寶業集團股份有限公司

寶業集團股份有限公司 BAOYE GROUP COMPANY LIMITED 股份代號 : 2355) 二零零五年年報

02 04 08 12 32 40 42 44 46 51 62 63 64 134 136

02

03

4,724 4,378 2,994 2,298 1,605 2005 2004 2003 2002 2001 304 275 112 141 122 2005 2004 2003 2002 2001 04

4,723,797 4,378,434 2,994,472 2,297,526 1,604,574 304,226 275,082 112,409 141,075 122,053 0.537 0.518 0.255 0.402 0.348 4,556,918 3,601,450 2,539,428 1,378,971 1,309,804 2,728,887 2,442,808 1,723,020 921,426 978,081 1,828,031 1,158,642 816,408 457,545 331,723 05

% 17.3% 26.1% 2.89 1.98 % 14.4% 39.% 1.33 1.03 11,398 (49,238) 06

120 46% 132,855,000 500,000 1.45 50% 142,559 74,000 07

4,723,797,000 8% 11% 304,226,000 0.537 4% 0.12 GDP9.9% 7.5% 1,000 3,000 5 5-6 31 O8

120 500,000 09

70%20% 100 10

11

4,723,797,0008% 304,226,000 11% 0.5374% 2.89 46%

3,524 3,403 207 203 2,494 100 2005 2004 2003 2005 2004 2003 4,723,797,0008% 304,226,000 11% 0.537 4%2.89 46% 1) 3,524,178,000 74% 206,955,000 46%4% 2% 14

2005 2004 41% 42% 16% 17% 15% 15% 28% 26% 12,006,910,000 46% 4,922,833 41% 3,469,043 42% +42% 3,361,935 28% 2,147,054 26% +57% 1,801,037 15% 1,240,586 15% +45% 1,921,105 16% 1,385,943 17% +39% 12,006,910 100% 8,242,626 100% +46% 15

2005 12% 2004 13% 25% 20% 23% 30% 38% 39% 1,435,879 12% 2,062,331 25% -30% 3,554,875 30% 3,213,831 39% +11% 4,536,214 38% 1,842,081 23% +146% 2,479,942 20% 1,124,383 13% +121% 12,006,910 100% 8,242,626 100% +46% 16

38270 61.8 13% 58% 36% 17

(CTBA) 1 0 1 1 2 1 1 0 9 7 1 0 5 5 5 1 8 7 4 2 19 0 5 2 6 3 12 11 18

546 492 169 125 84 14 2005 2004 2003 2005 2004 2003 2) 545,995,000 12%11% 125,412,000 28%26% 65,175 373,518,000 5,731 5,420 6% 47,539 164,011,000 3,450 3,250 6% 142,559 100% 51,344 70% 100,000 75% 522,000 100% 19

520,000 142,559 65,000 3,300 74,000 500 51,344 10 20

10 1,050,000 522,000 18 72 10,000 21

621 89 462 415 64 50 2005 2004 2003 2005 2004 2003 3) 620,741,000 13% 88,785,000 20%34% 39% 194,241 166,132 +17% 94,233 58,902 +60% 72,200 5,625 +1,184% 175,162 152,379 +15% 38,151 37,471 +2% 11,893 10,820 +10% 18,921 17,811 +6% 9,852 6,661 +48% 6,088 5,912 +3% 620,741 461,713 +34% 22

8% 7.5% 1) 23

500,000 2) 24

25 3)

28 AAA 82% UBS 4.05 36,136,800H 142,776,000 148,487,000 Goldman Sachs 4.85 43,364,160H 209,300,000 217,672,000 254,482,000 411,072,000 14.4% 39%

H366,159,000 UBS36,136,800H 148,487 Goldman Sachs43,364,160H 217,672 366,159 50% 145,000 132,855 88,304 366,159 % 17.3% 26.1% 2.89 1.98 % 14.4% 39% 1.33 1.03 H 366,159,000 29

1 11,398 (49,238) +123% 2 (176,156) (262,643) +33% 3 363,170 367,962-1% 198,412 56,081 +254% 1. 220,160,000 57,319,000 162,841,000 2. 145,000,000 50%65,000,000 23,649,00035% 3. H366,159,000 81,502,000 67,500 58,690 30

306,230,000 69,372,000 14,094,000 31

34

27(b) 35

12/12 12/12 12/12 12/12 9/12 12/12 8/12 12/12 11/12 36

37

38

45 39

BNP ASHU IR Martin Currie 2004 IRIS Asia 2005 UBS HSBC/ 2005 CLSA Goldman Sachs HSBC 40

BNP Value Partners CLSA UOB Kay Hian Goldbond UBS Value Partners Citic UOB Kay Hian HSBC Citigroup BNP Goldbond Credit Suisse 41

UBS 4.05 36,136,800H 1.4 CEO 1000 269 42

1000 91 43,364,160HGoldman Sachs 2.1 50 43

44

45

1957 1962 46

1970 1954 1935 47

1945 1935 1954 John Molson School of Business of Concordia UniversityMcGill University 28 1962 48

1976 1928 1940 1944 1956 1969 10 1968 2004 2005 49

1954 1972 1968 1968 50

11 64 67 68 5 19 105,133,000 87,889,000 0.12 0.1436 51

5 30% 5% 7 52

53

3.13 3.13 1. 2. 3. 4. 46 50 27(b) 27(c) 54

XV 7 8 352 198,753,054 32.53% 13,024,647 2.13% 11,705,283 1.92% 9,544,775 1.56% 8,233,510 1.35% 7,524,884 1.23% 7,147,039 1.17% 5,794,259 0.95% 5,633,172 0.92% 2,647,911 0.43% 55

18 H H H H H H 1.43 4.05 4.85 H 180,684,000 36,136,800 43,364,160 56

610,927,013 350,742,053 57.41% H 260,184,960 42.59% 610,927,013 100% 336 XV2 3 H H Goldman Sachs (Asia) Finance 1 43,364,160 16.67% 7.10% Jayhawk China Fund (Cayman) 2 23,090,000 8.87% 3.78% Mr. Kent C. McCarthy 2 23,090,000 8.87% 3.78% Atlantis Investment Management Limited 3 17,500,000 6.73% 2.86% Value Partners Limited 4 16,734,000 6.43% 2.74% 4 16,734,000 6.43% 2.74% 57

1. 43,364,160 H Goldman Sachs (Asia) Finance Goldman Sachs (Asia) Finance Goldman Sachs Global Holdings (L.L.C.) 1%Goldman Sachs (Asia) Finance Holdings L.L.C.99% 2. 23,090,000 H Jayhawk China Fund (Cayman), Ltd. Kent C. McCarthy Jayhawk China Fund (Cayman), Ltd. 100% Kent C. McCarthy Jayhawk China Fund (Cayman), Ltd. H 3. 17,500,000 H Atlantis Investment Management Limited 4. 16,734,000 H Value Partners Limited Value Partners Limited 32.77% Value Partners Limited H H366,159,000 29 1,488 1,171 45,000 41,000 790,849,000 672,105,000 HH 2826 58

1) 11,514,00019% 2) 145,000,00050% 33% 29 67,500 58,690 59

1,800 50 1,500 50 300 20 330 20 1. 2. 60

132,855,000 61

62

22 (852) 2289 8888 (852) 2810 9888 www.pwchk.com 64133 63

7 486,997 419,638 8 35,981 5,188 6 460,110 586,441 9 17,043 1,045 10 95,879 73,458 24 22,844 13,009 1,118,854 1,098,779 12 54,233 37,314 6 286,350 288,341 10 606,348 191,331 72,276 26,199 13 517,919 412,580 14 387,223 320,552 15 687,684 660,426 16 83,742 22,051 17 742,289 543,877 3,438,064 2,502,671 4,556,918 3,601,450 73 133 64

18 953,735 587,576 19 235,884 78,677 500,738 306,309 73,311 81,502 1,763,668 1,054,064 64,363 104,578 1,828,031 1,158,642 24 134,970 5,499 20 374,380 283,499 21 432,769 320,621 227,352 388,297 85,896 134,754 13 389,137 330,518 23 1,080,513 977,000 22 3,870 2,620 2,593,917 2,437,309 2,728,887 2,442,808 4,556,918 3,601,450 844,147 65,362 1,963,001 1,164,141 73 133 65

7 29,641 22,088 6 291,028 292,689 10 66,816 27,820 11 729,875 526,479 9,082 1,117,360 878,158 11 215,828 135,288 15 112,785 166,064 17 175,750 40,734 504,363 342,086 1,621,723 1,220,244 18 953,735 587,576 19 111,292 73,566 31,822 6,387 73,311 81,502 1,170,160 749,031 73 133 66

24 679 679 20 594 150 21 88,394 28,853 11 39,635 5,896 5,896 23 356,000 396,000 450,884 470,534 451,563 471,213 1,621,723 1,220,244 73 133 67

5 4,723,797 4,378,434 26 (4,289,943) (3,916,308) 433,854 462,126 25 136,391 67,440 26 (7,363) (2,957) 26 (112,370) (89,897) 450,512 436,712 28 (29,885) (23,981) 420,627 412,731 29 (112,729) (120,009) 307,898 292,722 304,226 275,082 3,672 17,640 307,898 292,722 31 0.537 0.518 32 73,311 81,502 73 133 68

587,576 41,275 187,557 816,408 72,606 72,606 587,576 41,275 187,557 72,606 889,014 275,082 17,640 292,722 (3,680) (3,680 ) 41,082 (41,082) (33,746) (3,256) (37,002) 9,744 9,744 10,180 10,180 (2,336) (2,336 ) 587,576 78,677 387,811 104,578 1,158,642 73 133 69

587,576 78,677 387,811 104,578 1,158,642 40 2.1 (1,240) 1,240 587,576 77,437 389,051 104,578 1,158,642 19 611 611 304,226 3,672 307,898 611 304,226 3,672 308,509 18 366,159 366,159 36(A) 120,110 120,110 37,726 (37,726) (81,502) (81,502) 36(B) 6,197 6,197 25(a) (50,084) (50,084) 953,735 235,884 574,049 64,363 1,828,031 73 133 70

33 220,160 57,319 (48,030) (42,137) (160,732) (64,420) 11,398 (49,238) 36(B) (14,321) (59,967) 36(A) (52,377) 25(a) (23,649) (2,900) (141,487) (205,565) (30,881) 33 12,575 11,748 8,178 (171,655) 170,155 25 34,925 26,422 (176,156) (262,643) 73 133 71

18 374,260 18 (8,101) 9,744 1,384,651 1,838,000 (1,306,138) (1,443,950) 32 (81,502) (33,746) (2,086) 363,170 367,962 198,412 56,081 543,877 487,796 742,289 543,877 73 133 72

1. H 2. 2.1 4 73

74 2. 2.1 i) 1 2 7 8 10 16 17 21 23 24 27 31 32 33 36 38 39 39 40 15 21 3 1 2 7 8 10 16 21 23 24 27 33 15 1 2 7 8 10 16 23 27 33 15 21 24

2. 2.1 i) 17 31 31 32 39 2.11 40 21 75

2. 2.1 i) 3 3638 20 32.7 3 40 40 3 76

2. 2.1 i) (a) 17 460,110 578,771 286,350 280,658 596,494 741,894 45,093 5,328 104,873 112,207 17 (b) 31 9,082 38,231 11,087 88,033 411 12,782 65,000 2,100 2,100 31 77

2. 2.1 i) (c) 40 25,069 8,273 18,036 1,240 0.030 ii) 1 19 19 39 39 39 4 1 6 7 4 5 6 78

2. 2.2 (a) (b) 79

2. 2.2 (c) 2.3 2.4 (a) (b) 80

2. 2.5 20 10% 10 10% 5 10% 5 10% 2.8 81

2. 2.6 16 82

2. 2.7 2.8 2.9 2.10 83

2. 2.11 12 2.12 84

2. 2.13 2.14 2.15 2.16 85

2. 2.16 12 2.17 2.18 (a) (b) 86

2. 2.18 (c) 27(a). 2.19 2.20 (a) 2.13 (b) 87

2. 2.20 (c) (d) (e) (f) 2.21 2.22 2.23 2.24 2.11731 5 88

3. 3.1 (a) H H (b) (c) (d) 23 3.2 89

4. 4.1. (a) 2.13 (b) 3,870,000 90

4. 4.1. (c) i) ii) iii) 35,981,000 25,069,000 4.2 30% 60% 91

5. 4,690,914,000 4,356,878,000 92

5. 3,650,687 781,746 545,995 86,040 5,064,468 (126,509) (161,005) (53,157) (340,671) 3,524,178 620,741 545,995 32,883 4,723,797 206,955 88,785 125,412 29,360 450,512 (29,885) 420,627 (112,729) 307,898 13,015 22,883 1,778 985 38,661 3,036 72 3,108 3,130 2,526 (593) (12) 5,051 93

5. 3,645,165 555,629 492,194 42,566 4,735,554 (242,194) (93,916) (21,010) (357,120) 3,402,971 461,713 492,194 21,556 4,378,434 202,637 63,911 169,403 761 436,712 (23,981) 412,731 (120,009) 292,722 12,303 13,735 2,385 1,071 29,494 1,193 85 1,278 (4,632) 126 1,692 112 (2,702) 94

5. 2,508,681 715,629 1,233,359 40,425 58,824 4,556,918 1,623,717 380,078 616,198 22,998 85,896 2,728,887 45,271 93,059 1,472 3,430 143,232 1,893,768 870,554 775,936 32,416 28,776 3,601,450 888,280 421,823 582,193 15,704 534,808 2,442,808 25,825 210,068 426 12,308 248,627 95

6. 586,441 288,341 515,612 89,203 17 (7,670) (7,683) 578,771 280,658 515,612 89,203 10,010 246,208 27,796 36 136,320 57,899 (255,020) 255,020 (232,000) 232,000 (4,226) (243,248) (60,658) (5,745) (6,080) (1,278) 460,110 286,350 586,441 288,341 292,689 63,000 230,881 (1,661) (1,192) 291,028 292,689 96

6. 200,000,000 200,000,000 306,230,000 69,372,000 197,513,000 111,000,00023 7. 82,659 101,172 65,906 12,538 64,661 326,936 (14,878) (43,328) (26,443) (5,932) (90,581) 67,781 57,844 39,463 6,606 64,661 236,355 67,781 57,844 39,463 6,606 64,661 236,355 7,350 7,350 18,072 98,456 5,997 3,422 84,449 210,396 65,018 15,338 (80,356) (549) (4,322) (14) (84) (4,969 ) (6,052 ) (13,919) (7,742) (1,781) (29,494) 144,270 160,747 37,704 8,163 68,754 419,638 165,160 218,170 71,584 15,872 68,754 539,540 (20,890) (57,423) (33,880) (7,709) (119,902) 144,270 160,747 37,704 8,163 68,754 419,638 97

7. 144,270 160,747 37,704 8,163 68,754 419,638 36 307 364 671 3,674 54,613 17,134 3,968 63,172 142,561 55,961 601 (56,562) (15,539) (8,079) (3,594) (27,212) 8(b) (10,000) (10,000) (7,374) (21,445) (7,536) (2,306) (38,661) 170,992 186,437 47,609 6,595 75,364 486,997 193,471 252,808 89,025 16,545 75,364 627,213 (22,479) (66,371) (41,416) (9,950) (140,216) 170,992 186,437 47,609 6,595 75,364 486,997 98

7. 388 4,632 726 5,746 (610) (48) (658) 388 4,022 678 5,088 388 4,022 678 5,088 371 227 17,486 18,084 (56) (56) (18) (839) (171) (1,028 ) 370 3,554 678 17,486 22,088 388 5,003 889 17,486 23,766 (18) (1,449) (211) (1,678 ) 370 3,554 678 17,486 22,088 370 3,554 678 17,486 22,088 952 20 7,771 8,743 (18) (989) (183) (1,190) 352 3,517 515 25,257 29,641 388 5,955 909 25,257 32,509 (36) (2,438) (394) (2,868) 352 3,517 515 25,257 29,641 99

7. 27,281,000 23,807,00011,380,000 5,687,000 8. 5,188 5,188 7 10,000 (b) 19 912 25,069 (5,188) 35,981 5,188 (a) (b) 912,000 301,000 19 100

9. 1,124 (79) 1,045 1,124 (79) 1,045 1,045 36(A) 15,998 17,043 17,043 3 101

10. 640,151 219,764 44,932 17,425 62,076 45,025 21,884 10,395 702,227 264,789 66,816 27,820 606,348 191,331 95,879 73,458 66,816 27,820 702,227 264,789 66,816 27,820 11. 729,875 526,479 215,828 135,288 (39,635) 945,703 622,132 102

11. 99% 300,000,000 83.1% 10,800,000 87.5% 12.4% 30,000,000 93.3% 6.6% 15,000,000 90% 9.9% 50,000,000 19% 79.9% 60,600,000 51.5% 21,500,000 103

11. 88.3% 11.6% 3,000,000 90% 6,000,000 98.9% 2,000,000 69,9% 18,000,000 70% 2,720,000 60% 39.6% 5,000,000 104

11. 90% 80,000,000 51.5% 20,000,000 90% 9.9% 10,000,000 95% 4.95% 20,000,000 90% 9.9% 5,000,000 89.9% 10,000,000 90% 9.9% 36(A) 30,000,000 105

11. 75% 36(B) 20,000,000 60% 39.6% 5,000,000 90% 10% 60,000,000 12. 21,620 17,616 9,172 5,683 23,441 14,015 54,233 37,314 106

13. 12,006,910 8,242,626 (11,878,128) (8,160,564) 128,782 82,062 517,919 412,580 (389,137) (330,518) 128,782 82,062 15 471,577,000 451,302,000 14. 399,470 329,693 (12,247) (9,141) 387,223 320,552 107

14. 3 214,652 244,138 3 1 138,534 52,182 1 2 36,352 26,635 2 3 9,552 6,037 3 380 701 399,470 329,693 1 31 12 15. 43,000 43,000 50,000 50,000 50,000 50,000 28,765 25,160 8 24,127 421 45,500 91,000 3,184 94,342 63,916 19,785 21,872 13 471,577 451,302 687,684 660,426 112,785 166,064 108

16. 17. 614,207 433,877 50,200 40,734 128,082 110,000 125,550 742,289 543,877 175,750 40,734 1.96% 1.62%1.95% 737,421,000 522,257,0004,868,000 21,620,000 18. 531,426 531,426 56,150 587,576 H(a) 79,501 79,501 286,658 366,159 610,927 610,927 342,808 953,735 (a) 4.05 4.30 4.85 5.04 36,136,80043,364,160 1 H 8,101,000286,658,000 109

19. (a) (b) 1,240 7,551 21,656 10,828 41,275 (3,680) (3,680 ) 27,388 13,694 41,082 1,240 3,871 49,044 24,522 78,677 110

19. (a) (b) 1,240 3,871 49,044 24,522 78,677 40 2.1 (1,240 ) (1,240 ) 3,871 49,044 24,522 77,437 8(b) 912 912 24 (301) (301) 36(A) 120,110 120,110 25,151 12,575 37,726 124,592 74,195 37,097 235,884 111

19. (a) (b) 21,656 10,828 32,484 27,388 13,694 41,082 49,044 24,522 73,566 49,044 24,522 73,566 25,151 12,575 37,726 74,195 37,097 111,292 (a) 10%50% 25% (b) 5% 10% 112

20. 3 231,944 117,956 594 3 1 104,404 140,881 150 1 2 29,436 17,999 2 3 2,938 4,356 3 5,658 2,307 374,380 283,499 594 150 21. (a) 1,916 1,488 (a) 6,660 7,217 12,807 230,627 126,712 86,894 20,302 76,730 90,429 7,051 113,601 79,763 3,235 2,205 1,500 1,500 432,769 320,621 88,394 28,853 (a) 113

22. 2,620 5,000 3,200 2,400 (1,950) (4,780) 3,870 2,620 65 3,200,000 670,000 23. 883,000 866,000 310,000 350,000 197,513 111,000 46,000 46,000 1,080,513 977,000 356,000 396,000 (a) 306,230,000 69,372,000 197,513,000 111,000,000 (b) 5% 7% 5% 6% (c) 114

24. 12 12,178 7,515 12 10,666 5,494 22,844 13,009 12 (95,532) (5,400) (679) (679) 12 (39,438) (99) (134,970) (5,499) (679) (679) 115

24. 7,510 231 (679) 36(A) (115,309) 36(B) (3,171) 29 (855) 7,279 (679) 19 (301) (112,126) 7,510 (679) (679) 116

24. 6,273 6,273 (892) 2,223 5,405 6,736 5,381 2,223 5,405 13,009 1,668 4,090 1,068 6,826 36(A) 3,009 3,009 7,049 9,322 6,473 22,844 117

24. (538) (4,458) (1,046) (6,042) (139) 1,933 (1,251) 543 (679) (677) (2,525) (2,297) (5,499) (679) 19 (301) (301) 246 (7,567) (360) (7,681) 36(A) (118,318) (118,318) 36(B) (3,171) (3,171) (431) (131,882) (2,657) (134,970) (679) 118

25. (a) 26,435 36(B) 3,549 34,925 26,422 8 25,069 2,990 (b) (28,698) (b) 58,650 30,861 9,835 6,779 3,636 3,378 136,391 67,440 (a) 11,514,000 19% 11,327,000 808,00015% 1% 19% 15% 1% 27,189,000 21,465,000 1,430,000 26,435,000 (b) 119

26. 7 38,661 29,494 3,108 1,278 27 790,849 672,105 3,506,969 3,238,864 4,507 2,939 1,800 1,500 63,782 62,982 4,409,676 4,009,162 27. 781,219 663,611 6,706 5,673 (a) 2,924 2,821 790,849 672,105 (a) 19% 20% 19% 20% 120

27. (b) 600 3 603 450 3 453 450 3 453 450 3 453 38 38 38 38 38 38 38 38 187 187 339 1,950 12 2,301 121

27. (b) 552 3 555 420 3 423 420 2 422 420 2 422 25 25 25 25 25 25 25 25 (i) 127 127 (i) 57 57 56 56 340 1,812 10 2,162 (i) 122

27. (c) 960 84 468 3 960 555 1,000,000 28. 48,030 42,137 (1,094) (4,657) (17,051) (13,499) 29,885 23,981 4.9% 5.3% 123

29. (i) 0 (ii) 33% 33% 111,874 127,288 24 855 (7,279) 112,729 120,009 420,627 412,731 33% 33% 138,806 136,201 (a) (b) (16,444) (19,728) (9,890) 257 838 2,702 (4) 112,729 120,009 (a) (2005) 10% 10% (b) (2004) 93 94 40% 124

30. 136,472,000 109,630,000 31. 304,226 275,082 566,965 531,426 0.537 0.518 32. 0.12 0.1436 73,311 81,502 81,502,000 0.143633,746,000 0.06350.12 73,311,000 125

33. 307,898 292,722 112,729 120,009 38,661 29,494 79 3,108 1,278 18,863 (6,779) (2,990) 25(a) (26,435) 36(B) (3,549) (25,069) (34,925) (26,422) 29,885 23,981 255,577 (232,958) (61,691) (5,766) (16,919) (15,347) (46,720) (58,994) (92,949) (263,556) (235,314) 199,578 220,160 57,319 126

33. 6 7 31,438 4,969 (18,863) 6,779 12,575 11,748 34. 67,500 58,690 500,000 456,000 690,000,000 686,000,000 500,000,000 456,000,000 127

35. (a) 14,094 (b) 26 844 979 165 86 1,009 1,065 128

36. (A) 50% 50% 145,000,000 50% 32,000 (i) 2005 65,000 2005 12 31 80,000 145,000 (ii) (129,002) 15,998 129

36. (A) 50% (ii) 50% 12,623 12,623 430 430 3,009 3,009 326,899 147,630 9,903 9,903 (139,703) (139,703) (25,000) (25,000) (59,159) 129,002 8,892 (iii) 65,000 (12,623) 52,377 (iv) 50% 129,002 (8,892) 19 120,110 130

36. (B) 75% 75% 681,000 (i) 15,000 (ii) (18,549) (3,549) 25) (ii) 679 679 241 241 86,293 76,666 86 86 (59,382) (59,382) (3,171) 24,746 18,290 25% (6,197) 18,549 131

36. (B) 75% (iii) 15,000 (679) 14,321 37. 32.53% 25(a) 21(a) 2005 2,550 2,404 132

38. (a) 132,885,000 100% (b) 500,000,000 365 133

H 571 H 1.00 134

12 1.2. 3. 4. 5. 6. 7. 8. 9. 10. 11.12. 135

FCIS FCS 22 8 A 9 100027 8 37 20 15 100020 28 26 18 1 29 A 312028 86-575-4069420 38 1902 2355 86-575-4135837 86-575-4118792 E-mail:irbaoye@baoyegroup.com www.baoyegroup.com 136