G 600019 2005-035 2005 6 28 2005 8 12 2005 1 2005 8 16 10 2.2 1 2005 8 18 G 2005 8 22 JTB1, 580000 2005 8 18
1 2 3 / / A 2005 8 18 2006 8 30 378 2006 8 30 2005 7 22 A A
10 2.2 1 / 1 2 3 580000 JTB1 4 600019 5 4.50 6 1 1 1 A 7 A 8 2005 8 18 2006 8 30 378 9 2006 8 30 10 38,770 11 2005 8 22 12
2005 10 1 38,770 [2005]2 38,770 2005 8 22 JTB1 580000 1 1 2 3 2 3 4
1,363,500 10 1 38,770 1 1 2 38,770 3 4 2005 8 18 2006 8 30 378 5 A 6 4.50 7 8 2006 30 9 1 1 1 A 10
2 A 1 A = A / A = A / A 2 A = A / A 3 100 0.001 100 580000 JTB1 100 582000 ES060830
4 2005 8 22 5 38,770 4.50 30.5% 3.3% 7 Black-Scholes / 4.2 4.5 4.8 5 / 0.46 0.62 0.82 0.96 1 rt C = SN( d1) Xe N( d 2 ) 2 ln( S / X ) + ( r + σ / 2) T d1 = d 2 = d 1 σ T C S σ T X T r σ N() 2 3 2005 8 22 Black-Scholes S 2005 8 19 1 Baoshan Iron & Steel Co., Ltd. 600019 2000 2 3 370 200122
021-6840 3333 021-6840 3210 www.baosteel.com ir@baosteel.com 2 1,363,500 1,278,206 1,239,436 77.86% 72.99% 70.78% 387,700 472,994 511,764 22.14% 27.01% 29.22% 1,751,200 1,751,200 1,751,200 3 http://www.sse.com.cn http://www.baosteel.com 4 1 20 49.58 2 60 148% / 3 574,098 4 2004 7 23 2005 7 22 7.00 / 2004 8 6 4.53 / 2005 5 24
2004 7 2004 8 2004 9 2004 10 2004 11 2004 12 6.38 6.23 6.60 5.71 6.00 6.00 2005 1 2005 2 2005 3 2005 4 2005 5 2005 6 6.16 6.36 6.17 5.31 4.80 4.98 5 2004 2004 2003 2003 2002 2002 6,425,542.46 6,091,757.50 6,148,919.30 4,186,108.43 3,546,609.65 3,068,746.38 5,863,806.03 4,446,036.89 3,387,660.58 939,523.14 697,572.50 427,193.24 935,224.73 704,767.74 435,588.50 0.75 0.56 0.34 0.75 0.56 0.34 22.44% 19.67% 13.92% 24.67% 21.46% 14.76% 6 1 370 021-5835 8888-2270 021-6840 4836 2 20 15
010 65882200 010 65882211 3 146 021 24052000 021 54075507 1 Shanghai Baosteel Group Corporation 1998 11 17 370 200122 021-5835 0000 021-6840 4832 www.baosteel.com 2
500 3 2004 12 6 BBB http://www.standardandpoors.com 4 1 8
5 6 1943 6 1967 1968 1978 10 1990 7 1994 1998 ( ) 1998 11 2000 2 2003 2 1951 2 1968 11 2003 2 1959 2 1982 2000
1974 10 1982 2 1994 2 1998 11 2004 12 2000 2 1950 8 2000 3 EMBA 1968 11 1980 5 1994 12 1998 11 2001 3 2003 2 2000 2 1960 2 1983 8 1988 12 1983 8 1994 9 1998 1 1998 11 2001 3 2000 2 1955 6 1982 2001 3 EMBA 1973 6 1982 2 1996 4 1998 11 2000 2 1955 11 1982 8 1999 9 1970 12 1982 8 1997 3
1998 11 2001 3 1963 11 1986 7 1986 7 1995 7 2000 3 2001 3 1951 6 2002 3 EMBA 1969 11 1983 6 1999 6 2003 6 1999 8 2005 3 1955 11 1973 1 1983 8 2000 11 2003 1 2003 6 2000 2 1957 10 1982 7 1982 7 2000 4 2003 6 2004 2 1951 11 1968 12 1998 11 2003 6 2005 6 2004 2
7 8 1,363,500 124,064 9 2003 718 2004 798 2005 588 2002 2003 2003 718 1 2004 798 1 2003 1 1 2002 2003 2004
2004-12-31 2003-12-31 2002-12-31 14,516,000,776.30 11,995,257,991.70 11,360,504,510.83 11,752,734,240.94 11,752,891,016.81 10,425,904,745.99 3,613,490,799.29 4,841,312,084.83 3,265,336,616.99 150,000.00 594,677.24 942,842.61 897,376.78 12,562,969.58 6,325,997,927.94 5,127,975,649.28 6,399,078,823.99 3,168,091,097.63 2,061,406,933.45 1,498,342,013.06 5,906,621,791.25 5,422,568,763.76 4,462,086,447.79 3,868,496.67 3,004,825.56 1,434,324.37 6,828,983.15 150,855,812.59 61,827,551.08 33,283,604,254.20 22,561,064,578.52 15,169,832,483.43 7,618,548,607.63 5,577,089,069.82 ( ) 15,108,382,572.24 9,209,763,369.45 111,396,549.46 17,774,736.47 39,163,953.45 35,169,980.25 13,000.00 5,000,000.00 20,000,000.00 64,237,574.31 404,815,697.67 793,057,635.21 78,753,978,333.75 64,344,825,467.42 53,544,896,733.26 13,453,154,775.41 7,114,004,623.47 7,676,431,668.40 10,272,413,357.20 6,483,796,436.72 6,900,237,828.45 3,180,741,418.21 630,208,186.75 776,193,839.95 26,748,706.29 80,084,581.15 10,394,248.67 13,479,903,481.70 7,194,089,204.62 7,686,825,917.07 170,370,611,072.19 154,751,663,030.67 152,013,759,465.61 90,202,300,931.84 79,523,484,963.26 71,229,201,843.96 80,168,310,140.35 75,228,178,067.41 80,784,557,621.65 491,431,121.33 460,683,115.93 402,899,368.56 79,676,879,019.02 74,767,494,951.48 80,381,658,253.09 2,019,582,352.18 637,388,032.19 984,792,046.00 14,036,340,880.10 17,077,708,751.78 7,895,177,627.84-28,534,986.55 9,904,278.82 27,219,535.81 11,088,969.27 95,704,267,264.75 92,492,496,014.27 89,299,936,432.01 5,319,439,919.10 5,465,103,352.71 5,822,502,470.77 : 5,284,448,981.56 5,412,471,058.20 194,220,484.52 167,888,958.12 343,743,338.75 : 387,880,559.18 262,528,920.83 172,016,631.75 : 5,901,540,962.80 5,895,521,231.66 6,338,262,441.27 34,917,780.46 193,839,690,043.00 169,926,931,917.97 156,904,839,304.07
2004-12-31 2003-12-31 2002-12-31 19,237,339,385.54 12,882,396,220.57 10,074,142,330.51 4,750,122,354.13 7,747,660,328.94 6,859,939,467.51 9,875,264,131.13 9,370,849,945.08 8,061,258,239.15 10,951,774,073.91 8,104,640,981.83 5,714,663,979.50 1,192,259,005.31 968,460,122.36 881,604,007.76 360,790,784.34 159,480,646.18 148,618,455.32 ( ) 28,016,087.50 31,158,000.41 69,759,547.10 36,503,005.50 33,300,000.00 35,848,668.43 1,429,491,063.53 1,023,986,290.63 1,718,696,086.95 156,247,386.03 96,995,119.96 108,486,310.10 7,428,090,343.74 4,256,426,365.58 5,008,333,352.55 159,170,278.64 90,224,814.73 97,765,448.27 20,000,000.00 3,701,436,355.62 1,147,065,983.95 1,170,371,107.81 64,667,950.61 58,367,116.59 333,361,148.73 59,371,172,205.53 45,991,011,936.81 40,282,848,149.69 12,100,869,240.15 11,902,323,815.03 13,220,044,133.15 1,983,847,964.19 2,008,137,300.00 2,490,755,929.07 1,308,841,205.29 1,235,823,049.98 118,962,402.15 40,927,006.24 24,291,658.42 276,082,022.82 463,808,541.13 311,870,290.69 14,986,669,594.19 15,699,748,531.88 16,800,166,432.24 63,634,863.56 108,175,097.88 97,619,105.44 74,421,476,663.28 61,798,935,566.57 57,180,633,687.37 12,157,916,092.95 16,075,377,715.25 15,540,634,130.80 ( ) 49,478,570,998.89 49,478,570,998.89 49,475,570,998.89 49,478,570,998.89 49,478,570,998.89 : 22,686,799,812.69 20,134,714,469.00 19,623,051,910.86 35,186,997,774.52 22,871,043,131.80 19,957,214,548.46 : 4,642,485,604.72 3,328,612,134.84 4,226,683,160.73-134,669,701.96-77,194,008.78-67,517,691.77-371,164,637.34-4,781,296,268.26 42,598,402.63 16,648,682.58-23,452,012.28 107,260,297,286.77 92,052,618,636.15 84,183,571,485.90 193,839,690,043.00 169,926,931,917.97 156,904,839,304.07
2004 2003 2002 161,761,334,526.12 120,316,883,937.39 77,828,258,387.94 4,806,571.76 5,641,744.20 3,902,591.50 161,756,527,954.36 120,311,242,193.19 77,824,355,796.44 ( ) 124,895,473,692.77 93,780,721,891.25 60,010,026,536.63 ( ) 924,508,838.91 731,966,339.60 592,686,413.45 ( ) ( ) ( ) ( ) 28,091,467.13 27,621,364.00 6,290,749.67 ( ) - 35,964,636,889.81 25,826,175,326.34 17,227,933,596.03-842,481,277.76 640,499,083.27 111,919,916.42 ( ) 2,678,039,907.76 2,120,053,907.69 1,804,523,685.92 ( ) 12,145,353,527.77 9,755,154,417.23 7,670,878,567.43 ( ) 1,537,615,919.70 1,664,308,089.84 1,783,400,593.47 ( ) - 20,446,108,812.34 12,927,157,994.85 6,081,050,665.63 ( ) - 1,178,785,952.54 676,933,889.37 1,127,066,448.08 ( ) 62,984,602.78 5,713,379.74 ( ) 580,150,219.68 594,770,624.67 656,467,299.27 ( ) 371,224,412.57 206,931,534.94 204,497,633.65 ( ) ( ) 696,273,833.76 1,122,035,481.76 1,046,599,884.92 ( ) - 21,942,980,166.15 13,289,471,941.81 7,022,482,161.71 6,286,522,564.81 3,750,636,673.04 2,100,988,751.42 3,007,582,497.24 1,807,965,343.76 889,760,870.05 ( "+" ) 75,082,855.61 16,910,431.80 63,672,522.85-12,723,957,959.71 7,747,780,356.81 4,095,405,063.09
2004 185,805,279,859.15 1,225,694,997.42 8,167,066,326.79 195,198,041,183.36 137,631,396,873.29 10,760,755,653.62 14,934,654,559.24 10,924,376,457.26 174,251,183,543.41 20,946,857,639.95 3,260,839,692.35 1,065,786,277.16 1,175,467,273.01 363,665,771.31 5,865,759,013.83 14,375,987,855.08 7,825,776,387.35 1,712,543,655.52 23,914,307,897.95-18,048,548,884.12 762,119,224.89 57,891,756,497.11 724,767,334.01 59,378,643,056.01 55,305,758,211.61 2,383,895,309.78 386,674,101.15 58,076,327,622.54 1,302,315,433.47 31,163,270.42 4,231,787,459.72
10 1 307,051,539.66 2 3 11 370 021-5835 8888-2270 021-6840 4836 zhukb@baosteel.com ( ) ( )