大名城(600094)华源股份2004年年度报告摘要

上海华源股份有限公司 2004 年度报告摘要 上海华源股份有限公司 2004 年度报告摘要 §1 重要提示 1.1、本公司董事会及其董事保证本报告所载资料不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 1.2、公司董事陈永明先生因事未能出席公司三届八次董事会。 1.3、上海立信长江会计师事务所有限公司为本公司出具了标准无保留意见的审计报告。 1.4、公司负责人董事长孙莹先生，主管会计工作负责人总会计师张常青先生，会计机构负责人 （会计主管人员）会计部总经理李羽丰先生声明：保证本年度报告中财务报告的真实、完整。 §2 上市公司基本情况简介 2.1 基本情况简介 股票简称 华源股份 股票代码 600094 上市交易所 上海证券交易所 股票简称 华源 B 股 股票代码 900940 上市交易所 上海证券交易所 上海市浦东陆家嘴东路 161 号招商局大厦 31 楼 注册地址和办公地址 上海市浦东陆家嘴东路 161 号招商局大厦 31 楼 邮政编码 200120 公司国际互联网网址 http://www.worldbest.sh.cn 电子信箱 shhygf@worldbest.sh.cn 2.2 联系人和联系方式 董事会秘书 证券事务代表 姓名 张乐生 薛玉宝 联系地址 上海浦东陆家嘴东路 161 号 31 楼 上海浦东陆家嘴东路 161 号 31 楼 电话 021-58799888 021-58799888 传真 021-58825887 021-58782028 电子信箱 lesheng411@worldbest.sh.cn xyb@worldbest.sh.cn §3 会计数据和财务指标摘要 3.1 主要会计数据 单位:元 币种:人民币 本期比上 2002 年 主要会计数据 2004 年 2003 年 期增减(%) 调整后 调整前 主营业务收入 4,844,381,794.48 3,833,659,078.00 26.36 2,304,504,237.16 2,304,504,237.16 利润总额 77,766,467.49 105,089,314.37 -26.00 85,170,085.58 86,181,862.62 净利润 32,360,573.57 60,323,264.25 -46.35 42,791,205.87 43,802,982.91 扣除非经常性损益的净利润 1,739,153.70 11,189,050.25 -84.46 30,641,269.01 31,653,046.05 第 1 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 本期比上 2002 年末 2004 年末 2003 年末 期增减(%) 调整后 调整前 总资产 6,366,057,688.38 5,615,608,658.98 13.36 4,479,008,714.14 4,479,913,477.72 股东权益 1,603,735,267.03 1,566,174,602.82 2.40 1,473,672,343.87 1,474,577,107.45 经营活动产生的现金流量净额 259,302,518.26 131,166,494.99 97.69 203,948,070.84 203,948,070.84 3.2 主要财务指标 单位:元 币种:人民币 本期比上期 2002 年 主要财务指标 2004 年 2003 年 增减(%) 调整后 调整前 每股收益 0.066 0.123 -46.50 0.09 0.09 净资产收益率(%) 2.018 3.852 -1.834 2.97 2.90 扣除非经常性损益的净利润的净资 0.108 0.714 -0.606 2.08 2.15 产收益率(%) 每股经营活动产生的现金流量净额 0.527 0.243 116.87 0.41 0.41 本期比上期 2002 年末 2004 年末 2003 年末 增减(%) 调整后 调整前 每股净资产 3.261 3.185 2.39 3.00 3.00 调整后的每股净资产 3.228 3.151 2.44 2.96 2.96 非经常性损益项目 √适用□不适用 单位:元 币种:人民币 非经常性损益项目 金额 处置除公司产品外的其他资产产生的损益 20,419,277.84 各种形式的政府补贴 3,292,637.00 支付或收取并计入当期损益的资金占用费 557,991.00 短期投资收益 3,577,209.64 委托投资损益 7,954,099.03 扣除资产减值准备后的其他各项营业外收入、支出 9,466,895.01 以前年度已经计提各项减值准备的转回 3,731,933.33 所得税影响数 -8,545,158.07 少数股东收益 -9,833,464.91 合计 30,621,419.87 3.3 国内外会计准则差异 √适用□不适用 单位:万元 币种:人民币 国内会计准则 境外会计准则 净利润 3,236.10 4,861.90 1、以前年度商誉确定差异及其摊销费用-253.90 万元； 2、固定资产及其折旧 468.50 万元； 3、长期待摊费用 90.60 万元； 差异说明 4、开办费用-60.80 万元； 5、少数股东权益 4.7 万元； 6、其他 1,376.70 万元。 第 2 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 §4 股本变动及股东情况 4.1 股份变动情况表 本次变动增减（＋，－） 本次变动前 公积金转 本次变动后 配股 送股 增发 其他 小计 股 一、未上市流通股份 1、发起人股份 其中： 国家持有股份 境内法人持有股份 174,354,000 174,354,000 境外法人持有股份 其他 2、募集法人股份 3、内部职工股 4、优先股或其他 未上市流通股份合计 174,354,000 174,354,000 二、已上市流通股份 1、人民币普通股 110,400,000 110,400,000 2、境内上市的外资 207,000,000 207,000,000 股 3、境外上市的外资 股 4、其他 已上市流通股份合计 317,400,000 317,400,000 三、股份总数 491,754,000 491,754,000 4.2 前十名股东、前十名流通股股东持股表 报告期末股东总数 88,550 前十名股东持股情况 股份类别 股东性质（国 年末持股 质押或冻结的 股东名称(全称) 年度内增减 比例(%) （已流通或 有股东或外资 数量 股份数量 未流通） 股东） 质押 77,460,000 中国华源集团有限公司 154,932,000 31.51 未流通 国有股东 冻结 50,000,000 质押 锡山市长苑丝织厂 10,152,000 2.06 未流通 法人股东 10,152,000 江苏秋艳（集团）公司 9,270,000 1.89 未流通 法人股东 SCANDIA GLOBAL FUNDS PLC -1,025,000 1,634,450 0.33 已流通 外资股东 马永元 不详 1,070,577 0.22 已流通 社会公众股东 卓武军 +264,200 853,500 0.17 已流通 社会公众股东 俞仲德 不详 734,400 0.15 已流通 外资股东 DEBORAH WANG LIN 0 709,500 0.14 已流通 外资股东 NAITO SECURITIES CO.,LTD. -101,400 570,501 0.12 已流通 外资股东 吴杨天香 不详 500,000 0.10 已流通 外资股东 前十名流通股股东持股情况 股东名称（全称） 年末持有流通股的数量 种类（A、B、H 股或其它） SCANDIA GLOBAL FUNDS PLC 1,634,450 B 股 马永元 1,070,577 A 股 第 3 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 卓武军 853,500 A 股 俞仲德 734,400 B 股 DEBORAH WANG LIN 709,500 B 股 NAITO SECURITIES CO., LTD. 570,501 B 股 吴杨天香 500,000 B 股 宋月娟 480,000 B 股 HKIT S/A 006-113039-431 463,000 B 股 奚建梁 450,000 B 股 上述股东关联关系或一致行动的说明 公司未知前十名流通股东和前十名股东之间的关联关系。 4.3 控股股东及实际控制人 4.3.1 控股股东及实际控制人变更情况 □适用√不适用 4.3.2 控股股东及实际控制人具体情况介绍 （1）控股股东情况 公司名称：中国华源集团有限公司 法人代表：周玉成 注册资本：906,696,000 元人民币 成立日期：1992 年 7 月 16 日 主要经营业务或管理活动：国内贸易（除专项规定）；房地产开发经营，仓储，原油，对外经济 合作业务，自营和代理除国家统一联合经营的出口商品和国家实行核定公司经营的进出口商品以外的 其它商品及技术的进出口业务；对销贸易和转口贸易，医疗器械，汽车（含小轿车）（上述经营范围 涉及许可经营的凭许可证经营）。 （2）实际控制人情况 公司控股股东中国华源集团有限公司隶属于国务院国有资产监督管理委员会，中国华源集团有限 公司的前 10 名股东依次为：国家财政部持股 9.136%，中国华源集团有限公司职工持股会持股 8.465%，香港金夏实业（集团）有限公司持股 8.338%，交通银行总行持股 8.025%，上海银行持股 7.765%，上海云峰集团有限公司持股 7.629%，中国纺织品进出口总公司持股 7.040%，中国纺织机械 和技术进出口公司持股 7.040%，安徽省国际信托投资公司持股 6.483%，上海纺织发展总公司持股 5.628%。 4.3.3 公司与实际控制人之间的产权及控制关系的方框图 国务院国有资产监督管理委员会 中国华源集团有限公司 31.51％ 上海华源股份有限公司 第 4 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 §5 董事、监事和高级管理人员 5.1 董事、监事和高级管理人员持股变动 年初 年末 姓名 职务 性别 年龄 任期起止日期 变动原因 持股数 持股数 吉群力 名誉董事长 男 46 2002-08-30～2005-08-30 0 0 孙莹 董事长 男 43 2002-08-30～2005-08-30 0 0 吴云生 董事 男 64 2002-08-30～2005-08-30 32,097 32,097 朱春林 董事、总经理 男 49 2002-08-30～2005-08-30 0 0 王才富 董事 男 62 2002-08-30～2005-08-30 0 0 忻佩妮 董事 女 57 2002-08-30～2005-08-30 4,000 4,000 傅伟民 董事 男 48 2002-08-30～2005-08-30 3,000 3,000 简军 董事 女 46 2004-12-10～2005-08-30 0 0 陈永明 董事 男 49 2002-08-30～2005-08-30 0 0 王锡炯 董事 男 61 2002-08-30～2005-08-30 5,519 5,519 徐端夫 独立董事 男 70 2002-08-30～2005-08-30 0 0 王方华 独立董事 男 58 2002-08-30～2005-08-30 0 0 张文贤 独立董事 男 67 2002-08-30～2005-08-30 0 0 陈彦模 独立董事 男 62 2002-08-30～2005-08-30 2,000 2,000 杨桂生 独立董事 男 41 2003-05-23～2005-08-30 0 0 顾光宗 监事会主席 男 62 2002-08-30～2005-08-30 0 0 吕文 监事 男 49 2002-08-30～2005-08-30 0 0 卞乃泰 监事 男 62 2002-08-30～2005-08-30 0 0 章居根 监事 男 59 2002-08-30～2005-08-30 0 0 樊瑞安 监事 男 63 2002-08-30～2005-08-30 0 0 董立民 监事 男 52 2002-08-30～2005-08-30 0 0 陶建军 监事 男 42 2002-08-30～2005-08-30 2,834 2,834 徐霆 常务副总经理 男 58 2004-08-05～2005-09-10 0 0 张乐生 董秘、副总经理 男 49 2002-09-10～2005-09-10 5,519 5,519 吴海生 副总经理 男 47 2002-09-10～2005-09-10 0 0 余庆培 总工程师 男 64 2002-09-10～2005-09-10 5,519 5,519 张常青 总会计师 男 41 2004-08-05～2005-09-10 0 0 5.2 在股东单位任职的董事监事情况 √适用□不适用 是否领取报酬、津 姓名 任职的股东名称 在股东单位担任的职务 任职期间 贴（是或否） 吉群力 中国华源集团有限公司 副总裁 2001-06 起 是 王才富 中国华源集团有限公司 董事会投资决策委员会常务副主任 2002-01 起 是 傅伟民 中国华源集团有限公司 总裁助理 2004-06 起 否 简军 中国华源集团有限公司 泰国总代表处总代表 2004-06 起 否 吕文 中国华源集团有限公司 总裁助理兼商务部部长 2004-03 起 是 卞乃泰 中国华源集团有限公司 监事 2001-06 起 否 章居根 中国华源集团有限公司 副总经济师 1998-04 起 是 第 5 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 5.3 董事、监事和高级管理人员年度报酬情况 单位:元 币种:人民币 年度报酬总额 1,560,000 金额最高的前三名董事的报酬总额 350,000 金额最高的前三名高级管理人员的报酬总额 250,000 独立董事津贴 36,000 独立董事出席董事会和股东大会以及按《公司法》、 独立董事其他待遇 《公司章程》相关规定行使职权所需的合理费用（包 括差旅费、办公费等），公司据实报销。 吉群力、王才富、傅伟民、简军、陈永明、王锡炯、 不在公司领取报酬、津贴的董事、监事姓名 吕文、卞乃泰、章居根。 报酬区间 人数 12 万元以上 2 12 万元-8 万元 9 8 万元以下 7 §6 董事会报告 6.1 报告期内整体经营情况的讨论与分析 报告期内，受国际市场石油价格大幅震荡攀升的影响，公司所需化工原料价格大幅度上升，但产 品价格未能相应跟上；公司的化纤企业也遇到了类似的情况，且产品市场供大于求；国家宏观调控政 策的实施、煤电油运涨价和一些地方限电、拉电等也影响了公司的正常生产和经营。面对严峻的市场 形势，公司通过加大对原料采购工作的管理力度，积极拓展市场，不断开发适销对路的新产品，虽然 在一定程度上消化了各种不利因素的影响，但全年经营业绩仍然出现了一定幅度的滑坡。报告期，公 司实现主营业务收入 484,438.18 万元，比去年同期增长 26.36%，实现净利润 3,236.06 万元，比去年 同期下降 46.35%。 6.2 主营业务分行业、产品情况表 单位:万元 币种:人民币 主营业务收 主营业务 分行业或 主营业务收 主营业务成 毛利率比上年 毛利率(%) 入比上年增 成本比上 分产品 入 本 增减(%) 减(%) 年增减(%) 化工 208,916.35 199,497.10 4.51 151.62 144.64 2.73 化纤 77,421.36 70,617.69 8.79 -22.76 -19.96 -3.19 制药 27,645.84 22,334.40 19.21 -18.92 -20.91 2.04 贸易 97,456.76 91,877.72 5.72 -9.66 -11.99 2.50 纸品 29,836.63 24,379.55 18.29 30.86 34.05 -1.95 建材 20,592.67 14,560.69 29.29 79.21 74.12 2.07 关联交易的定价原则 市场价 关联交易必要性、持续性 关联交易主要是控股子公司部分产品在部分区域的销售利用关联方的销 的说明 售渠道形成，该关联交易绝对金额及占销售收入比例均较小。 其中：报告期内上市公司向控股股东及其子公司销售产品的关联交易金额 21,271,187.29 元。 第 6 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 6.3 主营业务分地区情况 单位:万元 币种:人民币 分地区 主营业务收入 主营业务收入比上年增减(%) 1.中国境内 473,933.96 43.82 2.中国境外 10,504.22 -80.76 6.4 采购和销售客户情况 单位:万元 币种:人民币 前五名供应商采购金额合计 73,746.50 占采购总额比重(%) 13.79 前五名销售客户销售金额合计 62,218.75 占销售总额比重(%) 12.84 6.5 参股公司经营情况（适用投资收益占净利润 10％以上的情况） √适用□不适用 单位:万元 币种:人民币 参股公司名称 中国华源北美墨西哥有限公司 本期贡献的投资收益 1,740.94 占上市公司净利润的比重(%) 53.80 经营范围 生产销售棉纱制品等。 参股公司 净利润 4,145 参股公司名称 英威达纤维有限公司 （原杜邦纤维中国有限公司） 本期贡献的投资收益 801.99 占上市公司净利润的比重(%) 24.78 经营范围 生产销售氨纶纤维及其深加工产品等。 参股公司 净利润 12,951 6.6 主营业务及其结构发生重大变化的原因说明 □适用√不适用 6.7 主营业务盈利能力（毛利率）与上年相比发生重大变化的原因说明 □适用√不适用 6.8 经营成果和利润构成与上年度相比发生重大变化的原因分析 √适用□不适用 报告期投资收益占利润总额的比重上升，主要是报告期股权投资转让收益和来自参股企业的投资 收益增长。 营业外收支净额占利润总额的比重下降，主要是赔款等营业外收入比上年度减少。 其他业务利润占利润总额的比重下降，主要是服务咨询收入比上年度减少。 6.9 整体财务状况与上年度相比发生重大变化的原因分析 □适用√不适用 6.10 对生产经营环境以及宏观政策、法规产生重大变化已经、正在或将要对公司的财务状况和经营 成果产生重要影响的说明 √适用□不适用 公司经营中遇到问题主要表现在原材料价格大幅上涨，波动较大，产品市场疲软，供大于求。针 对上述困难，公司主要采取了以下措施：1.强化对原料采购的管理，努力降低原料成本；2.积极开拓 市场，扩大销售；3.狠抓内部管理和新产品开发。 第 7 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 6.11 完成盈利预测的情况 □适用√不适用 6.12 完成经营计划情况 □适用√不适用 6.13 募集资金使用情况 □适用√不适用 6.14 变更项目情况 □适用√不适用 6.15 非募集资金项目情况 √适用□不适用 单位:万元 币种:人民币 项目 项目名称 项目金额 项目收益情况 进度 华源（泰国）纺织有限公司 4.3 万锭项目 28,666.65 投产 -60.23 华源（泰国）生化有限公司柠檬酸项目 28,930.59 85% 建设期 上海华源光纤通讯有限公司光纤项目 9,667.93 74％ 建设期 第六期国债项目“海岛型极细长丝仿制及其织造特种后整 实施该项目的公司实现净利 10,039.00 投产 理”技改工程 润 1,685 万元 组建南通源生纤维有限公司 870.00 筹建期 筹建期 组建上海华启泰房地产开发有限公司 600.00 完成 3.49 万元 常州华源蕾迪斯有限公司增资 1,672.01 完成 公司实现净利润 3084 万元 上海华源复合新材料有限公司增资 1,015.94 完成 公司实现净利润 2207 万元 扬州华源彩虹针织有限公司增资 1,200.00 完成 公司实现净利润-324 万元 山东蓝天华源纸业有限公司增资 1,884.61 完成 公司实现净利润 474 万元 分公司常州化纤公司新型 PTT 纤维纺丝技术改造国债项目 4,953.81 40％ 建设期 常州华源蕾迪斯 20 万吨 PET 工程项目 12,716.00 40％ 建设期 山东华源蓝天纸业有限公司制浆系统提升改造工程 1,077.60 41％ 建设期 合计 103,294.14 / / 6.16 董事会对会计师事务所“非标意见”的说明 □适用√不适用 6.17 董事会本次利润分配或资本公积金转增预案 2004 年度，按照国内会计准则和会计制度审计，公司实现合并净利润 32,360,573.57 元，其中 母公司 32,686,860.19 元，加上上年度末剩余未分配利润 107,253,401.82 元以及加上其他转入数 547,073.16 元（转让子公司股权形成），2004 年度末可供分配的利润为 140,161,048.55 元。 2004 年度按母公司净利润的 10%分别提取法定盈余公积金 3,268,686.02 元，法定公益金 3,268,686.02 元。子公司提取法定盈余公积金、法定公益金 6,358,636 元，2004 年度末可供股东分 配的利润为 127,265,040.51 元。 按照国际会计准则审计，2004 年度公司合并净利润为 4,861.90 万元，加上上年度结余未分配利 润 6,053.40 万元以及其他转入数 74.70 万元，减本年度计提的公积金、公益金 1,289.60 万元后，未 分配利润 9,700.40 万元。 公司 2004 年度公司利润分配预案为：不分配，不转增。 第 8 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 6.18 公司本报告期盈利但未提出现金利润分配预案 √适用□不适用 本报告期盈利但未提出现金利润分配预案的原因 公司未分配利润的用途和使用计划 公司因受宏观调控政策影响，流动资金较为紧 泰国生化等投资项目的进一步投入。 张，并且正在建设的项目尚需进一步的资金投入。 §7 重要事项 7.1 收购资产 √适用□不适用 单位:万元 币种:人民币 自购买日起 所涉及的 所涉及的 是否为关联交易 收购 至本年末为 资产产权 债权债务 交易对方及被收购资产 购买日 （如是，说明定 价格 上市公司贡 是否已全 是否已全 价原则） 献的净利润 部过户 部转移 上海华源投资发展（集团）有 限公司 , 中国华源（泰国）实 是, 经上海东洲 业有限公司 100%股权、华源国 51,507 资产评估事务所 否 否 际企业（泰国）有限公司 100% 的评估价值 股权及安徽华皖碳纤维有限公 司 44%股权 7.2 出售资产 √适用□不适用 单位:万元 币种:人民币 本年初起至出 是否为关联 所涉及的资 所涉及的债 交易对方及被出售 售日该出售资 出售产生 交易（如 出售日 出售价格 产产权是否 权债务是否 资产 产为上市公司 的损益 是，说明定 已全部过户 已全部转移 贡献的净利润 价原则） 中国华源集团有限 2004- 是, 经审计 公司, 华源家纺 2218.00 0 1,918.00 是 是 11-02 的净资产 5.35％股权 黄体元、傅剑平 , 2004- 上海华缔房地产有 720.00 -64.24 191.53 否 是 是 08-31 限公司 60%股权 上海华源投资发展 （集团）有限公 司, 中国华源生命 是, 经上海 产 业 有 限 公 司 东洲资产评 51,507.00 1,740.00 否 否 13.08%股权及中国 估事务所的 华源（墨西哥）纺 评估价值 织实业有限公司 42%股权 第 9 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 7.3 重大担保 √适用□不适用 单位:万元 币种:人民币 公司对外担保情况（不包括对控股子公司的担保） 是否为关 发生日期 是否 联方担保 担保对象名称 （协议签署 担保金额 担保类型 担保期 履行 （是或 日） 完毕 否） 上海飞乐股份有限公司 2004-09-29 2,500.00 连带责任担保 2004-09-29 ～ 2005-09-28 否 否 上海飞乐股份有限公司 2004-09-29 2,040.00 连带责任担保 2004-09-29 ～ 2005-08-28 否 否 上海飞乐股份有限公司 2004-03-25 2,000.00 连带责任担保 2004-03-25 ～ 2005-03-25 否 否 上海飞乐股份有限公司 2004-05-10 6,300.00 连带责任担保 2004-05-10 ～ 2005-05-10 否 否 上海飞乐股份有限公司 2004-04-26 1,500.00 连带责任担保 2004-04-26 ～ 2005-04-26 否 否 上海飞乐股份有限公司 2004-10-29 1,500.00 连带责任担保 2004-10-29 ～ 2005-02-20 否 否 中国纺织机械有限公司 2004-02-25 10,000.00 连带责任担保 2004-02-25 ～ 2005-02-24 否 否 上海外高桥保税区开发股 2004-12-13 2,921.60 连带责任担保 2004-12-13 ～ 2005-12-13 否 否 份有限公司 上海外高桥保税区开发股 2004-03-26 2,000.00 连带责任担保 2004-03-26 ～ 2005-03-26 否 否 份有限公司 上海外高桥保税区开发股 2004-03-30 3,000.00 连带责任担保 2004-03-30 ～ 2005-03-30 否 否 份有限公司 上海外高桥保税区开发股 2004-05-13 5,000.00 连带责任担保 2004-05-13 ～ 2005-05-13 否 否 份有限公司 上海外高桥保税区开发股 2004-07-05 5,000.00 连带责任担保 2004-07-05 ～ 2005-06-25 否 否 份有限公司 上海外高桥保税区开发股 2004-07-05 4,500.00 连带责任担保 2004-07-05 ～ 2005-07-01 否 否 份有限公司 上海外高桥保税区开发股 2004-09-09 2,000.00 连带责任担保 2004-09-09 ～ 2005-08-09 否 否 份有限公司 上海外高桥保税区开发股 2004-09-17 2,000.00 连带责任担保 2004-09-17 ～ 2005-08-15 否 否 份有限公司 苏州农用生物化学品有限 2004-12-04 1,000.00 连带责任担保 2004-12-04 ～ 2005-01-10 否 是 公司 苏州农用生物化学品有限 2004-06-16 1,000.00 连带责任担保 2004-06-16 ～ 2005-01-10 否 是 公司 安丘市鲁安药业有限公司 2002-12-23 160.02 连带责任担保 2002-12-23 ～ 2005-05-10 否 否 安丘市鲁安药业有限公司 2002-12-23 84.00 连带责任担保 2002-12-23 ～ 2005-11-10 否 否 安丘市鲁安药业有限公司 2002-12-23 96.01 连带责任担保 2002-12-23 ～ 2005-11-10 否 否 报告期内担保发生额合计 54,261.60 报告期末担保余额合计 54,601.63 公司对控股子公司的担保情况 报告期内对控股子公司担保发生额合计 117,398.53 报告期末对控股子公司担保余额合计 117,398.53 公司担保总额情况（包括对控股子公司的担保） 担保总额 171,660.13 担保总额占公司净资产的比例 107.04 公司违规担保情况 为控股股东及公司持股 50％以下的其他关联方提供担保的金额 2,340.03 直接或间接为资产负债率超过 70％的被担保对象提供的债务担保金额 86,902.92 担保总额是否超过净资产的 50％（是或否） 是 违规担保金额 89,242.95 第 10 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 7.4 重大关联交易 7.4.1 关联销售和采购 √适用□不适用 单位:万元 币种:人民币 向关联方销售产品和提供劳务 向关联方采购产品和接受劳务 关联方 占同类交易金 占同类交易金 交易金额 交易金额 额的比例 额的比例 常州华源凯马机械有限公司 556.52 0.11 安徽雅克纶新材料有限公司 311.86 0.06 安徽华源医药股份有限公司 2,029.14 7.34 合计 2,029.14 7.34 868.38 0.17 7.4.2 关联债权债务往来 √适用□不适用 单位:万元 币种:人民币 向关联方提供资金 关联方向上市公司提供资金 关联方 发生额 余额 发生额 余额 中国华源集团有限公司 190.13 627.80 773.24 锡山长苑丝织厂 458.30 32.82 无锡源圆房地产发展有限公司 500.00 扬州布厂 2,225.04 36.99 苏州华源农用化学品有限公司 30.00 上海华源生命科学研究开发有限公司 552.58 安徽省阜阳市阜康药物研究所 932.77 北京博宏房地产开发有限公司 4400.00 中国华源生命产业有限公司 174.00 174.00 合计 2,873.47 5,552.39 801.80 1,880.01 其中：报告期内上市公司向控股股东及其子公司提供资金的发生额 190.13 万元人民币 ， 余额 4,952.58 万元人民币 。 7.5 委托理财 √适用□不适用 单位:万元 币种:人民币 实际收回 受托人 委托金额 委托期限 报酬确定方式 实际收益 金额 渤海证券有限责任 固定收益 50.40 万 2,000 2004-01-02 ～ 2004-06-28 50.40 2,050.40 公司 元 上海融昌资产管理 2,000 2004-01-08 ～ 2004-06-28 年收益率 8.8% 82.13 2,082.13 有限公司 上海融昌资产管理 3,000 2004-01-08 ～ 2004-06-28 年收益率 8.8% 123.20 3,123.20 有限公司 合计 7,000 / / 255.73 7,255.73 其中：截止报告期末，逾期未收回的委托理财本金和收益累计 0 元。 委托贷款情况： （1）公司控股子公司扬州华源有限公司，委托华夏银行北京灯市口支行贷款给北京博宏房地产开发 有限公司，金额计 2000 万元人民币，期限为 2003 年 3 月 10 日至 2005 年 2 月 17 日，年利率为 7.137%。该委贷行为经该公司董事会决议批准。报告期确认收益 137.14 万元。 （2）公司控股子公司常州华源蕾迪斯有限公司，委托华夏银行北京灯市口支行贷款给北京博宏房地 产开发有限公司，金额计 3000 万元人民币，其中 ① 1500 万元期限为 2002 年 12 月 26 日至 2004 年 第 11 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 12 月 26 日； ② 1500 万元期限为 2002 年 12 月 27 日至 2004 年 12 月 27 日。年利率均为 7.137%。 该委贷行为经该公司董事会决议批准。该公司于报告期确认收益 228.66 万元。并于报告日前收回本 金 2000 万元，本金余款 1000 万元尚未收回。 （3）公司控股子公司南通华通化纤有限公司，委托华夏银行北京灯市口支行贷款给北京博宏房地产 开发有限公司，金额计 3000 万元人民币，期限为 2002 年 12 月 2 日至 2004 年 12 月 2 日。年利率为 6%。该委贷行为经该公司董事会决议批准。报告期末收到本金 3000 万元及确认收益 173.88 万元。 7.6 承诺事项履行情况 □适用√不适用 7.7 重大诉讼仲裁事项 □适用√不适用 7.8 独立董事履行职责的情况 （1）独立董事参加董事会的出席情况 独立董事姓名 本年应参加董事会次数 亲自出席（次） 委托出席（次） 缺席（次） 备注 徐端夫 4 0 2 2 王方华 4 1 2 1 张文贤 4 2 1 1 陈彦模 4 4 0 0 杨桂生 4 2 2 0 公司独立董事能本着对全体股东负责的态度，按照《证券法》等相关法律法规的要求，履行诚信 和勤勉的义务，维护公司整体利益和中小股东的合法权益，积极了解公司情况，参加公司的董事会， 为公司的经营和管理出谋划策，发表独立意见，对公司董事会的科学、客观决策起到了积极的作用。 2004 年 4 月 15 日，公司三届五次董事会上，独立董事杨桂生对《常州华源蕾迪斯有限公司扩建 20 万吨瓶级聚脂切片技术改造项目的议案》投了弃权票。 §8 监事会报告 监事会认为公司依法运作、公司财务情况、公司募集资金使用、公司收购、出售资产交易和关联 交易不存在问题。 § 9 财务报告 9.1 审计意见 本报告期公司财务报告经上海立信长江会计师事务所有限公司审计，注册会计师顾文贤、郑晓东 签字出具了信长会师报字(2005)第 10688 号标准无保留意见的审计报告。 第 12 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 9.2 财务报表 资产负债表 编制单位:上海华源股份有限公司 2004 年 12 月 31 日 单位:元 币种:人民币 合并 母公司 项目 期初数 期末数 期初数 期末数 流动资产： 货币资金 444,140,259.55 552,283,234.53 148,452,315.51 135,001,718.79 短期投资 130,809,487.36 96,422,996.23 应收票据 144,035,042.93 65,852,729.10 33,193,325.91 16,897,224.88 应收股利 2,963,478.39 1,964,284.19 26,310,018.35 1,964,284.19 应收利息 应收账款 285,759,152.67 439,401,069.88 27,504,124.83 18,493,625.74 其他应收款 139,966,107.48 183,951,425.60 463,394,446.51 310,782,853.24 预付账款 72,957,917.35 163,817,390.53 6,248,801.07 47,329,281.38 应收补贴款 65,506,068.13 9,208,662.52 259,764.97 存货 538,502,464.28 685,501,447.53 103,535,886.34 131,763,475.25 待摊费用 3,015,969.88 2,685,378.50 1,191,056.78 982,817.05 一年内到期的长期债权投资 3,000 其他流动资产 流动资产合计 1,827,655,948.02 2,201,091,618.61 810,089,740.27 663,215,280.52 长期投资： 长期股权投资 721,777,611.44 743,569,027.40 1,787,759,074.33 1,908,469,102.22 长期债权投资 3,000.00 长期投资合计 721,780,611.44 743,569,027.40 1,787,759,074.33 1,908,469,102.22 其中：合并价差 11,828,347.34 10,352,142.55 其中：股权投资差额 固定资产： 固定资产原价 2,896,081,924.88 3,115,857,368.94 713,909,740.76 714,133,584.15 减：累计折旧 852,095,553.69 992,435,839.23 219,254,891.41 238,309,823.74 固定资产净值 2,043,986,371.19 2,123,421,529.71 494,654,849.35 475,823,760.41 减：固定资产减值准备 23,177,682.17 23,155,181.09 17,770,951.61 17,748,450.53 固定资产净额 2,020,808,689.02 2,100,266,348.62 476,883,897.74 458,075,309.88 工程物资 8,319,516.27 1,291,564.22 在建工程 952,049,253.60 1,158,569,036.92 41,133,031.68 86,387,267.42 固定资产清理 固定资产合计 2,981,177,458.89 3,260,126,949.76 518,016,929.42 544,462,577.30 无形资产及其他资产： 无形资产 71,538,733.53 149,948,364.79 5,325,000.00 86,761,942.94 长期待摊费用 13,455,907.10 11,321,727.82 833,520.00 其他长期资产 269,602,648.16 322,013,425.98 无形资产及其他资产合计 84,994,640.63 161,270,092.61 274,927,648.16 409,608,888.92 递延税项： 递延税款借项 资产总计 5,615,608,658.98 6,366,057,688.38 3,390,793,392.18 3,525,755,848.96 流动负债： 短期借款 1,906,967,094.86 2,472,571,790.18 1,032,113,600.00 1,229,180,000.00 应付票据 88,671,700.00 348,510,803.45 50,711,700.00 65,000,000.00 应付账款 272,172,137.79 543,312,415.56 11,644,582.47 13,052,993.30 预收账款 63,308,077.65 75,476,226.13 4,604,913.29 13,030,067.76 应付工资 4,933,189.58 8,314,587.01 应付福利费 7,302,055.07 10,857,606.31 383,149.75 142,149.67 应付股利 13,203,065.08 1,551,962.89 应交税金 23,222,191.69 14,866,815.11 5,127,105.89 28,098.98 第 13 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 其他应交款 611,684.20 714,156.77 343,796.46 502,971.33 其他应付款 222,731,402.68 133,038,703.18 186,608,646.39 217,492,859.48 预提费用 9,656,227.08 11,705,277.49 293,633.37 预计负债 一年内到期的长期负债 479,261,959.00 346,857,870.00 195,600,000.00 91,000,000.00 其他流动负债 流动负债合计 3,092,040,784.68 3,967,778,214.08 1,487,431,127.62 1,629,429,140.52 长期负债： 长期借款 591,297,131.00 395,841,475.00 365,000,000.00 324,000,000.00 应付债券 长期应付款 19,582,333.21 6,776,590.49 2,034,000.00 2,595,080.00 专项应付款 15,721,163.06 12,399,191.34 其他长期负债 长期负债合计 626,600,627.27 415,017,256.83 367,034,000.00 326,595,080.00 递延税项： 递延税款贷项 负债合计 3,718,641,411.95 4,382,795,470.91 1,854,465,127.62 1,956,024,220.52 少数股东权益 330,792,644.21 379,526,950.44 所有者权益（或股东权益）： 实收资本（或股本） 491,754,000.00 491,754,000.00 491,754,000.00 491,754,000.00 减：已归还投资 实收资本（或股本）净额 491,754,000.00 491,754,000.00 491,754,000.00 491,754,000.00 资本公积 739,535,941.55 740,252,445.24 739,535,941.55 740,252,445.24 盈余公积 195,079,481.09 207,428,415.97 128,864,088.90 135,401,460.94 其中：法定公益金 74,832,461.73 77,918,790.04 51,338,360.01 54,607,046.04 未分配利润 107,253,401.82 127,265,040.51 176,174,234.11 202,323,722.26 拟分配现金股利 外币报表折算差额 32,551,778.36 37,035,365.31 减：未确认投资损失 所有者权益（或股东权益）合计 1,566,174,602.82 1,603,735,267.03 1,536,328,264.56 1,569,731,628.44 负债和所有者权益（或股东权 5,615,608,658.98 6,366,057,688.38 3,390,793,392.18 3,525,755,848.96 益）总计 公司法定代表人: 孙莹 主管会计工作负责人: 张常青 会计机构负责人: 李羽丰 第 14 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 利润及利润分配表 编制单位:上海华源股份有限公司 2004 年 单位:元 币种:人民币 合并 母公司 项目 本期数 上期数 本期数 上期数 一、主营业务收入 4,844,381,794.48 3,833,659,078.00 948,551,031.69 864,120,548.46 减：主营业务成本 4,409,686,760.33 3,451,712,007.04 893,311,508.58 801,011,830.38 主营业务税金及附加 3,728,105.03 6,341,247.31 459,821.17 93,692.22 二、主营业务利润 430,966,929.12 375,605,823.65 54,779,701.94 63,015,025.86 加：其他业务利润 20,246,946.99 32,523,270.95 3,167,296.36 8,771,247.73 减: 营业费用 126,110,799.37 103,742,323.12 5,103,797.77 4,720,097.45 管理费用 176,154,942.83 159,826,398.33 44,246,524.13 45,731,689.56 财务费用 147,417,848.74 109,390,583.23 68,633,437.09 51,496,334.58 三、营业利润 1,530,285.17 35,169,789.92 -60,036,760.69 -30,161,848.00 加：投资收益 64,477,108.39 45,454,617.18 90,823,217.56 90,165,493.70 补贴收入 3,030,400.00 2,922,807.09 营业外收入 12,004,578.58 25,535,575.49 2,864,055.38 3,442,489.94 减：营业外支出 3,275,904.65 3,993,475.31 963,652.06 1,641,548.41 四、利润总额 77,766,467.49 105,089,314.37 32,686,860.19 61,804,587.23 减：所得税 12,471,106.59 19,642,699.08 减：少数股东损益 32,934,787.33 25,123,351.04 加：未确认投资损失 五、净利润 32,360,573.57 60,323,264.25 32,686,860.19 61,804,587.23 加：年初未分配利润 107,253,401.82 67,566,332.84 176,174,234.11 126,730,564.32 其他转入 547,073.16 1,146,962.90 六、可供分配的利润 140,161,048.55 129,036,559.99 208,861,094.30 188,535,151.55 减：提取法定盈余公积 7,238,803.43 13,065,815.52 3,268,686.02 6,180,458.72 提取法定公益金 4,085,459.16 8,717,342.65 3,268,686.02 6,180,458.72 提取职工奖励及福利基金 提取储备基金 提取企业发展基金 利润归还投资 七、可供股东分配的利润 128,836,785.96 107,253,401.82 202,323,722.26 176,174,234.11 减：应付优先股股利 提取任意盈余公积 1,571,745.45 应付普通股股利 转作股本的普通股股利 八、未分配利润 127,265,040.51 107,253,401.82 202,323,722.26 176,174,234.11 补充资料： 1.出售、处置部门或被投资单 位所得收益 2.自然灾害发生的损失 3.会计政策变更增加(或减少) 利润总额 4.会计估计变更增加(或减少) 利润总额 5.债务重组损失 6.其他 公司法定代表人: 孙莹 主管会计工作负责人: 张常青 会计机构负责人: 李羽丰 第 15 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 现金流量表 编制单位:上海华源股份有限公司 2004 年 单位:元 币种:人民币 项目 合并数 母公司数 一、经营活动产生的现金流量： 销售商品、提供劳务收到的现金 5,753,472,711.83 1,174,589,432.02 收到的税费返还 194,517,005.46 5,961,778.78 收到的其他与经营活动有关的现金 25,342,020.49 186,260,624.41 现金流入小计 5,973,331,737.78 1,366,811,835.21 购买商品、接受劳务支付的现金 5,250,733,296.05 1,121,697,842.89 支付给职工以及为职工支付的现金 195,357,096.68 36,142,499.36 支付的各项税费 103,953,682.48 25,235,482.38 支付的其他与经营活动有关的现金 163,985,144.31 17,464,794.82 现金流出小计 5,714,029,219.52 1,200,540,619.45 经营活动产生的现金流量净额 259,302,518.26 166,271,215.76 二、投资活动产生的现金流量： 收回投资所收到的现金 321,684,255.86 7,200,000.00 其中：出售子公司收到的现金 取得投资收益所收到的现金 23,898,890.44 15,404,549.43 处置固定资产、无形资产和其他长期资产而收回的现金 5,676,447.66 731,158.06 收到的其他与投资活动有关的现金 27,905,714.56 现金流入小计 379,165,308.52 23,335,707.49 购建固定资产、无形资产和其他长期资产所支付的现金 464,694,458.13 84,941,415.18 投资所支付的现金 239,618,635.68 55,705,453.62 支付的其他与投资活动有关的现金 22,100,000.00 现金流出小计 704,313,093.81 162,746,868.80 投资活动产生的现金流量净额 -325,147,785.29 -139,411,161.31 三、筹资活动产生的现金流量： 吸收投资所收到的现金 11,201,330.47 其中：子公司吸收少数股东权益性投资收到的现金 11,201,330.47 借款所收到的现金 4,008,571,833.18 1,794,480,000.00 收到的其他与筹资活动有关的现金 2,000,000.00 现金流入小计 4,019,773,163.65 1,796,480,000.00 偿还债务所支付的现金 3,649,097,776.32 1,743,013,600.00 分配股利、利润或偿付利息所支付的现金 196,619,930.94 93,777,051.17 其中：支付少数股东的股利 412,690.67 支付的其他与筹资活动有关的现金 其中：子公司依法减资支付给少数股东的现金 现金流出小计 3,845,717,707.26 1,836,790,651.17 筹资活动产生的现金流量净额 174,055,456.39 -40,310,651.17 四、汇率变动对现金的影响 -67,214.38 五、现金及现金等价物净增加额 108,142,974.98 -13,450,596.72 补充材料 1、将净利润调节为经营活动现金流量： 净利润 32,360,573.57 32,686,860.19 加：少数股东损益（亏损以“-”号填列） 32,934,787.33 减：未确认的投资损失 加：计提的资产减值准备 10,817,596.00 3,025,725.04 固定资产折旧 169,446,417.46 38,045,280.06 无形资产摊销 4,228,170.43 1,543,057.06 长期待摊费用摊销 6,131,703.03 129,480.00 待摊费用减少（减：增加） 330,591.38 208,239.73 预提费用增加（减：减少） 389,050.41 -293,633.37 处理固定资产、无形资产和其他长期资产的损失（减:收益） 760,722.16 329,816.67 第 16 页 共 17 页 上海华源股份有限公司 2004 年度报告摘要 固定资产报废损失 财务费用 150,262,413.64 70,307,583.06 投资损失（减：收益） -64,477,108.39 -90,823,217.56 递延税款贷项（减：借项） 存货的减少（减：增加） -115,061,974.74 -28,828,822.07 经营性应收项目的减少（减：增加） 3,953,264.14 -11,835,626.06 经营性应付项目的增加（减：减少） 27,226,311.84 151,776,473.01 其他 经营活动产生的现金流量净额 259,302,518.26 166,271,215.76 2．不涉及现金收支的投资和筹资活动： 债务转为资本 一年内到期的可转换公司债券 融资租入固定资产 3、现金及现金等价物净增加情况： 现金的期末余额 552,283,234.53 135,001,718.79 减：现金的期初余额 444,140,259.55 148,452,315.51 加：现金等价物的期末余额 减：现金等价物的期初余额 现金及现金等价物净增加额 108,142,974.98 -13,450,596.72 公司法定代表人: 孙莹 主管会计工作负责人: 张常青 会计机构负责人: 李羽丰 9.3 与最近一期年度报告相比，会计政策、会计估计和核算方法未发生变化 9.4 本报告期无会计差错变更 9.5 如果与最近一期年度报告相比，合并范围发生变化如下： 新增两家是南通源生和华启泰，系投资新设企业；减少一家是华缔房产，系股权转让。 董事长：孙莹 上海华源股份有限公司 2005 年 4 月 14 日 第 17 页 共 17 页 t@sse.com.cn Shanghai Worldbest Co., Ltd Abstract of 2004 Annual Report §1 Important Notice 1.1 The Board of the Company guarantees that there is no omission, false statement or serious misleading in the contents of this report and the Board will be solely or jointly liable for the authenticity, precision and integrity of the report. This abstract of annual report is extracted from the full text of the Annual Report. Investors shall read the full text of the annual report for details. 1.2 Director Chen Yongming was not able to attend the 5th session of the 3rd Board of Directors Meeting for other engagement. 1.3 The Company’s Legal person Chairman of the Board Mr. Sun Ying, person in charge of accounting Chief Accountant Mr. Zhang Changqing, and person in charge of accounting organization manager of accounting department Mr. Li Yufeng declared to guarantee the authenticity and integrity of the financial report in the annual report. §2 Company Profile 2.1 Basic information Stock name Worldbest A Share Worldbest B Share Stock code 600094 900940 Stock Exchange Shanghai Stock Exchange Registered 31F,China Merchants Tower, No161 Lujiazui Rd (E), Pudong, Shanghai address and Office address Post code 200120 Website http://www.worldbest.sh.cn shhygf@worldbest.sh.cn E-mail address 2.2 Contactors and Contact Information Board Secretary Auth.Rep. Of securities affairs Name Zhang Lesheng Xue Yubao Contact address 31F,China Merchants Tower, No161 31F,China Merchants Tower, No161 Lujiazui Rd (E) ,Pudong, Shanghai Lujiazui Rd (E) ,Pudong, Shanghai Phone number 021-58799888 021-58799888 Fax number 021-58825887 021-58782028 E-mail address lesheng411@worldbest.sh.cn xyb@worldbest.sh.cn 1 §3 Summary of accounting data and indices 3.1 Main accounting data Unit:Yuan Currency:RMB Main accounting data Increase 2002 Revenue from primary 2004 2003 or decrease After Before businesses (%) adjustment adjustment Total profit 4,844,381,794.48 3,833,659,078.00 26.36 2,304,504,237.16 2,304,504,237.16 Net profit 77,766,467.49 105,089,314.37 -26.00 85,170,085.58 86,181,862.62 Net profit less non-recurring 32,360,573.57 60,323,264.25 -46.35 42,791,205.87 43,802,982.91 profit and loss Main accounting data 1,739,153.70 11,189,050.25 -84.46 30,641,269.01 31,653,046.05 Increase or End of 2002 End of 2004 End of 2003 decrease After Before (%) adjustment adjustment Total assets 6,366,057,688.38 5,615,608,658.98 13.36 4,479,008,714.14 4,479,913,477.72 Shareholders ‘equity （excluding minority 1,603,735,267.03 1,566,174,602.82 2.40 1,473,672,343.87 1,474,577,107.45 shareholders’ equity Net cash flow from operation 578,332,307.80 131,166,494.99 340.91 203,948,070.84 203,948,070.84 3.2 Main financial indices Unit : Yuan Currency: RMB Increase 2002 or Main financial indices 2004 2003 After Before decrease adjustment adjustment (%) Basic earnings per share (Yuan) 0.066 0.123 -46.50 0.09 0.09 Return rate of net assets（%） 2.018 3.852 -99.48 2.97 2.90 Return rate of net assets based on net profit less non-recurring profit and loss 0.108 0.714 -84.82 2.08 2.15 (%) Net cash flow per share from operation 1.176 0.243 383.98 0.41 0.41 (Yuan) Increase End of 2002 End End of or of After Before 2004 decrease 2003 adjustment adjustment (%) Net assets per share （Yuan） 3.261 3.185 2.39 3.00 3.00 Net assets per share after adjustment 3.228 3.151 2.44 2.96 2.96 (Yuan) 2 Non-recurring profit and loss √suitable □unsuitable Unit: Yuan Currency: RMB Before audited Non-recurring loss and gains Amount (RMB) Profit and loss from the settlement of the assets excluding the 20,419,277.84 company products Various kinds of governmental subsidies 3,292,637.00 Fee for the use of state funds paid or received and calculated into the 557,991.00 loss and gains of the current period. Loss and gains of short term investment 3,577,209.64 Loss and gains from entrusted investment 7,954,099.03 The non-operation income and expenditure deducting the assets 9,466,895.01 depreciation reservation The bad account reservation accrued in previous year and returned 3,731,933.33 this reporting year The affected amount of income tax -8,545,158.07 Minority shareholders interest -9,833,464.91 Total 30,621,419.87 3.3 Differences between domestic and international accounting standards √suitable □ unsuitable Unit:0’000Yuan Currency: RMB Domestic accounting standard International accounting standard Net profit 3,236.10 4,861.90 The difference of good will estimates and -253.90 amortization expense Explanation Fixed assets and depreciation 468.50 for Long term deferred expense 90.60 differences Initial expense -60.80 Minority Shareholders’ interest 4.7 Others 1,376.70 §4 Change of share capital and shareholders 4.1 Table of change of shares Table of Change of Shares Before Increase or decrease（＋，－） After change Share Bonus Shares New Others Sub- change allotment shares with issuance total reserves 3 1. Unlisted outstanding shares 1)Shares of promoters Shares held by State 174,354, Shares held by 174,354, 000 domestic legal persons 000 Shares held by foreign legal persons Others 2)Shares of legal person promoters 3)Staff shares 174,354, Total unlisted outstanding 174,354, 000 shares 000 2.Listed outstanding shares 1)RMB-denominated ordinary shares 110,400, 2)Domestically-listed 110,400, 000 foreign shares 000 3)Overseas-listed foreign 207,000, shares 207,000, 000 4)Others 000 Total listed outstanding 317,400, 317,400, shares 000 000 3.Total shares 491,754, 491,754, 000 000 4.2 Table of shares held by the top ten shareholders and top ten marketable shareholders Total shareholders at the end of the 88,550, of which 58215 A-shareholders, 35029 B-shareholders reporting period Shares held by the top ten shareholders Unit: share Name of shareholder Increase Shareholding Perce Type of shares Shares Nature of (full name) or at year-end ntage (marketable or mortgaged shareholders decrease (%) unmarketable) or blocked (State-owned shareholders or foreign capital 4 shareholders) ChinaWorldbest Group Co., Unmarketable Mortgaged: State-owned Ltd. 77,460,000 shareholder 154,932,000 31.51 Blocked 50,000,000 Xishan Changyuan Silk Unmarketable Legal person Weaving Mill Mortgaged shareholder 10,152,000 2.06 10,152,000 Jiangsu Qiuyan (Group) Unmarketable Legal person 9,270,000 1.89 Company shareholder Marketable Foreign SCANDIA GLOBAL FUNDS PLC -1,025,000 1,634,450 0.33 capital shareholder MA YONGYUAN UNKNOW 1,070,577 0.22 Marketable A shareholder Marketable A ZHUO WUJUN +264200 853,500 0.17 shareholder Marketable Foreign YU ZHONGDE UNKNOW 734,400 0.15 capital shareholder Marketable Foreign DEBORAH WANG LIN 0 709,500 0.14 capital shareholder Marketable Foreign NAITO SECURITIES CO., LTD. -101,400 570,501 0.12 capital shareholder Marketable Foreign WU YANG TIANXIANG UNKNOW 500,000 0.10 capital shareholder Top ten marketable shareholders Name of shareholder(full name) The amount of circulated shares Type of the share (A,B,H share or held at the end of the year others) SCANDIA GLOBAL FUNDS PLC 1,634,450 B share MA YONGYUAN 1,070,577 A share ZHUO WUJUN 853,500 A share YU ZHONGDE 734,400 B share DEBORAH WANG LIN 709,500 B share NAITO SECURITIES CO., LTD. 570,501 B share WU YANG TIANXIANG 500,000 B share SONG YUEJUAN 480,000 B share HKIT S/A 006-113039-431 463,000 B share QI JIANLIANG 450,000 B share Explanation for the related relationship The Company doesn’t know whether there is the related relationship among top ten circulated shareholders among them. 4.3 Introduction of controlling shareholders or actual controllers 4.3.1 Change of controlling shareholders or actual controllers □suitable √unsuitable 4.3.2 Information of controlling shareholders and other actual controllers (1) Information of controlling shareholders 5 Company Name: China Worldbest Group Co., Ltd. Legal representative is Zhou Yucheng . Registered capital: RMB 906,696,000 Date of establishment: July, 16,1992 Primary business and management: home trade (excluding those specially stipulated), development and management of real estate, warehousing, crude oil, foreign economic cooperation, self-operated and commissioned import and export of commodities and technologies (excluding those collectively managed by the State or by those companies authorized by the State), foreign trade and entrepot trade, medical machinery, automobile (including cars)(operate with license as required.) (2) Introduction of actual controller: China Worldbest Group Co., Ltd is affiliated to State-owned Assets Supervision and Administration Commission of the State Council, and the top ten shareholders are listed below in accordance with their respective shareholdings: the Ministry of Finance holding 9.136%, Association of staff shares of China Worldbest Group Co., Ltd. holding 8.465%, Hong Kong King Sharp Industrial (Holdings) Co., Ltd. holding 8.338%, the headquarters of Bank of Communications holding 8.025%, Bank of Shanghai holding 7.765%,Shanghai Yunfeng Group Co.,Ltd. holding 7.629%, China National Textile Import & Export corporation holding 7.040%, China National Textile Machinery and Technology Import & Export Corporation holding 7.040%, Anhui International Trust & Investment Company holding 6.483%,and Shanghai Textile Development Corporation holding 5.628% 4.3.3 The picture of the equity and controlling relationship between the Company and actual controller: State Assets Supervision and Management Commission of State Council China Worldbest Group Co.,Ltd 31.51％ Shanghai Worldbest Co.,Ltd. §5 Directors, Supervisors and Senior Management 5.1 Change of shares held by the directors, supervisors and senior management Shareholding Shareholdin Reasons Gend Period of Name Position Age at beginning of g at end of for er position the year the year change 6 Honorary Male 2002-08-30 ～ JI QUNLI Chairman of 46 2005-08-30 0 0 BoD Chairman of Male 2002-08-30 ～ SUN YING 43 0 0 BoD 2005-08-30 WU YUN Male 2002-08-30 ～ SHENG Director 64 2005-08-30 32,097 32,097 Director Male ZHU 2002-08-30 ～ CHUNLING General 49 2005-08-30 0 0 manager WANG Male 2002-08-30 ～ CAIFU Director 62 2005-08-30 0 0 Female 2002-08-30 ～ XIN PEINI Director 57 2005-08-30 4,000 4,000 Director Male 2002-08-30 ～ FU WEIMIN 48 3,000 3,000 2005-08-30 Female 2004-12-10 ～ JIAN JUN Director 46 2005-08-30 0 0 CHEN Male 2002-08-30 ～ YONGMIN Director 49 2005-08-30 0 0 G WANG Male 2002-08-30 ～ XIJIONG Director 61 2005-08-30 5,519 5,519 XU Independent Male 2002-08-30 ～ 70 0 0 DUANFU Director 2005-08-30 WANG Independent Male 2002-08-30 ～ 58 0 0 FANGHUA Director 2005-08-30 ZHANG Independent Male 2002-08-30 ～ 67 0 0 WENXIAN Director 2005-08-30 CHEN Independent Male 2002-08-30 ～ 62 2,000 2,000 YANMO Director 2005-08-30 YANG Independent Male 2003-05-23 ～ 41 0 0 GUISHENG Director 2005-08-30 GU Male Chairman of 2002-08-30 ～ GUANGZO 62 0 0 NG BoS 2005-08-30 Male 2002-08-30 ～ LU WEN Supervisor 49 2005-08-30 0 0 BIAN Male 2002-08-30 ～ NAITAI Supervisor 62 2005-08-30 0 0 ZHANG JU Male 2002-08-30 ～ GEN Supervisor 59 2005-08-30 0 0 FAN Male 2002-08-30 ～ RUI’AN Supervisor 63 2005-08-30 0 0 DONG Male 2002-08-30 ～ LIMIN Supervisor 52 2005-08-30 0 0 TAO Male 2002-08-30 ～ JIANJUN Supervisor 42 2005-08-30 2,834 2,834 Presidium Male 2004-08-05 ～ XU TING Deputy General 58 2005-09-10 0 0 Manager BoD Secretary Male ZHANG 2002-09-10 ～ LESHENG Deputy General 49 2005-09-10 5,519 5,519 Manager WU Deputy General Male 2002-09-10 ～ 47 0 0 HAISHENG Manager 2005-09-10 Male YU 2002-09-10 ～ QINGPEI Chief Engineer 64 2005-09-10 5,519 5,519 7 ZHANG Male Chief 2004-08-05 ～ CHANGQIN 41 0 0 G Accountant 2005-09-10 5.2 Directors and supervisors holding a position at entities of shareholders √suitable □unsuitable Whether receive a Name of entity of Period of Name Position payment or subsidy from shareholder position the Company (Yes/No) China Worldbest JI QUNLI Vice Chairman 2001-06-- Y Group Co., Ltd. Deputy Director of the Investment and China Worldbest Strategy WANG CAIFU 2002-01-- Y Group Co., Ltd. Committee of the Group’s Board of Directors Assistant to China Worldbest FU WEIMIN the President of 2004-06-- N Group Co., Ltd Group Chief Director of the General China Worldbest JIAN JUN Representative 2004-06-- N Group Co., Ltd. Office in Thailand Assistant to the President of China Worldbest Group, Director LU WEN 2004-03-- Y Group Co., Ltd. of the Commercial Department China Worldbest BIAN NAITAI Supervisor 2001-06-- N Group Co., Ltd. China Worldbest Deputy Chief ZHANG JUGEN 1998-04-- Y Group Co., Ltd. Economist 5.3 Annual payment of directors, supervisors and senior management Unit: Yuan Currency: RMB Total annual payment 1,560,000 Total payment of the top 3 high-salaried 350,000 directors Total payment of the top 3 high-salaried 250,000 senior management Subsidy for independent directors 36,000 Other remuneration for the independent The reasonable payment (including the travel directors fee, office expenditure, etc.) for the independent director to attend the Board of 8 Directors meeting and shareholders meeting and to execute the rights in accordance with the relative stipulations of the “Company Law” and “Articles of Associations of the Company”. Names of directors and supervisors not Ji Qunli,WangCaifu,FuWeimin,JianJun receiving payment or subsidies from the ChengYongming, Wang Xijiong,Lu Wen, Bian Company Naitai, Zhang Jugen Range of payment Number of persons Above 120,000 2 80,000～120,000 9 40,000～80,000 7 §6 Report of Board of Directors 6.1Discussion and analysis on the general situation of operation within the reporting period Within the reporting period, affected by the increasing and fluctuating international oil price, the price of the raw chemical industry materials for the Company increased a lot, while the sale price of the products cannot match it; the chemical fiber enterprises of the Company also meet the similar situation and the supply of the products exceeded the market demand; the implementation of macro-economic regulation policies , the increase of the prices of coal, electricity, oil and transportation and shortage of electric power in some area also affected the normal production and operation of the Company. Confronted by the hard situation, the Company improved the management of the raw material purchase, actively explored the market, and developed the products according to the market demand. Although offset the negative impacts to some extend, the annual business results decreased to some extent. Within the reporting period , the sales revenue of primary business was RMB 4,844,381,800 ,increased by 26.36% over the last year; the net profit RMB 32,360,600 decreased by 46.35% over the same period last year. 6.2 Table of main businesses in terms of industries and products Unit:0’000Yuan Currency:RMB Increase or Increase or Increase or decrease of Revenue decrease of decrease Cost of Gross cost of from revenue from of gross Industry or product primary margin primary primary primary margin businesses (%) businesses businesses businesses over over last over last year last year (%) year(%) (%) Chemicals 208,916.35 199,497.10 4.51 151.62 144.64 2.73 Chemical fiber 77,421.36 70,617.69 8.79 -22.76 -19.96 -3.19 Pharmaceuticals 27,645.84 22,334.40 19.21 -18.92 -20.91 2.04 Trade 97,456.76 91,877.72 5.72 -9.66 -11.99 2.50 Paper 29,836.63 24,379.55 18.29 30.86 34.05 -1.95 9 Construction 20,592.67 14,560.69 29.29 79.21 74.12 material 2.07 Pricing principle for related-party Market price transaction Explanation for The related transaction was mainly caused by the sales of some products of the necessity or controlled subsidiaries in some areas using the sales channels of the related party . The continuity of amount of the related transaction and the portion accounting for the sales revenue was related-party small . transaction Of which: within the reporting period the amount of the related transaction of the sales of the products by the listed company to the controlling shareholders and its subsidiaries was: RMB 21,271,187.29 6.3 Primary businesses in terms of regions Unit:Yuan 0’000 Currency:RMB Revenue from primary businesses(RMB Increase or decrease of revenue from primary Region 0’000) businesses over last year (%) Inside China 473,933.96 43.82 Outside China 10,504.22 -80.76 6.4 Procurement and marketing customers Unit:Yuan0’000 Currency:RMB Total procurement from the top 5 73,746.50 Percentage of total procurement 13.79 suppliers (%) Total sales to the top 5 customers 62,218.75 Percentage of total sales (%) 12.84 6.5 Operation of equity participating companies ( Income on investment accounting for more than 10% of the net profit) √suitable □unsuitable Unit:Yuan 0’000 Currency:RMB Name of joint stock company China Worldbest North America Mexico Co.,Ltd. Return on investment % Of total net contributed within the 1,740.94 profit of listed 53.80 reporting period company Business Joint stock Production and sale of yarn products scope company Net profit 4,145 Invista fibers china AFS Name of joint stock company (Originally Dupont Fibers(China)Co.,Ltd.) Return on investment % Of total net 801.99 24.78 contributed within the profit of listed 10 reporting period company Business .Production and sales of spandex Joint stock scope and its further processed products. company Net profit 12,951 6.6 Explanation for major changes of primary businesses and their composition □suitable √unsuitable The paper products business was increased to the primary business scope of the Company. Within the reporting period the revenue of paper business was RMB 228,012,700 （gross margin）over last year. 6.7 Explanation for major changes of profitability of primary businesses □suitable √unsuitable 6.8 Analysis of reasons for major changes in operating results and profit composition √ suitable □unsuitable Within the reporting period, the percentage of the income on investment accounting for total profit increased largely mainly because the large increase of the equity transference income and income on investment of the joint stock company within the reporting period. The decrease of the percentage of net non-operation income accounting for the total profits was mainly caused by the decrease of the non-operation income such as indemnity over last year .The decrease of the percentage if the profits of other business accounting for total profits was mainly caused by the decrease of income from consultation service over the last year. 6.9 Explanation for major changes of operation situation, macro policies, laws and regulations has already influenced (are now influencing or will influence) significantly upon the Company’s financial situation and operating results. □suitable √unsuitable 6.10 The explanation of the major influence made ,being made or will be made to the financial status and the operation results of the Company by the major changes of the production operation environment and macro economy policy and regulations : □suitable √unsuitable 6.11 Completion of profit forecast □suitable √unsuitable 6.12 Completion of operation plan □suitable √unsuitable 11 6.13 Use of the raised capital □suitable √unsuitable 6.14 Change of projects □suitable √unsuitable 6.15 Projects with funds not from share placement √suitable □unsuitable Unit:0’000 Currency:RMB Name of project Investment amount Schedule of project Return from project The 43 thousand spindle project of 28,666.65 Started the production -60.23 Worldbest(Thailand) Textile Co.,Ltd. The citric acid project of 28,930.59 85% Construction period Worldbest(Thailand) Biochemical Co.,Ltd. The optical fiber project of Shanghai 9,667.93 Construction period Worldbest OFIB Technology Inc. The 6th national treasured loan project “Sea and Island extra The company fine filament yarn implemented the 10,039.00 Started the production production and the project achieved the special finishing for net profit RMB 16.85 weaving” technology million. improvement project The establishment of Nan tong 870.00 Construction period YuanSheng Fibers Co.,Ltd. The establishment of Shanghai Hua Qi 600.00 3.49 Tai Real Estate Development Co.,Ltd. The company The capital increase implemented the of Changzhou 1,672.01 project achieved the Worldbest Radici net profit Co.,Ltd. RMB 30,840,000 The company The capital increase implemented the of Shanghai Worldbest 1,015.94 project achieved the Composite New net profit RMB Material Co.,Ltd. 22,070,000 The capital increase The company of Yangzhou implemented the 1,200.00 Worldbest Rainbow project loss RMB Knitting Co.,Ltd. 3,240,000 12 The capital increase The company of Shandong implemented the Worldbest Lantian 1,884.61 project achieved the Paper Products net profit RMB Co.,Ltd. 4,740,000 The national treasured loan project of the new PTT fiber spinning technology 4,953.81 Construction period improvement of Changzhou Worldbest Chemical Fibers Co.,Ltd. . 200 thousand ton PET project of 12,716.00 Construction period Changzhou Worldbest Radici Co.,Ltd. The pulp production system improvement project of Shandong 1,077.60 Construction period Worldbest Lantian Paper Products Co.,Ltd. Total 103,294.14 / / 6.16 Explanation of Board of Directors for CPA firm’s “non-standard opinion” □suitable √ unsuitable 6.17Proposal of profit distribution or share increase with public reserve fund of Board of Directors for the year In 2004, audited in accordance with the domestic accounting principle and the accounting system, the Company realized the consolidated net profits RMB32,360,573.57, of which parent company RMB 32,686,860.19, plus the last year end retained earnings RMB107,253,401.82 and other amount transferred into RMB547,073.16 (formed by the share equity transference of subsidiary) the profits available for distribution at the end of 2004 was RMB 140,161,048.55 In 2004 the parent Company drew 10% of the net profit as surplus common reserve RMB 3,268,686.02 and statutory public welfare fund RMB3,268,686.02, at the end of 2004, the subsidiaries drew the surplus common reserve and statutory public welfare fund RMB 6,358,636 ,at the end of 2004 ,the profits available for distributed for the shareholders was RMB 127,265,040.51. Audited in accordance with the international accounting principle, in 2004 the consolidated net profit of the Company was RMB 48,619,000 million. ,plus the retained earnings of the last reporting period RMB60,534,000 and the other amount transferred into RMB 1391000, less surplus common reserve and public welfare fund RMB 12,896,000 of this year, the retained earnings is RMB 13 97,648,000. The profits distribution proposal of 2004 is: No cash dividend, no equity increases with capital reserves. 6.18The Company made profits within the reporting period while doesn’t submit the cash profit distribution plan √suitable□unsuitable The reason for not submitting the cash profit The use of the undistributed profits and distribution plan when made profits within the period the schedule of the capital use At present the operation capital of the Company is negative and it is short of the The additional investment to the investment working capital and the investment projects projects such as Thailand Biochemical .。 operated demand the additional investment. §7 Important issues 7.1 Assets acquisition √suitable □unsuitable Unit: 0’000 Yuan Currency: RMB Net profit contributed Whether it is whether from the the related the Whether date of party ownership the credit The transaction parties Date of acquisition transaction, of the and liability Price and the assets acquired acquisition to the end ( if it concerning concerned of the year is ,explain assets transformed to the the pricing transferred completely. listed principle.) completed company Shanghai Worldbest Investment and Development (Group) Co.,Ltd. The 100% share Yes, the equity of China Worldbest evaluation price (Thailand)Industrial made by Co.,Ltd.,100% of share 51,507 Shanghai N N equity of Worldbest Oriental International Appraisals Co.,Ltd. Enterprise(Thailand) Co.,Ltd. and 44% of share equity of Anhui Huawan Carbon Fiber Co.,Ltd. 7.2 Sale of Assets √suitable □unsuitable 14 Unit: 0’000 Yuan Currency” RMB Net profit Whether it contributed whether is the from the the Whether related Th date of ownership the credit party transa The transaction parties and the Date of acquisition of the and liability Price transaction, partie assets acquired acquisition to the end concerning concerned ( if it the a of the year assets transformed is ,explain acqu to the transferred completely. the pricing listed completed principle.) company China Worldbest Group Y, audited Co.,Ltd.;5.35% share equity of 2004-11-02 2218.00 0 1,918.00 Y 是 Worldbest Home textile net assets HuangTiyuan,Fu Jianping ,60% equity of Shanghai Huadi Real 2004-08-31 720.00 -64.24 191.53 N Y Y Estate Co.,Ltd. Shanghai Worldbest Investment Yes, the and Development (Group) Co.,Ltd., evaluation 13.08% share equity of China price made Worldbest Life Industry 51,507.00 1,740.00 by Shanghai N N Co.,Ltd.and 42% of China Oriental Worldbest(Mexico)TextileIndustrial Appraisals Co.,Ltd. Co.,Ltd. 7.3 Important guarantees √suitable □unsuitable Unit: 0’000 Yuan Currency:RMB The external guarantee by the Company(Excluding the guarantee for the controlled subsidiaries) Name of the Date of Amount of Type of Term Whether the Whether it is a guaranteed party guarantee (the guarantee guarantee guarantee is related-party date the completed guarantee agreement (Yes/No) signed) Joint Shanghai 2004-09-29 ～ 2004-09-29 2,500.00 liability N N Feile Co.,Ltd. 2005-09-28 guarantee Shanghai Joint 2004-09-29 ～ Feile Co. 2004-09-29 2,040.00 liability 2005-08-28 N N guarantee Shanghai Joint 2004-03-25 ～ Feile Co. 2004-03-25 2,000.00 liability 2005-03-25 N N guarantee Shanghai Joint 2004-05-10 ～ Feile Co. 2004-05-10 6,300.00 liability 2005-05-10 N N guarantee Shanghai Joint 2004-04-26 ～ Feile Co. 2004-04-26 1,500.00 liability 2005-04-26 N N guarantee Shanghai Joint 2004-10-29 ～ Feile Co. 2004-10-29 1,500.00 liability 2005-02-20 N N guarantee 15 Sinotex United Import and Joint 2004-02-25 ～ 2004-02-25 10,000.00 liability 2005-02-24 N N Export Co., guarantee Ltd Shanghai Wai Gao Qiao Joint Free Trade 2004-12-13 ～ 2004-12-13 2,921.60 liability N N Zone 2005-12-13 guarantee Development Co.,Ltd. Shanghai Wai Gao Qiao Joint Free Trade 2004-03-26 ～ 2004-03-26 2,000.00 liability N N Zone 2005-03-26 guarantee Development Co. Shanghai Wai Gao Qiao Joint Free Trade 2004-03-30 ～ 2004-03-30 3,000.00 liability N N Zone 2005-03-30 guarantee Development Co. Shanghai Wai Gao Qiao Joint Free Trade 2004-05-13 ～ 2004-05-13 5,000.00 liability N N Zone 2005-05-13 guarantee Development Co. Shanghai Wai Gao Qiao Joint Free Trade 2004-07-05 ～ 2004-07-05 5,000.00 liability N N Zone 2005-06-25 guarantee Development Co. Shanghai Wai Gao Qiao Joint Free Trade 2004-07-05 ～ 2004-07-05 4,500.00 liability N N Zone 2005-07-01 guarantee Development Co. Shanghai Wai Gao Qiao Joint Free Trade 2004-09-09 ～ 2004-09-09 2,000.00 liability N N Zone 2005-08-09 guarantee Development Co. Shanghai Wai Gao Qiao Joint Free Trade 2004-09-17 ～ 2004-09-17 2,000.00 liability N N Zone 2005-08-15 guarantee Development Co. 16 Suzhou Agro Joint 2004-12-04 ～ Biochemical 2004-12-04 liability 1,000.00 2005-01-10 N N Products Co. guarantee Suzhou Agro Joint 2004-06-16 ～ Biochemical 2004-06-16 1,000.00 liability 2005-01-10 N N Products Co. guarantee Anqiu Lu’an Joint 2002-12-23 ～ Pharmaceuticals 2002-12-23 160.02 liability 2005-05-10 N N Co.,Ltd. guarantee Anqiu Lu’an Joint Pharmaceuticals 2002-12-23 2002-12-23 ～ 84.00 liability 2005-11-10 N N Co. guarantee Anqiu Lu’an Joint Pharmaceuticals 2002-12-23 2002-12-23 ～ 96.01 liability 2005-11-10 N N Co. guarantee Total amount of guarantee within the reporting 54,601.63 period Total of balance of guarantee at the end of the 54,601.63 reporting period The guarantee for the controlled subsidiaries Total amount of guarantee for the controlled subsidiaries 117,398.53 within the reporting period Total of balance of guarantee for the controlled 117,398.53 subsidiaries at the end of the reporting period Total amount of guarantee (including the guarantee for the controlled subsidiaries) Total amount of guarantee 171,660.13 The portion of the total amount of the guarantee accounting for the net assets of the 107.04 Company Guarantee breaching the regulation The amount of guarantee for the controlling shareholder and other related party whose equity 2,340.03 held by the Company under 50% The amount of guarantee for the debt of the guaranteed company whose debt asset rate 86,902.92 exceeds 70% directly or indirectly Whether the total amount of guarantee Y exceeds 50% of net assets(Y or N) Total amount of guarantee breaching the regulation 89,242.95 7.4 Important related party transaction 7.4.1 Related sales and purchase √suitable□unsuitable Unit:0’000Yuan Currency: RMB Sell the products and Purchase the products and Related Party provide the labor service for receive the labor service the related party from the related party 17 The The percentage percentage The amount Amount of accounting accounting of transaction for the same for the same transaction kind of kind of transactions transaction Changzhou Worldbest Kama 0 0 556.52 0.11 Machinery Co.,Ltd. Anhui Yakelun New Material Co.,Ltd. 0 0 311.86 0.06 Anhui Worldbest Pharmaceuticals 2,029.14 7.34 0 0 Co.,Ltd. Total 2,029.14 7.34 868.38 0.17 7.4 Related debt and credit √suitable □unsuitable Unit:0’000 Yuan Currency:RMB Capital supplied to the listed Company capital supplied to the related party Related party by the related party Amount occurred Balance Amount occurred Balance China Worldbest Group 190.13 627.80 773.24 Co.,Ltd. Xishan Changyuan 458.30 32.82 Silk Weaving Factory Wu Xi Yuan Yuan Yuan Real Estate 500.00 Development Co.,.Ltd. Yangzhou Fabric 2,225.04 36.99 Factory Suzhou Worldbest Agro Biochemical Products 30.00 Co.,Ltd. Shanghai Worldbest Life Science Research and Development 552.58 Co.,Ltd. Anhui Fuyang Fukang Pharmaceutical Institute 932.77 Beijin Bohong Real Estate Development 4400.00 Co.,Ltd. China Worldbest Life Industry Co.,Ltd. 174.00 174.00 Total 2,873.47 5,552.39 801.80 1,880.01 18 Of which: The amount of the capital supplied to the controlling shareholders and its subsidiaries by the listed company occurred within the reporting period: RMB 1,901,300, the balance RMB 49,525,800 7.5 Authorization of fund management √suitable □unsuitable Unit: RMB 0’000 Currency: RMB Entrustee Amount Term Contracted Actual Actual return return amount taken back Bohai Securities 2,000 2004-01-02 ～ 2004-06-28 Fixed return 50.4 50.4 2,000 Co.,Ltd. Shanghai Rongchang Annual return Assets 2,000 2004-01-08 ～ 2004-06-28 82.13 2,000 rate 8.8% Management Co.,Ltd Shanghai Rongchang Annual return Assets 3,000 2004-01-08 ～ 2004-06-28 123.20 3,000 rate 8.8% Management Co.,Ltd Total 7,000 / / 7,000 Of which : at the end of the reporting period, the total of the capital and income of the authorized financial management exceeded the limited period and not taken back was RMB The entrusted loan: (1) The Company’s subsidiary Yangzhou Worldbest Co.,Ltd. entrusted Huaxia Bank Beijing Dengshikou Branch to issue the loan to Beijing Bohong Real estate Development Co.,Ltd., the amount was RMB 20 million. The term was from March 10,2003 to Feb 17, 2005. The annual rate was 7.137%. The entrusted loan has been approved by the resolutions of the board meeting of the company. Within the reporting period the investment income was RMB 1,371,400 （2）The Company’s subsidiary Changzhou Worldbest Radici Co.,Ltd. entrusted Huaxia Bank Beijing Dengshikou branch to issue the loan to Beijing Bohong Real Estate Development Co.,Ltd. The amount was RMB 30 million., of which 1) RMB 15 million was from Dec 26,2002 to Dec 26,2004.2) RMB 15 million was from Dec 27,2002 to Dec 27 2004.The annual rate was 7.137%. The entrusted loan has been approved by the resolutions of the board meeting of the company. The investment return within the reporting period was RMB 2,286,600 and received the capital RMB 20 million before the reporting date. The remaining of capital RMB 10 million and the investment return RMB 1,108,600 haven’t received. （3）The Company’s subsidiary Nan tong Huatong Chemical Fiber Co.,Ltd. entrusted Huaxia Bank 19 Beijing Dengshikou Branch to issue the loan to Beijing Bohong Real Estate Development Co.,Ltd.The amount was RMB 30 million and the term was from Dec 2,2002 to Dec 2,2004. The annual rate was 6%. The entrusted loan has been approved by the resolution of the board meeting of the company. At the end of the reporting period received the capital RMB30 million and RMB 1,738,800. 7.6 Fulfillment of promised issues □suitable √unsuitable 7.7 Important litigation □suitable √unsuitable 7.8 Independent directors’ fulfilment of their duties （1） Attendance of the Board of Directors Meeting of the independent directors: Times of BoD Name of the Attend by Meeting which the Attend by Independent himself Absent(times) Remarks Independent Directors proxy(times) Directors (times) shall attend Xu 4 0 2 2 Duanfu Wang Fanghua 4 1 2 1 Zhang Wenxian 4 2 1 1 Chen Yanmo 4 4 0 0 Yang Guisheng 4 2 2 0 In order to be responsible for all the shareholders, and in accordance with the relative laws and stipulations The independent directors fulfilled the duty sincerely and diligently, participated the Board Meetings of the company. , contributed suggestions to the operation and management of the Company, and expressed the independent opinions on the important issues, which was positive for the Board Meeting of the Company to make the scientific and objective decision . On April 15,2004, on the 5th Session of the 3rd Board of Directors Meeting, Independent Director Yang Guisheng vote the abstention to the “Proposal of Changzhou Worldbest Radici Co.,Ltd. Expansion of 200 ton bottle polyester chips technology improvement project” §8 Report of Board of Supervisors The Board of Supervisors believed the Company ‘s operation was in line with the law and there was no problem with the financial situation, the acquisition, the purchase and sale of the assets and the related-parties transaction. § 9 financial report 9.1 Audit opinion 20 The Company’s 2003 Annual Report has been audited by Shu Lun Pan Certified Accountants Co.,Ltd. and signed by the Certified Accountant Wang Yang and Yuan Xuewei and they provided standard audit report. XinChangKuaiShiBaoZi(2005) No.10688 9.2 The consolidated and parent company’s balance sheet, Sheet of Profit Distribution and Appropriation and Cash Flows Statement (See Appendix) Balance Sheet Unit：RMB Item End of term Beginning of term Consolidated Parent Co. Consolidated Parent Co. Current assets： Cash 444,140,259.55 552,283,234.53 148,452,315.51 135,001,718.79 Short-term investment 130,809,487.36 96,422,996.23 Notes receivable 144,035,042.93 65,852,729.10 33,193,325.91 16,897,224.88 Dividends receivable 2,963,478.39 1,964,284.19 26,310,018.35 1,964,284.19 Interests receivable Accounts receivable 285,759,152.67 439,401,069.88 27,504,124.83 18,493,625.74 Other receivables 139,966,107.48 183,951,425.60 463,394,446.51 310,782,853.24 Advances to suppliers 72,957,917.35 163,817,390.53 6,248,801.07 47,329,281.38 Subsidiaries receivable 65,506,068.13 9,208,662.52 259,764.97 Inventories 538,502,464.28 685,501,447.53 103,535,886.34 131,763,475.25 Deferred charges 3,015,969.88 2,685,378.50 1,191,056.78 982,817.05 Long-term investments maturing within one 3,000 year Other current assets Total current assets 1,827,655,948.02 2,201,091,618.61 810,089,740.27 663,215,280.52 Long-term investments： Long-term equity investments 721,777,611.44 743,569,027.40 1,787,759,074.33 1,908,469,102.22 Long-term investments in debentures 3,000.00 Total long-term investments 721,780,611.44 743,569,027.40 1,787,759,074.33 1,908,469,102.22 Including: Differences on consolidation 11,828,347.34 10,352,142.55 Fixed assets： Fixed assets - cost Less: Accumulated depreciation 2,896,081,924.88 3,115,857,368.94 713,909,740.76 714,133,584.15 Fixed assets – net value 852,095,553.69 992,435,839.23 219,254,891.41 238,309,823.74 Less: Provision for impairment of fixed 2,043,986,371.19 2,123,421,529.71 494,654,849.35 475,823,760.41 assets Fixed assets – written-down value 23,177,682.17 23,155,181.09 17,770,951.61 17,748,450.53 Goods and materials for construction 2,020,808,689.02 2,100,266,348.62 476,883,897.74 458,075,309.88 Construction in progress 8,319,516.27 1,291,564.22 Disposal of fixed assets 952,049,253.60 1,158,569,036.92 41,133,031.68 86,387,267.42 Total fixed assets Intangible assets and other assets： 2,981,177,458.89 3,260,126,949.76 518,016,929.42 544,462,577.30 Intangible assets Long-term deferred charges 71,538,733.53 149,948,364.79 5,325,000.00 86,761,942.94 Other long-term assets 13,455,907.10 11,321,727.82 833,520.00 Total intangible assets and other assets 269,602,648.16 322,013,425.98 21 Deferred tax： 84,994,640.63 161,270,092.61 274,927,648.16 409,608,888.92 Deferred tax charges Total assets Current liabilities： 5,615,608,658.98 6,366,057,688.38 3,390,793,392.18 3,525,755,848.96 Short-term borrowings Notes payable 1,906,967,094.86 2,472,571,790.18 1,032,113,600.00 1,229,180,000.00 Accounts payable 88,671,700.00 348,510,803.45 50,711,700.00 65,000,000.00 Advances from customers 272,172,137.79 543,312,415.56 11,644,582.47 13,052,993.30 Accrued payroll 63,308,077.65 75,476,226.13 4,604,913.29 13,030,067.76 Accrued welfare charges 4,933,189.58 8,314,587.01 Dividends payable 7,302,055.07 10,857,606.31 383,149.75 142,149.67 Interest payable 13,203,065.08 1,551,962.89 Taxes payable 23,222,191.69 14,866,815.11 5,127,105.89 28,098.98 Other payables to government authority 611,684.20 714,156.77 343,796.46 502,971.33 Other payables 222,731,402.68 133,038,703.18 186,608,646.39 217,492,859.48 Accrued expenses 9,656,227.08 11,705,277.49 293,633.37 Contingent liabilities Deferred income 479,261,959.00 346,857,870.00 195,600,000.00 91,000,000.00 Long-term liabilities due within one year Other current liabilities 3,092,040,784.68 3,967,778,214.08 1,487,431,127.62 1,629,429,140.52 Total current liabilities Long-term liabilities： 591,297,131.00 395,841,475.00 365,000,000.00 324,000,000.00 Long-term loans Debentures payable 19,582,333.21 6,776,590.49 2,034,000.00 2,595,080.00 Long-term accounts payable 15,721,163.06 12,399,191.34 Special accounts payable Other long-term liabilities 626,600,627.27 415,017,256.83 367,034,000.00 326,595,080.00 Total long-term liabilities Deferred tax： Deferred tax credits 3,718,641,411.95 4,382,795,470.91 1,854,465,127.62 1,956,024,220.52 Total liabilities 330,792,644.21 379,526,950.44 Minority shareholders’ equity Shareholders’ equity： 491,754,000.00 491,754,000.00 491,754,000.00 491,754,000.00 Paid-in capital Less: Returned investments 491,754,000.00 491,754,000.00 491,754,000.00 491,754,000.00 Net paid-in capital 739,535,941.55 740,252,445.24 739,535,941.55 740,252,445.24 Capital reserve 195,079,481.09 207,428,415.97 128,864,088.90 135,401,460.94 Revenue reserve 74,832,461.73 77,918,790.04 51,338,360.01 54,607,046.04 Including: Public welfare fund 107,253,401.82 127,265,040.51 176,174,234.11 202,323,722.26 Undistributed profits Conversion difference of foreign currency 32,551,778.36 37,035,365.31 sheet Less: unidentified loss of investment Total shareholders’ equity 1,566,174,602.82 1,603,735,267.03 1,536,328,264.56 1,569,731,628.44 Total liabilities and shareholders’ 5,615,608,658.98 6,366,057,688.38 3,390,793,392.18 3,525,755,848.96 equity The legal person of the Company:Sun Ying Person in charge of accounting works: Zhang Changqing manager of accounting organization:Li Yufeng Sheet of Profit Distribution and Appropriation Unit：RMB 22 Item Consolidated Parent Co. Current Previous Current Previous term term term term Revenue from primary businesses 4,844,381,794. 3,833,659,078. 948,551,031.69 864,120,548.46 48 00 Less: Primary businesses cost 4,409,686,760. 3,451,712,007. 893,311,508.58 801,011,830.38 33 04 Primary businesses taxes and additional 3,728,105.03 6,341,247.31 459,821.17 93,692.22 Profit from primary businesses 430,966,929.12 375,605,823.65 54,779,701.94 63,015,025.86 Add: Profit from other businesses 20,246,946.99 32,523,270.95 3,167,296.36 8,771,247.73 Less: Operating expenses 126,110,799.37 103,742,323.12 5,103,797.77 4,720,097.45 Overhead charges 176,154,942.83 159,826,398.33 44,246,524.13 45,731,689.56 Financial expenses 147,417,848.74 109,390,583.23 68,633,437.09 51,496,334.58 Operating profit 1,530,285.17 35,169,789.92 -60,036,760.69 -30,161,848.00 Add: Investment returns 64,477,108.39 45,454,617.18 90,823,217.56 90,165,493.70 Income from subsidies 3,030,400.00 2,922,807.09 Non-operating income 12,004,578.58 25,535,575.49 2,864,055.38 3,442,489.94 Less: Non-operating expenses 3,275,904.65 3,993,475.31 963,652.06 1,641,548.41 Total profit 77,766,467.49 105,089,314.37 32,686,860.19 61,804,587.23 Less: Income tax 12,471,106.59 19,642,699.08 Less: Minority shareholders’ profit and loss 32,934,787.33 25,123,351.04 Plus: unidentified loss from investment Net profit 32,360,573.57 60,323,264.25 32,686,860.19 61,804,587.23 Add: Undistributed profit at beginning of the year 107,253,401.82 67,566,332.84 176,174,234.11 126,730,564.32 Other transfers 547,073.16 1,146,962.90 Profits available for distribution 140,161,048.55 129,036,559.99 208,861,094.30 188,535,151.55 Less: Approportion to statutory revenue reserve 7,238,803.43 13,065,815.52 3,268,686.02 6,180,458.72 Approportion to public welfare fund 4,085,459.16 8,717,342.65 3,268,686.02 6,180,458.72 Approportion to staff and workers’ bonus and welfare fund Approportion to stock fund Approportion to enterprise development fund Return investment with profit Profits available for distribution to investors 128,836,785.96 107,253,401.82 202,323,722.26 176,174,234.11 Less: Dividends of preference shares payable Discretionary revenue reserve 1,571,745.45 Dividends of common shares payable Dividends of common shares converted to paid-in capital Undistributed profits 127,265,040.51 107,253,401.82 202,323,722.26 176,174,234.11 Supplemental information： Income from sales or disposals of departments or investement Losses from natural calamity Total profits increase or decrease due to changes in accounting policies Total profits increase or decrease due to changes in accounting estimates Losses from debt restructuring Others The legal person of the Company:Sun Ying Person in charge of accounting works: Zhang Changqing manager of accounting organization:Li Yufeng 23 Cash Flows Statement Unit：RMB Item Consolidated Parent Co. Cash flows from operating activities： Cash received from sales of goods or rendering of services 5,753,472,711.83 1,174,589,432.02 Refunds of taxes 194,517,005.46 5,961,778.78 Other cash received relating to operating activities 25,342,020.49 186,260,624.41 Sub-total of cash inflows 5,973,331,737.78 1,366,811,835.21 Cash paid for goods and services 4,935,225,478.23 1,071,791,037.60 Cash paid to and on behalf of employees 191,835,124.96 36,142,499.36 Payments of all types of taxes 103,953,682.48 25,235,482.38 Cash paid relating to other operating activities 163,985,144.31 17,464,794.82 Sub-total of cash outflows 5,394,999,429.98 1,150,633,814.16 Net cash flows from operating activities 578,332,307.80 216,178,021.05 Cash flows from investing activities： Cash received from return of investments 321,684,255.86 7,200,000.00 of which : cash received from the sale of subsidiaries Cash received from return on investments 23,898,890.44 15,404,549.43 Net cash received from the sale of fixed assets, intangible assets and 5,676,447.66 731,158.06 other long-term assets Cash received relating to other investing activities 27,905,714.56 Sub-total of cash inflows 379,165,308.52 23,335,707.49 Cash paid to acquire fixed assets, intangible assets and other long-term 514,601,263.42 134,848,220.47 assets Cash paid to acquire investments 239,618,635.68 55,705,453.62 Cash paid relating to other investing activities 3,521,971.72 22,100,000.00 Sub-total of cash outflows 757,741,870.82 212,653,674.09 Net cash flows from investing activities -378,576,562.30 -189,317,966.60 Cash flows from financing activities： Cash received from investments by others 11,201,330.47 of which: the cash received from absorbing minority shareholders’ equity investment 11,000,000.00 by subsidiaries Cash received from borrowings 3,745,571,833.18 1,794,480,000.00 Cash received relating to other financing activities 18,440,000.00 2,000,000.00 Sub-total of cash inflows 3,775,213,163.65 1,796,480,000.00 Cash repayments of amounts borrowed 3,649,097,776.32 1,743,013,600.00 Cash paid for distribution of dividends or profits and for interest 196,619,930.94 93,777,051.17 expenses of which dividends paid for minority shareholders 412,690.67 Cash paid relating to other financing activities 21,041,012.53 of which: cash paid to minority shareholders by the subsidiaries by legal capital decrease Sub-total of cash outflows 3,866,758,719.79 1,836,790,651.17 Net cash flows from financing activities -91,545,556.14 -40,310,651.17 Effect of foreign exchange rate changes on cash -67,214.38 Net increase in cash and cash equivalents 108,142,974.98 -13,450,596.72 Supplemental information Reconciliation of net profit to cash flows from operating activities： Net profit 32,360,573.57 32,686,860.19 Add: Minority shareholders’ earnings for the current period 32,934,787.33 Less: Losses arising from investments (or deduct: gains) Add: Provision for impairment losses of assets 10,817,596.00 3,025,725.04 Depreciation of fixed assets 169,614,651.58 38,045,280.06 Amortization of intangible assets 4,228,170.43 1,543,057.06 Amortization of long-term deferred expenses 4,687,718.33 129,480.00 24 Decrease in deferred expenses (or deduct: increase) 330,591.38 208,239.73 Increase in accrued expenses (or deduct: decrease) 389,050.41 -293,633.37 Losses on disposal of fixed assets, intangible assets and other long-term 760,722.16 329,816.67 assets (or deduct: gains) Loss on scrapping of fixed assets Financial expenses 149,505,493.43 70,307,583.06 Loss from investment -66,471,062.49 -90,823,217.56 Deferred tax credit (or deduct: debit) Decrease in inventories (or deduct: increase) -115,061,974.74 -28,828,822.07 Decrease in operating receivables (or deduct: increase) 3,953,264.14 -11,835,626.06 Increase in operating payables (or deduct: decrease) 350,282,726.27 201,683,278.30 Others Net cash flows from operating activities 578,332,307.80 216,178,021.05 Investing and financing activities that do not involve in cash receipts and payments： Conversion of debt into capital Convertible bonds to be expired within one year Fixed assets financed by finance leases Net increase in cash and cash equivalents： Cash at the end of the period 552,283,234.53 135,001,718.79 Less: Cash at the beginning of the period 444,140,259.55 148,452,315.51 Add: Cash equivalents at the end of the period Less: Cash equivalents at the beginning of the period Net increase in cash and cash equivalents 108,142,974.98 -13,450,596.72 The legal person of the Company: Sun Ying Person in charge of accounting works: Zhang Changqing manager of accounting organization:Li Yufeng 9.3 Compared with the latest annual report , there is no change in accounting policies, accounting estimation or calculation methods 9.4 There is no modification of accounting mistakes within the reporting period. 9.5 The changes of the scope of consolidation of financial statements compared with the last reporting period : The newly increased two enterprises are Nan tong Yuansheng and Hua Qitai ,which are the enterprises newly established by investment; decrease Huadi Real Estate, caused by equity transform . Shangahai Worldbest Co.,Ltd. Legal representative: Sun Ying April 14,2005 25