% 18.42% 10.83% 3.71% 0.9% 0.71% 0.45% 50.56% 91.3% 60% 78.3% 45% 95% 11.68% Page 2

20061031 (002004)/7.24 0755-82943245 zhourui@ccs.com.cn 8.60-10.75 ( A)( ) 1809.66 13,200 A () 14,500 A () 4,369 () 3.36 3 (%) -1.90-4.70 & 6 (%) 19.50-13.10 1 (%) -6.30-60.40 52 () 5.88-8.73 & 2006 14500 06 EPS0.34 07 0.43 07 20-25 PE 1 8.6-10.75 6/14/2006 2005 2006E 2007E 2008E 2005 2006E 2007E 2008E ( ) 27350 28108 32085 36172 () 0.36 0.34 0.43 0.51 (%) 0.4% 2.8% 14.1% 12.7% () 2.97 3.13 3.28 3.52 ( ) 6284 5809 6704 7616 (%) 12.2% 10.9% 13.1% 14.4% (%) 7.5% -7.6% 15.4% 13.6% () 0.27 0.27 0.27 0.27 ( ) 5250 4932 6228 7371 (%) 3.8% 3.8% 3.8% 3.8% (%) 10.2% -6.1% 26.3% 18.3% (%) 7.8% 11.9% 11.9% 10.0% (%) 75.4% 74.2% 74.3% 74.5% P/E() 20.0 21.3 16.9 14.2 (%) 23.0% 20.7% 20.9% 21.1% P/B() 2.44 2.31 2.20 2.06 (%) 19.2% 17.5% 19.4% 20.4% EV/EBITDA() 6.9 11.5 10.2 9.0

1 1992 1 14.42% 18.42% 10.83% 3.71% 0.9% 0.71% 0.45% 50.56% 91.3% 60% 78.3% 45% 95% 11.68% Page 2

06 8 2 1 20 30 20 40 20 60 2 A o o A C O OH O O H 3 C O C OH A C NH COOC 2 H 5 O O CH 2 N S Page 3

A A A 2 10 2002 62% 8028 05 1.11 1 05 A 0.025% 10.43 2734 A 0.1% 13.73 1286 19. 25 3245 E 15g 10.55 1990 A 46.75 1887 16-16 - 1 A 3 05-06 Page 4

2 2000 - - 2001 2002 A - - - 2003-2004 3.1 - - - - - 2005 - - - - - - 6 6-2006 - 6-2007 - - - - - - SFDA 1 & 01 72.8% 01-04 6000-7000 05 A 3942 06 Page 5

3 & 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% / 2002 2003 2004 2005 2006E 2 1 & SFDA 7.02% 10.33% 4 Page 6

& 2 & A A 87.2% 61.7% + 2006 + 04 5 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 200120022003200420052006E 60.3 87.2% 54.5 61.7% A Page 7

3 5000 6 4500 4000 3500 3000 2500 2000 1500 1000 500 0 2001 2002 2003 2004 2005 2006E 2007E 2007 700 5000 3 SFDA 9.17% 8.26% OTC OTC 7 Page 8

7 140% 120% 100% 80% 60% 40% 20% 0% / 1 30% 2005 30 50% 2005 5 68.45% 05 5 3 2001 UCB 2005 UCB 05 Page 9

3 1946 1949 1951 1981 1985 UCB 1987 1988 1988 - - 1990 1991 1996 UCB 2001 2000 - - 3-5 25% 8 12000 10000 8000 6000 4000 2000 1055 3190 4785 4466 6699 5806 6967 9044 8012 10852 0 2004 2005 2006E 2007E 2008E 2009E 2 SFDA 2004 21.7 OTC Page 10

30 70% 4 4 B 1991 1960 1981 OTC 1983 OTC 1990 30% 1992-2002 Exoderil 1985 1991 2001 1997 OTC 2005 2359 2006 10% 2005 5 2 OTC 2-3 2000-3000 OTC a Page 11

9 OTC OTC - OTC b OTC + + + 3 17.6% 5 1994 2001 2004 2000-3000 Page 12

1 10 10 2004 4 3240 2004 6 4954 2004 7 2004 10 1715 2005 11 6900 45% 2006 10 3670 57.03% 4 FDA 4 COS 2008 2003 8000 2 06 9 18 5.87 / 1300 7631 3759 8253 Page 13

600 7800 2000 / 10 / 9000 75 1875 2 1500 2008 6 120-140 / 7000 2000 1700-2000 / 250 / 3 1.3 20% 05 549 06 261 06 07 1000 600 08 1700 969 1 100 Page 14

2 06 2007 1 2.7 300 80 06-07 80-100 11 OTC 2 11 Page 15

3 06 338 05 1224 188 200 12 49% 30.01% 18.42% 11.68% 1300 8.97% 14.74% 20.36% 91.3% 26.4% 002033 4 04 380 05 728 06 1281 500 04 Page 16

5 A A / / / 06 Page 17

1 2 3 4 5 7 2005 2006E 2007E 2008E 26116 28108 32085 36278 79.2% 77.8% 77.8% 77.8% -4.2% 7.6% 14.1% 13.1% 1235 1297 1362 1430 28.7% 28.7% 28.7% 28.7% - 5.0% 5.0% 5.0% Page 18

8 2005 2006E 2007E 2008E 1 & 15784 16751 17963 19095 3942 3469 2949 2506 3245 3277 3310 3343 A 1887 3208 4491 5389 0.025%) 2734 2788 2649 2516 0.1%) 1286 1299 1234 1172 E 15g 1990 2010 2211 2432 & 350 350 770 1386 E 25g 200 200 200 200 150 150 150 150 2 3596 3545 4063 4206 2576 2241 2017 1815 600 720 792 871 420 504 554 610 80 700 910 3 3190 4466 5806 6967 3190 4466 5806 6967 4 2359 2556 3154 3903 2359 2406 2454 2503 0 100 500 900 0 50 200 500 5 0 0 300 1300 0 300 1100 0 0 100 0 0 100 6 806 790 798 806 806 790 798 806 1615 1939 2326 2792 25-30 20-25 PE 07 0.43 8.6-10.75 Page 19

2005 2006E 2007E 2008E 2005 2006E 2007E 2008E 12565 17001 18530 20238 27350 28108 32085 36172 3346 3439 3925 4425 6320 6849 7764 8704 1212 1212 1212 1212 399 411 469 528 2006 2174 2465 2763 20631 20849 23852 26940 20670 25236 27648 30256 70 70 70 70 7431 7431 7431 7431 9772 10400 11871 13384 14453 14842 15043 15098 4896 4649 5307 5983 5129 5059 4990 4920 (251) 61 39 28 47785 52568 55112 57705 6284 5809 6704 7616 37 100 750 1200 0 3000 3000 3000 0 0 0 0 685 742 841 943 0 0 0 0 268 276 315 355 40 40 40 40 3214 6247 6546 5754 6282 5869 7414 8776 0 0 0 0 1092 957 1209 1430 0 0 0 0 (60) (20) (23) (26) 3717 6247 6546 5754 5250 4932 6228 7371 982 962 940 914 13200 14500 14500 14500 2005 2006E 2007E 2008E 14278 14278 14278 14278 15607 16579 18848 22259 75.4% 74.2% 74.3% 74.5% 43086 45358 47626 51037 19.2% 17.5% 19.4% 20.4% 47785 52568 55112 57705 12.2% 10.9% 13.1% 14.4% 2005 2006E 2007E 2008E 643.2% 403.9% 422.4% 525.8% 22788 6417 7285 7453 555.5% 358.2% 372.7% 462.4% (21449) 16086 (6298) (1757) 7.8% 11.9% 11.9% 10.0% 9739 (10514) (9687) (224) 30447 17001 18530 20238 172.6% 44.3% 50.2% 51.4% 23652 12565 17001 18530 434.1% 130.1% 117.0% 101.1% 6803 4436 1529 1708 879.5% 828.6% 871.4% 866.4% 317.3% 327.6% 334.7% 333.0% 0.4% 2.8% 14.1% 12.7% 10.2% -6.1% 26.3% 18.3% 13.9% 5.3% 5.0% 7.2% 1.3% 10.0% 4.8% 4.7% Page 20

6 20% 6 10-20% 6 10% 10% A B C 6 6 6 Page 21