untitled

HANGZHOU STEAM TURBINE CO.,LTD 2004 2004 2005 4 15 1

..( 03)...(04)...(06).. (08).. (13).. (16)...(17)...(31)...(34).(36).....(34) 2

HANGZHOU STEAM TURBINE CO.,LTD HTC 310022 http://www.htc.net.cn 057185780198 057185780433 he@htc.net.cn 057185780198 057185780433 zzym@htc.net.cn 200771 http://www.cninfo.com.cn 1 1998 4 23 1998 9 15 1998 1998 9 16 1998 1998 12 18 2 002150 3330165704202620 4 140,000,000 5 333 02163863388 02163863300 18 310009 zecpa@zecpa.com 0571 0571 3

() 2004 1 2 3 4 5 6 7 8 9 10 11 12 [ 1] 1 2 3 4 [ 2] [ 3] -1,959,580.58 2004 245,830.58 180 86,250 [ 4 ] 4,021,251.70 754,728.32 121,054.09 8 [ 5] 2004 12 31 2003 12 31 2004 12 31 2003 12 31 4

() 9 2004 % 1 2 3 4 5 / 6 / 7 / 8 / 9 % 10 (/) 11 (/) 5

() 220,000,000 0 0 220,000,000 1 +- 1 140,000,000 140,000,000 2 3 4 140,000,000 140,000,000 1 2 80,000,000 80,000,000 3 4 80,000,000 80,000,000 220,000,000 220,000,000 1 2 B 199,485,800 140,000,000 1 1998 3 31 4 6 B 80,000,000 2.14 / 11.0691 2.29 /1998 4 28 80,000,000 B 3 220,000,000 140,000,000 63.64% B 80,000,000 36.36% 4 6

5 1 9060 1 B 9059 2004 9 30 1459 2 10 2003.9.30 +- (%) 1 140,000,000 63.64 70,000,000 2 HTHK-VALUE PARTNERS INTELLIGENT FD-CHINA B SHS FD 3 GUOTAI JUNAN SECURIES HONG KONG LIMITED 8,185,164 8,185,164 3.72 B 3,822,489 2,468,538 1.74 B 4 SKANDIA GLOBAL FUNDS PLC 3,150,494 430,000 1.43 B 5 GT PRC FUND 2,999,970 1.36 B 6 TOYO SECURITIES ASIA LIMITED-A/C CLIENT 1,491,398-420,700 0.68 B 7 853,947-420,483 0.39 B 8 HTHK-BOBL/MANULIFE GLOBAL FUND-CHINA VALUE 793,053 793,053 0.36 B 9 745,732 745,732 0.34 B 10 542,517 542,517 0.25 B 1 10 B 2 5% 3 9 9 4 2003 11 7000 50% 31.82% 1 2005 10 2003 11 14 5 1 15,685 1992 12 357 7

2 3 100% 63.64% 10 2003 9 30 B +- (%) 1 HTHK-VALUE PARTNERS 8,185,164 8,185,164 10.23 INTELLIGENT FD-CHINA B SHS FD 2 GUOTAI JUNAN SECURIES HONG 3,822,489 2,468,538 4.78 KONG LIMITED 3 SKANDIA GLOBAL FUNDS PLC 3,150,494 430,000 3.94 4 GT PRC FUND 2,999,970 3.75 5 TOYO SECURITIES ASIA 1,491,398-420,700 1.86 LIMITED-A/C CLIENT 6 853,947-420,483 1.07 7 HTHK-BOBL/MANULIFE 793,053 793,053 0.99 GLOBAL FUND-CHINA VALUE 8 745,732 745,732 0.93 9 542,517 542,517 0.68 10 533,900 0.67 B 1 8

1 47 2004.6-2007.6 2 52 2004.6-2007.6 3 51 2004.6-2007.6 46 2004.6-2007.6 5 56 2004.6-2007.6 6 36 2004.6-2007.6 7 53 2004.6-2007.6 8 66 2004.6-2007.6 9 66 2004.6-2007.6 10 41 2004.6-2007.6 11 55 2004.6-2007.6 12 52 2004.6-2007.6 13 50 2004.6-2007.6 14 47 2004.6-2007.6 2004.8-2007.6 16 48 2004.8-2007.6 17 47 2004.6-2007.6 18 50 2004.6-2007.6 19 47 2004.6-2007.6 1 2 2004 6 3 2 1 2003.8-2006.8 2 2003.8-2006.8 3 2003.8-2006.8 4 2003.8-2006.8 5 2003.8-2006.8 6 2003.8-2006.8 7-1 1979 1984 1997 4 2003 8 2003 8 2003 10 2003 2004 6 19 1979 2000 9

1970 2001 5 2001 6 25 2004 6 19 1977 2004 6 19 1982 2001 6 25 2004 6 19 1969 2001 6 25 2004 6 19 1991 2002 1977 2004 6 19 1990 2001 6 25 2004 6 19 2002 5 2001 2004 6 19 2002 5 2001 2004 6 19 1984 1989 1989 2002 2003 2003 10 2003 2004 6 19 1993 863 2004 6 19 2 1987 1992 1999 10

1977 2004 6 19 2000 1977 2001 6 25 2004 6 19 1991 1972 2004 6 19 1981 12 2004 7 23 2004 8 15 1976 3 1978 12 2001 9 5 2004 7 23 2004 8 15 3 1982 2000 1 2004 6 19 1977 2000 1 2004 6 19 1997 7 1977 1998 1998 4 2004 6 19 / 11

1 2003 5 20 2002 2005 3 1 2005-03 2 2004 717.53 199.87 200.94 12

3 2004 6 19 2003 4 / 6 / 4 60-69 8 50-59 2 3039 1 10-15 1 6-7 2 5 2004 2261 1547 129 650 491 25 99 584 25.83% 302 13.36% 89 13.69% 2004 2003 245 49 1998 2004 284 [2004]6 1 2 2004 5 18 2004-10 2004 9 30 2004-23242526 3 13

2004 1 4 2 2 0 04 10 10 0 0 10 10 0 0 10 10 0 0 6 5 1 0 2 2 1 1 0 11 11 0 0 7 7 0 0 11 10 0 1 2 2 0 0 14

3 B 1 2 3 4 5 1998 2000 2001 2002 2005 3 1 2005-3 15

2004 5 18 2003 2004 6 19 9 1 2003 2003 2004 6 19 9 9 1 140,000,000 63.64B 8 8,462,669 B, 10.58 148,462,669 67.48 9 1 2003 140,000,000 8,462,669 100 0 0 2 2003 140,000,000 8,462,669 100 0 0 3 2003 140,000,000 8,462,669 100 0 0 4 2003 140,000,000 8,462,669 100 0 0 5 2003 140,000,000 8,462,669 100 0 0 6 140,000,000 8,462,669 100 0 0 7 2004 140,000,000 8,462,669 16

100 0 0 8 140,000,000 8,062,705 99.73% 339,964 0.27% 0 9 140,000,000 8,462,669 100 0 0 2004 6 22 2004-11 1 140,000,000 8,462,669 100 0 0 140,000,000 8,462,669 100 0 0 140,000,000 8,462,669 100 0 0 140,000,000 8,462,669 100 0 0 140,000,000 8,462,669 100 0 0 140,000,000 8,462,669 100 0 0 140,000,000 8,462,669 100 0 0 140,000,000 8,462,669 100 0 0 140,000,000 8,462,669 100 0 0 140,000,000 8,462,669 100 0 0 140,000,000 8,462,669 100 0 0 2 140,000,000 8,462,669 100 0 0 17

140,000,000 8,462,669 100 0 0 140,000,000 8,462,669 100 0 0 2003 2004 1 2004 12 227 /153.78 /9.86 83.04%84.87 % 119.5 % 97,782.60 % 25,462.19 % 25.2 52.27% 13.2 71.21% 30.59 / 93.23% 201 9670 2 2005 2004 2003 2005 2004 2004 12 10 2004 30 70% 2005 2004 168 196 102 3 2004 3-12 45 /95624 /5593.1 2.56 9015.60 879.34 5-12 6904.93 761.55 4000 7-8 20 12 679.44 150.16 4 18

2004 600MW CAD/CAPP/PDM ISO9000 5 2004 12 2500 212% 6 2004 2004 7 2004 8 2004 30 /20 / 1-19

2 1 % % % % 93,123 55,590 40.30% 127.85% 121.82% 1.62% 256 230 10.16% -36.63% -44.71 13.13% 26 18 30.77% -94.63% -94.04% -6.83% 4,378 2,332 46.73% 95.84% 129.53% -7.81% 97,783 58,170 40.51% 122.27% 117.09% 1.42% 2 % % % % 96,242 56,987 40.79% 127.04% 123.96% 0.82% 1,541 1,183 23.23% -3.99% -12.37% 7.36% 97,783 58,170 40.51% 122.27% 117.09% 1.42% 3 2004 2004 2004 3160 2001.1 95% 4061.50 3501.99 288.52 2000 2000.4 45% 2327.16 1987.74-51.03 10000 2004.12 30% 10000 10000 0 1000 2004.2 51% 8385.55 1414.92 414.92 2200 2004.3 51% 5114.59 2693.23 493.23 2064 2004.10 88% 4909.46 2155.07 91.07 [ 1] 10% [ 2] 2004 9 26 2000 3 1000 345 34.5% 2003 2003 9 5 2003-20 2004 6 29 34.5% 86,250 20

2004 9 26 2004 2002 9 30 171.73 2003 12 31 0 [ 3] 2000 4 2000 900 45% 2004 180 2005 3 1 2005-01 [ 4] (1) 4313.16 470.22 288.52 (2) 618.22-50.52-51.03 (3) 2004 12 (4)2004 3-12 9015.60 879.34 414.92 (5)2004 5-12 6904.93 761.55 493.23 (6)2004 12 679.44 150.16 91.07 4 % 13,600 18.30% 37,923 38.78% 5 2002 3 2005 2003 50% 2004 21

6 2004 6 23 2004 2004-14 2004 174,190,581.58 0.792 / 10 20 1 2002 2 1 1.35 54.39% 22

3000 1 2004 12 31 2003 12 31 2004 2003 (+-)% 175,450 102,238 71.61% [ 3] 64,639 51,275 26.06% [ 4] 39,440 17,109 130.52% 17,419 4,400 295.89% [ 2] 27,436 11,455 139.51% 2 3 4% % 40 2.4 14-18 5.3-6.9 5-10 9.6-19.2 2003 % 2030 3.24.8 23

8-15 6.4-12 5 19.2 2004 4 15 2004 6 22 2004 2005 12005 1 2005 2005 310 /250 /19.13 2004 36.56%62.57% 94.02% 47 2004 2005 2 24

2005 - BOT 3 2005 3% 600MW 4 2005 2 2005 2005 2005 2004 2005 310 /250 /19.13 2004 36.56%62.57% 94.02% 2005 50-100%2004 25

33,115,894.35 0.15 / 1 10 1 2004 2004 3 4 167 11 9 9 11 0 0 2 2004 4 13 11 11 2003 2003 2003 2003 2003 2003 2004 11 11 0 0 2004 4 15 2004-02 3 2004 4 17 21 2004 2004 11 11 0 0 4 2004 5 15 26

11 10 2003 10 11 0 0 10 7 0 4 2004 5 18 2004-05 5 2004 6 19 1 11 11 11 11 0 0 2004 6 22 2004-12 6 2004 2004 7 11 11 11 2003 10 26 2400 1300 51% 1100 49% 2004 6 2 1824 51% 88.37% 11 11 0 0 7 2004 8 15 11 10 27

2004 11 11 0 0 2004 8 18 2004-16 8 2004 9 28 11 10 3000 780 10 11 0 0 6 6 0 0 2004 9 30 10 13 2004-1820212223242526 9 2004 2004 10 11 11 11 34.5% 2003 11 11 0 0 10 2004 10 20 27 2004 2004 11 11 0 0 28

2 2004 6 19 2003 2003 2003 12 31 220,000,000 10 2.00 2004 6 28 2004 7 2 B B 2004 7 2 2004 7 5 B 2002 2004 6 21 1 1.0610 B 2004 7 7 2004 1 2004 174,190,581.58 10% 19,190,599.84 ( 18,372,872.74 ) 10% 19,044,554.97 ( 18,372,872.74 ) 38,974,656.75 174,930,083.52 2004 220,000,000 10 7.00 B 2004 154,000,000.00 20,930,083.52 2004 22004 1 [2003] 56 1 [2005] 439 2004 [2003]56 29

2004 2003 30

2005 4 12 2 [2003] 56 2004 50% 2005 4 12 22004 1 2004 2004 3 4 167 5 5 5 5 0 0 2 2004 4 13 5 4 2003 2003 2003 31

4 5 0 0 2004 4 15 2004-03 3 2004 5 15 5 5 2003 5 5 0 0 2004 5 18 2004-06 4 2004 6 19 1 5 5 5 5 0 0 2004 6 22 2004-13 5 2004 8 15 5 4 2004 4 4 0 0 2004 8 18 2004-17 6 2004 9 28 5 5 3000 780 5 5 0 0 32

2004 9 30 2004-19 7 2004 5 5 10 20 27 2004 2004 5 5 0 0 2004 1 1 2 3 4 2 1 2 3 2004 6 2003 434.5% 2002 2004 33

3 2002 4 5 6 2004 2004 7 2004 6 23 2004 2004-14 2004 174,190,581.58 0.792 / 10 20 1 34

950 35

2004 45 16.5 61.5 2004 8 23 8 26 2004 9 14 [2004]61 2004 9 28 1 1 1 2004 8 15 2004 9 7 2 9 2 1 2 36

3 2007 2004 4 2004 9 28 2 1 5 5950 2002 5 2 2003 2004 3 23 2004 2 2004 6 18 [2004] 81 3 2003 12 31 151,720,127.43 14,912,604.56 2004 2004 11 3 1 2003 12 31 2004 2 2004 1100 950 2004 9 30 9,858,892.66 37

3 130 750 2003 2004 2004 10 13 2004-20 1 2004 10 16 1000 1 2 3 2005 4 15 38

39

248,869,327.08 223,665,029.24 57,069,100.00 49,169,100.00 168,058,294.34 167,879,688.99 32,383,901.24 32,711,813.08 40,311,992.60 39,262,312.60 176,516,000.76 175,335,176.89 723,208,616.02 688,023,120.80 9,190,681.10 41,499,875.31 9,190,681.10 41,499,875.31 428,840,538.54 428,259,595.54 252,759,073.04 252,642,803.75 176,081,465.50 175,616,791.79 9,272,386.66 9,272,386.66 166,809,078.84 166,344,405.13 10,511,846.57 10,511,846.57 75,337,865.20 75,337,865.20 252,658,790.61 252,194,116.90 37,317,289.84 37,317,289.84 37,317,289.84 37,317,289.84 1,022,375,377.57 1,019,034,402.85 40

82,042,529.98 92,490,568.83 46,787,370.68 45,570,807.05 954,238,208.72 900,426,454.27 436,066,817.51 436,066,817.51 1,500,000.00 493,805.71 23,783.08 31,494,896.16 26,754,136.32 18,693,146.01 18,350,698.42 315,195.45 261,958.32 31,781.62 31,726.22 10,319,039.13 9,344,045.37 3,515,561.98 3,478,973.49 1,080,403,675.15 1,029,277,163.11 505,118,460.88 503,499,022.69 3,296,000.00 2,966,000.00 2,790,000.00 2,790,000.00 3,296,000.00 2,966,000.00 2,790,000.00 2,790,000.00 1,083,699,675.15 1,032,243,163.11 507,908,460.88 506,289,022.69 24,406,855.16 1,721,536.53 220,000,000.00 220,000,000.00 220,000,000.00 220,000,000.00 220,000,000.00 220,000,000.00 220,000,000.00 167,158,035.63 167,158,035.63 163,699,760.75 163,699,760.75 84,306,117.47 82,354,869.32 46,070,962.66 45,609,123.84 42,080,036.30 41,177,434.66 23,035,481.33 22,804,561.92 174,930,083.52 186,419,477.49 82,974,656.75 83,436,495.57 154,000,000.00 154,000,000.00 44,000,000.00 44,000,000.00 646,394,236.62 655,932,382.44 512,745,380.16 512,745,380.16 1,754,500,766.93 1,688,175,545.55 1,022,375,377.57 1,019,034,402.85 41

977,825,970.01 899,528,978.97 439,936,177.99 439,169,007.06 581,696,871.68 535,939,148.96 267,948,911.44 268,891,725.46 1,732,810.17 1,348,996.54 895,502.76 876,475.44 394,396,288.16 362,240,833.47 171,091,763.79 169,400,806.16 1,823,635.25 1,259,321.50 1,139,600.12 974,798.27 19,955,450.89 18,368,857.16 11,630,991.86 11,630,991.86 131,657,401.80 113,289,479.63 93,105,994.36 91,896,237.97-3,409,766.04-2,844,448.20-974,356.91-531,380.75 248,016,836.76 234,686,266.38 68,468,734.60 67,379,755.35-1,959,580.58 6,217,690.44-835,316.66-253,271.91 4,245,322.82 4,410,538.07 2,923,070.10 2,923,070.10 5,004,990.99 5,004,990.99 220,727.73 220,727.73 685,641.97 594,838.03 500,365.20 480,317.76 254,621,928.02 249,724,647.85 70,276,850.57 69,789,963.51 75,731,227.81 65,995,920.45 26,242,447.06 25,787,433.53 4,700,118.63 31,873.53 174,190,581.58 183,728,727.40 44,002,529.98 44,002,529.98 82,974,656.75 83,436,495.57 69,893,752.19 70,234,471.59 257,165,238.33 267,165,222.97 113,896,282.17 114,237,001.57 19,190,599.84 18,372,872.74 4,460,812.71 4,400,253.00 19,044,554.97 18,372,872.74 4,460,812.71 4,400,253.00 218,930,083.52 230,419,477.49 104,974,656.75 105,436,495.57 44,000,000.00 44,000,000.00 22,000,000.00 22,000,000.00 174,930,083.52 186,419,477.49 82,974,656.75 83,436,495.57 42

43

1 1476289742.79 1,365,536,167.48 3 4,410,538.07 4,410,538.07 8 18,618,838.49 15,969,667.59 9 1,499,319,119.35 1,385,916,373.14 10 738,401,553.68 656,906,890.51 12 124,132,103.67 118,322,079.22 13 128,622,676.83 121,385,255.25 18 66,651,279.32 61,893,322.60 20 1,057,807,613.50 958,507,547.58 21 441,511,505.85 427,408,825.56 22 86,250.00 86,250.00 23 1,801,200.00 25 1,259,517.96 3,616,773.54 28 2,878,764.00 2,878,764.00 29 4,224,531.96 8,382,987.54 30 105,856,834.17 85,834,125.17 31 40,100,000.00 64,560,000.00 35 36 145,956,834.17 150,394,125.17 37-141,732,302.21-142,011,137.63 38 18,080,000.00 40 43 728,000.00 728,000.00 44 18,808,000.00 728,000.00 45 46 44,094,800.00 44,000,000.00 52 53 44,094,800.00 44,000,000.00 54-25,286,800.00-43,272,000.00 55-128,241.53-128,241.53 56 274,364,162.11 241,997,446.40 44

1 57 174,190,581.58 183,728,727.40 4,700,118.63 58 1,829,331.18-174,303.36 59 20,932,639.87 20,712,798.18 60 816,704.61 816,704.61 61 64-48,133.33 65 66-129,013.01-273,174.14 67 4,646.00 68-3,409,766.04-2,844,448.20 69 1,018,501.69-7,158,769.33 70 71-177,368,470.29-130,903,690.04 72-242,159,465.85-170,037,788.40 73 652,834,325.77 528,808,581.64 74 5,299,505.04 4,734,187.20 75 441,511,505.85 427,408,825.56 2 76 77 78 3 79 523,233,489.19 80 248,869,327.08 223,665,029.24 81 82 83 274,364,162.11 241,997,446.40 45

[] 46

47

1 2 3 48

49

50

51

52

53

54

2004.12.31 55

2004.12.31 % 56

57

58

59

60

61

44.7 2004.12.31 2003.12.31 62

17% 63

601,634.40 64

65

66

67

- (772,671.11) - 68

- 69

2004.12.31 2004.12.31 70

- - 71

72

- 73

156,850,000.00 - - - 63.64 63.64 95.00 95.00 74

75

76

77

78

79

- - 80

% % % 61.01 67.82 1.793 1.793 33.37 35.07 0.778 0.778 26.95 27.44 0.584 0.584 38.37 42.65 1.127 1.127 13.35 14.03 0.311 0.311 11.17 11.38 0.242 0.242 26.95 29.96 0.792 0.792 8.58 9.02 0.200 0.200 7.28 7.41 0.158 0.158 26.09 29.00 0.766 0.766 7.98 8.38 0.186 0.186 7.18 7.32 0.156 0.156 81

82

83