二纺机(600604)2006年年度报告

上海二纺机股份有限公司 (股票代码:600604,900902) 2006 年度报告 二 OO 七年四月六日 1 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 2006 年度财务报告已经立信会计师事务所有限公司、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。 公司独立董事高勇、董事张敷彪因有重要公务，未能亲自出席会议， 分别委托倪迪独立董事、郑元湖董事代为行事表决权。 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 -------------------------------------------- 13 六、 股东大会情况简介 -------------------------------------- 15 七、 董事会报告 ----------------------------------------------- 15 八、 监事会报告 ----------------------------------------------- 26 九、 重要事项 -------------------------------------------------- 27 十、 财务会计报告 -------------------------------------------- 32 十一、 备查文件目录 --------------------------------------- 48 十二、 财务报告附注 --------------------------------------- 49 2 一、公司基本情况简介 1. 公司的法定中、英文名称及缩写 公司法定中文名称：上海二纺机股份有限公司 公司法定英文名称：SHANGHAI ERFANGJI CO.,LTD. 2、公司法定代表人：郑元湖 3、公司董事会秘书：李 勃 联系地址：上海市场中路 687 号 电话：(021)51265073 (021)65318494 传真：(021)65421963 电子信箱：libolibo918@ sina.com 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：efj @ shefj.com 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： 立信会计师事务所有限公司 (原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 二、会计数据和业务数据 （一）公司本年度会计数据 单位：元 币种：人民币 项目 金额 利润总额 -62,820,641.70 净利润 -66,077,975.44 扣除非经常性损益后的净利润 -81,977,000.08 主营业务利润 54,794,042.20 其他业务利润 13,721,400.85 营业利润 -79,285,795.26 投资收益 5,156,629.80 补贴收入 31,000.00 营业外收支净额 11,277,523.76 经营活动产生的现金流量净额 18,070,898.53 现金及现金等价物净增加额 5,221,127.11 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 非经常性损益项目 金额 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 14,570,419.72 产产生的损益 各种形式的政府补贴 31,000.00 短期投资收益， （不包括经国家有关部门批准设立的有经营资格的金 359,436.02 融机构获得的短期投资收益） 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 3,184,618.93 各项营业外收入、支出 以前年度已经计提各项减值准备的转回 879,872.72 所得税影响数 -2,951,682.72 少数股东承担上述因素 -174,640.03 合计 15,899,024.64 （三）按国内、国际会计准则审计所产生的净利润差异说明： 公司本年度经立信会计师事务所审计，净利润-6607.7 万元，经浩华会计师 事务所审计，净利润-6342.9 万元。 本公司 2006 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 4 别如下：(金额单位：万元) 净利润 净资产 2006 年度 2005 年度 2006 年末 2005 年末 按中国会计准则列报 -6607.7 568.79 60089.9 66365.87 冲回商誉之摊销 -30.3 -30.30) 157.8 -30.30 冲回年初之负商誉 -36.7 - -36.7 218.40 应付之撤销 97.90 合并附属公司之 未确认亏损 86.3 184.60 直接计入之损益 245.5 按国际会计准则列报 -6342.9 820.99 60211.0 66553.97 （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 主要会计数据 2006 年 2005 年 2004 年 年增减(%) 主营业务收入 968,142,505.72 1,021,169,162.64 -5.19 1,183,812,681.93 利润总额 -62,820,641.70 9,950,565.61 - 15,582,218.48 净利润 -66,077,975.44 5,687,932.00 - 11,152,671.21 扣除非经常性损益的净利润 -81,977,000.08 -4,095,603.73 - -18,590,823.75 每股收益 -0.11665 0.01004 - 0.0197 最新每股收益 净资产收益率（%） -11.00 0.86 - 1.70 扣除非经常性损益的净利润为基础 -13.64 -0.62 - -2.84 计算的净资产收益率（%） 经营活动产生的现金流量净额 18,070,898.53 -28,598,572.85 - 88,338,155.23 每股经营活动产生的现金流量净额 0.0319 -0.0505 - 0.1560 本年末比 2006 年末 2005 年末 上年末增 2004 年末 减(%) 总资产 1,192,684,509.54 1,362,411,629.19 -12.46 1,317,273,512.56 股东权益（不含少数股东权益） 600,898,748.19 663,658,744.06 -9.46 654,852,121.51 每股净资产 1.061 1.172 -9.47 1.156 调整后的每股净资产 1.043 1.130 -7.70 1.122 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 5 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% （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 9.12 9.12 0.0967 0.0967 营业利润 -13.19 -13.19 -0.1400 -0.1400 净利润 -11.00 -11.00 -0.1167 -0.1167 扣除非经常性 -13.64 -13.64 -0.1447 -0.1447 损益的净利润 (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 69,412,428.38 7,657,549.62 3,867,049.32 17,135,792.19 663,658,744.06 本期增加 3,287,367.56 4,090,707.83 8,241,340.84 本期减少 832,653.44 3,867,049.32 66,301,633.95 71,001,336.71 期末数 566,449,190.00 71,867,142.50 11,748,257.45 0 -49,165,841.76 600,898,748.19 资本公积变动原因：诉讼纠纷终结、债务重组等调整资本公积 盈余公积变动原因：主要为公益金转入 法定公益金变动原因：公益金转至法定盈余公积 未分配利润变动原因：主要本年利润亏损转入及提取盈余公积 三、 股本变动及股东情况介绍 （一）、股份变动情况表 1、股份变动情况表 单位:股 本次变动前 本次变动增减 本次变动后 数 量 比例 小计 数 量 比例 一、有限售条件股份 1、发起人股份 237,428,652.00 237,428,652.00 41.91 其中： 国家持有股份 237,428,652.00 237,428,652.00 41.91 境内法人持有股份 境外法人持有股份 6 其他 2、募集法人股份 3、内部职工股 4、优先股或其他 有限售条件股份合计 237,428,652.00 41.92 237,428,652.00 41.92 二、无限售条件流通股份 1、人民币普通股 96,095,538.00 16.96 96,095,538.00 16.96 2、境内上市的外资股 232,925,000.00 41.12 232,925,000.00 41.12 3、境外上市的外资股 4、其他 无限售条件流通股份合 329,020,538.00 58.08 329,020,538.00 58.08 计 三、股份总数 566,449,190.00 100 566,449,190.00 100 （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 报告期末无公司内部职工股。 （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：77340 户，其中 A 股股东为 38003 户，B 股股 东为 39337 户。 2、截止 2006 年 12 月 31 日，公司前十名股东、前十名无限售条件股东持股 情况： （1）公司前十名股东情况： 报告期末股东总数 77,340 前十名股东持股情况 持有有限售 持股比例 质押或冻结 股东名称 股东性质 持股总数 年度内增减 条件股份数 (%) 的股份数量 量 上 海 市 国 有 资产 管 理 监督管理委员会（大股 东 授 权 经 营 单位 --- 太 国有股东 41.92 237,428,652 237,428,652 237,428,652 无 平 洋 机 电 集 团有 限 公 司） 金东彪 其他 0.17 995,856 995,856 未知 7 香文宇 外资股东 0.14 846,800 846,800 未知 MERRILL LYNCH 外资股东 0.13 736,490 -69,935 未知 FAR EAST LIMITED HSBC FUND SERVICES A/C 外资股东 0.12 734,000 0 未知 006-113039-431 黄志豪 外资股东 0.11 666,100 0 未知 刘达 外资股东 0.11 655,600 0 未知 张光中 外资股东 0.11 643,805 0 未知 是裕兴 外资股东 0.11 631,437 -45,670 未知 SCBHK A/C KG INVESTMENTS ASIA 外资股东 0.10 604,910 0 未知 LIMITED 注：上海国有资产监督管理委员会委托上海电气（集团）总公司管理本公司国 有股，太平洋机电(集团)有限公司是本公司(国有股)授权经营单位，持有本公 司 237,428,652.00 股，占总股本 41.92%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。 8 上海国有资产监督管理委员会 93.35% 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） 41.92% 上海二纺机股份有限公司 （5）、前十名无限售条件股东情况 前十名无限售条件股东持股情况 股东名称 持有无限售条件股份数量 股份种类 金东彪 995,856 人民币普通股 香文宇 846,800 境内上市外资股 MERRILL LYNCH FAR EAST 736,490 境内上市外资股 LIMITED HSBC FUND SERVICES A/C 734,000 境内上市外资股 006-113039-431 黄志豪 666,100 境内上市外资股 刘达 655,600 境内上市外资股 张光中 643,805 境内上市外资股 是裕兴 631,437 境内上市外资股 SCBHK A/C KG INVESTMENTS 604,910 境内上市外资股 ASIA LIMITED 邵宏甫 534,809 人民币普通股 上述股东关联关系或一致行动关系的 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。 说明 9 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 41 董事长、党委书记 2004.5-2007.5 0 0 --- 0 李培忠 男 52 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 45 2004.5-2007.5 3000 4,050 无限售股 0 总工程师 梅建中 男 46 董事、财务总监 2004.5-2007.5 1000 1,350 无限售股 0 董事、党委副书记 王承宗 男 49 2004.5-2007.5 3000 4,050 无限售股 97,800 工会主席 张敷彪 男 57 董事 2004.5-2007.5 0 0 --- 0 倪 迪 男 67 独立董事 2004.5-2007.5 0 0 --- 30,000 高 勇 男 54 独立董事 2004.5-2007.5 1863 2,515 无限售股 30,000 曹惠民 男 53 独立董事 2004.12-2007.5 0 0 --- 30,000 监事长、党委副书记 徐祖成 男 50 2004.5-2007.5 0 0 --- 0 纪委书记 虞志奋 男 59 副监事长 2004.5-2007.5 0 0 --- 0 高尔其 男 59 监事 2004.5-2007.5 0 0 --- 0 张复海 男 50 监事、纪委副书记 2004.5-2007.5 1000 1,350 无限售股 78,957 杨 敏 女 34 监事 2005.4-2007.5 1000 1,350 无限售股 71,318 韦保荣 男 54 副总经理、党委副书记 2004.5-2007.5 5324 7,187 无限售股 115,940 潘荣高 男 52 副总经理 2004.5-2007.5 2001 2,701 无限售股 115,960 龚建平 男 46 副总经理 2004.5-2007.5 2000 2,700 无限售股 115,840 李 勃 男 50 董事会秘书 2004.5-2007.5 1000 1,350 无限售股 100,500 合 计 786,285 注:公司董事、监事、高级管理人员年末持股数变化，均为公司 A 股股改支付对 价（10 股送 3.5 股）所致。 （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 10 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；现任太平洋机电(集团)有限公司党委副书记，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、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。 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 11 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 （股东单位） 郑元湖 太平洋机电（集团）有限公司 董事长、党委书记 是 李培忠 太平洋机电（集团）有限公司 党委副书记 是 张敷彪 上海电气资产管理有限公司 管理四部部长 是 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 倪迪 上海飞乐股份有限公司 独立董事、 独立董事津貼 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 股份有限公司、上港集团股份有限公司、上海九百股份 独立董事、独立董事、 独立董事津贴 有限公司、上海市会计学会高校工作委员会 独立董事、副主任委员 徐祖成 浙江航民股份有限公司 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 是否在股东单位 不在公司领取报酬津贴的董事、监事的姓名 领取报酬 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 12 （六）公司员工情况 截止报告期末，公司在职员工为 1264 人，需要承担费用的离退休职工 133 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 571 销售人员 48 技术人员 192 财务人员 21 管理人员 182 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 2005 年 10 月 27 日， 《公司法》、 《证券法》修订案在十届全国人大常委会第 十八次会议上同时审议通过，并于 2006 年 1 月 1 日开始施行。根据要求，公司 有关董事、监事及高管积极参加了中国证券监督管理委员会、上海证券交易所组 织的两法培训，对两法修改的背景、目的、意义及内容有了深刻的了解与认识， 对公司发展和规范治理具有很强的指导意义。 根据新修订的《公司法》、《证券法》有关条款及中国证券监督管理委员会、 上海证券交易所的有关规定，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 2006 年 5 月 16 日公司第二十一次（暨 2005 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。 根据中国证券监督管理委员会《关于做好与新会计准则相关财务会计信息披 露工作的通知》，公司董事会、监事会及高级管理人员高度重视、认真学习、积 极做好新会计准则实施前的各项准备工作，确保新旧会计准则平稳过渡的衔接工 作。为提高公司财务会计人员对相关会计准则的理解和把握能力，保证新会计准 13 则的顺利实施，结合新准则执行中可能遇到的问题，财务有关人员积极参加财政 部、国家会计部门、中国证券监督管理委员会、上海证券交易所等组织的新会计 准则学习，确保相关会计准则的理解和正确应用，保证新会计准则的顺利实施。 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 独立董事姓名 亲自出席（次） 委托出席（次） 缺席（次） 董事会次数 倪迪 7 7 0 0 高勇 7 7 0 0 曹惠民 7 7 0 0 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 14 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 公司股东大会情况 1、2006 年 1 月 23 日，公司召开了股权分置改革 A 股市场相关股东会议， 会上公司股权分置方案获得通过。相关决议公告刊登于 2006 年 1 月 24 日的《上 海证券报》、香港《大公报》。 2、公司第二十一次（暨 2005 年度）股东大会召开于 2006 年 5 月 16 日，会 议决议公告刊登于 2006 年 5 月 17 日的《上海证券报》、香港《大公报》。 上述大会的全过程都经上海市金石律师事务所张平律师、赵建平律师见证。 15 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 2006 年是我国“十一五”规划的开局之年，公司以落实科学发展观为统领, 坚持以发展为主题，牢牢抓住“市场、产品、管理、效益”八字工作方针，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，除净利润总额 指标外，其他各项经济工作和经营目标基本完成。 亏损原因分析：2006 年，由于国家宏观调控，纺机出口退税税率下降，人 民币汇率上升，原材料价格上涨，及纺机市场激烈的价格竞争，致使公司化纤机 械产品销售收入下降，产品销售毛利率下降。此外，还因近几年新产品开发的投 入，开发成本费用及公司固定成本费用过高所致。 2006 年，公司主要经营工作： （1）全力推进 “三大产品”商品化进程。 2006 年，公司根据市场的变化和需求，充分发挥企业的技术、设备、成套 及地域优势，将产品发展定位在“三大产品”商品化生产上，把推进带集体落纱 的长细纱机、粗纱机和自动络筒机三大产品的商品化进程作为工作的重点，在掌 握核心技术、实现产品的战略转型及打造精品纺机上迈出了可喜的一步。 报告期内，公司共完成新产品设计试制项目 12 项，设计项目 6 项，申请专 利 3 项，授权专利 2 项；同时,EJM138JL 型细纱机（带集落装置）分别被上海市 经委、上海市科委列入“2005 年度上海市引进技术吸收与创新计划”项目、2006 年度《上海市重点新产品计划》，并被上海市高新技术成果转化服务中心认定为 上海市高科技成果转化项目。 （2）积极应对市场变化，实现市场份额的新突破。 由于国家实行宏观调控，市场发生了很大的变化，给公司营销工作带来了很 大的挑战。公司及时准确地作出反应，并发挥销售、售后服务、信息管理“三大 网络”的作用，迅速调整价格策略和产品策略，把新产品作为销售的突破口，并 积极拓展和扩大了巴基斯坦、印度等国家的销售市场，使公司棉纺纱机产品在国 外的市场占有率有了新的提高。2006 年度紧密纺装置，四罗拉毛纺细纱机成功 地实现了批量销售；签订粗纱机合同数，签订带集体落纱长细纱机合同数，创出 历史新高；自动络筒机在江苏、河南、四川成功布点。 开拓新型化纤市场。针对国内大吨位化纤项目固定资产投资日趋降温，新建 化纤项目明显减少的市场变化，及时对企业的化纤机械营销策略作了相应的调 整，在继续抓好成熟产品市场的前提下，积极开拓新型化纤市场：即以巴基斯坦 为主中东市场；新崛起的俄罗斯瓶片纺市场；国内的复合纺产品市场。使产品不 断向多元化方向延伸和发展。2006 年取得了两个新的突破，一是 36 吨/日棉型 16 中空三维卷曲成套设备实现了出口至俄罗斯的新突破；二是实现产品向绿色环保 纤维转型的新突破。 （3）注重细节，深化管理，生产流程再造。 公司从注重细节，深化管理着手，继续改进和完善了内部管理机制，向管理 要效益，提升企业的生产管理水平，实现生产流程再造，适应“三大产品”商品 化批量生产的需求，进一步提高企业经济运行质量，在生产、质量管理上取得了 良好的效果。 （4）运用经济杠杆，优化分配制度，加紧打造能适应市场变化的员工队伍。 2006年公司着力在职工考核激励，引进人才，加强培训，优化人力资源结构 等方面做了大量工作，结合公司实际情况，运用经济杠杆，进一步调整分配制度， 加紧打造适应市场变化的员工队伍。 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。 （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 主营业务利 分行业或 主营业务 主营业务收入 主营业务成本 收入比上 成本比上 润率比上年 分产品 利润率(%) 年增减(%) 年增减(%) 增减(%) 分行业 减少 6.19 个 1.工业 831,446,832.01 788,528,984.52 5.16 -12.78 -6.70 百分点 减少 0.37 个 2.贸易业 496,637,486.69 483,532,960.01 2.64 7.29 7.69 百分点 减少 0.68 个 3.服务业 2,294,480.52 299,620.80 86.94 -5.65 -0.49 百分点 减少 4.39 个 小计 1,330,378,799.22 1,272,361,565.33 4.36 -6.22 -1.70 百分点 公司内各 业务分部 362,236,293.50 362,236,293.50 0.00 -8.86 -8.86 相互抵销 减少 6.17 个 合计 968,142,505.72 910,125,271.83 5.99 -5.19 1.47 百分点 分产品 纺机类产 减少 6.19 个 831,446,832.01 788,528,984.52 5.16 -12.78 -6.70 品 百分点 17 减少 0.42 个 其它 498,931,967.21 483,832,580.81 3.03 7.22 7.69 百分点 减少 4.39 个 小计 1,330,378,799.22 1,272,361,565.33 4.36 -6.22 -1.70 百分点 公司内各 业务分部 362,236,293.50 362,236,293.50 0.00 -8.86 -8.86 相互抵销 减少 6.17 个 合计 968,142,505.72 910,125,271.83 5.99 -5.19 1.47 百分点 （3）主营业务分地区情况 单位:元 币种:人民币 地区 主营业务收入 主营业务收入比上年增减（％） 亚洲 365,439,645.67 11.92 欧洲 32,343,226.90 北美洲 9,314,163.18 13.86 东北 802,564.10 -74.52 上海 394,443,655.45 -33.40 华东 112,711,396.28 -74.12 华南 9,647,264.96 -58.81 西南 9,123,181.73 -67.19 华北 396,553,700.95 22,477.64 小 计 1,330,378,799.22 -6.22 公司内各地区分部相互抵销 362,236,293.50 -8.86 合 计 968,142,505.72 -5.19 （4）主要控股公司及参股公司的经营情况和业绩 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 上海良基实业有 国际国内贸易 贸易租赁 1241.8 1544.28 106.71 限公司 上海良基机械有 制造业 生产销售纺纱机械 150 557.85 -77.43 限公司 海南良基实业有 投资 工业投资物业管理 300 85.82 -4.79 限公司 上海普恩伊进出 经营自产产品和与之 进出口公司业 3000 12141.06 33.53 口有限公司 配套的商品及相关技 18 术出口和进口业务 生产销售纺机的锭子 上海良纺纺织机 制造业 罗拉钢领及其他纺机 2200 6454.99 114.64 械有限公司 配件 计算机软硬件,系统 上海逸杰信息科 服务业 集成专业领域四技服 200 239.86 8.41 技有限公司 务 （5）报告期主要财务数据发生重大变动的说明： 单位:元 币种:人民币 项目 年末数 占总资产比重 年初数 占总资产比重 增减额 应收票据 84,901,835.65 7.12% 133,618,015.93 9.81% -48,716,180.28 其他应收款 4,748,327.70 0.40% 8,353,091.25 0.61% -3,604,763.55 在建工程 2,903,799.90 0.24% 5,917,191.66 0.43% -3,013,391.76 预收账款 53,062,719.32 4.45% 79,933,523.74 5.87% -26,870,804.42 应付福利费 1,840,420.52 0.15% 1,268,447.25 0.09% 571,973.27 应付股利 0.00 0.00% 28.84 0.00% -28.84 应交税金 -5,640,626.30 -0.47% 1,738,908.53 0.13% -7,379,534.83 预提费用 1,164,038.27 0.10% 2,463,057.38 0.18% -1,299,019.11 未确认投资损失 0.00% 863,265.45 0.06% -863,265.45 未分配利润 -49,165,841.76 -4.12% 17,135,792.19 1.26% -66,301,633.95 A. 应收票据年末数比年初减少 48,716,180.28 元，减少原因主要为:期末已贴现 未到期的票据减少。 B. 其他应收款年末数比年初减少 3,604,763.55 元，主要是往来款收回。 C. 在建工程年末数比年初减少 3,013,391.76 元，减少原因为：上年未完工的工 程基本已结转固定资产。 D. 预收账款年末数比年初减少 26,870,804.42 元，减少原因是原预收帐款本年已 结转收入。 E. 应付福利费年末数比年初增加 571,973.27 元，增加原因是公司今年福利性支 出有所下降。 F. 应付股利年末数比年初减少 28.84 元，是支付子公司原分配股利余额。 G. 应交税金年末数比年初减少 7,379,534.83 元，主要减少原因为：年末出口应 收退税款较年初增加 200 万元左右，公司本年亏损，应交所得税减少 4,346,592.12 元。 19 H. 预提费用年末数比年初减少 1,299,019.11 元，主要减少原因为与东方汇理银 行诉讼纠纷终结，以前预提的利息计入资本公积。 I. 未确认投资损失年末数比年初减少 863,265.45 元，减少原因为子公司（上海 良基塑料制品有限公司）本年清理。 J. 未分配利润年末数比年初减少 66,301,633.95 元，主要减少原因为本年发生 亏损 66,077,975.44 元。 项目 本年数 上年数 增减额 增减比例 其他业务利润 13,721,400.85 8,055,533.28 5,665,867.57 70.34% 补贴收入 31,000.00 149,000.00 -118,000.00 -79.19% 营业外收入 18,928,311.93 3,043,427.74 15,884,884.19 521.94% 营业外支出 7,650,788.17 -3,326,712.48 10,977,500.65 - 所得税 2,159,299.72 4,493,919.63 -2,334,619.91 -51.95% 少数股东损益 234,768.57 -40,583.81 275,352.38 - 未确认投资损失 -863,265.45 190,702.21 -1,053,967.66 - 提取法定盈余公积 223,658.51 978,829.81 -755,171.30 -77.15% 提取法定公益金 489,414.92 -489,414.92 -100.00% A. 其他业务利润本年比上年增加 5,665,867.57 元，主要增加原因为本年租赁业 务利润增加 5,360,803.50 元。 B. 补贴收入本年比上年减少 118,000.00 元，主要减少原因为：接受补贴事项减 少。 C. 营业外收入本年比上年增加 15,884,884.19 元，主要增加原因是：本年出售 武夷路房产取得收益 13,991,161.97 元。 D. 营业外支出本年比上年增加 10,977,500.65 元，增加原因主要为：本年固定资 产减值准备计提数额增加和固定资产清理损失的增加。 E. 所得税本年数比上年减少 2,334,619.91 元，主要减少原因是本年度亏损使应 纳税所得额较上年度减少。 F. 少数股东损益本年数比上年增加 275,352.38 元，主要原因是子公司今年实现 利润较去年高。 G. 未确认投资损失本年数比上年减少 1,053,967.66 元，主要减少原因是子公司 （上海良基塑料制品有限公司）本年清理。 H. 提取法定盈余公积本年数比上年减少 755,171.30 元，主要是由于今年发生亏 损所致。 20 项目 本年数 上年数 增减额 增减比例 经营活动产生的现金流量 18,070,898.53 -28,598,572.85 46,669,471.38 ------ 投资活动产生的现金流量 6,176,281.39 620,819.03 5,555,462.36 894.86% 筹资活动产生的现金流量 -19,279,635.88 -28,876,718.36 9,597,082.48 -33.23% 现金及现金等价物净增加额 5,221,127.11 -57,152,212.26 62,373,339.37 -109.14% A. 经营活动产生的现金流量净额比去年同期增加，主要是公司本年度销售收 款的增加和经营活动支出的减少。 B．投资活动产生的现金流量较上年同期增加 894.86%，主要原因是公司本年度 出售武夷路房产收入等所致。 C．筹资活动产生的现金流量较上年同期减少 33.23%的主要原因是本年度内偿 还债务支付的现金和偿付的利息都较上年度减少所致。 （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 主营业务利润率(%) 1.工业 831,446,832.01 788,528,984.52 5.16 2.贸易业 496,637,486.69 483,532,960.01 2.64 3.服务业 2,294,480.52 299,620.80 86.94 小计 1,330,378,799.22 1,272,361,565.33 4.36 公司内各业务分部相互抵销 362,236,293.50 362,236,293.50 0.00 合计 968,142,505.72 910,125,271.83 5.99 （7）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 181,622,310.30 占采购总额的比重 22.60% 前五名销售客户销售金额合计 329,592,928.84 占销售总额的比重 33.38% 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 2007 年纺织机械行业将面临更加复杂、更加不确定的市场环境。从 2006 年 开始，纺织行业增强竞争力，提高企业技术装备水平逐渐成为主流。因此，2007 年纺织机械行业的产品市场将以纺织企业提高竞争力，调整产品结构和产品档次 进行技术改造为主。 21 2007 年棉纺织设备需求将保持甚至超过 2006 年的市场总量。特别是棉纺设 备将以企业升级、产品升级换代为主。纺织行业将以实施和提高“三无一精”比 重为主的技术改造；发展紧密纺、全自动气流纺、中高档无梭织机等新型纺织技 术；推进细络联、粗细络联等纺纱工艺一体化、连续化生产。而 2007 年化纤机 械产品市场不会有太大的增长。 （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： 2007 年我国纺织机械市场的规模在 80 亿美元左右，但国内企业的市场份额 将低于 60%，产品主要集中在中低端。市场一方面是某些中高档设备难以满足市 场不断增长的需求，而另一方面是一些中档设备同质化的重复，从而加剧了企业 间的竞争，其结果就是陷入新一轮的价格战中。 发展和机遇： “十一五”期间，国家的宏观政策以及国内创新形势为纺机行业的发展提供 了前所未有的发展机遇。虽然原料价格上涨、出口退税税率的下调和人民币汇率 大上升将对整个行业造成一定的冲击，但同时将促使行业提高生产效率，改进产 品质量，实现产业的整体升级，所以从长远来说，更有利于行业的良性发展。中 国纺织机械工业“十一五”发展指导性意见提出了进一步落实 28 项关键技术、 10 项成套设备的攻关任务。所有的这些都为纺机行业提供了良好的发展环境， 未来纺机行业发展前景看好。 战略与规划 ： 以打造上海纺机新一轮发展为契机，加快自主创新技术的产品开发，用产品 支撑市场，以打造“三大支柱产品”为核心，提升公司的核心竞争力；健全市场 网络，发挥成套优势，进一步巩固和开拓市场；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。 （3）、新年度经营工作目标 以效益为中心，扭亏为盈，提升企业经济运行质量和竞争能力。公司将通 过以下措施，实现全年经营目标。 ● 狠抓产品，勇于突破 ----年内组建络筒机制造部，确保批量生产；加快推进设计降本，在新材料、 新技术应用上有所突破，同时要进一步降低采购成本，确保批量生产能为企业带 来新的盈利增长。 ----加快产品的品牌建设，继续提高产品的稳定性、可靠性、一致性，做好 用户的技术跟踪服务，快速解决产品的使用过程中的各种问题，提升新产品的市 场形象。不断用新产品拓展市场，提高在市场上的竞争能力。 22 ----加快在制造工艺、纺纱工艺及核心技术上，尤其要在主关件的加工上取 得突破。建立技术团队项目带头人，采用自主创新与集成创新相结合的办法，加 快新产品的开发和完善。 ● 狠抓市场，锲而不舍 ----建立有效的市场网络，继续寻求多方合作和推进代理制，发展和扶持代 理商，充分利用代理商的能力，完善网络销售制度，确保产品价格的稳定性。进 一步扩大我公司产品覆盖面，使公司销售网络进一步向国内外两大市场延伸。 ● 狠抓管理，提质增效 ----深化生产管理 提高生产计划管理水平，根据市场变化，转变生产投入方式，实现零件储备、 主关件储备和分供方储备，降低资金占用，满足用户提货要求。 合理配置各类资源，降低库存物资，库存物资做到状态清晰、管理有序、流 转畅通，逐步由被动的发料转变为主动的配送，提高“三流同步”水平。 ----深化质量管理 完善和巩固产品质保体系，提高质保体系的权威性，严格执行《质量追溯制 度》，强化质量一票否决制。严禁不合格品流转，杜绝缺件装箱。对用户反应的 质量问题，必须逐项进行追溯，并提出预防和整改措施，年内大幅降低废品的损 失。 ----深化财务管理 完善成本核算体系，加快形成面向经营全过程的“成本精益管理系统”，提 高成本核算的效率和精度；加强对存货与应收帐款的监控力度，加快资金周转速 度；推行目标成本管理，严格成本与费用控制，努力提高产品毛利率；变“费用 分解管理”为“以效益为中心的分解管理体制”，通过有效的控制手段，降低成 本，使公司经营利润总额扭亏为盈。 ----深化内控管理 完善内部控制制度，建立健全监督检查制度。审计监察部门将根据有关规范 管理的要求，严格控制内部各项经济运行质量，定期对各部门及子公司进行内部 控制的监督检查，保证内部控制制度的完整性、合理性及实施的有效性，以提高 公司经营效率与经济效益，确保公司行为合法合规。 ● 狠抓人才，支撑发展 ----按照公司生产和经营活动的需要和变化，即时做好人力资源的配置工 作。在进一步提高各岗位生产和管理效率的同时，做好工程技术人员和关键直接 生产岗位人员的吸收和引进，并将人才的选用渠道由过去大专院校逐步向社会人 才机构或企业内部进行拓展。 （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 23 2006 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 2007 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，形成了新的风 险和压力。 （二）执行新会计准则后，可能发生的会计政策、会计估计变更及其对公司财 务状况和经营成果的影响情况 1、根据财政部 2006 年 2 月 15 日发布的财会[2006]3 号《关于印发“企业会计准 则第 1 号-存货”等 38 项具体准则的通知》的规定，公司应于 2007 年 1 月 1 日起 执行新会计准则。公司目前根据财政部新会计准则规定已经辨别认定的 2007 年 1 月 1 日首次执行日现行会计准则与新会计准则的差异主要有“长期股权投资差 额”、“所得税”、“少数股东权益”项目。 （1）长期股权投资差额 公司 2006 年 12 月 31 日账面有对子公司股权投资差额贷差 198,540.91 元。 该股权投资差额属同一控制下企业合并形成的长期股权投资差额，因此追溯调整 增加 2007 年 1 月 1 日的股东权益 198,540.91 元，其中归属于母公司的所有者权 益增加 215,000.83 元,归属于少数股东的权益增加-16,459.92 元。 （2）所得税 公司按照现行会计准则的规定，制定了公司的会计政策，据此公司计提了各 项资产减值准备等。根据新会计准则应将各项资产减值准备等原因形成资产账面 价值与资产计税基础的差异计算递延所得税资产、递延所得税负债，因此追溯调 整增加 2007 年 1 月 1 日股东权益 26,722,364.89 元，其中归属于母公司的所有者 权益增加 26,604,841.20 元，归属于少数股东的权益增加 117,523.69 元。 （3）少数股东权益 公司 2006 年 12 月 31 日按现行会计准则编制的合并报表中子公司少数股东 权益为 8,414,608.68 元，新会计准则下应计入股东权益，由此增加 2007 年 1 月 1 日股东权益 8,414,608.68 元。此外，由于子公司同一控制下企业合并形成的长 期股权投资差额借差及资产账面价值和资产计税基础不一致而产生的递延所得 税而相应增加的少数股东的权益 101,063.77 元，则新会计准则下少数股东权益为 24 8,515,672.45 元。 2、执行新会计准则后可能发生的会计政策、会计估计变更及其对财务状况和经 营成果的影响主要有： （1）根据《新企业会计准则第 2 号-----长期投资股权》的规定，对控股子公司 的权益法核算变更为成本法核算，由此将减少子公司经营盈亏对母公司当期投资 收益的影响，但本事项不影响合并报表。 （2）根据《新企业会计准则第 22 号-----金融工具确认和计量》的规定，企业对 取得的金融资产将以公允价值计价，公司现有法人股将可能转为可供出售的金融 资产，从而可能影响公司的利润和股东权益。 （3）根据《新企业会计准则第 18 号-----所得税》的规定，现行会计政策下的应 付税款法变更为资产负债表债务法，由此可能影响公司的当期所得税费用，从而 影响公司的利润和股东权益。 （4）根据《新企业会计准则第 33 号-----合并财务报表》的规定，少数股东权益 由原来的单独列示变更为合并资产负债表中股东权益项目下以“少数股东权益” 项目列示。此变化将影响股东权益的计算口径。 （三）公司投资情况 1、募集资金使用情况 报告期内，公司无募集资金或前期募集资金使用到本期的情况。 2、非募集资金项目情况 报告期内，公司无非募集资金投资项目。 （四）、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。 （五）、董事会对会计师事务所非标意见的说明 立信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。 （六）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十五次会议，于 2006 年 4 月 13 日召开，审议并通过 了：1） 《公司 2005 年度董事会工作报告》；2） 《公司 2005 年度经营回顾及 2006 年度工作展望报告》；3） 《公司 2005 年度报告正文与摘要》；4） 《公司 2005 年度 财务决算和 2006 年度财务预算报告》；5）《公司 2005 年度利润分配预案》；6） 《关于计提 2005 年度资产减值准备的议案》；7） 《关于续聘公司审计会计师事务 所的议案》 ；8）《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》；9）《关于公司房屋租赁的议案》；10）《关于转让武夷路 242 号房地 25 产的议案》；11） 《关于修改公司章程的议案》；12） 《关于修改股东大会议事规则 的议案》；13） 《关于修改董事会议事规则的议案》；14） 《关于召开公司第二十一 次（暨 2005 年度）股东大会事宜的议案》和会议决议。本次公告刊登于 2006 年 4 月 15 日的《上海证券报》、香港《大公报》。 (2) 公司第五届董事会第十六次会议，于 2006 年 4 月 21 日以通讯表决方式召 开，审议并通过了《公司 2006 年第一季度报告及正文》和会议决议。本次报告 刊登于 2006 年 4 月 24 日的《上海证券报》、香港《大公报》。 (3)、公司第五届董事会第十七次会议，于 2006 年 8 月 17 日在上海召开，审 议并通过了：1） 《公司 2006 年上半年度经营回顾及下半年度工作展望报告》 ；2） 《公司 2006 年半年度报告正文和摘要》和会议决议。本次报告刊登于 2006 年 8 月 19 日的《上海证券报》、香港《大公报》。 (4)、公司第五届董事会第十八次会议，于 2006 年 9 月 22 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 会议决议。本次报告刊登于 2006 年 9 月 23 日的《上海证券报》、香港《大公报》。 (5)、公司第五届董事会第十九次会议，于 2006 年 10 月 11 日以通讯表决方式 召开，审议并通过了： 《关于转让柳林大厦 2403 室、25---27 层房地产的议案》。 本次季报刊登于 2006 年 10 月 13 日的《上海证券报》、香港《大公报》。 (6)、公司第五届董事会第二十次会议，于 2006 年 10 月 26 日以通讯表决方式 召开，审议并通过了《公司 2006 年第三季度报告及正文》和会议决议。本次报 告刊登于 2006 年 10 月 28 日的《上海证券报》、香港《大公报》。 (7)、公司第五届董事会第二十一次会议，于 2006 年 11 月 10 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》 和会议决议。本次报告刊登于 2006 年 11 月 14 日的《上海证券报》、香港《大公 报》。 (8)、2006 年 11 月 1 日，公司董事会以通讯表决方式，审议并通过了《关于 利用自有资金认购新股的决议》。 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。 （七）利润分配或资本公积金转增预案 根据立信会计师事务所有限公司审计确认的 2006 年度本公司会计报表实现 的利润为-6,607.80 万元；国际会计准则审计后的利润为-6,342.9 万元。本年度 利润分配预案为：不进行利润分配，不送红股，也不以资本公积金转增股本。 26 （八）预测下一报告期经营情况 本公司 2007 年第一季度利润预计为盈利。 （九）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 2006 年，监事会根据《公司法》、 《公司章程》和《上市公司治理准则》等 法律法规的规定，本着对股东负责的精神，认真履行工作职责。本年度，监事会 共召开 5 次会议，列席董事会共 6 次会议。 1、2006 年 4 月 13 日，第五届监事会第十一次会议召开，审议并通过了（1） 《2005 年度公司监事会工作报告》；（2）《2005 年年度工作报告正文摘要》；（3） 审议修改后的《公司监事会议事规则》； （4） 《关于转让武夷路 242 号房地产的议 案》；（5）《公司监事会五届十一次会议》。 2、2006 年 4 月 21 日，第五届监事会第十二次会议召开，审议通过了（1） 《2006 年第一度报告》；（2）《公司监事会五届十二次会议》。 3、2006 年 8 月 17 日，第五届监事会第十三次会议召开，审议通过了（1） 《2006 年半年度报告》；（2）《公司监事会五届十三次会议》。 4、2006 年 10 月 11 日，第五届监事会第十四次会议召开，讨论审议了（1） 公司《关于转让柳林大厦 2403 室、25- 27 层房地产的议案》；（2）《公司监事会 五届十四次会议》。 5、2006 年 10 月 26 日，第五届监事会第十五次会议召开，讨论审议了（1） 《2006 年第三度报告及正文》；（2）《公司监事会五届十五次会议》。 （二）监事会对公司依法运作情况的独立意见 1、依法运作情况：2006 年度，公司董事会对《公司章程》、《董事会议事 规则》进行了修改和完善。公司董事、总经理以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：2006 年度，公司财务会计处理上严格执行相关法规和会 计制度，立信会计师事务所出具了无保留意见的审计报告，客观真实的反映了公 司 2006 年度财务和经营状况。 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 2006 年 4 月和 2006 年 10 月分别审议的《关于转让武夷路 242 号房地产的议案》和《关于转让柳林大 厦 2403 室、25- 27 层房地产的议案》符合有关程序与要求，其转让价格是依据 27 具有证券从业资格的资产评估出具的评估价值为据，不存有违法和违规行为。 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，没有发现有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。截止 2006 年底，未有新的进展，公司将继续积极 组织实施对法院执行的应收款催讨。 2、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 1,122.60 万元、违约金 56.13 万元及相应的利息。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。 3、已在前一期报告中披露并结案的诉讼、仲裁事项 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,后一直处于证据准备阶段。2006 年 8 月 11 日东方 汇理银行上海分行向香港特别行政区高等法院提出请求撤消对本公司的诉讼。 根据东方汇理银行上海分行（原告）请求，香港特别行政区高等法院一审法 庭作出协议令：撤消原告对被告的诉讼请求，今后不得重新起诉。 上述事项已于 2006 年 10 月 13 日，在《上海证券报》、香港《大公报》上予 以披露。 （二）报告期内公司收购及出售资产、吸收合并事项 报告期内，公司出售资产情况 1、公司向公司股东的子公司上海电气集团资产经营有限公司转让公司武夷 路 242 号房地产。该资产的帐面价值为 36.56 万元人民币，评估价值为 1,520 28 万元人民币，实际出售金额为 1,520 万元人民币，产生收益 1,399 万元人民币。 本次出售价格的确定依据是根据上海富申房地产估价有限公司估价，经双方认可 确定。该事项已于 2006 年 4 月 15 日刊登在上海证券报、香港《大公报》上。2006 年已完成转让手续 。本交易为关联交易。 2、2006 年 10 月 11 日，公司第五届董事会第十九次会议以通讯表决方式召 开，六位董事三位独立董事参加了表决，会议召开方式和程序符合《公司章程》 的有关规定。会议审议并一致通过了《关于转让柳林大厦 2403 室、25---27 层 房地产的议案》。经与上海益民置业发展有限公司（简称：益民置业）协商，将 本公司在淮海中路 1 号柳林大厦拥有的 2403 室、25---27 层，建筑面积为 3,545.41 平方米，分摊土地面积为 330.10 平方米，目前帐面净值为 5,287 万元 的房地产转让给益民置业，转让价格为 6,000 万元。扣除税金及相关费用 336.00 万元，收益为 398.63 万元。 （三）报告期内公司重大关联交易事项 1、持续性销售经营关联交易 公司第二十一次（暨 2005 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 2006 年度持续性销售经营关联交易，2006 年度，公司将发生持续 性销售经营关联交易 2.5 亿元。本次公告于 2006 年 4 月 15 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：11723.31 万元。 2、与日常经营相关的关联交易 （1）、购买商品、接受劳务的重大关联交易 单位:元 币种:人民币 本年关联 关联交 交易占同 关联交 关联交易价 本年关联交易 关联方 易定价 类交易金 上年关联交易金额 易内容 格 金额 原则 额的比例 (%) 临海良纺纺织 机械专件有限 购买 市场价 市场公允价 12,129,478.32 1.54 14,991,465.81 公司 太平洋纺机成 套设备有限公 购买 市场价 市场公允价 7,692,307.69 0.98 司 29 （2）、销售商品、提供劳务的重大关联交易 单位:元 币种:人民币 关联交 关联交易 关联交 本年关联交 本年关联交易占同类 上年关联 关联方 易内容 定价原则 易价格 易金额 交易金额的比例(%) 交易金额 太平洋机电 市场公 销售 市场价 6,435,555.55 0.77 32,649,572.65 （集团）公司 允价 上海电气租 市场公 销售 市场价 37,547,370.94 4.52 赁有限公司 允价 上海电气集 市场公 团资产经营 销售 市场价 15,200,000.00 1.83 允价 有限公司 上海太平洋 纺织机械成 市场公 销售 市场价 22,365,610.97 2.69 81,997,458.12 套设备有限 允价 公司 山东良基纺 市场公 织机械有限 销售 市场价 15,862,782.05 1.91 17,759,820.50 允价 公司 3、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 向关联方提供资金 关联方 关联关系 提供资金 发生额 余额 发生额 余额 太平洋机电（集团）有限公司 控股股东 233.96 233.96 -47.33 936.02 上海太平洋纺织机械 母公司控股 -1,542.51 1,106.08 681.49 681.49 成套设备有限公司 子公司 母公司控股 上海新四机机电有限公司 -263.09 366.25 子公司 上海逸杰信息科技有限公司 控股子公司 10.88 10.88 1.67 1.67 良基海南实业有限公司 控股子公司 1.33 69.56 山东良基纺织机械有限公司 合营公司 -509.93 40.49 临海良纺纺织机械专件有限 控股子公司的 -229.60 356.35 公司 控股子公司 上海二纺机化纤成套设备公 合营公司 -38.88 0 司 合 计 -1,559.77 1,800.67 -142.58 2,016.02 报告期内上市公司向控股股东及其子公司提供资金的发生额-1,559.77 万元，余额 1,800.67 万元 。 （四）、托管情况 本年度公司无托管事项。 30 （五）、承包情况 本年度公司无承包事项。 （六）、 租赁情况 经公司五届董事会十五次会议审议通过，公司将坐落在上海浦东新区金桥 加工区 25 街坊（宁桥路 668 号）的厂房，有偿租赁给上海巨方实业有限公司， 主要用于物流、办公和仓储等业务运作。租赁期为：2006 年 1 月至 2015 年 12 月，合计年租金约 490 万元。 该事项已于 2006 年 4 月 15 日在《上海证券报》、 香港《大公报》披露。 （七）、担保情况 单位:元 币种: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 报告期末对控股子公司担保余额合计 16,000,000 公司担保总额情况（包括对控股子公司的担保） 担保总额 16,000,000 担保总额占公司净资产的比例 2.66% （1）、2006 年 9 月 22 日，公司第五届董事会第十八次会议，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 4020 万元，担保期限为 2006 年 10 月 01 日至 2008 年 09 月 30 日。 （2）、2006 年 11 月 10 日，公司第五届董事会第二十一次会议，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 2600 万元，担保期限为 2006 年 11 月 20 日至 2008 年 12 月 31 日。 （八）、委托理财情况 报告期内，本年度公司无委托理财事项。 （九）、其它重大事项 1、报告期内，公司于2006年1月23日公司召开了A股市场相关股东会议，审 议股权分置改革方案，公司股权分置改革方案获得高票通过。 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。 在获得国家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 A 股股票复牌的相 31 关手续，公司股票于 2006 年 3 月 3 日正式复牌，公司顺利完成了股权分置改革 的全部工作。 2、2006 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《关于同意采用拨款方式 支付 2006 年度人员安置费用的批复》〔太平洋机电企重（2006）第 130 号〕 ，按 照集团公司的部署，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 7,641,622 元, 本年已实际支付 7,641,622 元。 （十）、承诺事项履行情况 报告期末持股 5%以上的原非流通股股东持有的无限售条件流通股数量增减 变动情况 限售股份上市日持有的 增减变动 报告期末持有的无限售 变动 股东名称 无限售条件流通股数量 股数（万股) 条件流通股数量（万股） 原因 （万股） 上海二纺机 股份有限公 23,742.87 0 23,742.87 司 （十一）、聘任、解聘会计师事务所情况 本报告期，公司聘用立信会计师事务所有限公司(原上海立信长江会计师事 务所有限公司)、浩华会计师事务所为公司 2006 年度审计会计师事务所，审计费 用共计为 100 万元；立信会计师事务所、浩华会计师事务所已连续 6 年为本公司 提供审计服务。 （十二）、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。 （十三）、期后事项 2006 年 10 月 11 日，公司第五届董事会第十九次会议审议通过《关于转让 柳林大厦 2403 室、25---27 层房地产的议案》的房屋过户手续已于 2007 年 1 月 办理完毕，并于 2007 年 2 月收到了全部转让款项。 （十四）、公司内部控制管理制度建设 1、根据《公司法》、《证券法》等有关法律法规，公司制定了《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》 ，规范了股东大 会、董事会、监事会的召集、召开、决策等程序，明确了决策机构、权利机构、 监督机构的权利与职责。 2、2003 年以来，公司董事会先后成立了战略委员会与审计委员会，制定了 32 《战略委员会实施细则》、《审计委员会实施细则》、《独立董事制度》等制度。 3、依照中国证券监督管理委员会、上海证券交易所《股票上市规则》等有 关规则，为加强公司治理及内部管理，董事会先后制定了《董事长授权范围及法 人印鉴使用办法的若干规定》、 《总经理工作细则》 、《信息披露管理制度》、 《投资 者关系管理工作制度》、《资产管理制度》、《子公司管理制度》等制度。 4、按照上海证券交易所关于发布《上海证券交易所上市公司内部控制制度 指引》的通知。为提高公司风险管理水平，保护投资者的合法权益，防止公司资 产损失，使公司在符合一定条件、具备相应能力在实施经济运行中，有章可循、 有法可依，公司董事会审议通过了《对外担保管理制度》 、《关联交易制度》、 《对 外投资风险项目管理制度》、《内部控制检查监督制度》等制度。2007 年度，公 司计划将在整体经济运行中，建立内部控制管理体系，进一步规范内部管理程序， 不断完善内部控制制度；根据新会计准则要求，在现有各项财务管理规则上，加 以修改与完善；进一步健全与完善监督检查制度，公司审计监察部门将根据有关 规范管理的要求，严格控制内部各项经济运行质量，定期对各部门及子公司进行 内部控制的监督检查，保证内部控制制度的完整性、合理性及实施的有效性，以 提高公司经营效率与经济效益，确保公司行为合法合规。 十、财务会计报告 公司年度财务报告已经注册会计师审计，并出具了标准无保留意见的审计报 告。 审 计 报 告 信 会 师 报 字 （ 2007） 第 10888 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（以下简称二纺机公司）财务报 表，包括 2006 年 12 月 31 日的资产负债表和合并资产负债表、2006 年度的利润 及利润分配表和合并利润及利润分配表、2006 年度的现金流量表和合并现金流 量表以及财务报表附注。 一、管理层对财务报表的责任 按照企业会计准则和《企业会计制度》的规定编制财务报表是二纺机公司管 理层的责任。这种责任包括： （1）设计、实施和维护与财务报表编制相关的内部 控制，以使财务报表不存在由于舞弊或错误而导致的重大错报； （2）选择和运用 恰当的会计政策；（3）作出合理的会计估计。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上对财务报表发表审计意见。我们按照 中国注册会计师审计准则的规定执行了审计工作。中国注册会计师审计准则要求 33 我们遵守职业道德规范，计划和实施审计工作以对财务报表是否不存在重大错报 获取合理保证。 审计工作涉及实施审计程序，以获取有关财务报表金额和披露的审计证据。 选择的审计程序取决于注册会计师的判断，包括对由于舞弊或错误导致的财务报 表重大错报风险的评估。在进行风险评估时，我们考虑与财务报表编制相关的内 部控制，以设计恰当的审计程序，但目的并非对内部控制的有效性发表意见。审 计工作还包括评价管理层选用会计政策的恰当性和作出会计估计的合理性，以及 评价财务报表的总体列报。 我们相信，我们获取的审计证据是充分、适当的，为发表审计意见提供了基 础。 三、审计意见 我们认为，二纺机公司财务报表已经按照企业会计准则和《企业会计制度》 的规定编制，在所有重大方面公允反映了二纺机公司 2006 年 12 月 31 日的财务 状况以及 2006 年度的经营成果和现金流量。 立信会计师事务所有限公司 中国注册会计师：钱志昂 （盖章） （签名并盖章） 中国注册会计师：汤乃荣 （签名并盖章） 中 国 · 上海 二○○七年四月八日 34 资产负债表 2006 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 母公 合并 期末数 期初数 期末数 期初数 司 流动资产： 货币资金 156,595,846.89 151,374,719.78 119,942,104.68 94,507,004.37 短期投资 159,800.00 159,800.00 应收票据 84,901,835.65 133,618,015.93 93,596,769.65 112,143,623.21 应收股利 应收利息 应收账款 139,447,171.80 131,686,241.99 82,599,138.48 123,589,332.65 其他应收款 4,748,327.70 8,353,091.25 3,333,558.80 9,521,130.28 预付账款 12,683,487.05 10,879,256.22 10,935,851.40 8,318,504.22 应收补贴款 存货 285,710,274.54 381,476,997.22 258,684,817.39 339,349,169.04 待摊费用 337,000.00 3,000.00 一年内到期的长期债权投 资 其他流动资产 流动资产合计 684,583,743.63 817,388,322.39 569,255,040.40 687,428,763.77 长期投资： 长期股权投资 35,553,094.70 36,265,980.65 92,357,443.28 102,449,236.17 长期债权投资 长期投资合计 35,553,094.70 36,265,980.65 92,357,443.28 102,449,236.17 其中：合并价差(贷差以 “-”号表示，合并报表填 -308,273.72 -385,342.16 列) 其中：股权投资差额(贷差 以“-”号表示，合并报表填 -308,273.72 -385,342.16 列) 固定资产： 固定资产原价 1,016,735,093.01 1,039,027,090.45 975,826,128.20 994,212,280.85 减：累计折旧 490,782,857.98 475,332,210.79 470,923,127.64 456,442,079.29 固定资产净值 525,952,235.03 563,694,879.66 504,903,000.56 537,770,201.56 35 减：固定资产减值准备 88,223,341.55 93,982,763.37 84,475,433.64 88,005,467.98 固定资产净额 437,728,893.48 469,712,116.29 420,427,566.92 449,764,733.58 工程物资 在建工程 2,903,799.90 5,917,191.66 2,747,323.90 5,837,191.66 固定资产清理 固定资产合计 440,632,693.38 475,629,307.95 423,174,890.82 455,601,925.24 无形资产及其他资产： 无形资产 31,914,977.83 33,128,018.20 31,914,977.83 33,128,018.20 长期待摊费用 其他长期资产 无形资产及其他资产合计 31,914,977.83 33,128,018.20 31,914,977.83 33,128,018.20 递延税项： 递延税款借项 资产总计 1,192,684,509.54 1,362,411,629.19 1,116,702,352.33 1,278,607,943.38 负债及股东权益： 流动负债： 短期借款 215,410,000.00 275,681,385.47 191,990,000.00 244,398,385.47 应付票据 380,066.00 380,066.00 应付账款 270,893,115.00 279,654,235.53 245,366,326.89 268,276,374.02 预收账款 53,062,719.32 79,933,523.74 42,707,020.27 62,807,887.92 应付工资 应付福利费 1,840,420.52 1,268,447.25 1,774.10 应付股利 28.84 应交税金 -5,640,626.30 1,738,908.53 4,501,517.37 9,953,176.94 其他应交款 930,968.72 966,666.53 930,459.11 966,248.14 其他应付款 41,247,720.35 42,938,813.44 32,015,551.82 29,977,323.53 预提费用 1,164,038.27 2,463,057.38 1,164,038.27 2,463,057.38 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 579,288,421.88 684,645,066.71 519,056,753.83 618,842,453.40 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： 36 递延税款贷项 负债合计 583,371,152.67 688,727,797.50 519,056,753.83 618,842,453.40 少数股东权益(合并报表 8,414,608.68 10,025,087.63 填列) 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 资本公积 71,867,142.50 69,412,428.38 71,867,142.50 69,412,428.38 盈余公积 11,748,257.45 11,524,598.94 3,611,145.86 3,611,145.86 其中：法定公益金 减：未确认投资损失(合并 863,265.45 报表填列) 未分配利润 -49,165,841.76 17,135,792.19 -44,281,879.86 20,292,725.74 拟分配现金股利 外币报表折算差额(合并 报表填列) 股东权益合计 600,898,748.19 663,658,744.06 597,645,598.50 659,765,489.98 负债和股东权益总计 1,192,684,509.54 1,362,411,629.19 1,116,702,352.33 1,278,607,943.38 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 37 利润及利润分配表 2006 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 母公 合并 本期数 上年同期数 本期数 上年同期数 司 一、主营业务收入 968,142,505.72 1,021,169,162.64 764,153,760.55 858,154,380.40 减：主营业务成本 910,125,271.83 896,962,711.90 735,404,045.80 767,328,163.85 主营业务税金及附加 3,223,191.69 3,038,753.11 2,699,524.11 2,439,938.61 二、主营业务利润（亏损 54,794,042.20 121,167,697.63 26,050,190.64 88,386,277.94 以“-”号填列） 加：其他业务利润（亏损 13,721,400.85 8,055,533.28 10,450,996.75 3,370,982.15 以“-”号填列） 减: 营业费用 22,730,915.75 19,405,686.50 16,949,322.99 12,295,616.73 管理费用 116,825,094.40 103,559,469.10 92,299,590.74 77,317,271.71 财务费用 8,245,228.16 9,120,380.63 8,150,633.30 8,547,133.75 三、营业利润（亏损以“-” -79,285,795.26 -2,862,305.32 -80,898,359.64 -6,402,762.10 号填列） 加：投资收益（损失以“-” 5,156,629.80 6,293,730.71 6,615,996.17 8,420,825.69 号填列） 补贴收入 31,000.00 149,000.00 0 0 营业外收入 18,928,311.93 3,043,427.74 18,277,792.74 3,012,017.12 减：营业外支出 7,650,788.17 -3,326,712.48 8,403,408.59 -3,372,042.97 四、利润总额（亏损总额 -62,820,641.70 9,950,565.61 -64,407,979.32 8,402,123.68 以“-”号填列） 减：所得税 2,159,299.72 4,493,919.63 166,626.28 1,427,499.42 减：少数股东损益(合并报 234,768.57 -40,583.81 表填列) 加：未确认投资损失(合并 -863,265.45 190,702.21 报表填列) 五、净利润（亏损以“-”号 -66,077,975.44 5,687,932.00 -64,574,605.60 6,974,624.26 填列） 加：年初未分配利润 17,135,792.19 12,916,104.92 20,292,725.74 14,364,295.13 其他转入 六、可供分配的利润 -48,942,183.25 18,604,036.92 -44,281,879.86 21,338,919.39 减：提取法定盈余公积 223,658.51 978,829.81 697,462.43 提取法定公益金 489,414.92 348,731.22 提取职工奖励及福利基金 38 (合并报表填列) 提取储备基金 提取企业发展基金 利润归还投资 七、可供股东分配的利润 -49,165,841.76 17,135,792.19 -44,281,879.86 20,292,725.74 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 -49,165,841.76 17,135,792.19 -44,281,879.86 20,292,725.74 损以“-”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 39 现金流量表 2006 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 项目 母公 合并数 母公司数 合并 司 一、经营活动产生的现金流量： 销售商品、提供劳务收到的现金 746,801,470.60 528,038,821.49 收到的税费返还 34,284,373.04 0 收到的其他与经营活动有关的现金 39,346,441.00 58,450,605.69 经营活动现金流入小计 820,432,284.64 586,489,427.18 购买商品、接受劳务支付的现金 601,749,186.46 364,382,474.07 支付给职工以及为职工支付的现金 76,766,032.72 63,955,870.71 支付的各项税费 48,909,389.46 41,695,830.39 支付的其他与经营活动有关的现金 74,936,777.47 81,072,292.54 经营活动现金流出小计 802,361,386.11 551,106,467.71 经营活动产生的现金流量净额 18,070,898.53 35,382,959.47 二、投资活动产生的现金流量： 收回投资所收到的现金 69,238,271.01 69,238,271.01 其中：出售子公司收到的现金 取得投资收益所收到的现金 224,896.08 1,097,537.21 处置固定资产、无形资产和其他长期资 16,138,897.74 16,019,281.74 产而收回的现金 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 85,602,064.83 86,355,089.96 购建固定资产、无形资产和其他长期资 15,364,783.44 14,021,600.13 产所支付的现金 投资所支付的现金 64,000,000.00 64,000,000.00 支付的其他与投资活动有关的现金 61,000.00 61,000.00 投资活动现金流出小计 79,425,783.44 78,082,600.13 投资活动产生的现金流量净额 6,176,281.39 8,272,489.83 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 40 借款所收到的现金 276,600,000.00 236,000,000.00 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 276,600,000.00 236,000,000.00 偿还债务所支付的现金 286,300,000.00 245,700,000.00 分配股利、利润或偿付利息所支付的现 9,579,635.88 8,521,350.25 金 其中：支付少数股东的股利 97,906.79 支付的其他与筹资活动有关的现金 其中：子公司依法减资支付给少数股东 的现金 筹资活动现金流出小计 295,879,635.88 254,221,350.25 筹资活动产生的现金流量净额 -19,279,635.88 -18,221,350.25 四、汇率变动对现金的影响 253,583.07 1,001.26 五、现金及现金等价物净增加额 5,221,127.11 25,435,100.31 补充材料 1、将净利润调节为经营活动现金流量： 净利润 -66,077,975.44 -64,574,605.60 加：少数股东损益(亏损以“-”号填列) 234,768.57 减：未确认的投资损失 -863,265.45 加：计提的资产减值准备 22,903,283.01 20,759,746.59 固定资产折旧 39,389,678.21 37,942,815.73 无形资产摊销 873,432.42 873,432.42 长期待摊费用摊销 0 0 待摊费用减少（减：增加） -337,000.00 -3,000.00 预提费用增加（减：减少） -13,769.59 -13,769.59 处理固定资产、无形资产和其他长期资 -10,490,757.81 -9,841,858.99 产的损失(减:收益) 固定资产报废损失 财务费用 9,041,115.24 8,331,805.86 投资损失（减：收益） -5,156,629.80 -6,615,996.17 递延税款贷项（减：借项） 存货的减少（减：增加） 80,594,531.76 65,484,981.69 经营性应收项目的减少(减：增加) 29,813,920.17 45,126,067.50 经营性应付项目的增加(减：减少) -83,566,963.66 -62,086,659.97 其他(预计负债的增加) 经营活动产生的现金流量净额 18,070,898.53 35,382,959.47 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 41 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 156,595,846.89 119,942,104.68 减：现金的期初余额 151,374,719.78 94,507,004.37 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 5,221,127.11 25,435,100.31 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 42 上海市股份有限公司年 度 会 计 报 表 资产减值准备明细表-合并 2006年度 会企 编制单位：上海二纺机股份有限公司 金额单位 项 目 行次 年初 本年 本年减少数 余额 增加数 因资产价值回升转回数 其它原因转出数 合计 ① ② ③ ④ ⑤ ⑥ 一、坏帐准备合计 1 25,338,316.22 5,333,239.11 25,031.55 25,031.55 3 其中：应收账款 2 23,604,668.97 5,716,018.35 2 其他应收款 3 1,733,647.25 -382,779.24 25,031.55 25,031.55 二、短期投资跌价准备合计 4 其中：股票投资 5 债券投资 6 三、存货跌价准备合计 7 48,824,932.10 15,172,190.92 4,228,547.28 4,228,547.28 5 其中：库存商品 8 产成品 9 17,596,942.86 9,100,013.92 2 原材料 10 29,126,997.21 5,313,573.47 4,228,547.28 4,228,547.28 3 在途物资 11 在产品 12 1,221,109.88 773,223.43 包装物 13 低值易耗品 14 2,474.31 自制半成品 15 879,882.15 -17,094.21 分期收款发出商品 16 委托加工物资 17 开发产品 18 四、长期投资减值准备合计 19 2,195,138.72 -730,338.72 其中：长期股权投资 20 2,195,138.72 -730,338.72 长期债权投资 21 五、固定资产减值准备合计 22 93,982,763.37 3,277,725.70 1,833,483.54 7,203,663.98 9,037,147.52 8 其中：生产用房屋 23 12,865,130.69 1,833,483.54 1,833,483.54 1 非生产用房屋 24 10,488,088.89 1 生产用设备 25 70,629,543.79 3,277,725.70 7,203,663.98 7,203,663.98 6 非生产用设备 26 27 六、无形资产减值准备合计 28 其中：专利权 29 商标权 30 技术使用权 31 土地使用权 32 七、在建工程减值准备 33 八、委托贷款减值准备 34 九、 总 计 35 170,341,150.41 23,052,817.01 1,833,483.54 11,457,242.81 13,290,726.35 18 说明：（1）1行＋4行＋7行＋10行＋13行＋16行＋19行＋20行＝21行 ④栏＋⑤栏＝⑥栏（除1至3行外） （2）如果“本年减少数”中确实难以划分因资产价值回升转回或其他原因转出的，则④栏和⑤栏空置不填，只需填第⑥栏即 上海市股份有限公司年 度 会 计 报 表 母公司资产减值准备明细表 2006年度 编制单位：上海二纺机股份有限公司 项 目 行次 年初 本年 本年减少数 余额 增加数 因资产价值回升转回数 其它原因转出数 合计 ① ② ③ ④ ⑤ ⑥ 一、坏帐准备合计 1 24,733,496.95 2,302,650.93 其中：应收账款 2 22,855,841.80 2,959,589.42 其他应收款 3 1,877,655.15 -656,938.49 二、短期投资跌价准备合计 4 其中：股票投资 5 债券投资 6 三、存货跌价准备合计 7 48,698,105.11 15,179,369.96 4,228,547.28 4,228,547 其中：库存商品 8 产成品 9 17,564,156.09 9,075,524.57 原材料 10 29,055,452.51 5,325,220.65 4,228,547.28 4,228,547 在途物资 11 在产品 12 1,215,708.57 778,624.74 包装物 13 低值易耗品 14 自制半成品 15 862,787.94 分期收款发出商品 16 委托加工物资 17 开发产品 18 四、长期投资减值准备合计 19 2,195,138.72 -730,338.72 其中：长期股权投资 20 2,195,138.72 -730,338.72 长期债权投资 21 五、固定资产减值准备合计 22 88,005,467.98 3,277,725.70 6,807,760.04 6,807,760 其中：生产用房屋 23 9,351,000.29 非生产用房屋 24 12,168,735.75 生产用设备 25 66,485,731.94 3,277,725.70 6,807,760.04 6,807,760 非生产用设备 26 27 六、无形资产减值准备合计 28 其中：专利权 29 商标权 30 技术使用权 31 土地使用权 32 七、在建工程减值准备 33 八、委托贷款减值准备 34 九、 总 计 35 163,632,208.76 20,029,407.87 11,036,307.32 11,036,307 说明：（1）1行＋4行＋7行＋10行＋13行＋16行＋19行＋20行＝21行 ④栏＋⑤栏＝⑥栏（除1至3行外） （2）如果“本年减少数”中确实难以划分因资产价值回升转回或其他原因转出的，则④栏和⑤栏空置不填，只需填第 关于上海二纺机股份有限公司 新旧会计准则股东权益差异调节表的审阅报告 信会师报字（2007）第 10889 号 上海二纺机股份有限公司全体股东： 我们审阅了后附的上海二纺机股份有限公司（以下简称“公司”） 新旧会计准则股东权益差异调节表（以下简称“差异调节表”）。 按 照《企业会计准则第 38 号—首次执行企业会计准则》和“关于做好 与新会计准则相关财务会计信息披露工作的通知” （证监发[2006]136 号，以下简称“通知”）的有关规定编制差异调节表是公司管理层的 责任。我们的责任是在实施审阅工作的基础上对差异调节表出具审阅 报告。 根据“通知”的有关规定，我们参照《中国注册会计师审阅准则 第 2101 号－财务报表审阅》的规定执行审阅业务。该准则要求我们 计划和实施审阅工作，以对差异调节表是否不存在重大错报获取有限 保证。审阅主要限于询问公司有关人员差异调节表相关会计政策和所 有重要的认定、了解差异调节表中调节金额的计算过程、阅读差异调 节表以考虑是否遵循指明的编制基础以及在必要时实施分析程序，审 阅工作提供的保证程度低于审计。我们没有实施审计，因而不发表审 计意见。 43 根据我们的审阅，我们没有注意到任何事项使我们相信差异调节 表没有按照《企业会计准则第 38 号—首次执行企业会计准则》和“通 知”的有关规定编制。 此外，我们提醒差异调节表的使用者关注，如后附差异调节表中 重要提示所述：差异调节表中所列报的 2007 年 1 月 1 日股东权益（新 会计准则）与 2007 年度财务报告中所列报的相应数据可能存在差异。 立信会计师事务所 中国注册会计师： 有限公司 中国注册会计师： 中 国·上海 二○○七年四月六日 44 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表 金额单位：人民币元 项目 注释 项目名称 金额 2006 年 12 月 31 日股东权益（现行会计准则） 600,898,748.19 1 附注三（二） 长期股权投资差额 1,211,530.99 其中：同一控制下企业合并形成的长期股权投资差 1,211,530.99 额 其他采用权益法核算的长期股权投资贷方差 额 2 拟以公允价值模式计量的投资性房地产 3 因预计资产弃置费用应补提的以前年度折旧等 4 符合预计负债确认条件的辞退补偿 5 股份支付 6 符合预计负债确认条件的重组义务 7 企业合并 其中：同一控制下企业合并商誉的账面价值 根据新准则计提的商誉减值准备 以公允价值计量且其变动计入当期损益的金融资产 8 以及可供出售金融资产 9 以公允价值计量且其变动计入当期损益的金融负债 10 金融工具分拆增加的权益 11 衍生金融工具 12 所得税 13 其他 14 附注三（三） 少数股东权益（现行会计准则） 8,414,608.68 2007 年 1 月 1 日股东权益（新会计准则） 610,524,887.86 其中：归属于母公司所有者权益 601,974,790.59 附注三/3 少数股东权益 8,550,097.27 后附差异调节表附注及其重要提示为本差异调节表的组成部分。 企业负责人： 主管会计工作的负责人： 会计机构负责人： 45 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （除特别注明外，金额单位为人民币元） 一、编制目的 公司于 2007 年 1 月 1 日起开始执行新会计准则。为分析并披露执行新会计 准则对上市公司财务状况的影响，中国证券监督管理委员会于 2006 年 11 月颁布 了 “ 关于做好与新会计准则相 关财务会计信息披露工作的通知”（ 证 监 发 [2006]136 号，以下简称“通知”），要求公司按照《企业会计准则第 38 号—首 次执行企业会计准则》和“通知”的有关规定，在 2006 年度财务报告的“补充 资料”部分以差异调节表的方式披露重大差异的调节过程。 二、编制基础 差异调节表系公司根据《企业会计准则第 38 号—首次执行企业会计准则》 第五条至第十九条和“通知”的有关规定，结合公司自身的特点和具体情况，以 2006 年度（合并）财务报表为基础，并依据重要性原则编制。 对于《企业会计准则第 38 号—首次执行企业会计准则》第五条至第十九条 中没有明确的情况，本差异调节表依据如下原则进行编制： （一）子公司、合营企业和联营企业按照《企业会计准则第 38 号—首次执 行企业会计准则》第五条至第十九条的规定进行追溯调整，对于影响上述公司留 存收益并影响公司按照股权比例享有的净资产份额的事项，公司根据其业务实际 情况相应调整留存收益或资本公积。 （二）编制合并财务报表时，公司按照新会计准则调整少数股东权益，并在 差异调节表中单列项目反映。 三、主要项目附注 （一）2006 年 12 月 31 日股东权益（现行会计准则）的金额取自公司按照 现行《企业会计准则》和《企业会计制度》(以下简称“现行会计准则”)编制的 2006 年 12 月 31 日（合并）资产负债表。该报表业经立信会计师事务所有限公 司审计，并于 2007 年 4 月 6 日出具了无保留意见的审计报告（信会师报字（2007） 第 10888 号）。该报表相关的编制基础和主要会计政策参见公司 2006 年度财务报 告。 调节表附注第 1 页 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （二）同一控制下企业合并形成的长期股权投资差额 公司 2006 年 12 月 31 日账面有对子公司股权投资差额贷差 1,211,530.99 元。该股权投资差额属同一控制下企业合并形成的长期股权投资差额，因此追溯 调整增加 2007 年 1 月 1 日的股东权益 1,211,530.99 元，归属于母公司的所有者 权益 1,076,042.40 元，归属于少数股东权益 135,488.59 元。 （三）少数股东权益 公司 2006 年 12 月 31 日按现行会计准则编制的合并报表中子公司少数股东 权益为 8,414,608.68 元，新会计准则下应计入股东权益，由此增加 2007 年 1 月 1 日股东权益 8,414,608.68 元。此外，由于同一控制下企业合并形成的长期 股权投资差额而相应增加的少数股东的权益 135,488.59 元，则新会计准则下少 数股东权益为 8,550,097.27 元。 调节表附注第 2 页 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表 重要提示： 公司于 2007 年 1 月 1 日起开始执行财政部于 2006 年颁布的《企业会计准则》（以下简称 “新会计准则”），目前公司正在评价执行新会计准则对公司财务状况、经营成果和现金流量所 产生的影响，在对其进行慎重考虑并参照财政部对新会计准则的进一步讲解后，公司在编制 2007 年度财务报告时可能对编制“差异调节表”时所采用相关会计政策或重要认定进行调整，从而导 致差异调节表中所列报的 2007 年 1 月 1 日股东权益（新会计准则）与 2007 年度财务报告中所列 报的相应数据之间可能存在差异。 董事长:郑元湖 上海二纺机股份有限公司 2007 年 4 月 6 日 第3頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 关于公司与关联方资金往来 及公司对外担保情况专项说明 信会师函字（2007）第 081 号 上海二纺机股份有限公司董事会： 我们接受贵公司的委托，对贵公司经审计的截止 2006 年 12 月 31 日的关联方占用贵公司资 金情况及贵公司 2006 年度对外担保情况进行专项核查。我们的核查是依据《关于规范上市公司 与关联方资金往来及上市公司对外担保若干问题的通知》（证监发〔2003〕56 号）及《关于规范 上市公司对外担保行为的通知》 （证监发〔2005〕120 号）进行的。贵公司董事会的责任是提供真 实、合法、完整的有关资金占用及对外担保情况的全部材料，包括原始合同或协议等资料或副本 资料、会计凭证与账簿记载、会计报表、有关实物证据及我们认为必要的其他资料。我们的责任 是根据上述《关于规范上市公司与关联方资金往来及上市公司对外担保若干问题的通知》（证监 发〔2003〕56 号）及《关于规范上市公司对外担保行为的通知》（证监发〔2005〕120 号）的规 定，对贵公司与关联方资金往来情况及对外担保情况是否符合规定进行相关调查、核实并出具专 项说明。在调查、核实过程中，我们实施了查阅有关资料、会计凭证、核对会计账簿记录等我们 认为必要的核查程序。 现将审核情况说明如下： 一、控股股东及其他关联方占用资金情况： 1、截止 2006 年 12 月 31 日，公司大股东及其附属企业占用资金余额为 1,720.23 万元。 2、截止 2006 年 12 月 31 日，上市公司的子公司及其附属企业年末非经营性占用资金余额为 80.44 万元。 二、对外担保情况： 经审核，截止 2006 年 12 月 31 日贵公司为子公司上海普恩伊进出口有限公司提供最高额 6,620 万元担保，实际已发生担保责任 1,600 万元。占贵公司年末合并报表净资产的 2.66%。 立信会计师事务所有限公司 二 OO 七年四月六日 第4頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 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 年年度会计报表； （二）、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； （三）、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； （四）、公司章程文本； （五）、其他有关资料。 董事长：郑元湖 上海二纺机股份有限公司 2007 年 4 月 6 日 第5頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 财 务 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。 公司于 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了股权分置改革方案，根据该方案 A 股股东每持有 10 股流通股获得 3.5 股 A 股股票。公司股权分置方案于 2006 年 2 月取得商务部批复， 并于 2006 年 3 月 3 日实施完毕。 二、本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 本公司执行企业会计准则和《企业会计制度》及其补充规定。 （二）会计年度 本公司会计年度为公历 1 月 1 日起至 12 月 31 日止。 （三）记账本位币 本公司以人民币为记账本位币。 第6頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （四）记账基础和计价原则 本公司的会计核算以权责发生制为记账基础，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月月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。外币专门借款账户年末折算差额，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，其余的外币账 户折算差额均计入财务费用。不同货币兑换形成的折算差额，均计入财务费用。 （六）外币会计报表的折算方法， 按照财政部财会字（1995）11 号《关于印发的通知》，除所有者权益类项目（不 含未分配利润项目）以发生时的市场汇价（中间价）折算为人民币外，资产、负债、损益类项目均以合并会计 报表决算日的市场汇价（中间价）折算为人民币。外币报表折算差额在合并资产负债表中单独列示。 （七）现金等价物的确定标准 本公司在编制现金流量表时，将持有的期限短（从购买日起，三个月到期）、流动性强、易于转换为已知 金额的现金、价值变动风险小的投资作为现金等价物。 （八）短期投资核算方法 1、取得的计价方法 取得投资时按实际支付的价款（扣除已宣告未领取的现金股利或已到期未领取的债券利息）、相关税费计 价。债务重组取得债务人用以抵债的短期投资，以应收债权的账面价值为基础确定其入账价值；非货币性交易 换入的短期投资，以换出资产的账面价值为基础确定其入账价值。 2、短期投资跌价准备的计提 中期末及年末，按成本与市价孰低提取或调整短期投资跌价准备。 按单项投资计算并确定计提的跌价损失准备。 3、短期投资收益的确认 短期投资待处置时确认投资收益。在持有期间分得的现金股利和利息，冲减投资成本或相关应收项目。 第7頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （九）坏账核算方法 1、坏账的确认标准 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，按照本公司管理权限批准核销。 2、坏账损失的核算方法 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、坏账准备的计提方法和计提比例 （1）本公司根据董事会的决定，依据债务单位的实际财务状况、偿债能力等相关信息，确定按账龄计提 坏账准备的具体方法如下： 账龄 坏账准备比率（％） 1 年以下 5 1－2 年 10 2－3 年 20 3 年以上 50 个别认定 100 （2）对于某项期末余额的可收回性与其他各项应收款项存在明显差别的应收款项（例如、债务单位所处 的特定地区、债务人的财务和经营状况、与债务人之间的争议和纠纷等），导致该项应收款项如果按照与其他 应收款项同样的方法计提坏账准备，将无法真实地反映其可收回金额的，采用个别认定法计提坏账准备，即根 据债务人的经营状况、现金流量状况、以前的信用记录等资料对其欠款的可回收性进行逐笔详细分析，据以分 别确定针对每一笔此类应收款项的坏账准备计提比例； （十）存货核算方法 1、存货分类为 存货分类为：在途物资、原材料、在产品、包装物、低值易耗品、产成品、库存商品、委托加工物资、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。 第8頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 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。 存货可变现净值按企业在生产经营过程中，以估计售价减去估计完工成本及销售所必需的估计费用后的 价值确定。 （十一）长期投资核算方法 1、取得的计价方法 长期投资取得时以初始投资成本计价，包括相关的税金、手续费等。债务重组取得债务人用以抵债的股权 投资，以应收债权的账面价值为基础确定其入账价值；非货币性交易换入的股权投资，以换出资产的账面价值 为基础确定其入账价值。 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） 。财会[2004]3 号文生效以前发生的股权 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贷差按财会[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，本公司对由于市价持续下跌或被投资单位经营状况恶化等原因导致长期投资项目的可收回 金额低于账面价值，并且这种价值的降低在可预见的未来期间内不可能恢复，按可收回金额低于长期投资账面 价值的差额逐项提取长期投资减值准备。自 2004 年起计提长期投资减值准备时对以前年度已发生的股权投资 差额按财会[2004]3 号文处理。 长期投资减值准备按个别投资项目计算确定。 （十二）固定资产计价和折旧方法 1、固定资产标准： 指为生产商品、提供劳务、出租或经营管理而持有的并且使用期限超过一年、单位价值较高的有形资产。 第9頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 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，以应收债权的账面价值为基础确定其入账价值；非货币性交 易换入的固定资产，以换出资产的账面价值为基础确定其入账价值。 融资租入的固定资产，按租赁开始日租赁资产的原账面价值与最低租赁付款额的现值两者中较低者作为 入账价值；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账值。 4、固定资产折旧计提方法： 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 已全额计提减值准备的固定资产，不再计提固定资产折旧。 第 10 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 已计提减值准备的固定资产，按照该项固定资产的账面价值，以及尚可使用年限重新计算确定折旧率和折 旧额；如果已计提减值准备的固定资产价值又得以恢复，该项固定资产的折旧率和折旧额按照固定资产价值恢 复后的账面价值，以及尚可使用年限重新计算确定 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账面 价值的，按预计可收回金额低于其账面价值的差额，计提固定资产减值准备。 固定资产减值准备按单项资产计提。 （十三）在建工程核算方法 1、取得的计价方法 以立项项目分类核算工程发生的实际成本，当所建工程项目达到预定可使用状态时，转入固定资产核算； 尚未办理竣工决算的，按估计价值转账，待办理竣工决算手续后再作调整。 2、在建工程减值准备的计提 中期末及年末，对于长期停建并预计在未来三年内不会重新开工的在建工程，或在性能、技术上已落后且 给企业带来经济利益具有很大不确定性的在建工程，计提在建工程减值准备。 在建工程减值准备按单项工程计提。 （十四）无形资产核算方法 1、取得的计价方法 按取得时的实际成本入账。 债务重组取得债务人用以抵债的无形资产，按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 换入的无形资产，按换出资产的账面价值为基础确定其入账价值。 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账面价值的差额，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。 （十五）借款费用的会计处理方法 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 第 11 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 可使用状态后，借款费用停止资本化。 当购建资产中部分项目分别完工且可单独使用时，该部分资产借款费用停止资本化。 普通借款的借款费用和不符合资本化规定的专门借款的借款费用，均计入发生当期损益。 2、借款费用资本化期间 按季度计算借款费用资本化金额。 3、专门借款的借款费用资本化金额的确定方法 每一会计期间利息资本化的金额＝至当年末止购建固定资产累计支出加权平均数×借款加权平均利率。 允许资本化的辅助费用、汇兑差额按实际发生额直接资本化。 （十六）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。 第 12 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （十七）所得税的会计处理方法 采用应付税款法。 （十八）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。 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）流转税及附加 1、流转税 应税项目 税 种 税率 产品销售收入 增值税 17% 材料转让收入 增值税 17% 租金收入 营业税 5% 2、城市维护建设税 按流转税税额的 7%计算和缴纳。 3、教育费附加 按流转税税额的 3%计算和缴纳。 （二）企业所得税 公司被认定为上海市高新技术企业，2006 年度所得税减按 15%计征。 第 13 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 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）： 被投资单位全称 业务性质 注册资本 经营范围 母公司实际投 母公司控股 合并范围内控 是否 备注 资额 比例 股比例 合并 上海良基实业有限 贸易、租赁 12,418,000.00 国际国内贸易 11,176,200.00 90.00 90.00 是 公司 上海良基机械有限 生产销售纺纱 制造业 1,500,000.00 1,350,000.00 90.00 90.00 是 公司 机械 海南良基实业有限 工业投资物业 投资 3,000,000.00 2,100,000.00 70.00 70.00 否 公司 管理 经营自产产品 和与之配套的 上海普恩伊进出口 进出口业 30,000,000.00 商品及相关技 27,000,000.00 90.00 90.00 是 有限公司 术出口和进口 业务 生产、销售纺机 上海良纺纺织机械 的锭子罗拉、钢 制造业 22,000,000.00 18,700,000.00 85.00 85.00 是 专件有限公司 领及其他纺机 配件 计算机软硬件， 上海逸杰信息科技 服务业 2,000,000.00 系统集成专业 1,675,000.00 83.75 83.75 否 有限公司 领域四技服务 上海良基塑料制品 生产销售纺织 本年已 制造业 3,180,000.00 3,180,000.00 100.00 100.00 否 有限公司 塑料件 关闭 （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 2,398,584.07 元，占母、 子公司资产总额的 0.18%；销售收入为 2,056,511.68 元，占母、子公司收入的 0.15%；净利润 84,057.50 元， 占母公司净利润的-0.17%。 （3）海南良基实业有限公司已于 2003 年起停业，并拟于 2007 年内关闭，因此不予列入合并范围。 2、对财务状况及经营成果的影响： 未纳入合并会计报表范围的子公司加总的资产总额为 322.35 万元，占母、子公司资产总额的 0.24％；销售 收入为 205.65 万元，占母、子公司收入总额的 0.15％；净利润 3.61 万元，占母公司净利润的-0.07％。对未纳 入合并会计报表范围的子公司的净利润，母公司已按权益法核算计入投资收益 7.40 万元。 第 14 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （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： 本年减少合并单位 1 家，原因为：全资子公司上海良基塑料制品有限公司已于本期内关闭，其本年度损益 及现金流量已合并计入公司合并报表内，年末不再纳入合并范围。 （五）报告期内无因购买、受让股权而增加控股子公司、合营企业情况。 （六）报告期内无出售子公司。 五、合并财务报表主要项目注释(如无特别注明，以下货币单位为人民币元) （一）货币资金 年末数 年初数 现金 331,252.17 248,899.95 银行存款 152,803,998.60 147,858,535.63 其他货币资金 3,460,596.12 3,267,284.20 合 计 151,374,719.78 156,595,846.89 1、 银行存款 年末数 年初数 人民币活期存款 147,669,750.92 143,032,627.45 美元活期存款 3,867,822.39 1,421,953.34 日元活期存款 6,296.41 6,800.96 欧元活期存款 260,128.88 3,397,153.88 人民币定期存款 1,000,000.00 0.00 合 计 152,803,998.60 147,858,535.63 其中美元：外币金额 495,322.19 176,198.03 折算汇率 7.8087 8.0702 折合人民币 3,867,822.39 1,421,953.34 日元：外币金额 95,938.00 98,972.00 折算汇率 0.06563 0.068716 折合人民币 6,296.41 6,800.96 欧元：外币金额 25,337.64 354,620.07 折算汇率 10.2665 9.5797 折合人民币 260,128.88 3,397,153.88 第 15 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 2、其他货币资金 年末数 年初数 信用证保证金存款 3,460,596.12 3,267,284.20 （二）短期投资和短期投资跌价准备 项 目 年末数 年初数 金额 跌价准备 金额 跌价准备 股权投资 159,800.00 0.00 0.00 0.00 其中：股票投资 159,800.00 0.00 0.00 0.00 159,800.00 0.00 0.00 0.00 1、股票投资年末数： 股 票 名 称 股 数 投 资 成 本 备注 广博股份 17,000 112,200.0 0 新股申购，尚未上市 信隆实业 14,000 47 ,600.00 新股申购，尚未上市 小计 159,800 .00 2、短期投资年末数比年初数增加 159,800.00 元，增加比例为 100.00％，增加原因为：年内申购的新股尚 未上市，因此挂账。 3、所购新股上市后，变现无重大限制。 （三）应收票据 票据种类 年末数 年初数 银行承兑汇票 42,101,769.65 124,272,192.72 商业承兑汇票 42,800,066.00 9,345,823.21 合计 84,901,835.65 133,618,015.93 1、年末数中已贴现的商业承兑汇票金额为 39,200,000.00 元。 2、年末数中已贴现的银行承兑汇票金额为 14,210,000.00 元。 3、应收票据年末数比年初数减少 48,716,180.28 元，减少比例为 36.46％，减少原因主要为：年末应收银行 承兑汇票减少。 第 16 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （四）应收账款 1、应收账款年末余额按账龄列示如下： 年末数 占应收账款 坏账准备 账龄 金额 坏账准备 总额的比例 计提比例 1 年以内 115,239,861.12 68.28% 5% 5,761,993.06 1 至2 年 16,326,959.21 9.67% 10% 1,632,695.92 2 至3 年 6,985,024.30 4.14% 20% 1,397,004.86 3 年以上 512,191.00 0.30% 50% 256,095.50 个别认定 29,703,823.49 17.61% 50%-100% 20,272,897.98 合 计 168,767,859.12 100.00% 29,320,687.32 年初数 占应收账款 坏账准备 账龄 金额 坏账准备 总额的比例 计提比例 1 年以内 119,036,873.65 76.66% 5% 5,951,843.68 1 至2 年 13,685,472.18 8.81% 10% 1,368,547.22 2 至3 年 349,104.21 0.22% 20% 69,820.84 3 年以上 372,344.23 0.24% 50% 186,172.12 个别认定 21,847,116.69 14.07% 50%-100% 16,028,285.11 合 计 155,290,910.96 100.00% 23,604,668.97 2、年末应收账款中前 5 名客户的欠款金额合计 62,126,391.03 元，占应收账款总额的 36.81%。 3、截止本年末已全额计提坏账准备或计提准备比例达到 40%以上的说明： 欠款户 欠款金额 计提比例 理 由 济南正昊化纤新材料有限公司 11,025,989.82 50% 账龄较长，收回可能性小 江苏新苏化纤有限公司 6,000,000.00 50% 账龄较长，收回可能性小 新疆京城棉纺厂 4,750,502.07 100% 账龄长，收回可能性小 吴江梅堰光明纺织铸造厂 1,797,616.44 100% 账龄长，收回可能性小 其他 10 户 6,129,715.16 50% 账龄长，收回可能性小 4、无以前年度已全额或大比例计提坏账准备，本年度又全额或部分收回、重组的应收账款。 5、无金额较大或账龄较长的应收账款不计提坏账准备，或计提坏账准备比例为 5％及以下的应收账款。 6、本年度无实际冲销的应收账款。 7、年末应收账款中持本公司 5％以上（含 5％）表决权股份的股东欠款为 6,742,000.00 元，详见本附注八 （三）4。 第 17 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （五）其他应收款 1、其他应收款年末余额按账龄列示如下： 年末数 占其他应收款 坏账准备 账龄 金额 坏账准备 总额的比例 计提比例 1 年以内 3,713,917.05 61.14% 5% 185,695.85 1 至2 年 1,092,778.03 17.99% 10% 109,277.80 2 至3 年 176,239.10 2.90% 20% 35,247.82 3 年以上 191,229.98 3.15% 50% 95,614.99 个别认定 900,000.00 14.82% 100% 900,000.00 合 计 6,074,164.16 100 .00 % 1,325,836.46 年初数 占其他应收款 坏账准备 账龄 金额 坏账准备 总额的比例 计提比例 1 年以内 3,447,042.43 34.17% 5% 172,352.12 1 至2 年 5,476,194.03 54.29% 10% 547,619.40 2 至3 年 60,250.96 0.60% 20% 12,050.19 3 年以上 203,251.08 2.02% 50% 101,625.54 个别认定 900,000.00 8.92% 100% 900,000.00 合 计 10,086,738.50 100.00% 1,733,647.25 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 4,141,696.27 元，占其他应收款总金额的比例为 68.19％。 第 18 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 3、截止本年末已全额计提坏账准备，或计提坏账准备比例达到 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 5户 191,229.98 50% 三年以上 4、无以前年度已全额或大比例计提坏账准备，本年度又全额或部分收回、重组的其他应收款。 5、无金额较大或账龄较长的其他应收款不计提坏账准备，或计提坏账准备比例为 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。 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 上海巨方实业有限公司 816,666.00 租金 海南良基实业有限公司 695,623.18 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减少 4,012,574.34 元，减少比例为 39.78％，减少原因为：往来款收回。 （六）预付账款 1、预付账款年末余额按账龄列示如下： 年末数 年初数 占预付账款 占预付账款 账龄 金额 金额 总额的比例 总额的比例 1 年以内 12,683,487.05 100% 10,879,256.22 100% 2、年末预付帐款中无预付持本公司 5％以上（含 5％）表决权股份的股东单位款项。 第 19 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （七）存货 年末数 年初数 余额 存货跌价准备 余额 存货跌价准备 在途物资 7,645,149.84 0.00 6,875,995.68 0.00 原材料 90,987,623.42 30,212,023.39 67,954,250.47 29,126,997.21 在产品 107,836,577.67 2,857,121.25 100,363,325.58 2,100,992.03 包装物 48,142.23 0.00 19,262.56 0.00 低值易耗品 2,189,255.97 2,474.31 2,556,078.49 0.00 产成品 137,150,139.24 26,696,956.79 259,310,696.66 17,596,942.86 委托加工物资 1,782,234.43 0.00 287,294.07 0.00 材料成本差异 -2,160,272.52 0.00 -7,064,974.19 0.00 合计 345,478,850.28 59,768,575.74 430,301,929.32 48,824,932.10 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：市价减相应税费。 （八）长期投资： 项 目 年 末 数 年 初 数 账面余额 减值准备 账面余额 减值准备 长期股权投资 37,017,894.70 1,464,800.00 38,461,119.37 2,195,138.72 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 年末账面余额 减值准备 年初账面余额 （股） 注册资本比例 成本 SST 丰华 法人股 388,800 --- 1,266,000.00 1,266,000.00 1,266,000.00 中卫国脉 限售流通股 525,096 --- 1,107,360.00 1,107,360.00 1,107,360.00 嘉宝集团 限售流通股 836,784 --- 2,390,168.32 2,390,168.32 2,390,168.32 S 爱建 法人股 2,083,388 --- 7,584,000.00 7,584,000.00 7,584,000.00 交大南洋 限售流通股 74,052 --- 170,400.00 170,400.00 170,400.00 申达股份 限售流通股 325,248 --- 495,440.00 495,440.00 495,440.00 水仙 A 3 法人股 880,000 --- 3,040,000.00 3,040,000.00 1,464,800.00 3,040,000.00 新世界 限售流通股 471,830 --- 440,988.80 440,988.80 440,988.80 第 20 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 豫园商城 限售流通股 594,594 --- 1,911,210.00 1,911,210.00 1,911,210.00 同达创业 限售流通股 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 --- 150,000.00 150,000.00 150,000.00 宏盛科技 法人股 184,800.00 --- 306,000.00 0.00 306,000.00 申能股份 法人股 450,000.00 --- 840,000.00 0.00 840,000.00 合 计 16,131,352 27,456,567.12 26,310,567.12 1,464,800.00 27,456,567.12 （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 年末账面余额 注册资本比例 增减额 上海银行 --- --- 71,000.00 0.00 71,000.00 上海良宙物资贸易有 0.00 2002.9-2021.8 10.00% 366,122.29 366,122.29 限公司 合 计 437,122.29 0.00 437,122.29 B. 权益法核算的对子公司股权投资： 投资 占被投资单位 本年权益增 年末余额 被投资单位名称 年初余额 起止期 注册资本比例 减额 初始投资 累计增减 合计 海南良基实业有限公司 1995.12－2002.12 100% 0.00 0.00 2,100,000.00 -2,100,000.00 0.00 上海逸杰信息科技有限 1,807,946.60 3,201.95 1,675,000.00 136,148.55 1,811,148.55 公司 2001.4－2021.3 83.75% 临海良纺纺织机械专件 6,457,481.59 135,850.05 5,563,520.25 1,029,811.39 6,593,331.64 有限公司 83% 小计 8,265,428.19 139,052.00 9,338,520.25 -934,040.06 8,404,480.19 本年权益增减额 被投资单位名称 累积损益 投资成本 确认收益 差额摊销 股权投资准备 分得利润 合计 调整 海南良基实业有限公司 0.00 0.00 0.00 0.00 0.00 0.00 0.00 上海逸杰信息科技有限公司 0.00 70,398.16 0.00 0.00 0.00 -67,196.21 3,201.95 临海良纺纺织机械专件有限公司 0.00 19,768.55 0.00 225,814.31 0.00 -109,732.81 135,850.05 小计 0.00 90,166.71 0.00 225,814.31 0.00 -176,929.02 139,052.00 注 1：海南良基实业有限公司已于 2003 年起停业，并拟于 2007 年关闭，且对其长期投资的账面成本已减 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控制。 第 21 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 C．权益法核算的对合营企业股权投资： 投资 占被投资单 年末余额 本年权益增 被投资单位名称 位注册资本 年初余额 减额 起止期 比例 初始投资 累计增减 合计 二纺机化纤成套 98,600.82 -98,600.82 100,000.00 -100,000.00 0.00 设备有限公司 2003.5--2023.5 20% 太平洋纺机成套 1,988,301.67 -326,328.09 1,000,000.00 661,973.58 1,661,973.58 设备有限公司 2002.7--2022.7 20% 山东良基纺织机 600,441.44 -88,416.20 500,000.00 12,025.24 512,025.24 械有限公司 无限 25% 小计 2,687,343.93 -513,345.11 1,600,000.00 573,998.82 2,173,998.82 本年权益增减额 被投资单位名称 累积损益调 股权投资准 投资成本 确认收益 整 差额摊销 备 分得利润 合计 二纺机化纤成套 -100,000.00 367.98 1,031.20 0.00- 0.00- 0.00- -98,600.82 设备有限公司 太平洋纺机成套 0.00- -326,328.09 0.00- 0.00- 0.00- 0.00- -326,328.09 设备有限公司 山东良基纺织机 0.00- -88,416.20 0.00- 0.00- 0.00- 0.00- -88,416.20 械有限公司 小计 -100,000.00 -414,376.31 1,031.20 0.00- 0.00- 0.00- -513,345.11 D．被投资单位与公司会计政策存在重大差异、投资变现汇回存在重大限制等的说明：无 2、长期投资减值准备 被投资股票名称 年 初 数 本年增加 本年减少 年 末 数 计提原因 爱建股份 167,138.72 0.00 167,138.72 0.00 年末市价已回升至账面成本以上 2,028,000. 市价低于成本价 水仙 A 0.00 563,200.00 1,464,800.00 00 合计 2,195,138.72 0.00 730,338.72 1,464,800.00 3、构成合并价差的股权投资差额： 被投资单位名称 初始金额 形成原因 摊销期限 本年摊销额 本年其他减少 年末余额 上海良纺纺织机械专 投资时产 -1,381,424.36 十年 138,142.44 0.00 -552,569.72 件有限公司 生 上海普恩伊进出口有 股权转让 610,740.00 十年 -61,074.00 0.00 244,296.00 限公司 产生 小 计 -770,684.36 77,068.44 0.00 -308,273.72 第 22 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （九）固定资产及累计折旧 1、固定资产原价及累计折旧 原价 年初数 本年增加 本年减少 年末数 生产用房屋 251,194,474.92 2,596,219.00 6,062,992.20 247,727,701.72 非生产用房屋 216,400,008.51 5,920,479.13 206,400.00 222,114,087.64 生产用设备 564,068,518.06 12,700,910.39 37,431,966.98 539,337,461.47 非生产用设备 7,364,088.96 704,400.82 512,647.60 7,555,842.18 合计 1,039,027,090.45 21,922,009.34 44,214,006.78 1,016,735,093.01 本年由在建工程转入固定资产原价为 14,426,671.39 元。 本年出售固定资产原价为 44,214,006.78 元。 年末抵押或担保的固定资产原价为 62,551,399.03 元。 累计折旧 年初数 本年计提 本年增加 本年减少 年末数 生产用房屋 79,878,419.03 5,959,122.84 953,610.82 750,594.10 86,040,558.59 非生产用房屋 37,611,091.93 4,828,087.51 0.00 181,470.35 42,257,709.09 生产用设备 353,599,858.29 28,073,917.03 0.00 23,556,448.49 358,117,326.83 非生产用设备 4,242,841.54 528,550.83 0.00 404,128.90 4,367,263.47 合计 475,332,210.79 39,389,678.21 953,610.82 24,892,641.84 490,782,857.98 2、减值准备 减值准备 年初数 本年增加 本年减少 年末数 生产用房屋 12,865,130.69 0.00 1,833,483.54 （注 1） 11,031,647.15 非生产用房屋 10,488,088.89 0.00 0.00 10,488,088.89 生产用设备 70,629,543.79 3,277,725.70 7,203,663.98 （注 2） 66,703,605.51 合计 93,982,763.37 3,277,725.70 9,037,147.52 88,223,341.55 注 1：系公司所持有的澳门路房产因已签订了十五年期的租赁合同，年租金收入超过该房产的折旧成本之 上，体现了固定资产价值回升，导致相关的固定资产减值准备转回 1,833,483.54 元，相应调整增加累计折旧 953,610.82 元，增加营业外支出-879,872.72 元。 注 2：系公司本部固定资产处置转出及下属上海良基塑料制品有限公司关闭而报废转出。 第 23 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 3、经营租出固定资产 类 别 账面原值 累计折旧 减值准备 账面净值 生产用房屋 101,962,884.80 23,084,753.86 1,626,906.76 77,251,224.18 非生产用房 158,962,156.39 30,787,056.85 10,564,706.55 117,292,419.64 生产用设备 10,094,064.64 8,183,867.29 367,962.57 1,542,234.78 合计 271,019,105.83 62,055,678.00 12,559,575.88 196,085,878.60 4、已提足折旧仍继续使用的固定资产 类 别 账面原值 累计折旧 减值准备 账面净值 非生产设备 903,810.93 866,087.93 0.00 37,723.00 生产用设备 136,993,395.36 131,194,036.82 177,122.01 5,622,236.53 非生产用房屋 1,198,500.00 1,150,560.00 0.00 47,940.00 生产用房屋 15,519,669.90 13,151,877.10 1,846,585.35 521,207.45 合计 154,615,376.19 146,362,561.85 2,023,707.36 6,229,106.98 （十）在建工程 1、在建工程明细如下： 工程名称 预算数 资金来源 工程投入占预算的比例% 数控冲床 460,000.00 自有资金 39 冷作车间结构改造 1,726,000.00 自有资金 55 金一车间专用铣床 140,000.00 自有资金 86 络筒机车间配套设备 720,000.00 自有资金 46 设备仓库改造 410,600.00 自有资金 77 俱乐部设备 325,000.00 自有资金 95 金一车间改造 484,500.00 自有资金 100 装配车间调试房 182,000.00 自有资金 55 络筒机车间测试设备 200,000.00 自有资金 98 第 24 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 2、在建工程项目本年变动情况如下： 本年转入 工程名称 年初数 本年增加数 其他减少数 年末数 固定资产 技术中心计算机改造 54,073.00 0.00 54,073.00 0.00 0.00 污水综合治理工程 3,109,571.66 0.00 3,109,571.66 0.00 0.00 锅炉房电蓄热设备 913,000.00 167,713.00 734,766.00 345,947.00 0.00 600 吨压机改造 673,000.00 653,500.00 1,326,500.00 0.00 0.00 锅炉房及电缆工程改造 590,070.00 530,622.00 1,116,403.00 4,289.00 0.00 三号变电所改造 240,000.00 1,415,935.00 1,655,935.00 0.00 0.00 粪站中转池改造工程 165,780.00 0.00 165,780.00 0.00 0.00 蓄水池改造 80,000.00 213,837.00 0.00 293,837.00 0.00 淬火车间屋顶隔热 0.00 192,403.00 0.00 192,403.00 0.00 设备及房屋改造 0.00 603,692.07 120,606.50 326,609.57 156,476.00 数控冲床 0.00 181,638.90 0.00 0.00 181,638.90 冷作车间结构改造 0.00 954,000.00 0.00 0.00 954,000.00 金一车间专用铣床 0.00 120,000.00 0.00 0.00 120,000.00 络筒机车间配套设备 0.00 328,240.00 0.00 0.00 328,240.00 设备仓库改造 0.00 317,545.00 17,800.00 0.00 299,745.00 俱乐部设备 0.00 310,000.00 0.00 0.00 310,000.00 金一车间改造 0.00 507,643.00 407,643.00 0.00 100,000.00 装配车间调试房 0.00 100,000.00 0.00 0.00 100,000.00 络筒机车间测试设备 0.00 196,000.00 0.00 0.00 196,000.00 高压变电缆改造 0.00 736,979.00 736,979.00 0.00 0.00 协作发展部 T-10 加工中心 0.00 489,580.50 489,580.50 0.00 0.00 电气改造 总办轿车 0.00 471,503.40 471,503.40 0.00 0.00 变电站高压开关柜 0.00 412,468.00 412,468.00 0.00 0.00 自动化车间通风装置改造 0.00 311,321.00 311,321.00 0.00 0.00 协作发展部焊机 0.00 215,900.00 215,900.00 0.00 0.00 技术中心电脑设备 0.00 254,930.00 254,930.00 0.00 0.00 其他 91,697.00 3,352,894.33 2,824,911.33 461,980.00 157,700.00 合计 5,917,191.66 13,038,345.20 14,426,671.39 1,625,065.57 2,903,799.90 第 25 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 3、在建工程年末数比年初数减少 3,013,391.76 元，减少比例为 50.93％，减少原因为：上年未完工的工程 基本已结转固定资产。 （十一）无形资产 1、无形资产明细如下： 项 目 取得方式 原 值 剩余摊销时限 土地使用权-场中路等 股东投入 21,337,890.27 480 个月 土地使用权-金桥 购入 14,495,383.83 429 个月 土地使用权-专件总厂 购入 6,720,000.00 684 个月 CAD 软件 购入 349,650.00 39 个月 合计 42,902,924.10 2、无形资产本年变动情况如下： 项 目 年初数 本年增加 本年转出 本年摊销 累计摊销 年末数 土地使用权-场中路等 16,979,639.87 0.00 339,607.95 432,147.18 5,130,005.53 16,207,884.74 土地使用权-金桥 9,664,079.47 0.00 0.00 262,968.12 5,094,272.48 9,401,111.35 土地使用权-专件总厂 6,187,096.36 0.00 0.00 108,387.12 641,290.76 6,078,709.24 CAD 软件 297,202.50 0.00 0.00 69,930.00 122,377.50 227,272.50 合计 33,128,018.20 0.00 339,607.95 (注) 873,432.42 10,987,946.27 31,914,977.83 注：系因本年公司转让武夷路地块使用权而转出，详见附注十二（六－4） （十二）短期借款 年末数 年初数 信用借款 14,210,000.00 81,735,385.47 抵押借款 62,000,000.00 0.00 保证借款 100,000,000.00 186,946,000.00 商业承兑汇票 39,200,000.00 7,000,000.00 贴现 合计 215,410,000.00 275,681,385.47 1、保证借款详见附注八（三）5。 2、抵押情况详见附注十承诺事项之［五］ 第 26 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （十三）应付票据 年末数 年初数 商业承兑汇票 380,066.00 0.00 应付票据年末数比年初数增加 380,066.00 元，增加比例为 100％，增加原因为：年末出具尚未到期承兑。 （十四）应付账款 年末数 年初数 270,893,115.00 279,654,235.53 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、年末余额中无账龄超过三年的大额应付账款。 （十五）预收账款 年末数 年初数 53,062,719.32 79,933,523.74 1、年末余额中无预收持本公司 5％以上（含 5％）表决权股份的股东款项。 2、年末余额中无账龄超过三年的大额预收账款。 3、预收账款年末数比年初数减少 26,020,804.42 元，减少比例为 32.55%，主要原因为：本年已结转收入。 （十六）其他应付款 年末数 年初数 41,247,720.35 42,938,813.44 1、年末余额中无欠持本公司 5％以上（含 5％）表决权股份的股东欠款。 2、年末余额中无账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 9,374,284.50 尚未支付 第 27 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （十七）应付股利 年末数 年初数 0.00 28.84 应付股利年末数比年初数减少 28.84 元，减少比例为 100％，减少原因为：已支付给对应的子公司股东。 （十八）应交税金 年末数 年初数 增值税 -4,362,065.39 -1,187,774.72 营业税 250,892.81 45,966.92 企业所得税 -2,272,991.49 2,073,600.63 城市维护建设税 535,763.82 598,172.06 个人所得税 207,773.95 200,853.81 其他 0.00 8,089.83 合计 -5,640,626.30 1,738,908.53 应交税金年末数比年初数减少 7,379,534.83 元，减少比例为 424.38％，主要原因为： （1）年末出口应收增 值税退税款较年初增加 200 万元左右； （2）公司本年亏损，应交所得税较上年大幅减少。 （十九）其他应交款 项目 计缴标准 年末数 年初数 教育费附加 3% 854,349.09 881,095.50 河道维护费 1% 76,619.63 85,571.03 合计 930,968.72 966,666.53 （二十）预提费用 项目 年末数 年初数 利息支出 0.00 1,285,249.52 律师费 785,819.30 385,909.64 其他 378,218.97 791,898.22 合计 1,164,038.27 2,463,057.38 预提费用年末数比年初数减少 1,299,019.11 元，减少比例为 52.74％，减少原因为与东方汇理银行诉讼纠纷 终结，以前预提的利息转入资本公积，详见附注九（一）。 （二十一）长期借款 年末数 年初数 信用借款 4,082,730.79 4,082,730.79 第 28 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 注：子公司已停业财务状况困难，均为逾期未还财政借款。 （二十二）股本 1、非流通股份 年初数 比例％ 本年变动增(+)、减（－） 年末数 比例％ 股权分置改革 （1）发起人股份 262,342,310.00 46.31 -262,342,310.00 0.00 0.00 其中： 国家持有股份 262,342,310.00 46.31 -262,342,310.00 0.00 0.00 其中：国有股 262,342,310.00 46.31 -262,342,310.00 0.00 0.00 非流通股份 262,342,310.00 46.31 -262,342,310.00 0.00 0.00 合 计 2 有限售条件的流通股 国家持有股份股 0.00 0.00 237,428,652.00 237,428,652.00 41.92 有限售条件的流通股 0.00 0.00 237,428,652.00 237,428,652.00 41.92 合 计 3 无限售条件的流通股 A股 71,181,880.00 12.57 24,913,658.00 96,095,538.00 16.96 境内上市的外资股 232,925,000.00 41.12 0.00 232,925,000.00 41.12 无限售条件的流通股 304,106,880.00 53.69 24,913,658.00 329,020,538.00 58.08 合 计 4、股份总数 566,449,190.00 100.00 0.00 566,449,190.00 100.00 本年度因实施股权分置改革引致股权结构发生变动，详见附注十二（一）： 公司于 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了股权分置改革方案，根据该方案 A 股股东每持有 10 股流通股获得 3.5 股 A 股股票。公司股权分置方案于 2006 年 2 月取得商务部批复，并于 2006 年 3 月 3 日实施完毕。详见附注十二（一）。 第 29 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （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 0.00 0.00 29,441,508.88 接受损赠非现金资产准备 218,201.00 0.00 0.00 218,201.00 股权投资准备 3,942,635.13 0.00 832,653.44 3,109,981.69 其他资本公积 35,810,083.37 3,287,367.56 0.00 39,097,450.93 合计 69,412,428.38 3,287,367.56 832,653.44 71,867,142.50 其他资本公积本期增加的说明： 1、上海良基塑料有限公司本年清理，相应将其原已计入股权投资准备的金额调整计入其他资本公积 832,653.44 元。 2、债务重组不需支付的款项本年计入其他资本公积 556,022.26 元。 3、与东方汇理银行诉讼纠纷终结，将账面原挂账的银行借款及已计提未支付的利息调整计入其他资本公 积 1,898,691.86 元。 （二十四）盈余公积 项目 年 初 数 本 年 增 加 本年减少 年 末 数 法定盈余公积 7,657,549.62 4,090,707.83 0.00 11,748,257.45 法定公益金 3,867,049.32 0.00 3,867,049.32 0.00 合 计 11,524,598.94 4,090,707.83 3,867,049.32 11,748,257.45 法定盈余公积本年增加包括将法定公益金余额 3,867,049.32 元转入及本年计提法定盈余公积 223,658.51 元。 （二十五）未分配利润 项 目 金 额 提取或分配比例 年初未分配利润 17,135,792.19 加：本年净利润 -66,077,975.44 减：子公司提取法定盈余公积 223,658.51 10% 年末未分配利润 -49,165,841.76 第 30 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （二十六）主营业务收入、主营业务成本 主营业务收入 本年发生数 上年发生数 968,142,505.72 1,021,169,162.64 主营业务成本 本年发生数 上年发生数 910,125,271.83 896,962,711.90 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 831,446,832.01 953,304,721.85 788,528,984.52 845,133,687.69 业 2.贸易业 496,637,486.69 462,888,504.24 483,532,960.01 448,983,909.30 务 3.服务业 2,294,480.52 2,431,914.72 299,620.80 301,093.08 分 小 计 1,330,378,799.22 1,418,625,140.81 1,272,361,565.33 1,294,418,690.07 部 公司内各业务分部相互 362,236,293.50 397,455,978.17 362,236,293.50 397,455,978.17 抵销 合 计 968,142,505.72 1,021,169,162.64 910,125,271.83 896,962,711.90 亚洲 365,439,645.67 326,507,003.23 354,362,105.65 315,492,507.57 欧洲 32,343,226.90 0.00 32,209,565.24 0.00 北美洲 9,314,163.18 8,180,524.49 8,891,509.19 7,933,774.10 东北 802,564.10 3,149,635.11 714,488.21 2,816,334.67 地 上海 394,443,655.45 592,215,900.00 400,950,867.72 531,320,302.86 华东 112,711,396.28 435,588,756.13 102,763,339.70 389,493,916.91 区 华南 9,647,264.96 23,422,490.34 8,654,965.25 20,943,877.40 西南 9,123,181.73 27,804,431.51 8,277,919.84 24,847,442.18 分 华北 396,553,700.95 1,756,400.00 355,536,804.53 1,570,534.38 部 1,330,378,799.22 1,418,625,140.81 1,272,361,565.33 1,294,418,690.07 小 计 公司内部交易相互抵销 362,236,293.50 397,455,978.17 362,236,293.50 397,455,978.17 合 计 968,142,505.72 1,021,169,162.64 910,125,271.83 896,962,711.90 公司向前五名客户销售总额为 310,191,219.54 元，占公司本年全部主营业务收入的 32.04%。 第 31 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （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% 114,724.08 122,051.11 城建税 7% 2,172,948.69 2,021,028.76 教育费附加 3% 934,213.78 893,722.51 其 他 1,305.14 1,950.73 合 计 3,223,191.69 3,038,753.11 （二十八）其他业务利润 1、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 32,888,307.42 32,327,499.34 560,808.08 62,189,201.01 61,909,585.27 279,615.74 租赁收入 18,701,337.77 8,618,748.94 10,082,588.83 12,329,457.71 7,607,672.38 4,721,785.33 出口代理 3,315,829.06 0.00 3,315,829.06 4,135,100.39 0.00 4,135,100.39 其他收入 1,956,391.69 2,194,216.81 -237,825.12 1,278,764.82 2,359,733.00 -1,080,968.18 合 计 56,861,865.94 43,140,465.09 13,721,400.85 79,932,523.93 71,876,990.65 8,055,533.28 2、占报告期利润总额 10%（含 10%）以上的其他业务： 项目 本 年 收 入 本 年 成 本 本 年 利 润 材料销售 32,888,307.42 32,327,499.34 560,808.08 租赁收入 18,701,337.77 8,618,748.94 10,082,588.83 出口代理 3,315,829.06 0.00 3,315,829.06 其他收入 1,956,391.69 2,194,216.81 -237,825.12 3、其他业务利润本年发生额比上年发生额增加 5,665,867.57 元，增加比例为 70.34％，增加原因主要是为 本年房屋租赁业务利润增加 5,360,803.50 元 （二十九）财务费用 类 别 本年发生数 上年发生数 利息支出 9,314,417.58 10,918,373.43 减：利息收入 954,554.49 1,507,955.47 汇兑损失 411.93 37,476.19 减：汇兑收益 273,714.27 399,851.98 其 他 158,667.41 72,338.46 合 计 8,245,228.16 9,120,380.63 第 32 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （三十）投资收益： 1、本年发生数： 类 别 股票投资收益 成本法下确认的 权益法下确认的 股权投资 子公司清理 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 359,436.02 0.00 0.00 0.00 0.00 0.00 359,436.02 长期股权投资 3,936,471.00 8,520.00 -324,209.60 302,882.75 143,190.91 730,338.72 4,797,193.78 合 计 4,295,907.02 8,520.00 -324,209.60 302,882.75 143,190.91 730,338.72 5,156,629.80 2、上年发生数： 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 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 8,520.00 648,356.28 302,882.75 4,998,545.80 -19,042.72 6,293,730.71 3、本年度所获得的投资收益占报告期利润总额 10％（含 10％）以上的投资活动： 业务内容 相关成本 交易金额 法人股出售 1,146,000.00 4,866,094.92 4、投资收益汇回无重大限制。 （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 财政拨款收 浦财经第 浦东新区财 2001-1-1 至 财政补贴收入 31,000.00 149,000.00 款通知 4620200038 号 政局 2005-12-31 补贴收入本年数比上年数减少 118,000.00 元，减少比例为 79.19％，主要原因为：接受补贴事项减少。 （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 15,579,257.49 2,400,036.36 赔偿及罚款收入 0.00 1,451.42 违约金收入 888,000.00 0.00 其 他 2,461,054.44 641,939.96 合 计 18,928,311.93 3,043,427.74 第 33 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 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 15,579,257.49 2、营业外收入本年发生数比上年发生数增加 15,884,884.19 元，增加比例为 521.94％，主要原因为：本年 转让武夷路地块使用权取得净收益 13,991,161.97 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 5,088,499.68 1,152,907.91 捐赠 20,000.00 0.00 罚款支出 106,131.93 14,062.88 固定资产减值准备 2,397,852.98 -4,810,891.30 其 他 38,303.58 317,208.03 合 计 7,650,788.17 -3,326,712.48 营业外支出本年数比上年数增加 10,977,500.65 元，增加比例为 329.98％，增加原因主要为：本年固定资产 减值准备计提数额增加和固定资产清理损失的增加。 （三十四）收到的其他与经营活动有关的现金 39,346,441.00 元 其中主要有： 项 目 金 额 预收柳林大厦转让款 18,000,000.00 上海太平洋机电（集团）有限公司付入职工安置补偿费 7,641,622.00 子公司上海逸杰信息有限公司往来款项 1,200,399.27 （三十五）支付的其他与经营活动有关的现金 74,936,777.47 元 其中主要有： 项 目 金 额 出口佣金 15,227,727.14 太平洋纺机成套设备有限公司 13,000,000.00 支付职工安置补偿费 7,641,622.00 子公司上海逸杰信息有限公司往来款项 1,239,155.34 第 34 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 六、母公司财务报表主要项目注释(如无特别注明，货币单位均为人民币元) （一）应收账款 1、账龄分析 账龄 年末数 占应收账款 余额 坏账准备 计提比例 总额的比例 1 年以内 57,984,696.16 53.48% 2,899,234.81 5% 1~2 年 15,019,115.82 13.85% 1,501,911.58 10% 2~3 年 5,706,934.23 5.26% 1,141,386.85 20% 3 年以上 0.00 0.00% 0.00 50% 个别认定 29,703,823.49 27.41% 20,272,897.98 50-100% 合计 108,414,569.70 100.00% 25,815,431.22 账龄 年初数 占应收账款 余额 坏账准备 计提比例 总额的比例 1 年以内 113,227,317.75 77.32% 5,661,365.89 5% 1~2 年 11,198,372.01 7.65% 1,119,837.20 10% 2~3 年 132,768.00 0.09% 26,553.60 20% 3 年以上 39,600.00 0.03% 19,800.00 50% 个别认定 21,847,116.69 14.91% 16,028,285.11 50-100% 合计 146,445,174.45 100.00% 22,855,841.80 2、年末应收账款中欠款金额前五名的合计总欠款金额为 62,126,391.03 元，占应收账款总金额的 57.30％。 3、截止本年末已全额计提坏账准备或计提准备比例达到 40%及以上的说明： 欠款户 欠款金额 计提比例 理 由 济南正昊化纤新材料有限公司 11,025,989.82 50% 账龄较长，收回可能性小 江苏新苏化纤有限公司 6,000,000.00 50% 账龄较长，收回可能性小 新疆京城棉纺厂 4,750,502.07 100% 账龄长，收回可能性小 吴江梅堰光明纺织铸造厂 1,797,616.44 100% 账龄长，收回可能性小 其他 10 户 6,129,715.16 50% 账龄长，收回可能性小 4、无以前年度已全额或大比例计提坏账准备，本年度又全额或部分收回、重组的应收账款。 5、无金额较大或账龄较长的应收账款不计提坏账准备，或计提坏账准备比例为 5％及以下的应收账款。 6、本年度无实际冲销的应收账款： 7、年末应收账款中持本公司 5％以上（含 5％）表决权股份的股东欠款为 6,742,000.00 元。 第 35 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （二）其他应收款 1、其他应收款年末余额按账龄分析如下： 账龄 年末数 占其他应收款 余额 总额的比例 坏账准备 计提比例 1 年以内 2,420,220.17 53.14% 121,011.01 5% 1~2 年 1,040,454.07 22.85% 104,045.41 10% 2~3 年 3,801.22 0.08% 760.24 20% 3 年以上 189,800.00 4.17% 94,900.00 50% 特别准备 900,000.00 19.76% 900,000.00 100% 合计 4,554,275.46 100.00% 1,220,716.66 账龄 年初数 占其他应收款 余额 坏账准备 计提比例 总额的比例 1 年以内 3,042,867.80 26.69% 152,143.39 5% 1~2 年 7,256,117.63 63.66% 725,611.76 10% 2~3 年 0.00 0.00% 0.00 0.00 3 年以上 199,800.00 1.75% 99,900.00 50% 特别准备 900,000.00 7.90% 900,000.00 100% 合计 11,398,785.43 100.00% 1,877,655.15 2、年末其他应收款中欠款金额前五名的合计总欠款金额为 2,463,111.27 元，占其他应收款总金额的比例为 54.08％。 第 36 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 3、本年度全额计提坏账准备的说明： 欠款户数 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 4、无以前年度已全额或大比例计提坏账准备，本年度又全额或部分收回、重组的其他应收款。 5、无金额较大或账龄较长的其他应收款不计提坏账准备，或计提坏账准备比例为 5％及以下的应收账款。 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： 欠款单位名称 金 额 性质或内容 海南良基实业有限公司 1,595,623.18 往来款 机电采购款 867,488.09 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 账面余额 减值准备 账面余额 减值准备 长期股权投资 93,822,243.28 1,464,800.00 104,644,374.89 2,195,138.72 1、长期股权投资 （1）股票投资： 被投资公司名称 股份类别 股票数量 占被投资公司 初始投资 账面余额 减值准备 年末市价 注册资本比例 成本 SST 丰华 法人股 388,800 0.00 1,266,000.00 1,266,000.00 1,266,000.00 中卫国脉 限售流通股 525,096 0.00 1,107,360.00 1,107,360.00 1,107,360.00 嘉宝集团 限售流通股 836,784 0.00 2,390,168.32 2,390,168.32 2,390,168.32 S 爱建 法人股 2,083,388 0.00 7,584,000.00 7,584,000.00 7,584,000.00 交大南洋 限售流通股 74,052 0.00 170,400.00 170,400.00 170,400.00 申达股份 限售流通股 325,248 0.00 495,440.00 495,440.00 495,440.00 水仙 A 3 法人股 880,000 0.00 3,040,000.00 3,040,000.00 1,464,800.00 3,040,000.00 新世界 限售流通股 471,830 0.00 440,988.80 440,988.80 440,988.80 第 37 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 豫园商城 限售流通股 594,594 0.00 1,911,210.00 1,911,210.00 1,911,210.00 同达创业 限售流通股 535,500 0.00 1,605,000.00 1,605,000.00 1,605,000.00 海通证券 法人股 7,943,760 0.00 6,120,000.00 6,120,000.00 6,120,000.00 海南兴安 法人股 337,500 0.00 30,000.00 30,000.00 30,000.00 北京鹫峰 法人股 500,000 0.00 150,000.00 150,000.00 150,000.00 合 计 15,496,552 26,310,567.12 26,310,567.12 1,464,800.00 26,310,567.12 （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 年初余额 本年投资增 年末账面余 单位注册 减额 额 资本比例 上海良宙物资贸易有 2002.9-2021.8 10% 366,122.29 0.00 366,122.29 限公司 B、权益法核算的对子公司股权投资： 占被投资单位 本年权益增减 年末余额 被投资单位名称 投资起止期 年初余额 注册资本比例 额 初始投资 累计增减 合计 海南良基实业有限公司 1995.12－2002.12 70% 0.00 0.00 2,100,000.00 -2,100,000.00 - 上海良基实业有限公司 1999.1--2018.12 90% 13,040,677.60 79,221.20 11,176,200.00 1,943,698.80 13,119,898.80 上海良纺纺织机械专件有 29,780,988.18 -8,788,988.51 18,919,458.40 2,072,541.27 20,991,999.67 限公司 2001.5--2021.5 85% 上海普恩伊进出口有限公 28,495,536.08 240,662.20 27,000,000.00 1,736,198.28 28,736,198.28 司 1998.11--2013.11 90% 上海良基塑料制品有限公 0.00 0.00 8,827,800.00 -8,827,800.00 0.00 司 1999.1--2019.1 100% 上海良基机械有限公司 1998.12--2014.12 90% 1,009,193.09 -696,883.34 1,350,000.00 -1,037,690.25 312,309.75 上海逸杰信息科技有限公 1,807,946.60 3,201.95 1,675,000.00 136,148.55 1,811,148.55 司 2001.4--2021.4 83.75% 小计 74,134,341.55 -9,162,786.50 71,048,458.40 -6,076,903.35 64,971,555.05 本年权益增减额 被投资单位名称 累积损益调 股权投资准 投资成本 确认收益 整 差额摊销 备 分得利润 合计 海南良基实业有限公司 0.00 0.00 0.00 0.00 0.00 0.00 0.00 上海良基实业有限公司 0.00 960,382.33 0.00 0.00 0.00 -881,161.13 79,221.20 上海良纺纺织机械专件 0.00 974,466.51 0.00 138,142.44 0.00 -9,901,597.46 -8,788,988.51 有限公司 第 38 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 上海普恩伊进出口有限 0.00 301,736.20 0.00 -61,074.00 0.00 0.00 240,662.20 公司 上海良基塑料制品有限 -8,827,800.00 173,767.53 9,486,685.91 0.00 -832,653.44 0.00 0.00 公司 上海良基机械有限公司 0.00 -696,883.34 0.00 0.00 0.00 0.00 -696,883.34 上海逸杰信息科技有限 0.00 70,398.16 0.00 0.00 0.00 -67,196.21 3,201.95 公司 小计 -8,827,800.00 1,783,867.39 9,486,685.91 77,068.44 -832,653.44 -10,849,954.80 -9,162,786.50 C、权益法核算的对合营企业股权投资： 占被投资 年末余额 本年权益 被投资单位名称 投资起止期 单位注册 年初余额 增减额 初始投资 累计增减 合计 资本比例 二纺机化纤成套设备 2003.5--2023.5 20% 98,600.82 -98,600.82 100,000.00 -100,000.00 0.00 有限公司 太平洋纺机成套设备 2002.7--2022.7 20% 1,988,301.67 -326,328.09 1,000,000.00 661,973.58 1,661,973.58 有限公司 山东良基纺织机械有 无限 25% 600,441.44 -88,416.20 500,000.00 12,025.24 512,025.24 限公司 小计 2,687,343.93 -513,345.11 1,600,000.00 573,998.82 2,173,998.82 本年权益增减额 被投资单位名称 累积损益 股权投资 投资成本 确认收益 调整 差额摊销 准备 分得利润 合计 二纺机化纤成套设备 -100,000.00 367.98 1,031.20 0.00 0.00 0.00 -98,600.82 有限公司 太平洋纺机成套设备 0.00 -326,328.09 0.00 0.00 0.00 0.00 -326,328.09 有限公司 山东良基纺织机械有 0.00 -88,416.20 0.00 0.00 0.00 0.00 -88,416.20 限公司 小计 -100,000.00 -414,376.31 1,031.20 0.00 0.00 0.00 -513,345.11 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 本年其他减少 年末余额 上海良纺纺织机 -1,381,424.36 投资时产生 十年 138,142.44 0.00 -552,569.72 械专件有限公司 上海普恩伊进出 610,740.00 股权转让产生 十年 -61,074.00 0.00 244,296.00 口有限公司 -308,273.72 合 计 -770,684.36 77,068.44 0.00 E、被投资单位与公司会计政策存在重大差异、投资变现汇回存在重大限制等的说明：无 第 39 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 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 年末收盘价低于账 水仙股份 2,028,000.00 0.00 563,200.00 1,464,800.00 面成本 年末收盘价已恢复 爱建股份 167,138.72 0.00 167,138.72 0.00 至账面成本之上 合 计 2,195,138.72 0.00 730,338.72 1,464,800.00 第 40 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （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 764,153,760.55 858,154,380.40 735,404,045.80 767,328,163.85 （五）投资收益： 1、本年发生数： 类 别 股票投资收益 成本法下确认的 权益法下确认的 股权投资 子公司清理 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 359,436.02 0.00 0.00 0.00 0.00 0.00 359,436.02 长期股权投资 3,936,471.00 0.00 1,369,491.08 77,068.44 143,190.91 730,338.72 6,256,560.15 合 计 4,295,907.02 0.00 1,369,491.08 77,068.44 143,190.91 730,338.72 6,615,996.17 2、上年发生数： 类 别 股票投资收益 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 长期股权投资 354,468.60 0.00 3,009,785.57 77,068.44 4,998,545.80 -19,042.72 8,420,825.69 3、本年度所获得的投资收益占报告期利润总额 10％（含 10％）以上的投资活动： 业务内容 相关成本 交易金额 法人股转让 1,146,000.00 4,866,094.92 4、投资收益汇回无重大限制。 七、子公司会计政策与母公司会计政策不存在重大差异。 八、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） 纺织机械、机 凯旋路 554 号 大股东 国有企业 郑元湖 有限公司 电产品等 （2）受本公司控制的关联方： 详见附注四。 第 41 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 ： 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 0.00 0.00 100,000.00 上海良基实业有限公司 1,241.80 0.00 0.00 1,241.80 上海良基塑料制品有限公司 318.00 0.00 318.00 0.00 上海良基机械有限公司 150.00 0.00 0.00 150.00 海南良基实业有限公司 300.00 0.00 0.00 300.00 临海良纺纺织机械专件有限公司 590.51 0.00 0.00 590.51 上海普恩伊进出口有限公司 3,000.00 0.00 0.00 3,000.00 上海良纺纺织机械专件有限公司 2,200.00 0.00 0.00 2,200.00 上海逸杰信息科技有限公司 200.00 0.00 0.00 200.00 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 本年增加数 本 年 减 少 年 末 数 金 额 ％ 金 额 ％ 金 额 ％ 金 额 ％ 太平洋机电（集团）有限公司 26,234.23 46.31 0.00 0.00 2,491.37 4.39 23,742.87 41.92 上海良基实业有限公司 1,117.62 90 0.00 0.00 0.00 0.00 1,117.62 90 上海良基塑料制品有限公司 286.20 100 0.00 0.00 286.20 100 0.00 0.00 上海良基机械有限公司 135.00 90 0.00 0.00 0.00 0.00 135.00 90 海南良基实业有限公司 210.00 70 0.00 0.00 0.00 0.00 210.00 70 临海良纺纺织机械专件有限公司 490.51 83 0.00 0.00 0.00 0.00 490.51 83 上海普恩伊进出口有限公司 2,700.00 90 0.00 0.00 0.00 0.00 2,700.00 90 上海良纺纺织机械专件有限公司 1,870.00 85 0.00 0.00 0.00 0.00 1,870.00 85 上海逸杰信息科技有限公司 167.50 83.75 0.00 0.00 0.00 0.00 167.50 83.75 （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 上海电气集团资产经营有限公司 受同一母公司控制 上海电气租赁有限公司 受同一母公司控制 上海纺织机械总厂 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。 第 42 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 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 0.00 临海良纺纺织机械专件有限公司 12,129,478.32 14,991,465.81 上海新四机机电有限责任公司 0.00 39,322,000.00 太平洋纺机成套设备有限公司 7,692,307.69 0.00 合计 19,821,786.01 55,424,576.91 （2）采购价格的确定依据：按协议价格确认。 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 6,435,555.55 32,649,572.65 上海电气租赁有限公司 37,547,370.94 0.00 上海电气集团资产经营有限公司 15,200,000.00 0.00 上海太平洋纺织机械成套设备有限公司 22,365,610.97 81,997,458.12 山东良基纺织机械有限公司 15,862,782.05 17,759,820.50 上海新四机机电有限责任公司 0.00 5,771,483.13 合计 97,411,319.51 138,178,334.40 （2）销售价格的确定依据：按协议价格确认。 4、关联方往来款项余额： 项 目 本年末 上年末 应收账款： 太平洋机电（集团）有限公司 6,742,000.00 7,052,000.00 上海太平洋纺织机械成套设备有限公司 11,060,813.62 26,485,912.40 上海新四机机电有限责任公司 3,662,466.18 6,752,635.26 上海纺织机械总厂 1,164,807.47 0.00 其他应收款： 太平洋机电（集团）有限公司 115,022.77 0.00 上海纺织机械总厂 0.00 142,827.96 海南良基实业有限公司 682,316.58 682,316.58 上海逸杰信息科技有限公司 125,477.77 0.00 第 43 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 应付账款： 临海良纺纺织机械专件有限公司 3,563,535.83 5,859,534.80 上海新四机机电有限责任公司 0.00 1,052,602.05 上海纺织机械总厂 -997,687.47 0.00 上海太平洋纺织机械成套设备有限公司 6,814,869.92 0.00 预收账款： 太平洋机电（集团）有限公司 4,402,391.00 7,832,991.00 上海新四机机电有限责任公司 0.00 459,224.00 山东良基纺织机械有限公司 404,922.97 5,504,178.62 其他应付款： 太平洋机电（集团）有限公司 4,957,867.63 2,000.526.90 上海逸杰信息科技有限公司 16,716.54 0.00 5、其他关联方交易事项： （1）2006 年太平洋机电（集团）有限公司与上海纺织机械总厂为公司提供连带责任担保取得人民币借款 1,400 万元，到期日 2007 年 6 月 20 日；为公司提供担保取得人民币借款 7,000 万元，到期日 2007 年 6 月 20 日。 （2）公司为关联方提供担保情况：详见附注九（二）。 （3）2006 年公司向上海电气资产经营公司转让武夷路 242 号房地产的关联交易详见附注十二（六）4 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，由于 处于证据准备阶段公司对此项涉诉事项未作预计负债处理。2006 年 8 月 11 日香港特别行政区高等法院做出协 议令，命令撤销东方汇理银行的诉讼请求，今后不得重新起诉。公司接到东方汇理银行上海分行书面通知： “对 上海二纺机股份有限公司再无索赔请求。”鉴于上列情况，公司本年将账面上对应东方汇理银行的短期借款及 以前年度已预提的借款利息转入资本公积。 （二）截止 2006 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（最高额） 债务到期日 对本公司的财务 影响 关联方： 上海普恩伊进出口有限公司 人民币 4,020 万元 2006 年 10 月 1 日 无重大负面影响 －2008 年 9 月 30 日 上海普恩伊进出口有限公司 人民币 2,600 万元 2006 年 11 月 20 日 无重大负面影响 －2008 年 12 月 31 日 第 44 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 公司第五届董事会第十八次会议审议通过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最高 额 4,020 万元的授信额度提供连带担保的决议，同时上海普恩伊进出口有限公司于 2006 年 9 月与公司签订了反 担保协议。截止 2006 年 12 月 31 日实际已发生担保责任 1,600 万元。 公司第五届董事会第二十一次会议审议通过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 请最高额 2,600 万元的授信额度(信用证及贷款)提供连带责任担保的决议，同时上海普恩伊进出口有限公司于 2006 年 11 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）无已签订的正在或准备履行的大额发包合同。 （四）已签订的正在或准备履行的租赁合同及财务影响。 1、经公司五届十五次会议审议通过，公司将坐落在上海浦东新区金桥加工区 25 街坊（宁桥路 668 号）的 厂房，有偿租赁给上海巨方实业有限公司，主要用于物流、办公和仓储等业务运作。租赁期为：2006 年 1 月至 2015 年 12 月，合计年租金约 490 万元。 2、公司将坐落在澳门路 715 号的房屋，有偿租赁给上海美林阁餐饮经营管理有限公司，主要用于开设莫 泰 168 连锁旅馆。租赁期限 15 年，本年租金 99.225 万元，每两年递增 5%。 （五）其他重大财务承诺事项。 抵押资产情况： 本年度公司以上海市浦东新区宁桥路 668 号房地产作为抵押，与中国工商银行签订了最高额 6,200 万元的 抵押合同，期限为 2006 年 6 月 7 日－2009 年 6 月 7 日。截止 2006 年 12 月 31 日公司已实际借款金额 6,200 万 元。 十一、资产负债表日后事项： （一）根据上海二纺机股份有限公司第五届董事会第二十二次会议决议（2007 年 4 月 6 日），公司 2006 年度利润分配预案为不进行红利分配，也不以资本公积金转增形式送股。 （二）2006 年 11 月 10 日，公司第五届董事会第十九次会议决议通过了向上海益民置业发展有限公司出售 淮海中路 1 号柳林大厦 2402 室、25-27 层房地产的议案，转让价格 6,000 万元，当时账面净值为 5,287 万元。 截止 2006 年末已预收转让款项 1,800 万元，产权交割手续已于 2007 年 1 月完成，且剩余交易款项均已于 2007 年 2 月收到，本交易已计入 2007 年度。 十二、其他事项说明： （一）本年度公司实施股权分置改革的情况和进展情况说明： 公司于 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了股权分置改革方案，根据该方案 A 股股东每持有 10 股流通股获得 3.5 股 A 股股票。公司股权分置方案于 2006 年 2 月取得商务部批复，并于 2006 年 3 月 3 日实施完毕。 公司控股股东取得的可上市的流通股的限售情况为：80％（23,742.87 万股）限售期为 2006 年 3 月 3 日－ 2007 年 3 月 3 日；10％（2,832.25 万股）限售期为 2006 年 3 月 3 日－2008 年 3 月 3 日；10％（2,832.25 万股） 限售期为 2006 年 3 月 3 日－2009 年 3 月 3 日。 （二）非货币性交易：本年度未发生非货币性交易事项。 （三）债务重组： 本年根据与客户签订的债务重组协议，确定不需支付的款项合计 556,022.26 元，本年计入其他资本公积。 第 45 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 （四）资产置换：本年度未发生资产置换事项。 （五）委托理财：本年度未发生委托理财事项。 （六）其他需要披露的重要事项： 1、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。 2、2006 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《关于同意采用拨款方式支付 2006 年度人员安置费用的批复》 〔太平洋机电企重（2006） 第 130 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 7,641,622.00 元，本年 已实际支付 7,641,622.00 元。 3、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。 4、2006 年 4 月 13 日，公司第五届董事会第十五次会议决议通过了向上海电气集团资产经营有限公司（同 一母公司下的子公司）出售武夷路 242 号的房地产，转让价格 1,520 万元（转让价格以评估价格为准），实现净 收益 1,399.12 万元。截止 2006 年末已收到所有的款项并办理了产权交割手续。 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、 14,570,419.72 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 31,000.00 （三）短期投资损益，但经国家有关部门批准设 359,436.02 立的有经营的金额机构获得的短期投资损益除外 （四）扣除公司日常根据企业会计制度规定计提 3,184,618.93 的资产减值准备后的其他各项营业外收入、支出 （五）以前年度已经计提各项减值准备的转回 879,872.72 （六）少数股东承担上述因素 -174,640.03 （七）所得税影响额 -2,951,682.72 合 计 15,899,024.64 十四、财务报表的批准报出：本财务报表业经公司董事会于 2007 年 4 月 6 日批准报出。 第 46 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 獨立核數師報告 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 本核數師已完成審核上海二紡機股份有限公司（“貴公司”）及其附屬公司（“貴集團”）載於第3頁 至第34頁的綜合財務報表，其中包括於二零零六年十二月三十一日的綜合資產負債表，並載至該日止年度 的綜合收益表、綜合權益變動表及綜合現金流量表，和主要會計政策概要及其他闡明附註。 董事與核數師之各自責任 貴公司董事須負責按照國際財務報告準則而編制真實與公平的財務報表。該責任包括設計、實施 及維護與編制真實與公平的財務報表相關的內部控制，以確保財務報表不存在由於欺詐或錯誤而導致的重 大錯誤陳述；選擇及應用合適會計政策，及因應情況而作出合理的會計估計。 核數師的責任 本核數師的責任是根據本核數師審核工作的結果，對該等財務報表提出意見。本報告書僅向全體 股東出具。除此之外本報告書別無其他目的。本核數師不就本報告書的內容向任何其他人士負上或承擔任 何責任。 本核數師是按照國際審計準則進行審計工作。該等準則要求本核數師遵守道德規範，並策劃和進 行審核工作以合理地確定該等財務報表是否不存在任何重大錯誤陳述。 審核工作包括進行若干程式，以取得財務報表內金額及披露的審核憑證。所採用的程式乃由本核 數師判斷，包括由於欺詐或錯誤而導致財務報表中存有重大錯誤陳述的風險。本核數師於作出風險評估 時，會考慮編制真實與公平的財務報表的相關內部監控，以設計合適的審核程式，而並非就 貴公司的內 部監控的有效性提出意見。審核工作亦包括董事所採用的會計政策的合適性及作出的會計估計的合理性以 及從整體上評估財務報表之列報方式。 本核數師相信，本核數師所獲得的審核憑證是充足和適當地為本核數師的審核意見提供基礎。 第 47 頁 上海二纺机股份有限公司 新旧会计准则股东权益差异调节表附注 獨立核數師報告 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 （續） 意見 本核數師認為，上述財務報表根據國際財務報告準則均真實與公平地反映 貴集團於二零零六年 十二月三十一日的財政狀況及 貴集團截至該日止年度的虧損和現金流量。 浩華會計師事務所 香港灣仔 香港執業會計師 港灣道 18 號 2007 年 4 月 6 日 中環廣場 2001 室 陳錦榮 執業證書號碼 P02038 第 48 頁 上 海 二 紡 機 股 份 有 限 公 司 綜合利潤表 截至二零零六年十二月三十一日止年度 2006 2005 附註 人民幣千元 人民幣千元 營業收入 6 964,919 1,018,130 營業成本 (910,125) (896,962) 營業溢利 54,794 121,168 其他業務收入 7 14,707 9,713 銷售費用 (22,731) (19,406) 管理費用 (117,743) (97,770) 營運淨（虧損）/ 利潤 (70,973) 13,705 其他損益 8 19,319 9,431 財務費用 9 (9,200) (10,629) 出售附屬公司之溢利 /（虧損） 143 (492) 應佔不合併附屬公司及聯營公司（虧損）/ 溢利 (324) 648 稅前（虧損）/ 溢利 10 (61,035) 12,663 稅項 11(a) (2,159) (4,494) 本年（虧損）/ 溢利 (63,194) 8,169 歸屬於： 母公司的股東 (63,429) 8,210 少數股東損益 235 (41) (63,194) 8,169 基本每股（虧損）/ 盈利（人民幣元） 12 (0.112) 0.014 後頁附註是財務報表的組成部分。 第 49 頁 上 海 二 紡 機 股 份 有 限 公 司 綜合資產負債表 於二零零六年十二月三十一日 2006 2005 附註 人民幣千元 人民幣千元 非流動資產 物業、廠房及設備 13 437,956 470,009 在建工程 14 2,904 5,917 土地使用權 15 31,687 32,831 商譽 16 - 367 對不合併附屬公司及聯營公司之投資 17 11,482 12,082 可供出售的投資 18(a) 25,283 25,698 509,312 546,904 流動資産 存貨 19 285,710 381,477 應收帳款及票據 204,214 227,028 其他應收款及預付款 21,254 19,772 應收關聯公司款 23(b)(i) 3,479 6,415 應收不合併附屬公司及聯營公司款 23(b)(i) 11,275 25,810 應收直接控股公司款 23(b)(ii) 6,258 6,699 為交易而持有之投資 18(b) 160 - 已抵押的銀行存款 3,460 3,267 可收回稅款 2,273 - 現金及銀行存款 153,136 148,108 691,219 818,576 流動負債 銀行借款 20 215,410 275,681 應付帳款及票據 260,895 278,412 其他應付款及預提費用 41,203 47,416 預收款項 48,255 66,597 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) 10,800 5,893 應付直接控股公司款 23(b)(ii) 9,360 8,518 應交稅金 - 2,074 585,923 685,833 流動資產淨額 105,296 132,743 總資產減流動負債 614,608 679,647 第 50 頁 上 海 二 紡 機 股 份 有 限 公 司 綜合資產負債表 ( 續 ) 於二零零六年十二月三十一日 2006 2005 附註 人民幣千元 人民幣千元 總資產減流動負債 614,608 679,647 非流動負債 銀行借款 20 4,083 4,083 淨資產 610,525 675,564 權益 股本 21 566,449 566,449 儲備 35,661 99,090 歸屬於母公司股東的權益 602,110 665,539 少數股東權益 8,415 10,025 權益合計 610,525 675,564 該綜合財務報表已於 2007 年 4 月 6 日獲董事會批准與授權公開。 董事 董事 後頁附註是財務報表的組成部分。 第 51 頁 上 海 二 紡 機 股 份 有 限 公 司 綜合權益變動表 截至二零零六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 21) (附註 22(b)) (附註 22(c)) (附註 22(d)) 於 2005 年 1 月 1 日之結餘 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) 清算附屬公司 - - - - - - (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 本年虧損 - - - - (63,429) (63,429) 235 (63,194) 支付少數股東股利 - - - - - - (1,845) (1,845) 轉入法定盈餘公積金 - - 3,866 (3,866) - - - - 利潤分配 - - 224 - (224) - - - 於 2006 年 12 月 31 日之結餘 566,449 30,072 11,748 - (6,159) 602,110 8,415 610,525 後頁附註是財務報表的組成部分。 第 52 頁 上 海 二 紡 機 股 份 有 限 公 司 綜合現金流量表 截至二零零六年十二月三十一日止年度 2006 2005 人民幣千元 人民幣千元 經營活動 稅前（虧損）/ 溢利 （61,035） 12,663 調整： 股利收入 (225) (363) 利息收入 (955) (1,508) 利息費用 9,314 10,918 折舊及攤銷 40,264 42,352 物業、廠房及設備減值準備沖回 (4,410) (4,811) 可供出售的投資減值準備（沖回）/ 計提 (730) 19 壞帳準備計提 5,308 2,298 存貨之跌價準備之計提 /（沖回） 10,944 (827) 應佔不合併附屬公司及聯營公司之溢利 /（虧損） 324 (648) 清算聯營公司之虧損 99 - 出售附屬公司之虧損 - 492 應付款撇銷 （242） (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) 在建工程報廢虧損 1,155 1,985 商譽減值 367 - 營運資本變動前的現金流量 178 53,774 存貨之減少 /（增加） 84,823 (12,887) 應收帳款及票據之減少 /（增加） 16,143 (25,717) 已抵押的銀行存款增加 (193) (3,267) 應收聯營、不合併附屬公司、直接控股公司 及關聯公司款之減少 /（增加） 18,867 (32,117) 其他應收款及預付款之增加 (1,074) (13,282) 應付帳款及票據之（減少）/ 增加 (17,275) 37,408 預收帳款之減少 (18,342) (23,664) 其他應付款及預提費用之減少 (6,213) (11,120) 應付聯營、不合併附屬公司、直接控股公司 及關聯公司款之增加 /（減少） 4,507 (19,881) 經營活動產生 /（使用）的淨現金 81,421 (50,753) 支付利息 (9,314) (10,918) 支付所得稅 (6,506) (5,513) 經營活動產生 /（使用）之淨現金 65,601 (67,184) 第 53 頁 上 海 二 紡 機 股 份 有 限 公 司 綜合現金流量表（續） 截至二零零六年十二月三十一日止年度 2006 2005 人民幣千元 人民幣千元 投資活動 出售可供出售的投資之收入 1,145 - 購買物業、廠房及設備和在建工程 (14,810) (11,146) 購買為交易而持有之投資 (160) - 購買可供出售的投資 - (150) 出售物業、廠房及設備及在建工程之收入 14,011 7,935 出售附屬公司之淨現金流入 - 6,588 已收股利 402 1,630 所得利息 955 1,508 投資活動產生的淨現金 1,543 6,365 第一章融資活動 償還銀行借款 (344,291) (455,435) 新增銀行借款 284,020 458,047 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 (1,845) (1,212) 融資活動（使用）/ 產生的淨現金 (62,116) 400 現金及銀行存款之淨增加 /（減少） 5,028 (60,419) 現金及銀行存款年初結存數 148,108 208,527 現金及銀行存款年末結存數 153,136 148,108 第 54 頁 上 海 二 紡 機 股 份 有 限 公 司 後頁附註是財務報表的組成部分。 第 55 頁 上 海 二 紡 機 股 份 有 限 公 司 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，本集團己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 2006 年 1 月 1 日或以後開始的會計期間生效。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： 透過收益表以公平價值計量的投資 國際會計準則第 39 號─財務工具：確認及計量於 2005 年 6 月經修訂後，企業指定某些 財務資產須透過收益表以公平價值計量的權力已被限制。 不可指定為透過收益表以公平價值計量的金融資產現適當地被分類為貸款及應收款項、 持有至到期日或可供出售的金融資產，並按其分類以攤餘成本計量或以公平價值計量而其公允價 值變動直接確認為權益。不可指定為透過收益表以公平價值計量的金融負債被分類為其他金融負 債並以攤餘成本計量。 上述變動對本集團的財務報表並無重大影響。 財務擔保合同的會計處理 國際會計準則理事會亦已修訂國際會計準則第 39 號─財務工具：確認及計量，要求本集 團根據該準則處理其已發行的若干財務擔保合同。根據國際會計準則第 39 號的規定，財務擔保 合同初步按公平價值確認，再重新計量按根據國際會計準則第 37 號─撥備、或然負債及或然資 產釐定的金額及初步確認金額（以較高者為準）於適當時減去收入確認政策確認的累計攤銷。 上述變動對本集團的財務報表並無重大影響。 第 56 頁 上 海 二 紡 機 股 份 有 限 公 司 2. 採用新的及已修訂的國際財務報告準則（續） 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： 放下列日期或其後開始之會 計期間生效 國際財務報告解釋公告第 8 號 – 國際財務報告第 2 號 二零零六年五月一日 之範圍 國際財務報告解釋公告第 10 號 – 中期財務報告及減 二零零六年十一月一日 值 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會計準則委員會頒布的國際會計準則進行編制的。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 據國際會計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 本集團的合併會計報表合併了本公司及其所有已開業並受本公司控制的附屬公司 的會計報表。若某附屬公司在年中開始或終止受本公司的控制，合併報表將只合併該公 司在受控制後或終止受控制前的業績。 本集團內部之重大交易，結餘及交易中未實現利潤或虧損均於綜合計算時全部抵 銷。 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。 第 57 頁 上 海 二 紡 機 股 份 有 限 公 司 3. 主要會計政策（續） (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。 (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。截至 2006 年 12 月 31 日止，本集 團之附屬公司的明細列示於附註 27。 (d) 聯營公司 聯營公司乃指本集團對包括參與財務和經營政策決定實施重大影響的企業。 本集團於聯營公司之權益乃按本集團應佔其資產淨值加已付未攤銷溢價列入合併 資產負債表。而本集團所佔其聯營公司該年度之業績則包括於合併收益表。 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。 第 58 頁 上 海 二 紡 機 股 份 有 限 公 司 3. 主要會計政策（續） (d) 聯營公司（續） 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。 (e) 商譽 購買附屬公司所產生的商譽，指購買成本超過本集團在附屬公司可辨認資產、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。 (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。 第 59 頁 上 海 二 紡 機 股 份 有 限 公 司 3. 主要會計政策（續） (f) 物業、廠房及設備及折舊（續） 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。 (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。 第 60 頁 上 海 二 紡 機 股 份 有 限 公 司 3. 主要會計政策（續） (i) 有形資產及無形資產的減值（不包括商譽）（續） 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。 (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。 第 61 頁 上 海 二 紡 機 股 份 有 限 公 司 3. 主要會計政策（續） (k) 金融工具（續） (ii) 投資（續） 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 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。 (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。 第 62 頁 上 海 二 紡 機 股 份 有 限 公 司 3. 主要會計政策（續） (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 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。 (o) 退休金責任 本集團的雇員參加國家管理的養老金計劃。向該養老金計劃供款按定額供款計劃 處理，並按其發生期間確認費用。 (p) 外幣換算 本集團一貫以人民幣作為記賬本位幣。本年以外幣為單位的交易按交易當天匯率 換算為人民幣入賬。 資產負債結算日以外幣為單位的貨幣性資產與負債按資產負債表日的匯率換算為 人民幣。外幣換算差額記入利潤表。以歷史成本列示的非貨幣性外幣資產及負債按交易 發生當日適用匯率換算為人民幣。按公允價值列示的非貨幣性外幣資產及負債按價值確 定日適用匯率換算為人民幣。 第 63 頁 上 海 二 紡 機 股 份 有 限 公 司 3. 主要會計政策（續） (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。 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 為購置、建造或生產合格的資產所直接發生的借貸成本記入該等資產的成本。合 格的資產系指必須花費一段較長時間以便達到打算使用或出售狀態的資產。為了等待支 付合格資產的支出時，把特定的借款用於暫時性投資而獲得的投資收益將從借貸成本資 本化中抵減。 其他借貸成本在其發生期間作為費用列示。 第 64 頁 上 海 二 紡 機 股 份 有 限 公 司 3. 主要會計政策（續） (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) 提供服務收入乃於服務提供時予以確認。 (iii) 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。 4. 關鍵性會計判斷和預計不確定因素的主要來源 本集團根據過往經驗及其他因素，包括預期於日後發生且相信在當時情況下屬合理之事 件，持續就估計及判斷進行評估。 本集團就未來作出估計及假設，而所得出之會計估計如其定義極少與相關實際結果對等。 該估計及假設極有可能令下個財政年度之資產及負債賬面值出現重大調整。 5. 分部訊息 (a) 基本報告 - 行業分部 2006 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。 第 65 頁 上 海 二 紡 機 股 份 有 限 公 司 5. 分部訊息（續） (b) 次級報告 - 地區分部 下列報表為截至 2006 年 12 月 31 日止年度有關地區分佈之收入： 2006 2005 人民幣千元 人民幣千元 國內收入 561,045 686,481 國外收入 407,097 334,688 主營業務稅金及附加 (3,223) (3,039) 964,919 1,018,130 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。 6. 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。 7. 其他業務收入 2006 2005 人民幣千元 人民幣千元 租金淨收入 10,082 4,722 出口代理收入 3,316 4,135 銀行利息收入 955 1,508 材料銷售利潤 561 280 補貼收入 31 149 其他 (238) (1,081) 14,707 9,713 第 66 頁 上 海 二 紡 機 股 份 有 限 公 司 8. 其他損益 2006 2005 人民幣千元 人民幣千元 應付款撇銷 242 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 10,491 1,247 股利 225 363 出售可供出售的投資之溢利 4,079 - 商譽減值 367 - 可供出售的投資減值準備 730 (19) 其他 3,185 291 19,319 9,431 9. 財務費用 2006 2005 人民幣千元 人民幣千元 銀行貸款利息費用 9,314 10,918 其他 159 73 9,473 10,991 匯兌淨收益 (273) (362) 9,200 10,629 第 67 頁 上 海 二 紡 機 股 份 有 限 公 司 10. 稅前（虧損）/ 溢利 2006 2005 人民幣千元 人民幣千元 稅前（虧損）/ 溢利已扣除 /（計入）下列各項： 物業、廠房及設備折舊 39,460 41,545 土地使用權攤銷 804 807 董事酬金 98 970 員工成本 - 工資及職工福利 56,993 71,336 - 法定統籌退休金 14,533 16,375 壞帳準備計提 5,308 2,298 物業、廠房及設備減值準備沖回 (4,410) (4,811) 存貨跌價準備計提 /（沖回） 10,944 (827) 在建工程報廢虧損 1,155 1,985 11. 稅項 (a) 計入綜合利潤表中的稅項爲: 2006 2005 人民幣千元 人民幣千元 本年度稅項 2,159 4,494 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%（2005：15%） (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。 12. 每股（虧損）/ 盈利 每股（虧損）/ 盈利 是依據本年度歸屬於母公司股東的虧損約人民幣 63,429,000 元（2005 年：盈利人民幣 8,210,000 元）及已發行的 566,449,190 股（2005 年：566,449,190 股）計算。 第 68 頁 上 海 二 紡 機 股 份 有 限 公 司 13. 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： 2005 年 1 月 1 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 處置/撇銷 (5,923) (322) (7,645) (13,890) 重分類 (1,644) (300) (42,779) (44,723) 2005 年 12 月 31 日結存 467,596 6,168 565,612 1,039,376 添置 - 123 2,118 2,241 轉自在建工程 3,551 - 10,876 14,427 處置 / 撇銷 (1,305) (535) (37,120) (38,960) 重分類 - 463 (463) - 2006 年 12 月 31 日結存 469,842 6,219 541,023 1,017,084 累計折舊及減值準備： 2005 年 1 月 1 日結存 139,360 3,783 438,253 581,396 本年折舊 10,827 421 30,297 41,545 處置/撇銷 (3,957) (175) (6,596) (10,728) 減值準備 (159) (198) (37,678) (38,035) 重分類 (4,811) - - (4,811) 2005 年 12 月 31 日結存 141,260 3,831 424,276 569,367 本年折舊 10,787 451 28,222 39,460 減值準備 - - 3,278 3,278 處置 / 撇銷 (932) (424) (23,933) (25,289) 減值準備沖回 (880) - (6,808) (7,688) 重分類 1,498 330 (1,828) - 2006 年 12 月 31 日結存 151,733 4,188 423,207 579,128 帳面淨值： 2006 年 12 月 31 日結存 318,109 2,031 117,816 437,956 2005 年 12 月 31 日結存 326,336 2,337 141,336 470,009 第 69 頁 上 海 二 紡 機 股 份 有 限 公 司 14. 在建工程 2006 2005 人民幣千元 人民幣千元 成本： 年初數 18,894 15,007 增加 12,569 10,606 報廢 (1,155) (1,985) 轉入物業、廠房及設備 (14,427) (4,734) 年末數 15,881 18,894 減值準備： 年初數及年末數 12,977 12,977 帳面淨值： 年末數 2,904 5,917 15. 土地使用權 2006 2005 人民幣千元 人民幣千元 原值： 年初數 41,728 41,728 出售 (450) - 年末數 41,278 41,728 累計攤銷： 年初數 8,897 8,090 本年攤銷 804 807 出售轉岀 (110) - 年末數 9,591 8,897 帳面淨值： 年末數 31,687 32,831 第 70 頁 上 海 二 紡 機 股 份 有 限 公 司 16. 商譽 人民幣千元 成本： 於 2005 年 1 月 1 日、2005 年及 2006 年 12 月 31 日 367 累計減值： 於 2005 年 1 月 1 日及 2005 年 12 月 31 日 - 本年減值 367 於 2006 年 12 月 31 日 367 帳面淨值： 於 2006 年 12 月 31 日 - 於 2005 年 12 月 31 日 367 17. 對不合併附屬公司及聯營公司之投資 2006 2005 人民幣千元 人民幣千元 應佔不合併附屬公司淨資產 9,308 9,493 應佔聯營公司淨資產 2,174 2,589 11,482 12,082 第 71 頁 上 海 二 紡 機 股 份 有 限 公 司 17. 對不合併附屬公司及聯營公司之投資（續） 於 2006 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： 2006 2005 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） 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 該不合併附屬公司的投資以權益法計算。 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： 2006 2005 人民幣千元 人民幣千元 資產總額 156,472 123,232 負債總額 (134,427) (99,404) 淨資產 22,045 23,828 集團應佔不合併附屬公司及聯營公司的淨資產 11,482 12,082 收入 144,926 159,856 當期（虧損）/ 利潤 (1,571) 1,559 第 72 頁 上 海 二 紡 機 股 份 有 限 公 司 集團應佔不合併附屬公司及聯營公司當期（虧損）/ 利潤 (324) 648 第 73 頁 上 海 二 紡 機 股 份 有 限 公 司 18. 投資 2006 2005 人民幣千元 人民幣千元 (a) 可供出售的投資 非上市公司投資，按成本值 6,587 6,587 限制流通之上巿股權投資*，按成本值 20,161 21,306 26,748 27,893 減：減值準備 (1,465) (2,195) 25,283 25,698 * 限售流通之上巿股權投資乃只可於限售期（一至三年）後出售。於結算日，上述投 資乃按成本減減值計量，因合理公允價值估計範圍很大，本公司董事認為其公允價值無法可靠 計量。 (b) 為交易而持有的投資 2006 2005 人民幣千元 人民幣千元 上市公司股票投資，按公允值 160 - 19. 存貨 2006 2005 人民幣千元 人民幣千元 原材料 70,278 41,501 在產品 105,016 98,262 產成品 110,416 241,714 285,710 381,477 第 74 頁 上 海 二 紡 機 股 份 有 限 公 司 20. 銀行借款 2006 2005 人民幣千元 人民幣千元 銀行借款 - 有抵押 62,000 88,064 - 無抵押 157,493 191,700 219,493 279,764 借款的還款期如下： 即期或 1 年內 215,410 275,681 5 年以後 4,083 4,083 219,493 279,764 減：12 個月內到期償還的金額 （在流動流動負債中列示） (215,410) (275,681) 12 個月後到期償還的金額 4,083 4,083 於 2006 年 12 月 31 日，所有銀行借款利息均按年利率 5.22%至 5.58%計算（2005 年：5.22% 至 5.74%） 。 銀行借款中人民幣 84,000,000 元由本公司直接控股公司與其關聯公司擔保。 本集團已將銀行存款總值人民幣 3,460,000 元作為抵押銀行短期借款。 第 75 頁 上 海 二 紡 機 股 份 有 限 公 司 21. 股本 於 2006 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： 2006 2005 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 237,428,652 237,429 262,342,310 262,342 A股 96,095,538 96,095 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 所有股東擁有同等權利及義務。但唯 A 股只能由中國投資者持有，B 股能由海外投資者 或中國投資者持有。 公司股權分置方案已於 2006 年 1 月 23 日實施，公司的控股公司向 A 股流通股股東每 10 股支付 3.5 股國家股股票對價，以換取所有非流通股份的上市流通權。根據股權分置方案，全體 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。 22. 儲備 儲備之變動已列示於綜合權益變動表。 (a) 根據相關的中華人民共和國法規和公司現行章程，公司稅後溢利應按照以下順序進行分 配： (i) 彌補累計虧損 (ii) 10% 轉入法定盈餘公積金。當該項公積金金額累計達到實收資本的 50% 可以停 止提取。 (iii) 5% 至 10% 轉入法定公益金。 (iv) 根據股東會議中所批准，轉入任意盈餘公積金。 (v) 向股東派發股息。 法定盈餘公積金及法定公益金須按中國會計準則及規定計算的稅後利潤提取。 第 76 頁 上 海 二 紡 機 股 份 有 限 公 司 22. 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 根據中國有關財務規定之修訂，本公司及其附屬公司自 2006 年 1 月 1 日起不再提 取法定公益金。對於 2005 年 12 月 31 日的法定公益金結餘，轉為法定盈餘公積。 (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 2006 年 12 月 31 日，留存的虧損總額約 為人民幣 49,166,000 元（2005 年：留存的利潤約為人民幣 17,136,000 元） 。 第 77 頁 上 海 二 紡 機 股 份 有 限 公 司 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： 2006 2005 人民幣千元 人民幣千元 銷售予直接控股公司 6,436 33,316 銷售予聯營公司 38,228 99,757 銷售予關聯公司 52,747 5,771 購貨自直接控股公司 - 1,111 購貨自不合併附屬公司 12,129 14,991 購貨自關聯公司 - 39,322 購貨自聯營公司 7,692 - (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 本年董事和其他關鍵管理層成員的報酬如下： 2006 2005 人民幣千元 人民幣千元 薪酬 848 1,951 養老金 193 206 其他福利 192 206 1,233 2,363 第 78 頁 上 海 二 紡 機 股 份 有 限 公 司 24. 經營租賃協議 (a) 作為承租人 於2006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: 2006 2005 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） 569 569 五年以上 1,435 1,578 2,146 2,289 (b) 作為出租人 於2006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： 2006 2005 人民幣千元 人民幣千元 一年以內 16,231 12,446 二至五年（包括首尾兩年） 29,252 10,391 五年以上 19,722 3,700 65,205 26,537 25. 或有負債 截至 2006 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 66,200,000 元（2005；人民幣 60,000,000 元）。 本公司董事認為上述擔保的公允價值並不重大。 第 79 頁 上 海 二 紡 機 股 份 有 限 公 司 26. 退休金計劃 本集團參與由政府所安排的定額供款退休金計劃。該計劃要求公司提取雇員工資的一定 百分比予經營基金。公司對於退休金計劃唯一的責任是定期按提取金額供款。本集團該年度繳納 的退休金總額為人民幣 14,533,000 元（2005 年：人民幣 16,375,000 元） 。 27. 主要的附屬公司 於 2006 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： 2006 2005 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 第 80 頁 上 海 二 紡 機 股 份 有 限 公 司 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 20。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。 第 81 頁 上 海 二 紡 機 股 份 有 限 公 司 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 2006 年 12 月 31 日 止年度歸屬於母公司股東虧損及權益的影響概括如下： 歸屬於 歸屬於 母公司 母公司 股東虧損 股東權益 人民幣千元 人民幣千元 根據中國會計準則 (66,077) 600,899 商譽的確認和攤銷差異 (303) 1,578 直接計入儲備之收入 2,455 - 轉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 863 - 商譽減值 (367) (367) 根據國際財務報告準則 (63,429) 602,110 第 82 頁 上 海 二 紡 機 股 份 有 限 公 司 綜合財務報表 截至二零零六年十二月三十一日止年度 內容 頁次 核數師報告書 1至2 綜合利潤表 3 綜合資產負債表 4 至 5 綜合權益變動表 6 綜合現金流量表 7 至 8 綜合財務報表附註 9 至 34 上 海 二 紡 機 股 份 有 限 公 司 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 截至二零零六年十二月三十一日止年度 SHANGHAI ERFANGJI CO., LTD. Page 3 上 海 二 紡 機 股 份 有 限 公 司 (Share code: 600604, 900902) Annual Report 2006 April 6, 2007 Page 4 上 海 二 紡 機 股 份 有 限 公 司 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 2006 financial report for the Company and issued an unqualified Auditors’ Report for the Company. Mr. Gao Yong, Independent Director of the Company, did not present the meeting in person due to important business. And entrust Ni Di, Independent Director, performed the voting right. 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. Page 5 上 海 二 紡 機 股 份 有 限 公 司 CONTENTS Ⅰ. COMPANY PROFILE-----------------------------------------------------------------------------------3 Ⅱ. SUMMARY OF FINANCIAL HIGHLIGHT AND BUSINESS HIGHLIGHT--------------4 Ⅲ. CHANGES IN SHARE CAPITAL AND PARTICULARS ABOUT SHAREHOLDERS--6 Ⅳ . PARTICULARS ABOUT DIRECTORS, SUPERVISORS, SENIOR EXECUTIVES AND EMPLOYEES--------------------------------------------------------------------------------------------------9 Ⅴ. CORPORATE GOVERNANCE---------------------------------------------------------------------12 Ⅵ. BRIEF OF THE SHAREHOLDERS’ GENERAL MEETING---------------------------------14 Ⅶ. REPORT OF BOARD OF DIRECTORS-----------------------------------------------------------14 Ⅷ. REPORT OF SUPERVISORY COMMITTEE----------------------------------------------------23 Ⅸ. SIGNIFICANT EVENTS------------------------------------------------------------------------------24 Ⅹ. FINANCIAL REPORT---------------------------------------------------------------------------------28 Ⅺ. DOCUMENTS AVAILABLE FOR REFERENCE-----------------------------------------------37 Ⅻ. ANNOTATIONS OF FINANCIAL REPORT------------------------------------------------------38 Page 6 上 海 二 紡 機 股 份 有 限 公 司 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: libolibo918@sina.com 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: efj@shefj.com 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: Shulun Pan Certified Public Accountants Co., Ltd. Address: 61, Nanjing East Road, Shanghai Name: Horwath Hong Kong CPA Limited Page 7 上 海 二 紡 機 股 份 有 限 公 司 Address: Room 2001, Central Plaza, 18 Harbour Road, Wan Chai, Hong Kong II. Summary of Financial Highlight and Business Highlight (I) Accounting data as of the year 2005 Unit: RMB Item Amount Total profit -62,820,641.70 Net profit -66,077,975.44 Net profit after deducting non-recurring gains and losses -81,977,000.08 Profit from main operations 54,794,042.20 Other operating profit 13,721,400.85 Operating profit -79,285,795.26 Investment income 5,156,629.80 Subsidy income 31,000.00 Net non-operating income/expenses 11,277,523.76 Net cash flows from operating activities 18,070,898.53 Net increase in cash and cash equivalent 5,221,127.11 Note: Items of deducting non-recurring gains and losses and the relevant amount: (II)Items of non-recurring gains and losses as of the year 2006 are as follows: Unit: RMB Items of non-recurring gains and losses Amount Gains/losses from disposal of long-term equity investment, fixed assets, project in construction, intangible assets and other long-term assets 14,570,419.72 Various government subsidies 31,000.00 Short-term investment income (except short-term investment income gained by financial institute with operation qualification authorized and set up by related department of state ) 359,436.02 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 3,184,618.93 Switching back various reserves for impairment losses allotted over the previous years 879,872.72 Impact on income tax -2,951,682.72 Minority shareholders assume the above factor -174,640,03 Total 15,899,024.64 (Ⅲ) Explanation on difference in net profit audited in conformity to Chinese Accounting Standards and Page 8 上 海 二 紡 機 股 份 有 限 公 司 International Accounting Standards The Company’s net profit as of year 2006 audited by Shanghai Shulun Pan Certified Public Accountants Co., Ltd. and Horwath Hong Kong CPA Limited was RMB-6607.7 and RMB -6342.9 respectively. The Company’s accounting statement of B-share as of year 2006 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 2006 2005 Year-end of Year-end of 2006 2005 As reported as Chinese Accounting -6607.7 568.79 60089.9 66365.87 Standards Writing back goodwill amortization -30.3 -30.30 157.8 -30.30 Writing back negative goodwill at the -36.7 - -36.7 218.40 year-begin Revocation payable 97.90 Unconfirmed loss from consolidated 86.3 184.60 subsidiaries Gains and losses directly dealt with in 245.5 equity As restated based on International -6342.9 820.99 60211.0 66553.97 Accounting Standards (III) Major accounting date and financial indexes over the past three years ended the report period Unit: RMB Increase/decrease Major accounting compared with the 2006 2005 2004 data end of the last year (%) Income from main 968,142,505.72 1,021,169,162.64 -5.19 1,183,812,681.93 operations Total profit -62,820,641.70 9,950,565.61 - 15,582,218.48 Net profit -66,077,975.44 5,687,932.00 - 11,152,671.21 Net profit after deducting -81,977,000.08 -4,095,603.73 - -18,590,823.75 non-recurring gains and losses Earnings per share -0.11665 0.01004 - 0.0197 Latest earnings per share Return on equity -11.00 0.86 - 1.70 (%) Return on equity calculated based on -13.64 -0.62 - -2.84 net profit after Page 9 上 海 二 紡 機 股 份 有 限 公 司 deducting non-recurring gains and losses (%) Net cash flow arising from 18,070,898.53 -28,598,572.85 - 88,338,155.23 operating activities Net cash flow per share arising from 0.0319 -0.0505 - 0.1560 operating activities Increase/decrease compared with the At the end of 2006 At the end of 2005 At the end of 2004 end of the last year (%) Total assets 1,192,684,509.54 1,362,411,629.19 -12.46 1,317,273,512.56 Shareholders’ equity (excluding 600,898,748.19 663,658,744.06 -9.46 654,852,121.51 minority interests) Net assets per share 1.061 1.172 -9.47 1.156 Net assets per share 1.043 1.130 -7.70 1.122 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% (V) 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 diluted Weighted diluted average average Profit from main operations 9.12 9.12 0.0967 0.0967 Operating profit -13.19 -13.19 -0.1400 -0.1400 Net profit -11.00 -11.00 -0.1167 -0.1167 Page 10 上 海 二 紡 機 股 份 有 限 公 司 Net profit after deducting -13.64 -13.64 -0.1447 -0.1447 non-recurring gains and losses (Ⅵ) Particulars about change in shareholders’ equity in the report period Unit: RMB Items Share capital Capital reserve Surplus Statutory public Retained profit Total reserve welfare funds shareholders’ equity 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-begin Increase in this period 3,287,367.56 4,090,707.83 8,241,340.84 Decrease in this period 832,653.44 3,867,049.32 66,301,633.95 71,001,336.71 Amount at the period-en 566,449,190.00 71,867,142.50 11,748,257.45 0 -49,165,841.76 600,898,748.19 Reasons for change: (1) Reason for change of capital reserve: Capital accumulation adjustment, like lawsuit ended, liabilities combinations. (2) Reason for change of surplus reserve: Public welfare funds changeover in. (3) Reason for change of statutory welfare public funds: Public welfare funds transferred to legal surplus. (4) Reason for change of retained profit: Main profit loss of the year 2006 transferred into and withdrawn legal surplus. III. Changes in Share Capital and Particulars about Shareholders (I) Change in share capital 1. Change in share capital Unit: share Page 11 上 海 二 紡 機 股 份 有 限 公 司 Increase or Before change After change decrease (+, -) Ratio Ratio Quantity Subtotal Quantity (%) (%) I. Shares subject to moratorium 1. Shares of initiator 237,428,652.00 237,428,652.00 41.91 Incl: State–owned shares 237,428,652.00 237,428,652.00 41.91 Domestic legal person shares Overseas legal person shares Other 2. Raised legal person shares 3. internal staff share 4. preference share Subtotal shares subject to 237,428,652.00 41.92 237,428,652.00 41.92 moratorium II. Shares not subject to moratorium 1. Renminbi ordinary 96,095,538.00 16.96 96,095,538.00 16.96 shares 2. Domestically-listed 232,925,000.00 41.12 232,925,000.00 41.12 shares for overseas shares 3. Overseas-listed shares for overseas shares 4. Other Subtotal shares not subject 329,020,538.00 58.08 329,020,538.00 58.08 to moratorium III. Total shares 566,449,190.00 100 566,449,190.00 100 (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 Page 12 上 海 二 紡 機 股 份 有 限 公 司 At the end of the report period, the Company has 77,340 shareholders in total, including 38,003 shareholders of A-share, 39,337 shareholders of B-share. 2. Ended Dec. 31, 2006, shares held by the top ten shareholders and the top ten shareholders of tradable share: (1) Particulars about the top ten shareholders: Amount of shareholders ended the report 77,340 period Particulars about the top ten shareholders Total of Numbers of Share Nature of Proportion Total share Increase/decrease shares Name of shareholders pledged shareholder (%) holding during 2006 subject to or moratorium frozen State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government State-own 41.92 237,428,652 237,428,652 237,428,652 Naught (operation unit shareholder authorized by the biggest shareholder----Pacific Mechanical-Electronic (Group) Co., Ltd.) Jin Dongbiao Other 0.17 995,856 995,856 Unknown Foreign Xiang Wenyu 0.14 846,800 846,800 Unknown shareholder MERRILL LYNCH FAR Foreign 0.13 736,490 -69,935 Unknown EAST LIMITED shareholder HSBC FUND SERVICES Foreign 0.12 734,000 0 Unknown A/C 006-113039-431 shareholder Foreign Huang Zhihao 0.11 666,100 0 Unknown shareholder Foreign Liu Da 0.11 655,600 0 Unknown shareholder Foreign Zhang Guangzhong 0.11 643,805 0 Unknown shareholder Foreign Shi Yuxing 0.11 631,437 -45,670 Unknown shareholder SCBHK A/C KG Foreign 0.10 604,910 0 Unknown INVESTMENTS ASIA shareholder Page 13 上 海 二 紡 機 股 份 有 限 公 司 LIMITED 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 237,428,652.00 shares of the Company, taking up 41.92% 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 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. Page 14 上 海 二 紡 機 股 份 有 限 公 司 （5）Particulars about top ten shareholders not subject to moratorium Particulars about top ten shareholders not subject to moratorium Number of shares not subject Name of shareholder Type of shares to moratorium held Jin Dongbiao 995,856 Renminbi ordinary shares Domestically listed foreign Xiang Wenyu 846,800 shares MERRILL LYNCH FAR EAST Domestically listed foreign 736,490 LIMITED shares HSBC FUND SERVICES A/C Domestically listed foreign 734,000 006-113039-431 shares Domestically listed foreign Huang Zhihao 666,100 shares Domestically listed foreign Liu Da 655,600 shares Domestically listed foreign Zhang Guangzhong 643,805 shares Domestically listed foreign Shi Yuxing 631,437 shares SCBHK A/C KG Domestically listed foreign 604,910 INVESTMENTS ASIA LIMITED shares Shao Hongfu 534,809 Renminbi ordinary shares Explanation on associated It is unknown whether there is any associated relationship and relationship among the top ten acting-in-concert relationship among the tradable shareholders. shareholders or acting-in-concert IV. Particulars about Directors, Supervisors, Senior Executives and Employees (I) Basic information of directors, supervisors and senior executives Unit: share Currency: Renminbi Total payment Number of Number of drawn from holding holding the Name Sex Age Title Office term shares at shares at Type of shares Company in the the the report year-begin year-end period (RMB) Chairman of the Board, May 2004- Zheng Yuanhu Male 41 0 0 --- 0 Secretary of the CPC May 2007 Page 15 上 海 二 紡 機 股 份 有 限 公 司 Director, General Manager, May 2004- Li Peizhong Male 52 0 0 ---- 0 Vice-secretary of the May 2007 CPC Director, Standing May 2004- Shares not subject to Cui Ling Male 45 Deputy GM, Chief 3000 4,050 0 May 2007 moratorium Engineer Director, Chief Financial May 2004- Shares not subject to Mei Jianzhong Male 46 Officer 1000 1,350 0 May 2007 moratorium Director, Vice-secretary Wang May 2004- Shares not subject to Male 49 of the CPC, Chairman 3000 4,050 97,800 Chengzong May 2007 of the Labor Union moratorium Director May 2004- Zhang Fubiao Male 57 0 0 --- May 2007 0 Independent Director May 2004- Ni Di Male 67 0 0 --- 30,000 May 2007 Independent Director May 2004- Shares not subject to Gao Yong Male 54 1863 2,515 30,000 May 2007 moratorium Independent Director Dec. 2004- Cao Huimin Male 53 0 0 --- 30,000 May 2007 Chairman of the Supervisory Committee, Vice-secretary of the May 2004- Xu Zucheng Male 50 0 0 --- CPC, Secretary of May 2007 0 Commission for Discipline Inspection Vice Chairman of the May 2004- Yu Zhifen Male 59 0 0 --- Supervisory Committee May 2007 0 Supervisor May 2004- Gao Erqi Male 59 0 0 --- May 2007 0 Supervisor, Vice-secretary of May 2004- Shares not subject to Zhang Fuhai Male 50 1000 1,350 78,957 Commission for May 2007 moratorium Discipline Inspection Supervisor Apr. 2005- Shares not subject to Yang Min Female 34 1000 1,350 71,318 May 2007 moratorium Deputy GM, May 2004- Shares not subject to Wei Baorong Male 54 Vice-secretary of the 5324 7,187 115,940 May 2007 moratorium CPC May 2004- Shares not subject to Pan Ronggao Male 52 Deputy GM 2001 2,701 115,960 May 2007 moratorium Page 16 上 海 二 紡 機 股 份 有 限 公 司 May 2004- Shares not subject to Gong Jianping Male 46 Deputy GM 2000 2,700 115,840 May 2007 moratorium May 2004- Shares not subject to Li Bo Male 50 Secretary of the Board 1000 1,350 100,500 May 2007 moratorium Total 786,285 Note: share holding number’s change of Director, Supervisor and senior manager resulted from the consideration payment of A-share reform of the Company (3.5 per 10 shares). (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 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. Page 17 上 海 二 紡 機 股 份 有 限 公 司 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 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 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.; 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 Page 18 上 海 二 紡 機 股 份 有 限 公 司 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) Li Peizhong Vice Secretary of CPC Yes Co., Ltd. Shanghai Electric Assets Management Head of the 4th Zhang Fubiao Yes Co., Ltd. Management Dept. 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 (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 East Best Arts & Crafts Co., Zhang Fubiao Supervisor No Ltd. Page 19 上 海 二 紡 機 股 份 有 限 公 司 Chang Jiang Securities Co., Ltd. Senior Adviser, Allowance of Ni Di Shanghai Feilo Co., Ltd. Independent Director 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 Xu Zucheng Zhejiang Hangmin Co., Ltd. Supervisor No (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) About employees By the end of report period, the Company has 1264 on-the-job employees in total. The Company need pay the expenses of 133 retirees. The composing of employees is as follows: 1. The professional composing Types of professional composing Number Production workers 571 Salespersons 48 Technicians 192 Financial personnel 21 Administrative personnel 182 2. Education level Types of education level Number Master degree 12 Bachelor degree 101 Page 20 上 海 二 紡 機 股 份 有 限 公 司 Three years college 217 Secondary specialized or technical school student 69 V. Corporate Governance (I) Corporate governance of the Company Revised article of Company Law and Securities Law were considered and approved on the 18th Meeting of Standing Committee of the 9th National People's Congress, on Oct. 27, 2005, and fulfilled on Jan. 1, 2006. According to the requirements, related directors, supervisors and senior management took part in the two law training organized by China Securities Regulatory Commission and Shanghai Stock Exchange. And they deeply learned about backgrounds, aims, meaning and content of the two laws, which have a strong guiding meaning on the development and criterion management of the Company. According to the new revised articles of Company Law and Securities Law and the related regulations of China Securities Regulatory Commission and Shanghai Stock Exchange, the Company made a related revision and complementarities on Article of Association, Rule of Procedure of Shareholders’ Meeting, Rule of Procedure of the Board of the Directors, Rule of Procedure of Supervisory Meeting and so on. And these revision and complementarities were considered and approved on the 21st meeting (also 2005 annual meeting) of shareholders, on May 16, 2006. The Company fulfilled the related regulations of Notice Concerning Some Issues on Regulating the Funds between Listed Companies and Associated Parties issued by China Securities Regulatory Commission and State-owned Assets Supervision and Administration Commission of the State Council, further regulating funds between the Company and controlling shareholders & other associated parties, and strict controlling external guarantee of the Company. According to Notice on Fulfillment of Financial and Accounting Information Disclosures Related to the New Accounting Standards issued by China Securities Regulatory Commission, directors, supervisors and senior management members paid much attention on it, tried their best to learn it and did a good preparation on fulfillment of New Accounting Standard, so as to ensure smooth transition between Old Accounting Standard and New Accounting Standard. In order to improve the comprehension and mastering competent of the Company’s financial staff on related Accounting Standard, and ensure the smooth fulfillment of New Accounting Standard, the financial staff actively with conceivable problems on fulfillment of new standard took part in the course on New Accounting Standard organized by Ministry of Financial, National Accounting Department, China Securities Regulatory Commission, Shanghai Stock Exchange, etc.. These courses can ensure the comprehension and correct application of related accounting standard, and the smooth fulfillment of New Accounting Standard. 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, Page 21 上 海 二 紡 機 股 份 有 限 公 司 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 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 Times of Times of Times of independent be attend the personal commission absence directors Board meeting presence presence Ni Di 7 7 0 0 Gao Yong 7 7 0 0 Cao Huimin 7 7 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. Page 22 上 海 二 紡 機 股 份 有 限 公 司 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 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. VI. Brief of the Shareholders’ General Meeting The Annual Shareholders’ General Meeting 1. On Jan. 23, 2006, the Company held the related shareholders’ general meeting on share merger reform of A share market, on which plan of share merger reform was considered and approved. The related public notice on resolutions of the meeting was published on Shanghai Securities Times and Ta Kong Pao (HK), on Jan. 24, 2006. Page 23 上 海 二 紡 機 股 份 有 限 公 司 2. the 21st meeting (also 2005 annual meeting) of shareholders’ meeting held on may 16, 2006, public notice on resolutions of the meeting was published on Shanghai Securities Times and Ta Kong Pao (HK), on May 17, 2006. The whole process of the meeting was witnessed by lawyers Zhang Ping and Zhao Jianping from Shanghai Jinshi PAC. Page 24 上 海 二 紡 機 股 份 有 限 公 司 VII. Report of the Board of Directors (I) Discussion and analysis by the management team 1. Operation review in the report period The year of 2006 is the beginning of "Eleventh Five-Year" Plan. The Company took fulfillment of Scientific Development View as a guide, adhered development as a theme, and grasped the working principles of market, product, management and benefit. Except total net profit, other economic tasks and operation aims were finished provided hard work of operation staff with deploitation spirit and continuous innovation, also the contribution of the staff. Analyse of loss reason: as a result of state macro-control 2006, export tariff rebates of spinning machine decreased, exchange rate of RMB increased, price of raw material increased, and furious price compete of spinning market, which leaded to the sale income decrease of textile machinery products of the Company, and decrease of product sales’ rate of gross profit. Also, resulted from the put in of new products development in recent year, high cost of development and fixed expense of the Company. Main operation of the Company in the year of 2006: (1) Push the commercial process of “three main products”. The Company taking advantages of technology, equipment, whole set and region of enterprise in accordance with changes and requirement of market, fixed the product development on the commercial produce of “three main products”, and took the commercial process of three main products (spinning frames, roving machine and auto bobbin winder) as the key tasks. And step out to the core technology of mastering, products strategy reform of realization and forging exquisite spin. During the report period, the Company finished trial-manufacture programs of new products totaled 12, 6 designed programs, 3 programs of patent application, and 2 programs of authorize patent; meanwhile, EJM138JL spinning machine (with equipment of) was listed into program of Shanghai High & New Technology Absorbing Indraught and Innovation Plan 2005 and Important New Product Plan of Shanghai 2005 by Science and Technology Commission of Shanghai Municipality and Economic Commission of Shanghai Municipal respectively. And it was cognized to be transformed program of Shanghai high technology result by Shanghai service centre of high and new technology transfer. (2) Deal with changes of market actively, realize the new breakthrough of market quotient. As a result of state macro-control fulfillment, market has a great change, which brought a great challenge to marketing of the Company. The Company made feedback timely and correctly, and bring an effect of “three main net”---marketing, service after sale and information management, adjusted price stratagem and product stratagem, took new product as a breakthrough, and exploited & enlarge the sale market of Pakistan, Indian, etc. which improved the foreign market occupation rate of cotton spinning machine products. In 2006, compact spinning set and four rolls wool spinning machine realized batch sale successfully. The number of contracts signed on roving machine, intergral-doffing spinning frames created a new breakthrough. And auto bobbin winder successfully set in Jiangsu, Henan and Sichuan. Exploit new chemical fibers market. Aimed at the changes of fixed assets investment on domestically Page 25 上 海 二 紡 機 股 份 有 限 公 司 large ton grade fiber chemistry projects increasingly decline, and new setting fiber chemistry projects obviously decreased, the Company made a related adjustment on the fiber chemistry machinery marketing strategy of enterprise, and exploit new chemical fibers market actively （namely: Middle East market with Pakistan as the main market; new grown up bottle grade chips market of Russia; domestic composite spinning market. ）, provided continued mastering mature products market. Hence, enable products stretch and development along the multi-directions continued. In the year of 2006, the Company achieved two new successes. Firstly, 36 tons/ daily cotton type hollow 3-D crimp fiber complete equipment realized new breakthrough of exporting to Russia; secondly, realized new breakthrough of transferring products to green environment protection fiber. (3) Pay attention to details, deepen management, reforge production procedure. Started with emphasizing details and deepening management, the Company improved and perfected internal managing mechanism. The Company emphasizing the efficiency of management, improving production management of enterprise, realizing reforger of production procedure, so as to adapted to the requirement on commercial batch production of the “three main products”, further improved operation quality of enterprise, and got a better efficiency on production & quality management. (4) By use of economic lever to optimize distribution system and forge outstanding staff with ability of adapting to the market changes. In the year of 2006, the Company paid much attention to assessment and incentive of staff, introducing talent, enhancing training, optimizing human resource structure. Also, combining facts of the Company and applying economic lever, the Company further adjusted distribution system and forged outstanding staff with the ability of adapting to the market changes. 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 and storage transport. (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 income cost from profit ratio Profit ratio from main main Industries/ Income from Cost of main of main of main operations operations main operations operations operations products operations compared compared compared with the with the with the last last year last year year (%) (%) (%) Industries Decrease 1. Industry 831,446,832.01 788,528,984.52 5.16 -12.78 -6.70 6.19 percent 2. Trade 496,637,486.69 483,532,960.01 2.64 7.29 7.69 Decrease Page 26 上 海 二 紡 機 股 份 有 限 公 司 0.37 percent Decrease 3. Service 2,294,480.52 299,620.80 86.94 -5.65 -0.49 0.68 percent Decrease Subtotal 1,330,378,799.22 1,272,361,565.33 4.36 -6.22 -1.70 4.39 percent Counteracting among all business 362,236,293.50 362,236,293.50 0.00 -8.86 -8.86 divisions within the Company Decrease Total 968,142,505.72 910,125,271.83 5.99 -5.19 1.47 6.17 percent Industries Textile Decrease 831,446,832.01 788,528,984.52 5.16 -12.78 -6.70 products 6.19 percent Decrease Other 498,931,967.21 483,832,580.81 3.03 7.22 7.69 0.42 percent Decrease Subtotal 1,330,378,799.22 1,272,361,565.33 4.36 -6.22 -1.70 4.39 percent Counteracting among all business 362,236,293.50 362,236,293.50 0.00 -8.86 -8.86 divisions within the Company Decrease Total 968,142,505.72 910,125,271.83 5.99 -5.19 1.47 6.17 percent Including: total amount of related transactions that the listed company sold products to the controlling shareholder and its subsidiaries was RMB 2,269.04 in the report period. (3) Statement of main operations classified according to areas Unit: RMB Yuan Income from main Increase/decrease of income from Areas operations main operations over the last year (%) Asia 365,439,645.67 11.92 Europe 32,343,226.90 North America 9,314,163.18 13.86 Northeast China 802,564.10 -74.52 Shanghai 394,443,655.45 -33.40 Page 27 上 海 二 紡 機 股 份 有 限 公 司 East China 112,711,396.28 -74.12 South China 9,647,264.96 -58.81 Southwest China 9,123,181.73 -67.19 North China 396,553,700.95 22,477.64 Subtotal 1,330,378,799.22 -6.22 Counteracting among all business divisions within the 362,236,293.50 -8.86 Company Total 968,142,505.72 -5.19 (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 115,000 236,412.4 -1,336 engaged import & (Group) Co., Ltd. proprietorship Export business Explanation on significant change of main financial data during the report period: Unit: RMB Yuan Amount at the Amount at the Proportion in total Proportion in Increase/ Items end of report begin of report assets % total assets % decrease period period Notes receivable 84,901,835.65 7.12% 133,618,015.93 9.81% -48,716,180.28 Other receivable 4,748,327.70 0.40% 8,353,091.25 0.61% -3,604,763.55 Project in construction 2,903,799.90 0.24% 5,917,191.66 0.43% -3,013,391.76 Advances received account 53,062,719.32 4.45% 79,933,523.74 5.87% -26,870,804.42 Welfare payable 1,840,420.52 0.15% 1,268,447.25 0.09% 571,973.27 Dividend payable 0.00 0.00% 28.84 0.00% -28.84 Tax payable -5,640,626.30 -0.47% 1,738,908.53 0.13% -7,379,534.83 Accrued expenses 1,164,038.27 0.10% 2,463,057.38 0.18% -1,299,019.11 Uncertain investment loss 0.00% 863,265.45 0.06% -863,265.45 Undistributed profit -49,165,841.76 -4.12% 17,135,792.19 1.26% -66,301,633.95 A．Notes receivable in the end of 2006 decreased by RMB 48,716,180.28 compared with that in the beginning of 2006. It is mainly because there is a discount in the end of the year, and the postdated note is decreased. B. Other receivable in the end of the year 2006 decreased by RMB3,604,763.55 compared with that in the beginning of 2006. It is mainly for receival of a current account. Page 28 上 海 二 紡 機 股 份 有 限 公 司 C. Project in construction in the end of the year 2006 decreased by RMB 3,013,391.76 compared with that in the beginning of 2006. It is mainly because the revenue of unfinished project of last year was cleared account Asset. D. advances received account in the end of the year 2006 decreased by RMB 26,870,804.42 compared with that in the beginning of 2006. It is mainly because the former advances received account has carried forward income in this year. E. Welfare payable in the end of the year 2006 increased by RMB 571,973.27 compared with that in the beginning of 2006. It is mainly because the expanse on welfare of the Company this year is decreased. F. Dividend payable in the end of the year 2006 decreased by RMB 28.84 compared with that in the beginning of 2006, which is the former dividend distribution balance paid for the subsidiary. G. Tax payable in the end of the year 2006 decreased by RMB 7,379,534.83 compared with that in the beginning of 2006. Because income tax refund receivable on export in the end of the year increased around RMB 2,000,000 compared with that in the beginning of 2006. And the loss of the Company this year results income tax payable decreased by RMB 4,346,592.12. H. Accrued expenses in the end of the year 2006 decreased by RMB 1,299,019.11 compared with that in the beginning of 2006. Because lawsuit with Calyon Corporate and Investment Bank was finished, and former accrued interest accumulated to capital reserves. I. Uncertain investment loss in the end of the year 2006 decreased by RMB 863,265.45 compared with that in the beginning of 2006. Because the subsidiary (Shanghai Liangji Plastic Products Co., Ltd.) did a disposal this year. J. Undistributed profit in the end of the year 2006 decreased by RMB 66,301,633.95 compared with that in the beginning of 2006. Because the Company made a loss for RMB 66,077,975.44. Items Amount in this period Amount in the previous Increase/decrease Proportion of period increase/decrease % Income from other 13,721,400.85 operation 8,055,533.28 5,665,867.57 70.34% Subsidy income 31,000.00 149,000.00 -118,000.00 -79.19% Non-operating income 18,928,311.93 3,043,427.74 15,884,884.19 521.94% Non-operating 7,650,788.17 expense -3,326,712.48 10,977,500.65 - Income tax 2,159,299.72 4,493,919.63 -2,334,619.91 -51.95% Minority interest 234,768.57 -40,583.81 275,352.38 - Uncertained vestment -863,265.45 loss 190,702.21 -1,053,967.66 - Withdrawal legal 223,658.51 surplus 978,829.81 -755,171.30 -77.15% Page 29 上 海 二 紡 機 股 份 有 限 公 司 Withdrawal legal welfare funds 489,414.92 -489,414.92 -100.00% A. Income from other operation increased by RMB 5,665,867.57 compared with the year 2005, which was because that profits of tenancy operation this year increased by RMB 5,360,803.50. B. Subsidy income decreased by RMB 118,000.00 compared with the year 2005, which was because that received events on subsidy was increased. C. Non-operating income increased by RMB 15,884,884.19 compared with the year 2005, which was because that Wuyi Real Estate sold in this year got income for RMB 13,991,161.97. D. Non-operating expense increased by RMB 10,977,500.65 compared with the year 2005, which was because that accumulated of fixed assets depreciation reserves was increased, and disposal loss of fixed Assets was increased. E. Income tax decreased by RMB 118,000.00 compared with the year 2005, which was because that the loss in this year enabled the Taxable Income decreased compared with that of the year 2005. F. Minority interest increased by RMB 275,352.38 compared with the year 2005, which was because that profit realization this year of subsidiary is higher than last year. G. Uncertained vestment loss decreased by RMB 1,053,967.66 compared with the year 2005, which was because that the subsidiary (Shanghai Liangji Plastic Products Co., Ltd.) did a disposal this year. H. Withdrawal legal surplus decreased by RMB 755,171.30 compared with the year 2005, which was because that the Company made a loss this year. Amount in this period Amount in the Increase/decrease Proportion of Item previous period increase/decrease % Cash flow arising from 18,070,898.53 -28,598,572.85 46,669,471.38 ------ operating activities Cash flow arising from 6,176,281.39 620,819.03 5,555,462.36 894.86% investing activities Cash flow arising from -19,279,635.88 -28,876,718.36 9,597,082.48 -33.23% financing activities Net increase of cash and cash 5,221,127.11 -57,152,212.26 62,373,339.37 -109.14% equivalent A. Net cash flows from operating activities had increased year-on-year, mainly because the stock of the Company had decreased this year. B. Cash flows from investing activities had increased by 894.86 percent year-on-year, mainly result from sell income of Wuyi Real Estate. C. Cash flows from financing activities had decreased by 33.23 percent year-on-year, mainly because the cash paid for liabilities and payment interest in this year had decreased compared with 2005. (6) Main products taking up over 10 percent of the main business revenue or total profit of main Page 30 上 海 二 紡 機 股 份 有 限 公 司 operations Unit: RMB Cost of main Profit rate of main Operation or product Main business revenue operation business (%) 1. Industry 831,446,832.01 788,528,984.52 5.16 2. Trade 496,637,486.69 483,532,960.01 2.64 3. serving trades 2,294,480.52 299,620.80 86.94 Subtotal 1,330,378,799.22 1,272,361,565.33 4.36 Counteracting among different business branches of the 362,236,293.50 362,236,293.50 0.00 Company Total 968,142,505.72 910,125,271.83 5.99 (7) Main suppliers and customers Unit: RMB Total purchase amount from the Proportion taking up the 181,622,310.30 22.60% top five suppliers total purchase amount Total sales amount to the top five Proportion taking up the 329,592,928.84 33.38% 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 The year of 2007, Textile Machinery Industry will confront with more complex and uncertain market environment. From the year of 2006, textile machinery industry has taken enhancing competence and improving technology equipment of enterprise as the main stream. Hence, product market of Textile Machinery Industry in 2007 will pay much attention on improving competence, adjusting product structure and doing technology reform of product lever of textile machinery enterprises. In the year of 2007, requirement of cotton spinning equipment will be remain or surpass the total marketing of last year. Especially, cotton spinning equipment will take enterprise upgrade and products update as main stream. Textile industry will take technology reform against proportion fulfilling and improving of “三无一精”, and develop new spinning technology, like compact spinning, automatic rotor spinning, middle and advanced shuttleless weaving machine, etc. Meanwhile, advance the spinning integrated technology and continued production, like 细络联，粗细络联，etc. However, Chemical Fiber Machinery products market will exist with little rise in the year of 2007. (2) Opportunities and challenges in future development as well as strategies and plans for development Opportunities: The scope of national textile machinery of 2007 is USD8 billion or so, but the market shares of national enterprises are under 60% with products concentrated on the middle and low level. On one hand, some Page 31 上 海 二 紡 機 股 份 有 限 公 司 middle and high quality machinery can’t meet the demand of increasing market; on the other hand, certain middle machinery repeat the same quality level. The competition between enterprises thereby intensified and result to a new round of price war. Development and challenges: During the period of “Eleventh Five-Year Plan”, macro-policies of the country and national creative status provide development and opportunities that didn’t happen before. Despite the impact to the whole industry of increasing price, down adjustment of export rebate rate and inflation of RMB exchange rate, they also urge the whole industry to increase production efficiency, improve the quality and realize the upgrading of the whole industry. So they suit for the benign development. The “11th five year period ”Guideline of China Textile Equipment Industry raised further task of implement 28 key technology and 10 complete equipment. These supply good development environment to textile industry and the future textile industry has a good insight. Strategies and plans: 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，support the market with products, establish the “three pillar industry” as the core so as to elevate the competition of the Company. Complete the market link, take the advantage of complete equipments so as to further strengthen and expand the market; 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. (3) Operation targets of the new year Take the benefit as the core, begin to make profits, elevate the operating quality and competitiveness of the Company. The Company will realize the operation targets of the whole year through following ways: Seize the quality of the products and brave in break through ----establish winding machine manufacture section within the year to ensure the batch production; Accelerate cost-lowering design, make some progress in application of new materials and technologies; further reduce the cost of purchase and make sure that batch production can bring new increase of profit. ----quicken the brand construction of products; continuously improve the stability, reliability and coherence, strengthen Service of following the tracks of buyers so as to solve various problems in using process to elevate the market image of new products; expand the market with new products and elevate competitiveness in the market. ----make breakthrough in manufacturing arts, dying arts and core arts, especially the processing of main parts. Set up the leader of technological team project; quicken the development and perfection of new products by way of combination of self-creation and integration creation. Seize the market with persistence ----establish efficient market link, continuously search for multi-corporation and promote agencies, develop and support agents, make full use of power of agents and perfect internet sale system so as to ensure stability of price .further enlarge the range of products of the Company and extend the sales network home and board. Seize management to enhance quality and efficiency Page 32 上 海 二 紡 機 股 份 有 限 公 司 ----deepen production and management Improve the production planned management and transform the means of production devotion in accordance with the change of the market. Realize reserves of components, main parts and Sub-supplier, lower the fund use and satisfy customers’ demand of lading. Collate various resources rationally; lower the storage materials, make sure stores clear in state, orderly in management, smooth in the move, gradually change the passively consignment to positively collation so as to reach the level of “the same level of three flows”. ----deepen the management of quality Perfect and strengthen the quality guarantee system of products, enhance its authority, strictly adhere to The Policy of Traceability in Quality, strengthen “quality veto”. Strictly prohibit the move of defective products and package with missing parts. Trace problems customers reflect and raise measures to defend and rectify so as to decrease the loss of waster within the year. ----deepen financial management Perfect the cost accounting system, form the “cost integrated management system”, enhance the efficiency and precision; strengthen supervisory to inventory and notes receivable to fasten the turnover rate of funds; promote target cost management ,strictly control cost and expenses and raise the gross profit of products; change the “cost breakdown management ” to “breakdown managerial system with benefit as the core”, lower the cost and make profits in operation through effective controlling measures. ----deepen internal control and management Perfect the system of internal control, establish and complete system of supervisory and check. Auditing and supervisory office will strictly control operation quality of internal economics, check and supervisor the internal control of the sections and subsidiaries regularly to ensure the integrity, rationality and efficiency of internal control system so as to enhance the operating and economic efficiency and ensure the validity and regularization of the Company’s performance. Seize the intellects and support the development ----collate the human resources well in accordance with the need of operation and management. Improve production and management efficiency of all posts, while at the same time absorb and introduce the technical staff and key and direct manufacture staff. And expand the channel of intellects from universities and colleges to social intellect institute and interior area of enterprises. (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 2006. To realize the development strategies and business targets of the year 2007, 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. Page 33 上 海 二 紡 機 股 份 有 限 公 司 Rises of energy and raw material prices have mounted new pressure on the further improvement of the Company’s business profitability. (II) Possible changes in accounting policies and estimates subsequent to implementation of new accounting standard and the impact on the Company's financial status and financial performance 1. In accordance with provisions of the Circular on Printing and Issuing the Thirty-eight specific standards with CK [2006] No. 3 such as Accounting Standard for Business Enterprise No. 1 – Inventories promulgated by the Ministry of Finance dated Feb. 15, 2006, the Company performed the new accounting standard for business enterprises since Jan. 1, 2007. At present, the Company has recognized the difference between the current accounting standard and the new accounting standard on Jan. 1, 2007, the first time of the new accounting standard, in such items as “balance of long-term equity investment”, “income tax” and “minority interests” in accordance with the provisions of the new accounting standard for business enterprises issued by the Ministry of Finance. (1) Balance of long-term equity investment The book balance of long-term equity investment-credit of subsidiaries as at Dec. 31, 2006 was RMB 198,540.91. Such balance of equity investment belongs to the balance of long-term equity investment formed in the merger of an enterprise under the same control, as a result, the Company retroactively reconciled to increase the shareholders’ equity of RMB 198,540.91 on Jan. 1, 2007, of which, the owners’ equity under the parent company increased by RMB 215,000.83, and the owners’ equity under minority interests decreased by RMB 16,459.92. (2) Income tax In accordance with the provision of the current accounting standard, the Company set down the accounting policies, and withdraws all reserve for impairment of assets on the basis of policies. The difference between the book value of the assts formed due to the reserve for impairment and its tax base, the deferred income tax assts or the deferred income tax liabilities shall be measured in accordance with the new accounting standard, thus, the Company retroactively reconciled to increase the shareholders’ equity of RMB 26,722,364.89 on Jan. 1, 2007, of which, the owners’ equity under the parent company increased by RMB 26,604,841.20, and the owners’ equity under minority interests increased by RMB 117,523.69. (3) Minority interests The minority interests of subsidiaries presented in the consolidated accounting statement prepared according to the current accounting standard as at Dec. 31, 2006 was RMB 8,414,608.68, while was recorded into the shareholders’ equity according to the new accounting standard, as a result, the shareholders’ equity as at Jan. 1, 2007 increased by RMB 8,414,608.68. Apart from this, owing to the balance of f long-term equity investment – debt of subsidiary formed in the merger of an enterprise under the same control, and deferred income tax occurred due to difference between the book vale of the assets and its tax base, the minority interests has increased by RMB 101,063.77. While, the minority interests was RMB 8,515,672.45 according to the new accounting standard. 2. Changes in accounting policies and estimates subsequent to implementation of new accounting standard and impact on the Company's financial status and financial performance (1) In accordance with the provision of Accounting Standard for Business Enterprises No. 2 – long-term equity investment, the long-term equity investment of shareholding subsidiary shall be measured based Page 34 上 海 二 紡 機 股 份 有 限 公 司 on cost method from original equity method, as a result, the impact on the current investment income of the parent company due to operating loss of subsidiary shall be reduced. There is no influence on the Company’s consolidated statement due to change of such accounting policies. (2) In accordance with the provision of Accounting Standard of Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments, the financial assets obtained by an enterprise shall be measured at their fair values. The existing legal person’s shares of the Company may be transferred into available-for sale financial assets. The possible influence on the Company’s profit and shareholders’ equity shall be occurred due to change of such accounting policies. (3) In accordance with the provision of Accounting Standard for Business Enterprises No. 18 – Income tax, he Company shall change accounting treatment of income tax from the former taxes payable method to balance sheet approach, as a result, the possible influence on the income tax expenses of the current period shall be occurred, corresponding, the Company’s profit and shareholders’ equity shall be affected. (4) In accordance with the provision of Accounting Standard for Business Enterprises No. 33 – Consolidated Financial Statement, the minority interests shall be presented with item “minority interests” under item “shareholders’ equity” in the consolidated balance sheet from former separate presentation. Such change shall affect the calculation standard of shareholders’ equity. (III)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. (IV)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. (V)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. (Ⅵ)Routine work of the Board 1. Meetings and contents of the resolutions (1) On Apr.13, the 15th 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 2005 of the Board of Directors; 2) Report on the Business Review for the Year 2005 and Work Outlook for the Year 2006; 3) Text and Summary of Annual Report 2005; 4) Financial Final Report 2005 and Financial Budget Report 2006; 5) Profit Distribution Preplan 2005; 6) Proposal on devaluation of assets for the Year 2005; 7) Page 35 上 海 二 紡 機 股 份 有 限 公 司 Proposal on Reengaging the Certified Public Accountants of the Company; 8) Proposal on the Shareholders’ General Meeting Authorizing the Board to Examine and Decide the Continuous Sales Operation Related Transactions of the Company; 9) Proposal on house tenancy ; 10) Proposal on transferring No. 242 estate on Wuyi Road; 11) Proposal on Revising the Articles of Association; 12) proposal on revising rules of procedure of Shareholders’ Meeting;13) Proposal on the Convening of the 21st (2005) 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 Apr.15, 2006. (2) On Apr. 21, 2006, the 16th meeting of the 5th Board was held through telecommunications; 1st Quarterly Report 2006 of the Company and the Text 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.24, 2006. (3) On Aug. 17, 2006, the 17th 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 2006 and Work Outlook for the Second Half Year of 2005; 2) Text and Summary of Semi-Annual Report 2006. Public notices concerning this meeting were published in Shanghai Securities News and Hong Kong Ta Kung Pao on Aug.19, 2006. (4) On Sep.22, 2006, the 18th 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. Public notices concerning this meeting were published in Shanghai Securities News and Hong Kong Ta Kung Pao on Sep.23, 2006. (5) On Sep.22, 2006, the 19th meeting of the 5th Board of Directors was held through telecommunications, at which the Proposal on transferring Liulin Mansion Room 2403 and the 23-27 estate. Public notices concerning this meeting were published in Shanghai Securities News and Hong Kong Ta Kung Pao on Sep.23, 2006. (6) On Oct. 26, 2006, the Company held the 20th meeting of the 5th Board through telecommunications, at which the 3rd Quarterly Report 2006 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. 28, 2006. (7) On Nov.10, 2006, the 21st 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. Public notices concerning this meeting were published in Shanghai Securities News and Hong Kong Ta Kung Pao on Nov.14, 2006. (8) On Nov.1, 2006, the Board of Directors was held through telecommunications, at which the Resolution on issue of new shares with owned fund. 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. (VII) Preplan on profit distribution and capitalization of public reserves As audited in accordance with the Shulun Pan Certified Public Accountants, the accumulated profit available for distribution to shareholders totaled RMB -66,078,000, while the amount was RMB -63,429,000 as audited according to international accounting standards. The profit distribution of this year: the Company had planned not to distribute any profit for the year 2005 or grant any bonus shares Page 36 上 海 二 紡 機 股 份 有 限 公 司 through capitalization of public reserves. (VIII) Forecast of operation in the next report period The forecasted profit of the 1st quarter of 2007 of the Company is payoff. (IX) 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 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 6 Board meetings. 1. On Apr.13, 2006, the 11th meeting of the 5th Supervisory Committee was held, at which 1) the Work Report 2005 of the Supervisory Committee; 2) Text and Summary of the Annual Report 2005 of the Company; 3) revised Rules of Procedure of the Supervisory Committee; 4) the proposal on transferring No. 242 estate of Wuyi Road; 5) the 11th meeting of the 5th Supervisory Committee had been examined and approved. 2. On Apr. 21, 2006, the 12th meeting of the 5th Supervisory Committee was held, at which the 1st Quarterly Report 2006 and the 12th meeting of the 5th Supervisory Committee had been examined and approved. 3. On Aug. 17, 2006, the 13th 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 2006; (2) the 13th meeting of the 5th Supervisory Committee. 4. On Aug.11, 2006, the 14th meeting of the 5th Supervisory Committee was held, at which following document and proposal had been discussed and examined: 1) proposal on transferring Liulin Mansion Room 2403 and the 23-27 estate; 2) proposal on the 14th meeting of the 5th Supervisory Committee. 5. On Oct. 26, 2006, the 15th meeting of the 5th Supervisory Committee was held, at which the Text of the 3rd Quarterly Report 2005 of the Company and the 15th meeting of the 5th Supervisory Committee had been discussed and examined. (II) Independent opinions of the Supervisory Committee on the Company’s operation according to laws 1. Operation: In 2006, 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 2006, 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 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 Proposal on transferring No.242 estate of Wuyi Road in Apr. of 2006 and Proposal on transferring Liulin Mansion Room 2403 and 25-27 estate in Aug. of 2006 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 Page 37 上 海 二 紡 機 股 份 有 限 公 司 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 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. There’s no achievement until the end of 2006 and the Company will adopt positive measures to dun notes receivable that the court performed. 2. As to the case of suing the Shandong Jinan Zhenghao Chemical Fiber New Material Co., Ltd on contract dispute (Case number: [2005] HEZMS [S] CZ No. 30), the first instance court ruled that Jinan Zhenghao repay the payment for goods of RMB 11,226,000 and the fine for contract breach to the Company. Currently 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). 3. Lawsuits and arbitrations settled and disclosed in the previous Report In the Jun. of 2001, Shanghai Branch of banque de i'indochine filed a lawsuit against the Company for the arrearage controversy. The subject matter of the suit is USD 2,605,600 and High Court (Hong Kong)accept with the case number 14569 and the Company responded the accusation in Hong Kong. The Court had cognized in simple procedure in accordance with the demand of Shanghai Branch of banque de i'indochine. The lawsuit proposal was ignored on Nov. 30, 2001. And Shanghai Branch of banque de i'indochine raised appeal on Dec. 13, 2001 and was ignored again Jun. 12, 2002. Shanghai Branch of banque de i'indochine asked for a delay cognizance in a common procedure and the court agreed. On Jan.5, 2005 the court cognized and ask both parties show the proof and at the stage of preparation. Shanghai Branch of banque de i'indochine asks for withdrawal of lawsuit to the Company. According to proposal of Shanghai Branch of banque de i'indochine, High Court of Hong Kong made an agreement that withdraw the proposal of lawsuit and never appeal. The mentioned events were published in Shanghai Securities News and Ta Kung Pao dated Aug. 13, 2006. (II) Purchase and sales of assets as well as mergers in the report period Purchase of assets in the report period. 1. The Company transferred No.242 estate to the subsidiary Shanghai Electric Corporation Assets Operation Co., Ltd. the book value of this asset is RMB 365,600, appraisal value is RMB 15,200,000, Page 38 上 海 二 紡 機 股 份 有 限 公 司 actual selling price RMB 15,200,000 and achieve an earning of RMB 13,990,000. the price is according to appraisal of Shanghai Fushen Real Estate Evaluation Co., Ltd and approbated by two parties. This event was published in Shanghai Securities News and Ta Kung Pao(Hong Kong) dated Apr.15, 2006. The transfer procedure has been completed and this transaction is associated transaction. 2. The 19th meeting of 5th Board of Directors was held on Aug. 11, 2006 through telecommunication, 3 Independent Directors of 6 Directors attended the meeting. The ways and procedures of the meeting is in formality with the relevant regulation of Article of Association. The meeting examined and approved proposal on transferring Liulin Mansion Room 2403 and the 23-27 estate. After the association with Shanghai Yimin Property Development Co., Ltd(hereinafter refer to as Yimin Property), the Company transfer Room2403 and 25-27 floors in Liulin Mansion, No.1 of Middle Huaihai Road to Yimin Property. The area of structure is 3,545.41square meters; apportionment of land area is 330.10 square meters. Currently, the estate whose net book value is RMB52, 870,000 was transferred to Yimin Property and the transferred price is RMB60, 000,000. Excluded the tax and related expenses of RMB 3,360,000, the earning is RMB 3,986,300. (III) Significant related transactions in the report period 1. The 21st (2005) 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. 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 2006, the Company would have related transactions of continuous sales operation totaling RMB 250,000,000. The public notices were published in Shanghai Securities News and Hong Kong Ta Kung Pao on Apr. 15, 2006. The real related transactions of continuous sales operation in the report period totaled RMB 117,233,100. 2. Associated transaction related with daily operation (1) Major associated transaction of purchasing goods and receiving services. Unit: ’0000 Currency: RMB Related parties Association pricing Price of associated Sum of Proportion of Sum of last principles for transaction transaction this transaction this year associated year year in transaction transaction of the same kind (%) Linhai Purchase Market price Fair value of the market 12,129,478.32 1.54 14,991,465.81 Lianggang Textile Machine Special Parts Co., Ltd Pacific Textile Purchase Market price Fair value of the market 7,692,307.69 0.98 Page 39 上 海 二 紡 機 股 份 有 限 公 司 Machinery Complete Equipment Co., Ltd (2) Major associated transaction of selling products and supplying services Unit: ’0000 Currency: RMB Related parties Association pricing Price of Sum of transaction Proportion of Related parties principles for associated this year transaction this associated transaction year in transaction transaction of the same kind (%) Pacific Mechatronic sale Market price Fair value 6,345,555.55 0.77 32,649,572.65 (Group) Co., Ltd of the market Shanghai Electric sale Market price Fair value 37,547,370.94 4.52 Leasing Co., Ltd of the market Shanghai Electric sale Market price Fair value 15,200,000.00 1.83 Group Assets of the Operation Co., Ltd market Shanghai Pacific sale Market price Fair value 22,365,610.97 2.69 81,997,458.12 Textile Machinery of the Complete Equipment market Co., Ltd Shandong Liangfang sale Market price Fair value 15,862,782.05 1.91 17,759,820.50 Textile Machinery of the Co., Ltd market 3. creditor’s rights and liabilities of associated parties Unit: ’0000 Currency: RMB Associated Relationship Supply fund to associated Associated parties supply fund to parties parties listed companies Amount Balance Amount Balance Pacific Controlling Mechatronic shareholder 233.96 233.96 -47.33 936.02 (Group) Co., Ltd Shanghai Pacific Holding subsidiary Textile of parent company Machinery -1,542.51 1,106.08 681.49 681.49 Complete Equipment Co., Ltd Shanghai Xinsiji Holding subsidiary -263.09 366.25 Mechanical & of parent company Page 40 上 海 二 紡 機 股 份 有 限 公 司 Electrical Co., Ltd Shanghai Yijie Holding subsidiary Information and 10.88 10.88 1.67 1.67 Technology Co., Ltd Liangji Hainan Holding subsidiary Industrial Co., 1.33 69.56 Ltd Shandong Joint stock Liangji Textile company -509.93 40.49 Machinery Co., Ltd Linhai Holding subsidiary Lianggang of holding Textile Machine subsidiary -229.60 356.35 Special Parts Co., Ltd Shanghai Joint stock Erfangji company Chemical Fiber -38.88 0 Complete Equipment Co., Ltd total -1,559.77 1,800.67 -142.58 2,016.02 In the report period, the listed company supplied fund amounting to controlling shareholders and holding subsidiaries RMB-15,597,700 and balance is RMB18, 006,700. (IV) Management entrustment The Company had made no management entrustment in the report period. (Ⅴ) Contracting The Company had made no contracting in the report period. (VI) Leasing Examined and approved by the 15th meeting of the 5th Board of Directors, the Company leased the workshop in No.25 Street Bloc, Jinqiao Processing Zone, Pudong New District, Shanghai (No.668 of Ningqiao Road) to Shanghai Jufang Industrial Co., Ltd based on fee mainly for logistics, office and storage. The leasing date is from Jan. of 2006 to Dec. of 2015 and total annual rent is RMB4, 900,000 or so. This event was published in Shanghai Securities News and Ta Kung Pao(Hong Kong) dated Apr.15, 2006. VII guarantees Unit: 10,000 Currency: RMB Guarantees for shareholding subsidiaries by the Company Total guarantee amount occurred in the report 16,000,000 Page 41 上 海 二 紡 機 股 份 有 限 公 司 period for shareholding subsidiaries Total guarantee balance at the end of the report 16,000,000 period for shareholding subsidiaries Total guarantee amount of the Company (including guarantees for shareholding subsidiaries) Total guarantee amount 16,000,000 Proportion of the Company’s net assets taken by 2.66% the total guarantee amount (1)On Sep.22, 2006, the Company held the 18th meeting of the 5th 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 40.20 million, with the term starting from Aug. 1, 2006 and expiring on Sep.30, 2008. (2)On Nov.10, 2006, the Company held the 21st meeting of the 5th 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 26 million, with the term starting from Nov.20, 2006 and expiring on Dec.31, 2008. (VIII)Financing entrustment In the report period, the Company had no financing entrustment events. (IX) Other significant events 1. In the report period, the Company held A share relevant shareholders’ meeting on Jan.23, 2006, examined the proposal on share merger reform. The share merger reform of the Company was approved with the highest vote. The share reform is: non-tradable shareholder Pacific Mechatronic (Group) Co., Ltd paid 24,913,658 shares to all the A share tradable shareholders registered on the date of record, that is 3.5 share per 10 tradable shareholder. The total shares maintain the same after the project. So did assets, liabilities, owners’ equity and earnings per share, etc. After the relevant official reply of Ministry of Commerce and Shanghai Foreign Investment Council, the Company finished procedure of A share trading resumption in Shanghai Stock Exchange and China Securities Depository and Clearing Corporation Limited Shanghai Subsidiary. The shares of the Company resumed trading on Mar. 3, 2006 and the Company completed all works about the share merger reform. 2.in 2006, the Company accorded with Some Opinion on State-owned Enterprises to Reform Legally and Operation in Criteria of Shanghai Electric Assets Management Co., Ltd and Official Reply on Payment of 2006 Staff Allocation Expenses of Pacific Mechatronic (Group) Co., Ltd (No.130, 2006, Pacific Mechatronic Enterprises). And according to the arrangement of Corporation, The Company received staff allocation expenses RMB 7,641,622 from Pacific Mechatronic (Group) Co., Ltd and actually paid RMB 7,641,622 this year. (Ⅹ). Promises and their implementation During the report period, increase/ decrease of share numbers not subject to moratorium hold by non-tradable shareholders with shares over 5%. Name of Numbers of tradable shares Increased/ Numbers of tradable Reason for Page 42 上 海 二 紡 機 股 份 有 限 公 司 shareholder not subject to moratorium decreased shares not subject to the change hold in the listed date of (shares’0000) moratorium held in the shares subject to moratorium. end of report period. （shares’0000） (shares’0000) Shanghai Erjifang 23,742.87 0 23,742.87 Co., Ltd. (XI) 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 2006, and the auditing charges totaled RMB1, 000,000. Shulun Pan Certified Public Accountants Co., Ltd and Horwath Certified Public Accountants had provided auditing services for the Company for 6 successive years. (XII)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. (XIII) Events after the balance sheet date The 19th meeting of 5th Board of Directors examined and approved proposal on transferring Room 2403 and estate 25-27 floors of Liulin Mansion. The house transfer procedure had been completed in Jan. of 2007 and received all transferred notes in Feb. of 2007. (XIV) Construction of internal management system of the Company 1. In accordance with Company Law and Securities Law, the Company stipulated Company’s Regulation, Rules of Procedure for General Meeting of Shareholders, Rules of Procedure for Board of Directors and Rules of Procedures for Supervisory Committee and standardize the procedures of convenience and decision-making of General Meeting of Shareholders, Board of Directors and Supervisory Committee and make clear the rights and duties of institutions of decision-making, rights and supervision. 2. Since 2003, the Board of Directors set up Strategy Council and Auditing Council respectively and stipulated the Detailed Rules for Strategy Council, Detailed Rules for Auditing Council and Independent Director System, etc. 3. In accordance with the relevant rules such as Stock Listing Rules of Shanghai Stock Exchange and to strengthen governance and internal management, the Board stipulated Several Rules of Authorized Scope of Chairman and Using Method of Legal Person’s Seal, Detailed Rules of General Manager’s Work, Information Disclosure and Management System, System of Investor Relations Management, Assets Management System and Management System of Subsidiary Company, etc. 4. According to the notice of Guidelines of internal control System of Listed Companies in Shanghai Stock Exchange, and in order to improve the risk management level, protect the legal rights of investors and prevent the assets loss, and make the Company accords with certain qualification and possesses certain capacities to have regulations and laws to abide by in the actual economic function, the Board examined and approved systems of Management concerning Guarantee to Ventures Aboard, Associated Transaction, Management concerning Foreign Investment Risk Project, Check and Supervision of Internal Control, etc. In 2007, the Company plan to establish internal control management system in the whole economic move so as to further standardize the internal management procedures and perfect Page 43 上 海 二 紡 機 股 份 有 限 公 司 internal control system; modify and perfect various financial management rules in accordance with New Accounting Standard; further fulfill and perfect check and audit system, the check and audit sections would strictly control all economic moving quality and supervise and check regularly in accordance with the demand of related standard management so as to protect completeness, rationality and efficiency of internal control system to increase the operating efficiency and economic benefit of the Company and make sure the actions of the Company are in accordance with laws and regulations. X. Financial report The Annual Financial Report of the Company was audited by Certified Public Accountant and produced standard unqualified Audit Report. Financial Report XKSB Zi (2007) No.10888 To the Shareholders of Shanghai Erfangji Company Limited: We have audited the financial statement, accompanying which balance sheet and consolidated balance sheet of Shanghai Erfangji Company Limited (the “Company”) as of 31 December 2006 and the statements of income2006, cash flows2006 and related consolidated statements of income, cash flows and notes of the financial statements. I. The management level’s responsibility to financial statement It’s the Company’s responsibility to prepare the financial report in accordance with Accounting Standard of Enterprises and Accounting System of Enterprises. The responsibilities included: 1) design, perform and protect internal control related to financial statement to prevent material misstatement owing to fraud and error.2) choose and execute suitable accounting policies; 3) make reasonable accounting estimates. II Certified Public Accountants’ responsibilities Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards required that we abide by the Professional Ethical Standards, plan and perform the auditing so as to gain rational assurance that financial report exist no material misstatement. Audit refers to performing auditing procedure to gain audit evidence related to financial statement carrying amounts and disclosure. The audit procedures are decided by the judge of Certified Public Accountants, including the evaluation of material misstatement owing to fraud and error. In the process of risk evaluation, we take internal control related to preparation of financial statement into consideration and design suitable audit procedure. However, our purpose is not to produce opinion to efficiency of internal control. Audit also includes assessing the accounting principles used and significant estimates made by management and rationality of accounting estimates as well as evaluating the overall financial statement presentation. We believe that our audit is sufficient and proper and provides a reasonable basis for our opinion. III.audit opinion In our opinion, the accompanying consolidated financial statements give a true and fair view of the financial position of the Group as of 31 December 2006, and of the results of its operations and cash flows for the year then ended in accordance with International Financial Reporting Standards. Shulun pan Certified Public Accountants CPA: Qian Zhi’ang Page 44 上 海 二 紡 機 股 份 有 限 公 司 (Seal) (Signature and seal) CPA: Tang Nairong (Signature and seal) Shanghai ·China Page 45 上 海 二 紡 機 股 份 有 限 公 司 Shanghai Erfangji Co., Ltd. Review Report on Reconciliation Statement about Difference in Shareholders’ Equity between New Accounting Standard and Old Accounting Standard XKSB Zi (2007) No. 10889 To all shareholders of Shanghai Erfangji Co., Ltd. We have reviewed the accompanying reconciliation statement about difference of shareholder’s equity between calculated the new accounting standard and the old accounting standard (the “Reconciliation Statement”) of Shanghai Erfangji Co., Ltd. (the “Company”). Management is responsible for the reparation and fair presentation of this reconciliation statement in accordance with Accounting Standard for Business Enterprises No. 38 – First Time Adoption of Accounting Standard for Business Enterprises and the Circular on Doing Well the Financial Information Disclosure Related to the New Accounting Standard (ZJF[2006] No. 136, hereinafter referred to as the “Circular”). Our responsibility is to express a review report on this reconciliation statements based on our review. In accordance with the relevant provisions of the Circular, we conducted our review according to the provisions of the Standard on Review Engagements for CPAs of China No. 2101 – Engagements to Review Financial Statements. Such standard require that we plan and perform the review to obtain limited assurance whether this reconciliation statement are free from material misstatement. A review limits to enquiring for the relevant personnel and the relevant accounting policies and all materials reorganization, knowing calculation process of amount in the reconciliation statement, reading the reconciliation statement to consider whether follow the designated reparation basis and implement analysis procedure. The review provides the lower assurance than audit. We did not conduct the auditing, thus we did not express any auditing opinion. Based on our review, we believed that the reconciliation statement was prepared in accordance with Accounting Standard for Business Enterprises No. 38 – First Time Adoption of Accounting Standard for Business Enterprises and the Circular in full. Furthermore, we call persons using such reconciliation statement for attention, the accompanying presentation of reasons listed in important notes of the reconciliation statement, for instance, the possible difference in the consolidated shareholder’s equity as at Jan. 1, 2007 prepared under New Accounting Standard listed in such reconciliation statement and the relevant data listed in Financial Report 2007 in the future exists. Shulun Pan Certified Public Accountants Co., Ltd. CPA CPA Shanghai · China 6 April 2007 Page 46 上 海 二 紡 機 股 份 有 限 公 司 Reconciliation statement about difference in shareholders’ equity between the new accounting standard and the old accounting standard Unit: RMB Item Note Title Amount Shareholder’s Equity as at Dec.31, 2006 (current Accounting Standards) 600,898,748.19 1 Note III (II) Balance of long-term equity investment 1,211,530.99 Of which: balance of long-term equity investment formed in the merger of an 1,211,530.99 enterprise under the same control Credit balance for long-term equity investment calculated based on equity method 2 Investment real estate measured based on fair value model 3 Depreciation over the past years supplemental withdrew due to dismantling cost of assets 4 Employee termination indemnity according with projected liability 5 Share based payments 6 Reorganization obligation according with projected liability 7 Business Combinations Of which: Book value of goodwill formed in the merger of an enterprise under the same control Reserve for impairment of goodwill withdrawn based on new accounting standards 8 Financial assets measured in line with fair value and its change amounts was recognized in profit or loss of current period and available-for sale financial assets 9 Financial liability measured in line with fair value and its change amounts was recognized in profit or loss of current period 10 Equity increased due to division of financial instruments 11 Derivative financial instruments 12 Income Tax 13 Other 14 Note III (III) Minority interests (the current accounting standard) 8,414,608.68 Shareholder Equity as at Jan. 1, 2007 (New Accounting Standard) 610,524,887.86 Of which: owners’ equity as at Jan.1, 2007 belonged to Parents Company 601,974,790.59 Note III/3 Minority interests 8,550,097.27 The notes to accompanying reconciliation statement and important note form an integral part of the reconciliation statement. Page 47 上 海 二 紡 機 股 份 有 限 公 司 Note to Reconciliation statement about difference in shareholders’ equity between the new accounting standard and the old accounting standard (Amount is expressed in Renminbi Yuan unless otherwise specified) I. Purpose of preparation The Company performed the new accounting standard for business enterprises since 1 January 2007. China Securities Regulatory Commission promulgated the Circular on Doing Well the Financial Information Disclosure Related to the New Accounting Standard (ZJF[2006] No. 136, hereinafter referred to as the “Circular”) in November 2006 in order to analyze and disclose the influence on the financial status of listed company due to the implementation of the new accounting standard, which required the Company to disclose the reconciliation procedure of significant difference by the Reconciliation Statement in the part of “Supplemental Information” enclosed in the Financial Report 2006 in accordance with the relevant regulations of Accounting Standard for Business Enterprises No. 38 – First Time Adoption of Accounting Standard for Business Enterprises and the Circular. II. Preparation basis In accordance with the Article 5 to Article 19 of Accounting Standard for Business Enterprises No. 38 – First Time Adoption of Accounting Standard for Business Enterprises and the relevant regulations of the Circular, the reconciliation statement is prepared by the Company according to important principle combining the Company’s characteristic and situations on the basis of the (consolidated) financial statement 2006. For things that there are no specific provisions in the Article 5 to Article 19 of Accounting Standard for Business Enterprises No. 38 – First Time Adoption of Accounting Standard for Business Enterprises, the said reconciliation statement shall be prepared in line with the following principles: (I) The subsidiaries, associated enterprises and affiliated enterprises conducted the retroactive reconciliation in accordance with the Article 5 to Article 19 of Accounting Standard for Business Enterprises No. 38 – First Time Adoption of Accounting Standard for Business Enterprises. For things that have influence on the retained earnings of the above companies and the share of net assets enjoyed by the Company based on the proportion, the Company shall reconcile the relevant retained earnings or capital reserve in accordance with their actual business situation. (II) The Company shall reconcile the minority interests according to the new accounting standard when the Company prepared the consolidated financial statement, which is presented separately in the reconciliation statement. III. Notes to main items (I) The amount of the shareholders’ equity (the current accounting standard) as at Dec. 31, 2006 is from the (consolidated) balance sheet as at Dec. 31, 2006 prepared in accordance with the current Accounting Standard for Business Enterprises and Accounting System for Business Enterprises (hereinafter referred to as “the current accounting standard”). Shulun Pan Certified Public Accountants Co., Ltd. has audited such statements and produced a standard unqualified auditors’ report (XKSB Zi (2007) No. 10888) dated Apr. 6, 2007. For the preparation base and main accounting policies related with such statement, please refer to the Financial Report 2006. Page 48 上 海 二 紡 機 股 份 有 限 公 司 (II) The balance of long-term equity investment formed in the merger of an enterprise under the same control The book balance of long-term equity investment-credit of subsidiaries as at Dec. 31, 2006 was RMB 1,211,530.99. Such balance of equity investment belongs to the balance of long-term equity investment formed in the merger of an enterprise under the same control, as a result, the Company retroactively reconciled to increase the shareholders’ equity of RMB 1,211,530.99 as at Jan. 1, 2007, of which, the owners’ equity under the parent company increased by RMB 1,076,042.40, and the owners’ equity under minority interests increased by RMB 135,488.59. (III) Minority interests The minority interests of subsidiaries presented in the consolidated accounting statement prepared according to the current accounting standard as at Dec. 31, 2006 was RMB 8,414,608.68, while was recorded into the shareholders’ equity according to the new accounting standard, as a result, the shareholders’ equity as at Jan. 1, 2007 increased by RMB 8,414,608.68. Apart from this, owing to the balance of f long-term equity investment of subsidiary formed in the merger of an enterprise under the same control, the minority interests has increased by RMB 135,488.59, while, the minority interests was RMB 8,550,097.27 under the new accounting standard. Page 49 上 海 二 紡 機 股 份 有 限 公 司 Reconciliation statement about difference in shareholders’ equity between the new accounting standard and the old accounting standard Important Note: Since Jan. 1, 2007, the Company has implemented Accounting Standard for Business Enterprises (hereinafter referred to as New Accounting Standard) enforced by the Ministry of Finance in 2006. The Company currently estimates the influence of New Accounting Standard on the financial status, financial performance and cash flows, and prepared the reconciliation statement about difference of shareholder’s equity prepared under the old accounting standard and that prepared under new accounting standard after seriously consideration in accordance with the further explanation about new accounting standards made by the Ministry of Finance and resolution on accounting estimate based on the new accounting standards made by the Board of Directors, the Company would possibly reconcile the relevant accounting policies or important cognizance adopted by the Company when the Company prepared the reconciliation statement about difference of shareholder’s equity prepared under the old accounting standard and that prepared under the new accounting standard in the financial report 2007, as a result, there existed the possible difference in shareholders’ equity (new accounting standards) as at Jan. 1, 2007 presented in such statement and that presented in the financial report 2007. By order of Chairman of the Board: Zheng Yuanhu Shanghai Erfangji Co., Ltd. 6 April 2007 Page 50 上 海 二 紡 機 股 份 有 限 公 司 Special Explanation on Capital Current between the Company and its Related Parties and External Guarantee of the Company XKSH Zi (2007) No. 081 To the Board of Directors of Shanghai Erfangji Co., Ltd.: Accepting commission of Shanghai Erfangji Co., Ltd. (hereinafter referred to as the Company), we have conducted special inspection on the Company’s capital occupied by its related parties and the Company’s external guarantees for the year 2006 as audited as at Dec. 31, 2006. We conducted our inspection according to the Circular on Standardizing Capital Current between Listed Companies and Related Parties and External Guarantees and Other Some Problems (ZJF (2003) No. 56) and the Circular on Regulating the External Guaranties Provided by Listed Companies (ZJF [2005] No. 120) jointly released by China Securities Regulatory Commission. The Board of Directors is responsible for providing all true, legal and complete materials related to capital occupation and external guarantees, including such materials or copy materials as original contracts or agreements etc., accounting warrants and books, accounting statements, relevant practicality evidence and other information necessary in our opinion. Our responsibility is to conduct relevant investigation, verification and express special explanation on capital current and external guarantees between the Company and its related parties according to the provisions in the Circular on Standardizing Capital Current between Listed Companies and Related Parties and External Guarantees and Other Some Problems (ZJF (2003) No. 56) and Circular on Regulating the External Guaranties Provided by Listed Companies (ZJF [2005] No. 120). During the investigation and verification, we have implemented such inspection procedures necessary in our opinion as consulting relevant materials, accounting warrants, checking up accounting book records and etc.. Now the auditing is explained as follows: I. Capital occupied by the controlling shareholder and other related parties: 1. Ended Dec. 31, 2006, the balance of capital of the Company occupied by the principal shareholder and its affiliated enterprises was RMB 17,202,300. 2. Ended Dec. 31, 2006, the balance of non-operating capital of the Company occupied by listed company’s subsidiaries and affiliated enterprises as at the end of year was RMB 804,400. (II) External guarantees: As audited, the Company provided the guarantee of RMB 66.2 million for Shanghai Puenyi Import & Export Co., Ltd., a subsidiary of the Company, as at Dec. 31, 2006. The guarantee liabilities occurred was RMB 16 million in fact, taking up 2.66% of net assets in the consolidated accounting statement of the Company as at the end of year. Shulun Pan Certified Public Accountants Co., Ltd. 6 April 2007 INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF SHANGHAI ERFANGJI CO., LTD. (Incorporated in the People’s Republic of China with limited liability) Page 51 上 海 二 紡 機 股 份 有 限 公 司 We have audited the consolidated financial statements of Shanghai Erfangji Co., Ltd. (the “Company”) and its subsidiaries (the “Group”) set out on pages 3 to 37 which comprise the consolidated balance sheet as at 31 December 2006, and the consolidated income statement, consolidated statement of changes in equity and consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. Directors’ responsibility for the financial statements The directors are responsible for the preparation and the true and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor’s responsibility Our responsibility is to express an opinion on these financial statements based on our audit and to report our opinion solely 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. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and true and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Page 52 上 海 二 紡 機 股 份 有 限 公 司 INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF SHANGHAI ERFANGJI CO., LTD. (Incorporated in the People’s Republic of China with limited liability) (Continued) Opinion In our opinion, the consolidated financial statements give a true and fair view of the state of affairs of the Group as at 31 December 2006 and of the loss and cash flows of the Group for the year then ended in accordance with International Financial Reporting Standards. HORWATH HONG KONG CPA LIMITED 2001 Central Plaza Certified Public Accountants 18 Harbour Road 6 April 2007 Wanchai Hong Kong Chan Kam Wing, Clement Practising Certificate number P02038 Page 53 SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006 (Expressed in Renminbi thousands) 2006 2005 Notes RMB’000 RMB’000 Turnover 6 964,919 1,018,130 Cost of sales (910,125) (896,962) Gross profit 54,794 121,168 Other operating income 7 14,707 9,713 Selling expenses (22,731) (19,406) Administrative expenses (117,743) (97,770) (Loss)/profit from operations (70,973) 13,705 Other gains and losses 8 19,319 9,431 Finance costs 9 (9,200) (10,629) Gain/(loss) on disposal of subsidiaries 143 (492) Share of results of unconsolidated subsidiaries and associates (324) 648 (Loss)/profit before taxation 10 (61,035) 12,663 Taxation 11(a) (2,159) (4,494) (Loss)/profit for the year (63,194) 8,169 Attributable to: Equity holders of the parent (63,429) 8,210 Minority interests 235 (41) (63,194) 8,169 Basic (loss)/earnings per share (RMB) 12 (0,112) 0.014 The accompanying notes form part of these financial statements. Page 54 SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2006 (Expressed in Renminbi thousands) 2006 2005 Notes RMB’000 RMB’000 Non-current assets Property, plant and equipment 13 437,956 470,009 Construction in progress 14 2,904 5,917 Land use rights 15 31,687 32,831 Goodwill 16 - 367 Investments in unconsolidated subsidiaries and associates 17 11,482 12,082 Available-for-sale investments 18(a) 25,283 25,698 509,312 546,904 Current assets Inventories 19 285,710 381,477 Trade and bills receivables 204,214 227,028 Other receivables and prepayments 21,254 19,772 Amounts due from related companies 23(b)(i) 3,479 6,415 Amounts due from unconsolidated subsidiaries and associates 23(b)(i) 11,275 25,810 Amount due from immediate holding company 23(b)(ii) 6,258 6,699 Investments held for trading 18(b) 160 - Pledged bank deposits 3,460 3,267 Tax recoverable 2,273 - Cash and bank balances 153,136 148,108 691,219 818,576 第二章Current liabilities Bank loans 20 215,410 275,681 Trade and bills payables 260,895 278,412 Other payables and accrued expenses 41,203 47,416 Advances from customers 48,255 66,597 Amounts due to related companies 23(b)(i) - 1,242 Amounts due to unconsolidated subsidiaries and associates 23(b)(i) 10,800 5,893 Amount due to immediate holding company 23(b)(ii) 9,360 8,518 Tax payable - 2,074 585,923 685,833 Net current assets 105,296 132,743 Page 55 SHANGHAI ERFANGJI CO., LTD. Total assets less current liabilities carried forward 614,608 679,647 Page 56 SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2006 (Expressed in Renminbi thousands) 2006 2005 Notes RMB’000 RMB’000 Total assets less current liabilities brought forward 614,608 679,647 Non-current liabilities Bank loans 20 4,083 4,083 Net assets 610,525 675,564 Equity Share capital 21 566,449 566,449 Reserves 35,661 99,090 Attributable to equity holders of the parent 602,110 665,539 Minority interests 8,415 10,025 Total equity 610,525 675,564 The consolidated financial statements were approved and authorised for issue by the board of directors on 6 April 2007. Director Director Page 57 SHANGHAI ERFANGJI CO., LTD. The accompanying notes form part of these financial statements. Page 58 SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2006 (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 21) (Note 22(b)) (Note 22(c)) (Note 22(d)) At 1 January 2005 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) Liquidation of subsidiaries - - - - - - (4,654) (4,654) 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 Loss for the year - - - - (63,429) (63,429) 235 (63,194) Dividend paid to minority shareholders - - - - - - (1,845) (1,845) Transfer to statutory surplus reserve - - 3,866 (3,866) - - - - Profit appropriations - - 224 - (224) - - - At 31 December 2006 566,449 30,072 11,748 - (6,159) 602,110 8,415 610,525 Page 59 SHANGHAI ERFANGJI CO., LTD. The accompanying notes form part of these financial statements. Page 60 SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2006 (Expressed in Renminbi thousands) 2006 2005 RMB’000 RMB’000 Operating activities (Loss)/profit before taxation （61,035） 12,663 Adjustment for: Dividend income (225) (363) Interest income (955) (1,508) Interest expenses 9,314 10,918 Depreciation and amortisation 40,264 42,352 Write back of impairment loss on property, plant and equipment (4,410) (4,811) (Write back of)/provision for impairment loss on available-for-sale investments (730) 19 Additional provision for bad and doubtful debts 5,308 2,298 Additional provision for/(write back of) obsolete inventories 10,944 (827) Share of results of unconsolidated subsidiaries and associates 324 (648) Loss on disposal of associates 99 - Loss on disposal of subsidiaries - 492 Trade payables written back （242） (3,895) Waiver of equity interests by minority shareholders - (3,654) Gain on disposal of property, plant and equipment - (1,247) Construction in progress written off 1,155 1,985 Impairment loss on goodwill 367 - Cash flows before changes in working capital 178 53,774 Decrease/(increase) in inventories 84,823 (12,887) Decrease/(increase) in trade and bills receivables 16,143 (25,717) Increase in pledged bank deposits (193) (3,267) Decrease/(increase) in amounts due from associates, unconsolidated subsidiaries, immediate holding company and related companies 18,867 (32,117) Increase in other receivables and prepayments (1,074) (13,282) Increase/(decrease) in trade and bills payables (17,275) 37,408 Decrease in advances from customers (18,342) (23,664) Decrease in other payables and accrued expenses (6,213) (11,120) Increase/(decrease) in amounts due to associates, unconsolidated subsidiaries, immediate holding company and related companies 4,507 (19,881) Cash generated from/(used in) operations 81,421 (50,753) Interest paid (9,314) (10,918) Income tax paid (6,506) (5,513) Net cash generated from/(used in) operating activities 65,601 (67,184) Page 61 SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2006 (Expressed in Renminbi thousands) 2006 2005 RMB’000 RMB’000 Investing activities Proceeds from sale of available-for-sale investments 1,145 - Purchase of property, plant and equipment and construction in progress (14,810) (11,146) Purchase of investments held for trading (160) - Purchase of available-for-sale investments - (150) Proceeds from disposal of property, plant and equipment and construction in progress 14,011 7,935 Proceeds from disposal of subsidiaries - 6,588 Dividends received 402 1,630 Interest received 955 1,508 Net cash generated from investing activities 1,543 6,365 Financing activities Repayment of bank loans (344,291) (455,435) New bank loans 284,020 458,047 Payment to a minority shareholder upon deregistration of a subsidiary - (1,000) Dividends paid to minority shareholders (1,845) (1,212) Net cash (used in)/generated from financing activities (62,116) 400 Net increase/(decrease) in cash and bank balances 5,028 (60,419) Cash and bank balances at beginning of year 148,108 208,527 Cash and bank balances at end of year 153,136 148,108 The accompanying notes form part of these financial statements. Page 62 SHANGHAI ERFANGJI CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in Renminbi thousands) PRINCIPAL ACTIVITIES AND BASIS OF PREPARATION Shanghai Erfangji Co., Ltd. (the “Company”) was established as a manufacturing enterprise engaged in 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 2006 are set out in Note 27 to the consolidated financial statements. 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 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 2006. 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: Investments classified as at fair value through profit or loss Following amendments to IAS 39 Financial Instruments: Recognition and Measurements in June 2005, the ability of entities to designate any financial asset or financial liability as ‘at fair value through profit or loss’ (FVTPL) has been limited. Financial assets that can no longer be designated as at FVTPL are now classified as either loans and receivables, held-to-maturity or available-for-sale financial assets, as appropriate, and measured at amortised cost, or at fair value with changes in fair value recognised in equity, according to their classification. Financial liabilities that can no longer be designated as at FVTPL are classified as ‘other’ financial liabilities and measured at amortised cost. These changes have had no material effect on the financial statements of the Group. Page 63 SHANGHAI ERFANGJI CO., LTD. 2. ADOPTION OF NEW AND REVISED STANDARDS (CONTINUED) Accounting for financial guarantee contracts The IASB has also amended IAS 39 Financial Instruments: Recognition and Measurement to require certain financial guarantee contracts issued by the Group to be accounted for in accordance with that Standard. Financial guarantee contracts that are accounted for in accordance with IAS 39 are measured initially at their fair values, and subsequently measured at the higher of: - the amount of the obligation under the contract, as determined in accordance with IAS 37 Provision, Contingent Liabilities and Contingent Assets; and - the amount initially recognised less, where appropriate, cumulative amortisation recognised in accordance with the revenue recognition policies set out in note 3 below. These changes have had no material impact on the financial statements of the Group. At the date of authorisation of these financial statements, the following Standards and Interpretations were in issue but not yet effective: Effective for annual periods beginning on or after IFRIC 8 Scope of IFRS 2 1 May 2006 IFRIC 10 Interim Financial Reporting and Impairment 1 November 2006 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. PRINCIPAL ACCOUNTING POLICIES The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) on a historical cost basis, except for other investments, as further explained below. The Group also prepares consolidated financial statements which comply with accounting regulations in the PRC. 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 by the Group are as follows: Page 64 SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (a) Principles of consolidation The consolidated financial statements of the Group incorporate the financial statements of the Company and all operating subsidiaries that are controlled by the Company. Where an entity either began or ceased to be controlled by the Company during the year, the results are included only from the date control commenced or up to the date control ceased. All material intra-group transactions and balances are eliminated on consolidation. 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. (b) Business combinations The 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 assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquire, 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 IRFS 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 initially 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 2006 are set out in Note 27 to the consolidated financial statements. Page 65 SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (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. Investments in associates are accounted for using the equity method of accounting. The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. 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. 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. Page 66 SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (e) Goodwill (continued) 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. (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. Depreciation is provided to write off the costs or valuation of other fixed assets, after taking into account their estimated residual value, over their anticipated useful lives using the straight line method. The rates of depreciation used are based on the following estimated useful lives: 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. Page 67 SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (g) Construction in progress Construction in progress represents buildings, plant and machinery and other fixed assets under construction and is stated at cost. Cost comprises direct costs of construction as well as interest charges during the period of construction, installation and testing and certain exchange differences on any related borrowed funds. Capitalisation of interest charges ceases when substantially all the activities necessary to prepare the asset for its intended use are complete. Construction in progress is transferred to property, plant and equipment when it is completed and ready for its intended use, notwithstanding any delays in the issue of the relevant commissioning certificates by the appropriate PRC authorities. No depreciation is provided on construction in progress until the asset is completed and is ready for its intended use. (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. (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. Page 68 SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (i) Impairment of tangible and intangible assets excluding goodwill (continued) 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. (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. Page 69 SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (k) Financial instruments (continued) (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. 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. Page 70 SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (k) Financial instruments (continued) (iii) 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. (iv) 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). (v) Trade payables Trade payables initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. (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. Page 71 SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (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 The employees of the Group are members of state-managed retirement benefit schemes. Payments made to state-managed retirement benefit schemes are dealt with as defined contribution plans and are charged as expenses as they fall due. (p) Foreign currency transactions The Group maintains its books and records in RMB. Foreign currency transactions during the year are translated into RMB at the rates of exchange prevailing at the transaction dates as quoted by the People’s Bank of China (“PBOC”). Monetary assets and liabilities denominated in foreign currencies are translated into RMB at the rates prevailing at the balance sheet date as quoted by the PBOC. Exchange differences arising are included in consolidated income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated to Renminbi using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to Renminbi at the foreign exchange rate ruling at the dates the values were determined. (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. Page 72 SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (q) Taxation (continued) 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. 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 directly attributable to the acquisition, construction or production of qualifying assets which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the cost of those assets. All other borrowing costs are dealt with in income in the period in which they are incurred. Page 73 SHANGHAI ERFANGJI CO., LTD. 3. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (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) Services income is recognised when services are provided. (iii) 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. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Page 74 SHANGHAI ERFANGJI CO., LTD. SEGMENT INFORMATION (a) Primary reporting format - business segments The Group is principally engaged in the manufacture and trading of textile machinery and accessories and operates in the PRC. (b) Secondary reporting format - geographical segments The following table presents revenue regarding geographical segments for the year ended 31 December 2006: 2006 2005 RMB’000 RMB’000 Domestic revenue 561,045 686,481 Overseas revenue 407,097 334,688 Sales taxes and charges (3,223) (3,039) 964,919 1,018,130 The principal assets employed by the Group are located in the PRC, accordingly, no segmental analysis of assets and expenditure is prepared for the year. TURNOVER Turnover represents the gross value of goods and services invoiced to customers, net of value-added tax and allowances for discounts and returns. OTHER OPERATING INCOME 2006 2005 RMB’000 RMB’000 Rental income, net 10,082 4,722 Export income 3,316 4,135 Bank interest income 955 1,508 Sale of raw materials 561 280 Government subsidy 31 149 Others (238) (1,081) 14,707 9,713 Page 75 SHANGHAI ERFANGJI CO., LTD. OTHER GAINS AND LOSSES 2006 2005 RMB’000 RMB’000 Trade payables written back 242 3,895 Waiver of equity interests by minority shareholders - 3,654 Gain on disposal of property, plant and equipment 10,491 1,247 Dividend income 225 363 Gain on disposal of available-for-sale investments 4,079 - Impairment loss on goodwill 367 - Write back of/(provision for) impairment loss on available for sale investment 730 (19) Others 3,185 291 19,319 9,431 FINANCE COSTS 2006 2005 RMB’000 RMB’000 Interest expenses on bank loans 9,314 10,918 Others 159 73 9,473 10,991 Net exchange gains (273) (362) 9,200 10,629 Page 76 SHANGHAI ERFANGJI CO., LTD. (LOSS)/PROFIT BEFORE TAXATION 2006 2005 RMB’000 RMB’000 (Loss)/profit before taxation is stated after charging/(crediting):- Depreciation of property, plant and equipment 39,460 41,545 Amortisation of land use rights 804 807 Directors’ remuneration 98 970 Staff costs - Salaries and wages 56,993 71,336 - Contributions to statutory pension scheme 14,533 16,375 Additional provision for bad and doubtful debts 5,308 2,298 Write back of provision for impairment losses on property, plant and equipment (4,410) (4,811) Additional provision for/(write back of) obsolete inventories 10,944 (827) Construction in progress written off 1,155 1,985 TAXATION (a) Taxation in the consolidated income statement represents: 2006 2005 RMB’000 RMB’000 Current year taxation 2,159 4,494 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 enabled the Company to pay income tax at the rate of 15% (2005: 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. Page 77 SHANGHAI ERFANGJI CO., LTD. BASIC (LOSS)/EARNINGS PER SHARE Basic (loss)/earnings per share is calculated based on the loss attributable to equity holders of the parent for the year of approximately RMB 63,429,000 (2005: profit of RMB8,210,000) and the average number of shares in issue during the year of 566,449,190 (2005: 566,449,190) shares. 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 2005 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 Additions - 123 2,118 2,241 Transfer from construction in progress 3,551 - 10,876 14,427 Disposals/written off (1,305) (535) (37,120) (38,960) Reclassification - 463 (463) - At 31 December 2006 469,842 6,219 541,023 1,017,084 Accumulated depreciation and impairment losses: At 1 January 2005 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 loss (4,811) - - (4,811) At 31 December 2005 141,260 3,831 424,276 569,367 Charge for the year 10,787 451 28,222 39,460 Provision for impairment losses - - 3,278 3,278 Disposals/written back (932) (424) (23,933) (25,289) Impairment losses written back (880) - (6,808) (7,688) Reclassification 1,498 330 (1,828) - At 31 December 2006 151,733 4,188 423,207 579,128 Net book value: At 31 December 2006 318,109 2,031 117,816 437,956 At 31 December 2005 326,336 2,337 141,336 470,009 Page 78 SHANGHAI ERFANGJI CO., LTD. CONSTRUCTION IN PROGRESS 2006 2005 RMB’000 RMB’000 Cost: At 1 January 18,894 15,007 Additions 12,569 10,606 Written off (1,155) (1,985) Transfer to property, plant and equipment (14,427) (4,734) At 31 December 15,881 18,894 Impairment losses: At 1 January and 31 December 12,977 12,977 Net book value: At 31 December 2,904 5,917 LAND USE RIGHTS 2006 2005 RMB’000 RMB’000 Cost: At 1 January 41,728 41,728 Disposals (450) - At 31 December 41,278 41,728 Accumulated depreciation: At 1 January 8,897 8,090 Charge for the year 804 807 Written back on disposal (110) - At 31 December 9,591 8,897 Net book value: At 31 December 31,687 32,831 Page 79 SHANGHAI ERFANGJI CO., LTD. GOODWILL RMB’000 Cost: At 1 January 2005, 31 December 2005 and 2006 367 Accumulated impairment losses: At 1 January 2005 and 31 December 2005 - Impairment loss for the year 367 At 31 December 2006 367 Net book value: At 31 December 2006 - At 31 December 2005 367 INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND ASSOICATES 2006 2005 RMB’000 RMB’000 Share of net assets of unconsolidated subsidiaries 9,308 9,493 Share of net assets of associates 2,174 2,589 11,482 12,082 Details of the Group’s unconsolidated subsidiaries and associates as of 31 December 2006 were as follows: 2006 2005 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)) Page 80 SHANGHAI ERFANGJI CO., LTD. 17. INVESTMENTS IN ASSOCIATES AND UNCONSOLIDATED SUBSIDIARIES (CONTINUED) 2006 2005 Percentage Percentage holding holding Direct Indirect Direct Indirect Name of company % % % % Nature of business 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)) 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: 2006 2005 RMB’000 RMB’000 Total assets 156,472 123,232 Total liabilities (134,427) (99,404) Net assets 22,045 23,828 Group’s share of net assets of unconsolidated subsidiaries and associates 11,482 12,082 Revenue 144,926 159,856 (Loss)/profit for the year (1,571) 1,559 Group’s share of (loss)/profit of unconsolidated subsidiaries and associates (324) 648 Page 81 SHANGHAI ERFANGJI CO., LTD. Page 82 SHANGHAI ERFANGJI CO., LTD. INVESTMENTS 2006 2005 RMB’000 RMB’000 (a) Available-for-sale investments Unlisted equity investments, at cost 6,587 6,587 Restrictive listed equity investments*, at cost 20,161 21,306 26,748 27,893 Less: Provision for impairment (1,465) (2,195) 25,283 25,698 * The Company can only disposed of its restrictive listed equity investments on the stock exchange in the PRC after the lock up period of between one to three years. The investments are measured at cost less impairment at the balance sheet date because the range of reasonable fair value estimates is so significant that the directors of the Company are of the opinion that their fair values cannot be measured reliably. 2006 2005 RMB’000 RMB’000 (b) Investments held for trading Equity securities in listed companies, at fair value 160 - INVENTORIES 2006 2005 RMB’000 RMB’000 Raw materials 70,278 41,501 Work in progress 105,016 98,262 Finished goods 110,416 241,714 285,710 381,477 Page 83 SHANGHAI ERFANGJI CO., LTD. BANK LOANS 2006 2005 RMB’000 RMB’000 Bank loans - secured 62,000 88,064 - unsecured 157,493 191,700 219,493 279,764 The borrowings are repayable as follows: On demand or within one year 215,410 275,681 After five years 4,083 4,083 219,493 279,764 Less: Amount due for settlement within 12 months (shown under current liabilities) (215,410) (275,681) Amount due for settlement after 12 months 4,083 4,083 As at 31 December 2006, the bank loans bore interest at rates ranging from 5.22% to 5.58% (2005: 5.22% to 5.74%) per annum. Bank loans amounted to RMB84,000,000 are guaranteed by the Company’s immediate holding company and its related company. The Group has pledged its bank deposits totaling RMB3,460,000 as security to secure the short term bank loans. Page 84 SHANGHAI ERFANGJI CO., LTD. SHARE CAPITAL As of 31 December 2006, 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: 2006 2005 Number RMB’000 Number RMB’000 Authorised 566,449,189 566,449 566,449,189 566,449 Issued and fully paid State-owned shares 237,428,652 237,429 262,342,310 262,342 A Shares 96,095,538 96,095 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 All shares rank pari passu in all respects. But ‘A’ shares can only be held by PRC investors while ‘B’ shares can be held by both PRC investors and overseas investors. Pursuant to a Share Restructure Proposal fully implemented on 23 January 2006 (the “Effective Date”), 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 were not permitted to trade their shares publicly for 12 months from the Effective Date. Page 85 SHANGHAI ERFANGJI CO., LTD. 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. (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 amendment on relevant financial regulations in the PRC, the Company and its subsidiaries are no longer required by law to appropriate their annual statutory net profit to the statutory public welfare fund with effect from 1 January 2006. The balance of statutory public welfare fund at 31 December 2005 was transferred to statutory reserve fund. Page 86 SHANGHAI ERFANGJI CO., LTD. 22. RESERVES (CONTINUED) (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 2006, retained losses carried forward amounted to RMB 49,166,000 (2005: retained profits RMB17,136,000). 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: 2006 2005 RMB’000 RMB’000 Sales to immediate holding company 6,436 33,316 Sales to associates 38,228 99,757 Sales to related companies 52,747 5,771 Purchases from immediate holding company - 1,111 Purchases from unconsolidated subsidiaries 12,129 14,991 Purchases from related companies - 39,322 Purchases from associates 7,692 - Page 87 SHANGHAI ERFANGJI CO., LTD. 23. RELATED PARTY TRANSACTIONS (CONTINUED) (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: 2006 2005 RMB’000 RMB’000 Salaries and allowance 848 1,951 Retirement benefits 193 206 Other benefits 192 206 1,233 2,363 OPERATING LEASE COMMITMENTS (c) As a lessee At 31 December 2006, the Group had outstanding commitments under non-cancellable operating leases, which fall due as follows: 2006 2005 RMB’000 RMB’000 Within one year 142 142 In the second to fifth year inclusive 569 569 Over five years 1,435 1,578 2,146 2,289 Page 88 SHANGHAI ERFANGJI CO., LTD. 24. OPERATING LEASE COMMITMENTS (CONTINUED) (d) As a lessor At 31 December 2006, the Group’s has contracted with tenants for the following future minimum lease payments: - 2006 2005 RMB’000 RMB’000 Within one year 16,231 12,446 In the second to fifth year inclusive 29,252 10,391 Over five years 19,722 3,700 65,205 26,537 CONTINGENT LIABILITIES As at 31 December 2006, the Group had provided guarantees to banks in respect of borrowings granted to a related company to the extent of RMB66,200,000 (2005: RMB60,000,00). The directors consider that the fair value of financial guarantees were not significant to the Group. 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 of the standard salary set by the provincial government. Total contributions made by the Group under the Scheme during the year amounted to RMB14,533,000 (2005: RMB16,375,000). Page 89 SHANGHAI ERFANGJI CO., LTD. PRINCIPAL SUBSIDIARIES At 31 December 2006, the Company held shares in the following subsidiaries, all of which are unlisted and were incorporated in the PRC:- 2006 2005 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 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. Page 90 SHANGHAI ERFANGJI CO., LTD. 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 20. 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. Page 91 SHANGHAI ERFANGJI CO., LTD. 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 loss for the year ended 31 December 2006 attributable to equity holders of the parent and equity attributable to equity holders of the parent at that date are summarised as follows: Loss 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 (66,077) 600,899 Difference in recognition and amortisation of goodwill (303) 1,578 Income directly taken into reserves 2,455 - Reversal of recognition of losses of subsidiaries in excess of the Company’s investment costs 863 - Impairment losses on goodwill (367) (367) As determined pursuant to IFRS (63,429) 602,110 Page 92 SHANGHAI ERFANGJI CO., LTD. CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006 Contents Pages Auditor’s Report 1&2 Consolidated income statement 3 Consolidated balance sheet 4&5 Consolidated statement of changes in equity 6 Consolidated statement of cash flows 7&8 Notes to the consolidated financial statements 9 to 37 上海二纺机股份有限公司 2006 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 2006 94