2004

. 3. 4. 5. 6. 7. 9 37 2

1 BEIJING AEROSPACE CHANGFENG CO., LTD. ASCF 2 600855 3 51 51 100854 http://www.ascf.com.cn ascf@ascf.com.cn 4 5 142 39 (010)88219815 (010)88525775 jkzhang@ascf.com.cn 142 39 (010)88525777 (010)88219811 tanhuining@ascf.com.cn 6 http://www.sse.com.cn 7 1986 1 7 26 1100001296342 1010610110284X 26 3

263,309,943.48 301,217,703.88 146,951,614.36 195,530,689.48 434,735,075.81 453,523,358.80 246,086,731.89 239,191,068.93 1.54 1.49 1.53 1.48 10,090,396.14 8,680,324.21 10,067,802.35 9,024,319.26-31,273,529.77 20,704,988.49 4.10% 3.82% 0.063 0.054 18,750.00 4,500.00 656.21 22,593.79 1 2 19,772 3 1 (%) ( ) 1 5,739.900 35.86 2 1,024.512 6.40 3 928.464 5.80 4 823.300 5.14 5 500.000 3.12 6 448.224 2.80 7 367.400 2.29 4

8 209.900 1.31 9 200.000 1.24 10 100.000 0.62 2 1 611,295 A 2 548,972 A 3 440,000 A 4 406,426 A 5 395,628 A 6 309,913 A 7 272,400 A 8 267,000 A 9 239,000 A 10 213,900 A 4 1 2 1 2004 3 22 2004 2 2004 3 22 3 2004 3 22 4 2004 4 23 5

2004 90% 501 546 CE 5 # 7 # 1 10,904.64 35.52% 3,741.7 30.57% ( ) (%) ( ) 3,230.17 28.96% 1,905.10 41.02% 2,132.28 19.12% 1,743.64 18.23% 5,792.13 51.92% 3,445.51 40.51% 11,154.58 100.00% 7,094.25 2 3 10% 4 (%) 6

2004 6 GMP 2004 1 2 [2003]56 1 2004 3 23 2003 2003 16,008 10 0.20 2004 4 14 2003 2004 4 19 2004 4 20 2004 4 26 2003 2 7

1 ( ) 1,003.18 31.06% 1,204.20 37.28% [1995] 1765 [1996]108 2 ( ) ( ) 51.2 51.2 3 1 2 [2003]56 1 1 [2003]56 2 50% 3 [2003]56 2 1 2 8

3 4 [2003]56 5% 2004 7 7 46 2004 9

2004 6 30 1 103,125,947.56 152,496,453.57 91,130,900.53 135,915,603.69 2 14,981,250.00 14,981,250.00 3 1,219,000.00 642,250.00 1,096,000.00 382,250.00 4 41,822,879.69 28,052,620.08 27,013,885.16 21,600,672.29 5 9,677,238.08 17,606,930.29 8,832,931.05 18,034,701.05 6 18,689,410.16 15,454,327.84 8,143,951.26 10,783,821.10 7 88,207,476.26 71,530,935.14 42,621,935.60 46,621,006.24 8 567,991.73 452,936.96 292,942.29 85,571.96 263,309,943.48 301,217,703.88 179,132,545.89 248,404,876.33 9 44,571,270.02 45,338,052.97 73,238,542.54 63,585,931.45 44,571,270.02 45,338,052.97 73,238,542.54 63,585,931.45 10 129,522,713.99 106,836,968.44 107,735,574.30 95,472,810.57 44,337,017.31 39,477,372.58 35,176,007.11 31,424,006.32 85,185,696.68 67,359,595.86 72,559,567.19 64,048,804.25 85,185,696.68 67,359,595.86 72,559,567.19 64,048,804.25 11 18,867,627.01 20,032,055.44 104,053,323.69 87,391,651.30 72,559,567.19 64,048,804.25 12 22,790,538.62 19,559,950.65 17,645,550.70 18,939,964.73 13 10,000.00 16,000.00 10,000.00 16,000.00 22,800,538.62 19,575,950.65 17,655,550.70 18,955,964.73 434,735,075.81 453,523,358.80 342,586,206.32 394,995,576.76 10

14 96,000,000.00 119,499,130.00 55,000,000.00 83,499,130.00 15 15,962,803.73 9,834,580.50 8,197,767.06 7,256,307.82 16 19,808,481.91 52,382,841.07 11,604,249.17 46,861,573.33 10,964.49 10,964.49 3,445,130.56 2,707,174.45 2,929,837.20 2,649,052.08 17 175,690.00 62,660.00 175,690.00 62,660.00 18 916,282.24 2,338,837.82 1,252,405.64 2,514,209.95 17,357.57 75,815.88 14,940.96 68,829.51 19 10,075,785.85 8,372,424.33 8,859,608.90 7,846,805.15 20 550,082.50 246,260.94 70,000.00 146,951,614.36 195,530,689.48 88,034,498.93 150,839,532.33 21 4,146,280.00 22 9,411,019.32 7,412,268.70 8,500,000.00 5,000,000.00 13,557,299.32 7,412,268.70 8,500,000.00 5,000,000.00 160,508,913.68 202,942,958.18 96,534,498.93 155,839,532.33 28,139,430.24 11,389,331.69 23 160,080,000.00 160,080,000.00 160,080,000.00 160,080,000.00 160,080,000.00 160,080,000.00 160,080,000.00 160,080,000.00 24 19,373,584.01 19,366,716.45 19,373,584.01 19,366,716.45 25 15,834,214.49 15,834,214.49 14,571,423.58 14,571,423.58 9,129,627.11 9,129,627.11 8,528,985.53 8,528,985.53 26 50,798,933.39 43,910,137.99 52,026,699.80 45,137,904.40 246,086,731.89 239,191,068.93 246,051,707.39 239,156,044.43 434,735,075.81 453,523,358.80 342,586,206.32 394,995,576.76 11

2004 1 6 27 111,545,831.43 80,462,718.65 72,188,994.04 66,434,358.83 28 70,942,524.07 51,146,662.86 43,234,035.72 41,236,381.26 29 688,340.71 658,674.97 532,348.54 452,973.35 39,914,966.65 28,657,380.82 28,422,609.78 24,745,004.22 811,864.40 912,581.96 98,269.44 433,777.15 12,233,215.03 6,850,855.04 7,606,189.56 6,258,343.52 15,688,037.78 12,310,750.20 10,575,458.97 12,387,676.93 30 1,401,601.81 284,640.89 945,887.28 189,587.06 11,403,976.43 10,123,716.65 9,393,343.41 6,343,173.86 31-417,457.16-587,340.40 698,031.34 1,112,080.48 32 564,603.42 500,000.00 64,603.42 4,500.00 600.00 4,500.00 656.21 97,553.07 97,553.07 11,554,966.48 9,939,423.18 10,160,478.17 7,357,701.27 394,200.91 540,221.93 70,082.03 228,897.81 1,070,369.43 718,877.04 10,090,396.14 8,680,324.21 10,090,396.14 7,128,803.46 43,910,137.99 28,306,784.40 45,137,904.40 28,841,598.20 54,000,534.13 36,987,108.61 55,228,300.54 35,970,401.66 54,000,534.13 36,987,108.61 55,228,300.54 35,970,401.66 3,201,600.74 3,201,600.74 50,798,933.39 36,987,108.61 52,026,699.80 35,970,401.66 12

2004 1 6 121,810,279.32 76,969,781.40 710,210.20 135,960.20 33 5,506,476.99 3,908,323.36 128,026,966.51 81,014,064.96 108,517,441.16 60,617,679.04 18,311,220.83 13,693,148.81 7,936,358.07 5,687,822.54 34 24,535,476.22 15,812,490.12 159,300,496.28 95,811,140.51-31,273,529.77-14,797,075.55 15,000,000.00 15,000,000.00 267,649.97 267,649.97 9,500.00 9,500.00 575,954.89 15,853,104.86 15,277,149.97 14,253,386.56 12,417,068.48 14,253,386.56 12,417,068.48 1,599,718.30 2,860,081.49 9,297,037.99 60,000,000.00 55,000,000.00 626,322.43 620,000.00 69,923,360.42 55,620,000.00 83,505,799.45 83,505,799.45 4,895,255.51 3,865,909.65 88,401,054.96 87,371,709.10-18,477,694.54-31,751,709.10-48,151,506.01-43,688,703.16 13

1 10,090,396.14 10,090,396.14 1,070,369.43 543,840.83 218,037.54 4,430,439.31 3,752,000.79 1,569,412.03 1,294,414.03 6,000.00 6,000.00-98,904.74-207,370.33 371,610.50-2,211.06-8,700.00-8,700.00 931,197.46 453,981.25 417,457.16-698,031.34-10,601,066.43 3,999,070.64-15,922,336.35-5,859,692.62-29,434,428.49-31,334,970.59 5,361,183.38 3,500,000.00-31,273,529.77-14,797,075.55 2 3 103,125,947.56 91,130,900.53 : 152,496,453.57 135,915,603.69 : 1,219,000.00 1,096,000.00 : -48,151,506.01-43,688,703.16 14

1985 12 25 1992 1993 1994 4 25 2000 12 26 2001 2 12 2001 7 11 51 1 2 1 1 12 31 3 4 5 6 7 1 5 1 2 10 % 15

2 3 30 3 50 1 2 8 1 2 3 4 5 9 1 2 10 1 20% 20% 20% 20% 20% 20% 16

2 10 3 4 5 11 1 2,000 2 17

3 % 20-40 3% 2.43%-4.85% 5-10 3% 9.70%-19.4% 5-10 3% 9.70%-19.4% 10 3% 9.70% 4 12 1 2 3 18

19 13 14 10 15 16 17 18 19 50% 50% 1995 11 1996 2

1 1999 633 17% 2 15% 2002 721 2002 1 1 2004 12 31 3 5% 4 7% 5 3% 6 2003 2004 2,150.42 89.12% 50 51 200.00 51.00% 201 202 CY 1,800.00 55.56% 42-3 2,009.7037 37.24% 9 2004 1 19 9,297,037.99 37.24% 1995 20

11 2003 12 31 2004 6 30 2004 1 6 2003 1 6 1 964,998.11 194,773.86 102,057,235.37 150,387,097.14 103,714.08 1,914,582.57 103,125,947.56 152,496,453.57 2 21 14,981,250.00 14,981,250.00 1,500 03 2004 1 16 3 1,219,000.00 642,250.00 1,219,000.00 642,250.00 4 1 (%) (%) 38,588,884.98 84.27 1,929,444.25 24,795,225.79 79.81 1,239,761.29 2,867,091.18 6.26 286,709.12 3,022,070.24 9.73 301,924.53 2,070,710.36 4.52 621,213.11 942,228.96 3.03 282,668.69 2,267,119.29 4.95 1,133,559.64 2,307,899.21 7.43 1,190,449.61 45,793,805.81 100.00 3,970,926.12 31,067,424.20 100.00 3,014,804.12

2 5% 3 5 9,668,660.00 21.11% 5 1 22 (%) (%) 9,588,627.72 83.67 567,431.38 17,330,516.96 89.61 404,289.66 368,805.35 3.22 36,880.54 98,520.82 0.51 9,852.08 216,700.00 1.89 65,010.00 627,094.92 3.24 170,934.30 1,286,281.86 11.22 1,113,854.93 1,283,225.11 6.64 1,147,351.48 11,460,414.93 100.00 1,783,176.85 19,339,357.81 100.00 1,732,427.52 9,297,037.99 2 5% 3 5 4,974,470.85, 43.40% 6 1 (%) (%) 15,440,922.94 82.62 14,193,888.88 91.84 2,680,028.26 14.34 825,330.00 5.34 358,458.96 1.92 435,108.96 2.82 210,000.00 1.12 18,689,410.16 100.00 15,454,327.84 100.00 2 1 3 5% 7 39,034,392.94 1,224,195.38 26,505,389.90 1,224,195.38 16,506,958.26 16,376,623.45 32,066,751.53 1,321,104.53 28,236,822.30 1,321,104.53 2,337.45 816,627.77

3,142,335.99 2,140,771.63 90,752,776.17 2,545,299.91 74,076,235.05 2,545,299.91 1 2 2004 6 30 8 40,000.00 2,138.12 22,138.00 20,000.04 37,224.00 83,673.01 57,359.52 63,537.49 367,365.00 493,168.51 639,534.52 220,998.99 140,000.00 70,000.00 70,000.00 308,100.87 167,913.44 140,187.43 8,347.96 64,444.47 19,524.65 53,267.78 452,936.96 1,091,524.98 976,470.21 567,991.73 9 45,338,052.97 766,782.95 44,571,270.02 45,338,052.97 766,782.95 44,571,270.02 1 1997.7~ 17.95% 3,500,250.00 3,500,250.00 1999.5~ 15.00% 232,200.00 232,200.00 1999.9~ 0.27% 8,803,361.77 8,803,361.77 2001.12 0.216% 894,207.90 894,207.90 1994.6~ 0.04% 16,148,877.97 16,148,877.97 2002.11~ 12.00% 5,000,000.00 5,000,000.00 10,759,155.33 766,782.95 9,992,372.38 45,338,052.97 766,782.95 44,571,270.02 2 15,250,272.51 10 10,675,190.91 762,513.60 9,912,677.31 85,387.54 10 83,964.42 4,269.35 79,695.07 15,335,660.05 10,759,155.33 766,782.95 9,992,372.38 23

3 2004 6 30 10 1 38,583,979.72 5,046,280.00 43,630,259.72 21,423,107.89 9,913,323.44 31,336,431.33 38,332,594.74 5,968,183.11 44,300,777.85 5,444,118.12 1,158,773.00 104,000.00 6,498,891.12 673,104.00 370,909.00 722,349.00 2,380,063.97 332,277.00 2,712,340.97 106,836,968.44 22,789,745.55 104,000.00 129,522,713.99 2 5,840,419.51 1,072,781.46 6,556,544.80 15,187,552.82 1,135,599.70 16,323,152.52 16,112,808.16 1,862,976.22 17,975,784.38 2,248,528.18 374,923.88 100,880.00 2,724,332.06 88,063.91 206,255.67 221,770.33 307,987.80 307,987.80 39,477,372.58 4,960,524.73 100,880.00 44,337,017.31 3 37,073,714.92 32,743,560.21 15,013,278.81 6,235,555.07 26,324,993.47 22,219,786.58 3,774,559.06 3,195,589.94 500,578.67 585,040.09 2,404,353.17 2,380,063.97 85,185,696.68 67,359,595.86 4 2004 6 30 11-40,000,000.00 20,032,055.44 1,447,899.70 2,612,328.13 18,867,627.01 20,032,055.44 1,447,899.70 2,612,328.13 18,867,627.01 1-24

98% 2 2004 6 30 12 7,998,388.78 5,598,877.57 399,920.70 2,799,431.91 5,198,956.87 6.5 14,035,834.01 9,825,083.93 701,791.68 4,912,541.76 9,123,292.25 6.5 102,100.00 85,574.05 6,789.17 23,315.12 78,784.88 7.3 478,500.00 375,762.50 27,912.50 130,650.00 347,850.00 7.3 700,000.00 619,985.92 34,998.00 115,012.08 584,987.92 8.4 3,160,000.00 3,054,666.68 157,999.98 263,333.30 2,896,666.70 9.2 4,800,000.00 4,800,000.00 240,000.00 240,000.00 4,560,000.00 9.5 31,274,822.79 19,559,950.65 4,800,000.00 1,569,412.03 8,484,284.17 22,790,538.62 1 2004 19 2 2004 6 30 13 43,000.00 16,000.00 6,000.00 33,000.00 10,000.00 0.8 16,000.00 6,000.00 33,000.00 10,000.00 14 41,000,000.00 36,000,000.00 55,000,000.00 70,000,000.00 13,499,130.00 96,000,000.00 119,499,130.00 1 2 15 25

26 % % 11,348,959.18 71.10 8,384,910.86 85.26 3,765,323.23 23.59 713,304.76 7.25 612,156.44 3.83 571,587.34 5.81 236,364.88 1.48 164,777.54 1.68 15,962,803.73 100.00 9,834,580.50 100.00 1 2 3 236,364.88 3 5% 16 % % 16,952,566.89 85.58 52,124,877.53 99.51 2,654,585.34 13.40 246,179.54 0.47 201,329.68 1.02 11,784.00 0.02 19,808,481.91 100.00 52,382,841.07 100.00 1 2 1 2,855,915.02 3 5% 17 175,690.00 62,660.00 175,690.00 62,660.00 18-480,946.14 649,867.57 158,133.84 219,229.02 126,599.35 176,276.88 984,336.89 987,313.18 128,358.30 151,987.24-200.00 2,650.00 151,513.93 916,282.24 2,338,837.82

1 CY 1,871,837.45 2 19 % % 6,056,345.63 60.11 4,977,122.13 59.45 1,106,793.27 10.98 609,424.40 7.28 2,912,646.95 28.91 2,785,877.80 33.27 10,075,785.85 100.00 8,372,424.33 100.00 1 2 3 5% 20 36,260.94 550,082.50 210,000.00 550,082.50 246,260.94 21 2007.09.30 4,146,280.00 4,146,280.00 4,146,280.00 4,146,280.00 22 507,004.00 150,809.30 160,058.71 257.48 18,000.00 20,000.00 440,828.60 742,210.02 1,284,119.91 8,500,000.00 9,411,019.32 7,412,268.70 5,000,000.00 2003 202 27

2003 1217 8,500,000.00 23 1 107,091,000.00 107,091,000.00 2 3 4 107,091,000.00 107,091,000.00 1 52,989,000.00 52,989,000.00 2 3 4 52,989,000.00 52,989,000.00 160,080,000.00 160,080,000.00 24 16,911,286.05 16,911,286.05 1,599,655.60 6,867.56 1,606,523.16 855,774.80 855,774.80 19,366,716.45 6,867.56 19,373,584.01 25 6,704,587.38 6,704,587.38 9,129,627.11 9,129,627.11 15,834,214.49 15,834,214.49 26 28

43,910,137.99 28,306,784.40 10,090,396.14 8,680,324.21 3,201,600.74 50,798,933.39 36,987,108.61 2004 3 22 2003 2003 160,080,000 10 0.2 3,201,600.74 27 32,301,725.65 30,255,802.69 21,322,778.62 11,408,359.82 57,921,327.16 38,798,556.14 111,545,831.43 80,462,718.65 1 2 5 34,805,210.26 31.92% 28 19,051,037.41 20,007,093.58 17,436,405.52 8,785,690.22 34,455,081.14 22,353,879.06 70,942,524.07 51,146,662.86 29 150,426.86 238,500.00 376,539.70 294,122.49 161,374.15 126,052.48 688,340.71 658,674.97 29

30 2,015,673.81 779,832.00 888,085.49 545,868.61 252,706.83 21,306.66 50,677.50 1,401,601.81 284,640.89 31 330,575.80-716,026.43 330,575.80 84,701.58 18,750.00-766,782.96-762,513.60 891,199.63-417,457.16-587,340.40 32 564,603.42 500,000.00 564,603.42 500,000.00 2003 97 2003 1 1 2005 12 31 33 3,500,000.00 1,398,749.09 34 5,775,464.94 2,928,491.00 2,176,850.84 2,086,570.54 1,896,543.45 1,620,114.51 1,565,211.40 30

1,387,146.98 1,237,661.39 4 1 31 (%) (%) 24,955,489.58 84.14 1,247,774.48 18,670,768.19 78.05 933,538.41 1,789,905.46 6.03 178,990.55 2,678,987.64 11.20 267,616.27 1,191,484.00 4.02 357,445.20 830,114.00 3.47 249,034.20 1,722,432.69 5.81 861,216.34 1,741,982.69 7.28 870,991.35 29,659,311.73 100.00 2,645,426.57 23,921,852.52 100.00 2,321,180.23 2 5% 3 5 8,558,460.00 28.86% 5 1 (%) (%) 8,014,798.74 84.92 400,739.93 17,683,568.81 94.14 421,942.25 931,635.85 9.87 36,880.54 201,155.82 1.07 20,115.58 216,700.00 2.30 65,010.00 627,094.92 3.34 170,934.30 274,804.01 2.91 102,377.08 271,747.26 1.45 135,873.63 9,437,938.60 100.00 605,007.55 18,783,566.81 100.00 748,865.76 9,297,037.99 2 5% 3 5 4,849,190.85 51.38% 9 63,585,931.45 10,707,510.51 766,782.96 73,526,659.00 63,585,931.45 10,707,510.51 766,782.96 73,526,659.00 1

1988.6-89.12% 20,297,324.03 34,983.74 762,513.60 19,569,794.17 1999.9~ 0.216% 8,803,361.77 8,803,361.77 2001.12 0.216% 894,207.90 894,207.90 1994.6~ 0.04% 16,148,877.97 16,148,877.97 2002.2~ 51.00% 2,124,749.56 714,920.38 4,269.36 2,835,400.58 2002.11~ 12.00% 5,000,000.00 5,000,000.00 CY 2003.11~ 55.56% 10,317,410.22 267,553.48 10,584,963.70 2004.1 37.24% 9,401,936.45 9,401,936.45 63,585,931.45 10,419,394.05 766,782.96 73,238,542.54 2 3 2004 6 30 27 29,383,725.65 30,255,802.69 42,805,268.39 36,178,556.14 72,188,994.04 66,434,358.83 28 18,004,951.08 20,007,093.58 25,229,084.64 21,229,287.68 43,234,035.72 41,236,381.26 31 1,446,064.30 983,394.45 330,575.80 18,750.00-766,782.96-762,513.60 891,199.63 698,031.34 1,112,080.48 1 32

50 2 60,000,000.00 60,000,000.00 3 (%) (%) 57,399,000.00 35.86 57,399,000.00 35.86 4 5 1 306,095.14 0.99% 2 200,000.00 0.38% 300,000.00 0.57% 3 512,000.00 93.09% 210,000.00 85.28% 6 33

1 10,031,800.00 9.20% 6,500,000.00 8.08% 12,042,000.00 11.04% 14,195,400.00 17.64% 261,619.78 0.33% 22,073,800.00 20.24% 20,957,019.78 26.05% 2 512,000.00 162,000.00 435,540.98 162,000.00 435,540.98 466,560.00 627,179.02 466,560.00 627,179.02 1,140,560.00 1,062,720.00 1,140,560.00 1,062,720.00 3 2004 6 30 13,500,000.00 2003.10.09-2004.10.08 34,500,000.00 20,000,000.00 2003.11.04-2004.11.03 1,000,000.00 2004.03.18-2005.03.19 1,600,000.00 2003.09.26-2004.09.25 6,500,000.00 900,000.00 2003.12.01-2004.11.19 4,000,000.00 2004.02.11-2004.12.07 2004 6 30 34

2004 1 6 4,747,231.64 1,006,871.33 5,754,102.97 3,014,804.12 956,122.00 3,970,926.12 1,732,427.52 50,749.33 1,783,176.85 2,545,299.91 2,545,299.91 1,321,104.53 1,321,104.53 1,224,195.38 1,224,195.38 35

2004 1 6 ( / ) 16.22% 16.45% 0.249 0.249 4.63% 4.70% 0.071 0.071 4.10% 4.16% 0.063 0.063 4.09% 4.15% 0.063 0.063 36

1 2 3 4 5 37