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神城A退(000018)深中冠2005年年度报告摘要（英文版）

烛龙上传于 2006-01-24 06:15

Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 Stock Abbreviation: Shenzhen Victor Onward Stock code: 000018 200018 Announcement No.: 2006-0427 Shenzhen Victor Onward Textile Industrial Co., Ltd. Summary of Annual Report 2005 §１．ＩｍｐｏｒｔａｎｔＮｏｔｉｃｅ１．１ The Board of Directors and the directors of the Company hereby warrant that there are no misstatement, misleading representation or important omissions in this report and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof. The summary of this annual report is selected from the annual report. If investors intend to know the detailed contents, they should read the full text of the annual report. １．２Ｎｏｄｉｒｅｃｔｏｒｓ，ＳｕｐｅｒｖｉｓｏｒｓａｎｄＳｅｎｉｏｒＥｘｅｃｕｔｉｖｅｓｄｅｃｌａｒｅｓｉｎａｂｉｌｉｔｙｔｏｗａｒｒａｎｔｏｒｏｂｊｅｃｔｉｏｎｔｏｔｈｅａｕｔｈｅｎｔｉｃｉｔｙ，ａｃｃｕｒａｃｙａｎｄｃｏｍｐｌｅｔｅｎｅｓｓｏｆｔｈｅｃｏｎｔｅｎｔｏｆｔｈｅａｎｎｕａｌｒｅｐｏｒｔ．１．３Ｄｉｒｅｃｔｏｒ（ｓ）ａｂｓｅｎｔｅｄｔｈｅｂｏａｒｄｍｅｅｔｉｎｇＮａｍｅｏｆｔｈｅＲｅａｓｏｎｏｆａｂｓｅｎｔＣｏｎｓｉｇｎｅｅｄｉｒｅｃｔｏｒＬｉＺｈｉｈｕａＯｎｂｕｓｉｎｅｓｓＳｕｎＺｈｉｐｉｎｇ１．４ＰｒｉｃｅｗａｔｅｒｈｏｕｓｅＣｏｏｐｅｒｓＺｈｏｎｇｔｉａｎＣｅｒｔｉｆｉｅｄＰｕｂｌｉｃＡｃｃｏｕｎｔａｎｔｓｉｓｓｕｅｄｕｎｑｕａｌｉｆｉｅｄａｕｄｉｔｏｒｓ＇ｒｅｐｏｒｔｗｉｔｈｎｏｅｘｐｌａｎａｔｏｒｙｎｏｔｅｓｆｏｒｔｈｅＣｏｍｐａｎｙ．１．５Ｍｒ．ＨｕＹｏｎｇｆｅｎｇ，ｂｏａｒｄｃｈａｉｒｍａｎｏｆｔｈｅＣｏｍｐａｎｙ，Ｍｒ．ＳｕｎＺｈｉｐｉｎｇ，ｇｅｎｅｒａｌｍａｎｇｅｒｉｎｃｈａｒｇｅｏｆａｃｃｏｕｎｔｉｎｇ，ａｎｄＭｒ．ＺｈａｎｇＪｉｎｌｉａｎｇ，ｔｈｅｐｅｒｓｏｎｉｎｃｈａｒｇｅｏｆｆｉｎａｎｃｉａｌａｃｃｏｕｎｔｉｎｇｏｒｇａｎｒｅｐｒｅｓｅｎｔａｎｄｗａｒｒａｎｔｔｈｅｆｉｎａｎｃｉａｌｒｅｐｏｒｔｉｎｔｈｉｓａｎｎｕａｌｒｅｐｏｒｔｉｓｔｒｕｅａｎｄｃｏｍｐｌｅｔｅ． §２．ＣｏｍｐａｎｙＰｒｏｆｉｌｅ２．１Ｂａｓｉｃｉｎｆｏｒｍａｔｉｏｎ Stock abbreviation Victor Onward A, Victor Onward B Stock code ００００１８、２０００１８ Stock exchange for Shenzhen Stock Exchange listing Registered address 26 Kuipeng Road, Kuiyong Town, Longgang District, Shenzhen, China and business address Zip code 518119 Website http://www.chinaszvo.com E-mail szvo@chinaszvo.com 2.2 Contact person and contact manner Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 2.2 Contact person and contact manner Board secretary Securities affair representative Name Chen Xing Jian Xiujuan Ｒｏｏｍ１３０８，ＨｕａｌｉａｎｇＢｕｉｌｄｉｎｇ，Ｎｏ．２００８Ｒｏｏｍ１３０８，ＨｕａｌｉａｎｇＢｕｉｌｄｉｎｇ，Ｎｏ．２００８ Contact address ＳｈｅｎｎａｎＺｈｏｎｇＲｏａｄ，Ｓｈｅｎｚｈｅｎ．ＳｈｅｎｎａｎＺｈｏｎｇＲｏａｄ，Ｓｈｅｎｚｈｅｎ． Tel ８３６６８２５４８３６６７８９５ Fax ８３６６８４２７８３６６８４２７ E-mail ｃｘ＠ｃｈｉｎａｓｚｖｏ．ｃｏｍｊｘｊ＠ｃｈｉｎａｓｚｖｏ．ｃｏｍ §3 Highlights of Accounting Data and Financial Indicators 3.1 Main accounting data Unit: RMB ２００５２００４ Increase/decrease (%) ２００３ Income from key ２７２，０６０，１１８．００２６４，３３５，５１６．００２．９２％２０８，２５５，３５２．００ business Total profit －４５，２４５，１３９．００１，０４６，１８６．００－４，４２４．７７％２，３９０，４０３．００ Net profit －３７，４４４，０００．００８８６，９６５．００－４，３２１．５９％１，５６６，０３０．００ Net profit after deducting －３８，８０６，８７２８８０，８５３．００－４，５０５．６０％８２１，１４５．００ non-recurring gains and losses Ｎｅｔｃａｓｈｆｌｏｗｓａｒｉｓｉｎｇｆｒｏｍ３，２２８，９６６．００３９，８０６，９７２．００－９１．８９％－１４，８７３，４２０．００ｏｐｅｒａｔｉｎｇａｃｔｉｖｉｔｉｅｓ End of 2005 End of 2004 Increase/decrease (%) End of 2003 Total assets ４９５，３５０，３１０．００５２９，０６７，４７１．００－６．３７％３９０，３４２，２６２．００ Shareholders' equity (not including ２６８，６９５，８４５．００３１２，４４２，８７７．００－１４．００％３１１，１４０，４５０．００ minority interests) 3.2 Main financial indicators Unit: RMB ２００５２００４ Increase/decrease (%) ２００３ Earnings per share －０．２２１０．００５－４，５２０．００％０．００９ Earnings per share －０．２２１－－－（Ｎｏｔｅ） Return on net assets －１３．９４％０．２８％－１４．２２％０．５０％ Return on net assets calculated on basis of net profit after －１４．４４％０．２８％－１４．７２％０．２６％ deducting non-recurring gains and losses Net cash flows per share from operating ０．０１９０．２３５－９１．９１％－０．０８８ activities End of 2005 End of 2004 Increase/decrease (%) End of 2003 Net assets per share １．５８９１．８４７－１３．９７％１．８４０ Net assets per share １．５８５１．８３２－１３．４８％１．８２７ after adjustment Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 Ｎｏｔｅ：Ｅａｒｎｉｎｇｓｐｅｒｓｈａｒｅｗａｓｃａｌｃｕｌａｔｅｄｂａｓｅｄｏｎｎｅｗｓｈａｒｅｃａｐｉｔａｌｉｆｓｈａｒｅｃａｐｉｔａｌｗａｓｃｈａｎｇｅｄｆｒｏｍｔｈｅｅｎｄｏｆｔｈｅｒｅｐｏｒｔｐｅｒｉｏｄｔｏｄｉｓｃｌｏｓｕｒｅｄａｔｅｏｆｔｈｅｒｅｐｏｒｔ．Ｉｔｅｍｓｏｆｎｏｎ－ｒｅｃｕｒｒｉｎｇｇａｉｎｓａｎｄｌｏｓｓｅｓ √applicable□not applicable Unit: RMB Ｉｔｅｍｓｏｆｎｏｎ－ｒｅｃｕｒｒｉｎｇＡｍｏｕｎｔｇａｉｎｓａｎｄｌｏｓｓｅｓＮｅｔｌｏｓｓｅｓｆｒｏｍ１３３，３０８．００ｄｉｓｐｏｓｉｎｇｆｉｘｅｄａｓｓｅｔｓＳｈｏｒｔ－ｔｅｒｍｉｎｖｅｓｔｍｅｎｔ７，０１８．００ｌｏｓｓ Revolution With drawled Bad debts reparation to －１，５５１，８８９．００ forestall years. Ｎｏｎ－ｏｐｅｒａｔｉｎｇｉｎｃｏｍｅ－５６，８２８．００Ｏｔｈｅｒｎｏｎ－ｏｐｅｒａｔｉｎｇ１０５，５１９．００ｅｘｐｅｎｓｅｓＩｍｐａｃｔｏｆｎｏｎ－ｒｅｃｕｒｒｉｎｇｇａｉｎｓ０．００ａｎｄｌｏｓｓｅｓｏｎｉｎｃｏｍｅｔａｘＴｏｔａｌ－１，３６２，８７２．００ 3.3 Difference of domestic and foreign accounting standards √applicable□not applicable Unit: RMB元 Domestic accounting standards Overseas accounting standard Net profit －３７，４４４，０００．００－３７，８２３，７７２．００１． The appraised appreciation of Hong Kong house property written back pursuant to international accounting standards increased; ４８０，７６４２．Ｄｉｆｆｅｒｅｎｃｅｏｆｄｉｓｐｏｓｉｎｇｇｏｏｄｗｉｌｌａｍｏｒｔｉｚａｔｉｏｎｉｎ Notes to difference ａｃｃｏｒｄａｎｃｅｗｉｔｈＩＡＳ；－２５，２４８ 3.ＤｉｆｆｅｒｅｎｃｅｏｆｄｉｓｐｏｓｉｎｇｂａｄｗｉｌｌｉｎａｃｃｏｒｄａｎｃｅｗｉｔｈＩＡＳ；－９５５，２１６４．Ｉｎｃｏｍｅｃｏｎｆｉｒｍｅｄｆｒｏｍｏｆｆｓｅｔｔｉｎｇａｃｃｏｕｎｔｓｐａｙａｂｌｅｎｏｔｐａｉｄｆｏｒｌｏｎｇ－ｔｅｒｍ．１１８，８７６ §4 Particulars about the Changes of Share Capital and Shareholders 4.1 Schedule of the Change of Share Capital Unit: shares Increase or decrease Before this change After this change this time (+/-) ＱｕａｎｔｉｔｙＰｒｏｐｏｒｔｉｏｎＳｕｂｔｏｔａｌＱｕａｎｔｉｔｙＰｒｏｐｏｒｔｉｏｎＩ．Ｕｎｌｉｓｔｅｄ７９，４８９，２５３４７．００％０７９，４８９，２５３４７．００％ｓｈａｒｅｓ１．Ｓｐｏｎｓｏｒｓ’ ７９，４８９，２５３４７．００％０７９，４８９，２５３４７．００％ｓｈａｒｅｓＩｎｃｌｕｄｉｎｇ４７，３５９，８５９２８．００％０４７，３５９，８５９２８．００％ Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 ：Ｓｔａｔｅ－ｏｗｎｅｄｓｈａｒｅＤｏｍｅｓｔｉｃｌｅｇａｌ３２，１２９，３９４１９．００％０３２，１２９，３９４１９．００％ｐｅｒｓｏｎ’ｓｓｈａｒｅｓＦｏｒｅｉｇｎｌｅｇａｌ００．００％０００．００％ｐｅｒｓｏｎ’ｓｓｈａｒｅｓｏｔｈｅｒ００．００％０００．００％２．Ｒａｉｓｅｄｌｅｇａｌ００．００％０００．００％ｐｅｒｓｏｎ’ｓｓｈａｒｅｓ３．Ｉｎｎｅｒｅｍｐｌｏｙｅｅｓ００．００％０００．００％ ’ ｓｈａｒｅｓ４．Ｐｒｅｆｅｒｅｎｃ００．００％０００．００％ｅｓｈａｒｅｓｏｒｏｔｈｅｒｓＩＩ．Ｌｉｓｔｅｄ８９，６５３，１０３５３．００％０８９，６５３，１０３５３．００％ｓｈａｒｅｓ１．ＲＭＢｏｒｄｉｎａｒｙ２０，２３１，２００１１．９６％０２０，２３１，２００１１．９６％ｓｈａｒｅｓ２．Ｄｏｍｅｓｔｉｃａｌｌｙ６９，４２１，９０３４１．０４％０６９，４２１，９０３４１．０４％ｌｉｓｔｅｄｆｏｒｅｉｇｎｓｈａｒｅｓ３．Ｏｖｅｒｓｅａｓｌｉｓｔｅｄ００．００％０００．００％ｆｏｒｅｉｇｎｓｈａｒｅｓ４．Ｏｔｈｅｒｓ００．００％０００．００％ＩＩＩ．Ｔｏｔａｌ１６９，１４２，３５６１００．００％０１６９，１４２，３５６１００．００％ｓｈａｒｅｓ４．２ＳｔａｔｅｍｅｎｔｏｆｓｈａｒｅｓｈｅｌｄｂｙｔｈｅｔｏｐｔｅｎｓｈａｒｅｈｏｌｄｅｒｓａｎｄｔｈｅｔｏｐｔｅｎｓｈａｒｅｈｏｌｄｅｒｓｏｆｃｉｒｃｕｌａｔｉｎｇｓｈａｒｅＵｎｉｔ：Ｓｈａｒｅｓ Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 Ｔｏｔａｌｏｆｓｈａｒｅｈｏｌｄｅｒｓ２０，６４８Ｐａｒｔｉｃｕｌａｒｓａｂｏｕｔｓｈａｒｅｓｈｅｌｄｂｙｔｈｅｔｏｐｔｅｎｓｈａｒｅｈｏｌｄｅｒｓ Quantity of Quantity of pledged Shareholding Total quantity of non-negotiable shares Name of shareholder Nature of shareholder ratio shares held or frozen shares held Union Holdings Co., Ltd. Promoter's ２８．００％４７，３５９，８５９４７，３５９，８５９０ state-owned shares Ｓｔｙｌｅ－ＳｕｃｃｅｓｓＬｔｄ．Ｂ１４．４６％２４，４６６，０２９０ Shenzhen Textile Holdings Ltd Ｏｔｈｅｒ１４．４６％２４，４５８，２３１２４，４５８，２３１１２，２２９，１１５ Union Developing Group Co., Ltd. Ｏｔｈｅｒ４．５４％７，６７１，１６３７，６７１，１６３０ Rich Crown Investment Ｆｏｒｅｉｇｎ Co., Ltd. ３．６２％６，１１４，５５６０Ｓｈａｒｅｈｏｌｄｅｒ Shing Ying Chieh Ｆｏｒｅｉｇｎ３．２２％５，４４６，２６１Ｓｈａｒｅｈｏｌｄｅｒ Chen Song Ｆｏｒｅｉｇｎ０．２４％３９８，４００Ｓｈａｒｅｈｏｌｄｅｒ Wei Shuangmei Ｆｏｒｅｉｇｎ０．２２％３７３，４００Ｓｈａｒｅｈｏｌｄｅｒ Yao Yuzhong Ｆｏｒｅｉｇｎ０．１７％２９１，９６３Ｓｈａｒｅｈｏｌｄｅｒ Liu Liaoyuan Ｓｔａｔｅ０．１４％２３５，１００Ｓｈａｒｅｈｏｌｄｅｒ Particulars about the shareholding of the top ten shareholders holding negotiable shares Name of shareholder Quantity of negotiable shares Type of share held Style - success ltd . ２４，４６６，０２９Ｂ Rich Crown Investment Co., Ltd. ６，１１４，５５６Ｂ Shing Ying Chieh ５，４４６，２６１Ｂ Chen Song ３９８，４００Ｂ Wei Shuangmei ３７３，４００Ｂ Yao Yuzhong ２９１，９６３Ｂ Liu Liaoyuan ２３５，１００Ｂ Zhong Yonglai ２２３，７００Ｂ Huang Weili ２１７，９６２ＢＤＢＳＶＩＣＫＥＲＳ（ＨＯＮＧＫＯＮＧ）ＬＴＤＡ／Ｃ１９３，９８６ＢＣＬＩＥＮＴＳ Notes to the related relationshipThe controlling shareholder of the above-mentioned largest shareholder Shenzhen Union Holdings Ltd. Is Un ion Developing Group Ltd. It is between the top ten shareholders or unknown whether there exists related relationship among the other their concerted action circulation shareholders or belongs to the consistent actors promulgated by the Management Measure of information Disclosure on Change of Shareholding for listed company among the other circulation shareholders.. ４．３ＰａｒｔｉｃｕｌａｒｓａｂｏｕｔｔｈｅｈｏｌｄｉｎｇｓｈａｒｅｈｏｌｄｅｒｓａｎｄａｃｔｕａｌｃｏｎｔｒｏｌｌｅｒｏｆｔｈｅＣｏｍｐａｎｙ Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 ４．３．１ＰａｒｔｉｃｕｌａｒｓａｂｏｕｔｃｈａｎｇｅｉｎｔｈｅｈｏｌｄｉｎｇｓｈａｒｅｈｏｌｄｅｒｓａｎｄａｃｔｕａｌｃｏｎｔｒｏｌｌｅｒｏｆｔｈｅＣｏｍｐａｎｙ □applicable√not applicable ４．３．２ＩｎｔｒｏｄｕｃｔｉｏｎｏｆｅｓｐｅｃｉａｌｓｉｔｕａｔｉｏｎｆｏｒｈｏｌｄｉｎｇｓｈａｒｅｈｏｌｄｅｒａｎｄｏｔｈｅｒａｃｔｕａｌｃｏｎｔｒｏｌｌｅｒＮａｍｅｏｆｔｈｅｐｒｉｎｃｉｐａｌｓｈａｒｅｈｏｌｄｅｒｏｆｔｈｅＣｏｍｐａｎｙ：Ｕｎｉｏｎ Development Group Ltd. Ｌｅｇａｌｒｅｐｒｅｓｅｎｔａｔｉｖｅ：ＤｏｎｇＢｉｎｇｇｅｎＤａｔｅｏｆｅｓｔａｂｌｉｓｈｍｅｎｔ：Ａｕｇ．２３，１９８３ＣｏｍｐａｎｙＴｙｐｅ：Ｒｅｇｉｓｔｅｒｅｄｃａｐｉｔａｌ：Ｂｕｓｉｎｅｓｓｓｃｏｐｅ：Ｓｅｌｆ－ｏｐｅｒａｔｅａｎｄａｃｔａｓａｇｅｎｔｆｏｒｉｍｐｏｒｔａｎｄｅｘｐｏｒｔｂｕｓｉｎｅｓｓｏｆｔｈｅｏｔｈｅｒｃｏｍｍｏｄｉｔｉｅｓａｎｄｔｅｃｈｎｏｌｏｇｉｅｓｅｘｃｌｕｄｉｎｇｔｈｅｉｍｐｏｒｔｃｏｍｍｏｄｉｔｉｅｓｏｒｇａｎｉｚｅｄｕｎｉｔｅｄｌｙａｎｄｊｏｉｎｔｌｙｏｐｅｒａｔｅｄｂｙｔｈｅｓｔａｔｅａｎｄｉｍｐｏｒｔｃｏｍｍｏｄｉｔｉｅｓｏｐｅｒａｔｅｄｂｙｔｈｅｃｏｍｐａｎｙａｕｔｈｏｒｉｚｅｄｂｙｔｈｅｓｔａｔｅ，ａｓｓｅｍｂｌｉｎｇｗｉｔｈｉｍｐｏｒｔｅｄｓｐａｒｅｐａｒｔｓａｎｄｃｏｏｐｅｒａｔｉｏｎｉｎｃｏｍｐｅｎｓａｔｉｏｎｔｒａｄｅ，ｐｒｏｃｅｓｓｉｎｇｗｉｔｈｉｍｐｏｒｔｅｄｍａｔｅｒｉａｌｓ，ｃｏｕｎｔｅｒｓｅｌｌｉｎｇａｎｄｔｒａｎｓｆｅｒｔｒａｄｅ（ｐｕｒｓｕａｎｔｔｏ（１９９９）ＷＪＭＺＳＨＺＮｏ．１９３Ｄｏｃｕｍｅｎｔ），ｅｘｐｏｒｔ－ｏｒｉｅｎｔｅｄｃｏｍｍｏｄｉｔｉｅｓｓｏｌｄａｔｈｏｍｅｂｕｓｉｎｅｓｓ，ｔｅｘｔｉｌｅｔｅｃｈｎｉｃａｌｃｏｎｓｕｌｔａｎｔｓｅｒｖｉｃｅ，ｒｅａｌｔｙｍａｎａｇｅｍｅｎｔ，ｌｅａｓｉｎｇｓｅｒｖｉｃｅ；ｃｏｎｔｒａｃｔｗｉｔｈｏｖｅｒｓｅａｓｔｅｘｔｉｌｅｆｉｅｌｄｐｒｏｊｅｃｔｓａｎｄｄｏｍｅｓｔｉｃｉｎｔｅｒｎａｔｉｏｎａｌｂｉｄｉｎｇｐｒｏｊｅｃｔｓ；ｔｈｅｉｍｐｏｒｔａｎｄｅｘｐｏｒｔｏｆｅｑｕｉｐｍｅｎｔａｎｄｍａｔｅｒｉａｌｒｅｑｕｉｒｅｄｂｙｔｈｅａｂｏｖｅ－ｍｅｎｔｉｏｎｅｄｏｖｅｒｓｅａｓｐｒｏｊｅｃｔｓ；ｓｅｎｄｉｎｇｃｏｎｔｒａｃｔｗｏｒｋｅｒｓｔｏａｂｒｏａｄｔｏｉｍｐｌｅｍｅｎｔｔｈｅａｆｏｒｅｓａｉｄｏｖｅｒｓｅａｓｐｒｏｊｅｃｔｓ（ｐｕｒｓｕａｎｔｔｏ（９８）ＷＪＭＺＳＨＺＮｏ．３１０９Ｄｏｃｕｍｅｎｔ）；ｖｅｈｉｃｌｅｓｓａｌｅ（ｉｎｃｌｕｄｉｎｇｃａｒｓ）．４．３．３ＰｒｏｐｅｒｔｙｒｉｇｈｔａｎｄｃｏｎｔｒｏｌｌｉｎｇｒｅｌａｔｉｏｎｓｈｉｐｂｅｔｗｅｅｎｔｈｅａｃｔｕａｌｃｏｎｔｒｏｌｌｅｒｏｆｔｈｅＣｏｍｐａｎｙａｎｄｔｈｅＣｏｍｐａｎｙｉｓａｓｆｏｌｌｏｗｓ：ＰｒｏｐｅｒｔｙｒｉｇｈｔａｎｄｃｏｎｔｒｏｌｌｉｎｇｒｅｌａｔｉｏｎｓｈｉｐｂｅｔｗｅｅｎｔｈｅａｃｔｕａｌｃｏｎｔｒｏｌｌｅｒｏｆｔｈｅＣｏｍｐａｎｙａｎｄｔｈｅＣｏｍｐａｎｙｉｓａｓｆｏｌｌｏｗｓ： Union Developing Group Ltd. 40.15% 4.54% Union Holdings Ltd. 28% Shenzhen Victor onward textile Industrial Co., Ltd. Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 §５．ＰａｒｔｉｃｕｌａｒｓＡｂｏｕｔＤｉｒｅｃｔｏｒｓ，Ｓｕｐｅｒｖｉｓｏｒｓ，ＳｅｎｉｏｒＥｘｅｃｕｔｉｖｅｓ５．１Ｐａｒｔｉｃｕｌａｒｓａｂｏｕｔｃｈａｎｇｅｓｉｎｓｈａｒｅｓｈｅｌｄｂｙｄｉｒｅｃｔｏｒｓ，ｓｕｐｅｒｖｉｓｏｒｓａｎｄｓｅｎｉｏｒｅｘｅｃｕｔｉｖｅｓＲｅｃｅｉｖｉｎｇｒｅｍｕｎｅｒａｔｉ Whether ＨｏｌｄｉｎｇＨｏｌｄｉｎｇｏｎａｎｄ receivin ｓｈａｒｅｓａｔＲｅａｓｏｎｓｈａｒｅｓａｔｓｕｂｓｉｄｙ g ＮａｍｅＴｉｔｌｅＳｅｘＡｇｅＯｆｆｉｃｅｔｅｒｍｔｈｅｆｏｒｔｈｅｆｏｒｍｔｈｅ remuner ｙｅａｒ－ｂｅｇｉｃｈａｎｇｅｙｅａｒ－ｅｎｄｃｏｍｐａｎｙｉｎ ation or ｎｒｅｐｏｒｔｉｎｇ subsidy ｔｅｒｍＢｏａｒｄＭａｙ１６，２００３ｔｏＭａｙ１５，ＨｕＹｏｎｇｆｅｎｇＭａｌｅ４３０００．００Ｙｅｓｃｈａｉｒｍａｎ２００６ＤｅｐｕｔｙＭａｙ１６，２００３ｔｏＭａｙ１５，ＬｉＺｈｉｈｕａＣｈａｉｒｍａｎｏｆＭａｌｅ４６０００．００Ｎｏ２００６ｔｈｅＢｏａｒｄＤｅｐｕｔｙＭａｙ１６，２００３ｔｏＭａｙ１５，ＳｏｎｇＴａｏＣｈａｉｒｍａｎｏｆＭａｌｅ５３０００．００Ｙｅｓ２００６ｔｈｅＢｏａｒｄＭａｙ１６，２００３ｔｏＪｕｎｅ１５，ＤｉｎｇＹｕｅＤｉｒｅｃｔｏｒＭａｌｅ４８０００．００Ｙｅｓ２００６Ｍａｙ１６，２００３ｔｏＪｕｎｅ１５，ＧｕａｎＴｏｎｇｋｅＤｉｒｅｃｔｏｒＭａｌｅ５９０００．００Ｙｅｓ２００６Ｄｉｒｅｃｔｏｒ，ＧｅｎＭａｙ１６，２００３ｔｏＭａｙ１５，ＳｕｎＺｈｉｐｉｎｇＭａｌｅ４１００３５．１０ＮｏｅｒａｌＭａｎａｇｅｒ２００６ＭａｉＩｎｄｅｐｅｎｄｅｎｔＭａｙ１６，２００３ｔｏＭａｙ１５，Ｍａｌｅ４４００３．１５ＮｏＪｉａｎｇｕａｎｇｄｉｒｅｃｔｏｒ２００６ＩｎｄｅｐｅｎｄｅｎｔＭａｙ１６，２００３ｔｏＭａｙ１５，ＬｉＷｅｉｐｉｎｇＭａｌｅ５２０００．００Ｎｏｄｉｒｅｃｔｏｒ２００６ＦｅｍａｌＳｅｐｔｅｍｂｅｒ１２，２００３ｔｏＳｈｕＭａｎＩｎｄｅｐｅｎｄｅｎｔ４０００３．１５ＮｏｅＭａｙ１５，２００６ＣｏｎｖｅｎｅｒｏｆｔｈｅＭａｙ１６，２００３ｔｏＭａｙ１５，ＤｏｎｇＢｉｎｇｇｅｎｓｕｐｅｒｖｉｓｏｒＭａｌｅ５６０００．００Ｙｅｓ２００６ｙｃｏｍｍｉｔｔｅｅＦｅｍａｌＭａｙ１６，２００３ｔｏＭａｙ１５，ＧｕｉＬｉｐｉｎｇＳｕｐｅｒｖｉｓｏｒ４７０００．００Ｙｅｓｅ２００６Ｍａｙ１６，２００３ｔｏＭａｙ１５，ＣａｉＷａｎｑｉｎｇＳｕｐｅｒｖｉｓｏｒＭａｌｅ５５００７．００Ｎｏ２００６ＣｈｅｎＪｉｎｇｑｉｕＤｅｐｕｔｙＧＭＭａｌｅ６３Ｍａｙ１６，２００３ｔｏＭａｙ１５，００４５．６５Ｎｏ Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 ２００６ＺｈａｎｇＤｅｃｅｍｂｅｒ１７，２００４ｔｏＭａｙＤｅｐｕｔｙＧＭＭａｌｅ４３００１５．７８ＮｏＪｉｎｌｉａｎｇ１６，２００６ＢｏａｒｄＭａｙ１６，２００３ｔｏＭａｙ１５，ＣｈｅｎＸｉｎｇＭａｌｅ３２００１０．００Ｙｅｓｓｅｃｒｅｔａｒｙ２００６Ｔｏｔａｌ－－－－００－１１９．８３－ §６ＲｅｐｏｒｔｏｆｔｈｅＢｏａｒｄｏｆＤｉｒｅｃｔｏｒｓ６．１Ｄｉｓｃｕｓｓｉｏｎａｎｄａｎａｌｙｓｉｓ 2005 is a year with grim situation to textile industry. To Victor Onward, it is a year full of difficulties. The trade friction between U.S. and Europe resulted in serious shortage of orders of the Company. Fuel price soared. The cost of fuel oil increased by 32% over the previous year. The auxiliary agent of dyestuffs and chemicals and electricity rate rose by over 15% so that the Company's production cost rose by big margin and gross profit rate declined sharply. The space for survival became smaller and smaller. The Company faced abnormally difficult operation situation. Though the Company has taken many measures to make positive response, the market competition was fierce unprecedentedly and vicious circle of price competition appeared due to the establishment of printing and dyeing enterprises in large quantity several years ago. Besides, the production cost of printing and dyeing enterprises in Shenzhen region is generally higher than that in inland areas. As a result, the Company suffered great loss. The amount of loss is RMB –37,444,000. ６．２ＳｔａｔｅｍｅｎｔｏｆｍａｉｎｏｐｅｒａｔｉｏｎｓｃｌａｓｓｉｆｉｅｄａｃｃｏｒｄｉｎｇｔｏｉｎｄｕｓｔｒｉｅｓｏｒｐｒｏｄｕｃｔｓＵｎｉｔ：ＲＭＢ’００００ＭａｉｎｏｐｅｒａｔｉｏｎｓｃｌａｓｓｉｆｉｅｄａｃｃｏｒｄｉｎｇｔｏｉｎｄｕｓｔｒｉｅｓＩｎｃｒｅａｓｅＩｎｃｒｅａｓｅ／ｄｅｃｒｅｅＩｎｃｒｅａｓｅ／ｄｅｃＣｌａｓｓｉｆｉｅｄ／ｄｅｃｒｅａｓｅｉｎＩｎｃｏｍｅｆｒｏｍｓｉｎｃｏｓｔｏｆｍａｉｎｒｅａｓｅｉｎａｃｃｏｒｄｉｎｇｔｏＣｏｓｔｏｆｍａｉｎＧｒｏｓｓｐｒｏｆｉｔｉｎｃｏｍｅｆｒｏｍｍａｉｎｍａｉｎｏｐｅｒａｔｉｏｎｓｏｖｅｒｇｒｏｓｓｐｒｏｆｉｔｉｎｄｕｓｔｒｉｅｓｏｐｅｒａｔｉｏｎｓｒａｔｉｏ（％）ｏｐｅｒａｔｉｏｎｓｏｖｅｒｏｐｅｒａｔｉｏｎｓｔｈｅｌａｓｔｙｅａｒｒａｔｉｏｏｖｅｒｏｒｐｒｏｄｕｃｔｓｔｈｅｌａｓｔｙｅａｒ（％）ｔｈｅｌａｓｔｙｅａｒ（％）Ｏｔｈｅｒｔｅｘｔｉｌｅ２６，８７３．００２６，２４７．００２．３３％２．８７％１６．２４％－８５．２３％ｉｎｄｕｓｔｒｙ Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 ＧａｒｍｅｎｔＭａｎｕｆａｃｔｕｒｉｎ３３３．００２１３．００５６．３４％０．００％－９．７５％３８．４４％ｇＭａｉｎｏｐｅｒａｔｉｏｎｓｃｌａｓｓｉｆｉｅｄａｃｃｏｒｄｉｎｇｔｏｐｒｏｄｕｃｔｓＦａｂｒｉｃｓｂｌｅａｃｈｉｎｇ２６，８７３．００２６，２４７．００２．３３％２．８７％１６．２４％－８５．２３％ｐｒｉｎｔｉｎｇａｎｄｄｙｅｉｎｇＧａｒｍｅｎｔ３３３．００２１３．００５６．３４％０．００％－９．７５％３８．４４％ｔｒａｄｅ６．３ＰａｒｔｉｃｕｌａｒｓａｂｏｕｔｍａｉｎｏｐｅｒａｔｉｏｎｓｃｌａｓｓｉｆｉｅｄａｃｃｏｒｄｉｎｇｔｏａｒｅａｓＵｎｉｔ：ＲＭＢ’００００Ｉｎｃｒｅａｓｅ／ｄｅｃｒｅａｓｅｉｎｉｎｃｏｍｅｆｒｏｍｍａｉｎＡｒｅａｓＩｎｃｏｍｅｆｒｏｍｍａｉｎｏｐｅｒａｔｉｏｎｓｏｐｅｒａｔｉｏｎｓｏｖｅｒｔｈｅｌａｓｔｙｅａｒ（％）ＭａｉｎｌａｎｄＣｈｉｎａ２，７４８．００９２．９８％ＨｏｎｇＫｏｎｇ，Ｃｈｉｎａ，ａｎｄ２４，４５８．００－２．２１％Ｏｖｅｒｓｅａｓ６．４ Raised funds use □applicable√not applicable ＣｈａｎｇｅＩｔｅｍ □applicable√not applicable ６．５ Investment projects utilizing non-raised funds: √applicable□not applicable Ｕｎｉｔ：ＲＭＢ’００００ Project name Project amount Project progress Income from project Acquisition of 7.31% The Company is handling equity of Shenzhen ２３０．００ the procedure of the ０ Nanhua Printing and change of industrial and Dyeing Co., Ltd. Ｔｏｔａｌ２３０．００－－６．６ Explanation of the board of directors to the "nonstandard opinions" □ applicable√ not applicable ６．７ The preplan of the board of directors for profit distribution or capitalization of capital common reserve fund □ applicable√ not applicable The Company made profit in the report period but did not make cash profit distribution preplan. □ applicable√ not applicable Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 §７ＳｉｇｎｉｆｉｃａｎｔＥｖｅｎｔｓ７．１Ｐｕｒｃｈａｓｅｏｆａｓｓｅｔｓ √ applicable □ applicable Ｕｎｉｔ：ＲＭＢ’００００ＤｅｂｔＡｓｓｅｔｓＣｏｎｔｒｉｂｕｔｉｏｎａｎｄｏｗｎｅｒｓｔｏｎｅｔｐｒｏｆｉｔｌｉａｂｉｌｈｉｐｏｆｔｈｅＲｅｌａｔｅｉｔｉｅｓｉｎｖｏｌｖＴｈｅｃｏｍｐａｎｙｏｆｄＥｘｐｌａｉｎｉｎｖｏｌｖＰｕｒｃｈａｓｉｎｅｄｉｎＴｒａｎｓａｃｔｉｏｎａｓｓｅｔｓＤａｔｅｏｆｐｕｒｃｈａｓｅｔｈｅａｓｓｅｔｓｔｒａｎｓａｐｒｉｎｃｉｐｌｅｏｆｅｄｉｎｇｐｒｉｃｅｔｈｅｐｕｒｃｈａｓｅｄｓｏｌｄｆｒｏｍｔｈｅｃｔｉｏｎｐｒｉｃｉｎｇｔｈｅａｓｓｅｔｓｙｅａｒ－ｂｅｇｉｎｎｉｏｒｎｏｔａｓｓｅｔｓｔｒａｎｓｆｎｇｔｏｔｈｅｔｒａｎｓｆｅｒｒｅｄｄａｔｅｏｆｓａｌｅｅｒｒｅｄｏｒｎｏｔｏｒｎｏｔ７．３１％ｓｈａｒｅＳｔａｔｅｅｑｕｉｔｙｏｆＩｎｖｅｓｔｍｅｎｔＮａｎｈｕａ Openly quoted ＡｓｓｅｔｓＯｃｔｏｂｅｒ２１，２００５２３０．０００．００ＮｏＮｏＮｏＰｒｉｎｔｉｎｇ price ｍａｎａｇｅｍｅｎｔａｎｄＣｏ．，ＬｔｄｄｙｅｉｎｇＣｏ．，Ｌｔｄ７．２Ｓａｌｅｓｏｆａｓｓｅｔｓ □applicable√not applicable ７．１、７．２ＩｎｆｌｕｅｎｃｅｏｎｃｏｎｓｉｓｔｅｎｃｅｏｆｂｕｓｉｎｅｓｓａｎｄｓｔａｂｉｌｉｔｙｏｆｍａｎａｇｅｒｓｃａｕｓｅｄｂｙｔｈｅｉｓｓｕｅｓｉｎｔｅｒｆｅｒｅｄｉｎｐｕｒｃｈａｓｅａｎｄｓａｌｅＮｏ７．３Ｓｉｇｎｉｆｉｃａｎｔｇｕａｒａｎｔｅｅｓ √applicable□not applicable Ｕｎｉｔ：ＲＭＢ’００００ＰａｒｔｉｃｕｌａｒｓａｂｏｕｔｔｈｅｅｘｔｅｒｎａｌｇｕａｒａｎｔｅｅｏｆｔｈｅＣｏｍｐａｎｙ（Ｂａｒｒｉｎｇｔｈｅｇｕａｒａｎｔｅｅｆｏｒｔｈｅｃｏｎｔｒｏｌｌｉｎｇｓｕｂｓｉｄｉａｒｉｅｓ）ＮａｍｅｏｆＣｏｍｐｌｅｔｅＧｕａｒａｎｔｅｅｆｏｒＡｍｏｕｎｔｏｆＧｕａｒａｎｔｅｅＧｕａｒａｎｔｅｅｔｈｅＤａｔｅｏｆｈａｐｐｅｎｉｎｇＩｍｐｌｅｍｅｎｔａｔｉｒｅｌａｔｅｄｇｕａｒａｎｔｅｅＴｙｐｅｔｅｒｍｃｏｍｐａｎｙｏｎｏｒｎｏｔｐａｒｔｙ（Ｙｅｓｏｒ Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 ｇｕａｒａｎｔｅｅｎｏｔ）ｄＴｏｔａｌａｍｏｕｎｔｏｆｇｕａｒａｎｔｅｅｉｎｔｈｅｒｅｐｏｒｔ０．００ｐｅｒｉｏｄＴｏｔａｌｂａｌａｎｃｅｏｆｇｕａｒａｎｔｅｅａｔｔｈｅｅｎｄ０．００ｏｆｔｈｅｒｅｐｏｒｔｐｅｒｉｏｄＧｕａｒａｎｔｅｅｏｆｔｈｅＣｏｍｐａｎｙｆｏｒｔｈｅｃｏｎｔｒｏｌｌｉｎｇｓｕｂｓｉｄｉａｒｉｅｓＴｏｔａｌａｍｏｕｎｔｏｆｇｕａｒａｎｔｅｅｆｏｒｃｏｎｔｒｏｌｌｉｎｇｓｕｂｓｉｄｉａｒｉｅｓｉｎｔｈｅｒｅｐｏｒｔ８００．００ｐｅｒｉｏｄＴｏｔａｌｂａｌａｎｃｅｏｆｇｕａｒａｎｔｅｅｆｏｒｃｏｎｔｒｏｌｌｉｎｇｓｕｂｓｉｄｉａｒｉｅｓａｔｔｈｅｅｎｄｏｆ０．００ｔｈｅｒｅｐｏｒｔｐｅｒｉｏｄＰａｒｔｉｃｕｌａｒｓａｂｏｕｔｔｈｅｅｘｔｅｒｎａｌｇｕａｒａｎｔｅｅｏｆｔｈｅｃｏｍｐａｎｙＴｏｔａｌａｍｏｕｎｔｏｆｇｕａｒａｎｔｅｅ０．００Ｔｈｅｐｒｏｐｏｒｔｉｏｎｏｆｔｈｅｔｏｔａｌａｍｏｕｎｔｏｆｇｕａｒａｎｔｅｅｉｎｔｈｅｎｅｔａｓｓｅｔｓｏｆｔｈｅ０．００％ｃｏｍｐａｎｙＯｆｗｈｉｃｈ： The amount of guarantee provided to shareholders, actual controller and its related ０．００ parties The amount of debt guarantees directly or indirectly provided to the object of guarantee ０．００ whose assets-liabilities ratio exceeds 70% The amount of guarantee that exceeds 50% of ０．００ net assets Total amount of the above three guarantees ０．００７．４Ｓｉｇｎｉｆｉｃａｎｔｒｅｌａｔｅｄｔｒａｎｓａｃｔｉｏｎｓ７．４．１Ｒｅｌａｔｅｄｐｕｒｃｈａｓｅａｎｄｓａｌｅ □applicable√not applicable Ｏｆｗｈｉｃｈ： The total amount of product sales or rendering of services of the Company to its controlling shareholder and subsidiaries was RMB million in the report period. ７．４．２Ｒｅｌａｔｅｄｃｒｅｄｉｔｓａｎｄｌｉａｂｉｌｉｔｉｅｓｃｕｒｒｅｎｔ √applicable□not applicable Ｕｎｉｔ：ＲＭＢ’００００ＲｅｌａｔｅｄｐａｒｔｉｅｓｓｕｐｐｌｉｅｄｆｕｎｄｓｔｏＳｕｐｐｌｙｆｕｎｄｓｔｏｒｅｌａｔｅｄｐａｒｔｉｅｓＲｅｌａｔｅｄｐａｒｔｉｅｓｔｈｅＣｏｍｐａｎｙＯｃｃｕｒｒｅｄａｍｏｕｎｔＢａｌａｎｃｅＯｃｃｕｒｒｅｄａｍｏｕｎｔＢａｌａｎｃｅＳｈｅｎｙｅＨｕａｌｉａｎｇ０．００３８．０００．０００．００ Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 ＵｎｉｏｎＤｅｖｅｌｏｐｍｅｎｔＧｒｏｕｐ０．０００．０００．００１，６９３．００Ｃｏ．，Ｌｔｄ．合计０．００３８．０００．００１，６９３．００Ｏｆｗｈｉｃｈ： In report period, the capital amount the listed company provided to controlling shareholder and its subsidiaries was RMB million and the balance was RMB 0.38 million. □applicable√not applicable Whether the debt settlement plan can ensure the thorough settlement of fund occupation problem before the end of 2006 □applicable√not applicable ７．５Ｅｎｔｒｕｓｔｅｄａｓｓｅｔｓｍａｎａｇｅｍｅｎｔ □applicable√not applicable ７．６Ｉｍｐｌｅｍｅｎｔａｔｉｏｎｏｆｃｏｍｍｉｔｍｅｎｔｓ √applicable□not applicable ７．６．１ Schedule of equity division reform Expected date of equity division reform: February 2006 The Company is expected to start the procedure of equity division reform at the beginning of February 2006. ７．６．２Ｏｔｈｅｒｃｏｍｍｉｔｍｍｉｔｍｅｎｔｓ √applicable□not applicable I. Capital commitments (1) Contracts were signed for the following capital expenditure commitments on the date of balance sheet, which need not be recognized in financial statements: On February 8，2001， Hong Kong Victor Onward and Union Holdings sign the Letter of Investment Intent for Establishment of Ningbo Union New Material Technology Co.， Ltd. ("Ningbo Union") in the Form of Joint Venture. According to this letter of intent, the registered capital of Ningbo Union is RMB 700 million. The amount of capital contribution of Hong Kong Victor Onward is RMB 175 million, accounting for 25% of the registered capital. The amount of capital contribution of Union Holdings is RMB 525 million, accounting for 75% of the registered Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 capital. The proposal concerning this investment project was examined and adopted at 2000 shareholders' general meeting of the Company held on June 30, 2001. As of the date of this report, both parties to the joint venture had not signed official joint venture contract in respect of the above investment intention. (2) Other capital expenditure commitments which contracts were signed for on the date of balance sheet and which need not be recognized in financial statements: December 31, 2005 December 31, 2004 Houses and buildings, machinery and equipment ３２８，３９８８０，６６２ Intangible assets ３２８，１３３１２２，２１５Ｔｏｔａｌ６５６，５３１２０２，８７７ B. Commitment of operating lease According to the signed irrevocable contract for operating lease, the lowest rent to be paid in the future is as follows: December 31, 2005 December 31, 2004 Within 1 year ６３９，９６７７２９，９６７ 1-2 years ５４９，９６７６５４，９６７ 2-3 years ２７４，９８４５４９，９６７ Over 3 years ２７４，９８４Ｔｏｔａｌ１，４６４，９１８２，２０９，８８５ The commitment of operating lease is the commitment of house tenancy of Veaopel and Nanhua Xingye. ７．７Ｓｉｇｎｉｆｉｃａｎｔｌａｗｓｕｉｔａｎｄａｒｂｉｔｒａｔｉｏｎｓ □applicable√not applicable §８ＲｅｐｏｒｔｏｆｔｈｅＳｕｐｅｒｖｉｓｏｒｙＣｏｍｍｉｔｔｅｅ √applicable□not applicable I. The meetings of the supervisory committee In the report period，the supervisory committee of the Company held two meetings in total. (1) In the afternoon of April 12, 2005, the 7th meeting of the fourth board of directors of the Company was held at Yunhai Villa, Dapeng Town, Longgang District, Shenzhen. The meeting was presided over by Mr. Dong Binggen, the convener of the supervisory committee of the Company. 3 Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 persons were supposed to attend the meeting and all of them were present. The Company's supervisors and senior executives attended the meeting as non-voting delegates. The meeting examined and adopted the following resolutions: 1. 2004 Work Report of the Company; 2. 2004 Auditor's Report of the Company; 3. Profit Distribution Preplan of the Company for 2004 and Its Profit Distribution Policy for 2005; 4. 2004 Annual Report and 2004 Annual Report (Summary) of the Company; (II) In the morning of August 19, 2005, the 8th meeting of the fourth supervisory committee of the Company was held through voting by correspondence. The meeting examined and adopted 2005 Semiannual Report of the Company and Summary of 2005 Semiannual Report of the Company. II. In the report period，the supervisory committee seriously performed its duties and expressed independent opinions in respect of the following matters: 1. The operation of the Company according to law. In the report period, the Company operated strictly according to Company Law, Securities law and the Articles of Association of the Company and other relevant laws and regulations. The Company's procedure of decision was legal and its internal control system was sound. The directors and managers of the Company all did their duties during their work and none of their acts were found to violate the laws, regulations and the Articles of Association or harm the Company's interests. 2. Inspection of the financial status of the Company. The Supervisory Committee carefully checked and examined the financial data of the Company including 2005 financial report audited by Pricewaterhouse Coopers Zhongtian Certified Public Accountants and held the opinion that its financial position awaited improvement, the liquidity of working capital was somewhat reduced and its financial structure needed further optimization in 2005. 2005 standard unqualified auditors' report issued by Pricewaterhouse Coopers Zhongtian Certified Public Accountants for the Company was true and truly reflected the financial position and operating results of the Company. 3. The Company did not raise funds in the report period. The funds last raised after listing were invested in such projects as promised in Prospectus. 4. Neither insider trading nor act that caused harm to the rights and interests of part of shareholders or the loss of the Company's assets was found in respect of the transaction price of the Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 assets purchased or sold by the Company. 5. The related transactions between the Company and associated enterprises (companies) were conducted in a fair manner and at market prices. The joint investment made by the Company and related enterprises is in keeping with the interests of the Company. Relevant voting procedure complied with relevant provisions of the Articles of Association of the Company and Stock Listing Rules of Shenzhen Stock Exchange and related directors observed the regulations on absence during vote. The related transactions were fair and reasonable and did not harm the interests of the Company and middle and small shareholders. 6. Pricewaterhouse Coopers Zhongtian Certified Public Accountants issued standard unqualified auditors' report for 2005 financial report of the Company. §９ＦｉｎａｎｃｉａｌＲｅｐｏｒｔ９．１Ａｕｄｉｔｏｒ’ｓｏｐｉｎｉｏｎｓＡｕｄｉｔｏｒ’ｓｏｐｉｎｉｏｎｓ：Ｓｔａｎｄａｒｄｕｎｑｕａｌｉｆｉｅｄａｕｄｉｔｏｒ’ｓｏｐｉｎｉｏｎｓ９．２Ｆｉｎａｎｃｉａｌｓｔａｔｅｍｅｎｔ９．２．１ＢａｌａｎｃｅＳｈｅｅｔ Prepared by: Shenzhen Victor Onward Textile Industrial Co., Ltd. Ｄｅｃｅｍｂｅｒ３１，２００５Ｕｎｉｔ：ＲＭＢＥｎｄｏｆｔｈｅｒｅｐｏｒｔｐｅｒｉｏｄ Balance at beginning of year ＩｔｅｍＣｏｎｓｏｌｉｄａｔｅｄＴｈｅＣｏｍｐａｎｙＣｏｎｓｏｌｉｄａｔｅｄＴｈｅＣｏｍｐａｎｙＣｕｒｒｅｎｔａｓｓｅｔｓ：Ｍｏｎｅｔａｒｙｃａｐｉｔａｌ３７，５６３，５６１．００４，９０１，２９４．００４６，６６４，４２９．００１１，３４５，０３３．００Ｓｈｏｒｔ－ｔｅｒｍ３８，３９４．０００．００４６，３４７．００ｉｎｖｅｓｔｍｅｎｔＢｉｌｌｒｅｃｅｉｖａｂｌｅＤｉｖｉｄｅｎｄｒｅｃｅｉｖａｂｌｅＩｎｔｅｒｅｓｔｒｅｃｅｉｖａｂｌｅＡｃｃｏｕｎｔｓ８７，６２４，８６７．００５９，６９１，４４９．００８２，８１２，２１３．００５０，７９１，８２０．００ｒｅｃｅｉｖａｂｌｅ Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 Ｏｔｈｅｒ３，２０２，５８１．００８１，７２６，６５４．００９３８，９３１．００６７，８３３，３５５．００ｒｅｃｅｉｖａｂｌｅｓＰｒｅｐａｙｍｅｎｔ５９８，８０８．００５８４，２３４．００２０２，０５０．００ＳｕｂｓｉｄｙｒｅｃｅｉｖａｂｌｅｓＩｎｖｅｎｔｏｒｙ９３，７９６，１３０．００７５，９７５，８０２．００９５，８６９，６９５．００７４，７２２，６２２．００Ｅｘｐｅｎｓｅｓｔｏｂｅ５９３，３８０．００２７１，９７６．００４３３，７１８．００９７，９７３．００ａｍｏｒｔｉｚｅｄＬｏｎｇ－ｔｅｒｍｃｒｅｄｉｔｏｒ’ｓｒｉｇｈｔｉｎｖｅｓｔｍｅｎｔｔｏｂｅｍａｔｕｒｅｄｗｉｔｈｉｎｏｎｅｙｅａｒＯｔｈｅｒｃｕｒｒｅｎｔａｓｓｅｔｓＴｏｔａｌｃｕｒｒｅｎｔ２２３，４１７，７２１．００２２２，５６７，１７５．００２２７，３４９，５６７．００２０４，９９２，８５３．００ａｓｓｅｔｓＬｏｎｇ－ｔｅｒｍＩｎｖｅｓｔｍｅｎｔＬｏｎｇ－ｔｅｒｍｅｑｕｉｔｙ８４，１６１，５１８．００６６，２６０，０００．００９２，８９５，３８９．００８１，４９２，８７８．００ｉｎｖｅｓｔｍｅｎｔＬｏｎｇ－ｔｅｒｍｃｒｅｄｉｔｏｒｓ’ ｒｉｇｈｔｉｎｖｅｓｔｍｅｎｔＴｏｔａｌＬｏｎｇ－ｔｅｒｍ８４，１６１，５１８．００６６，２６０，０００．００９２，８９５，３８９．００８１，４９２，８７８．００ｉｎｖｅｓｔｍｅｎｔＣｏｎｓｏｌｉｄａｔｅｄ３，３０３，９２７．００－３，７２８，７４２．００ｐｒｉｃｅｄｉｆｆｅｒｅｎｃｅＦｉｘｅｄａｓｓｅｔｓ：Ｏｒｉｇｉｎａｌｐｒｉｃｅｏｆ４６５，７０４，２３１．００２５４，０１０，３７９．００４７４，２７５，５４８．００２５８，３２５，６９３．００ｆｉｘｅｄａｓｓｅｔｓＬｅｓｓ：Ａｃｃｕｍｕｌａｔｅｄ２８０，４９８，６３１．００１５８，２９１，３１１．００２６９，０１３，９１７．００１５３，３４３，１９２．００ｄｅｐｒｅｃｉａｔｉｏｎＮｅｔｖａｌｕｅｏｆ１８５，２０５，６００．００９５，７１９，０６８．００２０５，２６１，６３１．００１０４，９８２，５０１．００ｆｉｘｅｄａｓｓｅｔｓＬｅｓｓ：Ｆｉｘｅｄａｓｓｅｔｓ０．０００．００ｄｅｐｒｅｃｉａｔｉｏｎｒｅｓｅｒｖｅｓＮｅｔａｍｏｕｎｔｏｆ１８５，２０５，６００．００９５，７１９，０６８．００２０５，２６１，６３１．００１０４，９８２，５０１．００ｆｉｘｅｄａｓｓｅｔｓＥｎｇｉｎｅｅｒｉｎｇｍａｔｅｒｉａｌｓＣｏｎｓｔｒｕｃｔｉｏｎ－ｉｎ－ｐ３４１，６９９．００３４１，６９９．００５５０，１３９．００３３０，２００．００ｒｏｃｅｓｓＦｉｘｅｄａｓｓｅｔｓｌｉｑｕｉｄａｔｉｏｎＴｏｔａｌｆｉｘｅｄ１８５，５４７，２９９．００９６，０６０，７６７．００２０５，８１１，７７０．００１０５，３１２，７０１．００ Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 ａｓｓｅｔｓＩｎｔａｎｇｉｂｌｅａｎｄｏｔｈｅｒａｓｓｅｔｓＩｎｔａｎｇｉｂｌｅ２，２２３，７７２．００３４１，４２３．００３，０１０，７４５．００４０７，２３８．００ａｓｓｅｔｓＬｏｎｇ－ｔｅｒｍｅｘｐｅｎｓｅｓｔｏｂｅａｍｏｒｔｉｚｅｄＯｔｈｅｒｌｏｎｇ－ｔｅｒｍａｓｓｅｔｓＴｏｔａｌｉｎｔａｎｇｉｂｌｅ２，２２３，７７２．００３４１，４２３．００３，０１０，７４５．００４０７，２３８．００ａｎｄｏｔｈｅｒａｓｓｅｔｓＤｅｆｅｒｒｅｄｔａｘ：ＤｅｂｉｔｉｔｅｍｏｆｄｅｆｅｒｒｅｄｔａｘＴｏｔａｌａｓｓｅｔｓ４９５，３５０，３１０．００３８５，２２９，３６５．００５２９，０６７，４７１．００３９２，２０５，６７０．００ＣｕｒｒｅｎｔｌｉａｂｉｌｉｔｉｅｓＳｈｏｒｔ－ｔｅｒｍｌｏａｎ１０５，０２０，１８６．００７７，０１４，８０３．００１０７，９４５，２９０．００６５，０００，０００．００Ｂｉｌｌｓｐａｙａｂｌｅ１０，８７３，５８５．００１１，０９０，４９９．００Ａｃｃｏｕｎｔｓｐａｙａｂｌｅ４６，８９１，８３９．００３７，０４４，５１５．００３１，６６２，８６８．００１６，２９２，６２８．００Ｐｒｅｐａｙｍｅｎｔｓ５５６，８２９．００４１３，４４５．００４８６，５４５．００１２２，８９０．００Ｗａｇｅｐａｙａｂｌｅ１６５，８９８．００１６５，８９８．００１９９，５２０．００１９９，５２０．００Ｗｅｌｆａｒｅｅｘｐｅｎｓｅｓ１７８，９８５．００３７，１９０．００３８，８３２．００ｐａｙａｂｌｅＤｉｖｉｄｅｎｄｓ１，５６０，６１７．００３，１９０，８２７．００ｐａｙａｂｌｅＴａｘｐａｙａｂｌｅ－３，３４２，６３１．００－４，８００，４８６．００－５，５４５，７１０．００－５，１４５，８９６．００ＯｔｈｅｒａｃｃｏｕｎｔｓｔｏｂｅｐａｉｄＯｔｈｅｒａｃｃｏｕｎｔｓ２６，４５４，９６０．００３，９９４，０３１．００２０，０１６，９６９．００１，０４０，２４２．００ｐａｙａｂｌｅＥｘｐｅｎｓｅｓｄｒａｗｎｉｎ３，１６９，０７３．００１，５８３，５５６．００２，８７１，７０９．００１，１６４，２３６．００ａｄｖａｎｃｅ Estimated liabilities Long-term loan within one year Other current liabilities Total current liabilities １９１，５２９，３４１．００１１５，４５２，９５２．００１７１，９５７，３４９．００７８，６７３，６２０．００ Long-term liabilities Long-term loan ２，２９９，８２８．００２，４４２，３２６．００ Bonds payable Long-term accounts payable １０，８９２，５３４．００１１，１３５，４０５．００ Special accounts payable １，０７３，９８８．００１，０７３，９８８．００１，０９７，９３５．００１，０９７，９３５．００ Other long-term liabilities Total long-term liabilities １４，２６６，３５０．００１，０７３，９８８．００１４，６７５，６６６．００１，０９７，９３５．００ Deferred tax Credit item of deferred tax Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 tax Total liabilities ２０５，７９５，６９１．００１１６，５２６，９４０．００１８６，６３３，０１５．００７９，７７１，５５５．００ Minority shareholders' equity ２０，８５８，７７４．００２９，９９１，５７９．００ shareholders' equity Share capital １６９，１４２，３５６．００１６９，１４２，３５６．００１６９，１４２，３５６．００１６９，１４２，３５６．００Ｌｅｓｓ：ＲｅｖｅｒｓｉｏｎｉｎｖｅｓｔｍｅｎｔＮｅｔａｍｏｕｎｔ share １６９，１４２，３５６．００１６９，１４２，３５６．００１６９，１４２，３５６．００１６９，１４２，３５６．００ capital Ｃａｐｉｔａｌｃｏｍｍｏｎ３０，８３１，１７２．００３０，８３１，１７２．００３０，７１２，４９１．００３０，７１２，４９１．００ｒｅｓｅｒｖｅＳｕｒｐｌｕｓｃｏｍｍｏｎ５３，４６１，７６３．００５３，４６１，７６３．００５３，４６１，７６３．００５３，４６１，７６３．００ｒｅｓｅｒｖｅＯｆｗｈｉｃｈ：Ｓｔａｔｕｔｏｒｙｐｕｂｌｉｃ３，８１０，３４３．００３，８１０，３４３．００３，８１０，３４３．００３，８１０，３４３．００ｗｅｌｆａｒｅｆｕｎｄ Undistributed profit －３０，３６５，３７１．００－３０，３６５，３７１．００７，０７８，６２９．００７，０７８，６２９．００ Of which:：Cash dividends ＮｏａｃｋｎｏｗｌｅｄｇｅｍｅｎｔＩｎｖｅｓｔｍｅｎｔｌｏｓｓＣｏｎｖｅｒｓｉｏｎｄｉｆｆｅｒｅｎｃｅｏｆ４５，６２５，９２５．００４５，６３２，５０５．００５２，０４７，６３８．００５２，０３８，８７６．００ｆｏｒｅｉｇｎｃｕｒｒｅｎｃｙＴｏｔａｌｓｈａｒｅｈｏｌｄｅｒ’ｓ２６８，６９５，８４５．００２６８，７０２，４２５．００３１２，４４２，８７７．００３１２，４３４，１１５．００ｅｑｕｉｔｙＴｏｔａｌｌｉａｂｉｌｉｔｉｅｓａｎｄｓｈａｒｅｈｏｌｄｅｒ’ｓ４９５，３５０，３１０．００３８５，２２９，３６５．００５２９，０６７，４７１．００３９２，２０５，６７０．００ｅｑｕｉｔｙＬｅｇａｌｒｅｐｒｅｓｅｎｔａｔｉｖｅ：ＨｕＹｏｎｇｆｅｎｇＦｉｎａｎｃｉａｌｃｏｎｔｒｏｌｌｅｒ：ＳｕｎＺｈｉｐｉｎｇＴｈｅｐｅｒｓｏｎｉｎｃｈａｒｇｅｏｆｔｈｅＦｉｎａｎｃｉａｌｄｅｐｔ：ＺｈａｎｇＪｉｎｌｉａｎｇ９．２．２ Profit and Profit Distribution Statement Prepared by: Shenzhen Victor Onward Textile Industrial Co., Ltd. Ｊａｎ－Ｄｅｃｅｍｂｅｒ２００５Ｕｎｉｔ：ＲＭＢ Report period Same period of the previous year ＩｔｅｍＣｏｎｓｏｌｉｄａｔｅｄＰａｒｅｎｔｃｏｍｐａｎｙＣｏｎｓｏｌｉｄａｔｅｄＰａｒｅｎｔｃｏｍｐａｎｙ I. Income from the key business ２７２，０６０，１１８．００１８８，７４１，４８５．００２６４，３３５，５１６．００１７４，７２６，２０４．００ Less: Cost of key business ２６４，６０１，３９９．００１９５，３２５，３５４．００２２２，２０５，２４５．００１６０，７５２，３３７．００ Key business tax and surtax II. Profit from key business (negative for ７，４５８，７１９．００－６，５８３，８６９．００４２，１３０，２７１．００１３，９７３，８６７．００ loss) Add: Profit from other businesses (negative for １，３３９，５４７．００４８３，０２１．００７６２，３９５．００１４０，２７２．００ loss) Less: Operating １１，１２５，８２７．００１，９６７，７８５．００１１，４５１，６２１．００１，５３０，４０４．００ expenses Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 expenses Administration expenses ２７，２２６，３９９．００１２，４５０，３５０．００２４，５７７，０９９．００８，４８１，６３７．００ Financial expenses １０，３６０，１５７．００４，７１１，５１８．００６，２８７，９５２．００３，５８２，０４１．００ III. Operating －３９，９１４，１１７．００－２５，２３０，５０１．００５７５，９９４．００５２０，０５７．００ profit(negative for loss) Add: Investment income(negative for －５，１４９，０２３．００－１２，０９１，００９．００６１５，９６５．００９４１，１３１．００ loss) Subsidy income Non-operating income ５６，８２８．００３１，０４５．００３６２，６１９．００４５，３７１．００ Less: non-operating expenses ２３８，８２７．００１５３，５３５．００５０８，３９２．００３８８，３４１．００ IV. Total profit (negative －４５，２４５，１３９．００－３７，４４４，０００．００１，０４６，１８６．００１，１１８，２１８．００ for loss) Less: income tax ７７１，２３９．０００．００６２８，９１０．００２３１，２５３．００ Gains and losses of minority shareholders －８，５７２，３７８．００－４６９，６８９．０００．００Ａｄｄ：ｎｏａｃｋｎｏｗｌｅｄｇｅｍｅｎｔｉｎｖｅｓｔｍｅｎｔｌｏｓｓ V. Net profit (negative －３７，４４４，０００．００－３７，４４４，０００．００８８６，９６５．００８８６，９６５．００ for loss) Add: Year-beginning ７，０７８，６２９．００７，０７８，６２９．００６，３２４，７０９．００６，３２４，７０９．００ retained profit Other amount transferred in VI. Distributable －３０，３６５，３７１．００－３０，３６５，３７１．００７，２１１，６７４．００７，２１１，６７４．００ profit Less: Statutory surplus common ８８，６９７．００８８，６９７．００ reserve appropriated Statutory public welfare fund ４４，３４８．００４４，３４８．００ appropriated Staff and workers' bonus and welfare fund appropriated Reserve fund appropriated Enterprise development fund appropriated Returned investment income VII. Profit distributable to investors －３０，３６５，３７１．００－３０，３６５，３７１．００７，０７８，６２９．００７，０７８，６２９．００ Less: Dividend of preferred shares payable Discretionary surplus common reserve appropriated Dividend of common shares payable Capitalized dividends of common shares VIII、Retained profit －３０，３６５，３７１．００－３０，３６５，３７１．００７，０７８，６２９．００７，０７８，６２９．００Ｐｒｏｆｉｔ Statement （Ｓｕｐｐｌｅｍｅｎｔａｒｙｉｎｆｏｒｍａｔｉｏｎ） 1. Proceeds from the sales or disposal of Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 sales or disposal of departments or invested companies 2. Losses from natural calamities 3. Total profit increased (or decreased) by the change of accounting policy 4. Total profit increased (decreased) by the change of accounting estimate 5. Losses from debt restructuring 6. Other Ｌｅｇａｌｒｅｐｒｅｓｅｎｔａｔｉｖｅ：ＨｕＹｏｎｇｆｅｎｇＦｉｎａｎｃｉａｌｃｏｎｔｒｏｌｌｅｒ：ＳｕｎＺｈｉｐｉｎｇＴｈｅｐｅｒｓｏｎｉｎｃｈａｒｇｅｏｆｔｈｅＦｉｎａｎｃｉａｌｄｅｐｔ：ＺｈａｎｇＪｉｎｌｉａｎｇ９．２．３Ｃａｓｈｆｌｏｗｓｔａｔｅｍｅｎｔ Prepared by: Shenzhen Victor Onward Textile Industrial Co., Ltd. Ｊａｎ－Ｄｅｃｅｍｂｅｒ２００５Ｕｎｉｔ：ＲＭＢ Report period ＩｔｅｍＣｏｎｓｏｌｉｄａｔｅｄＰａｒｅｎｔＣｏｍｐａｎｙＩ．Cash flow from operating activities Cash received from commodity sales and ２６３，９８３，９７０．００１７５，８０９，００４．００ labor provision Refunded taxes and levies １０，２７２，８７６．００６，４８０，９０４．００ Other cash receipts related to operating ３，５７４，８６５．００５１４，０６５．００ activities Subtotal of cash inflow ２７７，８３１，７１１．００１８２，８０３，９７３．００ Cash paid for purchasing commodities and ２３５，７０１，０５９．００１７５，９９３，４８４．００ accepting labor Cash paid to and for staff and workers ２８，１０４，７９８．００１１，８９６，５９９．００ Taxes and levies paid ９９１，６１８．００７９２，７８４．００ Other cash payments related to operating ９，８０５，２７０．００８，９５３，７９０．００ activities Subtotal of cash outflow ２７４，６０２，７４５．００１９７，６３６，６５７．００ Net cash flow from operating activities ３，２２８，９６６．００－１４，８３２，６８４．００ II.Cash flow from investing activities Cash received from investment recovery Cash received from obtaining investment １，６３９，８９２．００１，６３１，８５１．００ income Net cash received from the disposal of fixed assets, intangible assets and other １０８，８５０．００２１，２０７．００ long-term assets Other cash receipts related to investing ３４０，７８７．００５９，１８８．００ activities Subtotal of cash inflow ２，０８９，５２９．００１，７１２，２４６．００ Cash paid for constructing or purchasing fixed assets, intangible assets and other １，７４１，７１６．００１，２９９，８６９．００ long-term assets Cash paid for investment ２，３２５，８６８．００２，３２５，８６８．００ Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 Other cash payment related to investing activities Subtotal of cash outflow ４，０６７，５８４．００３，６２５，７３７．００ Net cash flow from investing activities －１，９７８，０５５．００－１，９１３，４９１．００ＩＩＩ．Cash flow from financing activities Cash flow from financing activities Cash received from loan ２４３，２６４，６５７．００２１４，９４９，７４７．００ Other cash receipts from financing activities Subtotal of cash inflow ２４３，２６４，６５７．００２１４，９４９，７４７．００ Cash paid for debt repayment ２４３，９３１，９２６．００２０１，３６８，７９０．００ Cash paid for distribution of dividends or ８，１３１，７１２．００３，２７４，１８５．００ profits or interest reimbursement Other cash payment related to financing activities Subtotal of cash outflow ２５２，０６３，６３８．００２０４，６４２，９７５．００ Subtotal of cash outflow －８，７９８，９８１．００１０，３０６，７７２．００ＩＶ、Influence of the change of exchange －４１７，２１４．００－８，６０１．００ rate on cash Ｖ Net increase of cash and cash equivalent －７，９６５，２８４．００－６，４４８，００４．００ Supplementary Information of Cash Flow Statement Ｉ． Adjusting net profit to net cash flow in operating activities Net profit －３７，４４４，０００．００－３７，４４４，０００．００ Add: Asset devaluation reserve provided ４，９２９，４８４．００６，４６７，０１２．００ Fixed assets depreciation １９，０６２，９１６．００９，７７４，９４１．００ Amortization of intangible assets ７７５，１２８．００１０３，４１３．００ Amortization of long-term expenses to be amortized Decrease of expenses to be －１７０，９９１．００－１７８，０８７．００ amortized (Less: increase) Increase of expenses drawn in ３６３，９７６．００４４９，６２９．００ advance (Less: decrease) The loss from the disposal of fixed assets, intangible assets and other long-term １３３，３０８．００１３３，３０７．００ assets (less: gain) Loss from scrapping of fixed assets Financial expenses ７，０４０，０８２．００３，２１４，９９６．００ Investment loss (less: gain) ５，１４９，０２３．００１２，０９１，００９．００ Credit item of deferred tax (Less: debit item) Decrease of inventories(less: increase) －１，４９４，０４５．００－４，０３１３８８．００ Decrease of operating accounts －１０，０９２，４４６．００－２８，４８５，４５８．００ receivable (less: increase) Ｉｎｃｒｅａｓｅ of operating accounts ２３，５４８，９０９．００２３，０７１，９４２．００ receivable (less: decrease) ＯｔｈｅｒＧａｉｎｓａｎｄｌｏｓｓｏｆＭｉｎｏｒｉｔｙ－８，５７２，３７８．０００．００Ｓｈａｒｅｈｏｌｄｅｒ’ｓ Net cash flow generated from ３，２２８，９６６．００－１４，８３２，６８４．００ operating activities II.Investment and financing activities not involving cash receipts and Shenzhen Victor Onward Textile Industrial Co., Ltd.Summary of Annual Report 2005 expenditure Transferring debts to capital Convertible corporate bond to mature within one year Leasing fixed assets through financing ＩＩＩ、Net increase of cash and cash equivalent Balance of cash at the end of the period ３０，３９５，１５２．００４，９０１，２９５．００ Less: Balance of cash at the beginning ３８，３６０，４３６．００１１，３４９，２９９．００ of the period Add: Balance of cash equivalent at the ０．０００．００ end of the period Less: Balance of cash equivalent at the ０．０００．００ beginning of the period Net increase of cash and cash －７，９６５，２８４．００－６，４４８，００４．００ equivalent Ｌｅｇａｌｒｅｐｒｅｓｅｎｔａｔｉｖｅ：ＨｕＹｏｎｇｆｅｎｇＦｉｎａｎｃｉａｌｃｏｎｔｒｏｌｌｅｒ：ＳｕｎＺｈｉｐｉｎｇＴｈｅｐｅｒｓｏｎｉｎｃｈａｒｇｅｏｆｔｈｅＦｉｎａｎｃｉａｌｄｅｐｔ：ＺｈａｎｇＪｉｎｌｉａｎｇ９．３Ｅｘｐｌａｎａｔｉｏｎｏｎｃｈａｎｇｅｓｏｆａｃｃｏｕｎｔｉｎｇｐｏｌｉｃｙ，ａｃｃｏｕｎｔｉｎｇｅｓｔｉｍａｔｉｏｎａｎｄｓｅｔｔｌｅｍｅｎｔｃｏｍｐａｒｅｄｗｉｔｈｔｈｅｌａｔｅｓｔａｎｎｕａｌｒｅｐｏｒｔ □applicable√not applicable ９．４Ｃｏｎｔｅｎｔｓ，ｃｏｒｒｅｃｔａｍｏｕｎｔ，ｒｅａｓｏｎａｎｄｉｔｓｉｎｆｌｕｅｎｃｅｏｆｓｉｇｎｉｆｉｃａｎｔａｃｃｏｕｎｔｉｎｇｅｒｒｏｒｓ． □applicable√not applicable ９．５Ｅｘｐｌａｎａｔｉｏｎｏｎｃｈａｎｇｅｏｆｃｏｎｓｏｌｉｄａｔｅｄｓｃｏｐｅｃｏｍｐａｒｅｄｗｉｔｈｔｈｅｌａｔｅｓｔａｎｎｕａｌｒｅｐｏｒｔ □applicable√not applicable

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