GUANGDONG FENGHUA ADVANCED TECHNOLOGY HOLDING CO., LTD. 1

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GUANGDONG FENGHUA ADVANCED TECHNOLOGY HOLDING CO., LTD. FENGHUA 0758-2844724 0758-2849045 000636@china-fenghua.com 18 18 526020 http://www.fenghua-advanced.com 000636@china-fenghua.com http://www.cninfo.com.cn 000636 1994 3 23 24 2004 12 30 18 4400001001279 441201502100006 01 2072 8 1

1 17,355,264.27 2 12,234,158.35 3-7,475,508.79 4 197,718,634.63 5 183,525.00 6 16,023,618.53 7 1,483,375.73 8 641,135.61 9-792,865.60 10-32,081,456.69 11-309,017,782.80 2,568,105.16 641,135.61 389,721.81-1,182,587.41 20,771,468.52 23,187,843.69 19,709,667.14 2005 2004 2003 ( ) 1,405,401,595.89 1,275,577,104.35 1,055,978,947.88 ( ) 12,234,158.35 24,605,945.27 23,443,913.38 ( ) 3,357,585,455.12 3,497,660,465.20 3,292,645,661.03 ( ) 2,087,703,594.20 2,098,665,983.60 2,099,693,821.68 ( / ) 0.023 0.046 0.044 ( / ) 3.937 3.957 3.959 ( / ) 3.801 3.862 3.876 (%) 0.59 1.17 1.12 ( / -0.060 0.518 0.351 ) 2

9 % 9.47% 9.46% 0.373 0.373 0.77% 0.77% 0.030 0.030 0.59% 0.59% 0.023 0.023-0.36% -0.36% -0.014-0.014 ( ) : 530,330,955 1,089,887,412.00 162,409,005.79 45,997,729.18 289,522,063.06 26,516,547.75 2,098,665,983.60-3,320,000.00 1,835,123.75 611,707.92 12,234,158.35-1,835,123.75 26,516,547.75 530,330,955 1,093,207,412.00 164,244,129.54 46,609,437.10 299,921,097.66 0 2,087,703,594.20-3

+ - 1225,911,452 225,911,452 201,080,451 201,080,451 24,831,001 24,831,001 2 103,625,303 103,625,303 3 4 113,064-40,524-40,524 72,540 329,649,819-40,524-40,524 329,609,295 1 200,681,136 2 200,681,136 40,524 40,524 40,524 40,524 200,721,660 200,721,660 530,330,955 530,330,955 1 2 3 81,640 ( ) (%) ( ) 1 142,484,170 26.87 142,484,170 2 42,335,000 7.98 3 26,775,000 5.05 10,000,000 4 22,380,300 4.22 5 20,211,000 3.81 6 16,725,000 3.15 13,725,000 4

7 14,134,700 2.67 8 8,100,000 1.53 9 5,625,000 1.06 10 4,050,000 0.76 4,050,000 1 2 2005 6 2 25 3 1,672.50 1,372.50 300 4 1996 12 28 1.2, 1994 9 7 1.2 100% 26.87% 5

1 100 707,071 A 2 593,700 A 3 557,342 A 4 520,000 A 5 486,900 A 6 439,800 A 7 400,000 A 8 400,000 A 9 351,900 A 10 345,000 A 10 6

2003.10-2006.10 67,540 67,540 2004.06-2006.10 2003.10-2006.10 2003.10-2006.10 2003.10-2006.10 2003.10-2006.10 2003.10-2006.10 2003.10-2006.10 2003.10-2006.10 2003.10-2006.10 2003.10-2006.10 2003.10-2006.10 2003.10-2006.10 2003.10-2006.10 4,000 4,000 2003.10-2006.10 2003.10-2006.10 1,000 1,000 2003.10-2006.10 2003.10-2006.10 2003.10-2006.10 2003.10-2006.10 2003.10-2006.10 2003.10-2006.10 2003.10-2006.10 1 2 3 4 5 6 7 1949 9 1984 1994 7

1954 8 1997 4 2002 8 2003 12 2003 12 2004 6 1962 4 2001 9 2002 7 2002 8 2003 11 1958 8 1998 3 2000 9 1965 6 1995 8 1997 6 2003 2 2000 9 2003 4 2003 5 1963 5 1993 10 2000 9 1950 10 1992 9 2002 9 2002 9 2000 9 1944 3 1996 11 Easthill Technology 2002 5 1942 8 2000 6 2003 10 1964 1 2001 2003 10 1963 10 2001 3 2003 10 1957 2 1996 2000 9 1955 5 1991 2000 9 1968 9 1988 7 2003 2 8

2003 2 2003 5 1958 5 1995 2002 5 1971 2 1990 2002 5 1969 1 2000 9 2002 5 2003 10 1958 7 1998 3 2000 9 2003 1966 1 1999 1 2000 9 1963 4 1984 8 1995 6 1999 7 1967 10 1988 7 1994 3 1955 12 1995 1 2004 2002 4 1955 10 1994 7 2000 9 2000 9 1 2 371,986.38 0 371,164.60 285,590.75 12,000.00 12,000.00 12,000.00 9

40,020.00 40,020.00 40,020.00 40,020.00 95,163.87 81,320.40 74,579.20 36,353.60 12,000.00 264,731.60 78,683.85 77,354.60 199,454.60 89,195.60 199,911.60 140,354.98 2,573,925.63 7,562 36 1,562 462 306 11 31 1,943 10

11

2005 5 27 2004 1 17 310,742,322 58.59% 2005 5 28 12

5 2005 2005 MLCC R-CHIP 600 14 140,540.16 10.18% 19,771.86 12.89% 1,223.42 50.28% 1 2 1 116,206.03 82.69% 18,914.61 95.66% 24,334.13 17.31% 857.26 4.34% 14,0540.16 100% 19,771.86 100% 2 13

55,760.26 39.68% 8,695.85 43.98% 17,104.01 12.17% 2,890.00 14.62% 11,151.21 7.93% 1,168.62 5.91% 14,330.23 10.20% 2,667.23 13.49% 8,571.16 6.10% 1,676.60 8.48% 5,429.58 3.86% 947.74 4.79% 3,859.58 2.75% 868.56 4.39% 24,334.13 17.31% 857.26 4.34% 140,540.16 100% 19,771.86 100% 3 81591.84 58.06% 11633.67 58.84% 58948.32 41.94% 8138.19 41.16% 140540.16 100% 19771.86 100% 3 10% 55,760.26 47,064.41 15.60% 17,104.01 14,214.02 16.90% 14,330.23 11,663.00 18.61% 4 2005 11.91% 17.07 % 1 2005 12 31 % 2004 12 31 % 79,268.32 23.61% 44,716.36 77.27% 46,879.54 13.97% 44,208.89 6.04% 12,764.02 3.81% 13,417.11-4.87% 151,949.51 45.26% 157,930.25-3.79% 3,174.49 0.95% 3,953.10-19.70% 71,733.55 21.37% 99,600.00-27.98% 0-0 - 14

1 2 3 4 2 2005 1-12 2004 1-12 % 4,346.72 4,607.82-5.67% 8,557.88 10,299.48-16.91% 5,283.26 4,548.80 16.15% 223.80 990.03-77.40% 1 2 3 4 2005 2004 % 1-3,208.15 27,477.20-111.68% 164,972.08 157,783.62 4.56% 168,180.23 130,306.42 29.07% 2-10,988.72-14,216.10 22.71% 3,263.91 7,147.12-54.34% 14,252.63 21,363.22-33.29% 3-16,704.92 456.63-3758.31% 93,270.42 109,500.00-14.83% 109,975.33 109,043.37 0.86% 4-30,901.78 13,717.73-325.27% 3.21 4576.65 16.66% 15

325.27% % 45.00 500USD 7415.30 174.88 92.00 2,500 12,543.70 1,880.90 96.00 2,500 18,722.48-167.53 99.25 6,700 10,933.79 421.97 97.78 1,800 4,352.70 142.38 97.33 1,500 3,822.14 72.08 90.00 2,000 7,988.70 318.18 100 18,900 48,725.27-818.32 Semico IT 3G PC 64 CPU 50%-100% 2005 3 2006 MLCC 20% 25-30 2005 Paumanok 2008 MLCC 10000 13000 16

1 300 0402 0201 LTCC 2 MLCC MLCC 600 1200 3 20 1 MLCC 480 2 3 4 5 6 7 1 2 17

3 4 2005 2146.93 1051.07 2005 4 15 2005 2005 4 19 2005 4 22 2005 2005 4 23 2005 8 18 2005 2005 8 20 2005 10 28 2005 2005 10 31 2005 1,223.42 10% 122.34 5% 61.17 28,952.21 2005 29,992.11 2005 18

2006 [2003]56 2005 12 31 19

2005 2005 4 15, : 1 2004 2 2004 3 2004 4 2005 5 10% 2005 4 19 2005 2005 8 18, 1 2 2005 8 20 2005 20

21

1 2.22-0.03-4.11 0.01% 186.09 0.24% 1845.34 2.34% 1391.96 1.77% 3429.75 4.36% 2 4173.67 2.97% 1963.60 1.40% 68.68 0.05% 861.27 0.61% 310.75 0.22% 7377.97 5.25% 3 26732.77 3401.41 1 22

2 3 40%, 92,208 2005 12 31 35,262 2006 106.93 \ 374.05 1044.36 \ 361.20 43.91 2.73% 23

505,718,929.03 432,170,842.44 44,005.44 32,340 368,094,287.76 215,437,832.28 20,100 10,600 5% 5% 2005 60 2006 2 27 2006 3 29 2006 24

2005 [2006] CA117 25

26

* * (2006) CA117 2005 12 31 2005 2005 12 31 2005 2006 3 3 27

2005 12 31 2004 12 31 1 200,220,350.02 700,238,132.82 2 42,996,454.16 33,523,248.19 3 46,842,907.96 21,370,410.57-41,166.67 4 374,320,717.49 420,750,284.89 5 418,362,516.05 26,413,305.22 6 59,277,301.73 35,410,152.33 7 14,477,052.48-8 468,795,438.57 442,088,925.71 9 3,536,054.56 4,008,542.01 1,628,828,793.02 1,683,844,168.41 10 127,640,196.58 134,171,051.02-5,000,000.00 127,640,196.58 139,171,051.02 11 2,445,033,533.60 2,336,501,479.15 11 925,538,470.01 757,198,953.86 11 1,519,495,063.59 1,579,302,525.29 11 20,703,519.73 20,707,533.03 11 1,498,791,543.86 1,558,594,992.26 12 31,744,881.90 39,531,025.97 1,530,536,425.76 1,598,126,018.23 13 67,084,649.57 71,074,815.09 14 3,495,390.19 5,444,412.45 70,580,039.76 76,519,227.54 3,357,585,455.12 3,497,660,465.20 28

2005 12 31 2004 12 31 15 717,335,515.85 996,000,000.00 16 11,000,000.00 21,153,000.00 17 356,777,182.82 254,959,774.78 18 30,422,634.93 2,619,178.28 71,616.15 1,102,417.60 14,907,027.64 10,365,785.26 7,508,915.59 7,277,488.44 19 19,283,866.51 12,855,966.72 20 972,713.45 765,567.30 21 17,579,494.97 14,537,047.45 22 7,896,326.96 7,532,337.73 - - 1,183,755,294.87 1,329,168,563.56 - - 23 5,000,000.00 5,188,264.63 24 41,415,934.94 31,645,518.00 - - 46,415,934.94 36,833,782.63 - - 1,230,171,229.81 1,366,002,346.19 39,710,631.11 32,992,135.41 25 530,330,955.00 530,330,955.00 26 1,093,207,412.00 1,089,887,412.00 27 164,244,129.54 162,409,005.79 27 46,609,437.10 45,997,729.18 28 299,921,097.66 289,522,063.06 29 26,516,547.75 2,087,703,594.20 2,098,665,983.60 3,357,585,455.12 3,497,660,465.20 29

2005 2004 30 1,405,401,595.89 1,275,577,104.35 30 1,198,392,462.19 1,041,552,900.00 31 9,290,499.07 7,050,341.90 197,718,634.63 226,973,862.45 32 183,525.00 2,165,598.77 43,467,206.42 46,078,220.99 85,578,763.37 102,994,799.40 33 52,832,571.31 45,488,020.12 16,023,618.53 34,578,420.71 34 1,483,375.73 (1,367,067.27) 35 641,135.61 1,197,277.00 36 389,721.81 499,336.34 37 1,182,587.41 903,666.24 17,355,264.27 34,004,300.54 38 2,237,955.96 9,900,257.40 2,883,149.96 (501,902.13) - - 12,234,158.35 24,605,945.27 2005 2004 1 - - 2 - - 3 - - 4 - - 5 - - 6 - - 30

2005 2004 12,234,158.35 24,605,945.27 289,522,063.06 295,123,557.33 301,756,221.41 319,729,502.60 1,223,415.83 2,460,594.53 611,707.92 1,230,297.26 299,921,097.66 316,038,610.81 - - - 26,516,547.75 299,921,097.66 289,522,063.06 31

2005 1,621,986,158.35 1,074,362.32 39 26,660,297.88 1,649,720,818.55 1,122,050,315.76 80,376,867.01 29,540,195.50 39 449,834,896.97 1,681,802,275.24 (32,081,456.69) 31,116,175.96 1,370,763.35 152,150.61-32,639,089.92 142,526,262.47 - - 142,526,262.47 (109,887,172.55) - 741,704,160.89 39 191,000,000.00 932,704,160.89 1,023,914,099.86 72,964,284.35 2,874,930.24 1,099,753,314.45 (167,049,153.56) - (309,017,782.80) 32

2005 1 12,234,158.35-2,883,149.96 (7,538,450.64) 160,509,684.59 3,993,165.52 2,701,897.26 ( ) 472,487.45 ( ) 363,989.23 ( ) (152,150.61) 49,185,743.99 (1,483,375.73) (15,652,574.03) - (375,098,959.49) 135,499,777.46 - (32,081,456.69) 2 : - - - 3 200,220,350.02-700,238,132.82 191,000,000.00 - - (309,017,782.80) 33

2005 12 31 2004 12 31 178,285,325.44 697,869,143.97 42,996,454.16 33,523,248.19 19,852,055.85 11,443,832.72-41,166.67 1 477,817,795.02 856,031,783.85 2 399,510,284.45 21,084,932.34 45,998,270.82 2,768,660.09 - - 243,800,472.34 247,259,670.06 1,353,581.76 3,021,968.40 1,409,614,239.84 1,873,044,406.29 3 490,047,094.88 486,766,468.92-5,000,000.00 490,047,094.88 491,766,468.92 1,803,965,963.92 1,734,780,145.24 666,037,200.77 538,896,085.70 1,137,928,763.15 1,195,884,059.54 19,512,086.31 19,516,099.61 1,118,416,676.84 1,176,367,959.93 19,200,119.69 32,918,906.65 1,137,616,796.53 1,209,286,866.58 50,862,422.52 53,480,513.43 2,696,318.09 3,606,029.35 53,558,740.61 57,086,542.78 3,090,836,871.86 3,631,184,284.57 34

2005 12 31 2004 12 31 666,335,515.85 995,000,000.00 11,000,000.00 21,153,000.00 193,786,165.09 420,730,357.62 26,486,665.23 491,143.18 49,185.91 525,390.29 10,163,470.23 7,131,213.80 7,508,915.59 7,277,488.44 16,813,336.93 9,996,471.07 876,122.04 10,916,399.61 12,936,867.15 664,490.39 3,589,958.78 4,068,378.23 - - 949,546,202.80 1,477,954,332.63 - - 5,000,000.00 5,188,264.63 21,897,934.94 20,827,518.00 26,897,934.94 26,015,782.63 976,444,137.74 1,503,970,115.26 530,330,955.00 530,330,955.00 1,100,197,116.48 1,096,877,116.48 164,244,129.54 162,409,005.79 46,609,437.10 45,997,729.18 319,620,533.10 311,080,544.29 26,516,547.75 2,114,392,734.12 2,127,214,169.31 3,090,836,871.86 3,631,184,284.57 35

2005 2004 4 731,155,516.93 927,743,220.78 4 621,821,169.95 816,608,647.30 6,240,415.61 4,550,715.59 103,093,931.37 106,583,857.89 1,393,350.72 3,609,833.16 25,589,886.24 26,303,244.38 51,577,490.51 59,414,598.36 5 31,385,393.65 17,908,642.37 (4,065,488.31) 6,567,205.94 6 15,735,201.86 19,657,045.07 639,615.61 1,197,277.00 370,155.16 483,363.58 1,050,980.57 556,715.10 11,628,503.75 27,348,176.49 1,253,391.19 6,665,858.60 10,375,112.56 20,682,317.89 2005 2004 1 - - 2 - - 3 - - 4 - - 5 - - 6 - - 36

2005 2004 10,375,112.56 20,682,317.89 311,080,544.29 320,605,665.94 321,455,656.85 341,287,983.83 1,223,415.83 2,460,594.53 611,707.92 1,230,297.26 319,620,533.10 337,597,092.04 - - - 26,516,547.75 319,620,533.10 311,080,544.29 37

: 2005 1,285,504,144.14 1,074,362.32 53,931,346.24 1,340,509,852.70 929,753,417.95 48,690,392.67 17,079,552.44 407,018,674.16 1,402,542,037.22 (62,032,184.52) 31,116,175.96 5,970,763.35 152,150.61-37,239,089.92 79,840,326.21 5,000,000.00-84,840,326.21 (47,601,236.29) - 671,704,160.89 191,000,000.00 862,704,160.89 1,003,914,099.86 74,869,128.51 2,871,330.24 1,081,654,558.61 (218,950,397.72) - (328,583,818.53) 38

2005 1 : 10,375,112.56 - (6,833,541.65) 117,945,607.73 2,581,538.79 1,479,977.52 ( ) 1,668,386.64 ( ) (478,419.45) ( ) (152,150.61) 51,090,588.15 (15,735,201.86) 15,543,101.17 - (15,062,405.57) (224,454,777.94) - (62,032,184.52) 2 : - - - 3 178,285,325.44-697,869,143.97 191,000,000.00 - - (328,583,818.53) 39

1 2005 0 11,651,918.10 - - 4,328,198.10 4,328,198.10 7,323,720.00 11,651,918.10 - - 4,328,198.10 4,328,198.10 7,323,720.00 - - - - - - 51,121,982.12 7,762,616.79 - - - 58,884,598.91 32,474,478.43 3,425,420.49 - - - 35,899,898.92 18,647,503.69 4,337,196.30 - - - 22,984,699.99 44,844,271.85 5,368,085.21-16,422,024.04 16,422,024.04 33,790,333.02 31,466,102.93 4,284,713.46-13,959,945.26 13,959,945.26 21,790,871.13 8,409,355.42 809,369.57-2,100,470.26 2,100,470.26 7,118,254.73 4,192,027.45 268,917.69-354,739.21 354,739.21 4,106,205.93 776,786.05 5,084.49-6,869.31 6,869.31 775,001.23 - - - - - - - - - - - - - - - - - - 20,707,533.03 - - 4,013.30 4,013.30 20,703,519.73 - - - - - - 20,661,742.18 - - 4,013.30 4,013.30 20,657,728.88 10,743.06 - - - - 10,743.06 35,047.79 - - - - 35,047.79 75,669.96 102,315.88-17,233.08 17,233.08 160,752.76 - - - - - - - - - - - - - - - - - - - - - - - - 40

2 2005 2004 530,330,955.00 530,330,955.00 - - - - - - - - - - - - 530,330,955.00 530,330,955.00 1,089,887,412.00 1,089,004,647.60 3,320,000.00 882,764.40 - - - - 3,320,000.00 882,764.40 - - - - - - 1,093,207,412.00 1,089,887,412.00 116,411,276.61 113,950,682.08 1,223,415.83 2,460,594.53 1,223,415.83 2,460,594.53 1,223,415.83 2,460,594.53 - - - - - - - - 117,634,692.44 116,411,276.61 93,218,874.20 91,995,458.37 24,415,818.24 24,415,818.24 45,997,729.18 44,767,431.92 611,707.92 1,230,297.26 611,707.92 1,230,297.26 - - 46,609,437.10 45,997,729.18 289,522,063.06 295,123,557.33 12,234,158.35 24,605,945.27 1,835,123.75 30,207,439.54 299,921,097.66 289,522,063.06 41

2005 ( / ) 9.47% 9.46% 0.3728 0.3728 0.77% 0.77% 0.0302 0.0302 0.59% 0.59% 0.0231 0.0231 (0.36%) (0.36%) (0.0141) (0.0141) 1 : = = 2 (ROE) : P ROE=----------------------------------------- E 0 +NP 2+E i M i M 0 -E j M j M 0 P NP E 0 E i E j M 0 M i M j. 3 EPS P EPS=------------------------------------ S 0 +S 1 +S i M i M 0 -S j M j M 0 P S 0 S 1 S i S j M 0 M i M j 4 : 1. 2,568,105.16 2. 641,135.61 3. 389,721.81 4. (1,182,587.41) 5. 20,771,468.52 23,187,843.69 19,709,667.14 42

2005 12 31 [1994]30 1994 3 23 19037945-2 1996 11 8 [1996] 308 A 1350 1996 11 29 2000 9 30 4400001001279 53,033 [1999]381 1 2 1 1 12 31 3 4 5 43

6 7 8 ( ) 1 5% 1-2 10% 2-3 15% 3 20% a. b. 9 44

10 1 a. b. 20% 20% 20% c. - - 2 a. 45

b. 3 11 2000 a., b. ( 5%) 10-35 9.5-2.71% 5-10 19-9.5% 46

5-10 19-9.5% 6 15.83% 5 19% 12 13 1), a. b. c. 2) a. b. 3) 3 4) 14 47

10 a. 50 b. 10 15 a. b. 16 1) 2) 3) 1) 2) 17 ( ) 18 48

19 50% 50% 17% 5% 15% 7% 3% 1. USD 500 USD 225 45.00% RMB 2,500 RMB 2,300 92.00% RMB 2,500 RMB 2,400 96.00% RMB 6,700 RMB 6,650 99.25% RMB 1,500 RMB 1,460 97.33% RMB 1,800 RMB 1,760 97.78% RMB 2,000 RMB 1,800 90.00% RMB 500 RMB 500 99.88 RMB18,900 RMB 19,845 100.00% 2. RMB 550 RMB 480. 00 87.27% 49

RMB 2,913.90 RMB 2,879.50 98.82% RMB 752. RMB 702. 93.36% 60 60 RMB 64 RMB 387. 60.00% 5.00 00 2004 10 26 3,000 9,778.37 6,261.99 64.04% 516.38 5.28% 90% 27.61% 2004 218 2004 12 31 2004 1-11 3. RMB 2,500 RMB 1,512.29 20.00% RMB 8,000 RMB 2,900 36.25% RMB 1,600 RMB 589.62 36.42% 1 2005.12.31 2004.12.31 RMB 1,198,743.90-1,198,743.90 6,407.77-6,407.77 HKD 37.82 1.0650 39.96 - - - - - 1,198,783.86 - - 6,407.77 RMB 185,893,228.81-185,893,228.81 668,173,124.84-668,173,124.84 HKD 70.33 1.0650 73.18 - - - USD 0.23 8.0702 1.83 - - - - - 185,893,303.82 - - 668,173,124.84 RMB 13,128,262.34-13,128,262.34 32,058,600.21-32,058,600.21 50

200,220,350.02 700,238,132.82 50,000 71.41% 35,262 28,000 2 2005.12.31 2004.12.31 50,320,174.16 7,323,720.00 45,175,166.29 11,651,918.10 50,320,174.16 7,323,720.00 45,175,166.29 11,651,918.10 50,320,174.16 7,323,720.00 45,175,166.29 11,651,918.10 2005 12 31 43,358,004.27 3 2005.12.31 2004.12.31 8,073,216.46 5,582,944.67 25,833,808.25 14,749,816.12 12,935,883.25 790,049.78-247,600.00 46,842,907.96 21,370,410.57 20,000,000.00 4 2005.12.31 2004.12.31 1 316,217,707.85 77.08% 15,816,195.09 361,218,519.47 79.71% 15,137,761.04 1~2 9,397,307.33 2.29% 1,003,153.64 7,454,507.56 1.64% 747,174.52 2~3 3,467,439.33 0.85% 1,022,757.38 40,205,872.42 8.87% 6,081,969.71 3 81,138,161.90 19.78% 18,057,792.81 44,345,863.87 9.78% 10,507,573.16 410,220,616.41 100.00% 35,899,898.92 453,224,763.32 100.00 % 32,474,478.43 5% 5% 59,336,278.20 14.46% 5 2005.12.31 2004.12.31 1 411,633,261.72 93.27% 872,609.88 10,604,973.31 23.54% 470,313.95 1~2 5,863,839.10 1.33% 492,605.58 26,987,534.06 59.89% 15,476,139.74 2~3 20,495,517.09 4.64% 19,321,100.39 51 1,104,074.53 2.45% 226,467.35

3 3,354,598.13 0.76% 2,298,384.14 6,364,227.01 14.12% 2,474,582.65 441,347,216.04 100.00% 22,984,699.99 45,060,808.91 100.00% 18,647,503.69 5% 5% 39,628.64 35,262 419,387,374.68 95.02% 6 2005.12.31 2004.12.31 1 55,947,696.13 94.38% 30,185,002.74 85.24% 1-2 1,814,993.52 3.06% 3,369,876.44 9.52% 2-3 599,663.09 1.01% 1,849,203.15 5.22% 3 914,948.99 1.55% 6,070.00 0.02% 59,277,301.73 100.00% 35,410,152.33 100.00% 5% 5% 2,387 4,200 44,997,511.18 75.91% 7 2005.12.31 2004.12.31 14,477,052.48-14,477,052.48-1,448 8 2005.12.31 2004.12.31 74,512,444.44 7,118,254.73 90,755,107.22 8,409,355.42 140,961,533.60 4,106,205.93 137,076,809.09 4,192,027.45 224,979,519.42 21,790,871.13 219,188,995.19 31,466,102.93 1,741,965.44 775,001.23 1,958,715.14 776,786.05 11,764.46-38,568.13-35,825.73-568.38-37,722.01-23,222.82-52

60,304,996.49-37,891,211.59-502,585,771.59 33,790,333.02 486,933,197.56 44,844,271.85 1,105 9 3,969,691.80 6,981,984.55 7,686,857.84 3,264,818.51 38,850.21 1,062,285.32 829,899.48 271,236.05 4,008,542.01 8,044,269.87 8,516,757.32 3,536,054.56 10 *A 85,635,418.40 3,023,346.65 2,178,934.24 86,479,830.81 *B 48,535,632.62-7,375,266.85 41,160,365.77 134,171,051.02 3,023,346.65 9,554,201.09 127,640,196.58 5,000,000.00 5,000,000.00 - - - - - 139,171,051.02 127,640,196.58 *A 15,122,964.46 430,000.00 2,846,751.08 17,969,715.54 20% 29,000,000.00 (978,934.24) (2,775,386.19) 26,224,613.81 36.25% 5,896,200.00 4,172.21 (769,199.16) 5,127,000.84 36.42% 6,830,516.00-333,503.22 7,164,019.22 15.19% 15,198,600.00 - (15,198,600.00) - 70% 27,000,000.00 1,389,174.44 2,994,481.40 29,994,481.40 27.61% 99,048,280.46 844,412.41 12,568,449.65 86,479,830.81 *B 73,752,669.88 10 7,375,266.85 32,592,304.11 41,160,365.77 73,752,669.88 - - 7,375,266.85 32,592,304.11 41,160,365.77 11 53

711,954,823.07 37,386,131.16 12,052,922.65 737,288,031.58 1,457,473,718.29 56,846,263.41 10,205,138.72 1,504,114,842.98 119,327,208.97 20,529,172.84 14,903,284.29 124,953,097.52 11,179,031.09 3,749,838.22 2,445,239.60 12,483,629.71 36,566,697.73 30,029,315.04 402,080.96 66,193,931.81 2,336,501,479.15 148,540,720.67 40,008,666.22 2,445,033,533.60 88,365,027.97 30,588,789.56 89,748.02 118,864,069.51 573,714,823.48 103,708,404.47 4,142,316.84 673,280,911.11 63,284,279.75 26,534,955.93 5,847,804.82 83,971,430.86 8,415,216.92 1,667,483.31 1,880,766.55 8,201,933.68 23,419,605.74 18,010,095.02 209,575.91 41,220,124.85 757,198,953.86 180,509,728.29 12,170,212.14 925,538,470.01 1,579,302,525.29 1,519,495,063.59 20,707,533.03-4,013.30 20,703,519.73 1,558,594,992.26 1,498,791,543.86 65,217,562.77 2005 12 31 505,718,929.03 432,170,842.44 44,005.44 32,340 368,094,287.76 215,437,832.28 20,100 10,600 20,661,742.18-4,013.30 20,657,728.88 10,743.06 - - 10,743.06 35,047.79 - - 35,047.79 20,707,533.03-4,013.30 20,703,519.73 12 641,622.05 - - - 641,622.05 4,652,799.12 12,183,844.37 11,928,314.84 228,222.17 4,680,106.48 5,294,421.17 12,183,844.37 11,928,314.84 228,222.17 5,321,728.53 34,312,274.76 45,764,879.30 53,289,247.93 204,000.00 26,583,906.13 54

39,606,695.93 57,948,723.67 65,217,562.77 432,222.17 31,905,634.66 75,669.96 102,315.88-17,233.08 160,752.76 39,531,025.97 31,744,881.90 13 92,524,037.36 66,852,871.65 - - 2,128,312.67 27,799,478.38 64,724,558.98 48.58 6,043,120.75 1,553,674.32 - - 1,146,789.53 5,636,235.96 406,884.79 4.12 3,878,152.24 2,668,269.12 3,000.00-718,063.32 1,924,946.44 1,953,205.80 6.56 102,445,310.35 71,074,815.09 3,000.00-3,993,165.52 35,360,660.78 67,084,649.57 : - - 71,074,815.09 67,084,649.57 14 11,958,416.17 4,768,674.63 386,912.46 2,202,794.48 9,005,623.56 2,952,792.61 1,814,415.53 675,737.82 365,962.54 499,102.78 1,271,817.95 542,597.58 13,772,831.70 5,444,412.45 752,875.00 2,701,897.26 10,277,441.51 3,495,390.19 1.75-4.5-15 2005.12.31 2004.12.31 2.9250-4.6500 209,935,515.85 209,935,515.85 635,000,000.00 635,000,000.00 4.6500 78,000,000.00 78,000,000.00 150,000,000.00 150,000,000.00 4.4250-5.1167 429,400,000.00 429,400,000.00 101,000,000.00 101,000,000.00 4.1850 - - 110,000,000.00 110,000,000.00 717,335,515.85 996,000,000.00 55

27.98% 16 2005.12.31 2004.12.31 11,000,000.00 21,153,000.00 11,000,000.00 21,153,000.00 48.00% 17 356,777,182.82 5% 5 18 30,422,634.93 5% 5 19 2005.12.31 2004.12.31 2,265,331.23 969,287.12 52,646.29 410.00 2,117,875.89 1,632,813.73 9,263,992.66 9,948,543.32 1,592,182.45 301,276.54 3,990,723.43-1,114.56 3,636.01 19,283,866.51 12,855,966.72 20 2005.12.31 2004.12.31 907,703.62 699,777.30 65,009.83 65,790.00 972,713.45 765,567.30 21 17,579,494.97 5% 5 22 2005.12.31 2004.12.31 1,488,436.02 2,172,724.90 56

358,841.24 1,211,048.84 709,114.80 1,314,917.23 3,427,998.83 1,365,253.11 641,552.93 160,546.02 1,270,383.14 1,307,847.63 7,896,326.96 7,532,337.73 23 2005.12.31 2004.12.31-188,264.63 5,000,000.00 5,000,000.00 5,000,000.00 5,188,264.63 24 2005.12.31 2004.12.31 41,415,934.94 31,645,518.00 41,415,934.94 31,645,518.00 30.87% [2005]804 2005 4,900,000.00 [2005]5 2005 2,000,000.00 [2005]1062 2,000,000.00 [2005]809 2,000,000.00 25 2004.12.31 1 - - 2005.12.31 225,911,452.00 - - 225,911,452.00 2 103,625,303.00 - - 103,625,303.00 3 - - 4 - - 329,536,755.00 - - 329,536,755.00 57

200,794,200.00 - - 200,794,200.00 200,794,200.00 - - 200,794,200.00 530,330,955.00 - - 530,330,955.00 530,330,955 1 530,330,955.00 (2000) YA119 26 2004.12.31 2005.12.31 1,058,291,486.35 - - 1,058,291,486.35 6,551,349.65 3,320,000.00-9,871,349.65 13,041,948.70 - - 13,041,948.70 12,000,000.00 - - 12,000,000.00 2,627.30 - - 2,627.30 1,089,887,412.00 3,320,000.00-1,093,207,412.00 3,320,000.00 27 2004.12.31 2005.12.31 91,995,458.37 1,223,415.83-93,218,874.20 24,415,818.24 - - 24,415,818.24 116,411,276.61 1,223,415.83-117,634,692.44 45,997,729.18 611,707.92-46,609,437.10 162,409,005.79 1,835,123.75-164,244,129.54 10% 5% 28 2005.12.31 12,234,158.35 289,522,063.06 1,223,415.83 611,707.92-58

- 299,921,097.66 2006 2005 2005 10% 5% 29 2005.12.31 2004.12.31-26,516,547.75-26,516,547.75 30 2005 2004 2005 2004 2005 2004 2,868,987,407.57 2,441,409,801.79 2,668,790,323.21 2,215,424,406.66 200,197,084.36 225,985,395.13 38,320,586.36 46,495,042.61 33,723,913.02 39,997,049.72 4,596,673.34 6,497,992.89 1,501,906,398.04 1,212,327,740.05 1,504,121,774.04 1,213,868,556.38 (2,215,376.00) 1,540,816.33 1,405,401,595.89 1,275,577,104.35 1,198,392,462.19 1,041,552,900.00 207,009,133.70 234,024,204.35 2005 2004 65,223,961.30 96,981,532.33 548,274,500.14 612,694,203.00 37,600,176.03 35,928,621.46 9,774,481.13 10,900,142.14 24,825,135.27 15,402,380.68 589,483,214.42 319,486,946.07 130,220,127.60 184,183,278.67 1,405,401,595.89 1,275,577,104.35 2005 239,840,987.35 17.07% 31 2005 2004 59

107,112.86 136,495.48 5,412,705.81 4,730,018.11 2,312,547.21 2,027,229.80 1,458,133.19 156,598.51 9,290,499.07 7,050,341.90 32 2005 2004 2005 2004 2005 2004 15,796,310.65 304,855.01 15,362,633.07 277,149.15 433,677.58 27,705.86 674,689.68 208,179.66 93,179.69-581,509.99 208,179.66 1,336,616.13 3,322,624.62 1,003,256.82 2,232,658.56 333,359.31 1,089,966.06 1,206,515.46 1,070,554.01 2,371,537.34 230,806.82 (1,165,021.88 839,747.19 19,014,131.92 4,906,213.30 18,830,606.92 2,740,614.53 183,525.00 2,165,598.77 33 2005 2004 48,518,184.14 45,338,806.00 3,212,357.10 5,503,401.93 3,711,369.97 1,045,393.66 182,780.54 149,180.45 3,998,154.84 4,756,402.84 52,832,571.31 45,488,020.12 16.15% 34 2005 2004 6,896,303.26 6,728,221.06 ---- 2,024,412.41 (1,103,372.84) ---- (7,375,266.85) (7,033,082.16) ---- (224,169.77) - ---- (8,666.67) 41,166.67 ---- 170,763.35-1,483,375.73 (1,367,067.27) 35 2005 2004 641,135.61 1,197,277.00 641,135.61 1,197,277.00 60

36 2005 2004 369,180.96 490,050.20 6,553.00 2,170.50 13,987.85 7,115.64 389,721.81 499,336.34 37 2005 2004 217,030.35 93,180.45 394,454.52 592,169.00-75,669.96 359,721.63 120,500.00 211,380.91 22,146.83 1,182,587.41 903,666.24 38 17,355,264.27 (954,855.48) 25,367,867.09 639,615.61 4,575,069.02 25,932,855.74 2,234,618.81 (14,850,580.25) 359,721.63 4,814,700.11 7,375,266.85 6,543.63 13,600,694.55 15% 2,040,104.18 197,851.78 2,237,955.96 39 (1) 2005 637,981.00-15,220,750.00-3,395,137.64-61

7,406,429.24 - - 31,624,209.09-17,461,116.06-352,624,724.33-48,124,847.49 26,660,297.88 449,834,896.97 (2) 2005 191,000,000.00 191,000,000.00 1 2005.12.31 2004.12.31 1 416,449,900.26 82.30% 10,980,563.97 796,877,833.29 90.23% 12,395,823.12 1~2 8,778,353.68 1.73% 938,594.94 6,145,780.80 0.70% 613,909.31 2~3 2,289,646.07 0.45% 343,807.89 38,372,433.05 4.34% 5,748,572.41 3 78,519,238.09 15.52% 15,956,376.28 41,803,323.12 4.73% 8,409,281.57 506,037,138.10 100.00% 28,219,343.08 883,199,370.26 100.00% 27,167,586.41 5% ( 5%) ( ) 2 2005.12.31 2004.12.31 1 397,204,208.73 94.25% 177,279.67 8,577,968.38 22.12% 365,650.27 1~2 1,352,202.66 0.32% 478,546.00 26,174,057.47 67.48% 15,415,907.87 2~3 20,434,388.33 4.85% 19,312,928.13 28,764.57 0.07% 21,237.66 3 2,425,869.78 0.58% 1,937,631.25 4,007,908.54 10.33% 1,900,970.82 421,416,669.50 100.00% 21,906,385.05 38,788,698.96 100.00% 17,703,766.62 3 1 2004.12.31 2005.12.31 438,230,836.30-20,572,068.77 9,916,175.96 448,886,729.11-62

48,535,632.62 - - 7,375,266.85 41,160,365.77-5,000,000.00 - - 5,000,000.00 - - 491,766,468.92-20,572,068.77 22,291,442.81 490,047,094.88-2) ( ) ( ) 23,268,195.49 (4,116,175.96) 813,087.57 - (1,351,150.84) 17,800,868.69 23,000,000.00-17,304,284.29 4,600,000.00 64,446,419.59 87,446,419.59 24,000,000.00 - (1,608,285.04) - 454,593.22 24,454,593.22 59,300,000.00-4,188,504.67 - (31,507,497.12) 27,792,502.88 13,400,000.00-672,337.03-1,398,952.01 14,798,952.01 16,000,000.00-1,343,566.19-101,515.84 16,101,515.84 15,198,600.00 - - - (15,198,600.00) - 6,830,516.00 - - - 333,503.22 7,164,019.22 18,000,000.00-2,863,612.18-1,621,403.36 19,621,403.36 15,122,964.46-1,630,000.00 1,200,000.00 2,846,751.08 17,969,715.54 29,000,000.00 - (978,934.24) - (2,775,386.19) 26,224,613.81 4,560,000.00-4,172.21 - (769,199.16) 3,790,800.84 207,867,890.12 - (8,183,239.28) - (24,669,529.20) 183,198,360.92 4,500,000.00 - (1,977,036.81) - (1,977,036.81) 2,522,963.19 460,048,166.07 (4,116,175.96) 16,072,068.77 5,800,000.00 (7,045,261.00) 448,886,729.11 4 2005 2004 2005 2004 2005 2004 731,155,516.93 927,743,220.78 621,821,169.95 816,608,647.30 109,334,346.98 111,134,573.48 731,155,516.93 927,743,220.78 621,821,169.95 816,608,647.30 109,334,346.98 111,134,573.48 14.95% 11.98% 5 75.25% 6 2005 2004 6,896,303.26 6,728,221.06 ---- 16,276,238.54 19,920,739.50 ---- (7,375,266.85) (7,033,082.16) 63

---- (224,169.77) - ---- (8,666.67) 41,166.67 ---- 170,763.35-15,735,201.86 19,657,045.07 ( ) 1., 2. 2004.12.31 2005.12.31 RMB 120,000,000.00 - - RMB 120,000,000.00 USD 5,000,000.00 - - USD 5,000,000.00 RMB 5,000,000.00 - - RMB 25,000,000.00 RMB 21,700,000.00 - - RMB 1,700,00 0.00 RMB 25,000,000.00 - - RMB 25,000,000.00 RMB 67,000,000.00 - - RMB 67,000,000.00 RMB 15,000,000.00 - - RMB 15,000,000.00 RMB 18,000,000.00 - - RMB 18,000,000.00 RMB 20,000,000.00 - - RMB 20,000,000.00 RMB 189,000,000.00 - - RMB 189,000,000.00 - RMB 5,000,000.00 - RMB 5,000,000.00 3. 2004.12.31 2005.12.31 142,484,171.85 26.87% - - 142,484,171.85 26.87% 23,268,195.49 55.00% - 4,116,175.96 19,152,019.53 45.00% 23,000,000.00 92.00% - - 23,000,000.00 92.00% 15,198,600.00 70.00% - - 15,198,600.00 70.00% 24,000,000.00 96.00% - - 24,000,000.00 96.00% 66,500,000.00 99.25% - - 66,500,000.00 99.25% 64

14,600,000.00 97.33% - - 14,600,000.00 97.33% 17,600,000.00 97.78% - - 17,600,000.00 97.78% 18,000,000.00 90.00% - - 18,000,000.00 90.00% 189,998,712.80 100.00% - - 189,998,712.80 100.00% - - 5,000,000.00-5,000,000.00 99.88% 4. ( ) ( ) 1. 2005 2004 2,335,658.66 0.30% 7,760,297.32 1.05% 22,176.88-838,195.50 0.11% 338.03-10,685,284.43 1.44% 1,860,900.00 0.24% 14,065,412.27 1.90% 13,919,643.09 1.77% 6,691,433.45 0.90% * - - 1,503,984.10 0.20% 18,453,445.90 2.34% 15,692,270.16 2.12% * - - 22,808,860.10 3.08% - - 2,178.47 - * - - 2,324,734.87 0.31% * - - 711,740.62 0.10% 41,078.29 0.01% 537,135.74 0.07% 199,828.58 0.03% 4,457.69-36,833,069.43 4.69% 83,625,984.72 11.28% 65

* 2. 2005 2004 41,736,695.05 2.97% 184,183,278.67 14.44% 57,691,926.34 4.10% 810,062.36 0.06% 19,636,023.49 1.40% 13,918,686.80 1.09% 686,767.22 0.05% 8,455,357.32 0.66% 3,107,453.24 0.22% 2,569,458.14 0.20% 440.00-1,724.40 - * - - 5,458.12 - * - - 1,294,355.39 0.10% 8,612,673.06 0.61% 7,216,021.32 0.57% 325,819.44 0.02% - - 69,808.40-161,978.63 0.01% 131,867,606.24 9.37% 218,616,381.15 17.13% * 3. 2005 2004 750,800.02 2,900.00 * - 217,600.00 13,893,831.97 37,700,629.63 122,680.00 41,911.00-22,814.00 30,624,212.46-45,391,524.45 37,985,854.63 44,518,044.43 24,271,465.47 20,246,578.96 * 4. 66

2005 12 31 13,180 5. 2005 2004 1,069,288.29 1,089,434.91 \ 3,740,515.54 13,166,801.73 10,443,571.74 9,019,872.82 \ 3,611,995.55 34,135,461.95 439,066.31 2,945,354.80 2.73% 6. 2005 16,598,554.86 267,327,691.49 246,613,301.93 3,298,800.91 34,014,143.51 4% 0.3% 3,298,800.91 7. 2005 92,208 7,684 35,262 8. 2005 2,573,925.63 1,113,271.32 1,113,271.32 20 4 10 20 4 10 15 ( ) 2005.12.31 2004.12.31 * 352,624,724.33 55,259,666.62 67

23,546,150.24 6,838,316.92 ( ) 34,934,366.77 16,516,861.24 * 2005 352,624,724.33 37,054,545.18 2.73% 389,679,269.51 2005 12 31 2005 12 31 505,718,929.03 432,170,842.44 44,005 32,340 368,094,287.76 215,437,832.28 20,100 10,600 2005 12 31 1 2006 2005 2005 10% 5% 2 200,794,200 ( 72,540 ) 130,516,230 10 6.5 68

2005 2000 12 29 2006 3 3 2006 3 3 2006 3 3 69