2005 2005 ( )

2005 2 2 3 4 6 8 9 9 16 16 19 60 1

2005 1 Dalian Refrigeration Co., Ltd. DRC 2 3 0086-411-86538100 0086-411-86641470 bingzhen@bingshan.com 0086-411-86538130 0086-411-86654530 geyan@bingshan.com 888 4 888 116033 http://www.daleng.cn dlzqb@bingshan.com 5 http://www.cninfo.com.cn 0086-411-86538130 0086-411-86654530 0086-411-86654530 6 G B 000530 200530 7 1993 12 18 888 2102001100326 210204242361300 210204242361303 67 24 333 19 2

2005 1 143,294,481.64 100,812,403.40 99,711,481.82 253,244,378.05 2,608,535.00 49,099,986.67 90,290,578.90 3,878,751.30 25,164.77 112,861,866.98 31,362,100.45 1,644,886.89 767,071.62 150,000.00-44,877.20 741,906.85 1,775,174.46 530,481.71 143,771.17 1,100,921.58 2005 100,812 2005 101,685 873 100,812 100,955 1,427,525 1,352,748 - - - - 100,812 100,955 1,427,525 1,352,748 182 9,526 (309) (491) 520 1,597 (12,147) (12,667) (4,970) (3,953) (23,914) (18,944) - - (4,800) - 2,751 202 - - 3

2005 2,389 436 1,329-101,685 108,764 1,387,686 1,320,646 2 2005 2004 2003 1,511,046,315.72 1,216,806,904.64 1,043,097,006.46 100,812,403.40 100,955,488.10 86,147,841.72 2,158,916,614.46 1,959,939,031.71 1,955,786,483.12 1,427,525,349.93 1,352,747,097.48 1,285,465,349.78 0.288 0.288 0.246 0.285 0.289 0.245 4.08 3.86 3.67 4.03 3.83 3.66 0.322 0.082 0.314 7.06% 7.46% 6.70% 7.17% 7.68% 6.91% 1 2 3 350,014,975.00 559,777,765.31 270,670,086.66 81,650,878.83 172,284,270.51 1,352,747,097.48 0 8,967,346.55 31,933,403.01 10,081,240.34 100,812,403.40 141,713,152.96 0 0 0 0 66,934,900.51 66,934,900.51 350,014,975.00 568,745,111.86 302,603,489.67 91,732,119.16 206,161,773.40 1,427,525,349.93 2005 2005 2005 2004 2005 2005 2004 2005 1 1 1 106,366,750 106,366,750 106,366,750 106,366,750 2 30,278,000 30,278,000 136,644,750 136,644,750 1 98,370,225 98,370,225 2 B 115,000,000 115,000,000 213,370,225 213,370,225 350,014,975 350,014,975 4

2005 2 2 1 59,638 2004 6,565 A 47,536 5,424 B 12,102 1,141 2 % 10,636.675 10,636.675 30.39 A SANYO ELECTRIC CO., LTD. 3,500.15 3,500.15 10.00 B 0.00 900.35 2.57 A 315.00 315.00 0.90 A 315.00 315.00 0.90 A 283.70 283.70 0.81 A 0.00 197.74 0.56 A 179.50 179.50 0.51 A 175.00 175.00 0.50 A GLORY INSIGHT LIMITED 0.00 173.55 0.50 B 10 5% 3,500.15 B B 1998 3 20 3 30.39% 1996 5 22 12,654, 100% 30.39% 4 10% 10% 10% 5 5

2005 % SANYO ELECTRIC CO., LTD. 3,500.15 10.00 B 900.35 2.57 A 197.74 0.56 A GLORY INSIGHT LIMITED 173.55 0.50 B 150.00 0.43 A 118.45 0.34 B 118.37 0.34 A ABN AMRO BANK NV 114.53 0.33 B GUOTAI JUNAN SECURITIES HONGKONG LIMITED 107.98 0.31 B DEUTSCHE BANK AG LONDON 106.54 0.30 B 1 1 9 68 04.6 07.6 25,650 25,650 56 04.6 07.6 22,650 22,650 49 04.6 07.6 0 0 42 04.6 07.6 3,000 3,000 61 04.6 07.6 0 0 38 04.6 07.6 0 0 64 04.6 07.6 7,125 7,125 69 04.6 07.6 0 0 65 04.6 07.6 0 0 3 47 04.6 07.6 7,800 7,800 53 04.6 07.6 750 750 34 04.6 07.6 0 0 68 04.6 07.6 25,650 25,650 49 04.6 07.6 0 0 47 04.6 07.6 21,125 21,125 54 04.6 07.6 14,250 14,250 44 04.6 07.6 0 0 38 04.6 07.6 0 0 42 04.6 07.6 3,000 3,000 53 04.6 07.6 2,700 2,700 6

2005 2 7

2005 3 320,000 320,000 260,000 240,000 25,000 25,000 25,000 50,000 50,000 50,000 250,000 240,000 240,000 240,000 50,000 2,385,000 2 2005 12 31 1,782 1,117 62.7% 303 17.0% 217 12.2% 28 1.6% 117 6.5% 706 39.6% 1 2 2005 4 6 2005 4 19 2004 2005 2005 11 17 2005 12 6 3 3 0 0 3 3 0 0 3 3 0 0 3 8

2005 1 2 3 4 5 4 2005 5 24 2004 2005 5 25 1 5 6 1 2005 2005 150,000 151,105 24.18% 14,000 14,329 17.09% 2005 21 500, 1,000 8 3,000 2 9

2005 2005 2006 2 2005 415,986 25.71% 186,312 14.25% 2005 532,313 50.72% 178,059 156.05% 10,298 11.07% 10% 30% 30% 15% 5 5,000 10 C C 50% 1,800 CZR 10 30% GHP ISO9001 ISO14001 2 1 10

2005 8% 6-28 2 33,652 30.71% 14,335 9.49% 3 1 2005 2004 33,256 15.44% 24,531 12.52% +35.57% 25,955 12.05% 28,876 14.73% -10.12% 75,786 35.10% 75,604 38.57% +0.24% 34,327 15.90% 28,286 14.43% +21.36% 947 0.44% 642 0.33% +47.51% 4,425 2.05% 5,200 2.65% -14.90% 5,000 2.32% 5,000 2.55% 0.00% 215,892 100% 195,994 100% +10.15% 2 2005 2004 7,307 5,252 +39.13% 13,514 9,122 +48.15% -145-12 2,772 1,706 +62.49% 2005 3 2005 2004 11,286 2,870 +8,416 7,730-3,720 +11,450-15,839-8,350-7,489 11

2005 4 1 100% 2,004 2005 4,381 8,810, 6 90% 1,800 2005 2,375 11,017, 237 70% 7 2005 12,396 12,516, 849 70% 100 2005 1,114 2,197, 14 64.3% 235 2005 3,859 5,172, 265 60% 21 2005 533 1,126, 94 51% 3,000 2005 24,096 20,975, 1,810 2 120,213 8,744 72,720 7,866 120,186 5,112 25,979 6,003 43,090 3,108 1 12

2005 WTO 2 3 4 2006 1.5 5 2006 2006 160,000 15,000 1 2006 2 3 4 6 1 2010 CFCs 2040 HCFCs HCFCs 13

2005 14 : HCFCs HCFCs 2 70% 2005 10% 25% 25% 30% 30% 33% 40% 40% 40% 40% 40% 40% 40% 49% 50% 50% 60% 64.3% 70% 70% 1

2005 2 30% 875 21% 3,860 1 1 2005 4 19 2005 4 21 2 2005 8 16 2005 8 18 3 2005 10 18 2005 2 2004 2004 2005 6 2005 10,081.2 10% 1,008.1 10% 1,008.1 169.0 2,185.2 7,896.0 13,728.3 21,624.3 2005 10,168.5 7,983.3 10,714.8 18,698.2 18,698.2 10% 1,008.1 5,250.2 12,439.9 2005 2005 350,014,975 10 1.5 B 2005 [2003]56 50% 15

2005 2005 4 19 2004 2004 2005 8 16 2005 2005 10 18 2005 1 2 3 4 875 21% 5 6 2005 2005 1 2 2005 3 1 2 30% 875 21% 2005 4 21 16

2005 3 1 62,984 2005 114.52% 44,370 2005 110.93% 18,614 2005 124.09% 2005 2005 a) b) c) d) 10,677 4,608 6,069 e) 4.21% 4.02% f) g) h) BAC a) b) c) d) 7,042 6,652 390 e) 6.07% 0.26% f) g) h) 2 4 17

2005 5 6 7 5% 8 1 25 2004 25 2 68 2004 68 13 8 9 10 2005 9 12 10 17 2005 12 12 [2005]231 2006 1 11 11 2,813 0 12 2005 11 28 2005 12 29 2006 1 9 A G 13 A 2005 2007 50% 2005 50% 14 2005 500 18

2005 1 ( 2006 103 ) 2005 12 31 2005 2005 12 31 2005 2 3 2006 4 25 70 1983 20 1987 50 1989 1993 6 1993 12 8 1998 3 20 B 350,014,975.00 106,366,750.00 30,278,000.00 98,370,225.00 115,000,000.00 19

2005 61 400 1 2 1 1 12 31 3 4 5 6 7 1 2 1 1 5 1 2 10 2 3 30 3 4 50 4 5 80 5 100 8 1 20

2005 21 2 3 4 9 1 20 20 50 50 2 3 4 5 10 1 2,000 2 3

2005 22 4 11 1 2 3 12 1 50 2 13 14 1 2

2005 23 15 1 2 3 16 17 1 2 50% 50 1 6% 13% 17% = 2 7% 3 3% 4 1% 5

2005 6 1 33% 2 33% 15% 33% 15% 33% 24 2005 12 15 2005 138 2005 2005 1 1 5-11,855.36 1 2,004 100% 1,800 90% 70,000 70% Mike Murphy 235 64.25% 21 60% 100 70% 24

2005 200 45% 3,000 51 2 2005 3 2005 52 51 21 51% 1 : 66,717.12 107,370.71 303,942,116.99 335,290,493.61 30,737.74 3,807.98 304,039,571.85 335,401,672.30 7,378,549.89 8.2765 61,068,568.16 245,131.67 8.0702 1,978,259.57 6,922,307.00 0.079701 551,714.79 1,931,111.00 0.068716 132,701.66 222.87 1.0637 237.07 223.49 1.0403 232.61 61,620,520.02 2,111,193.84 25

2005 2 14,092,114.32 41,254,278.48 17,713,884.09 36,160,092.87 31,805,998.41 77,414,371.35 143.40% 3 9,262,590.94 19,057,970.33 105.75% 4 1 % % 129,436,629.52 51.83 6,406,892.29 192,032,327.70 60.53 9,572,745.41 51,795,604.68 20.74 5,179,560.47 71,284,675.54 22.47 7,128,467.55 39,704,119.11 15.90 11,911,235.73 19,563,883.55 6.17 5,869,165.06 17,443,558.62 6.99 8,721,779.31 19,586,182.02 6.17 9,793,091.02 5,592,738.08 2.24 4,474,190.46 6,980,788.25 2.20 5,584,630.60 5,738,175.48 2.30 5,738,175.48 7,816,727.95 2.46 7,816,727.95 249,710,825.49 100 42,431,833.74 317,264,585.01 100 45,764,827.59 7 5% 5% 2 % % 34,859,503.79 13.96 36,763,206.39 11.59 26

2005 5 1 % % 14,623,311.96 84.18 625,531.61 16,538,615.30 79.22 721,296.78 1,588,047.58 9.14 158,804.76 2,608,578.97 12.50 260,857.90 819,412.06 4.72 245,823.62 460,715.44 2.21 138,214.63 313,816.78 1.81 156,908.39 636,806.63 3.05 318,403.32 224,700.00 1.07 179,760.00 26,403.38 0.15 26,403.38 407,556.36 1.95 407,556.36 17,370,991.76 100 1,213,471.76 20,876,972.70 100 2,026,088.99 5% 5% 2,960,455.29 2 % % 4,414,679.70 25.41 3,983,012.24 19.08 6 % % 11,566,821.77 91.77 23,150,727.86 100 505,959.43 4.01 315,870.00 2.51 24,900.00 0.20 191,103.95 1.51 12,604,655.15 100 23,150,727.86 100 5% 5% 83.67% 27

2005 7 1 53,591,246.54 401,181.50 53,190,065.04 68,917,804.09 68,917,804.09 13,460,346.58 13,460,346.58 20,575,268.63 20,575,268.63 132,069,749.15 132,069,749.15 89,780,937.64 89,780,937.64 90,129,441.76 190,104.41 89,939,337.35 80,725,628.76 555,359.31 80,170,269.45 102,875.32 102,875.32 102,548.34 102,548.34 289,353,659.35 591,285.91 288,762,373.44 260,102,187.46 555,359.31 259,546,828.15 2 591,285.91 365,254.90 401,181.50 555,359.31 8 695,277,386.31 704,272,646.39 19,629,662.66 18,878,663.95 41,133,498.31 45,313,851.81 10,607,408.58 756,040,547.28 757,857,753.57 1 420,000.00 1,735,142.50 1.465% 1,020,000.00 1,020,000.00 2% 3,000,000.00 3,000,000.00 1.4% 573,561.55 30,320,000.00 30,098,895.00 0.81348% 7,614,483.71 2,307,692.31 2,307,692.31 2.14% 28

2005 3,310,806.00 3,310,806.00 10% 250,000.00 250,000.00 5% 105,000.00 105,000.00 4.2% 105,000.00 400,000.00 5% 429,000.00 0.056% 3,057,316.00 0.81348% 2,314,363.32 41,133,498.31 45,313,851.81 10,607,408.58 1,315,142.50 3,057,316.00 0.81348% 2 6,313,174.25 25% 30,070,362.99 15,488,372.23 20,375,000.00 25,183,735.22 2,871,708.00 40% 5,076,106.23 1,799,674.24 1,009,371.14 5,866,409.33 40,606,709.20 40% 99,967,301.15 11,018,831.79 11,480,000.00 99,506,132.94 3,908,911.50 30% 9,177,878.89 751,629.35 1,471,500.00 8,458,008.24 72,457,030.85 40% 113,379,704.40 18,813,669.83 10,800,000.00 444,063.12 120,949,311.11 16,797,987.00 25% 16,099,766.44-3,686,768.75 882,391.59 11,530,606.10 176,953,841.88 40% 223,670,965.12 28,759,536.09 14,000,000.00 238,430,501.21 29

2005 7,613,460.00 30% 13,800,821.34 2,091,913.11 360,000.00 15,532,734.45 40,836,612.45 40% 77,078,860.53 31,985,968.15 15,800,000.00 29,162.76 93,235,665.92 16,725,127.52 40% 18,887,668.50 1,114,004.66 294,108.48 19,707,564.68 1,200,000.00 24% 1,415,058.30 46,328.69 1,461,386.99 490,000.00 49% 508,165.66 27,336.82 535,502.48 2,731,377.50 33% 2,631,875.61-111,056.42 2,520,819.19 66,416,364.00 49% 60,714,579.96-4,013,778.32 56,700,801.64 400,000.00 20% 399,372.27-398,798.11 574.16 9,230,400.00 8,750,000.00 51% 12,834,778.92 3,946,745.20 40% 9,564,120.00 4,910,653.11 4,653,466.89 1,034,675.00 50% 552,648.45 714,629.02 1,267,277.47 250,000.00 50% 71,692.89-71,692.89 18,750,000.00 50% 19,005,321.32-1,393,934.84 17,611,386.48 489,534,124.35 8,750,000.00 714,907,048.97 102,935,864.65 76,178,836.89 5,677,987.47 723,151,310.34 2005 3 2005 52 51 21% 51% 2005 12 30

2005 50% 2005 8 3 291,627.55 10 109,360.30 29,162.76 80,197.54 4,440,630.90 10 1,665,236.43 444,063.12 1,221,173.31 2,941,084.48 10 1,102,906.53 294,108.48 808,798.05 5,617,374.80 10 5,617,374.80 4,910,653.11 706,721.69 13,290,717.73 8,494,878.06 5,677,987.47 2,816,890.59 2004 3 4 573,561.55 7,614,483.71 2,314,363.32 105,000.00 10,607,408.58 2005 31

2005 9 1 166,112,225.10 57,062,774.18 468,586.00 222,706,413.28 367,894,450.05 88,368,824.74 623,614.04 455,639,660.75 13,006,399.25 3,729,657.62 247,421.80 16,488,635.07 11,360,845.15 2,796,815.16 92,370.21 14,065,290.10 558,373,919.55 151,958,071.70 1,431,992.05 708,899,999.20 7,890,793.48 2 63,895,360.13 28,813,266.30 54,129.48 92,654,496.95 193,020,839.61 57,351,087.60 220,770.67 250,151,156.54 6,175,278.89 1,435,186.46 37,218.05 7,573,247.30 2,577,223.94 2,908,370.54 78,744.61 5,406,849.87 265,668,702.57 90,507,910.90 390,862.81 355,785,750.66 3 9,840,847.62 9,840,847.62 9,840,847.62 9,840,847.62 32

2005 4 102,216,864.97 130,051,916.33 165,032,762.82 195,647,656.59 6,831,120.36 8,915,387.77 8,783,621.21 8,658,440.23 282,864,369.36 343,273,400.92 10 450 2,179,174.40 1,957,011.37 103,834.00 4,032,351.77 90% 800 3,094,905.09 7,253,757.62 4,275,897.27 867,940.32 5,204,825.12 10-95% 2,412,684.21 2,412,684.21 1,146,800.00 287,206.28 1,202,212.00 231,794.28 50% 6,420,879.49 11,910,659.48 7,890,793.48 971,774.32 9,468,971.17 47.47% 11 1 45,906,902.40 39,357,280.02 918,136.92 38,439,143.10 41 12,352,745.82 11,312,362.08-11,312,362.08 28 515,224.41 206,089.53 51,522.48 154,567.05 3 861,000.00 684,650.20 112,500.00 69,389.82 727,760.38 41 51,560,381.83-11,199,862.08 1,039,049.22 39,321,470.53 2 7,223,016.90 7,223,016.90 7,223,016.90 7,223,016.90 12 33

2005 82,119.11 82,119.11 4,089,345.18 138,478.32 3,950,866.86 28 82,119.11 4,089,345.18 220,597.43 3,950,866.86 13 52,000,000.00 44,250,000.00 52,000,000.00 44,250,000.00 14 1,500,000.00 450,000.00 300,000.00 3,000,000.00 3,880,123.90 200,000.00 300,000.00 1,060,000.00 600,000.00 1,300,000.00 500,000.00 150,000.00 250,000.00 400,000.00 100,000.00 350,000.00 1,900,000.00 100,000.00 34

2005 219,000.00 1,923,208.19 261,187.63 80,670.05 185,000.00 BAC 1,528,000.00 111,973.69 48,523.99 3,010,000.00 154,000.00 2,000,000.00 15 13,555,189.77 12,306,497.68 % % 210,200,843.13 96.43 269,164,241.87 94.27 5,316,026.70 2.44 11,257,824.22 3.94 1,330,992.42 0.61 2,102,881.90 0.74 1,127,097.33 0.52 1,381,705.62 0.48 667,351.49 0.23 955,866.90 0.34 217,974,959.58 100 285,529,872.00 100 5% 5% 30.99 35

2005 16 : % % 106,075,771.41 85.96 137,049,942.92 82.97 9,924,273.18 8.04 15,443,802.65 9.35 3,560,062.37 2.88 4,580,878.34 2.77 3,585,871.74 2.91 3,258,212.41 1.97 140,619.97 0.11 1,696,414.01 1.03 118,660.00 0.10 3,144,486.89 1.91 123,405,258.67 100 165,173,737.22 100 5% 5% 33.85 17 : 787,500.00 945,000.00 927,500.00 1,102,500.00 661,500.00 1,556,609.81 1,753,308.22 3,933,109.81 3,800,808.22 18-4,061,508.10 912,804.55 11,302.25 476,728.53 105,600.11 282,421.09-155,024.66 7,025,472.15 865,040.49 1,829,952.60 0.01 595.11 25,649.95 11,448.00 36

2005 2,986.76 41,382.79 5,674.79 78,627.30-3,199,683.29 10,658,837.01 433.12% 19 39,488.36 116,985.05 14,952.22 38,414.11 / 2,611.12 54,440.58 158,010.28 190.24% 20 % % 20,237,642.01 76.59 45,731,911.32 80.05 3,428,068.43 12.97 6,737,517.24 11.79 245,978.77 0.93 2,073,129.84 3.63 2,512,938.80 9.51 717,782.43 1.26 1,176,177.40 2.06 692,705.11 1.21 26,424,628.01 100 57,129,223.34 100 5% 5% 2,840 1,951,534.40 116.20% 37

2005 21 % 2001-03-30 2005-03-20 5.84 34,000,000.00 2001-12-04 2005-03-20 5.84 45,000,000.00 79,000,000.00 22 % 2004-11-22 2009-11-21 5.84 50,000,000.00 50,000,000.00 50,000,000.00 50,000,000.00 23 150,000.00 10,000,000.00 4,541,250.00 14,691,250.00 24 1 106,366,750.00 106,366,750.00 106,366,750.00 106,366,750.00 2 30,278,000.00 30,278,000.00 3 38

2005 4 136,644,750.00 136,644,750.00 1 98,370,225.00 98,370,225.00 2 115,000,000.00 115,000,000.00 3 4 213,370,225.00 213,370,225.00 350,014,975.00 350,014,975.00 25 513,645,432.79 513,645,432.79 1,534,544.19 1,534,544.19 2,120,446.89 1,369,021.08 3,489,467.97 42,021,724.44 7,598,325.47 49,620,049.91 455,617.00 455,617.00 559,777,765.31 8,967,346.55 568,745,111.86 21 6,500,000.00 1,098,325.47 40,090,787.33 26 91,495,054.58 11,770,922.33 103,265,976.91 81,650,878.82 10,081,240.34 91,732,119.16 97,524,153.26 10,081,240.34 107,605,393.60 270,670,086.66 31,933,403.01 302,603,489.67 39

2005 27 172,284,270.51 100,812,403.40 31,933,403.01 11,770,922.33 10,081,240.34 10,081,240.34 35,001,497.50 206,161,773.40 28 1,511,046,315.72 1,216,806,904.64 1,251,342,177.76 1,041,435,124.83 A 1,305,041,987.29 1,216,806,904.64 206,004,328.43 1,511,046,315.72 1,216,806,904.64 B 1,107,936,756.87 1,041,435,124.83 143,405,420.89 1,251,342,177.76 1,041,435,124.83 143,350,194.61 9.49% 40

2005 29 3% 5% 1,746,612.69 1,102,530.74 7% 2,990,726.08 2,625,546.37 3% 1,705,858.45 1,504,145.28 1% 1% 16,562.69 2,278.23 6,459,759.91 5,234,500.62 30 2,109,344.99 1,477,908.36 251,911.35 247,278.66-329,663.84 2,608,535.00 1,148,244.52 127.18% 31 1,638,601.98 1,457,602.44 10,722,842.08 9,066,807.11 3,294,845.75 1,999,593.00 1,994,719.43 1,674,232.29 16,910,111.32 9,413,695.71 1,804,073.94 1,294,419.40 9,079,844.32 9,017,290.09 8,377,043.05 5,006,877.64 41

2005 1,682,916.63 873,262.96 2,521,089.70 2,244,768.63 2,972,437.45 2,159,248.74 12,070,631.71 8,314,842.76 73,069,157.36 52,522,640.77 39.12 32 6,044,074.51 4,694,995.24 5,135,085.43 2,352,527.96 1,172,418.42 1,132,957.05 5,428,324.05 3,460,085.96 41,009,225.82 21,201,563.73 2,810,927.82 2,509,110.22 13,310,778.69 10,464,000.02 15,547,149.71 16,093,925.90 1,059,142.80 660,000.00 1,412,568.03 1,435,700.30 1,545,675.10 923,132.33 2,379,297.94 814,324.18 8,210,337.69 6,952,187.65 1,259,646.65 1,079,262.92 7,191,724.07 4,349,311.05 365,254.90 148,270.56 21,255,674.96 12,952,479.46 135,137,306.59 91,223,834.53 48.14 42

2005 33 935,746.53 1,480,456.50 2,580,630.60 1,776,864.27 106,718.92 98,661.89 58,511.29 14,636.57 143,138.87 95,296.99-1,453,537.57-117,085.46 1,141.43% 448 34 3,636,519.00 818,093.37 5,677,987.47 767,334.36 102,984,333.15 92,720,307.82-44,877.20 2,317,173.54 10,607,408.58 90,290,578.90 95,088,240.37 35 2,361,114.30 500,000.00 500,000.00 500,000.00 17,637.00 42,528.71 3,878,751.30 42,528.71 2005 015 2,233,864.41 127,249.89 43

2005 36 549,768.61 187,142.14 190,844.13 321,441.56 26,458.88 15,393.00 767,071.62 523,976.70 46.39% 37 592,244.18 764,588.26 145,090.38 130,197.33 4,572.29 31,688.60 5,000.00 741,906.85 931,474.19 38 27,721,490.01 17,056,654.34 27,721,490.01 17,056,654.34 62.53% 2005 39 65,096,470.45 7,658,064.20 7,680,485.60 8,932,602.00 28,185,882.05 12,639,436.60 65,096,470.45 40 90,749,563.95 7,229,058.72 16,023,963.40 8,297,477.00 44

2005 14,504,285.60 12,078,377.31 28,129,790.57 4,486,611.35 90,749,563.95 41 (1) 43,645,305.50 16,431,157.37 12,285,546.29 47,790,916.58 42,431,833.74 15,594,540.14 12,261,546.29 45,764,827.59 1,213,471.76 836,617.23 24,000.00 2,026,088.99 (2) 591,285.91 365,254.90 401,181.50 555,359.31 190,104.41 365,254.90 555,359.31 401,181.50 401,181.50 (3)10,607,408.58 10,607,408.58 10,607,408.58 10,607,408.58 (4) 9,840,847.62 9,840,847.62 9,840,847.62 9,840,847.62 (5) 7,223,016.90 7,223,016.90 7,223,016.90 7,223,016.90 45

2005 1 % % 81,223,342.37 44.26 4,061,167.12 105,973,384.91 53.87 5,289,596.08 43,157,581.23 23.52 4,315,758.12 54,682,586.27 27.80 5,468,258.62 36,329,291.16 19.80 10,898,787.35 13,797,603.82 7.01 4,139,281.14 14,530,044.27 7.92 7,265,022.14 15,913,805.96 8.09 7,956,902.98 2,698,199.56 1.47 2,158,559.65 2,967,083.52 1.51 2,373,666.82 5,564,772.00 3.03 5,564,772.00 3,388,198.24 1.72 3,388,198.24 183,503,230.59 100 34,264,066.38 196,722,662.72 100 28,615,903.88 2 % % 5,983,170.03 72.20 299,158.50 3,200,879.07 48.44 160,043.95 1,511,000.00 18.23 143,100.00 2,076,050.00 31.42 207,605.00 503,143.85 6.07 150,943.16 374,642.34 5.67 112,392.70 290,316.78 3.50 145,158.39 572,725.87 8.67 286,362.94 205,900.00 3.12 164,720.00 177,303.95 2.68 177,303.95 8,287,630.66 100 738,360.05 6,607,501.23 100 1,108,428.54 2,960,455.29 3 101,984,411.47 136,543,432.38 695,277,386.31 704,272,646.39 19,629,662.66 18,878,663.95 41,133,498.31 43,569,709.31 10,607,408.58 858,024,958.75 892,657,043.45 46

2005 1 420,000.00 420,000.00 0.7% 1,020,000.00 1,020,000.00 2% 3,000,000.00 3,000,000.00 1.4% 573,561.55 30,320,000.00 30,098,895.00 0.81348% 7,614,483.71 2,307,692.31 2,307,692.31 2.14% 3,310,806.00 3,310,806.00 10% 250,000.00 250,000.00 5% 105,000.00 105,000.00 4.2% 105,000.00 400,000.00 3,057,316.00 0.81348% 2,314,363.32 41,133,498.31 43,569,709.31 10,607,408.58 2 20,036,841.62 100% 20,108,906.38 62,818.13 20,171,724.51 16,200,000.00 90% 15,086,901.67 2,092,387.54 17,179,289.21 12,501,344.60 64.25% 14,132,832.40 1,547,343.64 1,010,445.55 14,669,730.49 36,506,570.00 70% 47,152,850.59 4,883,496.94 4,530,679.47 47,505,668.06 47

2005 1,522,117.80 60% 2,027,253.03 506,719.50 342,008.36 2,191,964.17 2,896,950.00 70% 2,945,635.56 85,609.72 3,031,245.28 900,000.00 45% 530,031.84 227,175.21 757,207.05 17,980,400.00 51% 12,834,778.92 18,201,824.69 31,036,603.61 6,313,174.25 25% 30,070,362.99 15,488,372.23 20,375,000.00 25,183,735.22 2,871,708.00 40% 5,076,106.23 1,799,674.24 1,009,371.14 5,866,409.33 40,606,709.20 40% 99,967,301.15 11,018,831.79 11,480,000.00 99,506,132.94 3,908,911.50 30% 9,177,878.89 751,629.35 1,471,500.00 8,458,008.24 72,457,030.85 40% 113,379,704.40 18,813,669.83 10,800,000.00 444,063.12 120,949,311.11 16,797,987.00 25% 16,099,766.44-3,686,768.75 882,391.59 11,530,606.10 176,953,841.88 40% 223,670,965.12 28,759,536.09 14,000,000.00 238,430,501.21 7,613,460.00 30% 13,800,821.34 2,091,913.11 360,000.00 15,532,734.45 40,836,612.45 40% 77,078,860.53 31,985,968.15 15,800,000.00 29,162.76 93,235,665.92 16,725,127.52 40% 18,887,668.50 1,114,004.66 294,108.48 19,707,564.68 1,200,000.00 24% 1,415,058.30 46,328.69 1,461,386.99 490,000.00 49% 508,165.66 27,336.82 535,502.48 2,731,377.50 33% 2,631,875.61-111,056.42 2,520,819.19 66,416,364.00 49% 60,714,579.96-4,013,778.32 56,700,801.64 48

2005 400,000.00 20% 399,372.27-398,798.11 574.16 3,946,745.20 40% 9,564,120.00 4,910,653.11 4,653,466.89 1,034,675.00 50% 552,648.45 714,629.02 1,267,277.47 250,000.00 50% 71,692.89-71,692.89 18,750,000.00 50% 19,005,321.32-1,393,934.84 17,611,386.48 588,847,948.37 816,891,460.44 130,543,240.02 82,061,970.27 5,677,987.47 859,694,742.72 3 291,627.55 10 109,360.30 29,162.76 80,197.54 4,440,630.90 10 1,665,236.43 444,063.12 1,221,173.31 2,941,084.48 10 1,102,906.53 294,108.48 808,798.05 5,617,374.80 10 5,617,374.80 4,910,653.11 706,721.69 13,290,717.73 8,494,878.06 5,677,987.47 2,816,890.59 4 573,561.55 7,614,483.71 2,314,363.32 105,000.00 10,607,408.58 49

2005 4 972,057,974.45 902,143,564.56 823,721,079.62 772,048,387.58 A 972,057,974.45 902,143,564.56 972,057,974.45 902,143,564.56 B 823,721,079.62 772,048,387.58 823,721,079.62 772,048,387.58 5 3,580,769.00 818,093.37 5,677,987.47 767,334.36 17,795,666.52 7,145,429.70 102,984,333.15 92,720,307.82-44,877.20 2,317,173.54 10,607,408.58 108,030,495.42 102,233,670.07 1 1 RMB126,540,000.00 RMB20,036,841.62 RMB18,000,000.00 50

2005 RMB3,000,000.00 JP 700,000,000.00 Mike Murphy USD2,350,000.00 GBP210,000.00 USD1,000,000.00 RMB2,000,000.00 RMB30,000,000.00 2 RMB126,540,000.00 RMB126,540,000.00 RMB20,036,841.62 RMB20,036,841.62 RMB18,000,000.00 RMB18,000,000.00 RMB3,000,000.00 RMB3,000,000.00 JP 700,000,000.00 JP 700,000,000.00 USD1,000,000.00 USD1,000,000.00 USD2,350,000.00 USD2,350,000.00 GBP210,000.00 GBP210,000.00 RMB2,000,000.00 RMB2,000,000.00 RMB30,000,000.00 RMB30,000,000.00 51

2005 3 RMB106,366,750.00 30.39% RMB106,366,750.00 30.39% RMB20,036,841.62 100% RMB20,036,841.62 100% RMB16,200,000.00 90% RMB16,200,000.00 90% RMB3,000,000.00 45.90% RMB3,000,000.00 45.90% JP 490,000,000.00 70% JP 490,000,000.00 70% USD350,000.00 70% USD350,000.00 70% USD1,510,000.00 64.25% USD1,510,000.00 64.25% GBP126,000.00 60% GBP126,000.00 60% RMB900,000.00 45% RMB900,000.00 45% RMB9,000,000.00 30% RMB6,300,000.00 RMB15,300,000.00 51% 2 31 31 27 27 27 31 52

2005 JCI BAC 3 1 4,856,656.77 9,150,887.14 165,782,533.44 181,986,033.56 13,863,737.31 20,254,387.16 8,895,546.15 2,200,764.87 767,857.09 26,150,951.97 44,515,265.78 BAC 66,518,022.22 47,857,169.00 22,279,164.90 31,250,138.26 53

2005 31,991,543.72 20,166,525.08 1,495,360.56 2,670,597.37 9,202,451.31 7,231,898.97 233,815.38 74,658.12 1,197,480.29 3,339,222.26 15,734,409.41 9,976,829.06 512,820.51 46,078,517.99 18,355,472.69 24,600,100.72 524,296.76 2,093,025.71 1,034,615.38 14,387.43 218.80 443,701,509.46 399,155,853.68 2005 40.49 2 1,276,679.26 1,037,308.82 BAC 250,000.00 500,000.00 100,000.00 262,500.00 350,000.00 3,076,488.08 3 30,916,773.08 41,033,996.97 2,894,283.58 3,218,754.26 2,070,244.96 2,660,575.43 13,418,832.00 11,041,268.00 51,896.30 49,914.07 20,341,045.64 8,814,564.96 12,285,731.29 19,622,363.15 60,685,394.86 32,090,605.48 54

2005 18,477,706.71 8,259,372.86 313,602.15 11,951.28 25,641.03 68,496.54 3,051,159.83 1,238,205.13 2,711,144.01 28,452.99 13,018,951.12 564,986.24 524,375.81 1,468,923.08 BAC 3,897,435.90 1,228,955.95 145,413.74 155,391.45 186,137,062.21 130,249,347.64 2005 12.32 4 95,400.00 530 5 95,400.00 4 1 3,979,895.65 1,137,016.63 277,153.48 349.80 26,755.71 439,895.66 1,539,106.12 45,730.66 198,891.56 2,929,494.66 946,607.48 906,598.25 1,037,308.82 4,887,323.30 2,148,955.42 287,325.00 557,375.00 112,236.97 1,459,882.81 103,714.50 13,616.00 55

2005 16,737.46 17,334.17 2 65,166.87 240,000.00 570,000.00 3,500.00 570,000.00 56,091.48 35,000.00 3 5,673,263.19 1,057,535.57 517,818.37 15,369.00 1,311,591.59 4 280,994.00 7,038,698.12 1,500,000.00 1,868,795.71 580,322.04 4,023,964.74 4,000,000.00 21,777,847.17 4,000,000.00 4,281,280.00 3,400,000.00 5 5,740,000.00 4,400,000.00 1,163,371.14 1,418,117.66 7,875,000.00 4,279,599.19 3,397,207.60 47,265.68 56

2005 6 2,528,050.00 736,970.01 17,693,375.20 16,557,115.01 BAC 4,225,532.48 6,299,814.00 478,406.00 611,360.04 36,800.00 6,800.00 221,678.24 334,039.74 28,000.00 850,122.14 571,700.16 4,221,417.49 1,430,942.07 25,069.57 2,513,921.35 925,979.10 445,015.28 247,224.28 42,570.00 42,570.00 1,079,383.24 1,038,928.54 940,733.35 654,009.00 913,282.06 858,177.25 37,240.00 700.00 12,255.00 7 30,000.00 185,223.43 59,207.00 431,795.00 200,000.00 294,137.40 156,400.00 8 1,000.00 1,000.00 57

2005 9 154,000.00 48,523.99 185,000.00 3,010,000.00 300,000.00 2,000,000.00 1,500,000.00 BAC 1,528,000.00 3,880,123.90 1,923,208.19 1,300,000.00 261,187.63 111,973.69 450,000.00 1 2005 12 31 2 2005 12 31 3 2005 12 31 2005 12 23 2005 368 A 10 A 3.0 2005 2007 50 2006 1 9 106,366,750.00 30.39 76,855,683.00 21.96 58

2005 2005 17.74% 18.22% 0.72 0.72 3.44% 3.53% 0.14 0.14 7.06% 7.25% 0.29 0.29 6.98% 7.17% 0.28 0.28 1,644,886.89 767,071.62 549,768.61 150,000.00-44,877.20 741,906.85 33% 12,471.10 15% 38,905.49 10% 4,899.99 93,366.09 1,775,174.46 530,481.71 143,771.17 1,100,921.58 59

2005 1 2 3 4 8:00 12:00(AM) 1:00 5:00(PM) 0086-411-86654530 0086-411-86538130 0086-411-86654530 60

2005 2005 12 31 : : 6-1 335,401,672.30 188,143,620.08 304,039,571.85 265,017,730.10 6-2 77,414,371.35 40,039,068.75 31,805,998.41 12,124,533.36 6-3 19,057,970.33 20,088,649.80 9,262,590.94 11,275,770.50 6-4 271,499,757.42 168,106,758.84 207,278,991.75 149,239,164.21 6-5 18,850,883.71 5,499,072.69 16,157,520.00 7,549,270.61 6-6 23,150,727.86 15,697,111.91 12,604,655.15 10,710,537.03 6-7 259,546,828.15 183,297,256.70 288,762,373.44 230,535,940.99 121,940.29 282,050.00 1,005,044,151.41 620,871,538.77 870,193,751.54 686,452,946.80 : 6-8 757,857,753.57 892,657,043.45 756,040,547.28 858,024,958.75 757,857,753.57 892,657,043.45 756,040,547.28 858,024,958.75 : : 6-9 708,899,999.20 512,179,117.51 558,373,919.55 480,723,882.88 : 355,785,750.66 247,636,214.28 265,668,702.57 225,546,593.89 353,114,248.54 264,542,903.23 292,705,216.98 255,177,288.99 :9,840,847.62 9,840,847.62 9,840,847.62 9,840,847.62 343,273,400.92 254,702,055.61 282,864,369.36 245,336,441.37 6-10 9,468,971.17 9,237,176.89 6,420,879.49 5,274,079.49 352,742,372.09 263,939,232.50 289,285,248.85 250,610,520.86 : 6-11 39,321,470.53 30,675,914.54 44,337,364.93 35,036,521.27 6-12 3,950,866.86 3,457,086.41 82,119.11 43,272,337.39 34,133,000.95 44,419,484.04 35,036,521.27 : 2,158,916,614.46 1,811,600,815.67 1,959,939,031.71 1,830,124,947.68 61

2005 : : 6-13 44,250,000.00 52,000,000.00 50,000,000.00 6-14 12,306,497.68 5,102,343.86 13,555,189.77 13,555,189.77 6-15 285,529,872.00 176,061,602.84 217,974,959.58 156,817,897.11 6-16 165,173,737.22 104,189,406.20 123,405,258.67 100,589,446.50 1,435,146.10 18,738,135.64 4,749,244.51 7,592,167.16 2,677,421.21 6-17 3,800,808.22 2,796,856.09 3,933,109.81 2,999,606.00 6-18 10,658,837.01 8,528,032.94-3,199,683.29-3,210,219.88 6-19 158,010.28 97,498.75 54,440.58 6,796.29 6-20 57,129,223.34 17,365,550.00 26,424,628.01 24,429,605.56 656,217.26 643,680.55 524,346.03 512,107.64 6-21 79,000,000.00 79,000,000.00 599,836,484.75 319,534,215.74 521,264,416.32 427,377,850.20 : 6-22 50,000,000.00 50,000,000.00 50,000,000.00 50,000,000.00 6-23 14,691,250.00 14,541,250.00 64,691,250.00 64,541,250.00 50,000,000.00 50,000,000.00 : 664,527,734.75 384,075,465.74 571,264,416.32 477,377,850.20 66,863,529.78 35,927,517.91 : 6-24 350,014,975.00 350,014,975.00 350,014,975.00 350,014,975.00 6-25 568,745,111.86 568,745,111.86 559,777,765.31 559,777,765.31 6-26 302,603,489.67 293,066,080.40 270,670,086.66 262,822,359.38 : 91,732,119.16 91,384,971.87 81,650,878.83 81,303,731.53 6-27 206,161,773.40 215,699,182.67 172,284,270.51 180,131,997.79 52,502,246.25 52,502,246.25 35,001,497.50 35,001,497.50 1,427,525,349.93 1,427,525,349.93 1,352,747,097.48 1,352,747,097.48 2,158,916,614.46 1,811,600,815.67 1,959,939,031.71 1,830,124,947.68 62

2005 2005 6-28 1,511,046,315.72 972,057,974.45 1,216,806,904.64 902,143,564.56 6-28 1,251,342,177.76 823,721,079.62 1,041,435,124.83 772,048,387.58 6-29 6,459,759.91 4,272,839.03 5,234,500.62 3,690,992.59 253,244,378.05 144,064,055.80 170,137,279.19 126,404,184.39 6-30 2,608,535.00 1,347,353.40 1,148,244.52 742,883.25 6-31 73,069,157.36 45,588,515.94 52,522,640.77 38,550,193.31 6-32 135,137,306.59 89,548,607.57 91,223,834.53 75,499,145.38 6-33 -1,453,537.57-3,238,426.54-117,085.46-5,735.13 49,099,986.67 13,512,712.23 27,656,133.87 13,103,464.08 6-34 90,290,578.90 108,030,495.42 95,088,240.37 102,233,670.07 6-35 3,878,751.30 3,733,864.41 42,528.71 6-36 767,071.62 56,186.63 523,976.70 456,942.14 6-37 741,906.85 120,467.07 931,474.19 481,287.29 143,294,481.64 125,212,791.62 122,379,405.46 115,312,789.00 6-38 27,721,490.01 24,400,388.22 17,056,654.34 15,465,055.90 13,529,860.92 3,119,921.81 1,230,727.31 1,247,341.21 100,812,403.40 100,812,403.40 100,955,488.10 99,847,733.10 172,284,270.51 180,131,997.79 137,845,668.06 145,240,082.12 273,096,673.91 280,944,401.19 238,801,156.16 245,087,815.22 11,770,922.33 10,081,240.34 11,545,841.53 9,984,773.31 10,081,240.34 10,081,240.34 9,984,773.31 9,984,773.31 251,244,511.24 260,781,920.51 217,270,541.32 225,118,268.60 10,081,240.34 10,081,240.34 9,984,773.31 9,984,773.31 35,001,497.50 35,001,497.50 35,001,497.50 35,001,497.50 206,161,773.40 215,699,182.67 172,284,270.51 180,131,997.79 1-44,877.20-44,877.20 2,317,173.54 2,317,173.54 2 3 4 5 6-11,855.36-11,855.36 63

2005 2005. : 1,202,842,296.83 800,602,737.20 5,488,210.12 5,278,273.34 65,096,470.45 42,695,474.88 1,273,426,977.40 848,576,485.42. 838,319,058.91 592,340,203.43 125,182,727.74 82,996,221.21 106,313,759.82 65,458,738.55 90,749,563.95 53,057,151.21 1,160,565,110.42 793,852,314.40 112,861,866.98 54,724,171.02. : 711,477.69 711,477.69 51,380,641.70 54,807,363.04. 570,994.00 19,500.00 248,204.10 52,911,317.49 55,538,340.73. 27,972,361.61 22,930,339.56 7,274,996.66 7,274,996.66-59,633,277.39 8,750,000.00-24,385,919.12 38,955,336.22 77,297,236.61 16,583,004.51. : 244,000,000.00 242,000,000.00 23,606,815.00 23,606,815.00 267,606,815.00 265,606,815.00 377,250,000.00 371,000,000.00 44,166,061.75 37,845,462.41 4,583,895.00 4,583,895.00 425,999,956.75 413,429,357.41-158,393,141.75-147,822,542.41. -403,861.39-358,743.14. 31,362,100.45-76,874,110.02 64

2005 : 1. : 2. : 100,812,403.40 100,812,403.40 13,529,860.92 26,519,813.19 17,980,115.76 31,824,891.53 22,287,522.76 1,039,049.22 782,572.68 220,597.43 120,947.64 160,109.71 131,871.23 131,572.91, -276,971.88 104,138.82 307,390.74 935,746.53-1,840,455.00-100,942,864.68-118,682,781.20 29,251,471.89 47,274,610.89-127,214,186.11-44,440,412.97 135,331,956.55 30,193,935.33 1,230,727.31 112,861,866.98 54,724,171.02 3. : 335,401,672.30 188,143,620.08 304,039,571.85 265,017,730.10 31,362,100.45-76,874,110.02 65