二零零八年度中期報告

2 3 17 19 20 22 23 25 46 49 51 54

2007 (%) 24,874 21,157 17.6% 2,375 1,942 22.3% 1,150 395 191.1% 8.9 3.2 178.1% 8.9 3.2 178.1% 9.6 6.8 41.18% 2

2008 3C 200824,874 17.6%1,150 191.1% 1,234 46.8% 16 1022008 6 30 198 828 296 12.2% 5 2008 3 119.95.37 2,700 10.69% 2008 2 26 2008 6 30 14.04 17.860.1 129,800,00022.37 3

2008 6 30 73 53 20 710 556 154 45 14 10 21 828 623 184 21 523 366 144 13 305 257 40 8 102 97 7-2 37 22 12 3 198 163 55 7 27 21 10 1 171 142 45 6 16 14 2 0 2008 6 30351 3,600 296 200712.21% 82831 4

2008 6 30 8 52 1 61 11 46 6 63 6 34 1 41 4 54 58 3 27 30 2 20 21 43 3 20 23 2 23 1 26 2 16 18 3 64 1 68 3 91 5 99 2 26 1 29 3 15 2 20 3 43 2 48 1 32 1 34 2 15 3 20 1 27 28 1 3 4 1 22 23 2 5 7 1 10 11 2 12 14 1 13 14 1 11 12 15 15 2 11 13 3 3 6 5

797 6.4 3.92% 2007 3.5% 3.7% 9,199 25.4 0.49% 5 6

171 86.36%305 36.84%22.67% 19.41% 3.26 2008 44 2007 12 2007 4 5 4,0563.8% 2.22% 1.58 7

1,390 45.46% 61%34% 2008 3C2008 6 3C26.63% 25.33%3C 8

24,874 21,157 17.57% 489 20080.49% 828654 285236 17,437 18,000 3.13% 5.41% 7.05% 3.87% 6.55% 10.20% 31.07% 9.82% 29.91% 14.16% 14.91% 17.49% 14.62% 18.29% 16.65% 08 07 AV IT 9

22,499 2007 19,215 2,3751,942 20079.18% 9.55% 07 AV 9.91% 9.73% 9.10% 8.70% 10.21% 9.94% 7.45% 6.87% 13.31% 12.78% IT 5.39% 4.00% 9.19% 8.64% 9.55% 9.18% 10

4.94% 4.66% 2007 4.94% 4.66% 0.54% 0.58% 0.21% 0.21% 0.07% 0.1% 0.37% 0% 0.23% 0% 0.42% 0.19% 6.78% 5.74% 16.33% 14.92%1.41% 11

2007 8.70% 7.97% 1.51% 1.79% 1.01% 0.93% 11.22% 10.69% 3.1.5.1 2007 3.92% 3.50% 1.79% 1.53% 0.69% 0.63% 0.42% 0.37% 0.18% 0.15% 0.71% 0.71% 0.99% 1.08% 8.70% 7.97% 12

7% 2007 6.18% 3.1.5.2 1.79% 1.51% 3.1.5.3 250 196 111 73 43 2007 16078 11 411 13

1,420 2007 561 2007 233151 1,150395 8.92007 3.2 3,397 2007 12 31 6,270 5,416 2007 12 31 5,383 1,690 2007 12 31 2,212 14,302 200713,557 113 2007124 14

2008 6 30 40%2007 6 30 46% 2007777 415 2007 2,263532 2,846482 2,177 2007 5,818 2008 6 307,001 1,027.85700 10% 2008 6 3049,687 2007 6 30 38,000 15

VI 16

8 18 (852) 2846 9888 (852) 2868 4432 www.ey.com/china 19 45 2008 6 30 6 34 34 2410 17

34 2008 8 12 18

2008 6 30 6 6 306 2008 2007 3(a) 24,873,694 21,157,226 (22,498,846) (19,215,392) 2,374,848 1,941,834 3(b) 1,686,836 1,214,483 (2,163,691) (1,687,040) (375,917) (379,512) (250,384) (196,028) 1,271,692 893,737 6 (108,851) (71,670) 6 268,952 149,328 19 (11,400) (410,640) 5 1,420,393 560,755 7 (233,364) (151,412) 1,187,029 409,343 1,149,755 395,391 37,274 13,952 1,187,029 409,343 23 344,486 254,193 8 8.9 3.2 8.9 3.2 19

2008 6 30 2008 2007 6 30 12 31 9 3,739,780 3,144,458 331,224 331,680 10 3,351,012 3,343,012 138,761 143,867 11 244,620 136,679 138,300 380,526 342,744 47,415 55,873 8,370,017 7,499,934 839 1,058 30,000 30,000 12 3,000,000 1,500,000 13 5,416,270 5,383,039 14 130,514 97,719 15 1,690,312 2,211,998 16 76,068 79,024 150,000 17 7,001,485 6,614,725 17 3,397,466 6,269,996 20,742,954 22,337,559 29,112,971 29,837,493 20

2008 6 30 2008 2007 6 30 12 31 18 331,791 343,764 7,981,601 9,630,586 23 344,486 328,629 8,657,878 10,302,979 126,942 89,689 8,784,820 10,392,668 80,431 80,431 19 3,294,893 3,184,303 3,375,324 3,264,734 20 200,000 300,000 21 14,302,117 13,556,545 1,945,088 1,939,695 505,622 383,851 16,952,827 16,180,091 20,328,151 19,444,825 29,112,971 29,837,493 21

2008 6 30 6 2008 1 1 343,764 8,263,293 657 (216,966) 568,329 (80,593) 1,095,866 328,629 10,302,979 89,689 10,392,668 11 (298,172) (298,172) (298,172) (112,313) (112,313) (112,313) (298,172) (112,313) (410,485) (410,485) 1,149,755 1,149,755 37,274 1,187,029 (298,172) (112,313) 1,149,755 739,270 37,274 776,544 18 (11,973) (2,055,584) (2,067,557) (2,067,557) (210) (210) (21) (231) 23 12,025 (328,629) (316,604) (316,604) 2008 23 (344,486) 344,486 2008 6 30 331,791 6,207,709* 657* (216,966)* (298,172)* 568,119* (192,906)* 1,913,160* 344,486 8,657,878 126,942 8,784,820 2007 1 1 317,009 5,235,209 657 (1,632,736) 368,800 1,639 750,910 110,118 5,151,606 88,783 5,240,389 (44,138) (44,138) (44,138) (44,138) (44,138) (44,138) 395,391 395,391 13,952 409,343 (44,138) 395,391 351,253 13,952 365,205 1,343 110,092 111,435 (33,642) 77,793 (5,980) (5,980) 8,908 827,594 836,502 836,502 2014 1,415,770 1,415,770 1,415,770 10,780 1,422,960 1,433,740 1,433,740 (1,434) (1,434) (1,434) (110,118) (110,118) (110,118) 2007 (254,193) 254,193 2007 6 30 338,040 7,594,421 657 (216,966) 368,800 (42,499) 892,108 254,193 9,188,754 63,113 9,251,867 * 2008 6 307,981,601,000 22

2008 6 30 6 6 306 2008 2007 1,420,393 560,755 6 (268,952) (149,328) 6 108,851 71,670 19 11,400 410,640 219 27 5 154,155 132,134 5 (671) 4,577 (3) 5 3,507 4,584 5 5,106 4,521 1,434,005 1,039,580 (37,782) (151,787) (33,231) 191,194 (32,795) (4,275) 599,861 (189,398) 2,956 109,724 150,000 (386,760) (2,904,220) 745,572 2,541,171 49,854 108,868 (120,326) 2,491,680 620,531 190,633 116,438 (316,604) (110,118) (103,135) (94,427) 2,262,574 532,424 23

2008 6 30 6 6 306 2008 2007 2,262,574 532,424 (776,616) (414,568) 16,349 5,091 (542,792) 22 (8,000) (35,000) (59,300) 12 (1,500,000) (13,158) (2,846,059) (481,935) 1,433,740 (1,434) 18 (2,067,557) 4,600,000 (71,860) 100,000 200,000 (200,000) (319,330) (9,661) (22,620) (2,177,218) 5,818,496 (2,760,703) 5,868,985 6,269,996 1,451,837 (111,827) (53,028) 3,397,466 7,267,794 3,322,957 2,802,589 74,509 4,465,205 17 3,397,466 7,267,794 24

2008 6 30 Canon s Court, 22 Victoria Street, Hamilton HM12, Bermuda 2008 6 306 34 2007 12 31 2007 12 31 11 2 12 14 19 25

2008 6 30 (a) 6 306 2008 2007 24,873,694 21,157,226 (b) 6 306 2008 2007 1,228,972 985,375 (i) 135,402 124,003 58,146 53,060 44,478 91,987 254 (ii) 16,830 20,417 40,560 13,093 61,879 26,863 1,686,836 1,214,483 (i) 25 (ii) 26

2008 6 30 90% 90% 90% 6 306 2008 2007 22,498,846 19,215,392 154,155 132,134 3,507 4,584 5,106 4,521 (671) 4,577 996,891 757,935 (91,987) (254) 2011 406,940 2014 19 11,400 3,700 11,400 410,640 73,024 35,477 2,379 36,785 3,500 2,309 550,324 428,780 102,019 63,069 10,844 59,894 663,187 551,743 27

2008 6 30 6 306 2008 2007 (9,661) (15,355) 19 (99,190) (56,315) (108,851) (71,670) 173,503 149,328 95,449 268,952 149,328 25% 2007 6 306 33%19 2007 6 30619 20072008 6 306 28

2008 6 30 6 306 2008 2007 224,906 181,867 8,458 (30,455) 233,364 151,412 6 306 2008 2007 1,149,755 395,391 29

2008 6 30 6 306 2008 2007 (i) 12,851,668 12,413,944 48,946 22,874 12,900,614 12,436,818 (i) 2007 6 306 2008 5 220.1 0.025 18(b) (ii) 20072008 6 306 30

2008 6 30 2008 6 306 76615.7 2007 6 30 6 9.7 2008 6 306 2008 6 30 702 2007 6 306 180 2008 2008 6 30 212008 6 30 776,378,0002007 12 31590,406,000 1 1 3,343,012 22 8,000 2008 6 30 3,351,012 2008 6 30 2007 12 31 244,620 2008 6 30 27,000,000 10.7% 31

2008 6 30 298,172,0002007 6 306 2008 6 303,0002007 12 31 1,500 2007 12 142008 12 136.561% 2007 12 14600 2008 9 1 (i) (ii) 2008 6 30 2007 12 31 5,337,739 5,278,968 78,531 104,071 5,416,270 5,383,039 32

2008 6 30 2008 6 30 7002007 12 31 21 2008 6 30 2007 12 31 3 126,709 94,015 3 6 151 2,106 6 1 2,428 1 1,226 1,598 130,514 97,719 2008 6 30 2007 12 31 308,374 279,094 774,029 1,114,208 607,909 818,696 1,690,312 2,211,998 33

2008 6 30 2008 2007 6 30 12 31 (i) 76,068 78,657 367 76,068 79,024 (i) 25 2008 6 30 2007 12 31 3,322,957 2,529,443 7,075,994 10,355,278 10,398,951 12,884,721 (5,009,826) (4,488,709) (1,991,659) (2,090,005) (36,011) (7,001,485) (6,614,725) 3,397,466 6,269,996 34

2008 6 30 2008 6 30 7,133,080,0002007 12 317,549,969,000 2008 1 1 0.10 50,000,000 5,000,000 5,300,000 b 150,000,000 2008 6 30 0.025 200,000,000 5,000,000 5,300,000 2008 1 1 0.10 3,319,489 331,950 343,764 a (129,800) (12,980) (11,973) b 9,569,067 2008 6 30 0.025 12,758,756 318,970 331,791 35

2008 6 30 (a) 2,236,671,0002,063,040,000 129,800,0002008 2 2,055,584,000 (b) 2008 5 220.10 0.025 12,758,755,804 187,241,244,196 0.025 2008 6 30 2007 12 31 3,474,993 3,375,803 (180,100) (191,500) 3,294,893 3,184,303 2007 5 114,600 20142014 2014 (a) 2008 5 18 2014 5 11 19.950.98231.00 (b) 2010 5 18 102.27%2012 5 18 103.81% 36

2008 6 30 (c) 2010 5 182014 5 18 130%20 130% 2014(1) (2) (3)5.38% 20142007 18(b)2008 5 23 19.954.96 2014 3,305,362 (143,600) 1,438,238 4,600,000 (49,392) (22,468) (71,860) 119,833 119,833 (47,900) (47,900) 2007 12 31 3,375,803 (191,500) 1,415,770 4,600,073 99,190 99,190 11,400 11,400 2008 6 30 3,474,993 (180,100) 1,415,770 4,710,663 37

2008 6 30 2008 6 30 2007 12 31 200,000 300,000 6.225% 7.47% 2008 6 30 2007 12 31 14,302,117 13,556,545 3 9,442,560 9,299,648 3 6 4,498,730 3,841,131 6 360,827 415,766 14,302,117 13,556,545 20 (i) (ii) (iii) (iv) (v) (vi) 9 251,469,0002007 12 31 251,469,000 13 17 17 25 25(a)(v) 38

2008 6 30 2008 2 18 10,000 10,000 10,000 10,000 (10,000) (10,000) 10,000 10,000 8,000 18,000 18,000 (10,000) 8,000 2008 6 306 700,000 39

2008 6 30 6 306 2008 2007 2007 10.6 9.9 20063.6 3.6 316,604 110,118 6 30 2008 3.0 2.7 20078.1 7.8 344,486 254,193 (i) 129,800,000 18(a) 2007 (ii) 2008 6 3062008382,763,000 344,486,0002008 6 3012,758,756,000 2007 6 306 2007263,970,000 254,193,0002007 6 303,258,890,000 (iii) 20082008 8 12 40

2008 6 30 1 20 2008 6 30 2007 12 31 1 2,197,853 1,798,626 2 5 6,416,136 5,784,470 5 4,093,350 3,755,870 12,707,339 11,338,966 1 3 41

2008 6 30 1 10 2008 6 30 2007 12 31 1 136,357 150,793 2 5 293,457 363,718 5 192,112 231,382 621,926 745,893 2008 6 30 2007 12 31 393,801 438,412 42

2008 6 30 2007 12 13 30 2007 12 102008 6 30 20 122008 9 1600 16 43

2008 6 30 (a) 6 306 2008 2007 (a) (i) 19,589 2,072 (b) (i) (1,687) (c) (ii)&3(b) 134,391 124,003 (d) (iii) (1,837) (2,083) (e) (iv) 4,191 17,680 (f) (v) 353,573 860,000 (g) (vi) 250 254 (i) (ii) 0.6% 0.9% 44

2008 6 30 (a) (iii) 523,000 (iv) (1)12 (2) 5% (v) (vi) 250,0002007 6 306 254,000 (b) 6 306 2008 2007 762 590 4,243 4,301 54 95 2008 6 30 5,059 4,986 2008 8 12 45

2008 6 30 XV 352 205,920,000 (2) 4,329,198,212 (1) 4,535,118,212 35.55 4,329,198,212 (1) 205,920,000 (2) 4,535,118,212 35.55 534,434,464 (3) 394,693,600 (4) 929,128,064 7.28 1. 3,800,000,000Shinning Crown Holdings Inc. 529,198,212 Shine Group Limited 2. 201,120,000Smart Captain Holdings Limited 4,800,000 3. Retail Management Company Limited 4. The Retail Management Trust Retail Management Company Limited 46

7.25 0.73 386,534,400 285,465,600 672,000,000 5.27 Retail Management Company Limited 672,000,000 2008 6 30 XV352 2008 6 30 47

2008 6 30 2008 6 306 2004 7 29 2004 6 3 48

2008 6 306 2008 6 30 XV2 3 336 2008 6 30 Retail Management 929,128,064 7.28 Company Limited 1 672,000,000 5.27 JPMorgan Chase & Co. 1,133,073,899 8.88 2 3 6,402,000 0.05 895,895,076 7.02 Morgan Stanley 4 1,042,454,348 8.17 222,984,471 1.75 Capital Research and 908,476,000 7.12 Management Company 5 T. Rowe Price Associates, 767,822,560 6.01 Inc. 6 49

1. Retail Management Company Limited 2. JPMorgan Chase & Co. 12,430,823 6,402,000 224,748,000895,895,076 JPMorgan Chase Bank, N.A.906,575,076J.P. Morgan Investment Management Inc.53,536,000JPMorgan Asset Management (UK) Limited160,532,000J.P. Morgan Whitefriars Inc.5,988,000 J.P. Morgan Securities Ltd.5,442,823 5,402,000 Bear, Stearns International Limited1,000,000 1,000,000 JPMorgan Chase & Co. 3. 1,133,073,899JPMorgan Chase & Co. 40,823 4. Morgan StanleyMorgan Stanley Investment Management Company755,915,484Morgan Stanley Securities Limited 15,920Morgan Stanley & Co. International plc.200,846,660 178,284,997Morgan Stanley Hong Kong Securities Limited46,924 60,000Morgan Stanley Asset & Investment Trust Management Co., Limited 35,824,000MSDW Equity Finance Services I (Cayman) Limited42,682,488 42,682,488Morgan Stanley Swiss Holdings GmbH74,352 Morgan Stanley Capital (Cayman Islands) Limited1,768,000Morgan Stanley Capital Services Inc.4,331,723Morgan Stanley Capital (Luxembourg) S.A. 2,132,000Morgan Stanley Hedging Co. Ltd.114,172 114,443 Morgan Stanley & Co., Inc.486,545 58,623 Morgan Stanley 5. The Capital Group Companies, Inc.Capital Research and Management Company 6. T. Rowe Price Associates, Inc. 50

2008 6 30 XV23 336 2008 8 12 2008 6 306 3.02.72007 6 30 62008 5 22 0.1 8.17.8 2008 9 112008 9 4 2008 9 22008 9 4 2008 9 1 28 26 51

2008 6 306 2008 1 39,811,000 657,250,940 17.10 14.04 159,244,000 4.275 3.51 2008 2 89,989,000 1,579,420,440 359,956,000 17.86 17.30 4.465 4.325 129,800,000 2,236,671,380 519,200,000 2008 6 306 2008 6 306 2008 6 306 52

13.20 2007 12 14 36 2008 6 30 30 (i) (ii) 2007 12 142008 12 136.561%2008 6 30 30 14.07(1)10.3%62008 9 1 2008 6 306 53

Mark Christopher GREAVES Thomas Joseph MANNING Canon s Court 22 Victoria Street Hamilton HM12 Bermuda 99 61 6101 Butterfield Fund Services (Bermuda) Limited 14 Bermudiana Road Hamilton Bermuda 28 26 54