市北高新(600604)G二纺机2005年年度报告

上海二纺股份有限公司 2005 年度报告 上海二纺机股份有限公司 (股票代码:600604,900902) 2005 年度报告 二 OO 六年四月十三日 -1- 上海二纺股份有限公司 2005 年度报告 重 要 提 示 本公司董事会、监事会及董事、监事、高级管理人员保证报告所载资料不存在任何 虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别 及连带责任。 公司 2005 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 具了标准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、财务部负责人陈志虎声明：保证年度报 告中财务报告的真实、完整。 目 录 一、 公司基本情况简介 ---------------------------------------------- 3 二、 会计数据和业务数据摘要 ------------------------------------- 4 三、 股本变动及股东情况 ------------------------------------------- 6 四、 董事、监事、高级管理人员和员工情况 ------------------- 9 五、 公司治理结构 --------------------------------------------------- 12 六、 股东大会情况简介 --------------------------------------------- 14 七、 董事会报告 ------------------------------------------------------ 14 八、 监事会报告 ------------------------------------------------------ 23 九、 重要事项 --------------------------------------------------------- 24 十、 财务报告 --------------------------------------------------------- 28 十一、 备查文件目录 ----------------------------------------------- 37 十二、 财务报告附注 ----------------------------------------------- 38 公司基本情况简介 -2- 上海二纺股份有限公司 2005 年度报告 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)51265073 (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)51265073 (021)65318494 传真：(021)65318494 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有限公司 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 -3- 上海二纺股份有限公司 2005 年度报告 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 9,950,565.61 2、净利润 5,687,932.00 3、扣除非经常性损益后的净利润 -4,095,603.73 4、主营业务利润 121,167,697.63 5、其他业务利润 8,055,533.28 6、营业利润 -2,862,305.32 7、投资收益 6,293,730.71 8、补贴收入 149,000 9、营业外收支净额 6,370,140.22 10、经营活动产生的现金流量净额 -28,598,572.85 11、现金及现金等价物净增加额 -57,152,212.26 注： 扣除非经常性损益项目及涉及金额 （二）本年度公司的非经常性损益列示如下： 单位：元 币种：人民币 项 目 金 额 （一）处置长期股权投资、固定资产、在建工程、无形资产、其 他长期资产产生的损益 6,251,090.57 （二）各种形式的政府补贴 149,000.00 （三）扣除公司日常根据企业会计制度规定计提的资产减值准备 后的其他各项营业外收入、支出 312,120.47 （四）以前年度已经计提各项减值准备的转回 4,810,891.30 （五）少数股东收益 -14,186.39 （六）所得税影响额 -1,725,380.22 合 计 9,783,535.73 （三）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 568.79 万元，经浩华会计师事务所审 计，净利润 820.99 万元。 本公司 2005 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 2005 年度 2004 年度 2005 年末 2004 年末 按中国会计准则列报 568.79 1115.27 66365.87 65485.20 冲回商誉之摊销 (30.30) (30.30) -4- 上海二纺股份有限公司 2005 年度报告 冲回年初之负商誉 - 218.40 应付之撤销 97.90 合并附属公司之 (209.20) 未确认亏损 184.60 直接计入之损益 76.00 按国际会计准则列报 820.99 982.07 66553.97 65485.20 （四）、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 本年比上年 2005 年 2004 年 2003 年 增减(%) 主营业务收入 1,021,169,162.64 1,183,812,681.93 -13.74 1,027,163,105.30 利润总额 9,950,565.61 15,582,218.48 -36.14 16,492,244.61 净利润 5,687,932.00 11,152,671.21 -49.00 10,815,889.27 扣除非经常性损益的净利润 -4,095,603.73 -18,590,823.75 - -5,923,816.19 每股收益 0.01004 0.0197 -49.04 0.01909 最新每股收益 减少 0.84 个 净资产收益率（%） 0.86 1.70 1.68 百分点 扣除非经常性损益的净利润为基础计 增加 2.22 个 -0.62 -2.84 -0.92 算的净资产收益率（%） 百分点 扣除非经常性损益后净利润为基础计 算的加权平均净资产收益率（%） 6 经营活动产生的现金流量净额 -28,598,572.85 88,338,155.23 2,480,307.75 每股经营活动产生的现金流量净额 -0.0505 0.1560 -- 0.0044 本年末比上 2005 年末 2004 年末 2003 年末 年末增减(%) 总资产 1,362,411,629.19 1,317,273,512.56 3.43 1,394,150,285.52 股东权益（不含少数股东权益） 663,658,744.06 654,852,121.51 1.34 645,030,406.48 每股净资产 1.172 1.156 1.38 1.139 调整后的每股净资产 1.130 1.122 0.71 1.075 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% -5- 上海二纺股份有限公司 2005 年度报告 （五）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 18.26 18.26 0.2139 0.2139 营业利润 -0.43 -0.43 -0.005 -0.005 净利润 0.86 0.86 0.01004 0.01004 扣除非经常性损益的净利 -0.62 -0.62 -0.0072 -0.0072 润 (六) 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 股东权益合计 期初数 566,449,190.00 68,140,191.59 6,678,719.81 3,377,634.40 12,916,104.92 654,852,121.51 本期增加 5,287,766.44 978,829.81 489,414.92 5,687,932.00 14,290,396.93 本期减少 4,015,529.65 1,468,244.73 5,483,774.38 期末数 566,449,190.00 69,412,428.38 7,657,549.62 3,867,049.32 17,135,792.19 663,658,744.06 变动原因： 1）、资本公积变动原因：子公司清理及无法支付的应付帐款转入 2）、盈余公积变动原因：正常计提 3）、法定公益金变动原因：正常计提 4）、未分配利润变动原因：从净利润中转入及提取 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 -6- 上海二纺股份有限公司 2005 年度报告 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：84678 户，其中 A 股股东为 42814 户，B 股股东为 41864 户。 2、截止 2005 年 12 月 31 日，公司前十名股东、前十名流通股东持股情况： （1）公司前十名股东情况： 股份类别股 质押或 股东性质（国 年度内 年末持股 比例 股东名称(全称) 份类别（已流 冻结情 有股东或外 增减 情况 (%) 通或未流通） 况 资股东） 太平洋机电（集团）有限公司 0 262,342,310 46.31 未流通 0 国有股东 （国家股授权经营单位） 上海创联建设工程有限公司 1,887,232 1,887,232 0.333 已流通 --- 人民币普通股 上海万佳科技发展有限公司 1,060,133 1,060,133 0.187 已流通 --- 人民币普通股 上海海宙化纤机械有限公司 861,300 861,300 0.152 已流通 --- 人民币普通股 MERRILL LYNCH FAR EAST 50,898 806,425 0.142 已流通 --- B 股流通股 LIMITED 上海良基金属制品有限公 689,400 689,400 0.122 已流通 --- 人民币普通股 司 黄志豪 0 666,100 0.118 已流通 --- B 股流通股 刘达 0 655,600 0.116 已流通 --- B 股流通股 NAITO SECURITIES CO., LTD. 0 651,001 已流通 --- B 股流通股 张光中 0 643,805 0.114 已流通 --- B 股流通股 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 -7- 上海二纺股份有限公司 2005 年度报告 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：11.5 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。 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 -8- 上海二纺股份有限公司 2005 年度报告 （5）、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） 上海创联建设工程有限公司 1,887,232 人民币普通股 上海万佳科技发展有限公司 1,060,133 人民币普通股 上海海宙化纤机械有限公司 861,300 人民币普通股 MERRILL LYNCH FAR EAST LIMITED 806,425 B股 上海良基金属制品有限公司 689,400 人民币普通股 黄志豪 666,100 B股 刘达 655,600 B股 NAITO SECURITIES CO., LTD. 651,001 B股 张光中 643,805 B股 王一平 560,811 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。 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 单位：股 币种：人民币元 报告期内从公 年初持 年末持 姓名 性别 年龄 职 务 任期起止日期 股票性质 司领取报酬的 股数(股) 股数(股) 总额（元） 郑元湖 男 40 董事长、党委书记 2004.5-2007.5 0 0 --- 0 李培忠 男 51 董事、总经理、党委副书记 2004.5-2007.5 0 0 --- 0 董事、常务副总经理、 崔 翎 男 44 2004.5-2007.5 3000 3000 流通股 0 总工程师 梅建中 男 45 董事、财务总监 2004.5-2007.5 1000 1000 流通股 0 董事、党委副书记 王承宗 男 48 2004.5-2007.5 3000 3000 流通股 97,006 工会主席 张敷彪 男 56 董事 2004.5-2007.5 0 0 --- 0 倪 迪 男 66 独立董事 2004.5-2007.5 0 0 --- 30,000 高 勇 男 53 独立董事 2004.5-2007.5 1000 1000 流通股 30,000 曹惠民 男 52 独立董事 2004.12-2007.5 0 0 --- 30,000 监事长、党委副书记 徐祖成 男 49 2004.5-2007.5 0 0 --- 0 纪委书记 虞志奋 男 58 副监事长 2004.5-2007.5 0 0 --- 0 高尔其 男 58 监事 2004.5-2007.5 0 0 ----- 0 张复海 男 49 监事、纪委副书记 2004.5-2007.5 1000 1000 流通股 73,886 杨 敏 女 33 监事 2005.4-2007.5 1000 1000 流通股 68,546 韦保荣 男 53 副总经理、党委副书记 2004.5-2007.5 5324 5324 流通股 115,126 -9- 上海二纺股份有限公司 2005 年度报告 潘荣高 男 51 副总经理 2004.5-2007.5 2001 2001 流通股 115,286 龚建平 男 44 副总经理 2004.5-2007.5 2000 2000 流通股 114,946 李 勃 男 49 董事会秘书 2004.5-2007.5 1000 1000 流通股 100,306 合 计 775,102 （二）董事、监事、高级管理人员最近五年主要工作经历 1、 郑元湖，2002 年 10 月至 2004 年 4 月，任太平洋机电（集团）有限公司董事、总裁、党委副 书记 ；2004 年 4 月至今任太平洋机电（集团）有限公司董事长、党委书记；2002 年 11 月至今 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。2004 年 4 月至 2005 年 12 月，任太平洋机电(集团)有限公司总裁； 2003 年 3 月至 今，任上海二纺机股份有限公司董事、总经理、党委副书记。 3、崔 翎， 2001 年至今，任上海二纺机股份有限公司董事、总工程师、副总经理、常务副总经 理。 4、梅建中， 2002 年至今，任上海二纺机股份有限公司董事、财务总监。 5、王承宗，2001 年至今，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，2001 年至今，曾任上海电气（集团）总公司董事会审计委员会委员、秘书长、稽察 室主任；2005 年至今，任上海电气资产管理有限公司管理四部部长；2004 年 5 月至今，任上海 二纺机股份有限公司董事。 7、倪 迪，2001 年起，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；上海二纺机股份有限公司独 立董事。 8、高 勇，曾任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。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； 2004 年 5 月至今，任上海二纺机股份有限公司独立董事。 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，2004 年 11 月至今， 任上海二纺机股份有限公司独立董事。 10、徐祖成，2001 年至今，曾任太平洋机电（集团）有限公司纪委书记兼工会主席；2003 年 12 月至今，任太平洋机电（集团）有限公司党委副书记、工会主席，兼任上海二纺机股份有限公司 党委副书记、纪委书记；2004 年 5 月，任上海二纺机股份有限公司监事长。 11、虞志奋，2001 年至今，曾任太平洋机电（集团）有限公司副总会计师、总会计师、财务总监； 2004 年至今，任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）有限公司办公室主任、干部部经理。 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， 2001 年至今，任上海二纺机股份有限公司监事、纪委副书记、公司法律事务主管。 - 10 - 上海二纺股份有限公司 2005 年度报告 14、杨敏， 2004 年至今，任上海二纺机股份有限公司工会副主席；2005 年至今，任上海二纺机 股份有限公司监事。 15、韦保荣，2001 年至今，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，2001 年至今，任上海二纺机股份有限公司副总经理。 17、龚建平，2001 年至今，任上海二纺机股份有限公司副总经理。 18、李 勃， 2002 年至今，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 上海电气（集团）总公司 张敷彪 管理四部部长 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 张敷彪 上海东浩工艺品股份有限公司 监事 否 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）股 独立董事、独立董事、 曹惠民 独立董事津贴 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 （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、不在公司领取报酬津贴的董事监事情况 不在公司领取报酬津贴的董事、监事的姓名 是否在股东单位或其他关联 - 11 - 上海二纺股份有限公司 2005 年度报告 单位领取报酬津贴 董事：郑元湖、李培忠、崔 翎、梅建中、张敷彪 是 监事：徐祖成、虞志奋、高尔其 （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 吴展华 监事 本人提出辞职 杨敏 监事 增补选举 经公司第十九届六次职代会第一次职代会联席会议选举产生 （七）公司员工情况 截止报告期末，公司在职员工为 1357 人，需要承担费用的离退休职工 136 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 596 销售人员 49 技术人员 194 财务人员 21 管理人员 199 2、教育程度情况 教育程度的类别 教育程度的人数 研究生 12 本科生 101 大专生 217 中专生 69 五、公司治理结构 （一）公司治理的情况 根据中国证券监督管理委员会监证公司字（2005）15 号发布的《关于督促上市公司修改公司 章程的通知》的有关精神及上海证券交易所的有关条款，公司对《公司章程》、 《股东大会议事规 则》、《董事会议事规则》、《监事会议事规则》等有关规则作相应的修订与补充，并于 2005 年 4 月 26 日公司第十九次（暨 2004 年度）股东大会审议通过；公司积极贯彻落实中国证券监督管理 委员会、国务院国有资产监督管理委员会《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》的有关精神，进一步规范公司与控股股东及其他关联方的资金往来，严格 控制公司的对外担保。 - 12 - 上海二纺股份有限公司 2005 年度报告 根据有关上市公司监管制度的要求，中国证券监督管理委员会上海证监局于 2005 年 8 月 4 日至 8 月 8 日对本公司进行了巡回检查，并于 2005 年 9 月 23 日下达了《限期整改通知书》 （沪 证监公司字[2005]245 号），要求本公司对《通知》中所列示的问题进行限期整改。本公司董事会、 监事会及经营班子非常重视，对存在的问题逐项进行分析研究，并对公司的规范运作，包括：五 分开情况、公司章程情况、监事会情况、经营层工作情况；公司财务情况和信息披露情况提出相 应的整改落实措施，形成了《关于对中国证券监督管理委员会上海证监局巡检发现问题的整改报 告》，并经公司第五届董事会第十三次会议审议通过。 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》的规定，召集召开股东大会，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和对公司重大事项的知情权、参与 权、表决权。 2、控股股东与公司：控股股东行为规范，公司与控股股东在人员、资产、财务、机构和业务等 方面做到“五分开” ，公司具有独立完整的业务及自主经营能力；公司董事会、监事会和内部机 构独立运行。 3、 董事与董事会：公司董事会现有 9 名董事组成，其中独立董事 3 名，符合法律法规的要求。 报告期内，公司董事能够勤勉尽责，以认真负责的态度出席董事会和股东大会，维护公司和全体 股东的利益。 4、监事和监事会：公司监事会现有 5 名监事组成，其中职工监事 2 名，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。 5、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 本年度应参加董 独立董事姓名 亲自出席（次） 委托出席（次） 缺席（次） 事会次数 倪迪 8 8 0 0 高勇 8 7 1 0 曹惠民 8 8 0 0 - 13 - 上海二纺股份有限公司 2005 年度报告 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，为公司董事会的科学决策、公司的持续性发展，发挥了积极的作用。 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。公司设立人力资源部，独 立行使人力资源和薪酬体系的管理。 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、纳税和作出财务管理决策。 （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。 六、股东大会情况简介 年度股东大会情况 公司第十九次（暨 2004 年度）股东大会召开于 2005 年 4 月 26 日，会议决议公告刊登于 2005 年 4 月 27 日的《上海证券报》、香港《大公报》。 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。 - 14 - 上海二纺股份有限公司 2005 年度报告 七、董事会报告 （一）报告期内整体经营情况的讨论与分析 1、报告期内经营情况回顾 2005年，公司根据年初提出的工作目标：“坚持以发展为主旋律，加快推进发展源动力的深 层次改革；坚持以科技兴业为主战略，加快推进技术与管理创新；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”。通过经营班子勇于开拓、不断创新的努力工作和全体员工 的辛勤努力，完成了本年度经济运行目标，公司全年实现主营业务收入 102,116.92万元、实现 主营利润 12,116.77万元、利润总额 995.06万元，并为公司新一轮可持续发展，奠定了基础。 （1）谋求发展，精干主业 3 月份，公司以着眼于长远发展和精干高效、提高效益为原则，对整个生产组织结构体系进 行了重组再造，并克服了铸工车间拔点、金桥车间迁移、协作加工和库房整合等结构调整的“特 殊阶段”给生产计划管理带来的困难，使生产组织体系运行迅速处于受控状态。 （2）科技兴业，攻破难关 在全体设计技术人员的努力下：2005 年完成各类纺纱机械的合同文件 244 项；落实新产品试 验项目 3 项；设计试制完成项目 9 项；产品专利申请三项，专利授权 4 项。在化纤类机械产品的 开发中,完成一项工艺要求与设备配置的基础设计，预计 2006 年该项目进入立项设计与制造阶段。 （3）满足市场，精诚服务 针对 2005 年一季度市场状况，公司及时调整营销策略。通过领导互访、销售人员深访、服 务人员巡访，针对用户需求，推行个性化销售的方式，努力抢抓市场先机，全面完成年度销售经 营目标。公司坚持以用户为中心，不断提高为用户服务的营销理念，进一步确立了公司产品的市 场新形象。 （4）严格预算，降本增效 2005 年公司突出以“毛利、应收帐款、成本”为三大抓手，严格财务预算，对成本的核算与 控制双管齐下，组织开展了对存货现状、物料成本的分析活动，对生产体系“三流同步”的状况 进行了摸底分析，为商品生产目标成本和采购降本工作完善基础数据，形成有效的生产成本控制 系统。 （5）有效管理，严格质量 开展管理标准的整顿，修订原有的《经济责任制考核办法》及《现场综合管理办法》，建立 以条线管理为主线的检核管理流程，突出了对重点指标考核力度和指标分管领导的经济责任制考 核力度，提高了指标考核的有效性。注重开展 QC 质量小组活动， 以“提高 EJM138JL 集落中墙 板制造质量”为课题的 QC 活动，获得了上海市“地铁杯”QC 擂台赛三等奖。 2、公司主营业务经营情况的说明 （1）公司主营业务的范围：生产和销售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 - 15 - 上海二纺股份有限公司 2005 年度报告 资兴办企业；销售自产产品。 （2）主营业务分行业、分产品情况表 单位:元 币种:人民币 主营业务 主营业务 主营业务 分行业或 主营业务 收入比上 成本比上 利润率比 主营业务收入 主营业务成本 分产品 利润率(%) 年增减 年增减 上年增减 （％） （％） （%） 行业 减少 0.44 个 1.工业 953,304,721.85 845,133,687.69 11.35% -21.11% -20.72% 百分点 增加 0.60 个 2.贸易业 462,888,504.24 448,983,909.30 3.00% -23.27% -23.74% 百分点 增加 0.56 个 3. 服务业 2,431,914.72 301,093.08 87.62% 4.55% 0.00% 百分点 减少 0.02 个 小 计 1,418,625,140.81 1,294,418,690.07 8.76% -22.31% -22.30% 百分点 公司内各业 减少 0.19 个 务分部相互 397,455,978.17 397,455,978.17 0.00% -38.11% -38.00% 百分点 抵消 减少 0.31 个 合 计 1,021,169,162.64 8,969,627,110.9 12.16% -13.74% -12.48% 百分点 产品 减少 0.44 个 纺机类产品 953,304,721.85 845,133,687.69 11.35% -21.11% -20.72% 百分点 增加 0.41 个 其它 465,320,418.96 449,285,002.38 3.45% -24.66% -25.10% 百分点 减少 0.02 个 小 计 1,418,625,140.81 1,294,418,690.07 8.76% -22.31% -22.30% 百分点 公司内各业 减少 0.19 个 务分部相互 397,455,978.17 397,455,978.17 0.00% -38.11% -38.00% 百分点 抵消 - 16 - 上海二纺股份有限公司 2005 年度报告 减少 0.31 个 合 计 1,021,169,162.64 8,969,627,110.9 12.16% -13.74% -12.48% 百分点 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 13,817.83 万元。 （3）主营业务分地区情况表 单位:元 币种:人民币 主营业务收入比上年增减 地区 主营业务收入 (％) 亚洲 326,507,003.23 -21.72% 北美洲 8,180,524.49 72.12% 东北 3,149,635.11 81.80% 上海 592,215,900.00 -23.00% 华东 435,588,756.13 101.90% 华南 23,422,490.34 -16.53% 西南 27,804,431.51 100.43% 华北 1,756,400.00 -99.48% 小计 1,418,625,140.81 -22.31% 公司内各业务分部相互抵消 397,455,978.17 -38.11% 合计 1,021,169,162.64 -13.74% （4）主要控股公司及参股公司的经营情况和业绩 主要控股公司的经营情况及业绩 单位：万元 币种:人民币 公司名称 业务性质 主要产品或服务 注册资本 资产规模 净利润 太平洋机电（集 纺机及电气产品、 国有独资 115,000 259,123.93 4,675 团）有限公司 自营进出口业务 （5）资产构成、财务状况及现金流量分析 单位：元 币种：人民币 占总 占总 项目 占总资产比重 期末数 资产 期初数 资产 增减额 名称 增减幅度 比重% 比重% 应收票据 133,618,015.93 9.81 97,861,361.06 6.97 35,756,654.87 增加 2.84 个百分点 预付账款 10,879,256.22 0.80 3,515,920.91 0.25 7,363,335.31 增加 0.55 个百分点 在建工程 5,917,191.66 0.43 2,029,882.61 0.14 3,887,309.05 增加 0.29 个百分点 - 17 - 上海二纺股份有限公司 2005 年度报告 短期借款 275,681,385.47 20.23 273,069,192.16 19.44 2,612,193.31 增加 0.79 个百分点 预收账款 79,933,523.74 5.87 111,144,513.88 7.91 -31,210,990.14 减少 2.04 个百分点 其它应付款 42,938,813.44 3.15 64,152,265.05 4.57 -21,213,451.61 减少 1.42 个百分点 预提费用 2,463,057.38 0.18 5,164,783.00 0.37 -2,701,725.62 减少 0.19 个百分点 分析： A：应收票据：年末数比年初增加 35,756,654.87 元，主要是根据会计准则的要求，公司将已 贴现未到期的汇票同时在应收票据和短期借款中披露。 B：预付账款：年末数比年初增加 7,363,335.31 元的主要原因是预付采购款增加. C：在建工程：年末数比年初增加 3,887,309.05 元的主要原因是至期末污水综合治理工程与锅 炉房改造工程尚未完工所致。 D：短期借款：公司短期借款年末数比年初增加的主要原因是根据会计准则的要求，公司将已贴 现未到期的汇票同时在应收票据和短期借款中披露。 E：预收账款：公司年末预收账款比年初减少 31,210,990.14 元 的主要原因是对原预付货款的 客户实现了销售。 F：其它应付款：减少的主要原因是：公司对下属子公司进行清理，子公司的对外往来款减少了 617.85 万元，同时太平洋机电（集团）公司支付的职工分流安置款已支付数比年初减少 799.12 万元。 G：预提费用：公司在报告期内对预提的动迁补偿费进行了支付。 项目名称 本期数 上期数 增减额 增减幅度% 主营业务收入 1,021,169,162.64 1,183,812,681.93 162,643,519.29 -13.74% 营业费用 19,405,686.50 22,930,224.59 -3,524,538.09 -15.37% 管理费用 103,559,469.10 145,833,583.38 -42,274,114.28 -28.99% 财务费用 9,120,380.63 10,317,407.15 -1,197,026.52 -11.60% A：主营业务收入较 2004 年度下降 162,643,519.29 元的主要原因是母公司因受市场竞争加剧的 影响，棉纺和化纤机械产品、出口产品的销售均比 2004 年度下降所致。 B：营业费用与管理费用减少的主要原因是公司严格执行财务预算，加强事先预算、事中控制、 事后分析考核所致。 C：财务费用减少的主要原因是公司年内减少了流动资金借款。 项目名称 本期数 上期数 增减额 增减幅度 经营活动产生的现金流量 -28,598,572.85 88,338,155.23 116,936,728.08 -132.37% 投资活动产生的现金流量 620,819.03 42,931,268.94 -42,310,449.91 -98.55% 筹资活动产生的现金流量 -28,068,009.69 -45,160,411.81 17,092,402.12 36.06% 现金及现金等价物净增加额 -57,152,212.26 86,010,597.48 -143,162,809.74 -166.45% - 18 - 上海二纺股份有限公司 2005 年度报告 A：经营活动产生的现金流量净额比去年同期减少 132.37%，主要是公司 2005 年度的销售收入 较 2004 年度减少；同时公司 2005 年度货款回笼中承兑汇票较 2004 年增加。 B：投资活动产生的现金流量较上年同期减少 98.55%，主要原因是公司年内收回投资收到的现 金和处置固定资产、无形资产和其它长期资产收回的现金较 2004 年减少所致。 C：筹资活动产生的现金流量较上年同期增加 36.06%的主要原因是报告期内偿还债务支付的现 金较 2004 年度减少所致。 （6）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 953,304,721.85 845,133,687.69 11.35 2.贸易业 465,320,418.96 449,285,002.38 3.45 公司内各业务分 397,455,978.17 397,445,978.17 --- 部相互抵销 小计 1,021,169,162.64 896,962,711.90 12.16 （7）主营业务及其结构发生重大变化的原因说明 2005 年度公司努力开拓国内外纺机市场，使公司的棉纺机械和化纤机械产品继续在国内保 持较大的市场份额。其中，纺机产品的销售收入占整个销售收入的 93.35%，出口产品的盈利能力 较 2004 年度有了明显的提升。 （8）、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 164,744,949.62 占采购总额比重 16.79% 前五名销售客户销售金额合计 406,578,602.74 占销售总额比重 39.82% 3、对公司未来发展的展望 （1）、公司所处行业的发展趋势及公司面临的市场竞争格局和对公司可能的影响程度 “十一·五”规划预计国民经济年增长为 8%；加入世贸组织，新农村建设，我国经济建设保 持平稳增长，人民生活水平的日益增长，对棉纺企业和纺机企业是前所未有的发展机遇。 2010 年的上海“世博会”，上海市政府提出加快自主技术创新，加快先进装备制造业的发展， “十一·五”期间上海实现“四个率先”，将为上海装备制造业和纺机制造企业带来了良好的“政 策环境效应”和战略发展定位。 从行业形势分析，随着中国从国际纺织大国转向纺织强国的发展，纺机产品的生产和销售市 场迅速要由从中低端产品向中高端产品提升；加入世贸组织，国际知名纺机集团加速进入中国市 场，中国纺机企业将面临前所未有的发展机遇和全新态势的竞争挑战。 - 19 - 上海二纺股份有限公司 2005 年度报告 （2）、未来公司发展机遇和挑战及公司发展战略和发展规划 面临的挑战： 1）由于前几年纺织行业的快速增长，纺织生产企业出现了暂时的产能过剩状况，纺织行业的固 定资产投资在 2005 年增长幅度减缓，预计 2006 年纺织行业工业总产值增长 20%，增幅回落 6%； 预计 2006 年上半年纺机行业的生产销售市场的增幅有所回落。 2）能源和生产资料的价格上涨，造成纺织机械产品生产成本的增加，纺机行业的销售市场的增 幅回落，将影响公司产品的市场销售和盈利能力的进一步提高。 3）国际知名的纺机生产企业纷纷落户中国，目前已经基本形成了生产能力。国际知名的纺机生 产企业具有生产中高档纺机的技术优势、市场优势，对公司新产品技术的开发，形成新的竞争压 力。 发展和机遇： 加入世贸组织，国际纺织强国的发展，拓展的纺织销售市场，公司立足巩固、发展国内外的销 售市场，开展国际间的技术合作和交流，加快自主创新技术的产品开发和商品化工作进程，加强 成本控制和管理，形成公司的产品优势、市场优势和成本优势，进一步提升市场核心竞争能力， 进一步拓展纺机销售市场。 战略与规划 ： 以上海纺机发展和公司的股权分置改革为契机，加快自主创新技术的产品开发，加强国内外市 场的营销和拓展，调整和优化资产结构、产品结构和营销策略，抓住机遇拓展资本市场经营、品 牌产品经营，强化各项工作的创新和管理，提高市场的综合竞争能力，提高公司的经营盈利能力， 加快公司的可持续发展，加快对投资者更快、更多、更好的回报。 （3）、新年度经营工作目标 1）、市场----完善策略，努力拓展国内外新市场 以“销售增长、市场占有率和地区覆盖率扩大”为目标，树立大营销理念，抓住“二个关键”， 发挥三大“网络”作用，依托集团棉纺板块销售资源优势，进一步细分市场，完善营销策略，加 强队伍建设，努力拓展国内外产品销售的新市场。 2）、产品----攻关破难，开创科技兴业新局面 以“国内领先，国际一流”为目标，进一步提高自主创新技术的开发，2006 年新产品开发计 划设计试制 12 项，试验 7 项，并确保重点新产品商品化工作进程。 突破“三大”重点产品。 进一步完善 EJM138JL 系列细纱机、EJK211 系列粗纱机可靠性和稳 定性，全力以赴攻克 EJP438 自动络筒机的各项技术瓶颈，确保“三大”重点产品的商品化进程； 加大研发资金的投入，改造棉纺机械产品试验室，建立化纤机械产品试验室；进一步推进先 进控制技术和网络技术的融合运用，推进现场总线控制系统技术运用，实现纺织装备数字化技术 发展； 全力确保俄罗斯化纤机械产品项目达到技术质量标准，第一条线一次开车成功，力争拿下第 二条线项目定单。 - 20 - 上海二纺股份有限公司 2005 年度报告 3）、 质量----塑造精品，深化质量品牌工程建设 完善质量管理体系，抓好质量改进工作，加强工艺纪律检查，抓好生产现场管理，规范物流 系统的定置管理，加强对外协件配套件的质量控制力度，进一步提高产品质量的稳定性、可靠性 和一致性，确保零件入库、安装调试和开箱合格率 100%，努力在品质、管理、品牌等方面形成 差异化质量竞争优势。 4）、效益----降本增效，夯实企业管理基础 加强财务预算的控制、投入产出的控制、应收账款的控制、存货管理控制，完善财务监控管 理体系、经营风险管理体系及信用风险体系，全面开展降本管理工作，夯实管理基础，不断提高 产品的盈利能力。 5）、机遇----盘活资产，推进深化股权分置改革 以上海纺机产业发展为龙头，以股权分置改革为契机，进一步梳理产品经营与资产的关系， 盘活存量资产，优化资产结构；形成“一个基础、两翼拓展” 的产品经营模式，加速提升企业 的综合竞争能力和经营盈利能力，实现企业经营的价值最大化，实现对股东有更多更好的回报。 （4）、公司为实现 2006 年发展战略所需资金需求及使用计划，以及资金来源情况 2005 年，依靠公司历年积累的自有资金和银行贷款，保证了公司经济的正常运行。为实现 2006 年的战略发展和经营目标，公司将依靠日常经营活动带来的现金流量、银行贷款、其他投资 收益，平衡公司生产投入与销售的资金需求。 （5）、可能对公司未来发展战略和经营目标的实现产生不利影响的风险因素 中国纺机行业虽然市场发展潜力巨大，但是纺机行业发展迅速，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，使公司处于市场的激烈竞争之中； 纺织市场向中高档需求市场发展，公司要大力加强自主创新技术的产品开发，才能适应市场 发展的要求， 能源和原材料价格上涨，对公司经营盈利能力的进一步提高，形成了新的压力。 （二）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。 （三）、公司会计政策会计估计变更重大会计差错更正的原因及其影响 报告期内，公司无会计政策会计估计变更等重大会计差错。 （四）、董事会对会计师事务所非标意见的说明 立信长江会计师事务所为本公司出具了标准无保留意见的审计报告。 - 21 - 上海二纺股份有限公司 2005 年度报告 （五）董事会日常工作情况 1、董事会会议情况及决议内容 (1)、公司第五届董事会第七次会议，于 2005 年 3 月 3 日召开，审议并通过了：1）《公司 2004 年度董事会工作报告》；2） 《公司 2004 年度经营回顾及 2005 年度工作展望报告》 ；3） 《公司 2004 年度报告正文与摘要》；4） 《公司 2004 年度财务决算和 2005 年度财务预算报告》；5） 《公司 2004 年度利润分配预案》；6） 《关于核销 2004 年度各类不良资产的议案》；7） 《关于计提 2004 年度资 产减值准备的议案》；8） 《关于续聘公司审计会计师事务所的议案》；9） 《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》；10） 《关于增补公司董事会战略委员会委员的 议案》；11）《关于增补公司董事会审计委员会委员的议案》；12）《关于修改公司章程的议案》； 《关于召开公司第十九次（暨 2004 年度）股东大会事宜的议案》及会议决议。本次公告刊登 13） 于 2005 年 3 月 5 日的《上海证券报》、香港《大公报》。 (2)、公司第五届董事会第八次会议，于 2005 年 4 月 7 日以通讯表决方式召开，审议并通过了： 1）关于增加修改《公司章程》部分条款并相应修改第十九次(暨 2004 年度)股东大会《关 于修改的议案》提案；2）关于修改《股东大会议事规则》的提案；3）关于修改 《董事会议事规则》的提案及会议决议。本次公告刊登于 2005 年 4 月 9 日的《上海证券报》、香 港《大公报》。 (3)、公司第五届董事会第九次会议，于 2005 年 4 月 25 日以通讯表决方式召开，审议并通过了 《公司 2005 年第一季度报告》和会议决议。本次报告刊登于 2005 年 4 月 27 日的《上海证券报》 、 香港《大公报》。 (4)、公司第五届董事会第十次会议，于 2005 年 6 月 15 日以通讯表决方式召开，审议并通过了 《关于注销上海二纺机股份有限公司机电设备工程分公司和上海二纺机股份有限公司工模具分 公司的议案》和决议。 (5)、公司第五届董事会第十一次会议，于 2005 年 7 月 27 日以通讯表决方式召开，审议并通过 了：《关于为上海普恩伊进出口有限公司贷款担保事项议案》和决议。 (6)、公司第五届董事会第十二次会议，于 2005 年 8 月 25 日在上海召开，审议并通过了：1） 《公 司 2005 年上半年度经营回顾及下半年度工作展望报告》；2） 《公司 2005 年半年度报告正文和摘要》 ； 3） 《关于公司参股投资新设立的上海太平洋凯翎印染机械有限公司的议案》和会议决议。本次报告 刊登于 2005 年 8 月 27 日的《上海证券报》、香港《大公报》。 (7)、公司第五届董事会第十三次会议，于 2005 年 10 月 20 日在上海召开，审议并通过了：1） 《关 于修改的议案》；2）《关于修订的议案》； 3）《上海二纺机股份有限公司关于对中国证券监督管理委员会上海监管局巡检发现问题的整改报 告》和会议决议。本次公告刊登于 2005 年 10 月 22 日的《上海证券报》、香港《大公报》。 (8)、公司第五届董事会第十四次会议，于 2005 年 10 月 24 日以通讯表决方式召开，审议并通 过了： 《公司 2005 年第三季度报告及正文》。本次季报刊登于 2005 年 10 月 26 日的《上海证券报》 、 香港《大公报》。 - 22 - 上海二纺股份有限公司 2005 年度报告 (9)、2005 年 10 月 30 日，董事会以通讯表决方式形成临时决议： 《关于转让铸工车间生产用设 备的决议》。转让部分设备，获得收益为 97.91 万元。 2、董事会对股东大会决议的执行情况 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。 （六）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 1,860.40 万元；国际会计准则审计 后的累计可供股东分配利润为 5,896.10 万元。根据《公司章程》规定，提取 10%法定公积金 97.88 万元，提取 5%法定公益金 48.94 万元， “两金”合计提取 146.82 万元。累计未分配利润 1,713.58 万元，折合每股仅为 0.03025 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 2005 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。 1）本报告期盈利但未提出现金利润分配预案的原因: 公司 2005 年度由于国家对纺织行业的宏观调控，原材料价格上涨，商务成本上升，使公司 的产品销售市场竞争加剧，公司经营业绩微利，难以实施利润分配。 2）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，尽早对公司股东实现更好的回报。 （七）其他披露事项 公司选择《上海证券报》、香港《大公报》为公司指定信息披露报刊。 八、监事会报告 （一）监事会的工作情况 2005 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。公司监事会共召开 5 次 会议，列席董事会共 8 次会议。 1、2005 年 3 月 4 日，第五届监事会第六次会议召开，审议并通过了（1） 《公司监事会 2004 年度工作报告》；（2）《公司 2004 年度报告正文及摘要》。 2、2005 年 4 月 7 日，第五届监事会第七次会议召开，审议通过了(1)《关于向公司第十九次 (2004 年度)股东大会提出新提案的函》；(2) 《关于公司监事会议事规则》；(3) 《关于公司监事 会监事人员变动》的提案；(4) 《公司监事会五届七次会议公告》。 3、2005 年 4 月 25 日，第五届监事会第八次会议召开，审议通过了《2005 年第一季度报告》。 4、2005 年 8 月 25 日，第五届监事会第九次会议召开，讨论审议了(1)公司《2005 年半年度 报告正文及摘要》；(2) 《关于上海二纺机股份有限公司参股投资新设立的上海太平洋凯翎印染 机械有限公司的议案》。 5、2005 年 10 月 24 日，第五届监事会第十次会议召开，讨论审议了《公司 2005 年第三季度 - 23 - 上海二纺股份有限公司 2005 年度报告 工作报告正文及摘要》。 （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：2005 年度，公司董事会对《公司章程》及相关议事规则进行了修订。 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： 2005 年度，公司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。 3、报告期内，公司无募集资金使用情况。 4、公司资产收购、出售情况：报告期内，董事会于 2005 年 10 月 30 日审议的《关于转让铸工 车间生产用设备的决议》符合有关程序与要求，其转让价格是以具有证券从业资格的资产评估出 具的评估价值为依据，不存在违法违规行为。 5、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，经公司股东大会审议通过，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。 九、重大事项 （一）重大诉讼仲裁事项 1、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。 2、本公司诉山东省济南正昊化纤新材料有限公司（以下简称“济南正昊”）承揽合同纠纷案 件，经上海市第二中级人民法院于 2005 年 9 月 22 日作出了生效判决（案号：[2005]沪二中民四 [商]初字第 30 号），判令济南正昊支付给本公司货款人民币 1,122.60 万元及违约金人民币 56.13 万元，合计人民币 1,178.73 万元。在提起诉讼时，经提出财产保全申请，法院已依法对济南正昊 相关财产进行了查封。现该案已进入了法院强制执行程序（案号：[2005]沪二中执字第 1125 号）， 目前有关执行工作在进行之中。 3、已在前一期报告中披露并结案的诉讼、仲裁事项 2004 年度报告中披露的本公司子公司上海良基房地产有限公司（简称：良基房产）与被执行 人上海民健实业总公司、江西省上饶毛纺织厂（简称：上饶毛纺）之间强制执行案件情况：现经 良基房产与上饶毛纺和解协商，于 2005 年 3 月 8 日达成协议。上饶毛纺于 2005 年 3 月，一次性 - 24 - 上海二纺股份有限公司 2005 年度报告 支付良基房产款项人民币 203.82 万元， 以了结本案纠纷。良基房产于 2005 年 3 月 24 日收到 203.82 万元款项，原所欠款项 679.4 万元已于 2004 年底全部计提坏帐处理。 （二）报告期内公司收购及出售资产、吸收合并事项 报告期内，公司未有重大收购及出售资产、吸收合并事项 （三）报告期内公司重大关联交易事项 1、公司第十九次（暨 2004 年度）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 2005 年度持续性销售经营关联交易，2005 年度，公司 将发生持续性销售经营关联交易 2 亿元。本次公告于 2005 年 4 月 27 日刊登在《上海证券报》 、 香港《大公报》。 报告期内，公司实际发生持续性销售经营关联交易为：19,360.29 万元 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 太平洋机电（集团）公司 1,111,111.10 临海良纺纺织机械专件有限公司 14,991,465.81 34,146,838.89 上海新四机机电有限公司 39,322,000.00 合计 55,424,576.91 34,146,838.89 （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 太平洋机电（集团）公司 32,649,572.65 --- 上海太平洋纺织机械成套设备有限公司 81,997,458.12 39,337,606.62 山东良基纺织机械有限公司 17,759,820.50 35,784,354.68 上海新四机机电有限公司 5,771,483.13 --- 合 计 138,178,334.40 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 - 25 - 上海二纺股份有限公司 2005 年度报告 4、关联债权债务往来 单位:万元 币种:人民币 关联方向上市公司提供 向关联方提供资金 关联方 关联关系 资金 发生额 余额 发生额 余额 上海逸杰信息科技有限公司公司 控股子公 261.69 261.69 等 司 上海太平洋纺织机械成套设备有 参股子公 68.50 68.50 限公司 司 上海二纺机化纤成套设备有限公 参股子公 38.88 38.88 司 司 合计 / 261.69 261.69 107.38 107.38 （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、担保情况 单位:元 币种:人民币 担保是否 是否为关 担保对象 发生日期 担保金额 担保类型 担保期限 已经履行 联方担保 完毕 上海普恩 5,000,000 连带责任担保 伊进出口 2004-12-24 (美元) 2005-01-01-2006-12-31 否 否 贷款授信额 (签署反担保协议) 有限公司 上海普恩 2,400,000 连带责任担保 伊进出口 2005-07-27 (美元) 2005-08-01-2006-07-31 否 否 贷款授信额 (签署反担保协议) 有限 报告期内担保发生额合计 16,000,000(人民币) 报告期末担保余额合计 16,000,000(人民币) 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 16,000,000 (人民币) 报告期末对控股子公司担保余额合计 16,000,000 (人民币) 公司担保总额情况（包括对控股子公司的担保） 担保总额 16,000,000 (人民币) 担保总额占公司净资产的比例 2.41% 2005 年 7 月 27 日，公司第五届董事会第十一次会议，以通讯表决方式形成会议决议：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 240 万美元，担保期限 - 26 - 上海二纺股份有限公司 2005 年度报告 为 2005 年 8 月 1 日至 2006 年 7 月 31 日。 5、委托理财情况 报告期内，本年度公司无委托理财事项。 6、其他重大合同 报告期内， 本年度公司无其他重大合同。 （五）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 2005 年度审计 会计师事务所，审计费用共计为 90 万元；上海立信长江会计师事务所、浩华会计师事务所已连 续 5 年为本公司提供审计服务。 （六）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。 （七）其它重大事项 1、公司的股权分置改革工作筹备于 2005 年 11 月，经过最初的相关准备工作，于 2005 年 12 月 12 日公司发出了股权分置改革的相关提示性公告，12 月 16 日公布了《股权分置改革说明 书》，正式启动了公司股改工作。 公司的股改方案是：非流通股股东太平洋机电（集团）有限公司向方案实施股权登记日登记 在册的全体 A 股流通股股东支付 24,913,658 股，即每 10 股流通 A 股股东获送 3.5 股。方案实施 后公司的总股本不变，公司的资产、负债、所有者权益、每股收益等财务指标均保持不变。2005 年 12 月 20 日，公司在中国证券网举行了股权分置改革网上投资者交流会（网上路演）；2005 年 12 月 22 日，公司披露了上海二纺机股份有限公司关于股权分置改革方案股东沟通与协商。在总 结广大 A 股市场流通股股东意见基础上，并征询非流通股股东的意见，结合公司的实际情况，上 海二纺机股份有限公司股权分置改革方案维持不变；2006 年 1 月 23 日，公司的股改方案在相关 股东会上表决获得通过，并于 2006 年 1 月 24 日公告；在获得中华人民共和国商务部和上海市外 国投资工作委员会的相关批复后，在上海交易所和中国证券登记结算有限责任公司上海分公司办 理了公司股票复牌的相关手续，并于 2006 年 3 月 3 日正式复牌，公司 A 股股票简称改为“G 二 纺机”，股票代码为“600604”不变。 2、2005 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〕，按照集团公司的部署，为解决改制前无固定期合 同职工转为改制后企业无固定期职工安置分流的历史遗留问题，公司本年共收到太平洋机电（集 团）有限公司汇入的职工安置补偿费用 61,455,334.90 元，上年结余 6,767,638.94 元，本年已 实际支付职工安置补偿费用 68,222,973.84 元。 - 27 - 上海二纺股份有限公司 2005 年度报告 （八）、期后事项 2006 年 1 月 23 日，公司 A 股市场相关股东会议审议通过了二纺机股权分置改革方案，公司 国家股授权经营单位：太平洋机电（集团）有限公司，在本公司进行股权分置改革方案中的承诺 事项： 1）太平洋机电（集团）有限公司持有的非流通股股份自改革方案实施之日起，在十二个月 内不上市交易或者转让； 2）在上述承诺期满后，太平洋机电（集团）有限公司通过上海证券交易所挂牌交易出售原 非流通股股份数量占公司股份总数的比例在十二个月内不超过百分之五，在二十四个月内不超过 百分之十； 3）通过证券交易所挂牌交易出售的二纺机股份数量，每达到二纺机股份总数百分之一时， 太平洋机电（集团）有限公司应自该事实发生之日起两个工作日内做出公告，但公告期间无需停 止出售股份。 （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。 十、财务报告 （一）审计报告 公司 2005 年度经上海立信长江会计师事务所信长会师报字（2006）第 10838 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。 - 28 - 上海二纺股份有限公司 2005 年度报告 （二）财务报表 资产负债表 2005 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 资产： 流动资产： 货币资金 151,374,719.78 208,526,932.04 94,507,004.37 118,391,795.95 短期投资 应收票据 133,618,015.93 97,861,361.06 112,143,623.21 94,106,361.06 应收股利 应收利息 应收账款 131,686,241.99 125,723,670.66 123,589,332.65 122,918,610.38 其他应收款 8,353,091.25 5,142,749.70 9,521,130.28 8,280,426.63 预付账款 10,879,256.22 3,515,920.91 8,318,504.22 1,444,350.11 应收补贴款 存货 381,476,997.22 380,716,172.56 339,349,169.04 334,925,343.31 待摊费用 26,666.66 一年内到期的长期债权投资 其他流动资产 流动资产合计 817,388,322.39 821,513,473.59 687,428,763.77 680,066,887.44 长期投资： 长期股权投资 36,265,980.65 36,191,659.56 102,449,236.17 132,761,428.96 长期债权投资 长期投资合计 36,265,980.65 36,191,659.56 102,449,236.17 132,761,428.96 其中：合并价差(贷差以“-”号表示， -385,342.16 -462,410.60 合并报表填列) 其中：股权投资差额(贷差以“-”号表 -385,342.16 -462,410.60 示，合并报表填列) 固定资产： 固定资产原价 1,039,027,090.45 1,090,250,137.83 994,212,280.85 1,030,209,873.29 减：累计折旧 475,332,210.79 475,139,216.70 456,442,079.29 450,932,347.15 固定资产净值 563,694,879.66 615,110,921.13 537,770,201.56 579,277,526.14 减：固定资产减值准备 93,982,763.37 103,791,433.83 88,005,467.98 96,663,583.08 固定资产净额 469,712,116.29 511,319,487.30 449,764,733.58 482,613,943.06 工程物资 在建工程 5,917,191.66 2,029,882.61 5,837,191.66 1,757,734.53 固定资产清理 - 29 - 上海二纺股份有限公司 2005 年度报告 固定资产合计 475,629,307.95 513,349,369.91 455,601,925.24 484,371,677.59 无形资产及其他资产： 无形资产 33,128,018.20 33,638,009.50 33,128,018.20 33,638,009.50 长期待摊费用 其他长期资产 无形资产及其他资产合计 33,128,018.20 33,638,009.50 33,128,018.20 33,638,009.50 递延税项： 递延税款借项 资产总计 1,362,411,629.19 1,404,692,512.56 1,278,607,943.38 1,330,838,003.49 负债及股东权益： 流动负债： 短期借款 275,681,385.47 273,069,192.16 244,398,385.47 257,069,192.16 应付票据 275,010.91 应付账款 279,654,235.53 258,560,999.40 268,276,374.02 241,388,792.94 预收账款 79,933,523.74 111,144,513.88 62,807,887.92 104,772,867.08 应付工资 应付福利费 1,268,447.25 1,286,009.80 应付股利 28.84 27.32 应交税金 1,738,908.53 11,441,479.29 9,953,176.94 10,360,816.18 其他应交款 966,666.53 979,161.20 966,248.14 889,449.94 其他应付款 42,938,813.44 64,152,265.05 29,977,323.53 59,887,268.52 预提费用 2,463,057.38 5,164,783.00 2,463,057.38 4,950,987.74 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 684,645,066.71 726,073,442.01 618,842,453.40 679,319,374.56 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 688,727,797.50 730,156,172.80 618,842,453.40 679,319,374.56 少数股东权益(合并报表填列) 10,025,087.63 19,684,218.25 所有者权益（或股东权益）： 实收资本（或股本） 566,449,190.00 566,449,190.00 566,449,190.00 566,449,190.00 减：已归还投资 实收资本（或股本）净额 566,449,190.00 566,449,190.00 566,449,190.00 566,449,190.00 - 30 - 上海二纺股份有限公司 2005 年度报告 资本公积 69,412,428.38 68,140,191.59 69,412,428.38 68,140,191.59 盈余公积 11,524,598.94 10,056,354.21 3,611,145.86 2,564,952.21 其中：法定公益金 3,867,049.32 3,377,634.40 1,203,715.29 854,984.07 未分配利润 17,135,792.19 12,916,104.92 20,292,725.74 14,364,295.13 拟分配现金股利 外币报表折算差额(合并报表填列) 减：未确认投资损失(合并报表填列) 863,265.45 2,709,719.21 所有者权益（或股东权益）合计 663,658,744.06 654,852,121.51 659,765,489.98 651,518,628.93 负债和所有者权益（或股东权益）总 1,362,411,629.19 1,404,692,512.56 1,278,607,943.38 1,330,838,003.49 计 公司法定代表人: 郑元湖 主管会计工作负责人: 梅建中 会计机构负责人: 陈志虎 - 31 - 上海二纺股份有限公司 2005 年度报告 利润及利润分配表 2005 年 1-12 月 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 上年同期数 本期数 上年同期数 并 司 一、主营业务收入 1,021,169,162.64 1,183,812,681.93 858,154,380.40 983,317,003.16 减：主营业务成本 896,962,711.90 1,024,829,458.81 767,328,163.85 871,661,180.38 主营业务税金及附加 3,038,753.11 1,496,841.67 2,439,938.61 517,791.36 二、主营业务利润（亏损以“-” 121,167,697.63 157,486,381.45 88,386,277.94 111,138,031.42 号填列） 加：其他业务利润（亏损以“-” 8,055,533.28 4,834,370.33 3,370,982.15 471,718.03 号填列） 减: 营业费用 19,405,686.50 22,930,224.59 12,295,616.73 15,756,272.34 管理费用 103,559,469.10 145,833,583.38 77,317,271.71 114,350,385.58 财务费用 9,120,380.63 10,317,407.15 8,547,133.75 9,586,071.15 三、营业利润（亏损以“-”号 -2,862,305.32 -16,760,463.34 -6,402,762.10 -28,082,979.62 填列） 加：投资收益（损失以“-”号 6,293,730.71 3,962,333.36 8,420,825.69 7,651,578.16 填列） 补贴收入 149,000.00 823,151.36 302,000.00 营业外收入 3,043,427.74 31,944,592.83 3,012,017.12 31,496,334.19 减：营业外支出 -3,326,712.48 4,387,395.73 -3,372,042.97 1,525,690.85 四、利润总额（亏损总额以“-” 9,950,565.61 15,582,218.48 8,402,123.68 9,841,241.88 号填列） 减：所得税 4,493,919.63 5,590,195.40 1,427,499.42 2,589,506.62 减：少数股东损益 -40,583.81 930,936.89 加：未确认投资损失(合并报 190,702.21 2,091,585.02 表填列) 五、净利润（亏损以“-”号填 5,687,932.00 11,152,671.21 6,974,624.26 7,251,735.26 列） 加：年初未分配利润 12,916,104.92 4,205,314.77 14,364,295.13 8,225,885.26 其他转入 六、可供分配的利润 18,604,036.92 15,357,985.98 21,338,919.39 15,477,620.52 减：提取法定盈余公积 978,829.81 1,627,920.72 697,462.43 742,216.93 提取法定公益金 489,414.92 813,960.34 348,731.22 371,108.46 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 - 32 - 上海二纺股份有限公司 2005 年度报告 七、可供股东分配的利润 17,135,792.19 12,916,104.92 20,292,725.74 14,364,295.13 减：应付优先股股利 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 17,135,792.19 12,916,104.92 20,292,725.74 14,364,295.13 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 主管会计工作负责人: 梅建中 会计机构负责人: 陈志虎 - 33 - 上海二纺股份有限公司 2005 年度报告 现金流量表 2005 年 1-12 月 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 本期数 项目 合并 母公司 合并数 母公司数 一、经营活动产生的现金流量： 销售商品、提供劳务收到的现金 810,252,405.64 576,108,733.06 收到的税费返还 19,745,730.20 收到的其他与经营活动有关的现金 96,979,000.65 104,570,652.29 经营活动现金流入小计 926,977,136.49 680,679,385.35 购买商品、接受劳务支付的现金 681,953,639.74 444,451,560.17 支付给职工以及为职工支付的现金 89,388,269.29 73,656,193.02 支付的各项税费 42,543,317.03 31,824,174.99 支付的其他与经营活动有关的现金 141,690,483.28 135,004,179.66 经营活动现金流出小计 955,575,709.34 684,936,107.84 经营活动现金流量净额 -28,598,572.85 -4,256,722.49 二、投资活动产生的现金流量： 收回投资所收到的现金 8,713,320.00 8,713,320.00 其中：出售子公司收到的现金 8,713,320.00 8,713,320.00 取得投资收益所收到的现金 190,094.53 1,325,709.87 处置固定资产、无形资产和其他长期资产而收 2,824,517.50 2,816,867.50 回的现金 收到的其他与投资活动有关的现金 投资活动现金流入小计 11,727,932.03 12,855,897.37 购建固定资产、无形资产和其他长期资产所支 11,084,686.00 10,072,156.22 付的现金 投资所支付的现金 支付的其他与投资活动有关的现金 22,427.00 22,427.00 投资活动现金流出小计 11,107,113.00 10,094,583.22 投资活动产生的现金流量净额 620,819.03 2,761,314.15 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 354,700,000.00 322,700,000.00 收到的其他与筹资活动有关的现金 筹资活动现金流入小计 354,700,000.00 322,700,000.00 偿还债务所支付的现金 368,000,000.00 336,000,000.00 分配股利、利润或偿付利息所支付的现金 12,637,288.52 9,079,292.50 其中：支付少数股东的股利 590,852.29 - 34 - 上海二纺股份有限公司 2005 年度报告 支付的其他与筹资活动有关的现金 2,939,429.84 其中：子公司依法减资支付给少数股东的现金 筹资活动现金流出小计 383,576,718.36 345,079,292.50 筹资活动产生的现金流量净额 -28,876,718.36 -22,379,292.50 四、汇率变动对现金的影响 -297,740.08 -10,090.74 五、现金及现金等价物净增加额 -57,152,212.26 -23,884,791.58 补充材料 1、将净利润调节为经营活动现金流量： 净利润 5,687,932.00 6,974,624.26 加：少数股东损益(亏损以“-”号填列) -40,583.81 减：未确认的投资损失 190,702.21 加：计提的资产减值准备 17,590,566.12 14,400,330.04 固定资产折旧 41,492,315.59 39,297,403.55 无形资产摊销 859,641.30 859,641.30 长期待摊费用摊销 待摊费用减少（减：增加） 26,666.66 预提费用增加（减：减少） -2,701,725.62 -2,487,930.36 处理固定资产、无形资产和其他长期资产的损 -2,247,128.45 -2,251,202.45 失(减:收益) 固定资产报废损失 财务费用 9,890,220.33 9,468,297.84 投资损失（减：收益） -6,081,637.12 -8,420,825.69 递延税款贷项（减：借项） 存货的减少（减：增加） -12,887,681.41 -3,811,491.64 经营性应收项目的减少(减：增加) -64,456,930.71 -45,925,619.55 经营性应付项目的增加(减：减少) -15,539,525.52 -12,359,949.79 其他(预计负债的增加) 经营活动产生的现金流量净额 -28,598,572.85 -4,256,722.49 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 151,374,719.78 94,507,004.37 减：现金的期初余额 208,526,932.04 118,391,795.95 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 -57,152,212.26 -23,884,791.58 公司法定代表人: 郑元湖 主管会计工作负责人: 梅建中 会计机构负责人: 陈志虎 - 35 - 上海二纺股份有限公司 2005 年度报告 合并资产减值准备明细表 2005 年度 编制单位:上海二纺机股份有限公司 单位:元 币种:人民币 本年减少数 行 本年 项目 年初余额 因资产价值 其他原因转 年末余额 次 增加数 合计 回升转回数 出数 一、坏账准备 1 23,813,047.45 12,994,281.29 / / 11,469,012.52 25,338,316.22 合计 其中：应收账 2 22,870,980.19 9,613,479.75 / / 8,879,790.97 23,604,668.97 款 其他应收 3 942,067.26 3,380,801.54 / / 2,589,221.55 1,733,647.25 款 二、短期投资 跌价准备合 4 计 其中：股票投 5 资 债券投资 6 三、存货跌价 7 51,364,277.97 -233,649.19 2,305,696.68 2,305,696.68 48,824,932.10 准备合计 其中：库存商 8 18,899,966.58 62,879.96 1,365,903.68 1,365,903.68 17,596,942.86 品 原材料 9 27,708,863.21 1,764,785.30 346,651.30 346,651.30 29,126,997.21 四、长期投资 减值准备合 10 2,176,096.00 19,042.72 2,195,138.72 计 其中：长期股 11 2,176,096.00 19,042.72 2,195,138.72 权投资 长期债权 12 投资 五、固定资产 减值准备合 13 103,791,433.83 8,128,875.14 1,679,795.32 9,808,670.46 93,982,763.37 计 其中：房屋、 14 30,778,653.04 8,128,875.14 1,130,041.86 10,388,958.86 31,421,341.33 建筑物 机器设备 15 73,012,780.79 549,753.46 549,753.46 72,463,027.33 六、无形资产 减值准备合 16 7,300,000.00 7,300,000.00 7,300,000.00 计 其中：专利权 17 7,300,000.00 7,300,000.00 7,300,000.00 商标权 18 - 36 - 上海二纺股份有限公司 2005 年度报告 七、在建工程 减值准备合 19 计 八、委托贷款 减值准备合 20 计 九、总 计 21 188,444,855.25 12,779,674.82 10,167,075.14 20,716,304.52 30,883,379.66 170,341,150.41 公司法定代表人: 郑元湖 主管会计工作负责人: 梅建中 会计机构负责人: 陈志虎 母公司资产减值准备明细表 2005 年度 编制单位:上海二纺机股份有限公司 单位:元 币种:人民币 本年减少数 行 本年 项目 年初余额 因资产价值 其他原因转 年末余额 次 增加数 合计 回升转回数 出数 一、坏账准备合计 1 15,143,908.54 9,589,588.41 / / 24,733,496.95 其中：应收账款 2 14,346,734.44 8,509,107.36 / / 22,855,841.80 其他应收款 3 797,174.10 1,080,481.05 / / 1,877,655.15 二、短期投资跌价 4 准备合计 其中：股票投资 5 债券投资 6 三、存货跌价准备 7 49,310,439.20 -19,192.39 593,141.70 593,141.70 48,698,105.11 合计 其中：库存商品 8 17,507,054.41 57,101.68 17,564,156.09 原材料 9 27,207,671.87 1,847,780.64 29,055,452.51 四、长期投资减值 10 2,176,096.00 19,042.72 2,195,138.72 准备合计 其中：长期股权投 11 2,176,096.00 19,042.72 2,195,138.72 资 长期债权投资 12 五、固定资产减值 13 96,663,583.08 8,128,875.14 529,239.96 8,658,115.10 88,005,467.98 准备合计 其中：房屋、建筑 14 29,648,611.18 8,128,875.14 8,128,875.14 21,519,736.04 物 机器设备 15 67,014,971.90 529,239.96 529,239.96 66,485,731.94 六、无形资产减值 16 准备合计 其中：专利权 17 商标权 18 - 37 - 上海二纺股份有限公司 2005 年度报告 七、在建工程减值 19 准备合计 八、委托贷款减值 20 准备合计 九、总 计 21 163,294,026.82 9,589,438.74 8,128,875.14 1,122,381.66 9,251,256.80 163,632,208.76 公司法定代表人: 郑元湖 主管会计工作负责人: 梅建中 会计机构负责人: 陈志虎 （三）会计报表附注（附后） 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 2006 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。 （四）在公司注册地备有公司上述文件原件，供中国证券监督管理委员会、上海证券交易所 或股东依据法规或公司章程要求查阅。 董事长：郑元湖 上海二纺机股份有限公司 2006 年 4 月 13 日 - 38 - 上海二纺股份有限公司 2005 年度报告 审 计 报 告 信长会师报字（2006）第 10838 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”）2005 年 12 月 31 日的资 产负债表和合并的资产负债表、2005 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 2005 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 2005 年 12 月 31 日的财务状况以及 2005 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 郑帼琼 林 璐 中国·上海 二 OO 六年四月十二日 - 39 - 上海二纺股份有限公司 2005 年度报告 上海二纺机股份有限公司 二 OO 五年度会计报表附注 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 566,449,190.00 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。 - 40 - 上海二纺股份有限公司 2005 年度报告 （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 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）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 50－100 （九）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、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。 - 41 - 上海二纺股份有限公司 2005 年度报告 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。 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）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。 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。 （十一）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 - 42 - 上海二纺股份有限公司 2005 年度报告 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。 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。 （十二）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。 - 43 - 上海二纺股份有限公司 2005 年度报告 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。 （十三）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。 （十四）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。 - 44 - 上海二纺股份有限公司 2005 年度报告 （十五）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。 （十六）所得税的会计处理方法 采用应付税款法。 （十七）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 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，2005 年所得税减按 15%计征。 - 45 - 上海二纺股份有限公司 2005 年度报告 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 业务 母公司实际投 母公司控 合并范围内 是否 注册资本 经营范围 备注 全称 性质 资额 股比例% 控股比例% 合并 上海良基实 贸易、 12,418,000.00 国际国内贸易 11,176,200.00 90.00 90.00 是 业有限公司 租赁 上海良基塑 制造 料制品有限 3,180,000.00 生产销售纺织塑料件 3,180,000.00 100.00 100.00 是 业 公司 上海良基建 工程 本年已 筑装饰工程 2,500,000.00 建筑装饰 2,500,000.00 100.00 100.00 否 施工 清理 有限公司 上海奥依光 制造 本年已 电子有限公 32,000,000.00 生产销售变色薄膜 24,000,000.00 75.00 75.00 否 业 清理 司 上海良基机 制造 1,500,000.00 生产销售纺纱机械 1,350,000.00 90.00 90.00 是 械有限公司 业 上海良基房 房地 本年已 地产有限公 15,000,000.00 房地产开发经营 15,000,000.00 100.00 100.00 否 产 清理 司 上海良基电 印刷 本年已 脑印刷有限 8,000,000.00 印刷照排 6,400,000.00 80.00 80.00 否 业 清理 公司 上海良基金 制造 本年已 属制品有限 10,000,000.00 生产销售冷拉型钢 7,000,000.00 70.00 70.00 否 业 转让 公司 海南良基投 资发展有限 投资 3,000,000.00 工业投资物业管理 2,100,000.00 70.00 70.00 否 公司 上海普恩伊 经营自产产品和与之 进出 进出口有限 30,000,000.00 配套的商品及相关技 27,000,000.00 90.00 90.00 是 口业 公司 术出口和进口业务 上海良纺纺 生产、销售纺机的锭子 制造 织机械专件 22,000,000.00 罗拉、钢领及其他纺机 18,700,000.00 85.00 85.00 是 业 有限公司 配件 上海逸杰信 服务 计算机软硬件，系统集 息科技有限 2,000,000.00 1,675,000.00 83.75 83.75 否 业 成专业领域四技服务 公司 上海良宙物 贸易 资贸易有限 2,180,000.00 纺织机械配件销售 218,000.00 10.00 73.00 否 注 业 公司 注：上海良宙物资贸易有限公司因上海良基金属制品有限公司（拥有上海良宙物资贸易有限 公司 90％股权）被转让，导致年末合并范围内对其控股比率降为 10%。 （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 2,158,742.21 元，占母、子公司资产总额的 0.14%；销售收入为 2,388,740.97 元，占母、子公司 - 46 - 上海二纺股份有限公司 2005 年度报告 收入的 0.17%；净利润 107,122.81 元，占母公司净利润的 1.54%。 （3）海南良基投资发展有限公司已于 2003 年起停业，并拟于 2006 年关闭，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 3,018,377.08 元，占母、子公司资产总 额的 0.20％；销售收入为 2,388,740.97 元，占母、子公司收入总额的 0.17％；净利润-750,817.09 元，占母公司净利润的-10.76％。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 89,715.35 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：无。 （四）本年度合并报表范围的变更情况： 本年合并资产负债表减少合并单位 6 家，其中：子公司上海良基建筑装饰工程有限公司、上 海奥依光电子有限公司、上海良基房地产有限公司、上海良基电脑印刷有限公司注销；子公司上 海良基金属制品有限公司股权向其他投资者转让；子公司上海良宙物资贸易有限公司由于其控股 方上海良基金属制品有限公司股权被转让，相应的不再具有控制权。以上 6 家子公司均已合并计 入该公司相应期间的损益和现金流量。 （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）报告期内出售子公司情况：（单位：元） 出售子公司名 出售日 流动资产 长期投资 固定资产 无形资产 其他资产 流动负债 长期负债 称 上年末 上海良基金属 2005-4-31 24,248,066.11 3,295,100.26 3,142,953.98 -- -- 17,651,244.99 -- 制品有限公司 2004-12-31 19,183,284.41 3,265,783.30 3,183,474.89 -- -- 12,298,363.12 -- 出售子公司名 年初至出售日 主营业务收入 主营业务利润 利润总额 所得税 净利润 称 上年度 上海良基金属 2005 年 1-4 月 15,100,092.84 1,892,285.33 629,175.90 928,480.02 -299,304.12 制品有限公司 2004 年度 58,325,968.41 4,935,544.80 1,506,536.03 55,492.67 1,451,043.36 （七）无按照比例合并方法进行合并的公司。 - 47 - 上海二纺股份有限公司 2005 年度报告 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 248,899.95 372,676.84 银行存款 147,858,535.63 205,673,562.91 其他货币资金 3,267,284.20 2,480,692.29 合 计 151,374,719.78 208,526,932.04 其中美元：外币金额 176,198.03 580,999.21 折算汇率 8.0702 8.2765 折合人民币 1,421,953.34 4,808,639.96 日元：外币金额 98,972.00 98,972.00 折算汇率 0.068716 0.0799701 折合人民币 6,800.96 7,914.80 欧元：外币金额 354,620.07 79,677.73 折算汇率 9.5797 11.2627 折合人民币 3,397,153.88 897,386.37 年末其他货币资金 3,267,284.20 元，均为信用证开证保证金。 （二）应收票据 种 类 年 末 数 年 初 数 银行承兑汇票 124,272,192.72 97,861,361.06 商业承兑汇票 9,345,823.21 --- 合 计 133,618,015.93 97,861,361.06 1、已贴现的银行承兑汇票及商业承兑汇票金额为 88,101,400.00 元。 2、应收票据年末数比年初数增加 35,756,654.87 元，增加比例为 36.54％，增加原因主要为： 根据相关会计准则的要求，企业将已贴现未到期的汇票同时在应收票据和短期借款中列示，年末 已贴现未到期票据比上年末增加。 （三）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 119,036,873.65 76.66% 5% 5,951,843.68 124,790,871.03 83.99% 5% 6,239,543.55 - 48 - 上海二纺股份有限公司 2005 年度报告 1－2 年 13,685,472.18 8.81% 10% 1,368,547.22 4,240,568.22 2.85% 10% 424,056.82 2－3 年 349,104.21 0.22% 20% 69,820.84 271,050.06 0.18% 20% 54,210.01 3 年以上 372,344.23 0.24% 50% 186,172.12 6,277,983.46 4.22% 50% 3,138,991.73 特别准备 21,847,116.69 14.07% 50%-100% 16,028,285.11 13,014,178.08 8.76% 100% 13,014,178.08 合 计 155,290,910.96 100.00% 23,604,668.97 148,594,650.85 100.00% 22,870,980.19 2、年末应收帐款中欠款金额前五名的累计总欠款金额为 56,328,537.48 元，占应收帐款总金 额的 36.27％。 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： 欠款人户数 欠款金额 计 提 比 例 理 由 6户 9,597,780.20 100％ 账龄长，收回可能性小，特别计提 2户 1,223,346.67 75％ 账龄长，收回可能性较小，特别计提 1户 11,025,989.82 50％ 存在涉讼事项，特别计提 33 户 372,344.23 50％ 按账龄，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 收回方式 原估计计提比 原估计计提比例的合 权金额 例理由 理性 时间长，无法收回，计 上海饶建实业公司 2,038,200.00 货币资金 100％ 提合理 5、年末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 以下的情况。 6、本年度无实际冲销的应收帐款。 7、年末应收帐款中持本公司 5％以上（含 5％）表决权股份的股东欠款为 7,052,000.00 元， 详见本附注七。 （四）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 3,447,042.43 34.17% 5% 172,352.12 1,053,407.38 17.31% 5% 52,670.37 1－2 年 5,476,194.03 54.29% 10% 547,619.40 4,039,763.50 66.39% 10% 403,976.35 2－3 年 60,250.96 0.60% 20% 12,050.19 440,000.00 7.23% 20% 88,000.00 3 年以上 203,251.08 2.02% 50% 101,625.54 308,451.08 5.07% 50% 154,225.54 特别准备 900,000.00 8.92% 100% 900,000.00 243,195.00 4.00% 100% 243,195.00 合 计 10,086,738.50 100.00% 1,733,647.25 6,084,816.96 100.00% 942,067.26 - 49 - 上海二纺股份有限公司 2005 年度报告 2、年末其他应收款中欠款金额前五名的累计总欠款金额为 7,418,299.97 元，占其他应收款 总金额的比例为 73.55%。 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 1户 900,000.00 100% 账龄长,收回可能性小 6户 203,251.08 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％ 及以下的情况。 6、本年度无实际冲销的其他应收款。 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 上海良基金属制品有限公司 2,335,983.39 往来款 海南良基投资发展有限公司 682,316.58 往来款 8、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。 9、其他应收款年末数比年初数增加 4,001,921.54 元，增加比例为 65.77％，增加原因主要为： 本年度子公司上海良基金属制品有限公司对外出售，年末其他应收款 2,335,983.39 元不再进行合 并抵销。 （五）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 10,879,256.22 100% 3,515,920.91 100% 预付采购款 1－2 年 --- --- --- --- 2－3 年 --- --- --- --- 3 年以上 --- --- --- --- 合 计 10,879,256.22 100% 3,515,920.91 100% 2、年末预付帐款中无预付本公司 5％以上（含 5％）表决权股份的股东单位款项。 3、预付帐款年末数比年初数增加 7,363,335.31 元，增加比例为 209.43%增加原因为：预付采 购款增加。 - 50 - 上海二纺股份有限公司 2005 年度报告 （六）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 6,875,995.68 --- 9,202,816.94 --- 原材料 67,954,250.47 29,126,997.21 70,982,215.94 27,708,863.21 在产品 100,363,325.58 2,100,992.03 118,774,327.25 4,690,545.29 包装物 19,262.56 --- 20,362.64 425.89 低值易耗品 2,556,078.49 --- 2,016,766.50 64,477.00 产成品 259,310,696.66 17,596,942.86 237,889,357.50 18,899,966.58 委托加工物资 287,294.07 --- 1,757,209.22 --- 材料成本差异 -7,064,974.19 --- -8,562,605.46 --- 合计 430,301,929.32 48,824,932.10 432,080,450.53 51,364,277.97 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：年 末市价扣减相关税费。 （七）待摊费用 类 别 年 初 数 本年增加 本年摊销 年 末 数 租赁费 26,666.66 --- 26,666.66 --- （八）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 38,461,119.37 2,195,138.72 38,367,755.56 2,176,096.00 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 ST 丰华 法人股 388,800 --- 1,266,000.00 1,266,000.00 --- 1,266,000.00 中国联通 法人股 525,096 --- 1,107,360.00 1,107,360.00 --- 1,107,360.00 G 嘉宝 法人股 836,784 --- 2,390,168.32 2,390,168.32 --- 2,390,168.32 爱建股份 法人股 2,083,388 --- 7,584,000.00 7,584,000.00 167,138.72 7,584,000.00 G 宏盛 法人股 184,800 --- 306,000.00 306,000.00 --- 306,000.00 G 南洋 法人股 74,052 --- 170,400.00 170,400.00 --- 170,400.00 G 申达 法人股 325,248 --- 495,440.00 495,440.00 --- 495,440.00 - 51 - 上海二纺股份有限公司 2005 年度报告 G 申能 法人股 450,000 --- 840,000.00 840,000.00 --- 840,000.00 水仙 A 法人股 880,000 --- 3,040,000.00 3,040,000.00 2,028,000.00 3,040,000.00 新世界 法人股 471,830 --- 440,988.80 440,988.80 --- 440,988.80 豫园商城 法人股 594,594 --- 1,911,210.00 1,911,210.00 --- 1,911,210.00 同达创业 法人股 535,500 --- 1,605,000.00 1,605,000.00 --- 1,605,000.00 海通证券 法人股 7,943,760 --- 6,120,000.00 6,120,000.00 --- 6,120,000.00 海南兴安法人 法人股 337,500 --- 30,000.00 30,000.00 --- 30,000.00 北京鹫峰 法人股 500,000 --- 150,000.00 150,000.00 --- --- 合 计 16,131,352 27,456,567.12 27,456,567.12 2,195,138.72 27,306,567.12 （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 上海良宙物资贸易有 2002.9-2021.8 10.00% --- 366,122.29 366,122.29 限公司 合 计 71,000.00 366,122.29 437,122.29 B. 权益法核算的对子公司股权投资： 占被投资 本年权益增减额 年末余额 投资 单位 其中 投资单位名称 年初余额 起止期 注册资本 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 比例 海南良基投资发展有限 1992.12－ 100% --- --- --- --- --- --- 2,100,000.00 -2,100,000.00 --- 公司（注 1） 2012.12 上海逸杰信息科技有限 2001.4－ 83.75% 1,778,643.53 29,303.07 --- 89,715.35 --- -60,412.28 1,675,000.00 132,946.60 1,807,946.60 公司 2021.3 临海良纺纺织机械专件 83% 6,260,090.54 197,391.05 --- 129,066.34 225,814.31 -157,489.60 5,563,520.25 893,961.34 6,457,481.59 有限公司（注 2） 二纺机化纤成套设备有 2002.5--2 100% 500,000.00 -500,000.00 -500,000.00 --- --- --- 500,000.00 -500,000.00 --- 限公司（注 3） 017.5 合 计 8,538,734.07 -273,305.88 -500,000.00 218,781.69 225,814.31 -217,901.88 9,838,520.25 -1,573,092.06 8,265,428.19 注 1：海南良基投资发展有限公司已于 2003 年起停业，并拟于 2006 年关闭，且对其的长期 投资核算已减至零。 注 2：临海良纺纺织机械专件有限公司系自主经营，由本公司收购其产品，对其经营活动不 实施重大影响。 - 52 - 上海二纺股份有限公司 2005 年度报告 注 3：二纺机化纤成套设备有限公司因上海良宙物资贸易有限公司（拥有二纺机化纤成套设 备有限公司 80％股权）被转让，导致期末合并范围内对其控股比率降为 20%，因此年末转入权益 法核算的对联营企业股权投资项目披露。 C．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 初始 起止期 注册资本比例 本年合计 累计增减 合计 投资成本 确认收益 差额摊销 股权投资准备 分得利润 投资 二纺机化纤成套设备有限公 2002.5--2 20% --- 98,600.82 100,000.00 -1,399.18 --- --- --- 100,000.00 -1,399.18 98,600.82 司 017.5 太平洋纺机成套设备有限公 2002.7--2 20% 2,263,606.47 -275,304.80 --- 430,790.83 --- 293,904.37 -1,000,000.00 1,000,000.00 988,301.67 1,988,301.67 司 022.7 山东良基纺织机械有限公司 无限 25% 650,258.50 -49,817.06 --- 182.94 --- --- -50,000.00 500,000.00 100,441.44 600,441.44 小计 ___ ___ 2,913,864.97 -226,521.04 100,000.00 429,574.59 ___ 293,904.37 -1,050,000.00 1,600,000.00 1,087,343.93 2,687,343.93 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 本年减少 年 末 数 计提原因 ST 丰华 165,696.00 --- 165,696.00 --- 年末收盘价已恢复至账面成本之上 水仙 A 2,010,400.00 17,600.00 --- 2,028,000.00 年末收盘价低于账面成本 爱建股份 --- 167,138.72 --- 167,138.72 年末收盘价低于账面成本 合 计 2,176,096.00 184,738.72 165,696.00 2,195,138.72 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 -690,712.16 上海普恩伊进出口有限公司 610,740.00 股权转让产生 十年 -61,074.00 305,370.00 小 计 -770,684.36 77,068.44 -385,342.16 （九）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 253,237,953.58 1,494,775.00 3,538,253.66 251,194,474.92 非生产用房屋 217,963,177.26 --- 1,563,168.75 216,400,008.51 生产用设备 611,403,214.11 3,089,135.40 50,423,831.45 564,068,518.06 非生产用设备 7,645,792.88 340,430.00 622,133.92 7,364,088.96 合 计 1,090,250,137.83 4,924,340.40 56,147,387.78 1,039,027,090.45 - 53 - 上海二纺股份有限公司 2005 年度报告 其中：本年由在建工程转入固定资产原价为 4,383,724.92 元。 本年出售固定资产原价为 56,147,387.78 元。 本年无置换入（出）的固定资产。 年末无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 本年其他增加 本年减少 年末数 生产用房屋 73,938,759.33 6,354,192.73 --- 414,533.03 79,878,419.03 非生产用房屋 29,926,309.35 4,472,503.44 3,317,983.84 105,704.70 37,611,091.93 生产用设备 367,299,473.82 30,023,360.11 --- 43,722,975.64 353,599,858.29 非生产用设备 3,974,674.20 642,259.31 --- 374,091.97 4,242,841.54 合计 475,139,216.70 41,492,315.59 3,317,983.84 44,617,305.34 475,332,210.79 注：本年化工仓库等建筑物因租赁业务价值回升，导致固定资产减值准备减少 8,128,875.14 元，调整增加累计折旧 3,317,983.84 元，增加营业外支出-4,810,891.30 元。 3、固定资产减值准备 类别 年初数 本年增加 本年价值回升减少 本年其他减少 年末数 生产用房屋 12,161,689.01 --- --- 1,130,041.86 11,031,647.15 非生产用房屋 18,616,964.03 --- 8,128,875.14 --- 10,488,088.89 生产用设备 73,012,780.79 --- --- 549,753.46 72,463,027.33 非生产用设备 --- --- --- --- --- 合计 103,791,433.83 --- 8,128,875.14 1,679,795.32 93,982,763.37 注 1：本年其他减少为出售固定资产转出相关的固定资产减值准备。 注 2：本年化工仓库等建筑物因租赁业务价值回升，导致固定资产减值准备减少 8,128,875.14 元，调整增加累计折旧 3,317,983.84 元，增加营业外支出-4,810,891.30 元。 4、本年无融资租入的固定资产。 5、经营租出固定资产 类别 帐面原价 累计折旧 减值准备 帐面净值 生产用房屋 36,125,935.87 7,374,818.19 1,833,483.54 26,917,634.14 非生产用房屋 156,831,717.96 29,158,119.54 10,564,706.55 117,108,891.87 生产用设备 10,509,455.67 2,361,466.75 3,098,382.20 5,049,606.72 合计 203,467,109.50 38,894,404.48 15,496,572.29 149,076,132.73 - 54 - 上海二纺股份有限公司 2005 年度报告 6、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 10,888,657.45 6,956,973.21 3,680,068.89 251,615.35 非生产用房屋 7,823,874.10 7,499,140.70 --- 324,733.40 生产用设备 101,103,996.34 96,602,786.46 573,025.95 3,928,183.93 非生产设备 863,637.62 829,469.42 --- 34,168.20 合计 120,680,165.51 111,888,369.79 4,253,094.84 4,538,700.88 （十）在建工程 工程投入 本年减少 工程项目名称 预算数 占预算比例 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 --- --- 272,148.08 --- 110,822.16 161,325.92 --- 自有资金 装配车间喷沙设备改造 528,292.00 100% 529,734.53 --- 529,734.53 --- --- 自有资金 技术中心计算机改造 466,800.00 100% 520,873.00 --- 117,150.00 349,650.00 54,073.00 自有资金 络筒机车间电脑改造 428,337.00 100% 428,337.00 --- 65,690.00 362,647.00 --- 自有资金 污水综合治理工程 3,613,097.00 86% --- 3,109,571.66 --- --- 3,109,571.66 自有资金 锅炉房电蓄热设备 1,450,000.00 63% --- 913,000.00 --- --- 913,000.00 自有资金 600 吨压机改造 938,000.00 72% --- 673,000.00 --- --- 673,000.00 自有资金 锅炉房及电缆工程改造 680,000.00 87% --- 590,070.00 --- --- 590,070.00 自有资金 三号变电所改造 950,000.00 25% --- 240,000.00 --- --- 240,000.00 自有资金 粪站中转池改造工程 183,800.00 90% --- 165,780.00 --- --- 165,780.00 自有资金 蓄水池改造 --- 80,000.00 --- --- 80,000.00 自有资金 金桥车间搬迁工程 750,000.00 114% --- 853,887.00 853,887.00 --- --- 自有资金 5 吨双梁行车安装 556,200.00 100% --- 556,200.00 556,200.00 --- --- 自有资金 钢材仓库改造工程 366,000.00 140% --- 510,888.00 510,888.00 --- --- 自有资金 子公司零星设备添置 --- --- --- 322,446.01 322,446.01 --- --- 自有资金 其他 --- --- 278,790.00 2,591,578.10 1,316,907.22 1,461,763.88 91,697.00 自有资金 合计 2,029,882.61 10,606,420.77 4,383,724.92 2,335,386.80 5,917,191.66 在建工程年末数比年初数增加 3,887,309.05 元，增加比例为 191.50％，增加原因为：本年末 污水综合治理工程及锅炉房改造工程尚未完工所致。 - 55 - 上海二纺股份有限公司 2005 年度报告 （十一）无形资产 1、项目明细 项目 取得方式 原值 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 土地使用权-场中路 股东投入 21,787,788.27 17,415,478.43 --- 435,838.56 4,808,148.40 16,979,639.87 492 个月 土地使用权-金桥 购入 14,495,383.83 9,927,047.59 --- 262,968.12 4,831,304.36 9,664,079.47 441 个月 土地使用权-专件总厂 购入 6,720,000.00 6,295,483.48 --- 108,387.12 532,903.64 6,187,096.36 696 个月 专有技术 股东投资 8,000,000.00 7,300,000.00 7,300,000.00 --- 700,000.00 --- 专有技术 CAD 软件 购入 349,650.00 --- 349,650.00 --- 52,447.50 52,447.50 297,202.50 51 个月 合计 51,352,822.10 40,938,009.50 349,650.00 7,300,000.00 859,641.30 10,924,803.90 33,128,018.20 注：本年专有技术转出 7,300,000.00 元，为拥有该项无形资产的子公司歇业清算而转销。 2、计提减值准备 项 目 年 初 数 本年增加 本年转回 本年其他减少 年 末 数 减 少 原 因 专有技术 7,300,000.00 --- --- 73,00,000.00 --- 子公司歇业清算 （十二）短期借款 借款类别 年末数 年初数 信用借款 88,735,385.47 88,069,192.16 保证借款 186,946,000.00 185,000,000.00 合计 275,681,385.47 273,069,192.16 其中：年末外币借款的外币金额为美元 78,558.83 元，折算汇率 8.0702，折合人民币 633,985.47 元。 注：保证借款中 155,700,000.00 元系由太平洋机电（集团）公司提供担保。 （十三）应付票据 年末数 年初数 商业承兑汇票 --- 275,010.91 （十四）应付帐款 年末数 年初数 279,654,235.53 258,560,990.40 1、年末余额中无欠持本公司 5％以上（含 5％）表决权股份的股东款项。 2、年末无账龄超过三年的大额应付帐款。 - 56 - 上海二纺股份有限公司 2005 年度报告 （十五）预收帐款 年末数 年初数 79,933,523.74 111,144,513.88 1、年末余额中预收持本公司 5％以上（含 5％）表决权股份的股东款为 7,832,991.00 元，详 见本附注七。 2、其中帐龄超过一年的大额预收帐款： 付款单位名称 金 额 性质或内容 吉林通化人造毛厂 332,076.94 预收货款 （十六）其他应付款 年末数 年初数 42,938,813.44 64,152,265.05 1、年末余额中欠持本公司 5％以上（含 5％）表决权股份的股东款为 685,026.90 元，详见附 注七。 2、年末余额中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 备 注 出口佣金 9,993,282.66 尚未支付 预提 2005 年年终奖金 4,950,000.00 尚未发放 截至报告日已发放 医疗保险 2,409,258.36 尚未支付 应付工程款 2,540,000.00 尚未支付 4、其他应付款年末数比年期初数减少 21,213,451.61 元，减少比例为 33.07％，减少原因主要 为：企业下属子公司清理后，子公司的对外往来减少 617.85 万元；太平洋机电（集团）公司拨入 的原国有职工安置款已支付而减少 799.12 万元。 （十七）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 28.84 尚未支付 （十八）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 -1,187,774.72 4,768,554.87 17% 营业税 45,966.92 2,651,436.94 5% 城建税 598,172.06 606,934.01 7% 企业所得税 2,073,600.63 3,405,855.86 15%-33% - 57 - 上海二纺股份有限公司 2005 年度报告 个人所得税 200,853.81 9,382.61 --- 其他 8,089.83 -685.00 --- 合计 1,738,908.53 11,441,479.29 1、应交税金年末数比年初数减少 9,702,570.76 元，减少比例为 84.80％，减少主要原因为：下属子公司年 末出口应收出口退税款尚未收到以及年末应交营业税减少。 2、本年无超过法定纳税期限的应交税款。 （十九）其他应交款 项目 年末数 年初数 计缴标准 教育费附加 881,095.50 894,360.98 3% 河道维护费 85,571.03 84,800.22 1% 合计 966,666.53 979,161.20 （二十）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 律师费 385,909.64 --- 尚未支付 其他 791,898.22 1,379,533.48 尚未支付 合计 2,463,057.38 5,164,783.00 预提费用年末数比年初数减少 2,701,725.62 元，减少比例为 52.31%，减少主要原因为: 本年企业对预提的 动迁补偿费进行了支付。 （二十一）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，逾期未还 （二十二）股本 年末数 比例％ 年初数 比例％ 1、尚未流通部份 发起人股份 262,342,310.00 46.31 262,342,310.00 46.31 其中：国家拥有股份 262,342,310.00 46.31 262,342,310.00 46.31 尚未流通股份合计 262,342,310.00 46.31 262,342,310.00 46.31 2、已流通股份 境内上市的人民币普 71,181,880.00 12.57 71,181,880.00 12.57 - 58 - 上海二纺股份有限公司 2005 年度报告 通股 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 566,449,190.00 100.00 566,449,190.00 100.00 （二十三）资本公积 项目 年初数 本年增加 本年减少 年末数 股本溢价 29,441,508.88 --- --- 29,441,508.88 接受损赠非现金资产 218,201.00 --- --- 218,201.00 准备 接受现金捐赠 --- --- --- --- 股权投资准备 7,664,260.41 293,904.37 4,015,529.65 3,942,635.13 其他资本公积 30,816,221.30 4,993,862.07 --- 35,810,083.37 合计 68,140,191.59 5,287,766.44 4,015,529.65 69,412,428.38 1、其他资本公积本期增加的说明： （1）子公司清理，将资本公积-股权投资准备转入金额为 4,015,529.65 元。 （2）无法支付的应付帐款经董事会批准后转入金额为 978,332.42 元。 2、股权投资准备本年增加的原因为子公司太平洋成套设备有限公司根据太平洋机电（集团） 有限公司出具的太平洋机电企管〔2005〕134 号文，无偿取得资产调增资本公积，因此相应调整 公司资本公积。 （二十四）盈余公积 项目 年初数 本年增加 年末数 法定盈余公积 6,678,719.81 978,829.81 7,657,549.62 法定公益金 3,377,634.40 489,414.92 3,867,049.32 任意盈余公积 --- --- --- 合计 10,056,354.21 1,468,244.73 11,524,598.94 （二十五）未分配利润 项 目 金 额 年初未分配利润 12,916,104.92 加：本年净利润 5,687,932.00 减：提取法定盈余公积 978,829.81 - 59 - 上海二纺股份有限公司 2005 年度报告 提取法定公益金 489,414.92 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 --- 年末未分配利润 17,135,792.19 （二十六）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 953,304,721.85 1,208,383,508.80 845,133,687.69 1,065,956,607.89 业 2.贸易业 462,888,504.24 603,269,772.60 448,983,909.30 588,772,025.36 务 3.建筑业 --- 12,035,673.30 --- 10,806,659.98 分 4. 服务业 2,431,914.72 2,326,168.05 301,093.08 301,093.08 部 小 计 1,418,625,140.81 1,826,015,122.75 1,294,418,690.07 1,665,836,386.31 公司内各业务分部相互抵销 397,455,978.17 642,202,440.82 397,455,978.17 641,006,927.50 合 计 1,021,169,162.64 1,183,812,681.93 896,962,711.90 1,024,829,458.81 亚洲 326,507,003.23 417,087,130.34 315,492,507.57 404,494,993.28 北美洲 8,180,524.49 4,752,829.87 7,933,774.10 4,634,009.12 非洲 --- 13,486,945.21 --- 13,217,206.31 东北 3,149,635.11 1,732,478.63 2,816,334.67 1,541,905.98 上海 592,215,900.00 769,071,934.74 531,320,302.86 756,353,033.26 地 华东 435,588,756.13 215,740,124.23 389,493,916.91 164,462,798.93 区 华南 23,422,490.34 28,061,675.28 20,943,877.40 22,654,190.45 分 西南 27,804,431.51 13,872,514.24 24,847,442.18 11,339,556.27 部 华北 1,756,400.00 335,388,647.48 1,570,534.38 265,244,838.78 华中 --- 26,820,842.73 --- 21,893,853.93 小 计 1,418,625,140.81 1,826,015,122.75 1,294,418,690.07 1,665,836,386.31 公司内各地区分部相互抵销 397,455,978.17 642,202,440.82 397,455,978.17 641,006,927.50 合 计 1,021,169,162.64 1,183,812,681.93 896,962,711.90 1,024,829,458.81 公司向前五名客户销售总额为 406,578,602.74 元，占公司本年全部主营业务收入的 39.82%。 （二十七）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% 122,051.11 212,291.47 城建税 1%-7% 2,021,028.76 865,826.82 - 60 - 上海二纺股份有限公司 2005 年度报告 教育费附加 3% 893,722.51 393,505.88 其他 --- 1,950.73 25,217.50 合计 3,038,753.11 1,496,841.67 营业税金及附加本年发生数比上年发生数增加 1,541,911.44 元，增加比例为 103.01％，增加原 因为：企业本年应交增值税增加，造成相关城建税和教育费附加发生额增加。 （二十八）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 62,189,201.01 61,909,585.27 279,615.74 82,297,273.53 87,785,524.95 -5,488,251.42 租赁收 12,329,457.71 7,607,672.38 4,721,785.33 12,315,597.90 5,548,142.86 6,767,455.04 入 出口代理 4,135,100.39 --- 4,135,100.39 3,717,261.94 --- 3,717,261.94 其他收入 1,278,764.82 2,359,733.00 -1,080,968.18 614,286.86 776,382.09 -162,095.23 合计 79,932,523.93 71,876,990.65 8,055,533.28 98,944,420.23 94,110,049.90 4,834,370.33 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 租赁收入 12,329,457.71 7,607,672.38 4,721,785.33 出口代理 4,135,100.39 --- 4,135,100.39 其他业务利润本年发生额比上年发生额增加 3,221,162.95 元，增加比例为 66.63％，增加原因 为：本年材料销售利润较上年增加。 （二十九）财务费用 类别 本年发生数 上年发生数 利息支出 10,918,373.43 11,269,827.38 减：利息收入 1,507,955.47 1,381,444.05 汇兑损失 37,476.19 356,885.02 减：汇兑收益 399,851.98 38,485.16 其他 72,338.46 110,623.96 合计 9,120,380.63 10,317,407.15 - 61 - 上海二纺股份有限公司 2005 年度报告 （三十）投资收益 1、本年发生数： 股票投资 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 处置及清理收益 长期股权 354,468.60 8,520.00 648,356.28 302,882.75 4,998,545.80 -19,042.72 6,293,730.71 投资 2、上年发生数： 股票投资 债权投 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 资收益 股权投资收益 股权投资收益 差额摊销 处置收益 短期投资 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 3,927,734.83 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 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 交 易 金 额 相 关 成 本 股权转让处置收益 8,713,320.00 9,227,283.22 下属子公司清理 26,726,437.59 21,213,928.57 合计 35,439,757.59 30,441,211.79 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增加 2,331,397.35 元，增加比例为 58.84%，增加原 因为：本年下属子公司清理产生投资收益。 （三十一）补贴收入 内 容 本年 上年 本年发生额说明 发生数 发生数 来源依据 批准文件 批准机关 文件时效 退税 --- 105,840.36 财政拨款收款 浦财经第 浦东新区财 2001-1-1 至 财政补贴收入 149,000.00 200,000.00 通知 4620200038 号 政局 2005-12-31 企业扶持补贴 --- 102,000.00 出口商品贴息 --- 415,311.00 合计 149,000.00 823,151.36 补贴收入本年数比上年数减少 674,151.36 元，减少比例为 81.90％，减少主要原因为：本年 应收补贴事项减少。 - 62 - 上海二纺股份有限公司 2005 年度报告 （三十二）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 2,400,036.36 31,862,898.82 赔偿及罚款收入 1,451.42 24,982.20 其他 641,939.96 56,711.81 合计 3,043,427.74 31,944,592.83 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 2,400,036.36 2、营业外收入本年发生数比上年发生数减少 28,901,165.09 元，减少比例为 90.47％，减少主 要原因为：上年出售土地使用权取得净收益 30,929,875.67 元。 （三十三）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 1,152,907.91 2,861,421.31 捐赠 --- 10,000.00 罚款支出 14,062.88 40,085.25 固定资产减值准备 -4,810,891.30 1,130,041.86 其他 317,208.03 345,847.31 合计 -3,326,712.48 4,387,395.73 1、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 1,152,907.91 固定资产减值准备 -4,810,891.30 2、营业外支出本年数比上年数减少 7,714,108.21 元，减少比例为 175.82％，减少主要原因 为：本年非生产用房屋，因价值回升，转回已计提的固定资产减值准备。 （三十四）收到的其他与经营活动有关的现金 96,979,000.65 元 其中： 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 61,235,334.90 中国纺织机械股份有限公司往来款 6,000,000.00 济南正昊诉讼案资产保全保证金退回 2,696,103.40 - 63 - 上海二纺股份有限公司 2005 年度报告 （三十五）支付的其他与经营活动有关的现金 141,690,483.28 元 其中： 项 目 金 额 支付职工安置补偿费 68,002,973.84 中国纺织机械股份有限公司往来款 6,000,000.00 支付济南正昊诉讼案资产保全保证金 2,696,103.40 动迁补偿费用 2,500,000.00 （三十六）支付的其他与投资活动有关的现金 22,427.00 元 项 目 金 额 上海良基金属制品有限公司股权转让费用 22,427.00 （三十七）支付的其他与筹资活动有关的现金 2,939,429.84 元 项 目 金 额 子公司清理及转让使合并报表的货币资金减少 2,939,429.84 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 113,227,317.75 77.32% 5% 5,661,365.89 122,379,817.54 89.16% 5% 6,118,990.88 1－2 年 11,198,372.01 7.65% 10% 1,119,837.20 3,894,768.00 2.84% 10% 389,476.80 2－3 年 132,768.00 0.09% 20% 26,553.60 169,630.95 0.12% 20% 33,926.19 3 年以上 39,600.00 0.03% 50% 19,800.00 6,033,575.53 4.40% 50% 3,016,787.77 特别准备 21,847,116.69 14.91% 50%-100% 16,028,285.11 4,787,552.80 3.48% 100% 4,787,552.80 合计 146,445,174.45 100.00% 22,855,841.80 137,265,344.82 100.00% 14,346,734.44 2、年末应收帐款中欠款金额前五名的累计总欠款金额为 112,360,567.00 元，占应收帐款总金 额的 76.73％。 - 64 - 上海二纺股份有限公司 2005 年度报告 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： 欠款单位户数 欠款金额 计提比例 理 由 6户 9,597,780.20 100％ 账龄长，收回可能性小，特别计提 2户 1,223,346.67 75％ 账龄长，收回可能性较小，特别计提 1户 11,025,989.82 50％ 存在涉讼事项，特别计提 1户 39,600.00 50％ 按账龄，三年以上 合计 21,886,716.69 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、重组的应收账款。 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、本年度无实际冲销的应收帐款。 7、年末应收帐款中持本公司 5％以上（含 5％）表决权股份的股东欠款为 7,052,000.00 元， 详见附注七。 （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 3,042,867.80 26.69% 5% 152,143.39 4,690,119.54 51.67% 5% 234,505.98 1－2 年 7,256,117.63 63.66% 10% 725,611.76 3,747,681.19 41.28% 10% 374,768.12 2－3 年 --- --- --- --- 440,000.00 4.85% 20% 88,000.00 3 年以上 199,800.00 1.75% 50% 99,900.00 199,800.00 2.20% 50% 99,900.00 特殊计提 900,000.00 7.90% 100% 900,000.00 --- --- 100% --- 合计 11,398,785.43 100.00% 1,877,655.15 9,077,600.73 100.00% 797,174.10 2、年末其他应收款中欠款金额前五名的累计总欠款金额为 8,811,719.46 元，占其他应收款总 金额的比例为 77.30％。 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： 欠款人户数 欠款金额 计提比例 理由 1户 900,000.00 100％ 账龄长,收回可能性小 3户 199,800.00 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、无金额较大或帐龄较长但不计提坏帐准备，或计提坏帐准备比例为 5％及以下的其他应收 款。 6、本年度无实际冲销的其他应收款。 - 65 - 上海二纺股份有限公司 2005 年度报告 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 上海良基金属制品有限公司 2,335,983.39 往来款 上海良基塑料制品有限公司 1,893,419.49 往来款 8、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 104,644,374.89 2,195,138.72 134,937,524.96 2,176,096.00 1、长期股权投资 （1）股票投资： 占被投资公司 初始投资 被投资公司名称 股份类别 股票数量 帐面余额 减值准备 年末市价 注册资本比例 成本 ST 丰华 法人股 388,800 --- 1,266,000.00 1,266,000.00 --- 1,718,496.00 中国联通 法人股 525,096 --- 1,107,360.00 1,107,360.00 --- 2,252,661.84 G 嘉宝 法人股 836,784 --- 2,390,168.32 2,390,168.32 --- 2,886,904.80 爱建股份 法人股 2,083,388 --- 7,584,000.00 7,584,000.00 167,138.72 7,416,861.28 G 宏盛 法人股 184,800 --- 306,000.00 306,000.00 --- 1,698,312.00 G 南洋 法人股 74,052 --- 170,400.00 170,400.00 --- 619,815.24 G 申达 法人股 325,248 --- 495,440.00 495,440.00 --- 1,018,026.24 G 申能 法人股 450,000 --- 840,000.00 840,000.00 --- 2,493,000.00 水仙 A 法人股 880,000 --- 3,040,000.00 3,040,000.00 2,028,000.00 1,012,000.00 新世界 法人股 471,830 --- 440,988.80 440,988.80 0.00 3,024,430.30 豫园商城 法人股 594,594 --- 1,911,210.00 1,911,210.00 0.00 3,240,537.30 同达创业 法人股 535,500 --- 1,605,000.00 1,605,000.00 --- 4,546,395.00 海通证券 法人股 7,943,760 --- 6,120,000.00 6,120,000.00 --- --- 海南兴安法人 法人股 337,500 --- 30,000.00 30,000.00 --- --- 北京鹫峰 法人股 500,000 --- 150,000.00 150,000.00 --- --- 合 计 --- 16,131,352 --- 27,456,567.12 27,456,567.12 2,195,138.72 31,927,440.00 - 66 - 上海二纺股份有限公司 2005 年度报告 （2）其他股权投资： A、成本法核算的股权投资： 占被投资单位 年初 本年投资增 被投资单位名称 投资起止期 年末帐面余额 注册资本比例 余额 减额 上海良宙物资贸易有 2002.9-2021.8 10% --- 366,122.29 366,122.29 限公司 上海良宙物资贸易有限公司本年因上海良基金属制品有限公司（拥有上海良宙物资贸易有限 公司 90％股权）转让，因此年末按成本法核算。 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 其中 投资单位名称 年初余额 起止期 注册资本比例 本年合计 股权投资 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 准备 上海奥依光电子有限公司 1998.8－2005.12 75% 10,171,591.24 -10,171,591.24 -24,000,000.00 -1,007,951.96 --- --- --- 24,000,000.00 -24,000,000.00 --- 海南良基投资发展有限公司 1995.12－2002.12 70% --- --- --- --- --- --- --- 2,100,000.00 -2,100,000.00 --- 上海良基金属制品有限公司 1998.10－2015.12 70% 10,573,674.85 -10,573,674.85 -7,000,000.00 -218,242.59 --- --- --- 7,000,000.00 -7,000,000.00 --- 上海良基房地产有限公司 无限 100% 7,955,818.79 -7,955,818.79 -15,000,000.00 944,847.58 --- --- --- 15,000,000.00 -15,000,000.00 --- 上海良基实业有限公司 1999.1--2018.12 90% 12,904,934.40 135,743.20 --- 1,036,660.14 --- --- -900,916.94 11,176,200.00 1,864,477.60 13,040,677.60 上海良纺纺织机械专件有限公司 2001.5--2021.5 85% 28,137,481.75 1,643,506.43 --- 1,505,363.99 138,142.44 --- --- 18,919,458.40 10,861,529.78 29,780,988.18 上海普恩伊进出口有限公司 1998.11--2013.11 90% 28,284,960.37 210,575.71 --- 271,649.71 -61,074.00 --- --- 27,000,000.00 1,495,536.08 28,495,536.08 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 --- --- -115,094.91 --- 6,400,000.00 -6,400,000.00 --- 上海良基工程建筑装饰公司 无限 100% 2,903,993.34 -2,903,993.34 -2,500,000.00 245,629.58 -389,099.07 --- 2,500,000.00 -2,500,000.00 --- 上海良基机械有限公司 1998.12--2014.12 90% 1,320,219.86 -311,026.77 --- -311,026.77 --- --- --- 1,350,000.00 -340,806.91 1,009,193.09 上海逸杰信息科技有限公司 2001.4--2021.4 83.75% 1,778,643.53 29,303.07 --- 89,715.35 --- --- -60,412.28 1,675,000.00 132,946.60 1,807,946.60 上海良宙物资贸易有限公司 2002.9-2021.8 10% 585,774.74 -585,774.74 -299,635.44 23,565.95 --- --- -243,218.40 299,635.44 -299,635.44 --- 小计 104,617,092.87 -30,482,751.32 -55,199,635.44 2,580,210.98 77,068.44 -504,193.98 -1,204,547.62 126,248,093.84 -52,113,752.29 74,134,341.55 C．权益法核算的对合营企业股权投资： 占被投资 本年权益增减额 年末余额 投资 单位 其中 投资单位名称 年初余额 起止期 注册资本 本年合计 股权投资 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 比例 准备 二纺机化纤成套设备有限公司 2003.5--2023.5 20% 100,000.00 -1,399.18 --- -1,399.18 --- --- --- 100,000.00 -1,399.18 98,600.82 太平洋纺机成套设备有限公司 2002.7--2022.7 20% 2,263,606.47 -275,304.80 --- 430,790.83 --- 293,904.37 -1,000,000.00 1,000,000.00 988,301.67 1,988,301.67 - 67 - 上海二纺股份有限公司 2005 年度报告 山东良基纺织机械有限公司 无限 25% 650,258.50 -49,817.06 --- 182.94 --- --- -50,000.00 500,000.00 100,441.44 600,441.44 小计 3,013,864.97 -326,521.04 --- 429,574.59 --- 293,904.37 -1,050,000.00 1,600,000.00 1,087,343.93 2,687,343.93 D．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 -690,712.16 上海普恩伊进出口有限公司 610,740.00 股权转让产生 十年 -61,074.00 305,370.00 小计 -770,684.36 77,068.44 -385,342.16 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 本年减少 年 末 数 计提原因 丰华股份 165,696.00 --- 165,696.00 --- 年末收盘价已恢复至账面成本之上 水仙股份 2,010,400.00 17,600.00 --- 2,028,000.00 年末收盘价低于账面成本 爱建股份 --- 167,138.72 --- 167,138.72 年末收盘价低于账面成本 合 计 2,176,096.00 184,738.72 165,696.00 2,195,138.72 （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 858,154,380.40 983,317,003.16 767,328,163.85 871,661,180.38 （五）投资收益 1、本年发生数： 债权投资 成本法下确认的 权益法下确认的 股权投资 股权转让 类 别 股票投资收益 减值准备 合 计 收益 股权投资收益 股权投资收益 差额摊销 收 益 长期股权投资 354,468.60 --- --- 3,009,785.57 77,068.44 4,998,545.80 -19,042.72 8,420,825.69 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 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 - 68 - 上海二纺股份有限公司 2005 年度报告 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 交易金额 相关成本 下属子公司清理 26,726,437.59 21,213,928.57 4、本年投资收益汇回无重大限制。 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（金额单位：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 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 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 - 69 - 上海二纺股份有限公司 2005 年度报告 3、存在控制关系的关联方所持股份及其变化（金额单位：万元） 企业名称 年初数 本年增加 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 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 --- --- 196.20 90 21.80 10 （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 上海新四机机电有限责任公司 受同一母公司控制 （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 太平洋机电（集团）公司 1,111,111.10 --- 临海良纺纺织机械专件有限公司 14,991,465.81 34,146,838.89 - 70 - 上海二纺股份有限公司 2005 年度报告 上海新四机机电有限责任公司 39,322,000.00 --- 合计 55,424,576.91 34,146,838.89 （2）采购价格的确定依据：根据市场价结算。 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 太平洋机电（集团）公司 32,649,572.65 --- 上海太平洋纺织机械成套设备有限公司 81,997,458.12 39,337,606.62 山东良基纺织机械有限公司 17,759,820.50 35,784,354.68 上海新四机机电有限责任公司 5,771,483.13 --- 合计 138,178,334.40 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 7,052,000.00 3,762,000.00 上海太平洋纺织机械成套设备有限公司 26,485,912.40 4,550,212.40 上海新四机机电有限责任公司 6,752,635.26 --- 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 上海二纺机化纤成套设备有限公司 --- 4,987.00 海南良基投资发展有限公司 682,316.58 --- 应付帐款： 临海良纺纺织机械专件有限公司 7,437,421.65 上海新四机机电有限责任公司 1,242,000.00 --- 预收账款 太平洋机电（集团）有限公司 7,832,991.00 10,103,200.00 山东良基纺织机械有限公司 5,504,178.62 5,302,784.00 上海太平洋纺织机械成套设备有限公司 --- 3,800,000.00 其他应付款： 太平洋机电（集团）有限公司 685,026.90 7,991,158.90 - 71 - 上海二纺股份有限公司 2005 年度报告 海南良基投资发展有限公司 --- 900,027.97 上海二纺机化纤成套设备有限公司 388,828.00 --- 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 2005 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 美元 2,400,000.00 2005.08.01—2006.07.31 无 上海普恩伊进出口有限公司 美元 5,000,000.00 2005.10.19-2006.10.13 无 公司第五届董事会第六次会议于 2004 年 12 月 24 日以通讯表决方式召开，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议案》的决议，公司决定对控股子公司上海普恩伊进 出口有限公司向交通银行申请 500 万美元的授信额度提供担保，同时上海普恩伊进出口有限公司 于 2005 年 1 月与公司签订了反担保协议。 公司第五届董事会第十一次会议于 2005 年 7 月 27 日以通讯表决方式召开，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议案》的决议，公司决定对控股子公司上海普恩伊进 出口有限公司向中信实业银行申请 240 万美元的授信额度提供担保，同时上海普恩伊进出口有限 公司于 2005 年 7 月与公司签订了反担保协议。 （三）其他或有负债：无。 十、承诺事项： （一）对外经济担保事项，详见附注九。 （二）无已签订的尚未履行或尚未完全履行的对外投资合同及有关财务支出。 （三）无其他重大对外财务承诺事项。 - 72 - 上海二纺股份有限公司 2005 年度报告 十一、资产负债表日后事项： 公司股权分置改革方案已经于 2006 年 1 月 23 日召开的公司 A 股市场相关股东会议审议通过， A 股股东每持有 10 股流通股将获得 3.5 股 A 股股票。2006 年 2 月取得商务部批复，2006 年 3 月 3 日（复牌日）起公司股票简称改为“G 二纺机”，股票代码“600604”不变。 根据上海二纺机股份有限公司第五届董事会第十五次会议决议（2006 年 4 月 13 日），公司 2005 年度利润分配预案为不分配，也不以资本公积金转增形式送股。 十二、其他重大事项： （一）2005 年度公司诉济南正昊化纤新材料有限公司设备欠款，案号（2005）沪二中民四（商） 初字第 30 号。经一审法院判决：济南正昊化纤新材料有限公司支付本公司货款 11,225,990.00 元、 违约金 561,250.00 元及相应的利息。目前法院已依法对济南正昊化纤新材料有限公司的部分财产 进行了查封，并已进入法院强制执行程序，案号（2005）沪二中执字第 1125 号。 （二）2005 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》〔太平洋机电企重（2005）第 137、138 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，本年共收到上海太平洋 机电（集团）有限公司汇入的职工安置补偿费用 61,235,334.90 元，上年结余 6,767,638.94 元，本 年已实际支付 68,002,973.84 元，尚余 0.00 元未支付。 （三）子公司上海良基房地产有限公司对应收 6,794,000.00 元的的债权纠纷案与被执行人上 海民健实业总公司之间强制执行情况： 2005 年度公司根据和解协议实际收回 2,038,200.00 元， 同时放弃对剩余欠款的请求。 （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、 6,251,090.57 无形资产、其他长期资产产生的损益 （二）各种形式的政府补贴 149,000.00 - 73 - 上海二纺股份有限公司 2005 年度报告 （三）扣除公司日常根据企业会计制度规定计提 312,120.47 的资产减值准备后的其他各项营业外收入、支出 （四）以前年度已经计提各项减值准备的转回 4,810,891.30 （五）少数股东收益 -14,186.39 （六）所得税影响额 -1,725,380.22 合 计 9,783,535.73 十四、财务报表的批准报出：本财务报表业经公司董事会于 2006 年 4 月 13 日批准报出。 上海二纺机股份有限公司 - 74 - 上海二纺股份有限公司 2005 年度报告 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34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 我們已按照國際審計準則進行審計工作。審核範圍包括以抽查方式查核與財務報告所載數額及披 露事項有關的憑證，亦包括評估董事於編制該等財務報表時所作的重大估計和判斷，所釐定的會計政策是 否適合 貴集團的具體情況，及是否貫徹應用並足夠地披露該等會計政策。 我們在策劃和進行審核工作時，均以取得一切我們認為必須的資料及解釋為目標，使我們能獲得 充分的憑證，就該等財務報表是否存有重要錯誤陳述，作出合理的確定。在表達意見時，我們亦已衡量該 等財務報表所載的資料在整體上是否足夠，我們相信，我們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 貴集團於二零零五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 2006 年 4 月 13 日 中環廣場 2001 室 陳錦榮 執業證書號碼 P02038 - 75 - 上海二纺股份有限公司 2005 年度报告 綜合利潤表 截至二零零五年十二月三十一日止年度 2005 2004 附註 人民幣千元 人民幣千元 營業收入 5 1,018,130 1,182,316 營業成本 (896,962) (1,024,829) 營業溢利 121,168 157,487 其他業務收入 6 9,713 7,039 銷售費用 (19,406) (22,930) 管理費用 (97,770) (146,204) 營運淨利潤 /（虧損） 13,705 (4,608) 其他損益 7 9,431 31,159 財務費用 8 (10,629) (11,699) 出售附屬公司之虧損 (492) - 應佔不合併附屬公司及聯營公司溢利 648 1,490 稅前溢利 9 12,663 16,342 稅項 10(a) (4,494) (5,590) 本年溢利 8,169 10,752 歸屬於： 母公司的股東 8,210 9,821 少數股東損益 (41) 931 8,169 10,752 基本每股盈利 11 人民幣 0.014 元 人民幣 0.017 元 後附於第 8 至 34 頁的附註為本財務報表的組成部份。 上海二纺股份有限公司 2005 年度报告 綜合資產負債表 於二零零五年十二月三十一日 2005 2004 附註 人民幣千元 人民幣千元 非流動資產 物業、廠房及設備 12 470,009 511,319 在建工程 13 5,917 2,030 土地使用權 14 32,831 33,638 商譽 15 367 367 負商譽 - (829) 對不合併附屬公司及聯營公司之投資 16 12,082 11,453 可供出售的投資 17 25,698 25,201 546,904 583,179 流動資産 存貨 18 381,477 380,717 應收帳款及票據 227,028 128,269 其他應收款及預付款 19,772 8,168 應收關聯公司款 23(b)(i) 6,415 - 應收不合併附屬公司及聯營公司款 23(b)(i) 25,810 4,328 應收直接控股公司款 23(b)(ii) 6,699 4,085 已抵押的銀行存款 3,267 - 現金及銀行存款 148,108 208,527 818,576 734,094 流動負債 銀行借款 19 275,681 185,650 應付帳款及票據 278,412 251,399 其他應付款及預提費用 47,416 70,726 預收款項 66,597 91,939 應付關聯公司款 23(b)(i) 1,242 - 應付不合併附屬公司及聯營公司款 23(b)(i) 5,893 17,440 應付直接控股公司款 23(b)(ii) 8,518 18,094 應交稅金 2,074 3,406 685,833 638,654 流動資產淨額 132,743 95,440 總資產減流動負債 679,647 678,619 上海二纺股份有限公司 2005 年度报告 綜合資產負債表 ( 續 ) 於二零零五年十二月三十一日 2005 2004 附註 人民幣千元 人民幣千元 總資產減流動負債 679,647 678,619 非流動負債 銀行借款 19 (4,083) (4,083) 淨資產 675,564 674,536 權益 股本 20 566,449 566,449 儲備 99,090 88,403 歸屬於母公司股東的權益 665,539 654,852 少數股東權益 10,025 19,684 權益合計 675,564 674,536 該綜合財務報表已於 2006 年 4 月 13 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 34 頁的附註為本財務報表的組成部份。 上海二纺股份有限公司 2005 年度报告 綜合權益變動表 截至二零零五年十二月三十一日止年度 法定盈餘 法定 未分配 歸屬於母 少數 股本 資本公積 公積金 公益金 利潤 公司股東 股東權益 權益合計 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 人民幣千元 (附註 20) (附註 21(b)) (附註 21(c)) (附註 21(d)) 於 2004 年 1 月 1 日之結餘 566,449 29,779 5,084 2,530 41,189 645,031 18,962 663,993 本年溢利 - - - - 9,821 9,821 931 10,752 支付少數股東股利 - - - - - - (209) (209) 利潤分配 - - 1,595 847 (2,442) - - - 於 2004 年 12 月 31 日之結餘 566,449 29,779 6,679 3,377 48,568 654,852 19,684 674,536 會計政策變更的影響 (附註 2) - - - - 2,184 2,184 - 2,184 重述金額 566,449 29,779 6,679 3,377 50,752 657,036 19,684 676,720 直接控股公司之補助 - 293 - - - 293 - 293 本年溢利 - - - - 8,210 8,210 (41) 8,169 本年已確認收益及費用總額 - 293 - - 8,210 8,503 (41) 8,462 支付少數股東股利 - - - - - - (1,212) (1,212) 注銷附屬公司 - - - - - - (4,654) (4,654) 出售附屬公司 - - - - - - (3,752) (3,752) 利潤分配 - - 979 489 (1,468) - - - 於 2005 年 12 月 31 日之結餘 566,449 30,072 7,658 3,866 57,494 665,539 10,025 675,564 後附於第 8 至 34 頁的附註為本財務報表的組成部份。 上海二纺股份有限公司 2005 年度报告 綜合現金流量表 截至二零零五年十二月三十一日止年度 2005 2004 附註 人民幣千元 人民幣千元 經營活動 稅前溢利 12,663 16,342 調整： 股利收入 (363) (70) 利息收入 (1,508) (1,381) 利息費用 10,918 11,270 折舊及攤銷 42,352 46,474 物業、廠房及設備減值準備（沖回）/ 計提 (4,811) 1,130 可供出售的投資減值準備 19 1,300 壞帳準備計提 /（沖回） 2,298 (10,041) 存貨之跌價準備之（沖回）/ 計提 (827) 6,673 應佔不合併附屬公司及聯營公司之溢利 (648) (1,490) 出售為交易而持有的投資之溢利 - (35) 出售可供出售的投資之溢利 - (3,477) 出售附屬公司之虧損 492 - 應付款撇銷 (3,895) - 少數股東放棄之權益 (3,654) - 處置物業、廠房及設備之溢利 (1,247) (28,851) 在建工程報廢虧損 1,985 - 商譽攤銷 - 61 確認負商譽收益 - (364) 營運資本變動前的現金流量 53,774 37,541 存貨之（增加）/ 減少 (12,887) 18,736 應收帳款及票據之（增加）/ 減少 (25,717) 82,875 已抵押的銀行存款增加 (3,267) - 應收聯營、不合併附屬公司、直接控股公司 及關聯公司款之增加 (32,117) (4,381) 其他應收款及預付款之（增加）/ 減少 (13,282) 66,522 應付帳款及票據之增加 /（減少） 37,408 (5,742) 預收帳款之減少 (23,664) (115,346) 其他應付款及預提費用之（減少）/ 增加 (11,120) 20,671 應付聯營、不合併附屬公司、直接控股公司 及關聯公司款之減少 (19,881) (7,001) 經營活動（使用）/ 產生的淨現金 (50,753) 93,875 支付利息 (10,918) (11,270) 支付所得稅 (5,513) (4,718) 經營活動（使用）/ 產生之淨現金 (67,184) 77,887 上海二纺股份有限公司 2005 年度报告 綜合現金流量表（續） 截至二零零五年十二月三十一日止年度 2005 2004 附註 人民幣千元 人民幣千元 投資活動 清算或出售不合併附屬公司和聯營公司之收入 - 870 出售可供出售的投資之收入 - 24,619 購買物業、廠房及設備和在建工程 (11,146) (12,750) 購買可供出售的投資 (150) (30) 出售為交易而持有的投資之收入 - 528 出售物業、廠房及設備及在建工程之收入 7,935 26,282 出售附屬公司之淨現金流入 22 6,588 - 已收股利 1,630 794 所得利息 1,508 1,381 投資活動產生的淨現金 6,365 41,694 第一章融資活動 償還銀行借款 (455,435) (453,100) 新增銀行借款 458,047 419,750 注銷附屬公司時支付給少數股東的款項 (1,000) - 支付少數股東股利 (1,212) (220) 融資活動產生 /（使用）的淨現金 400 (33,570) 現金及銀行存款之淨（減少）/ 增加 (60,419) 86,011 現金及銀行存款年初結存數 208,527 122,516 現金及銀行存款年末結存數 148,108 208,527 上海二纺股份有限公司 2005 年度报告 後附於第 8 至 34 頁的附註為本財務報表的組成部份。 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 2 月及 5 月於上海證券交易所上市。於 2005 年 12 月 31 日，其主要附屬公司的詳細資料列示 於財務報表附註 27 中。 2. 採用新的及已修訂的國際財務報告準則 本年度，本集團已採用所有由國際會計準則理事會及國際財務報告準則解釋委員會發布的 新的及已修訂的準則及解釋公告。該等準則及解釋公告均與本集團的營運相關的，並於 2005 年 1 月 1 日或以後開始的會計期間生效。國際財務報告準則包括國際會計準則及相關解釋。採納這些 新的及已修訂的準則及解釋公告導致本集團的會計政策在下列範疇出現變更，以致影響本年度或 上年度報告的金額： 國際財務報告準則第 3 號 ─ 企業合併 商譽 《國際財務報告準則第 3 號》適用於協議日是在 2004 年 3 月 31 日或之後的實體合併。由 於本公司並未採納準則的追溯應用條款，因此無需重新表述過往發生的實體合併。 在初始確認後，《國際財務報告準則第 3 號》要求從實體合併產生的商譽以成本減累計減 值損失後列帳。根據《國際財務報告準則第 36 號 ─ 資產減值》 （2004 年修訂）的規定，須對商 譽每年進行減值測試，如果有跡象顯示商譽可能會發生減值，則進行減值測試的次數會更頻密。 《國際財務報告準則第 3 號》禁止攤銷商譽。而之前的《國際會計準則第 22 號》則要求商譽在 資產負債表上以成本減去累計攤銷及累計減值損失後列報。攤銷是根據商譽的預計使用壽命而進 行的，並假設（可予推翻）商譽的最長使用壽命為 20 年。 按照《國際財務報告準則第 3 號》過度性條款的規定，本集團已於 2004 年 3 月 31 日或以 後開始的首個年度的初始（即 2005 年 1 月 1 日），對協議日於 2004 年 3 月 31 日以前的實體合併 所產生的商譽開始採用新修訂的會計政策（使用未來適用法） 。因此，由 2005 年 1 月 1 日起，本 集團已停止攤銷商譽，並按照《國際會計準則第 36 號》的要求對商譽進行減值測試。於 2005 年 1 月 1 日，商譽累計攤銷額為人民幣 243,000 元並已予以沖銷，並相應減少商譽的帳面數。 由於對新修訂的會計政策採用未來適用法，該變更對 2004 年或以前期間報告的金額並無 影響。 2005 年並沒有對商譽予以攤銷，而 2004 年的攤銷額則為人民幣 61,000 元。 上海二纺股份有限公司 2005 年度报告 2. 採用新的及已修訂的國際財務報告準則﹝續﹞ 購買方在被購買方的可辨認資產、負債及或有負債的公允價值中所佔份額超出購買成本的部份 （以前稱為負商譽） 當購買方在被購買方的可辨認資產、負債及或有負債的公允價值中所佔份額超出購買成本 時，而重新評估後亦是如此，按《國際財務報告準則第 3 號》 ，該差額應當立刻計入損益。 《國際 財務報告準則第 3 號》禁止在資產負債表內確認負商譽。 過往，根據《國際會計準則第 22 號》 （現由《國際財務報告準則第 3 號》所取代）的規定， 本集團會根據引致負商譽出現的原因把負商譽在相關會計期間轉入收益。在資產負債表內負商譽 是以資產的抵減項目列報。 按照《國際財務報告準則第 3 號》過渡性條款的規定，本集團於 2005 年 1 月 1 日使用未 來適用法採用新修訂的會計政策。因此，該變更對 2004 年或以前期間報告的金額並無影響。 於 2005 年 1 月 1 日的負商譽帳面金額在過渡日已終止確認。因此，增加了 2005 年 1 月 1 日的期初留存人民幣 2,184,000 元及減少有關購買附屬公司及聯營公司時產生的負商譽分别人民 幣 829,000 元及人民幣 1,355,000 元。 根據之前的會計政策，在 2005 年會分别有人民幣 138,000 元及人民幣 226,000 元對有關購 買附屬公司及聯營公司的負商譽轉入收益，而於 2005 年 12 月 31 日對有關購買附屬公司及聯營 公司的負商譽餘額則分别為人民幣 691,000 元及人民幣 1,129,000 元。因此，2005 年的會計政策 變更的影響是減少本集團其他業務利益人民幣 364,000 元及增加 2005 年 12 月 31 日的淨資產人民 幣 1,820,000 元。 於財務報表的批准報出日，以下的準則及解釋公告已發布但仍未生效： 國際財務報告準則第 7 號 金融工具：披露 國際財務報告解釋公告第 4 號 確定一項協定是否包含租賃 國際財務報告解釋公告第 8 號 國際財務報告準則第 2 號之範圍 董事局預期在將來期間採用這些準則及解釋公告並不對本集團的財務報表構成重大影響。 3. 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 29 中。所採用的主要會計政策如 下： (a) 合併財務報表 合併財務報表包括了本公司及其附屬公司的財務報表及本集團對聯營公司及合作 聯營公司所擁有之權益（附註 3（c） 、（d）及（e） ）。 收購企業係採用購買法入帳。收購或出售附屬公司或聯營公司在收購日之後或出 售日之前的經營成果計入合併財務報表。應付少數股東權益及損益已分別列示於合併資產 負債表及合併利潤表。 在編制合併財務報表時，已抵銷集團間的重大內部交易金額，包括集團間未實現 利潤。對類似條件下的相同交易或者其他事項採用統一的會計政策。 上海二纺股份有限公司 2005 年度报告 被合併的附屬公司淨資產內的少數股東權益會在本集團的權益中單獨列報。少數 股東權益包括實體合併當日的權益金額以及自合併日起少數股東所佔的權益變動額。歸屬 於少數股東權益的虧損，如果超過其附屬公司的權益份額，除非該等少數股東有義務或能 夠增加投資以彌補有關損失，否則有關超出的虧損額會由本集團承擔 (b) 企業合併 購買附屬公司會以購買法進行會計核算。購買成本是在交易日按照本集團為換取 被收購方的控制權而轉讓的資產、所產生或承擔的負債及所發行的權益性工具的公允值 總額，再加上實體合併所產生的直接歸屬成本而確定的。符合《國際財務報告準則第 3 號》確認條件的被購買方的可辨認資產、負債及或有負債會以其在收購日的公允價值予 以確認。 購買實體時產生的商譽會確認為資產，並且以成本進行初始計量。商譽是指實體 合併的購買成本超過本集團在所取得的可辨認資產、負債及或有負債的公允價值中所佔 份額的部份。本集團在被收購方的可辨認資產、負債及或有負債的公允價值中所佔份額 超過實體合併所產生的購買成本時，而重新評估後亦是如此，則超出的金額會立即在收 益表內確認。 被購買方的少數股東權益會按少數股東所佔已確認資產、負債及或有負債的公允 價值份額進行初始計量。 3. 主要會計政策（續） (c) 附屬公司 附屬公司是指被本公司所控制的公司。控制即本公司能夠控制該附屬公司的財務 和經營政策，並籍此從該公司的經營活動中獲得利益。 (d) 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。 除了分類為持有待售的投資會按照《國際財務報告準則第 5 號─持有待售的非流 動資產和終止經營》的規定進行會計核算外，聯營公司的經營成果、資產及負債會按權 益法計入財務報表內。在權益法下，對聯營公司的投資會在合併資產負債中以成本入帳， 並根據本集團在購買後享有聯營公司淨資產份額的變動進行調整，再減去個別投資減值 進行列報。聯營公司的損失超過本集團在該聯營公司所佔份額（包括任何長期權益會形 成本集團對該聯營公司的淨投資）的部份不予以確認。 在購買日，購買成本超過本集團在聯營公司的可辨認淨資產、負債及或有負債的 公允價值所佔份額的部份會確認為商譽。商譽會包括在投資的帳面金額內，在考慮減值 時會作為投資一部份進行減值評估。當本集團在聯營公司的可辨認淨資產、負債及或有 負債的公允價值所佔份額超過購買成本時，而重新評估後亦是如此，則超出的金額會立 即在收益表內確認。 當集團內公司與本集團的聯營公司進行交易時，未實現損益會按本集團在相關聯 營公司權益所佔份額予以抵銷。 上海二纺股份有限公司 2005 年度报告 (e) 商譽 購買附屬公司或共同控制公司所產生的商譽，指購買成本超過本集團在附屬公司 或共同控制實體的可辨認資產、負債及或有負債在購買當日的公允價值中所佔份額的部 份。商譽會確認為資產，並按成本減累計減值損失計量。 為了進行減值測試，商譽會分配到本集團內預計能享用合併所帶來協同效益的各 相關現金產生單元。獲分配商譽的現金產生單元會每年進行減值測試，如果有跡象顯示 商譽可能會發生減值，則進行減值測試的次數會更頻密。如現金產出單元的可收回金額 少於該單元的帳面金額，減值損失會首先沖減分配到該單位的商譽的帳面價值；然後會 按該現金產出單元的各項資產帳面金額的比例將減值損失的餘額分配到單元內的其他資 產。商譽的減值損失不可在後續期間轉回。 在處理附屬公司或共同控制公司時，相關商譽會包括在處置時所確定的損益內。 本集團有關購買聯營公司時產生的商譽的政策已列示於上述「聯營公司」內。 3. 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 的帳面價值。此外的任何其他後續支出都應在發生的當期確認為費用。 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： 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% 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。 (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 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) 土地使用權 土地使用權按成本減累計攤銷計價，以直線法在該土地使用期限內攤銷。 3. 主要會計政策（續） 上海二纺股份有限公司 2005 年度报告 (i) 有形資產及無形資產的減值（不包括商譽） 在每個資產負債表日，本集團會對有形及無形資產的帳面金額進行核查，以確認 是否有跡象顯示這些資產已發生減值損失。如果存在這種跡象，則會對資產的可收回金 額作出估計，以確定減值損失的程度。如果無法估計單個資產的可收回金額，本集團會 估計該資產所屬現金產出單元的可收回金額。 可收回金額是指銷售價淨額與可使用金額的較高者。在評估可使用金額時，預計 未來現金流量會按照可以反映當前市場對貨幣時間價值及該資產的特定風險評估的稅前 折現率折算至現值。 如果估計資產（或現金產出單元）的可收回金額低於其帳面金額，則將該資產（或 現金產出單元）的帳面金額會減記至其可收回金額。減值損失會立即確認為費用，除非 相關資產是以重估價計量，在這情況下，減值損失會作為重估價減少處理。 如果減值損失在以後轉回，該資產（或現金產出單元）的帳面金額會增加至其重 新估計的可收回金額；但是，增加後的帳面金額不能超過該資產（或現金產出單元）以 前年度未確認減值損失時應確定的帳面金額。減值損失的轉回會立即確認為收入，除非 相關資產是以重估價計量，在這情況下，減值損失轉回會作為重估價增加處理。 (j) 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。可變現淨值以估計的正常銷售收入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。 當存貨有過時、滯銷及瑕疵等情況時則提取存貨損失準備。 3. 主要會計政策（續） (k) 金融工具 當本集團成為金融工具合同條款的其中一方時，金融資產及金融負債會確認在本 集團的資產負債表上。 (i) 應收帳款 應收帳款是以公允價值進行初始確認，及後會採用實際利率法以攤餘成本 計量。如果有實質證據顯示資產發生了減值，則將預期無法收回的金額計提的適 當準備確認為費用。無法收回的金額計提的準備是以資產的帳面金額和以初始確 認時採用的實際利率把預計未來現金流量折算至現值的差額進行計量。 (ii) 投資 投資是以交易日為基礎，即根據購買或出售某項投資的合同條款所規定 的、經由所屬市場所設定的時限轉移該項投資的所有權之日，進行確認及終止確 認，並會以公允價值加上直接歸屬的交易成本進行初始計量。 在後續報告日，本集團有明確打算、並能夠持有至到期日的債務性證券（即 上海二纺股份有限公司 2005 年度报告 持有至到期日債務性證券）會採用實際利率法以攤餘成本計量，再減去反映不可 收回金額而確認的減值損失。如果有實質證據顯示資產發生了減值，減值損失就 會確認為費用，並會以投資的帳面金額和按初始確認時確定的實際利率把預計未 來現金流量折算至現值的差額進行計量。如果投資可收回金額在後續期間增加， 並明確地與確認減值損失後的事項相關時，便可轉回減值損失，惟在減值轉回後 的投資帳面金額不應高於如果沒有確認減值損失時的攤餘成本。 持有至到期日債務性證券以外的投資，會歸類為為交易而持有的投資或可 供出售的投資，並在以後的報告日以公允價值計量。如果證券是為交易目的而持 有，因公允價值變動而產生的利得和損失會記入當期損益。對於可供出售的投資， 因公允價值變動而產生的利得和損失則會直接確認為權益，直到該證券被處置或 被確定發生減值時，才會將原先在權益中確認的累計利得和損失轉入當期淨損 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。為可供出售的權益性投資確認的減值損失不 能在以後轉回時記入損益。但可供出售的債務性工具的公允值在後續期間增加， 並明確地與確認減值損失後的事項相關時，便可轉回原先確認為費用的減值損失。 3. 主要會計政策（續） (k) 金融工具（續） (iii) 現金及現金等價物 現金係庫存現金及存放於銀行(或其他金融機構)的、可以隨時用於支付的 存款。現金等價物係期限短，流動性強且易於轉換為已知金額現金的投資，該等 投資的原始期限不超過三個月且價值變動風險很小。 (iv) 銀行借款 附息銀行貸款及透支會以公允價值進行初始計量，及後會採用實際利率法 以攤餘成本計量。借款收入（扣除交易成本後）與借款結算或償還時的差額會按 本集團借款費用的會計政策在借款期內予以確認（見下文） 。 (v) 應付帳款 應付帳款會以公允價值進行初始計量，及後會採用實際利率法以攤餘成本 計算。 (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) 準備 本集團當以下條件均滿足時，對準備予以確認：(i) 因過去事項而承擔了現時的法 定義務或推定義務；(ii) 履行該義務很可能要求含有經濟利益的資源流出企業；及(iii) 該 義務的餘額可以可靠地估計。於每個資產負債表日，本集團對準備進行復查及調整以使 其合理反映當前的最佳估計。當資金的時間價值影響較重大時，準備金額將是預計承擔 上海二纺股份有限公司 2005 年度报告 該等義務所需開支的現值。 (n) 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， 才在合併財務報表附註中披露。 3. 主要會計政策（續） (o) 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。 (p) 外幣換算 本公司及其附屬公司之會計帳目及記錄以人民幣為記帳本位幣，人民幣為不可自 由兌換的貨幣。外幣交易均以交易當日的適用匯率折算成人民幣。於資產負債表日，以外 幣計價的貨幣性資產和負債，乃按資產負債表日的適用匯率折算成人民幣。以外幣計價的 非貨幣性資產和負債乃按歷史匯率折算成人民幣。除已資本化為借款費用部份之匯兌損 益，匯兌損益均作為當年損益處理。 (q) 稅項 所得稅是當期的應付所得稅及遞延稅項的總額。 當期所得稅是根據當年應稅利潤計算得出。應稅利潤不同於收益表上列報的淨利 潤，因為應稅利潤並不包括會計入在其他年度內的應稅收入或可抵稅支出等項目，並且 不包括非應稅或不可抵稅項目。本集團的當期所得稅負債是以資產負債表日規定的或實 質上規定的稅率計算。 遞延稅項是由於財務報表中資產及負債的帳面金額與其用於計算應稅利潤的相應 稅基之間的差額所產生的預期應付或可收回稅款。遞延稅項採用資產負債表負債法核 算。一般情況下，所有應稅暫時性差異產生的遞延所得稅負債均予確認，而遞延所得稅 資產則只能在未來應納稅利潤足以用作抵銷暫時性差異的限度內，才予以確認。如果暫 時性差異是由商譽，或在某一既不影響納稅利潤、也不影響會計利潤的交易（除了實際 合併）中的其他資產和負債的初始確認下產生的，則該遞延所得稅資產及負債則不予確 認。 對附屬公司及聯營公司投資，以及在合營公司的權益產生的應稅暫時性差異會確 認為遞延所得稅負債，但集團能夠控制這些暫時性差異的轉回，而且暫時性差異在可預 見的將來很可能不會轉回的情況則屬例外。 在每一資產負債表日會對遞延所得稅資產的帳面價值進行核查，並且在未來不再 很可能有足夠納稅所得以轉回部份或全部遞延所得稅資產時，按不能轉回的部份扣減遞 延所得稅資產。 上海二纺股份有限公司 2005 年度报告 3. 主要會計政策（續） (q) 稅項（續） 遞延所得稅是以預期於相關資產實現或相關負債清償當期所使用的所得稅率計 算。遞延所得稅會記入或貸記至收益表，除非其與直接記入權益的項目有關，在這種情 況下，遞延所得稅也會作為權益項目處理。 遞延所得稅資本及負債只有在與他們相關的所得稅是由同一個稅務機構征收，並 且本集團打算以淨額結算其當期所得稅資產及負債時才互相抵銷。 (r) 借貸成本 由於收購、興建或生產某種需要相當長的一段時間才可以達到可使用狀態或可以 出售的資產而發生的借貸成本可予以資本化。其他所有借貸成本都在發生當期確認為費 用。 (s) 收入的確認 當交易產生的未來經濟利益很可能流入本集團，且有關收入和成本能夠可靠地計 量時，才對收入加以確認，本集團按下列基准確認列收入： (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。 (t) 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帳面價值。 (u) 期後事項 本集團調整合併財務表報中已確認的金額，以反映資產負債表日已存在的狀況作 出重新估計，持續經營假設等調整事項。非調整重大事項則在財務報表附註中披露。 3. 主要會計政策（續） (v) 會計估計 爲符合國際財務報告準則之要求，管理層在編制本會計報表及其附註時作了必要 的假設及預測，實際經營結果可能與之不同。 4. 分部訊息 (a) 基本報告 - 行業分部 上海二纺股份有限公司 2005 年度报告 2005 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 2005 年 12 月 31 日止年度有關地區分佈之收入： 2005 2004 人民幣千元 人民幣千元 國內收入 686,481 748,486 國外收入 334,688 435,327 主營業務稅金及附加 (3,039) (1,497) 1,018,130 1,182,316 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。 5. 營業收入 營業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。 6. 其他業務收入 2005 2004 人民幣千元 人民幣千元 租金淨收入 4,722 6,767 出口代理收入 4,135 3,717 銀行利息收入 1,508 1,381 材料銷售利潤 /（虧損） 280 (5,488) 補貼收入 149 823 其他 (1,081) (161) 9,713 7,039 7. 其他損益 2005 2004 人民幣千元 人民幣千元 應付款撇銷 3,895 - 少數股東放棄之權益 3,654 - 處置物業、廠房及設備之溢利 1,247 29,001 股利 363 70 出售可供出售的投資之溢利 - 3,477 出售為交易而持有的投資之溢利 - 35 可供出售的投資減值準備 (19) (1,300) 其他 291 (124) 9,431 31,159 上海二纺股份有限公司 2005 年度报告 8. 財務費用 2005 2004 人民幣千元 人民幣千元 銀行貸款利息費用 10,918 11,270 其他 73 111 10,991 11,381 匯兌淨（收益）/ 損失 (362) 318 10,629 11,699 9. 稅前溢利 2005 2004 人民幣千元 人民幣千元 稅前溢利已扣除 /（計入）下列各項： 物業、廠房及設備折舊 41,545 45,472 土地使用權攤銷 807 1,002 董事酬金 970 741 員工成本 - 工資及職工福利 71,336 82,788 - 法定統籌退休金 16,375 15,859 壞帳準備計提 /（沖回） 2,298 (10,041) 物業、廠房及設備減值準備（沖回）/ 計提 (4,811) 1,130 存貨跌價準備（沖回）/ 計提 (827) 6,673 在建工程報廢虧損 1,985 - 商譽的攤銷 - 61 確認負商譽之收入 - (364) 10. 稅項 (a) 計入綜合利潤表中的稅項爲: 2005 2004 人民幣千元 人民幣千元 本年度稅項 4,494 5,590 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。本公司被確認為上海市高新技術企業，所適用的所得稅稅率爲 。適用於附屬公司的所得稅稅率爲 15% - 33%。 15%（2004：15%） (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。 上海二纺股份有限公司 2005 年度报告 11. 每股盈利 每股盈利是依據本年度歸屬於母公司股東的溢利約人民幣 8,210,000 元（2004 年：人民幣 9,821,000 元）及已發行的 566,449,190 股（2004 年：566,449,190 股）計算。 12. 物業、廠房及設備 傢俱、 房屋及 固定裝置 廠房、 建築物 及其他 機械及汽車 總數 人民幣千元 人民幣千元 人民幣千元 人民幣千元 原值： 2004 年 1 月 1 日結存 479,782 8,181 622,999 1,110,962 添置 - 131 3,541 3,672 轉自在建工程 4,404 242 4,971 9,617 處置/撇銷 (19,897) (2,356) (9,283) (31,536) 重分類 9,379 (98) (9,281) - 2004 年 12 月 31 日結存 473,668 6,100 612,947 1,092,715 添置 - 224 316 540 轉自在建工程 1,495 466 2,773 4,734 出售附屬公司 (5,923) (322) (7,645) (13,890) 處置/撇銷 (1,644) (300) (42,779) (44,723) 2005 年 12 月 31 日結存 467,596 6,168 565,612 1,039,376 累計折舊及減值準備： 2004 年 1 月 1 日結存 132,646 4,911 412,527 550,084 本年折舊 12,534 443 32,495 45,472 處置/撇銷 (7,028) (1,569) (6,693) (15,290) 減值準備 1,130 - - 1,130 重分類 78 (2) (76) - 2004 年 12 月 31 日結存 139,360 3,783 438,253 581,396 本年折舊 10,827 421 30,297 41,545 出售附屬公司 (3,957) (175) (6,596) (10,728) 處置/撇銷 (159) (198) (37,678) (38,035) 減值準備沖回 (4,811) - - (4,811) 2005 年 12 月 31 日結存 141,260 3,831 424,276 569,367 帳面淨值： 2005 年 12 月 31 日結存 326,336 2,337 141,336 470,009 2004 年 12 月 31 日結存 334,308 2,317 174,694 511,319 上海二纺股份有限公司 2005 年度报告 13. 在建工程 2005 2004 人民幣千元 人民幣千元 成本： 年初數 15,007 15,546 增加 10,606 9,078 報廢 (1,985) - 轉入物業、廠房及設備 (4,734) (9,617) 年末數 18,894 15,007 減值準備： 年初數及年末數 12,977 12,977 帳面淨值： 年末數 5,917 2,030 14. 土地使用權 2005 2004 人民幣千元 人民幣千元 原值： 年初數及年末數 41,728 41,728 累計攤銷： 年初數 8,090 7,088 本年攤銷 807 1,002 年末數 8,897 8,090 帳面淨值： 年末數 32,831 33,638 15. 商譽 人民幣千元 成本： 於 2004 年 1 月 1 日及 12 月 31 日 610 抵銷在採用國際財務報告準則第 3 號 （附註 2）前的累計攤銷 (243) 於 2005 年 12 月 31 日 367 累計攤銷： 於 2004 年 1 月 1 日 182 本年度商譽攤銷 61 上海二纺股份有限公司 2005 年度报告 於 2004 年 12 月 31 日 243 抵銷在採用國際財務報告準則第 3 號 （附註 2）前的累計攤銷 (243) 於 2005 年 12 月 31 日 - 帳面淨值： 於 2005 年 12 月 31 日 367 於 2004 年 12 月 31 日 367 16. 對不合併附屬公司及聯營公司之投資 2005 2004 人民幣千元 人民幣千元 應佔不合併附屬公司淨資產 9,493 9,894 應佔聯營公司淨資產 2,589 2,914 商譽 - (1,355) 12,082 11,453 於 2005 年 12 月 31 日對不合併附屬公司及聯營公司之投資的詳細資料如下： 2005 2004 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 上海逸傑資訊科技有限公司 84 - 84 - 電腦及軟體銷售 （附註） 海南良基投資發展有限公司 70 - 70 - 工業投資物業管理 （附註） 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 （附註） 二紡機化纖成套設備有限公 20 - 20 80 未開始經營 司（附註） 山東良基紡織機械有限公司 25 - 25 - 紡織機械銷售 附註： 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 上海二纺股份有限公司 2005 年度报告 該不合併附屬公司的投資以權益法計算。 16. 對不合併附屬公司及聯營公司之投資（續） 本集團旗下不合併附屬公司及聯營公司的財務信息匯總如下： 2005 2004 人民幣千元 人民幣千元 資產總額 123,232 119,967 負債總額 (99,404) (93,806) 淨資產 23,828 26,161 集團應佔不合併附屬公司及聯營公司的淨資產 12,082 12,808 收益 159,856 170,776 當期利潤 1,559 6,560 集團應佔不合併附屬公司及聯營公司當期利潤 648 1,490 17. 可供出售的投資 2005 2004 人民幣千元 人民幣千元 非上市公司投資 6,587 6,221 中國境內上市公司之法人股 * 21,306 21,156 27,893 27,377 減：減值準備 (2,195) (2,176) 25,698 25,201 * 現時上述法人股不准於中國任何股票交易巿場上進行買賣。 18. 存貨 2005 2004 人民幣千元 人民幣千元 原材料 41,501 47,644 在產品 98,262 114,084 產成品 241,714 218,989 381,477 380,717 19. 銀行借款 上海二纺股份有限公司 2005 年度报告 2005 2004 人民幣千元 人民幣千元 銀行借款 - 有抵押 88,064 - - 無抵押 191,700 189,733 279,764 189,733 借款的還款期如下： 即期或 1 年內 275,681 185,650 5 年以後 4,083 4,083 279,764 189,733 減：12 個月內到期償還的金額 （在流動流動負債中列示） (275,681) (185,650) 12 個月後到期償還的金額 4,083 4,083 於 2005 年 12 月 31 日，所有銀行借款利息均按年利率 5.22%至 5.74%計算（2004 年：4.54% 至 5.72%） 。 銀行借款中人民幣 155,700,000 元由本公司直接控股公司擔保。 本集團已將銀行存款總值人民幣 3,267,000 元作為抵押銀行短期借款。 20. 股本 於 2005 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。 股本結構如下： 2005 2004 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 262,342,310 262,342 262,342,310 262,342 A股 71,181,880 71,182 71,181,880 71,182 B股 232,925,000 232,925 232,925,000 232,925 566,449,190 566,449 566,449,190 566,449 21. 儲備 儲備之變動已列示於綜合權益變動表。 上海二纺股份有限公司 2005 年度报告 (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。 21. 儲備（續） (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。 (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。 (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 2005 年 12 月 31 日，留存利潤的總額約 為人民幣 17,136,000 元（2004 年：人民幣 12,916,000 元） 。 上海二纺股份有限公司 2005 年度报告 22. 出售附屬公司 於 2005 年 4 月 21 日，本集團出售其持有 70%股權的附屬公司上海良基金屬製品有限公 司 （“良基金屬”） 及由良基金屬持有 90%股權的附屬公司上海良宙物資貿易有限公司。已出 售的兩家附屬公司之資產和負債列示如下： 人民幣千元 已出售附屬公司的淨資產： 物業、廠房及設備 3,162 對聯營公司之投資 400 存貨 12,954 應收帳款及票據 14,523 其他應收款及預付帳款 840 現金及銀行存款 2,125 應付帳款及票據 (9,860) 其他應付款及預提費用 (8,830) 預收款 (1,678) 應交稅金 (313) 13,323 出售應佔權益 9,205 出售附屬公司之虧損 (492) 出售現金代價 8,713 出售附屬公司之淨現金流入量 出售現金代價 8,713 已出售附屬公司之現金及銀行存款 (2,125) 6,588 該等出售附屬公司於年初至出售日期間增加本集團銷售收入及除稅前淨虧損分別約為人 民幣 26,166,000 元及人民幣 64,000 元。 自年初至出售日期間，該等出售附屬公司使本集團投資活動的現金耗用人民幣199,000元 和經營活動增加及融資活動耗用的現金分別為人民幣4,386,000元及人民幣4,557,000元。 23. 關聯方交易 本公司之直接與最終控股公司分別為太平洋機電（集團）有限公司（於中國成立）和上 海汽車工業（集團）總公司（於中國成立） 。 本公司與其附屬公司（即本公司的關聯方）之間的交易已在合併時予以抵銷，同時並不 會於此附註中披露。本集團與其他關聯方之間的交易的詳情披露如下： (a) 貿易性交易 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： 上海二纺股份有限公司 2005 年度报告 2005 2004 人民幣千元 人民幣千元 銷售予直接控股公司 33,316 - 銷售予聯營公司 99,757 75,122 銷售予關聯公司 5,771 - 購貨自直接控股公司 1,111 - 購貨自不合併附屬公司 14,991 34,147 購貨自關聯公司 39,322 - (b) 關聯方往來 (i) 應收 /（ 應付）關聯公司及不合併附屬公司及聯營公司款不設抵押，免利息，並 且無固定償還期限。 (ii) 應收 / （應付）直接控股公司款不設抵押，免利息，並且無固定償還期限。 (c) 關鍵管理人員的補償 本年董事和其他關健管理層成員的報酬如下： 2005 2004 人民幣千元 人民幣千元 薪酬 1,951 1,810 養老金 206 259 其他福利 206 256 2,363 2,325 24. 經營租賃協議 (a) 作為承租人 於2005年12月31日，本集團就有關租賃物業之不可撤銷經營租約未完成之承擔如 下: 2005 2004 人民幣千元 人民幣千元 一年以內 142 142 二至五年（包括首尾兩年） 569 570 五年以上 1,578 1,720 2,289 2,432 (b) 作為出租人 於2005年12月31日，本集團與承租人爲下述的未來最低租賃付款額達成協議： 上海二纺股份有限公司 2005 年度报告 2005 2004 人民幣千元 人民幣千元 一年以內 12,446 10,926 二至五年（包括首尾兩年） 10,391 14,228 五年以上 3,700 5,761 26,537 30,915 25. 或有負債 (a) 截至 2005 年 12 月 31 日止，本集團為關聯公司提供之銀行借款擔保為人民幣 60,000,000 元（2004: 人民幣 60,000,000 元） 。 (b) 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。本集團因此並未對此項訴訟作預計負債處理。 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。截至報告日止，此案仍在審理中。 26. 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% ( 2004 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 16,375,000 元（2004 年：人民幣 15,859,000 元） 。 27. 主要的附屬公司 於 2005 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： 2005 2004 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 上海良基機械有限公司 90 - 90 - 生產銷售紡紗機械 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 上海二纺股份有限公司 2005 年度报告 28. 金融資產工具 本集團主要金融工具的公允價值採用如下方法及假設進行估計: (a) 公允價值 (i) 現金及現金等價物和短期借款 由於此等資產或負債依現時利率計算,或自存款或借款發生至其預期存款或 借款期滿的期限較短，因此其帳面值與其公允價值大致相同。 (ii) 投資 投資之帳面價值與其市場價值大致相同。 (iii) 應收票據、應付票據、應收帳款及應付帳款及向非關連公司貸款。 上述款項之帳面價值與其公允價值大致相同。 (iv) 與關聯公司之餘額 由於與關聯公司之餘額是在一般商業條款下發生的，因此其帳面值與其公允 價值大致相同。由於其他與關聯公司之餘額不計息，且無固定償還期限，因 此其公允價值無法被可靠地計量並予以披露。 (b) 風險集中的情況 i) 利率風險 銀行借款利率列示於附註 19。其他財務資產和負債不存在重大利率風險。 ii) 信貸風險 本集團主要的應收帳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，金融資產之帳面金額最能表述其最高的信貸風險。 29. 國際財務報告準則調整對歸屬於母公司股東溢利及權益的影響 本集團的法定帳戶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帳戶。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 2005 年 12 月 31 日 止年度歸屬於母公司股東溢利及權益的影響概括如下： 歸屬於 歸屬於 母公司 母公司 股東溢利 股東權益 人民幣千元 人民幣千元 根據中國會計準則 5,688 663,658 上海二纺股份有限公司 2005 年度报告 商譽及負商譽的確認和攤銷差異 (303) 1,881 直接計入儲備之收入 979 - 清算附屬公司時沖回以前年度於收 益表中計入高於附屬公司投資成本 的年度虧損 2,037 - 於收益表中計入在合併附屬公司時 高於投資成本的年度虧損 (191) - 根據國際財務報告準則 8,210 665,539 30. 期後事項 公司股權分置方案於 2006 年 1 月 23 日經召開的公司 A 股市場相關股東會議審議通過， 並於 2006 年 2 月取得中華人民共和國商務部批覆。本公司的國家股股東太平洋機電（集團）有 限公司向 A 股流通股股東每 10 股支付 3.5 股股票對價，以換取所持有的非流通股份的流通權。 根據股權分置方案，所有持有非流通股股東自方案實施之日起 12 個月內不上市交易或轉讓。太 平洋機電（集團）有限公司已承諾於 12 個月限期後，其通過交易出售原非流通股股份數量於之 後 12 個月內不超過原持有數量的 5%，24 個月內不超過 10% 。 31. 比較數字 比較期間會計報表的部分項目已按本年度會計報表的披露方式進行了重分類。其中包括 將 2004 年度土地使用權帳面淨值人民幣 33,638,000 元從物業、廠房及設備中重分類作單獨列示。 上海二纺股份有限公司 2005 年度报告 綜合財務報表 截至二零零五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 34 上海二纺股份有限公司 2005 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 截至二零零五年十二月三十一日止年度 上海二纺股份有限公司 2005 年度报告 SHANGHAI ERFANGJI CO., LTD. Annual Report 2005 IMPORTANT NOTICE The Board of Directors, the Supervisory Committee, directors, supervisors and senior executives of Shanghai Erfangji Co., Ltd. (hereinafter referred to as the Company) 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. Shanghai Shulun Pan Certified Public Accountants Co., Ltd. and Horwath Certified Public Accountants audited the 2005 financial report for the Company and issued an unqualified Auditors’ Report for the Company. Herein, the Company’s legal representative Zheng Yuanhu, CFO Mei Jianzhong and Principal of Financial Dept. Chen Zhihu 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. 上海二纺股份有限公司 2005 年度报告 CONTENTS Ⅰ. COMPANY PROFILE------------------------------------------------------------------------------------ Ⅱ. SUMMARY OF FINANCIAL HIGHLIGHT AND BUSINESS HIGHLIGHT--------------- - Ⅲ . CHANGES IN SHARE CAPITAL AND PARTICULARS ABOUT SHAREHOLDERS---- Ⅳ . PA RT I C U L A R S A B O UT DI R E CTO RS , S UP E RV I S O R S , S E N I O R E X E C U T I VE S A N D EMPLOYEES--------------------------------------------------------------------------------------------------- Ⅴ. CORPORATE GOVERNANCE------------------------------------------------------------------------ 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-------------------------------------------------- 上海二纺股份有限公司 2005 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 Road, Shanghai Tel.: (86)21-51265073, (86) 21-65318494 Fax: (86)21-65421963 E-mail: shej@public7.sta.net.cn Securities Affairs Representative of the Board: Wu Tao Contact address: No. 687 Changzhong Road, Shanghai Tel.: (86)21-51265073, (86)21-65318494 Fax: (86)21-65318494 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 Road, Shanghai 6. Stock exchange listed with: Shanghai Stock Exchange Short form of the stock: Erfangji & Erfang B gu 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 Administrative Bureau of Industry & Commerce; RMB 461,839,800 on Dec. 12, 1995 in Shanghai Municipal Administrative Bureau of Industry & Commerce; RMB 514,953,800 on July 23, 1996 in Shanghai Municipal Administrative Bureau of Industry & Commerce; RMB 566,449,200 on Jun. 25, 1997 in Shanghai Municipal Administrative Bureau of Industry & Commerce; Business license registration No.: QGHZ Zi No. 019003（municipal bureau） Tax registration No.: GSH Zi No.: 310042607225505 Name and address of Certified Public Accountants engaged by the Company: Name: Shanghai Shulun 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 上海二纺股份有限公司 2005 年度报告 II. Summary of Financial Highlight and Business Highlight (I) Accounting data as of the year 2005 Unit: RMB 1. Total profit 9,950,565.61 2. Net profit 5,687,932.00 3. Net profit after deducting non-recurring gains and losses -4,095,603.73 4. Profit from main operations 121,167,697.63 5. Other operating profit 8,055,533.28 6. Operating profit -2,862,305.32 7. Investment income 6,293,730.71 8. Subsidy income 149,000 9. Net non-operating income/expenses 6,370,140.22 10. Net cash flows from operating activities -28,598,572.85 11. Net increase in cash and cash equivalent -57,152,212.26 (II) Note: Items of deducting non-recurring gains and losses and the relevant amount: Items of non-recurring gains and losses as of the year 2005 are as follows: Unit: RMB Yuan 1. Gains/losses from disposal of long-term equity investment, fixed assets, project in construction, intangible assets and other long-term assets 6,251,090.57 2. Various government subsidies 149,000.00 3. Other various non-operating income/expenses after deducting daily reserve for impairment of assets withdrawn by the Company in line with the regulations of Accounting System for Business 312,120.47 4. Switching back various reserves for impairment losses allotted over the previous years 4,810,891.30 5. Minority interests -14,186.39 6. Impact on income tax -1,725,380.22 Total 9,783,535.73 (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 2005 audited by Shanghai Shulun Pan Certified Public Accountants and Horwath Hong Kong CPA Limited was RMB 5,687,900 and RMB 8,209,800 respectively. The Company’s accounting statement of B-share as of year 2005 reported based on International Accounting Standards was audited by Horwath Hong Kong CPA Limited, and 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 2005 2004 Year-end of Year-end of 上海二纺股份有限公司 2005 年度报告 2005 2004 As reported as Chinese Accounting 568.79 1115.27 66365.87 65485.20 Standards Writing back goodwill amortization (30.30) (30.30) Writing back negative goodwill at the - 218.40 year-begin Revocation payable 97.90 Unconfirmed loss from consolidated 184.60 (209.20) subsidiaries Gains and losses directly dealt with in 76.00 equity As restated based on International 820.99 982.07 66553.97 65485.20 Accounting Standards (III) Major accounting date and financial indexes over the past three years ended the report period Unit: RMB Increase/decrease Major accounting data 2005 2004 compared with 2003 the last year(%) Income from main 1,021,169,162.64 1,183,812,681.93 -13.74 1,027,163,105.30 operations Total profit 9,950,565.61 15,582,218.48 -36.14 16,492,244.61 Net profit 5,687,932.00 11,152,671.21 -49.00 10,815,889.27 Net profit after deducting non-recurring -4,095,603.73 -18,590,823.75 -5,923,816.19 gains and losses Earnings per share 0.01004 0.0197 -49.04 0.01909 Latest earnings per share A decrease of 0.84 Return on equity (%) 0.86 1.70 1.68 percent Return on equity calculated based on net An increase of profit after deducting -0.62 -2.84 -0.92 2.22 percent non-recurring gains and losses (%) Weighted average return on equity calculated based on net profit after deducting non-recurring gains and losses (%) Net cash flow arising -28,598,572.85 88,338,155.23 2,480,307.75 from operating activities Net cash flow per share arising from operating -0.0505 0.1560 -- 0.0044 activities 上海二纺股份有限公司 2005 年度报告 Increase/decrease At the end of At the end of compared with At the end of 2005 2004 the end of the 2003 last year (%) Total assets 1,362,411,629.19 1,317,273,512.56 3.43 1,394,150,285.52 Shareholders’ equity (excluding minority 663,658,744.06 654,852,121.51 1.34 645,030,406.48 interests) Net assets per share 1.172 1.156 1.38 1.139 Net assets per share 1.130 1.122 0.71 1.075 after adjustment Calculation equation for major financial indexes: Earnings per share = net profit / total number of ordinary shares at the year-end Net assets per share = shareholders’ equity at the year-end / total number of ordinary shares at the year-end Net assets per share after adjustment = (shareholders’ equity at the year-end – accounts receivable over 3 years – prepaid expenses – assets loss in suspense (flow and fixed)– organization costs – long-term prepaid expenses) / total number of shares at the year-end Net cash flow per share arising from operating activities = Net cash flow arising from operating activities / total number of 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 Editing and Reporting Rules Regarding Information Disclosure for Companies Publicly Issuing Securities (No. 9) promulgated 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 18.26 18.26 0.2139 0.2139 Operating profit -0.43 -0.43 -0.005 -0.005 Net profit 0.86 0.86 0.01004 0.01004 Net profit after deducting -0.62 -0.62 -0.0072 -0.0072 non-recurring gains and losses (V) Particulars about change in shareholders’ equity in the report period Items Share capital Capital reserve Surplus Statutory public Retained profit Total reserve welfare funds shareholders’ equity Amount at the 566,449,190.00 68,140,191.59 6,678,719.81 3,377,634.40 12,916,104.92 654,852,121.51 period-begin Increase in 5,287,766.44 978,829.81 489,414.92 5,687,932.00 14,290,396.93 this period Decrease in 4,015,529.65 1,468,244.73 5,483,774.38 this period 上海二纺股份有限公司 2005 年度报告 Amount at the 566,449,190.00 69,412,428.38 7,657,549.62 3,867,049.32 17,135,792.19 663,658,744.06 period-en Reasons for change: (1) Reason for change of capital reserve: liquidation of subsidies and unable paid accounts payable transferred into capital reserve (2) Reason for change of surplus reserve: normal withdrawing (3) Reason for change of statutory welfare public funds: normal withdrawing (4) Reason for change of retained profit: transferring into and withdrawing from net profit 上海二纺股份有限公司 2005 年度报告 III. Changes in Share Capital and Particulars about Shareholders (I) Change in share capital (Unit: share) Increase/decrease in this time (+, - ) Items Year-begin Rationed Bonus Capitalization of Additional Year-end Others Sub- total share shares public reserve issuance I. Nontradable Shares 1. Sponsors’ shares 262,342,310.00 262,342,310.00 Including: Shares held by the State 262,342,310.00 262,342,310.00 Shares held by domestic legal person Shares held by foreign legal person Others 2. Raised legal person’s shares 3. Inner employees’ shares 4. Preference shares or others Total nontradable shares 262,342,310.00 262,342,310.00 II. Tradable 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 tradable 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 84,678 shareholders in total, including 42,814 shareholders of A-share, 41,864 shareholders of B-share. 2. Ended Dec. 31, 2005, shares held by the top ten shareholders and the top ten shareholders of tradable share: (1) Particulars about the top ten shareholders: Increase/ Nature of shareholders Shares held Type of share Share decrease in Proportion (state-owned Name of shareholders (full name) at the (Tradable/ pledged or the report (%) shareholder and year-end Nontradable) frozen year foreign shareholder) 上海二纺股份有限公司 2005 年度报告 Pacific Mechanical-Electronic (Group) Co., Ltd. State-owned 0 262,342,310 46.31 Nontradable 0 (an authorized operation unit of the shareholder Company’s state shares) Shanghai Chuanglian Construction - 1,887,232 1,887,232 0.333 Tradable RMB ordinary share Engineering Co., Ltd. Shanghai Wanjia Technology - 1,060,133 1,060,133 0.187 Tradable RMB ordinary share Development Co., Ltd. Shanghai Haizhou Chemical Fiber - 861,300 861,300 0.152 Tradable RMB ordinary share Machinery Co., Ltd. MERRILL LYNCH FAR EAST - 50,898 806,425 0.142 Tradable Tradable B-share LIMITED SHANGHAI LIANGJI METAL - 689,400 689,400 0.122 Tradable RMB ordinary share PRODUCTS CO., LTD. HUANG ZHI HAO 0 666,100 0.118 Tradable - Tradable B-share LIU DA 0 655,600 0.116 Tradable - Tradable B-share NAITO SECURITIES CO., LTD. 0 651,001 Tradable - Tradable B-share ZHANG GUANG ZHONG 0 643,805 0.114 Tradable - Tradable B-share 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 up 46.31% of the Company’s total share capital. During the report period, the Company’s controlling shareholder remained unchanged. (2) Brief introduction of the operation unit authorized by the controlling shareholder of the Company and actual controller The operation unit authorized by the controlling shareholder Name of authorized operation unit: Pacific Mechanical-Electronic (Group) Co., Ltd. Legal representative: Zheng Yuanhu Date of foundation: Aug. 1994 Registered capital: RMB 1.15 billion Type of enterprise: Limited Company Structure of equity: state-owned sole corporation Business scope: Textile machinery & facilities, garment machineries, electromagnetic products, environmental equipment, construction decoration, computer engineering, office automation, metal materials, construction materials, textile raw materials, hardware, daily necessities, garments and accessories, equipment leasing and self-support I&E business authorized by Foreign Trade & Commerce Commission. (3) 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 (4) Particulars about change in the controlling shareholder and actual controller 上海二纺股份有限公司 2005 年度报告 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. (operation unit of state shares authorized) 46.31% Shanghai Erfangji Co., Ltd. (5) Particulars about the top ten shareholders of tradable share: Full name of Shareholders Number of tradable share Type (A-share, held at the year-end B-share, H-share or (share) others) Shanghai Chuanglian Construction 1,887,232 RMB ordinary shares Engineering Co., Ltd. Shanghai Wanjia Technology Development 1,060,133 RMB ordinary shares Co., Ltd. Shanghai Haizhou Chemical Fiber 861,300 RMB ordinary shares Machinery Co., Ltd. MERRILL LYNCH FAR EAST LIMITED 806,425 B shares SHANGHAI LIANGJI METAL 689,400 RMB ordinary shares PRODUCTS CO., LTD. HUANG ZHI HAO 666,100 B shares LIU DA 655,600 B shares NAITO SECURITIES CO., LTD. 651,001 B shares ZHANG GUANG ZHONG 643,805 B shares WANG YI PING 560,811 B shares Explanation on associated The Company was unknown whether there is any relationship among the above associated relationship among tradable shareholders or shareholders or acting-in-concert whether there is any action-in-concert among them. 上海二纺股份有限公司 2005 年度报告 IV. Particulars about Directors, Supervisors, Senior Executives and Employees (I) Basic information of directors, supervisors and senior executives Number Number of Total payment of holding holding drawn from Type of Name Sex Age Title Office term shares at shares at the Company shares the the in the report year-begin year-end period (RMB) Chairman of the Board, May 2004- Zheng Yuanhu Male 40 0 0 - 0 Secretary of the CPC May 2007 Director, General May 2004- Li Peizhong Male 51 Manager, Vice-secretary 0 0 - 0 May 2007 of the CPC Director, Standing May 2004- Tradable Cui Ling Male 44 Deputy GM, Chief 3000 3000 0 May 2007 share Engineer Mei Director, Chief May 2004- Tradable Male 45 1000 1000 0 Jianzhong Financial Officer May 2007 share Director, Vice-secretary Wang May 2004- Tradable Male 48 of the CPC, Chairman 3000 3000 97,006 Chengzong May 2007 share of the Labor Union Director May 2004- Zhang Fubiao Male 56 0 0 - 0 May 2007 Independent Director May 2004- Ni Di Male 66 0 0 - 30,000 May 2007 Independent Director May 2004- Tradable Gao Yong Male 53 1000 1000 30,000 May 2007 share Independent Director Dec. 2004- Cao Huimin Male 52 0 0 - 30,000 May 2007 Chairman of the Supervisory Committee, Vice-secretary of the May 2004- Xu Zucheng Male 49 0 0 - 0 CPC, Secretary of May 2007 Commission for Discipline Inspection Vice Chairman of the May 2004- Yu Zhifen Male 58 0 0 - 0 Supervisory Committee May 2007 Supervisor May 2004- Gao Erqi Male 58 0 0 - 0 May 2007 Supervisor, Vice-secretary of May 2004- Tradable Zhang Fuhai Male 49 1000 1000 73,886 Commission for May 2007 share Discipline Inspection Supervisor Apr. 2005- Tradable Yang Min Female 33 1000 1000 68,546 May 2007 share 上海二纺股份有限公司 2005 年度报告 Deputy GM, May 2004- Tradable Wei Baorong Male 53 Vice-secretary of the 5324 5324 115,126 May 2007 share CPC May 2004- Tradable Pan Ronggao Male 51 Deputy GM 2001 2001 115,286 May 2007 share May 2004- Tradable Gong Jianping Male 44 Deputy GM 2000 2000 114,946 May 2007 share May 2004- Tradable Li Bo Male 49 Secretary of the Board 1000 1000 100,306 May 2007 share Total 775,102 (II) Major work experience of directors, supervisors and senior executives in recent five years 1. Zheng Yuanhu From Oct. 2002 to Apr. 2004, he took the posts of Director, President and Vice Secretary of CPC in Pacific Mechanical-Electronic (Group) Co., Ltd.; From Apr. 2004 till now, he took the posts of Chairman of the Board and Secretary of CPC in Pacific Mechanical-Electronic (Group) Co., Ltd.; From Nov. 2002 till now, he took the posts of Chairman of the Board and Secretary of CPC of Shanghai Erfangji Co., Ltd.. 2. Li Peizhong He 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.; From Apr. 2004 to Dec. 2005, he took the posts of President of Pacific Mechanical-Electronic (Group) Co., Ltd., and now he acts as Director and Vice Secretary of CPC in Pacific Mechanical-Electronic (Group) Co., Ltd.; From Mar. 2003 till now, he took the posts of Director, General Manager and Vice Secretary of CPC of Shanghai Erfangji Co., Ltd.. 3. Cui Ling He took the posts of Director, Chief Engineer, Deputy General Manager and Standing Deputy General Manager in Shanghai Erfangji Co., Ltd. since 2001. 4. Mei Jianzhong He took the posts of Director and Chief Financial Officer of Shanghai Erfangji Co., Ltd. since 2002. 5. Wang Chengzong He took the posts of Director, Vice Secretary of CPC and Chairman of Labor Union in Shanghai Erfangji Co., Ltd. since 2001. 6. Zhang Fubiao From 2001 to now, he took the posts of Commissary and Secretary-General of Auditing Committee of the 上海二纺股份有限公司 2005 年度报告 Board, Director of Supervision Office in Shanghai Electric (Group) Corporation; From 2005 to now, he took the post of Head of the 4th Management Dept. in Shanghai Electric Assets Management Co., Ltd.; May 2004 to now, he held the post of Director in Shanghai Erfangji Co., Ltd. 7. Ni Di CHINA SOCITY OF ECONOMIC REFORM（CSER）。 He took the posts of Honorary Director of the China Society of Economic Reform (“CSER”), Senior Adviser of Chang Jiang Securities Co., Ltd., Independent Director of Feilo Acoustics Co., Ltd., Independent Director of Shanghai Feilo Co., Ltd. and Independent Director of Shanghai Erfangji Co., Ltd. since 2001. 8. Gao Yong He 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. From May 2004 till now, he took the post of Independent Director in Shanghai Erfangji Co., Ltd.. 9. Cao Huimin He 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. From Nov. 2004 till now, he took the post of Independent Director in Shanghai Erfangji Co., Ltd.. 10. Xu Zucheng From 2001 to now, he took the posts of Secretary of Commission for Discipline Inspection and Chairman of the Labor Union of Pacific Mechanical-Electronic (Group) Co., Ltd.; Dec. 2003 to now, he took the posts of Vice Chairman of CPC and Chairman of the Labor Union in Pacific Mechanical-Electronic (Group) Co., Ltd., and concurrently took the posts of Vice Secretary of CPC and Secretary of Commission for Discipline Inspection in Shanghai Erfangji Co., Ltd.; He took the post of Chairman of the Supervisory Committee of Shanghai Erfangji Co., Ltd. since May 2004 11. Yu Zhifen From 2001 to now, he ever took the posts of Deputy Chief Accountant, Chief Accountant and Chief Financial Officer in Pacific Mechanical-Electronic (Group) Co., Ltd.; From 2004 to now, he took the post of Vice Chairman of the Supervisory Committee in Shanghai Erfangji Co., Ltd.. 12. Gao Erqi He ever took the posts of Office Director and Manager of Personnel Dept. in Pacific Mechanical-Electronic (Group) Co., Ltd.; 上海二纺股份有限公司 2005 年度报告 He now acts as Section Chief Researcher in Pacific Mechanical-Electronic (Group) Co., Ltd. and Supervisor of Shanghai Erfangji Co., Ltd.. 13. Zhang Fuhai He took the posts of Supervisor and Vice Secretary of Commission for Discipline Inspection in Shanghai Erfangji Co., Ltd. since 2001. 14. Yang Min She took the post of Vice Secretary of the Labor Union in Shanghai Erfangji Co., Ltd. since 2004; She took the post of Supervisor of Shanghai Erfangji Co., Ltd. since 2005. 15. Wei Baorong He took the posts of Deputy General Manager and Vice Secretary of CPC in Shanghai Erfangji Co., Ltd. since 2001. 16. Pan Ronggao He took the post of Deputy General Manager of Shanghai Erfangji Co., Ltd. since 2001. 17. Gong Jianping He took the post of Deputy General Manager of Shanghai Erfangji Co., Ltd. since 2001. 18. Li Bo He took the posts of Secretary of the Board and Office Director in Shanghai Erfangji Co., Ltd. since 2002. (III) Particulars about holding the post in Shareholding Company Title in Shareholding Drawing the payment Name Name of Shareholding Company Company (Yes / No) Pacific Mechanical-Electronic (Group) Chairman of the Board, Zheng Yuanhu Yes Co., Ltd. Secretary of CPC Pacific Mechanical-Electronic (Group) Director Li Peizhong Yes Co., Ltd. Vice Secretary of CPC Shanghai Electric (Group) Corporation Head of the 4th Zhang Fubiao Shanghai Electric Assets Management Yes Management Dept. Co., Ltd. Vice-secretary of CPC, Pacific Mechanical-Electronic (Group) Xu Zucheng Chairman of the Labor Yes Co., Ltd. Union Pacific Mechanical-Electronic (Group) Yu Zhifen Chief Financial Officer Yes Co., Ltd. Pacific Mechanical-Electronic (Group) Section Chief Gao Erqi Yes Co., Ltd. Researcher 上海二纺股份有限公司 2005 年度报告 (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 Director Zhang Fubiao Shanghai East Best Arts & Crafts Co., No Supervisor 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. Director Xu Zucheng No Zhejiang Hangmin Co., Ltd. Supervisor (V) Particulars about the annual remuneration of directors, supervisors and senior executives 1. Decision-making procedure of the remuneration of directors, supervisors and senior executives: The remuneration received by directors, supervisors and senior executives was determined in accordance with the annual operation-working target and salary distribution appraisal method 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 remuneration of directors, supervisors and senior executives The remuneration was determined in line with the Company’s appraisal Method of Middle and Senior Executives and Detailed Rules of Classified Wage Estimation Plan. 3. 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, Cui Ling, Mei Jianzhong and Zhang Fubiao Yes Supervisor: Xu Zucheng, Yu Zhifen and Gao Erqi (VI) Particulars about changing of directors, supervisors and senior executives Name Title Reason of resignation Wu Zhanhua Supervisor He submitted the resignation by himself. Yang Min Supervisor She was additionally elected. Elected by the 1 Joint Meeting the 6 Meeting of the 19th Employee Representative Assembly st th (VII) About employees 上海二纺股份有限公司 2005 年度报告 By the end of report period, the Company has 1357 on-the-job employees in total. The Company need pay the expenses of 136 retirees. The composing of employees is as follows: 1. The professional composing Types of professional composing Number Production workers 596 Salespersons 49 Technicians 194 Financial personnel 21 Administrative personnel 199 2. Education level Types of education level Number Master degree 12 Bachelor degree 101 Three years college 217 Secondary specialized or technical school student 69 上海二纺股份有限公司 2005 年度报告 V. Corporate Governance (I) Corporate governance of the Company In accordance with the relevant spirit of the Circular on Supervising Listed Companies to Amend the Articles of Association with JZGS Zi (2005) No. 15 document promulgated by China Securities Regulatory Commission and the relevant clauses of Shanghai Stock Exchange, the Company revised and supplemented the relevant regulations to the Articles of Association of the Company, Rules of Procedure of the Shareholders’ General Meeting, Rules of Procedure of the Board of Directors and Rules of Procedure of the Supervisory Committee, which examined and passed at the 19th shareholders’ general meeting (namely annual shareholders’ general meeting 2004) dated Apr. 26, 2005; the Company actively carried out and fulfilled the relevant spirit of the Circular Concerning Some Issues on Regulating the Funds between Listed Companies and Associated Parties and Listed Companies’ Provision of Guaranty to Other Parties issued by CSRC and State-owned Assets Supervision and Administration Commission of the State Council, and further standardized the current funds between the Company and the controlling shareholder and other associated parties and strictly controlled the Company’s guaranty to other parties. In accordance with the requirements related with the supervision and regulatory system for listed companies, Shanghai Securities Regulatory Bureau of CSRC inspected the Company from Aug. 4, 2005 to Aug. 8, 2005 and issued Notice on Inspection and Correction within a Stated Time (“the Notice”) (HZJGS Zi [2005] 245) on Sep. 23, 2005, which required the Company to inspected and corrected the problems put in the Notice within a stated time. The Board of Directors, Supervisory Committee of the Company and management team gave the quite attention, analyzed and researched the problems existed item by item, and put forward the relevant correction measures for the standardization operation (including five-separation, the articles of association, the status of the supervisory committee and work of management team), financial status and information disclosure, etc., and produced the Inspection and Correction Report on Problems Noticed by Shanghai Securities Regulatory Bureau of CSRC, which was examined and passed at the 13th meeting of the 5th Board of Directors. 1. Shareholders and Shareholders’ General Meeting: According to the requirements of Standardization Opinion of Shareholders’ General Meeting and the regulations of 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 the shareholders’ general meeting, ensured the equality of the shareholders, especially to ensure middle and small shareholders enjoy the equal status, and ensured all shareholders execute the rights fully and to ensure knowing, participation and voting rights of shareholders in significant events of the Company. 2. Controlling Shareholder and the Company: The controlling shareholder has normal behavior, the Company achieved the “five separations” from the controlling shareholders in aspects of personnel, assets, financing, organization and business, the possessed the whole business and independent operating capability. The Company’s Board of Directors, Supervisory Committee and internal organization operated completely. 3. Director and the Board of Directors: The 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 the report period, the Company’s directors were industrious and responsible for their duties, attended the Board meetings and shareholders’ general meetings with seriously and responsible attitude, and protected the interests of the whole shareholders and the Company. 4. Supervisor and the Supervisory Committee: The Supervisory Committee of the Company consisted of 上海二纺股份有限公司 2005 年度报告 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. 5. 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 8 8 0 0 Gao Yong 8 7 1 0 Cao Huimin 8 8 0 0 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 meetings and Board meetings 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 (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 development of the Company. 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 on independence of the Company from the controlling shareholders in business, personnel, assets, organization and financing 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 上海二纺股份有限公司 2005 年度报告 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, independently exercised management of human resources and salary system. 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; ④ democratic comments by the staff of the Company. Integrating the above four aspects, the Company evaluated the on the achievements of the senior executives. 上海二纺股份有限公司 2005 年度报告 VI. Brief of the Shareholders’ General Meeting The Annual Shareholders’ General Meeting The 19th Shareholders’ General Meeting (namely the Annual Shareholders’ General Meeting 2004) was held on Apr. 26, 2005, and the relevant public notice on resolution was published in Shanghai Securities News and Hong Kong Ta Kung Pao dated Apr. 27, 2005. The lawyer Zhang Ping and lawyer Zhao Jianping from Shanghai Jinshi Law Firm witnessed the said shareholders’ general meeting. 上海二纺股份有限公司 2005 年度报告 VII. Report of the Board of Directors (I) Discussion and analysis by the management team 1. Operation review in the report period In 2005, according to work target put at the year-begin: “Focusing on development to quick to promote the deeper reform driven by development; persisting in the main strategy of revitalizing business with technology to promote the innovation of technology and management; adhering to meeting market demand as a major objective to speed up establishing itself as an excellent leader in the industry”, the Company achieved the economic operation target for the report year, and realized income from main operation amounting to RMB XXX, profit from main operating amounting to RMB XXX as well as total profit amounting to XXX through the pioneering of the management team and the continuous innovation and the hardworking of the staff, which made the basis for the Company’s strategy of sustainable and rapid development. (1) Striving for development and rationalizing main operation In March 2005, with aiming at long-term development, high efficiency and improving benefit as the principle, the Company made the reorganization to the whole production organization structure system, and overcame such difficulties in the special phase of structure adjustment as closing of Foundry Factory, moving of Jinqiao Factory, cooperative processing and storeroom integration to production plan management, which caused production organization system to operate in control status quickly. (2) Revitalizing business with technology and breaking through barriers Under the effort of all design and technology personnel: in 2005, the Company completed the various spinning machinery contracts amounting to 244, carried out three projects of new product testing and nine projects of design trial production; and applied for three patents of product and four patents authorization. In the development of the chemical fiber machinery, the Company achieved one technology requirement and basic design of equipment distribution. It is estimated that the said project will be entered in the phase of design and manufacture in 2006. (3) Satisfying market and service in good faith Aiming at the market situation in the first quarter of 2005, the Company adjusted the marketing strategy timely, which carried out individuation marketing to the customers through exchange visits among the leaders, in-depth visits by salesperson and circuit visits by service personnel, and made great efforts to seize the market fore-opportunity, overall fulfilled the annual sale operation target. The Company persisted to enhance the marketing concept serving for customers continually, and caused the products of the Company further to establish new image in the market. (4) Strictly budget and decreasing cost and increasing benefit In 2005, the Company was strict in financial budget from the following three aspects of “gross profit, accounts receivable and costs”, worked along both aspects of cost auditing and controlling, organized to develop the analysis to inventories actuality and materials cost, and conducted the analysis to the real status of production system “Three Flows in Step”, perfected the basic data for production objection cost and decreasing cost in course of purchase, and formed the effective production cost control system. (5) Effective administration and strict quality The Company developed the reestablishment of administration standard, revised original Appraisal Measures on Economic Responsibility System and Spot Comprehensive Administration Measures, set up the testing and checking management flow with item and line management as main line, stressed the appraisal of key indexes and economic responsibility system appraisement of leaders branch managing indexes, improved the validity of index appraisal, and pay attention to the activities of QC group. The QC activities with “Improving EJM138JL Collective Doffing Mid-Wall-Panel Manufacturing Quality” 上海二纺股份有限公司 2005 年度报告 won the rank three of Shanghai “Metro Cup” QC Arena. 2. Operation of main operations of the Company (1) 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 establishment of enterprises; sales of self-produced products. (2) Statement of main operations classified according to industries and products Unit: RMB Yuan Increase or Increase or Increase or decrease of decrease of decrease of cost from income profit ratio Profit ratio main Industries/ Income from Cost of main from main of main of main operations main operations operations operations operations products operations compared compared compared with the with the last with the last last year year (%) year (%) (%) Industries Decrease 1. Industry 953,304,721.85 845,133,687.69 11.35% -21.11% -20.72% 0.44 percent Increase 2. Trade 462,888,504.24 448,983,909.30 3.00% -23.27% -23.74% 0.60 percent 3. Construction --- --- 4. Service Increase 2,431,914.72 301,093.08 87.62% 4.55% 0.00% 0.56 percent Decrease Subtotal 1,418,625,140.81 1,294,418,690.07 8.76% -22.31% -22.30% 0.02 percent Counteracting among all business Decrease 397,455,978.17 397,455,978.17 0.00% -38.11% -38.00% divisions within 0.19 percent the Company Decrease Total 1,021,169,162.64 8,969,627,110.9 12.16% -13.74% -12.48% 0.31 percent Products Decrease Textile products 953,304,721.85 845,133,687.69 11.35% -21.11% -20.72% 0.44 percent Increase Other 465,320,418.96 449,285,002.38 3.45% -24.66% -25.10% 0.41 percent 上海二纺股份有限公司 2005 年度报告 Decrease Subtotal 1,418,625,140.81 1,294,418,690.07 8.76% -22.31% -22.30% 0.02 percent Counteracting among all business Decrease 397,455,978.17 397,455,978.17 0.00% -38.11% -38.00% divisions within 0.19 percent the Company Decrease Total 1,021,169,162.64 8,969,627,110.9 12.16% -13.74% -12.48% 0.31 percent Including: total amount of related transactions that the listed company sold products to the controlling shareholder and its subsidiaries was RMB 138,178,300 in the report period. (3) Statement of main operations classified according to areas Unit: RMB Yuan Income from main operations Increase/decrease of income from Areas main operations over the last year (%) Asia 326,507,003.23 -21.72% North America 8,180,524.49 72.12% Northeast China 3,149,635.11 81.80% Shanghai 592,215,900.00 -23.00% East China 435,588,756.13 101.90% South China 23,422,490.34 -16.53% Southwest China 27,804,431.51 100.43% North China 1,756,400.00 -99.48% Subtotal 1,418,625,140.81 -22.31% Counteracting among all business 397,455,978.17 -38.11% divisions within the Company Total 1,021,169,162.64 -13.74% (4) Operation and achievement of main holding and share-holding companies Operation and achievement of major holding company Unit: RMB’000 Yuan Names of Service Products and Registered Net Assets companies quality services capital profit Textile Products and Pacific State-owned Electronic Products; Mechanical-Electronic sole 115,000 259,123.93 4,675 engaged import & (Group) Co., Ltd. proprietorship Export business (5) Analysis of Assets composing, financial status and cash flow Unit: RMB Yuan Items Amount at the Proportion Amount at the Proportion Increase/ Increase/decrease of 上海二纺股份有限公司 2005 年度报告 end of report in total begin of in total decrease proportion in total period assets % report period assets % assets Notes 133,618,015.93 9.81 97,861,361.06 6.97 35,756,654.87 Increase 2.84 percent receivable Accounts in 10,879,256.22 0.80 3,515,920.91 0.25 7,363,335.31 Increase 0.55 percent advanced Project in 5,917,191.66 0.43 2,029,882.61 0.14 3,887,309.05 Increase 0.29 percent construction Short-term 275,681,385.47 20.23 273,069,192.1 19.44 2,612,193.31 Increase 0.79 percent loan 6 Accounts 79,933,523.74 5.87 111,144,513.8 7.91 -31,210,990.14 Decrease 2.04 percent advanced from 8 customers Other payable 42,938,813.44 3.15 64,152,265.05 4.57 -21,213,451.61 Decrease 1.42 percent Accrued 2,463,057.38 0.18 5,164,783.00 0.37 -2,701,725.62 Decrease 0.19 percent expenses A. Notes receivable: the amount of notes receivable at the year-end has increased by 35,756,654.87 compared with the amount at the year-begin, which was because that the Company disclosed discount draft in notes receivable and short-term loan according to the requirements of the accounting standard. B. Advanced to suppliers: the amount of notes receivable at the year-end has increased by RMB 7,363,335.31 compared with the amount at the year-begin, which was due to increase of payment in advanced to suppliers. C. Project in construction: the amount of notes receivable at the year-end has increased by RMB 3,887,309.05 compared with the amount at the year-begin, which was because that sewage comprehensive treatment engineering and stokehold rebuilding engineering were not completed at the end of report period. D. Short-term loan: the amount of notes receivable at the year-end has increase compared with the amount at the year-begin, which was because that the Company disclosed discount draft in notes receivable and short-term loan according to the requirements of the accounting standard. E. Accounts advanced from customers: Accounts advanced from customers at the year-end decreased by RMB 31,210,990.14 compared with the year-begin, which was because that the Company sold the goods to original customers who has paid payments. F. Other payable: Decrease of other payable was mainly because that the Company disposed its subsidiaries, the external current payment of the subsidiaries decreased RMB 6,178,500, at the same time, distributary arrangement payment paid by Pacific Mechanical-Electronic (Group) Co., Ltd. decreased by RMB 7,991,200 over the begin of the year. G.. Accrued expenses: The Company paid supplemental charge accrued due to moving in the report period. Items Amount in this Amount in the Increase/decrease Proportion of 上海二纺股份有限公司 2005 年度报告 period previous period increase/decrease % Income from main 1,021,169,162.64 1,183,812,681.93 162,643,519.29 -13.74% operations Operating expense 19,405,686.50 22,930,224.59 -3,524,538.09 -15.37% Administrative 103,559,469.10 145,833,583.38 -42,274,114.28 -28.99% expense Financial expense 9,120,380.63 10,317,407.15 -1,197,026.52 -11.60% A. Income from main operation decreased by RMB 162,643,519.29 compared with the year 2004, which was because that parent company suffered the influence on sharp market competition, so that revenue from products of cotton textile and chemical fiber and export products reduced compared with the year 2004. B. Decrease of operating expenses and administrative expenses was mainly because that the Company strictly performed the financial budget, strengthened the budget in advance, control in the events and analysis and appraisement after the events. C. Decrease of financial expenses was mainly because that the Company decreased current capital loan in the report year. Items Amount in this Amount in the Increase/decrease Proportion of period previous period increase/decre ase % Cash flow arising from operating activities -28,598,572.85 88,338,155.23 116,936,728.08 -132.37% Cash flow arising from investing activities 620,819.03 42,931,268.94 42,310,449.91 98.55% Cash flow arising from financing activities -28,068,009.69 -45,160,411.81 17,092,402.12 36.06% Net increase of cash and cash equivalent -57,152,212.26 86,010,597.48 -143,162,809.74 -166.45% A. Net cash flows from operating activities had decreased by 132.37 percent year-on-year, mainly because the sales revenue in the year 2005 had decreased compared with that of 2004; besides, of the reflow of sales income in 2005, acceptance bill had increased compared with 2004. B. Cash flows from investing activities had decreased by 98.55 percent year-on-year, mainly because the cash received from recouping investment within the year and the cash received from disposing fixed assets, intangible assets and other long-term assets had decreased compared with those in 2004. C. Cash flows from financing activities had increased by 36.06 percent year-on-year, mainly because the cash paid for liabilities in the report period had decreased compared with 2004. (6) Main products taking up over 10 percent of the main business revenue or total profit of main operations Unit: RMB Operation or product Main business Cost of main Gross profit ratio 上海二纺股份有限公司 2005 年度报告 revenue operation (%) 1. Industry 953,304,721.85 845,133,687.69 11.35 2. Trade 465,320,418.96 449,285,002.38 3.45 Counteracting among different business branches of the 397,455,978.17 397,445,978.17 --- Company Total 1,021,169,162.64 896,962,711.90 12.16 (7) Explanations on the reasons of the significant changes in main operations and their structure The Company had spent great efforts in developing domestic textile machinery market in the year 2005, so as to ensure that the cotton spinning machinery and chemical fiber machinery products of the Company would continue to maintain a large share in the domestic market. The sales revenue of the textile machinery products had taken up 93.35 percent of the total sales income, and the profitability of the export products had showed obvious improvements compared with that of 2004. (8) Main suppliers and customers Unit: RMB Total purchase amount from Proportion taking up the 164,744,949.62 16.79% the top five suppliers total purchase amount Total sales amount to the top Proportion taking up the 406,578,602.74 39.82% five customers total sales amount 3. Future development (1) Trend of the industry the Company engages in and the market competition situation the Company is confronted with and possible influences on the Company National economy would increase by 8 percent as according to the prediction of the “Eleventh Five-Year Plan”; our country has joined in the WTO; rural construction is under way; national economic construction grows steadily; and people’s living standards improves day by day. All these have provided the cotton spinning enterprises and the textile machinery enterprises with unprecedented opportunities for development. For the Shanghai World Expo, Shanghai Municipal Government has called for speeding up of self technology creation and the development of the industry of advanced equipment manufacture and realizing the “Four Leadings” target in Shanghai during the “Eleventh Five-Year Plan” period. These would bring along fine “policy environment effects” and strategic development orientation for the equipment manufacture enterprises and textile machinery manufacture enterprises. According to the situation of the industry, the production and sales market of textile products would advance from the low and middle-end products to the middle and high-end products fairly quick as China turns into a textile country of strength from one in quantity; since our country has joined in the WTO, world-renown textile machinery groups have speeded up to enter the Chinese market. Hence the Chinese textile machinery enterprises are confronted with both unprecedented opportunities for development and challenges of new competitions. 上海二纺股份有限公司 2005 年度报告 (2) Opportunities and challenges in future development as well as strategies and plans for development 1) Since the textile industry underwent fast growth during the past few years, there are signs of temporary over-capacity in textile manufacture enterprises. In the year 2005, the increase speed of the investment for fixed assets in the textile industry slowed down, and it is predicted that the total industrial output of the textile business would increase by 20 percent in 2006, down by 6 percent in growth margin; therefore, the growth margin of the production and sales market of the textile industry would accordingly slide down during the first half year of 2006 according to prediction. 2) Price rises of energy and production materials have led to the increase in production costs of textile machinery products; the growth margin in the sales market of the textile industry has also decreased. All these would exert negative influences on the further improvement of the market sales and profitability of the Company’s products. 3) One after another, world-renown textile machinery manufacturers come to China and settle down, and right now they have basically formed certain production capacity. These enterprises have both technology advantages and market advantages in the manufacture of middle and top-class textile machines, which has mount new competition pressure on the Company in the development of new products and technologies. Development and opportunities: With our country being a member of WTO, development toward a textile nation of strength and expansion of textile sales market, the Company would consolidate and develop both domestic and overseas sales markets, carry out international technological cooperation and communication, step up the development of products with self-created technologies and the work process of commercialization, strengthen cost control and management and form advantages in products, market and costs of the Company, so as to further improve the Company’s core market competitiveness and develop the sales market of textile machinery. Strategy and plan: Taking the opportunity of the Shanghai textile machinery development and the Company’s Share Merger Reform, step up the development of products with self-created technologies; strengthen the marketing in and expansion of both domestic and overseas markets; adjust and optimize assets structure, product structure and marketing strategies; seize the opportunity to develop the operation of both capital market and brand products; intensify the innovation and management of various work; improve the comprehensive competitiveness of the Company in the market and the operating profitability of the Company; accelerate the sustainable development of the Company; reward the investors better, faster and more. (3) Operation targets of the new year 1) Market — Take the strategy of improving and endeavor to develop new domestic and overseas market. With the “increasing sales and expanding market share and region coverage percentage” as targets, establish an overall marketing concept, grasp the “two keys”, make full use of the three large “networks”, rely on the Group’s sales resource advantages in the cotton spinning segment, further segment the market, improve marketing strategies, strengthen team construction and endeavor to 上海二纺股份有限公司 2005 年度报告 develop new domestic and overseas markets for product sales. 2) Products — Overcome difficulties and open up a new page of invigorating the business through science and technology. Targeting at “domestically leading, internationally top-class”, further advance the development of self created technologies, carry out 12 trial production and 7 experiments as designed by the 2006 New Product Development Plan, and ensure the commercialization process of important new products. Make breakthroughs in the “Three Large Important Products”, further improve the reliability and stability of the spinning frames of the EJM138JL series and the fly frame of the EJK211 series, do our best to break all the technological bottlenecks of the EJP438 auto cheese winder and ensure the commercialization process of the “Three Large Important Products”. Enlarge the capital investment in R&D, transform the lab of cotton spinning machinery products and establish the lab of chemical fiber machinery products; further promote the combination and application of the advanced control technology and network technology, boost the application of the application of the Field-Bus Control System technology and realize the development of digital technology in textile equipments. Go all out to ensure that the project of chemical fiber machinery products for Russia meets technical and quality standards, the first line succeeds all at one run, and that the order for the 2nd line project is won. 3) Quality — Shape perfect products and deepen the construction of the quality and brand project. Improve the quality management system; tighten the quality improvement work; strengthen the discipline inspection over technological processes and the production field management; standardize positioning management within the logistics system; strengthen quality control of the cooperation parts and auxiliary parts; further improve the stability, reliability and consistency of the product quality; make sure that qualification ratios of the parts input, installing and debugging and unpacking all 100 percent; try to form competition advantages with differentiated quality in aspects of quality, management and brand, etc. 4) Efficiency — Reduce costs and improve efficiency, and lay a solid business management foundation. Tighten the control over financial budget, investment and output, accounts receivable and inventory management; improve the financial supervision and management system, management risk management system and credit risk system; conduct the cost-reducing work in an all-around way; consolidate the management basis; continuously improve the product profitability. 5) Opportunity — Tap assets and promote and deepen the Share Merger Reform. With the development of Shanghai textile machinery industry as the dragonhead, take the opportunity of Share Merger Reform; further smooth the relation between product operation and assets; tap the idle assets and optimize assets structure, form a product operation mode of “One Basis, Two-Wing Development”, speed up the improvement of the Company’s comprehensive competitiveness and operating profitability, so as to maximize the value of business operation and reward the shareholders more and better. 上海二纺股份有限公司 2005 年度报告 (4) Capital needed for the development strategies of 2006, use plan and capital sources The Company had guaranteed its normal business operation with the self-owned funds and bank loans in the year 2005. To realize the development strategies and business targets of the year 2006, the Company would balance the capital need for production investment and sales with the cash flows from the daily operating activities, bank loans and other investment incomes. (5) Risks that might exert negative influences on the realization of the Company’s future development strategies and business targets Although there is great development potential in the Chinese textile machinery industry, the multiple competition situation has taken shape in the textile machinery market; with the foreign businesses coming in and civilian-run enterprises flourishing, the Company is surrounded with fierce competitions in the market. The textile market is marching toward a market of middle and top-class needs, and the Company would need to strengthen the development of products with self-created technologies to adapt to the demand of market development. Rises of energy and raw material prices have mounted new pressure on the further improvement of the Company’s business profitability. (II) Investment 1. Use of raised proceeds In the report period, no proceeds had been raised by the Company, nor there were any proceeds raised in the previous report period and used in this report period. 2. Projects invested with non-raised proceeds In the report period, the Company had no projects invested with non-raised proceeds. (III) Reasons for and influences by the changes in accounting policies and accounting estimation and correction of significant accounting errors In the report period, there were no changes in the accounting policies, accounting estimations, etc or significant accounting errors. (IV) Explanations by the Board on the qualified opinions of the Certified Public Accountants Shulun Pan Certified Public Accountants Co., Ltd had provided standard unqualified opinions for the Company. (V) Routine work of the Board 1. Meetings and contents of the resolutions (1) On Mar. 3, 2005, the 7th meeting of the 5th Board of Directors of the Company was held, and following documents and proposals had been examined and approved: 1) Work Report 2004 of the Board of Directors; 2) Report on the Business Review for the Year 2004 and Work Outlook for the Year 2005; 3) Text and Summary of Annual Report 2004; 4) Financial Final Report 2004 and Financial Budget Report 2005; 5) Profit Distribution Preplan 2004; 6) Proposal on Verifying and Canceling Various Non-Performing Assets for the Year 2004; 7) Proposal on Withdrawing Assets Depreciation Reserves for the Year 2004; 8) Proposal on Reengaging the Certified Public Accountants of the 上海二纺股份有限公司 2005 年度报告 Company; 9) Proposal on the Shareholders’ General Meeting Authorizing the Board to Examine and Decide the Continuous Sales Operation Related Transactions of the Company; 10) Proposal on Adding Members to the Strategy Committee of the Board of Directors; 11) Proposal on Adding Members to Auditing Committee of the Board; 12) Proposal on Revising the Articles of Association; 13) Proposal on the Convening of the 19th (2004) Shareholders’ General Meeting, as well as resolutions of the meeting. Public notices concerning this meeting were published in Shanghai Securities News and Hong Kong Ta Kung Pao on Mar. 5, 2005. (2) On Apr. 7, 2005, the 8th meeting of the 5th Board was held through telecommunications, at which following proposals had been examined and approved: 1) proposal on adding new articles and revising part of the articles of the Article of Association, and on revising the Proposal on Revising the Articles of Association of the 19th (2004) Shareholders’ General Meeting; 2) proposal on revising the Rules of Procedure of the Shareholders’ General Meeting; 3) proposal on revising the Rules of Procedure of the Board of Directors, and the resolutions of the meeting. Public notices concerning this meeting were published in Shanghai Securities News and Hong Kong Ta Kung Pao on Apr. 9, 2005. (3) On Apr. 25, 2005, the 9th meeting of the 5th Board of Directors was held through telecommunications, at which the 1st Quarterly Report 2005 and resolutions of the meeting had been examined and approved. Public notices concerning this meeting were published in Shanghai Securities News and Hong Kong Ta Kung Pao on Apr. 27, 2005. (4) On Jun. 15, 2005, the 10th meeting of the 5th Board of Directors was held through telecommunications, at which the Proposal on the Cancellation of Mechanical and Electrical Equipment Engineering Branch of Shanghai Erfangji Co., Ltd and the Tool and Mould Branch of Shanghai Erfangji Co., Ltd as well as resolutions had been examined and approved. (5) On Jul. 27, 2005, the 11th meeting of the 5th Board of Directors was held through telecommunications, at which the Proposal on Loan Guarantee for Shanghai Pu’enyi Import & Export Co., Ltd and resolutions had been examined and approved. (6) On Aug. 25, 2005, the 12th meeting of the 5th Board was held in Shanghai, at which following documents had been examined and approved: 1) Report on the Business Review for the Upper Half Year of 2005 and Work Outlook for the Second Half Year of 2005; 2) Text and Summary of Semi-Annual Report 2005; 3) Proposal on the Share-Holding and Investing by the Company in the Newly Established Shanghai Pacific Kailing Printing & Dyeing Machinery Co., Ltd, and resolutions of the meeting. Public notices concerning this meeting were published in Shanghai Securities News and Hong Kong Ta Kung Pao on Aug. 27, 2005. (7) On Oct. 20, 2005, the 13th meeting of the 5th Board of the Company was held in Shanghai, at which following proposal had been examined and approved: 1) Proposal on Revising the Articles of Association; 2) Proposal on Revising the Rules on the Board Authorization by the Board on the Duties and Authority of the General Manager; 3) Rectification Report of Shanghai Erfangji Co., Ltd on the Problems Found by the Shanghai Regulatory Bureau of China Securities Regulatory Commission During Tour Inspection, and resolutions of the meeting. Public notices concerning this meeting were published in Shanghai Securities News and Hong Kong Ta Kung Pao on Oct. 22, 2005. 上海二纺股份有限公司 2005 年度报告 (8) On Oct. 24, 2005, the Company held the 14th meeting of the 5th Board through telecommunications, at which the 3rd Quarterly Report 2005 of the Company and the Text had been examined and approved. This Quarterly Report was published in Shanghai Securities News and Hong Kong Ta Kung Pao on Oct. 26, 2005. (9) On Oct. 30, 2005, the Board formed a provisional resolution through telecommunications, i.e. Resolution on Transferring the Production Equipment in the Casting Shop. Part of the equipment had been transferred, and the income was RMB 979,100. 2. Implementation by the Board of the resolutions made at the Shareholders’ General Meeting In the report period, the Board had strictly implemented all the resolutions of the Board, and it had done nothing that went against or exceeding the resolutions of the Shareholders’ General Meeting. (VI) Preplan on profit distribution and capitalization of public reserves As audited in accordance with the domestic accounting rules, the accumulated profit available for distribution to shareholders totaled RMB 18,604,000, while the amount was RMB 58,961,000 as audited according to international accounting standards. According to the regulations in the Articles of Association, 10 percent would be withdrawn as statutory public reserves, i.e. RMB 978,800, and 5 percent would be withdrawn as statutory public welfare reserves, i.e. RMB 489,400. An amount of RMB 1,468,200 would be withdrawn in total for the two types of reserves. The accumulated retained profit totaled RMB 17,135,800, i.e. only RMB 0.03025 per share. Considering the current business situation and the needs of continuous business development, the Company had planned not to distribute any profit for the year 2005 or grant any bonus shares through capitalization of public reserves. 1) Reasons for not proposing any cash profit distribution preplan while profit had been made during the report period: Due to the State macro-control over textile industry, price rises of raw materials, and rises of business costs, competition in the product sales market had intensified and the Company had made very little profit, which had made it difficult for the Company to distribute and profit. 2) Uses of the retained profit and use plan: The current retained profit would be used in the work of product development and technological improvement, so as to make the main operations of the Company better and stronger, step up the sustainable development and reward shareholders better and sooner. (VII) Other events for disclosure The Company had chosen Shanghai Securities News and Hong Kong Ta Kung Pao as the newspapers for information disclosure. Section VIII. Report of the Supervisory Committee (I) Work of the Supervisory Committee In 2005, the Supervisory Committee of the Company had strictly performed their duties endowed by relevant laws and regulations according to the relevant stipulations of the Company Law, Articles of 上海二纺股份有限公司 2005 年度报告 Association and Code of Corporate Governance for Listed Companies in China as well as the spirit of being responsible for all shareholders. The Supervisory Committee had held 5 meetings and attended 8 Board meetings. 1. On Mar. 4, 2005, the 6th meeting of the 5th Supervisory Committee was held, at which the Work Report 2004 of the Supervisory Committee and Text and Summary of the Annual Report 2004 of the Company had been examined and approved. 2. On Apr. 7, 2005, the 7th meeting of the 5th Supervisory Committee was held, at which following documents and proposals had been examined and approved: (1) Paper on Submitting New Proposals to the 19th (2004) Shareholders’ General Meeting of the Company; (2) Proposal on the Rules of Procedure of the Supervisory Committee; (3) Proposal on Changes of the Supervisors of the Supervisory Committee; (4) Public Notice on the 7th Meeting of the 5th Supervisory Committee. 3. On Apr. 25, 2005, the 8th meeting of the 5th Supervisory Committee was held, at which the 1st Quarterly Report 2005 had been examined and approved. 4. On Aug. 25, 2005, the 9th meeting of the 5th Supervisory Committee was held, at which following document and proposal had been discussed and examined: (1) Text and Summary of Semi-Annual Report 2005; (2) Proposal on the Share-Holding and Investing by Shanghai Erfangji Co., Ltd in the Newly Established Shanghai Pacific Kailing Printing & Dyeing Machinery Co., Ltd. On Oct. 24, 2005, the 10th meeting of the 5th Supervisory Committee was held, at which the Text and Summary of the 3rd Quarterly Report 2005 of the Company had been discussed and examined. (II) Independent opinions of the Supervisory Committee on the Company’s operation according to laws 1. Operation: In 2005, the Board of the Company had revised the Articles of Association and relevant rules of procedure. No cases that had done harm to the interests of shareholders or the Company had been detected while directors, general managers and senior executives were performing their duties. 2. Finance: In 2005, the financial accounting work of the Company had conducted strictly in accordance with relevant laws and regulations. The unqualified Auditors’ Report furnished by Shulun Pan Certified Public Accountants Co., Ltd had truly and objectively reflected the financial situation and business performance of the Company. 3. The Company had not used any raised proceeds. 4. Purchases and sales of assets: As to the Resolution on Transferring the Production Equipment in the Casting Shop examined by the Board on Oct. 30, 2005 in the report period, it had been in conformity with relevant procedures and requirements, and the transfer price had been base upon the evaluated value furnished by the Asset Appraiser with qualifications for securities profession. No illegal or irregular cases existed. 5. Independent opinions on related transactions of the Company: As to the continuous related transactions on the sales and operation of the chemical fiber spinning machinery products and synthetic 上海二纺股份有限公司 2005 年度报告 fiber spinning machinery, all of them had been examined and approved by the Shareholders’ General Meeting, and had been implemented according to relevant laws, regulations and the Articles of Association. No cases that had done harm to the interests of the shareholders or the Company had been detected. Section IX. Significant Events (I) Significant lawsuits and arbitrations 1. In March 2001, the Company filed a lawsuit against Xinjiang Jingcheng Cotton Textile Factory for the overdue debt for equipment, and the case number was (2001) HJCZ No. 293. Court judgment of the first instance ruled that Xinjiang Jingcheng Cotton Textile Factory repay the payment for goods totaling RMB 4,821,200 to the Company. In August 2002, the appeal filed by Xinjiang Jingcheng Cotton Textile Factory against the Company ([2002] HEZMS [S] ZZ No. 405) was dismissed. Right now, Hongkou Court has entrusted Xinjiang Railway Intermediate Court with the implementation to sequestrate part of the machinery equipment. RMB 70,400 has been received. The Company would continue to actively urge the repayment of the accounts receivable implemented by the court. 2. As to the case of suing the Shandong Jinan Zhenghao Chemical Fiber New Material Co., Ltd (hereinafter referred to as “Jinan Zhenghao”) on contract dispute, Shanghai No. 2 Intermediate People’s Court made the valid judgment on Sep. 22, 2005 (Case number: [2005] HEZMS [S] CZ No. 30), which ruled that Jinan Zhenghao repay the payment for goods of RMB 11,226,000 and the fine for contract breach of RMB 561,300 to the Company, i.e. a total amount of RMB 11,787,300. Since the Company had applied for attachment when filing the lawsuit, the court had sequestrated relevant properties of Jinan Zhenghao according to law. Right now, this case has entered into the compulsory execution process of the court (Case number: [2005] HEZZZ No. 1125), and relevant execution work is under way. 3. Lawsuits and arbitrations settled and disclosed in the previous Report As to the case of compulsory execution between the Company’s subsidiary Shanghai Liangji Real Estate Co., Ltd (hereinafter referred to as “Lingji”) and the enterprises against which the order was executed, i.e. Shanghai Minjian Industrial Corporation and Jiangxi Shangrao Wool Mill (hereinafter referred to as “Wool Mill”), Liangji has reached an agreement with Wool Mill on Mar. 8, 2005 after negotiation and reconciliation between the two parties. Wool Mill repaid Liangji RMB 2,038,200 all at one time to settle the dispute. On Mar. 24, 2005, Liangji received RMB 2,038,200. Bad debt arrangement had been made for the original debt totaling RMB 6,794,000 at the end of 2004. (II) Purchase and sales of assets as well as mergers in the report period In the report period, the Company had made no significant purchase or sales of assets or mergers. (III) Significant related transactions in the report period 1. The 19th (2004) Shareholders’ General Meeting of the Company examined and approved the Proposal on the Shareholders’ General Meeting Authorizing the Board to Examine and Decide the Continuous Sales Operation Related Transactions of the Company. According to the requirements of the Code of Corporate Governance for Listed Companies in China, the Company would standardize its corporate administration structure, and then further improve the operation efficiency and quality of the Company. 上海二纺股份有限公司 2005 年度报告 To the changes in sales market of chemical fiber spinning machinery, the Board had applied to the Shareholders’ General Meeting for its authorization for the Board to examine and determine the related transactions of continuous sales operation. In 2005, the Company would have related transactions of continuous sales operation totaling RMB 200,000,000. The public notices were published in Shanghai Securities News and Hong Kong Ta Kung Pao on Apr. 27, 2005. The real related transactions of continuous sales operation in the report period totaled RMB 116,424,800. 2. Purchase of goods from related parties: (1) Transaction scale: This year Last year Name of enterprise Amount Amount Pacific Mechatronic (Group) Co., Ltd 1,111,111.10 Linhai Lianggang Textile Machine Special Parts Co., Ltd 14,991,465.81 34,146,838.89 Shanghai Xinsiji Mechanical & Electrical Co., Ltd 39,322,000.00 Total 55,424,576.91 34,146,838.89 (2) Bases of the purchasing prices: market transaction prices 3. Sales of goods to related parties: (1) Transaction scale: This year Last year Name of enterprise Amount Amount Pacific Mechatronic (Group) Co., Ltd 32,649,572.65 --- Shanghai Pacific Textile Machinery Complete Equipment Co., Ltd 81,997,458.12 39,337,606.62 Shandong Liangji Textile Machinery Co., Ltd 17,759,820.50 35,784,354.68 Shanghai Xinsiji Mechanical & Electrical Co., Ltd 5,771,483.13 --- Total 138,178,334.40 75,121,961.30 (2) Pricing bases of related transactions and arrangement for transaction price difference: confirmation according to prices in the agreements (IV) Significant contracts and their implementation 1. Management entrustment The Company had made no management entrustment in the report period. 2. Contracting The Company had made no contracting in the report period. 3. Guarantees Unit: RMB External guarantees of the Company (excluding guarantees for shareholding subsidiaries) Name of Date of occurrence Guarantee Guarantee type Guarantee Accomplished For related 上海二纺股份有限公司 2005 年度报告 companies (agreement signing amount term or not parties or guaranteed day) not (yes or no) Shanghai USD Joint-responsibility Jan. 1, Puenyi Import 5,000,000 guarantee 2005 – Dec. 24, 2004 No No & Export Co., Loan credit (counter-guarantee Dec. 31, Ltd line agreement signed) 2006 Shanghai USD Joint-responsibility Aug. 1, Puenyi Import 2,400,000 guarantee Jul. 27, 2005 2005 – Jul. No No & Export Co., Loan credit (counter-guarantee 31, 2006 Ltd line agreement signed) Total guarantee amount occurred in the report period RMB 16,000,000 Total guarantee balance at the end of the report period RMB 16,000,000 Guarantees for shareholding subsidiaries by the Company Total guarantee amount occurred in the report period for shareholding RMB 16,000,000 subsidiaries Total guarantee balance at the end of the report period for shareholding RMB 16,000,000 subsidiaries Total guarantee amount of the Company (including guarantees for shareholding subsidiaries) Total guarantee amount RMB 16,000,000 Proportion of the Company’s net assets taken by the total guarantee amount 2.41 percent th th On Jul. 27, 2005, the Company held the 11 meeting of the 5 Board of Directors through telecommunications, and following resolution had been formed: the Company would provide guarantee for the loan credit line obtained by its subsidiary Shanghai Puenyi Import & Export Co., Ltd, and the guarantee amount totaled USD 2.4 million, with the term starting from Aug. 1, 2005 and expiring on Jul. 31, 2006. 5. Financing entrustment In the report period, the Company had no financing entrustment events. 6. Other significant contracts The Company had no other significant contracts in the report period. (V) Engagement and disengagement of Certified Public Accountants In the report period, the Company had engaged Shulun Pan Certified Public Accountants Co., Ltd and Horwath Certified Public Accountants as the auditing agencies for the year 2005, and the auditing charges totaled RMB 900,000. Shulun Pan Certified Public Accountants Co., Ltd and Horwath Certified Public Accountants had provided auditing services for the Company for 5 successive years. (VI) Punishments received by the Company, the Board or directors and rectifications Neither the Company, nor the Board or any of the directors had ever been inspected by the CSRC, or received any administrative punishments, notified criticism, or had been criticized publicly by the Shanghai Stock Exchange. 上海二纺股份有限公司 2005 年度报告 (VII) Other significant events 1. In November 2005, the Company started the preparation for the Share Merger Reform. After the initial preparations, the Company published relevant public notices on the notification of the Share Merger Reform on Dec. 12, 2005, and on Dec. 16, the Company made public the Paper on the Share Merger Reform and officially commenced the Share Merger Reform work. Plan of Share Merger Reform of the Company: the shareholder of non-circulating shares Pacific Mechatronic (Group) Co., Ltd would grant 24,913,658 shares to all A-share shareholders registered in book on the record date of the implementation of this plan, i.e. each A-share shareholder would be granted with 3.5 shares for each 10 shares held. The total share capital of the Company would not change after the implementation of this plan, and financial indicators including assets, liabilities, owner’s equity and earnings per share, etc would retain unchanged. On Dec. 20, 2005, the Company held the Share Merger Reform On-Line Meeting with Investors at China Stock Website (Online Road Show); on Dec. 22, 2005, the Company disclosed the communications and deliberations with shareholders on the Share Merger Reform plan of Shanghai Erfangji Co., Ltd. Summarizing the opinions of the general shareholders of circulating shares on the A-share market, consulting the shareholder of non-circulating shares and taking the realities of the Company into account, it was decided that the Share Merger Reform plan of Shanghai Erfangji Co., Ltd would remain unchanged; on Jan. 23, 2006, the Shareholders’ General Meeting approved the Company’s Share Merger Reform plan, and public notices on that were published on Jan. 24, 2006; after getting the replies from the Ministry of Commerce of PRC and Shanghai Foreign Investment Committee, the Company went through relevant procedures for the trade resumption of the Company’s stocks at the Shanghai Stock Exchange and the Shanghai Branch of China Securities Depository and Clearing Corporation Limited; on Mar. 3, 2006, the trade was resumed; the stock abbreviation of A share was changed into “G Erfangji”, and the stock code remained the same, i.e. “600604”. 2. According to the Opinions on the Normative Operation of Reforms According to Law within State-Owned Enterprises of Shanghai Electric Asset Management Co., Ltd and the Reply on Agreeing to Pay Economic Compensation to Employees with Labor Contract Terminated after Negotiation of Pacific Mechatronic (Group) Co., Ltd (Pacific Mechatronic (2004) QZ No. 129), and according to the arrangements of the group company, the Company received settlement compensation RMB 61,455,334.90 transferred into the Company by Pacific Mechatronic (Group) Co., Ltd to solve the historically left-over problem of settling and diverting employees with no fixed-term contract before the reform and with no fixed terms after the reform in 2005. The balance of last year was RMB 6,767,638.94, and the settlement compensation paid to employees this year totaled RMB 68,222,973.84. (VIII) Events after the balance sheet date On Jan. 23, 2006, the Company’s relevant Shareholders’ General Meeting of A-share market examined and approved the Share Merger Reform plan of Erfangji. The unit authorized with operation of state-owned shares of the Company Pacific Mechatronic (Group) Co., Ltd had made the following commitments during the Company’s Share Merger Reform: 1) Non of the non-circulating shares held by Pacific Mechatronic (Group) Co., Ltd would be traded or transferred within 12 months starting from the day of implementation of the Share Merger Reform; 2) After the expiration of the aforesaid commitment, the number of the originally non-circulating shares 上海二纺股份有限公司 2005 年度报告 sold by Pacific Mechatronic (Group) Co., Ltd through Shanghai Stock Exchange would not exceed 5 percent of the Company’s total shares within 12 months, and not exceed 10 percent within 24 months; 3) Once the number of Erfangji shares sold through Stock Exchange totals 1 percent of Erfangji’s total shares, Pacific Mechatronic (Group) Co., Ltd should publish public notices within 2 work days since the day such event happens, while it is not required to stop selling shares during the notification period. (IX) Contingent events In June 2001, the Shanghai Branch of Crédit Agricole Indosuez sued the Company in Hong Kong for overdue debt dispute, and the object of the lawsuit was USD 2,605,600. Hong Kong High Court accepted as Case No. 14569 and the Company responded the case in Hong Kong. As appealed by Shanghai Branch of Crédit Agricole Indosuez, the Court judged the case through summary procedure. On Nov. 30, 2001, Hong Kong High Court judged not to support the appeals of Shanghai Branch of Crédit Agricole Indosuez. On Dec. 13, 2001, Shanghai Branch of Crédit Agricole Indosuez filed an appeal, which was turned down on Jun. 12, 2002. Then Shanghai Branch of Crédit Agricole Indosuez applied for postponement through normal procedure, and the Court approved that application. On Jan. 5, 2005, the Court heard the case and required that both parties hand in evidences. Right now, evidences are being prepared. Section X. Financial Report Section XI. Documents for Reference 1. Accounting Statements for the year 2005 with the signatures and seals of the Legal Representative, Chief Financial Officer and the person in charge of finance; 2. Originals of the Auditors’ Reports with the seals of Shulun Pan Certified Public Accountants Co., Ltd and Horwath Certified Public Accountants as well as the signatures and seals of the CPAs; 3. Text of all the documents publicly disclosed in Shanghai Securities News and Hong Kong Ta Kung Pao in the report period as well as the originals of the public notices. The originals of the aforesaid documents are available at the registered address of the Company for the reference by China Securities Regulatory Commission, Shanghai Stock Exchange or shareholder according to regulations or the Articles of Association. Shanghai Erfangji Co., Ltd Chairman of the Board: Zheng Yuanhu Apr. 13, 2006 上海二纺股份有限公司 2005 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 39 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 2005 and of its results and cash flows for the year then ended. HORWATH HONG KONG CPA LIMITED 2001 Central Plaza Certified Public Accountants 18 Harbour Road 13 April 2006 Wanchai Hong Kong Chan Kam Wing, Clement Practising Certificate number P02038 SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2005 (Expressed in Renminbi thousands) 2005 2004 Notes RMB’000 RMB’000 Turnover 5 1,018,130 1,182,316 Cost of sales (896,962) (1,024,829) Gross profit 121,168 157,487 Other operating income 6 9,713 7,039 Selling expenses (19,406) (22,930) Administrative expenses (97,770) (146,204) Profit/(loss) from operations 13,705 (4,608) Other gains and losses 7 9,431 31,159 Finance costs 8 (10,629) (11,699) Loss on disposal of subsidiaries (492) - Share of results of unconsolidated subsidiaries and associates 648 1,490 Profit before taxation 9 12,663 16,342 Taxation 10(a) (4,494) (5,590) Profit for the year 8,169 10,752 Attributable to: Equity holders of the parent 8,210 9,821 Minority interests (41) 931 8,169 10,752 Basic earnings per share 11 RMB0.014 RMB0.017 The notes on pages 8 to 39 form part of these consolidated financial statements. SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2005 (Expressed in Renminbi thousands) 2005 2004 Notes RMB’000 RMB’000 Non-current assets Property, plant and equipment 12 470,009 511,319 Construction in progress 13 5,917 2,030 Land use rights 14 32,831 33,638 Goodwill 15 367 367 Negative goodwill - (829) Investments in unconsolidated subsidiaries and associates 16 12,082 11,453 Available-for-sale investments 17 25,698 25,201 546,904 583,179 Current assets Inventories 18 381,477 380,717 Trade and bills receivables 227,028 128,269 Other receivables and prepayments 19,772 8,168 Amounts due from related companies 23(b)(i) 6,415 - Amounts due from unconsolidated subsidiaries and associates 23(b)(i) 25,810 4,328 Amount due from immediate holding company 23(b)(ii) 6,699 4,085 Pledged bank deposits 3,267 - Cash and bank balances 148,108 208,527 818,576 734,094 第二章Current liabilities Bank loans 19 275,681 185,650 Trade and bills payables 278,412 251,399 Other payables and accrued expenses 47,416 70,726 Advances from customers 66,597 91,939 Amounts due to related companies 23(b)(i) 1,242 - Amounts due to unconsolidated subsidiaries and associates 23(b)(i) 5,893 17,440 Amount due to immediate holding company 23(b)(ii) 8,518 18,094 Tax payable 2,074 3,406 685,833 638,654 Net current assets 132,743 95,440 Total assets less current liabilities carried forward 679,647 678,619 SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2005 (Expressed in Renminbi thousands) 2005 2004 Notes RMB’000 RMB’000 Total assets less current liabilities brought forward 679,647 678,619 Non-current liabilities Bank loans 19 (4,083) (4,083) Net assets 675,564 674,536 Equity Share capital 20 566,449 566,449 Reserves 99,090 88,403 Attributable to equity holders of the parent 665,539 654,852 Minority interests 10,025 19,684 Total equity 675,564 674,536 The consolidated financial statements were approved and authorised for issue by the board of directors on 13 April 2006. Director Director SHANGHAI ERFANGJI CO., LTD. The notes on pages 8 to 39 form part of these consolidated financial statements. SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2005 (Expressed in Renminbi thousands) Statutory Attributable Statutory public to equity Share Capital surplus welfare Retained holders of Minority Total capital reserve reserve fund profits the parent interests equity RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (Note 20) (Note 21(b)) (Note 21(c)) (Note 21(d)) At 1 January 2004 566,449 29,779 5,084 2,530 41,189 645,031 18,962 663,993 Profit for the year - - - - 9,821 9,821 931 10,752 Dividend paid to minority shareholders - - - - - - (209) (209) Profit appropriations - - 1,595 847 (2,442) - - - At 31 December 2004 566,449 29,779 6,679 3,377 48,568 654,852 19,684 674,536 Effect of changes in accounting policy (Note 2) - - - - 2,184 2,184 - 2,184 As restated 566,449 29,779 6,679 3,377 50,752 657,036 19,684 676,720 Subsidy from the immediate holding company - 293 - - - 293 - 293 Profit for the year - - - - 8,210 8,210 (41) 8,169 Total income and expenses recognised for the year - 293 - - 8,210 8,503 (41) 8,462 Dividend paid to minority shareholders - - - - - - (1,212) (1,212) Deregistration of subsidiaries - - - - - - (4,654) (4,655) Disposal of a subsidiary - - - - - - (3,752) (3,752) Profit appropriations - - 979 489 (1,468) - - - At 31 December 2005 566,449 30,072 7,658 3,866 57,494 665,539 10,025 675,564 The notes on pages 8 to 39 form part of these consolidated financial statements. SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2005 (Expressed in Renminbi thousands) 2005 2004 Note RMB’000 RMB’000 Operating activities Profit before taxation 12,663 16,342 Adjustment for: Dividend income (363) (70) Interest income (1,508) (1,381) Interest expenses 10,918 11,270 Depreciation and amortisation 42,352 46,474 (Write back of)/provision for impairment loss on property, plant and equipment (4,811) 1,130 Provision for impairment loss on available-for-sale investments 19 1,300 Additional provision/(write back of provision) for bad and doubtful debts 2,298 (10,041) (Write back of)/additional provision for obsolete inventories (827) 6,673 Share of results of unconsolidated subsidiaries and associates (648) (1,490) Gain on disposal of investments held for trading - (35) Gain on disposal of available-for-sale investments - (3,477) Loss on disposal of subsidiaries 492 - Trade payables written back (3,895) - Waiver of equity interests by minority shareholders (3,654) - Gain on disposal of property, plant and equipment (1,247) (28,851) Construction in progress written off 1,985 - Amortisation of goodwill - 61 Release of negative goodwill as income - (364) Cash flows before changes in working capital 53,774 37,541 (Increase)/decrease in inventories (12,887) 18,736 (Increase)/decrease in trade and bills receivables (25,717) 82,875 Increase in pledged bank deposits (3,267) - Increase in amounts due from associates, unconsolidated subsidiaries, immediate holding company and related companies (32,117) (4,381) (Increase)/decrease in other receivables and prepayments (13,282) 66,522 Increase/(decrease) in trade and bills payables 37,408 (5,742) Decrease in advances from customers (23,664) (115,346) (Decrease)/increase in other payables and accrued expenses (11,120) 20,671 Decrease in amounts due to associates, unconsolidated subsidiaries, immediate holding company and related companies (19,881) (7,001) Cash (used in)/generated from operations (50,753) 93,875 SHANGHAI ERFANGJI CO., LTD. Interest paid (10,918) (11,270) Income tax paid (5,513) (4,718) Net cash (used in)/generated from operating activities (67,184) 77,887 SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2005 (Expressed in Renminbi thousands) 2005 2004 Note RMB’000 RMB’000 Investing activities Proceeds from liquidation or disposal of investments in an associate and an unconsolidated subsidiary - 870 Proceeds from sale of available-for-sale investments - 24,619 Purchase of property, plant and equipment and construction in progress (11,146) (12,750) Purchase of available-for-sale investments (150) (30) Proceeds from sale of investments held for trading - 528 Proceeds from disposal of property, plant and equipment and construction in progress 7,935 26,282 Proceeds from disposal of subsidiaries 22 6,588 - Dividends received 1,630 794 Interest received 1,508 1,381 Net cash generated from investing activities 6,365 41,694 Financing activities Repayment of bank loans (455,435) (453,100) New bank loans 458,047 419,750 Payment to a minority shareholder upon deregistration of a subsidiary (1,000) - Dividends paid to minority shareholders (1,212) (220) Net cash generated from/(used in) financing activities 400 (33,570) Net (decrease)/increase in cash and bank balances (60,419) 86,011 Cash and bank balances at beginning of year 208,527 122,516 Cash and bank balances at end of year 148,108 208,527 The notes on pages 8 to 39 form part of these consolidated financial statements. SHANGHAI ERFANGJI CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in Renminbi thousands) 1. PRINCIPAL ACTIVITIES AND BASIS OF PREPARATION Shanghai Erfangji Co., Ltd. (the “Company”) was established as a manufacturing enterprise engaged in the 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 February 1992 and May 1992 respectively. Details of the Company’s principal subsidiaries as of 31 December 2005 are set out in Note 27 to the consolidated financial statements. 2. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS ( “IFRS” ) In the current year, the Group has adopted all of the new and revised Standards (“IFRS”) and Interpretations issued by the International Accounting Standards Board (the “IASB”) and the International Financial Reporting Interpretations Committee (“IFRIC”) of the IASB that are relevant to its operations and effective for accounting periods beginning on 1 January 2005. IFRS includes International Accounting Standards (“IAS”) and related interpretations. The adoption of these new and revised Standards and Interpretations has resulted in changes to the Group’s accounting policies in the following areas that have affected the amounts reported for the current or prior years: IFRS 3, Business Combinations Goodwill IFRS 3 has been adopted for business combinations for which the agreement date is on or after 31 March 2004. The option of limited retrospective application of the Standard has not been taken up, thus avoiding the need to restate past business combinations. After initial recognition, IFRS 3 requires goodwill acquired in a business combination to be carried at cost less any accumulated impairment losses. Under IAS 36 Impairment of Assets (as revised in 2004), impairment reviews are required annually, or more frequently if there are indications that goodwill might be impaired. IFRS 3 prohibits the amortisation of goodwill. Previously, under IAS 22, the Group carried goodwill in its balance sheet at cost less accumulated amortisation and accumulated impairment losses. Amortisation was charged over the estimated useful life of goodwill, subject to the rebuttable presumption that the maximum useful life of goodwill was 20 years. SHANGHAI ERFANGJI CO., LTD. 2. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (CONTINUED) In accordance with the transitional rules of IFRS 3, the Group has applied the revised accounting policy for goodwill prospectively from the beginning of its first annual period beginning on or after 31 March 2004, i.e. 1 January 2005, to goodwill acquired in business combinations for which the agreement date was before 31 March 2004. Therefore, from 1 January 2005, the Group has discontinued amortising such goodwill and has tested the goodwill for impairment in accordance with IAS 36. At 1 January 2005, the carrying amount of amortisation accumulated before that date of RMB243,000 has been eliminated, with a corresponding decrease in goodwill. Because the revised accounting policy has been applied prospectively, the change has had no impact on amounts reported for 2004 or prior periods. No amortisation has been charged in 2005. The charge in 2004 was RMB61,000. Excess of acquirer’s interest in the net fair value of acquiree’s identifiable assets, liabilities and contingent liabilities over cost (previously known as negative goodwill) IFRS 3 requires that, after reassessment, any excess of acquirer’s interest in the net fair value of acquiree’s identifiable assets, liabilities and contingent liabilities over cost of the business combination should be recognised immediately in profit or loss. IFRS 3 prohibits the recognition of negative goodwill in the balance sheet. Previously, under IAS 22 (superceded by IFRS 3), the Group released negative goodwill to income over a number of accounting periods, based on an analysis of the circumstances from which the balance resulted. Negative goodwill was reported as a deduction from assets in the balance sheet. In accordance with the transitional rules of IFRS 3, the Group has applied the revised accounting policy prospectively from 1 January 2005. Therefore, the change has had no impact on amounts reported for 2004 or prior periods. The carrying amount of negative goodwill at 1 January 2005 has been derecognised at the transition date. This resulted in an increase of opening retained earnings of RMB2,184,000 and decrease of negative goodwill arising on the acquisition of a subsidiary and an associate of RMB829,000 and RMB1,355,000 respectively. Under the previous accounting policy, negative goodwill arising on the acquisition of a subsidiary and an associate of RMB138,000 and RMB226,000 respectively would have been released to income during 2005, leaving a balance of negative goodwill arising on the acquisition of a subsidiary and an associate of RMB691,000 and RMB1,129,000 respectively at 31 December 2005. Therefore, the impact of the change in accounting policy in 2005 is a reduction in other operating income of RMB364,000 and an increase in net assets at 31 December 2005 of RMB1,820,000. SHANGHAI ERFANGJI CO., LTD. 2. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (CONTINUED) At the date of authorisation of these financial statements, the following Standards and Interpretations were in issue but not yet effective: IFRS 7 Financial instrument: Disclosure IFRIC 4 Determining whether an Arrangement contains a Lease IFRIC 8 Scope of IFRS 2 The directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Group. 3. PRINCIPAL ACCOUNTING POLICIES The financial statements of the Company and its subsidiaries (the “Group”) have been prepared in accordance with 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 29. The principal accounting policies adopted are as follows: (a) Principles of consolidation The consolidated financial statements include those of the Company and its subsidiaries and the Group’s interest in associates and joint ventures on the basis as set out in Notes 3(c), (d) and (e) below. The acquisition method of accounting is used for acquired businesses. Results of subsidiaries and associates acquired or disposed of during the year are included in the consolidated financial statements from the date of acquisition or to the date of disposal. All significant intercompany balances and transactions, including intercompany profits and unrealised profits and losses are eliminated on consolidation. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination. Losses applicable to the minority in excess of the minority’s interest in the subsidiary’s equity are allocated against the interests of the Group except to the extent that the minority has a binding obligation and is able to make an additional investment to cover the losses. SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (b) Business combinations Acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of the assets acquired, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair values at the acquisition date. Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in profit or loss. The interest of minority shareholders in the acquiree is intitially measured at the minority’s proportion of the net fair value of the assets, liabilities and contingent liabilities recognised. (c) Subsidiaries A subsidiary is a company in which the Company has control. Control exists when the Company has the power to govern the financial and operating policies of the subsidiary so as to obtain benefits from its activities. Details of the Company’s subsidiaries as of 31 December 2005 are set out in Note 27 to the financial statements. (d) Associates 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. The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for under IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations. Under the equity method, investments in associates are carried in the consolidated balance sheet at cost as adjusted for post-acquisition changes in the Group’s share of the net assets of the associate, less any impairment in the value of individual investments. Losses of an associate in excess of the Group’s interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate) are not recognised, unless the Group has incurred obligations or made payments on behalf of the associate. SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (d) Associates (continued) Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate recognised at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profit or loss. Where a group entity transacts with an associate of the Group, profits and losses are eliminated to the extent of the Group’s interest in the relevant associate. (e) Goodwill Goodwill arising on the acquisition of a subsidiary or a jointly controlled entity represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary or jointly controlled entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. The Group’s policy for goodwill arising on the acquisition of an associate is described under “Associate” above. SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (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 the 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. 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: Buildings 2.1% to 3.2% Plant, machinery and vehicles 4.8% to 12% Furniture, fixtures and others 4.8% to 12% 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. (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) Land use rights Land use rights are stated at cost less accumulated amortisation. Land use rights are amortised on the straight-line basis over its lease term of land use rights. SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (i) Impairment of tangible and intangible assets excluding goodwill At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset. The Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduce to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. (j) 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. Provision is made for obsolete, slow-moving and defective items where appropriate. SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (k) Financial instruments Financial assets and financial liabilities are recognised on the Group’s balance sheet when the Group becomes a party to the contractual provisions of the instrument. (i) Trade receivables Trade receivables are measured at initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in profit or loss when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition. (ii) Investments Investments are recognised and derecognised on a trade date basis where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, plus directly attributable transaction costs. 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 using the effective interest rate method, less any impairment loss recognised to reflect irrecoverable amounts. An impairment loss is recognised in profit or loss when there is objective evidence that the asset is impaired, and is measured as the difference between the investment’s carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition. Impairment losses are reversed in subsequent periods when an increase in the investment’s recoverable amount can be related objectively to an event occurring after the impairment was recognised, subject to the restriction that the carrying amount of the investment at the date the impairment is reversed shall not exceed what the amortised cost would have been had the impairment not been recognised. SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (k) Financial instruments (continued) (iii) Investments (continued) Investments other than held-to-maturity debt securities are classified as either investments held for trading or as available-for-sale, and are measured at subsequent reporting dates at fair value. Where securities are held for trading purposes, gains and losses arising from changes in fair value are included in profit or loss for the period. For available-for-sale investments, gains and losses arising from changes in fair value are recognised directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulate gain or loss previously recognised in equity is included in the profit or loss for the period. For investment in an equity instrument that does not have a quoted market price in active market and for which other methods of reasonably estimating fair value are clearly inappropriate or unworkable, the instrument would be measured at cost, subject to review of impairment. Impairment losses recognised in profit or loss for equity investments classified as available-for-sale are not subsequently reversed through profit or loss. Impairment losses recognised in profit or loss for debt instruments classified as available-for-sale are subsequently reversed if an increase in the fair value of the instrument can be objectively related to an event occurring after the recognition of the impairment loss. (iv) Cash and cash equivalents Cash represents cash in hand and deposits with any banks or other financial institutions which are repayable on demand. Cash equivalents represent short term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less and that are subject to an insignificant risk of change in value. (v) Bank borrowings Interest-bearing bank loans and overdrafts are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in accordance with the Group’s accounting policy for borrowing costs (see below). (vi) Trade payables Trade payables initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (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) Provisions A provision is recognised when, and only when an enterprise has a present obligation (legal or constructive) as a result of a past event and it is probable (i.e. more likely than not) that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. Where the effect of the time value of money is material, the amount of a provision is the present value of the expenditure expected to be required to settle the obligation. (n) 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. (o) Pension obligations 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. SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (p) Foreign currency transactions The Group maintains its books and records in RMB, which is not a freely convertible currency. Transactions in other currencies are translated into RMB at the exchange rates prevailing at the time of the transactions. Monetary assets and liabilities denominated in other currencies at the balance sheet date are re-translated into RMB at the exchange rates prevailing at that date. Non-monetary assets and liabilities denominated in other currencies are translated at historical rates. Exchange differences, other than those capitalised as a component of borrowing costs, are recognised in the income statement in the period in which they arise. (q) Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, associated companies and joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (q) Taxation (continued) Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. (r) Borrowing costs Borrowing costs that are directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to be ready for their intended use or sale are capitalised as part of the assets. All other borrowing costs are recognised as an expense in the period in which they are incurred. (s) Revenue recognition Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and sales related taxes. (i) Revenue from the sale of goods is 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. (t) 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 it intends 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. SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (u) Subsequent events Post year end events that provide additional information about the Group’s position at the balance sheet date or those that indicate the going concern assumption is not appropriate (adjusting events) are reflected in the consolidated financial statements. Post year end events that are not adjusting events are disclosed in the notes when material. (v) Use of estimates The preparation of the financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 4. 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 2005: 2005 2004 RMB’000 RMB’000 Domestic revenue 686,481 748,486 Overseas revenue 334,688 435,327 Sales taxes and charges (3,039) (1,497) 1,018,130 1,182,316 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. SHANGHAI ERFANGJI CO., LTD. 5. TURNOVER Turnover represents the gross value of goods and services invoiced to customers, net of value-added tax and allowances for discounts and returns. 6. OTHER OPERATING INCOME 2005 2004 RMB’000 RMB’000 Rental income, net 4,722 6,767 Export income 4,135 3,717 Bank interest income 1,508 1,381 Sale of raw materials 280 (5,488) Government subsidy 149 823 Others (1,081) (161) 9,713 7,039 7. OTHER GAINS AND LOSSES 2005 2004 RMB’000 RMB’000 Trade payables written back 3,895 - Waiver of equity interests by minority shareholders 3,654 - Gain on disposal of property, plant and equipment 1,247 29,001 Dividend income 363 70 Gain on disposal of available-for-sale investments - 3,477 Gain on disposal of investments held for trading - 35 Provision for impairment loss on available-for-sale investments (19) (1,300) Others 291 (124) 9,431 31,159 SHANGHAI ERFANGJI CO., LTD. 8. FINANCE COSTS 2005 2004 RMB’000 RMB’000 Interest expenses on bank loans 10,918 11,270 Others 73 111 10,991 11,381 Net exchange (gain)/loss (362) 318 10,629 11,699 9. PROFIT BEFORE TAXATION 2005 2004 RMB’000 RMB’000 Profit before taxation is stated after charging/(crediting):- Depreciation of property, plant and equipment 41,545 45,472 Amortisation of land use rights 807 1,002 Directors’ remuneration 970 741 Staff costs - Salaries and wages 71,336 82,788 - Contributions to statutory pension scheme 16,375 15,859 Additional provision/(write back of provision) for bad and doubtful debts 2,298 (10,041) (Write back of)/additional provision for impairment losses on property, plant and equipment (4,811) 1,130 (Write back of)/additional provision for obsolete inventories (827) 6,673 Construction in progress written off 1,985 - Amortisation of goodwill - 61 Release of negative goodwill as income - (364) SHANGHAI ERFANGJI CO., LTD. 10. TAXATION (a) Taxation in the consolidated income statement represents: 2005 2004 RMB’000 RMB’000 Current year taxation 4,494 5,590 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% (2004 : 15%). The income tax rates applicable to subsidiaries 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 is uncertain. 11. BASIC EARNINGS PER SHARE Basic earnings per share is calculated based on the profit attributable to equity holders of the parent for the year of approximately RMB8,210,000 (2004: RMB9,821,000) and the average number of shares in issue during the year of 566,449,190 shares (2004: 566,449,190). SHANGHAI ERFANGJI CO., LTD. 12. PROPERTY, PLANT AND EQUIPMENT Furniture, Plant, fixtures machinery Buildings and others and vehicles Total RMB’000 RMB’000 RMB’000 RMB’000 Cost: At 1 January 2004 479,782 8,181 622,999 1,110,962 Additions - 131 3,541 3,672 Transfer from construction in progress 4,404 242 4,971 9,617 Disposals/written off (19,897) (2,356) (9,283) (31,536) Reclassification 9,379 (98) (9,281) - At 31 December 2004 473,668 6,100 612,947 1,092,715 Additions - 224 316 540 Transfer from construction in progress 1,495 466 2,773 4,734 Disposal of subsidiaries (5,923) (322) (7,645) (13,890) Disposals/written off (1,644) (300) (42,779) (44,723) At 31 December 2005 467,596 6,168 565,612 1,039,376 Accumulated depreciation and impairment losses: At 1 January 2004 132,646 4,911 412,527 550,084 Charge for the year 12,534 443 32,495 45,472 Disposals/written back (7,028) (1,569) (6,693) (15,290) Impairment loss 1,130 - - 1,130 Reclassification 78 (2) (76) - At 31 December 2004 139,360 3,783 438,253 581,396 Charge for the year 10,827 421 30,297 41,545 Disposal of subsidiaries (3,957) (175) (6,596) (10,728) Disposals/written back (159) (198) (37,678) (38,035) Impairment losses written back (4,811) - - (4,811) At 31 December 2005 141,260 3,831 424,276 569,367 Net book value: At 31 December 2005 326,336 2,337 141,336 470,009 At 31 December 2004 334,308 2,317 174,694 511,319 SHANGHAI ERFANGJI CO., LTD. 13. CONSTRUCTION IN PROGRESS 2005 2004 RMB’000 RMB’000 Cost: At 1 January 15,007 15,546 Additions 10,606 9,078 Written off (1,985) - Transfer to property, plant and equipment (4,734) (9,617) At 31 December 18,894 15,007 Provision for impairment losses: At 1 January and 31 December 12,977 12,977 Net book value: At 31 December 5,917 2,030 14. LAND USE RIGHTS 2005 2004 RMB’000 RMB’000 Cost: At 1 January and 31 December 41,728 41,728 Accumulated amortisation: At 1 January 8,090 7,088 Amortisation for the year 807 1,002 At 31 December 8,897 8,090 Net book value: At 31 December 32,831 33,638 SHANGHAI ERFANGJI CO., LTD. 15. GOODWILL RMB’000 Cost: At 1 January and 31 December 2004 610 Elimination of amortisation accumulated prior to the adoption of IFRS 3 (Note 2) (243) At 31 December 2005 367 Accumulated amortisation: At 1 January 2004 182 Amortisation for the year 61 At 31 December 2004 243 Elimination of amortisation accumulated prior to the adoption of IFRS 3 (Note 2) (243) At 31 December 2005 - Net book value: At 31 December 2005 367 At 31 December 2004 367 SHANGHAI ERFANGJI CO., LTD. 16. INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND ASSOICATES 2005 2004 RMB’000 RMB’000 Share of net assets of unconsolidated subsidiaries 9,493 9,894 Share of net assets of associates 2,589 2,914 Unamortised negative goodwill - (1,355) 12,802 11,453 Details of the Group’s unconsolidated subsidiaries and associates as of 31 December 2005 were as follows: 2005 2004 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. computer software (Note (i)) Hainan Liangji Investment 70 - 70 - Investment holding and Development Co., Ltd. (Note (i)) Taipingyang Textile 20 - 20 - Sale and installation of textile Machinery Facility Co., Ltd. machinery and accessories Linhai Liangfang Textile - 83 - 83 Manufacture of accessories of Machinery Accessories Co., textile machinery Ltd. (Note (i)) SHANGHAI ERFANGJI CO., LTD. 16. INVESTMENTS IN ASSOCIATES AND UNCONSOLIDATED SUBSIDIARIES (CONTINUED) 2005 2004 Percentage Percentage holding holding Direct Indirect Direct Indirect Name of company % % % % Nature of business Erfangji Textile Accessories 20 - 20 80 Not yet commenced business Co., Ltd. (Note (i)) Shandong Liangji Textile 25 - 25 - Sale of textile machinery Machinery Co., Ltd Note: (i) The above subsidiaries were not consolidated as they were not material to the Group. Investments in unconsolidated subsidiaries are accounted for using the equity method of accounting. (ii) The names of the above associates and unconsolidated subsidiaries are a direct translation of their registered names in Chinese. Summarised financial information in respect of the Group’s unconsolidated subsidiaries and associates is set out below: 2005 2004 RMB’000 RMB’000 Total assets 123,232 119,967 Total liabilities (99,404) (93,806) Net assets 23,828 26,161 Group’s share of net assets of unconsolidated subsidiaries and associates 12,082 12,808 Revenue 159,856 170,776 Profit for the year 1,559 6,560 Group’s share of profit of unconsolidated subsidiaries and associates 648 1,490 SHANGHAI ERFANGJI CO., LTD. 17. AVAILABLE-FOR SALE INVESTMENTS 2005 2004 RMB’000 RMB’000 Unlisted equity investments 6,587 6,221 Legal person shares of joint venture stock companies in the PRC * 21,306 21,156 27,893 27,377 Less: Provision for impairment (2,195) (2,176) 25,698 25,201 * Legal person shares are currently not permitted to be traded on any stock exchange in the PRC. 18. INVENTORIES 2005 2004 RMB’000 RMB’000 Raw materials 41,501 47,644 Work in progress 98,262 114,084 Finished goods 241,714 218,989 381,477 380,717 SHANGHAI ERFANGJI CO., LTD. 19. BANK LOANS 2005 2004 RMB’000 RMB’000 Bank loans - secured 88,064 - - unsecured 191,700 189,733 279,764 189,733 The borrowings are repayable as follows: On demand or within one year 275,681 185,650 After five years 4,083 4,083 279,764 189,733 Less: Amount due for settlement within 12 months (shown under current liabilities) (275,681) (185,650) Amount due for settlement after 12 months 4,083 4,083 As at 31 December 2005, the bank loans bore interest at rates ranging from 5.22% to 5.742% (2004 : 4.54% to 5.72%) per annum. Bank loans amounted to RMB155,700,000 are guaranteed by the Company’s immediate holding company. The Group has pledged its bank deposits totaling RMB3,267,000 as security to secure the short term bank loans. SHANGHAI ERFANGJI CO., LTD. 20. SHARE CAPITAL As of 31 December 2005, 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 A Shares. Details of share capital were as follows: 2005 2004 Number RMB’000 Number RMB’000 Authorised 566,449,189 566,449 566,449,189 566,449 Issued and fully paid State-owned shares 262,342,310 262,342 262,342,310 262,342 A Shares 71,181,880 71,182 71,181,880 71,182 B Shares 232,925,000 232,925 232,925,000 232,925 566,449,190 566,449 566,449,190 566,449 21. 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: (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 need 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. SHANGHAI ERFANGJI CO., LTD. 21. 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) surplus 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. (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. In the PRC statutory financial statements as at 31 December 2005, retained profits carried forward amounted to RMB17,136,000 (2004 : RMB12,916,000). SHANGHAI ERFANGJI CO., LTD. 22. DISPOSAL OF SUBSIDIARIES On 21 April 2005, the Group disposed of its 70% equity interest in the subsidiary Shanghai Liangji Metal Products Co., Ltd. (“Liangji Metal”) and the 90% equity interest in the subsidiary Shanghai Liangzhou Materials Trading Co., Ltd. directly held by Liangji Metal. Details of the assets and liabilities of the subsidiaries disposed of were as follows: RMB’000 Net assets of the subsidiaries disposed of: Property, plant and equipment 3,162 Investments in associates 400 Inventories 12,954 Trade and bills receivables 14,523 Other receivables and prepayments 840 Cash and bank balances 2,125 Trade and bills payables (9,860) Other payables and accrued expenses (8,830) Advances from customers (1,678) Tax payable (313) 13,323 Equity interests disposed of 9,205 Loss on disposal of subsidiaries (492) Total consideration satisfied by cash 8,713 Analysis of the net cash inflow in respect of disposal of subsidiaries: Cash consideration 8,713 Cash and bank balances of subsidiaries disposed of (2,125) 6,588 The subsidiary disposed of contributed revenue of RMB26,166,000 and profit before tax of RMB64,000 for the period from beginning of year to the date of disposal. During the period from beginning of year to the date of disposal, the subsidiaries disposed of had utilised RMB199,000 in investing activities and contributed RMB4,386,000 and utilised RMB4,557,000 in operating activities and financing activities respectively. SHANGHAI ERFANGJI CO., LTD. 23. RELATED PARTY TRANSACTIONS The immediate and ultimate holding companies of the Company are Tai Pin Yang Ji Dian (Group) Limited and Shanghai Automotive Industry Corporation (Group) Company respectively. Both companies were incorporated in the PRC. Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this Note. Details of transactions between the Group and other related parties are disclosed below. (d) Trading transactions During the year, the Group had the following significant related party transactions which were transacted on normal commercial terms: 2005 2004 RMB’000 RMB’000 Sales to immediate holding company 33,316 - Sales to associates 99,757 75,122 Sales to related companies 5,771 - Purchases from immediate holding company 1,111 - Purchases from unconsolidated subsidiaries 14,991 34,147 Purchases from related companies 39,322 - (e) Balances with related parties (i) Amounts due from/(to) related companies, unconsolidated subsidiaries and associates are unsecured, interest free and have no fixed terms of repayment. (ii) Amount due from/(to) immediate holding company is unsecured, interest free and has no fixed terms of repayment. (f) Compensation of key management personnel The remuneration of directors and other members of key management during the year was as follows: 2005 2004 RMB’000 RMB’000 Salaries and allowance 1,951 1,810 Retirement benefits 206 259 Other benefits 206 256 2,363 2,325 SHANGHAI ERFANGJI CO., LTD. 24. OPERATING LEASE COMMITMENTS (c) As a lessee At 31 December 2005, the Group had outstanding commitments under non-cancellable operating leases, which fall due as follows: 2005 2004 RMB’000 RMB’000 Within one year 142 142 In the second to fifth year inclusive 569 570 Over five years 1,578 1,720 2,289 2,432 (d) As a lessor At 31 December 2005, the Group’s has contracted with tenants for the following future minimum lease payments: - 2005 2004 RMB’000 RMB’000 Within one year 12,446 10,926 In the second to fifth year inclusive 10,391 14,228 Over five years 3,700 5,761 26,537 30,915 25. CONTINGENT LIABILITIES (a) As at 31 December 2005, the Group had provided guarantees to banks in respect of borrowings granted to a related company to the extent of RMB60,000,000 (2004: RMB60,000,00). (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) alleged to be owed by the Group. The Directors disputed the petition and are of the opinion that the Group has never owed the said amount to the bank. Accordingly, the Group has not recognised any liability in respect of the petition in these consolidated financial statements. On 30 November 2001 and 12 June 2002, the Court rejected the applications from Credit Agricole Indosuez on both occasions. The court case is still in progress up to the date of report. SHANGHAI ERFANGJI CO., LTD. 26. 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% (2004 : 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 RMB16,375,000 (2004 : RMB15,859,000). 27. PRINCIPAL SUBSIDIARIES At 31 December 2005, the Company held shares in the following subsidiaries, all of which are unlisted and were incorporated in the PRC:- 2005 2004 Percentage Percentage holding holding Direct Indirect Direct Indirect Name of company % % % % Nature of business Shanghai Liangji Industrial 90 - 90 - General trading Co., Ltd. Shanghai Liangji Plastic 90 - 90 - Manufacture and sale of plastic Products Co., Ltd. products Shanghai Liangji 90 - 90 - Manufacture and sale of textile Machinery Co., Ltd. machinery Shanghai PNE Importation 90 - 90 - General import and export and Exportation Co., Ltd. Shanghai Liangfang 85 - 85 - Manufacture and sale of Textile Works Co., Ltd. accessories of textile machinery The names of the above subsidiaries are a direct translation of their registered names in Chinese. SHANGHAI ERFANGJI CO., LTD. 28. FINANCIAL ASSETS AND LIABILITIES (a) Fair values (i) Cash and cash equivalents and short-term bank borrowings The carrying amounts approximate their fair values because these assets or liabilities either carry a current rate of interest or have a short period of time between the origination of the cash deposits or borrowings and their expected maturity. (ii) Investments The carrying amounts approximate their market values. (iii) Notes receivable and payables, trade receivables and payables and loans to non-related parties The carrying amounts approximate their fair values. (iv) Balances with related parties Credit balances with related parties approximate their fair value because these are subject to normal commercial terms. No disclosure of fair values is made for other balances with related parties as it is not practicable to determine their fair values with sufficient reliability since these balances are non-interest bearing and have no fixed repayment terms. (b) Concentration of risks (i) Interest rate risk The interest rates and terms of repayments of bank borrowings are disclosed in Note 19. Other financial assets and liabilities are not subject to high interest rate risk. (ii) 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. SHANGHAI ERFANGJI CO., LTD. 29. IMPACT OF IFRS ADJUSTMENTS ON PROFIT FOR THE YEAR AND EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 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 the profit for the year ended 31 December 2005 attributable to equity holders of the parent and equity attributable to equity holders of the parent at that date are summarised as follows: Profit for the year Equity attributable to attributable to equity holders equity holders of the parent of the parent RMB’000 RMB’000 As determined pursuant to PRC accounting regulations 5,688 663,658 Difference in recognition and amortisation of goodwill and negative goodwill (303) 1,881 Income directly taken into reserves 979 - Reversal of recognition of losses of subsidiaries in excess of the Company’s investment costs upon the deregistration of certain subsidiaries 2,037 - Recognition of losses of subsidiaries in excess of the Company’s investment costs in profit and loss account (191) - As determined pursuant to IFRS 8,210 665,539 30. SUBSEQUENT EVENTS Pursuant to a Share Restructure Proposal approved by holders of A shares at a meeting held on 23 January 2006 and approved by the Ministry of Commerce of the PRC in February 2006, Tai Pin Yang Ji Dian (Group) Limited, the holder of the Company’s State-owned shares, transferred its shares to all holders of domestically listed A shares at the rate of 3.5 State-owned shares for every 10 domestically listed A shares held free of charge in exchange for the public trading right of all the non-publicly traded shares. Under the proposal, all holders of the non-publicly traded shares are not permitted to trade their shares publicly for 12 months from the effective date of the proposal. Tai Pin Yang Ji Dian (Group) Limited further agreed not to trade more than 5% and 10% of its remaining shares publicly within the subsequent 12 months and 24 months respectively. SHANGHAI ERFANGJI CO., LTD. 31. COMPARATIVE FIGURES Certain comparative figures have been reclassified to confirm with current year’s presentation, including the separate disclosure of land use rights with a net book value of RMB33,638,000 as at 31 December 2004 which were previously included in property, plant and equipment. SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2005 Contents Pages Auditors’ Report 1 Consolidated income statement 2 Consolidated balance sheet 3&4 Consolidated statement of changes in equity 5 Consolidated statement of cash flows 6&7 Notes to the consolidated financial statements 8 to 39 上海二纺机股份有限公司 2 0 0 5 年年度报告 SHANGHAI ERFANGJI CO., LTD. (Incorporated in the People’s Republic of China) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2005 83