ST大江(600695)2007年年度报告摘要

上海大江（集团）股份有限公司 2007 年度报告摘要 上海大江（集团）股份有限公司 2007 年度报告摘要 §1 重要提示 1.1 本公司董事会、监事会及董事、监事、高级管理人员保证本报告所载资料不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 本年度报告摘要摘自年度报告全文，报告全文同时刊载于 http://www.sse.com.cn。投资者欲了 解详细内容，应当仔细阅读年度报告全文。 1.2 公司全体董事出席董事会会议。 1.3 立信会计师事务所有限公司为本公司出具了标准无保留意见的审计报告。 1.4 公司负责人俞乃奋，主管会计工作负责人臧舜及会计机构负责人（会计主管人员）钱学明声明： 保证年度报告中财务报告的真实、完整。 §2 公司基本情况简介 2.1 基本情况简介 股票简称 ST 大江 股票代码 600695 上市交易所 上海证券交易所 股票简称 ST 大江 B 股票代码 900919 上市交易所 上海证券交易所 上海市松江区谷阳南路 26 号;上海市莲花路 1555 号 注册地址和办公地址 华一大厦 7 楼 邮政编码 200233 公司国际互联网网址 http://www.dajiang.com 电子信箱 dajiang@dajiang.com 2.2 联系人和联系方式 董事会秘书 证券事务代表 姓名 顾伟文 杨雪峰 联系地址 上海市莲花路 1555 号华一大厦 7 楼 上海市莲花路 1555 号华一大厦 7 楼 电话 86-21-34225027 86-21-34225030 传真 86-21-34225056 86-21-34225056 电子信箱 gww_sd@dajiang.com yangxf@dajiang.com §3 会计数据和业务数据摘要： 3.1 主要会计数据 单位:元 币种:人民币 本年比上年增减 主要会计数据 2007 年 2006 年 2005 年 (%) 营业收入 973,770,690.49 786,314,345.40 23.84 819,798,679.66 利润总额 48,518,630.79 22,628,295.84 114.42 -228,816,886.82 归属于上市公司股东的净利润 27,317,002.47 20,024,701.65 36.42 -214,206,637.62 归属于上市公司股东的扣除非经常 1,220,909.85 -75,789,864.90 不适用 -235,089,534.89 第 1 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 性损益的净利润 经营活动产生的现金流量净额 126,181,400.16 47,901,701.62 163.42 -8,665,531.39 本年末比上年末 2007 年末 2006 年末 2005 年末 增减(%) 总资产 702,359,410.01 901,673,721.05 -22.10 1,086,621,414.94 所有者权益（或股东权益） 227,877,147.77 203,212,995.00 12.14 173,054,502.05 3.2 主要财务指标 单位:元 主要财务指标 2007 年 2006 年 本年比上年增减(%) 2005 年 基本每股收益 0.04 0.03 33.33 -0.32 稀释每股收益 0.04 0.03 33.33 -0.32 扣除非经常性损益后的基本每股收益 0.002 -0.112 不适用 -0.348 全面摊薄净资产收益率 11.99 9.85 增加 2.14 个百分点 -123.78 加权平均净资产收益率 12.60 10.94 增加 1.66 个百分点 -75.22 扣除非经常性损益后全面摊薄净资产收益 0.54 -37.30 增加 37.84 个百分点 -135.85 率 扣除非经常性损益后的加权平均净资产收 0.56 -41.40 增加 41.96 个百分点 -82.55 益率 每股经营活动产生的现金流量净额 0.19 0.07 171.43 -0.01 2007 年 2006 年 本年末比上年末增减 2005 年 末 末 (%) 末 归属于上市公司股东的每股净资产 0.34 0.30 13.33 0.26 非经常性损益项目 √适用 □不适用 单位:元 币种:人民币 非经常性损益项目 金额 非流动资产处置损益 9,136,719.92 计入当期损益的政府补助，但与公司业务密切相关，按照国家统一 999,600.47 标准定额或定量享受的政府补助除外 除上述各项之外的其他营业外收支净额 2,448,235.97 其他非经常性损益项目 13,511,536.26 合计 26,096,092.62 采用公允价值计量的项目 □适用 √不适用 3.3 境内外会计准则差异 □适用 √不适用 第 2 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 §4 股本变动及股东情况 4.1 股份变动情况表 √适用 □不适用 单位:股 本次变动前 本次变动增减（＋，－） 本次变动后 公积 比例 发行 送 比例 数量 金转 其他 小计 数量 (%) 新股 股 (%) 股 一、有限售条件股份 1、国家持股 2、国有法人 持股 3、其他内资 17,159,940 2.53 -17,159,940 -17,159,940 0 0 持股 其中： 境内法人持 17,159,940 2.53 -17,159,940 -17,159,940 0 0 股 境内自然人 持股 4、外资持股 278,950,848 41.25 278,950,848 41.25 其中： 境外法人持 278,950,848 41.25 278,950,848 41.25 股 境外自然人 持股 有限售条件 296,110,788 43.78 -17,159,940 -17,159,940 278,950,848 41.25 股份合计 二、无限售条件流通股份 1、人民币普 33,462,060 4.95 17,159,940 17,159,940 50,622,000 7.48 通股 2、境内上市 346,732,848 51.27 346,732,848 51.27 的外资股 3、境外上市 的外资股 4、其他 无限售条件 流通股份合 380,194,908 56.22 17,159,940 17,159,940 397,354,848 58.75 计 三、股份总数 676,305,696 100 0 0 676,305,696 100 限售股份变动情况表 √适用 □不适用 单位:股 年初限售股 本年解除限售 本年增加 年末限售股 限售 解除限售日 股东名称 数 股数 限售股数 数 原因 期 募集法人股股 2007 年 9 月 17,159,940 17,159,940 0 0 股改 东 20 日 绿庭（香港） 2009 年 6 月 278,950,848 0 0 278,950,848 股改 有限公司 8日 合计 296,110,788 17,159,940 0 278,950,848 — — 第 3 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 4.2 股东数量和持股情况 单位:股 报告期末股东总数 47,922 前十名股东持股情况 持股比例 持有有限售条件 质押或冻结的股份数 股东名称 股东性质 持股总数 (%) 股份数量 量 绿庭（香港）有限公司 境外法人 41.25 278,950,848 278,950,848 0 沈安鑫 0.47 3,128,000 0 未知 上海松林工贸有限公 境内非国有法人 0.43 2,940,000 0 未知 司 史昕 0.35 2,359,999 0 未知 刘岩 0.35 2,347,492 0 未知 张文军 0.35 2,347,038 0 未知 金利云 0.26 1,763,641 0 未知 狄亚雄 0.24 1,649,319 0 未知 吴敏 0.22 1,459,392 0 未知 汪兴政 0.21 1,419,793 0 未知 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 沈安鑫 3,128,000 境内上市外资股 上海松林工贸有限公司 2,940,000 人民币普通股 史昕 2,359,999 境内上市外资股 刘岩 2,347,492 境内上市外资股 张文军 2,347,038 境内上市外资股 金利云 1,763,641 人民币普通股 狄亚雄 1,649,319 境内上市外资股 吴敏 1,459,392 境内上市外资股 汪兴政 1,419,793 境内上市外资股 郭鹿 1,396,660 境内上市外资股 前十名股东和前十名无限售条件流通股股东中，公司未知悉之间是否存在 上述股东关联关系或一致行动关系的说明 关联关系或一致行动人的情况。 4.3 控股股东及实际控制人情况介绍 4.3.1 控股股东及实际控制人变更情况 □适用 √不适用 4.3.2 控股股东及实际控制人具体情况介绍 (1)法人控股股东情况 控股股东名称：绿庭（香港）有限公司 法人代表：俞乃奋 注册资本：90,001 万港元 成立日期：2004 年 4 月 28 日 主要经营业务或管理活动：控股公司，投资或实际控制企业的核心业务包括房地产（包括工程建设业 务）、酒店物业管理和苗木生产等。 (2)法人实际控制人情况 实际控制人名称：绿洲投资集团有限公司 法人代表：俞乃奋 注册资本：5 万美元 第 4 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 成立日期：2001 年 7 月 26 日 主要经营业务或管理活动：投资控股公司，其自身并无实际业务。 (3)自然人实际控制人情况 实际控制人姓名：俞乃奋 国籍：美籍华人 最近五年内职业：任绿洲投资集团有限公司董事长，绿庭（香港）有限公司董事长，绿庭置业有限公 司董事长，上海大江（集团）股份有限公司董事长兼总裁。 4.3.3 公司与实际控制人之间的产权及控制关系的方框图 §5 董事、监事和高级管理人员 5.1 董事、监事和高级管理人员持股变动及报酬情况 单位:股 是否 报告期被授予的股权激励情况 报告期 在股 年 年 变 内从公 东单 初 末 性 年 动 司领取 位或 姓名 职务 任期起止日期 持 持 可行 已行 期末 别 龄 原 的报酬 行权 其他 股 股 权股 权数 股票 因 总额 价 关联 数 数 数 量 市价 (万元) 单位 领取 董事 无 2007 年 5 月 23 俞乃奋 长、 女 43 0 0 变 66 否 日～至换届 总裁 动 无 副董 2006 年 9 月 15 徐宏标 男 44 0 0 变 5 是 事长 日～至换届 动 无 2006 年 9 月 15 李冬青 董事 男 46 0 0 变 5 是 日～至换届 动 无 2006 年 9 月 15 罗锦程 董事 男 58 0 0 变 5 是 日～至换届 动 董 事、 无 2006 年 9 月 15 臧舜 副总 男 39 0 0 变 50 否 日～至换届 裁兼 动 财务 第 5 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 总监 董 事、 董事 无 2006 年 9 月 15 顾伟文 会秘 男 40 0 0 变 40 否 日～至换届 书兼 动 党委 书记 无 独立 2006 年 9 月 15 许晓明 男 59 0 0 变 8 是 董事 日～至换届 动 无 ROGER T. 独立 2006 年 9 月 15 男 59 0 0 变 12 是 MARSHALL 董事 日～至换届 动 无 独立 2006 年 9 月 15 朱家菲 女 43 0 0 变 8 是 董事 日～至换届 动 监事 无 2006 年 9 月 15 郑世治 会主 男 53 0 0 变 5 是 日～至换届 席 动 2006 年 9 月 15 无 翁智勇 监事 男 44 日～2008 年 4 0 0 变 5 是 月 18 日 动 职工 监 无 2006 年 12 月 刘建 事、 男 56 0 0 变 20 否 23 日～至换届 工会 动 主席 无 副总 2006 年 9 月 15 李春 男 53 0 0 变 47 否 裁 日～至换届 动 无 副总 2006 年 9 月 15 史永昆 男 58 0 0 变 47 否 裁 日～至换届 动 合计 / / / / 0 0 / 323 / / / §6 董事会报告 6.1 管理层讨论与分析 1、报告期内公司总体经营情况分析 1、报告期内公司总体经营情况分析 2007 年，公司全体员工紧紧围绕"实现主业盈利"的目标，齐心协力，积极有效地开展各项工作。 报告期内，公司实现营业总收入 9.74 亿元，其中主营业务收入 9.47 亿元；利润总额 4851.86 万元；归属于母公司所有者的净利润 2731.7 万元；归属于母公司所有者的扣除非经常性损益后的净利 润为 122.09 万元；经营活动产生的现金流量净额为 12618.14 万元。 （1）主营业务的运行质量明显好转，盈利能力增强。 食品业务：公司经过近几年对食品业务的不断整合，改变过去从肉鸡养殖、屠宰、加工到销售 的“一条龙”经营模式，实现以营销为龙头，将发展重点转移到产业链中附加值高、投资回报率高、 对产业有控制力的环节，提高了食品业务的核心竞争力。食品深加工产品销售量比重不断扩大，在以 前连续三年年平均 3000 吨销售量的基础上，2007 年增加到 4000 吨左右，增长 30%以上。在全年原材 料行情大幅波动的情况下，食品业务部门通过努力,实现销售收入 3.2 亿元，相比上年同期增加 9.52 %； 毛利率为 10.2%,相比上年同期增加 4.8 个百分点。 饲料及机械业务： 2007 年饲料市场竞争十分激烈, 玉米、豆粕等原材料的大幅涨价，公司通过 第 6 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 加强销售和管理，调整产品结构，逐步增加毛利率较高的水产饲料的生产和销售；申德机械公司业务 增加显著,其新业务燃气设备项目和环保制粒设备项目也开始进入市场销售。2007 年度饲料及机械业 务共实现销售收入 2.95 亿元，相比上年同期增加 8.63 %；毛利率为 14.63%,相比上年同期增加 1.44 个百分点。 不动产开发和经营业务：不动产业务在政府宏观调控政策背景下，基本完成了"大江苑"小区项 目的销售工作。2007 年为公司带来了较大的现金流和利润，共实现销售收入 3.32 亿元，净利润 2384 万元。 （2）围绕做优资产的目标，积极整合企业资源，为公司今后的发展提供了保证。 ①顺利完成了塔汇肉鸡场和原上海大华器械有限公司等单位的土地变性工作。截止报告期末，公 司已形成了 1000 多亩的土地储备，其中可用于开发的土地 700 多亩，成为公司中长期发展的蓄水池。 ②收购大江肉食品四厂、塔汇肉鸡场等拥有土地资源子公司的少数股东股权，为将来这部分资产 的整体开发和利用提供了条件。 ③做好闲置、非主营亏损资产的“变现”工作，及时处置了上海华源生命科学研究开发有限公司 16.5％股权、江苏大江禽业有限公司 70%股权等资产。 （3）历史遗留问题基本得到了妥善解决。报告期内通过管理层的努力，基本解决了原大江水产饲 料公司应收账款事项、原杭州大江股权转让款纠纷案事项及公司对阜新大江有限公司贷款 4450 万元的 担保责任的解除事项等历史遗留问题。 2、主要控股公司及参股公司的经营情况及业绩 单位:元 币种:人民币 企业名称 业务性质 主要产品 总资产 净资产 净利润 上海大江水产科技饲料有限公司 饲料生产销售 水产饲料 19,977,130.92 421,116.11 778,567.22 畜禽饲料、水产 常州大江畜禽饲料有限公司 饲料生产销售 44,906,827.84 19,469,697.92 2,926,315.84 饲料 上海大江饲料有限公司 饲料生产销售 饲料 55,701,518.79 16,304,892.33 -430,344.20 上海大江肉食品二厂 食品加工、销售 肉食品加工产品 82,138,568.48 6,646,152.66 -4,952,713.09 饲料机械生产、 制粒机、混合机 上海申德机械有限公司 125,285,414.57 44,448,941.28 9,922,370.93 销售 等 鸡肉分割产品、 上海大江肉食品四厂 屠宰加工、仓储 34,198,699.06 27,858,458.56 2,063,432.20 仓储 房地产开发与经 上海大江房地产有限公司 商品房 144,453,580.39 61,568,419.98 23,837,110.03 营 对公司净利润影响较大的子公司的主营业务收入和主营业务利润情况如下： 单位:元 币种:人民币 单位名称 主营业务收入 主营业务利润 净利润 上海大江肉食品二厂 192,793,559.58 7,962,112.56 -4,952,713.09 上海申德机械有限公司 75,556,790.78 24,248,156.22 9,922,370.93 上海大江房地产有限公司 332,127,116.16 62,425,143.45 23,837,110.03 3、技术创新情况 报告期内，公司加大对研发的投入和科研队伍的建设，建立食品技术研发中心和饲料技术研发中 心。两个中心成立以来，致力于公司原有产品生产工艺、产品结构的改进和优化，致力于新产品的开 发和研究。食品研发中心根据市场需要开发并成功上市新产品 15 只，新产品的销售量占深加工品销售 量达到了 31%；饲料研发中心根据饲料原料的行情变化不断改进和提高饲料生产工艺和配方要求。2007 年公司被上海市外资委和上海市外经委认定为 2006 年度外商投资企业“先进技术”企业。 第 7 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 4、对公司未来发展的展望 （1）公司所处的行业发展趋势及面临的市场竞争格局及风险因素 公司的主营业务由食品业、饲料及机械业和不动产业组成。 ①公司的食品业务以经营肉制品为主。随着中国经济的腾飞，食品消费的绝对市场容量迅速增长， 肉制品行业也迎来了消费量迅速扩大、消费水平迅猛提升的发展期。据测算，目前上海市场禽肉类消 费的年整体容量超过 240 亿元，并以每年 4.8%的增长率持续增长。这样一个巨大、稳定的民生市场， 为公司实施食品发展战略创造了良好的外部环境。 面临的市场竞争格局及风险因素：随着 2007 年初以来，原材料价格的不断上升，公司的成本不 断上升。虽然公司也不断地调整产品价格，但无法全部消化成本的上升；食品行业作为一种与人民生 活关系密切的行业，关注程度逐年提高，食品安全对公司品牌经营至关重要。 ②饲料及机械业务：近年来，国家对农业的支持力度在不断加强，国务院多次以 1 号文件明确提 出"加快发展特色农业，建设特色农业标准化示范基地，把传统生产方式与现代技术结合起来，提升特 色农产品的品质和生产水平"的政策要求；国家《饲料工业"十一五"发展规划》从产业发展的周期来看， 中国的饲料业已进入成熟期；随着全国城乡居民收入和生活水平的提高以及食物结构的改善等，居民 对肉、蛋、奶等动物食品的消费量将进一步增长，从而进一步拉动饲料需求量的上升。 面临的市场竞争格局及风险因素：农产品价格的大幅波动预计还会持续一段时间，尽管公司饲料 产品价格亦呈不同程度的上涨，但因具有一定的滞后性，总体来说产品价格上涨幅度要小于成本上升 幅度，同时价格波动还造成经营的不确定性，饲料企业受全球化影响日益明显；饲料行业准入门槛较 低，同质化倾向明显，市场竞争激烈。 ③公司的不动产业务以经营和开发工业地产为主。公司的土地储备主要集中在上海松江地区，该 地区工业发展迅速，城市化水平不断提高，土地价值提升潜力较大。 面临的市场竞争格局及风险因素：不动产产行业是一个对宏观政策非常敏感的行业，政府也一直 在收紧“银根”、税收等多方面加强调控。国土资源部在 2006 年 9 月发布《关于加强土地调控的有关 通知》，加大了对工业用地的宏观调控；公司将原来部分关停企业的非出让土地变成出让土地，形成 一定的土地储备，但这些土地资源，分布分散，对开发与经营带来一定的难度。 5、公司新年度经营计划 针对前述公司主营板块的行业发展前景，面临的竞争格局和风险因素，在新的一年中，公司要紧 紧围绕主业经营发展的定位和方向，结合实际采取积极应对措施，保持和加快目前主业呈现的良好发 展态势。由于不动产业务收入确认的特殊性，2008 年不动产业务可供结算项目将减少。公司预计 2008 年营业收入为 7.6 亿元左右，费用成本 7.5 亿元左右。2008 年公司流动资金及项目投资资金需求预计 9.8 亿元，公司将主要依靠流动资金贷款、项目贷款、生产经营现金流量及闲置资产处置等形式解决 资金需求，尽量降低资金成本。 2008 年拟采取的主要措施： （1）继续不断提高公司现有主营业务运营质量，积极开拓新业务。 食品业务经过重组后近几年的逐步整合，盈利模式已经开始转变。08 年要以组织架构调整为抓手， 整合好 3 个利润考核中心和 4 个成本考核中心，形成收入规模不断扩大、盈利逐步提高的大食品的运 营模式；加大对终端的营销力度，逐步提升对终端的影响力和控制力；加强研发的拓展与生产的控制， 促进公司食品向深加工产品和预制产品转变；进一步落实质量保证体系，严格执行各项运作流程，稳 定和提高产品质量。 在稳定和发展现有销售模式的基础上，以肉制品专家的品牌形象，尝试性在大中型城市开设大江 肉制品专卖店，加大食品国内外贸易业务，积极参与国内外合作。 饲料和机械业务坚持专业化、精细化道路。加大对饲料系统生产能力、人员和市场资源的整合， 提高企业资产、资源的使用效率；继续加大对饲料产品结构的调整和优化，形成若干个具有独特竞争 优势的产品；机械业务要进一步开拓国外市场，进一步提升新产品、新业务在整个业务中的比重。 不动产业务是公司今后的重要产业之一，要成为多产品、跨区域、具有一定市场和政策风险抵御 能力、持续贡献盈利的业务。08 年公司的两个地产项目开始启动：①大江科创置业有限公司现代化工 业园区开发项目，位于松江区，土地面积 78.6 亩，可开发工业地产 75011 平米，其中部分用于出售， 实现资金的回收；部分用于出租，作为公司长期性经营物业。②上海阳蕾置业有限公司项目位于松江 老城区谷阳南路，其中其中商业用地 6.62 亩，住宅用地 11.6 亩。08 年将启动商业地块的开发，计划 第 8 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 开发公寓式酒店。 （2）加强公司内部控制管理，不断提升公司治理水平。 2008 年公司要在人力资源建设、资源优化、资金管理、制度建设等方面的管理提升花费大功夫， 为公司未来的健康发展做好准备，主要工作包括以下几个方面： ①加强公司总部管理能力，成立“市场与品牌”和“采购”两个委员会，制定相关规则制度，加 强品牌建设与管理，加强采购管理；深化和完善财务集中管理，做到人员、资金一盘棋，以进一步提 高人员和资金的效率；加强人力资源管理。 ②完善公司内部评估、考核及激励机制。逐步实施管理人员任职资格的评估和激励机制，表彰先 进，淘汰落后，同时完善对各个经济单元和职能部门的考核办法和考核内容。 ③建立重大对外投资项目的评估、考核机制。公司重大的对外投资项目事前必须要经过详细的可 行性论证，事中及时跟踪，评估，提高项目的运行质量。 ④继续加强员工培训，提高工作技能，不断增强员工市场意识、竞争意识和危机意识。 6.2 主营业务分行业、产品情况表 单位:元 币种:人民币 分行 营业 业或 营业收入比上 营业成本比上 营业利润率比 营业收入 营业成本 利润 分产 年增减(%) 年增减(%) 上年增减(%) 率（%） 品 行业 增加 4.29 个百分 工业 615,348,214.24 539,363,220.18 0.38 7.42 2.31 点 房地 减少 0.79 个百分 332,127,116.16 248,944,027.93 10.71 67.88 60.01 产业 点 产品 饲料 增加 7.21 个百分 及机 294,648,472.24 250,827,376.83 6.22 8.63 6.59 点 械 增加 9.84 个百分 食品 320,699,742.00 288,535,843.35 1.80 9.52 4.22 点 不动 减少 0.79 个百分 332,127,116.16 248,944,027.93 10.71 67.88 60.01 产 点 6.3 主营业务分地区情况 单位:元 币种:人民币 地区 营业收入 营业收入比上年增减（％） 国内 910,439,611.76 22.76 国外 37,035,718.64 27.48 6.4、主要供应商和客户情况 单位:元 币种:人民币 前五名供应商采购金额合计 158,144,273.79 占采购总额比重 28.63% 前五名销售客户销售金额合计 192,445,551.14 占销售总额比重 19.76% 第 9 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 6.5、报告期内合并资产负债表项目、合并利润表项目及合并现金流量表项目重大变动原因说明： 单位:元 币种:人民币 项目 期末金额 期初金额 增减变动% 应收票据 3,240,000.00 809,141.80 300.42% 应收帐款 87,226,183.18 64,972,500.59 34.25% 预付帐款 41,262,654.71 27,798,715.62 48.43% 存货 164,798,124.25 349,737,196.17 -52.88% 在建工程 5,339,570.93 932,137.67 472.83% 长期待摊费用 276,800.00 1,988,218.12 -86.08% 应付帐款 66,859,056.10 97,566,302.87 -31.47% 预收款项 23,178,657.84 67,470,097.63 -65.65% 应付职工薪酬 6,315,175.67 11,623,689.29 -45.67% 一年内到期的非流动负债 0 107,000,000.00 -100% 长期借款 7,000,000.00 10,000,000.00 -30% 1、 应收票据增加的主要原因是本期内收到银行承兑汇票。 2、 应收帐款增加主要原因是本年实现销售额比上年增加。 3、 预付帐款增加主要原因是预付上海大江肉食品四厂国有土地出让金 1072 万元。 4、 存货减少的主要原因是下属子公司上海大江房地产有限公司实现销售消耗的存货。 5、 在建工程增加的主要原因是公司对上海大江肉食品四厂主体车间在本年度进行改造增加在建工程 支出 400 万。 6、 长期待摊费用的减少的主要原因是 06 年度处在开办期内的三家控股子公司今年转入经营期，转出 金额为 200 万元。 7、 应付帐款减少的主要原因是公司下属上海大江房地产有限公司支付工程款所致。 8、 预收帐款减少的主要原因是公司控股子公司上海大江房地产有限公司确认销售收入而转出的预收 款项。 9、 应付职工薪酬减少主要原因是本公司根据规定转回历年计提尚未使用完的职工福利费。 10、一年内到期的非流动负债减少的主要原因是归还银行贷款 10700 万元。 11、长期借款减少主要是归还银行贷款 300 万元。 项目 本期金额 上年同期金额 增加变动 营业税金及附加 21,270,030.16 12,665,033.78 67.94% 管理费用 40,191,497.73 58,415,968.61 -31.20% 资产减值损失 -9,758,718.09 7,647,134.28 -227.61% 投资收益 118,788.92 68,904,874.80 -99.83% 营业利润 35,907,238.35 -268,954.87 13450.66% 营业外收入 12,721,322.32 26,672,635.79 -52.31% 营业外支出 109,929.88 3,775,385.08 -97.09% 利润总额 48,518,630.79 22,628,295.84 114.42% 所得税费用 16,792,427.06 9,554,712.90 75.75% 净利润 31,726,203.73 13,073,582.94 142.67% 归属于母公司所有者的净利润 27,317,002.47 20,024,701.65 36.42% 少数股东损益 4,409,201.26 -6,951,118.71 -163.43% 1、 营业税金及附加增加主要原因是是公司下属上海大江房地产有限公司销售收入的增加而增加的税 金。 2、 管理费用减少的主要原因是对控股子公司的股权进行转让和清算减少合并报表范围的子公司数目 和进行产业调整关停了畜禽养殖场。 3、 资产减值损失减少的主要原因是转让上海华源生命科学有限公司股权，转出已计提的资产减值准 备 1559 万元。 第 10 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 4、 投资收益减少主要是由于本年清算处置的子公司项目数减少。 5、 营业利润增加的主要原因是销售收入的增加，整体销售毛利率上涨 4.78%和期间费用的减少。 6、 营业外收入的减少的主要原因是收取政府补贴减少 1629 万元。 7、 营业外支出减少的主要原因是非流动资产处置损失减少 8、 利润总额的增加主要是营业利润的增加。 9、 所得税费用增加的主要原因是是公司下属上海大江房地产有限公司从 06 年下半年开始实现销售， 本期房地产公司销售实现缴纳的所得税。 10、净利润的增加主要是营业利润的增加。 11、归属于母公司所有者的净利润增加的主要原因是进行了产业调整，本年度净利润的增加。 12、少数股东损益增加主要原因本年度合并范围内子公司净利润的增加。 项目 本期金额 上年同期金额 增减变动 收到的税费返还 3,344,493.56 2,479,402.00 34.89% 收到的其他与经营活动有关的现金 29,102,236,79 141,440,189.59 -79.42% 支付给职工以及为职工支付的现金 35,651,966.85 74,151,262.54 -51.92% 支付的其他与经营活动有关的现金 66,160,382.41 116,457,352.86 -43,19% 收回投资所收到的现金 750,000.00 102,777,314.65 -99.27% 处置固定资产、无形资产和其他长期资 19,521,127.91 3,300,987.75 491.37% 产所收回的现金 处置子公司及其他营业单位收到的现金 31,830,000.00 0 100% 净额 投资所支付的现金 0 45,000,000.00 -100% 取得子公司及其他营业单位支付的现金 4,500,000.00 15,650.000.00 -71.25% 吸收投资收到的现金 0 3,000,000.00 -100% 取得借款所收到的现金 630,000,000.00 480,500,000.00 31.11% 偿还债务所支付的现金 756,000,000.00 556,000,000.00 35.97% 分配股利.利润或偿还利息支付的现金 39,614,299.11 27,867,235.40 42,.15% 1、 收到的税费返还增加的主要原因是禽流感增值税补贴和出口退税增加。 2、 收到的其他与经营活动有关的现金减少的主要原因是去年同期收到原大股东归还欠款 5747.78 万 元和支付的职工安置费 4820 万元以及青浦区政府划拨的禽场补贴 1380 万元。 3、 支付给职工以及为职工支付的现金减少主要是公司进行产业调整，减少了合并范围内子公司的数 目及对职工进行分流安置。 4、 支付的其他与经营活动有关的现金减少的主要原因是去年同期归还大股东暂借款 3000 万元和支付 职工安置费 2729.83 万元。 5、 收回投资所收到的现金增加的主要原因是去年年度清算了扬州大江和 8 家鸡场，以及转让阜新大 江股权。 6、 处置固定资产、无形资产和其他长期资产所收回的现金减少的主要原因是出售畜禽流水线和部分 鸡场设备。 7、 处置子公司及其他营业单位收到现金净额增加的主要原因是处置江苏大江、杭州大江、华源生命 和华阳鸡场。 8、 投资支付的现金减少的主要原因是去年参股投资上海西郊农产品交易有限公司 4500 万元。 9、 取得子公司及其他营业单位支付的现金减少的主要原因是去年收购了汉地置业和大华器械部分股 权支出额较大。 10、 吸收投资收到的现金减少主要原因是去年合资设立江苏大江畜禽发展有限公司,取得合资方投 资款 300 万元。 11、 取得借款所收到现金增加的主要原因是本期新增银行贷款。 12、 偿还债务所支付的现金增加的主要原因是本期归还银行借款。 13、分配股利、利润或偿还利息支付的现金增加的主要原因是支付华阳鸡场股利和利息支出的增加。 第 11 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 6.6 募集资金使用情况 □适用 √不适用 变更项目情况 □适用 √不适用 6.7 非募集资金项目情况 □适用 √不适用 6.8 董事会对会计师事务所“非标准审计报告”的说明 □适用 √不适用 6.9 董事会本次利润分配或资本公积金转增预案 2007 年度不分配股利或红利，也不进行资本公积金转增股本。 公司本报告期内盈利但未提出现金利润分配预案 √适用 □不适用 本报告期内盈利但未提出现金利润分配预案的原因 公司未分配利润的用途和使用计划 报告期内公司虽然实现盈利，但可供分配的利润为 -760,776,015.85 元，所以 2007 年度公司不分配股 利或红利，也不进行资本公积金转增股本。 §7 重要事项 7.1 收购资产 √适用 □不适用 单位:万元 币种:人民币 交易 自购买日起至本 本年初至本年 所涉及 所涉及 收 是否为关 对方 被收 年末为公司贡献 末为公司贡献 的资产 的债权 购买 购 联交易（如 或最 购资 的净利润（适用 的净利润（适用 产权是 债务是 日 价 是，说明定 终控 产 于非同一控制下 于同一控制下 否已全 否已全 格 价原则） 制方 的企业合并）( 的企业合并） 部过户 部转移 上海 松江 松江 塔汇 2007 石湖 鸡场 年7月 315 不适用 不适用 否 是 是 荡镇 45％ 11 日 副业 股权 公司 第 12 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 7.2 出售资产 √适用 □不适用 单位:万元 币种:人民币 本年初 所涉 所涉 起至出 及的 及的 是否为关 售日该 出售 资产 债权 联交易 交易 出售 出售 出售资 产生 产权 债务 被出售资产 （如是， 对方 日 价格 产为公 的损 是否 是否 说明定价 司贡献 益 已全 已全 原则） 的净利 部过 部转 润 户 移 原料仓库（3082 平方 上海 米）、成品仓库（940 平 天邦 2007 方米）、畜禽料车间（644 饲料 年2月 650 0 516 否 是 是 平方米）、畜禽饲料流水 有限 14 日 线设备以及 3 个 1000 吨 公司 的圆筒仓 中国 华源 上海华源生命科学研究 2007 生命 开发有限公司 16.5％股 年4月 2,000 0 381 否 是 是 产业 权 26 日 有限 公司 江苏 京海 2007 禽业 江苏大江畜禽发展有限 年 10 623 0 -77 否 是 否 集团 公司 10%股权 月 17 有限 日 公司 上述资产的出售对公司业务连续性、管理层稳定性无影响，有利于存量资产的变现，增加利润和现金 流。 7.3 重大担保 √适用 □不适用 单位:万元 币种:人民币 公司对外担保情况（不包括对子公司的担保） 是否 为关 发生日期 是否 担保对 担保 联方 （协议签 担保金额 担保期 履行 象名称 类型 担保 署日） 完毕 （是 或否） 报告期内担保发生额合计 0 报告期末担保余额合计 0 公司对子公司的担保情况 第 13 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 报告期内对子公司担保发生额合计 5,600 报告期末对子公司担保余额合计 6,300 公司担保总额情况（包括对子公司的担保） 担保总额 6,300 担保总额占公司净资产的比例 23.16 其中： 为股东、实际控制人及其关联方提供担保的金额 0 直接或间接为资产负债率超过 70％的被担保对象提供 3,550 的债务担保金额 担保总额超过净资产 50％部分的金额 0 上述三项担保金额合计 3,550 7.4 重大关联交易 7.4.1 与日常经营相关的关联交易 □适用 √不适用 7.4.2 关联债权债务往来 √适用 □不适用 单位:万元 币种:人民币 向关联方提供资金 关联方向上市公司提供资金 关联方 发生额 余额 发生额 余额 上海绿庭集团有限公司 400 20.42 上海绿洲科创发展有限 30 30 公司 上海绿洲怡景工程建设 1,900 1,900 有限公司 合计 400 20.42 1,930 1,930 其中：报告期内上市公司向控股股东及其子公司提供资金的发生额-1,530 万元，余额-1,909.58 万元。 7.4.3 2007 年资金被占用情况及清欠进展情况 □适用 √不适用 截止 2007 年末，上市公司未完成非经营性资金占用的清欠工作的，董事会提出的责任追究方案 □适用 √不适用 7.5 委托理财情况 □适用 √不适用 7.6 承诺事项履行情况 7.6.1 公司或持股 5%以上股东在报告期内或持续到报告期内的承诺事项 √适用 □不适用 股改承诺及履行情况： 第 14 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 1、在股权分置方案实施后，如果发生以下两种情况之一者，将向追加对价股权登记日收市后登记 在册的无限售条件的 A 股流通股股东追加对价一次，追加对价总计为 5,148,000 股股份。第一种情况： 本公司 2006 年度经审计财务报告被会计师事务所出具非标准意见； 第二种情况：本公司 2006 年度经 审计财务报告显示公司当年净利润为负。 如果触发上述追加对价情况，绿庭（香港）有限公司将在本 公司 2006 年度股东大会审议通过该审计报告后 10 个交易日内实施追加对价一次。 2、所持有本公司 的原非流通股股份自股权分置改革方案实施后首个交易日起至追送对价承诺期满后二年内不上市交易 或者转让。如违反承诺卖出股票，则将所得资金划归上市公司所有。 1、公司 2006 年度经审计财务报告显示净利润为正数，立信长江会计师事务所有限公司出具了标 准无保留的审计意见。2007 年 5 月 23 日，公司 2006 年年度股东大会审议通过了 2006 年度财务报告， 因此绿庭(香港)有限公司没有触发履行承诺的条件，承诺事项自动消除，无需向流通股股东追送股份。 2、报告期期内，绿庭(香港)有限公司没有发生股份上市交易或者转让情况。 7.6.2 公司资产或项目存在盈利预测，且报告期仍处在盈利预测期间，公司就资产或项目是否达到原 盈利预测及其原因作出说明 □适用 √不适用 7.7 重大诉讼仲裁事项 □适用 √不适用 7.8 其它重大事项及其影响和解决方案的分析说明 7.8.1 证券投资情况 □适用 √不适用 7.8.2 持有其他上市公司股权情况 □适用 √不适用 7.8.3 持有非上市金融企业股权情况 √适用 □不适用 报告期 占该公 报告 会计 所持对象 初始投资金 所有者 股份来 持有数量 司股权 期末账面值 期损 核算 名称 额 权益变 源 比例 益 科目 动 上海申银 长期 购买的 万国证券 51,250,000 51,760,000 0.77 51,250,000 0 0 股权 发行法 股份有限 投资 人股 公司 7.8.4 买卖其他上市公司股份的情况 □适用 √不适用 §8 监事会报告 监事会认为公司依法运作、公司财务情况、公司募集资金使用、公司收购、出售资产交易和关联 交易不存在问题。 第 15 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 §9 财务报告 9.1 审计意见 财务报告 □未经审计 √审计 审计意见 √标准无保留意见 □非标意见 审计意见全文 审计报告 信会师报字（2008）第 10588 号 上海大江（集团）股份有限公司全体股东：： 我们审计了后附的上海大江（集团）股份有限公司（以下简称大江公司）财务报表，包括 2007 年 12 月 31 日的资产负债表和合并资产负债表、2007 年度的利润表和合并利润表、2007 年度的现金 流量表和合并现金流量表、2007 年度的所有者权益（股东权益）变动表和合并所有者权益（股东权益） 变动表以及财务报表附注。 一、管理层对财务报表的责任 按照企业会计准则的规定编制财务报表是大江公司管理层的责任。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，大江公司财务报表已经按照企业会计准则的规定编制，在所有重大方面公允反映了大江公 司 2007 年 12 月 31 日的财务状况以及 2007 年度的经营成果、所有者权益（股东权益）变动和现金流 量。 立信会计师事务所有限公司 中国注册会计师：林璐、许丽蓉 上海市南京东路 61 号 4 楼 2008 年 4 月 18 日 第 16 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 9.2 财务报表 合并资产负债表 2007 年 12 月 31 日 编制单位: 上海大江（集团）股份有限公司 单位: 元 币种:人民币 项目 附注五 期末余额 年初余额 流动资产： 货币资金 一 58,150,291.95 72,178,876.26 结算备付金 拆出资金 交易性金融资产 应收票据 二 3,240,000.00 809,141.80 应收账款 三 87,226,183.18 64,972,500.59 预付款项 五 41,262,654.71 27,798,715.62 应收保费 应收分保账款 应收分保合同准备金 应收利息 应收股利 其他应收款 四 23,773,168.11 28,366,489.83 买入返售金融资产 存货 六 164,798,124.25 349,737,196.17 一年内到期的非流动资产 其他流动资产 流动资产合计 378,450,422.20 543,862,920.27 非流动资产： 发放贷款及垫款 可供出售金融资产 持有至到期投资 长期应收款 长期股权投资 七 118,894,243.72 135,080,252.16 投资性房地产 八 30,211,483.16 32,324,967.92 固定资产 九 116,647,146.39 136,680,258.50 在建工程 十 5,339,570.93 932,137.67 工程物资 固定资产清理 生产性生物资产 油气资产 无形资产 十一 52,539,743.61 50,804,966.41 开发支出 商誉 长期待摊费用 十二 276,800.00 1,988,218.12 递延所得税资产 其他非流动资产 非流动资产合计 323,908,987.81 357,810,800.78 资产总计 702,359,410.01 901,673,721.05 流动负债： 第 17 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 短期借款 十三 336,000,000.00 352,000,000.00 向中央银行借款 吸收存款及同业存放 拆入资金 交易性金融负债 应付票据 应付账款 十四 66,859,056.10 97,566,302.87 预收款项 十五 23,178,657.84 67,470,097.63 卖出回购金融资产款 应付手续费及佣金 应付职工薪酬 十六 6,315,175.67 11,623,689.29 应交税费 十八 -143,474,349.40 -158,747,056.03 应付利息 十九 646,179.50 793,956.04 应付股利 十七 49,887.50 49,887.50 其他应付款 二十 130,721,298.75 162,136,450.89 应付分保账款 保险合同准备金 代理买卖证券款 代理承销证券款 一年内到期的非流动负债 二十一 107,000,000.00 其他流动负债 流动负债合计 420,295,905.96 639,893,328.19 非流动负债： 长期借款 二十二 7,000,000.00 10,000,000.00 应付债券 长期应付款 二十三 3,035,445.29 3,035,445.29 专项应付款 预计负债 递延所得税负债 其他非流动负债 非流动负债合计 10,035,445.29 13,035,445.29 负债合计 430,331,351.25 652,928,773.48 所有者权益（或股东权益）： 实收资本（或股本） 二十四 676,305,696.00 676,305,696.00 资本公积 二十五 234,597,730.13 236,158,576.13 减：库存股 盈余公积 二十六 77,749,737.49 77,749,737.49 一般风险准备 未分配利润 二十七 -760,776,015.85 -787,001,014.62 外币报表折算差额 归属于母公司所有者权益合 227,877,147.77 203,212,995.00 计 少数股东权益 44,150,910.99 45,531,952.57 所有者权益合计 272,028,058.76 248,744,947.57 负债和所有者权益总计 702,359,410.01 901,673,721.05 公司法定代表人:俞乃奋 主管会计工作负责人:臧舜 会计机构负责人:钱学明 第 18 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 母公司资产负债表 2007 年 12 月 31 日 编制单位: 上海大江（集团）股份有限公司 单位: 元 币种:人民币 项目 附注六 期末余额 年初余额 流动资产： 货币资金 28,969,551.60 16,164,887.22 交易性金融资产 应收票据 应收账款 一 30,453,279.72 14,811,944.81 预付款项 23,332,411.63 7,249,815.90 应收利息 应收股利 其他应收款 二 74,492,038.39 101,552,783.31 存货 25,460,325.09 23,453,222.10 一年内到期的非流动资产 其他流动资产 流动资产合计 182,707,606.43 163,232,653.34 非流动资产： 可供出售金融资产 持有至到期投资 长期应收款 长期股权投资 三 372,458,735.40 373,063,798.72 投资性房地产 30,211,483.16 32,324,967.92 固定资产 18,644,538.67 22,265,158.82 在建工程 320,000.00 工程物资 固定资产清理 生产性生物资产 油气资产 无形资产 18,596,571.73 20,961,013.50 开发支出 商誉 长期待摊费用 276,800.00 递延所得税资产 其他非流动资产 非流动资产合计 440,508,128.96 448,614,938.96 资产总计 623,215,735.39 611,847,592.30 流动负债： 短期借款 237,000,000.00 251,500,000.00 交易性金融负债 应付票据 应付账款 21,451,577.59 11,970,886.82 预收款项 4,464,083.58 3,212,846.47 应付职工薪酬 2,968,634.81 5,466,754.38 应交税费 -157,918,663.85 -161,376,372.32 应付利息 585,403.50 567,272.57 应付股利 49,887.50 49,887.50 第 19 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 其他应付款 281,271,117.83 279,241,816.22 一年内到期的非流动负债 其他流动负债 流动负债合计 389,872,040.96 390,633,091.64 非流动负债： 长期借款 应付债券 长期应付款 专项应付款 预计负债 递延所得税负债 其他非流动负债 非流动负债合计 负债合计 389,872,040.96 390,633,091.64 所有者权益（或股东权益）： 实收资本（或股本） 676,305,696.00 676,305,696.00 资本公积 246,358,426.68 245,642,526.94 减：库存股 盈余公积 77,749,737.49 77,749,737.49 未分配利润 -767,070,165.74 -778,483,459.77 所有者权益（或股东权益）合 233,343,694.43 221,214,500.66 计 负债和所有者权益（或股东权 623,215,735.39 611,847,592.30 益）总计 公司法定代表人:俞乃奋 主管会计工作负责人:臧舜 会计机构负责人:钱学明 第 20 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 合并利润表 2007 年 1-12 月 单位: 元 币种:人民币 编制单位: 上海大江（集团）股份有限公司 项目 附注五 本期金额 上期金额 一、营业总收入 973,770,690.49 786,314,345.40 其中：营业收入 二十八 973,770,690.49 786,314,345.40 利息收入 已赚保费 手续费及佣金收入 二、营业总成本 937,982,241.06 855,488,175.07 其中：营业成本 二十八 810,544,167.82 703,674,528.59 利息支出 手续费及佣金支出 退保金 赔付支出净额 提取保险合同准备金净额 保单红利支出 分保费用 营业税金及附加 二十九 21,270,030.16 12,665,033.78 销售费用 43,891,601.27 39,736,083.26 管理费用 40,191,497.73 58,415,968.61 财务费用 31,843,662.17 33,349,426.55 资产减值损失 三十 -9,758,718.09 7,647,134.28 加：公允价值变动收益（损失以“－”号填列） 投资收益（损失以“－”号填列） 三十一 118,788.92 68,904,874.80 其中：对联营企业和合营企业的投资收益 汇兑收益（损失以“-”号填列） 三、营业利润（亏损以“－”号填列） 35,907,238.35 -268,954.87 加：营业外收入 三十二 12,721,322.32 26,672,635.79 减：营业外支出 三十三 109,929.88 3,775,385.08 其中：非流动资产处置损失 四、利润总额（亏损总额以“－”号填列） 48,518,630.79 22,628,295.84 减：所得税费用 三十四 16,792,427.06 9,554,712.90 五、净利润（净亏损以“－”号填列） 31,726,203.73 13,073,582.94 归属于母公司所有者的净利润 27,317,002.47 20,024,701.65 少数股东损益 4,409,201.26 -6,951,118.71 六、每股收益： （一）基本每股收益 0.04 0.03 （二）稀释每股收益 0.04 0.03 本期发生同一控制下企业合并的，被合并方在合并前实现的净利润为：0 元。 公司法定代表人:俞乃奋 主管会计工作负责人:臧舜 会计机构负责人:钱学明 第 21 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 母公司利润表 2007 年 1-12 月 单位: 元 币种:人民币 编制单位: 上海大江（集团）股份有限公司 项目 附注六 本期金额 上期金额 一、营业收入 353,697,113.38 304,260,751.66 减：营业成本 五 325,442,248.41 297,739,313.11 营业税金及附加 销售费用 7,500,730.17 10,270,665.88 管理费用 19,830,928.31 34,622,433.63 财务费用 22,422,161.01 25,201,536.75 资产减值损失 -12,884,942.67 7,182,875.65 加：公允价值变动收益（损失以“－”号填列） 投资收益（损失以“－”号填列） 五 118,788.92 64,193,798.12 其中：对联营企业和合营企业的投资收益 二、营业利润（亏损以“－”号填列） -8,495,222.93 -6,562,275.24 加：营业外收入 19,951,579.22 26,255,348.79 减：营业外支出 43,062.26 1,640,380.41 其中：非流动资产处置净损失 三、利润总额（亏损总额以“－”号填列） 11,413,294.03 18,052,693.14 减：所得税费用 四、净利润（净亏损以“－”号填列） 11,413,294.03 18,052,693.14 公司法定代表人:俞乃奋 主管会计工作负责人:臧舜 会计机构负责人:钱学明 合并现金流量表 2007 年 1-12 月 单位:元 币种:人民币 编制单位: 上海大江（集团）股份有限公司 项目 附注五 本期金额 上期金额 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 877,086,235.53 709,803,571.12 客户存款和同业存放款项净增加额 向中央银行借款净增加额 向其他金融机构拆入资金净增加额 收到原保险合同保费取得的现金 收到再保险业务现金净额 保户储金及投资款净增加额 处置交易性金融资产净增加额 收取利息、手续费及佣金的现金 拆入资金净增加额 回购业务资金净增加额 收到的税费返还 3,344,493.56 2,479,402.00 收到其他与经营活动有关的现金 三十六 29,102,236.79 141,440,189.59 经营活动现金流入小计 909,532,965.88 853,723,162.71 购买商品、接受劳务支付的现金 648,455,578.32 589,411,362.51 客户贷款及垫款净增加额 存放中央银行和同业款项净增加额 第 22 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 支付原保险合同赔付款项的现金 支付利息、手续费及佣金的现金 支付保单红利的现金 支付给职工以及为职工支付的现金 35,651,966.85 74,151,262.54 支付的各项税费 33,083,638.14 25,801,483.18 支付其他与经营活动有关的现金 三十六 66,160,382.41 116,457,352.86 经营活动现金流出小计 783,351,565.72 805,821,461.09 经营活动产生的现金流量净额 126,181,400.16 47,901,701.62 二、投资活动产生的现金流量： 收回投资收到的现金 750,000.00 102,777,314.65 取得投资收益收到的现金 145,625.00 206,721.94 处置固定资产、无形资产和其他长期资产收回 19,521,127.91 3,300,987.75 的现金净额 处置子公司及其他营业单位收到的现金净额 31,830,000.00 收到其他与投资活动有关的现金 投资活动现金流入小计 52,246,752.91 106,285,024.34 购建固定资产、无形资产和其他长期资产支付 22,465,402.18 30,957,501.04 的现金 投资支付的现金 45,000,000.00 质押贷款净增加额 取得子公司及其他营业单位支付的现金净额 4,500,000.00 15,650,000.00 支付其他与投资活动有关的现金 投资活动现金流出小计 26,965,402.18 91,607,501.04 投资活动产生的现金流量净额 25,281,350.73 14,677,523.30 三、筹资活动产生的现金流量： 吸收投资收到的现金 3,000,000.00 其中：子公司吸收少数股东投资收到的现金 取得借款收到的现金 630,000,000.00 480,500,000.00 发行债券收到的现金 收到其他与筹资活动有关的现金 筹资活动现金流入小计 630,000,000.00 483,500,000.00 偿还债务支付的现金 756,000,000.00 556,000,000.00 分配股利、利润或偿付利息支付的现金 39,614,299.11 27,867,235.40 其中：子公司支付给少数股东的股利、利润 支付其他与筹资活动有关的现金 筹资活动现金流出小计 795,614,299.11 583,867,235.40 筹资活动产生的现金流量净额 -165,614,299.11 -100,367,235.40 四、汇率变动对现金及现金等价物的影响 122,963.91 76,002.24 五、现金及现金等价物净增加额 -14,028,584.31 -37,712,008.24 加：期初现金及现金等价物余额 72,178,876.26 109,890,884.50 六、期末现金及现金等价物余额 58,150,291.95 72,178,876.26 公司法定代表人:俞乃奋 主管会计工作负责人:臧舜 会计机构负责人:钱学明 第 23 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 母公司现金流量表 2007 年 1-12 月 单位:元 币种:人民币 编制单位: 上海大江（集团）股份有限公司 项目 附注 本期金额 上期金额 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 336,248,200.68 314,639,569.45 收到的税费返还 37,545.98 3,845.00 收到其他与经营活动有关的现金 269,995,429.89 150,398,201.52 经营活动现金流入小计 606,281,176.55 465,041,615.97 购买商品、接受劳务支付的现金 267,438,122.38 236,327,180.60 支付给职工以及为职工支付的现金 11,574,007.54 36,084,346.09 支付的各项税费 2,926,044.61 2,309,708.89 支付其他与经营活动有关的现金 300,856,986.28 90,041,854.31 经营活动现金流出小计 582,795,160.81 364,763,089.89 经营活动产生的现金流量净额 23,486,015.74 100,278,526.08 二、投资活动产生的现金流量： 收回投资收到的现金 101,837,234.65 取得投资收益收到的现金 145,625.00 157,822.50 处置固定资产、无形资产和其他长期资产收回 13,837,082.57 2,237,810.95 的现金净额 处置子公司及其他营业单位收到的现金净额 31,830,000.00 收到其他与投资活动有关的现金 投资活动现金流入小计 45,812,707.57 104,232,868.10 购建固定资产、无形资产和其他长期资产支付 11,856,038.93 11,934,379.48 的现金 投资支付的现金 45,000,000.00 取得子公司及其他营业单位支付的现金净额 10,029,400.00 55,910,000.00 支付其他与投资活动有关的现金 4,174,112.76 投资活动现金流出小计 21,885,438.93 117,018,492.24 投资活动产生的现金流量净额 23,927,268.64 -12,785,624.14 三、筹资活动产生的现金流量： 吸收投资收到的现金 取得借款收到的现金 538,000,000.00 370,000,000.00 收到其他与筹资活动有关的现金 筹资活动现金流入小计 538,000,000.00 370,000,000.00 偿还债务支付的现金 552,500,000.00 449,000,000.00 分配股利、利润或偿付利息支付的现金 20,108,620.00 21,101,616.20 支付其他与筹资活动有关的现金 筹资活动现金流出小计 572,608,620.00 470,101,616.20 筹资活动产生的现金流量净额 -34,608,620.00 -100,101,616.20 四、汇率变动对现金及现金等价物的影响 五、现金及现金等价物净增加额 12,804,664.38 -12,608,714.26 加：期初现金及现金等价物余额 16,164,887.22 28,773,601.48 六、期末现金及现金等价物余额 28,969,551.60 16,164,887.22 公司法定代表人:俞乃奋 主管会计工作负责人:臧舜 会计机构负责人:钱学明 第 24 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 合并所有者权益变动表 2007 年 1-12 月 编制单位: 上海大江（集团）股份有限公司 单位:元 币种:人民币 本期金额 归属于母公司所有者权益 项目 一 般 少数股东权益 所有者权益合计 减： 实收资本(或股 风 资本公积 库存 盈余公积 未分配利润 其他 本) 险 股 准 备 一、上 年年末 676,305,696.00 236,158,576.13 97,370,342.74 -794,060,435.00 -19,702,370.16 47,448,399.10 243,520,208.81 余额 加：会 计政策 -19,620,605.25 7,059,420.38 19,702,370.16 -1,916,446.53 5,224,738.76 变更 前期差 错更正 二、本 年年初 676,305,696.00 236,158,576.13 77,749,737.49 -787,001,014.62 45,531,952.57 248,744,947.57 余额 三、本 年增减 变动金 额（减 -1,560,846.00 26,224,998.77 -1,381,041.58 23,283,111.19 少以 “－” 号填 列） （一） 27,317,002.47 4,409,201.26 31,726,203.73 净利润 （二） 直接计 入所有 -1,560,846.00 -5,790,242.84 -7,351,088.84 者权益 的利得 和损失 1．可供 出售金 融资产 公允价 值变动 净额 2．权益 法下被 投资单 位其他 所有者 权益变 动的影 响 3．与计 入所有 者权益 项目相 关的所 得税影 响 4．其他 -1,560,846.00 -5,790,242.84 -7,351,088.84 第 25 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 上述 （一） -1,560,846.00 27,317,002.47 -1,381,041.58 24,375,114.89 和（二） 小计 （三） 所有者 投入和 减少资 本 1．所有 者投入 资本 2．股份 支付计 入所有 者权益 的金额 3．其他 （四） 利润分 -1,092,003.70 -1,092,003.70 配 1．提取 盈余公 积 2．提取 一般风 险准备 3．对所 有者 （或股 东）的 分配 4．其他 -1,092,003.70 -1,092,003.70 （五） 所有者 权益内 部结转 1．资本 公积转 增资本 （或股 本） 2．盈余 公积转 增资本 （或股 本） 3．盈余 公积弥 补亏损 4．其他 四、本 期期末 676,305,696.00 234,597,730.13 77,749,737.49 -760,776,015.85 44,150,910.99 272,028,058.76 余额 第 26 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 单位:元 币种:人民币 上年同期金额 归属于母公司所有者权益 一 项目 般 减： 实收资本(或股 风 少数股东权益 所有者权益合计 资本公积 库存 盈余公积 未分配利润 其他 本) 险 股 准 备 一、上 年年末 676,305,696.00 229,469,396.46 91,379,978.21 -813,394,768.38 -18,353,019.59 45,758,465.30 211,165,748.00 余额 加：会 计政策 -13,630,240.72 2,924,440.48 18,353,019.59 -1,916,446.53 5,730,772.82 变更 前期差 错更正 二、本 年年初 676,305,696.00 229,469,396.46 77,749,737.49 -810,470,327.90 43,842,018.77 216,896,520.82 余额 三、本 年增减 变动金 额（减 6,689,179.67 23,469,313.28 1,689,933.80 31,848,426.75 少以 “－” 号填 列） （一） 20,024,701.65 -6,951,118.71 13,073,582.94 净利润 （二） 直接计 入所有 6,689,179.67 4,033,177.22 8,641,052.51 19,363,409.40 者权益 的利得 和损失 1．可供 出售金 融资产 公允价 值变动 净额 2．权益 法下被 投资单 位其他 所有者 权益变 动的影 响 3．与计 入所有 者权益 项目相 关的所 得税影 响 4．其他 6,689,179.67 4,033,177.22 8,641,052.51 19,363,409.40 上述 （一） 6,689,179.67 24,057,878.87 1,689,933.80 32,436,992.34 和（二） 小计 （三） 所有者 投入和 减少资 第 27 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 本 1．所有 者投入 资本 2．股份 支付计 入所有 者权益 的金额 3．其他 （四） 利润分 -588,565.59 -588,565.59 配 1．提取 盈余公 积 2．提取 一般风 险准备 3．对所 有者 （或股 东）的 分配 4．其他 -588,565.59 -588,565.59 （五） 所有者 权益内 部结转 1．资本 公积转 增资本 （或股 本） 2．盈余 公积转 增资本 （或股 本） 3．盈余 公积弥 补亏损 4．其他 四、本 期期末 676,305,696.00 236,158,576.13 77,749,737.49 -787,001,014.62 45,531,952.57 248,744,947.57 余额 公司法定代表人:俞乃奋 主管会计工作负责人:臧舜 会计机构负责人:钱学明 第 28 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 母公司所有者权益变动表 2007 年 1-12 月 编制单位: 上海大江（集团）股份有限公司 单位:元 币种:人民币 本期金额 项目 减： 实收资本(或股 资本公积 库存 盈余公积 未分配利润 所有者权益合计 本) 股 一、上年年末 676,305,696.00 245,642,526.94 77,749,737.49 -783,708,198.53 215,989,761.90 余额 加：会计政策 5,224,738.76 5,224,738.76 变更 前期差错更 正 二、本年年初 676,305,696.00 245,642,526.94 77,749,737.49 -778,483,459.77 221,214,500.66 余额 三、本年增减 变动金额（减 715,899.74 11,413,294.03 12,129,193.77 少以“－” 号填列） （一）净利润 11,413,294.03 11,413,294.03 （二）直接计 入所有者权 715,899.74 715,899.74 益的利得和 损失 1．可供出售 金融资产公 允价值变动 净额 2．权益法下 被投资单位 其他所有者 权益变动的 影响 3．与计入所 有者权益项 目相关的所 得税影响 4．其他 715,899.74 715,899.74 上述（一）和 715,899.74 11,413,294.03 12,129,193.77 （二）小计 （三）所有者 投入和减少 资本 1．所有者投 入资本 2．股份支付 计入所有者 权益的金额 3．其他 第 29 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 （四）利润分 配 1．提取盈余 公积 2．对所有者 （或股东）的 分配 3．其他 （五）所有者 权益内部结 转 1．资本公积 转增资本（或 股本） 2．盈余公积 转增资本（或 股本） 3．盈余公积 弥补亏损 4．其他 四、本期期末 676,305,696.00 246,358,426.68 77,749,737.49 -767,070,165.74 233,343,694.43 余额 单位:元 币种:人民币 上年同期金额 减： 项目 实收资本(或股 资本公积 库存 盈余公积 未分配利润 所有者权益合计 本) 股 一、上年年末 676,305,696.00 245,642,526.94 77,749,737.49 -802,266,925.73 197,431,034.70 余额 加：会计政策 5,730,772.82 5,730,772.82 变更 前期差错更 正 二、本年年初 676,305,696.00 245,642,526.94 77,749,737.49 -796,536,152.91 203,161,807.52 余额 三、本年增减 变动金额（减 18,052,693.14 18,052,693.14 少以“－” 号填列） （一）净利润 18,052,693.14 18,052,693.14 （二）直接计 入所有者权 益的利得和 损失 1．可供出售 金融资产公 允价值变动 净额 2．权益法下 被投资单位 其他所有者 权益变动的 第 30 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 影响 3．与计入所 有者权益项 目相关的所 得税影响 4．其他 上述（一）和 18,052,693.14 18,052,693.14 （二）小计 （三）所有者 投入和减少 资本 1．所有者投 入资本 2．股份支付 计入所有者 权益的金额 3．其他 （四）利润分 配 1．提取盈余 公积 2．对所有者 （或股东）的 分配 3．其他 （五）所有者 权益内部结 转 1．资本公积 转增资本（或 股本） 2．盈余公积 转增资本（或 股本） 3．盈余公积 弥补亏损 4．其他 四、本期期末 676,305,696.00 245,642,526.94 77,749,737.49 -778,483,459.77 221,214,500.66 余额 公司法定代表人:俞乃奋 主管会计工作负责人:臧舜 会计机构负责人:钱学明 第 31 页 共 32 页 上海大江（集团）股份有限公司 2007 年度报告摘要 9.3 会计政策、会计估计和核算方法变更的说明 根据财政部财会[2006]3 号《关于印发等 38 项具体准则的通知》， 本公司从 2007 年 1 月 1 日起，执行新《企业会计准则》；并根据《企业会计准则第 38 号－首次执行 企业会计准则》所规定的 5-19 条相关内容以及《企业会计准则解释第 1 号》所规定的相关内容，对财 务报表项目进行了追溯调整。 上列各项对报表的影响如下： 同一控制下企业合并形成的 调整未确认 调整少数 项 目 长期股权投资差额及摊销 投资损失 股东权益 对 2007 年初留存收益的影响 5,224,738.76 -19,702,370.16 1,916,446.53 其中：对 2006 年初留存收益的影响 5,730,772.82 -18,353,019.59 1,916,446.53 对本年净利润的影响 -506,034.06 --- --- 9.4 本报告期无会计差错更正。 9.5 与最近一期年度报告相比，合并范围发生变化的具体说明 1、本年减少合并单位 4 家，原因为： （1）松江区华阳鸡场于本年关闭，已清理完毕。 （2）上海大江肉食品厂于本年关闭，已清理完毕。 （3）上海大华器械有限公司于本年关闭，已清理完毕。 （4）江苏大江畜禽发展有限公司于本年转让。 2、报告期内不再纳入合并范围公司情况 原合计持 年初 出售日 年初至出售日 出售子公司名称 股比例 净资产 净资产 净利润 江苏大江畜禽发展有限公司 70％ 1,000 1,000 --- 第 32 页 共 32 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. Shanghai Dajiang (Group) Stock Co., Ltd. Summary of Annual Report 2007 §1. Important Notes 1.1 The Board of Directors, the Supervisory Committee and directors, supervisors and senior management of Shanghai Dajiang (Group) Stock Co., Ltd (hereinafter referred to as “the Company”) warrant that this report does not contain any false or misleading statements or omit any material facts and all information set forth herein are true, accurate and complete. The Summary of Annual Report 2007 has been abstracted from the full text of the Annual Report 2006, which is published on the Website http://www.sse.com.cn at the same time. It is suggested that investors read the full text of the Annual Report to get more details. 1.2 All directors attended the Board meeting. 1.3 Shulun Pan Certified Public Accountants Co., Ltd produced a standard Auditors’ Report with unqualified opinion for the Company. 1.4 Person who is in charge of the Company, Ms. Yu Naifen, Chief Financial Officer Mr. Zang Shun, and person who is in charge of Accounting Organ, Qian Xueming hereby declare that they would guarantee the authenticity and completeness of the Financial Report in this Annual Report. 1.5 This report has been prepared in Chinese and English version respectively. In the event of difference in interpretation between the two versions, the Chinese report shall prevail. §2. Company Profile 2.1 Basic information Short form of the stock ST Dajiang Stock code 600695 Stock Exchange Listed with Shanghai Stock Exchange Short form of the stock ST Dajiang B Stock code 900919 Stock Exchange Listed with Shanghai Stock Exchange No. 26, Guyang South Road, Songjiang District, Shanghai; Registered Address and Office Address 7/F, Huayi Building, No. 1555, Lianhua Road, Shanghai. Post code of office address 200233 Internet Website http://www.dajiang.com E-mail dajiang@dajiang.com 2.2 Contact person and contact method Secretary of the Board Securities Affairs Representative Name Gu Weiwen Yang Xuefeng Contact address 7/F, Huayi Building, No. 1555, Lianhua 7/F, Huayi Building, No. 1555, Lianhua Road, Shanghai Road, Shanghai Telephone 86-21-34225027 86-21-34225030 Fax 86-21-34225056 86-21-34225056 E-mail gww_sd@dajiang.com yangxf@dajiang.com §3. Summary of Accounting Data and Financial Indexes 第 1 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. 3.1 Major accounting data Unit: RMB Yuan Increase/ Major accounting data 2007 2006 decrease than last 2005 year（％） Operating income 973,770,690.49 786,314,345.40 23.84 819,798,679.66 Total profit 48,518,630.79 22,628,295.84 114.42 -228,816,886.82 Net profit attributable to 27,317,002.47 20,024,701.65 36.42 -214,206,637.62 shareholders of listed company Net profit after deducting non-recurring gain and loss 1,220,909.85 -75,789,864.90 Inapplicable -235,089,534.89 attributable to shareholders of listed company Net cash flow arising from 126,181,400.16 47,901,701.62 163.42 -8,665,531.39 operating activities Increase/ At the end of At the end of decrease than the At the end of 2007 2006 end of last year 2005 （％） Total assets 702,359,410.01 901,673,721.05 -22.10 1,086,621,414.94 Owners’ equity (shareholders’ 227,877,147.77 203,212,995.00 12.14 173,054,502.05 equity) 3.2 Major financial indexes Unit: RMB Yuan Increase/ Major financial indexes 2007 2006 decrease than last year 2005 （％） Basic earnings per share 0.04 0.03 33.33 -0.32 Diluted earnings per share 0.04 0.03 33.33 -0.32 Basis earnings per share after deducting 0.002 -0.112 Inapplicable -0.348 non-recurring gain and loss Fully diluted return on equity 11.99 9.85 +2.14% -123.78 Weighted average return on equity 12.60 10.94 +1.66% -75.22 Fully diluted return on equity after 0.54 -37.30 +37.84% -135.85 deducting non-recurring gain and loss Weighted average return on equity after 0.56 -41.40 +41.96% -82.55 deducting non-recurring gain and loss Net cash flow per share arising from 0.19 0.07 171.43 -0.01 operating activities Increase/ At the end At the end At the end decrease than the end of of 2007 of 2006 of 2005 last year（％） Net assets per share attributable to 0.34 0.30 13.33 0.26 shareholders of listed company Items of non-recurring gains and losses √Applicable □Inapplicable Unit: RMB Yuan Items of non-recurring gains and losses Amount Gains and losses from disposal of non-current assets 9,136,719.92 Government subsidies recorded into current profit and loss (excluding 999,600.47 第 2 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. government subsidies with close relationship with the Company’s business and rationed government grants in line with the united standard) Net amount of non-operating income and expense except the aforesaid 2,448,235.97 items Other non-operating income/expense 13,511,536.26 Total 26,096,092.62 Items measured by fair value □Applicable √Inapplicable 3.3 Difference between PRC GAAP and IFRS □Applicable √Inapplicable §4. Changes in Share Capital and Particulars about Shareholders 4.1 Statement of change in share √Applicable □Inapplicable Unit: share Before the change Change of this period (+,-) After the changed Issuance Capitalization Number of Proportion Bonus Number of Proportion of new of public Other Subtotal shares (%) shares shares (%) shares reserve I. Shares subject to trading moratorium 1. Shares held by the State 2. Shares held by state-owned legal persons 3. Shares held by other 17,159,940 2.53 -17,159,940 -17,159,940 0 0 domestic investors Among which: Shares held by domestic 17,159,940 2.53 -17,159,940 -17,159,940 0 0 legal persons Shares held by domestic natural persons 4. Shares held by 278,950,848 41.25 278,950,848 41.25 foreign investors Among which: Shares held by overseas 278,950,848 41.25 278,950,848 41.25 legal persons Shares held by overseas natural 第 3 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. persons Total shares subject to 296,110,788 43.78 -17,159,940 -17,159,940 278,950,848 41.25 trading moratorium II. Shares not subject to moratorium 1. RMB ordinary 33,462,060 4.95 17,159,940 17,159,940 50,622,000 7.48 shares 2. Domestically 346,732,848 51.27 346,732,848 51.27 listed foreign shares 3. Overseas listed foreign shares 4. Others Total shares not subject 380,194,908 56.22 17,159,940 17,159,940 397,354,848 58.75 to moratorium III. Total 676,305,696 100 0 0 676,305,696 100 shares Change in shares subject to trading moratorium √Applicable □Inapplicable Unit: Share Number of Increase of Number of Number of shares released shares shares with shares with Name of from with Date of conditional conditional Reason shareholder conditional conditional releasing subscription at subscription at subscription in subscription the year-begin the year-end 2007 in 2007 Private Placement of Share 20 Sep. Legal 17,159,940 17,159,940 0 0 merger 2007 Person's reform Shareholder Luting (Hong Share 8 Jun. Kong) Co, 278,950,848 0 0 278,950,848 merger 2009 Ltd. reform Total 296,110,788 17,159,940 0 278,950,848 — — 4.2 Number of shareholders and number of shares held Unit: share Total number of shareholders 47,922 Particulars about shares held by the top ten shareholders Number of Nature of Proportion Total number shares subject Share pledged or Name of shareholder shareholders (%) of shares held to trading frozen moratorium Luting (Hong Kong) Foreign legal 41.25 278,950,848 278,950,848 0 Co., Ltd. person Shen Anxin 0.47 3,128,000 0 N/A Shanghai Songlin Domestic Industry & Trade Co., non-state-owned 0.43 2,940,000 0 N/A Ltd legal person 第 4 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. SHI XIN 0.35 2,359,999 0 N/A LIU YAN 0.35 2,347,492 0 N/A ZHANG WEN JUN 0.35 2,347,038 0 N/A JIN LI YUN 0.26 1,763,641 0 N/A DI YA XIONG 0.24 1,649,319 0 N/A WU MIN 0.22 1,459,392 0 N/A WANG XING ZHENG 0.21 1,419,793 0 N/A Particulars about shares held by the top ten shareholders holding shares not subject to trading moratorium Name of shareholders Numbers of shares not subject Type of shares to moratorium held Shen Anxin 3,128,000 Domestically listed foreign shares Shanghai Songlin Industry & Trade Co., Ltd 2,940,000 RMB ordinary shares SHI XIN 2,359,999 Domestically listed foreign shares LIU YAN 2,347,492 Domestically listed foreign shares ZHANG WEN JUN 2,347,038 Domestically listed foreign shares JIN LI YUN 1,763,641 RMB ordinary shares DI YA XIONG 1,649,319 Domestically listed foreign shares WU MIN 1,459,392 Domestically listed foreign shares WANG XING ZHENG 1,419,793 Domestically listed foreign shares GUO LU 1,396,660 Domestically listed foreign shares Explanation on associated relationship Among the top ten shareholders and the top ten shareholders holding shares not among the above shareholders or consistent subject to trading moratorium, the Company is not aware of whether or not there action were related relations or concerted action. 4.3 Particulars about the controlling shareholders and actual controllers of the Company 4.3.1 Particulars about change in the controlling shareholders and actual controllers of the Company □Applicable √Inapplicable 4.3.2 Introduction to detail situation for the controlling shareholders and the actual controllers (1) Particulars about the controlling shareholder Name of the controlling shareholder: Luting (Hong Kong) Co., Ltd. Legal representative: Yu Naifen Registered capital: HKD 900.01 millio Date of foundation: Apr. 28, 2004 Major business and management: Luting (Hong Kong) Co., Ltd. belongs to the controlling company, core business of companies controlled by Luting (Hong Kong) Co., Ltd. include real estate (including engineering construction business), hotel and property management and production of seedling, and etc. (2) Particulars about the actual controller Name of the actual controller: OASIS Investment Group Limited Legal representative: Yu Naifen Registered capital: USD 50,000 Date of foundation: Jul. 26, 2001 Major business and management: OASIS Investment Group Limited invests shareholding company quality without actual business. (3) Particulars about the actual controller of natural person Name of the actual controller: Yu Naifen Nationality: Chinese American Positions in the recent five years: Chairman of the Board in OASIS Investment Group Limited, Chairman of the Board of Luting (Hong Kong) Co., Ltd.; Chairman of the Board and of President in Shanghai Dajiang (Group) Stock Co., Ltd. 第 5 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. 4.3.3 The property right and controlling relationship between the Company and the actual controller are as follows: Yu Naifen 49% Yu Naiwen 16.6% Ke Zhengguang 16.6% Xu Hongbiao 16.6% 100% OASIS Investment Group Limited (BVI) 100% Luting (Hong Kong) Co., Ltd. 41.25% Shanghai Dajiang (Group) Stock Co., Ltd. §5. Particulars about Directors, Supervisors and Senior Management 5.1 Particulars about changes in shares held by directors, supervisors and senior management and remuneration Unit: share Total Equity incentive granted during the report Drawing payment period payment Number drawn from Market from the Number of of Reasons the shareholding Office shares shares Number price Name Title Gender Age for Company in of Number of companies term held at the held at Exercise change the report shares of share stock or other year-begin the price period to be exercised at the related year-end (RMB’0000) exercise period- parties or not (before tax) end (Yes / No Chairman of 23 May No Yu Naifen the Board, Female 43 2007- 0 0 66 No change President reelection Vice 15 Sep. Xu No Chairman of Male 44 2006- 0 0 5 Yes Hongbiao change the Board reelection 15 Sep. No Li Dongqing Director Male 46 2006- 0 0 5 Yes change reelection 15 Sep. Luo No Director Male 58 2006- 0 0 5 Yes Jincheng change reelection Director, 15 Sep. No Zang Shun Vice Male 39 2006- 0 0 50 No change President reelection Director, Secretary of 15 Sep. the Board, No Gu Weiwen Male 40 2006- 0 0 40 No and change reelection Secretary of CPC 15 Sep. Xu Independent No Male 59 2006- 0 0 8 Yes Xiaoming Director change reelection 15 Sep. ROGER T. Independent No Male 59 2006- 0 0 12 Yes MARSHALL Director change reelection Independent 15 Sep. No Zhu Jiafei Female 43 0 0 8 Yes Director 2006- change 第 6 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. reelection Chairman of 15 Sep. Zheng the No Male 53 2006- 0 0 5 Yes Shizhi Supervisory change reelection Committee 15 Sep. Wen 2006- No Supervisor Male 44 0 0 5 Yes Zhiyong 18 Apr. change 2008 Staff supervisor, 23 Dec. No Liu Jian Chairman of Male 56 2006- 0 0 20 No change the labor reelection union 15 Sep. Vice No Li Chun Male 53 2006- 0 0 47 No president change reelection 15 Sep. Shi Vice No Male 58 2006- 0 0 47 No Yongkun president change reelection Total / / / / 0 0 / 323 / / / §6 Report of the Board of Directors 6.1 Discuss and Analysis of the managements 1. Analysis on particulars about general operation in the report period In 2007, focused on the object of “Realization of profit from the main operations”, the employees of the Company developed all works shoulder and shoulder, activity and effectively. In the report period, the Company realized operating incomes totalled RMB 974 million, including income from main operation RMB 947 million; net profit RMB 48.5186 million; net profit attributed to the owners of the parent company RMB 27.317 million; net profit attributed to the owners of parent company after deducting non-recurring gains and losses RMB 1.2209 million; Net cash flow arising from financing activities RMB 126.1814 million. (1) Running quality of the main operations apparently turned better and enhanced the profitability Business of food: after several years’ continuous integration of food business, the Company reformed the one-stop-all operation model of breeding, butchering, processing and sale of meat chicken, realized with marketing as leading, transferred the development stress to the taches with high odditional value, high return rate and strong control in the production chain, and improved the core competition competence. Marketing of deep processing food was expanding, based on the annual marketing amount averaged 3000 tons in the previous three years, the amount increased by 4000 tons, which was above 30% up. In the condition of price fluctuation of raw materials, the Business Department realized sales income RMB 320 million with effort, 9.52% up year-on-year; gross profit rate was 10.2%, 4.8% up compared with that of the same period of the last year. Business of feedstuff and machinery: the competition of feedstuff market was very fierce in 2007 and price of raw materials such as corn and soybean meal increased greatly, the Company strengthened marketing and management adjusted production structure, increased the production and marketing of the aquatic feedstuff step by step. Business of Shanghai Shende Machinery Co., Ltd increased greatly, and the new business of gas equipment and granulating equipment also entered into the market. In 2007, sales incomes from feedstuff and machinery operations realized RMB 295 million, 8.63% up year-on-year; gross profit rate was 14.63%, 1.44% up compared with that of the same period of the last year. 第 7 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. Business of development and operation of real estate: under background of macro adjustment policy adopted by government, the real estate business completed sales of “Dajiangyuan Garden” basically, which brought upper cash flow and profit for the Company, realized sales income RMB 332 million, net profit RMB 23.84 million in 2007. (2) Focused on the target of assets optimization, actively integrated resources of the Company, guaranteed the future development of the Company ① Successfully Finished nature change of land of Songjiang Tahui Chicken Farm and Shanghai Dahua Appliance Co., Ltd. Up to the end of the report, the Company reserved lands more than 1000 mu, including more than 700 mu were available for exploitation, which guaranteed the capital for medium-long term development of the Company. ② Acquired and merged minority shareholdings of Dajiang Meat Processing Plant No. 4 and Songjiang Tahui Chicken Farm, subsidiaries with land resources, and provided condition of the integral development and utilization. ③ Well done the work on changing idle assets and loss assets from non-main business, disposed 16.5% shareholdings of Shanghai Huayuan Life Scientific Research Development Co., Ltd and 70% shareholdings of Jiangsu Dajiang Poultry Industry Co., Ltd in time. (3) The historical remained problems were solved basically. In the report period, with the efforts of the managements, the Company solved the historical remained problems such as items of accounts receivable of the former Dajiang Aqua-feed Technology Co., Ltd, lawsuit of share transfer of the former Hangzhou Dajiang co., Ltd and release responsibility of guarantee of the loan RMB 44500000 of Fuxin Dajiang Co., Ltd. 2. The operational situations and the achievements of the companies which are under the Company’s control or in which the Company holds a share Unit: Yuan Currency: RMB Full name of the enterprise Business type Major products Total assets Net assets Net profit Shanghai Dajiang Aquatic Feed production & sale Aqua-feed 19,977,130.92 421,116.11 778,567.22 Technology Co., Ltd Changzhou Dajiang Feed Co., Ltd. Feed production & sale Poultry-feed, aqua-feed 44,906,827.84 19,469,697.92 2,926,315.84 Shanghai Dajiang Feed Co., Ltd Feed production & sale feed 55.701.518.79 16,304,892.33 -430,344.20 Shanghai Dajiang Meat Processing Food processing & Meat-processing 82.138.568.48 6,646,152.66 -4,952,713.09 No. 2 Plant sale products Shanghai Shende Machinery Co., Feed machinery Granulating Machine, 125.285.414.57 44,448,941.28 39,922,370.93 Ltd production & sale mixing machine Shanghai Dajiang Meat Processing Slaying processing, Meat processing, storage 34.198.699.06 27,858,458.56 2,063,432.20 No. 4 Plant storage Shanghai Dajiang Real Estate Co., Real estate developing Commercial residential 144.453.580.39 61,568,419.98 23,837,110.03 Ltd & operation building Main operation income and main operation profit of subsidiary greatly influenced on net profit of the Company: Unit: Yuan Currency: RMB Name of unit Main operation income Main operation profit Net profit Shanghai Dajiang Meat Processing No. 2 Plant 192.793.559.58 7,962,112.56 -4,952,713.09 Shanghai Shende Machinery Co., Ltd. 75.556.790.78 24,248,156.22 9,922,370.93 Shanghai Dajiang Real Estate Co., Ltd. 332.127.116.16 62,425,143.45 23,837,110.03 3. Technology innovation In the report period, the Company strengthened the investment of research & development and scientific research, established the Technology Research & Development Centre of food and Technology Research & Development Centre of feed. Since the establishment of the aforesaid centres, the Company dedicated to the production technology of the original products, reform and optimization of product structure, and dedicated to development & research of new products. In 第 8 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. accordance with demand of the market, the Food Research & Development Centre researched 15 kinds of products and launched into the market successfully, and the sales accounted for 31% of the total marketing of deep processing products; In accordance with changes of market of raw materials, the Feed Research & Development Centre improved the production technology and directions for producing. In 2007, the Company was awarded as the Foreign Investment Enterprise with Advanced Technology in 2007 by Shanghai Foreign Investment Commission and Shanghai Municipal Foreign Economic Relations and Trade Commission. 4. Outlook of the development of the Company in future (1) Industry Development trend of the industry, market competition structure and the risk faced by the Company The main operations of the Company were composed of food industry, feed industry and real estate industry. ① The food industry of the Company mainly were meat products. Along with the development of economic of China, the consumption of the meat products increased rapidly, and the consumption of meat food expanded and the consumption level prompted greatly. In accordance with the data, the annual consumption of the poultry meat exceeded RMB 24 billion in Shanghai, and continuously increased with rate of 4.8% per year. The large and stable market created an excellent external environment for implementation of development strategy of the food. Market competition structure and the risk faced by the Company: along with the continuous raise of the price of raw materials, the cost of the Company increased. Although the Company continuously adjusted the price of products, cannot offset the raise of the cost; as an industry closed to people’s life, the focus on food industry prompted year by year. Food safety was important to the brand operation of the Company. ② feed and machinery industry: in recent years, the support of agriculture from the country increased, the State Council of the PRC definitely adopted the policy “Quickening the development of characteristic agriculture, constructing standard demonstration base, combining the traditional production method to modern technology and prompting quality and production level of the characteristic agriculture” with document No. 1; in view of the development cycle of the industry of “the eleventh five-years Development Plan of feed industry” adopted by the country, the feed industry of China was in maturity phase; with the improvement of income of urban and rural residents and perfect of food structure, the consumption of animal food such as meat, eggs and milk etc would further increased and further pushed the increase of demand for feed. Market competition structure and the risk faced by the Company: It is forecasted that fluctuation of price of agricultural products would last for a long time, although the price of feed of the Company increased with different degree, in general, the range of rise in price of products was lower than the rising range of cost due to lag of the price, meanwhile, the fluctuation of price caused the uncertainty of the operation, the influence of global on feedstuff industry became more and more obvious; market competition was becoming more and more fierce. ③ The real estate of the Company was mainly in operation and exploitation of industry land. The land reserves of the Company mainly centralized in Shanghai Songjiang District, where the industry developed rapidly, the urbanization continuously improved and potential of land appreciation was very large. Market competition structure and the risk faced by the Company: The real estate industry was impressible to the macro adjustment policy, the county strengthened adjustment on loan and tax. The Ministry of Land and Resources P. R. C. issued Circular on Intensifying the Land Control in Sep. 2006, and strengthened macro adjustment on land for industry; The Company signed Land 第 9 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. Transfer Contract, transferred parts of non-transfer land of closed down or operation suspended enterprises to transfer land and formed certain land serves. But these land resources distributed dispersedly, which brought difficulty in exploitation and operation. 5. Operation plan of 2008 Viewed at the development trend of the aforesaid main operations, competition distribution and risks of the Company, the Company focused on development orientation of the main operations, combined actual situation and adopted active measures, kept and accelerated the excellent development trend at present in 2008. Owing to the particularity of the income recognition of the real estate business, the items of the real estate business which was available for settlement would decrease in 2008. It was forecasted that the operating income of the Company in 2008 was about RMB 760 million and cost expenses was about RMB 750 million. The current capital and demand of investment capital of the Company in 2008 budgeted RMB 980 million, and the Company would solve the demand of capital by the method of depending on current capital loan, project loan, cash flow arising from operating and disposal of idle assets, and reduce capital cost to the best of the Company’s ability. The main measures adopted in 2008: (1) Continuously improved the operating quality of current main operations of the Company, and actively exploited development of new operation. With the integration of recent years after reorganization, the profit model began to change. With adjustment on organization chart as breakthrough, the Company integrated three profit assessment centers and four cost assessments centers, formed operating models of food industry with continuous increasing income and improving profit; prompted the influence and control of terminal step by step; Intensified expand of research & development and control of production, accelerated the food transfer to deep processing products and precast products, further fulfilled quality guarantee system, strictly executed operating procedure and stabilized and improved quality of products. Based on the stabilization and development on current marketing model, actively exploited new operation as food retail and trade. Established shop specialized in Dajiang meat food in large-medium cities with brand image of specialist of meat food; enlarged trading in domestic and export, and struggled to be the new active marketing model of the Company. Feed and machinery operations insisted on specialization and fine management. Strengthened integration of capability of feed system, personnel and market resources, improved the utilization efficiency of assets and resources of the Company; continuously intensified adjustment and optimization on product structure of feed. Formed various particular and competitive products, further expanded domestic and foreign market of machinery business, and further prompted new products and proportion in the whole business. The real estate industry with many products, trans-region, resisting certain risks from market and policy and continuous profit would be one of the important industries of the Company in future. There were two projects of real estate startup in 2008: ① Exploitation project of modern industrial park of Shanghai Dajiang Kechuang Property Co., Ltd, which located in Songjiang District with area 78.6 mu and land available for industry 75011 ㎡, including parts for sale to realize return of the capital and parts for lease for long-term operating property. ② Project of Shanghai Yanglei Property Co., Ltd located in Guyang Road South, Songjiang Old Urban Area, including commercial land 6.62 mu, residence land 11.6 mu. The exploitation of commercial land would start in 2008, and planned to build apartment hotel. (2) Strengthened management of internal control of the Company, and prompted corporate governance 第 10 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. In 2008, the Company made effort to prompt management of human resource construction, resource optimization, capital management and system construction, prepared for the healthy development of the Company in the future, and the major works including the following aspects: ① Strengthened management ability of headquarters of the Company, established Marketing & Brand Committee and Purchase Committee, formulated relevant rules and systems, and strengthened brand construction and purchase management; Deepened and perfected centralized management of finance, integrated personnel and capital, future improved the efficiency of personnel and capital; strengthened management of human resources. ② Perfected mechanism of internal assessment, appraisal and incentive. Implemented qualification assessment and incentive mechanism of senior executives, praised and awarded advanced individuals and eliminated laggards, meanwhile perfected the method and content of assessment of economic unit and functional department. ③ Established significant evaluation mechanism and appraisal mechanism on foreign investment projects. The Company should detailedly demonstrate the feasibility of the significant foreign investment projects, and traced, evaluated and improved operating quality in time in the processing. ④ Continuously strengthened training of employees, improved the working ability, intensified the employees’ consciousness of market, competition and crisis. 6.2 Main operations classified according to industries or products Unit: RMB Yuan Increase/ Gross Classified by Increase/decrease of decrease of Increase/decrease of Operating profit industries or Operating cost operating income operating cost gross profit ratio than income ratio products than last year (%) than last year last year (%) (%) (%) Industries Industry 615,348,214.24 539,363,220.18 0.38 7.42 2.31 +4.29% Property 332,127,116.16 248,944,027.93 10.71 67.88 60.01 -0.79% industry Products Feedstuff and 294,648,472.24 250,827,376.83 6.22 8.63 6.59 +7.21% machinery Food 320,699,742.00 288,535,843.35 1.80 9.52 4.22 +9.84% Real estate 332,127,116.16 248,944,027.93 10.71 67.88 60.01 -0.79% 6.3 Statement of main operations classified according to areas Unit: RMB Yuan Increase/ decrease of operating income Region Operating income than last year (%) Domestic 910,439,611.76 22.76 Overseas 37,035,718.64 27.48 6.4 Particulars about the major suppliers and customers Unit: RMB Yuan Total amount of purchase of the top five 158,144,273.79 Proportion in the total amount of 28.63% suppliers purchase 第 11 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. Total amount of sales of the top five sales 192,445,551.14 Proportion in the total amount of 19.76% customers sales 6.5 Explanation on significant changes in consolidated balance sheet, consolidated income statement and consolidated cash flows statement of the Company in the report period Unit: RMB Yuan Items Amount at the end of Amount at the Increase or the year beginning of the year decrease % Notes receivable 3,240,000.00 809,141.80 300.42% Accounts receivable 87,226,183.18 64,972,500.59 34.25% Accounts prepaid 41,262,654.71 27,798,715.62 48.43% Inventories 164,798,124.25 349,737,196.17 -52.88% Projects in construction 5,339,570.93 932,137.67 472.83% Long-term deferred expenses 276,800.00 1,988,218.12 -86.08% Accounts payable 66,859,056.10 97,566,302.87 -31.47% Advances from customers 23,178,657.84 67,470,097.63 -65.65% Accrued payroll 6,315,175.67 11,623,689.29 -45.67% Non-current liabilities due to within 0 107,000,000.00 -100% one year Long-term loan 7,000,000.00 10,000,000.00 -30% 1. The main reason for increase of notes receivable was receivable of Bank’s Acceptance Bill 2. The main reason for increase of accounts receivable was realization of sales increase compared with that of the last year. 3. The main reason for increase of accounts prepaid was prepayment for state-owned land transfer of Shanghai Dajiang Meat Processing No. 4 Plant RMB 10,720,000. 4. Inventories decreased mainly because Shanghai Dajiang Real Estate Co., Ltd, the subsidiary company of the Company, realized the sales of damaged inventories. 5. Projects in construction increased mainly because expenses of projects in construction of the Company increased RMB 4,000,000 due to reconstruction of the major workshop of Shanghai Dajiang Meat Processing No. 4 Plant in current year. 6. Long-term deferred expenses decreased mainly because the three controlling subsidiary companies entered into the operation phase, which was in establishment phase in 2006, and transferred RMB 2,000,000 out. 7. The main reason for decrease of accounts payable was payment of project for Shanghai Dajiang Real Estate Co., Ltd, the subsidiary company of the Company. 8. Advances from customers decreased mainly because Shanghai Dajiang Real Estate Co., Ltd, the controlling subsidiary company of the Company, transferred the accounts collected in advance to recognition sales income. 9. Accrued payroll decreased mainly because the Company charged back the remained employees’ welfare funds reserved in previous years. 10. The main reason for decrease of non-current liabilities due to within one year was refunding the loan of bank RMB 107 million. 11. The main reason for decrease of long-term loan was refunding the loan of bank RMB 3 million. Amount at current Amount at the Increase or Items period same period of the decrease 第 12 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. last year Operating tax and extra charge 21,270,030.16 12,665,033.78 67.94% Administrative expenses 40,191,497.73 58,415,968.61 -31.20% Loss from assets depreciation -9,758,718.09 7,647,134.28 -227.61% Investment income 118,788.92 68,904,874.80 -99.83% Operating profit 35,907,238.35 -268,954.87 13450.66% Non-operating income 12,721,322.32 26,672,635.79 -52.31% Non-operating expenses 109,929.88 3,775,385.08 -97.09% Total Profit 48,518,630.79 22,628,295.84 114.42% Income tax expenses 16,792,427.06 9,554,712.90 75.75% Net profit 31,726,203.73 13,073,582.94 142.67% Net profit attributed to the 27,317,002.47 20,024,701.65 36.42% owners of the parent company Minority shareholders’ gains & 4,409,201.26 -6,951,118.71 -163.43% losses 1. The main reason for increase of operating tax and extra charge was increase of tax due to increase of sales income of Shanghai Dajiang Real Estate Co., Ltd, subsidiary of the Company. 2. Administrative expenses decreased mainly because the subsidiary companies in consolidated statement decreased when transfer and liquidation of share of the controlling subsidiary companies of the Company. 3. The main reason for loss from assets depreciation was share transfer of Shanghai Huayuan Life Scientific Research Development Co., Ltd, and transfer out of reserved loss from assets depreciation RMB 15,590,000. 4. The main reason for decrease of investment income was decrease of the subsidiary companies needed to liquidate in current year. 5. The main reason for increase of operating profit was increase of sales income, the general gross profit from sales income 4.78% up and decrease of expenses during the report period. 6. Non-operating income decreased mainly because the allowance from the government reduced RMB 16.29 million. 7. The main reason for decrease of non-operating expenses was decrease of loss from disposal of non-current assets. 8. The main reason for increase of total profit was increase of operating profit. 9. The income tax expense increase mainly because Shanghai Dajiang Real Estate Co., Ltd, subsidiary company of the Company, realized sales in latter half of the year 2006, and the real estate company realized the income tax from sale. 10. The main reason for increase of net profit was increase of operating profit. 11. The main reason for increase of net profit attributed to the owners of the parent company was the increase of net profit in current year due to industry adjustment. 12. The main reason for increase of minority shareholders’ gains & losses was the increase of net profit of subsidiary companied within the scope of consolidation in current year. Amount at the Amount at Increase or Items same period of current period decrease the last year Tax refunds 3,344,493.56 2,479,402.00 34.89% Cash receipts from other business activities 29,102,236,79 141,440,189.59 -79.42% Cash paid to and on behalf of employees 35,651,966.85 74,151,262.54 -51.92% Cash payment for other business activities 66,160,382.41 116,457,352.86 -43,19% Cash receipts from return of investments 750,000.00 102,777,314.65 -99.27% 第 13 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. Cash receipts from disposal of fixed assets, 19,521,127.91 3,300,987.75 491.37% intangible assets and other long-term assets Net cash received from disposal of 31,830,000.00 0 100% subsidiaries or other operating business units Cash payment for investment 0 45,000,000.00 -100% Cash payment for acquisition of subsidiary 4,500,000.00 15,650.000.00 -71.25% and other operating business units Cash receipts from investors 0 3,000,000.00 -100% Cash receipts from borrowings 630,000,000.00 480,500,000.00 31.11% Cash repayment for debts 756,000,000.00 556,000,000.00 35.97% Cash payment for dividend, profit and 39,614,299.11 27,867,235.40 42,.15% interest 1. The main reason for increase of tax refund was the allowance for extra charged of avian influenza and increase of export rebates. 2. The main reason for decrease of cash receipts from other business activities was payment of loan RMB 57,477,800, allocation expense for employee RMB 48.2 million by the original shareholder in the same period of last year, and subsidies for poultry farm from Qingpu District Government. 3. The main reason for decrease of cash paid to and on behalf of employees was decrease of subsidiaries within the scope pf consolidation and allocation of employees. 4. The main reason for decrease of cash payment for other business activities was repayment of loan of shareholders RMB 30 million and payment for allocation expenses for employees RMB 27,198,300 in the same period of the last year. 5. The main reason for decrease of cash receipts from return of investments was liquidation of Yangzhou Dajiang Co., Ltd and eight chicken farms and share transfer of Fuxin Dajiang Co., Ltd. 6. The main reason for decrease of cash receipts from disposal of fixed assets, intangible assets and other long-term assets was sale of poultry lines and parts of chase equipments. 7. The main reason for decrease of net cash received from disposal of subsidiaries or other operating business units was disposal of Jiangsu Dajiang Co., Ltd, Hangzhou Dajiang Co., Ltd, Shanghai Huayuan Life Scientific Research Development Co., Ltd and Songjiang Huayang Chicken Farm. 8. The main reason for decrease of cash payment for investment was share investment of Shanghai Xijiao Agricultural products RMB 45 million. 9. The main reason for decrease of cash payment for acquisition of subsidiary and other operating business units was large expenditures due to acquisition and merger parts of shares of Shanghai Handi Property Development Co., Ltd and Shanghai Dahua Appliance Co., Ltd. 10. The main reason for decrease of cash receipts from investors was establishment of joint venture Jiangsu Dajiang Poultry Development Co., Ltd and receipts investment from JV party RMB 3 million. 11. The main reason for increase of cash receipts from borrowings was the new loan of bank in this period. 12. The main reason for increase of cash repayment for debts was repayment for loan of the bank in current period. 13. The main reason for increase of cash payment for dividend, profit and interest was increase of payment for dividend and interest of Songjiang Huayang Chicken Farm. 6.6 Use of the raised proceeds 第 14 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. □Applicable √Inapplicable Particulars about the changed project □Applicable √Inapplicable 6.7 Application of the non-raised proceeds □Applicable √Inapplicable 6.8 Explanation of the Board of Directors on the “Non-standard Opinion” issued by the Certified Public Accountants □Applicable √Inapplicable 6.9 Preplan of profit distribution or share capital transferred from capital reserve for 2007 made by the Board of Directors Neither dividend distribution or bonus nor share capital transferred from capital reserve occurred in the year 2007 The Company did not appropriate share distribution preplan though the Company achieved the profit in the report period √Applicable □Inapplicable The reasons why the Company did not appropriate share distribution preplan though the Company achieved the Usage and plan of undistributed profit profit in the report period In the report period, though the Company showed a profit, but the profit available for distribution was RMB -760,776,015.85, so the Company didn’t distribute the dividend or bonus, neither carried out the capitalization of common reserves. §7 Significant Events 7.1 Purchase of assets √Applicable □Inapplicable Unit: RMB’0000 Net profit made by the sold assets Credit and for the Ownership liabilities of Company Gains and transfer of the Counterpart Related the Asset Selling Selling during the losses involved and assets transaction involved sold date price period arising from assets fully sold or not assets fully between the such sale accomplished transferred beginning of or not or not the year and the selling day Sideline 45% of Company of Songjiang 11 Jul. 315 Inapplicable Inapplicable No Yes Yes Shihudang Tahui 2007 Town of Chicken 第 15 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. Songjing, Farm Shanghai 7.2 Sales of assets √Applicable □Inapplicable Unit: RMB’0000 Net profit made by the sold assets Gains Credit and for the Ownership and liabilities of Company transfer of the Counterpart losses Related the Selling Selling during the involved and assets Asset sold arising transaction involved date price period assets fully sold from or not assets fully between the accomplished such transferred beginning of or not sale or not the year and the selling day raw material warehouse (2,082 sq.m.), finished product warehouse (940 Shanghai sq.m.), workshop for 14 Tianbang livestock and poultry Feb. 650 516 No Yes Yes Feed Co., feed (644 sq.m.), 2007 Ltd. production line equipment of livestock and poultry feed and 3 1000-ton tower silos China 16.5% equity of 26 Worldbest Shanghai Huayuan Life Apr. 2,000 381 No Yes Yes Life Industry Scientific Research 2007 Co., Ltd. Development Co., Ltd Jiangsu Jinghai 10% equity of Jiangsu 17 Poultry Dajiang Livestock and Oct. 623 -77 No Yes No Industry Poultry Development 2007 Group Co., Co., Ltd Ltd. There was no influence on the business continuity and management stability of the Company due to the aforesaid sales of assets, which was beneficial to the realization in cash of the deposit assets and increasing the profit and cash flow, 7.3 Significant guarantees √Applicable □Inapplicable Unit: RMB’0000 External guarantee of the Company (excluding the guarantee for the shareholding subsidiaries) Name of Date of Guarantee the occurrence Amount of Guarantee Accomplished for related Guarantee term Company (date of guarantee type or not party (yes guaranteed agreement or not) 第 16 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. signed) Total amount of guarantee occurred in the report period 0 Total balance of guarantee at the end of the report period 0 Guarantee of the Company for the shareholding subsidiaries Total amount of guarantee occurred for shareholding 5,600 subsidiaries in the report period Total balance of guarantee occurred for shareholding 6,300 subsidiaries at the end of the report period Total amount of external guarantee of the Company (Including the guarantee for the shareholding subsidiaries) Total amount of guarantee 6,300 The proportion of the total amount of guarantee in the net 23.16 assets of the Company Of which: The amount of guarantee provided for shareholders, actual 0 controller and other related parties Guarantee amount for the debts of the guaranteed companies with an asset-liability ratio of over 70 percent, directly or indirectly 3,550 The amount by which the total guarantee amount exceeded 0 50 percent of the net assets Total amount of the above three guarantees 3,550 7.4 Significant related transactions 7.4.1 Related transactions concerning routine operation □Applicable √Inapplicable 7.4.2 Related credits and liabilities current √Applicable □Inapplicable Unit: RMB’0000 Funds provided by the listed company to Funds provide by related parties to listed Related parties related parties company Occurred amount Balance Occurred amount Balance Shanghai Luting Group 400 20.42 Co., Ltd. Shanghai OASIS Kechuang Development 30 30 Co., Ltd. Shanghai Lvzhou Yijing Engineering 1,900 1,900 Construction Co., Ltd. Total 400 20.42 1,930 1,930 Of which: The funds provided by the Listed Company to controlling shareholder and its subsidiaries during the report period totaled RMB -15,300,000, as well as the balance of RMB 19,095,800. 7.4.3 Progress of repayment on the capital occupied as at the end of 2007 第 17 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. □Applicable √Inapplicable In case of the Company's failure to complete the repayment of the capital occupation of non-operating as at the end of 2007, relevant reason, measures for debt repayment and plan for responsibility ascertainment □Applicable √Inapplicable 7.5 Financing entrustment □Applicable √Inapplicable 7.6 Implementation of commitments 7.6.1 The commitments made by the Company and the shareholders holding above 5% shares of the Company in the report period or lasting to the report period √Applicable □Inapplicable Commitments in share merger reform and execution: After the implementation of share merger reform, to whom either of the following situations happened, the shareholders of unlimited shares in circulation for sale registered in record would be made additional consideration once after closing of the equity-register date for additional consideration, with total additional consideration of 5,148,000 shares. The first one was: the Financial Report of the Company in 2006 through auditing was issued by the accountant firm with non-standard opinion; the second one was: the net profit of the Company in 2006 showed in Financial Report of the Company in 2006 through auditing was negative. When either of the above happened, Luting (Hong Kong) Co., Ltd would implement additional consideration once within 10 dealing days after the Auditors’ Report was examined and approved at the Shareholders’ General Meeting of the Company in 2006. The former non-circulation share of the Company could not be listed for trading or transferred within 2 years from the first dealing day after implementation of share merger reform to the mature term for additional consideration. If the shares were sold by disobeying promise, the obtained capital would be attributed to the listed companies. The net profit of the Company in 2006 showed in Financial Report of the Company in 2006 through auditing was positive, Shulun Pan Certified Public Accountants issued the standard unqualified audit opinion. On May 23, 2007, the Financial Report of the Company in 2006 was examined and approved at Annual Shareholders’ General Meeting of the Company in 2006. Because Luting(Hong Kong) Co., Ltd did not touch off the conditions of performing promise, the promise was cleared up automatically without additional share to the shareholders of circulation shares. In the report period, Luting (Hong Kong) Co., Ltd had no shares to be listed for trading or be transferred. 7.6.2 Explanation made by the Company on that assets and projects reach original profit forecast or not and relevant reasons if there exist profit forecast in term of assets or projects and still in the profit forecast period in the reporting period □Applicable √Inapplicable 7.7 Significant lawsuits and arbitrations □Applicable √Inapplicable 第 18 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. 7.8 Other significant events and explanation on analysis to their influences and solutions 7.8.1 Securities investment □Applicable √Inapplicable 7.8.2 Equity of other listed companies held by the Company □Applicable √Inapplicable 7.8.3 Equity of non-listed financial enterprises held by the Company √Applicable □Inapplicable Change Profit Equity in the Book and Initial proportion owners’ Subject for Source Number of value at loss in Name investment in that of equity accounting of shares held the the amount this in the calculation shares period-end report company report period period Shenyin Legal & long-term person’s Wanguo 51,250,000 51,760,000 0.77 51,250,000 0 0 equity shares Securities investment issued Co., Ltd. 7.8.4 Trading of shares of other listed companies □Applicable √Inapplicable §8 Report of the Supervisory Committee The Supervisory Committee believed that the Company has carried out the production and business operation strictly in accordance with the relevant laws and regulations, and that there is no problem on the financial status, the use of funds, the purchase and sales transactions and the related transactions of the Company. §9 Financial Report 9.1 Auditors’ Report Financial Report √ Un-audited □ Audited Auditors’ Report √ The standard unqualified opinion □ The qualified opinion Full text of Auditors’ Report Auditors’ Report XKSB Zi [2008] No. 10588 All Shareholders of Shanghai Dajiang (Group) Stock Co., Ltd.: We have audited the accompanying financial statements of the Company, which comprise the consolidated balance sheet and balance sheet as at 31 December 2007, the consolidated income statement and income statement, the consolidated statement of changes in equity and statement of changes in equity, the consolidated cash flow statement and cash flow statement for the year then ended, and notes to the financial statements. Management’s Responsibility for the Financial Statements 第 19 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. The Company’s management is responsible for the preparation of these financial statements in accordance with China Accounting Standards for Business Enterprises (2006) issued by the Ministry of Finance of the People’s Republic of China. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation 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. We conducted our audit in accordance with China Standards on Auditing for Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance 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 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 Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, 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. Opinion In our opinion, the financial statements comply with the requirements of China Accounting Standards for Business Enterprises (2006) issued by the Ministry of Finance of the People’s Republic of China and present fairly, in all material respects, the consolidated financial position and financial position of the Company as at 31 December 2007, and the consolidated results of operations and results of operations and the consolidated cash flows and cash flows of the Company for the year then ended. Shu Lun Pan Certified Public Accountants Co., Ltd. CPA: Lin Lu Shanghai · China CPA: Xu Lirong 18 April 2008 9.2 Financial Statement Consolidated Balance Sheet 31 Dec. 2007 Prepared by Shanghai Dajiang (Group) Stock Co., Ltd. Unit: RMB Yuan Items Note V Amount at the period-end Amount at the period-begin 第 20 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. Current Assets: Monetary funds I 58,150,291.95 72,178,876.26 Settlement fund reserve Dismantle fund Transaction financial asset Notes receivable II 3,240,000.00 809,141.80 Account receivable III 87,226,183.18 64,972,500.59 Account paid in advance V 41,262,654.71 27,798,715.62 Premium receivables Receivables from reinsurers Reinsurance contract reserve receivables Interest receivable Dividend receivable Other account receivable IV 23,773,168.11 28,366,489.83 Financial assets purchased under agreements to resell Inventories VI 164,798,124.25 349,737,196.17 Non-current assets due within 1 year Other current assets Total current assets 378,450,422.20 543,862,920.27 Non-current assets: Loans and advance Available for sale financial assets Held to maturity investments Long-term account receivable Long-term equity investment VII 118,894,243.72 135,080,252.16 Investing property VIII 30,211,483.16 32,324,967.92 Fixed asset IX 116,647,146.39 136,680,258.50 Project in construction X 5,339,570.93 932,137.67 Engineering material Fixed asset disposal Bearer biological asset Oil assets Intangible assets XI 52,539,743.61 50,804,966.41 Development expense Goodwill Long-term expense to be XII 276,800.00 1,988,218.12 apportioned Deferred tax assets Other non-current assets Total of non-current assets 323,908,987.81 357,810,800.78 Total assets 702,359,410.01 901,673,721.05 Current liabilities: Short-term borrowings XIII 336,000,000.00 352,000,000.00 Borrowing from Central Bank Deposits and due to banks and other financial institutions Placements from banks and other financial institutions Transaction financial liabilities Notes payable Account payable XIV 66,859,056.10 97,566,302.87 Account received in advance XV 23,178,657.84 67,470,097.63 第 21 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. Financial assets sold under agreements to repurchase Handling charges and commission payable Employee’s compensation XVI 6,315,175.67 11,623,689.29 payable Tax payable XVIII -143,474,349.40 -158,747,056.03 Interest payable XIX 646,179.50 793,956.04 Dividend payable XVII 49,887.50 49,887.50 Other account payable XX 130,721,298.75 162,136,450.89 Due to reinsurers Insurance contract reserve Customer deposits Amount payables under security underwriting Non-current liabilities due XXI 107,000,000.00 within 1 year Other current liabilities Total current liabilities 420,295,905.96 639,893,328.19 Non-current liabilities: Long-term borrowings XXII 7,000,000.00 10,000,000.00 Debentures payable Long-term payables XXIII 3,035,445.29 3,035,445.29 Specific purpose account payables Provisions for contingent liabilities Deferred tax liabilities Other non-current liabilities Total non-current liabilities 10,035,445.29 13,035,445.29 Total liabilities 430,331,351.25 652,928,773.48 Owner’s equity Share capital XXIV 676,305,696.00 676,305,696.00 Capital surplus XXV 234,597,730.13 236,158,576.13 Less: Treasury Stock Reserved fund XXVI 77,749,737.49 77,749,737.49 General risk provision Retained earnings XXVII -760,776,015.85 -787,001,014.62 Foreign exchange difference Total owners' equity 227,877,147.77 203,212,995.00 attributable to holding company Minority interest 44,150,910.99 45,531,952.57 Total owner’s equity 272,028,058.76 248,744,947.57 Total liabilities and owner’s 702,359,410.01 901,673,721.05 equity Legal representative: Yu Naifen CFO: Zang Shun Manager of Accounting Department: Qian Xueming Balance Sheet of Parent Company 31 Dec. 2007 Prepared by Shanghai Dajiang (Group) Stock Co., Ltd. Unit: RMB Yuan Items Note VI Amount at the period-end Amount at the period-begin Current Assets: Monetary funds 28,969,551.60 16,164,887.22 Transaction financial asset 第 22 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. Notes receivable Account receivable I 30,453,279.72 14,811,944.81 Account paid in advance 23,332,411.63 7,249,815.90 Interest receivable Dividend receivable Other account receivable II 74,492,038.39 101,552,783.31 Inventories 25,460,325.09 23,453,222.10 Non-current assets due within 1 year Other current assets Total current assets 182,707,606.43 163,232,653.34 Non-current assets: Available for sale financial assets Held to maturity investments Long-term account receivable Long-term equity investment III 372,458,735.40 373,063,798.72 Investing property 30,211,483.16 32,324,967.92 Fixed asset 18,644,538.67 22,265,158.82 Project in construction 320,000.00 Engineering material Fixed asset disposal Bearer biological asset Oil assets Intangible assets 18,596,571.73 20,961,013.50 Development expense Goodwill Long-term expense to be 276,800.00 apportioned Deferred tax assets Other non-current assets Total of non-current assets 440,508,128.96 448,614,938.96 Total assets 623,215,735.39 611,847,592.30 Current liabilities: Short-term borrowings 237,000,000.00 251,500,000.00 Transaction financial liabilities Notes payable Account payable 21,451,577.59 11,970,886.82 Account received in advance 4,464,083.58 3,212,846.47 Employee’s compensation 2,968,634.81 5,466,754.38 payable Tax payable -157,918,663.85 -161,376,372.32 Interest payable 585,403.50 567,272.57 Dividend payable 49,887.50 49,887.50 Other account payable 281,271,117.83 279,241,816.22 Non-current liabilities due within 1 year Other current liabilities Total current liabilities 389,872,040.96 390,633,091.64 Non-current liabilities: Long-term borrowings Debentures payable Long-term payables Specific purpose account payables Provisions for contingent liabilities Deferred tax liabilities Other non-current liabilities 第 23 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. Total non-current liabilities Total liabilities 389,872,040.96 390,633,091.64 Owner’s equity Share capital 676,305,696.00 676,305,696.00 Capital surplus 246,358,426.68 245,642,526.94 Less: Treasury Stock Surplus reserve 77,749,737.49 77,749,737.49 Retained earnings -767,070,165.74 -778,483,459.77 Total owners' equity attributable 233,343,694.43 221,214,500.66 to holding company Total liabilities and owner’s 623,215,735.39 611,847,592.30 equity Legal representative: Yu Naifen CFO: Zang Shun Manager of Accounting Department: Qian Xueming Consolidated Income Statement Jan.-Dec. 2007 Prepared by Shanghai Dajiang (Group) Stock Co., Ltd. Unit: RMB Yuan Amount of this Amount of last Items Note V period period I. Total sales 973,770,690.49 786,314,345.40 Including: Sales XXVIII 973,770,690.49 786,314,345.40 Interests income Premium income Handling charges and commission income II. Total cost of sales 937,982,241.06 855,488,175.07 Including: Cost of sales XXVIII 810,544,167.82 703,674,528.59 Interests expenses Handling charges and commission expenses Claim expenses-net Provision for insurance liability reserve Expenses for reinsurance accepted Payments on surrenders Policyholder dividends Taxes and associate charges XXIX 21,270,030.16 12,665,033.78 Selling and distribution expenses 43,891,601.27 39,736,083.26 Administrative expenses 40,191,497.73 58,415,968.61 Financial expense 31,843,662.17 33,349,426.55 Impairment loss XXX -9,758,718.09 7,647,134.28 Add: gain/(loss) from change in fair value (“-” means loss) Gain/(loss) from investment (“-” means XXXI 118,788.92 68,904,874.80 loss) Including: income form investment on affiliated enterprise and jointly enterprise Foreign exchange difference (“-” means loss) III. Business profit (“-” means loss) 35,907,238.35 -268,954.87 Add: non-business income XXXII 12,721,322.32 26,672,635.79 Less: non-business expense XXXIII 109,929.88 3,775,385.08 第 24 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. Including: loss from non-current asset disposal IV. Total profit (“-” means loss) 48,518,630.79 22,628,295.84 Less: Tax expense XXXIN 16,792,427.06 9,554,712.90 V. Net profit (“-” means loss) 31,726,203.73 13,073,582.94 Attributable to parent company 27,317,002.47 20,024,701.65 Minority interest 4,409,201.26 -6,951,118.71 VI. Earnings per share (I) basic earnings per share 0.04 0.03 (II) diluted earnings per share 0.04 0.03 Legal representative: Yu Naifen CFO: Zang Shun Manager of Accounting Department: Qian Xueming Income Statement of Parent Company Jan-Dec. 2007 Prepared by Shanghai Dajiang (Group) Stock Co., Ltd. Unit: RMB Yuan Amount of this Amount of last Items Note VI period period I. Operating income 353,697,113.38 304,260,751.66 Less: Operating cost V 325,442,248.41 297,739,313.11 Business tax and extra Selling and distribution expenses 7,500,730.17 10,270,665.88 Administrative expenses 19,830,928.31 34,622,433.63 Financial expense 22,422,161.01 25,201,536.75 Impairment loss of assets -12,884,942.67 7,182,875.65 Add: gain/(loss) from change in fair value (“-” means loss) Gain/(loss) from investment (“-” means loss) V 118,788.92 64,193,798.12 Including: income form investment on affiliated enterprise and jointly enterprise II. Business profit (“-” means loss) -8,495,222.93 -6,562,275.24 Add: non-business income 19,951,579.22 26,255,348.79 Less: non-business expense 43,062.26 1,640,380.41 Including: loss from non-current asset disposal III. Total profit (“-” means loss) 11,413,294.03 18,052,693.14 Less: Income tax expense IV. Net profit (“-” means loss) 11,413,294.03 18,052,693.14 Legal representative: Yu Naifen CFO: Zang Shun Manager of Accounting Department: Qian Xueming Consolidated Cash Flow Statement Jan.-Dec. 2007 Prepared by Shanghai Dajiang (Group) Stock Co., Ltd. Unit: RMB Yuan Amount of this period Amount of last period Items Note V 1. Cash flows for operating activities: Cash received from sales of goods or rending of 877,086,235.53 709,803,571.12 services Cash received on deposits and from banks and other financial institutions Net increased cash received on borrowings from central bank Cash received on placements from other financial institutions Premium received 第 25 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. Cash received from reinsurance Net increased amount received on policyholder deposit and investment Cash received from disposal of held for trading financial assets Interests, handling charges and commission received Cash received on placements from bank, net Cash received under repurchasing, net Refund of tax and fare received 3,344,493.56 2,479,402.00 Other cash received relating to operating XXXVI 29,102,236.79 141,440,189.59 activities Sub-total of cash inflows 909,532,965.88 853,723,162.71 Cash paid for goods and services 648,455,578.32 589,411,362.51 Loans and advances drawn Cash paid to central bank, banks and other financial institutions, net Claims paid Interests, handling charges and commission paid Dividends paid to policyholders Cash paid to and on behalf of employees 35,651,966.85 74,151,262.54 Tax and fare paid 33,083,638.14 25,801,483.18 Other cash paid relating to operating activities XXXVI 66,160,382.41 116,457,352.86 Sub-total of cash outflows 783,351,565.72 805,821,461.09 Net cash flow from operating activities 126,181,400.16 47,901,701.62 2. Cash Flows from Investment Activities: Cash received from return of investments 750,000.00 102,777,314.65 Cash received from investment income 145,625.00 206,721.94 Net cash received from disposal of fixed assets, 19,521,127.91 3,300,987.75 intangible assets and other long-term assets Proceeds from sale of subsidiaries and other 31,830,000.00 operating units Other cash received relating to investment activities Sub-total of cash inflows 52,246,752.91 106,285,024.34 Cash paid for acquiring fixed assets, intangible 22,465,402.18 30,957,501.04 assets and other long-term assets Cash paid for acquiring investments 45,000,000.00 Net cash used in loans Net cash used in acquiring subsidiaries and 4,500,000.00 15,650,000.00 other operating units Other cash paid relating to investment activities Sub-total of cash outflows 26,965,402.18 91,607,501.04 Net cash flow from investing activities 25,281,350.73 14,677,523.30 3. Cash Flows from Financing Activities: Cash received from absorbing investment 3,000,000.00 Including: Cash received from increase in minority interest Cash received from borrowings 630,000,000.00 480,500,000.00 Cash received from issuing debentures Other proceeds relating to financing activities Sub-total of cash inflows 630,000,000.00 483,500,000.00 Cash paid for settling debt 756,000,000.00 556,000,000.00 Cash paid for distribution of dividends or profit 39,614,299.11 27,867,235.40 or reimbursing interest Including: dividends or profit paid to minority interest Other cash payments relating to financing 第 26 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. activities Sub-total of cash outflows 795,614,299.11 583,867,235.40 Net cash flow from financing activities -165,614,299.11 -100,367,235.40 4. Effect of foreign exchange rate changes 122,963.91 76,002.24 5. Increase in cash and cash equivalents -14,028,584.31 -37,712,008.24 Add : Cash and cash equivalents at year-begin 72,178,876.26 109,890,884.50 6.Cash and cash equivalents at the end of the year 58,150,291.95 72,178,876.26 Legal representative: Yu Naifen CFO: Zang Shun Manager of Accounting Department: Qian Xueming Cash Flow Statement of Parent Company Jan.-Dec. 2007 Prepared by Shanghai Dajiang (Group) Stock Co., Ltd. Unit: RMB Yuan Amount of this period Amount of last period Items Note 1. Cash flows for operating activities: Cash received from sales of goods or rending of 336,248,200.68 314,639,569.45 services Refund of tax and fare received 37,545.98 3,845.00 Other cash received relating to operating activities 269,995,429.89 150,398,201.52 Sub-total of cash inflows 606,281,176.55 465,041,615.97 Cash paid for goods and services 267,438,122.38 236,327,180.60 Cash paid to and on behalf of employees 11,574,007.54 36,084,346.09 Tax and fare paid 2,926,044.61 2,309,708.89 Other cash paid relating to operating activities 300,856,986.28 90,041,854.31 Sub-total of cash outflows 582,795,160.81 364,763,089.89 Net cash flow from operating activities 23,486,015.74 100,278,526.08 2. Cash Flows from Investment Activities: Cash received from return of investments 101,837,234.65 Cash received from investment income 145,625.00 157,822.50 Net cash received from disposal of fixed assets, 13,837,082.57 2,237,810.95 intangible assets and other long-term assets Proceeds from sale of subsidiaries and other 31,830,000.00 operating units Other cash received relating to investment activities Sub-total of cash inflows 45,812,707.57 104,232,868.10 Cash paid for acquiring fixed assets, intangible 11,856,038.93 11,934,379.48 assets and other long-term assets Cash paid for investments 45,000,000.00 Net cash used in acquiring subsidiaries and other 10,029,400.00 55,910,000.00 operating units Other cash paid relating to investment activities 4,174,112.76 Sub-total of cash outflows 21,885,438.93 117,018,492.24 Net cash flow from investing activities 23,927,268.64 -12,785,624.14 3. Cash Flows from Financing Activities: Cash received from absorbing investment Cash received from borrowings 538,000,000.00 370,000,000.00 Other proceeds relating to financing activities Sub-total of cash inflows 538,000,000.00 370,000,000.00 Cash paid for settling debt 552,500,000.00 449,000,000.00 Cash paid for distribution of dividends or profit or 20,108,620.00 21,101,616.20 reimbursing interest Other cash payments relating to financing activities 第 27 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. Sub-total of cash outflows 572,608,620.00 470,101,616.20 Net cash flow from financing activities -34,608,620.00 -100,101,616.20 4. Effect of foreign exchange rate changes 12,804,664.38 -12,608,714.26 5. Increase in cash and cash equivalents Add : Cash and cash equivalents at year-begin 16,164,887.22 28,773,601.48 6.Cash and cash equivalents at the end of the year 28,969,551.60 16,164,887.22 Legal representative: Yu Naifen CFO: Zang Shun Manager of Accounting Department: Qian Xueming Consolidated Statement of Change in Owners’ Equity Jan.-Dec. 2007 Prepared by Shanghai Dajiang (Group) Stock Co., Ltd. Unit: RMB Yuan Amount in this period Items Owners’ equity attributable to parent company Total of owners’ Pain-in capital Lessen: General Minority equity (or share Capital treasury Surplus public risk Retained profits Others equity capital) reserve stock reserve reserve I. balance at the 676,305,696.00 236,158,576.13 97,370,342.74 -794,060,435.00 -19,702,370.16 47,448,399.10 243,520,208.81 end of last year Add: change of -19,620,605.25 7,059,420.38 19,702,370.16 -1,916,446.53 5,224,738.76 accounting policy Correction of errors in previous period II. balance at the beginning of this 676,305,696.00 236,158,576.13 77,749,737.49 -787,001,014.62 45,531,952.57 248,744,947.57 year III. Increase/ decrease of amount -1,560,846.00 26,224,998.77 -1,381,041.58 23,283,111.19 in this year (“-” means decrease) (I) Net profit 27,317,002.47 4,409,201.26 31,726,203.73 (II)Gain/loss listed to owners’ equity -1,560,846.00 -5,790,242.84 -7,351,088.84 directly 1. Net amount on changes in book value of financial assets available for sale 2.Effect on changes in other owners’ equity of invested units under equity method 3. Effect on income tax related to items listed to owners’ equity 4. Others -1,560,846.00 -5,790,242.84 -7,351,088.84 Subtotal of (I)and -1,560,846.00 27,317,002.47 -1,381,041.58 24,375,114.89 (II) (III) Input an reduced capital of owners 1. Input capital of owners 2.Amount of Shares included in the owners’ equity 3. Others (IV) Profit -1,092,003.70 -1,092,003.70 distribution 第 28 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. 1．Withdrawing surplus public reserve 2. Withdrawing general risk reserve 3．Distribution to owners (shareholders) 4．Other -1,092,003.70 -1,092,003.70 (V)Internal carrying forward of owners’ equity 1. New increase of capital (share capital) from capital reserves 2. Convert surplus reserves to capital(share capital) 3. Surplus reserves make up losses 4. Others IV. Balance at the 676,305,696.00 234,597,730.13 77,749,737.49 -760,776,015.85 44,150,910.99 272,028,058.76 end of this period Unit: RMB Yuan Amount of last year Owners’ equity attributable to parent company Items Lessen: General Total of owners’ Pain-in capital Surplus public Minority equity Capital reserve treasury risk Retained profits Others equity (or share capital) reserve stock reserve I. balance at the 676,305,696.00 229,469,396.46 91,379,978.21 -813,394,768.38 -18,353,019.59 45,758,465.30 211,165,748.00 end of last year Add: change of -13,630,240.72 2,924,440.48 18,353,019.59 -1,916,446.53 5,730,772.82 accounting policy Correction of errors in previous period II. balance at the beginning of this 676,305,696.00 229,469,396.46 77,749,737.49 -810,470,327.90 43,842,018.77 216,896,520.82 year III. Increase/ decrease of amount 6,689,179.67 23,469,313.28 1,689,933.80 31,848,426.75 in this year (“-” means decrease) (I) Net profit 20,024,701.65 -6,951,118.71 13,073,582.94 (II)Gain/loss listed to owners’ equity 6,689,179.67 4,033,177.22 8,641,052.51 19,363,409.40 directly 1. Net amount on changes in book value of financial assets available for sale 2.Effect on changes in other owners’ equity of invested units under equity method 3. Effect on income tax related to items listed to owners’ equity 4. Others 6,689,179.67 4,033,177.22 8,641,052.51 19,363,409.40 Subtotal of (I)and 6,689,179.67 24,057,878.87 1,689,933.80 32,436,992.34 (II) (III) Input an reduced capital of 第 29 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. owners 1. Input capital of owners 2.Amount of Shares included in the owners’ equity 3. Others (IV) Profit -588,565.59 -588,565.59 distribution 1．Withdrawing surplus public reserve 2. Withdrawing general risk reserve 3．Distribution to owners (shareholders) 4．Other -588,565.59 -588,565.59 (V)Internal carrying forward of owners’ equity 1. New increase of capital (share capital) from capital reserves 2. Convert surplus reserves to capital(share capital) 3. Surplus reserves make up losses 4. Others IV. Balance at the 676,305,696.00 236,158,576.13 77,749,737.49 -787,001,014.62 45,531,952.57 248,744,947.57 end of this period Legal representative: Yu Naifen CFO: Zang Shun Manager of Accounting Department: Qian Xueming Statement of Change in Owners’ Equity of Parent Company Jan.-Dec. 2007 Prepared by Shanghai Dajiang (Group) Stock Co., Ltd. Unit: RMB Yuan Amount in this period Items Lessen: Pain-in capital (or Surplus public Total of owners’ Capital reserve treasury Retained profits share capital) reserve equity stock I. balance at the end of last 676,305,696.00 245,642,526.94 77,749,737.49 -783,708,198.53 215,989,761.90 year Add: change of accounting 5,224,738.76 5,224,738.76 policy Correction of errors in previous period II. balance at the beginning 676,305,696.00 245,642,526.94 77,749,737.49 -778,483,459.77 221,214,500.66 of this year III. Increase/ decrease of amount in this year (“-” 715,899.74 11,413,294.03 12,129,193.77 means decrease) (I) Net profit 11,413,294.03 11,413,294.03 (II)Gain/loss listed to 715,899.74 715,899.74 owners’ equity directly 1. Net amount on changes in book value of financial assets available for sale 2.Effect on changes in other owners’ equity of invested 第 30 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. units under equity method 3. Effect on income tax related to items listed to owners’ equity 4. Others 715,899.74 715,899.74 Subtotal of (I)and (II) 715,899.74 11,413,294.03 12,129,193.77 (III) Input an reduced capital of owners 1. Input capital of owners 2.Amount of Shares included in the owners’ equity 3. Others (IV) Profit distribution 1．Withdrawing surplus public reserve 2 ． Distribution to owners (shareholders) 3．Other (V)Internal carrying forward of owners’ equity 1. New increase of capital (share capital) from capital reserves 2. Convert surplus reserves to capital(share capital) 3. Surplus reserves make up losses 4. Others IV. Balance at the end of 676,305,696.00 246,358,426.68 77,749,737.49 -767,070,165.74 233,343,694.43 this period Unit: RMB Yuan Amount of last year Items Lessen: Pain-in capital (or Surplus public Total of owners’ Capital reserve treasury Retained profits share capital) reserve equity stock I. balance at the end of last 676,305,696.00 245,642,526.94 77,749,737.49 -802,266,925.73 197,431,034.70 year Add: change of accounting 5,730,772.82 5,730,772.82 policy Correction of errors in previous period II. balance at the beginning 676,305,696.00 245,642,526.94 77,749,737.49 -796,536,152.91 203,161,807.52 of this year III. Increase/ decrease of amount in this year (“-” 18,052,693.14 18,052,693.14 means decrease) (I) Net profit 18,052,693.14 18,052,693.14 (II)Gain/loss listed to owners’ equity directly 1. Net amount on changes in book value of financial assets available for sale 2.Effect on changes in other owners’ equity of invested units under equity method 3. Effect on income tax related to items listed to owners’ equity 4. Others Subtotal of (I)and (II) 18,052,693.14 18,052,693.14 (III) Input an reduced capital of owners 1. Input capital of owners 2.Amount of Shares included in the owners’ equity 第 31 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. 3. Others (IV) Profit distribution 1．Withdrawing surplus public reserve 2 ． Distribution to owners (shareholders) 3．Other (V)Internal carrying forward of owners’ equity 1. New increase of capital (share capital) from capital reserves 2. Convert surplus reserves to capital(share capital) 3. Surplus reserves make up losses 4. Others IV. Balance at the end of 676,305,696.00 245,642,526.94 77,749,737.49 -778,483,459.77 221,214,500.66 this period Legal representative: Yu Naifen CFO: Zang Shun Manager of Accounting Department: Qian Xueming 9.3 Explanation on change in accounting policies, accounting estimate and calculation method: According to the circular CAIKUAI [2006] No.3 on Distribution of the Thirty-eight Standards such as The Accounting Standards for Enterprises No.1-Inventories issued by the Ministry of Finance, the company shall adopt the new Accounting Standards for Enterprises from January 1, 2007 and makes retrospective adjustment to the financial statements based on the relevant contents of Articles 5-19 in Accounting Standards for Enterprises No. 38 - Initial Implementation of Accounting Standards for Enterprises, making retroactive adjustment on the items in financial statements. The impacts of the above are as follows: Balance and amortization of long-term equity investment Adjusting Adjusting Item arising from business uncertain minority combination under the same investment loss interest control Impact on retained earnings at the 5,224,738.76 -19,702,370.16 1,916,446.53 beginning of 2007 Of which: impact on retained earnings 5,730,772.82 -18,353,019.59 1,916,446.53 at he beginning of 2006 Impact on net profit of 2007 -506,034.06 --- --- 9.4 In the reporting period, there was no content of significant accounting errors. 9.5 Explanation on change in consolidated scope compared with the latest annual report 1. Decrease of consolidated units in the current year by 4 and the causes are: (1) Songjiang District Huayang Chicken Farm was closed down with the disposal completed. (2) Shanghai Dajiang Meat Product Factory was closed down with the disposal completed. (3) Shanghai Dayue Devices Co., Ltd. was closed down with the disposal completed. (4) Jiangsu Dajiang Livestock and Poultry Development Co., Ltd. was transferred in the current year. 2. Companies not included in the consolidated range during the report period 第 32 页 共 33 页 Summary of Annual Report 2007 of Shanghai Dajiang (Group) Stock Co., Ltd. Original total Net assets at Net profit from the Net assets on Name of subsidiary sold proportion of beginning of beginning of year date of sale shares year to date of sale Jiangsu Dajiang Livestock and Poultry Development 70％ 1,000 1,000 --- Co., Ltd. 第 33 页 共 33 页