,000.00 127,980,000.00 22. 2003-12-31 2004-6-30 139,853,928.54 139,853,928.54 33,000.00 33,000.00 32

7,232,919.83 7,232,919.83 147,119,848.37 147,119,848.37 23. 2003-12-31 2004-6-30 24,570,019.99 374,187.32 24,944,207.31 22,400,307.77 374,187.32 22,774,495.09 19,983,823.01 19,983,823.01 66,954,150.77 748,374.64 67,702,525.41 24. 2003-12-31 2004-6-30 59,686,526.82 2,993,498.60 62,680,025.42 25. 2004 6 2003 6 2004 6 2003 6 2004 6 2003 6 30,738,756.24 36,870,510.87 12,636,555.12 19,300,696.09 18,102,201.12 17,569,814.78 57,990.42 693,566.18 50,212.84 651,545.20 7,777.58 42,020.98 50,577,950.82 36,528,793.30 43,635,093.49 28,747,472.16 6,942,857.33 7,781,321.14 2,600,844.49 2,021,673.08 758,196.61 616,339.32 1,842,647.88 1,405,333.76 83,975,541.97 76,114,543.43 57,080,058.06 49,316,052.77 26895483.91 26,798,490.66 26. 2004 6 2003 6 451,479.95 388,723.50 290,284.07 191,815.13 161,195.88 196,908.37 33

2004 6 2003 6 36,098.12 16,143.66 19,954.46 63,681.42 115,381.83 114,044.30 1,337.53 300,000.00 160,096.11 139,903.89 133,212.14 451479.95 290,284.07 161,195.88 196,908.37 27. 2004 6 2003 6 4,387,962.78 3,197,884.50 291,612.40 425,406.75 117,899.57 40,312.06 4,214,249.95 2,812,789.81 28. 2004 6 2003 6 600,000.00 () -39,037.40-935.14 560,962.60-935.14 34

29. 2004 6 2003 6 21,200.00 161,942.40 3,744.32 132,952.19 161,942.40 157,896.51 1. 2004-6-30 1 125,581.30 100.00% 3,998.40 121,582.90 1-2 2-3 3-4 4-5 5 125,581.30 100.00% 3,998.40 121,582.90 2003-12-31 1 173,256.80 100.00% 8,662.84 164,593.96 1-2 2-3 35

3 173,256.80 100.00% 8,662.84 164,593.96 2. 2003-12-31 2004-6-30 126,366,045.56 39,321,157.34 165,687,202.90 126,366,045.56 39,321,157.34 165,687,202.90 126,366,045.56 39,321,157.34 165,687,202.90. 2003-12-31 () 2004-6-30 51% 10,200,000.00 8,180,572.39-64,102.44-2,083,530.05 8,116,469.95 95% 19,000,000.00 41,497,565.73 2,758,190.55 25,255,756.28 44,255,756.28 51% 10,200,000.00 3,777,769.61-56,608.62-6,478,839.01 3,721,160.99 99.95% 19,990,000.00 57,724,486.95 4,507,677.12 42,242,164.07 62,232,164.07 75% 7,500,000.00 5,185,650.88-823,999.27-3,138,348.39 4,361,651.61 66% 33,000,000.00 33,000,000.00 33,000,000.00 33,000,000.00 99,890,000.0 116,366,045.5639,321,157.34 88,797,202.90 155,687,202.90. 10% 10,000,000 10,000,000 10,000,000.00 10,000,000 10,000,000 10,000,000.00 109,890,000. 126,366,045. 39,321,157.34 88,797,202.90 165,687,202.90 36

3. 2004 6 2003 6 2004 6 2003 6 2004 6 2003 6 14,473,893.76 13,588,488.04 10,113,141.43 10,718,438.16 4,360,752.33 2,870,049.88 2,600,844.49 2,021,673.08 758,196.61 616,339.32 1,842,647.88 1,405,333.76 17,074,738.25 15,610,161.12 10,871,338.04 11,334,777.48 6,203,400.21 4,275,383.64 4. 2004 6 2003 6 600,000.00 0.00 () 6,321,157.34 9,396,141.83 6,921,157.34 9,396,141.83 () 1. 7150 33.76% 37 1 37

. 2003-12-31 () 2004-6-30 7150 7150 7150. 2003-12-31 () 2004-6-30 4320 33.76% 4320 33.76% 4320 33.76% 4320 33.76% 2. () () 1. 2004 6 30 14,000,000.00 2003.9.10~2008.9.10 156,000,000.00 2003.10.20~2005.5.11 170,000,000.00 2. 2004 1 6 726,000.00, 850,000.00, 1,576,000.00 () 2004-6-30 2003-12-31 2004-6-30 2003-12-31 38

1,576,000.00 850,000.00 13.61% 6.42% 1,500 500 2004 6 30 2004 6 30 2004 6 30 12,522,859.06 14,000,000.00 52,399,055.53 26,000,000.00 2004 6 30 2004 6 30 2004 6 30 39

2003-12-31 2004-6-30 11,043,198.56 1,424,441.93 12,467,640.49 10,633,868.35 1,411,219.89 12,045,088.24 409,330.21 13,222.04 422,552.25 135,920.54 17,046.75 57,672.00 95,295.29 23,959.04 17,046.75 9,485.24 31,520.55 101,918.53 42,881.78 59,036.75 1,917.73 1,763.12 154.61 8,125.24 3,541.86 4,583.38 11,179,119.10 1,441,488.68 57,672.00 12,562,935.78 1. 2004 6 2. (1) = = (2)(ROE) P ROE E 0 +NP2+E i M i M 0 -E j M j M 0 40

PNPE 0 E i E j M 0 M i M j (3)EPS P EPS S 0 +S 1 +S i M i M 0 -S j M j M 0 PS 0 S 1 S i S j M 0 M i M j 2003 2004 7 22 2004 7 22 41

01 2004 6 30 1 166,207,223.64 198,096,703.30 145,763,131.64 198,890,415.38 2 3 391,542.00 263,883.26 4 600,000.00 600,000.00 5 6 121,582.90 69,370,328.80 164,593.96 66,451,487.40 7 63,371,607.39 1,112,657.99 57,233,524.83 405,983.86 8 51,664,111.32 75,640,396.77 50,948,958.08 72,180,939.78 9 10 12,032,794.07 41,259,552.75 10,022,236.09 37,800,816.39 11 0.00 98,616.00 12,265.17 13 14 0.00 15 293,997,319.32 386,569,797.61 264,132,444.60 376,005,791.24 16 17 165,687,202.90 52,462,407.84 126,366,045.56 10,201,445.24 18 19 165,687,202.90 52,462,407.84 126,366,045.56 10,201,445.24 20 21 158,179,235.57 203,795,521.65 158,524,715.27 206,396,759.91 22 43,533,776.09 54,637,144.16 39,544,886.65 49,362,077.85 23 114,645,459.48 149,158,377.49 118,979,828.62 157,034,682.06 24 0.00 25 114,645,459.48 149,158,377.49 118,979,828.62 157,034,682.06 26 0.00 0.00 27 47,405,910.41 52,860,944.14 10,222,016.23 15,561,519.99 28 29 162,051,369.89 202,019,321.63 129,201,844.85 172,596,202.05 30 31 36,356,710.83 41,111,767.26 36,179,094.69 38,339,628.54 33 9,110.32 101,193.91 63,772.24 200,079.43 34 0.00 0.00 35 36,365,821.15 41,212,961.17 36,242,866.93 38,539,707.97 38 39 40 658,101,713.26 682,264,488.25 555,943,201.94 597,343,146.50 42

1 156,000,000.00 176,000,000.00 80,000,000.00 85,000,000.00 2 2,499,161.40 18,937,161.40 1,958,900.00 22,206,357.07 3 8,019,410.35 14,402,764.53 7,683,875.31 20,830,207.39 4 75,327.38 6,032,982.45 7,254,981.36 5 390,453.96 667,264.22 363,914.30 455,858.37 6 4,459.65 2,286,848.92 109,385.66 2,113,796.57 7 8 196,103.90 16,297,834.94 47,867.18 14,614,466.68 9 21,110.36 355,060.31 18,043.07 446,173.01 11 70,531,250.69 11,577,700.96 50,020,690.46 13,231,224.95 12 882,036.37 1,067,926.98 47,535.00 13 14 15 17 238,619,314.06 247,625,544.71 140,202,675.98 166,200,600.40 18 19 14,000,000.00 14,000,000.00 14,000,000.00 14,000,000.00 20 21 22 23 24 14,000,000.00 14,000,000.00 14,000,000.00 14,000,000.00 25 26 27 252,619,314.06 261,625,544.71 154,202,675.98 180,200,600.40 28 15,156,544.34 15,402,020.14 29 30 127,980,000.00 127,980,000.00 127,980,000.00 127,980,000.00 32 33 127,980,000.00 127,980,000.00 127,980,000.00 127,980,000.00 34 147,119,848.37 147,119,848.37 147,119,848.37 147,119,848.37 35 67,702,525.41 67,702,525.41 66,954,150.77 66,954,150.77 36 22,774,495.09 22,774,495.09 22,400,307.77 22,400,307.77 37 62,680,025.42 62,680,025.42 59,686,526.82 59,686,526.82 38 405,482,399.20 405,482,399.20 401,740,525.96 401,740,525.96 39 658,101,713.26 682,264,488.25 555,943,201.94 597,343,146.50 43

2004 6 1 17,074,738.25 83,975,541.97 15,610,161.12 76,114,543.43 2 10,871,338.04 57,080,058.06 11,334,777.48 49,316,052.77 3 116,197.63 2,056,665.14 188,895.19 1,606,822.74 4 6,087,202.58 24,838,818.77 4,086,488.45 25,191,667.92 5 161,195.88 14.81 196,908.37 6 7 78,676.42 5,177,092.71 36,180.88 5,181,674.24 8 5,035,768.56 11,282,221.72 5,133,558.23 9,624,990.51 9 3,994,494.75 4,214,249.95 2,357,562.97 2,812,789.81 10-3,021,737.15 4,326,450.27-3,440,798.82 7,769,121.73 11 6,921,157.34 560,962.60 9,396,141.83-935.14 12 13 14 157,546.95 161,942.40 21,200.00 157,896.51 15 3,741,873.24 4,725,470.47 5,934,143.01 7,610,290.08 16 0.00 1,229,073.03 0.00 1,857,103.31 17-245,475.80-180,956.24 18 3,741,873.24 3,741,873.24 5,934,143.01 5,934,143.01 59,686,526.82 59,686,526.82 51,839,963.14 51,839,963.14 0.00 63,428,400.06 63,428,400.06 57,774,106.15 57,774,106.15 374,187.32 374,187.32 593,414.30 593,414.30 374,187.32 374,187.32 593,414.30 593,414.30 62,680,025.42 62,680,025.42 56,587,277.55 56,587,277.55 62,680,025.42 62,680,025.42 56,587,277.55 56,587,277.55 44

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