82398 (chi).indb - PDF Free Download

04 08 09 12 13 24 31 32 40 46 53 54 58 60 61 63 64 66 70 186 187

32034 32.1% 206.1% 2

12 31 2007 2006 31,977.1* 24,199.1* 3,631.6 4,000.9 3,976.6 2,504.5 23,972.1 17,675.7 743.5 31.6 3,354.3 1,095.8 164.5-101.7 383.8 272.7 1,845.1 591.6 592.9 318.1 368.0 15.1 0.59 0.22 0.17 * 20072006346.713.6 4

5 0 10,000 20,000 30,000 40,000 2007 2006 2005 2004 : 32% 0 2,500 5,000 7,500 10,000 2007 2006 2005 2004 : 107% EBITDA 0 2,000 4,000 6,000 8,000 2007 2006 2005 2004 : 136% EBIT 0 1,000 2,000 3,000 4,000 2007 2006 2005 2004 : 206%

6 8

3,354.3 206.1% 0.17 30.5% 164.5 383.8 1,845.1 592.9 368.0 13,268.1 10

100% 49.0% 64.4% (1) 2007 12 31 (2) 2007 8 15 (3) 100%60% (4) 2007 1020% (5) 14.5%15.3% (6) 19.7%32.7% 12

1. 1.1 600196.SH (3) 3,631.6 408.0 0.5 164.5 4.9% (1) (2) 136.0 14

1.2 (2337.HK) 3,976.6 58.8%761.0 52.7% 383.8 11.4% (1) 12% (2) (3) 40 2,530,402 1,695,641 9,500,000 5,860,000 15

781,090 543,289 30.1% 825,589 544,405 9.6% 430,586 71% 373,466 235,264 16

1.3 60.0% 26.7% 20.0%* * 20% 30.5% 23,972.1 1,845.1 55.0% (1) 18.4 4.9 (2) (3) 17

600282.SH 5.4 16% 2.7 24% 11.4 1.04 18

1.4 592.9 17.7% 60.0% 60.0% 20.0% 20.0% (1818.HK) 17.1%* * 14.5%15.3% 900.060% 220 3.1 100% 86 0.3 19

16.9 20.0% 930 3.3 268.9 20% 810 3 8 0.2 1.5 150.9 4.5% 17.3% 150 211 19,364 622,567 24% 20

1.6 96.6 2.9% 25.4% (1) 14.6% (2) (1) 19.7%32.7% (2) 12.0%5.2% 469.0 286.0 741.0 21

2. 1,185.8 900.060% 16.9 20%268.9 20% 1,234.1 741.0 4,746,000 2,746,700 699.7 469.0 286.0 24.1 22

3. 13,268.1 2,731.6 23

60 69 70 185 58 59 3,354.3 1,095.8206.1% 2007 6 29 2007 2006 164.5 (101.7) 266.2 383.8 272.7 111.1 1,845.1 591.6 1,253.5 592.9 318.1 274.8 368.0 15.1 352.9 3,354.3 1,095.8 2,258.5 101.7 164.5 24

25 (1)(2) 0% 20% 40% 60% 80% 100% 2007 2006 2005 2004 79.6 63.5 32.2 28.2 272.7 383.8 591.6 1,845.1 318.1 592.9 30% 0 1,000 2,000 3,000 4,000 2007 2006 2005 2004 : 206% (1) (2)

26 287.8 20% 129.0 15.1 368.0 229.2 178.2 180.1 60% 141.2 211.7 2006 2007-110 390 890 1,390 1,890 31,977.1 24,199.1 32.1% 4,000.9 3,631.6 2,504.5 3,976.6

27 17,675.7 23,972.1 31.6 743.5 2006 2007 0 5,000 10,000 15,000 20,000 25,000 20072006 346.713.6 967.7 1,254.4 2.13% 9.84% 2.13% 9.20% 825.9 1,440.0 0.59 0.22168.2% 5,000 5,660.1 3.08 6,437.5 0.80 5,0002.28 0.17

5 7,182.5 45 21,918.0 14,144.0 2007 2006 21,918.0 19,143.0 14,144.0 5,062.7 21,069.3 577.1 271.6 7,667.1 3,759.6 2,713.5 3.8 42.3%63.4% 13,268.1 80 70 60 50 40 30 20 10 0 57.8 18.3 10.6 2004 61.0 23.6 14.4 2005 63.4 30.3 19.2 2006 51.8 21.9 2007 42.3 % 28

53.4% 4.9% 30,397.0 20,291.2 13,268.1 2,731.6 18.9% 8.3% 67.9% 1,137.8 6,948.1 2,388.2 1,178.9 1,480.1 937.4 2007 2006 702.4 2,289.4 1,996.4 5,586.4 3,169.6 10,839.7 10,748.6 160.5 74.0 3,042.0 2,452.0 21,918.0 19,143.0 14,144.0 10,105.8 7,451.8 12,732.6 29

30 8,584.9 8,761.5 34 3,913.4 46 EBITDA 6.5 4.0 EBITDA 107.3%29.6% 0 2 4 6 8 10 2007 2006 2005 2004 93.8%62,799.8 43,614.1 99.7%

2004 2005 2006 7,747.1 9,203.4 11,140.9 29,970.6 1,463.1 2,825.1 3,982.7 19,834.1 0.29 0.57 0.80 3.08 10,601.5 14,410.7 19,143.0 21,918.0 % 57.8% 61.0% 63.4% 42.3% 6.3 5.8 4.0 6.5 12,064.6 17,235.8 23,125.6 41,752.1 4,158.2 5,001.8 5,062.7 14,144.0 11,454.7 12,648.9 14,459.9 15,598.6 446.0 456.0 4,075.8 7,487.3 7,509.9 9,415.0 322.1 515.6 542.7 908.4 160.9 546.5 4,075.2 4,281.9 5,461.8 6,758.8 367.1 319.3 291.2 2,188.1 1,278.9 1,362.4 1,095.8 3,354.3 0.26 0.27 0.22 0.59 75.9 67.2 (101.7) 164.5 171.7 277.2 272.7 383.8 529.8 387.9 591.6 1,845.1 6.5 26.3 318.1 592.9 495.0 603.8 15.1 368.0 EBITDA 3,532.0 4,373.0 3,946.0 8,182.0 0.17 2007 31

A.2.1 b) a) 32

33 c) d)

e) f) 4/4 4/4 4/4 4/4 4/4 4/4 4/4 4/4 3/4 4/4 4/4 g) 14 34

35 A.2.1 (www.fosun-international.com)

37 58 59 4.50 www.fosun-international.com

40 1994 11 2007 2 2007 3 20012002 2002 2007 11 2004 1995 1997 1998 2003 2004 CCTV 2005 2006 1989 1999 39 1994 11 2007 2 2007 3 2002 10 2002 2003 2004 2007 2004 42001 2003 2005 12 2006 6 2007 4 1991 2007 40

38 1994 11 1995 2007 10 2007 10 2007 1991 38 1995 2003 2001 9 1995 1991 38 1994 11 1998 2005 1991 44 2004 6 1998 8 2004 5 1995 81998 7 1985 81995 7 1985 1990 43 1995 10 2001 12 2004 12 41

652007 3 1965 1986 1986 1993 19932004 50 2006 12 2006 2 Cabot Corporation 19941995 1994 1995 1995 1997 19972001 2001 2005 1978 1985 1997 62 2005 8 1985 1988 1967 1982 1985 502007 3 1982 1984 19841986 19891991 19911994 Hudson Institute19941995 Sprint International Corporation 1995 2001AIG 1982 1986 1990 42

43 37 2002 8 2008 3 1997 19921999 491998 8 1987 372002 7 2000 46 20032003 1982 1989 1994 35 1994 1993 2005

402001 8 1990 502004 1 1984 54 2003 4 8 1991 6 2002 12 2007 6 46 2003 6 2003 6 2005 11 1985 7 1995 8 19951996 19962003 1982 1985 42 199919992001 1986 1999 20012003 40 15 44

34 45

60 185 0.17 18317 1712 1716 12,853.7 5,181.1 46

47 4,213.6 264.9 702.6 1314 42 4 34 64 65 37 37(d) 44.8 30% 5%

(1) (2) (3) 30% 643,750,000 10% (4) 1% (5) (6) (7) (i) (ii) (iii) (8) 44 45 48

49 106107 40 45 9

XV XV 7 8 352 (1) 5,000,000,000 (1) 77.67% (2) XV 1 100% 29,000 58% 76,050 0.01% 11,000 22% 5,000 10% 76,050 0.01% 5,000 10% 76,050 0.01% (1) XV75,000,000,000 58% (2) 50

336 XV2 3 10% 5,000,000,000 77.67% (1) 5,000,000,000 (2) 77.67% (1) 58.0% 22.0% 10.0% 10.0% (2) XV2 3 51

47 50 A.2.1 35 52

27,544 5,127 53

44.8 54

60185 141 58

2007 12 31 59

2007 2006 6 31,977,105 24,199,054 (25,024,737) (20,097,613) 6,952,368 4,101,441 6 3,194,691 1,387,726 (1,039,606) (753,878) (1,344,500) (1,011,941) (471,469) (776,582) 7 (1,423,975) (1,008,098) 20 5,631 3,478 1,074,964 627,741 8 6,948,104 2,569,887 10 (1,439,991) (825,942) 5,508,113 1,743,945 3,354,326 1,095,801 2,153,787 648,144 5,508,113 1,743,945 11 1,022,219 12 0.59 0.22 60

2007 2006 13 15,598,578 14,459,848 14 456,000 446,000 15 908,376 542,707 16 546,469 160,890 17 25,352 18,817 18 108,152 181,128 20 231,055 95,572 21 6,758,794 5,461,836 22 2,188,057 291,209 23 6,009,593 3,305,549 24 459,200 25 1,547,278 111,742 26 283,426 179,843 35,120,330 25,255,141 27 14,144,004 5,062,687 28 90,437 2,339 22 205,000 29 2,924,246 2,374,055 30 3,320,208 1,399,069 32 6,470,854 4,127,850 746,538 790,489 23 3,405,440 4,204,295 33 530,506 527,884 31,837,233 18,488,668 61

2007 2006 34 14,890,502 11,322,555 35 4,486,157 4,452,925 36 7,612,814 5,714,064 972,091 446,912 238,077 33 190,404 33 815,464 1,671,151 28,777,028 24,036,088 3,060,205 (5,547,420) 38,180,535 19,707,721 34 6,879,740 7,675,838 38 147,719 144,573 39 21,735 10,377 40 737,472 402,559 26 423,244 333,440 8,209,910 8,566,787 29,970,625 11,140,934 42 622,962 208 37 18,188,934 3,982,455 11 1,022,219 19,834,115 3,982,663 10,136,510 7,158,271 29,970,625 11,140,934 62

2007 2006 13 181 397 19 1,329,336 1,093,000 21 82,421 82,421 1,411,938 1,175,818 27 3,682,368 43,952 28 82,106 30 396 85,373 33 7,634,162 11,399,032 129,325 34 312,191 36 35,766 450 4,586 33 190,404 33 15,516 40,352 518,561 11,358,680 (389,236) 12,770,618 786,582 34 390,238 12,770,618 396,344 42 622,962 208 37 11,125,437 396,136 11 1,022,219 12,770,618 396,344 63

37(a) 37(b) 37(c) 2006 1 1 208 (469,687) 792,104 518,501 1,984,610 (608) 2,825,128 6,378,314 9,203,442 35,587 35,587 301 35,888 1,095,801 1,095,801 648,144 1,743,945 1,095,801 35,587 1,131,388 648,445 1,779,833 41(a) 80,672 80,672 (407,430) (407,430) (632,271) (632,271) 169,480 (169,480) 60,164 60,164 (487,159) (487,159) 738,403 738,403 712,121 712,121 518,501 (518,501) 37,630 37,630 26,147 26,147 29,382 55,529 2006 12 31 208 (443,540) 1,480,085 2,910,931 34,979 3,982,663 7,158,271 11,140,934 64

42) 42) 37(a)37(b) 11 2007 1 1 208 (443,540) 1,480,085 2,910,931 34,979 3,982,663 7,158,271 11,140,934 (165,585) (165,585) 192 (165,393) 301,900 301,900 262,991 564,891 (47,656) (47,656) (40,434) (88,090) 254,244 (165,585) 88,659 222,749 311,408 3,354,326 3,354,326 2,153,787 5,508,113 254,244 3,354,326 (165,585) 3,442,985 2,376,536 5,819,521 139,098 12,699,602 12,838,700 12,838,700 (430,233) (430,233) (430,233) 837,101 837,101 (468,730) (468,730) (1,022,219) 1,022,219 315,639 (315,639) (60,981) (60,981) 43 415,943 415,943 41(b) (1,302) (1,302) 483,656 (483,656) 30,354 30,354 41(c) (150,682) (150,682) 2007 12 31 622,962 11,785,713 (443,540) 1,795,724 254,244 4,927,399 (130,606) 1,022,219 19,834,115 10,136,510 29,970,625 65

2007 2006 6,948,104 2,569,887 8 1,531,988 1,133,850 15 19,589 10,697 17 11,264 8,887 16 19,504 1,298 13 10,845 2,130 17 2,842 8,000 6,530 96,750 2,251 43,280 6,811 6, 8 (153,433) (100) (118,110) (23,462) 41(b) (38,958) (32,801) 6, 8 (46,667) (41,528) 6 (93,614) 6 (1,350,577) (3,289) 6 (364,741) 6 (728,410) 8 132,721 8 329,906 8 (11,509) 17,900 8 65,615 17,449 8 14,200 1,901 1,254,356 967,747 8 3,124 6 (8,385) 6 (1,417) (704) 8 81,263 6 (975) 14 (10,000) (130,651) 6 (522,299) (119,379) 6 (42,635) (1,136) (1,074,964) (627,741) 6,189,310 3,583,894 66

2007 2006 6,189,310 3,583,894 20 (5,631) (3,478) 41(a) (141,187) (1,923) 6 (30,054) 78,292 8 30,354 37,630 6,151,138 3,586,069 (10,564) (277,880) 5,938 (254,278) (440,494) (1,169,381) (1,178,895) (223,646) (2,388,164) (817,552) 37,471 580,112 186,797 (1,984,716) 1,705,453 372,749 11,358 10,377 (63,964) (60,066) (190,404) 14,936 (937,371) 266,980 2,888,299 43,704 (270,361) (192,536) (1,480,109) (472,315) 1,137,829 (621,147) 67

2007 2006 (3,079,686) (2,173,336) (354,128) (29,985) (21,558) (10,874) (1,298,724) (3,383) (339,990) (6,173) (89,282) (460,238) 171,107 27,667 175,402 25,058 207,911 81,131 12,463 1,910 1,070 1,631 43 1,534,520 64,931 41(a) (564,461) (16,353) (430,729) (734,071) (158,396) (69,639) 41(b) 126,276 15,687 589,107 107,576 75,000 41(c) (119,672) 42,635 1,136 (459,200) 1,417 704 (2,662,665) (224,342) 107,891 255,849 (281,650) 522,299 119,379 (1,440,378) (111,742) (7,451,771) (3,419,127) 68

2007 2006 12,838,700 (508,525) 23,400 712,121 20,767,777 20,040,506 144,573 (18,677,062) (15,396,151) (468,730) (632,271) (1,242,966) (988,854) (2,552) 12,732,594 3,877,372 6,418,652 (162,902) 3,605,466 3,768,368 10,024,118 3,605,466 27 10,024,118 3,605,466 69

1. 2004 12 24 32 3808 2007 7 16 2.1 2007 12 31 70

2.1 2.2 2007 12 31 2006 2007 1 1 71

2.2 8 2006 12 31 2006 12 31 (a) 2006 12 31 (6,993) (308,070) (315,063) (269,749) (45,314) (315,063) (b) 2006 12 31 (33,954) (26,258) (3,306) (5,514) 3,478 (2,010) 72

2.3 1 7 9 10 (a) 7 (b) 1 49. (c) 9 (d) 10 2007 1 1 73

2.4 8 1 1 1 23 1 11 2 2 12 4 13 3 14 19 4 1 2009 1 1 2 2007 3 1 3 2008 7 1 4 2008 1 1 8 14 2009 1 1 1 23 11 11 74

2.4 12 12 13 1419 13 14 2.5 (a) (b) 75

2.5 (c) (d) (e) (f) 76

2.5 77

2.5 78

2.5 15 40 8 15 5 5 18 79

2.5 80

2.5 81

2.5 10 82

2.5 12 31 83

2.5 84

2.5 39 85

2.5 (1)(2) 86

2.5 87

2.5 (a) (b) 88

2.5 89

2.5 39 1) 37 2) 18 90

2.5 91

2.5 (i)(ii) (i) 92

2.5 (ii) (a) (b) 93

2.5 (ii) 94

2.5 (a) (i) (ii) (iii) (b) (c) (d) (e) (f) (g) (a) (d) (d) (e) (d) (e) 95

3 (i) (ii) 40 96

3 (i) 2007 12 31 108,152,0002006181,128,000 (ii) (iii) 2007 12 31 8,000,000 2006 6,530,000 2,393,057,0002006 291,209,000 (iv) 142007 12 31 97

3 (vi) (vii) (viii) (ix) (x) 99

4. 2007 12 31 1994 11 21 200,000 100.0% 100.0% 2003 8 4 200,000 100.0% 100.0% 2001 11 22 600,000 100.0% 100.0% 2003 3 24 2,750,000 60.0% 60.0% 1999 3 18 936,000 64.4% 38.6% 2001 6 28 1,279,637 100.0% 60.0% 100

4. 1993 2 22 1997 4 8 67,484 100.0% 60.0% 246,060 75.0% 45.0% 2006 6 20 20,000,000 100.0% 60.0% * 1998 7 13 952,135 49.0% 49.0% 2001 11 27 92,250 100.0% 49.0% 2000 9 1 689,600 100.0% 49.0% 101

4. 2001 3 21 516,200 100.0% 48.9% 1998 8 13 505,861 58.1% 52.7% 2007 9 1 1,500,000 60.0% 60.0% 2006 7 24 100,000 100.0% 60.0% 2003 1 8 1,637,037 49.0% 24.0% @ 1992 5 13 465,333 17.3% 17.3% 102

4. @ @ 2004 4 16 2003 5 15 728,715 14.5% 14.5% 1,008,000 19.7% 19.7% 2000 9 15 580,000 26.7% 26.7% 2003 1 14 3,600,000 20.0% 12.0% 2003 5 15 818,000 20.0% 20.0% 2003 9 19 100,000 20.0% 20.0% 103

4. # 2002 6 4 50,000 45.0% 23.7% # 2004 9 28 130,000 50.0% 26.4% 1992 9 22 130,000 50.0% 26.4% * 2007 12 3149.0% @ 2007 12 3120% 104

5. 90% 90% (i) (ii) (iii) (iv) (v) 105

5. 2007 12 31 3,631,649 3,974,620 23,972,085 398,751 31,977,105 2,027 344,765 (346,792) 335,505 528,929 1,274,004 53,196 452,282 (15,576) 2,628,340 3,967,154 4,505,576 25,246,089 796,712 452,282 (362,368) 34,605,445 365,059 1,282,486 4,479,835 417,348 327,550 6,872,278 23,864 8,447 117,077 27,563 389,400 566,351 (147,145) (137,169) (15,140) (826,397) (23,602) (421,667) (1,423,975) 225 5,406 5,631 217,417 31,270 221,330 357,014 247,933 1,074,964 469,396 1,312,469 3,991,845 778,323 543,216 6,948,104 (61,412) (551,487) (775,035) (24,010) (28,047) (1,439,991) 407,984 760,982 3,216,810 754,313 515,169 5,508,113 4,586,395 17,778,230 25,202,744 3,774,173 12,061,089 (3,434,917) 59,967,714 3,725 227,330 231,055 2,194,706 317,319 2,279,825 890,143 1,076,801 6,758,794 6,784,826 18,322,879 27,482,569 4,664,316 13,137,890 (3,434,917) 66,957,563 3,104,844 12,713,292 18,001,728 1,508,010 5,070,505 (3,411,441) 36,986,938 278,353 14,858 1,219,503 64,975 4,656 1,582,345 84,384 3,683 7,445 12,083 8,000 115,595 5,653 438 49,030 (1,015) 54,106 39,261 270 36,859 2,117 78,507 (10,000) (10,000) 3,124 3,124 537,156 52,580 1,695,947 372,654 7,464 2,665,801 106

5. 2006 12 31 4,000,932 2,504,544 17,675,721 17,857 24,199,054 13,729 (13,729) 164,115 194,463 189,497 287,794 448,071 (17,433) 1,266,507 4,165,047 2,699,007 17,865,218 319,380 448,071 (31,162) 25,465,561 87,220 846,373 1,616,717 289,702 359,802 3,199,814 15,298 7,648 71,064 12 38,693 (11,496) 121,219 (44,361) (15,037) (122,922) (191,947) (329,906) (111,123) (11,492) (673,746) (1,813) (221,420) 11,496 (1,008,098) (707) 4,185 3,478 79,972 112,884 291,461 30,276 113,148 627,741 55,623 959,598 1,182,574 318,177 98,276 2,569,887 (55,117) (461,212) (270,757) (38,856) (825,942) 506 498,386 911,817 318,177 59,420 1,743,945 3,949,214 11,193,943 22,288,554 414,277 1,744,956 (1,404,543) 38,186,401 3,500 92,072 95,572 2,109,167 193,688 2,071,400 495,793 620,508 (28,720) 5,461,836 6,061,881 11,479,703 24,359,954 910,070 2,365,464 (1,433,263) 43,743,809 2,968,502 6,599,294 17,932,408 253,050 6,254,164 (1,404,543) 32,602,875 134,745 7,833 1,005,592 4,112 2,450 1,154,732 7,238 6,515 13,753 19,720 15,629 35,349 34,274 44,643 78,917 81,263 81,263 (130,651) (130,651) 250,978 74,056 2,528,505 159,791 41,846 3,055,176 107

6. 2007 2006 4,022,390 2,542,047 3,610,898 4,013,230 24,115,805 17,776,409 507,611 17,857 32,256,704 24,349,543 160,034 97,514 4,779 922 9,847 7,754 60,165 8,998 32,491,529 24,464,731 (514,424) (265,677) 31,977,105 24,199,054 522,299 119,379 42,635 1,136 1,417 704 35,036 16,390 41,059 12,452 90,358 157,969 5,529 31,151 2,917 41(a) 141,187 1,923 30,054 26,235 40,770 931,377 389,223 108

6. 2007 2006 41(b) 41,656 32,801 43 1,350,577 3,289 46,667 51,666 93,614 21 364,741 9,504 9,852 153,433 1,169 118,110 23,462 66,627 16,228 728,410 14 10,000 130,651 8,385 975 2,263,314 998,503 3,194,691 1,387,726 35,171,796 25,586,780 109

7. 2007 2006 1,337,808 1,059,768 72,060 26,771 12,936 17,696 1,422,804 1,104,235 13 23 (275,512) (209,126) 1,147,292 895,109 96,036 53,732 11,028 18,906 18,346 17,828 14,195 151,273 8,328 1,423,975 1,008,098 8. 2007 2006 25,024,737 20,097,613 9 1,255,637 1,010,216 85,705 82,977 189,378 126,222 1,530,720 1,219,415 110

8. 2007 2006 78,507 78,917 14,450 7,650 14,200 1,901 1,531,988 1,133,850 15 19,589 10,697 16 19,504 1,298 17 11,264 8,887 (11,509) 17,900 65,615 17,449 13 10,845 2,130 8,000 6,530 96,750 2,251 2,842 48,850 45,616 329,906 41(b) 2,698 10,138 1,069 132,721 52,784 16,663 10 30,354 37,630 3,124 81,263 111

9. 161 2007 2006 1,418 7,685 4,956 133 121 9,236 5,077 (a) 2007 2006 389 400 389 1,178 2006 112

9. (b) 2007 12 31 1,200 19 1,219 1,113 19 1,132 1,200 19 1,219 1,193 19 1,212 1,013 19 1,032 953 19 972 1,013 19 1,032 7,685 133 7,818 240 240 240 7,685 133 8,058 2006 12 31 840 18 858 840 18 858 840 17 857 840 17 857 600 17 617 600 17 617 396 17 413 4,956 121 5,077 113

9. (b) (c) 10. 17.5% 200617.5% 33% 12% 27% 2006 2007 12 31 2007 2006 11,893 1,330,851 587,458 317,335 248,190 26 (220,088) (9,706) 1,439,991 825,942 114

10. 2007 300,684 5,566,825 5,867,509 52,620 1,837,052 1,889,672 (238,949) (238,949) (67,807) (53,261) (121,068) 26,274 100,055 126,329 (399,821) (399,821) 107,518 107,518 (7,147) (7,147) 806 17,853 18,659 (121,548) (121,548) (35,114) (35,114) 11,893 1,206,638 1,218,531 272,248 272,248 45,087 45,087 26 (89,842) (89,842) (14,878) (14,878) 26 8,845 8,845 11,893 1,428,098 1,439,991 115

10. 2006 (76,827) 2,015,495 1,938,668 (13,445) 665,113 651,668 (66,663) (66,663) (240,027) (240,027) 217,881 217,881 (62,897) (62,897) 13,445 115,028 128,473 (5,349) (5,349) (2,289) (2,289) 620,797 620,797 234,588 234,588 13,602 13,602 26 (77,414) (77,414) (4,487) (4,487) 26 38,856 38,856 825,942 825,942 1994 1 11995 1 27 30% 60% 20% 116

10. 2007 12 31 272,248,0002006234,588,000 2004 2003 11 30 1% 3% 2007 12 31 190,808,000 (2006 117,746,00047,701,0002006 38,856,00026 30,354,000200637,630,0008 2007 3 16 2008 1 1 2008 1 1 33%25% 200812 2008 1 125% 35,114,000 26 2008 1 1 10%2008 1 1 5% 2008 2 22[2008] 001 2007 12 312008 117

11. 2007 2006 0.17 1,022,219 2008 3 25 2007 12 31 0.17 1,091,671,000 1,022,219,000 15,905,500 50(a)6,421,594,500 12. 2007 2006 3,354,326 1,095,801 5,660,103 5,000,000 0.59 0.22 5,000,000,000(i)1,800,000(ii) 4,998,000,00042(i)42(iii) 5,000,000,000 660,103,000 42(iv)42(v) 2007 12 312006 12 31 118

13. 2006 1 1 4,505,884 7,039,052 101,191 199,436 17,077 2,751,290 14,613,930 74,758 92,164 26,799 24,386 7,749 2,788,461 3,014,317 1,803,221 2,291,537 748 2,538 78,278 (4,176,322) 41(a) 6,287 37,476 88 9,827 53,678 41(b) (43,629) (3,074) (103) (582) (47,388) (63,989) (59,339) (4,653) (8,547) (1,437) (35,385) (173,350) 377 16,937 (17,291) 354 (377) 2006 12 312007 1 1 6,282,909 9,414,753 106,691 217,673 23,012 78,278 1,337,871 17,461,187 185,657 321,782 40,234 43,369 1,945 1,670,352 2,263,339 472,077 862,497 3,377 1,759 135,309 (1,475,019) 41(a) 318,623 96,284 37,255 40,003 377,547 869,712 41(b) (1,794) (12,548) (499) (1,688) (39,632) (56,161) (187,738) (313,299) (13,562) (7,992) (6,063) (6,933) (535,587) 41(c) (136,666) (79,281) (26,881) (12,858) (14,026) (203) (269,915) 2007 12 31 6,933,068 10,290,188 146,615 280,266 4,868 213,587 1,863,983 19,732,575 119

13. 2006 1 1 400,902 1,445,685 42,617 64,777 4,711 1,958,692 243,832 839,302 20,871 20,986 8,484 461 1,133,936 41(b) (11,193) (2,767) (18) (382) (14,360) (29,933) (42,950) (1,732) (6,737) (1,337) (82,689) 176 10,273 (10,059) (214) (176) 2006 12 312007 1 1 603,784 2,249,543 51,679 78,430 11,682 461 2,995,579 343,909 1,117,662 34,970 33,709 1,267 2,225 1,533,742 41(b) (408) (4,909) (345) (318) (5,980) (29,390) (254,961) (14,044) (6,511) (3,174) (308,080) 41(c) (31,275) (41,003) (6,216) (7,575) (8,087) (94,156) 2007 12 31 886,620 3,066,332 66,044 97,735 1,688 2,686 4,121,105 2006 1 1 6,341 8 6,349 2,130 2,130 (2,718) (1) (2,719) 2006 12 312007 1 1 5,753 7 5,760 4,514 3,807 17 2,432 75 10,845 41(b) (116) (2,078) (43) (2,237) (1,476) (1,476) 2007 12 31 4,398 6,006 17 2,396 75 12,892 2007 12 31 6,042,050 7,217,850 80,554 180,135 3,180 210,901 1,863,908 15,598,578 2006 12 31 5,679,125 7,159,457 55,012 139,236 11,330 77,817 1,337,871 14,459,848 120

13. (1) 34 2007 2006 238,873 157,839 1,571,715 1,848,839 1,810,588 2,006,678 (2) 7 2007 2006 124 16,259 (3) 2007 12 31 438,248,0002006 1,088,179,000 2006 1 1 762 18 2006 12 312007 1 1 780 46 (53) 2007 12 31 773 121

13. 2006 1 1 127 256 2006 12 312007 1 1 383 235 (26) 2007 12 31 592 2007 12 31 181 2006 12 31 397 14. 2007 2006 1 1 446,000 315,349 6 10,000 130,651 12 31 456,000 446,000 2007 12 31 456,000,000 122

14. 2007 12 31456,000,0002006446,000,000 200,000,0002006 120,000,00034 15. 2007 2006 571,800 533,976 354,128 29,985 41(a) 71,931 9,749 (30,931) (15,753) (1,910) 951,175 571,800 29,093 18,396 19,589 10,697 (2,593) (3,290) 42,799 29,093 908,376 542,707 542,707 515,580 34 12,231 56,252 2007 12 31 8,335,000 2006 9,318,000 123

16. 2007 2006 162,188 162,188 41(a) 405,083 567,271 162,188 1,298 19,504 1,298 20,802 1,298 546,469 160,890 160,890 162,188 34 156,995 160,890 124

17. 2006 1 1 3,830 36,452 3,504 43,786 10,663 211 10,874 (2,453) (78) (2,531) 2006 12 312007 1 1 3,830 44,662 3,637 52,129 700 1,289 19,569 21,558 (3,142) (2,072) (5,214) (700) (25,818) (1,367) (27,885) 2007 12 31 688 20,133 19,767 40,588 2006 1 1 1,306 19,942 1,235 22,483 71 7,868 948 8,887 (900) (900) 2006 12 312007 1 1 1,377 26,910 2,183 30,470 153 3,756 7,355 11,264 (1,347) (1,178) (2,525) (86) (22,976) (911) (23,973) 2007 12 31 97 7,690 7,449 15,236 2006 1 1 2,842 2,842 2006 12 312007 1 1 2,842 2,842 (2,842) (2,842) 2007 12 31 2007 12 31 591 12,443 12,318 25,352 2006 12 31 2,453 14,910 1,454 18,817 125

18. 2007 2006 226,201 223,068 41(a) 1,383 28,301 3,133 41(b) (2,942) 41(c) (2,968) 249,975 226,201 (141,823) (45,073) 108,152 181,128 126

18. 2007 27,422 51,109 29,621 108,152 2006 7,445 32,664 139,699 1,320 181,128 10% 11% 2006 10% 11% 2006 12 312007 12 31 6% 8% 127

19. 2007 2006 (1) 1,093,000 1,093,000 (2) 49,216 (3) 187,120 1,329,336 1,093,000 43,570 (1) (2) 0.43% (3) 2007 12 31 34 20. 2007 2006 231,055 95,572 128

20. 33 2007 2006 314,226 131,107 423,605 406,122 (328,324) (400,265) (178,452) (41,392) 231,055 95,572 111,964 33,954 360 3,306 112,324 37,260 (104,305) (31,772) (2,388) (2,010) 5,631 3,478 2007 7 10 15,000,00050% 129

20. 2007 11 7 2007 9 3 (1) 290,000,000 2007 12 31 150,000,000 24(b) 140,000,000 45 (2) (a) (b) 290,000,000 50% 21. 2007 2006 6,465,296 5,163,159 294,383 299,562 6,759,679 5,462,721 (885) (885) 6,758,794 5,461,836 2007 2006 82,421 82,421 26.67% 200626.67% 130

21. 2007 2006 99,569,378 79,608,932 (67,199,399) (50,574,474) 77,830,501 51,623,558 4,835,500 2,912,713 2006 12 31 34 (i) (ii) 2007 4 1 16,887,000 20% 129,047,000 2007 11 1 20% 268,900,000 (iii) 2007 11 27 364,562,000 25% 2007 12 31 114,053,000 141,107,00038,858,000184,597,000 6 131

21. (iv) 2007 8 312007 9 29203,189,000 5,976,675 23,045,000 180,144,0006 22. 2007 2006 1,011,684 27,073 205,000 1,196,495 277,866 2,413,179 304,939 (20,122) (13,730) 2,393,057 291,209 (205,000) 2,188,057 291,209 476,801,0002006 132

23. 2007 2006 6,999,910 4,924,685 1,946,381 2,299,362 468,742 285,797 9,415,033 7,509,844 (3,405,440) (4,204,295) 6,009,593 3,305,549 2007 2006 34 3,550,027 4,147,804 7 275,388 192,867 24. 2007 2006 (a) 89,200 (b) 370,000 459,200 133

24. (a) (b) 2007 7 30 125,000,000 2007 12 3189,200,000 20(1)150,000,000 220,000,000 9.711%2009 11 20 2007 12 31 25. 2007 2006 (1) 100,000 (2) 1,447,278 111,742 1,547,278 111,742 (1) 2007 9 360,000,000 2007 12 31100,000,000 2007 12 31260,000,000 45 134

25. (2) (a) 2007 11 30 (i)180,000,000(ii) 84,000,000 40%2007 12 31 20,000,000 244,000,00045 (b) 2006 12 28 (i) 7,600,000 60,000,000 33%(ii) 387,000,000 (iii) 50% 50% 2006 12(ii) (iii) 1,000,000,000 2007 12 31851,400,000 (2006106,900,000(i) 60,000,000 135

26. 2006 1 1 16,055 13,088 4,906 24,833 30,753 89,635 (4,628) 34,529 5,049 (13,003) 77,414 (7,675) 91,686 (1,478) (1,478) 2006 12 31 2007 1 1 9,949 47,617 9,955 11,830 77,414 23,078 179,843 35,616 14,964 1,760 (7,439) 89,842 (1,447) 133,296 41(a) 2,737 2,737 33%25% (9,483) (14,176) (2,840) (1,064) (4,887) (32,450) 2007 12 31 36,082 48,405 8,875 3,327 167,256 19,481 283,426 137

26. 10 2006 1 1 249,697 1,763 251,460 (490) 43,115 38,856 499 81,980 2006 12 312007 1 1 249,207 43,115 38,856 2,262 333,440 (87,810) 5,737 24,110 6,285 (51,678) 113,865 113,865 41(a) 120,956 120,956 33% 25% (38,385) (11,842) (15,265) (2,072) (67,564) 33% 25% (25,775) (25,775) 2007 12 31 243,968 88,090 37,010 47,701 6,475 423,244 138

27. 2007 2006 7,582 4,575 10,016,536 3,600,891 10,024,118 3,605,466 (1) 664,164 687,075 (2) 3,455,722 770,146 14,144,004 5,062,687 2007 2006 (1) 629,845 664,294 (2) 34 1,841,642 166,099 2007 2006 177 2,952,516 43,775 2,952,516 43,952 729,852 3,682,368 43,952 139

28. 2007 2006 90,437 2,339 90,437 2,339 82,106 20062007 12 31 29. 2007 2006 1,454,074 1,189,149 1,470,172 1,184,906 2,924,246 2,374,055 140

29. 2007 2006 90 1,129,012 985,346 91180 159,254 148,910 181365 150,071 41,895 1 2 25,988 32,373 2 3 10,003 13,392 3 109,108 35,130 1,583,436 1,257,046 (129,362) (67,897) 1,454,074 1,189,149 2007 2006 67,897 65,448 2,449 (3,321) (4,520) 81,517 (12,211) 129,362 67,897 141

29. 2007 2006 332,861 333,724 90 831,769 663,160 91180 174,857 149,946 180 109,886 42,319 1,449,373 1,189,149 435,224,0002006 0 90 0 90 90 180 30 360 142

30. 2007 2006 1,044,728 654,047 60,234 84,280 762,924 223,905 344,399 96,811 36,994 31,086 31 2,942 44,717 5,227 345,212 63,993 681,000 236,778 3,320,208 1,399,069 84,952 396 421 396 85,373 143

31. 161B 2007 2007 12 31 1 1 2,339 2,339 274 274 16 16 47 47 240 240 10 10 16 16 2,942 2,942 2006 2006 12 31 1 1 2,339 3,776 1,816 274 523 215 16 16 16 47 47 47 240 248 10 85 10 16 32 2,942 4,727 2,104 144

32. 2007 2006 4,065,868 1,963,988 678,801 636,907 1,079,407 814,295 733,408 744,055 6,557,484 4,159,245 (86,630) (31,395) 6,470,854 4,127,850 34 45,000 33. 2007 2006 (i) 169,227 240,329 (ii) 356,612 282,925 (ii) 4,667 4,630 530,506 527,884 (ii) 7,634,162 (i) (1) 2007 12 31138,391,0002006107,300,000 (2) (ii) 145

33. 2007 2006 (iii) 190,404 (iv) 523,036 352,380 (v) 1,309,048 (vi) 95,341 9,723 (vii) 197,087 815,464 1,671,151 190,404 15,516 (iii) (iv) (v) (vi) (v) 2007 12 31512,198,0002006336,865,000 47 146

34. 2007 2006 (1) 910,732 5,054,313 8,776,822 7,574,230 10,079,117 5,343,875 19,766,671 17,972,418 (2) 200,000 2,003,571 825,975 21,770,242 18,998,393 14,890,502 11,322,555 1,827,701 3,344,325 3,984,539 2,730,810 1,067,500 1,600,703 21,770,242 18,998,393 (14,890,502) (11,322,555) 6,879,740 7,675,838 (1) 2007 2006 910,732 4,758,253 296,060 910,732 5,054,313 147

34. (1) 2007 2006 13 238,873 157,839 13 1,571,715 1,848,839 14 456,000 446,000 15 12,231 56,252 16 156,995 160,890 32 45,000 27 1,841,642 166,099 277,230 737,437 1,243,738 29 435,224 23 3,550,027 3,944,409 8,584,937 8,761,503 4.05% 2.13% 8.96% 7.90% 148

34. (2) 2007 2006 2,003,571 1,025,975 23 203,395 2.13% 3.13% 9.84% 9.20% 6,879,740,000 2007 12 316,735,816,000 2007 2006 312,191 390,238 702,429 (312,191) 390,238 2005 8 8 149

35. 2007 2006 3,326,879 2,952,043 1,159,278 1,500,882 4,486,157 4,452,925 2007 2006 90 1,990,063 2,051,514 91180 676,200 432,215 181365 383,744 196,579 1 2 188,341 194,797 2 3 52,563 36,545 3 35,968 40,393 3,326,879 2,952,043 0 90 0 90 0 360 180 360 150

36. 2007 2006 5,391,946 2,967,891 778,227 1,607,427 94,485 98,239 248,611 242,314 43,977 54,360 8,345 21,690 26,308 14,918 159,358 66,737 82,059 113,711 11,214 5,811 768,284 520,966 7,612,814 5,714,064 2007 2006 35,766 450 151

37. 42 42 11 2006 1 1 208 (24,310) (24,102) 35,360 35,360 385,086 385,086 2006 12 31 2007 1 1 208 35,360 360,776 396,344 139,098 12,699,602 12,838,700 483,656 (483,656) (430,233) (430,233) (1,022,219) 1,022,219 (369,105) (369,105) 334,912 334,912 2007 12 31 622,962 11,785,713 (333,745) (326,531) 1,022,219 12,770,618 152

37. (d) 2007 12 31700,000,000 2007 12 311,022,219,000 326,531,000 11 38. 2007 2006 2007 2006 (a) 71,026 66,672 72,089 65,640 (b) 76,693 77,901 61,915 77,877 3 5 147,719 144,573 134,004 143,517 154

38. 6.48% 6.84% (a) (b) 2006 4 19 93,000,0002012 1 10 6.84% 63,649,000 7,675,000 Yangtze75% 25%2006 12 8 Yangtze 12,798,00099,716,0002010 12 7 6.48% 77,570,000 8,688,000 39. 2007 2006 21,735 10,377 155

40. 2007 2006 51,114 1,134 (12,200) 40,048 402,559 462,625 368,352 11,802 (70,795) (60,066) 41(c) (14,494) 697,424 402,559 737,472 402,559 2007 9 1 60% 12368,352,000 5.70% 7.83% 156

41. (a) 2007 2006 13 869,712 53,678 15 71,931 9,749 16 405,083 36,449 5,873 26 2,737 1,705,051 980,986 61,857 844 300 242,299 36,331 247,359 22,947 157,140 36,549 (170,000) (34,500) (22,652) (3,551) (1,332,726) (18,757) (3,798) (106,517) 26 (120,956) (413,371) (813,701) (80,672) 1,745,541 80,133 18 1,383 6 (141,187) (1,923) 1,605,737 78,210 1,545,447 78,210 60,290 1,605,737 78,210 157

41. (a) 2007 2006 (1,545,447) (78,210) 980,986 61,857 (564,461) (16,353) 2007 9 1900,000,000 60%40% 141,187,000 6 2007 2006 453,637 111,562 207,708 6,261 158

41. (b) 2007 2006 13 47,944 33,028 82,541 1,519 73 10,472 1,166 10,980 96 4,151 1 (4,712) (9) (37,583) (34,322) (3) (24,833) 90,476 33 (1,302) 5% (3,279) 18 2,942 6 8) 38,958 32,801 127,795 32,834 127,795 15,760 17,074 127,795 32,834 2007 2006 127,795 15,760 (1,519) (73) 126,276 15,687 159

41. (c) (1) 2007 1 12007 1 1 2007 1 1 2007 1 1 2007 1 1 28 2007 1 1 (2) 2007 12 12007 12 1 2007 12 1 2007 12 1 2007 12 1 28 2007 12 1 2007 2006 13 175,759 15 28,338 17 2,689 18 2,968 119,672 133,639 123,347 118,334 (102,158) (171,505) (131,358) 40 (14,494) (150,682) 134,549 134,549 160

41. (c) 2007 2006 (119,672) 42. 2007 2006 100,000,000,0002006 200,000 0.120061 9,746,013 208 6,437,500,0002006 200,000 0.120061 622,962 208 2006 1 12007 12 31 2006 1 12006 12 31 200,0001 200,000 208 1100.1 (i) 1,800,000 (ii) 99,998,000,000 9,745,805 2007 12 31 100,000,000,000 9,746,013 161

42. 2006 1 12006 12 31 (200,0001 200,000 208 1100.1 (i) 1,800,000 (iii) 4,998,000,000 483,656 (iv) 1,250,000,000 120,963 (v) 187,500,000 18,135 2007 12 31 6,437,500,000 622,962 (i) (ii) (iii) (iv) (v) 2007 6 192,000,0000.1 2007 6 19 99,998,000,0000.1 200,000 10,000,000,000 2007 6 192007 7 162007 6 18 4,998,000,000 499,800,000 0.11,250,000,0009.23 11,537,500,000 2007 7 16 2007 6 29 187,500,0000.12007 7 19 0.1187,500,000 1,730,625,000 162

43. (1) 2007 7 252007 12 28 69,475,049 1,302,520,000 307,150,000 995,370,0006 (2) 2007 11 26464,000,000 25% 2007 12 31 232,000,000 25% 108,793,000 355,207,0006 163

44. 14 2007 2006 7,273 4,164 10,527 9,884 628 475 18,428 14,523 2007 2006 17,565 18,029 35,872 16,297 137,736 3,588 191,173 37,914 164

44. 2007 2006 522 1,221 560 522 1,781 45. 2007 2006 22,000 16,400 326,059 752,052 5,719,065 2,137,491 75,000 25 260,000 20 25 780,398 58,858 7,182,522 2,964,801 682,400 439 340,100 439 1,022,500 165

45. 2007 2006 18,170 7,234 46. 2007 2006 1,331,041 571,008 320,356 876,700 1,651,397 1,447,708 * 2,261,983 1,325,788 3,913,380 2,773,496 * 2,261,983,000 20061,325,788,000 166

47. 2007 2006 1 4 31,795 35,059 1 4 30,576 29,571 1 4 200 1 4 7,341 5,049 1 4 5,271 1 4 3,975 1 4 55 1 4 5,671 1 4 1,436 1 4 11,889 98,009 69,879 167

47. 2007 2006 1 4 40,860 49,567 1 4 2,683 1 4 1,349 1,354 1 4 9,236 5,903 1 4 1,797 1 4 97,354 148,799 61,304 168

47. 2007 2006 1 5 782 1 5 500 62 2 5 3,309 3,990 1 5 3,500 7,309 4,834 1 7 25,572 2 7 174 1 7 45,779 45,953 25,572 3 7 11,028 18,906 11,028 18,906 169

47. 2007 2006 1 6 7,507 7,616 1 6 7,230 7,230 1 6 71,136 35,290 3 8 12,066 1 6 1,176 3 6 14,371 1 6 900 102,320 62,202 170

47. 2007 2006 11 99,716 5,027 331 2 10 93,000 4,354 3,022 3 9 4,441,800 5,734,018 3 9 108,230 1 9 1,287,541 533,508 9 1,782,000 9 50,000 3 9 382,900 3 80,000 1 43,500 171

47. 2007 2006 1 7 3,200 2 7 220,000 2 7 150,000 2 7 89,200 459,200 (1) (2) (3) (4) (5) (6) 172

47. (7) (8) (9) (10) 93,000,000 201238 2007 12 31 4,354,0002006 3,022,000 (11) Yangzte 99,716,000 2010 382007 12 31 5,027,0002006 331,000 (12) 2007 12 31 (i) (ii) 2007 8 3120,904,000 100% 2007 11 27364,562,000 25%21 (13) 2007 2006 9,103 4,956 133 121 9,236 5,077 173

48. 2007 2,393,057 2,393,057 459,200 459,200 14,144,004 14,144,004 90,437 90,437 2,924,246 2,924,246 30 1,107,923 1,107,923 530,506 530,506 90,437 19,165,879 2,393,057 21,649,373 21,770,242 147,719 4,486,157 36 2,220,868 815,464 737,472 30,177,922 174

48. 2006 291,209 291,209 5,062,687 5,062,687 2,339 2,339 2,374,055 2,374,055 30 340,026 340,026 527,884 527,884 2,339 8,304,652 291,209 8,598,200 18,998,393 144,573 4,452,925 36 2,746,173 238,077 190,404 1,671,151 402,559 28,844,255 175

48. 2007 19) 187,120 187,120 82,106 82,106 3,682,368 3,682,368 396 396 7,634,162 7,634,162 82,106 11,504,046 11,586,152 36 35,766 176

48. 2006 43,952 85,373 129,325 702,429 36 450 190,404 15,516 908,799 49. 2007 9 177

49. 2.5 2007 12 31 53% 200630% 2007 25 (23,887) (25) 23,887 2006 25 (26,999) (25) 26,999 178

49. % 2007 5 56,430 5 (56,430) 5 12,457 5 (12,457) 2006 5 (37,309) 5 37,309 5 114 5 (114) 179

49. 29 80%122007 12 31 74% (200671% 180

49. 2007 3 3 12 1 5 5 2,638,932 12,251,570 5,812,240 1,067,500 21,770,242 186,484 186,484 2,145,854 219,036 2,121,267 4,486,157 815,464 815,464 2,210,762 10,106 2,220,868 737,472 737,472 5,172,080 2,868,074 14,372,837 6,736,196 1,067,500 30,216,687 2006 3 3 12 1 5 5 1,763,119 9,559,436 6,075,135 1,600,703 18,998,393 99,936 93,000 192,936 2,272,901 1,623,823 556,201 4,452,925 238,077 238,077 2,746,173 2,746,173 190,404 190,404 1,671,151 1,671,151 402,559 402,559 6,880,629 3,386,942 10,353,714 6,577,630 1,693,703 28,892,618 181

49. 2007 3 3 12 1 5 5 35,766 35,766 2006 3 3 12 1 5 5 312,191 390,238 702,429 190,404 190,404 15,516 15,516 450 450 206,370 312,191 390,238 908,799 2007 12 3128 22 5% 182

49. 2007 202,258 10,113 63,150 3,158 369,376 18,469 2,487 124 250,580 12,529 189,470 9,474 24,800 1,240 2006 150 8 26,923 1,346 2006 12 312007 12 31 183

49. 20% 60% 2007 2006 21,770,242 18,998,393 147,719 144,573 (10,024,118) (3,605,466) 11,893,843 15,537,500 29,970,625 11,140,934 41,864,468 26,678,434 28% 58% 184

50. (a) 15,905,500 84,485,000 5.50 5.02 (b) 51. 22 28 52. 2008 3 25 185

186 3 808 2 200010 183 17 1712 1716 00656 http://www.fosun-international.com

EBITDA EBIT = + + + = + + = + = + + = EBITDA = + 187

188