市北高新(600604)二纺机2004年年度报告

上海二纺机股份有限公司 二 00 四年度报告正文 重 要 提 示 本公司董事会保证报告所载资料不存在任何重大遗漏、虚假陈述或者严重误导，并 对其内容的真实性、准确性和完整性负个别及连带责任。 公司独立董事高勇先生因有重要公务，未能来上海亲自出席会议，委托倪迪独立董 事代为行使表决权。 公司 2004 年度财务报告已经立信长江会计师事务所、浩华会计师事务所审计，并出 具无保留意见的审计报告。 公司法定代表人郑元湖、财务总监梅建中、财务负责人郑爱华声明：保证年度报告 中财务报告的真实、完整。 第1頁 目 录 一、 公司基本情况简介 二、 会计数据和业务数据摘要 三、 股本变动及股东情况 四、 董事、监事、高级管理人员和员工情况 五、 公司治理结构 六、 股东大会情况简介 七、 董事会报告 八、 监事会报告 九、 重要事项 十、 财务报告 十一、 备查文件目录 第2頁 一、公司基本情况简介 1.公司的法定中、英文名称及缩写 公司法定中文名称：上海二纺机股份有限公司 公司法定英文名称：SHANGHAI ERFANGJI CO.,LTD. 2.公司法定代表人：郑元湖 3.公司董事会秘书：李 勃 联系地址：上海市场中路 687 号 电话：(021)65318888*2673 (021)65318494 传真：(021)65421963 电子信箱：shej @ public7.sta.net.cn 公司董事会证券事务代表：吴 涛 联系地址：上海市场中路 687 号 电话：(021)65318888*2673 (021)65318494 传真：(021)65421963 电子信箱：wutao @shefj.com 4.公司注册及办公地址：上海市场中路 687 号 邮编：200434 电子信箱：shej @ public7.sta.net.cn 公司国际互联网址：http://www.shefj.com 5.公司选定的信息披露报纸名称，《上海证券报》、香港《大公报》 登载公司年度报告的中国证监会指定国际互联网网址： http://www.sse.com.cn 公司年度报告备置地点：上海市场中路 687 号 公司董事会办公室 6.公司股票上市地：上海证券交易所 股票简称：二纺机 二纺 B 股 A 股股票代码：600604； B 股股票代码：900902 7.其他有关资料: 公司首次注册资本为:30,398.69 万元 公司注册资本额的演变过程： 1993 年 10 月 7 日于上海市工商行政管理局变更登记为 42,558.17 万元; 1995 年 12 月 12 日于上海市工商行政管理局变更登记为 46,183.98 万元; 1996 年 7 月 23 日于上海市工商行政管理局变更登记为 51,495.38 万元; 1997 年 6 月 25 日于上海市工商行政管理局变更登记为 56,644.92 万元; 企业法人营业执照注册号： 企股沪总字第 019003 号（市局） 税务登记号码： 国税沪字第 310042607225505 号 公司聘请的会计师事务所名称、办公地址： 上海立信长江会计师事务所 上海市南京东路 61 号 浩华会计师事务所 香港湾仔港湾道 18 号中环广场 2001 室 第3頁 二、会计数据和业务数据 （一）公司本年度会计数据 单位：元 1、利润总额 15,582,218.48 2、净利润 11,152,671.21 3、扣除非经常性损益后的净利润 -18,590,823.75 4、主营业务利润 157,486,381.45 5、其他业务利润 4,834,370.33 6、营业利润 -16,760,463.34 7、投资收益 3,962,333.36 8、补贴收入 823,151.36 9、营业外收支净额 27,557,197.10 10、经营活动产生的现金流量净值 88,338,115.23 11、现金及现金等价物的净增加值 86,010,597.48 注： 扣除非经常性损益项目及涉及金额 本年度公司的非经常性损益列示如下： 单位：元 币种：人民币 1、处置除公司产品外的其他资产产生的损益 32,479,888.36 2、各种形式的政府补贴 823,151.36 3、短期投资收益 27,165.93 4、扣除资产减值准备后的其他各项营业外收入、支出 -314,238.55 5、以前年度已经计提各项减值准备的转回 1,562,000.00 6、少数股东承担上述因素 -115,843.40 7、所得税影响数 -4,718,628.74 合 计 29,743,494.96 （二）按国内、国际会计准则审计所产生的净利润差异说明： 公司本年度经上海立信长江会计师事务所审计，净利润 1115.27 万元，经浩华会计师事务所审 计，净利润 982.10 万元。 本公司 2004 年度按国际会计准则编制的 B 股会计报表由浩华会计师事务所进行审计，与按中 国会计准则编制的 A 股会计报表的净利润、净资产分别如下：(金额单位：万元) 净利润 净资产 2004 年度 2003 年度 2004 年末 2003 年末 按中国会计准则列报 1,115.27 1,081.59 65,485.20 64,503.04 直接计入之损益 76.00 8.20 合并子公司之未确认亏损 (209.20) (0.5) 按国际会计准则列报 982.10 1,089.29 65,485.20 64,503.04 第4頁 (三)、报告期末公司前三年主要会计数据和财务指标 单位:元 币种:人民币 2003 年 本期比上期增减 2002 年 主要会计数据 2004 年 调整后 调整前 (%) 调整后 调整前 主营业务收入 1,183,812,681.93 1,027,163,105.3 1,027,163,105.30 15.25 744,592,580.13 744,592,580.13 利润总额 15,582,218.48 16,492,244.61 16,492,244.61 -5.52 12,654,193.34 12,654,193.34 净利润 11,152,671.21 10,815,889.27 10,815,889.27 3.11 9,002,102.84 9,002,102.84 扣除非经常性损 -18,590,823.75 -5,923,816.19 -5,923,816.19 -213.83 6,515,404.01 6,515,404.01 益的净利润 2003 年末 本期比上期增减 2002 年末 2004 年末 调整后 调整前 (%) 调整后 调整前 总资产 1,317,273,512.56 1,394,150,285.52 1,394,150,285.52 -5.51 1,251,765,210.42 1,251,765,210.42 股东权益 654,852,121.51 645,030,406.48 645,030,406.48 1.52 634,137,870.11 634,137,870.11 经营活动产生的 88,338,155.23 2,480,307.75 2,480,307.75 3,461.58 63,152,694.70 63,152,694.70 现金流量净额 2003 年 本期比上期增减 2002 年 主要财务指标 2004 年 调整后 调整前 (%) 调整后 调整前 每股收益（全面摊 0.0197 0.01909 0.01909 3.20 0.0159 0.0159 薄） 净资产收益率（全 1.70 1.68 1.68 1.19 1.42 1.42 面摊薄）（%） 扣除非经常性损 益的净利润的净 -2.84 -0.92 -0.92 -208.70 1.03 1.03 资产收益率（全面 摊薄）（%） 每股经营活动产 生的现金流量净 0.1560 0.0044 0.0044 3,445.45 0.111 0.111 额 每股收益（加权平 0.0197 0.01909 0.01909 3.20 0.0159 0.0159 均） 扣除非经常性损 益的净利润的每 -0.0328 -0.0105 -0.0105 -212.38 0.0115 0.0115 股收益（全面摊 薄） 扣除非经常性损 益的净利润的每 -0.0328 -0.0105 -0.0105 --212.38 0.0115 0.0115 股收益（加权平 均） 净资产收益率（加 1.70 1.68 1.68 1.19 1.42 1.42 权平均）（%） 扣除非经常性损 益的净利润的净 -2.84 -0.92 -0.92 208.70 1.03 1.03 资产收益率（加权 平均）（%） 第5頁 2003 年末 本期比上期增减 2002 年末 2004 年末 调整后 调整前 (%) 调整后 调整前 每股净资产 1.156 1.139 1.139 1.49 1.119 1.119 调整后的每股净 1.122 1.075 1.075 4.37 1.036 1.036 资产 主要财务指标计算公式 每 股 收 益 =净利润/年度末普通股股份总数 每股净资产 =年度末股东权益/年度末普通股股份总数 调整后的每股净资产=（年度末股东权益－三年以上应收款项－待摊费用－待处理（流动、固 定）资产损失－开办费－长期待摊费用）/年末股份总数。 每股经营活动产生的现金流量净额=经营活动产生的现金流量净额/年末股份数。 净资产收益率=净利润/年度末股东权益×100% （四）按照中国证监会《公开发行证券公司信息披露编制规则（第九号）》要求计算的净资产收 益率及每股收益： 报告期利润 净资产收益率% 每股收益（人民币：元） 全面摊薄 加权平均 全面摊薄 加权平均 主营业务利润 24.05 24.05 0.278 0.278 营业利润 -2.56 -2.56 -0.0296 -0.0296 净利润 1.70 1.70 0.0197 0.0197 扣除非经常性损益的净 -2.84 -2.84 -0.0328 -0.0328 利润 (五) 报告期内股东权益变动情况 单位：元 项目 股本 资本公积 盈余公积 法定公益金 未分配利润 未确认 股东权益合计 投资损失 期初数 566,449,189.46 67,379,563.29 7,614,473.15 2,563,673.51 4,205,314.77 -618,134.19 645,030,406.48 本期增加 760,628.84 2,441,881.06 813,960.89 11,152,671.21 -2,091,585.02 12,263,596.09 本期减少 2,441,881.06 2,441,881.06 期末数 566,449,189.46 68,140,192.13 10,056,354.21 3,377,634.40 12,916,104.92 -2,709,719.21 654,852,121.51 变动原因： 1、资本公积变动原因：核销 5 年以上应付账款 2、盈余公积变动原因：提取盈余公积 3、法定公益金变动原因：提取法定公益金 4、未分配利润变动原因：利润增加 第6頁 三、 股本变动及股东情况介绍 （一）、股份变动情况表 单位:股 本次变动增减（＋，－） 期初值 期末值 配股 送股 公积金转股 增发 其他 小计 一、未上市流通股份 1、发起人股份 262,342,310.00 262,342,310.00 其中： 国家持有股份 262,342,310.00 262,342,310.00 境内法人持有股份 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 262,342,310.00 262,342,310.00 二、已上市流通股份 1、人民币普通股 71,181,880.00 71,181,880.00 2、境内上市的外资股 232,925,000.00 232,925,000.00 3、境外上市的外资股 4、其他 已上市流通股份合计 304,106,880.00 304,106,880.00 三、股份总数 566,449,190.00 566,449,190.00 （二）、股票发行与上市情况 1、前三年历次股票发行情况 截止报告期末的前三年，公司未有发行新股。 2、公司股份总数及结构的变动情况 报告期内，公司没有送股、转增股本的情况，股份总数及股本结构没有发生变动。 3、现存的内部职工股情况 报告期末公司内部无职工股。 （三）、主要股东持股情况介绍 1、报告期末股东情况： 本公司报告期末股东总数为：91,177 户，其中 A 股股东为 47,967 户，B 股股东为 43,210 户。 2、截止 2004 年 12 月 31 日，公司前十名股东、前十名流通股东持股情况： 第7頁 （1）公司前十名股东情况： 股份类别股 股东性质 年度内增 年末持股 比例 份类别（已 质押或冻 （国有股 股东名称(全称) 减 情况 (%) 流通或未流 结情况 东或外资 通） 股东） 太平洋机电（集团）有限公 0 262,342,310 46.31 未流通 0 国有股东 司（国家股授权经营单位） 殷起宏 未知 755,527 0.1334 已流通 未知 外资股东 官学满 未知 666,100 0.1176 已流通 未知 外资股东 滕林 未知 655,600 0.1157 已流通 未知 外资股东 印建国 未知 643,805 0.1137 已流通 未知 外资股东 孙雪英 未知 560,811 0.099 已流通 未知 外资股东 朱丽萍 未知 554,500 0.098 已流通 未知 外资股东 钟远悦 未知 553,000 0.097 已流通 未知 外资股东 梁维妮 未知 525,100 0.093 已流通 未知 外资股东 邵钧鹏 未知 497,740 0.088 已流通 未知 外资股东 注：上海国有资产监督管理委员会委托上海电气（集团）总公司管理本公司国有股，太平洋机电 (集团)有限公司是本公司(国有股)授权经营单位，持有本公司 262,342,310.00 股，占总股本 46.31% 股份。 报告期内，公司控股股东未发生变更。 （2）公司控股股东授权经营单位及实际控制人情况介绍 控股股东授权经营单位情况 授权经营单位名称：太平洋机电(集团)有限公司 法定代表人：郑元湖 成立日期：1994 年 8 月 注册资本：10 亿元人民币 企业类型：有限责任公司 股权结构：国有独资 经营范围：纺织机械,纺织器材,服装机械,机电产品,环保设备,建筑装潢,计算机工程,办公自 动化,金属材料,建筑材料,纺织原料,五金交电,日用百货,服装服饰,设备租赁,外经贸委批准的自营 进出口业务。 （3）实际控制人情况 名 称： 上海国有资产监督管理委员会 主要经营业务及管理活动：国有资产监督管理等 （4）控股股东及实际控制人变更情况 报告期内，公司控股股东及实际控制人没有发生变更。 第8頁 上海国有资产监督管理委员会 100% 上海电气（集团）总公司 100% 太平洋机电（集团）有限公司 （国家股授权经营单位） 46.31% 上海二纺机股份有限公司 （6）、前十名流通股股东情况 股东名称 年末持有流通股的数量 种类（A、B、H 股或其它） 殷起宏 755,527 B股 官学满 666,100 B股 滕林 655,600 B股 印建国 643,805 B股 孙雪英 560,811 B股 朱丽萍 554,500 B股 钟远悦 553,000 B股 梁维妮 525,100 B股 邵钧鹏 497,740 B股 李玉鸿 492,470 B股 前十名流通股东关联关系的说明 公司未知在流通股东之间是否存在关联关系或是否 属于一致行动人。 第9頁 四、 公司董事、监事、高级管理人员 （一）、董事、监事、高级管理人员基本情况 姓名 性别 年龄 职 务 任期起 年初持 年末持 股票 止日期 股数(股) 股数(股) 性质 郑元湖 男 39 董事长、党委书记 2004.5-2007.5 0 0 李培忠 男 50 董事、总经理 党委副书记 2004.5-2007.5 0 0 崔 翎 男 43 董事、常务副总经理 总工程师 2004.5-2007.5 3000 3000 流通股 梅建中 男 44 董事、财务总监 2004.5-2007.5 1000 1000 流通股 王承宗 男 47 董事、党委副书记 工会主席 2004.5-2007.5 3000 3000 流通股 张敷彪 男 55 董事 2004.5-2007.5 0 0 倪 迪 男 65 独立董事 2004.5-2007.5 0 0 高 勇 男 52 独立董事 2004.5-2007.5 0 0 曹惠民 男 51 独立董事 2004.12-2007.5 0 0 徐祖成 男 48 监事长、党委副书记 纪委书记 2004.5-2007.5 0 0 虞志奋 男 57 副监事长 2004.5-2007.5 0 0 高尔其 男 57 监事 2004.5-2007.5 0 0 张复海 男 48 监事、纪委副书记 2004.5-2007.5 1000 1000 流通股 吴展华 女 49 监事 2004.5-2007.5 1000 1000 流通股 韦保荣 男 52 副总经理、 党委副书记 2004.5-2007.5 5324 5324 流通股 潘荣高 男 50 副总经理 2004.5-2007.5 2001 2001 流通股 龚建平 男 43 副总经理 2004.5-2007.5 2000 2000 流通股 李 勃 男 48 董事会秘书 2004.5-2007.5 1000 1000 流通股 （二）董事、监事、高级管理人员主要工作经历 1、郑元湖，曾任上海柴油机股份有限公司副总经理，太平洋机电（集团）有限公司 董事、总 裁、党委副书记 。现任太平洋机电（集团）有限公司董事长、党委书记,上海二纺机股份有限公 司董事长、党委书记。 2、李培忠，曾任上海纺织机械专件厂厂长、上海纺织机械总厂厂长、太平洋机电（集团）有限 公司副总裁。现任太平洋机电(集团)有限公司总裁，上海二纺机股份有限公司董事、总经理、党 委副书记。 第 10 頁 3、崔 翎，曾任上海二纺机股份有限公司总工程师助理兼总工艺师、副总经理。现任上海二纺机 股份有限公司董事、常务副总经理、总工程师。 4、梅建中，曾任上海二纺机股份有限公司财务总监。现任上海二纺机股份有限公司董事、财务 总监 。 5、王承宗，曾任上海二纺机股份有限公司工会副主席、主席。现任上海二纺机股份有限公司董 事、党委副书记、工会主席。 6、张敷彪，曾任上海化工机械厂党委书记、上海机电控股（集团）公司资金计划处副处长、上 海电气（集团）总公司资金计划处副处长、上海电气（集团）总公司审计委员会秘书长、稽察室 主任。现任上海电气资产管理有限公司资产财务部部长。 7、倪 迪，曾任国家体改委司长、国家国有资产管理局副局长、中国光大（集团）总公司董事 会高级顾问（2001-06 退休）。现任中国经济体改委研究会特邀理事、长江证券有限公司高级顾问、 上海飞乐音响股份有限公司独立董事、上海飞乐股份有限公司独立董事。 8、高 勇，曾任北京工具研究所副所长、代所长、北京工具工业公司总工办主任，纺织工业部装 备司副处长、处长、副司长，中国纺织工业协会副会长、中国纺织机械器材工业协会理事长、中 国纺织经济研究中心副主任、中国纺织企业联合会常务副理事长、中国纺织机械器材工业协会理 事长。现任中国纺织工业协会副会长、中国纺织机械器材工业协会理事长、中国纺织工业协会国 际贸易办公室主任。 9、曹惠民，曾任中国石化总公司上海高桥石化公司财务处科员，上海立信会计学院 (立信会计高 等专科学校)教师 (讲师 、副教授 、教授)。现任上海立信会计学院院长助理。 10、徐祖成，曾任上海第四纺织机械厂团委书记、党委副书记兼厂工会主席，上海纺织机械总厂 党委副书记兼工会主席，太平洋机电（集团）有限公司工会主席、太平洋机电（集团）有限公司 纪委书记兼工会主席 。现任太平洋机电（集团）有限公司党委副书记、工会主席，上海二纺机 股份有限公司监事长、党委副书记、纪委书记 。 11、虞志奋，曾任上海纺织机电厂副总会计师、总会计师，远东钢丝针布厂总会计师，太平洋机 电（集团）有限公司副总会计师、总会计师。现任太平洋机电（集团）有限公司财务总监、上海 二纺机股份有限公司副监事长。 12、高尔其，曾任太平洋机电（集团）有限公司科研中心党委书记、副主任，科技事业部党委书 记、总经理、办公室主任、干部部经理，上海市纺机研究所、纺器研究所所长，上海纺机职大校 长。 现任 太平洋机电（集团）有限公司科级调研员，上海二纺机股份有限公司监事。 13、张复海，曾任上海二纺机股份有限公司八分厂党支部书记、纺纱、化纤事业部党支部书记、 第 11 頁 审计室主任、行政党支部书记。现任上海二纺机股份有限公司监事、纪委副书记、监察审计室主 任。 14、吴展华，曾任上海二纺机汽车服务公司工会负责人，上海良基金属制品有限公司联合工会主席， 上海二纺机股份有限公司工会副主席。现任上海二纺机股份有限公司监事、工会干事。 15、韦保荣，曾任上海二纺机股份有限公司工会主席、公司副总经理。现任上海二纺机股份有限 公司副总经理、党委副书记。 16、潘荣高，曾任上海良基物资有限公司总经理。现任上海二纺机股份有限公司副总经理。 17、龚建平，曾任中国纺织机械股份有限公司总经理助理，上海二纺机股份有限公司党委副书记。 现任上海二纺机股份有限公司副总经理。 18、李 勃，曾任上海良基塑料制品有限公司副厂长、总经理，上海二纺机股份有限公司办公室 主任管理部经理、总经理助理。现任上海二纺机股份有限公司董事会秘书、办公室主任。 （三）在股东单位的任职情况 是否领取 姓名 股东单位名称 担任的职务 报酬津贴 郑元湖 太平洋机电（集团）有限公司 董事长、党委书记 是 李培忠 太平洋机电（集团）有限公司 总裁 是 上海电气（集团）总公司 张敷彪 资产财务部部长 是 上海电气资产管理有限公司 徐祖成 太平洋机电（集团）有限公司 党委副书记、工会主席 是 虞志奋 太平洋机电（集团）有限公司 财务总监 是 高尔其 太平洋机电（集团）有限公司 科级调研员 是 （四）在其他单位的任职情况 是否领取 姓名 其他单位名称 担任的职务 报酬津贴 李培忠 中国纺织机械股份有限公司 副董事长 否 上海德尔福国际蓄电池有限公司、 张敷彪 董事、监事 否 上海东浩工艺品股份有限公司 长江证券有限公司、上海飞乐音响股份有限公司、 高级顾问、独立董事、 倪迪 独立董事津貼 上海飞乐股份有限公司 独立董事 高勇 中国纺织机械股份有限公司、经纬纺机股份有限公司 独立董事、独立董事 独立董事津贴 上海复旦复华科技股份有限公司、上海龙头（集团） 独立董事、独立董事、 曹惠民 独立董事津贴 股份有限公司、新疆国统管道股份有限公司 独立董事 徐祖成 上海埃通电气股份有限公司、浙江航民股份有限公司 董事、监事 否 第 12 頁 （五）、董事、监事、高级管理人员年度报酬情况： 1、董事、监事、高级管理人员报酬的决策程序： 根据董事会及控股集团制定的年度经营工作目标与薪资分配激励考核办法及公司经营效益完 成情况，进行年度考核而定。 2、董事、监事、高级管理人员报酬的确定依据： 依据二纺机《中高级管理人员考核办法》、《分类评价工资方案实施细则》。 3、报酬情况： 单位:元 币种:人民币 董事、监事、高级管理人员年度报酬总额 740,739 元人民币 金额最高的前三名董事的报酬总额 （二名） 211,280 元人民币 金额最高的前三名高级管理人员的报酬总额 342,243 元人民币 独立董事的津贴 （三名独立董事年度总额） 90,000 元人民币 独立董事的其他待遇 0 4、不在公司领取报酬津贴的董事监事情况 是否在股东单位或其他关 不在公司领取报酬津贴的董事、监事的姓名 联单位领取报酬津贴 董事：郑元湖、李培忠、梅建中、张敷彪 是 监事：徐祖成、虞志奋、高尔其 5、报酬区间 报酬数额区间 人数 45001 元--80000 元 2 80001 元--110000 元 3 110001 元--130000 元 3 （六）公司董事监事高级管理人员变动情况 姓 名 担任的职务 离任原因 赵晓菊 独立董事 本人提出辞职 曹惠民 独立董事 增补选举 （七）公司员工情况 截止报告期末，公司在职员工为 1,874 人，需要承担费用的离退休职工 116 人。员工的结构 如下： 1、专业构成情况 专业构成的类别 专业构成的人数 生产人员 830 销售人员 63 第 13 頁 技术人员 213 财务人员 21 管理人员 258 2、教育程度情况 教育程度的类别 教育程度的人数 研究生 14 本科生 111 大专生 252 中专生 87 第 14 頁 五、公司治理结构 （一）公司治理的情况 本报告期内，公司严格按照《公司法》、 《证券法》和中国证监会有关法律法规的要求进行规 范运作，致力于不断完善法人治理结构。为贯彻落实《上市公司治理准则》和《关于规范上市公 司与关联方资金往来及上市公司对外担保若干问题的通知》有关精神，公司董事会对《公司章程》 进行相应修改，增加了公司对外担保、与控股股东资金往来、董事选举采取累计投票制方式等规 定。进一步规范与完善公司行为，严格控制公司的对外担保风险，确保董事会工作的规范性、有 效性，决策的科学性。 1、股东与股东大会：公司能够根据《股东大会规范意见》的要求及公司制订的《股东大会议事 规则》、《董事会议事规则》、《监事会议事规则》，召集召开股东大会、董事会议、监事会议，认 真履行各自的职责，建立了相互制衡、独立运行的运作模式；确保股东特别是中小股东享有平等 地位，保证所有股东能够充分行使自己的权利，并对公司重大事项的知情权、参与权和表决权。 2、董事与董事会：公司董事会严格按照《公司章程》有关规定程序进行董事会换届选举董事， 公司新一届董事会有 9 名董事组成，其中独立董事 3 名，符合法律法规的要求。按照中国证券监 督管理委员会对上市公司独立董事任职专业构成要求的不断完善，对公司原独立董事构成结构进 行了规范合理的调整，目前已符合上述监管部门的要求。报告期内，公司“战略委员会”、“审 计委员会”，对公司的长期发展战略和重大投资决策进行研究和续聘请审计会计师事务所提出了 具有价值的建议；公司董事能够勤勉尽责，维护公司和全体股东的利益。 3、监事和监事会：公司监事会严格按照《公司章程》有关规定的监事会换届选举程序选举监事， 公司监事会现有 5 名监事组成，其中职工监事 2 名，成员构成符合法律法规的要求。报告期内， 公司监事能够认真履行职责，本着对股东负责的精神，对公司财务管理和公司董事、高级管理人 员履行职责的合法合规性进行监督。 4、信息披露与透明度：持续信息披露是上市公司的责任。报告期内，公司严格按照法律法规和 公司章程及公司信息披露管理制度有关条款，真实、准确、完整、及时地披露公司各类有关信息， 并指定公司董事会秘书负责信息披露、做好接待股东的来访和咨询工作，保证所有股东有平等的 机会获得公司信息。 （二）独立董事履行职责情况 1、独立董事参加董事会的出席情况 独立董事姓 本年度应参加 亲自出席（次） 委托出席（次） 缺席（次） 名 董事会次数 倪迪 9 9 0 0 高勇 6 6 0 0 曹惠民 1 1 0 0 第 15 頁 2004 年度，公司独立董事分别参加了 9 次、6 次和 1 次会议（1 名独立董事于 2004 年 5 月 19 日换届任职；1 名独立董事于 2004 年 12 月 24 日新任）。公司三位独立董事都能按照《公司法》、 《证券法》有关法律法规及《公司章程》有关规定，本着对全体股东负责的态度，履行诚信勤勉 义务，认真审阅所有提交董事会审议的议案及有关资料，维护公司的整体利益及中小股东的合法 权益；认真参加公司的股东大会及董事会的各次会议，为公司的经营管理、持续发展出谋划策； 根据《公司独立董事制度（试行）》的条例，对公司董事会有关决议发表独立意见，为公司董事 会决策的科学性、客观性、公司发展的持续性，发挥了积极的作用。 按照《关于在上市公司建立独立董事制度的指导意见》要求，公司已在 2003 年 6 月底之前 达到独立董事占董事数三分之一。 2、独立董事对公司有关事项提出异议的情况 报告期内，公司独立董事未对公司董事会议案及其他非董事会议案事项提出异议。 （三）公司相对于控股股东在业务、人员、资产、机构、财务等方面的独立情况 1、业务方面：本公司主营业务突出，具有完整的业务及自主经营能力。控股股东不存在直接或 间接干预公司经营运作的情形，关联交易公平合理，不存在损害公司和股东利益的行为。 2、人员方面：本公司在人力资源及工资管理等方面独立于控股股东。设立人力资源部，公司的 高级管理人员基本在公司领取报酬。 3、资产方面：本公司拥有独立完整的生产、辅助生产、供应、销售系统及配套设施，拥有独立 的工业产权、商标、非专利技术等无形资产。 4、机构方面：本公司拥有独立的决策管理机构和职能部门，并建立了相应的规章制度，与控股 股东及其职能部门分开，各自独立运作。 5、财务方面：本公司拥有独立的财务部门和财务人员，并按有关法律法规要求建立了财务会计 管理制度，独立开设银行帐号、纳税和作出财务决策。 （四）高级管理人员的考评及激励情况 公司高级管理人员的绩效考评分为上半年度和全年综合考核两次，考核内容分：1、各项经 济技术指标；2、精神文明建设；3、经营管理能力；4、公司员工民主评议。 综合上述四个方面，对公司高级管理人员予以绩效考评。 第 16 頁 六、股东大会情况简介 （一）年度股东大会情况 1、股东大会的通知、召集、召开情况： 上海二纺机股份有限公司第十七次（暨 2003 年度）股东大会于二 OO 四年五月十八日下午在 公司文化中心会议厅召开。股东大会通过的决议及披露情况： 大会审议并通过了以下议案： （1）、《上海二纺机股份有限公司第四届董事会工作报告》； （2）、《上海二纺机股份有限公司第四届监事会工作报告》 （3）、《上海二纺机股份有限公司 2003 年度报告全文及摘要》 （4）、《公司 2003 年度财务决算和 2004 年度财务预算报告》 （5）、《公司 2003 年度利润分配方案》 考虑到公司目前的经营状况和持续发展的需要，公司 2003 年度的利润分配预案为不分配，也不 以资本公积金转增形式送股。 （6）、《关于核销 2003 年度各类不良资产的议案》 申报三年以上经确认已无法收回的应收帐款 6 笔，共计 326.63 万元。 （7）、《关于计提 2003 年度资产减值准备的议案》 对各项资产进行减值准备的计提，本次增加计提 674.48 万元。 （8）、《关于续聘公司审计会计师事务所的议案》 公司 2004 年拟继续聘请上海立信长江会计师事务所、浩华会计师事务所为公司审计事务所。聘 用期为一年，审计费用按国家有关规定支付。2003 年度，公司支付上海立信长江会计师事务所、 浩华会计师事务所审计费为人民币 80 万元。 （9）、《关于调整公司独立董事年度津贴额度的议案》 将独立董事的年度津贴由 2.5 万元（含税）调整至 3 万元(不含税)。 （10）、《关于修改公司章程的议案》 （11）、《关于选举公司第五届董事会董事人选的议案》 选举（以姓氏笔划为序）：王承宗、李培忠、张敷彪、郑元湖、梅建中、崔 翎为第五届董事 会董事；倪 迪、高 勇、赵晓菊为第五届董事会独立董事。 （12）、《关于选举公司第五届监事会监事人选的议案》 选举（以姓氏笔划为序）：高尔其、徐祖成、虞志奋为第五届监事会监事；张复海、吴展华 为职工监事。 公司年度股东大会决议公告已于 2004 年 5 月 19 日刊登在《上海证券报》、香港《大公报》 上。 根据《公司章程》的有关规定，本次董事的选举均采取累积投票制的方式产生；本次大会的 全过程经上海金石律师事务所张平律师、赵建平律师见证。 （二）临时股东大会情况 本年度第 1 次临时股东大会的通知、召集、召开情况： 第 17 頁 上海二纺机股份有限公司第十八次（暨临时）股东大会于 2004 年 12 月 24 日下午在公司文 化中心会议厅召开 。股东大会通过的决议及披露情况： 审议并通过了以下议案： 1、《关于提请股东大会授权董事会审定公司持续性销售经营关联交易的议案》 预计 2004 年度将发生持续性销售经营关联交易额为 15,000 万元左右。本议案为关联交易， 国家股股东回避表决。 2、《关于公司凉州路 381 号地块使用权被收购的议案》； 同意将凉州路 381 号地块使用权被上海东外滩地产开发有限公司收购，收购补偿价为 4,703.85 万元。 3、《关于公司独立董事变动的提案》 增补选举曹惠民先生为公司第五届董事会独立董事。 公司临时股东大会决议公告已于 2004 年 12 月 25 日刊登在《上海证券报》、香港《大公报》 上。 本次大会的全过程经上海市金石律师事务所张平律师、赵建平律师见证。 第 18 頁 七、董事会报告 （一）报告期内整体经营情况的讨论与分析 在过去的一年中，公司董事会按照第四届董事会第二十六次会议提出的 2004 年度董事会工 作目标：以树立全面、协调、可持续发展观，进一步提高公司经营运行质量，推进公司规范运作 和持续发展，把股东利益最大化和不断提高公司盈利能力作为工作的出发点；强化诚信意识，明 确上市公司信息披露义务和责任，切实保证信息披露的真实性、准确性、完整性和及时性；忠实 履行职责，维护公司和股东利益；坚持用发展的理念克服前进中的困难，坚持用改革的思路解决 历史遗留的问题，不断提高资本运作的能力，加快在资本市场发展；推进五项工程建设，增强创 新力度，构筑发展优势，加速提升企业核心竞争能力，实现公司的可持续快速发展。在全体股东 的理解与支持下，通过经营层勇于开拓、不断创新的努力工作和全体员工的辛勤努力，完成了本 年度董事会提出的工作目标，并为公司可持续快速发展战略的实现，奠定了坚实的基础。2004 年 度，公司实现主营业务收入 118,381.27 万元，毛利额 15,898.32 万元，毛利率 13.43%，净利润 为 1,115.27 万元。 1、2004 年，公司加深了企业的求发展必须从产品经营转入品牌经营、文化经营的认识，在思想 观念、经营理念上作了重大调整，把企业工作定位在加快集聚企业的综合竞争力上 2、2004 年，公司在产品开发上，粗纱机、紧密纺、细纱机长车集络装置的设计开发取得了新的 突破，特别是大容量化纤纺丝机的设计和制造成功，为企业拓展了新的发展空间。一年来，在棉 毛机械的开发上，重点开发和完善了 EJK211 型系列粗纱机、EJM971 紧密纺装置、EJM138JL 系列 细纱机等产品。EJK211 型粗纱机被上海市高新技术成果转化服务中心认定为 2004 年第 9 批高新 技术成果转化项目。在化纤纺丝机械产品开发和技术完善上，大容量涤纶短丝纺丝设备为公司拓 展了新的经济增长点。与此同时，公司着手加紧开发年产 6 万吨涤纶短丝纺丝设备，提前为明后 年化纤纺丝机械产品升级作好了准备。 3、2004 年，公司确立了“建立营销战略联盟，发挥行业营销优势”的营销策略，在细纱机的销 量上屡创新高，争得了一定的市场份额。在营销策略上，进一步加大了新产品的宣传与推广力度， 2004 年成功地举办了国内外 EJM168 型细纱机推广会、山东地区 EJK211 型粗纱机推广会和北京国 际纺机展览会，进一步展示了公司良好的产品形象和企业形象。 4、2004 年公司落实推进了五项工程建设，取得了阶段性成效，为推进企业新一轮的改革调整发 展的奠定了基础 ——在技术创新工程推进方面，自动络筒机等新产品通过了鉴定，紧密纺装置等 4 项新技术获得 了专利授权，大容量化纤短丝纺丝机已经在年内推向了市场，实现了批量销售。 ——在质量品牌工程方面，零件入库合格率、成台产品合格率按预定计划达到了100%；在去 第 19 頁 年一家用户单位发生火灾后，公司迅速组织营销、装配等部门职工去进行抢修、恢复生产，在夜 以继日的艰苦工作中，为客户抢回时间减少损失，为企业赢得了声誉和品牌。 ——在强体瘦身工程方面，公司对生产、采购与外协加工进行了整合；对一些生产性部门和个别 子公司进行转制的结构性调整。为实现管理扁平化，人力资源科学配置，总体改革战略的实施创 造了条件。 ——在信息集成工程方面，2004 年完成了两项主要工作，一是对企业网站进行了调整和完善，二 是开始建立 OA 系统，从去年底开始了试运行。 ——在人才培育工程方面，今年按计划选拔培训了后备干部，招聘了青年大学生 16 名。对在职 员工岗位培训、技能培训、适应培训达 1317 人次。完成年初预定指标的要求。 （二）报告期公司经营情况 1、公司主营业务的范围及其经营情况 (1)公司主营业务经营情况的说明 公司主营业务的范围：生产纺织机械及相关的电子电器产品、通用机械、光电子技术产品、 金属制品、塑料制品；非出版物的印刷及包装装璜印刷业务；技术服务；仓储营运；投资兴办企 业；销售自产产品。 (2)主营业务分行业情况表 单位:元 币种:人民币 占主营业务收入 占主营业务利 分行业 主营业务收入 主营业务利润 比例(%) 润比例(%) 1.工业 1,208,383,508.80 66.18 142,426,900.91 88.92 2.房地产 0.00 3.建筑业 12,035,673.30 0.66 1,229,013.32 0.77 4.服务业 2,326,168.05 0.13 2,025,074.97 1.26 5.贸易业 603,269,772.60 33.03 14,497,747.24 9.05 小计 1,826,015,122.75 100.00 160,178,736.44 100.00 其中:关联交易 75,121,961.30 6.35 14,463,273.15 9.10 合计 1,826,015,122.75 / 160,178,736.44 / 内部抵消 642,202,440.82 / 1,195,513.32 / 合计 1,183,812,681.93 158,983,223.12 (3)主营业务分产品情况表 单位:元 币种:人民币 占主营业务收 占主营业务利 分产品 主营业务收入 主营业务利润 入比例(%) 润比例(%) 纺机产品 957,822,316.02 52.46 117,544,864.62 73.38 其他类 868,192,806.73 47.54 42,633,871.82 26.62 小计 1,826,015,122.75 100.00 160,178,736.44 100.00 第 20 頁 其中:关联交易 75,121,961.30 6.35 14,463,273.15 9.10 合计 1,826,015,122.75 / 160,178,736.44 / 内部抵消 642,202,440.82 / 1,195,513.32 / 合计 1,183,812,681.93 158,983,223.12 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 7,512.20 万元。 (4)主营业务分地区情况表 单位:元 币种:人民币 占主营业务 占主营业务利 分地区 主营业务收入 主营业务利润 收入比例(%) 润比例(%) 亚洲 417,087,130.34 22.84 12,592,137.06 7.86 北美洲 4,752,829.87 0.26 118,820.75 0.07 非洲 13,486,945.21 0.74 269,738.90 0.17 东北 1,732,478.63 0.09 190,572.65 0.12 上海 769,071,934.74 42.12 12,718,901.48 7.94 华东 215,740,124.23 11.81 51,277,325.30 32.01 华南 28,061,675.28 1.54 5,407,484.83 3.38 西南 13,872,514.24 0.76 2,532,957.97 1.58 华北 335,388,647.48 18.37 70,143,808.70 43.79 华中 26,820,842.73 1.47 4,926,988.80 3.08 小计 1,826,015,122.75 100.00 160,178,736.44 100.00 其中:关联交易 75,121,961.30 6.35 14,463,273.15 9.10 合计 1,826,015,122.75 / 160,178,736.44 / 内部抵消 642,202,440.82 / 1,195,513.32 / 合计 1,183,812,681.93 100.00 158,983,223.12 100.00 (5)占主营业务收入或主营业务利润总额 10%以上的主要产品 单位:元 币种:人民币 分行业或分产品 主营业务收入 主营业务成本 毛利率(%) 1.工业 1,208,383,508.80 1,065,956,607.89 11.79 2.建筑业 12,035,673.30 10,806,659.98 10.21 3 服务业 2,326,168.05 301,093.08 87.06 5.贸易业 603,269,772.60 588,772,025.36 2.40 小计 1,826,015,122.75 1,665,836,386.31 8.77 纺机产品 957,822,316.02 840,277,451.40 12.27 其他类 868,192,806.73 825,558,934.91 4.91 小计 1,826,015,122.75 1,665,836,386.31 8.77 (6)主营业务及其结构发生重大变化的原因说明 2004 年度公司紧紧抓住化纤机械市场有所复苏的契机,从长丝和短丝两个方面为突破口,使全年 的化纤产品销售额在全部销售收入中的比重较 2003 年度有了较大提高。同时，为了抢占国际市 场份额，公司 2004 年度出口产品销售收入达到 29,889.08 万元，较 2003 年度有了明显的上升。 2、主要控股公司及参股公司的经营情况及业绩 第 21 頁 主要控股公司的经营情况及业绩 单位: 万元 币种:人民币 业务 公司名称 主要产品或服务 注册资本 资产规模 净利润 性质 太平洋机电 国有 纺机电电气产品、自营进出口业 (集团)有限公司 100,000 290,997.65 ------ 独资 务。 3、主要供应商、客户情况 单位:元 币种:人民币 前五名供应商采购金额合计 206,097,695.86 占采购总额比重 28.10 前五名销售客户销售金额合计 704,464,713.91 占销售总额比重 59.51 4、在经营中出现的问题与困难及解决方案 中国纺机行业虽然市场潜力巨大，但是纺织机械行业发展迅速，竞争也日趋激烈；纺机市场 已形成了多元竞争的格局，外企的进入、民营企业的蓬勃发展，使公司乃至上海纺机行业整体处 于激烈竞争的夹缝中。面对上述情况，公司在董事会的决策与控股股东的关心与支持下，统一思 想、统一认识、统一步调。2004 年，公司充分发挥行业营销优势，积极探索从单机销售向成套销 售转变的营销方式，千方百计开拓市场，坚持以市场需求来组织生产，克服了生产周期短、品种 多、连续高温、市场回落等不利条件的影响，不断提高企业适应市场变化的快速反应能力；落实 推进技术创新、质量品牌创新、强体瘦身、信息集成、人才培育等五项工程，跨出了调整发展的 新步伐；经过大力度资产结构、生产组织结构和人力资源结构整合，为公司新一轮改革发展创造 了良好的条件。 （三）公司投资情况 1、募集资金使用情况 报告期内，公司无募集资金或前期募集资金使用到本期的情况。 2、非募集资金项目情况 报告期内，公司无非募集资金投资项目。 （四）报告期内公司财务状况经营成果分析 单位:元 币种:人民币 增减幅度 项目名称 期末数 期初数 增减额 （％） 总资产 1,317,273,512.56 1,394,150,285.52 -76,876,772.96 -5.84 主营业务利润 157,486,381.45 190,124,999.59 -32,638,618.14 -17.17 净利润 11,152,671.21 10,815,889.27 336,781.94 3.11 现金及现金等价物净增 86,010,597.48 -50,478,683.86 136,489,281.34 不适用 加额 股东权益 654,852,121.51 645,030,406.48 9,821,715.03 1.52 (1)总资产变化的主要原因是在报告期内归还了 3335 万短期借款；原预收帐款在本年内实现 销售，使总资产减少； 第 22 頁 (2)主营业务利润变化的主要原因是市场竞争激烈，使产品销售价下降，产品毛利也随之下 降； (3)净利润变化的主要原因是在报告期内，产品销售毛利变化较大； (4)现金及现金等价物净增加额变化的主要原因是报告期内，抓紧货款回笼，严格控制各项 非生产性费用支出； (5)股东权益变化的主要原因是报告期内，净利润转入所致。 （五）新年度经营计划 2005 年经营工作的指导思想： 坚持以发展为主旋律，加快发展作动力的深层次变革；坚持以科技兴业为主战略，加快技术 与管理创新；坚持以满足市场需求为主攻目标，加快企业做精做强的发展步伐。 重点要做好以下几方面的工作： 1、加快产品开发和技术创新工作。纺织产品的增长方式从数量扩张型向质量效益型转变， 纺织机械产品发展将从大众化的产品转向生产高质量、高科技、高附加值的产品。因此，公司要 从管理和激励机制上加强对技术创新工作的支持力度，增强对技术创新工作的共识，积极营造良 好的科技兴业氛围，加快新产品开发和商品化工作进程。 2、随着全球产业国际化方向的发展，我国纺机行业将面临新的更多机遇和更大挑战；我们 要在不断提升企业综合竞争能力的基础上，不断提高国际化经营水平，要紧紧抓住国内市场的开 拓，并不断拓展国际市场，利用国际化的资源优势，积极实施品牌战略；以品牌优势和质量优势 赢得“白热化”的价格竞争，努力使公司在全球的市场竞争中，不断有新的发展和提高。 3、以上海纺机的产业整合发展为契机，加快生产组织结构调整，加快人力资源开发，集聚 核心产业、优质资产和优秀人才，最大限度地调动职工的积极性和创造力，加快提升公司在国际 国内两大市场中的综合竞争能力。 4、大力推进管理创新工作，积极应用现代管理方法和手段，实现管理的扁平化和现代化。随 着公司经营机制与内部管理结构的调整，公司要进一步夯实管理工作，大力开展降本增效的管理 工作，继续深化质量品牌工程建设，不断提高管理工作的效率和效益，不断提升经营运行的盈利 能力和持续发展能力。 （六）董事会日常工作情况 1、董事会会议情况及决议内容 (1)、2004 年 3 月 8 日，公司第四届董事会第二十五次会议以通讯表决方式召开，审议通过了《关 于为上海普恩伊进出口有限公司贷款担保事项的议案》。本次公告刊登于 2004 年 3 月 10 日的《上 海证券报》、香港《大公报》。 (2)、上海二纺机股份有限公司第四届董事会第二十六次会议于 2004 年 4 月 15 日在上海召开， 审议通过了《公司第四届董事会工作报告》、 《公司 2003 年度经营回顾及 2004 年度工作展望报告》、 第 23 頁 《公司 2003 年度报告正文和摘要》、和《公司 2003 年度财务决算和 2004 年度财务预算报告》、 《公 司 2003 年度利润分配预案》、《关于核销 2003 年度各类不良资产的议案》、《关于计提 2003 年度 资产减值准备的议案》、 《关于续聘公司审计会计师事务所的议案》、 《关于调整公司独立董事年度 津贴额度的议案》、《关于修改公司章程的议案》、《关于推举公司第五届董事会董事候选人的议 案》、《关于召开公司第十七次（暨 2003 年度）股东大会事宜的议案》和会议决议。本次公告刊 登于 2004 年 4 月 17 日的《上海证券报》、香港《大公报》。 (3)、公司第四届董事会第二十七次会议，于 2004 年 4 月 21 日以通讯方式召开。审议通过了《公 司 2004 年第一季度报告》和会议决议。本次报告刊登于 2004 年 4 月 23 日的《上海证券报》、香 港《大公报》。 (4)、公司第五届董事会第一次会议，于 2004 年 5 月 18 日召开，审议通过了《关于选举第五届 董事会董事长的议案》、 《关于聘任公司总经理的议案》、 《关于聘任公司财务总监的议案》 、《关于 聘任公司董事会秘书、董事会证券事务代表的议案》、 《关于聘任公司副总经理、总工程师的议案》、 《关于修改的议案》和会议决议。本次公告刊登于 2004 年 5 月 19 日的《上海证券报》、香港《大 公报》。 (5)、公司第五届董事会第二次会议，于 2004 年 6 月 29 日召开，审议通过了《关于转让持有辽 源得亨股份有限公司法人股的议案》和会议决议。本次公告刊登于 2004 年 7 月 1 日的《上海证 券报》、香港《大公报》。 (6)、公司第五届董事会第三次会议，于 2004 年 8 月 12 日以通讯方式召开。，审议通过了《公 司 2004 年上半年经营工作回顾和下半年经营工作展望》、 《上海二纺机股份有限公司 2004 年半年 度报告正文及摘要》和会议决议。本次报告刊登于 2004 年 8 月 16 日的《上海证券报》、香港《大 公报》。 (7)、公司第五届董事会第四次会议，于 2004 年 10 月 27 日以通讯方式召开。审议通过了《公 司 2004 年第三季度报告全文及正文》和会议决议。本次报告刊登于 2004 年 10 月 29 日的《上海 证券报》、香港《大公报》。 (8)、公司第五届董事会第五次会议，于 2004 年 11 月 22 日召开，审议通过了《关于提请股东 大会授权董事会审定公司持续性销售经营关联交易的议案》、 《关于公司凉州路 381 号地块使用权 被收购的议案》、审议《关于转让公司持有上海良基金属制品有限公司股权的议案》、审议《关于 公司房屋租赁的议案》、 《关于公司独立董事变动的提案》、 《关于召开公司第十八次（暨临时）股 东大会的有关事项》和会议决议。本次公告刊登于 2004 年 11 月 23 日的《上海证券报》、香港《大 公报》。 (9)、公司第五届董事会第六次会议，于 2004 年 12 月 24 日以通讯方式召开，审议通过了《关 于为上海普恩伊进出口有限公司贷款担保事项议案》和会议决议。该公司因经营业务的持续发展， 需要继续实施贷款的授信额度，鉴于本公司于 2003 年 10 月至 2004 年 12 月为该公司提供贷款授 信额度将到期，根据该公司实际运作情况和本公司对该公司的控股情况（90%），公司决定对该公 司向交通银行上海浦东分行贷款人民币 500 万美元（授信额度）提供担保，担保期限为 2005 年 1 月 1 日至 2006 年 12 月 31 日。 2、董事会对股东大会决议的执行情况 第 24 頁 报告期内，公司董事会严格执行股东大会决议，无违背或超越股东大会决议的情况。 （七）利润分配或资本公积金转增预案 公司经国内会计准则审计后的累计可供股东分配利润为 1,535.80 万元；国际会计准则审计 后的累计可供股东分配利润为 4,856.80 万元。根据《公司章程》规定，提取 10%法定公积金 162.79 万元，提取 5%法定公益金 81.40 万元， “两金”合计提取 244.19 万元。累计未分配利润 1,291.61 万元，折合每股仅为 0.0228 元。考虑到公司目前的经营状况和持续经营发展的需要，拟定公司 2004 年度的利润分配预案为不分配，也不以资本公积金转增形式送股。 本报告期盈利但未提出现金利润分配预案的原因: 公司 2004 年度由于国家对纺织行业的宏观控制，使公司产品市场竞争加剧，公司经营业绩 微利，难以实施利润分配。 公司未分配利润的用途和使用计划: 现有的未分配利润，将用于公司的产品开发及技术进步工作，以做精做强公司的主营业务， 加快公司的持续发展，对公司股东实现更好的回报。 （八）其他披露事项 1、报告期内，公司选定的信息披露报刊名称为《上海证券报》、香港《大公报》，无选定报 刊的变更情况。 2、立信长江会计师事务所长信会师函字（2005）第 047 号《关于上海二纺机股份有限公司 公司控股股东及其他关联方占用资金情况的专项审计意见》 专项审核意见 信长会师函字（2005）第 047 号 上海二纺机股份有限公司董事会： 我们接受贵公司的委托，对贵公司与年报审计相关的截止 2004 年 12 月 31 日的控股股东及 其他关联方占用贵公司资金情况和贵公司对外担保情况进行了专项核查。我们的核查是依据中国 证券监督管理委员会和国有资产监督管理委员会共同颁布的《关于规范上市公司与关联方资金往 来及上市公司对外担保若干问题的通知》〔证监发（2003）56 号〕进行的。贵公司管理当局的责 任是提供真实、合法、完整的有关资金占用及对外担保情况的全部材料，包括原始合同、协议等 资料或副本资料、会计凭证与帐簿记载、会计报表、有关实物证据及我们认为必要的其他资料。 我们的责任是根据上述《关于规范上市公司与关联方资金往来及上市公司对外担保若干问题的通 知》的规定，对贵公司与关联方资金往来情况及担保情况进行相关调查、核实并出具专项审核意 见。在调查、核实过程中，我们实施了查阅有关资料、会计凭证、核对会计帐簿记录等我们认为 必要的核查程序。 现将审核情况说明如下： 一、控股股东及其他关联方占用资金情况： 截至 2004 年 12 月 31 日止，贵公司账面记载的应收控股股东及其他关联方占用资金余额为： 6,918.95 万元，其中： （一）控股股东太平洋机电（集团）公司及其控股子公司年末占用资金余额 434.75 万元，年 初占用资金余额 577.68 万元，年末比年初减少 142.93 万元；同时在其他应付款下有应付太平洋 第 25 頁 机电（集团）公司款 999.11 万元。 （二）纳入合并报表的子公司年末占用资金余额 6,483.63 万元，年初占用资金余额 484.70 万 元，年末比年初增加 5,998.93 万元（占用资金余额已在合并报表中抵销）。 （三）其他关联方年末占用资金余额 0.57 万元，年初占用资金余额 0.71 万元，年末比年初 减少 0.14 万元。 二、提供担保情况： 经审核，贵公司在 2004 年度未发生违规担保事项。 附件：资金占用情况表 上海立信长江会计师事务所有限公司 二 OO 五年三月二日 3、独立董事对公司累计和当年对外担保情况的专项说明及其独立意见 独立董事在审阅了公司有关对外担保的情况，就公司对外担保及执行证监发（2003）56 号文 情况发表《关于公司为控股子公司提供贷款信用额度的担保意见》的独立意见。独立意见具体内 容如下： （1）、二纺机对外担保均为其控股子公司提供担保，未为其控股股东及控股 50%股份以下的其他 关联方、其他非法人单位及个人、资产负债率超过 70%以上的公司提供担保； （2）二纺机的担保情况符合证监会的有关规定； （3）二纺机的担保事宜，对稳步扩大产品出口有利，对中小股东的利益不会造成损失。 4、报告期内，公司未有违规担保。 附表： 上海二纺机股份有限公司（资金占用情况表） 第 26 頁 资金占用情况表 上市公司名称：上海二纺机股份有限公司 公司简称 资金占用方 资金占用方与上市公司 资金占用期末余额截止 资金占用期初余额 相对应的会计报表 资金占用期末时 资金占用期初时 资金占用借方累计 的关系 时点 截止时点 科目 点金额（万元） 点金额（万元） 金额（万元） 其 他 应 二纺机股份 太平洋机电（集团）有限公司 控股股东 2004 年 12 月 31 日 2004 年 1 月 1 日 0.00 0.00 3,784.71 收款 其 他 应 良基专件 太平洋机电（集团）有限公司 控股股东 2004 年 12 月 31 日 2004 年 1 月 1 日 53.85 0.00 923.44 收款 二纺机股份 太平洋机电（集团）有限公司 控股股东 2004 年 12 月 31 日 2004 年 1 月 1 日 应收账款 305.88 577.68 二纺机股份 上海太平洋纺织机械成套设备有限公司 控股股东的控股子公司 2004 年 12 月 31 日 2004 年 1 月 1 日 应收账款 75.02 0.00 2,9 控股股东及其关联方小计 53.85 380.90 0.00 577.68 4,708.15 2,9 二纺机股份 上海良基建筑装饰公司 子公司 2004 年 12 月 31 日 2004 年 1 月 1 日 其 他 应 0.00 4.72 296.41 二纺机股份 上海良基金属制品有限公司 子公司 2004 年 12 月 31 日 2004 年 1 月 1 日 其 他 应 233.11 235.24 190.41 二纺机股份 上海良基实业有限公司 子公司 2004 年 12 月 31 日 2004 年 1 月 1 日 其 他 应 10.61 2.23 20.86 二纺机股份 上海良基电脑印刷公司 子公司 2004 年 12 月 31 日 2004 年 1 月 1 日 其 他 应 0.00 11.31 0.00 二纺机股份 上海良基塑料制品有限公司 子公司 2004 年 12 月 31 日 2004 年 1 月 1 日 其 他 应 189.34 189.34 0.00 二纺机股份 上海普恩伊进出口有限公司 子公司 2004 年 12 月 31 日 2004 年 1 月 1 日 应收账款 6,050.5 0.00 34,9 二纺机股份 上海良纺纺织机械专件有限公司 子公司 2004 年 12 月 31 日 2004 年 1 月 1 日 应收账款 0.00 41.86 1 合并户小计 433.06 6,050.5 442.84 41.86 507.68 35,1 二纺机股份 上海逸杰信息科技有限公司 子公司 2004 年 12 月 31 日 2004 年 1 月 1 日 其 他 应 0.07 0.25 9.70 二纺机股份 上海二纺机化纤成套设备公司 参股企业 2004 年 12 月 31 日 2004 年 1 月 1 日 其 他 应 0.50 0.46 0.04 其他关联方小计 0.57 0.00 0.71 0.00 9.74 合计 487.48 6,431.4 443.55 619.54 5,225.57 38,1 八、监事会报告 （一）监事会的工作情况 1、第四届监事会第十三次会议于 2004 年 4 月 15 日召开，审议通过了（1） 《公司监事会 2003 年度工作报告》； （2） 《公司董事会 2003 年度工作报告》； （3） 《公司第四届监事会工作报告》 ；（4） 《公司第四届监事会换届及第五届监事会候选人提名》的议案。本次会议决议公告刊登在 2003 年 4 月 17 日《上海证券报》和香港《大公报》。 2、第四届监事会第十四次会议于 2003 年 4 月 21 日召开，审议通过了《公司 2004 年第一季 度报告》。 3、第五届监事会第一次会议于 2004 年 5 月 18 日召开，审议通过了（1）《关于选举公司第 五届监事会监事长的议案》；（2）《关于选举公司第五届监事会副监事长的议案》。本次会议决议 公告刊登在 2004 年 5 月 19 日《上海证券报》和香港《大公报》。 4、第五届监事会第二次会议于 2004 年 6 月 29 日召开，讨论审议了公司《关于转让持有辽 源得亨股份有限公司法人股》的议案。 5、第五届监事会第三次会议于 2004 年 8 月 11 日召开，讨论审议了《公司 2004 年上半年度 工作报告》。 6、第五届监事会第四次会议于 2004 年 10 月 27 日召开，讨论审议了《公司 2004 年度第三 季度报告全文及正义》。 7、第五届监事会第五次会议于 2004 年 11 月 22 日召开，审议通过了（1） 《关于公司凉州路 381 号生产用地使用权被收购的议案》；（2）《关于提请股东大会授权董事会审定公司持续性销售 经营关联交易的议案》。公告刊登在 2004 年 11 月 23 日《上海证券报》和香港《大公报》 。 2004 年度公司监事会根据《公司法》 、《公司章程》和《上市公司治理准则》的有关规定，本 着对全体股东负责的精神，认真履行有关法律法规章程所赋予的职责，报告期内公司监事会共召 开 7 次会议，列席董事会共 10 次会议。 （二）监事会对公司依法运作情况的独立意见 1、公司依法运作情况；公司 2004 年度在经营运营和管理中能够依法进行，并不断完善内部管 理控制制度，公司董事、总经理及高级管理人员在执行职务时，没有发现有损害公司和股东利益 的行为。 2、公司财务情况；公司 2004 年度财务会计处理严格执行法规和制度，上海立信长江会计师事 务所出具了无保留意见的审计报告，客观真实地反映了公司财务状况和经营成果。 （三）监事会对公司收购出售资产情况的意见 报告期内，（1）公司转让持有辽源得亨股份有限公司 14,679,783 股法人股；(2) 公司凉州 路 381 号地块使用权被收购，都不存有关联关系交易； （四）监事会对公司关联交易情况的独立意见 公司持续性的化纤纺丝机械产品合成纤维纺丝机的销售经营关联交易，能按照有关法律法规 和《公司章程》执行，没有发现违规和损害公司及股东利益的情况。 第 28 頁 九、重大事项 （一）重大诉讼仲裁事项 1、子公司上海良基房地产有限公司与被执行人上海民健实业总公司、江西省上饶毛纺织厂 之间强制执行案件情况：上海市第一中级人民法院已依法将江西省上饶毛纺织厂对江西饶球针织 制品有限公司所投资的股权、该厂在该公司的机器设备及该厂自有厂房、仓库（总面积为 57420 平方米）进行了查封并，本案在执行中。 2、2001 年 3 月公司诉新疆京城棉纺织厂设备欠款，案号（2001）虹经初字第 293 号。经一 审法院判决：新疆京城棉纺织厂支付本公司货款 482.12 万元。2002 年 8 月，新疆京城棉纺织厂 上诉本公司（［2002］沪二中民四［商］终字第 405 号）被驳回。目前，此案已由虹口法院委托 新疆铁路中院执行，查封了部分机器设备，并收到 7.04 万元，公司继续积极组织实施对法院执行 的应收款催讨。 （二）报告期内公司收购及出售资产、吸收合并事项 出售资产情况： 1、2004 年 6 月 29 日公司第五届董事会第二次会议审议通过，转让本公司所持有的辽源得亨股 份有限公司 14,679,783 股法人股权（占该公司总股本的 8.03%），并于 2004 年 6 月 30 日与广州 市富盈科技投资有限公司签署《股权转让协议》。根据协议有关条款，截止 2004 年 8 月 11 日， 该法人股有关转让过户手续办理完毕。本次股权转让扣除相关等费用，实际收益为 378.12 万元。 2、2004 年 12 月 24 日，公司第十八次（暨临时）股东大会审议通过了公司第五届董事会第五 次会审议的《关于公司凉州路 381 号地块使用权被收购的议案》。基于黄浦江东外滩的开发工程 规划。经上海东外滩地产开发有限公司与公司友好协商，依照《上海市黄浦江两岸开发建设管理 办法》、 《上海市土地储备办法》及其他有关法律、法规的规定，同意将凉州路 381 号地块使用权 被上海东外滩地产开发有限公司收购，收购价为 4,703.85 万元，截止 2004 年 12 月 31 日，公司 已收到本次转让标的的 60%款项。 （三）报告期内公司重大关联交易事项 1、公司第十八次（暨临时）股东大会审议通过了《关于提请股东大会授权董事会审定公司持 续性销售经营关联交易的议案》，根据《上市公司治理准则》的要求，在规范公司法人治理结构 的前提下，进一步提高公司的经营运行效率和质量，针对化纤纺丝机械销售市场的变化情况，公 司董事会提请股东大会授权董事会审定 2004 年度持续性销售经营关联交易，2004 年度，公司将 发生持续性销售经营关联交易 1.5 亿元。本次公告于 2004 年 12 月 25 日刊登在《上海证券报》 、 香港《大公报》。 第 29 頁 2、向关联方采购货物： （1）交易规模： 企业名称 本 年 度 上 年 度 金 额 金 额 临海良纺纺织机械专件有限公司 34,146,838.89 28,578,322.00 （2）采购价格的确定依据：根据市场价格交易 3、向关联方销售货物： （1）交易规模： 企业名称 本 年 度 上 年 度 金 额 金 额 上海太平洋纺织机械成套设备有限公司 39,337,606.62 --- 山东良基纺织机械有限公司 35,784,354.68 --- 合计 75,121,961.30 --- （2）关联方交易价格的确定依据及交易差价的处理：按协议价格确认 （四）重大合同及其履行情况 1、托管情况 本年度公司无托管事项。 2、承包情况 本年度公司无承包事项。 3、租赁情况 公司第五届董事会第五次会议审议通过了《关于公司房屋租赁的议案》。经 公司与上海国药物流有限公司协商，将公司坐落在上海市场中路 685 号内共计面积 14230 平方米 的库房租赁给该公司，主要用于库存货物和业务运作。年租金 267.87 万元，租赁期为一年。本次 公告于 2004 年 11 月 23 日刊登在《上海证券报》、香港《大公报》。 4、担保情况 单位:元 币种:人民币 担保是否已 是否为关 担保对象 发生日期 担保金额 担保类型 担保期限 经履行完毕 联方担保 连带责任 上海普恩伊 担保 (签 2004-03-01～ 进出口有限 2004-03-01 60,000,000 否 否 署反担保 2005-02-28 公司 协议) 报告期内担保发生额合计 60,000,000 报告期末担保余额合计 60,000,000 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 60,000,000 第 30 頁 报告期末对控股子公司担保余额合计 60,000,000 公司担保总额情况（包括对控股子公司的担保） 担保总额 60,000,000 担保总额占公司净资产的比例 9.16 2004 年 3 月 8 日，公司为控股子公司上海普恩伊进出口有限公司提供贷款信用额度担保，担 保金额为 60,000,000 元人民币，担保期限为 2004 年 3 月 1 日至 2005 年 2 月 28 日，该事项已于 2004 年 3 月 10 日刊登在《上海证券报》、香港《大公报》上。 5、委托理财情况 本年度公司无委托理财事项。 6、其他重大合同 本年度公司无其他重大合同。 （五）公司或持有 5%以上股东对公开披露承诺事项的履行情况 报告期内或持续到报告期内，公司或持股 5%以上股东没有承诺事项。 （六）聘任、解聘会计师事务所情况 本报告期，公司聘用上海立信长江会计师事务所、浩华会计师事务所为公司 2004 年度审计 会计师事务所，审计费用共计为 88 万元（含差旅费等）；上海立信长江会计师事务所、浩华会计 师事务所已连续 4 年为本公司提供审计服务。 （七）公司、董事会、董事受处罚及整改情况 报告期内，公司、公司董事会及董事没有受到中国证监会稽查、中国证监会行政处罚、通报 批评、上海证券交易所公开谴责的情况。 （八）其它重大事项 报告期内公司无其他重大事项。 （九）、或有事项 2001 年 6 月，东方汇理银行上海分行在香港起诉我司欠款纠纷，诉讼标的 260.56 万美元， 香港高等法院以诉讼案第 14569 字受理，我司在香港应诉。应东方汇理银行上海分行要求，法院 以简易程序审理。2001 年 11 月 30 日，香港高等法院判决未支持东方汇理银行上海分行的诉讼请 求。2001 年 12 月 13 日，东方汇理银行上海分行提起上诉，2002 年 6 月 12 日该上诉被驳回。后 东方汇理银行上海分行请求以普通程序进行延期审理，法院同意。2005 年 1 月 5 日,法庭审理本 案,要求双方提交证据,目前处于证据准备阶段。 第 31 頁 海二纺机股份有限公司 资产减值准备明细表 2004 年度 单位：元 项 目 行次 年初 本年 本年减少数 年末 因资产价值回升 余额 增加数 其它原因转出数 合计 余额 转回数 ① ② ③ ④ ⑤ ⑥ ⑦ 一、坏帐准备合计 1 33,854,125.94 3,120,963.06 -1,562,000.00 14,724,041.55 13,162,041.55 23,813,047.45 其中：应收账款 2 33,004,790.64 2,980,585.34 -1,562,000.00 14,676,395.79 13,114,395.79 22,870,980.19 其他应收款 3 849,335.30 140,733.72 47,645.76 47,645.76 942,067.26 二、短期投资跌价准备 合计 4 7,432.60 7,432.60 7,432.60 其中：股票投资 5 7,432.60 7,432.60 7,432.60 债券投资 6 三、存货跌价准备合计 7 44,690,967.87 9,991,404.62 3,318,094.52 3,318,094.52 51,364,277.97 其中：库存商品 8 27,226,902.10 -1,349,408.81 2,146,293.66 2,146,293.66 23,655,414.76 原材料 9 17,464,065.77 11,340,813.43 1,171,800.86 1,171,800.86 27,708,863.21 四、长期投资减值准备 合计 19 876,160.00 1,299,936.00 2,176,096.00 其中：长期股权投资 20 876,160.00 1,299,936.00 2,176,096.00 长期债权投资 21 五、固定资产减值准备 合计 22 104,603,361.65 1,130,041.86 1,941,969.68 1,941,969.68 103,791,433.83 其中：生产用房屋 23 11,031,647.15 1,130,041.86 1,680,646.86 12,161,689.01 非生产用房屋 25 20,297,610.89 261,322.82 1,680,646.86 18,616,964.03 生产用设备 26 73,274,103.67 261,322.82 73,012,780.79 非生产用设备 27 六、无形资产减值准备 合计 28 7,300,000.00 7,300,000.00 其中：专利权 29 7,300,000.00 7,300,000.00 商标权 30 技术使用权 31 土地使用权 32 七、在建工程减值准备 33 八、委托贷款减值准备 34 九、 总 计 35 191,332,048.06 15,542,345.54 -1,562,000.00 19,991,538.35 18,429,538.35 188,444,855.25 说明：（1）1 行＋4 行＋7 行＋10 行＋13 行＋16 行＋19 行＋20 行＝21 行 ④栏＋⑤栏＝⑥栏（除 1 至 3 行外） （2）如果“本年减少数”中确实难以划分因资产价值回升转回或其他原因转出的，则④栏和⑤栏空置不填，只需填第⑥ 栏即可。 第 32 頁 上海二纺机股份有限公司 2004 年度财务报表变动项目表 （年度间数据变动幅度超过 30%的项目） 单位：元 一、合并资产负债 2004 年 12 月 31 2003 年 12 月 31 变动率% 主要变动原因 表部分 日 日 1、货币资金 208,526,932.04 122,516,334.56 70.20 应收票据、预付账款期末较期 初大量减少。 2、短期投资 0 492,567.40 -100.00 出售所持有的全部短期投资。 3、预付账款 3,515,920.91 35,281,895.69 -90.03 大部份上期预付的采购款项 本期已结算。 4、待摊费用 26,666.66 8,498.00 213.80 良基金属缴纳的房租在受益 期内尚未摊完。 5、长期股权投资 36,191,659.56 58,797,554.73 -38.45 将第一百货、华联商厦、辽源 得亨法人股出售。 6、长期待摊费用 0 4,635,454.70 -100.00 本期将长期待摊费用摊销后 的余额转入固定资产。 7、预收账款 111,144,513.88 226,491,494.86 -50.93 本期内较大部份的预收账款 业务实现销售。 8、应付股利 27.32 473,434.55 -99.99 年末尚有 27.32 元子公司少数 股东股利未支付。 9、应交税金 11,441,479.29 -25,567,784.31 144.75 本期出口退税资金到位，造成 增值税应交数增加所致。 10、其它应交款 979,161.20 628,917.72 55.69 期末应交税金增加所致。 11、其它应付款 64,152,265.05 42,446,794.02 51.14 应付出口佣金增加。 12、预提费用 5,164,783.00 1,680,213.75 207.39 本期增加动迁补偿费所致。 13、未确认投资损 2,709,719.21 618,134.19 338.37 子公司亏损。 失 14、未分配利润 12,916,104.92 4,205,314.77 207.14 本期实现利润。 二、合并利润及利 润分配表部分 1、主营业务税金及 1,496,841.67 3,645,836.12 -58.94 本年国内销售与采购基本持 附加 平。 2、营业费用 22,930,224.59 36,999,637.06 -38.03 报告期内母公司代理制改收 购制，代理费用等减少。 3、投资收益 3,962,333.36 17,390,789.95 -77.22 上年有浦发银行法人股转让 收入。 4、补贴收入 823,151.36 118,635.68 593.85 本期收到财政补贴收入与出 口商品贴息。 5、营业外收入 31,944,592.83 2,119,.592.83 1406.85 本期凉州路地块转让收入。 6、未分配利润 12,916,104.92 4,205,314.77 207.14 本期实现利润。 第 33 頁 十、财务报告 审计意见 公司 2004 年度经上海立信长江会计师事务所信长会师报字（2005）第 10333 号注册会计 师钱志昂、林璐审计，并出具了标准无保留意见的审计报告。报表（附后） 资产负债表 2004 年 12 月 31 日 编制单位:上海二纺机股份有限公司 单位:元 币种:人民币 附注 合并 母公司 项目 合 母公 期末数 期初数 期末数 期初数 并 司 流动资产： 货币资金 208,526,932.04 122,516,334.56 118,391,795.95 71,915,673.77 短期投资 492,567.40 492,567.40 应收票据 10,442,361.06 46,670,272.62 6,687,361.06 42,140,272.62 应收股利 应收利息 应收账款 125,723,670.66 120,356,866.23 122,918,610.38 88,590,165.57 其他应收款 5,142,749.70 5,813,578.62 8,280,426.63 11,031,373.19 预付账款 3,515,920.91 35,281,895.69 1,444,350.11 32,827,376.65 应收补贴款 存货 380,716,172.56 406,125,163.51 334,925,343.31 342,372,020.70 待摊费用 26,666.66 8,498.00 一年内到期的长期债权投资 其他流动资产 流动资产合计 734,094,473.59 737,265,176.63 592,647,887.44 589,369,449.90 长期投资： 长期股权投资 36,191,659.56 58,797,554.73 132,761,428.96 153,649,426.66 长期债权投资 长期投资合计 36,191,659.56 58,797,554.73 132,761,428.96 153,649,426.66 其中：合并价差 -462,410.60 -539,479.04 其中：股权投资差额 固定资产： 固定资产原价 1,090,250,137.83 1,096,328,352.03 1,030,209,873.29 1,036,154,365.29 减：累计折旧 475,139,216.70 443,354,390.35 450,932,347.15 419,414,459.51 固定资产净值 615,110,921.13 652,973,961.68 579,277,526.14 616,739,905.78 减：固定资产减值准备 103,791,433.83 104,603,361.65 96,663,583.08 98,344,327.74 固定资产净额 511,319,487.30 548,370,600.03 482,613,943.06 518,395,578.04 工程物资 在建工程 2,029,882.61 2,569,232.06 1,757,734.53 5,658,669.00 固定资产清理 第 34 頁 固定资产合计 513,349,369.91 550,939,832.09 484,371,677.59 524,054,247.04 无形资产及其他资产： 无形资产 33,638,009.50 42,512,267.37 33,638,009.50 42,336,179.37 长期待摊费用 4,635,454.70 其他长期资产 无形资产及其他资产合计 33,638,009.50 47,147,722.07 33,638,009.50 42,336,179.37 递延税项： 递延税款借项 资产总计 1,317,273,512.56 1,394,150,285.52 1,243,419,003.49 1,309,409,302.97 流动负债： 短期借款 185,650,192.16 219,000,207.87 169,650,192.16 199,400,207.87 应付票据 275,010.91 274,904.80 应付账款 258,560,999.40 259,263,801.92 241,388,792.94 216,465,318.90 预收账款 111,144,513.88 226,491,494.86 104,772,867.08 217,223,623.59 应付工资 应付福利费 1,286,009.80 1,383,007.33 23,353.90 应付股利 27.32 473,434.55 应交税金 11,441,479.29 -25,567,784.31 10,360,816.18 -14,516,364.54 其他应交款 979,161.20 628,917.72 889,449.94 625,528.15 其他应付款 64,152,265.05 42,446,794.02 59,887,268.52 45,013,201.78 预提费用 5,164,783.00 1,680,213.75 4,950,987.74 1,668,168.49 预计负债 一年内到期的长期负债 其他流动负债 流动负债合计 638,654,442.01 726,074,992.51 591,900,374.56 665,903,038.14 长期负债： 长期借款 4,082,730.79 4,082,730.79 应付债券 长期应付款 专项应付款 其他长期负债 长期负债合计 4,082,730.79 4,082,730.79 递延税项： 递延税款贷项 负债合计 642,737,172.80 730,157,723.30 591,900,374.56 665,903,038.14 少数股东权益 19,684,218.25 18,962,155.74 所有者权益（或股东权益）： 实收资本（或股本） 566,449,189.46 566,449,189.46 566,449,189.46 566,449,189.46 减：已归还投资 实收资本（或股本）净额 566,449,189.46 566,449,189.46 566,449,189.46 566,449,189.46 资本公积 68,140,192.13 67,379,563.29 68,140,192.13 67,379,563.29 盈余公积 10,056,354.21 7,614,473.15 2,564,952.21 1,451,626.82 其中：法定公益金 3,377,634.40 2,563,672.06 854,984.07 483,875.61 第 35 頁 未分配利润 12,916,104.92 4,205,314.77 14,364,295.13 8,225,885.26 拟分配现金股利 外币报表折算差额 减：未确认投资损失 2,709,719.21 618,134.19 所有者权益（或股东权益）合计 654,852,121.51 645,030,406.48 651,518,628.93 643,506,264.83 负债和所有者权益（或股东权益） 1,317,273,512.56 1,394,150,285.52 1,243,419,003.49 1,309,409,302.97 总计 公司法定代表人: 郑元湖 财务总监: 梅建中 会计机构负责人: 郑爱华 第 36 頁 利润及利润分配表 2004 年 编制单位:上海二纺机股份有限公司 单位:元 币种:人民币 附注 合并 母公司 项目 合 母公 本期数 上期数 本期数 上期数 并 司 一、主营业务收入 1,183,812,681.93 1,027,163,105.30 983,317,003.16 870,025,634.84 减：主营业务成本 1,024,829,458.81 833,392,269.59 871,661,180.38 720,761,204.73 主营业务税金及附加 1,496,841.67 3,645,836.12 517,791.36 2,894,216.37 二、主营业务利润（亏损以 157,486,381.45 190,124,999.59 111,138,031.42 146,370,213.74 “-”号填列） 加：其他业务利润（亏损以 4,834,370.33 6,091,060.66 471,718.03 3,607,271.62 “-”号填列） 减: 营业费用 22,930,224.59 36,999,637.06 15,756,272.34 35,722,946.64 管理费用 145,833,583.38 142,044,067.08 114,350,385.58 108,834,034.99 财务费用 10,317,407.15 14,606,316.87 9,586,071.15 14,479,137.03 三、营业利润（亏损以“-”号 -16,760,463.34 2,566,039.24 -28,082,979.62 -9,058,633.30 填列） 加：投资收益（损失以“-”号 3,962,333.36 17,390,789.95 7,651,578.16 20,601,976.46 填列） 补贴收入 823,151.36 118,635.68 302,000.00 营业外收入 31,944,592.83 2,119,958.56 31,496,334.19 2,002,235.33 减：营业外支出 4,387,395.73 5,703,178.82 1,525,690.85 1,319,196.13 四、利润总额（亏损总额以 15,582,218.48 16,492,244.61 9,841,241.88 12,226,382.36 “-”号填列） 减：所得税 5,590,195.40 5,102,703.15 2,589,506.62 2,548,870.28 减：少数股东损益 930,936.89 578,640.65 加：未确认投资损失(合并报 2,091,585.02 4,988.46 表填列) 五、净利润（亏损以“-”号填 11,152,671.21 10,815,889.27 7,251,735.26 9,677,512.08 列） 加：年初未分配利润 4,205,314.77 -235,858,360.32 8,225,885.26 -232,818,559.95 其他转入 232,818,559.95 232,818,559.95 六、可供分配的利润 15,357,985.98 7,776,088.90 15,477,620.52 9,677,512.08 减：提取法定盈余公积 1,627,920.72 2,380,516.09 742,216.93 967,751.21 提取法定公益金 813,960.34 1,190,258.04 371,108.46 483,875.61 提取职工奖励及福利基金 (合并报表填列) 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 12,916,104.92 4,205,314.77 14,364,295.13 8,225,885.26 减：应付优先股股利 第 37 頁 提取任意盈余公积 应付普通股股利 转作股本的普通股股利 八、未分配利润(未弥补亏损 12,916,104.92 4,205,314.77 14,364,295.13 8,225,885.26 以“-”号填列) 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: 郑元湖 财务总监: 梅建中 会计机构负责人: 郑爱华 第 38 頁 现金流量表 2004 年 编制单位:上海二纺机股份有限公司 单位:元 币种:人民币 附注 项目 合并数 母公司数 合并 母公司 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 1,019,287,770.56 900,533,919.98 收到的税费返还 53,670,813.09 13,889,772.38 收到的其他与经营活动有关的现金 90,710,187.56 70,155,602.66 现金流入小计 1,163,668,771.21 984,579,295.02 购买商品、接受劳务支付的现金 831,035,529.06 778,751,563.69 支付给职工以及为职工支付的现金 98,375,535.34 67,295,114.61 支付的各项税费 28,144,290.06 16,451,567.30 支付的其他与经营活动有关的现金 117,775,261.52 82,692,072.71 现金流出小计 1,075,330,615.98 945,190,318.31 经营活动产生的现金流量净额 88,338,155.23 39,388,976.71 二、投资活动产生的现金流量： 收回投资所收到的现金 26,608,260.63 26,304,116.30 其中：出售子公司收到的现金 取得投资收益所收到的现金 217,123.89 3,140,186.16 处置固定资产、无形资产和其他长期资产而收回的现 30,006,896.60 29,492,976.60 金 收到的其他与投资活动有关的现金 现金流入小计 56,832,281.12 58,937,279.06 购建固定资产、无形资产和其他长期资产所支付的现 13,901,012.18 11,831,025.18 金 投资所支付的现金 支付的其他与投资活动有关的现金 现金流出小计 13,901,012.18 11,831,025.18 投资活动产生的现金流量净额 42,931,268.94 47,106,253.88 三、筹资活动产生的现金流量： 吸收投资所收到的现金 其中：子公司吸收少数股东权益性投资收到的现金 借款所收到的现金 419,750,000.00 385,750,000.00 收到的其他与筹资活动有关的现金 现金流入小计 419,750,000.00 385,750,000.00 偿还债务所支付的现金 453,100,000.00 415,500,000.00 分配股利、利润或偿付利息所支付的现金 11,810,411.81 10,283,592.45 其中：支付少数股东的股利 682,308.56 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 464,910,411.81 425,783,592.45 筹资活动产生的现金流量净额 -45,160,411.81 -40,033,592.45 第 39 頁 四、汇率变动对现金的影响 -98,414.88 14,484.04 五、现金及现金等价物净增加额 86,010,597.48 46,476,122.18 补充材料 1、将净利润调节为经营活动现金流量： 净利润 11,152,671.21 7,251,735.26 加：少数股东损益(亏损以“-”号填列) 930,936.89 减：未确认的投资损失 2,091,585.02 加：计提的资产减值准备 15,542,345.54 11,489,323.14 固定资产折旧 44,180,437.13 41,103,241.97 无形资产摊销 1,001,910.36 969,894.36 长期待摊费用摊销 1,178,275.02 待摊费用减少（减：增加） -18,168.66 预提费用增加（减：减少） 3,484,569.25 3,282,819.25 处理固定资产、无形资产和其他长期资产的损失(减: -30,145,942.15 -31,424,169.58 收益) 固定资产报废损失 6,838.29 财务费用 11,598,219.43 10,269,108.41 投资损失（减：收益） -1,567,125.89 -8,944,081.56 递延税款贷项（减：借项） 存货的减少（减：增加） 18,986,432.27 386,626.92 经营性应收项目的减少(减：增加) -127,032,428.68 -78,674,980.46 经营性应付项目的增加(减：减少) 141,130,770.24 83,679,459.00 其他 经营活动产生的现金流量净额 88,338,155.23 39,388,976.71 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 208,526,932.04 118,391,795.95 减：现金的期初余额 122,516,334.56 71,915,673.77 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 86,010,597.48 46,476,122.18 公司法定代表人: 郑元湖 财务总监: 梅建中 会计机构负责人: 郑爱华 第 40 頁 审 计 报 告 信长会师报字(2005)第 10333 号 上海二纺机股份有限公司全体股东： 我们审计了后附的上海二纺机股份有限公司（以下简称“贵公司”）2004 年 12 月 31 日的资产负债表和合并的资产负债表、2004 年度的利润及利润分配表和合并 的利润及利润分配表，以及 2004 年度现金流量表和合并的现金流量表。这些会计 报表的编制是贵公司管理当局的责任，我们的责任是在实施审计工作的基础上对这 些会计报表发表意见。 我们按照中国注册会计师独立审计准则计划和实施审计工作，以合理确信会计 报表是否不存在重大错报。审计工作包括在抽查的基础上检查支持会计报表金额和 披露的证据，评价管理当局在编制会计报表时采用的会计政策和作出的重大会计估 计，以及评价会计报表的整体反映。我们相信，我们的审计工作为发表意见提供了 合理的基础。 我们认为，上述会计报表符合国家颁布的企业会计准则和《企业会计制度》的 规定，在所有重大方面公允反映了贵公司 2004 年 12 月 31 日的财务状况以及 2004 年度的经营成果和现金流量。 上海立信长江会计师事务所 中国注册会计师 有限公司 钱志昂 林 璐 中国·上海 二 OO 五年三月二日 第 41 頁 上海二纺机股份有限公司 2004 年度会计报表附注 一、公司简介： 上海二纺机股份有限公司系于 1991 年 12 月 10 日经上海市人民政府办公厅以沪府办 [1991]155 号文批准设立的股份有限公司。1992 年 2 月，经中国人民银行上海市分行以（92）沪 人金股字第 5 号文批准，向社会公众公开发行境内上市内资股（A 股）股票并上市交易；1992 年 5 月，经中国人民银行上海市分行以（92）沪人金 B 股字第 1 号文批准，向社会公众公开发行境 内上市外资股（B 股）股票并上市交易。1995 年 10 月 4 日由国家工商行政管理局换发《企业法 人营业执照》，注册号为 019003 号，法定代表人郑元湖。公司注册资本为人民币 566,449,189.46 元，业经大华会计师事务所验证并出具华业字（97）第 1047 号验资报告。所属行业为工业制造 业。公司经营范围为生产纺织机械及相关的电子电器产品、通用机械、光电子技术产品、金属制 品、塑料制品；非出版物的印刷及包装装潢印刷业务；技术服务；仓储营运；投资兴办企业；销 售自产产品，主要产品为纺织机械。 二、公司采用的主要会计政策、会计估计和合并会计报表的编制方法： （一）会计制度 执行企业会计准则、《企业会计制度》及其有关的补充规定。 （二）会计年度 公历 1 月 1 日至 12 月 31 日止。 （三）记帐本位币 采用人民币为记帐本位币。 （四）记帐基础和计价原则 以权责发生制为记帐基础，以历史成本为计价原则。 （五）外币业务核算方法 外币业务发生时按当年年初中国人民银行公布的人民币市场汇价（中间价）作为折算汇率， 折合成人民币记帐，年末外币帐户余额按年末市场汇价（中间价）折合成人民币金额进行调整。 外币专门借款帐户年末折算差额，在所购建固定资产达到预定可使用状态前的特定时间段内，按 规定予以资本化，计入在建工程成本，其余的外币帐户折算差额均计入财务费用。不同货币兑换 形成的折算差额，均计入财务费用。 （六）外币会计报表的折算方法 按照财政部财会字（1995）11 号《关于印发的通知》，除所有者权 益类项目（不含未分配利润项目）以发生时的市场汇价（中间价）折算为人民币外，资产、负债、 损益类项目均以合并会计报表决算日的市场汇价（中间价）折算为人民币。外币报表折算差额在 合并资产负债表中单独列示。 （七）现金等价物的确定标准 在编制现金流量表时，将同时具备期限短（从购买日起，三个月到期） 、流动性强、易于转 第 42 頁 换为已知现金、价值变动风险很小四个条件的投资，确定为现金等价物。 （八）短期投资核算方法 1、取得的计价方法 取得投资时按实际支付的价款（扣除已宣告未领取的现金股利或已到期未领取的债券利息）、 相关税费计价。债务重组取得债务人用以抵债的短期投资，以应收债权的帐面价值为基础确定其 入帐价值；非货币性交易换入的短期投资，以换出资产的帐面价值为基础确定其入帐价值。 2、短期投资跌价准备的计提 中期末及年末，按成本与收盘价孰低提取或调整短期投资跌价准备。 按单项投资计算并确定计提的跌价损失准备。如某项短期投资占整个短期投资 10％以上， 则按单项投资为基础计提跌价损失准备。 3、短期投资收益的确认 短期投资待处置时确认投资收益。在持有期间分得的现金股利和利息，冲减投资成本或相关 应收项目。 （九）坏帐核算方法 1、坏帐的确认标准 对因债务人撤销、破产，依照法律清偿程序后确实无法收回的应收款项；因债务人死亡，既 无遗产可清偿，又无义务承担人，确实无法收回的应收款项；因债务人逾期未履行偿债义务并有 确凿证据表明，确实无法收回的应收款项，按照公司管理权限批准核销。 2、坏帐损失的核算方法 采用备抵法核算，按账龄分析方法并结合个别认定法估算坏帐损失。 3、坏帐准备的计提方法和计提比例 账龄 坏账准备比率（％） 1 年以下 5 1－2 年 10 2－3 年 20 3 年以上 50 个别认定 100 （十）存货核算方法 1、存货分类为 存货分类为：在途物资、原材料、在产品、包装物、低值易耗品、产成品、库存商品、委托 加工物资、工程施工、材料成本差异等。 2、取得和发出的计价方法 取得和发出的计价方法：各种存货按取得时的实际成本记账；存货日常核算采用计划成本法， 按月初成本差异率，将计划成本调整为实际成本。低值易耗品在领用时一次摊销。 债务重组取得债务人用以抵债的存货，以应收债权的账面价值为基础确定其入账价值；非货 币性交易换入的存货以换出资产的账面价值为基础确定其入账价值。 3、低值易耗品和包装物的摊销方法 低值易耗品采用一次摊销法； 包装物采用一次摊销法。 第 43 頁 4、存货的盘存制度 采用永续盘存制。 5、存货跌价准备的计提方法 中期末及年末，对存货进行全面清查后，按存货的成本与可变现净值孰低提取或调整存货跌 价准备。 存货跌价准备按单个存货项目计提。 （十一）长期投资核算方法 1、取得的计价方法 长期投资取得时以初始投资成本计价，包括相关的税金、手续费等。债务重组取得债务人用 以抵债的股权投资，以应收债权的帐面价值为基础确定其入帐价值；非货币性交易换入的股权投 资，以换出资产的帐面价值为基础确定其入帐价值。 2、长期股权投资的核算方法 对被投资单位无控制、无共同控制且无重大影响的，采用成本法核算；对被投资单位能实施 控制、共同控制或重大影响的，采用权益法核算。 按权益法核算长期股权投资时，初始投资成本高于应享有被投资单位净资产份额所确认的股 权投资差额，若合同规定投资期限的按投资期限平均摊销；若合同未规定投资期限的按 10 年平 均摊销。初始投资成本低于应享有被投资单位净资产份额的差额，计入资本公积（股权投资准备）。 2003 年以前发生的股权投资差额贷差仍按原规定摊销。再次投资发生的股权投资差额按财会 [2004]3 号文处理。 3、长期债权投资的核算方法 中期末及年末，按合同规定利率或债券票面利率计提利息，并同时按直线法摊销债券投资溢 价或折价。 如果计提的利息到期不能收回，停止计息并冲回原已计提的利息。 4、长期投资减值准备的计提 中期末及年末，按预计可收回金额低于长期投资帐面价值的差额，计提长期投资减值准备。 自 2004 年起计提长期投资减值准备时对以前年度已发生的股权投资差额按财会（2004）3 号文处 理。 长期投资减值准备按个别投资项目计算确定。 （十二）固定资产计价和折旧方法 1、固定资产标准： 指为生产商品、提供劳务、出租或经营管理而持有的并且使用期限超过一年、单位价值较高 的有形资产。 2、固定资产的分类： 生产用房屋及建筑物、非生产用房屋及建筑物、生产用机器设备、非生产用机器设备。 3、固定资产的取得计价： 一般遵循实际成本计价原则计价。 债务重组取得债务人用以抵债的固定资产，以应收债权的帐面价值为基础确定其入帐价值； 非货币性交易换入的固定资产，以换出资产的帐面价值为基础确定其入帐价值。 融资租入的固定资产，按租赁开始日租赁资产的原帐面价值与最低租赁付款额的现值两者中 较低者作为入帐价值，如果融资租赁资产占企业资产总额等于或小于 30％的，则按最低租赁付款 额作为入帐值。 第 44 頁 4、固定资产折旧采用年限平均法分类计提。根据固定资产类别、预计使用年限和预计净残 值率确定折旧率。 符合资本化条件的固定资产装修费用，在两次装修期间与固定资产尚可使用年限两者中较短 的期间内，采用年限平均法单独计提折旧；经营租赁方式租入的固定资产改良支出，在剩余租赁 期与租赁资产尚可使用年限两者中较短的期间内，采用年限平均法单独计提折旧。 融资租赁方式租入的固定资产，能合理确定租赁期届满时将会取得租赁资产所有权的，在租 赁资产尚可使用年限内计提折旧；无法合理确定租赁期届满时能够取得租赁资产所有权的，在租 赁期与租赁资产尚可使用年限两者中较短的期间内计提折旧。融资租赁方式租入的固定资产发生 的符合资本化条件的装修费用，在两次装修期间、剩余租赁期与固定资产尚可使用年限三者中较 短的期间内，采用年限平均法单独计提折旧。 固定资产类别 估计的经济使用年限 净残值率 年折旧率（％） 生产用房屋及建筑物 30－45 4% 2.1－3.2 非生产用房屋及建筑物 30－45 4% 2.1－3.2 生产用机器设备 8－20 4% 4.8－12 非生产用机器设备 8－20 4% 4.8－12 5、固定资产减值准备的计提： 中期末及年末，对由于市价持续下跌、技术陈旧、实体损坏、长期闲置等原因导致其可收回 金额低于帐面价值的，按预计可收回金额低于其帐面价值的差额，计提固定资产减值准备。 固定资产减值准备按单项资产计提。 （十三）在建工程核算方法 1、取得的计价方法 以立项项目分类核算工程发生的实际成本，当所建工程项目达到预定可使用状态时，转入固 定资产核算，尚未办理竣工决算的，按估计价值转帐，待办理竣工决算手续后再作调整。 2、在建工程减值准备的计提 中期末及年末，对于长期停建并预计在未来三年内不会重新开工的在建工程，或在性能、技 术上已落后且给企业带来经济利益具有很大不确定性的在建工程，计提在建工程减值准备。 在建工程减值准备按单项工程计提。 （十四）无形资产核算方法 1、取得的计价方法 按取得时的实际成本入帐。 债务重组取得债务人用以抵债的无形资产，按应收债权的帐面价值为基础确定其入帐价值； 非货币性交易换入的无形资产，按换出资产的帐面价值为基础确定其入帐价值。 2、摊销方法 采用直线法。相关合同与法律两者中只有一方规定受益年限或有效年限的，按不超过规定年 数的期限平均摊销；两者均规定年限的按孰低者平均摊销；两者均未规定年限的按不超过十年的 期限平均摊销。 3、无形资产减值准备的计提 中期末及年末，对于因被其他新技术替代、市价大幅下跌而导致创利能力受到重大不利影响 或下跌价值预期不会恢复的无形资产，按预计可收回金额低于其帐面价值的差额，计提无形资产 减值准备。 无形资产减值准备按单项资产计提。 第 45 頁 （十五）长期待摊费用摊销方法 1、开办费转销方法 在开始生产经营的当月一次计入损益。 2、其他长期待摊费用摊销方法 在受益期内平均摊销，其中： 预付经营租入固定资产的租金，按租赁合同规定的期限平均摊销。 （十六）借款费用 1、借款费用资本化的确认原则 专门借款的辅助费用在所购建资产达到预定可使用状态前，予以资本化，若金额较小则直接 计入当期损益。 专门借款的利息、溢折价摊销、汇兑差额开始资本化应同时满足以下三个条件：资产支出已 经发生；借款费用已经发生；为使资产达到预定可使用状态所必要的购建活动已经开始。 当购建资产项目发生非正常中断且连续三个月或以上时，借款费用暂停资本化。当购建资产 项目达到预定可使用状态后，借款费用停止资本化。 当购建资产中部分项目分别完工且可单独使用时，该部分资产借款费用停止资本化。 普通借款的借款费用和不符合资本化规定的专门借款的借款费用，均计入发生当期损益。 2、借款费用资本化期间 按季度计算借款费用资本化金额。 3、专门借款的借款费用资本化金额的确定方法 每一会计期间利息资本化的金额＝至当年末止购建固定资产累计支出加权平均数×借款加 权平均利率。 允许资本化的辅助费用、汇兑差额按实际发生额直接资本化。 （十七）收入确认原则 1、销售商品 公司已将商品所有权上的重要风险和报酬转移给买方；公司不再对该商品实施继续管理权和 实际控制权；与交易相关的经济利益能够流入企业；相关的收入和成本能可靠地计量时，确认营 业收入实现。 2、提供劳务 在同一年度内开始并完成，在劳务已经提供，收到价款或取得收取价款的依据时，确认劳务 收入的实现；如劳务的开始和完成分属不同的会计年度，在提供劳务交易的结果能够可靠估计的 情况下，在资产负债表日按完工百分比法确认相关的劳务收入。 3、让渡资产使用权 与交易相关的经济利益能够流入企业，收入的金额能可靠地计量时，按合同或协议规定确认 为收入。 （十八）所得税的会计处理方法 采用应付税款法。 （十九）合并会计报表的编制方法 1、合并会计报表按照《合并会计报表暂行规定》及有关文件，以母公司和纳入合并范围的 子公司的个别会计报表以及其他资料为依据进行编制。但对行业特殊及子公司规模较小，符合财 第 46 頁 政部财会二字（1996）2 号《关于合并会计报表合并范围请示的复函》文件的规定，则不予合并。 合并时对内部权益性投资与子公司所有者权益、内部投资收益与子公司利润分配、内部交易事项、 内部债权债务进行抵销，对合并盈余公积进行调整。对纳入合并范围的合营企业，采用比例合并 法编制合并会计报表。 2、母公司与子公司采用的会计政策和会计处理方法无重大差异。 三、税项 （一）公司主要税种和税率为 税种 税率 增值税 17％ 营业税 5％ 所得税 15％ （二）税负减免： 公司被认定为上海市高新技术企业 2004 年所得税减按 15%计征。 四、控股子公司及合营企业 （一）公司所控制的所有子公司、合营企业情况及其合并范围（金额单位：人民币元）： 公司所控制的所有子公司情况及其合并范围 被投资单位全称 业务性质 注册资本 经营范围 母公司实际投 母公司控 合并范围内 是否 资额 股比例 控股比例 合并 上海良基实业有限 贸易、租赁 12,418,000.00 国际国内贸易 11,176,200.00 90.00 90.00 是 公司 上海良基塑料制品 制造业 3,180,000.00 生产销售纺织塑料件 3,180,000.00 100.00 100.00 是 有限公司 上海良基建筑装饰 工程施工 2,500,000.00 建筑装饰 2,500,000.00 100.00 100.00 是 工程有限公司 上海奥依光电子有 制造业 32,000,000.00 生产销售变色薄膜 24,000,000.00 75.00 75.00 是 限公司 上海良基机械有限 制造业 1,500,000.00 生产销售纺纱机械 1,350,000.00 90.00 90.00 是 公司 上海良基房地产有 房地产 15,000,000.00 房地产开发经营 15,000,000.00 100.00 100.00 是 限公司 上海良基电脑印刷 印刷业 8,000,000.00 印刷照排 6,400,000.00 80.00 80.00 是 有限公司 上海良基金属制品 制造业 10,000,000.00 生产销售冷拉型钢 7,000,000.00 70.00 70.00 是 有限公司 海南良基投资发展 投资 3,000,000.00 工业投资物业管理 2,100,000.00 70.00 70.00 否 有限公司 经营自产产品和与之 上海普恩伊进出口 进出口业 30,000,000.00 配套的商品及相关技 27,000,000.00 90.00 90.00 是 有限公司 术出口和进口业务 生产、销售纺机的锭子 上海良纺纺织机械 制造业 22,000,000.00 罗拉、钢领及其他纺机 18,700,000.00 85.00 85.00 是 专件有限公司 配件 上海逸杰信息科技 计算机软硬件，系统集 服务业 2,000,000.00 1,675,000.00 83.75 83.75 否 有限公司 成专业领域四技服务 山东良基纺织机械 贸易业 2,000,000.00 纺织机械销售 500,000.00 25.00 25.00 是 有限公司 上海良宙物资贸易 贸易业 2,180,000.00 纺织机械配件销售 218,000.00 10.00 73.00 是 有限公司 第 47 頁 （二）未纳入合并会计报表范围的子公司： 1、未合并的子公司及其原因： （1）未纳入合并报表的子公司共 2 家（详见附注四（一））。 （2）上海逸杰信息科技有限公司的资产总额、销售收入和当期净利润占母子公司资产总额、 销售收入和母公司净利润的比例均在 10％以下，因此不予列入合并范围。该子公司的资产总额为 2,344,552.08 元，占母、子公司资产总额的 0.18%；销售收入为 3,011,905.84 元，占母、子公司收 入的 0.25%；净利润 84,863.61 元，占母、子公司净利润的 0.82%。 （3）海南良基投资发展有限公司拟于年内关闭 ，因此不予列入合并范围。 2、对财务状况及经营成果的影响： 未纳入合并会计报表范围的子公司加总的资产总额为 3,649,515.83 元，占母、子公司资产总 额的 0.28％；销售收入为 3,011,905.84 元，占母、子公司收入总额的 0.25％；净利润 75,965.42 元， 占母公司净利润的 0.73％。对未纳入合并会计报表范围的子公司净利润，母公司已按权益法核算， 计入投资收益-218,788.67 元。 （三）纳入合并报表范围但母公司持股比例未达到 50％以上的子公司及其原因： 纳入合并报表范围但母公司持股比例未达到 50％以上的子公司共 1 家：上海良宙物资贸易有 限公司，因母公司直接加间接控股比例达 73%，故列入合并报表范围。 （四）本年度无合并报表范围的变更情况 （五）报告期内无因购买、受让股权而增加的控股子公司、合营企业。 （六）报告期内未出售子公司。 （七）无按照比例合并方法进行合并的公司。 五、合并会计报表主要项目注释（以下金额单位若未特别注明者均为人民币元，凡未 注明年初数的均为年末数） （一）货币资金 项 目 年 末 数 年 初 数 现 金 372,676.84 480,348.24 银行存款 205,673,562.91 118,283,202.34 其他货币资金 2,480,692.29 3,752,783.98 合 计 208,526,932.04 122,516,334.56 其中美元：外币金额 580,999.21 346,481.29 折算汇率 8.2765 8.2767 折合人民币 4,808,639.96 2,867,721.69 日元：外币金额 98,972.00 418,969.00 折算汇率 0.0799701 0.077263 折合人民币 7,914.80 32,370.80 欧元：外币金额 79,677.73 23,243.98 折算汇率 11.2627 10.3383 折合人民币 897,386.37 240,303.24 货币资金年末数比年初数增加 86,010,597.48 元，增加比例为 70.20％，增加原因为：应收票据、预付账款 年末较年初大量减少。 第 48 頁 （二）短期投资和短期投资跌价准备： 项 目 年 末 数 年 初 数 帐面余额 跌价准备 帐面余额 跌价准备 基金投资 --- --- 500,000.00 7,432.60 1、短期投资跌价准备增减变动的原因： 公司出售所持有的短期投资，并同时转销已计提的短期投资跌价准备。 2、短期投资年末数比年初数减少 500,000.00 元，减少比例为 100％，减少原因为： 公司出售所持有的全 部短期投资。 （三）应收票据 种类 年 末 数 年 初 数 银行承兑汇票 10,442,361.06 46,670,272.62 应收票据年末数比年初数减少 36,227,911.56 元，减少比例为 77.63%，减少原因主要为：年末应收票据贴 现较多。 （四）应收帐款 1、帐龄分析 年 末 数 年 初 数 帐 龄 占总额比 坏帐准备 占总额比 坏帐准备 帐面余额 坏帐准备 帐面余额 坏帐准备 例 计提比例 例 计提比例 1 年以内 124,790,871.03 83.99% 5% 6,239,543.55 118,013,556.78 76.95% 5% 5,900,677.84 1－2 年 4,240,568.22 2.85% 10% 424,056.82 1,375,176.59 0.90% 10% 137,517.66 2－3 年 271,050.06 0.18% 20% 54,210.01 3,070,150.11 2.00% 20% 614,030.02 3 年以上 6,277,983.46 4.22% 50% 3,138,991.73 5,484,008.32 3.58% 50% 2,742,004.16 特别准备 13,014,178.08 8.76% 100% 13,014,178.08 25,418,765.07 16.57% 50%-100% 23,610,560.96 合 计 148,594,650.85 100.00% --- 22,870,980.19 153,361,656.87 100.00% --- 33,004,790.64 2、年末应收帐款欠款金额前五名的累计总欠款金额为 73,158,106.38 元，占应收帐款总金额 的 49.23％。 3、本年度全额计提坏帐准备，或计提坏帐准备比例达到 40％及以上的说明： 欠款人名称 欠款金额 计 提 比 例 理 由 61 户 13,014,178.08 100% 账龄长,收回可能性小 33 户 6,277,983.46 50% 三年以上 4、以前年度已全额或大比例计提坏帐准备，本年度又全额或部分收回、重组的说明： 欠款人名称 收回或重组债权金额 收回方式 原估计计提比例理由 原估计计提比例的合理性 共3户 1,562,000.00 现金收回 原预计无法收回 合理 5、无对金额较大或帐龄较长的应收帐款不计提坏帐准备，或计提坏帐准备比例为 5％及以下 的应收账款。 6、本年度实际冲销的应收帐款： 欠款人名称 性 质 冲 销 金 额 冲 销 理 由 是否涉及关联交易 共 39 户 货款 14,632,984.97 确实无法收回 否 7、年末应收帐款中持本公司 5％以上（含 5％）表决权股份的股东单位欠款：为 3,058,800.00 元，详见本附注八。 第 49 頁 （五）其他应收款 1、帐龄分析 年 末 数 年 初 数 占总额 坏帐准备 占总额 坏帐准备 帐 龄 帐面余额 坏帐准备 帐面余额 坏帐准备 比例 计提比例 比例 计提比例 1 年以内 1,053,407.38 32.43% 5% 52,670.37 4,916,364.08 73.78% 5% 245,818.20 1－2 年 4,039,763.50 43.71% 10% 403,976.35 440,367.31 6.61% 10% 44,036.73 2－3 年 440,000.00 14.79% 20% 88,000.00 711,528.00 10.68% 20% 142,305.60 3 年以上 308,451.08 5.07% 50% 154,225.54 354,959.53 5.33% 50% 177,479.77 特别准备 243,195.00 4.00% 100% 243,195.00 239,695.00 3.60% 50%-100% 239,695.00 合 计 6,084,816.96 100.00% --- 942,067.26 6,662,913.92 100.00% --- 849,335.30 2、年末其他应收款欠款金额前五名的累计总欠款金额为 1,692,823.21 元，占其他应收款总金 额的比例为 27.82％。 3、本年度全额计提坏帐准备，或计提坏帐准备比例达到 40％及以上的说明： 欠款人名称 欠款金额 计提比例 理 由 3户 243,195.00 100% 账龄长,收回可能性小 15 户 308,451.08 50% 三年以上 4、无以前年度已全额或大比例计提坏帐准备，本年度又全额或部分收回、重组的其他应收款。 5、年末无对金额较大或帐龄较长的其他应收款不计提坏帐准备，或计提坏帐准备比例为 5％ 及以下的其他应收款。 6、本年度实际冲销的其他应收款： 欠款人名称 性质 冲销金额 冲销理由 是否涉及关联交易 共3户 往来款 201,000.00 确实无法收回 否 7、年末金额较大的其他应收款： 欠款人名称 金额 性质或内容 太平洋机电集团有限公司 538,493.06 关联方往来款 二纺机中等职业学校 363,970.18 往来款 8、年末其他应收款中持本公司 5％以上（含 5％）表决权股份的股东单位欠款：538,493.06 元。详见本附注八。 （六）预付帐款 1、帐龄分析 年 末 数 年 初 数 帐 龄 年末未收回原因 金 额 占总额比例 金 额 占总额比例 1 年以内 3,515,920.91 100% 35,205,977.69 99.79% 预付采购款 1－2 年 --- --- 75,918.00 0.21% 2－3 年 --- --- --- --- 3 年以上 --- --- --- --- 合 计 3,515,920.91 100% 35,281,895.69 100.00% 2、年末预付帐款中无持本公司 5％以上（含 5％）表决权股份的股东单位欠款。 3、预付帐款年末数比年初数减少 31,765,974.78 元，减少比例为 90.03％，减少原因为：本 第 50 頁 年度涉及预付账款的余额大量减少。 （七）存货及存货跌价准备 1、项目明细 年 末 数 年 初 数 项 目 帐面余额 跌价准备 帐面余额 跌价准备 在途物资 9,202,816.94 --- 3,747,860.37 --- 原材料 70,982,215.94 27,708,863.21 81,098,403.89 17,464,065.77 在产品 118,774,327.25 4,690,545.29 217,231,536.97 18,610,508.38 包装物 20,362.64 425.89 45,177.71 --- 低值易耗品 2,016,766.50 64,477.00 2,471,588.10 --- 产成品 237,889,357.50 18,899,966.58 142,723,760.69 8,616,393.72 委托加工物资 1,757,209.22 --- 4,599,185.60 --- 工程施工 --- --- 2,202,532.76 --- 材料成本差异 -8,562,605.46 --- -3,303,914.71 --- 合计 432,080,450.53 51,364,277.97 450,816,131.38 44,690,967.87 2、年末存货按成本高于可变现净值的差额计提存货跌价准备，确定可变现净值的依据为： 期末市价。 （八）待摊费用 类 别 年 初 数 本年增加 本年摊销 年 末 数 年末结存原因 租赁费 8,498.00 80,000.00 61,831.34 26,666.66 尚在受益期限内 待摊费用年末数比年初数增加 18,168.66 元，增加比例为 213.80％，主要原因为：缴纳的房 租尚未摊销。 （九）长期投资： 项 目 年 末 数 年 初 数 帐面余额 减值准备 帐面余额 减值准备 长期股权投资 38,367,755.56 2,176,096.00 59,673,714.73 876,160.00 1、长期股票投资： （1）股票投资： 被投资公司名称 股份类别 股票数量 占被投资公司 初始投资 年末帐面余额 减值准备 年初帐面余额 （股） 注册资本比例 成本 第一百货 法人股 --- --- --- --- --- 4,217,232.00 丰华股份 法人股 388,800 2.58 1,266,000.00 1,266,000.00 165,696.00 1,266,000.00 联通国脉 法人股 525,096 0.13 1,107,360.00 1,107,360.00 --- 1,107,360.00 华联商厦 法人股 --- --- --- --- --- 424,350.00 嘉宝实业 法人股 836,784 2.50 2,390,168.32 2,390,168.32 --- 2,390,168.32 爱建股份 法人股 2,083,388 0.45 7,584,000.00 7,584,000.00 --- 7,584,000.00 宏盛科技 法人股 184,800 0.18 306,000.00 306,000.00 --- 306,000.00 交大南洋 法人股 74,052 0.04 170,400.00 170,400.00 --- 170,400.00 申达股份 法人股 232,320 0.06 495,440.00 495,440.00 --- 495,440.00 申能股份 法人股 450,000 0.02 840,000.00 840,000.00 --- 840,000.00 水仙电器 法人股 880,000 --- 3,040,000.00 3,040,000.00 2,010,400.00 3,040,000.00 新世界 法人股 362,946 0.11 440,988.80 440,988.80 --- 440,988.80 豫园商城 法人股 594,594 0.13 1,911,210.00 1,911,210.00 --- 1,911,210.00 辽源得亨 法人股 --- --- --- --- --- 16,500,000.00 ST 同达 法人股 535,500 1.00 1,605,000.00 1,605,000.00 --- 1,605,000.00 海通证券 法人股 7,943,760 0.17 6,120,000.00 6,120,000.00 --- 6,120,000.00 海南兴安 法人股 337,500 --- 30,000.00 30,000.00 --- --- 小计 --- --- --- 27,306,567.12 27,306,567.12 2,176,096.00 48,418,149.12 第 51 頁 （2）其他股权投资： A、成本法核算的股权投资： 被投资单位名称 投资起止期 占被投资单位 年初余额 本年投资增减额 年末帐面余额 注册资本比例 上海银行 --- --- 71,000.00 --- 71,000.00 B、权益法核算的对子公司股权投资： 本年权益增减额 年末余额 投资 占被投资单位 投资单位名称 年初余额 其中 起止期 注册资本比例 本年合计 初始投资 累计增减 合计 投资成本 确认收益 差额摊销 分得利润 海南良基投资发 1995.12－ 100% 289,861.94 -289,861.94 --- -289,861.94 --- --- 2,100,000.00 -2,100,000.00 --- 展有限公司 2002.12 上海逸杰信息科 2001.4－ 83.75% 1,784,571.48 -5,927.95 --- 71,073.27 --- -77,001.22 1,675,000.00 103,643.53 1,778,643.53 技有限公司 2021.3 上海良纺机件有 2000.12－ 100% 977,922.52 -977,922.52 -600,000.00 -377,922.52 --- --- --- --- --- 限公司 2020.11 临海良纺纺织机 83.06% 6,351,432.55 -91,342.01 --- 330,414.29 225,814.31 -647,570.61 5,563,520.25 696,570.29 6,260,090.54 械专件有限公司 二纺机化纤成套 2003.5--202 100% 500,000.00 --- --- --- --- --- 500,000.00 --- 500,000.00 设备有限公司 3.5 小计 9,903,788.49 -1,365,054.42 -600,000.00 -266,296.90 225,814.31 -724,571.83 9,838,520.25 -1,299,786.18 8,538,734.07 C、权益法核算的对合营企业股权投资： 本年权益增减额 年末余额 投资 占被投资单位 被投资单位名称 年初余额 其中 起止期 注册资本比例 本年合计 初始投资 累计增减 合计 投资成本 确认收益 差额摊销 分得利润 上海赛密科致冷 器有限公司 2002.5--2017.5 49% --- --- -735,000.00 735,000.00 --- --- --- --- --- 太平洋纺机成套 设备有限公司 2002.7--2022.7 20% 956,349.37 1,307,257.10 --- 1,307,257.10 --- --- 1,000,000.00 1,263,606.47 2,263,606.47 山东良基纺织机 械有限公司 无限 50% 649,762.46 496.04 --- 496.04 --- --- 500,000.00 150,258.50 650,258.50 小计 1,606,111.83 1,307,753.14 -735,000.00 1,500,000.00 1,413,864.97 2,913,864.97 --- --- 2,042,753.14 --- --- D、权益法核算的对联营企业股权投资： 本年权益增减额 年末余额 投资 占被投资单位 被投资单位名称 年初余额 其中 起止期 注册资本比例 本年合计 初始投资 累计增减 合计 投资成本 确认收益 差额摊销 分得利润 上海良联房地产物业有 --- 50% 214,144.33 -214,144.33 -250,000.00 35,855.67 --- --- --- --- --- 限责任公司 2、长期投资减值准备 长期股权投资减值准备： 被投资单位名称 年 初 数 本年增加 年 末 数 计提原因 丰华股份 80,160.00 85,536.00 165,696.00 年末收盘价低于账面成本 水仙股份 796,000.00 1,214,400.00 2,010,400.00 年末收盘价低于账面成本 合 计 876,160.00 1,299,936.00 2,176,096.00 --- 3、构成合并价差的股权投资差额： 被投资单位名称 初始金额 形成原因 摊销期限 本年摊销额 年末余额 上海良纺纺织机械专件有限公司 -1,381,424.36 投资时产生 十年 138,142.44 -828,854.60 上海普恩伊进出口有限公司 610,740.00 股权转让产生 十年 -61,074.00 366,444.00 小 计 -770,684.36 --- --- 77,068.44 -462,410.60 第 52 頁 4、长期投资年末数比年初数减少 21,305,959.17 元，减少比例为 35.70％，减少原因为：1）、 第一百货、华联商厦公司合并，原持有的法人股出售，价格为 4,337,112.83 元；2）、辽源得亨法 人股出售，价格为 20,550,216.42 元。 （十）固定资产原价及累计折旧 1、固定资产原价 类 别 年 初 原 价 本 年 增 加 本 年 减 少 年 末 原 价 生产用房屋 256,479,084.97 5,838,950.98 9,080,082.37 253,237,953.58 非生产用房屋 218,047,502.64 2,021,891.20 2,106,216.58 217,963,177.26 生产用设备 612,301,047.03 7,945,712.38 8,843,545.30 611,403,214.11 非生产用设备 9,500,717.39 940,556.37 2,795,480.88 7,645,792.88 合 计 1,096,328,352.03 16,747,110.93 22,825,325.13 1,090,250,137.83 其中：本年由在建工程转入固定资产原价为 9,617,352.50 元。 本年出售固定资产原价为 19,890,473.58 元。 本年无置换入（出）固定资产。 年末无被用于抵押或担保的固定资产。 2、累计折旧 类 别 年初数 本年提取 本年减少 年末数 生产用房屋 70,780,523.15 6,685,148.25 3,526,912.07 73,938,759.33 非生产用房屋 26,165,003.07 4,670,475.91 909,169.63 29,926,309.35 生产用设备 341,296,157.29 32,316,149.12 6,312,832.59 367,299,473.82 非生产用设备 5,112,706.84 622,133.85 1,760,166.49 3,974,674.20 合计 443,354,390.35 44,293,907.13 12,509,080.78 475,139,216.70 3、固定资产减值准备 类别 年初数 本年增加 本年减少 年末数 生产用房屋 11,031,647.15 1,130,041.86 --- 12,161,689.01 非生产用房屋 20,297,610.89 --- 1,680,646.86 18,616,964.03 生产用设备 73,274,103.61 --- 261,322.82 73,012,780.79 非生产用设备 --- --- --- --- 合计 104,603,361.65 1,130,041.86 1,941,969.68 103,791,433.83 本年减少的固定资产减值准备系随固定资产处置而转出。 4、经营租出固定资产 类别 帐面原值 累计折旧 减值准备 帐面净值 生产用房屋 44,575,842.01 8,730,615.37 1,833,483.54 34,011,743.10 非生产用房屋 158,392,246.30 23,426,835.02 18,693,581.69 116,271,829.59 生产用设备 11,874,991.33 6,366,453.89 3,747,907.91 1,760,629.53 合计 214,843,079.64 38,523,904.28 24,274,973.14 152,044,202.22 5、已提足折旧仍继续使用的固定资产 类别 帐面原值 累计折旧 减值准备 帐面净值 生产用房屋 11,163,747.94 7,222,658.32 3,680,068.89 261,020.73 非生产用房屋 5,366,506.00 1,150,560.00 4,168,006.00 47,940.00 生产用设备 108,259,527.69 103,311,707.03 793,677.37 4,154,143.29 非生产设备 4,655,412.14 4,469,572.96 --- 185,839.18 合计 129,445,193.77 116,154,498.31 8,641,752.26 4,648,943.20 第 53 頁 （十一）在建工程 本年减少 工程项目名称 年初数 本年增加 转入固定资产 其他减少 年末数 资金来源 设备维护修理工程 541,163.06 325,506.37 --- 594,521.35 272,148.08 自有资金 装配车间喷沙设备改造 --- 529,734.53 --- --- 529,734.53 自有资金 技术中心计算机改造 --- 520,873.00 --- --- 520,873.00 自有资金 络筒机车间电脑改造 --- 428,337.00 --- --- 428,337.00 自有资金 其他 2,028,069.00 13,355,588.90 9,617,352.50 5,487,515.40 278,790.00 自有资金 合计 2,569,232.06 15,160,039.80 9,617,352.50 6,082,036.75 2,029,882.61 （十二）无形资产 1、项目明细 项目 取得方式 原值 年初数 本年转出 本年摊销 累计摊销 年末数 剩余摊销期限 土地使用权-场中路 股东投入 504 个月 21,787,788.27 17,851,316.99 --- 435,838.56 4,372,309.84 17,415,478.43 土地使用权-凉州路 购入 8,135,026.90 7,890,976.07 7,728,275.51 162,700.56 406,751.39 --- --- 土地使用权-金桥 购入 14,495,383.83 10,190,015.71 --- 262,968.12 4,568,336.24 9,927,047.59 453 个月 土地使用权-专件总厂 购入 6,720,000.00 6,403,870.60 --- 108,387.12 424,516.52 6,295,483.48 708 个月 土地使用权-电脑公司 股东投资 576,288.00 176,088.00 144,072.00 32,016.00 432,216.00 --- --- 专有技术 股东投资 8,000,000.00 7,300,000.00 --- --- 700,000.00 7,300,000.00 --- 合计 59,714,487.00 49,812,267.37 7,872,347.51 1,001,910.36 10,904,129.99 40,938,009.50 注：凉州路地块使用权于本年内转让，详见附注十二（一） 2、计提减值准备 项目 年末数 年初数 计提原因 专有技术 7,300,000.00 7,300,000.00 无使用价值 （十三）长期待摊费用 1、项目明细 项目 原始发生额 年初数 本年增加 本年转出 本年摊销 累计摊销 年末数 剩余摊销期限 临时建筑物 7,321,086.38 4,635,454.70 --- 3,457,179.68 1,178,275.02 3,863,906.70 --- --- 注：本年经评估减值，现转入固定资产核算并计提固定资产减值准备。 2、长期待摊费用年末数比年初数减少 4,635,454.70 元，减少比例为 100％，减少原因为：本 年摊销后余额转入固定资产。 （十四）短期借款： 短期借款 借款类别 年末数 年初数 信用借款 650,192.16 650,207.87 保证借款 185,000,000.00 214,750,000.00 质押借款 --- 3,600,000.00 合计 185,650,192.16 219,000,207.87 其中：年末外币借款的外币金额为美元 78,558.83 元，折算汇率 8.2765，折合人民币 650,192.16 元。 （十五）应付票据 种类 年末金额 年初金额 商业承兑汇票 275,010.91 274,904.80 （十六）应付帐款 年末数 年初数 258,560,999.40 259,263,801.92 1、年末余额中无预收持本公司 5％以上（含 5％）表决权股份的股东款项。 第 54 頁 2、帐龄超过三年的大额应付帐款有： 债权人名称 金额 未偿还原因 象山第二建筑公司 213,975.29 对方未来催讨 沪士成建筑贸易公司 179,144.00 对方未来催讨 （十七）预收帐款 年末数 年初数 111,144,513.88 226,491,494.86 1、年末余额中无预收持本公司 5％以上（含 5％）表决权股份的股东欠款。 2、其中无帐龄超过一年的大额预收帐款。 3、预收帐款年末数比年初数减少 115,346,980.98 元，减少比例为 50.93%，主要原因为：预 收账款业务实现销售。 （十八）其他应付款： 年末数 年初数 64,152,265.05 42,446,794.02 1、年末余额中欠持本公司 5％以上（含 5％）表决权股份的股东欠款为 7,991,158.90 元。详 见附注八 2、无帐龄超过三年的大额其他应付款： 3、金额较大的其他应付款： 债权人名称 金额 未偿还原因 出口佣金 20,006,482.71 尚未支付 养老金 3,823,277.03 尚未支付 教育经费 1,856,330.68 尚未支付 4、其他应付款年末数比年初数增加 21,705,471.03 元，增加比例为 51.14％，增加原因为：应 付出口佣金增加。 （十九）应付股利 投资者名称或类别 年末欠付股利金额 欠付原因 应付子公司少数股东股利 27.32 尚未支付 （二十）应交税金 税种 年末数 年初数 报告期执行的法定税率 增值税 4,768,554.87 -28,204,451.16 17% 营业税 2,651,436.94 73,299.54 5% 城建税 606,934.01 6,454.74 7% 企业所得税 3,405,855.86 2,534,295.46 15%-33% 个人所得税 9,382.61 20,508.07 --- 其他 -685.00 2,109.04 --- 合计 11,441,479.29 -25,567,784.31 应交税金年末数比年初数增加 37,009,263.60 元，增加比例为 144.75％，主要原因为：本年出口退税资金 到位造成增值税应交增值税增加所致。 （二十一）其他应交款 项目 年末数 年初数 计缴标准 教育费附加 894,360.98 629,554.02 3% 河道维护费 84,800.22 1,572.77 1% 其他 --- -2,209.07 --- 合计 979,161.20 628,917.72 第 55 頁 其他应交款年末数比年初数增加 350,243.48 元，增加比例为 55.69％，主要原因为：年末应交税金增加所 致。 （二十二）预提费用 类别 年末数 年初数 结存原因 利息支出 1,285,249.52 1,285,249.52 尚未支付 动迁补偿费 2,500,000.00 --- 尚未支付 其他 1,379,533.48 394,964.23 尚未支付 合计 5,164,783.00 1,680,213.75 预提费用年末数比年初数增加 3,484,569.25 元，增加比例为 207.39％，增加原因为增加动迁补偿费 2,500,000.00 元。 （二十三）长期借款 借款条件 年末数 年初数 已到期末偿还原因 信用借款 4,082,730.79 4,082,730.79 子公司财务状况困难 （二十四）股本 年末数 比例％ 年初数 比例％ 1、尚未流通部份 发起人股份 262,342,309.46 46.31 262,342,309.46 46.31 其中：国家拥有股份 262,342,309.46 46.31 262,342,309.46 46.31 尚未流通股份合计 262,342,309.46 46.31 262,342,309.46 46.31 2、已流通股份 境内上市的人民币普通股 71,181,880.00 12.57 71,181,880.00 12.57 境内上市的外资股 232,925,000.00 41.12 232,925,000.00 41.12 已流通股份合计 304,106,880.00 53.69 304,106,880.00 53.69 3、股份总数 566,449,189.46 100.00 566,449,189.46 100.00 注：本年内公司股本未有增减变动。 （二十五）资本公积 项目 年初数 本年增加 年末数 股本溢价 29,441,508.88 --- 29,441,508.88 接受损赠非现金资产准备 218,201.00 --- 218,201.00 接受现金捐赠 --- --- --- 股权投资准备 7,664,260.41 --- 7,664,260.41 其他资本公积 30,055,593.00 760,628.84 30,816,221.84 合计 67,379,563.29 760,628.84 68,140,192.13 本年其他资本公积增加的原因系无法支付的应付款项经董事会批准后转入。 （二十六）盈余公积 项目 年初数 本年增加 年末数 法定盈余公积 5,050,799.09 1,627,920.72 6,678,719.81 公益金 2,563,674.06 813,960.34 3,377,634.40 任意盈余公积 --- --- --- 合计 7,614,473.15 2,441,881.06 10,056,354.21 （二十七）未分配利润 项目 金额 年初未分配利润 4,205,314.77 第 56 頁 加：本年净利润 11,152,671.21 减：提取法定盈余公积 1,627,920.72 提取任意盈余公积 --- 提取法定公益金 813,960.34 年末未分配利润 12,916,104.92 （二十八）主营业务收入、主营业务成本 主营业务收入 主营业务成本 项目 本年发生数 上年发生数 本年发生数 上年发生数 1.工业 1,208,383,508.80 1,025,340,175.67 1,065,956,607.89 850,728,255.84 2.房地产 --- --- --- --- 业 务 3.建筑业 14,657,275.4 12,035,673.30 17,890,623.50 10,806,659.98 分 5 4.服务业 2,326,168.05 --- 301,093.08 --- 部 5.贸易业 603,269,772.60 173,298,917.09 588,772,025.36 157,373,349.26 小计 1,826,015,122.75 1,216,529,716.26 1,665,836,386.31 1,022,758,880.55 公司内各业务分部相互抵销 642,202,440.82 189,366,610.96 641,006,927.50 189,366,610.96 合计 1,183,812,681.93 1,027,163,105.30 1,024,829,458.81 833,392,269.59 亚洲 417,087,130.34 222,721,231.38 404,494,993.28 199,698,087.76 北美洲 4,752,829.87 3,491,584.80 4,634,009.12 3,313,108.79 非洲 13,486,945.21 --- 13,217,206.31 --- 东北 1,732,478.63 2,420,683.76 1,541,905.98 2,014,008.89 地 上海 769,071,934.74 332,969,332.06 756,353,033.26 284,532,333.92 区 华东 215,740,124.23 594,263,291.68 164,462,798.93 482,792,519.57 分 华南 28,061,675.28 17,175,811.97 22,654,190.45 14,273,099.75 部 西南 13,872,514.24 4,002,908.82 11,339,556.27 3,354,237.68 华北 335,388,647.48 24,262,735.04 265,244,838.78 20,162,332.82 华中 26,820,842.73 15,222,136.75 21,893,853.93 12,619,151.37 小计 1,826,015,122.75 1,216,529,716.26 1,665,836,386.31 1,022,758,880.55 公司内各地区分部相互抵销 642,202,440.82 189,366,610.96 641,006,927.50 189,366,610.96 合计 1,183,812,681.93 1,027,163,105.30 1,024,829,458.81 833,392,269.59 公司向前五名客户销售总额为 704,464,713.91 元，占公司本年全部主营业务收入的 59.51%。 （二十九）主营业务税金及附加： 项目 计缴标准 本年发生数 上年发生数 营业税 5% 212,291.47 265,777.40 城建税 1%-7% 865,826.82 2,358,528.41 教育费附加 3% 393,505.88 1,005,997.86 其他 --- 25,217.50 15,532.45 合计 1,496,841.67 3,645,836.12 营业税金及附加本年发生数比上年发生数减少 2,148,994.45 元，减少比例为 58.94％，增加原因为：本年国 内销售与采购基本持平。 （三十）其他业务利润 类别 本年发生数 上年发生数 收入 成本 利润 收入 成本 利润 材料销售 82,297,273.53 87,785,524.95 -5,488,251.42 119,587,123.75 117,926,328.79 1,660,794.96 租赁收 12,315,597.90 5,548,142.86 6,767,455.04 8,976,429.29 5,703,322.20 3,273,107.09 入 出口代理 3,717,261.94 --- 3,717,261.94 892,294.36 48,645.97 843,648.39 其他收入 614,286.86 776,382.09 -162,095.23 3,521,120.31 3,207,610.09 313,510.22 合计 98,944,420.23 94,110,049.90 4,834,370.33 132,976,967.71 126,885,907.05 6,091,060.66 第 57 頁 其中：占报告期利润总额 10%（含 10%）以上的其他业务： 项目 本年收入 本年成本 本年利润 材料销售 82,297,273.53 87,785,524.95 -5,488,251.42 租赁收入 12,315,597.90 5,548,142.86 6,767,455.04 出口代理 3,717,261.94 --- 3,717,261.94 （三十一）财务费用 类别 本年发生数 上年发生数 利息支出 11,269,827.38 15,564,659.53 减：利息收入 1,381,444.05 1,281,174.28 汇兑损失 356,885.02 293,687.72 减：汇兑收益 38,485.16 110,241.50 其他 110,623.96 139,385.40 合计 10,317,407.15 14,606,316.87 （三十二）投资收益 1、本年发生数： 股票投资 债权投资 成本法下确认的 权益法下确认的股权 股权投资 股权转让 类别 减值准备 合计 收益 收益 股权投资收益 投资收益 差额摊销 处置收益 短期投资 27,165.93 --- --- --- --- --- 7,432.60 34,598.53 长期股权投资 63,320.40 --- 7,100.00 1,377,655.43 302,882.75 3,476,712.25 -1,299,936.00 3,927,734.84 合计 90,486.33 --- 7,100.00 1,377,655.43 302,882.75 3,476,712.25 -1,292,503.40 3,962,333.36 2、上年发生数： 股票投资 委托理财 成本法下确认的 权益法下确认的 股权投资 股权转让 类别 减值准备 合计 收益 股权投资收益 股权投资收益 差额摊销 处置收益 短期投资 12,061.28 280,333.33 --- --- --- --- 64,467.40 356,862.01 长期股权投资 664,800.79 --- 7,100.00 1,577,179.40 302,882.75 15,358,125.00 -876,160.00 17,033,927.94 合计 676,862.07 280,333.33 7,100.00 1,577,179.40 302,882.75 15,358,125.00 -811,692.60 17,390,789.95 3、本年度所获得的收益占报告期利润总额 10％（含 10％）以上的投资活动： 业务内容 相关成本 交易金额 辽源得亨法人股转让 16,769,035.00 20,550,216.42 华联、一百股份转让 4,641,582.00 4,337,112.83 4、投资收益汇回无重大限制。 5、投资收益本年发生数比上年发生数减少 13,428,456.59 元，减少比例为 77.22%，原因为： 法人股转让收益减少。 （三十三）补贴收入 内容 本年发生数 上年发生数 来源依据 退税 105,840.36 118,635.68 浦东新区建设局 财政补贴收入 200,000.00 --- 上海市财政局 企业扶持补贴 102,000.00 --- --- 出口商品贴息 415,311.00 --- 上海对外经济贸易委员会 合计 823,151.36 118,635.68 补贴收入本年数比上年数增加 704,515.68 元，增加比例为 593.85％，主要原因为：本年收到财政补贴收入 及出口商品贴息所致。 第 58 頁 （三十四）营业外收入 类别 本年发生数 上年发生数 固定资产清理净收益 31,862,898.82 1,057,121.85 赔偿及罚款收入 24,982.20 7,835.25 其他 56,711.81 1,055,001.46 合计 31,944,592.83 2,119,958.56 1、占报告期利润总额 10%（含 10%）以上的营业外收入： 项目及内容 金额 固定资产清理净收益 31,862,898.82 2、营业外收入本年发生数比上年发生数增加 29,824,634.27 元，增加比例为 1,406.85％，主要原因为：出 让土地使用权净收益增加。 （三十五）营业外支出 类别 本年发生数 上年发生数 固定资产清理损失 2,861,421.31 1,711,235.91 捐赠 10,000.00 12,000.00 罚款支出 40,085.25 1,030.00 固定资产减值准备 1,130,041.86 3,747,907.91 其他 345,847.31 231,005.00 合计 4,387,395.73 5,703,178.82 其中：占报告期利润总额 10%（含 10%）以上的营业外支出： 项目及内容 金额 固定资产清理损失 2,861,421.31 固定资产减值准备 1,130,041.86 （三十六）收到的其他与经营活动有关的现金 90,710,187.56 元 其中主要为： 项目 金额 上海太平洋机电（集团）有限公司支付职工安置补偿费 54,534,168.00 （三十七）支付的其他与经营活动有关的现金 117,775,261.52 元 其中主要为： 项目 金额 支付职工安置补偿费 47,757,007.06 管理费用 26,438,725.06 六、母公司会计报表主要项目注释： （以下金额单位若未特别注明者均为人民币元，凡 未注明年初数的均为年末数） （一）应收帐款 1、帐龄分析 年末数 年初数 帐龄 占总额 坏帐准备 占总额 坏帐准备 帐面余额 坏帐准备 帐面余额 坏帐准备 比例 计提比例 比例 计提比例 1 年以内 122,379,817.54 89.16% 5% 6,118,990.88 86,617,504.56 76.35% 5% 4,330,875.23 1－2 年 3,894,768.00 2.84% 10% 389,476.80 951,884.07 0.84% 10% 95,188.41 2－3 年 169,630.95 0.12% 20% 33,926.19 2,853,073.46 2.51% 20% 570,614.69 3 年以上 6,033,575.53 4.40% 50% 3,016,787.77 5,429,955.40 4.79% 50% 2,714,977.70 个别认定 4,787,552.80 3.48% 100% 4,787,552.80 17,599,368.15 15.51% 75%-100% 17,149,964.04 合计 137,265,344.82 100% --- 14,346,734.44 113,451,785.64 100% --- 24,861,620.07 第 59 頁 2、年末应收帐款欠款金额前五名的累计总欠款金额为 28,934,817.18 元，占应收帐款总金额 的 21.08％。 3、已全额计提坏帐准备的应收帐款： 欠款单位名称 欠款金额 计提比例 理 由 共5户 4,787,552.80 100% 估计无法收回 4、以前年度已全额或大比例计提坏帐准备，本年度又全额或部分收回、重组的说明： 欠款人名称 收回或重组债权金额 收回方式 原会计计提比例理由 原估计计提比例的合理性 共3户 1,562,000.00 现金收回 估计无法收回 合理 5、本年度实际冲销的应收帐款： 欠款人名称 性质 冲销金额 冲销理由 是否涉及关联交易 共 24 户 货款 14,050,070.44 确实无法收回 否 6、年末应收帐款中持本公司 5％以上（含 5％）表决权股份的股东欠款为 3,058,800.00 元， 详见本附注八。 （二）其他应收款 1、帐龄分析 年末数 年初数 帐龄 占总额 坏帐准备 占总额 坏帐准备 帐面余额 坏帐准备 帐面余额 坏帐准备 比例 计提比例 比例 计提比例 1 年以内 4,690,119.54 61.80% 5% 234,505.98 10,566,886.86 89.10% 5% 528,344.34 1－2 年 3,747,681.19 26.08% 10% 374,768.12 332,503.90 2.80% 10% 33,250.39 2－3 年 440,000.00 9.91% 20% 88,000.00 711,528.00 6.00% 20% 142,305.60 3 年以上 199,800.00 2.21% 50% 99,900.00 248,709.53 2.10% 50% 124,354.77 合计 9,077,600.73 100.00% 797,174.10 11,859,628.29 100% 828,255.10 2、年末其他应收款欠款金额前五名的累计总欠款金额为 5,161,001.13 元，占其他应收款总金 额的比例为 56.85％。 3、本年度全额计提坏帐准备的说明： 欠款人名称 欠款金额 计提比例 理 由 共7户 199,800.00 100% 预计无法收回 4、年末金额较大的其他应收款： 欠款单位名称 金额 性质或内容 良基金属制品公司 2,331,119.79 内部往来 良基塑料制品公司 1,893,419.49 内部往来 二纺机中等职业学校 363,970.18 往来款 5、年末其他应收款中无持本公司 5％以上（含 5％）表决权股份的股东单位欠款。 （三）长期投资 项目 年末数 年初数 帐面余额 减值准备 帐面余额 减值准备 长期股权投资 134,937,524.96 2,176,096.00 154,525,586.66 876,160.00 1、长期股权投资 （1）股票投资： 被投资公司名称 股份类别 股票数量 占被投资公司 初始投资 年末帐面余额 减值准备 年初帐面余额 （股） 注册资本比例 成本 第一百货 法人股 --- --- --- --- --- 4,217,232.00 丰华股份 法人股 388,800 2.58 1,266,000.00 1,266,000.00 165,696.00 1,266,000.00 联通国脉 法人股 525,096 0.13 1,107,360.00 1,107,360.00 --- 1,107,360.00 华联商厦 法人股 --- --- --- --- --- 424,350.00 嘉宝实业 法人股 836,784 2.50 2,390,168.32 2,390,168.32 --- 2,390,168.32 爱建股份 法人股 2,083,388 0.45 7,584,000.00 7,584,000.00 --- 7,584,000.00 宏盛科技 法人股 184,800 0.18 306,000.00 306,000.00 --- 306,000.00 第 60 頁 交大南洋 法人股 74,052 0.04 170,400.00 170,400.00 --- 170,400.00 申达股份 法人股 232,320 0.06 495,440.00 495,440.00 --- 495,440.00 申能股份 法人股 450,000 0.02 840,000.00 840,000.00 --- 840,000.00 水仙电器 法人股 880,000 --- 3,040,000.00 3,040,000.00 2,010,400.00 3,040,000.00 新世界 法人股 362,946 0.11 440,988.80 440,988.80 --- 440,988.80 豫园商城 法人股 594,594 0.13 1,911,210.00 1,911,210.00 --- 1,911,210.00 辽源得亨 法人股 --- --- --- --- --- 16,500,000.00 ST 同达 法人股 535,500 1.00 1,605,000.00 1,605,000.00 --- 1,605,000.00 海通证券 法人股 7,943,760 0.17 6,120,000.00 6,120,000.00 --- 6,120,000.00 海南兴安 法人股 337,500 --- 30,000.00 30,000.00 --- --- 小计 --- --- --- 27,306,567.12 27,306,567.12 2,176,096.00 48,418,149.12 （2）其他股权投资： A、权益法核算的对子公司股权投资： 本年权益增减额 年末余额 投资 占被投资单位 投资单位名称 年初余额 其中 起止期 注册资本比例 本年合计 初始投资 累计增减 合计 投资成本 确认收益 差额摊销 分得利润 上海奥依光电子有限公司 1998.8－2005.12 75% 10,891,313.99 -719,722.75 --- -719,722.75 --- --- 24,000,000.00 -13,828,408.76 10,171,591.24 1995.12－2002.12 70% 289,861.94 -289,861.94 --- -289,861.94 --- --- 2,100,000.00 -2,100,000.00 --- 海南良基投资发展有限公司 1998.10－2015.12 70% 11,708,386.94 -1,134,712.09 --- 1,058,052.45 --- -2,192,764.54 7,000,000.00 3,573,674.85 10,573,674.85 上海良基金属制品有限公司 无限 100% 9,489,327.41 -1,533,508.62 --- -1,533,508.62 --- --- 15,000,000.00 -7,044,181.21 7,955,818.79 上海良基房地产有限公司 上海良基实业有限公司 1999.1--2018.12 90% 12,652,159.06 252,775.34 --- 1,059,875.34 --- -807,100.00 11,176,200.00 1,728,734.40 12,904,934.40 上海良纺纺织机械专件有限公司 2001.5--2021.5 85% 24,398,178.64 3,739,303.11 --- 3,601,160.67 138,142.44 --- 18,919,458.40 9,218,023.35 28,137,481.75 上海普恩伊进出口有限公司 1998.11--2013.11 90% 27,783,365.69 501,594.68 --- 562,668.68 -61,074.00 --- 27,000,000.00 1,284,960.37 28,284,960.37 上海良基塑料制品有限公司 1999.1--2019.1 100% --- --- --- --- --- --- 8,827,800.00 -8,827,800.00 --- 上海良基电脑印刷有限公司 1998.11-2008.4 80% --- --- --- --- --- --- 6,400,000.00 -6,400,000.00 --- 无限 100% 2,554,760.78 349,232.56 --- 349,232.56 --- --- 2,500,000.00 403,993.34 2,903,993.34 上海良基工程建筑装饰公司 上海良基机械有限公司 1998.12--2014.12 90% 1,661,841.82 -341,621.96 --- -341,621.96 --- --- 1,350,000.00 -29,780.14 1,320,219.86 上海逸杰信息科技有限公司 2001.4--2021.4 83.75% 1,784,571.48 -5,927.95 --- 71,073.27 --- -77,001.22 1,675,000.00 103,643.53 1,778,643.53 上海良宙物资贸易有限公司 299,635.44 286,139.30 --- 286,139.30 --- --- 299,635.44 286,139.30 585,774.74 上海良纺机件公司 2000.12--2010.11 100% 887,922.52 -887,922.52 -510,000.00 -377,922.52 --- --- 510,000.00 -510,000.00 - 小计 104,401,325.71 215,767.16 -510,000.00 3,725,564.48 77,068.44 -3,076,865.76 126,758,093.84 -22,141,000.97 104,617,092.87 B、权益法核算的对合营企业股权投资： 本年权益增减额 年末余额 投资 占被投资单位 其中 被投资单位名称 年初余额 起止期 注册资本比例 本年合计 初始投资 累计增减 合计 差额 分得 投资成本 确认收益 摊销 利润 上海赛密科致冷器有限公司 --- --- --- --- --- --- --- 2002.5--2017.5 49% -735,000.00 735,000.00 二纺机化纤成套设备有限公司 --- --- --- --- --- --- 2003.5--2023.5 20% 100,000.00 100,000.00 100,000.00 太平洋纺机成套设备有限公司 --- --- --- 2002.7--2022.7 20% 956,349.37 1,307,257.10 1,307,257.10 1,000,000.00 1,263,606.47 2,263,606.47 山东良基纺织机械有限公司 无限 50% 649,762.46 496.04 --- 496.04 --- --- 500,000.00 150,258.50 650,258.50 小计 1,706,111.83 1,307,753.14 -735,000 2,042,753.14 --- --- 1,600,000 1,413,864.97 3,013,864.97 C、其中：股权投资差额： 被投资单位名称 初始金额 形成原因 摊销期限 本年摊销额 年末余额 上海良纺纺织机械专件有限公司 -1,381,424.36 投资时产生 十年 138,142.44 -828,854.60 第 61 頁 上海普恩伊进出口有限公司 610,740.00 股权转让产生 十年 -61,074.00 366,444.00 小计 -770,684.36 77,068.44 -462,410.60 2、长期投资减值准备 长期股权投资减值准备： 被投资单位名称 年初数 本年增加 年末数 计提原因 丰华股份 80,160.00 85,536.00 165,696.00 年末收盘价低于账面成本 水仙股份 796,000.00 1,214,400.00 2,010,400.00 年末收盘价低于账面成本 小计 876,160.00 1,299,936.00 2,176,096.00 --- （四）主营业务收入及主营业务成本： 主营业务收入 主营业务成本 项目 本年发生数 上年发生数 本年发生数 上年发生数 工业制造类 983,317,003.16 870,025,634.84 871,661,180.38 720,761,204.73 （五）投资收益： 1、本年发生数： 类别 股票投资收益 债权投资收益 成本法下确认的 权益法下确认的 股权投资 股权转让 减值准备 合计 股权投资收益 股权投资收益 差额摊销 收益 短期投资 27,165.93 --- --- --- --- --- 7,432.60 34,598.53 长期股权投资 63,320.40 --- --- 5,299,814.54 77,068.44 3,476,712.25 -1,299,936.00 7,616,979.63 合计 90,486.33 --- --- 5,299,814.54 77,068.44 3,476,712.25 -1,292,503.40 7,651,578.16 2、上年发生数： 类别 股票投资收益 债权投资收益 成本法下确认的 权益法下确认的 股权投资 股权转让 减值准备 合计 股权投资收益 股权投资收益 差额摊销 收益 短期投资 12,061.28 --- --- --- --- --- 64,467.40 76,528.68 长期股权投资 664,800.79 --- --- 5,301,613.55 77,068.44 15,358,125.00 -876,160.00 20,525,447.78 合计 676,862.07 --- --- 5,301,613.55 77,068.44 15,358,125.00 -811,692.60 20,601,976.46 3、本年度所获得的投资收益占报告期利润总额 10％（含 10％）以上的投资活动： 业务内容 相关成本 交易金额 辽源得亨法人股转让 16,769,035.00 20,550,216.42 华联、一百股份转让 4,641,582.00 4,337,112.83 4、投资收益汇回无重大限制。 5、投资收益本年发生数比上年发生数减少 12,950,398.30 元，减少比例为 62.86％，主要原因 为：法人股转让收益减少。 七、关联方关系及其交易： （一）存在控制关系的关联方情况： 1、存在控制关系的关联方 （1）控制本公司的关联方： 企业名称 注册地址 主营业务 与本企业关系 经济性质或类型 法定代表人 太平洋机电（集团）有 纺织机械、机电 凯旋路 554 号 大股东 国有企业 郑元湖 限公司 产品等 （2）受本公司控制的关联方： 详见附注四。 2、存在控制关系的关联方的注册资本及其变化（单位：万元）： 企业名称 年初数 本年增加 本年减少 年末数 太平洋机电（集团）有限公司 100,000.00 --- --- 100,000.00 上海良基实业有限公司 1,241.80 --- --- 1,241.80 上海良基塑料制品有限公司 318.00 --- --- 318.00 第 62 頁 上海良基建筑装饰工程公司 250.00 --- --- 250.00 上海奥依光电子有限公司 3,200.00 --- --- 3,200.00 上海良基机械有限公司 150.00 --- --- 150.00 上海良基房地产有限公司 1,500.00 --- --- 1,500.00 上海良基电脑印刷有限公司 800.00 --- --- 800.00 上海良基金属制品有限公司 1,000.00 --- --- 1,000.00 海南良基投资发展有限公司 300.00 --- --- 300.00 上海良纺机件有限公司 60.00 --- 60.00 --- 临海良纺纺织机械专件有限公司 590.51 --- --- 590.51 上海普恩伊进出口有限公司 3,000.00 --- --- 3,000.00 上海良纺纺织机械专件有限公司 2,200.00 --- --- 2,200.00 上海逸杰信息科技有限公司 200.00 --- --- 200.00 上海良宙物资贸易有限公司 218.00 --- --- 218.00 3、存在控制关系的关联方所持股份及其变化（单位：万元） 企业名称 年初数 本年增加数 本年减少 年末数 金额 ％ 金额 ％ 金额 ％ 金额 ％ 太平洋机电（集团）有限公司 26,234.23 46.31 --- --- --- --- 26,234.23 46.31 上海良基实业有限公司 1,117.62 90 --- --- --- --- 1,117.62 90 上海良基塑料制品有限公司 286.20 90 --- --- --- --- 286.20 100 上海良基建筑装饰工程公司 250.00 100 --- --- --- --- 250.00 100 上海奥依光电子有限公司 2,400.00 75 --- --- --- --- 2,400.00 75 上海良基机械有限公司 135.00 90 --- --- --- --- 135.00 90 上海良基房地产有限公司 1,500.00 100 --- --- --- --- 1,500.00 100 上海良基电脑印刷有限公司 640.00 80 --- --- --- --- 640.00 80 上海良基金属制品有限公司 700.00 70 --- --- --- --- 700.00 70 海南良基投资发展有限公司 210.00 70 --- --- --- --- 210.00 70 上海良纺机件有限公司 60.00 100 --- --- 60.00 100 --- --- 临海良纺纺织机械专件有限公司 490.51 83 --- --- --- --- 490.51 83 上海普恩伊进出口有限公司 2,700.00 90 --- --- --- --- 2,700.00 90 上海良纺纺织机械专件有限公司 1,870.00 85 --- --- --- --- 1,870.00 85 上海逸杰信息科技有限公司 167.50 83.75 --- --- --- --- 167.50 83.75 上海良宙物资贸易有限公司 218.00 100.00 --- --- --- --- 218.00 100.00 （二）不存在控制关系的关联方情况： 企业名称 与本公司的关系 太平洋纺机成套设备有限公司 合营企业 山东良基纺织机械有限公司 合营企业 （三）关联方交易： 1、存在控制关系且已纳入本公司合并会计报表范围的子公司，其相互间交易及母子公司交 易已作抵销。 2、向关联方采购货物： （1）交易规模： 企业名称 本年度 上年度 金额 金额 临海良纺纺织机械专件有限公司 34,146,838.89 28,578,322.00 （2）采购价格的确定依据：根据市场价结算。 第 63 頁 3、向关联方销售货物： （1）交易规模： 企业名称 本年度 上年度 金额 金额 上海太平洋纺织机械成套设备有限公司 39,337,606.62 --- 山东良基纺织机械有限公司 35,784,354.68 --- 合计 75,121,961.30 --- （2）销售价格的确定依据：按协议价格确认。 4、关联方应收应付款项余额： 项 目 本 年 末 上 年 末 应收帐款： 太平洋机电（集团）有限公司 3,058,800.00 5,776,800.00 山东良基纺织机械有限公司 -5,302,784.00 -25,209,884.00 上海太平洋纺织机械成套设备有限公司 6,203,167.49 --- 其他应收款： 太平洋机电（集团）有限公司 538,493.06 --- 上海逸杰信息科技有限公司 657.67 2,518.18 上海二纺机化纤成套设备有限公司 4,987.00 4,617.00 上海太平洋纺织机械成套设备有限公司 750,212.40 --- 应付帐款： 临海良纺纺织机械专件有限公司 7,437,421.65 2,386,538.24 其他应付款： 太平洋机电（集团）有限公司 7,991,158.90 685,026.90 海南良基投资发展有限公司 900,027.97 350,030.19 5、其他关联方交易事项： 为关联方提供担保情况：详见附注九（二）。 九、或有事项： （一）未决诉讼或仲裁形成的或有负债： 2001 年 6 月，东方汇理银行上海分行在香港起诉我司欠款纠纷，诉讼标的 260.56 万美元，香港高等法院 以诉讼案第 14569 字受理，我司在香港应诉。应东方汇理银行上海分行要求，法院以简易程序审理。2001 年 11 月 30 日，香港高等法院判决未支持东方汇理银行上海分行的诉讼请求。2001 年 12 月 13 日，东方汇理银行 上海分行提起上诉，2002 年 6 月 12 日该上诉被驳回。后东方汇理银行要求以普通程序进行审理，2003 年 2 月 12 日庭审时，东方汇理银行请求中止审理本案。2005 年 1 月 5 日，法庭审理本案，要求双方提交证据，目前 处于证据准备阶段。鉴于上列情况，公司对此项涉诉事项未作预计负债处理。 （二）截止 2004 年 12 月 31 日公司为关联方及其他单位提供债务担保形成的或有负债： 被担保单位 担保金额 债务到期日 对本公司的财务影响 关联方： 上海普恩伊进出口有限公司 人民币 60,000,000.00 2004.03.01—2005.02.28 无 注：公司第四届董事会第二十五次会议，于 2004 年 3 月 8 日以通讯方式召开，审议通过《关于为上海普 恩伊进出口有限公司贷款担保事项的议案》的决议，公司决定对上海普恩伊进出口有限公司向中国工商银行上 海市虹口支行申请 4000 万元的授信额度和向中兴实业银行上海分行申请 2000 万元的授信额度进行担保，同时 上海普恩伊进出口有限公司于 2004 年 3 月 8 日与公司签订了反担保协议。上述担保已于 2005 年 2 月 28 日履 行完毕。 （三）已贴现或转让的商业承兑汇票形成的或有负债：无 （四）其他或有负债：无 第 64 頁 十、承诺事项： （一）对外经济担保事项详见附注九。 （二）已签订的正在或准备履行的租赁合同及财务影响。 公司第五届董事会第五次会议审议通过了《关于公司房屋租赁的议案》 。经公司与上海国药物流有限公司 协商，将公司坐落在上海市场中路 685 号内共计面积 14,230 平方米的库房租赁给该公司，主要用于库存货物和 业务运作。年租金约 267.87 万元，租赁期为一年。本次公告于 2004 年 11 月 23 日刊登在《上海证券报》、香港 《大公报》。 （三）无其他重大对外财务承诺事项。 十一、资产负债表日后事项： 无重大资产负债表日后事项。 十二、其他事项说明： （一）本年根据《上海市黄浦江两岸开发建设管理办法》、 《上海市土地储备办法》及其他有关法律、法规 的规定，与上海东外滩地产开发有限公司（上海市杨浦区区政府授权土地开发机构）签订协议，将凉州路 381 号地块（地籍编号：142 街坊 6 丘；土地证号：沪国用（杨浦）字第 3819 号）作价 47,038,500.00 元予以转让， 结转土地成本及相关费用 16,108,624.33 元后，确认净收益 30,929,875.67 元。截止 2004 年 12 月 31 日上海东外 摊地产开发有限公司已支付了转让款项计人民币 28,223,100.00 元（银行支付人民币 9,407,700.00 元，银行承兑 汇票人民币 18,815,400.00 元），尚余人民币 18,815,400.00 元承诺于 2005 年支付。 （二）2004 年度公司依据上海电气资产管理有限公司《关于国有企业依法改制规范运作的若干意见》及太 平洋机电（集团）有限公司《关于同意支付职工协商解除劳动合同给予经济赔偿费用的批复》 〔太平洋机电（2004） 企重第 129 号〕，按集团的部署，为解决改制前无固定合同的职工转为改制后企业的无固定期的职工的安置分 流的历史遗留问题，共收到上海太平洋机电（集团）有限公司汇入的职工安置补偿费用 54,534,168.00 元，本年 已实际支付 47,766,529.06 元，尚余 6,767,638.94 元将于 2005 年度支付。 （三）子公司上海良基房地产有限公司对应收 6,794,000.00 元的的债权纠纷与被执行人上海民健实业总公 司、江西省上饶毛纺织厂之间强制执行案件情况：上海市第一中级人民法院已依法将江西省上饶毛纺织厂对江 西饶球针织制品有限公司所投资的股权、该厂在该公司的机器设备及该厂自有厂房、仓库（总面积为 57,420 平方米）进行了查封并将进一步拍卖兑现。因考虑到该厂职工的安置及社会稳定问题，目前法院暂时中止了本 案的执行，待上述问题协调完毕后，我公司将向法院申请恢复执行。 （四）2001 年 3 月公司诉新疆京城棉纺织厂设备欠款，案号（2001）虹经初字第 293 号。经一审法院判决： 新疆京城棉纺织厂支付本公司货款 482.12 万元。2002 年 8 月，新疆京城棉纺织厂上诉本公司（［2002］沪二中 民四［商］终字第 405 号）被驳回。目前，此案已由上海虹口法院委托新疆铁路中院执行，查封了部分机器设 备，并收到 7.04 万元，公司继续积极组织实施对法院执行的应收款催讨。 十三、本年度非经常性损益列示如下：（收益＋、损失－） 项目 金额 （一）处置长期股权投资、固定资产、在建工程、无形资 32,479,888.36 产、其他长期资产产生的损益 （二）各种形式的政府补贴 823,151.36 （三）短期投资损益，但经国家有关部门批准设立的有经 27,165.93 营的金额机构获得的短期投资损益除外 （四）扣除公司日常根据企业会计制度规定计提的资产减 -314,238.55 值准备后的其他各项营业外收入、支出 （五）以前年度已经计提各项减值准备的转回 1,562,000.00 （六）减：少数股东承担上述因素 115,843.40 （七）减：所得税影响额 4,718,628.74 合计 29,743,494.96 第 65 頁 核數師報告書 致上海二紡機股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 列位股東 本核數師已審計了後附的第2頁至27頁財務報表。這些財務報表是按照國際財務報告準則編制的。 董事與核數師之各自責任 貴公司之董事須對該等財務報表之真實、公允負責。並在編制報表過程中採納適當之會計政策及 遵循一貫性之原則。 吾等核數師之職責為依據吾等之審計，對 貴公司的財務報表發表獨立之意見，並僅向整體股東 報告，而本報告不得用於其他用途。本行不會就本報告的內容向其他人士負上或承擔任何責任。 意見之基礎 本核數師已依據國際審計準則進行審計工作，該等準則要求吾等計劃及進行審核工作時，就該等 財務報表是否存有重大錯誤的陳述，作出合理的確定。審核工作範圍包括以抽查方式查核與財務報表所載 數額及披露事項有關的依據，亦包括評估管理階層於編制該等財務報表時所使用的會計原則和所作的重大 估計及財務報表的整體列報。 為了獲得本核數師認為必需的所有資料與資訊，吾等策劃和進行審計工作以獲得充分的證據，就 該等財務報表是否存有重要錯誤陳述，作出合理的確認。在形成審計意見的過程中，吾等還對財務報表中 的全部提供的資料進行了評估。吾等相信，本核數師的審計工作已為下列意見建立了合理的基礎。 核數之意見 我們認為，上述的財務報表均真實與公允地反映 貴集團於二零零四年十二月三十一日的財政狀 況及 貴集團截至該日止年度的營運結果和現金流量。 浩華會計師事務所 香港灣仔 香港執業會計師 港灣道 18 號 2005 年 3 月 2 日 中環廣場 2001 室 陳錦榮 執業證書號碼 P02038 第 66 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 綜合利潤表 截至二零零四年十二月三十一日止年度 2004 2003 附註 人民幣千元 人民幣千元 營運收入 4 1,182,316 1,023,517 營運成本 (1,024,829) (833,392) 營運淨利潤 157,487 190,125 其他收入 5 46,565 27,469 銷售和管理費用 (177,501) (180,941) 物業、廠房及設備減值損失 - (3,687) 主營業務溢利 6 26,551 32,966 財務費用 7 (11,699) (15,887) 應佔不合併附屬公司及聯營公司溢利 2,101 208 稅前溢利 16,953 17,287 稅項 8(a) (6,201) (6,315) 稅後溢利 10,752 10,972 少數股東損益 (931) (79) 股東應佔盈利 9,821 10,893 基本每股盈利 9 人民幣 0.017 人民幣 0.019 後附於第 8 至 27 頁的附註為本財務報表的組成部份。 第 67 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 綜合資產負債表 二零零四年十二月三十一日 2004 2003 附註 人民幣千元 人民幣千元 非流動資產 物業、廠房及設備 10 544,957 595,518 在建工程 11 2,030 2,569 商譽 12 367 428 負商譽 13 (829) (967) 應佔不合併附屬公司及聯營公司權益 14 11,453 11,331 其他投資 15 25,201 47,613 583,179 656,492 流動資産 短期投資 16 - 493 存貨 17 380,716 406,125 應收賬款與票據 132,823 186,749 其他應收款、預付款及待攤費用 7,455 41,097 應收關聯公司款 21(c) 9,876 5,495 其他可收回稅金 - 28,102 現金及銀行存款 208,527 122,516 739,397 790,577 流動負債 銀行借款 18 185,650 219,000 應付賬款與票據 251,399 257,152 其他應付款與預提費用 62,691 45,184 預收賬款 111,145 226,491 應付關聯公司款 21(d) 21,631 28,632 應交稅金 11,441 2,534 643,957 778,993 流動資產淨額 95,440 11,584 總資產減流動負債 678,619 668,076 第 68 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 綜合資產負債表 ( 續 ) 二零零四年十二月三十一日 2004 2003 附註 人民幣千元 人民幣千元 總資產減流動負債 678,619 668,076 非流動負債 長期銀行借款 18 (4,083) (4,083) 少數股東權益 (19,684) (18,962) 654,852 645,031 股本 19 566,449 566,449 儲備 20 88,403 78,582 股東權益合計 654,852 645,031 該綜合財務報表已於 2005 年 3 月 2 日獲董事會批准與授權公開。 李培忠 梅建中 董事 董事 後附於第 8 至 27 頁的附註為本財務報表的組成部份。 第 69 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 綜合股東權益變動表 截至二零零四年十二月三十一日止年度 法定盈餘 法定 ( 累 積 虧 損 )/ 股本 資本公積 公積金 公益金 未分配利潤 合計 合計 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 (附註 19) (附註 20(b)) (附註 20(c)) (附註 20(d)) 於 2002 年 12 月 31 日之結餘 566,449 262,598 2,704 1,340 (198,953) 67,689 634,138 本年溢利 - - - - 10,893 10,893 10,893 分撥至盈餘公積 - - 2,380 1,190 (3,570) - - 彌補虧損 - (232,819) - - 232,819 - - 於 2003 年 12 月 31 日之結餘 566,449 29,779 5,084 2,530 41,189 78,582 645,031 本年溢利 - - - - 9,821 9,821 9,821 分撥至盈餘公積 - - 1,595 847 (2,442) - - 於 2004 年 12 月 31 日之結餘 566,449 29,779 6,679 3,377 48,568 88,403 654,852 後附於第 8 至 27 頁的附註為本財務報表的組成部份。 第 70 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 綜合現金流量表 截至二零零四年十二月三十一日止年度 2004 2003 人民幣千元 人民幣千元 經營活動 稅前及應佔不合併附屬公司及聯營公司前溢利 14,852 17,079 調整： 股利收入 (70) (672) 利息收入 (1,381) (1,281) 利息費用 11,270 15,565 折舊 46,474 47,821 物業,廠房及設備減值準備 1,130 3,747 其他投資減值準備 1,300 876 短期投資減值準備沖回 - (65) 壞賬準備（沖回）/ 計提 (10,041) 7,096 出售短期投資利潤 (35) (292) 出售其他投資利潤 (3,477) (15,358) 出售聯營公司利潤 - (2,234) 處置物業、廠房及設備淨（利潤）/ 損失 (28,851) 593 商譽攤銷 61 60 確認負商譽收益 (364) (364) 營運資本變動前的現金流量 30,868 72,571 存貨減少 /（增加） 25,409 (148,368) 應收賬款及票據之減少 /（增加） 82,875 (105,643) 其他應收稅金之減少 /（增加） 36,137 (16,602) 應收聯營及關連公司之（增加）/ 減少 (4,381) 5,327 其他應收款及預付款減少 /（增加） 33,549 (21,778) 應付賬款及票據（減少）/ 增加 (5,742) 135,909 預收賬款之（減少）/ 增加 (115,346) 47,980 其他應付款及預提費用之增加 17,507 13,398 應付聯營及關連公司款之（減少）/ 增加 (7,001) 26,794 經營活動產生的現金 93,875 9,588 支付利息 (11,270) (15,565) 支付所得稅 (4,718) (4,711) 經營活動產生 /（使用）之淨現金 77,887 (10,688) 第 71 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 綜合現金流量表（續） 截至二零零四年十二月三十一日止年度 2004 2003 人民幣千元 人民幣千元 投資活動 增購附屬公司佔有股權 - (218) 購買不合併附屬公司 - (500) 購買聯營公司 - (500) 購買其他長期投資 (30) - 清算或出售不合併子公司和聯營公司之收入 870 7,774 出售長期投資之收入 24,619 20,358 購買物業、廠房及設備和在建工程 (12,750) (20,267) 購買短期投資 - (4,000) 出售短期投資之收入 528 4,814 出售物業、廠房及設備及在建工程之收入 26,282 2,483 新合併附屬公司 - 467 已收股利 794 1,183 所得利息 1,381 1,281 投資活動產生的淨現金 41,694 12,875 第一章融資活動 償還銀行借款 (453,100) (640,811) 短期銀行借款增加 419,750 589,100 支付少數股東股利 (220) (955) 融資活動使用的淨現金 (33,570) (52,666) 現金及銀行存款之淨增加 /（減少） 86,011 (50,479) 現金及銀行存款年初結存數 122,516 172,995 現金及銀行存款年末結存數 208,527 122,516 後附於第 8 至 27 頁的附註為本財務報表的組成部份。 第 72 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 綜合財務報表附註 1. 公司基本經營情況及編制基準 上海二紡機股份有限公司 ( 以下簡稱“本公司”) 於一九二三年在中華人民共和國 ( 以下簡稱“中國”) 建廠，主要從事紡織機械製造業。本公司的 A 股股票及 B 股股票分別在 1992 年 3 月及 7 月於上海證券交易所上市。於 2004 年 12 月 31 日，其主要附屬公司的詳細資料列示 於會計報表附註 25 中。 2. 主要會計政策 本集團的綜合財務報表是按國際財務報告準則進行編制的。本集團同時編制的中國法定 財務報表是按適用於中華人民共和國會計準則及法規而編制的。本集團根據國際財務報告準則和 中國會計準則編制的經營成果及股東權益調整表已列示於附註 27 中。所採用的主要會計政策如 下： (a) 綜合財務報表 本集團的綜合會計報表合併了本公司和控股附屬公司的會計報表。本公司開始或 終止對一個經濟實體的控股，該經濟實體的經營成果從控股開始日期納入綜合會計報表 或從控股終止日期開始不再納入綜合會計報表。 本集團內部之重大交易及結餘均於綜合計算時全部抵銷。 (b) 附屬公司 附屬公司即本公司可以控制其財務和經營結果進而從它的經營活動中獲取利益。 (c) 聯營公司 聯營公司係指除了附屬公司及合作聯營公司以外的本公司對其有重大影響的公 司。重大影響即本公司能夠參與但並非控制聯營公司的財務及經營決策。 在綜合資產負債表中，聯營公司的權益按照本集團應佔聯營公司之淨資產加 / 減 收購時未被扣除攤銷之溢價或折讓入賬。 2. 主要會計政策（續） (d) 商譽 商譽是指集團對附屬公司及聯營公司所支付之購買價超出所購可分割淨資產之公 平價值之差額。購買時獲得的商譽作為無形資產列示，並用直線攤銷法在最佳估計使用 第 73 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 年限 10 年中平均攤銷。 若產生負商譽，即收購當日可分割淨資產之公平價值高於付出的收購報酬之差額 視為遞延收入以直線法按最佳估計使用年限 10 年時間確認為收入。 商譽之賬面淨值需每年評估並在認為有必要時記為永久性減值準備。 在出售附屬公司或聯營公司時，任何於以前作為集團儲備變動之應佔商譽於計算 出售利潤或虧損時包括在內。 (e) 其他投資 其他投資按交易發生時所發生之實際成本計價。 在期後各報表日，如管理層有明確意圖和能力將持有投資至到期日（持有至到期 日債劵），則以攤銷及計提減值準備後的成本計價。購買持有至到期日債劵時獲得的折價 與溢價的每年度攤銷額與其他應收投資收益在債劵的有效期限內一併計算收益，以確認 在投資期限內每期均能獲取固定的投資收益。 除持有至到期日債劵以外其他的投資，均定義為為交易或可供出售而持有的投 資，在以後各資產報表日以市場之公允價值計價。為交易而持有的証劵，其未確認的收 益和虧損均計入當期損益。為可供出售而持有的投資，其未確認的收益和虧損直接計入 權益，直至証劵被處置或有減值情況發生，則前期計入權益的累計收益及虧損計入當期 損益。為可供出售而持有的投資如無活躍市場價格時，其公允價值乃參考同類金融工具 的市場價格或採用現金流量模型計算。對於公允價值不能可靠計量的可供出售之投資均 以成本減減值準備列示。 2. 主要會計政策（續） (f) 物業、廠房及設備及折舊 物業、廠房及設備按成本減累計折舊及累計減值損失計價。資產的原始成本包括 購買價格及將該項資產達到可供使用的狀態和地點所需要支付的直接可歸屬成本。物 業、廠房及設備達到可供使用的狀態和地點後的相關後續支出（如維修保養費用等），如 果由此可能流入本公司的未來經濟利益超出了原先估計的績效標準，則應增加這些資產 的賬面價值。此外的任何其他後續支出都應在發生的當期確認為費用。物業、廠房及設 備退廢或處置時，沖銷其相關成本、累計折舊及累計減值損失，形成的任何收益或虧損 將列入本年度利潤表。 折舊係按物業、廠房及設備原值減去估計殘值後，在估計使用年限內按直線法計 提。主要折舊年率如下： 土地使用權 按剩餘租賃期限 建築物 2.1%至 3.2% 廠房、機械及汽車 4.8%至 12% 傢俱、固定裝置及其他 4.8%至 12% (g) 在建工程 在建工程表示建築物、廠房及其他固定資產尚在構建之中，並以成本列示。其成 本包括構建物業、廠房及設備發生的直接成本，也包括在構建期間發生的利息費用、安 第 74 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 裝調試費和相關借入資金的匯兌損益。當物業、廠房及設備達到預計可使用狀態後，利 息費用應停止資本化。當資產構建完成準備投入使用時，即使由中華人民共和國授權發 行的相關委託證書被延誤，在建工程應全部轉入物業、廠房及設備。 (h) 待售開發房地産 用於出售或在建的物業按成本與可變現淨值孰低列示。其成本包括購買價格、土 地使用權，在建期間發生的發展成本、相關利息費用和借入資金的外幣折算差額。可變 現淨值是根據在資產負債表日以後的正常商業情況下出售該物業所得到的收入或根據最 普通的市場條件計算的經營估計所得出的。 開發房地產以成本扣除任何減值準備列示。開發房地產包括作銷售及持作投資用 途發展中物業之成本包括土地成本、構建成本、利息費用和其他本集團支付之發展開支。 2. 主要會計政策（續） (i) 存貨 存貨包括原材料、在產品和產成品。存貨以成本與可變現淨值孰低列示。成本包 括直接材料和勞務成本以及在使存貨和在產品達到可使用狀態前所發生的加權平均營業 費用。可變現淨值由公司管理層估計，根據出售價格扣除全部完工成本和銷售所發生的 支出計算。 低值易耗品及其備件以成本扣除減值準備列示。 (j) 應收賬款 應收賬款以預計可變現值入賬。在查閱年末重大未收回賬項時，須計提存疑呆賬 準備。壞賬則已在其被發現年度沖銷。 (k) 現金及現金等價物 在現金流量表中，現金及現金等價物包括現金、銀行存款、在銀行及財務公司之 存款扣除銀行透支款。在綜合資產負債表中，銀行透支款包括在流動負債的借款中。 (l) 經營租賃 經營租賃係指與一項資產的所有權有關的風險及報酬仍歸屬出租人所有的租賃。 此等經營租賃之租金於有關租賃期內以直線法確認為利潤表中的一項費用。在經營租賃 中取得的收益應在租賃期內按直線法預以確認，並沖減當期之租賃費用。 (m) 退休金責任 根據政府有關部門對定額退休金的有關規定，本公司及附屬公司必須支付標準薪 金的 22.5%作為其僱員的退休金。該退休金在綜合利潤表中反映。 (n) 外幣換算 本集團一貫以人民幣作為記賬本位幣。本年以外幣為單位元的交易按交易當天中 國人民銀行公佈的市場匯率換算為人民幣入賬。 第 75 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 以外幣為單位列示的貨幣性資產和負債均按資產負債表日中國人民銀行公佈的市 場匯率換算成人民幣。外幣匯兌差異已包括在綜合利潤表中。 2. 主要會計政策（續） (o) 金融資產和負債 投資和應收賬款乃是分別按上文附註 2 (e) 和 (j) 所述之準則以賬面價值列示。其 他金融資產與負債都以成本列示。 (p) 收入的確認 (i) 營業收入是於產品所有權轉移時確認，這一般發生在商品送出及獲得客戶接受之 時。 (ii) 利息收入以未提取之本金及適用利率按時間比例基準計算。 (iii) 房產銷售收入之入賬乃按房產建築已經完工或相關檔已經批准孰遲為基準。這段時 間之前所收的有關款項皆確認為預收貨款。 (q) 遞延稅項 遞延稅項乃採用資產負債表的負債法計提，該法係按財務報告計算的資產與負債 與按稅法計算的資產與負債之間重大的臨時性差異計算。所有引至臨時性差異之遞延所 得稅負債均予以確認。遞延所得稅資產，除可合理估計未來有足夠的應納稅所得用來抵 扣該項遞延稅項資產外，不予確認。 (r) 資產減值 如有現象表明物業、廠場及設備、無形資產、對聯營公司之投資、對合作聯營公 司之投資以及長期投資的賬面價值不能回收時，本集團將對其減值進行評估。賬面價值 超過可回收金額之部分將被認列為資產減值損失記入年度費用。可收回金額為資產的銷 售淨價與其使用價值中較高者。銷售淨價是資產在正常交易中的市場價格扣除處置費用 後的金額。使用價值指預期從資產的持續使用和使用壽命結束時的處置中形成的估計未 來現金流量的現值。如果資產存在可能減值的現象，應估計單個資產的可回收金額。如 果不可能估計單個資產的可回收價值，則企業應確定現金為出單位資產的可回收金額。 若有現象表明上述減值損失不再存在或已減少，則應回轉以前年度認列的該項減 值損失計入當年度收益。 (s) 政府補貼 政府補貼收入在補貼已收到及獲取與之相關條件符合的合理依據時以公允價值予 以確認。當此補助與費用相關時，它在此期間被確認為一項收入，並使之與其成本配比。 當此補助與資產相關時，其公允價值應減少至此資產的賬面價值。 第 76 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 2. 主要會計政策（續） (t) 或有事項 或有負債不在合併財務報表內予以確認。除非含有經濟利益的資源流出的可能性 極小，否則或有負債應在財務報表附註中披露。 或有資產不在合併報表中予以確認。但是當或有資產的經濟利益很可能流入時， 才在綜合財務報表附註中披露。 (u) 關聯方 如果在財務或經營決策中，一方有能力直接或間接地控制另一方或對另一方施加 重大影響，則認為雙方具有關聯的。 3. 分部訊息 (a) 基本報告 - 行業分部 2004 年，本集團 90%以上之產品及資產淨值為製造和銷售紡織機械和相關配件所 得。 (b) 次級報告 - 地區分部 下列報表為截至 2004 年 12 月 31 日止年度有關地區分佈之收入： 2004 2003 人民幣千元 人民幣千元 國內收入 748,486 800,950 國外收入 435,327 226,213 主營業務稅金及附加 (1,497) (3,646) 1,182,316 1,023,517 本集團主要資產均在中華人民共和國境內，所以本年度並未按地區劃分之資產及 支出進行分佈資料分析。 4. 營運收入 營運收入包括銷售毛利和對客戶提供的勞務扣除增值稅和銷售折讓與退回。 5. 其他收入 2004 2003 人民幣千元 人民幣千元 固定資產清理盈利（註） 28,851 - 租金淨收入 6,767 3,273 出口代理收入 3,717 844 第 77 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 出售其他投資利潤 3,477 15,358 銀行利息收入 1,381 1,281 補貼收入 823 119 其他投資收益 70 672 出售短期投資利潤 35 - 賠償及罰款收入 25 8 原材料銷售淨收入 - 1,660 清算或出售聯營公司之利潤 - 2,234 短期投資收益 - 292 短期投資減值準備沖回 - 65 其他 1,419 1,663 46,565 27,469 註： 本年度本集團出售其土地使用權予第三方，該土地使用權之售價為人民幣 47,039,000 元， 而土地使用權之淨值為人民幣 7,728,000 元。為收回此土地作轉讓，本集團終止土地上建 築物的租賃責任，而需付補償金共人民幣 2,500,000 元。 6. 主營業務溢利 2004 2003 人民幣千元 人民幣千元 主營業務溢利已扣除 /（計入）下列各項： 物業、廠房及設備折舊 46,474 47,821 商譽的攤銷 61 60 員工成本 - 工資及職工福利 82,788 72,895 - 法定統籌退休金 15,859 15,549 壞賬準備（沖回）/計提 (10,041) 7,096 物業、廠房及設備減值損失 1,130 3,747 存貨跌價準備計提/（沖回） 6,673 (1,247) 其他投資減值準備計提 1,300 876 物業、廠房及設備及在建工程清理淨損失 - 593 確認負商譽之收入 (364) (364) 7. 財務費用 2004 2003 人民幣千元 人民幣千元 銀行貸款利息費用 11,270 15,565 其他 111 139 11,381 15,704 淨匯兌損失 318 183 11,699 15,887 第 78 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 8. 稅項 (a) 計入綜合利潤表中的稅項爲: 2004 2003 人民幣千元 人民幣千元 本年度稅項 5,590 5,103 應佔不合併附屬公司及聯營公司之稅項 611 1,212 6,201 6,315 中華人民共和國的所得稅計算是根據中國相關稅收條例與規定，以預計可得的本 年利潤為基礎計算得出。本公司於 2003 年被確認為上海市高新技術企業，所適用的所得 稅稅率爲 15%（2003：15%） 。適用於附屬公司的所得稅稅率爲 15% - 33%。 (b) 遞延稅項 公司董事認為遞延稅項資產產生的臨時性差異具有不確定性，因此該財務報表未 確認遞延稅項。 9. 每股盈利 每股盈利是依據本年度股東應佔綜合盈利約人民幣 9,821,000 元（2003 年：人民幣 10,893,000 元）及已發行的 566,449,189 股（2003 年：566,449,189 股）計算。 10. 物業、廠房及設備 傢俱、 土地使用權 固定裝置 廠房、 2004 2003 及建築物 及其他 機械及汽車 總數 總數 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 原值： 1 月 1 日結存 521,510 8,181 622,999 1,152,690 1,132,895 添置 - 131 3,541 3,672 5,251 轉自在建工程 4,404 242 4,971 9,617 30,481 出售或清理 (19,897) (2,356) (9,283) (31,536) (15,937) 重分類 9,379 (98) (9,281) - - 12 月 31 日結存 515,396 6,100 612,947 1,134,443 1,152,690 累計折舊及減值準備： 1 月 1 日結存 139,734 4,911 412,527 557,172 511,522 本年折舊 13,536 443 32,495 46,474 47,821 出售或清理 (7,028) (1,569) (6,693) (15,290) (12,857) 轉自在建工程之減值準備 - - - - 6,939 減值準備 1,130 - - 1,130 3,747 第 79 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 重分類 78 (2) (76) - - 12 月 31 日結存 147,450 3,783 438,253 589,486 557,172 賬面淨值： 2004 年 12 月 31 日結存 367,946 2,317 174,694 544,957 2003 年 12 月 31 日結存 381,776 3,270 210,472 595,518 於 2004 年 12 月 31 日，本集團不可撤銷的未來應收經營租賃收入： 2004 2003 人民幣千元 人民幣千元 一年以內 10,926 13,280 二至五年（包括首尾兩年） 14,228 16,291 五年以上 5,761 7,246 30,915 36,817 11. 在建工程 2004 2003 人民幣千元 人民幣千元 成本: 1 月 1 日結存 15,546 31,010 增加 9,078 15,017 轉入物業、廠房及設備 (9,617) (30,481) 12 月 31 日結存 15,007 15,546 減值準備: 1 月 1 日結存 12,977 19,916 轉入物業、廠房及設備 - (6,939) 12 月 31 日結存 12,977 12,977 賬面淨值 2,030 2,569 12. 商譽 人民幣千元 成本： 2004 年 1 月 1 日及 12 月 31 日結存 610 第 80 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 累計攤銷： 2004 年 1 月 1 日結存 182 本年度商譽攤銷 61 2004 年 12 月 31 日結存 243 賬面淨值： 2004 年 12 月 31 日結存 367 2003 年 12 月 31 日結存 428 13. 負商譽 人民幣千元 成本： 2004 年 1 月 1 日及 12 月 31 日結存 1,381 累計攤銷： 2004 年 1 月 1 日結存 414 本年度商譽攤銷 138 2004 年 12 月 31 日結存 552 賬面淨值： 2004 年 12 月 31 日結存 829 2003 年 12 月 31 日結存 967 14. 應佔不合併附屬公司及聯營公司權益 2004 2003 人民幣千元 人民幣千元 應佔不合併附屬公司淨資產 9,894 11,092 應佔聯營公司淨資產 2,914 1,820 商譽 (1,355) (1,581) 11,453 11,331 於 2004 年 12 月 31 日對不合併附屬公司及聯營公司投資的詳細資料如下： 2004 2003 持有的股權比例 持有的股權比例 第 81 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 直接 間接 直接 間接 公司名稱 % % % % 主要業務 上海逸傑資訊科技有限公司 84 - 84 - 電腦及軟體銷售 (i) 海南良基投資發展有限公司 70 - 70 - 工業投資物業管理 (i) 14. 應佔不合併附屬公司及聯營公司權益（續） 2004 2003 持有的股權比例 持有的股權比例 直接 間接 直接 間接 公司名稱 % % % % 主要業務 上海良紡機件有限公司 (i) - - 85 15 紡織機械及零配件的銷售 及 及安裝 (ii) 上海良基物資有限公司 30 - 30 - 批發零售 上海賽密科致冷器有限公司 49 - 49 - 生產及加工半導體致冷器 件 太平洋紡織機械成套設備有 20 - 20 - 紡織機電成套設備及配件 限公司 的銷售及安裝 - 83 - 83 羅拉製造 臨海良紡紡織機械專件有限 公司 (i) 上海良聯物業管理有限責任 - - - 50 物業管理 公司 (ii) 二紡機化纖成套設備有限公 20 80 20 80 未開始經營 司 (i) 山東良基紡織機械有限公司 25 - 50 - 紡織機械銷售 (i) 以上不合併附屬公司的財務報表對集團並未存在重大影響，故未有併入合併財務報表內。 集團對該不合併附屬公司的投資以權益法計算。 (ii) 於本年度上述附屬公司及聯營公司已被清算。 15. 其他投資 第 82 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 2004 2003 人民幣千元 人民幣千元 非上市公司投資，按成本值 71 71 中國境內非上市公司之法人股，按成本值 6,150 6,120 中國境內上市公司之非流通法人股，按成本值 21,156 42,298 27,377 48,489 減：減值準備 (2,176) (876) 25,201 47,613 16. 短期投資 2004 2003 人民幣千元 人民幣千元 上市國家債券投資，按市值 - 493 17. 存貨 2004 2003 人民幣千元 人民幣千元 發展中物業 - 2,203 原材料 47,643 69,711 在產品 114,084 198,649 產成品 218,989 135,562 380,716 406,125 18. 銀行借款 2004 2003 人民幣千元 人民幣千元 銀行借款 - 有抵押 - 3,600 - 無抵押 189,733 219,483 189,733 223,083 減：一年之內到期之借款（列示於流動負債中） (185,650) (219,000) 於一年以後到期之借款（列示於非流動負債中） 4,083 4,083 該等銀行借款利率由年息 4.54%至 5.72%不等（2003 年：5.04%至 8% 不等） 。 19. 股本 於 2004 年 12 月 31 日，股東包括人民幣普通股 (“A 股”) 及境內上市外資股 (“B 股”). “A”股及“B”股在各方面均享有同等之權利和義務。 第 83 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 股本結構如下： 2004 2003 股數 人民幣千元 股數 人民幣千元 註冊 566,449,189 566,449 566,449,189 566,449 已發行並繳足 國有股 262,342,309 262,342 262,342,309 262,342 A股 71,181,880 71,182 71,181,880 71,182 B股 232,925,000 232,925 232,925,000 232,925 566,449,189 566,449 566,449,189 566,449 20. 儲備 儲備之變動已列示於綜合股東權益變動表。 (a) 根據相關的中華人民共和國法規和公司現行章程，公司稅後溢利應按照以下順序進行分 配： (i) 彌補累計虧損 (ii) 10% 轉入法定盈餘公積金。當該項公積金金額累計達到實收資本的 50% 可以停 止提取。 (iii) 5% 至 10% 轉入法定公益金。 (iv) 根據股東會議中所批准，轉入任意盈餘公積金。 (v) 向股東派發股息。 法定盈餘公積金及法定公益金須按中國會計準則及規定計算的稅後利潤提取。 (b) 資本公積 依據本公司之公司章程規定，下列專案應記入資本公積金： (i) 股票發行超過票面額的溢價部分； (ii) 資產重估增值的部分； (iii) 其他依據公司章程及中國有關規定的專案。 資本公積金可用於彌補以前年度虧損或增加股本。 股本溢價為法人股面值從發起人換取淨資產而產生的股本溢價及發行 B 股之總發 行收入超票面值，並扣除承銷傭金，開辦費以及仲介機構費用後的淨額。 第 84 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 (c) 法定盈餘公積金和任意盈餘公積金 根據中華人民共和國有關法規，法定盈餘公積金和任意盈餘公積金可用於彌補虧 損或轉增資本。除了彌補虧損外，在使用法定盈餘公積金後，其餘額不得少於註冊資本 25%。 (d) 法定公益金 根據中華人民共和國有關法規，法定公益金只能用於構建員工福利設施的資本性 支出。本集團擁有此等福利設施的所有權。除非公司清算，法定公益金不能分配給股東。 20. 儲備（續） (e) 利潤分配 根據相關的中華人民共和國法規和公司現行章程，公司的利潤分配需按照中華人 民共和國會計準則與按照國際財務報告準則編制的財務報表兩者中較低者為分配基準。 根據中華人民共和國法定財務報表，截止 2004 年 12 月 31 日，留存利潤的總額約 為人民幣 12,916,000 元（2003 年：人民幣 4,205,000 元） 。 21. 關聯方交易 (a) 本年度，本集團在正常業務情況下，按市場價格，與關聯公司進行了下列的重大交易： 2004 2003 人民幣千元 人民幣千元 向關聯公司售貨 75,122 - 從關聯公司購貨 34,147 28,578 (b) 本年度，本集團對公司上市改制前雇用的職工進行內部重組，包括分流或安置員工及解 除或修正職工合同。因此本集團需付職工補償金共 2004 年度公司共人民幣 47,767,000 元，並由本公司最大股東上海太平洋機電（集團）有限公司支付。 (c) 應收關聯公司款不設抵押，利息，並且無固定償還期限。 (d) 應付關聯公司款不設抵押，利息，並且無固定償還期限。 (e) 董事酬金 截至 2004 年 12 月 31 日止年度，支付了人民幣約 391,000 元（2003 年：236,000 元）酬 金予董事。 第 85 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 22. 承擔 (a) 截止 2004 年 12 月 31 日，本集團並無重大資本承擔事項。 (b) 於結算日，本集團有以下不可撤銷的經營租賃支出承擔： 2004 2003 人民幣千元 人民幣千元 一年以內 142 442 二至五年（包括首尾兩年） 570 570 五年以上 1,720 1,862 2,431 2,874 23. 或有負債 (a) 截止 2004 年 12 月 31 日，本集團為下列公司提供之銀行借款擔保： 2004 2003 人民幣千元 人民幣千元 關聯公司 60,000 40,000 非關聯公司 - 10,000 60,000 50,000 (c) 訴訟 於 2001 年東方匯理銀行上海分行於香港法院對本集團提出起訴，追討欠款約人民幣 21,569,000 元（2,606,000 美元）。董事認為本集團對該銀行從來不存在任何欠款並反對起訴。 分別於 2001 年 11 月 30 日及 2002 年 6 月 12 日，法院已判決並駁回上海分行的訴訟請求。截 止報告日，此案正在審理中。 24. 退休金計劃 本集團參與由上海市政府所安排的定額供款退休金計劃。本集團有責任每年支付標準工 資的 22.5% ( 2003 年：22.5% ) 作為退休金。本集團該年度繳納的退休金總額為人民幣 15,859,000 元（2003 年：人民幣 15,549,000 元） 。 25. 主要的附屬公司 於 2004 年 12 月 31 日，本集團持有以下主要附屬公司之投資，此等均爲於中國成立之非 上市企業： 2004 2003 持有的股權比例 持有的股權比例 第 86 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 直接 間接 直接 間接 公司名稱 % % % % 主要業務 上海良基房地産有限公司 100 - 100 - 房地產開發經營 上海良基金屬製品有限公司 70 - 70 - 金屬製品的製造及銷售 上海良基實業有限公司 90 - 90 - 國際國內貿易 上海良基塑膠製品有限公司 90 - 90 - 紡織塑膠件的製造及銷售 上海良基建築裝飾工程有限 100 - 100 - 建築及裝飾 公司 上海良基機械有限公司 90 - 90 - 生產銷售紡紗機械 上海奧依光電子有限公司 75 - 75 - 製造及銷售變色薄膜 上海普恩伊進出口有限公司 90 - 90 - 經營自產產品和與之配套 的商品及相關技術出口和 進口業務 上海良紡紡織機械專件有限 85 - 85 - 生産、銷售紡機的錠子羅 公司 拉、鋼領及其他紡機配件 上海良宙物資貿易有限公司 10 90 10 90 紡織機械配件銷售 上海良基電腦印刷有限公司 80 - 80 - 印刷服務 26. 金融資產和負債 (a) 利率風險 如附註 18 所示，無抵押貸款包含固定利率。其他財務資產和負債不存在重大利率 風險。 (b) 信貸風險 本集團主要的應收賬款及其他應收款分散於中國的多家客戶。除此之外，本集團 的其他金融資產和負債無任何集中的信貸風險。 於資產負債表結算日，金融資產之賬面金額最能表述其最高的信貸風險。 (c) 公平價值 現金，銀行存款，應收賬款，其他應收款及與聯營公司、關聯公司的往來款，應 付賬款和其他應付款的公允價值與它們的賬面金額不存在重大的差異。 金融務資產及負債之公平價值以一般可接受的方法及基於一些假設來決定。如計 算價值的方法及假設改變則可能會對此等價值有重大影響。 第 87 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 27. 國際財務報告準則調整對除稅及少數股東後溢利和股東權益的影響 本集團的法定賬目是根據中華人民共和國會計準則編制的適用於股份制公司的賬目。這 些會計準則在某些重大方面不同於國際財務報告準則。所產生的差異對截至 2004 年 12 月 31 日 止年度淨利潤及股東權益的影響概括如下： 除稅及 少數股東 後溢利 股東權益 附註 人民幣千元 人民幣千元 根據中國會計準則 11,153 654,852 合併子公司之 未確認虧損 (a) (2,092) - 直接計入之損益 (b) 760 - 根據國際財務報告準則 9,821 654,852 附註： (a) 對附屬公司未確認之部份虧損，於 A 股中計入未確認投資損失不列為損益項目，而於 B 股中則將之確認並計入本年度損益。 (b) 無法支付的應付款項撇銷，於 A 股計入資本公積，B 股作為本年度收入處理，計入當期 損益。 第 88 頁 上海二纺机股份有限公司 2 0 0 4 年年度报告 綜合財務報表 截至二零零四年十二月三十一日止年度 內容 頁次 核數師報告書 1 綜合利潤表 2 綜合資產負債表 3 至 4 綜合股東權益變動表 5 綜合現金流量表 6 至 7 綜合財務報表附註 8 至 27 . 上海二纺机股份有限公司 2 0 0 4 年年度报告 上 海 二 紡 機 股 份 有 限 公 司 （於中華人民共和國註冊成立之股份有限公司） 綜合財務報表 截至二零零四年十二月三十一日止年度 上海二纺机股份有限公司 2 0 0 4 年年度报告 十一、备查文件目录 （一）载有法定代表人、财务总监、财务负责人签名并盖章的公司 2004 年度会计报表； （二）载有上海立信长江会计师事务所和浩华会计师事务所盖章、注册 会计师签名并盖章的审计报告原件； （三）报告期内，公司在《上海证券报》、香港《大公报》上公开披露 所有文件的正本及公告的原稿。 上海二纺机股份有限公司 董事长：郑元湖 2005 年 3 月 3 日 上海二纺机股份有限公司 2 0 0 4 年年度报告 SHANGHAI ERFANGJI CO., LTD. Annual Report 2004 Important Notice The Board of Directors of Shanghai Erfangji Co., Ltd. individually and collectively accepts responsibility for the correctness, accuracy and completeness of the contents of this report and confirms that there are no material omissions nor errors which would render any statement misleading. Mr. Gao Yong, Independent Director of the Company, couldn’t attend the Board meeting personally due to important official business and entrusted Independent Director Ni Di to vote on his behalf. Shu Lun Pan Certified Public Accountants Co., Ltd. and Horwath Certified Public Accountants audited the 2004 financial report of the Company and issued an unqualified Auditors’ Report for the Company. Herein, the Company’s legal representative Zheng Yuanhu, CFO Mei Jianzhong and Person in Charge of Financing Zheng Aihua jointly declare that the finance report enclosed in this annual report is true and complete. This report has been prepared in Chinese version and English version respectively. In the event of difference in interpretation between the two versions, the Chinese report shall prevail. CONTENTS Ⅰ. COMPANY PROFILE------------------------------------------------------------------------------------ Ⅱ. SUMMARY OF FINANCIAL HIGHLIGHT AND BUSINESS HIGHLIGHT--------------- 上海二纺机股份有限公司 2 0 0 4 年年度报告 Ⅲ. CHANGES IN SHARE CAPITAL AND PARTICULARS ABOUT SHAREHOLDERS--- Ⅳ. PARTICULARS ABOUT DIRECTORS, SUPERVISORS, SENIOR EXECUTIVES AND EMPLOYEES-------------------------------------------------------------------------------------------- Ⅴ. ADMINISTRATIVE STRUCTURE-------------------------------------------------------------------- Ⅵ. BRIEF OF THE SHAREHOLDERS’ GENERAL MEETING----------------------------------- Ⅶ. REPORT OF BOARD OF DIRECTORS------------------------------------------------------------- Ⅷ. REPORT OF SUPERVISORY COMMITTEE------------------------------------------------------ Ⅸ. SIGNIFICANT EVENTS--------------------------------------------------------------------------------- Ⅹ. FINANCIAL REPORT------------------------------------------------------------------------------------ Ⅺ. DOCUMENTS AVAILABLE FOR REFERENCE-------------------------------------------------- 上海二纺机股份有限公司 2 0 0 4 年年度报告 I. Company Profile 1. Company’s legal Chinese name:上海二纺机股份有限公司 Company’s legal English name: SHANGHAI ERFANGJI CO., LTD. 2. Company’s legal representative: Zheng Yuanhu 3. Secretary of the Board: Li Bo Contact address: No. 687 Changzhong Rd. Shanghai Tel.: (86)21-65318888 ext. 2673 Fax: (86)21-65421963 E-mail: shej@public7.sta.net.cn Securities Affairs Representative of the Board: Wu Tao Contact address: No. 687 Changzhong Rd. Shanghai Tel.: (86)21-65318888 ext. 2673 Fax: (86)21-65421963 E-mail: wutao@shefj.com 4. Registered address and office address: No. 687 Changzhong Rd. Shanghai Postal code: 200434 E-mail: shej@public7.sta.net.cn Company’s website: http://www.shefj.com 5. Newspaper chosen for disclosing the information of the Company: Shanghai Securities News and Ta Kung Pao Internet website designated by CSRC for publishing the annual report: http://www.sse.com.cn The place where the annual report is prepared and placed: office of the Board of Directors, No. 687 Changzhong Rd. Shanghai 6. Stock exchange listed with: Shanghai Stock Exchange Short form of the stock: Erfangji & Erfangji B Stock code of A-share: 600604; Stock code of B-share: 900902 7. Other related information of the Company Initial registered capital: RMB 303,986,900 Evolutive course of the Company’s registered capital: RMB 425,581,700 on Oct. 7, 1993 in Shanghai Municipal Administration Bureau of Industry & Commerce; RMB 461,839,800 on Dec. 12, 1995 in Shanghai Municipal Administration Bureau of Industry & Commerce; RMB 514,953,800 on July 23, 1996 in Shanghai Municipal Administration Bureau of Industry & Commerce; RMB 566,449,200 on Jun. 25, 1997 in Shanghai Municipal Administration Bureau of Industry & Commerce; Business license registration No.: QGHZ Zi No. 019003（city bureau） Tax registration No.: GSH Zi No.: 310042607225505 Name and address of Certified Public Accountants engaged by the Company: 上海二纺机股份有限公司 2 0 0 4 年年度报告 Name: Shu Lun Pan Certified Public Accountants Co., Ltd. Address: 61, Nanjing East Road, Shanghai Name: Horwath Hong Kong CPA Limited Address: Room 2001, Central Plaza, 18 Harbour Road, Wan Chai, Hong Kong II. Summary of Financial Highlight and Business Highlight (I) Accounting data as of the year 2004 Unit: RMB 1. Total profit 15,582,218.48 2. Net profit 11,152,671.21 3. Net profit after deducting non-recurring gains and losses -18,590,823.75 4. Profit from main operations 157,486,381.45 5. Other operating profit 4,834,370.33 6. Operating profit -16,760,463.34 7. Investment income 3,962,333.36 8. Subsidy income 823,151.36 9. Net non-operating income/expenses 27,557,197.10 10. Net cash flows from operating activities 88,338,115.23 11. Net increase in cash and cash equivalent 86,010,597.48 Note: Items of deducting non-recurring gains and losses and the relevant amount: Items of non-recurring gains and losses as of the year 2004 are as follows: Unit: RMB 1. Gains and looses occurred due to disposal of other assets except 32,479,888.36 for the Company’s products 2. Various government subsidies 823,151.36 3. Short-term investment income 27,165.93 4. Various non-operating income/expense after deducting reserve -314,238.55 for impairment of assets 5. Switching back various reserve for impairment allotted over the 1,562,000.00 previous years -115,843.40 6. Impact on income tax -4,718,628.74 Total 29,743,494.96 (II) Explanation on difference in net profit audited in conformity to Chinese Accounting Standards and International Accounting Standards The Company’s net profit as of year 2004 audited by Shu Lun Pan Certified Public Accountants and Horwath Hong Kong CPA Limited was RMB 11,152,700 and RMB 9,821,000 respectively. 上海二纺机股份有限公司 2 0 0 4 年年度报告 The Company’s accounting statement of B-share as of year 2004 reported based on International Accounting Standards was audited by Horwath Hong Kong CPA Limited, and difference in net profit and net assets compared with accounting statement of A-share reported in line with Chinese Accounting Standards are as follows: (Unit: RMB’0000) Net profit Net assets 2004 2003 Year-end of Year-end of 2004 2003 As reported as Chinese Accounting 1,115.27 1,081.59 65,485.20 64,503.04 Standards P&L reckoned in direct 76.00 8.20 Unconfirmed loss from consolidated (209.20) (0.5) subsidiaries As restated based on International 982.107 1,089.29 65,485.20 64,503.04 Accounting Standards (III) Major accounting date and financial indexes over the past three years ended the report period Unit: RMB 2003 Increase/decrease 2002 compared with Major accounting data 2004 Before After Before After adjustment the last report adjustment adjustment adjustment period (%) Income from main 1,183,812,681.93 1,027,163,105.3 1,027,163,105.30 15.25 744,592,580.13 744,592,580.13 operations Total profit 15,582,218.48 16,492,244.61 16,492,244.61 -5.52 12,654,193.34 12,654,193.34 Net profit 11,152,671.21 10,815,889.27 10,815,889.27 3.11 9,002,102.84 9,002,102.84 Net profit after deducting non-recurring gains and -18,590,823.75 -5,923,816.19 -5,923,816.19 -213.83 6,515,404.01 6,515,404.01 losses At the end of 2003 Increase/decrease At the end of 2002 At the end of compared with Before After Before 2004 After adjustment the last report adjustment adjustment adjustment period (%) Total assets 1,317,273,512.56 1,394,150,285.52 1,394,150,285.52 -5.51 1,251,765,210.42 1,251,765,210.42 Shareholders’ equity 654,852,121.51 645,030,406.48 645,030,406.48 1.52 634,137,870.11 634,137,870.11 Net cash flow arising 88,338,155.23 2,480,307.75 2,480,307.75 3,461.58 63,152,694.70 63,152,694.70 from operating activities 2003 Increase/decrease 2002 compared with Major financial indexes 2004 Before After Before After adjustment the last report adjustment adjustment adjustment period (%) Earnings per share (fully 0.0197 0.01909 0.01909 3.20 0.0159 0.0159 diluted) Return on equity (fully 1.70 1.68 1.68 1.19 1.42 1.42 上海二纺机股份有限公司 2 0 0 4 年年度报告 diluted) (%) Return on equity as calculated based on net profit after deducting -2.84 -0.92 -0.92 -208.70 1.03 1.03 non-recurring gains and losses (fully diluted) (%) Net cash flow per share arising from operating 0.1560 0.0044 0.0044 3,445.45 0.111 0.111 activities Earnings per share 0.0197 0.01909 0.01909 3.20 0.0159 0.0159 (Weighted average) Earnings per share as calculated based on net profit after deducting -0.0328 -0.0105 -0.0105 -212.38 0.0115 0.0115 non-recurring gains and losses (fully diluted) Earnings per share as calculated based on net profit after deducting -0.0328 -0.0105 -0.0105 --212.38 0.0115 0.0115 non-recurring gains and losses (weighted average) Return on equity 1.70 1.68 1.68 1.19 1.42 1.42 (weighted average) (%) Return on equity as calculated based on net profit after deducting -2.84 -0.92 -0.92 208.70 1.03 1.03 non-recurring gains and losses (weighted average) (%) At the end of 2003 Increase/decrease At the end of 2002 At the end of compared with Before After Before 2004 After adjustment the last report adjustment adjustment adjustment period (%) Net assets 1.156 1.139 1.139 1.49 1.119 1.119 Net assets per share after 1.122 1.075 1.075 4.37 1.036 1.036 adjustment Calculation equation for major financial indexes: Earnings per share = net profit / total ordinary shares at the year-end Net assets per share = shareholders’ equity at the year-end / total ordinary shares at the year-end Net assets per share after adjustment = (shareholders’ equity at the year-end – accounts receivable over 3 years – expenses to be diluted – assets loss (flow and fixed) to be dealt with – organization costs – long-term expenses to be diluted) / total shares at the year-end 上海二纺机股份有限公司 2 0 0 4 年年度报告 Net cash flow per share arising from operating activities = Net cash flow arising from operating activities / total n shares at the year-end Return on equity = net profit/ shareholders’ equity at the year-end ×100% (IV) Return on equity and earnings per share are calculated according to the requirements of Regulations on the Information Disclosure of Companies Publicly Issuing Shares (No. 9) released by CSRC: Return on equity (%) Earnings per share (RMB) Profit as of the report period Fully Weighted Fully Weighted diluted average diluted average Profit from main operations 24.05 24.05 0.278 0.278 Operating profit -2.56 -2.56 -0.0296 -0.0296 Net profit 1.70 1.70 0.0197 0.0197 Net profit after deducting -2.84 -2.84 -0.0328 -0.0328 non-recurring gains and losses (V) Particulars about change in shareholders’ equity in the report period Items Share capital Public reserve Surplus Statutory welfare Retained profit Total reserve funds shareholders’ equity Amount at the 566,449,189.46 67,379,563.29 7,614,473.15 2,563,673.51 4,205,314.77 645,030,406.48 period-begin Increase in 760,628.84 2,441,881.06 813,960.89 10,623,261.53 10,620,861.02 this period Decrease in 799,145.99 799,145.99 this period Amount at the 566,449,189.46 68,140,192.13 10,056,354.21 3,377,634.40 14,029,430.31 654,852,121.51 period-en Reasons for change: (1) Reason for change of public reserve: canceling accounts payable over 5 years after verification (2) Reason for change of surplus reserve: allotting surplus reserve (3) Reason for change of statutory welfare funds: allotting statutory welfare funds (4) Reason for change of retained profit: increase of profit III. Changes in Share Capital and Particulars about Shareholders (I) Change in share capital (Unit: share) Increase/decrease of this time (+, - ) Items Year-begin Rationed Bonus Capitalization of Additional Year-end Others Sub- total share shares public reserve issuance I. Unlisted Shares 1. Sponsors’ shares 262,342,310.00 262,342,310.00 Including: State-owned share 262,342,310.00 262,342,310.00 Domestic legal person’s shares 上海二纺机股份有限公司 2 0 0 4 年年度报告 Foreign legal person’s shares Others 2. Raised legal person’s shares 3. Inner employees’ shares 4. Preference shares or others Total unlisted shares 262,342,310.00 262,342,310.00 II. Listed Shares 1. RMB ordinary shares 71,181,880.00 71,181,880.00 2. Domestically listed foreign 232,925,000.00 232,925,000.00 shares 3. Overseas listed foreign shares 4. Others Total Listed shares 304,106,880.00 304,106,880.00 III. Total shares 566,449,190.00 566,449,190.00 (II) Issuance and listing of the share: 1. All issuance of shares during the past three years During the past three years ended this report period, the Company did not issue new share. 2. Changing in total shares and its structure During the report period, there were no changes in the total shares and structure of share capital because the Company did not distribute bonus shares and transfer public reserve into share capital. 3. Existent inner employees’ shares The Company has no inner employee shares. (III) Particulars about shares held by main shareholders: 1. About shareholder at the end of the report period At the end of the report period, the Company has 91,177 shareholders in total, including 47,967 shareholders of A-share, 43,210 shareholders of B-share. 2. Ended Dec. 31, 2004, shares held by the top ten shareholders and the top ten shareholders of circulation share: (1) Particulars about the top ten shareholders: Nature of Increase/ shareholders Shares held Type of share Share decrease in Proportion (state-owned Name of shareholders (full name) at the (Circulating/No pledged or the report (%) shareholder and year-end n-circulating) frozen year foreign shareholder) State-owned Assets Supervision and State-owned Administration Commission of Shanghai 0 262,342,310 46.31 Non-circulating Unknown shareholder Municipal Government 上海二纺机股份有限公司 2 0 0 4 年年度报告 YIN QI HONG Unknown 755,527 0.1334 Circulating Unknown Foreign shareholder GUAN XUE MAN Unknown 666,100 0.1176 Circulating Unknown Foreign shareholder TENG LIN Unknown 655,600 0.1157 Circulating Unknown Foreign shareholder YIN JIAN GUO Unknown 643,805 0.1137 Circulating Unknown Foreign shareholder SUN XUE YING Unknown 560,811 0.099 Circulating Unknown Foreign shareholder ZHU LI PING Unknown 554,500 0.098 Circulating Unknown Foreign shareholder ZHONG YUAN YUE Unknown 553,000 0.097 Circulating Unknown Foreign shareholder LIANG WEI NI Unknown 525,100 0.093 Circulating Unknown Foreign shareholder SHAO JUN PENG Unknown 497,740 0.088 Circulating Unknown Foreign shareholder Note: State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government entrusted Shanghai Electric (Group) Corporation to manage the Company’s state-owned shares; Pacific Mechanical-Electronic (Group) Co., Ltd. is an authorized operation unit of the Company’s state-owned shares, and holds 262,342,310.00 shares of the Company, taking 46.31% of total share capital of the Company. During the report period, the Company’s controlling shareholder remained unchanged. (2) Brief introduction of the controlling shareholder of the Company, namely authorized state-owned assets operation unit: Name of authorized operation unit: Pacific Mechanical-Electronic (Group) Co., Ltd. Legal representative: Zheng Yuanhu Date of foundation: Aug. 1994 Registered capital: RMB 1 billion Type of enterprise: Limited Company Structure of equity: state-owned sole corporation Business scope: Textile machinery & facilities, garment machineries, electromagnetic products, environment protection equipment, construction decoration, computer engineering, office automation, metal materials, construction materials, textile materials, hardware, daily necessities, garments and accessories, equipment leasing and self-support I&E business authorized by Foreign Trade & Commerce Commission. (3) Brief introduction of the controlling shareholder of the Company Name of the holding shareholder of the Company: Shanghai Electric (Group) Corporation Legal representative: Wang Chengming Date of foundation: 1996 上海二纺机股份有限公司 2 0 0 4 年年度报告 Registered capital: RMB 4.731 billion Structure of equity: state-owned sole corporation Business scope: Contracting of electric power project, equipment assembling or delivery, labor provision, industrial investment, manufacturing and marketing of electromagnetic and relevant products; technical support and training for domestic or overseas projects, authorized operation and management of state-owned assets and domestic trade of all kinds (except limited by relevant regulations or rules). (4) About the actual controller Name: State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government Main business and management: Supervision and management of state-owned assets (5) Particulars about change in the controlling shareholder and actual controller During the report period, the Company’s controlling shareholder and actual controller remained unchanged. State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government 100% Shanghai Electric (Group) Corporation 100% Pacific Mechanical-Electronic (Group) Co., Ltd. (authorized operation unit of state-owned shares) 46.31% Shanghai Erfangji Co., Ltd. (6) Particulars about the top ten shareholders of circulating share: Full name of Shareholders Number of circulation share Type (A-share, B-share, held at the year-end (share) H-share or others) YIN QI HONG 755,527 B-share GUAN XUE MAN 666,100 B-share TENG LIN 655,600 B-share YIN JIAN GUO 643,805 B-share SUN XUE YING 560,811 B-share ZHU LI PING 554,500 B-share ZHONG YUAN YUE 553,000 B-share LIANG WEI NI 525,100 B-share SHAO JUN PENG 497,740 B-share LI YU HONG 492,470 B-share 上海二纺机股份有限公司 2 0 0 4 年年度报告 Explanation on associated The Company did not know whether there exists relationship among the top ten associated relationship or consistent action among the shareholders circulating share top ten shareholders of circulating share or not. IV. Particulars about Directors, Supervisors, Senior Executives and Employees (I) Basic information of directors, supervisors and senior executives Name Title Office Shares Shares Type of share term held at the held at the Sex Age year-begin year-end (share) (share) Zheng Male 39 Chairman of the Board, May 2004- 0 0 Yuanhu Secretary of the Party May 2007 Committee Li Peizhong Male 50 Director, General May 2004- 0 0 Manager, Vice-secretary May 2007 of the Party Committee Cui Ling Male 43 Director, Standing May 2004- 3000 3000 Circulating share Deputy General Manager, May 2007 Chief Engineer Mei Male 44 Director, Chief Financial May 2004- 1000 1000 Circulating share Jianzhong Officer May 2007 Wang Male 47 Director, Vice-secretary May 2004- 3000 3000 Circulating share Chengzong of the Party Committee, May 2007 Chairman of the Labor Union Zhang Male 55 Director May 2004- 0 0 Fubiao May 2007 Ni Di Male 65 Independent Director May 2004- 0 0 May 2007 Gao Yong Male 52 Independent Director May 2004- 0 0 May 2007 Cao Huimin Male 51 Independent Director Dec. 0 0 2004- May 2007 Xu Zucheng Male 48 Chairman of the May 2004- 0 0 Supervisory Committee, May 2007 Vice-secretary of the Party Committee, Secretary of commission for Discipline Inspection Yu Zhifen Male 57 Vice Chairman of the May 2004- 0 0 Supervisory Committee May 2007 Gao Erqi Male 57 Supervisor May 2004- 0 0 上海二纺机股份有限公司 2 0 0 4 年年度报告 May 2007 Zhang Fuhai Male 48 Supervisor, May 2004- 1000 1000 Circulating share Vice-secretary of May 2007 commission for Discipline Inspection Wu Zhanhua Female 49 Supervisor May 2004- 1000 1000 Circulating share May 2007 Wei Baorong Male 52 Deputy General Manager, May 2004- 5324 5324 Circulating share Vice-secretary of the May 2007 Party Committee Pan Male 50 Deputy General Manager May 2004- 2001 2001 Circulating share Ronggao May 2007 Gong Male 43 Deputy General Manager May 2004- 2000 2000 Circulating share Jianping May 2007 Li Bo Male 48 Secretary of the Board May 2004- 1000 1000 Circulating share May 2007 (II) Major work experience of directors, supervisors and senior executives 1. Zheng Yuanhu, ever took the posts of Deputy General Manager of Shanghai Diesel Engine Company Limited, Director, President and Secretary of Party Committee of Pacific Mechanical-Electronic (Group) Co., Ltd.. Now he acts as Chairman of the Board and Secretary of Party Committee of Pacific Mechanical-Electronic (Group) Co., Ltd., and Chairman of the Board and Secretary of Party Committee of Shanghai Erfangji Co., Ltd.. 2. Li Peizhong, ever took the posts of Factory Director of Shanghai Textile Machinery Special Parts Factory, Factory Director of Shanghai Textile Machinery General Factory and Vice-president of Pacific Mechanical-Electronic (Group) Co., Ltd.. Now he acts as President of Pacific Mechanical-Electronic (Group) Co., Ltd., Director, General Manager and Vice Secretary of Party Committee of Shanghai Erfangji Co., Ltd.. 3. Cui Ling, ever took the posts of Assistant of Chief Engineer and concurrently Engineer and Deputy General Manager of Shanghai Erfangji Co., Ltd.. Now he acts as Director, Standing Deputy General Manager and Chief Engineer of Shanghai Erfangji Co., Ltd.. 4. Mei Jianzhong, ever took the posts of Chief Financial Officer of Shanghai Erfangji Co., Ltd.. Now he acts as Director and Chief Financial Officer of Shanghai Erfangji Co., Ltd.. 5. Wang Chengzong, ever took the posts of Vice Chairman and Chairman of the Labor 上海二纺机股份有限公司 2 0 0 4 年年度报告 Union of Shanghai Erfangji Co., Ltd.. Now he acts as Director, Vice Secretary of Party Committee and Chairman of Labor Union of Shanghai Erfangji Co., Ltd.. 6. Zhang Fubiao, ever took the posts of Secretary of Party Committee Shanghai Chemical Machinery Factory, Deputy Division Chief of Capital Planning Division of Shanghai Mechanical-Electronic Holding Company (Group), Deputy Division Chief of Capital Planning Division of Shanghai Electric (Group) Corporation, Secretary-General of Auditing Committee and Director of Supervision Office of Shanghai Electric (Group) Corporation. Now he acts as Head of Assets Financial Dept. of Shanghai Electric Assets Administrative Co., Ltd. 7. Ni Di, ever took the posts of Director of the State Commission for Economic Restructuring, Deputy Director of the State-owned Assets Supervision and Administration Bureau, Senior Adviser of the Board of China Everbright Group Limited (he has retired in June 2001). Now he acts as specially invited Council Member of the China Society of Economic Reform (CSER), Senior Adviser of Chang Jiang Securities Co., Ltd., Independent Director of Feilo Acoustics Co., Ltd. Shanghai and Independent Director of Shanghai Feilo Co., Ltd.. 8. Gao Yong, ever took the posts of Deputy Director, Vicar-Director of Beijing Tool Research Institute, Director of General Office of Beijing Tool Industries Company, Deputy Division Chief, Division Chief and Deputy Director of Equipment Department of Ministry of Textile Industry, Vice Chairman of China Textile Association, President of China Textile Machinery & Accessories Association, Deputy Director of China Textile Economic Research Center, Standing Vice President of China Textile Enterprise Confederation, President of China Textile Machinery & Accessories Association. Now he acts as Vice Chairman of China Textile Association, President of China Textile Machinery & Accessories Association and Director of International Trade Office of China Textile Association. 9. Cao Huimin, ever took the posts of Officer of Financial Division of Sinopec Shanghai Gaoqiao Petrochemical Corporation of China Petroleum & Chemical Corporation, Teacher (Lector, Associate Professor and Professor) of Shanghai Lixin University of Commerce (Lixin Accounting Senior Academy). He now acts as Assistant Dean of Shanghai Lixin University of Commerce. 10. Xu Zucheng, ever took the posts of Secretary of Youth League Committee, Vice Secretary of Party Committee and concurrently Chairman of the Labor Union of Shanghai No. 4 Textile Machinery Factory, Vice Chairman of Party Committee and Chairman of the Labor Union of Shanghai Textile Machinery General Factory, Chairman of the Labor Union of Pacific Mechanical-Electronic (Group) Co., Ltd., Secretary of Commission for Discipline Inspection and Chairman of the Labor Union of Pacific Mechanical-Electronic (Group) Co., Ltd.. Now he acts as Vice Chairman of Party Committee and Chairman of the Labor Union of Pacific Mechanical-Electronic (Group) 上海二纺机股份有限公司 2 0 0 4 年年度报告 Co., Ltd., and Chairman of the Supervisory Committee, Vice Secretary of Party Committee and Secretary of Commission for Discipline Inspection of Shanghai Erfangji Co., Ltd.. 11. Yu Zhifen, ever took the posts of Deputy Chief Accountant and Chief Accountant of Shanghai Textile Mechanical-Electronic Factory, Chief Accountant of Yuan Dong Card Wire Ciothing Factory, Deputy Chief Accountant and Chief Accountant of Pacific Mechanical-Electronic (Group) Co., Ltd.. Now he acts as Chief Financial Officer of Pacific Mechanical-Electronic (Group) Co., Ltd. and Vice Chairman of the Supervisory Committee of Shanghai Erfangji Co., Ltd.. 12. Gao Erqi, ever took the posts of Secretary of Party Committee and Deputy Director of Scientific Research Center and Secretary of Party Committee, General Manager, Director of Office and Manager of Personnel Dept. of Technology Dept. of Pacific Mechanical-Electronic (Group) Co., Ltd., Director of Shanghai Textile Machinery Research Institute and of Shanghai Textile Accessories Research Institute, President of Shanghai Textile Machinery University of Staff and Workers. Now he acts as Researcher of Pacific Mechanical-Electronic (Group) Co., Ltd. and Supervisor of Shanghai Erfangji Co., Ltd.. 13. Zhang Fuhai, ever took the posts of Secretary of Party Branch of No. 8 Branch Factory, Secretary of Party Branch of Spinning and Fiber Dept., Director of Auditing Office and Secretary of Party Branch in Administration of Shanghai Erfangji Co., Ltd.. Now he acts as Supervisor, Vice Secretary of Commission for Discipline Inspection and Director of Supervision and Auditing Office of Shanghai Erfangji Co., Ltd.. 14. Wu Zhanhua, ever took the posts of Head of the Labor Union of Shanghai Erfangji Automobile Service Company, Chairman of the Labor Union of Shanghai Liangji Metal Product Co., Ltd., Vice Secretary of the Labor Union of Shanghai Erfangji Co., Ltd.. Now he acts as Supervisor and Clerk of the Labor Union of Shanghai Erfangji Co., Ltd.. 15. Wei Baorong, ever took the posts of Chairman of the Labor Union and Deputy General Manager of Shanghai Erfangji Co., Ltd.. Now he acts as Deputy General Manager and Vice Secretary of Party Committee of Shanghai Erfangji Co., Ltd.. 16. Pan Ronggao, ever took the post of General Manager of Shanghai Liangji Materials Co., Ltd.. Now he acts as Deputy General Manager of Shanghai Erfangji Co., Ltd.. 17. Gong Jianping, ever took the posts of Assistant General Manager of China Textile Machinery Co., Ltd., Vice Secretary of Party Committee of Shanghai Erfangji Co., Ltd.. Now he acts as Deputy General Manager of Shanghai Erfangji Co., Ltd.. 18. Li Bo, ever took the posts of Deputy Factory Director and General Manager of Shanghai Liangji Plastic Product Co., Ltd., Director of Office, Manager of Management 上海二纺机股份有限公司 2 0 0 4 年年度报告 Dept. and Assistant General Manager of Shanghai Erfangji Co., Ltd.. Now he acts as Secretary of the Board and Director of Office of Shanghai Erfangji Co., Ltd.. (III) Particulars about holding the post in Shareholding Company Title in Shareholding Drawing the payment Name Name of Shareholding Company Company (Yes / No) Chairman of the Board, Pacific Mechanical-Electronic (Group) Zheng Yuanhu Secretary of Party Yes Co., Ltd. Committee Pacific Mechanical-Electronic (Group) Li Peizhong President Yes Co., Ltd. Shanghai Electric (Group) Corporation Head of Assets Zhang Fubiao Shanghai Electric Assets Administrative Yes Financial Dept. Co., Ltd. Vice-secretary of Party Pacific Mechanical-Electronic (Group) Xu Zucheng Committee, Chairman Yes Co., Ltd. of the Labor Union Pacific Mechanical-Electronic (Group) Yu Zhifen Chief Financial Officer Yes Co., Ltd. Pacific Mechanical-Electronic (Group) Gao Erqi Researcher Yes Co., Ltd. (IV) Particulars about holding the post in other companies Title in Shareholding Drawing the payment Name Name of other companies Company (Yes / No) Vice Chairman of the Li Peizhong China Textile Machinery Co., Ltd. No Board Shanghai Delphi International Battery Zhang Fubiao Shanghai East Best Arts & Crafts Co., Director, Supervisor No Ltd. Chang Jiang Securities Co., Ltd. Senior Adviser, Allowance of Ni Di Feilo Acoustics Co., Ltd. Shanghai. Independent Director, independent director Shanghai Feilo Co., Ltd. Independent Director China Textile Machinery Co., Ltd. Independent Director, Allowance of Gao Yong Jingwei Textile Machinery Company Independent Director independent director Limited Shanghai Fudan Forward S&T Co., Ltd. Independent Director, Allowance of Cao Huimin Shanghai Dragon Corporation Independent Director, independent director Xinjiang Guo Tong Piping Co., Ltd. Independent Director Shanghai Aton Electric Co., Ltd. Xu Zucheng Director, Supervisor No Zhejiang Hangmin Co., Ltd. (V) Particulars about the annual remuneration of directors, supervisors and senior 上海二纺机股份有限公司 2 0 0 4 年年度报告 executives 1. Decision-making procedure of the payment of directors, supervisors and senior executives: The payment received by directors, supervisors and senior executives was determined in accordance with the annual operation-working target and examination method of salary distribution established by the Board of Directors and the Controlling Group and accomplishment of the Company’s operation benefit through yearly examination. 2. Determination base of the payment of directors, supervisors and senior executives The payment was determined in line with the Company’s Examination Method of Middle and Senior Executives and Detailed Rules of Classified Wage Estimation Plan. 3. About remuneration Unit: RMB Total annual remuneration of directors, supervisors and 740,739 senior executives Total annual remuneration of the top three directors drawing 211,280 the highest payment Total annual payment of the top three senior executives 342,243 drawing the highest payment Total allowance of independent director 90,000 Other treatment of Independent Directors 0 4. Particulars about directors and supervisors receiving no payment or allowance from the Company Name of directors and supervisors receiving no Drawing the payment from the Shareholding payment or allowance from the Company Company or other related companies (Yes/No) Director: Zheng Yuanhu, Li Peizhong, Mei Jianzhong and Zhang Fubiao Yes Supervisor: Xu Zucheng, Yu Zhifen and Gao Erqi 5. Scope of payment Payment Number of persons RMB 45001～RMB 80000 2 RMB 80001～RMB 110000 3 RMB 110001～RMB 130000 3 6. Particulars about changing of directors, supervisors and senior executives Name Title Reason of resignation Zhao Xiaoju Independent Director She took the resignation by herself. Cao Huimin Independent Director He was additionally elected. 7. About employees 上海二纺机股份有限公司 2 0 0 4 年年度报告 By the end of report period, the Company has 1874 on-the-job employees in total. The Company need pay the expenses of 116 retirees. The composing of employees are as follows: 1. The professional composing Types of professional composing Number Production workers 830 Salespersons 63 Technicians 213 Financial personnel 21 Administrative personnel 258 2. Education level Types of education level Number Master degree 14 Bachelor degree 111 Three years college 252 Secondary specialized or technical school student 87 上海二纺机股份有限公司 2 0 0 4 年年度报告 V. Administration Structure (I) Administration of the Company In the report period, strictly according to the requirements of the Company Law, Securities Laws and the relevant laws and regulations issued by CSRC, the Company standardized its operation, and was devoted to consistently consummate its legal person’s administration structure. In order to fulfill the relevant spirits of the Administration Rules for Listed Companies and Circular on Standardizing Capital Current between Listed Companies and Related Parties and External Guarantees and Other Some Problems, the Board of Directors of the Company amended the related parties of Articles of Association of the Company, added the regulations of external guarantee of the Company, current capital between the Company and the controlling shareholders and accumulative voting system adopted when the Board elects. To further standardize and perfect the of the Company’s behavior, strictly control risk of the Company’s external guarantee and ensure standardization and effectiveness of the work of the Board and scientificness of decisions. (1) Shareholders and Shareholders’ General Meeting: According to the requirements of Standardization Opinion of Shareholders’ General Meeting and Rules of Procedure of Shareholders’ General Meeting, Rules of Procedure of the Board of Directors and Rules of Procedure of Supervisory Committee established by the Company, the Company convened and held shareholders’ general meeting, the Board meeting and meeting of supervisory committee, seriously performed their duties, and established the operation manner with each restricting and independent operation, to ensure the equality of the shareholders, especially to ensure middle and small shareholders enjoy the equal status, to ensure all shareholders execute the rights fully and to ensure knowing, participation and voting rights of shareholders in significant events of the Company. (2) Directors and the Board: the Board of Directors of the Company elected directors strictly according to the relevant procedure of directors election regulated in the Articles of the Association of the Company. The new Board of Directors of the Company consisted of 9 directors, including 3 independent directors, which was in compliance with the requirements of laws and regulations. In accordance with China Securities Regulatory Commission continually perfected professional structure of independent directors of listed companies, the Company made standardized and reasonable adjustment in the structure of original independent directors; at present, the structure of independent directors has accorded with the requirements of the aforesaid supervision department. In the report period, the Company’s Strategic Committee and Auditing Committee researched the Company’s long-term development strategy and important investment decisions and raised the valuable suggestions on reengaging certified public accountants. The Company’s directors were industrious and responsible for their duties and protected the interests of the whole shareholders and the Company. 上海二纺机股份有限公司 2 0 0 4 年年度报告 (3) Supervisors and the Supervisory Committee: The Supervisory Committee of the Company elected supervisors strictly according to the relevant procedure of supervisors election regulated in the Articles of the Association of the Company. The Supervisory Committee of the Company consisted of 5 supervisors, including 2 employee supervisors, which was in compliance with the requirements of laws and regulations. In the report period, in the spirit of being responsible for the shareholders, the supervisors of the Company fulfilled their duties seriously and supervised on lawfulness and regularity of financial management of the Company and performance of the directors and senior executives of the Company. (4) Information Disclosure and its Transparency: Listed companies are responsible for disclosing information consistently. In the report period, the Company disclosed all kinds of relevant information of the Company truly, correctly, completely and timely according to the relevant terms of the laws, regulations, the Articles of the Association of the Company and Management System for Information Disclosure of the Company. The Company designated the secretary of the Board to take charge of information disclosure and reception the visit and consult of shareholders, to ensure equal chance for all shareholders to acquire the information of the Company. (II) Particulars about performance of Independent Directors 1. Particulars about independent directors’ presenting the Board meeting: Name of Times that should be Times of Times of Times of independent attend the Board personal commission absence directors meeting presence presence Ni Di 9 9 0 0 Gao Yong 6 6 0 0 Cao Huimin 1 1 0 0 In 2004, three independent directors of the Company attended 9 meetings, 6 meetings and 1 meeting respectively (one of three independent directors held the post on May 19, 2004, another one held the post on Dec. 24, 2004.). According to the relevant laws and regulations of Company Law and Securities Law and relevant regulations of the Articles of the Association, in the spirit of being responsible for the shareholders, all independent director fulfilled the obligation in trust and industrious manner and examined seriously all proposals and the relevant information submitted to the Board for approval and protected the whole interest of the Company and legal interests of middle and small shareholders; attended shareholders’ general meeting and every meeting of the Board and gave counsels on the operation and management and sustainable development of the Company; according to the Articles of Independent Director System of the Company (on trial), independent directors expressed independent opinions on the resolutions of the Board and played a positive role in the scientificness and objectiveness of decisions of the Board and sustainable 上海二纺机股份有限公司 2 0 0 4 年年度报告 development of the Company. According to the requirements of Guidelines Opinion on Establishing Independent Director in Listed Companies, before the end of June 2003, the independent directors of the Company reached to 1/3 of the directors. 2. Particulars about the objection proposed by independent directors on the relevant events During the report period, the Company’s independent directors did not propose the objection on proposals of the Board meetings and proposals of other meetings. The Company was totally separated with controlling shareholder in business, assets, staff, institutions, and finance. (III) Situation of the controlling shareholders in business, personnel, assets, organization and finance of the Company 1. Business: The Company’s main operation is prominent, possessed the whole business and independent operating capability. The controlling shareholder did not intervene in the Company’s business and operation directly and indirectly, the related transaction is fair and reasonable, which did not harm the interests of the Company and its shareholders. 2. Personnel: the Company is completely independent from the controlling shareholders in aspects of human resources and wage management. The Company set up human resources department, and senior executives of the Company drew their remuneration from the Company basically. 3. Assets: The Company has independent and complete production system, auxiliary production system, supplying and marketing system and complementary facilities and has intangible assets such as independent ownership of industrial property, trademark and non-patent technology etc.. 4. Organization: The Company has independent decision-making and management organization and function department, and set up the corresponding rules and regulations; the Company completed independence from the controlling shareholder and its function department and independently operated respectively. . 5. Finance: the Company has independent financial department and financial personnel, established financial and accounting management system according to the relevant laws and regulations, and opened independent bank accounts, paid the tax and make financial decision. (IV) The Achievements Evaluation and Encouragement Mechanism of Senior Executives of the Company The Company evaluated on the achievements of the senior executives twice, for the first half of the year and for the whole year. The contents of the evaluation included: ① each economic technical index;② spiritual civilization construction, ③ the ability of operation and management; ④democratic comments by the staff of the Company. Integrating the above four aspects, the Company evaluated the on the achievements of the senior executives. 上海二纺机股份有限公司 2 0 0 4 年年度报告 VI. Brief of the Shareholders’ General Meeting (I) Particulars about Annual shareholders’ General Meeting 1. About notification, convening and holding of Shareholders’ General Meeting The 17th Shareholders’ General Meeting (namely Annual Shareholders’ General Meeting 2003) of Shanghai Erfangji Co., Ltd. was held in the conference hall of the Company’s culture center on the afternoon of May 18, 2004. The resolutions passed by the Shareholders’ General Meeting and disclosure are as follows: The Shareholders General Meeting examined and approved the following proposals: (1) Work Report of the 4th Board of Directors of Shanghai Erfangji Co., Ltd.; (2) Work Report of the 4th Supervisory Committee of Shanghai Erfangji Co., Ltd.; (3) Full Text and Summary of 2003 Annual Report of Shanghai Erfangji Co., Ltd.; (4) Final Accounts Report for 2003 and Financial Budget Report for 2004 of the Company; (5) Profit Distribution Plan of the Company for 2003 In view of the Company's current operating status and its demand of sustainable development, the profit distribution preplan of the Company for 2003 is as follows: The Company plans neither to distribute profit nor issue bonus shares by capitalizing capital surplus. (6) The Proposal for Writing off All Kinds of Bad Assets for 2003 The Company declared 6 accounts receivable with account age of over three years confirmed to be unrecoverable, totaling RMB 3.2663 million. (7) The Proposal for Making Provision for Impairment of Assets for 2003 The provision for impairment of assets increased by RMB 6.7448 million this time. (8) The Proposal for Renewing the Engagement of Auditing Certified Public Accountants for the Company The Company plans to renew the engage Shanghai Shu Lun Pan Certified Public Accountants and Horwath Certified Public Accountants as the audit firms for the Company in 2004. The period of engagement is one year and audit fee will be paid pursuant to relevant national regulations. In 2003，the Company paid audit fee of RMB 0.8 million to Shanghai Shu Lun Pan Certified Public Accountants and Horwath Certified Public Accountants. (9) The Proposal for Adjusting Annual Allowance of Independent Directors of the Company The Company adjusted the annual allowance for independent directors from RMB 25,000 (tax included) to RMB 30,000 (tax excluded). (10) The Proposal for Amending the Articles of Association of the Company (11) The Proposal on Electing Director Candidates of the 5th Board of Directors of the Company Electing Wang Chengzong, Li Peizhong, Zhang Fubiao, Zheng Yuanhu, Mei Jianzhong and Cui Ling as directors of the 5th Board of Directors; Ni Di, Gao Yong and Zhao Xiaoju as independent directors of the 5th Board of Directors (sequenced by the number of strokes of surname). (12) The Proposal on Electing Supervisor Candidates of the 5th Supervisory 上海二纺机股份有限公司 2 0 0 4 年年度报告 Committee of the Company Electing Gao Erqi, Xu Zucheng and Yu Zhifen as supervisors of the 5th Supervisory Committee; Zhang Fuhai and Wu Zhanhua as employee supervisors of the 5th Supervisory Committee (sequenced by the number of strokes of surname). The public notices of resolutions of the said Annual Shareholders’ General Meeting were published on Shanghai Securities News and Ta Kung Pao dated May 19, 2004. In accordance with the relevant regulations of the Articles of Association of the Company, the Company adopted accumulative voting system on the said directors election; the lawyer Zhang Ping and lawyer Zhao Jianping from Shanghai Jinshi Law Firm witnessed the said shareholders’ general meeting. (II) Particulars about the Provisional Shareholders’ General Meeting About notification, convening and holding of the 1st Provisional Shareholders’ General Meeting 2004: The 18th (Provisional) Shareholders’ General Meeting of Shanghai Erfangji Co., Ltd. was held in the conference hall of the Company’s culture center on the afternoon of Dec. 24, 2004. The resolutions passed by the Shareholders’ General Meeting and disclosure are as follows: The Extraordinary Shareholders General Meeting examined and approved the following proposals: (1) Proposal on Requesting Shareholders’ General Meeting to Authorize the Board to Examine the Company’s Related Transactions for Sustainable Operation The Company estimated that amount of related transaction for sustainable operation occurred in 2004 was about RMB 150 million. The Proposal is a related transaction, so shareholders of state-owned shares did not join the voting. (2) Proposal on Use Right of the Company’s Land in No. 381, Liangzhou Road to be Purchased The Company agreed Shanghai East Wai Tan Property Co., Ltd. to purchase Use Right of the Company’s Land in No. 381, Liangzhou Road with purchasing compensatory price amounting to RMB 47.0385 million. (3) Proposal on Changes in Independent Directors of the Company Mr. Cao Huimin was additionally elected as independent director of the 5th Board of Directors of the Company. The public notices of resolutions of the said Provisional Shareholders’ General Meeting were published on Shanghai Securities News and Ta Kung Pao dated Dec. 25, 2004. The lawyer Zhang Ping and lawyer Zhao Jianping from Shanghai Jinshi Law Firm witnessed the said provisional shareholders’ general meeting. 上海二纺机股份有限公司 2 0 0 4 年年度报告 第二章VII. Report of the Board of Directors (I) Discussion and analysis to the overall operation in the report period Last year, according to the working objectives proposed in the 26th Meeting of the 4th Board of Directors, the Board of Directors adopted the all-round, harmonious and sustainable approach for development, further enhanced the operation quality of the Company, promoted the standardized operation and sustainable development, and gave priority to maximize the shareholders’ interests and improve the Company’s profit-making capacity. Besides, the Company attached much importance to sincerity and trust, made clear of the listed companies’ obligation and responsibility of information disclosure, ensured the truthfulness, correctness, and completeness of the information disclosure. The Company also faithfully fulfilled its responsibility and safeguarded the Company and shareholders’ interests. It persisted in overcoming hardships in the course of progress with a development concept and tackling the remained problems. It continually improved the capital operation capacity, speeded up the development in capital market, promoted the five-projects, reinforced the innovation, won some development advantages, and enhanced the core competitiveness to gain the sustainable development of the Company. With the support of all shareholders, the pioneering of the management and the continuous innovation and the hardworking of the staff, the Company realized the goal proposed by the Board of Directors in the report year. This made the basis for the Company’s strategy of sustainable and rapid development. In 2004, the Company realized income from main operations amounting to RMB 1,183,812.7 thousand, gross profit amounting to RMB 158,983.2 thousand, gross profit ration amounting to 13.43% and net profit amounting to RMB 11,152.7 thousand. 1. In 2004, the Company better recognized that an enterprise must focus more on brand and culture operation than on product operation in order to develop itself. Therefore, the Company largely adjusted itself in respect of ideas and concept of operation, and positioned its work in sharpening the competitiveness edge of the Company. 2. In 2004, the Company made some breakthroughs in the design of roving frame, compactness yarn, spinning frame long vehicle concentrated network equipment. In particular, the Company succeeded in the design and manufacture of the large-capacity chemical fiber textile machine, which is favorable for the Company’s further development. In the report period, in developing the cotton textile devices, the Company emphasized on developing and improving the EJK211 series roving frame, EJM971 compactness spinning device, EJM138JL series spinning frame, etc.. The EJK211 roving frame was assessed by Shanghai High-tech Fruit Transformation Service Center as one of the 9th group of high-tech fruit transformation project in 2004. In aspect of developing and improving the chemical fiber textile machines, the Company gained growth point through the large-capacity terylene short silk textile machines. The Company has increased its 上海二纺机股份有限公司 2 0 0 4 年年度报告 output of terylene short silk chemical fiber loom, whose annual turnout reached 30 thousand tons, from 3 pieces in 2003 to 13 pieces in 2004. Moreover, the Company speeded up its development in terylene short silk loom whose capacity annual turnout would be 50-60 thousand, so as to make preparations for the upgrade of fiber chemical fiber textile machines in next year. 3. In 2004, the Company formed its marketing strategy as “Building the marketing strategy alliance and exerting the marketing advantages in the industry”. The output of spinning frame frequently made some breakthroughs, gaining certain market shares for the Company. In respect of the marketing strategy, the Company made greater efforts to promote its new products. In 2004, it successfully held Promotion Meeting for EJM168 Spinning Frame at home and abroad, Promotion Meeting for EJK211 Roving Frame in Shandong Province and International Textile Loom Exhibition in Beijing, which further demonstrated the image of the Company and its products well. 4. In 2004, the Company implemented five projects and made some accomplishments in the stage, which will push the Company’s new round of reform, adjustment and development. ----In the project of technology innovation, the Company’s auto-winding machine and other new products passed the appraisal, and the compactness textile device and other four new technologies won the patent right. The large-capacity chemical fiber short silk looms have gone on the market and are being sold in batch. ----In the quality and bard project, the parts and devices to be put in storage all passed the quality verification with no exception. After the fire in a user unit broke out, the Company swiftly organized the staffs in the marketing and assembly departments to rush to repair and restart the production. The around-the-clock work reduced the losses against time, which wined reputation and promoted brand image of the Company. ----In the health and fitness project, the Company integrated production, purchase and outsourcing process. It made some organizational adjustment regarding system transformation of some production departments and several subsidiaries. These were advantageous to realize levelization management, deploy human resources rationally, and implement the overall reform strategy. ----In information integration, the Company realized two tasks in 2004: one was to adjust and improve the Company’s website, and the other was to started the establishment of OA system, the beta running of which started at the end of the year. --In talent training, the Company chose 17 backup cadres and recruited 16 college students. It also gave post trainings, craftsmanship trainings and adaptability trainings to as many as 1317 staffs. It completed the goal proposed at the beginning of the year. (II) Operation of the Company in the report period 1. Scope and operation of main operations of the Company (1) Operation of main operations of the Company The scope of main operations of the Company: manufacture of textile machines and relevant electrical appliances, general machinery, photoelectron technology products, metal products and plastic products; print of non-publications and packing and upholstering service; technical service, storage transport; investment in the 上海二纺机股份有限公司 2 0 0 4 年年度报告 establishment of enterprises; sales of self-produced products. (2) Statement of main operations classified according to industries Unit: RMB Industries Income from main Proportion Profit from Proportion in operations in income main operations profit from from main (%) main operations operations (%) (%) 1. Industry 1,208,383,508.80 66.18 142,426,900.91 88.92 2. Real Estate 0.00 3. Construction 12,035,673.30 0.66 1,229,013.32 0.77 4. Service 2,326,168.05 0.13 2,025,074.97 1.26 5. Trade 603,269,772.60 33.03 14,497,747.24 9.05 Sub-total 1,826,015,122.75 100.00 160,178,736.44 100.00 Including: related 75,121,961.52 6.35 14,463,273.15 9.10 transaction Total 1,826,015,122.75 / 160,178,736.44 / Counteracting among all business divisions 642,202,440.82 / 1,195,513.32 / within the Company Total 1,183,812,681.93 158,983,223.12 (3) Statement of main operations classified according to products Unit: RMB Proportion in Proportion in income from Income from Profit from main profit from Items main main operations operations (%) main operations operations (%) (%) Spinning products 807,419,026.43 44.22 78,857,942.94 49.23 Chemical fiber 150,403,289.59 8.24 38,686,921.68 24.15 products Others 868,192,806.73 47.54 42,633,871.82 26.62 Subtotal 1,826,015,122.75 100.00 160,178,736.44 100.00 Including: related 75,121,961.52 6.35 14,463,273.15 9.10 transaction Total 1,826,015,122.75 / 160,178,736.44 / Counteracting among all business 642,202,440.82 / 1,195,513.32 / divisions within the Company Total 1,183,812,681.93 158,983,223.12 Including: total amount of related transactions that the listed company sold products to the controlling shareholder and its subsidiaries was RMB 上海二纺机股份有限公司 2 0 0 4 年年度报告 75,122 thousand in the report period. (4) Statement of main operations classified according to areas Unit: RMB Proportion in Proportion in income from Income from Profit from main profit from Areas main main operations operations (%) main operations operations (%) (%) Asia 417,087,130.34 22.84 12,592,137.06 7.86 North America 4,752,829.87 0.26 118,820.75 0.07 Africa 13,486,945.21 0.74 269,738.90 0.17 Northeast China 1,732,478.63 0.09 190,572.65 0.12 Shanghai 769,071,934.74 42.12 12,718,901.48 7.94 East China 215,740,124.23 11.81 51,277,325.30 32.01 South China 28,061,675.28 1.54 5,407,484.83 3.38 Southwest China 13,872,514.24 0.76 2,532,957.97 1.58 North China 335,388,647.48 18.37 70,143,808.70 43.79 Central China 26,820,842.73 1.47 4,926,988.80 3.08 Subtotal 1,826,015,122.75 100.00 160,178,736.44 100.00 Including: related 75,121,961.52 6.35 14,463,273.15 9.10 transaction Total 1,826,015,122.75 / 160,178,736.44 / Counteracting among all business 642,202,440.82 / 1,195,513.32 / divisions within the Company Total 1,183,812,681.93 100.00 158,983,223.12 100.00 (5) Statement of main products taking over 10% of the income from main operations or profit from main operations Unit: RMB Classified according to Income from main Cost of main Gross profit ration industries or operations operations (%) products 1.Industry 1,208,383,508.80 1,065,956,607.89 11.79 2.Construction 12,035,673.30 10,806,659.98 10.21 3. Service 2,326,168.05 301,093.08 87.06 5.Trade 603,269,772.60 588,772,025.36 2.40 Subtotal 1,826,015,122.75 1,665,836,386.31 8.77 Spinning products 807,419,026.43 72,856,108.49 9.02 Chemical fiber 150,403,289.59 111,716,367.91 25.72 products Others 868,192,806.73 825,558,934.91 4.91 上海二纺机股份有限公司 2 0 0 4 年年度报告 Total 1,826,015,122.75 1,665,836,386.31 8.77 (6) Analysis to the reason of change of main operations and its organization In 2004, the Company captured the chance of the recovery of chemical fiber machinery market. Focusing on the services of both long silk and short silk, the proportion of the annual sales amount of chemical fiber products in the Company’s total sales revenue increased greatly over 2003. Besides, in order to win international market shares, the Company realized the sales revenue of export products amounting to RMB 298,890.8 thousand in 2004, an increase over 2003. 2. Operation and achievement of main holding and share-holding companies Unit: RMB Registered Names of companies Service quality Products and services Assets Net profit capital Electrical products for electrical engineering general contract, manufacture and sales of State-owned equipment of relevant industry, 25,563,751, Shanghai Electric sole and operation and management 4,730,680,000 ---- (Group) Corporation 282.54 proprietorship of state-owned assets in the scope authorized by the State-owned Assets Supervision Administration Committee Shanghai Pacific State-owned Textile Products and 2,909,976,5 Mechatronic Co., sole Electronic Products; engaged 1,000,000,000 ---- Ltd. proprietorship import & Export business 27.05 3. Main suppliers and customers Unit: RMB Proportion in the Total amount of purchase of the 206,097,695.86 total amount of 28.10 top five suppliers purchase Total amount of sales of the top Proportion in the 704,464,713.91 59.51 five sales customers total amount of sales 4. Problems and difficulties from the operation and solutions The textile industry has tremendous market potential; however, with the rapid development of the textile machinery industry, the competition becomes more and more fierce. The textile loom industry has a trend of pluralistic competition. Confronted with the access of foreign enterprises and nongovernmental enterprises, the Company and even the whole textile loom industry in Shanghai are having a hard time in the competition. In view of these problems, the Company has reached a consensus in belief, acknowledge and pace with the help and support of the Board and the shareholding group. In 2004, the Company exerted its marketing advantages in the industry and actively sought after the marketing means to transfer from stand-alone marketing to whole set marketing. It explored the market by all means, and tried to organized production according to market demand. It has overcome such unfavorable conditions as short production cycle, diversified sorts, continuous high temperature, and the fall of market after a rise, thus it continually enhanced the ability to adapt to the market quickly. Moreover, it implemented the five projects, namely, technology 上海二纺机股份有限公司 2 0 0 4 年年度报告 innovation, quality and brand innovation, health and fitness, information integration and talent training, which were new moves of adjustment. The Company’s new round of reform will benefit greatly from its great efforts in integrating the capital structure, operation organization and human resources organization. (III) Investment of the Company in the report period 1. Use of the raised proceeds In the report period, the Company did not raise proceeds through public offer or had no use of the proceeds raised before the report period continuing to the report period. 2. Project invested with proceeds not raised In the report period, the Company had no project invested with proceeds not raised. (I) Financial position and operating results of the Company in the report period Unit: RMB Financial Amount at the Amount at the Increase/decrease Increase/decrease position period-end period-begin amount range (%) Total assets 1,317,273,512.56 1,394,150,285.52 -76,876,772.96 -5.84 Profit from main 157,486,381.45 190,124,999.59 -32,638,618.14 -17.17 operations Net profit 11,152,671.21 10,815,889.27 336,781.94 3.11 Net increase in cash and cash 86,010,597.48 -50,478,683.86 136,489,281.34 Inapplicable equivalents Shareholders’ 654,852,121.51 645,030,406.48 9,821,715.03 1.52 equity (1) The total assets changed, which was mainly because that the Company refunded the short-term borrowing amounting to RMB 33.35 million and accounts paid in advance realized sales in the report year, resulting in a decrease in the total assets. (2) The profit from main operations changed, which was mainly because that the market competition was fierce, resulting in the decrease of sales price and gross profit of products. (3) The net profit changed, which was mainly because that the gross profit from product sales changed largely. (4) The net increase in cash and cash equivalents changed, which was mainly because of inflow of loan and the strict control of various non-productive expenses. (5) Shareholders’ equity changed, which was mainly because of the net profit transferred in. (V) Business plan in the new year Guideline for the operation in 2005 Focusing on development, the Company will further strengthen the reform driven by development. It will persevere in the main strategy of revitalizing the enterprise with 上海二纺机股份有限公司 2 0 0 4 年年度报告 technology to promote the innovation of technology and management. It will also adhere to meeting market demand as a major objective, and speed up establishing itself as an excellent leader in the industry. The Company will emphasize on the following aspects: ----To speed up product development and technology innovation. The textile products have changed from quantitative expansion into quality and benefit ones in respect of enlargement means. In developing the textile machinery products, the Company will shift its emphasis from popular products to high quality and high-tech products as well as value-added content products. The Company will strengthen to support the technology innovation in system and mechanism. It will also enhance its knowledge about technology innovation, enthusiastically create a good environment to revitalize the enterprise with technology, and speed up the development of new products and the course of commercialization. ---- To adjust the operation organization and reinforce human resources by catching the opportunity of the loom industry integration in Shanghai. The Company will integrate the core industry, quality assets and talents to best motivate the staff to be innovative. Besides, it will enhance the Company’s core competitiveness in the markets at home and abroad. ----To strengthen management and innovation. The Company will actively adopt modern management means to realize the levelized and modernized management. With the adjustment of the Company’s operation mechanism and inner management structure, the Company will further reinforce various inner management works and further promote the quality and brand project construction. Besides, it will manage to reduce cost and improve the management efficiency and benefit. ---With industries developing internationally, the textile loom industry in China will have new chances and challenges. Basing upon enhancing the comprehensive competitiveness, the Company will continually improve its national operation, capture any opportunity of the domestic market while expanding the international market. It will make good use of the international resources to carry out the brand strategy. With its brand and quality advantages, it will manage to win in the fierce price competition, in an effort to develop and improve itself in the global market. (VI) Routine work of the Board of Directors 1. Particulars about the Board meetings and contents of resolutions (1) On Mar. 8, 2004, the 25th Meeting of the 4th Board of Directors of the Company was held by means of communication voting, in which examined and passed the proposal on providing loan guarantee for Shanghai P&E Import and Export Co., Ltd.. The said public notice was published on Shanghai Securities News and Ta Kung Pao dated Mar. 10, 2004. (2) On Apr. 15, 2004, the 26th Meeting of the 4th Board of Directors of the Company was held in Shanghai, in which examined and passed Work Report of the 4th Board of Directors of the Company, Business Review 2003 and Report on Work Prospect 2004, Full Text and Summary of 2003 Annual Report of the Company, Final Accounts Report for 2003 and Financial Budget Report for 2004 of the Company, Profit 上海二纺机股份有限公司 2 0 0 4 年年度报告 Distribution Plan of the Company for 2003, the Proposal for Writing off All Kinds of Bad Assets for 2003, the Proposal for Making Provision for Impairment of Assets for 2003, the Proposal for Renewing the Engagement of Auditing Certified Public Accountants for the Company, the Proposal for Adjusting Annual Allowance of Independent Directors of the Company, the Proposal for Amending the Articles of Association of the Company, the Proposal on Electing Director Candidates of the 5th Board of Directors of the Company, the Proposal on Holding the 17th (Namely 2003 Annual) Shareholders’ General Meeting of the Company. The said public notice was published on Shanghai Securities News and Ta Kung Pao dated Apr. 17, 2004. (3) On Apr. 21, 2004, the 27th Meeting of the 4th Board of Directors of the Company was held by means of communication voting, in which examined and passed the 1st Quarterly Report for 2004 and resolutions of the Meeting. The said public notice was published on Shanghai Securities News and Ta Kung Pao dated Apr. 23, 2004. (4) On May 18, 2004, the 1st Meeting of the 5th Board of Directors of the Company was held, in which examined and passed the proposal on electing Chairman of the 5th Board of Directors, the proposal on engaging General Manager of the Company, the proposal on engaging Chief Financial Officer of the Company, the proposal on engaging Secretary of the Board and Securities Affairs Representative of the Company, the proposal on engaging Deputy General Manager and Chief Engineer of the Company, the proposal on Amending Articles of Association of the Company. The said public notice was published on Shanghai Securities News and Ta Kung Pao dated May 19, 2004. (5) On Jun. 29, 2004, the 2nd Meeting of the 5th Board of Directors was held, in which examined and passed the proposal on Transferring Legal Person’s Shares of Liaoyuan Deheng Co., Ltd. held by the Company and resolutions. The said public notice was published on Shanghai Securities News and Ta Kung Pao dated July 1, 2004. (6) On Aug. 12, 2004, the 3rd Meeting of the 5th Board of Directors of the Company was held by means of communication voting, in which examined and passed Review on Business Work in the First Half Year of 2004 and Prospect on Business Work in the Second Half Year of 2004, Semi-annual Report 2004 and its Summary of Shanghai Erfangji Co., Ltd. and resolutions. The said public notice was published on Shanghai Securities News and Ta Kung Pao dated Aug. 16, 2004. (7) On Oct. 27, 2004, the 4th Meeting of the 5th Board of Directors of the Company was held by means of communication voting, in which examined and passed the 3rd Quarterly Report for 2004 and resolutions of the Meeting. The said public notice was published on Shanghai Securities News and Ta Kung Pao dated Oct. 29, 2004. (8) On Nov. 22, 2004, the 5th Meeting of the 5th Board of Directors of the Company was held, in which examined and passed the proposal on Requesting Shareholders’ General Meeting to Authorize the Board to Examine the Company’s Related Transactions for Sustainable Operation, the proposal on Use Right of the Company’s Land in No. 381 of Liangzhou Road to be Purchased, the proposal on Transferring Equity of Shanghai Liangji Metal Product Co., Ltd. held by the Company, the proposal on Houses Leasing of the Company, the proposal on Changes in Independent Directors of the Company and the Proposal on Holding the 18th (Provisional) 上海二纺机股份有限公司 2 0 0 4 年年度报告 Shareholders’ General Meeting of the Company. The said public notice was published on Shanghai Securities News and Ta Kung Pao dated Nov. 23, 2004. (9) On Dec. 24, 2004, the 6th Meeting of the 5th Board of Directors of the Company was held by means of communication voting, in which examined and passed the proposal on Providing Loan Guarantee for Shanghai P&E Import and Export Co., Ltd. (“P&E Company”) and resolutions. P&E Company need to continually implement line of credit for loan due to sustainable development of operation business, in view of the line of credit for loan from Oct. 2003 to Dec. 2004 provided by the Company has matured, according to the actual operation status of P&E Company and its shareholding controlled by the Company (the Company holds 90% equity), thus, the Company decided to ask Communication Bank for a loan of USD 5 million (line of credit) to Shanghai P&E Import and Export Co., Ltd. and provide guarantee for the said loan, the term of guarantee was from Jan. 1, 2005 to Dec. 31, 2006. 2. Implementation of the Board on resolutions of the Shareholders’ General Meeting: During the report period, the Board of the Company seriously performed the resolutions passed by the Shareholders’ General Meeting, did not breach and exceed resolutions passed by Shareholders’ General Meeting. (VII) Preplan of Profit distribution and Transferring Public Reserve into Share Capital After auditing based on domestic accounting standards, the accumulative profit available for distribution to all shareholders of the Company was RMB 15.358 million, while after auditing based on international accounting standards, the accumulative profit available for distribution to all shareholders of the Company was RMB 48.568 million. In accordance with the regulations of the Articles of Association of the Company, the Company appropriated 10% of profit as statutory public reserve amounting to RMB 1.6279 million, appropriated 5% of profit as statutory public welfare fund amounting to RMB 0.814 million, and totaled up RMB 2.4419 million of “two reserves”. The accumulative undistributed profit was RMB 12.9161 million, converting into RMB 0.0228 per share. In view of the Company's current operation status and its demand of sustainable development, the profit distribution preplan of the Company for 2004 is as follows: The Company plans neither to distribute profit nor issue bonus shares by capitalizing capital surplus. The reasons why the Company did not distribute profit in cash though the Company achieved the profit in the report period: In 2004, the volume of marketing of the Company’s products was affected because the State controlled investment of textile industry. Additionally, the gross profit ratio of the Company’s products was lower, the profit on outstanding achievements of operation was fractional, thus the Company was difficult to implement profit distribution. Usage and using plan of undistributed profit of the Company: The current fractional undistributed profit will be used in the product development 上海二纺机股份有限公司 2 0 0 4 年年度报告 and technology advancement work in order to strengthen the Company’s main business, quicken the Company’s sustainable development and realize better respond to the Company shareholders. (VIII) Other disclosing issues 1. In the report period, the newspapers chosen by the Company for information disclosure were Shanghai Securities News and g Ta Kung Pao and there was no change in the designated newspapers. 2. Special Auditing Opinion on Capital Occupied by the Controlling Shareholder and Other Related Parties of Shanghai Erfangji Co., Ltd. presented by Shu Lun Pan Certified Public Accountants Co., Ltd. with (2005) No. 047 Document: Shanghai Securities Regulatory Bureau of CSRC: Accepting commission of Shanghai Erfangji Co., Ltd. (hereinafter referred to as the Company), we have conducted special inspection on the capital of the Company occupied by its controlling shareholder and other related parties and the Company’s external guarantees audited as of Dec. 31, 2004. Our inspection is conducted according to Circular on Standardizing Capital Current between Listed Companies and Related Parties and External Guarantees and Other Some Problems (Hereinafter referred to as Circular) jointly released by China Securities Regulatory Commission and State-owned Assets Supervision and Administration Commission with No. 2003-56 Document. The responsibility of the Board of the Company is to provide all true, legal and complete materials relevant to capital occupation and external guarantees, including such materials or copy materials as original contracts or agreements etc., accounting warrants and books, accounting statements, relevant practicality evidence and other information necessary in our opinion. Our responsibility is to conduct relevant investigation, verification and present special explanation on capital current and guarantees between the Company and its related parties according to the provisions in the said Circular. During the investigation and verification, we have implemented such inspection procedures necessary in our opinion as consulting relevant materials, accounting warrants, checking up accounting book records and etc.. Now the auditing is explained as follows: (1) Capital occupied by the controlling shareholder and other related parties: Ended Dec. 31, 2004, the balance of capital occupied by the controlling shareholder and other related parties recorded by the Company in book was RMB 74,642,470.48, including: A. The balance of capital occupied by Pacific Mechanical-Electronic (Group) Co., Ltd., the controlling shareholder of the Company, at the end of the period was RMB 3,597,293.06 while the balance at the beginning of the period was RMB 5,922,012.40, a decrease of 39.26%, amounting to RMB 2,324,719.34. B. The balance of capital occupied by the subsidiaries brought into the consolidation at the end of the period was RMB 64,836,365.26 while the balance at the beginning of the period was RMB 4,847,111.98, an increase of 1237.62%, amounting to RMB 上海二纺机股份有限公司 2 0 0 4 年年度报告 59,989.253.28 (The balance of capital occupied has been counteracted in the consolidated statements) C. The balance of capital occupied by other related parties at the end of the period was RMB 6,208.812.16 while the balance at the beginning of the period was RMB 7,135.80, an increase of 86,909.34%, amounting to RMB 6,201,676.36. (2) Guarantees provided: A. The Company and its controlling subsidiaries in the consolidation scope provided guarantee amounting to RMB 60 million for Shanghai P&E Import and Export Co., Ltd. (For details, please refer to the Appended Statement) and this guarantee responsibility was released on Feb. 28, 2005. Shu Lun Pan Certified Public Accountants Co., Ltd. Mar. 2, 2005 3. Special explanation on the accumulated and current external guarantee of the Company by Independent Directors and the Independent opinions Independent Directors checked external guarantee and presented Independent Opinion about the external guarantee and the implementation of ZJF (2003) No. 56 Document with the detail of the contents as follows: (1) The external guarantee of Erfangji was provided for controlling subsidiaries. The Company didn’t provide guarantee for controlling shareholders, or other related parties, of which the Company held less than 50%, or other non-legal person unit, or individuals or companies whose debt ratio surpassed 70%; (2) The guarantee of Erfangji accorded with relevant regulations of ZJF (2003) No. 56 document. (3) The guarantee affairs of Erfangji would facilitate to enlarge products export steadily and would not cause losses for middle and small shareholders. 4. In the report period, the Company had no guarantee out of line. Statement attached: Statement of Capital Occupation As of Dec. 31, 2004 Name of listed company: Shanghai Erfangji Co., Ltd. 上海二纺机股份有限公司 2 0 0 4 年年度报告 Brief Capital Relationship Time of Time of Corresponding items of Amount of capital Amount of capital Accumulated name of occupation between capital capital accounting statements occupation in the occupation in the amount of companies parties capital occupation occupation period end period begin occupation (RMB occupation balance in balance in (RMB’0000) (RMB’0000) party the the period-end period-begin Liangji Pacific Controlling Dec. 31, Jan. 1, 2004 Other Special Machines shareholder 2004 accounts Parts and Power receivable (Group) 53.85 0.00 923.44 Company Erfangji Pacific Controlling Dec. 31, Jan. 1, 2004 Accounts Co., Ltd. Machines shareholder 2004 receivable and Power 305.88 577.68 (Group) Company Subtotal of controlling 53.85 305.88 0.00 577.68 923.44 shareholders Erfangji Shanghai Subsidiary Dec. 31, Jan. 1, 2004 Other Co., Ltd. Liangji 2004 accounts Construction receivable 0.00 4.72 296.41 Decoration Company 上海二纺机股份有限公司 2 0 0 4 年年度报告 Erfangji Shanghai Subsidiary Dec. 31, Jan. 1, 2004 Other Co., Ltd. Liangji 2004 accounts Metal receivable 233.11 235.24 190.41 products Company Erfangji Shanghai Subsidiary Dec. 31, Jan. 1, 2004 Other Co., Ltd. Liangji 2004 accounts 10.61 2.23 20.86 Industrial receivable Co., Ltd. Erfangji Shanghai Subsidiary Dec. 31, Jan. 1, 2004 Other Co., Ltd. Liangji 2004 accounts Computer receivable 0.00 11.31 0.00 and Printing Company Erfangji Shanghai Subsidiary Dec. 31, Jan. 1, 2004 Other Co., Ltd. Liangji 2004 accounts Plastic receivable 189.34 189.34 0.00 Products Co., Ltd. Erfangji Shanghai Subsidiary Dec. 31, Jan. 1, 2004 Accounts Co., Ltd. Puenyi 2004 receivable Import 6,050.57 0.00 34,9 &Export Co., Ltd. Erfangji Shanghai Subsidiary Dec. 31, Jan. 1, 2004 Accounts 0.00 41.86 1 Co., Ltd. Liangfang 2004 receivable 上海二纺机股份有限公司 2 0 0 4 年年度报告 Weaving Machine Special Parts Co., Ltd. Subtotal of 433.06 6,050.57 442.84 41.86 507.68 35,1 consolidation Erfangji Shanghai Subsidiary Dec. 31, Jan. 1, 2004 Other Co., Ltd. Yijie 2004 accounts Information receivable 0.07 0.25 9.70 Technology Co., Ltd. Erfangji Shanghai Shareholding Dec. 31, Jan. 1, 2004 Other Co., Ltd. Erfangji enterprise 2004 accounts Chemical receivable Fiber 0.50 0.46 0.04 Equipment Set Company Erfangji Shanghai Shareholding Dec. 31, Jan. 1, 2004 Accounts Co., Ltd. Pacific enterprise 2004 receivable Weaving 620.32 0.00 5,0 Machine Equipment Set Co., Ltd. Sub-total of 0.57 620.32 0.71 0.00 9.74 5,0 other related 上海二纺机股份有限公司 2 0 0 4 年年度报告 parties Total 1,440. 487.48 6,976.77 443.55 619.54 40,1 86 Note: Ended Dec. 31, 2004, the book balance of other accounts receivable of Shanghai Erfangji Co., –7,991,100. After consolidation, balance of accounts receivable of the listed company to Pacific Group was R 上海二纺机股份有限公司 2 0 0 4 年年度报告 Statement of Special Guarantee As of Dec. 31, 2004 Name of listed company: Shanghai Erfangji Co., Ltd. Name of Guarantor Name of Relationship Guarantee Beginning Expiration If there existed Way of Note the (Listed Guarantee between Amount date of date of guarantee Guarantee Company company/ Listed (RMB0’000) guarantee guarantee responsibilities subsidiary Company at present of Listed and the Company Guarantee Erfangji Shanghai Shanghai Controlling 6,000.00 Mar. 1, Feb. 28, The contract Pledged Co., Erfangji Puenyi subsidiary 2004 2005 expired ended guarantee Ltd. Co., Ltd. Import 7 the report date Export Co., Ltd. Note: Shanghai Puenyi Import& Export Company presented counter-guarantee for the above guarantee. VIII. Report of the Supervisory Committee 第三章(I) Work of the Supervisory Committee 1. The 13th meeting of the 4th Supervisory Committee was held on Apr. 15, 2004 and the meeting examined and approved (1) Work Report 2003 of the Supervisory Committee of the Company; (2) Work Report 2003 of the Board of the Company; (3) Work Report of the 4th Supervisory Committee of the Company; (4) Proposal on Expiration of the 4th Supervisory Committee and Nomination of Candidates for 5th Supervisory Committee. The public notice on the resolution of the meeting was published on Shanghai Securities News and Ta Kung Pao dated Apr. 17, 2004. 2. The 14th meeting of the 4th Supervisory Committee was held on Apr. 21, 2004 and the meeting examined and approved 2004 1st Quarterly Report of the Company. 3. The 1st meeting of the 5th Supervisory Committee was held on May 18, 2004 and the meeting examined and approved (1) Election Chairman of the 5th Supervisory Committee of the Company; (2) Election Vice Chairman of the 5th Supervisory Committee of the Company. The public notice on the resolution of the meeting was published on Shanghai Securities News and Ta Kung Pao dated May 19, 2004. 4. The 2nd meeting of the 5th Supervisory Committee was held on Jun. 29, 2004 and the meeting examined Proposal on Transferring Legal Person’ shares of Liaoyuan Deheng Co., Ltd. held by the Company. 5. The 3rd meeting of the 5th Supervisory Committee was held on Aug. 11, 2004 and the meeting examined Work Report of the Company in the first half of 2004. 6. The 4th meeting of the 5th Supervisory Committee was held on Oct. 27, 2004 and the meeting examined 3rd Quarterly Report of 2004 and Disputes. Page 42 上海二纺机股份有限公司 2 0 0 4 年年度报告 第四章7. The 5th meeting of the 5th Supervisory Committee was held on Nov. 22, 2004 and the meeting examined and approved (1) Proposal on Liangzhou Road No. 381 Land Using Right for production of the Company Being Purchased; (2) Proposal on Submitting Shareholders’ General Meeting to Authorize the Board to examine and approve consistent selling and operating related transactions. The public notice on the resolution of the meeting was published on Shanghai Securities News and Ta Kung Pao dated Nov. 23, 2004. 第五章In 2004, in accordance with relevant regulations of Company Law, Securities Law and Administration Rule for Listed Companies and Articles of Association of the Company, under the spirit of being responsible for all shareholders, the Supervisory Committee of the Company patiently performed duties stated by relevant laws and regulations. In the report period, the Supervisory Committee of the Company totally held seven meetings and attended ten meetings of the Board. (II) Independent opinion of the Supervisory Committee on the lawful operation of the Company 1. Operation according to law: in 2004, the Company could operate according to law in the operation and management and consistently established and perfected the internal control system. When the directors, General Manager and senior executives performed duties, there found no behavior of damaging the Company’s interest. 2. Financial status: in 2004, the Company strictly executed laws and systems in financial and accounting transaction and Shu Lun Pan Certified Public Accountants Co., Ltd. issued unqualified Auditor’s Report which objectively and truly reflected the financial status and operation result of the Company. (III) Opinion on sale or purchase of assets of the Company presented by the Supervisory Committee In the report period, (1) the company transferred 14,679,783 legal person’s shares of Liaoyuan Deheng Co., Ltd.; (2) Land using right of the Company located in No. 381. Liangzhou Road was purchased, which existed no related transactions. (IV) Independent opinion on the related transactions of the Company presented by the Supervisory Committee The consistent operating related transactions of selling chemical fibre silk-weaving mechanical products and compound fibre silk-weaving machines of the Company was conducted according to relevant laws and regulations and the Articles of the Association of the Company. There found no behaviors out of line or harm to the interests of the Company and shareholders. IX. Significant Events (I) Significant lawsuits and arbitrations the Company should disclose in the report period Page 43 上海二纺机股份有限公司 2 0 0 4 年年度报告 1. The status of the compulsory execution case among the subsidiary, Shanghai Liangji Real Estate Co., Ltd., the executed party, Shanghai Minjian Industry General Company and Jiangxi Shangrao Wool Spinning Factory: Shanghai No. 1 Intermediate People’s Court has sealed up the equity and the machineries of Jiangxi Raoqiu Knitting Wear Co., Ltd. invested by Jiangxi Shangrao Wool Spinning Factory and the self-owned workshop and warehouse of Jiangxi Shangrao Wool Spinning Factory (the whole acreage amounted to 57420 sq.m.). The case was in progress. 2. In Mar. 2001, the Company indicted the equipment acreage of Xinjiang Jingcheng Cotton Textile Plant. The case number was (2001) HJCZ NO. 293. The verdict of the first trial is: Xinjiang Jingcheng Cotton Textile Plant pays payment for goods totally 4,821,200 to the Company. In Aug. 2002, the case that Xinjiang Jingcheng Cotton Textile Plant appealed to the Company ([2002] HEZMS [S] ZZ NO.405) was overruled. At present, Hongkou Court entrusted Xinjiang Railway Intermediate Court to execute the case. Partial machineries were sealed up and RMB 70,400 was received. The Company continued to actively organize to implement the calling-in of the accounts receivables executed by the court. (II) Sale and purchase of the Company’s assets and merger and acquisition in the report period Sale of assets: 1. On Jun. 29, 2004, the 2nd Meeting of the 5th Board of the Company examined and approved transfer 14,679,783 legal person’ shares of Liaoyuan Deheng Co., Ltd. held by the Company (taking 8.03% of the total share equity of the Company). On Jun. 30, 2004, the Company signed Share Equity Transfer Agreement with Guangzhou Fuying Technology Investment Co., Ltd.. According to the relevant terms of the agreement, ended Aug. 11, 2004, the transaction procedures of legal person’ s shares transfer were accomplished. The actual income of share equity transfer was RMB 3,781,200 after deducting relevant expenses. 2. On Dec. 24, 2004, 18th (Provisional) Shareholders’ General Meeting of the Company examined and approved Proposal on Purchase of Land Using Right of No. 381，Liangzhou Road, which was examined by 5th meeting of the 5th Board of the Company. Based on development project plan of both banks of Huangpu River in Shanghai, through friendly negotiation of Shanghai East Waitan Property Development Co., Ltd. and the Company, according to regulations of Development Construction Management Measures of both banks of Huangpu River in Shanghai, Land Reserve Measure in Shanghai and relevant laws and regulations, the company agreed that Shanghai East Waitan Development Co., Ltd. purchased No. 381 Land Using Right of No. 381 Lot, Liangzhou Road with the purchasing price amounting to RMB 47,038,500. Ended Dec. 31, 2004, the Company received 60% of the transfer object. (III) In the report period, significant related transactions of the Company 1. 18th (Provisional) Shareholders’ General Meeting of the Company examined and approved Proposal on Submitting approved Proposal on Submitting to Shareholders’ General Meeting Shareholders’ General Meeting to Authorize the Board to examine and approve consistent selling and operating related transactions. According to the requirements of administrative rules of listed companies, under the premise of standardizing legal person’s administrative structure of the Company, to further improve operating efficiency and quality of the Company, with respect to the change of chemical fiber silk-weaving machines selling market, the Board of the Company submitted Shareholders’ General Meeting to authorizing the Board to examine and approve consistent selling and operating related transactions in 2004. In 2004, the Company occurred consistent selling and operating related transactions amounting to RMB 150 million. The Public Notice was published on Shanghai Securities Page 44 上海二纺机股份有限公司 2 0 0 4 年年度报告 News and Hong Kong Ta Kung Pao on Dec. 25, 2004. 2. Purchasing goods from related parties (1) Transaction scale: Name of Enterprise This Year Last Year Amount Amount Linhai Liangfang Special Parts of Weaving Machines Co., 34,146,838.89 28,578,322.00 Ltd. (2) Determination gist of purchasing price: transact according to market price 3. Selling goods to related parties: (1) Transaction scale: Name of Enterprise This Year Last Year Amount Amount Shanghai Pacific Weaving 39,337,606.62 --- Machine Equipment Set Co., Ltd. Shanghai Liangji Weaving 35,784,354.68 --- Machine Co., Ltd. Total 75,121,961.30 --- (2) Determination gist of purchasing price and handle of transaction differences: confirmed according to negotiation price (IV) Significant contract and its implementation 1. Trusteeship This year, the Company had no trusteeship. 2. Contract This year, the Company had no contract. 3. Lease 5th meeting of 5th Board of the Company examined and approved Proposal on House Leasing of the Company. Through negotiation of the Company and Shanghai Sinopharm Medicine Logistics Co., Ltd., the Company leased warehouses of 14,230 sq. m. located in No. 685 Shanghai Market Mid Road to Shanghai Sinopharm Medicine Logistics Co., Ltd., mainly for storage and business operation. The annual rent was RMB 2,678,700 and the leasing period was 1 year. The Public Notice was published on Shanghai Securities News and Hong Kong Ta Kung Pao on Nov. 23, 2004. 4. Guarantee Unit: RMB Guarantee Name of Finished for related Date of Guarantee Type of Guarantee guaranteed implementation or parties or happening amount guarantee term company not not (yes or no) Shanghai Joint Mar. 1, Puenyi Mar. 1, 2004 60,000,000 responsibility 2004-Feb. No No Import & (Signing 28, 2005 Page 45 上海二纺机股份有限公司 2 0 0 4 年年度报告 Export counter-guarantee Limited agreement) Total amount of guarantee in the report period 60,000,000 Total balance of guarantee in the report period 60,000,000 Guarantee to controlling subsidiaries provided by the Company Total amount of guarantee provided for 60,000,000 controlling subsidiaries in the report period Total balance of guarantee provided for controlling subsidiaries in the report period 60,000,000 end Total guarantee of the Company of the Company (including guarantee for controlling subsidiaries) Total amount of guarantee 60,000,000 Proportion of total guarantee in net assets of 9.16 the Company On Mar. 8, 2004, the Company provided loan credit line guarantee for controlling subsidiary, Shanghai Puenyi Import & Export Limited with the guarantee amounting to RMB 60 million and the guarantee term from Mar. 2, 2004 to Feb. 28, 2005. the matter was published on Shanghai Securities News and Hong Kong Ta Kung Pao on Mar. 10, 2004. 5. Entrusted financing This year, the Company had no entrusted financing. 6. Other significant contracts This year, the Company had no other significant contracts. (V) Implementation of commitment publicly disclosed by the Company and shareholders holding over 5% shares of the Company There was no commitment of the Company or shareholders holding over 5% shares of the Company (VI) Engagement and disengagement of CPAs In the report period, the Company engaged Shu Lun Pan Certified Public Accountants Co., Ltd. and Horwath (Shanghai) Certified Public Accountants Co., Ltd. as the Company’s auditors in 2004 and total auditing expense was RMB 0.88 million (including traveling expenses and etc.); Shu Lun Pan Certified Public Accountants Co., Ltd. and Horwath (Shanghai) Certified Public Accountants Co., Ltd. have provided auditing service for the Company for continuous four years. (VII) In the report period, the Company, the Board of Directors and directors have neither been checked and given administrative punishment or aviso criticism by CSRC nor been publicly condemned by Shanghai Stock Exchange. (VIII) Other significant matters In the report period, the Company had no other significant matters. (IX) Contingencies In June 2001, Shanghai branch of BANQUE DE L'INDOCHINE indicted the Company for arrearages. The lawsuit object was USD 2,605,600. Hong Kong Supreme Court accepted and heard the case with Lawsuit No. 14569. The Company answered the case in Hong Kong. Required by Shanghai branch of BANQUE DE L'INDOCHINE, the Court handles with simple procedures. On Nov. 30, 2001, Hong Kong Supreme Court made verdict not supporting the claim of Shanghai branch of BANQUE DE L'INDOCHINE. On Dec. 13, 2001, Shanghai branch of BANQUE DE L'INDOCHINE appealed and on Page 46 上海二纺机股份有限公司 2 0 0 4 年年度报告 Jun. 12, 2002, the lawsuit was nonsuited. Later Shanghai branch of BANQUE DE L'INDOCHINE appealed to delay hearing the case with common procedures and the Court agreed. On Jan. 5, 2005, the Court heard the case and requiring both parties to submit proofs. At present the case was in proof preparation phase. Shanghai Erfangji Co., Ltd. List of Provision for Assets Depreciation 2004 Unit: RMB Item Serial Year-beginning Year-end This year Current decrease No. Balance Increase Transfer-in from assets value’s return Transfer-out from other reason Total Balance ① ② ③ ④ ⑤ ⑥ ⑦ I. Total provision for 1 doubtful debts 33,854,125.94 980,110.09 -1,562,000.00 14,724,041.55 13,162,041.55 21,672,194.48 Including: accounts 2 receivables 33,004,790.64 2,192,685.25 -1,562,000.00 14,676,395.79 13,114,395.79 22,083,080.10 Other receivables 3 849,335.30 -1,212,575.16 47,645.76 47,645.76 -410,885.62 II. Total provision for short-term investment 4 price-falling 7,432.60 7,432.60 7,432.60 Including: 5 Stock investment 7,432.60 7,432.60 7,432.60 Bond investment 6 III. Total provision for 7 inventories price-falling 44,690,967.87 9,991,404.62 3,318,094.52 3,318,094.52 51,364,277.97 Including: inventory 8 commodities 27,151,117.23 -1,349,408.81 2,146,293.66 2,146,293.66 23,655,414.76 Raw materials 9 17,539,850.64 11,340,813.43 1,171,800.86 1,171,800.86 27,708,863.21 IV. Total provision for long-term investment 19 depreciation 876,160.00 1,299,936.00 2,176,096.00 Including: long-term 20 equity investment 876,160.00 1,299,936.00 2,176,096.00 Long-term credit 21 investment Page 47 上海二纺机股份有限公司 2 0 0 4 年年度报告 V. Total provision for fixed assets 22 depreciation 104,603,361.65 1,130,041.86 1,941,969.68 1,941,969.68 103,791,433.83 Including: houses fro 23 production 11,031,647.15 1,130,041.86 1,680,646.86 12,161,689.01 Houses not for 25 production purposes 20,297,610.89 261,322.82 1,680,646.86 18,616,964.03 Equipment for 26 production purposes 73,274,103.67 261,322.82 73,012,780.79 Equipment not for 27 production purposes VI. Total provision for intangible assets 28 depreciation 7,300,000.00 7,300,000.00 Including: patent 29 7,300,000.00 7,300,000.00 Trademark 30 Technology using right 31 Land using right 32 VII. Total provision for depreciation of 33 construction in progress VIII. Total provision for depreciation of 34 entrusted loans IX. Total 35 191,332,048.06 13,401,492.57 -1,562,000.00 19,991,538.35 18,429,538.35 186,304,002.28 Explanation: (1) Line 1 + Line 2 + Line 7 + Line 10 + Line 13 + Line 16 + Line 19 + Line 20 = line 21 Column ④ + Column ⑤ = Column ⑥ (Except Line 1, Line 2 and Line 3) (2) Provided that it’ hard to distinguish Transfer-in from assets value’s return and Transfer-out from other reasons in the item of decrease in this year, don’t fill in column ④ and column ⑤, and only fill in column ⑥. Shanghai Erfangji Co., Ltd. List of Items Seen Variation in 2004 （items with over 30% variation during the report period） Unit: RMB I. Items in consolidated Dec. 31, 2004 Dec. 31, 2003 Variation % Main reason of variation balance sheet 1.Monetary Funds 208,526,932.04 122,516,334.56 70.20 Big decrease in notes receivable and Page 48 上海二纺机股份有限公司 2 0 0 4 年年度报告 accounts prepaid in the period-end over the period begin 2.Short-term investment 0 492,567.40 -100.00 Selling all short-term investment held 3.Accoutns prepaid 3,515,920.91 35,281,895.69 -90.03 Increase of prepaid for purchase of materials 26,666.66 8,498.00 213.80 Rent paid by Liangji Metal had not been 4.Expenseto be amortized amortized in the beneficial period 36,191,659.56 58,797,554.73 -38.45 Selling legal person’s shares of No. 1 5.Long-term equity Department Store, Hualian Department Store investment and Liaoyuan Deheng 0 4,635,454.70 -100.00 In this period, the balance after long-term 6.Long-term expenses to expenses to be amortized would transferred be amortized into fixed assets 7. Accounts paid in 111,144,513.88 226,491,494.86 -50.93 Relevant big amount of accounts paid in advance advance in the period realized sales 27.32 473,434.55 -99.99 In the year-end, RMB 27.32 dividend 8. Dividends payable payable for minority shareholders of subsidiaries 11,441,479.29 -25,567,784.31 144.75 In this period, receivable export rebate was 9. Tax payable received, which resulted in the VAT 10. Other payments 979,161.20 628,917.72 55.69 Increase in tax payable in the period end 11. Other payables 64,152,265.05 42,446,794.02 51.14 Increase in export commission payable 5,164,783.00 1,680,213.75 207.39 Increase in moving compensation of this 12.Prepaid expenses period 13.Unconfirmed 2,709,719.21 618,134.19 338.37 Subsidiaries suffered loss investment loss 14. Undistributed profits 12,916,104.92 4,205,314.77 207.14 This period realized profits II. Items in consolidated profit and profit distribution 1. Tax from core business 1,496,841.67 3,645,836.12 -58.94 This year, domestic purchase and domestic and extras sale are almost equal. 22,930,224.59 36,999,637.06 -38.03 In the report period, agent system of Parent 2. Operating expenses Company changed to purchase system and agent expenses decreased 3,962,333.36 17,390,789.95 -77.22 Last year income from share equity transfer 3. Investment income of Shanghai Pudong Development Bank Co., Ltd. 823,151.36 118,635.68 593.85 This period, finance subsidy income and 4. Subsidy income export goods allowances received 31,944,592.83 2,119,.592.83 1406.85 Income from transferring lot of Liangzhou 5. Non-operating income Road in this period Page 49 上海二纺机股份有限公司 2 0 0 4 年年度报告 6. Undistributed profit 12,916,314.77 4,205,314.77 207.14 Profit realized in this period X. Finance Report Auditor’s opinion In 2004, CPA Qian Zhiang and Lin Lu audited the Company with Shu Lun Pan Certified Public Accountants Co., Ltd. XCKSBZ (2005) No10333. X and presented unqualified auditor’s report. Page 50 上海二纺机股份有限公司 2 0 0 4 年年度报告 AUDITORS’ REPORT TO THE SHAREHOLDERS OF SHANGHAI ERFANGJI CO., LTD. (Incorporated in the People’s Republic of China with limited liability) We have audited the financial statements on pages 2 to 31 which have been prepared in accordance with International Financial Reporting Standards. RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS The Company’s directors are responsible for the preparation of financial statements which give a true and fair view. In preparing financial statements which give a true and fair view, it is fundamental that appropriate accounting policies are selected and applied consistently. It is our responsibility to form an independent opinion, based on our audit, on those statements and to report our opinion to you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. BASIS OF OPINION We conducted our audit in accordance with International Standards on Auditing. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation of the financial statements and of whether the accounting policies are appropriate to the Group’s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance as to whether the financial statements are free from material misstatement. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. We believe that our audit provides a reasonable basis for our opinion. OPINION In our opinion the financial statements give a true and fair view of the state of affairs of the Group as at 31 December 2004 and of its profit and cash flows for the year then ended. HORWATH HONG KONG CPA LIMITED 2001 Central Plaza Certified Public Accountants 18 Harbour Road 2 March 2005 Wanchai Hong Kong Chan Kam Wing, Clement Practising Certificate number P02038 Page 51 SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2004 (Expressed in Renminbi thousands) 2004 2003 Notes RMB’000 RMB’000 Turnover 4 1,182,316 1,023,517 Cost of sales (1,024,829) (833,392) Gross profit 157,487 190,125 Other revenue 5 46,565 27,469 Selling and administrative expenses (177,501) (180,941) Impairment loss in property, plant and equipment - (3,687) Profit from operations 6 26,551 32,966 Finance costs 7 (11,699) (15,887) Share of results of unconsolidated subsidiaries and associates 2,101 208 Profit before taxation 16,953 17,287 Taxation 8(a) (6,201) (6,315) Profit after taxation 10,752 10,972 Minority interests (931) (79) Profit attributable to shareholders 9,821 10,893 Basic earnings per share 9 RMB0.017 RMB0.019 The notes on pages 8 to 31 form part of these consolidated financial statements. Page 52 SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2004 (Expressed in Renminbi thousands) 2004 2003 Notes RMB’000 RMB’000 Non-current assets Property, plant and equipment 10 544,957 595,518 Construction in progress 11 2,030 2,569 Goodwill 12 367 428 Negative goodwill 13 (829) (967) Investments in unconsolidated subsidiaries and associates 14 11,453 11,331 Other investments 15 25,201 47,613 583,179 656,492 Current assets Short term investments 16 - 493 Inventories 17 380,716 406,125 Trade and notes receivables 132,823 186,749 Other receivables, deposits and prepayments 7,455 41,097 Amounts due from related companies 21(c) 9,876 5,495 Other tax recoverable - 28,102 Cash and bank balances 208,527 122,516 739,397 790,577 第六章Current liabilities Bank loans 18 185,650 219,000 Trade and notes payables 251,399 257,152 Other payables and accrued expenses 62,691 45,184 Advances from customers 111,145 226,491 Amount due to a related company 21(d) 21,631 28,632 Tax payable 11,441 2,534 643,957 778,993 Net current assets 95,440 11,584 Total assets less current liabilities 678,619 668,076 Page 53 SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2004 (Expressed in Renminbi thousands) 2004 2003 Notes RMB’000 RMB’000 Total assets less current liabilities 678,619 668,076 Non-current liabilities Long term bank loans 18 (4,083) (4,083) Minority interests (19,684) (18,962) 654,852 645,031 Representing: Share capital 19 566,449 566,449 Reserves 20 88,403 78,582 Shareholders’ funds 654,852 645,031 The consolidated financial statements were approved and authorised for issue by the board of directors on 2 March 2005. Director Director The notes on pages 8 to 31 form part of these consolidated financial statements. Page 54 SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEAR ENDED 31 DECEMBER 2004 (Expressed in Renminbi thousands) Statutory (Accumulated Statutory public losses)/ Share Capital surplus welfare retained capital reserve reserve reserve earnings Total Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (Note 19) (Note 20 (b)) (Note 20 (c)) (Note 20 (d)) Balance at 31 December 2002 566,449 262,598 2,704 1,340 (198,953) 67,689 634,138 Profit for the year - - - - 10,893 10,893 10,893 Profits appropriation - - 2,380 1,190 (3,570) - - Accumulated losses made up by reserves - (232,819) - - 232,819 - - Balance at 31 December 2003 566,449 29,779 5,084 2,530 41,189 78,582 645,031 Profit for the year - - - - 9,821 9,821 9,821 Profits appropriation - - 1,595 847 (2,442) - - Balance at 31 December 2004 566,449 29,779 6,679 3,377 48,568 88,403 654,852 The notes on pages 8 to 31 form part of these consolidated financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2004 (Expressed in Renminbi thousands) 2004 2003 RMB’000 RMB’000 Operating activities Profit before taxation and share of results of unconsolidated subsidiaries and associates 14,852 17,079 Adjustment for: Dividend income (70) (672) Interest income (1,381) (1,281) Interest expenses 11,270 15,565 Depreciation 46,474 47,821 Impairment loss of property, plant and equipment 1,130 3,747 Provision for impairment in value of other investments 1,300 876 Write back of provision for impairment in value of short-term investments - (65) Page 55 SHANGHAI ERFANGJI CO., LTD. (Write back)/addition of provision for bad debts (10,041) 7,096 Gain on disposal of short term investments (35) (292) Gain on disposal of other investments (3,477) (15,358) Gain on disposal of an associate - (2,234) (Gain)/loss on disposal of property, plant and equipment (28,851) 593 Amortisation of goodwill 61 60 Amortisation of negative goodwill (364) (364) Cash flows before changes in working capital 30,868 72,571 Decrease/(increase) in inventories 25,409 (148,368) Decrease/(increase) in trade and bills receivables 82,875 (105,643) Decrease/(increase) in other tax recoverable 36,137 (16,602) (Increase)/decrease in amounts due from related companies (4,381) 5,327 Decrease/(increase) in other receivables, deposits and prepayments 33,549 (21,778) (Decrease)/increase in trade and bills payables (5,742) 135,909 (Decrease)/increase in advances from customers (115,346) 47,980 Increase in other payables and accrued expenses 17,507 13,398 (Decrease)/increase in amount due to related companies (7,001) 26,794 Cash generated from operations 93,875 9,588 Interest paid (11,270) (15,565) Income tax paid (4,718) (4,711) Net cash generated from/(used in) operating activities 77,887 (10,688) CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2004 (Expressed in Renminbi thousands) 2004 2003 RMB’000 RMB’000 Investing activities Addition to investment in a subsidiary - (218) Acquisition of an unconsolidated subsidiary - (500) Acquisition of associates - (500) Acquisition of other long term investments (30) - Proceeds from disposal of investments in an associate and an unconsolidated subsidiary 870 7,774 Proceeds from sale of other investments 24,619 20,358 Purchase of property, plant and equipment and construction in progress (12,750) (20,267) Addition to short term investments - (4,000) Proceeds from sales of short term investments 528 4,814 Proceeds from disposal of property, plant and equipment and construction in progress 26,282 2,483 Consolidation of a previously unconsolidated subsidiary - 467 Page 56 SHANGHAI ERFANGJI CO., LTD. Dividend received 794 1,183 Interest received 1,381 1,281 Net cash generated from investing activities 41,694 12,875 Financing activities Repayment of bank loans (453,100) (640,811) Draw down of short term bank loans 419,750 589,100 Dividends paid to minority shareholders (220) (955) Net cash used in financing activities (33,570) (52,666) Net increase/(decrease) in cash and bank balances 86,011 (50,479) Cash and bank balances at beginning of year 122,516 172,995 Cash and bank balances at end of year 208,527 122,516 The notes on pages 8 to 31 form part of these consolidated financial statements. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in Renminbi thousands) PRINCIPAL ACTIVITIES AND BASIS OF PREPARATION Shanghai Erfangji Co., Ltd. (the “Company”) was established as a manufacturing enterprise engaged in manufacture of textile machinery in the People’s Republic of China (the “PRC”) in 1923. The Company’s “A” shares and “B” shares were listed on the Shanghai Stock Exchange in March 1992 and July 1992 respectively. Details of the Company’s principal subsidiaries as of 31 December 2004 are set out in Note 25 to the consolidated financial statements. PRINCIPAL ACCOUNTING POLICIES The financial statements of the Company and its subsidiaries (the “Group”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The Group also prepares financial statements which comply with accounting regulations in the People’s Republic of China. A reconciliation of the Group’s results and shareholders’ equity under IFRS and PRC accounting regulations is presented in Note 27. The principal accounting policies adopted are as follows: (a) Consolidation The consolidated financial statements of the Group incorporate the financial statements of the Company and operating subsidiaries that are controlled by the Company. Where an entity either began or ceased to be controlled by the Company during the year, the results are included only from the date control commenced or up to the date control ceased. All material intra-group transactions and balances are eliminated on consolidation. (b) Subsidiary Page 57 SHANGHAI ERFANGJI CO., LTD. A subsidiary is a company in which the Company has the power to govern the financial and operating policies of the subsidiary so as to obtain benefits from its activities. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (c) Associate An associate is a company, not being a subsidiary or a joint venture, in which the Company has significant influence. Significant influence exists when the Company has the power to participate in, but not control, the financial and operating decisions of the associate. In the consolidated balance sheet, interests in associates are stated at the Group’s share of the net assets of the associate plus the premium/less any discount arising on acquisition in so far as it has not already been written off or amortised. (d) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net assets of the acquired subsidiary or associate at the date of acquisition. Goodwill on acquisition is reported in the balance sheet as an intangible asset and amortised using the straight line method over a period of 10 years. Negative goodwill, which represents the excess of the fair value ascribed to the separable net assets acquired over the purchase consideration, is treated as deferred income and recognised as income on a straight line basis over 10 years. The carrying amount of goodwill is reviewed annually and written down for permanent impairment where it is considered necessary. The gain or loss on disposal of an entity includes the unamortised balance of goodwill relating to that entity. (e) Other investments Other investments are recognised on a trade date basis and are initially measured at cost. At subsequent reporting dates, debt securities that the Group has the expressed intention and ability to hold to maturity (held-to-maturity debt securities) are measured at amortised cost, less any impairment loss recognised to reflect irrecoverable amounts. The annual amortisation of any discount or premium on the acquisition of a held-to-maturity security is aggregated with other investment income receivable over the term of the instrument so that the revenue recognised in each period represents a constant yield on the investment. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (e) Other investments (continued) Page 58 SHANGHAI ERFANGJI CO., LTD. Investment other than held-to-maturity debt securities are classified as either held for trading or available-for-sale, and are measured at subsequent reporting dates at fair value, based on quoted market prices at the balance sheet date. Where securities are held for trading purposes, unrealised gains and losses are included in net profit or loss for the period. For available-for-sale investments, unrealised gains and losses are recognised directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is included in the net profit or loss for the period. For available-for-sale investments that do not have quoted market prices, the fair value is constructed on the basis of the market prices of the similar instruments or derived from cash flow model. For available-for-sale investments that the fair value cannot be reliably determined, the investments are carried at cost les accumulated impairment losses. (f) Property, plant and equipment and depreciation Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The initial cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and location for its intended use. Expenditure incurred after assets have been put into operation, such as repairs and maintenance and overhaul costs, is normally charged to the income statement in the period in which it is incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of the asset, the expenditure is capitalised as an additional cost of the asset. When assets are sold or retired, their cost and accumulated depreciation are eliminated from the consolidated financial statements and any gain or loss resulting from their disposal is included in the consolidated income statement. All property, plant and equipment are recorded at cost. Depreciation is calculated on a straight line method to write off the cost of each asset to its residual value over its estimated useful life. The major depreciation rates applied are as follows: Land use rights Over the remaining term of lease Buildings 2.1% to 3.2% Plant, machinery and vehicles 4.8% to 12% Furniture, fixtures and others 4.8% to 12% 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (g) Construction in progress Construction in progress represents buildings, plant and machinery and other fixed assets under construction and is stated at cost. Cost comprises direct costs of construction as well as interest charges during the period of construction, installation and testing and certain exchange differences on any related borrowed funds. Capitalisation of interest charges ceases when substantially all the activities necessary to prepare the asset for its intended use are complete. Construction in progress is transferred to property, plant and equipment when it is completed and ready for its intended use, notwithstanding any delays in the issue of the relevant commissioning certificates by the appropriate PRC authorities. (h) Development properties for resale Page 59 SHANGHAI ERFANGJI CO., LTD. Development properties for resale are stated at the lower of cost and net realisable value. Cost comprises purchase cost of land use rights, development costs and an appropriate proportion of interest expense and foreign currency translation difference in respect of borrowed funds during the development period. Net realisable value is determined by reference to the proceeds of properties sold in the ordinary course of business subsequent to the balance sheet date less selling expenses or management estimates based on prevailing market condition. Where the properties are under development, they are stated at cost less provision for any possible losses. Cost of properties under development includes land cost, construction cost, interest charges and other development expenditure attributable to the property development project. (i) Inventories Inventories comprise raw materials, work in progress and finished goods. Inventories are stated at the lower of cost and net realisable value. Cost includes direct materials, direct labour costs and overheads that have been incurred in bringing the inventories and work in progress to their present location and condition and is calculated using the weighted average method. Net realisable value is estimated by the management and is determined by reference to the selling price less all costs to completion and costs to be incurred in selling and distribution. Spare parts and consumables are stated at cost less any provision for obsolescence. (j) Trade receivables Trade receivables are carried at anticipated realisable value. An estimate is made for doubtful receivables based on a review of all outstanding amounts at the year end. Bad debts are written off during the year in which they are identified. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (k) Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise cash in hand, deposits held at call with banks and investments in money market instruments, net of bank overdrafts. In the consolidated balance sheet, bank overdrafts are included in borrowings in current liabilities. (l) Operating leases Leases are classified as operating leases whenever substantially all the risks and rewards incidental to the ownership of the leased assets remain with the lessor. Lease payments under operating leases are recognised as an expense in the consolidated income statement on a straight line basis over the lease term. Aggregate benefit of incentives on operating leases is recognised as a reduction of rental expense over the lease term on a straight line basis. (m) Pension obligations Page 60 SHANGHAI ERFANGJI CO., LTD. As a statutory requirement, the Company and its subsidiaries have to contribute 22.5% of standard salaries as retirement benefits for employees to a government agency. All contributions are dealt with in the consolidated income statement. (n) Foreign currency transactions The Group maintains its books and records in RMB. Foreign currency transactions during the year are translated into RMB at the rates of exchange prevailing at the transaction dates as quoted by the People’s Bank of China (“PBOC”). Monetary assets and liabilities denominated in foreign currencies are translated into RMB at the rates prevailing at the balance sheet date as quoted by the PBOC. Exchange differences arising are included in consolidated income statement. (o) Financial assets and liabilities Investments, marketable securities and trade receivables are stated at carrying amounts determined in accordance with notes 2(e) and (j) respectively. Other financial assets and financial liabilities are stated at cost. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (p) Revenue recognition (i) Sales are recognised upon delivery of products and customer acceptance. (ii) Interest income is recognised on a time proportional basis, taking into account the principal amounts outstanding and the interest rates applicable. (iii) Revenue from sales of development properties is recognised either on the date of completion of contract or on the date of issue of the relevant occupation permit by the Authorities, whichever is the later. Payments received from the purchasers prior to this stage are recorded as advances from customers. (q) Deferred taxation Deferred taxation is provided under the liability method in respect of significant temporary differences between the tax base of an asset or liability and its carrying amount in the balance sheet. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised. (r) Impairment of assets Page 61 SHANGHAI ERFANGJI CO., LTD. Property, plant and equipment, intangible assets, investments in associates and long term investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognised in income statement for items of property, plant and equipment, intangible assets, investments in associates and joint ventures and long term investments carried at cost. The recoverable amount is the higher of an asset’s net selling price and value in use. The net selling price is the amount obtainable from the sale of an asset in an arm’s length transaction while value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating unit. Reversal of impairment losses recognised in prior years is recorded when there is an indication that the impairment losses recognised for the asset no longer exist or has decreased. The reversal is recorded as income. 2. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (s) Government grants Grants from the government are recognised at their fair value when there is a reasonable assurance that the grant will be received and all attached conditions are complied with. When the grant relates to an expense item, it is recognised as income over the period necessary to match the grant, on a systematic basis, to the costs which it is intended to compensate. Where the grant relates to an asset, the fair value of the grant is deducted in arriving at the carrying amount of the related asset. (t) Contingencies Contingent liabilities are not recognised in the consolidated financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is not recognised in the consolidated financial statements but disclosed when an inflow of economic benefits is probable. (u) Related parties Parties are considered to be related to the Group if the Group has the ability, directly or indirectly to control the other party or exercise significant influence over the other party in making financial and operating decisions, or vice versa. Page 62 SHANGHAI ERFANGJI CO., LTD. SEGMENT INFORMATION (a) Primary reporting format - business segments The Group is principally engaged in the manufacture and trading of textile machinery and accessories and operates in the PRC. (b) Secondary reporting format - geographical segments The following table presents revenue regarding geographical segments for the year ended 31 December 2004: 2004 2003 RMB’000 RMB’000 Domestic revenue 748,486 800,950 Overseas revenue 435,327 226,213 Sales taxes and charges (1,497) (3,646) 1,182,316 1,023,517 The principal assets employed by the Group are located in the PRC, accordingly, no segmental analysis of assets and expenditure is prepared for the year. TURNOVER Turnover represents the gross value of goods and services invoiced to customers, net of value-added tax and allowances for discounts and returns. OTHER REVENUE 2004 2003 RMB’000 RMB’000 Gain on disposal of property, plant and equipment (Note) 28,851 - Rental income, net 6,767 3,273 Export income 3,717 844 Gain on disposal of other investments 3,477 15,358 Bank interest income 1,381 1,281 Government subsidy 823 119 Returns on other investments 70 672 Gain on disposal of short term investment 35 - Proceeds from fine and compensation 25 8 Sales of raw materials, net - 1,660 Gain on disposal of an associate - 2,234 Returns on short term investments - 292 Write back of provision for short term investments - 65 Others 1,419 1,663 46,565 27,469 Page 63 SHANGHAI ERFANGJI CO., LTD. Note: During the year, the Group disposed of its land use right with carrying amount of RMB7,728,000 to a third party at a consideration of RMB47,039,000. For facilitate vacant possession, the Group has to pay compensation of RMB2,500,000 for early termination of the leases on the buildings on the land disposed of. PROFIT FROM OPERATIONS 2004 2003 RMB’000 RMB’000 Profit from operations is stated after charging/ (crediting):- Depreciation of property, plant and equipment 46,474 47,821 Amortisation of goodwill 61 60 Staff costs - Salaries and wages 82,788 72,895 - Contributions to statutory pension scheme 15,859 15,549 (Write back)/ addition of provision for bad and doubtful debts (10,041) 7,096 Impairment losses on property, plant and equipment 1,130 3,747 Addition/(write back) of provision for inventories 6,673 (1,247) Provision for impairment in value of other investments 1,300 876 Net loss on disposal of property, plant and equipment and construction in progress - 593 Income recognised on negative goodwill (364) (364) FINANCE COSTS 2004 2003 RMB’000 RMB’000 Interest expenses on bank loans 11,270 15,565 Others 111 139 11,381 15,704 Net exchange loss 318 183 11,699 15,887 TAXATION (a) Taxation in the consolidated income statement represents: 2004 2003 RMB’000 RMB’000 Current year taxation 5,590 5,103 Page 64 SHANGHAI ERFANGJI CO., LTD. Share of tax charge of unconsolidated subsidiaries and associates 611 1,212 6,201 6,315 Provision for PRC income taxes is calculated based on the estimated assessable profits for the year determined in accordance with the relevant tax rules and regulations applicable in the PRC. In 2003, the Company was recognised as a High and New Technology Enterprise and such status has enabled the Company to pay income tax at the rate of 15% (2003 : 15%). The income tax rates applicable to subsidiary companies range from 15% to 33%. (b) Deferred taxation No deferred tax asset has been recognised in the consolidated financial statements as the directors are of opinion that the recognition of deferred tax assets arising on the temporary differences are uncertain. EARNINGS PER SHARE Earnings per share is calculated based on the profit attributable to shareholders for the year of approximately RMB9,821,000 (2003 : RMB10,893,000) and the average number of shares in issue during the year of 566,449,189 shares (2003 : 566,449,189 shares). PROPERTY, PLANT AND EQUIPMENT Land use Furniture, Plant, right and fixtures machinery 2004 2003 buildings and others and vehicles Total Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost: At 1 January 2004 521,510 8,181 622,999 1,152,690 1,132,895 Additions - 131 3,541 3,672 5,251 Transfer from construction in progress 4,404 242 4,971 9,617 30,481 Disposals or amounts written off (19,897) (2,356) (9,283) (31,536) (15,937) Reclassification 9,379 (98) (9,281) - - At 31 December 2004 515,396 6,100 612,947 1,134,443 1,152,690 Accumulated depreciation and impairment: At 1 January 2004 139,734 4,911 412,527 557,172 511,522 Charge for the year 13,536 443 32,495 46,474 47,821 Written back on disposal (7,028) (1,569) (6,693) (15,290) (12,857) Page 65 SHANGHAI ERFANGJI CO., LTD. Impairment loss transferred from construction in progress - - - - 6,939 Impairment loss 1,130 - - 1,130 3,747 Reclassification 78 (2) (76) - - At 31 December 2004 147,450 3,783 438,253 589,486 557,172 Net book value: At 31 December 2004 367,946 2,317 174,694 544,957 At 31 December 2003 381,776 3,270 210,472 595,518 10. PROPERTY, PLANT AND EQUIPMENT (CONTINUED) As at 31 December 2004, the Group had future minimum commitments receivable under non-cancellable operating leases for buildings as follows: 2004 2003 RMB’000 RMB’000 Within one year 10,926 13,280 In the second to fifth year inclusive 14,228 16,291 Over five years 5,761 7,246 30,915 36,817 CONSTRUCTION IN PROGRESS 2004 2003 RMB’000 RMB’000 Cost: Balance at 1 January 15,546 31,010 Additions 9,078 15,017 Transfer to property, plant and equipment (9,617) (30,481) Balance at 31 December 15,007 15,546 Provision for impairment loss: Balance at 1 January 12,977 19,916 Transfer of to property, plant, and equipment - (6,939) Balance at 31 December 12,977 12,977 Net book value 2,030 2,569 GOODWILL Page 66 SHANGHAI ERFANGJI CO., LTD. RMB’000 Cost: Balance at 1 January and 31 December 2004 610 Accumulated amortisation: Balance at 1 January 2004 182 Amortisation for the year 61 Balance at 31 December 2004 243 Net book value: Balance at 31 December 2004 367 Balance at 31 December 2003 428 NEGATIVE GOODWILL RMB’000 Cost: Balance at 1 January and 31 December 2004 1,381 Accumulated amortisation: Balance at 1 January 2004 414 Amortisation for the year 138 Balance at 31 December 2004 552 Net book value: Balance at 31 December 2004 829 Balance at 31 December 2003 967 INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND ASSOICATES 2004 2003 RMB’000 RMB’000 Share of net assets of unconsolidated subsidiaries 9,894 11,092 Share of net assets of associates 2,914 1,820 Unamortised negative goodwill (1,355) (1,581) 11,453 11,331 Page 67 SHANGHAI ERFANGJI CO., LTD. Details of unconsolidated subsidiaries and associates as of 31 December 2004 are as follows: 2004 2003 Percentage Percentage holding holding Direct Indirect Direct Indirect Name of company % % % % Nature of business Shanghai Yijie Information 84 - 84 - Sale of computers and Technology Co., Ltd. (i) computer software Hainan Liangji Investment 70 - 70 - Investment holding and Development Co., Ltd. (i) Shanghai Liangfang Work - - 85 15 Sale and installation of Co., Ltd. (i) & (ii) textile machinery and accessories Shanghai Liangji Materials 30 - 30 - Wholesale and retail of Co., Ltd. metals Shanghai Saimike 49 - 49 - Manufacture and processing Refrigerating Machinery of semi-conductors for Co., Ltd. refrigerating machinery Taipingyang Textile 20 - 20 - Sale and installation of Machinery Facility Co., textile machinery and Ltd. accessories Linhai Liangfang Textile - 83 - 83 Manufacture of accessories Machinery Accessories of textile machinery Co., Ltd. (i) 14. INVESTMENTS IN ASSOCIATES AND UNCONSOLIDATED SUBSIDIARIES (CONTINUED) 2004 2003 Percentage Percentage holding holding Direct Indirect Direct Indirect Name of company % % % % Nature of business Shanghai Lianglian Property - - - 50 Property management Management Co., Ltd. (ii) Erfangji Textile Accessories 20 80 20 80 Not yet commenced Co., Ltd. (i) business Shandong Liangji Textile 50 - 50 - Sale of textile machinery Page 68 SHANGHAI ERFANGJI CO., LTD. Machinery Co., Ltd (i) The above subsidiaries were not consolidated as they were not material to the Group. The investments in those unconsolidated subsidiaries are accounted for using the equity method of accounting. (ii) The unconsolidated subsidiary and associate were liquidated during the year. The names of the above associates and unconsolidated subsidiaries are a direct translation of their registered names in Chinese. OTHER INVESTMENTS 2004 2003 RMB’000 RMB’000 Unlisted investments, at cost 71 71 Unlisted legal personal shares in the PRC, at cost 6,150 6,120 Non-marketable legal personal shares of listed companies in the PRC, at cost 21,156 42,298 27,377 48,489 Less: Provision for impairment loss (2,176) (876) 25,201 47,613 SHORT TERM INVESTMENTS 2004 2003 RMB’000 RMB’000 Listed bond, at fair value - 493 INVENTORIES 2004 2003 RMB’000 RMB’000 Properties under development - 2,203 Raw materials 47,643 69,711 Work in progress 114,084 198,649 Finished goods 218,989 135,562 380,716 406,125 Page 69 SHANGHAI ERFANGJI CO., LTD. BANK LOANS 2004 2003 RMB’000 RMB’000 Bank loans - secured - 3,600 - unsecured 189,733 219,483 189,733 223,083 Less : Amount due within one year shown under current liabilities (185,650) (219,000) Amount due after one year shown under non-current liabilities 4,083 4,083 Interest rates for bank loans are charged at the range 4.54% to 5.72% per annum (2003 : 5.04% to 8% per annum). SHARE CAPITAL As of 31 December 2004, outstanding share capital represented ordinary shares (“A Shares”) and domestically listed foreign investment shares (“B Shares”). The B Shares ranked pari passu in all respects with the A Shares. Details of share capital were as follows: 2004 2003 Number RMB’000 Number RMB’000 Authorised 566,449,189 566,449 566,449,189 566,449 Issued and fully paid State-owned shares 262,342,309 262,342 262,342,309 262,342 A Shares 71,181,880 71,182 71,181,880 71,182 B Shares 232,925,000 232,925 232,925,000 232,925 566,449,189 566,449 566,449,189 566,449 RESERVES Movements in reserves are set out in the consolidated statement of changes in shareholders’ equity. (a) Pursuant to the relevant PRC regulations and the Articles of Association of the Company, profit after taxation shall be appropriated in the following sequence: Page 70 SHANGHAI ERFANGJI CO., LTD. (i) Make up accumulated losses. (ii) Transfer 10% of which to the statutory surplus reserve. When the balance of the statutory surplus reserve reaches 50% of the paid up share capital, such transfer needs not be made. (iii) Transfer 5% to 10% of which to the statutory public welfare fund. (iv) Transfer to the discretionary surplus reserves as approved by the shareholders in general meetings. (v) Distribute dividends to shareholders. The amounts of transfer to the statutory surplus reserve and statutory public welfare fund shall be based on profit after tax in the statutory accounts prepared in accordance with PRC accounting standards. 20. RESERVES (CONTINUED) (b) Capital reserve In accordance with the provision of the Company’s articles of association, the Group shall record the following as capital reserve: (i) share premium arising from the issue of shares in excess of par value; (ii) surpluses arising from revaluation of assets; and (iii) other items in accordance with the Company’s articles of association and relevant regulations in the PRC. Capital reserve can be utilised to offset prior year’s losses or for issuance of bonus shares. Share premium represents net assets acquired from promoters in excess of par value of the legal person shares issued and proceeds from the issuance of B Shares in excess of their par value, net of underwriting commissions, organisation costs and professional fees. (c) Statutory surplus reserve and discretionary surplus reserve According to the relevant PRC regulations, statutory surplus reserve and discretionary surplus reserve can be used to make up losses or to increase share capital. Except for the reduction of losses incurred, other usage should not result in the statutory surplus reserve falling below 25% of the registered capital. (d) Statutory public welfare fund According to the relevant PRC regulations, statutory public welfare fund is restricted to capital expenditure for employees’ collective welfare facilities. Staff welfare facilities are owned by the Group. The statutory public welfare fund is not normally available for distribution to shareholders except in liquidation. (e) Profit distribution Pursuant to the relevant PRC regulations and the Articles of Association of the Company, profit distributable to shareholders shall be the lower of the amount determined in accordance with the PRC accounting standards as stated in the statutory financial statements and that adjusted in accordance with IFRS. Page 71 SHANGHAI ERFANGJI CO., LTD. In the PRC statutory financial statements as at 31 December 2004, retained profits carried forward amounted to RMB12,916,000 (2003 : RMB4,205,000). RELATED PARTY TRANSACTIONS During the year, the Group had the following significant related party transactions which were transacted on normal commercial terms: 2004 2003 RMB’000 RMB’000 Sales to related companies 75,122 - Purchases from related companies 34,147 28,578 During the year, the Group restructured its work force including termination, redeployment, restraining or amending the terms of employment of certain of its staff who were already with the Group prior to the listing of the Company. The staff of the Group affected by the restructuring were entitled to receive a total amount of RMB47,767,000 as compensation was borne by Pacific Mechatronic (Group) Co., Ltd., the Company’s largest shareholder. The amounts due from related companies are unsecured, interest free and have no fixed repayment terms. The amount due to a related company is unsecured, interest free and has no fixed repayment terms. Directors’ remuneration During the year ended 31 December 2004, remuneration of RMB391,000 (2003: RMB236,000) were paid to the directors of the Company. COMMITMENTS (a) As at 31 December 2004, the Group did not have any material capital commitment. (b) Future minimum commitments payable under non-cancellable operating leases for land use rights and buildings as at the balance sheet date were as follows: 2004 2003 RMB’000 RMB’000 Within one year 142 442 In the second to fifth year inclusive 570 570 Over five years 1,720 1,862 2,431 2,874 Page 72 SHANGHAI ERFANGJI CO., LTD. CONTINGENT LIABILITIES (a) As at 31 December 2004, the Group granted guarantees to the banks as securities for loans to the following parties: 2004 2003 RMB’000 RMB’000 Related company 60,000 40,000 Third party - 10,000 60,000 50,000 (b) Litigation In 2001, the Shanghai branch of Credit Agricole Indosuez filed a petition with a Court in Hong Kong requiring the Group to repay an amount of approximately RMB21,569,000 (USD2,606,000) allegally owed by the Group. The Directors disputed the petition and are of the opinion that the Group has never owed the amount to the bank. On 30 November 2001 and 12 June 2002, the Court in both occasions rejected the applications from Credit Agricole Indosuez. Up to the date of this financial statement, the case is in progress. PENSION SCHEMES The Group participates in a defined contribution retirement scheme (the “Scheme”) arranged by the Shanghai Municipal Government. The Group is obligated to make an annual contribution based on 22.5% (2003 : 22.5%) of the standard salary set by the provincial government. Total contributions made by the Group under the Scheme during the year amounted to RMB15,859,000 (2003 : RMB15,549,000). PRINCIPAL SUBSIDIARIES At 31 December 2004, the Company held shares in the following subsidiaries, all of which are unlisted and incorporated in the PRC:- 2004 2003 Percentage Percentage holding holding Direct Indirect Direct Indirect Name of company % % % % Nature of business Shanghai Liangji Real 100 - 100 - Property development Estate Co., Ltd. Shanghai Liangji Metal 70 - 70 - Manufacture and sale of metal Products Co., Ltd. products Shanghai Liangji Industrial 90 - 90 - General trading Co., Ltd. Page 73 SHANGHAI ERFANGJI CO., LTD. Shanghai Liangji Plastic 90 - 90 - Manufacture and sale of plastic Products Co., Ltd. products Shanghai Liangji 100 - 100 - Building construction and Construction and Decoration decorations Engineering Co., Ltd. Shanghai Liangji Machinery 90 - 90 - Manufacture and sale of textile Co., Ltd. machinery Shanghai O&E Photo Co., 75 - 75 - Manufacture and sale of Ltd. photogenic products Shanghai PNE Importation 90 - 90 - General import and export and Exportation Co., Ltd. Shanghai Liangfang Textile 85 - 85 - Manufacture and sale of Works Co., Ltd. accessories of textile machinery Shanghai Liangzhou 10 90 10 90 Manufacture and sale of Materials Trading Co., Ltd. accessories of textile machinery Shanghai Liangji Computer 80 - 80 - Provision of printing services Printing Co., Ltd. The names of the above subsidiaries are a direct translation of their registered names in Chinese. FINANCIAL ASSETS AND LIABILITIES (a) Interest rate risk The unsecured bank loans carrying fixed interest rate are shown in Note 18 to the consolidated financial statements. Other financial assets and liabilities do not have material interest rate risk. (b) Credit risk Major trade receivables of the Group are spread among a number of customers in the PRC. Other than that, financial assets of the Group do not represent a concentration of risk. The carrying amount of financial assets best represents their maximum credit risk exposure at the balance sheet date. (c) Fair value The fair value of cash and bank balances, trade receivables, other receivables, amounts due from/to associates/related companies, trade payables and other payables are not materially different from their carrying amounts. Page 74 SHANGHAI ERFANGJI CO., LTD. Fair values of financial assets or financial liabilities have been determined by generally acceptable accounting principles and are subject to assumptions. Changes in valuation methods and assumptions may significantly affect the estimates. IMPACT OF IFRS ADJUSTMENTS ON PROFIT AFTER TAXATION AND MINORITY INTERESTS AND SHAREHOLDERS’ EQUITY The statutory accounts of the Group are prepared in accordance with PRC accounting regulations applicable to joint stock limited companies. These accounting principles differ in certain significant aspects from IFRS. The effects of these differences on profit after taxation and minority interests for the year ended 31 December 2004 and shareholders’ equity at that date are summarised as follows: Profit after taxation and minority Shareholders' interests equity RMB’000 RMB’000 As determined pursuant to PRC accounting regulations 11,153 654,852 Consolidation of unrecognised losses of subsidiaries (a) (2,092) - Income directly taken into reserves (b) 760 - As determined pursuant to IFRS 9,821 654,852 Note: (a) The losses of subsidiaries in excess of the Company’s investment costs were directly recorded in shareholders’ equity as unrecognised investment losses in A share. The losses were recognised in the profit and loss account in B share. (b) The waiver of long outstanding trade and other payables was credited to capital reserve in A Share. The profit was recognised as income in the profit and loss account in B Share. Page 75 SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2004 Contents Pages Auditors’ Report 1 Consolidated income statement 2 Consolidated balance sheet 3&4 Consolidated statement of changes in shareholders’ equity 5 Consolidated statement of cash flows 6&7 Notes to the consolidated financial statements 8 to 31 SHANGHAI ERFANGJI CO., LTD. SHANGHAI ERFANGJI CO., LTD. (Incorporated in the People’s Republic of China) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2004 SHANGHAI ERFANGJI CO., LTD. XI. Documents for Reference (I) Accounting statement for 2004 with the signatures and seals of legal representative, CFO and Manager of Financing Department. (II) Originals of Auditor’s Report with seals of Shu Lun Pan Certified Public Accountants Co., Ltd. and Horwath (Shanghai) Accounting Firm and signatures and seals of CPA; (III) Originals of documents and manuscript of public notices disclosed in Shanghai Securities News and Ta Kung Pao in the report period. Shanghai Erfangji Co., Ltd. Chairman of the Board: Zheng Yuanhu Mar. 3, 2005