ST大江(600695)2007年年度报告

上海大江（集团）股份有限公司 600695 2007 年年度报告 上海大江（集团）股份有限公司 2007 年年度报告 目录 一、重要提示 ....................................................................... 1 二、公司基本情况简介 .............................................................. 1 三、主要财务数据和指标： .......................................................... 2 四、股本变动及股东情况 ............................................................ 3 五、董事、监事和高级管理人员 ..................................................... 7 六、公司治理结构 .................................................................. 11 七、股东大会情况简介 ............................................................. 14 八、董事会报告 .................................................................... 14 九、监事会报告 .................................................................... 20 十、重要事项 ...................................................................... 21 十一、财务会计报告 ................................................................ 26 十二、备查文件目录 ................................................................ 80 1 上海大江（集团）股份有限公司 2007 年年度报告 一、重要提示 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。 2、公司全体董事出席董事会会议。 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。 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。 二、公司基本情况简介 1、 公司法定中文名称：上海大江（集团）股份有限公司 公司法定中文名称缩写：大江股份 公司英文名称：Shanghai Dajiang (Group) Stock Co., Ltd. 公司英文名称缩写：SDJ 2、 公司法定代表人：俞乃奋 3、 公司董事会秘书：顾伟文 电话：86-21-34225027 传真：86-21-34225056 E-mail：gww_sd@dajiang.com 联系地址：上海市莲花路 1555 号华一大厦 7 楼 公司证券事务代表：杨雪峰 电话：86-21-34225030 传真：86-21-34225056 E-mail：yangxf@dajiang.com 联系地址：上海市莲花路 1555 号华一大厦 7 楼 4、 公司注册地址：上海市松江区谷阳南路 26 号 公司办公地址：上海市莲花路 1555 号华一大厦 7 楼 邮政编码：200233 公司国际互联网网址：http://www.dajiang.com 公司电子信箱：dajiang@dajiang.com 5、 公司信息披露报纸名称：《上海证券报》（境内）、《大公报》（境外） 登载公司年度报告的中国证监会指定国际互联网网址：http://www.sse.com.cn 公司年度报告备置地点：上海市莲花路 1555 号华一大厦 7 楼 6、 公司 A 股上市交易所：上海证券交易所 公司 A 股简称：ST 大江 公司 A 股代码：600695 公司 B 股上市交易所：上海证券交易所 公司 B 股简称：ST 大江 B 公司 B 股代码：900919 7、 其他有关资料 公司首次注册登记日期：1993 年 11 月 14 日 公司首次注册登记地点：上海市松江区谷阳南路 26 号 公司法人营业执照注册号：企股沪总字第 019020 号 公司税务登记号码：310227607270330 公司组织结构代码：60727033-0 公司聘请的境内会计师事务所名称：立信会计师事务所有限公司 公司聘请的境内会计师事务所办公地址：上海市南京东路 61 号 4 楼 1 上海大江（集团）股份有限公司 2007 年年度报告 三、主要财务数据和指标： (一)本报告期主要财务数据 单位:元 币种:人民币 项目 金额 营业利润 35,907,238.35 利润总额 48,518,630.79 归属于上市公司股东的净利润 27,317,002.47 归属于上市公司股东的扣除非经常性损益后的净利润 1,220,909.85 经营活动产生的现金流量净额 126,181,400.16 (二)扣除非经常性损益项目和金额 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 (三)报告期末公司前三年主要会计数据和财务指标 单位:元 币种:人民币 2006 年 本年比 2005 年 主要会计数 2007 年 上年增 据 调整后 调整前 调整后 调整前 减(%) 营业收入 973,770,690.49 786,314,345.40 786,314,345.40 23.84 819,798,679.66 819,798,679.66 利润总额 48,518,630.79 22,628,295.84 23,134,329.90 114.42 -228,816,886.82 -223,948,442.29 归属于上市 公司股东的 27,317,002.47 20,024,701.65 25,913,263.50 36.42 -214,206,637.62 -213,700,603.56 净利润 归属于上市 公司股东的 扣除非经常 1,220,909.85 -75,789,864.90 -69,901,303.05 不适用 -235,089,534.89 -234,583,500.83 性损益的净 利润 基本每股收 0.04 0.03 0.04 33.33 -0.32 -0.32 益 稀释每股收 0.04 0.03 0.04 33.33 -0.32 -0.32 益 扣除非经常 性损益后的 0.002 -0.112 -0.10 不适用 -0.348 -0.35 基本每股收 益 全面摊薄净 增加 资产收益率 11.99 9.85 0.13 2.14 个 -123.78 -1.29 （%） 百分点 加权平均净 增加 资产收益率 12.60 10.94 0.15 1.66 个 -75.22 -0.77 （%） 百分点 扣除非经常 增加 0.54 -37.30 -0.36 -135.85 -1.42 性损益后全 37.84 个 2 上海大江（集团）股份有限公司 2007 年年度报告 面摊薄净资 百分点 产收益率 （%） 扣除非经常 性损益后的 增加 加权平均净 0.56 -41.40 -0.39 41.96 个 -82.55 -0.85 资产收益率 百分点 （%） 经营活动产 生的现金流 126,181,400.16 47,901,701.62 47,901,701.62 163.42 -8,665,531.39 -8,665,531.39 量净额 每股经营活 动产生的现 0.19 0.07 0.07 171.43 -0.01 -0.01 金流量净额 2006 年末 本年末 2005 年末 比上年 2007 年末 调整后 调整前 末增减 调整后 调整前 (%) 总资产 702,359,410.01 901,673,721.05 896,448,982.29 -22.10 1,086,621,414.94 1,080,890,642.12 所有者权益 （或股东权 227,877,147.77 203,212,995.00 196,071,809.71 12.14 173,054,502.05 165,407,282.70 益） 归属于上市 公司股东的 0.34 0.30 0.29 13.33 0.26 0.24 每股净资产 四、股本变动及股东情况 (一)股本变动情况 1、股份变动情况表 单位:股 本次变动前 本次变动增减（＋，－） 本次变动后 发 公积 比例 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、其他内资持 17,159,940 2.53 -17,159,940 -17,159,940 0 0 股 其中： 境内法人持股 17,159,940 2.53 -17,159,940 -17,159,940 0 0 境内自然人持 股 4、外资持股 278,950,848 41.25 278,950,848 41.25 其中： 境外法人持股 278,950,848 41.25 278,950,848 41.25 境外自然人持 股 有限售条件股 296,110,788 43.78 -17,159,940 -17,159,940 278,950,848 41.25 份合计 3 上海大江（集团）股份有限公司 2007 年年度报告 二、无限售条件流通股份 1、人民币普通 33,462,060 4.95 17,159,940 17,159,940 50,622,000 7.48 股 2、境内上市的 346,732,848 51.27 346,732,848 51.27 外资股 3、境外上市的 外资股 4、其他 无限售条件流 380,194,908 56.22 17,159,940 17,159,940 397,354,848 58.75 通股份合计 三、股份总数 676,305,696 100 0 0 676,305,696 100 股份变动的批准情况 2007 年 9 月 14 日，公司根据《上市公司股权分置改革管理办法》和公司股权分置改革方案的有关规 定，向上海证券交易所递交了公司有限售条件的流通股上市流通申请，经审核同意后公司于 2007 年 9 月 17 日发布公告，公司募集法人股股东所持 17,159,940 股限售流通股股份自 2007 年 9 月 20 日起允 许上市交易或者转让。 2、限售股份变动情况表 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 — — 3、证券发行与上市情况 (1) 前三年历次证券发行情况 截止本报告期末至前三年，公司未有证券发行与上市情况。 (2) 公司股份总数及结构的变动情况 2007 年 9 月 20 日，公司 17,159,940 股限售流通股股份允许上市交易或者转让。自 2007 年 9 月 20 日起，公司总股本仍为 676,305,696 股，股本结构变更为：有限售条件股份 278,950,848 股，全部 为境外法人持有，占总股本的 41.25%；人民币普通股（流通 A 股）50,622,000 股，占总股本的 7.48%； 境内上市外资股（流通 B 股）346,732,848 股，占总股本的 51.27%。 (3) 现存的内部职工股情况 本报告期末公司无内部职工股。 (二)股东情况 1、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 持有有限售 持股比例 报告期内 质押或冻结的股份数 股东名称 股东性质 持股总数 条件股份数 (%) 增减 量 量 绿庭（香港）有 境外法人 41.25 278,950,848 0 278,950,848 0 4 上海大江（集团）股份有限公司 2007 年年度报告 限公司 沈安鑫 0.47 3,128,000 0 0 未知 上海松林工贸有 境内非国有法人 0.43 2,940,000 -246,612 0 未知 限公司 史昕 0.35 2,359,999 139,999 0 未知 刘岩 0.35 2,347,492 0 0 未知 张文军 0.35 2,347,038 2,347,038 0 未知 金利云 0.26 1,763,641 1,763,641 0 未知 狄亚雄 0.24 1,649,319 1,196,319 0 未知 吴敏 0.22 1,459,392 -628,904 0 未知 汪兴政 0.21 1,419,793 519,793 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 上述股东关联关系或一致行动关系的说明 否存在关联关系或一致行动人的情况。 前十名有限售条件股东持股数量及限售条件 单位:股 有限售条件股份可上市交易情况 持有的有限 序 新增可上市 有限售条件股东名称 售条件股份 限售条件 号 可上市交易时间 交易股份数 数量 量 1 绿庭（香港）有限公司 278,950,848 2009 年 6 月 8 日 278,950,848 2、控股股东及实际控制人简介 (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 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。 5 上海大江（集团）股份有限公司 2007 年年度报告 (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) 控股股东及实际控制人变更情况 本报告期内公司控股股东及实际控制人没有发生变更。 (5) 公司与实际控制人之间的产权及控制关系的方框图 2007 年 12 月 12 日，公司实际控制人俞乃奋向俞乃筠（俞乃奋妹妹）转让其所持有绿洲投资集团 有限公司 1%股份。转让后俞乃奋持有绿洲投资集团有限公司 49%股份。 3、其他持股在百分之十以上的法人股东 截止本报告期末公司无其他持股在百分之十以上的法人股东。 五、董事、监事和高级管理人员 (一)董事、监事、高级管理人员情况 单位:股 被 报告 报告期被授予的股权 是否 持 授 期内 激励情况 在股 有 予 从公 东单 本 年 年 的 股 司领 位或 公 变 期 任期 任期 初 末 限 份 取的 可 已 其他 性 年 司 动 末 姓名 职务 起始 终止 持 持 制 增 报酬 行 行 行 关联 别 龄 的 原 股 日期 日期 股 股 性 减 总额 权 权 权 单位 股 因 票 数 数 股 数 (万 股 数 价 领取 票 市 票 元) 数 量 报 期 价 数 （税 酬、 权 量 前） 津贴 2007 董事 无 年5 至换 俞乃奋 长、总 女 43 0 0 0 0 0 变 66 否 月 23 届 裁 动 日 徐宏标 副董 男 44 2006 至换 0 0 0 0 0 无 5 是 6 上海大江（集团）股份有限公司 2007 年年度报告 事长 年9 届 变 月 15 动 日 2006 无 年9 至换 李冬青 董事 男 46 0 0 0 0 0 变 5 是 月 15 届 动 日 2006 无 年9 至换 罗锦程 董事 男 58 0 0 0 0 0 变 5 是 月 15 届 动 日 董事、 2006 副总 无 年9 至换 臧舜 裁兼 男 39 0 0 0 0 0 变 50 否 月 15 届 财务 动 日 总监 董事、 董事 2006 无 会秘 年9 至换 顾伟文 男 40 0 0 0 0 0 变 40 否 书兼 月 15 届 动 党委 日 书记 2006 无 独立 年9 至换 许晓明 男 59 0 0 0 0 0 变 8 是 董事 月 15 届 动 日 2006 无 ROGER T. 独立 年9 至换 男 59 0 0 0 0 0 变 12 是 MARSHALL 董事 月 15 届 动 日 2006 无 独立 年9 至换 朱家菲 女 43 0 0 0 0 0 变 8 是 董事 月 15 届 动 日 2006 监事 无 年9 至换 郑世治 会主 男 53 0 0 0 0 0 变 5 是 月 15 届 席 动 日 2006 2008 无 年9 年4 翁智勇 监事 男 44 0 0 0 0 0 变 5 是 月 15 月 18 动 日 日 职工 2006 无 监事、 年 12 至换 刘建 男 56 0 0 0 0 0 变 20 否 工会 月 23 届 动 主席 日 2006 无 副总 年9 至换 李春 男 53 0 0 0 0 0 变 47 否 裁 月 15 届 动 日 2006 无 副总 年9 至换 史永昆 男 58 0 0 0 0 0 变 47 否 裁 月 15 届 动 日 合计 / / / / / 0 0 / 0 0 / 323 / / / 7 上海大江（集团）股份有限公司 2007 年年度报告 董事、监事、高级管理人员最近 5 年的主要工作经历： (1)俞乃奋,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。 (2)徐宏标,任绿洲投资集团有限公司董事，绿庭置业有限公司执行董事，绿庭（香港）有限公司董 事、总裁。 (3)李冬青, 历任上海四季生态科技有限公司副总经理，绿庭（香港）有限公司高级专员，上海绿庭 集团有限公司企划部总经理。现任绿庭(香港)有限公司董事会秘书，绿庭置业有限公司董事会办公室 主任。 (4)罗锦程, 历任上海绿庭集团有限公司人力资源部总经理，现任绿庭置业有限公司行政人事部副总 经理。 (5)臧舜,历任狮王啤酒集团中国区财务总监，公司财务审计部总经理，总裁助理。现任公司董事、 副总裁兼财务总监。 (6)顾伟文,历任公司行政部总经理、公司证券事务代表，现任公司董事、董事会秘书兼党委书记。 (7)许晓明,任复旦大学企业管理研究所所长、教授、博士生导师。 (8)ROGER T. MARSHALL,英国籍，英国注册会计师，现任 Persimmon Capital Limited 董事总经理。 该公司为一家投资管理及顾问公司，专业提供私人股权和风险资本服务。 (9)朱家菲,历任丸红株式会社（东京）化学品部门、电子材料部项目主管（东京）。现任埃森哲咨 询有限公司（上海） 电子高科技部咨询顾问。 (10)郑世治,加拿大籍，加拿大 CONCORDIA 大学会计系毕业，拥有加拿大注册会计师、英国财务会计 师、香港注册财务会计师和香港注册风险策划师等专业资格，具有丰富的跨国企业财务管理经验。历 任职普华永道会计事务所会计师，上海国佳信息有限公司财务总监，现任绿庭（香港）有限公司财务 总监。 (11)翁智勇,历任上海凯泉（泵业）集团有限公司财务经理，上海长江口商城股份有限公司总经理助 理，绿庭（香港）有限公司高级专员。现任上海绿庭集团有限公司企划部经理。 (12)刘建,历任公司行政部总经理、工会副主席，现任公司工会主席、职工监事。 (13)李春,历任公司食品总公司总经理，食品营销中心总经理，现任公司副总裁。 (14)史永昆,历任公司畜禽总公司总经理，现任公司副总裁。 (二)在股东单位任职情况 任期起始日 任期终止 是否领取报 姓名 股东单位名称 担任的职务 期 日期 酬津贴 绿庭置业有限公司 董事长 2008-01-01 至今 是 俞乃奋 绿庭（香港）有限公司 董事长 2004-04 至今 否 绿洲投资集团有限公司 董事长 2001-06 至今 否 绿庭置业有限公司 执行董事 2008-01-01 至今 是 徐宏标 绿庭（香港）有限公司 董事、总裁 2007-06-01 至今 否 绿洲投资集团有限公司 董事 2001-06 至今 否 郑世治 绿庭（香港）有限公司 财务总监 2004-04 至今 是 罗锦程 绿庭置业有限公司 行政人事部副总经理 2008-01-01 至今 是 绿庭(香港)有限公司 董事会秘书 2007-01-01 至今 否 李冬青 绿庭置业有限公司 董事会办公室主任 2008-01-01 至今 是 翁智勇 上海绿庭集团有限公司 企划部经理 2007-01 至今 是 8 上海大江（集团）股份有限公司 2007 年年度报告 在其他单位任职情况 任期终止 是否领取 姓名 其他单位名称 担任的职务 任期起始日期 日期 报酬津贴 所长、教授、 许晓明 复旦大学企业管理研究所 2000-04 至今 是 博士生导师 ROGER T. Persimmon Capital 董事总经理 1999- 至今 是 MARSHALL Limited 埃森哲咨询有限公司（上 朱家菲 咨询顾问 2004-08- 至今 是 海） 电子高科技部 (三)董事、监事、高级管理人员报酬情况 1、董事、监事、高级管理人员报酬的决策程序:公司董事、监事的基本年薪由股东大会确定，高 级管理人员的基本年薪由董事会确定。公司董事会提名、薪酬与考核委员会依据《大江集团绩效管理、 考核工作的指导意见》对董事、监事、高级管理人员进行年度业绩考评，然后根据考核成绩确定其报 酬或奖励方案。 2、董事、监事、高级管理人员报酬确定依据：经公司股东大会审议通过的《关于公司董事和监事 津贴的议案》、经董事会审议通过的《关于公司高级管理人员薪酬方案的议案》以及董事会提名、薪 酬与考核委员会根据公司年度实际经营业绩和《大江集团绩效管理、考核工作的指导意见》对公司董 事、监事及高级管理人员进行年度考评后确定的成绩。 (四)公司董事、监事、高级管理人员变动情况 姓名 担任的职务 离任原因 陈国邦 董事长、总裁 因个人原因辞职 2007 年 1 月 10 日，公司董事会聘任俞乃奋女士担任公司总裁；2007 年 5 月 23 日，公司股东大会选举 俞乃奋女士担任董事。同日，公司董事会选举俞乃奋女士担任董事长。 (五)公司员工情况 截止报告期末,公司在职员工为 74 人,需承担费用的离退休职工为 0 人。上述员工人数只包括公司 编制员工，未包括下属子公司员工。 员工的结构如下： 1、专业构成情况 专业类别 人数 行政人员 48 财务人员 19 生产技术人员 7 2、教育程度情况 教育类别 人数 硕士 4 本科 19 大专 43 中专及以下 8 9 上海大江（集团）股份有限公司 2007 年年度报告 六、公司治理结构 (一)公司治理的情况 公司治理的结构基本符合中国证监会关于上市公司治理结构的要求。董事会、监事会及经营层的 产生及其所进行的经营管理行为均能遵照《公司章程》的要求规范运作。报告期内，公司严格按照现 代企业制度的要求不断完善法人治理结构，健全治理机制和各项规章制度，强化规范运作和信息披露， 逐步形成了较为完善的法人治理结构和运作机制，主要情况如下： 1、关于股东与股东大会 公司股东大会的召集、召开等程序符合《股票上市规则》、《股东大会规范意见》等法律法规的 相关规定。公司重视维护所有股东，特别是中、小股东的知情权、参与权及表决权等合法权益。股东 大会对涉及重大关联交易的议案，均严格按规定程序进行审议、表决，独立董事发表专项说明独立意 见，关联股东实行回避，以确保重大关联交易事项符合公开、公平、公正、合理的原则。 2、关于控股股东与上市公司的关系 公司具有独立的业务及自主经营能力。控股股东严格规范自己的行为，通过股东大会行使出资人 的权利，没有超越股东大会直接或间接干预公司决策和经营活动的情况。公司与控股股东在人员、资 产、财务、机构、业务做到了五独立，公司董事会、监事会和内部机构均独立运作。 3、关于董事和董事会 公司董事会的人数和人员构成以及产生程序都符合相关法律、法规和《公司章程》的要求。董事 会三个专门委员会运作正常，各司其职。公司董事积极参加监管部门组织的培训，认真、诚信、勤勉 地履行职务，对董事会和股东大会负责。公司董事会设有 3 名独立董事，独立董事保证有充分的时间 和精力参与公司董事会的事务，对公司有关单位进行实地考察，全程审核年报的审计工作等，在公司 经营决策和规范运作等方面发挥了积极作用。 4、关于监事和监事会 公司监事会的人数和人员构成以及产生程序都符合相关法律、法规和《公司章程》的要求。公司 监事认真履行自己的职责，本着对股东负责的态度，对公司的经营管理、财务状况以及公司董事和高 级管理人员履行职责的情况进行合法、合规性的常态监督。 5、关于绩效评价与激励约束机制 公司董事会提名、薪酬与考核委员会和董事会根据公司的经济效益情况和下达的考核指标完成情 况，对高级管理人员进行年度绩效考评，确定其薪酬和奖励方案。 6、关于信息披露与透明度 公司按照《公司法》、《上海证券交易所股票上市规则》、《公司章程》、《信息披露事务管理 制度》、《投资者关系管理工作办法》的相关规定，及时、准确、全面地披露信息，公司董事会办公 室通过接待股东来访、回答咨询、联系股东、网上交流等各种方式增强信息披露的透明度，使所有股 东都有平等的机会获得相关信息。 7、关于相关利益者 公司充分尊重和维护相关利益者的合法权益，实现股东、员工、社会等各方利益的协调平衡，共 同推动公司持续、健康地发展。 8、公司治理专项活动情况 报告期内，公司根据中国证监会《关于开展加强上市公司治理专项活动有关事项的通知》和上海 证监局《关于开展上海辖区上市公司治理专项活动的通知》的要求，组织开展了公司治理专项活动。 所做主要工作：从内部控制着手，全面梳理了公司及控股子公司所涉及的经营活动各个环节的原有内 控制度，查漏补缺，确保各项内控制度涵盖全面、执行有效；公司全面按照证监会“公司治理问卷五 大类 100 个问题”，逐一对照、认真自查，找出公司治理方面的欠缺或问题，拟写了《关于公司治理 专项自查报告及整改计划》，在媒体上披露，接受广大股东及社会各界的评议（详见 2007 年 6 月 29 日的《上海证券报》、《大公报》以及上海证券交易所网站）；在监管部门指导帮助下，公司根据上 海证监局《关于上海大江（集团）股份有限公司公司治理状况整改通知书》及上交所反馈的《关于上 海大江（集团）股份有限公司治理状况评价意见》，切实进行了整改，形成书面整改报告（详见 2007 年 10 月 30 日的《上海证券报》、《大公报》以及上海证券交易所网站）。 关于《关于公司治理专项自查报告及整改计划》中所涉需整改的内容主要包括内部控制管理、投 10 上海大江（集团）股份有限公司 2007 年年度报告 资者沟通工作、董事会各专门委员会及独立董事工作以及加强学习新政策法规等，公司按自查报告及 整改计划确定的措施，时间和责任人进行逐项整改，取得较好成效。 1、完善公司内部管理制度和管理体系。（1）根据上市公司治理的相关要求，建立了《总裁工作 细则》，规范和明确总裁工作权限和工作程序；（2）依据证监会《上市公司信息披露办法》要求，建 立了公司《信息披露事务管理制度》，要求公司各职能部门和经营单元领导干部和管理人员严格执行 该项制度，增强信息披露的有效性、透明性和保密性，切实保护投资者合法权益；（3）根据加强企业 内部管理的需要，建立和实施了关于公司财务集中管理、人力资源管理、合同管理、商标和证照管理、 印章使用等方面的内控管理制度和办法，规范公司内部运行。同时，公司将各级干部在规范运作、专 项治理方面的表现作为绩效考核的依据之一。（4）报告期内，公司聘请外部专业培训机构，对公司每 一位员工实施了 9 次的集中培训，培训内容包括了素质提升类、经营管理类、专业技能类等。通过系 统性的培训，增强公司员工的管理能力和危机意识，以提高公司内控管理水平和防范风险能力。 2、与投资者的沟通得到进一步的加强。公司听取投资者的意见和建议，及时回复投资者提出的问 题、建议或意见。通过电话、传真等手段，加强与投资者的互动，不论是法人股东还是持股量小的散 户，都做到有问必答，在不违背信息披露规定的前提下，耐心细致地解答投资者关心的问题。利用股 东大会，上门拜访，来访接待等多种方式资者面对面、一对一的沟通交流，直接听取他们对公司发展 的意见和建议。在市场不实传闻、引起股价波动时，公司则采用公告形式及时予以澄清，让投资者在 了解公司真实情况的基础上作出判断。 3、充分发挥董事会各专门委员会和独立董事在公司治理结构中的作用。（1）董事会换届成立了 公司第五届董事会，并设立了三个专门委员会，明确各专门委员会的工作重点。独立董事根据有关规 定均担任了各专门委员会委员或主任委员。（2）及时向董事、监事通报公司重大经营活动、各种信息、 财务资料，确保全体董事、监事全面履行职责。（3）全力支持和配合独立董事对公司担保、关联交易、 年报审计等方面加强监管，行使独立董事权力；组织独立董事对公司主要企业进行实地考察，听取基 层管理者和有关中介机构的汇报。（4）根据中国证监会关于 2007 年年度报告工作的通知要求，建立 《独立董事年度报告工作制度》和《董事会审计委员会工作规程》，切实发挥独立董事、董事会审计 委员会应在公司年报编制和披露过程应履行责任和义务。 4、加强董事、监事、高级管理人员及相关人员的后续培训。（1）积极组织公司每位董事、监事、 高级管理人员及相关人员参加监管部门组织的培训，至少保证一年一次。（2）加强自身法律、法规、 政策学习，重点把握中国证监会、上交所颁布的相关文件及新的财务会计准则。 通过公司治理专项活动，公司进一步增强了对完善公司治理重要性的认识，明确了原有工作中的 薄弱环节和整改方向，并切实进行了整改。同时，公司深刻体会到规范公司治理是一项长期的系统性 工作，需常抓不懈。公司将以上市公司治理专项活动为契机，对照《公司法》、《证券法》、《上市 公司信息披露管理办法》、《股票上市规则》等法律、法规、规章以及相关规范性文件要求，不断推 动公司治理再上新台阶。 (二)独立董事履行职责情况 1、独立董事参加董事会的出席情况 本年应参加董事会次 备 独立董事姓名 亲自出席（次） 委托出席（次） 缺席（次） 数 注 许晓明 7 7 0 ROGER T. MARSHALL 7 5 2 朱家菲 7 5 2 报告期内，独立董事认真参加了公司董事会的各次会议，对董事会的决策发表了客观、公正、科 学的独立见解，提高了董事会决策的客观性、科学性，充分发挥了独立董事的作用，维护了公司的整 体利益和中小股东的合法利益。 2、独立董事对公司有关事项提出异议的情况 11 上海大江（集团）股份有限公司 2007 年年度报告 报告期内，公司独立董事未对公司本年度的董事会议案及其他非董事会议案事项提出异议。 (三)公司相对于控股股东在业务、人员、资产、机构、财务等方面的独立情况 1、业务方面：公司与控股股东在业务上严格分开。公司自主开展业务活动，独立经营。公司目前 的主要业务是食品、饲料及机械和不动产开发经营，不动产业务主要是在松江地区的老城改造及工业 地产项目；控股股东绿庭（香港）虽然也从事不动产的开发、投资、经营，但其主要是从事高档商业 用房、办公用房、别墅、酒店、文化娱乐场所的开发与经营，并不从事动迁安置房和工业地产项目的 开发建设。两者开展的不动产业务性质不同，目标客户群也有明确的区分，所以二者之间业务具有很 强的独立性，不存在同业竞争。 2、人员方面：公司与控股股东在人员上严格分开。公司具有独立的劳动、人事、工资管理业务和 相应的管理制度。公司董事长、总裁、副总裁、董事会秘书、财务总监等高级管理人员均在本公司领 取报酬，不存在在股东单位担任行政职务和领取报酬情况；所有员工均经过严格规范的人事聘用程序 录用并签订劳动合同；严格执行有关工资制度，独立发放员工工资。 3、资产方面：公司与控股股东在资产上严格分开。公司资产独立完整，权属清晰，拥有独立的运 营系统，保证了公司业务的正常开展。在公司资产方面，未发生控股股东挪用上市公司资金问题，也 不存在为控股股东或其关联企业提供担保事项。 4、机构方面：公司与控股股东在机构设置上严格分开。公司根据《公司法》等有关法律的规定， 按照法定程序制定了公司章程并设定了独立的经营机构和管理机构，不存在控股股东干预本公司机构 设置和干预公司生产经营活动的情形。 5、财务方面：公司与控股股东在财务上严格分开。公司设立了独立的财务部门和审计部门，建立 了独立的会计核算体系和系统的财务管理制度。拥有独立的银行账户、独立纳税，独立作出财务决策， 不存在控股股东干预资金使用的情况。 (四)高级管理人员的考评及激励情况 本报告期内，公司根据经董事会审议通过的《高级管理人员员薪酬方案》、本年度实际经营业绩 及对高管人员的绩效考评成绩，确定高管人员 2007 年度薪酬和奖励方案。 (五)公司内部控制制度的建立健全情况 公司自成立以来，非常重视内控建设，按照《公司法》、《证券法》和《公司章程》的规定，结 合公司自身的经营特点，不断强化内部控制建设，提高经营质量和风险防范能力。目前公司已形成较 为完善的法人治理结构，董事会已设立战略与发展、审计以及提名、薪酬与考核三个专门委员会，并 制定了各专门委员会工作细则，独立董事均担任了各专门委员会委员；公司已基本健全组织结构，结 构清晰、分工明确、各司其职、互相制衡；公司已建立监督体系，包括设立监事会、审计委员会和审 计部，作为对公司进行稽核监督的机构；公司已建立健全内部管理制度，涉及财务、人事、经营、审 批权限、投资、法务、信息披露等方面；公司已按《会计法》和新会计准则要求建立公司财务核算和 管理体系，包括会计核算、资金管理、费用管理和预算管理等，在工作中建立有效的业务流程，完善 内部控制环节。公司还积极完善和探索子公司内控管理的模式，子公司财务人员均由集团公司外派， 实行财务集中管理。摸索建立财务、人事等 ERP 管理系统。目前这些内控要求在公司日常经营中得到 严格执行，有效运转，各项管理制度也基本满足目前公司管理需要。公司仍将根据不断出现的新情况、 新问题和新要求，继续加强和完善内控制度建设。 (六)公司披露董事会对公司内部控制的自我评估报告和审计机构的核实评价意见 本公司不披露董事会对公司内部控制的自我评估报告和审计机构的核实评价意见。 12 上海大江（集团）股份有限公司 2007 年年度报告 七、股东大会情况简介 (一)年度股东大会情况 1、公司于 2007 年 5 月 23 日召开第十五次股东大会（2006 年年会）年度股东大会。决议公告刊 登在 2007 年 5 月 24 日的《上海证券报》、《大公报》。 上海大江（集团）股份有限公司第十五次股东大会于 2007 年 5 月 23 日上午 9 点 30 分在上海沪闵 路 8075 号 8 楼上海地铁虹梅会务中心召开。出席会议的股东及股东代表共 112 人，代表股份 282,354,760 股，占公司总股本的 41.7495%。其中：A 股股东及股东代表为 72 人, 代表股份 278,990,788 股；B 股股东及股东代表 40 人，代表股份为 3,363,972 股。会议符合《公司法》、《公司章程》和《公 司股东大会议事规则》的有关规定。会议审议并投票通过了以下事项： 1、审议通过《2006 年度董事会工作报告》； 2、审议通过《2006 年度财务决算报告》； 3、审议通过《2006 年度利润分配方案》； 4、审议通过《2006 年度监事会工作报告》； 5、审议通过《关于公司董事会增补董事的议案》； 6、审议通过《关于公司及其控股子公司对外担保事项的议案》； 7、审议通过《关于公司及其控股子公司贷款事项的议案》； 8、审议通过《关于公司及其控股子公司资产抵押及质押事项的议案》； 9、审议通过《关于 2006 年度会计师事务所审计费用和聘用 2007 年度会计师事务所的议案》； 10、审议通过公司《2006 年年度报告》。 八、董事会报告 (一)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 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。 13 上海大江（集团）股份有限公司 2007 年年度报告 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。 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。 14 上海大江（集团）股份有限公司 2007 年年度报告 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 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 15 上海大江（集团）股份有限公司 2007 年年度报告 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。 (二)公司主营业务及其经营状况 1、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 2、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 3、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% 4、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% 16 上海大江（集团）股份有限公司 2007 年年度报告 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。 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% 17 上海大江（集团）股份有限公司 2007 年年度报告 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。 (三)公司投资情况 报告期内公司投资额为 2,493 万元，比上年减少 7,598 万元，减少的比例为 75.29%。 报告期内的投资额主要是公司以松江区谷阳南路 26、28 号原总部大楼按照评估价 2178 万元完成 对上海阳雷置业有限公司第二期的出资义务，其余为收购松江塔汇鸡场 45%股权。 被投资的公司情况 被投资的公司名称 主要经营活动 占被投资公司权益的比例(%) 备注 上海阳雷置业有限公司 房地产开发、经营 100 松江塔汇鸡场 目前停止经营 100 1、募集资金使用情况 报告期内，公司无募集资金或前期募集资金使用到本期的情况。 18 上海大江（集团）股份有限公司 2007 年年度报告 2、非募集资金项目情况 报告期内，公司无非募集资金投资项目。 (四)公司会计政策、会计估计变更或重大会计差错更正的原因及影响 1、根据新《企业会计准则第 38 号—首次执行企业会计准则》以及《企业会计准则解释第 1 号》 所规定的相关内容,公司 2007 年 1 月 1 日起执行新的会计准则,在首次执行日应当对资产、负债和所 有者权益按照新会计准则进行重新分类、确认和计量。 2、执行新会计准则后会计政策、会计估计变更及其对公司的财务状况和经营成果的影响： （1）根据《企业会计准则第 2 号——长期股权投资》的规定，公司将原会计政策下对控股子公司 采用权益法核算变更为成本法核算，此项会计政策变更将影响母公司投资收益，但本事项不影响公司 合并报表结果。 （2）根据《企业会计准则第 3 号——投资性房地产》的规定，公司对投资性房地产将采用成本模 式进行后续计量，对公司股东权益和净利润无影响。 （3）根据《企业会计准则第 6 号——无形资产》的规定，公司发生的研究开发费用将由原制度的 全部费用化计入当期损益，变更为将符合规定条件的开发支出予以资本化，此变更将减少公司当期期 间费用，增加公司当期的利润和股东权益。 （4）根据《企业会计准则第 9 号——职工薪酬》的规定，公司将原制度下福利费按应付工资的 14%计提变更为按实际发生额列支，将影响公司的利润和股东权益。 （5）根据《企业会计准则第 16 号——政府补助》的规定，公司原制度下的直接计入当期损益的 政府补助，变更为在区分与资产相关的政府补助和与收益相关的政府补助后，将与资产相关的政府补 助计入递延收益并分期计入损益、将与收益相关的政府补助直接计入当期损益，因此将会影响公司当 期利润和股东权益。 （6）根据《企业会计准则第 17 号——借款费用》的规定，用以资本化的借款费用由原制度下的 专门借款费用变更为符合资本化条件的专门借款费用和一般借款费用，此政策变化将会增加公司资本 化的借款费用范围，增加公司的利润和股东权益。 （7）根据《企业会计准则第 18 号——所得税》的规定，公司将原采用的应付税款法变更为资产 负债表债务法核算，会影响公司的所得税费用，将影响公司的利润和股东权益。 （8）按照原会计准则，合并报表的净利润中不包含未确认的投资损失，根据新准则的有关规定， 合并报表的列报格式中，将未确认的投资损失归属于母公司所有者承担，将影响公司的利润和股东权 益。 (五)董事会日常工作情况 1、董事会会议情况及决议内容 （1）公司于 2007 年 1 月 10 日召开第五届董事会临时会议董事会会议，鉴于陈国邦先生因个人原 因辞去公司总裁、董事及董事长职务，根据董事会提名、薪酬与考核委员会提名，决定聘任俞乃奋女 士为公司总裁，任期三年；授权公司副董事长徐宏标先生履行董事长职务。决议公告刊登在 2007 年 1 月 12 日的《上海证券报》和《大公报》。 （2）公司于 2007 年 2 月 2 日召开第五届董事会临时会议董事会会议，审议通过《上海大江（集 团）股份有限公司整改报告》。决议公告刊登在 2007 年 2 月 6 日的《上海证券报》和《大公报》。 （3）公司于 2007 年 4 月 25 日召开第五届董事会第二次全体会议董事会会议，1、审议通过《2006 年度董事会工作报告》；2、审议通过《2006 年度财务决算报告》；3、审议通过《2006 年度利润分配 预案》；4、审议通过《2006 年度总裁工作报告》；5、审议通过《关于提名俞乃奋女士为董事候选人 的议案》；6、审议通过《关于修订公司信息披露事务管理制度的议案》；7、审议通过《关于公司及 其控股子公司对外担保事项的议案》；8、审议通过《关于公司及其控股子公司贷款事项的议案》；9、 审议通过《关于公司及其控股子公司资产抵押及质押事项的议案》；10、审议通过《关于 2006 年度计 提长期股权投资减值准备的议案》；11、审议通过《关于公司会计政策和会计估计变更的议案》；12、 19 上海大江（集团）股份有限公司 2007 年年度报告 审议通过《关于 2006 年度会计师事务所审计费用和聘用 2007 年度会计师事务所的议案》；13、审议 通过《关于调整公司内部组织机构的议案》；14、审议通过《关于申请撤销退市风险警示的议案》； 15、审议通过 2006 年年度报告及报告摘要；16、审议通过 2007 年第一季度报告全文及正文。会议决 定于 2007 年 5 月 23 日召开公司第十五次股东大会（2006 年年会）。决议公告刊登在 2007 年 4 月 27 日的《上海证券报》和《大公报》。 （4）公司于 2007 年 5 月 23 日召开第五届董事会临时会议董事会会议，选举俞乃奋女士任公司董 事长，任期三年；徐宏标副董事长不再行使董事长职权。决议公告刊登在 2007 年 5 月 24 日的《上海 证券报》和《大公报》。 （5）公司于 2007 年 6 月 29 日召开第五届董事会临时会议董事会会议，1、审议通过《关于公司 治理专项活动的自查报告和整改计划》；2、审议通过《关于更换公司董事会专门委员会成员的议案》； 3、审议通过《关于公司推行财务集中管理制度的建议》；4、审议通过《关于上海申德机械有限公司 管理层股权激励构想的议案》；5、审议通过《关于对公司部分闲置资产进行改造开发的议案》。决议 公告刊登在 2007 年 7 月 3 日的《上海证券报》和《大公报》。 （6）公司于 2007 年 8 月 24 日召开第五届董事会第三次全体会议董事会会议，审议通过 2007 年 半年度报告及报告摘要。决议公告刊登在 2007 年 8 月 28 日的《上海证券报》和《大公报》。 （7）公司于 2007 年 10 月 26 日召开第五届董事会临时会议董事会会议，1、审议通过关于制定《独 立董事工作制度》的议案；2、审议通过 2007 年第三季度报告正文及全文；3、审议通过关于《公司治 理专项活动整改报告》的议案。决议公告刊登在 2007 年 10 月 30 日的《上海证券报》和《大公报》。 2、董事会对股东大会决议的执行情况 2006 年度公司共召开了一次年度股东大会和一次临时股东大会。报告期内，董事会认真履行了股东大 会的各项决议： （1）根据公司 2006 年度股东大会决议，公司应聘请立信会计师事务所有限公司和浩华会计师事 务所分别担任本公司 A 股和 B 股的审计工作。但中国证监会于 2008 年 1 月份发文规定，B 股公司不要 求境外审计，所以报告期内公司只聘请了立信会计师事务所有限公司担任本公司审计工作，并支付了 相关费用。 （2）严格按照股东大会的授权范围，为本公司下属控股子公司提供有关借款担保和执行公司及控 股子公司有关贷款、资产抵押及质押的事项。 （3）报告期内公司利润分配执行情况：报告期内无利润分配、公积金转增股本等执行事项。 （4）根据公司章程有关规定，对董事会和监事会成员进行换届选举，并根据股东大会决议每月按 时发放独立董事、外部董监事津贴。 （5）根据 2006 年临时股东大会决议，公司经营范围内容拟增加"房地产开发经营，物业管理及租 赁，仓储物流（除危险品）；商务信息咨询"。公司于 2007 年 9 月 28 日向上海市外国投资工作委员会 提出申请。由于目前国家对房地产实施从紧的宏观调控政策，公司性质又属于外商投资企业，因此增 加房地产开发方面的经营内容没有得到商务部的批准。公司今后的房地产业务主要通过下属控股子公 司开展，母公司不直接从事房地产开发和经营。 3、董事会下设的审计委员会的履职情况汇总报告 第五届董事会审计委员会于 2006 年 9 月 15 日成立，并制定了审计委员会议事规则。 报告期内，审计委员会共召开二次全体会议，在公司定期报告编制和披露过程中，认真履行职责， 勤勉尽责的开展工作。 审计委员会关于公司 2007 年年度报告的工作情况： 按照中国证监会《关于做好上市公司 2007 年年度报告及相关工作的通知》的要求，截至 2008 年 4 月 18 日，审计委员会认真尽职，非常重视年报审计工作，先后三次召开全体会议，审议有关年报的 事项： 2008 年 1 月 11 日，审计委员会召开了第一次会议，会议听取了公司管理层对 2007 年度公司经营 情况的汇报；经过与事务所进行了充分的沟通，确定了关于公司 2007 年年度财务报告审计工作的有关 安排；审阅了公司 2007 年年度财务报表初稿，同意提交事务所审计。 在审计过程中，审计委员会加强和会计师的沟通，并多次询问和 2 次书面督促会计师事务所审计 20 上海大江（集团）股份有限公司 2007 年年度报告 工作，有效地确保了公司审计报告按时完成。 2008 年 2 月 29 日，审计委员会召开了第二次会议，会上听取事务所关于公司 2007 年年度财务报 告审计情况的介绍；并再次审阅了公司 2007 年年度财务报告初稿，约定事务所于 2008 年 4 月 18 日出 具审计报告；会议还审议通过《董事会审计委员会工作规程》（草案），提交董事会审议。 2008 年 4 月 8 日，审计委员会召开了第三次会议，会上审计委员会与师事务所沟通关于公司 2007 年度审计工作的进展情况；会议审议通过了公司 2007 年度财务会计报告，同意提交董事会审议。会议 还审议通过了《关于 2007 年度财务报告的审计工作总结报告》；审议通过了《公司内部控制自我评价 报告》、《关于 2007 年度会计师事务所审计费用和聘用 2008 年度会计师事务所的议案》等议案，提 交董事会审议。 4、董事会下设的薪酬委员会的履职情况汇总报告 第五届董事会提名、薪酬与考核委员会于 2006 年 9 月 15 日成立，并制定了提名、薪酬与考核委 员会议事规则。 报告期内，董事会提名、薪酬与考核委员会共召开三次全体会议：（1）2007 年 1 月 10 日，鉴于 陈国邦先生辞去公司总裁、董事及董事长职务，提名俞乃奋女士担任公司总裁，建议董事会授权副董 事长徐宏标先生履行董事长职务。（2）2007 年 1 月 19 日，审议通过《大江集团绩效管理、考核工作 的指导意见》。（3）2007 年 10 月 26 日，会议讨论有关控股子公司上海申德机械有限公司的股权激 励方案、公司薪酬体系是否与当前市场行情同步等事宜。（4）2007 年 12 月 10 日，会议审议同意逐 步启动公司股权激励方案的制定工作，聘请一家中介机构协助进行前期准备工作；审议同意上海申德 机械有限公司实施股权激励，提交董事会审议；审议同意 2007 年度对公司高管年终考核意见及办法， 决定于 2008 年 1 月 25 日对内部董事、总裁、副总裁、董事会秘书及其他高级管理人员实施年终考核。 2008 年 1 月 25 日，董事会提名、薪酬与考核委员会召开会议，会议通过内部董事及高管互评、 内部董事及高管述职陈述、提名、薪酬与考核委员会内部讨论等程序，对公司内部董事及高管人员 2007 年度工作进行考核，根据考核成绩确定内部董事及高管人员 2007 年度薪酬和奖惩方案。 2008 年 2 月 2 日，董事会提名、薪酬与考核委员会召开会议，会议以外部董事及监事述职陈述、自评互评等形式， 对每位外部董事及监事 2007 年度工作的勤勉尽职情况进行考评，会议还对如何推动董事会和监事会高 效运转进行了热烈的讨论。 (六)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。 (七)公司本报告期内盈利但未提出现金利润分配预案 本报告期盈利但未提出现金利润分配预案的原因: 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。 九、监事会报告 (一)监事会的工作情况 1、公司于 2007 年 4 月 25 日召开了第五届监事会第二次全体会议,会议内容：1、审议通过《2006 年度监事会工作报告》，提交公司股东大会审议；2、审核通过《2006 年度财务决算报告》；3、审核 通过《2006 年度利润分配预案》；4、审核通过《关于公司及其控股子公司对外担保事项的议案》；5、 审核通过《关于公司及其控股子公司贷款事项的议案》；6、审核通过《关于公司及其控股子公司资产 抵押及质押事项的议案》；7、审核通过《关于 2006 年度计提长期股权投资减值准备的议案》；8、审 核通过《关于公司会计政策和会计估计变更的议案》；9、审核通过 2006 年年度报告及报告摘要；10、 审核通过 2007 年第一季度报告全文及正文。 2、公司于 2007 年 8 月 24 日召开了第五届监事会第三次全体会议,会议审核同意 2007 年半年度报 告及报告摘要。 21 上海大江（集团）股份有限公司 2007 年年度报告 3、公司于 2007 年 10 月 26 日召开了第五届监事会临时会议,会议审核同意《2007 年第三季度报 告》。 (二)监事会对公司依法运作情况的独立意见 报告期内，公司按照《公司法》、《证券法》等有关法律法规依法规范运作。公司建立了完善的 财务会计和内审制度；公司重大问题的决策程序合法有序；股东大会和董事会的召集、召开及决策程 序符合《公司法》、《证券法》和公司章程的有关规定；公司高级管理人员依法履行职责，没有违反 国家法律、法规和公司章程的情况，也未发生损害公司利益和股东权益的情况；有关信息的披露及时、 真实、充分。 (三)监事会对检查公司财务情况的独立意见 报告期内，公司财务管理严格、规范，不存在违反国家财经法规和制度的情况。监事会根据《证 券法》第 68 条的要求，审核了公司 2007 年年度报告，并列席公司五届四次董事会，听取公司经营层 对年报编制的解释及董事会对年报审议的表决，本年度报告的编制和审议程序符合相关法律法规、公 司章程和公司内部管理制度的各项规定及中国证监会和上海证券交易所的各项规定，所包含的信息反 映了公司当年度的经营管理及财务状况；没有发现参与年度报告编制和审议的人员违反保密规定的行 为。监事会审议了立信会计师事务所有限公司出具的 2007 年度标准无保留意见审计报告，认为该报告 客观、真实、公允地反映了公司本会计年度的经营成果。公司拟订的不分配、不转增分配预案是符合 公司实际情况的。 (四)监事会对公司最近一次募集资金实际投入情况的独立意见 报告期内，公司没有募集资金，也没有本年度之前的募集资金的使用延续到本年度的情况。 (五)监事会对公司收购出售资产情况的独立意见 报告期内，公司根据自身产业结构调整的需要出售和收购部分资产项目，出售、收购资产的价格 合理，没有发现内幕交易和损害股东权益或造成公司资产流失的行为。 (六)监事会对公司关联交易情况的独立意见 报告期内，公司的关联交易，体现了公平的原则，未损害公司利益，无内幕交易行为。 十、重要事项 (一)重大诉讼仲裁事项 本年度公司无重大诉讼、仲裁事项。 (二)资产交易事项 1、收购资产情况 2007 年 7 月 11 日，本公司向上海松江石湖荡镇副业公司购买松江塔汇鸡场 45％股权，该资产的 账面价值为 32 万元，评估价值为 577 万元，实际购买金额为 315 万元，本次收购价格的确定依据是评 估价 。此次资产收购对公司业务连续性、管理层稳定性的没有影响,对公司财务状况和经营成果的影 响无重大影响, 收购已完成。 2、出售资产情况 （1）2007 年 2 月 14 日，本公司向上海天邦饲料有限公司转让原料仓库（3082 平方米）、成品 仓库（940 平方米）、畜禽料车间（644 平方米）、畜禽饲料流水线设备以及 3 个 1000 吨的圆筒仓， 该资产的账面价值为 134 万元，实际出售金额为 650 万元，产生损益 516 万元。本次出售价格的确定 依据是市场价。该事项已于 2007 年 2 月 15 日刊登在《上海证券报》《大公报》上。本年初起至出售 日该资产为上市公司贡献的净利润为 0。此次出售对公司业务连续性、管理层稳定性无影响，有利于 22 上海大江（集团）股份有限公司 2007 年年度报告 存量资产的变现，增加利润和现金流。 已完成。 （2）2007 年 4 月 26 日，本公司向中国华源生命产业有限公司转让上海华源生命科学研究开发有 限公司 16.5％股权，该资产的账面价值为 1,619 万元，实际出售金额为 2,000 万元，产生损益 381 万 元。本次出售价格的确定依据是协议价。该事项已分别于 2007-04-28 和 2007-09-19 刊登在《上海证 券报》《大公报》上。本年初起至出售日该资产为上市公司贡献的净利润为 0。此次出售资产为公司 非主营的亏损资产，对公司业务连续性、管理层稳定性无影响，有利于增加利润和现金流。 已完成。 （3）2007 年 10 月 17 日，本公司向江苏京海禽业集团有限公司转让江苏大江畜禽发展有限公司 10%股权，该资产的账面价值为 700 万元，实际出售金额为 623 万元，产生损益-77 万元。本次出售价 格的确定依据是账面净资产。根据《股权转让协议》及《股权转让补充协议书》的约定，第一期股权 转让款 598 万元收购方已支付给我公司，第二期股权转让款 25 万元收购方计划于完成相关法律手续后 支付给我公司。本年初起至出售日该资产为上市公司贡献的净利润为 0。此次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，增加现金流。 (三)报告期内公司重大关联交易事项 1、关联债权债务往来 单位:万元 币种:人民币 向关联方提供资金 关联方向公司提供资金 关联方 关联关系 发生额 余额 发生额 余额 上海绿庭集团有限 母公司的控 400 20.42 公司 股子公司 上海绿洲科创发展 母公司的控 30 30 有限公司 股子公司 上海绿洲怡景工程 母公司的控 1,900 1,900 建设有限公司 股子公司 合计 / 400 20.42 1,930 1,930 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。 关联债权债务形成原因：借入资金。 关联债权债务对公司经营成果及财务状况的影响：增加公司现金流，缓解资金压力。 (四)托管情况 本年度公司无托管事项。 (五)承包情况 本年度公司无承包事项。 (六)租赁情况 本年度公司无租赁事项。 23 上海大江（集团）股份有限公司 2007 年年度报告 (七)担保情况 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） 发生日 担 是否 是否 期 保 为关 担保对象 担保金额 担保期限 履行 （协议 类 联方 完毕 签署日） 型 担保 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 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 (八)委托理财情况 本年度公司无委托理财事项。 (九)其他重大合同 本年度公司无其他重大合同。 (十)承诺事项履行情况 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 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。 股改承诺及履行情况： 24 上海大江（集团）股份有限公司 2007 年年度报告 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。 (十一)聘任、解聘会计师事务所情况 报告期内，公司未改聘会计师事务所，公司现聘任立信会计师事务所有限公司为公司的审计机构， 拟支付其年度审计工作的酬金共约 93.47 万元，其中：审计费 88 万元，在公司报销的差旅费 5.47 万 元，其他费用未发生。截止本报告期末，该会计师事务所已为本公司提供了 5 年审计服务。 (十二)上市公司及其董事、监事、高级管理人员、公司股东、实际控制人处罚及整改情况 报告期内公司及其董事、监事、高级管理人员、公司股东、实际控制人均未受中国证监会的稽查、 行政处罚、通报批评及证券交易所的公开谴责。 (十三)其它重大事项及其影响和解决方案的分析说明 1、持有非上市金融企业股权情况 会 占该公 计 报告期 报告期所 所持对 最初投资金 持有数量 司股权 期末账面价 核 股份 损益 有者权益 象名称 额（元） (股) 比例 值（元） 算 来源 （元） 变动（元） (%) 科 目 长 上海申 期 购买 银万国 股 的发 证券股 51,250,000 51,760,000 0.77 51,250,000 0 0 权 行法 份有限 投 人股 公司 资 (十四)信息披露索引 刊载的报刊名称 刊载的互联网网站及检 事项 刊载日期 及版面 索路径 （临 2007-001）五届董事会临时会议决议 《上海证券报》 2007 年 1 上海证券交易所网站 公告 D12《大公报》B10 月 12 日 www.sse.com.cn 《上海证券报》 2007 年 1 （临 2007-002）股票交易异常波动公告 D7《大公报》A35 月 19 日 （临 2007-003）五届董事会临时会议决议 《上海证券报》 2007 年 2 公告 D23《大公报》B10 月6日 （临 2007-004）关于应收账款诉讼案终审 《上海证券报》 2007 年 2 胜诉的公告 D5《大公报》A21 月8日 （临 2007-005）关于公司出售闲置固定资 《上海证券报》 2007 年 2 产的公告 B21《大公报》A9 月 15 日 （临 2007-006）关于公司为控股子公司提 《上海证券报》 2007 年 4 供担保的公告 D79《大公报》B10 月 24 日 25 上海大江（集团）股份有限公司 2007 年年度报告 （临 2007-007）第五届董事会第二次全体 《上海证券报》 2007 年 4 会议决议暨召开第十五次股东大会的公 D90《大公报》A29 月 27 日 告 （临 2007-008）第五届监事会第二次全体 《上海证券报》 2007 年 4 会议决议公告 D90《大公报》A29 月 27 日 （临 2007-009）关于公司转让长期投资股 《上海证券报》 2007 年 4 权的公告 143《大公报》A28 月 28 日 （临 2007-010）关于 2007 年第一季度报 《上海证券报》 2007 年 5 告的补充公告 A18《大公报》A7 月8日 （临 2007-011）关于上海大江肉食品厂清 《上海证券报》 2007 年 5 算结果的公告 A18《大公报》A7 月8日 （临 2007-012）第十五次股东大会决议公 《上海证券报》 2007 年 5 告 D15《大公报》B9 月 24 日 （临 2007-013）五届董事会临时会议决议 《上海证券报》 2007 年 5 公告 D15《大公报》B9 月 24 日 （临 2007-014）关于申请撤销退市风险警 《上海证券报》 2007 年 5 示的公告 D13《大公报》A7 月 25 日 （临 2007-015）关于上海证券交易所核准 《上海证券报》 2007 年 5 撤销公司股票退市风险警示的公告 D13《大公报》A7 月 25 日 《上海证券报》 2007 年 5 （临 2007-016）关于风险提示公告 A12《大公报》B3 月 28 日 《上海证券报》 2007 年 6 （临 2007-017）股票交易异常波动公告 D13《大公报》B10 月7日 《上海证券报》 2007 年 6 （临 2007-018）关于风险提示公告 A19《大公报》B9 月 25 日 （临 2007-019）第五届董事会临时会议决 《上海证券报》 2007 年 7 议公告 D20《大公报》A20 月3日 （临 2007-020）关于开展公司治理专项活 《上海证券报》 2007 年 7 动自查报告和整改计划 D20《大公报》A20 月3日 （临 2007-021）关于公司对阜新大江有限 《上海证券报》 2007 年 7 公司担保责任解除的公告 D10《大公报》B8 月6日 （临 2007-022）关于子公司上海大华器械 《上海证券报》 2007 年 7 有限公司和松江华阳鸡场清算结果的公 D4《大公报》C6 月 18 日 告 （临 2007-023）关于公司股价风险提示公 《上海证券报》 2007 年 7 告 A20《大公报》C5 月 23 日 （临 2007-024）关于公司股价风险提示公 《上海证券报》 2007 年 8 告 A14《大公报》B2 月6日 （临 2007-025）关于公司股价风险提示公 《上海证券报》 2007 年 8 告 A43《大公报》B2 月 20 日 （临 2007-026）关于公司股价风险提示公 《上海证券报》 2007 年 9 告 A21《大公报》B2 月3日 （临 2007-027）关于股票交易异常波动公 《上海证券报》 2007 年 9 告 D13《大公报》B8 月 13 日 （临 2007-028）关于有限售条件的流通股 《上海证券报》 2007 年 9 上市公告 A15《大公报》A32 月 17 日 26 上海大江（集团）股份有限公司 2007 年年度报告 （临 2007-029）关于公司股价风险提示公 《上海证券报》 2007 年 9 告 A15《大公报》A32 月 17 日 （临 2007-030）关于收到转让款余额的公 《上海证券报》 2007 年 9 告 D15《大公报》A8 月 19 日 （临 2007-031）关于公司股价风险提示公 《上海证券报》 2007 年 10 告 A15《大公报》B2 月8日 （临 2007-032）关于公司股价风险提示公 《上海证券报》 2007 年 10 告 A20《大公报》B2 月 22 日 （临 2007-033）关于股票交易异常波动公 《上海证券报》 2007 年 10 告 A12《大公报》B12 月 29 日 （临 2007-034）第五届董事会临时会议决 《上海证券报》 2007 年 10 议公告 D31《大公报》B9 月 30 日 （临 2007-035）关于公司股价风险提示公 《上海证券报》 2007 年 11 告 A5《大公报》B2 月5日 （临 2007-036）关于公司股价风险提示公 《上海证券报》 2007 年 11 告 A26《大公报》B2 月 19 日 （临 2007-037）关于公司股价风险提示公 《上海证券报》 2007 年 12 告 A21《大公报》B3 月3日 （临 2007-038）关于公司股价风险提示公 《上海证券报》 2007 年 12 告 A24《大公报》B8 月 17 日 十一、财务会计报告 公司年度财务报告已经立信会计师事务所有限公司注册会计师林璐、许丽蓉审计，并出具了标准 无保留意见的审计报告。 (一)审计报告 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， 27 上海大江（集团）股份有限公司 2007 年年度报告 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 28 上海大江（集团）股份有限公司 2007 年年度报告 (二)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： 29 上海大江（集团）股份有限公司 2007 年年度报告 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计 227,877,147.77 203,212,995.00 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 30 上海大江（集团）股份有限公司 2007 年年度报告 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 31 上海大江（集团）股份有限公司 2007 年年度报告 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）合计 233,343,694.43 221,214,500.66 负债和所有者权益（或股东权益） 623,215,735.39 611,847,592.30 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 32 上海大江（集团）股份有限公司 2007 年年度报告 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 33 上海大江（集团）股份有限公司 2007 年年度报告 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 34 上海大江（集团）股份有限公司 2007 年年度报告 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 35 上海大江（集团）股份有限公司 2007 年年度报告 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 36 上海大江（集团）股份有限公司 2007 年年度报告 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 上述 -1,560,846.00 27,317,002.47 -1,381,041.58 24,375,114.89 37 上海大江（集团）股份有限公司 2007 年年度报告 （一） 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 38 上海大江（集团）股份有限公司 2007 年年度报告 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 39 上海大江（集团）股份有限公司 2007 年年度报告 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 40 上海大江（集团）股份有限公司 2007 年年度报告 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 （四）利润分 41 上海大江（集团）股份有限公司 2007 年年度报告 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 影响 3．与计入所 42 上海大江（集团）股份有限公司 2007 年年度报告 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 （三）报表附注 一、公司基本情况 上海大江（集团）股份有限公司（以下简称“本公司”）于一九九三年七月经沪外资委批准改制 为股份有限公司，一九九三年十一月在上海证券交易所上市。所属行业为食品加工业。公司注册资本 为 67,630.5696 万元，经营范围为：家禽、家畜、水产的良种、饲料、饲料添加剂、花卉肥料及有关 食品加工产品的销售和进出口；生物制药、兽药、畜禽疫苗；畜禽机械、饲料机械、医疗器械（限于 医用透明质酸钠）；餐饮业；道路货物运输；从事符合国家产业政策的投资业务（具体项目另行报批）， 主要产品为各种饲料、饲料机械、肉制品及商品房等。 公司于 2006 年 9 月 18 日实施股权分置改革方案，由公司的控股股东绿庭（香港）有限公司向 A 股流通股股东支付对价，A 股流通股股东每 10 股获付 3 股，支付股份总数 7,722,000 股。实施此股权 分置改革方案后，绿庭（香港）有限公司拥有公司 41.25％的股权。 二、主要会计政策、会计估计和前期差错 （一）遵循企业会计准则的声明。 43 上海大江（集团）股份有限公司 2007 年年度报告 公司所编制的财务报表符合企业会计准则的要求，真实、完整地反映了公司的财务状况、经营成 果、股东权益变动和现金流量等有关信息。 （二）编制基础 公司以持续经营为基础，根据实际发生的交易和事项，按照《企业会计准则—基本准则》和其他 各项会计准则的规定进行确认和计量，在此基础上编制财务报表。 资产负债表年初余额和可比期间的利润表，系按照 证监发[2006]136 号文和证监会计字[2007]10 号文的规定，对《企业会计准则第 38 号—首次执行企业会计准则》第五条至第十九条规定需要追溯调 整的事项，按照追溯调整的原则进行调整后而编制的。 （三）会计期间 自公历 1 月 1 日至 12 月 31 日止为一个会计年度。 （四）记账本位币 采用人民币为记账本位币。 （五）计量属性在本年发生变化的报表项目及其本年采用的计量属性 本公司在对会计报表项目进行计量时，一般采用历史成本，如所确定的会计要素金额能够取得并 可靠计量则对个别会计要素采用重置成本、可变现净值、现值、公允价值计量。 本年报表项目的计量属性未发生变化。 （六）现金等价物的确定标准 在编制现金流量表时，将同时具备期限短（从购买日起三个月内到期）、流动性强、易于转换为 已知现金、价值变动风险很小四个条件的投资，确定为现金等价物。 （七）外币业务核算方法 外币业务采用交易发生日的即期汇率作为折算汇率折合成人民币记账。 外币货币性项目余额按资产负债表日即期汇率折合成人民币金额进行调整，以公允价值计量的外 币非货币性项目按公允价值确定日的即期汇率折合成人民币金额进行调整。外币专门借款账户年末折 算差额，可直接归属于符合资本化条件的资产的购建或者生产的，按规定予以资本化，计入相关资产 成本；其余的外币账户折算差额均计入财务费用。不同货币兑换形成的折算差额，计入财务费用。 （八）金融资产和金融负债的核算方法 1、金融资产和金融负债的分类 管理层按照取得持有金融资产和承担金融负债的目的，将其划分为：以公允价值计量且其变动计 入当期损益的金融资产或金融负债，包括交易性金融资产或金融负债，持有至到期投资；应收款项； 可供出售金融资产；其他金融负债等。 同时管理层按照取得持有金融资产和承担金融负债的目的，详细说明划分的标准。 2、金融资产和金融负债的确认和计量方法 （1）以公允价值计量且其变动计入当期损益的金融资产（金融负债） 取得时以公允价值（扣除已宣告但尚未发放的现金股利或已到付息期但尚未领取的债券利息）作 为初始确认金额，相关的交易费用计入当期损益。 持有期间将取得的利息或现金股利确认为投资收益，年末将公允价值变动计入当期损益。 处置时，其公允价值与初始入账金额之间的差额确认为投资收益，同时调整公允价值变动损益。 （2）持有至到期投资 取得时按公允价值（扣除已到付息期但尚未领取的债券利息）和相关交易费用之和作为初始确认 金额。 持有期间按照摊余成本和实际利率（如实际利率与票面利率差别较小的，按票面利率）计算确认 利息收入，计入投资收益。实际利率在取得时确定，在该预期存续期间或适用的更短期间内保持不变。 处置时，将所取得价款与该投资账面价值之间的差额计入投资收益。 （3）应收款项 公司对外销售商品或提供劳务形成的应收债权，以及公司持有的其他企业的不包括在活跃市场上 有报价的债务工具的债权，包括应收账款、应收票据、预付账款、其他应收款等，以向购货方应收的 合同或协议价款作为初始确认金额。 收回或处置时，将取得的价款与该应收款项账面价值之间的差额计入当期损益。 （4）可供出售金融资产 44 上海大江（集团）股份有限公司 2007 年年度报告 取得时按公允价值（扣除已宣告但尚未发放的现金股利或已到付息期但尚未领取的债券利息）和 相关交易费用之和作为初始确认金额。 持有期间将取得的利息或现金股利确认为投资收益。年末以公允价值计量且将公允价值变动计入 资本公积（其他资本公积）。 处置时，将取得的价款与该金融资产账面价值之间的差额，计入投资损益；同时，将原直接计入 所有者权益的公允价值变动累计额对应处置部分的金额转出，计入投资损益。 （5）其他金融负债 按其公允价值和相关交易费用之和作为初始确认金额。采用摊余成本进行后续计量。 3、金融资产转移的确认依据和计量方法 公司发生金融资产转移时，如已将金融资产所有权上几乎所有的风险和报酬转移给转入方，则终 止确认该金融资产；如保留了金融资产所有权上几乎所有的风险和报酬的，则不终止确认该金融资产。 在判断金融资产转移是否满足上述金融资产终止确认条件时，采用实质重于形式的原则。公司将 金融资产转移区分为金融资产整体转移和部分转移。 金融资产整体转移满足终止确认条件的，将下列两项金额的差额计入当期损益： （1）所转移金融资产的账面价值； （2）因转移而收到的对价，与原直接计入所有者权益的公允价值变动累计额（涉及转移的金融资 产为可供出售金融资产的情形）之和。 金融资产部分转移满足终止确认条件的，将所转移金融资产整体的账面价值，在终止确认部分和 未终止确认部分（在此种情况下，所保留的服务资产应当视同未终止确认金融资产的一部分）之间， 按照各自的相对公允价值进行分摊，并将下列两项金额的差额计入当期损益： （1）终止确认部分的账面价值； （2）终止确认部分的对价，与原直接计入所有者权益的公允价值变动累计额中对应终止确认部分 的金额（涉及转移的金融资产为可供出售金融资产的情形）之和。 金融资产转移不满足终止确认条件的，继续确认该金融资产，所收到的对价确认为一项金融负债。 4、金融资产和金融负债公允价值的确定方法 本公司采用公允价值计量的金融资产和金融负债全部直接参考活跃市场中的报价。 5、金融资产的减值准备 （1）可供出售金融资产的减值准备： 年末如果可供出售金融资产的公允价值发生较大幅度下降，或在综合考虑各种相关因素后，预期 这种下降趋势属于非暂时性的，就认定其已发生减值，将原直接计入所有者权益的公允价值下降形成 的累计损失一并转出，确认减值损失。 （2）持有至到期投资的减值准备： 持有至到期投资减值损失的计量比照应收款项减值损失计量方法处理。 （九）应收款项坏账准备的确认标准和计提方法 年末如果有客观证据表明应收款项发生减值，则将其账面价值减记至可收回金额，减记的金额确 认为资产减值损失，计入当期损益。可收回金额是通过对其的未来现金流量（不包括尚未发生的信用 损失）按原实际利率折现确定，并考虑相关担保物的价值（扣除预计处置费用等）。原实际利率是初 始确认该应收款项时计算确定的实际利率。短期应收款项的预计未来现金流量与其现值相差很小，在 确定相关减值损失时，不对其预计未来现金流量进行折现。 年末对于单项金额重大的应收款项单独进行减值测试。如有客观证据表明其发生了减值的，根据 其未来现金流量现值低于其账面价值的差额，确认减值损失，计提坏账准备。 单项金额重大是指：单项应收款项占应收款项余额总额 10％以上的款项。 对于年末单项金额非重大的应收款项，采用与经单独测试后未减值的应收款项一起按账龄作为类 似信用风险特征划分为若干组合，再按这些应收款项组合在年末余额的一定比例（可以单独进行减值 测试）计算确定减值损失，计提坏账准备。 除已单独计提减值准备的应收款项外，公司根据以前年度与之相同或相类似的、具有应收款项按 账龄段划分的类似信用风险特征组合的实际损失率为基础，结合现时情况确定以下坏账准备计提的比 例： 45 上海大江（集团）股份有限公司 2007 年年度报告 应收款项账龄 提取比例 1 年以内 3％ 1 年－2 年 10％ 2 年－3 年 15％ 3 年以上 20％ （十）存货核算方法 1、存货的分类 存货分类为：原材料、周转材料、产成品、在产品、开发成本等。 2、发出存货的计价方法 （1）存货发出时按加权平均法计价。 （2）周转材料的摊销方法 低值易耗品采用一次摊销法； 包装物采用一次摊销法。 3、存货的盘存制度 采用永续盘存制。 4、存货跌价准备的计提方法 年末对存货进行全面清查后，按存货的成本与可变现净值孰低提取或调整存货跌价准备。 产成品、商品和用于出售的材料等直接用于出售的商品存货，在正常生产经营过程中，以该存货 的估计售价减去估计的销售费用和相关税费后的金额，确定其可变现净值；需要经过加工的材料存货， 在正常生产经营过程中，以所生产的产成品的估计售价减去至完工时估计将要发生的成本、估计的销 售费用和相关税费后的金额，确定其可变现净值；为执行销售合同或者劳务合同而持有的存货，其可 变现净值以合同价格为基础计算，若持有存货的数量多于销售合同订购数量的，超出部分的存货的可 变现净值以一般销售价格为基础计算。 年末按照单个存货项目计提存货跌价准备；但对于数量繁多、单价较低的存货，按照存货类别计 提存货跌价准备；与在同一地区生产和销售的产品系列相关、具有相同或类似最终用途或目的，且难 以与其他项目分开计量的存货，则合并计提存货跌价准备。 以前减记存货价值的影响因素已经消失的，减记的金额予以恢复，并在原已计提的存货跌价准备 金额内转回，转回的金额计入当期损益。 （十一）投资性房地产的种类和计量模式 投资性房地产是指为赚取租金或资本增值，或两者兼有而持有的房地产，包括已出租的土地使用 权、持有并准备增值后转让的土地使用权、已出租的建筑物。 公司对现有投资性房地产采用成本模式计量。对按照成本模式计量的投资性房地产－出租用资产 采用与本公司固定资产相同的折旧政策，出租用土地使用权按与无形资产相同的摊销政策；对存在减 值迹象的，估计其可收回金额，可收回金额低于其账面价值的，确认相应的减值损失。 （十二）固定资产的计价和折旧方法 1、固定资产确认条件 固定资产指为生产商品、提供劳务、出租或经营管理而持有，并且使用年限超过一年的有形资产。 固定资产在同时满足下列条件时予以确认： （1）与该固定资产有关的经济利益很可能流入企业； （2）该固定资产的成本能够可靠地计量。 2、固定资产的分类 固定资产分类为：房屋及建筑物、机器设备、运输设备、其他设备等。 3、固定资产的初始计量 固定资产取得时按照实际成本进行初始计量。 外购固定资产的成本，以购买价款、相关税费、使固定资产达到预定可使用状态前所发生的可归 属于该项资产的运输费、装卸费、安装费和专业人员服务费等确定。 购买固定资产的价款超过正常信用条件延期支付，实质上具有融资性质的，固定资产的成本以购 买价款的现值为基础确定。 自行建造固定资产的成本，由建造该项资产达到预定可使用状态前所发生的必要支出构成。 46 上海大江（集团）股份有限公司 2007 年年度报告 债务重组取得债务人用以抵债的固定资产，以该固定资产的公允价值为基础确定其入账价值，并 将重组债务的账面价值与该用以抵债的固定资产公允价值之间的差额，计入当期损益； 在非货币性资产交换具备商业实质和换入资产或换出资产的公允价值能够可靠计量的前提下，换 入的固定资产以换出资产的公允价值为基础确定其入账价值，除非有确凿证据表明换入资产的公允价 值更加可靠；不满足上述前提的非货币性资产交换，以换出资产的账面价值和应支付的相关税费作为 换入固定资产的成本，不确认损益。 以同一控制下的企业吸收合并方式取得的固定资产按被合并方的账面价值确定其入账价值；以非 同一控制下的企业吸收合并方式取得的固定资产按公允价值确定其入账价值。 融资租入的固定资产，按租赁开始日租赁资产公允价值与最低租赁付款额现值两者中较低者作为 入账价值。 4、固定资产折旧计提方法 固定资产折旧采用年限平均法分类计提，根据固定资产类别、预计使用寿命和预计净残值率确定 折旧率。 符合资本化条件的固定资产装修费用，在两次装修期间与固定资产尚可使用年限两者中较短的期 间内，采用年限平均法单独计提折旧。 各类固定资产预计使用寿命和年折旧率如下： 固定资产类别 预计使用寿命 预计净残值率 年折旧率 房屋及建筑物 20 年 10％ 4.5% 机器设备 10 年 10％ 9% 运输设备 5年 10％ 18% 其他设备 5年 10％ 18% （十三）在建工程核算方法 1、在建工程类别 在建工程以立项项目分类核算。 2、在建工程结转为固定资产的标准和时点 在建工程项目按建造该项资产达到预定可使用状态前所发生的全部支出，作为固定资产的入账价 值。所建造的固定资产在建工程已达到预定可使用状态，但尚未办理竣工决算的，自达到预定可使用 状态之日起，根据工程预算、造价或者工程实际成本等，按估计的价值转入固定资产，并按本公司固 定资产折旧政策计提固定资产的折旧，待办理竣工决算后，再按实际成本调整原来的暂估价值，但不 调整原已计提的折旧额。 （十四）无形资产核算方法 1、无形资产的计价方法 按取得时的实际成本入账； 外购无形资产的成本，包括购买价款、相关税费以及直接归属于使该项资产达到预定用途所发生 的其他支出。购买无形资产的价款超过正常信用条件延期支付，实质上具有融资性质的，无形资产的 成本以购买价款的现值为基础确定。 以同一控制下的企业吸收合并方式取得的无形资产按被合并方的账面价值确定其入账价值；以非 同一控制下的企业吸收合并方式取得的无形资产按公允价值确定其入账价值。 2、无形资产使用寿命及摊销 （1）使用寿命有限的无形资产的使用寿命估计情况： 每年末，对使用寿命有限的无形资产的使用寿命及摊销方法进行复核。 经复核，本年末无形资产的使用寿命及摊销方法与以前估计未有不同。 （2）使用寿命不确定的无形资产的判断依据： 每年末，对使用寿命不确定的无形资产的使用寿命进行复核。 （3）无形资产的摊销： 对于使用寿命有限的无形资产，在为企业带来经济利益的期限内按直线法摊销；无法预见无形资 产为企业带来经济利益期限的，视为使用寿命不确定的无形资产，不予摊销。 47 上海大江（集团）股份有限公司 2007 年年度报告 （十五）除存货、投资性房地产及金融资产外的其他主要资产的减值 1、长期股权投资 成本法核算的、在活跃市场中没有报价、公允价值不能可靠计量的长期股权投资，其减值损失是 根据其账面价值与按类似金融资产当时市场收益率对未来现金流量折现确定的现值之间的差额进行确 定。 其他长期股权投资，如果可收回金额的计量结果表明，该长期股权投资的可收回金额低于其账面 价值的，将差额确认为减值损失。 长期股权投资减值损失一经确认，不再转回。 2、固定资产、在建工程、无形资产、商誉等长期非金融资产 对于固定资产、在建工程、无形资产等长期非金融资产，公司在每年末判断相关资产是否存在可 能发生减值的迹象。 因企业合并所形成的商誉和使用寿命不确定的无形资产，无论是否存在减值迹象，每年都进行减 值测试。 资产存在减值迹象的，估计其可收回金额。可收回金额根据资产的公允价值减去处置费用后的净 额与资产预计未来现金流量的现值两者之间较高者确定。 当资产的可收回金额低于其账面价值的，将资产的账面价值减记至可收回金额，减记的金额确认 为资产减值损失，计入当期损益，同时计提相应的资产减值准备。 资产减值损失确认后，减值资产的折旧或者摊销费用在未来期间作相应调整，以使该资产在剩余 使用寿命内，系统地分摊调整后的资产账面价值（扣除预计净残值）。 固定资产、在建工程、无形资产等长期非金融资产资产减值损失一经确认，在以后会计期间不再 转回。 有迹象表明一项资产可能发生减值的，企业以单项资产为基础估计其可收回金额。 （十六）长期股权投资的核算 1、初始计量 （1）企业合并形成的长期股权投资 同一控制下的企业合并：公司以支付现金、转让非现金资产或承担债务方式以及以发行权益性证 券作为合并对价的，在合并日按照取得被合并方所有者权益账面价值的份额作为长期股权投资的初始 投资成本。长期股权投资初始投资成本与支付合并对价之间的差额，调整资本公积；资本公积不足冲 减的，调整留存收益。合并发生的各项直接相关费用，包括为进行合并而支付的审计费用、评估费用、 法律服务费用等，于发生时计入当期损益。 非同一控制下的企业合并：公司在购买日按照《企业会计准则第 20 号——企业合并》确定的合并 成本作为长期股权投资的初始投资成本。 （2）其他方式取得的长期股权投资 以支付现金方式取得的长期股权投资，按照实际支付的购买价款作为初始投资成本。 以发行权益性证券取得的长期股权投资，按照发行权益性证券的公允价值作为初始投资成本。 投资者投入的长期股权投资，按照投资合同或协议约定的价值（扣除已宣告但尚未发放的现金股 利或利润）作为初始投资成本，但合同或协议约定价值不公允的除外。 在非货币性资产交换具备商业实质和换入资产或换出资产的公允价值能够可靠计量的前提下，非 货币性资产交换换入的长期股权投资以换出资产的公允价值为基础确定其初始投资成本，除非有确凿 证据表明换入资产的公允价值更加可靠；不满足上述前提的非货币性资产交换，以换出资产的账面价 值和应支付的相关税费作为换入长期股权投资的初始投资成本。 通过债务重组取得的长期股权投资，其初始投资成本按照公允价值为基础确定。 2、被投资单位具有共同控制、重大影响的依据 按照合同约定对某项经济活动所共有的控制，仅在与该项经济活动相关的重要财务和经营决策需 要分享控制权的投资方一致同意时存在，则视为与其他方对被投资单位实施共同控制；对一个企业的 财务和经营决策有参与决策的权力，但并不能够控制或者与其他方一起共同控制这些政策的制定，则 视为投资企业能够对被投资单位施加重大影响。 3、后续计量及收益确认 48 上海大江（集团）股份有限公司 2007 年年度报告 公司能够对被投资单位施加重大影响或共同控制的，初始投资成本大于投资时应享有被投资单位 可辨认净资产公允价值份额的差额，不调整长期股权投资的初始投资成本；初始投资成本小于投资时 应享有被投资单位可辨认净资产公允价值份额的差额，计入当期损益。 公司对子公司的长期股权投资，采用成本法核算，编制合并财务报表时按照权益法进行调整。 对被投资单位不具有共同控制或重大影响，并且在活跃市场中没有报价、公允价值不能可靠计量 的长期股权投资，采用成本法核算。 对被投资单位具有共同控制或重大影响的长期股权投资，采用权益法核算。 成本法下公司确认投资收益，仅限于被投资单位接受投资后产生的累积净利润的分配额，所获得 的利润或现金股利超过上述数额的部分作为初始投资成本的收回。 权益法下在公司确认应分担被投资单位发生的亏损时，按照以下顺序进行处理：首先，冲减长期 股权投资的账面价值。其次，长期股权投资的账面价值不足以冲减的，以其他实质上构成对被投资单 位净投资的长期权益账面价值为限继续确认投资损失，冲减长期应收项目等的账面价值。最后，经过 上述处理，按照投资合同或协议约定企业仍承担额外义务的，按预计承担的义务确认预计负债，计入 当期投资损失。 被投资单位以后期间实现盈利的，公司在扣除未确认的亏损分担额后，按与上述相反的顺序处理， 减记已确认预计负债的账面余额、恢复其他实质上构成对被投资单位净投资的长期权益及长期股权投 资的账面价值，同时确认投资收益。 被投资单位除净损益以外所有者权益其他变动的处理：对于被投资单位除净损益以外所有者权益 的其他变动，在持股比例不变的情况下，公司按照持股比例计算应享有或承担的部分，调整长期股权 投资的账面价值，同时增加或减少资本公积（其他资本公积）。 （十七）收入确认原则 1、销售商品 公司已将商品所有权上的主要风险和报酬转移给购买方；公司既没有保留与所有权相联系的继续 管理权，也没有对已售出的商品实施有效控制；收入的金额能够可靠地计量；相关的经济利益很可能 流入企业；相关的已发生或将发生的成本能够可靠地计量时，确认商品销售收入实现。 ２、提供劳务 在资产负债表日提供劳务交易的结果能够可靠估计的，采用完工百分比法确认提供劳务收入。提 供劳务交易的完工进度，依据已完工作的测量确定。 在资产负债表日提供劳务交易结果不能够可靠估计的，分别下列情况处理： （1）已经发生的劳务成本预计能够得到补偿的，按照已经发生的劳务成本金额确认提供劳务收入， 并按相同金额结转劳务成本。 （2）已经发生的劳务成本预计不能够得到补偿的，将已经发生的劳务成本计入当期损益，不确认 提供劳务收入。 3、让渡资产使用权 收入金额：与交易相关的经济利益很可能流入企业，收入的金额能够可靠地计量时。分别下列情 况确定让渡资产使用权 （1）利息收入金额，按照他人使用本企业货币资金的时间和实际利率计算确定。 （2）使用费收入金额，按照有关合同或协议约定的收费时间和方法计算确定。 （3）出租物业收入： a.具有承租人认可的租赁合同、协议或其他结算通知书 b.履行了合同规定的义务，开具租赁发票且价款已经取得或确信可以取得 c.出租开发产品成本能够可靠地计量。 （十八）本年主要会计政策、会计估计的变更和重大会计差错更正及其影响 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。 49 上海大江（集团）股份有限公司 2007 年年度报告 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 --- --- 三、税项 （一）公司主要税种和税率 税 种 税率 备 注 增值税 13％、17％ 营业税 5％ 上海大江（集团）股份有限公司和控股子公司上 企业所得税 27％、33％ 海申德机械有限公司企业所得税税率为 27％。 土地增值税 1％ （二）税负减免 各鸡场免缴所得税。 四、企业合并及合并财务报表 合并财务报表按照 2006 年 2 月颁布的《企业会计准则第 33 号—合并财务报表》执行。公司所控 制的全部子公司均纳入合并财务报表的合并范围。 合并财务报表以母公司和纳入合并范围的子公司的个别财务报表为基础，根据其他有关资料为依 据，按照权益法调整对子公司的长期股权投资后，由母公司编制。合并时对内部权益性投资与子公司 所有者权益、内部投资收益与子公司利润分配、内部交易事项、内部债权债务进行抵销。 子公司所采用的会计政策与母公司保持一致。 本节所列数据除非特别注明，金额单位为人民币万元。 （一）非企业合并方式取得的子公司 实质上构成对 本公司合计享 本公司年末 本公司合计 合并范围内 被投资单位全称 注册资本 经营范围 子公司的净投 有的表决权比 实际投资额 持股比例 表决权比例 资的余额 例 上海大江水产饲料 饲料生产、销 900 895.5 895.5 99.50% 99.50% 99.50% 科技有限公司 售 常州大江畜禽饲料 饲料生产、销 2,195 2,072 2,072 94.40% 94.40% 94.40% 有限公司 售 上海大江饲料有限 饲料生产、销 2,000 2,000 2,000 100.00% 100.00% 100.00% 公司 售 父母代种禽饲 松江区塔汇鸡场 380 380 380 100.00% 100.00% 100.00% 养 青浦泖洋肉禽场 1,680 肉鸡饲养 1,680 1,680 100.00% 100.00% 100.00% 青浦沈巷保卫肉禽 680 肉鸡饲养 680 680 100.00% 100.00% 100.00% 场 青浦赵巷崧泽肉鸡 540 肉鸡饲养 540 540 100.00% 100.00% 100.00% 场 青浦沈巷新泾肉鸡 680 肉鸡饲养 680 680 100.00% 100.00% 100.00% 场 青浦古石肉禽场 1,800 肉鸡饲养 1,800 1,800 100.00% 100.00% 100.00% 上海大江肉食品二 5,200 肉食品加工 4,420 4,420 85.00% 85.00% 85.00% 厂 上海大江肉食品四 5,000 肉食品加工 4,500 4,500 90.00% 90.00% 90.00% 厂 上海申德机械有限 饲料机械生产 2,295.52 1,721.64 1,721.64 75.00% 75.00% 75.00% 公司 及销售 上海大江房地产有 房地产开发和 2,000 2,000 2,000 100.00% 100.00% 100.00% 限公司 转让 50 上海大江（集团）股份有限公司 2007 年年度报告 实质上构成对 本公司合计享 本公司年末 本公司合计 合并范围内 被投资单位全称 注册资本 经营范围 子公司的净投 有的表决权比 实际投资额 持股比例 表决权比例 资的余额 例 枣阳大江禽业有限 畜禽、饲料、 894.05 849.3475 849.3475 95.00% 95.00% 95.00% 公司 鸡肉 枣阳市大江食品有 220 肉食品加工 94.43% 限公司 青浦野马浜养鸡场 300 祖代种禽饲养 150 150 50.00% 50.00% 50.00% 上海大江天马种禽 父母代种禽饲 1,800 900 900 50.00% 50.00% 50.00% 场 养 上海申靓机械设备 300 饲料机械安装 77.25% 工程安装有限公司 上海汉地置业有限 房地产开发经 1,800 1,800 1,800 100.00％ 100.00％ 100.00％ 公司 营、物业管理。 上海大江食品苏州 肉制品及冷冻 60 85.00% 经营部 食品的销售 上海大江肉食品二 肉制品及冷冻 60 85.00% 厂杭州经营部 食品的销售 上海大江肉食品二 肉制品及禽蛋 58 85.00% 厂常州经营部 制品的销售 禽类制品及冷 上海大江食品浦东 75 冻制品等的销 85.00% 经营部 售 上海大江食品曹安 生制食品的销 50 85.00% 经营部 售 上海大江肉食品供 食品储运及销 1,000 85.50% 销有限公司 售等 上海灵江食品经营 冷冻冷藏食品 50 85.00% 部 储运及销售 上海大江食品配料 食品配料的生 331.178 63.75% 有限公司 产及销售 上海松江新城东部 房地产开发经 房地产开发有限公 1,000 100.00% 营、销售 司 上海松江茸江置业 房地产开发、 800 60.00% 发展有限公司 经营 上海大江科创置业 房地产开发、 1,800 1,800 1,800 100.00% 100.00% 100.00% 有限公司 经营 上海阳雷置业有限 房地产开发、 3,180 2,754.77 2,754.77 97.73% 97.73% 100.00% 公司 经营 上海大江资产经营 投资与资产管 5,000 950 950 95.00% 95.00% 99.875% 有限公司 理 速冻包装食 上海卢湾大江食品 60 品、肉制品等 24 24 40.00% 40.00% 91.30% 经营部 的销售 上海大江肉食品六 肉制品生产、 4,602 2,254.98 2,254.98 49% 49% 92.35% 厂有限公司 销售 （二）纳入合并范围但母公司拥有其半数或半数以下表决权的子公司及其原因 母公司对上海大江肉食品厂、青浦野马浜养鸡场及上海大江天马种禽场的投资比例为 50％，但 由母公司承包经营，拥有实际控制权，故合并会计报表。 （三）本年合并报表范围的变更情况 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。 51 上海大江（集团）股份有限公司 2007 年年度报告 （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 --- （四）少数股东权益和少数股东损益 本年少数股东 项 目 年初金额 年末金额 损益增减 少数股东权益 (1)上海大江水产饲料科技有限公司 45,000.00 130,000.00 175,000.00 (2)常州大江畜禽饲料有限公司 926,429.40 163,873.69 1,090,303.09 (3)松江区塔汇鸡场 2,025,000.00 262,500.00 2,287,500.00 (4)上海大江肉食品二厂 7,800,000.00 --- 7,800,000.00 (5)上海大江肉食品四厂 5,450,000.00 148,500.00 5,598,500.00 (6)上海申德机械有限公司 8,942,044.07 1,910,088.12 10,852,132.19 (7)青浦野马浜养鸡场 1,500,000.00 --- 1,500,000.00 (8)上海大江天马种禽场 9,600,000.00 --- 9,600,000.00 (9)上海大江食品配料有限公司 1,320,025.22 -158,049.51 1,161,975.71 (10)上海松江茸江置业发展有限公司 3,200,000.00 --- 3,200,000.00 (11)上海大江肉食品二厂食品经营部 -2,031,788.96 2,252,288.96 220,500.00 (12)松江区华阳鸡场 2,640,000.00 -2,640,000.00 --- (13)上海大江肉食品厂 -2,991,096.23 2,991,096.23 --- (14)上海大华器械有限公司 3,556,339.07 -3,556,339.07 --- (15)江苏大江畜禽发展有限公司 3,000,000.00 -3,000,000.00 --- (16)青浦沈巷新泾肉鸡场 150,000.00 --- 150,000.00 (17)青浦沈巷保卫肉禽场 150,000.00 --- 150,000.00 (18)青浦赵巷崧泽肉鸡场 115,000.00 --- 115,000.00 (19)青浦泖洋肉禽场 135,000.00 115,000.00 250,000.00 合 计 45,531,952.57 -1,381,041.58 44,150,910.99 五、合并财务报表主要项目注释 （以下金额单位若未特别注明者均为人民币元，凡未注明年初余额的均为年末余额） （一）货币资金 年末余额 年初余额 项 目 外币金额 折算率 人民币金额 外币金额 折算率 人民币金额 现金 75,285.54 155,833.08 人民币 75,285.54 155,833.08 银行存款 58,075,006.41 72,023,043.18 人民币 57,189,244.66 70,793,468.26 美元 87,152.29 7.3046 636,612.62 157,462.18 7.8087 1,229,574.92 欧元 23,357.22 10.6669 249,149.13 --- --- --- 合计 58,150,291.95 72,178,876.26 其中：美元 87,152.29 7.3046 636,612.62 157,462.18 7.8087 1,229,574.92 欧元 23,357.22 10.6669 249,149.13 --- --- --- 52 上海大江（集团）股份有限公司 2007 年年度报告 （二）应收票据 种 类 年末余额 年初余额 银行承兑汇票 3,240,000.00 809,141.80 （三）应收账款 1、应收账款构成 年末余额 年初余额 坏账准 项 目 占总额 坏账准备 占总额 账面余额 坏账准备 账面余额 备计提 坏账准备 比例 计提比例 比例 比例 1、单项金额非重大并 已单独计提坏账准备 66,866,654.32 42.06% 100% 66,866,654.32 66,810,802.53 49.18% 100% 66,810,802.53 的款项 2、其他按账龄段划分 为类似信用风险特征 92,129,752.98 57.94% 4,903,569.80 69,034,591.79 50.82% 4,062,091.20 的款项， 其中：1 年以内 76,939,103.92 48.39% 3% 2,308,173.12 53,436,537.94 39.34% 3% 1,603,096.14 1－2 年 2,725,717.29 1.71% 10% 272,571.73 4,560,449.92 3.36% 10% 456,044.99 2－3 年 3,403,227.95 2.14% 15% 510,484.19 4,091,414.38 3.01% 15% 613,712.16 3 年以上 9,061,703.82 5.70% 20% 1,812,340.76 6,946,189.55 5.11% 20% 1,389,237.91 合 计 158,996,407.30 100.00% 71,770,224.12 135,845,394.32 100.00% 70,872,893.73 2、以前年度已全额或大比例计提坏账准备且本年又全额或部分收回的应收账款 原估计计提 原估计计提比例 欠款人名称 收回或重组债权金额 收回方式 比例 的合理性 江苏省常州市武进良种推广站 10,080.00 部分收回 100% 合理 江苏省常州市武进西夏墅季金兴 2,821.10 部分收回 100% 合理 江苏省常州市武进九里多服公司 1,383.77 部分收回 100% 合理 江苏省无锡市宜兴元上畜禽服务部 67,405.21 部分收回 100% 合理 江苏省句容市行香巫金虎 347.00 部分收回 100% 合理 安徽省水家湖市尹军 7,950.00 部分收回 100% 合理 江苏省苏州市黄林镇许永林 3,716.00 部分收回 100% 合理 浙江省湖州市双林农贸饲料店 2,270.00 部分收回 100% 合理 江苏省常州市武进罗墅湾丁才龙 2,606.60 部分收回 100% 合理 安徽省合肥市肥东许向东 1,336.00 部分收回 100% 合理 合 计 99,915.68 3、本年度全额计提坏账准备，或计提坏账准备比例达到 40％及以上说明； 欠款人名称 欠款金额 计提比例 理 由 黑龙江省哈尔滨市靠寨畜牧场 69,346.04 100% 无法联系对方 黑龙江省呼兰县乐业乡杨建新 62,446.21 100% 无法联系对方 安徽省蚌埠市新泰化工有限公司 17,440.00 100% 无法联系对方 53 上海大江（集团）股份有限公司 2007 年年度报告 欠款人名称 欠款金额 计提比例 理 由 江苏省启东市永和乡安平村种鸡场 2,000.00 100% 无法联系对方 江苏省盐城市射阳县临海农 2,000.00 100% 无法联系对方 江苏省海门市海西种鸡场陈旭东 1,360.00 100% 无法联系对方 程三民 830.44 100% 无法联系对方 广东省茂名市刘光煌 194.78 100% 无法联系对方 北京中农牧贸易有限公司 150.00 100% 无法联系对方 合 计 155,767.47 4、年末应收账款中无持本公司 5％以上（含 5％）表决权股份的股东单位款项。 5、年末应收账款中欠款金额前五名 债务人排名 金 额 账 龄 占应收账款总额的比例 第一名 5,934,665.98 1 年以内 3.73% 第二名 5,094,078.17 1 年以内 3.20% 第三名 4,758,474.38 1 年以内 2.99% 第四名 4,607,651.00 2－3 年 2.90% 第五名 4,323,245.21 3 年以上 2.72% 6、年末关联方应收账款占应收账款总金额的 0.29％。 （四）其他应收款 1、其他应收款构成 年末余额 年初余额 项 目 占总额 坏账准备 占总额 坏账准备 账面余额 坏账准备 账面余额 坏账准备 比例 计提比例 比例 计提比例 1、单项金额非重大并已单 2,238,058.58 8.28% 100% 2,238,058.58 14,441,652.31 32.49% 100% 14,441,652.31 独计提坏账准备的款项 2、其他按账龄段划分为类 24,798,182.42 91.72% 1,025,014.31 30,003,015.57 67.51% 1,636,525.74 似信用风险特征的款项， 其中：1 年以内 22,725,688.14 84.06% 3% 681,770.65 23,806,744.47 53.57% 3% 714,202.34 1－2 年 188,232.74 0.69% 10% 18,823.27 1,214,651.42 2.73% 10% 121,465.14 2－3 年 1,048,638.40 3.88% 15% 157,295.76 3,909,313.54 8.80% 15% 586,397.03 3 年以上 835,623.14 3.09% 20% 167,124.63 1,072,306.14 2.41% 20% 214,461.23 合 计 27,036,241.00 100.00% 3,263,072.89 44,444,667.88 100.00% 16,078,178.05 2、以前年度已全额或大比例计提坏账准备且本年又全额或部分收回的其他应收款 收回或重组债权金 项 目 收回方式 原估计计提比例 原估计计提比例的合理性 额 宁波天邦饲料有限公司 8,277,955.92 全部收回 100% 合理 杭州青云纤维集团有限公司 2,141,526.26 部分收回 100% 合理 香港置溢集团有限公司 973,421.03 部分收回 100% 合理 刘幼君 778,736.82 部分收回 100% 合理 宁波天邦股份有限公司 47,952.00 全部收回 100% 合理 合 计 12,219,592.03 3、本年度全额计提坏账准备，或计提坏账准备比例达到 40％及以上说明； 欠款人名称 欠款金额 计提比例 理 由 常州市润友商品有限公司 836.86 100% 无法联系对方 原大江股份公司食堂 15,161.44 100% 已解散关闭 合 计 15,998.30 4、年末其他应收款中持本公司 5％以上（含 5％）表决权股份的股东欠款为 20.42 万元，详见本 附注七。 5、年末其他应收款中欠款金额前五名 54 上海大江（集团）股份有限公司 2007 年年度报告 债务人排名 性质或内容 金 额 账 龄 占其他应收款总额的比例 第一名 往来款 3,200,000.00 2－3 年 11.84% 第二名 押 金 960,000.00 3 年以上 3.55% 第三名 往来款 779,355.00 3 年以上 2.88% 第四名 往来款 410,234.76 3 年以上 1.52% 第五名 往来款 292,498.43 3 年以上 1.08% 6、年末关联方其他应收款占其他应收款总金额的 0.76％，详见本附注七。 7、其他应收款年末余额比年初余额减少 17,408,426.88 元，减少比例为 39.17％，主要变动原因 为：本年度收到上海天邦饲料有限公司归还的欠款人民币 8,258,236.42 元和杭州青云控股集团有限公 司、置溢集团有限公司和刘幼君归还的原杭州大江股权转让款人民币 6,000,000.00 元。 （五）预付款项 1、账龄分析 年末余额 年初余额 账 龄 金 额 占总额比例 金 额 占总额比例 1 年以内 26,472,946.65 64.16% 27,798,715.62 100% 1－2 年 14,789,708.06 35.84% --- --- 合 计 41,262,654.71 100.00% 27,798,715.62 100% 2、账龄超过 1 年的重要预付款项 项 目 金 额 未及时结算的原因 上海市房屋土地资源管理局 10,790,160.00 未取得土地使用权证 上海市松江区房屋土地管理局 3,708,388.00 未取得土地使用权证 3、年末预付款项中无持本公司 5％以上（含 5％）表决权股份的股东单位欠款。 4、预付款项年末余额比年初余额增加 13,463,939.09 元，增加比例为 48.43％，主要变动原因为： 子公司上海大江肉食品四厂、松江区塔汇鸡场预付的国有土地出让金所致。 （六）存货及存货跌价准备 年末余额 年初余额 项 目 账面余额 跌价准备 账面余额 跌价准备 原材料 36,141,147.54 2,398,851.09 45,896,530.74 2,620,342.75 在产品 1,644,326.63 --- 10,795,001.16 --- 产成品 97,282,975.46 194,467.07 45,159,815.38 11,212,174.48 周转材料 5,060,698.33 1,634,855.85 4,895,417.09 1,645,805.03 开发成本 28,897,150.30 --- 258,468,754.06 --- 合 计 169,026,298.26 4,228,174.01 365,215,518.43 15,478,322.26 1、存货跌价准备 本年减少额 存货种类 年初账面余额 本年计提额 年末账面余额 转回 转销 1、原材料 2,620,342.75 --- --- 221,491.66 2,398,851.09 2、产成品 11,212,174.48 194,467.07 --- 11,212,174.48 194,467.07 3、周转材料 1,645,805.03 --- --- 10,949.18 1,634,855.85 合 计 15,478,322.26 194,467.07 --- 11,444,615.32 4,228,174.01 55 上海大江（集团）股份有限公司 2007 年年度报告 年末存货按成本高于可变现净值的差额计提存货跌价准备，确定可变现净值的依据为：按企业在 生产经营过程中，以估计售价减去估计完工成本及销售所必需的估计费用后的价值确定。 2、存货年末余额比年初余额减少 196,189,220.17 元，减少比例为 53.72％，主要变动原因为： 本年度子公司上海松江新城东部房地产开发有限公司“大江苑”项目进入交房阶段，实现销售所致。 （七）长期股权投资 年末余额 年初余额 账面余额 减值准备 账面余额 减值准备 120,123,866.95 1,229,623.23 151,900,562.13 16,820,309.97 1、被投资单位主要信息 本企业在 被投资 本企业 业务 被投资单 本年营业 本年 单位名 注册地 持股比 年末净资产总额 性质 位表决权 收入总额 净利润 称 例 比例 长江经 上海世纪 济发展 大道 实业 0.77% 0.77% 1,676,532,339.96 1,920,809,296.36 79,732,106.43 股份有 1500 号 限公司 上海申 银万国 上海市常 证券 证券股 熟路 171 0.77% 0.77% 1,092,168,320.40 12,460,701,995 5,623,041,970.94 投资 份有限 号 公司 上海宝 上海市新 鼎投资 昌路 180 证券 0.09% 0.09% 406,198,922.76 --- 111,051,184.43 股份有 号裙房四 投资 限公司 楼 上海松 市 政 江出口 上海市松 基 础 加工区 江出口加 设 施 海欣建 3.02% 3.02% 492,717,269.52 5,298,336.00 -1,605,284.83 工区Ⅲ-5 投 资 设开发 号地块 管 理 有限公 仓储 司 上海西 青浦区华 郊国际 农产 新镇华腾 农产品 品交 15.00% 15.00% 300,000,000.00 --- --- 路 1288 交易有 易 号 410 室 限公司 山东沪 山东省平 平牧工 饲料 原县车站 50.00% 50.00% 1,121,852.65 --- --- 商联合 销售 南路 公司 2、按成本法核算的长期股权投资 被投资单位名称 初始金额 年初账面余额 本年投资增减额 年末账面余额 长江经济发展股份有限公司 7,000,000.00 7,000,000.00 --- 7,000,000.00 上海申银万国证券股份有限公 51,250,000.00 51,250,000.00 --- 51,250,000.00 司 上海宝鼎投资股份有限公司 62,500.00 62,500.00 --- 62,500.00 56 上海大江（集团）股份有限公司 2007 年年度报告 上海松江出口加工区海欣建设 15,000,000.00 15,000,000.00 --- 15,000,000.00 开发有限公司 上海华源生命科学有限公司 31,776,695.18 31,776,695.18 -31,776,695.18 --- 上海西郊国际农产品交易有限 45,000,000.00 45,000,000.00 --- 45,000,000.00 公司 合 计 150,089,195.18 150,089,195.18 -31,776,695.18 118,312,500.00 3、按权益法核算的长期股权投资 被投资单位名称 初始金额 年初余额 本年权益增减额 年末余额 联营企业 山东济宁大江牧工商公司 3,000,000.00 1,229,623.23 --- 1,229,623.23 山东沪平牧工商联合公司 400,000.00 581,743.72 --- 581,743.72 合 计 3,400,000.00 1,811,366.95 --- 1,811,366.95 4、长期股权投资减值准备 被投资单位名称 年初余额 本年增加 本年减少 年末余额 计提原因 经营不善,产生 山东济宁大江牧工商 1,229,623.23 --- --- 1,229,623.23 重大亏损,公司 公司 停止经营 上海华源生命科学有 15,590,686.74 --- 15,590,686.74 --- 限公司 合 计 16,820,309.97 --- 15,590,686.74 1,229,623.23 （八）投资性房地产 项 目 年初余额 本年增加额 本年减少额 年末余额 1、原价合计 46,966,326.97 --- --- 46,966,326.97 已出租的建筑物 46,966,326.97 --- --- 46,966,326.97 2、累计折旧或累计摊销合计 14,641,359.05 2,113,484.76 --- 16,754,843.81 已出租的建筑物 14,641,359.05 2,113,484.76 --- 16,754,843.81 3、投资性房地产账面价值合计 32,324,967.92 --- 2,113,484.76 30,211,483.16 已出租的建筑物 32,324,967.92 --- 2,113,484.76 30,211,483.16 （九）固定资产原价及累计折旧 1、固定资产原价 类 别 年初原价 本年增加 本年减少 年末原价 房屋及建筑物 253,593,063.11 382,683.07 42,131,131.87 211,844,614.31 机器设备 294,491,307.92 2,894,878.63 51,029,551.12 246,356,635.43 运输设备 14,264,749.07 1,090,404.53 3,874,902.59 11,480,251.01 其 他 57,283,448.12 298,416.32 13,038,649.28 44,543,215.16 合 计 619,632,568.22 4,666,382.55 110,074,234.86 514,224,715.91 57 上海大江（集团）股份有限公司 2007 年年度报告 其中：本年由在建工程转入固定资产原价为 235,511.90 元。 年末抵押担保的固定资产原价为 140,572,417.20 元。 2、累计折旧 类 别 年初余额 本年增加 本年减少 年末余额 房屋及建筑物 153,630,206.37 7,976,013.73 31,966,020.29 129,640,199.81 机器设备 216,520,639.96 6,250,919.86 35,211,449.34 187,560,110.48 运输设备 9,179,490.01 449,170.25 2,194,027.07 7,434,633.19 其 他 46,342,598.00 1,247,623.95 11,240,291.82 36,349,930.13 合 计 425,672,934.34 15,923,727.79 80,611,788.52 360,984,873.61 3、固定资产减值准备 类 别 年初余额 本年增加 本年减少 年末余额 房屋及建筑物 11,886,188.33 --- 6,965,337.69 4,920,850.64 机器设备 41,479,009.76 --- 13,131,479.53 28,347,530.23 运输设备 4,070.00 --- --- 4,070.00 其 他 3,910,107.29 --- 589,862.25 3,320,245.04 合 计 57,279,375.38 --- 20,686,679.47 36,592,695.91 注：本年固定资产减值准备减少的原因为本公司处置部分固定资产并转出相应的固定资产减值准 备。 4、固定资产账面价值 类 别 年初余额 本年增加 本年减少 年末余额 房屋及建筑物 88,076,668.41 382,683.07 11,175,787.62 77,283,563.86 机器设备 36,491,658.20 2,894,878.63 8,937,542.11 30,448,994.72 运输设备 5,081,189.06 1,090,404.53 2,130,045.77 4,041,547.82 其 他 7,030,742.83 298,416.32 2,456,119.16 4,873,039.99 合 计 136,680,258.50 4,666,382.55 24,699,494.66 116,647,146.39 5、暂时闲置的固定资产 类 别 账面原价 累计折旧 减值准备 账面净值 房屋及建筑物 103,491,628.97 65,307,156.41 4,920,850.64 33,263,621.92 机器设备 44,342,053.25 34,155,126.94 7,846,349.16 2,340,577.15 运输设备 4,215,737.70 3,607,190.72 4,070.00 604,476.98 58 上海大江（集团）股份有限公司 2007 年年度报告 其他设备 21,005,362.47 17,698,319.75 3,256,280.96 50,761.76 合 计 173,054,782.39 120,767,793.82 16,027,550.76 36,259,437.81 6、未办妥产权证书的固定资产 类 别 账面原价 累计折旧 减值准备 账面净值 未办妥产权证书的原因 土地属于集体用地，尚未办 房屋及建筑物 85,810,344.23 65,540,405.65 4,920,850.57 15,349,088.01 理国有土地出让。 （十）在建工程 本年减少 工程投 资金 工程项目名称 预算数 年初余额 本年增加 转入固定资 年末余额 入占预 其他减少 来源 产 算比例 上海大江肉食品 自筹 151% 二厂污水改造工 630,000.00 695,107.39 254,799.91 --- --- 949,907.30 程 上海申德机械有 自筹 39% 限公司真空炉工 4,994,720.00 1,956,325.50 --- --- --- 1,956,325.50 程 上海申德机械有 自筹 限公司数控机床 2,560,000.00 202,796.90 --- 202,796.90 --- --- 工程 上海大江肉食品 自筹 45% 四厂主车间改造 8,812,500.00 --- 4,005,642.03 --- --- 4,005,642.03 工程 其他零星工程 --- 209,433.38 434,736.60 32,715.00 52,233.38 559,221.60 自筹 --- 合计 3,063,663.17 4,695,178.54 235,511.90 52,233.38 7,471,096.43 1、在建工程减值准备 项目名称 年初余额 本年增减 年末余额 计提原因 申德机械有限公司真 进口二手设备改造时 1,956,325.50 --- 1,956,325.50 空炉工程 间已超过 3 年 工程停工时间已超过 3 其他零星工程 175,200.00 --- 175,200.00 年 合 计 2,131,525.50 --- 2,131,525.50 2、在建工程年末余额比年初余额增加 4,407,433.26 元，增加比例为 143.86%，主要变动原因为： 本年上海大江肉食品四厂主车间进行改造，转入在建工程核算。 59 上海大江（集团）股份有限公司 2007 年年度报告 （十一）无形资产 1、无形资产原价 项 目 年初原价 本年增加 年末原价 大江品牌 40,000,000.00 --- 40,000,000.00 通志馆大厦使用权 6,000,000.00 --- 6,000,000.00 上海大江肉食品二厂土地使用权 9,475,025.40 --- 9,475,025.40 上海大江肉食品六厂有限公司土地使用权 8,413,829.00 --- 8,413,829.00 上海申德机械有限公司土地使用权 1,743,145.50 2,107,521.00 3,850,666.50 枣阳大江禽业有限公司土地使用权 4,029,850.00 --- 4,029,850.00 上海大江饲料有限公司土地使用权 9,817,547.01 --- 9,817,547.01 上海市松江区谷阳南路 26、28 号土地使用权 2,781,013.50 --- 2,781,013.50 上海市松江区环城路 100 号土地使用权 --- 2,588,338.50 2,588,338.50 合 计 82,260,410.41 4,695,859.50 86,956,269.91 其中：年末用于抵押担保的无形资产原价为 38,748,687.31 元。 2、累计摊销 项 目 年初余额 本年摊销 本年减少 年末余额 大江品牌 26,500,000.00 2,000,000.00 --- 28,500,000.00 通志馆大厦使用权 1,320,000.00 120,000.00 --- 1,440,000.00 上海大江肉食品二厂土地使用权 1,124,372.41 169,700.44 --- 1,294,072.85 上海大江肉食品六厂有限公司土地使用权 975,382.80 168,276.58 --- 1,143,659.38 上海申德机械有限公司土地使用权 944,204.03 68,733.27 --- 1,012,937.30 枣阳大江禽业有限公司土地使用权 295,522.46 80,597.04 --- 376,119.50 上海大江饲料有限公司土地使用权 295,962.30 197,308.20 --- 493,270.50 上海市松江区谷阳南路 26、28 号土地使用权 --- 104,700.00 --- 104,700.00 上海市松江区环城路 100 号土地使用权 --- 51,766.77 --- 51,766.77 合 计 31,455,444.00 2,961,082.30 --- 34,416,526.30 3、无形资产账面价值 项目名称 年初余额 本年增加 本年减少 年末余额 剩余摊销期限 大江品牌 13,500,000.00 --- 2,000,000.00 11,500,00.00 5 年 4 个月 通志馆大厦使用权 4,680,000.00 --- 120,000.00 4,560,000.00 39 年 上海大江肉食品二厂土地使用权 8,350,652.99 --- 169,700.44 8,180,952.55 48 年 上海大江肉食品六厂有限公司土地使用权 7,438,446.20 --- 168,276.58 7,270,169.62 23 年 11 个月 上海申德机械有限公司土地使用权 798,941.47 2,107,521.00 68,733.27 2,837,729.20 49 年 6 个月 枣阳大江禽业有限公司土地使用权 3,734,327.54 --- 80,597.04 3,653,730.50 43 年 9 个月 60 上海大江（集团）股份有限公司 2007 年年度报告 项目名称 年初余额 本年增加 本年减少 年末余额 剩余摊销期限 上海大江饲料有限公司土地使用权 9,521,584.71 --- 197,308.20 9,324,276.51 47 年 2 个月 上海市松江区谷阳南路 26、28 号土地使用权 2,781,013.50 --- 104,700.00 2,676,313.50 37 年 1 个月 上海市松江区环城路 100 号土地使用权 --- 2,588,338.50 51,766.77 2,536,571.73 49 年 合 计 50,804,966.41 4,695,859.50 2,961,082.30 52,539,743.61 （十二）长期待摊费用 项 原始发生额 年初余额 本年增加 本年摊销 本 累计摊销 年末余额 剩 目 年 余 减 摊 少 销 期 限 财务 346,000.00 --- 346,000.00 69,200.00 --- 69,200.00 276,800.00 4 金蝶 年 软件 各子 6,150,861.71 1,988,218.12 --- 1,988,218.12 --- 6,150,861.71 --- 公司 开办 费 合计 6,496,861.71 1,988,218.12 346,000.00 2,057,418.12 6,220,061.71 276,800.00 （十三）短期借款 借款类别 年末余额 年初余额 质押借款 46,000,000.00 34,000,000.00 抵押借款 17,000,000.00 197,500,000.00 保证借款 273,000,000.00 120,500,000.00 合 计 336,000,000.00 352,000,000.00 （十四）应付账款 年末余额 年初余额 66,859,056.10 97,566,302.87 1、年末余额中无欠持本公司 5％以上（含 5％）表决权股份的股东款项。 2、年末余额中无欠关联方款项。 3、应付账款年末余额比年初余额减少 30,707,246.77 元，减少比例为 31.47％，主要变动原因为： 子公司上海松江新城东部房地产开发有限公司本年度支付的工程款较多所致。 （十五）预收款项 61 上海大江（集团）股份有限公司 2007 年年度报告 年末余额 年初余额 23,178,657.84 67,470,097.63 1、年末余额中无欠持本公司 5％以上（含 5％）表决权股份的股东款项。 2、年末余额中无欠关联方款项。 3、预收账款年末余额比年初余额减少 44,291,439.79 元，减少比例为 65.65％，主要变动原因为： 子公司上海松江新城东部房地产开发有限公司本年度预收账款结转营业收入所致。 （十六）应付职工薪酬 1、 应付职工薪酬 项 目 年初余额 本年增加 本年减少 年末余额 一、工资、奖金、津贴和补贴 6,985,529.19 19,486,924.40 21,563,758.12 4,908,695.47 二、职工福利费 4,558,855.72 3,100,368.18 6,332,048.08 1,327,175.82 三、社会保险费 --- 4,357,431.95 4,357,431.95 --- 四、住房公积金 --- 1,086,773.74 1,086,773.74 --- 五、工会经费和职工教育经费 79,304.38 136,055.46 136,055.46 79,304.38 六、因解除劳动关系给予的补偿 --- 669,825.00 669,825.00 --- 合 计 11,623,689.29 28,837,378.73 34,145,892.35 6,315,175.67 2、应付职工薪酬年末余额比年初余额减少 5,308,513.62 元，减少比例为 45.67％，主要变动原 因为：本公司根据规定转回历年计提尚未使用完的职工福利费。 （十七）应付股利 投资者名称或类别 年末欠付股利金额 历年分配红利未领取 49,887.50 （十八）应交税费 税 种 年末余额 年初余额 本年执行的法定税率 增值税 -158,765,505.72 -162,078,290.88 13％、17％ 营业税 1,748,371.85 -653,399.80 5％ 城建税 24,706.60 1,993.11 按流转税税额的 1%-7% 企业所得税 13,020,674.81 3,657,077.69 27％、33％ 个人所得税 -6,689.56 47,761.19 土地增值税 281,983.83 -166,895.08 1％ 其 他 222,108.79 444,697.74 合 计 -143,474,349.40 -158,747,056.03 （十九）应付利息 项 目 年末余额 年初余额 金融机构贷款利息 646,179.50 793,956.04 （二十）其他应付款 年末余额 年初余额 130,721,298.75 162,136,450.89 1、年末余额中无欠持本公司 5％以上（含 5％）表决权股份的股东款项。 2、年末余额中欠关联方款项为 1,930 万元。详见本附注七。 3、金额较大的其他应付款 客户名称 金 额 性质或内容 上海茸投建设发展有限公司 16,854,586.54 工程往来款 上海富阳物业咨询有限公司 3,900,000.00 销售保证金 62 上海大江（集团）股份有限公司 2007 年年度报告 （二十一）一年内到期的非流动负债 项 目 年末余额 年初余额 长期借款 --- 107,000,000.00 一年内到期的长期借款 贷款单位 币种 借款条件 年末余额 年初余额 上海松江新城东部房地产 人民币 抵押借款 --- 107,000,000.00 开发有限公司 注：本年子公司上海松江新城东部房地产开发有限公司归还银行贷款 107,000,000.00 元。 （二十二）长期借款 贷款单位 币种 借款条件 年末余额 年初余额 上海大江饲料有限公司 人民币 抵押 7,000,000.00 10,000,000.00 注：长期借款年末余额比年初余额减少 300 万元，减少比例为 30％，变动原因为：本公司本年按 照贷款合同约定归还银行贷款 300 万元。 （二十三）长期应付款 种 类 付款期限 年末余额 年初余额 筹建期间汇兑收益 2017 年 8 月 3,035,445.29 3,035,445.29 （二十四）股本 年初余额 本年变动增（+）减（－） 年末余额 公积 项 目 发行 金额 比例 送股 金转 其他 小计 金额 比例 新股 股 1．有限售条件股份 (1).其他内资持股 17,159,940.00 2.54% --- --- --- -17,159,940.00 -17,159,940.00 --- --- 其中：境内非国有法人持股 17,159,940.00 2.54% --- --- --- -17,159,940.00 -17,159,940.00 --- --- (2). 外资持股 278,950,848.00 41.25% --- --- --- --- --- 278,950,848.00 41.25% 其中： 境外法人持股 278,950,848.00 41.25% --- --- --- --- --- 278,950,848.00 41.25% 有限售条件股份合计 296,110,788.00 43.79% --- --- --- -17,159,940.00 -17,159,940.00 278,950,848.00 41.25% 2．无限售条件股份 (1). 人民币普通股 33,462,060.00 4.95% --- --- --- 17,159,940.00 17,159,940.00 50,622,000.00 7.48% (2). 境外上市的外资股 346,732,848.00 51.26% --- --- --- --- --- 346,732,848.00 51.27% 无限售条件股份合计 380,194,908.00 56.21% --- --- --- 17,159,940.00 17,159,940.00 397,354,848.00 58.75% 3．股份总数 676,305,696.00 100.00% --- --- --- --- --- 676,305,696.00 100.00% （二十五）资本公积 项 目 调整前年初余额 调整后年初余额 本年增减 年末余额 股本溢价 26,063,263.03 26,063,263.03 --- 26,063,263.03 其他资本公积 210,095,313.10 210,095,313.10 -1,560,846.00 208,534,467.10 合 计 236,158,576.13 236,158,576.13 -1,560,846.00 234,597,730.13 63 上海大江（集团）股份有限公司 2007 年年度报告 本年资本公积减少的原因为：收购子公司松江县塔汇鸡场少数股东 45％股权，支付的收购价与按 照收购日松江县塔汇鸡场帐面净资产的 45％计算出的金额的差额。 （二十六）盈余公积 本年 本年 项 目 调整前年初余额 调整金额 调整后年初余额 年末余额 增加 减少 法定盈余公积 97,370,342.74 -19,620,605.25 77,749,737.49 --- --- 77,749,737.49 （二十七）未分配利润 项 目 金 额 提取或分配比例 调整前 年初未分配利润 -794,060,435.00 --- 调整 年初未分配利润（调增＋，调减－） 7,059,420.38 --- 调整后 年初未分配利润 -787,001,014.62 --- 加：本年净利润 27,317,002.47 --- 减：提取法定盈余公积 --- --- 提取职工奖励及福利基金 1,092,003.70 8％ 年末未分配利润 -760,776,015.85 --- 调整年初未分配利润 7,059,420.38 元，其中： 1、依据《企业会计准则》对同一控制下长期股权投资差额采用追溯调整，影响年初未分配利润 5,224,738.76 元； 2、依据《企业会计准则解释第 1 号》调整 A 股与 B 股差异，影响年初未分配利润 1,916,446.53 元。 3、依据《企业会计准则》追溯调整未确认投资损失，影响年初未分配利润-19,702,370.16 元。 4、依据《企业会计准则》追溯调整盈余公积，影响年初未分配利润 19,620,605.25 元。 （二十八）营业收入及营业成本 本年发生数 上年发生数 项 目 主营业务 其他业务 小 计 主营业务 其他业务 小 计 营业收入 947,475,330.40 26,295,360.09 973,770,690.49 770,673,918.54 15,640,426.86 786,314,345.40 营业成本 788,307,248.11 22,236,919.71 810,544,167.82 682,750,540.29 20,923,988.30 703,674,528.59 营业利润 159,168,082.29 4,058,440.38 163,226,522.67 87,923,378.25 -5,283,561.44 82,639,816.81 1、按业务类别列示主营业务收入、主营业务成本 主营业务收入 主营业务成本 项 目 本年发生数 上年发生数 本年发生数 上年发生数 （1）工 业 833,908,154.88 754,671,814.71 758,485,368.47 727,502,380.20 （2）房地产业 332,127,116.16 197,834,488.00 248,944,027.93 155,578,088.96 小 计 1,166,035,271.04 952,506,302.71 1,007,429,396.40 883,080,469.16 公司内各业务分部相互抵销 218,559,940.64 181,832,384.17 219,122,148.29 200,329,928.87 合 计 947,475,330.40 770,673,918.54 788,307,248.11 682,750,540.29 按产品类别列示主营业务收入、主营业务成本 主营业务收入 主营业务成本 项 目 本年发生数 上年发生数 本年发生数 上年发生数 饲料及饲料机械 296,772,330.42 274,515,617.65 253,513,442.66 242,122,726.92 食 品 537,135,824.46 480,156,197.06 504,971,925.81 485,379,653.28 房地产 332,127,116.16 197,834,488.00 248,944,027.93 155,578,088.96 小 计 1,166,035,271.04 952,506,302.71 1,007,429,396.40 883,080,469.16 64 上海大江（集团）股份有限公司 2007 年年度报告 公司内各业务分部相互抵销 218,559,940.64 181,832,384.17 219,122,148.29 200,329,928.87 合 计 947,475,330.40 770,673,918.54 788,307,248.11 682,750,540.29 按地区类别列示主营业务收入、主营业务成本 主营业务收入 主营业务成本 项 目 本年发生数 上年发生数 本年发生数 上年发生数 国内销售收入 1,128,999,552.40 923,455,156.50 983,971,062.79 862,685,851.85 出口销售收入 37,035,718.64 29,051,146.21 23,458,333.61 20,394,617.31 小 计 1,166,035,271.04 952,506,302.71 1,007,429,396.40 883,080,469.16 公司内各业务分部相互抵销 218,559,940.64 181,832,384.17 219,122,148.29 200,329,928.87 合 计 947,475,330.40 770,673,918.54 788,307,248.11 682,750,540.29 2、本公司向前五名客户销售总额为 192,445,551.14 元，占公司本年全部营业收入的 19.76%。 （二十九）营业税金及附加 项 目 计缴标准 本年发生数 上年发生数 营业税 营业净额 5% 16,994,748.81 10,049,500.05 城建税 营业税、增值税的 1% 214,727.99 134,173.46 教育费附加 营业净额 2‰ 560,204.41 402,520.40 河道工程维修费 营业税、增值税的 2.5‰ 179,077.79 100,494.99 土地增值税 1% 3,321,271.16 1,978,344.88 合 计 21,270,030.16 12,665,033.78 营业税金及附加本年发生数比上年发生数增加 8,604,996.38 元，增加比例为 67.94％，主要变动 原因为：子公司上海松江新城东部房地产开发有限公司本年度“大江苑”项目进入交房阶段，确认收 入，相应交纳的营业税金及附加。 （三十）资产减值损失 项 目 本年发生额 上年发生额 1、坏账损失 -9,953,185.16 -12,301,700.04 2、存货跌价损失 194,467.07 4,047,636.10 3、长期股权投资减值损失 --- 15,590,686.74 4、固定资产减值损失 --- 310,511.48 合 计 -9,758,718.09 7,647,134.28 资产减值损失本年发生数比上年发生数减少 17,405,852.37 元，减少比例为 227.61%，主要原因 为：2006 年度因上海华源生命科学有限公司经营不善，产生重大亏损，财务状况较差，对其计提长期 股权投资减值准备所致，2007 年度该股权已转让。 （三十一）投资收益 项目或被投资单位名称 本年发生额 上年发生额 1、股权投资收益 145,625.00 134,062.50 成本法核算确认 145,625.00 134,062.50 （1）成本法下确认对子公司收益 --- --- （2）成本法下确认对非子公司收益 145,625.00 134,062.50 2、处置投资收益 -26,836.08 68,770,812.30 （1）处置子公司投资收益 -3,361,291.23 68,770,812.30 （2）处置非子公司投资收益 3,334,455.15 --- 合 计 118,788.92 68,904,874.80 65 上海大江（集团）股份有限公司 2007 年年度报告 1、本公司投资收益汇回无重大限制 2、投资收益本年发生数比上年发生数减少 68,786,085.88 元，减少比例为 99.83%，主要原因为： 本年度处置子公司较上年度减少较多所致。 （三十二）营业外收入 项 目 本年发生额 上年发生额 1、非流动资产处置利得合计 9,217,182.93 8,904,944.26 其中：固定资产处置利得 9,217,182.93 8,904,944.26 2、政府补助 999,600.47 17,289,831.34 3、其 他 2,504,538.92 477,860.19 合 计 12,721,322.32 26,672,635.79 营业外收入本年发生数比上年发生数减少 13,951,313.47 元，减少比例为 52.31％，主要原因为： 本年度获得的政府补助金额较上年度减少较多所致。 （三十三）营业外支出 项 目 本年发生额 上年发生额 1．非流动资产处置损失合计 53,626.93 2,992,148.06 其中：固定资产处置损失 53,626.93 2,992,148.06 2．非常损失 56,302.95 783,237.02 合 计 109,929.88 3,775,385.08 营业外支出本年数比上年数减少 3,665,455.20 元，减少比例为 97.09％，主要变动原因为：本年 度处置固定资产损失较少所致。 （三十四）所得税费用 项 目 本年发生额 上年发生额 本年所得税费用 16,792,427.06 9,554,712.90 （三十五）政府补助 政府补助的种类和金额 政府补助的种类 本年发生额 上年发生额 禽流感补贴 999,600.47 1,804,731.34 财政贴息收入 --- 905,100.00 电费补贴 --- 680,000.00 鸡场停养补偿费 --- 13,800,000.00 市著名商标奖励金 --- 100,000.00 合 计 999,600.47 17,289,831.34 （三十六）现金流量表附注 1、收到的其他与经营活动有关的现金 其中：主要项目 本年发生额 收到宁波天邦股份有限公司滞纳金 2,840,000.00 收到大江商厦借款 7,200,000.00 收到上海绿洲怡景工程建设有限公司 19,000,000.00 借款 合 计 29,040,000.00 2、支付的其他与经营活动有关的现金 其中：主要项目 本年发生额 归还大江商厦欠款 5,000,000.00 66 上海大江（集团）股份有限公司 2007 年年度报告 归还大江股份公司工会欠款 2,330,000.00 归还上海兴源企业管理服务有限公司欠款 8,030,000.00 预付的土地出让金 12,620,000.00 管理经营费用支出 22,910,000.00 合 计 50,890,000.00 3、现金流量表补充资料 项 本年发生额 目 净利润 31,726,203.73 加：资产减值准备 -9,758,718.09 固定资产折旧、油气资产折耗、生产性生物资产折旧 18,037,212.55 无形资产摊销 2,961,082.30 长期待摊费用摊销 69,200.00 处置固定资产、无形资产和其他长期资产的损失（收益以“－”号填列） -9,163,556.00 固定资产报废损失（收益以“－”号填列） --- 公允价值变动损失（收益以“－”号填列） --- 财务费用（收益以“－”号填列） 31,843,662.17 投资损失（收益以“－”号填列） -118,788.92 递延所得税资产减少（增加以“－”号填列） --- 递延所得税负债增加（减少以“－”号填列） --- 存货的减少（增加以“－”号填列） 196,189,220.17 经营性应收项目的减少（增加以“－”号填列） -21,582,780.48 经营性应付项目的增加（减少以“－”号填列） -114,021,337.27 其 他 --- 经营活动产生的现金流量净额 126,181,400.16 六、母公司财务报表主要项目注释 （以下金额单位若未特别注明者均为人民币元，凡未注明年初余额的均为年末余额） （一）应收账款 1、应收账款构成 年末余额 年初余额 项 目 占总额 坏账准备 占总额 坏账准备 账面余额 坏账准备 账面余额 坏账准备 比例 计提比例 比例 计提比例 1、单项金额非重大并已 单独计提坏账准备的款 57,476,116.79 64.66% 100% 57,476,116.79 57,320,349.32 78.95% 100% 57,320,349.32 项 2、其他按账龄段划分为 类似信用风险特征的款 31,412,770.74 35.34% 959,491.02 15,285,970.22 21.05% 474,025.41 项， 其中：1 年以内 31,168,372.15 35.06% 3% 935,051.16 15,065,308.70 20.75% 3% 451,959.26 1－2 年 244,398.59 0.28% 10% 24,439.86 220,661.52 0.30% 10% 22,066.15 2－3 年 --- --- 15% --- --- --- 15% --- 3 年以上 --- --- 20% --- --- --- 20% --- 合 计 88,888,887.53 100% 58,435,607.81 72,606,319.54 100% 57,794,374.73 2、本年度全额计提坏账准备，或计提坏账准备比例达到 40％及以上说明； 67 上海大江（集团）股份有限公司 2007 年年度报告 欠款人名称 欠款金额 计提比例 理 由 黑龙江省哈尔滨市靠寨畜牧场 69,346.04 100% 无法联系对方 黑龙江省呼兰县乐业乡杨建新 62,446.21 100% 无法联系对方 安徽省蚌埠市新泰化工有限公司 17,440.00 100% 无法联系对方 江苏省启东市永和乡安平村种鸡场 2,000.00 100% 无法联系对方 江苏省盐城市射阳县临海农 2,000.00 100% 无法联系对方 江苏省海门市海西种鸡场陈旭东 1,360.00 100% 无法联系对方 程三民 830.44 100% 无法联系对方 广东省茂名市刘光煌 194.78 100% 无法联系对方 北京中农牧贸易有限公司 150.00 100% 无法联系对方 合 计 155,767.47 3、年末应收账款中无持本公司 5％以上（含 5％）表决权股份的股东单位款项。 4、年末应收账款中欠款金额前五名 年末余额 债务人排名 金 额 账 龄 占应收账款总额的比例 第一名 8,042,164.81 1 年以内 9.05% 第二名 5,934,665.98 1 年以内 6.68% 第三名 5,094,078.17 1 年以内 5.73% 第四名 4,323,245.21 3 年以上 4.86% 第五名 3,000,000.00 1 年以内 3.38% （二）其他应收款 1、其他应收款构成 年末余额 年初余额 坏账准 坏账准 项 目 占总额 占总额 账面余额 备计提 坏账准备 账面余额 备计提 坏账准备 比例 比例 比例 比例 1、单项金额非重大并已 单独计提坏账准备的款 13,610,933.37 15.38% 100% 13,610,933.37 28,632,857.50 21.83% 100% 28,632,857.50 项 2、纳入合并报表范围的 68,285,895.36 77.10% --- --- 93,794,644.39 71.53% --- --- 关联方 3、其他按账龄段划分为 类似信用风险特征的款 6,666,407.50 7.52% 460,264.47 8,706,240.40 6.64% 948,101.48 项， 其中：1 年以内 4,813,083.55 5.43% 3% 144,392.50 2,871,491.65 2.19% 3% 86,144.75 1－2 年 72,928.20 0.08% 10% 7,292.82 1,095,507.46 0.84% 10% 109,550.75 2－3 年 950,000.00 1.07% 15% 142,500.00 3,908,845.54 2.98% 15% 586,326.83 3 年以上 830,395.75 0.94% 20% 166,079.15 830,395.75 0.63% 20% 166,079.15 合 计 88,563,236.23 100% 14,071,197.84 131,133,742.29 100% 29,580,958.98 2、以前年度已全额或大比例计提坏账准备且本年又全额或部分收回的其他应收款 项 目 收回或重组债权金额 收回方式 原估计计提比例 原估计计提比例的合理性 宁波天邦饲料有限公司 8,277,955.92 全部收回 100% 合理 杭州青云纤维集团有限公司 2,141,526.26 部分收回 100% 合理 香港置溢集团有限公司 973,421.03 部分收回 100% 合理 68 上海大江（集团）股份有限公司 2007 年年度报告 刘幼君 778,736.82 部分收回 100% 合理 宁波天邦股份有限公司 47,952.00 全部收回 100% 合理 上海大江肉食品厂 5,109,241.36 部分收回 100% 合理 上海大江华阳种禽场 170,614.07 部分收回 100% 合理 合 计 17,499,447.46 3、本年度全额计提坏账准备，或计提坏账准备比例达到 40％及以上说明； 欠款人名称 欠款金额 计提比例 理 由 枣阳大江禽业有限公司 431,938.81 100% 欠款人净资产为负数 青浦野马浜养鸡场 80,226.30 100% 欠款人净资产为负数 上海大江肉食品二厂 1,950,196.78 100% 欠款人净资产为负数 原大江股份公司食堂 15,161.44 100% 已解散关闭 合 计 2,477,523.33 4、年末其他应收款中持本公司 5％以上（含 5％）表决权股份的股东欠款为 20.42 万元，详见本 附注七。 5、年末其他应收款中欠款金额前五名 债务人排名 性质或内容 金 额 账 龄 占其他应收款总额的比例 第一名 往来款 13,829,748.72 1 年以内 15.62% 第二名 往来款 9,033,916.32 1 年以内 10.20% 第三名 往来款 3,955,899.92 1 年以内 4.47% 第四名 往来款 2,000,000.00 1 年以内 2.26% 第五名 押 金 960,000.00 3 年以上 1.08% 6、其他应收款年末余额比年初余额减少 42,570,506.06 元，减少比例为 32.46％，主要变动原 因为：本年度收到上海天邦饲料有限公司归还的欠款人民币 8,258,236.42 元和杭州青云控股集团有 限公司、置溢集团有限公司和刘幼君归还的原杭州大江股权转让款人民币 6,000,000.00 元，以及本 年度纳入合并报表范围的关联方归还款项所致。 （三）长期股权投资 年末余额 年初余额 账面余额 减值准备 账面余额 减值准备 373,688,358.63 1,229,623.23 389,884,108.69 16,820,309.97 1、被投资单位主要信息 本企业在 本企业持 被投资单 本年营业 本年 被投资单位名称 注册地 业务性质 年末净资产总额 股比例 位表决权 收入总额 净利润 比例 长江经济发展股份 上海世纪大道 实业 0.77% 0.77% 1,676,532,339.96 1,920,809,296.36 79,732,106.43 有限公司 1500 号 上海申银万国证券 上海市常熟路 证券投资 0.77% 0.77% 1,092,168,320.40 12,460,701,994.53 5,623,041,970.94 股份有限公司 171 号 69 上海大江（集团）股份有限公司 2007 年年度报告 本企业在 本企业持 被投资单 本年营业 本年 被投资单位名称 注册地 业务性质 年末净资产总额 股比例 位表决权 收入总额 净利润 比例 上海宝鼎投资股份 上海市新昌路 证券投资 0.09% 0.09% 406,198,922.76 --- 111,051,184.43 有限公司 180 号裙房四楼 上海松江出口加工 上海市松江出 市政基础设施 区海欣建设开发有 口加工区Ⅲ-5 3.02% 3.02% 492,717,269.52 5,298,336.00 -1,605,284.83 投资管理仓储 限公司 号地块 青浦区华新镇 上海西郊国际农产 华腾路 1288 号 农产品交易 15.00% 15.00% 300,000,000.00 --- --- 品交易有限公司 410 室 山东沪平牧工商联 山东省平原县 饲料销售 50.00% 50.00% 1,121,852.65 --- --- 合公司 车站南路 常州大江畜禽饲料 江苏省常州市 饲料生产、销 94.40% 94.40% 19,469,697.92 122,077,496.57 2,926,315.84 公司 机场南路 2 号 售 松江区李塔汇 父母代种禽饲 松江区塔汇鸡场 100.00% 100.00% 3,531,453.32 500,000.00 418,521.98 镇新前村 养 青浦区小蒸镇 青浦泖洋肉禽场 肉鸡饲养 100.00% 100.00% 13,015,925.72 --- -213,457.94 泖洋村 青浦沈巷保卫肉鸡 青浦区沈巷镇 肉鸡饲养 100.00% 100.00% 5,985,963.21 --- -243,728.02 场 保卫村 青浦沈巷新泾肉鸡 青浦区沈巷镇 肉鸡饲养 100.00% 100.00% 6,416,318.61 --- -219,872.40 场 新泾村 青浦赵巷菘泽肉鸡 青浦区沈巷镇 肉鸡饲养 100.00% 100.00% 4,167,938.71 --- -222,011.25 场 崧泽村 青浦区工业园 青浦县古石肉禽场 肉鸡饲养 100.00% 100.00% 18,291,776.01 --- --- 区古石村 上海大江肉食品二 上海松江玉树 肉食品加工 85.00% 85.00% 6,646,152.66 196,020,816.21 -4,952,713.09 厂 路 788 号 上海大江肉食品四 松江区天马山 肉食品加工 90.00% 90.00% 27,858,458.56 3,320,558.18 2,063,432.20 厂 镇南横泾 上海申德机械有限 松江区乐东路 饲料机械生产 75.00% 75.00% 44,448,941.28 89,690,634.97 9,922,370.93 公司 2288 号 及销售 青浦区环城乡 青浦野马浜养鸡场 祖代种禽饲养 50.00% 50.00% -1,039,267.62 --- -71,806.60 野马浜 上海大江天马种禽 父母代种禽饲 松江区天马镇 50.00% 50.00% 17,124,377.70 37,926.00 663,747.65 场 养 枣阳大江禽业有限 湖北省枣阳市 畜禽、饲料、 95.00% 95.00% -8,602,222.00 --- -132,244.49 公司 桃园路 18 号 鸡肉 上海大江肉食品六 上海松江玉树 肉制品生产、 49% 49% 11,880,989.35 1,500,000.00 177,347.41 厂有限公司 路 278 号 销售 上海大江房地产有 松江区谷阳北 房地产开发和 100.00% 100.00% 61,568,419.98 332,132,366.16 23,837,110.03 限公司 路 166 号 5 楼 转让 松江区谷阳南 上海大江饲料有限 饲料生产、销 路 26 号 6 号楼 100.00% 100.00% 16,304,892.33 69,423,343.27 -430,344.20 公司 售 206 室 上海市松江区 上海汉地置业发展 房地产开发经 北松公路华长 100.00% 100.00% 18,000,000.00 --- --- 有限公司 营、物业管理 路口 上海市松江区 上海大江科创置业 房地产开发、 洞泾镇沈砖公 100.00% 100.00% 18,000,000.00 --- --- 有限公司 经营 路 5398 号 上海阳雷置业有限 松江区谷阳北 房地产开发、 97.73% 97.73% 28,187,730.48 --- --- 70 上海大江（集团）股份有限公司 2007 年年度报告 本企业在 本企业持 被投资单 本年营业 本年 被投资单位名称 注册地 业务性质 年末净资产总额 股比例 位表决权 收入总额 净利润 比例 公司 路 166 号 11 楼 经营 上海大江资产经营 松江区谷阳北 投资与资产管 95.00% 95.00% 10,002,246.10 --- 2,246.10 有限公司 路 166 号 11 楼 理 速冻包装食 上海卢湾大江食品 上海市卢湾区 品、肉制品等 40.00% 40.00% 530,926.91 23,608,446.74 -32,883.25 经营部 的销售 上海大江水产饲料 松江区车墩镇 饲料生产、销 99.50% 99.50% 421,116.11 29,982,020.80 778,567.22 科技有限公司 浦江大桥东侧 售 2、按成本法核算的长期股权投资 被投资单位名称 初始金额 年初账面余额 本年投资增减额 年末账面余额 长江经济发展股份有限 7,000,000.00 7,000,000.00 --- 7,000,000.00 公司 上海申银万国证券股份 51,250,000.00 51,250,000.00 --- 51,250,000.00 有限公司 上海宝鼎投资股份有限 62,500.00 62,500.00 --- 62,500.00 公司 上海松江出口加工区海 15,000,000.00 15,000,000.00 --- 15,000,000.00 欣建设开发有限公司 上海华源生命科学有限 31,776,695.18 31,776,695.18 -31,776,695.18 --- 公司 上海西郊国际农产品交 45,000,000.00 45,000,000.00 --- 45,000,000.00 易有限公司 常州大江畜禽饲料公司 20,041,131.74 15,616,952.69 --- 15,616,952.69 松江区塔汇鸡场 2,090,000.00 1,665,431.34 1,589,154.00 3,254,585.34 青浦泖洋肉禽场 16,800,000.00 13,285,383.66 --- 13,285,383.66 青浦沈巷保卫肉鸡场 6,800,000.00 6,229,691.23 --- 6,229,691.23 青浦沈巷新泾肉鸡场 6,800,000.00 6,636,191.01 --- 6,636,191.01 青浦赵巷菘泽肉鸡场 5,400,000.00 4,389,949.96 --- 4,389,949.96 青浦县古石肉禽场 18,000,000.00 18,291,776.01 --- 18,291,776.01 上海大江肉食品二厂 44,200,000.00 --- --- --- 上海大江肉食品四厂 45,000,000.00 20,646,526.36 --- 20,646,526.36 上海申德机械有限公司 17,216,400.00 26,503,558.06 --- 26,503,558.06 青浦野马浜养鸡场 1,500,000.00 --- --- --- 上海大江天马种禽场 9,000,000.00 7,460,630.05 --- 7,460,630.05 71 上海大江（集团）股份有限公司 2007 年年度报告 被投资单位名称 初始金额 年初账面余额 本年投资增减额 年末账面余额 枣阳大江禽业有限公司 2.00 --- --- --- 上海大江肉食品六厂有 17,677,217.81 5,734,984.54 --- 5,734,984.54 限公司 上海大江房地产有限公 18,000,000.00 29,373,149.61 6,156,842.00 35,529,991.61 司 上海大江饲料有限公司 8,516,049.19 15,061,712.88 1,649,303.74 16,711,016.62 上海汉地置业发展有限 9,180,000.00 18,000,000.00 --- 18,000,000.00 公司 上海大华器械有限公司 19,232,500.00 8,602,085.10 -8,602,085.10 --- 上海大江科创置业有限 18,000,000.00 18,000,000.00 --- 18,000,000.00 公司 上海阳雷置业有限公司 5,760,000.00 5,760,000.00 21,787,730.48 27,547,730.48 上海大江资产经营有限 9,500,000.00 9,500,000.00 --- 9,500,000.00 公司 江苏大江畜禽发展有限 7,000,000.00 7,000,000.00 -7,000,000.00 --- 公司 上海卢湾大江食品经营 260,000.00 225,524.06 --- 225,524.06 部 上海大江水产饲料科技 8,955,000.00 --- --- --- 有限公司 合 计 465,017,495.92 388,072,741.74 -16,195,750.06 371,876,991.68 3、按权益法核算的长期股权投资 被投资单位名称 初始金额 年初余额 本年权益增减额 年末余额 联营企业 山东济宁大江牧工商公司 3,000,000.00 1,229,623.23 --- 1,229,623.23 山东沪平牧工商联合公司 400,000.00 581,743.72 --- 581,743.72 合计 3,400,000.00 1,811,366.95 --- 1,811,366.95 4、长期股权投资减值准备 本年 被投资单位名称 年初余额 本年减少 年末余额 计提原因 增加 山东济宁大江牧 经营不善,产生 工商公司 1,229,623.23 --- --- 1,229,623.23 重大亏损,公司 停止经营 上海华源生命科 15,590,686.74 --- 15,590,686.74 --- 学有限公司 合 计 16,820,309.97 --- 15,590,686.74 1,229,623.23 72 上海大江（集团）股份有限公司 2007 年年度报告 （四）营业收入及营业成本 本年发生数 上年发生数 项 目 主营业务 其他业务 小 计 主营业务 其他业务 小 计 营业收入 344,342,264.88 9,354,848.50 353,697,113.38 296,238,116.05 8,022,635.61 304,260,751.66 营业成本 320,333,531.47 5,108,716.94 325,442,248.41 291,085,098.19 6,654,214.92 297,739,313.11 营业利润 24,008,733.41 4,246,131.56 28,254,864.97 5,153,017.86 1,368,420.69 6,521,438.55 1、按业务类别列示主营业务收入、主营业务成本 主营业务收入 主营业务成本 项 目 本年发生数 上年发生数 本年发生数 上年发生数 工 业 344,342,264.88 296,238,116.05 320,333,531.47 291,085,098.19 按产品类别列示主营业务收入、主营业务成本 主营业务收入 主营业务成本 项 目 本年发生数 上年发生数 本年发生数 上年发生数 食品 344,342,264.88 296,238,116.05 320,333,531.47 291,085,098.19 按地区类别列示主营业务收入、主营业务成本 主营业务收入 主营业务成本 项 目 本年发生数 上年发生数 本年发生数 上年发生数 国内销售收入 343,457,389.66 286,143,008.87 319,307,073.04 281,790,182.90 出口销售收入 884,875.22 10,095,107.18 1,026,458.43 9,294,915.29 合 计 344,342,264.88 296,238,116.05 320,333,531.47 291,085,098.19 2、公司向前五名客户销售总额为 145,507,772.64 元，占公司本年全部营业收入的 41.14%。 （五）投资收益 项目或被投资单位名称 本年发生额 上年发生额 1、股权投资收益 145,625.00 -8,787,760.17 成本法核算确认 145,625.00 -8,787,760.17 （1）成本法下确认对子公司收益 --- -9,223,328.93 （2）成本法下确认对非子公司收益 145,625.00 435,568.76 2、处置投资收益 -26,836.08 72,981,558.29 （1）处置子公司投资收益 -3,361,291.23 72,981,558.29 （2）处置非子公司投资收益 3,334,455.15 --- 合 计 118,788.92 64,193,798.12 1、本公司投资收益汇回无重大限制 2、投资收益本年发生数比上年发生数减少 64,075,009.20 元，减少比例为 99.81%，主要原因为： 本年度处置子公司较上年度减少较多所致。 七、关联方关系及其交易 （一）存在控制关系的关联方情况 73 上海大江（集团）股份有限公司 2007 年年度报告 １、存在控制关系的关联方 控制本公司的关联方 企业名称 注册地址 主营业务 与本企业关系 业务性质 法定代表人 香港九龙么地道 房地产开发 绿庭（香港）有 62 号永安广场 及酒店物业 控股股东 投资管理 俞乃奋 限公司 1012 室 管理等 母公司对本公司的持股比例和表决权比例分别为 41.25%和 41.25%。本公司的最终控制方为绿庭 （香港）有限公司。 受本公司控制的关联方 详见附注四。 2、存在控制关系的关联方的注册资本及其变化（金额单位：万元）： 公司名称 年初余额 本年增加 本年减少 年末余额 绿庭（香港）有限公司 港币 --- --- 港币 90,001 90,001 上海大江水产饲料科技有限公司 900 --- --- 900 常州大江畜禽饲料公司 2,195 --- --- 2,195 上海大江饲料有限公司 2,000 --- --- 2,000 松江区塔汇鸡场 380 --- --- 380 青浦泖洋肉禽场 1,680 --- --- 1,680 青浦沈巷保卫肉鸡场 680 --- --- 680 青浦沈巷新泾肉鸡场 680 --- --- 680 青浦赵巷崧泽肉鸡场 540 --- --- 540 青浦区古石肉禽场 1,800 --- --- 1,800 上海大江肉食品二厂 5,200 --- --- 5,200 上海大江肉食品四厂 5,000 --- --- 5,000 上海申德机械有限公司 2,295.52 --- --- 2,295.52 青浦野马浜养鸡场 300 --- --- 300 上海大江天马种禽场 1,800 --- --- 1,800 枣阳大江禽业有限公司 894.05 --- --- 894.05 枣阳市大江食品有限公司 220 --- --- 220 上海大江房地产有限公司 2,000 --- --- 2,000 上海申靓机械设备工程安装有限公司 300 --- --- 300 上海汉地置业有限公司 1,800 --- --- 1,800 上海大江食品苏州经营部 60 --- --- 60 上海大江肉食品二厂杭州经营部 60 --- --- 60 上海大江肉食品二厂常州经营部 58 --- --- 58 上海大江食品浦东经营部 75 --- --- 75 上海大江食品曹安经营部 50 --- --- 50 上海大江肉食品供销有限公司 1,000 --- --- 1,000 上海灵江食品经营部 50 --- --- 50 上海大江食品配料有限公司 331.178 --- --- 331.178 上海松江新城东部房地产开发有限公司 1,000 --- --- 1,000 上海松江茸江置业发展有限公司 800 --- --- 800 上海大江肉食品六厂有限公司 4,602 --- --- 4,602 上海大江科创置业有限公司 1,800 --- --- 1,800 上海阳雷置业有限公司 3,180 --- --- 3,180 上海大江资产经营有限公司 5,000 --- --- 5,000 上海卢湾大江食品经营部 60 --- --- 60 74 上海大江（集团）股份有限公司 2007 年年度报告 3、存在控制关系的关联方所持股份及其变化（金额单位：万元） 年初余额 本年增加 本年减少 年末余额 企业名称 金 额 ％ 金 额 ％ 金 额 ％ 金 额 ％ 绿庭（香港）有限公司 27,895.0848 41.25 --- --- --- --- 27,895.0848 41.25 上海大江水产饲料科 895.50 99.5 --- --- --- --- 895.50 99.5 技有限公司 常州大江畜禽饲料公 2,072 94.4 --- --- --- --- 2,072 94.4 司 上海大江饲料有限公 1,999 99.95 1.00 0.05 --- --- 2,000 100 司 松江区华阳鸡场 264 55 --- --- 264 55 --- --- 松江区塔汇鸡场 209 55 171 45 --- --- 380 100 青浦泖洋肉禽场 1,680 100 --- --- --- --- 1,680 100 青浦沈巷保卫肉鸡场 680 100 --- --- --- --- 680 100 青浦沈巷新泾肉鸡场 680 100 --- --- --- --- 680 100 青浦赵巷崧泽肉鸡场 540 100 --- --- --- --- 540 100 青浦区古石肉禽场 1,800 80 --- --- --- --- 1,800 80 上海大江肉食品二厂 4,420 85 --- --- --- --- 4,420 85 上海大江肉食品四厂 4,500 90 --- --- --- --- 4,500 90 上海申德机械有限公 1,721.64 75 --- --- --- --- 1,721.64 75 司 上海大江肉食品厂 900 50 --- --- 900 50 0.00 0.00 青浦野马浜养鸡场 150 50 --- --- --- --- 150 50 上海大江天马种禽场 900 50 --- --- --- --- 900 50 枣阳大江禽业有限公 849.3475 95 --- --- --- --- 849.3475 95 司 枣阳市大江食品有限 207.746 94.43 --- --- --- --- 207.746 94.43 公司 上海大江房地产有限 1,800 90 200 10 --- --- 2,000 100 公司 上海申靓机械设备工 231.75 77.25 --- --- --- --- 231.75 77.25 程安装有限公司 上海汉地置业有限公 1,800 100 --- --- --- --- 1,800 100 司 上海大江食品苏州经 51 85 --- --- --- --- 51 85 营部 上海大江肉食品二厂 51 85 --- --- --- --- 51 85 杭州经营部 上海大江肉食品二厂 49.3 85 --- --- --- --- 49.3 85 常州经营部 上海大江食品浦东经 63.75 85 --- --- --- --- 63.75 85 营部 上海大江食品曹安经 42.5 85 --- --- --- --- 42.5 85 营部 上海大江肉食品供销 855 85.5 --- --- --- --- 855 85.5 有限公司 上海灵江食品经营部 42.5 85 --- --- --- --- 42.5 85 75 上海大江（集团）股份有限公司 2007 年年度报告 年初余额 本年增加 本年减少 年末余额 企业名称 金 额 ％ 金 额 ％ 金 额 ％ 金 额 ％ 上海大江食品配料有 211.125975 63.75 --- --- --- --- 211.125975 63.75 限公司 上海松江新城东部房 969 96.9 31 3.1 --- --- 1,000 100 地产开发有限公司 上海松江茸江置业发 466.56 58.32 13.44 1.68 --- --- 480 60 展有限公司 上海大华器械有限公 1,910.25 70.75 --- --- 1,910.25 70.75 --- --- 司 上海大江科创置业有 1,800 100 --- --- --- --- 1,800 100 限公司 上海阳雷置业有限公 2180.373 638.40 99.75 0.25 --- --- 2818.773048 100 司 048 上海大江资产经营有 998.75 99.875 --- --- --- --- 998.75 99.875 限公司 江苏大江畜禽发展有 700 70 --- --- 700 70 --- --- 限公司 上海卢湾大江食品经 54.78 91.3 --- --- --- --- 54.78 91.3 营部 上海大江肉食品六厂 4,249.947 92.35 --- --- --- --- 4,249.947 92.35 有限公司 4、不存在控制关系的关联方情况 单位名称 与本公司的关系 山东沪平牧工商联合公司 联营企业 （二）关联方交易 1、存在控制关系且已纳入本公司合并会计报表范围的子公司，其相互间交易及母子公司交易已作 抵销。 2、关联交易定价原则：本公司参照市场价格确定交易价格。 3、向关联方销售货物 交易规模 本年金额 上年金额 企业名称 占年度（同期）同 占年度（同期）同 金额（万元） 金额（万元） 类交易百分比（％） 类交易百分比（％） 山东沪平牧工商联合公司 11.13 0.01 44.98 0.01 4、关联方往来款项余额 占所属科目全部应收（付） 年末金额（万元） 款项余额的比重 项目 关联方 本年末 上年末 本年末 上年末 应收账款： 山东沪平牧工商联合公司 45.34 46.73 0.29% 0.34% 其他应收款： 上海绿庭集团有限公司 20.42 --- 0.76% --- 76 上海大江（集团）股份有限公司 2007 年年度报告 上海华源生命科学有限公司 --- 47.95 --- 1.08% 阜新大江有限公司 --- 15.76 --- 0.35% 其他应付款： 上海绿庭集团有限公司 --- 379.58 --- 2.34% 上海绿洲企业发展有限公司 30.00 --- 0.23% --- 上海绿洲怡景工程建设有限公司 1,900.00 --- 14.53% 5、其他关联方交易事项 （1）本公司为关联方提供担保情况：详见附注八。 （2）关联方为本公司提供担保情况：详见附注八。 八、或有事项 （一）未决诉讼或仲裁形成的或有负债 截止 2007 年 12 月 31 日，公司无重大未决诉讼或仲裁事项。 （二）截止 2007 年 12 月 31 日本公司为关联方及其他单位提供债务担保形成的或有负债（金额单 位：人民币万元） 1、本公司为关联方担保情况 被担保单位 担保金额 债务到期日 对本公司的财务影响 上海申德机械有限公司 2,000.00 2008 年 9 月 11 日 无 上海申德机械有限公司 750.00 2008 年 10 月 16 日 无 上海大江饲料有限公司 700.00 2009 年 12 月 22 日 无 上海大江饲料有限公司 800.00 2008 年 6 月 3 日 无 上海大江饲料有限公司 500.00 2008 年 11 月 21 日 无 上海大江肉食品二厂 400.00 2008 年 3 月 5 日 无 上海大江肉食品二厂 250.00 2008 年 8 月 26 日 无 上海大江肉食品二厂 400.00 2008 年 10 月 21 日 无 上海大江水产饲料科技有限公司 500.00 2008 年 12 月 10 日 无 合 计 6,300.00 2、关联方为本公司提供担保情况（金额单位：万元） 担保单位 担保金额 债务到期日 对本公司的财务影响 上海大江饲料有限公司 900.00 2008 年 5 月 31 日 无 上海大江肉食品六厂有限公司 1,400.00 2008 年 7 月 25 日 无 合计 2,300.00 3、关联方之间担保情况（金额单位：万元） 对本公司 被担保单位 担保单位 担保金额 债务到期日 的财务影 响 上海大江饲料有限 由无关联关系的第三方提供 500.00 2008 年 11 月 21 日 无 公司 担保，本公司及下属子公司 “上海松江新城东部房地产 开发有限公司”提供反担保， 上海大江水产饲料 且反担保以本公司对子公司 500.00 2008 年 12 月 10 日 无 科技有限公司 上海汉地置业有限公司的 100％股权为质押物。 上海申德机械有限 上海大江房地产有限公司 900.00 2008 年 04 月 16 日 无 公司 77 上海大江（集团）股份有限公司 2007 年年度报告 上海申德机械有限 上海大江房地产有限公司 900.00 2008 年 03 月 12 日 无 公司 上海申德机械有限 上海大江房地产有限公司 800.00 2008 年 05 月 09 日 无 公司 合计 3,600.00 （三）其他或有负债：无 九、承诺事项 （一）对外经济担保事项，详见附注八。 （二）已签订的尚未履行或尚未完全履行的对外投资合同及有关财务支出：无 （三）已签订的正在或准备履行的大额发包合同及财务影响：无 （四）已签订的正在或准备履行的租赁合同及财务影响：无 （五）已签订的正在或准备履行的并购协议：无 （六）已签订的正在或准备履行的重组计划：无 （七）其他重大财务承诺事项 1、抵押资产情况 （1）本公司以房地产为抵押物，向银行借入短期借款人民币 13,000 万元，抵押物原值人民币 6,880.63 万元。 （2）本公司下属控股子公司上海大江肉食品六厂有限公司以房地产为抵押物，为本公司的短期 借款人民币 1,400 万元提供担保，抵押物原值人民币 2,228.54 万元。 （3）本公司下属控股子公司上海大江饲料有限公司以房地产为抵押物，为本公司的短期借款人 民币 900 万元提供担保，抵押物原值人民币 1,795.38 万元。 （4）本公司下属控股子公司上海阳雷置业有限公司以房地产为抵押物，为本公司的短期借款人 民币 3,800 万元提供担保，抵押物原值人民币 2,153.55 万元。 （5）本公司下属控股子公司常州大江饲料有限公司以房地产为抵押物，向银行借入短期借款人 民币 1,700 万元，抵押物原值人民币 886 万元。 （6）本公司下属控股子公司上海大江肉食品二厂以房地产为抵押物，为上海大江饲料有限公司 的长期借款人民币 700 万元提供担保，抵押物原值人民币 3,988 万元。 2、质押资产情况 （1）本公司以持有的申银万国证券股份有限公司的法人股为质押物，向银行借入短期借款人民 币 4,600 万元，质押物原值人民币 5,125 万元。 （2）本公司下属控股子公司上海大江饲料有限公司短期借款人民币 500 万元、上海大江水产饲料 科技有限公司短期借款人民币 500 万元由上海恒洋投资担保有限公司提供担保，本公司以持有的上海 汉地置业有限公司 100％股权为质押物提供反担保，质押物原值人民币 1,800 万元。 十、资产负债表日后事项 根据本公司 2008 年 4 月 18 日第五届第四次董事会决议关于本公司 2007 年度利润分配预案，本公 司 2007 年未分配利润为负数，2007 年不分配不转增。此利润分配预案须提交股东大会审议。 十一、其他事项说明 （一）2003 年 7 月，本公司与宁波天邦股份有限公司共同投资设立上海大江水产饲料公司（现已 更名为上海天邦饲料有限公司）。2004 年 11 月，本公司通过上海联合产权交易所（合同号：04023270） 将持有的上海大江水产饲料有限公司 50％股权转让予张钊、宁波天邦股份有限公司，同时各方约定本 公司和上海大江水产饲料有限公司之间的往来款由股权转让后的上海大江水产饲料有限公司清偿，并 约定了逾期付款的违约责任。本公司与上海大江水产饲料有限公司确认的应由其清偿给本公司的往来 款 数 额 为 人 民 币 14,205,196.06 元 。 上 海 大 江 水 产 饲 料 有 限 公 司 在 先 后 支 付 往 来 款 人 民 币 3,149,813.12 元和 2,797,146.52 元后余款 8,258,236.42 元一直未付。本公司于 2005 年经第四届董 事会第十二次全体会议决议通过对该余款全额计提了坏账准备。2006 年 7 月，本公司向上海市第一中 级人民法院提起诉讼，要求张钊、宁波天邦股份有限公司和上海大江水产饲料有限公司共同偿还本公 司款项计人民币 8,258,236.42 元，并支付滞纳金。上海市第一中级人民法院于 2006 年 9 月 5 日进行 了一审审理，并于 2006 年 10 月 11 日作出民事判决【（2006）沪一中民三（商）初字第 166－3 号】， 78 上海大江（集团）股份有限公司 2007 年年度报告 判决如下：上海天邦饲料有限公司偿付本公司款项计人民币 8,258,236.42 元及该款自 2005 年 7 月至 实际清偿日止、按照银行同期贷款利率三倍所计付的滞纳金。该一审判决尚未生效。2007 年 2 月 6 日， 公司收到上海市高级人民法院民事裁定书【(2006)沪高民二（商）终自第 196 号】，裁定如下：准许 上诉人宁波天邦股份有限公司、张钊和上海天邦股份有限公司撤回上诉。此裁定为终审裁定。上海市 第一中级人民法院于 2006 年 10 月 11 日作出的一审判决生效：上海天邦饲料有限公司偿付公司款项计 人民币 8,258,236.42 元及该款自 2005 年 7 月起至实际清偿日止、按照银行同期贷款利率三倍所计付 的滞纳金。公司已于 2007 年上半年收到上海天邦饲料有限公司偿付的本金人民币 8,258,236.42 元和 滞纳金人民币 2,288,368.42 元。 （二）2004 年 12 月，本公司将持有的杭州大江饲料有限公司 100％的股权通过上海联合产权交易 所（合同号：04023150）转让予杭州青云控股集团有限公司、置溢集团有限公司和刘幼君，转让价经 确认为人民币 26,307,368.21 元。受让方在支付了人民币 1,852 万元的转让款后，尚欠本公司转让款 人民币 7,787,568.21 元，公司多次催讨未果后于 2005 年经第四届董事会第十二次全体会议决议通过 对该项股权转让款余额计提 50％的坏账准备。本公司于 2006 年 5 月向浙江省杭州市中级人民法院提 起诉讼，要求杭州青云控股集团有限公司、置溢集团有限公司和刘幼君支付转让款，2006 年 8 月浙江 省杭州市中级人民法院作出民事判决【（2005）杭民三初字第 348 号】，判决如下：杭州青云控股集 团有限公司支付本公司股权转让款人民币 4,283,052.51 元及逾期付款滞纳金 738,599.00 元，置溢集 团有限公司支付本公司股权转让款人民币 1,946,842.05 元及逾期付款滞纳金 335,727.00 元，刘幼君 支付本公司股权转让款人民币 1,557,473.64 元及逾期付款滞纳金 268,578.00 元。杭州青云控股集团 有限公司、置溢集团有限公司和刘幼君于 2006 年 10 月向浙江省高级人民法院提出上诉，该一审判决 尚未生效。2007 年 3 月本公司和杭州青云控股集团有限公司、置溢集团有限公司和刘幼君就【（2006） 浙民三终字第 249 号】案达成和解协议：杭州青云控股集团有限公司、置溢集团有限公司和刘幼君同 意于 2007 年 5 月前支付人民币 600 万元给本公司。本公司已于 2007 年上半年收到该款项。 （三）2006 年 10 月本公司和江苏京海禽业集团有限公司共同投资设立了江苏大江畜禽发展有限 公司，注册资本人民币 3,300 万元。按照公司章程第一期出资人民币 1,000 万元，其中本公司出资人 民币 700 万元，占实收资本的 70％，江苏京海禽业集团有限公司出资人民币 300 万元，占实收资本的 30％。2007 年 10 月本公司和江苏京海禽业集团有限公司共同签订了股权转让协议，约定以 2007 年 5 月 16 日江苏大江畜禽发展有限公司帐面净资产为依据，将本公司持有的江苏大江畜禽发展有限公司 70％的股权以人民币 623 万元转让给江苏京海禽业集团有限公司。本公司已于 2007 年收到股权转让款 人民币 598 万元。此次股权转让本公司实现投资损失人民币 77 万元。 （四）2003 年 5 月，本公司和中国华源生命产业有限公司共同投资设立了上海华源生命科学研究 开发有限公司，注册资本人民币 21,175.93 万元，本公司占 16.5%。2007 年 4 月，本公司和中国华源 生命产业有限公司签订了股权转让合同，约定将本公司持有的上海华源生命科学研究开发有限公司 16.5%的股权转让给中国华源生命产业有限公司，双方协商的转让价格为人民币 2,000 万元。截至转让 日，本公司该股权帐面投资成本为人民币 31,776,695.18 元，已提减值准备人民币 15,590,686.74 元， 转让收益人民币 3,813,,991.56 元。本公司已于 2007 年 5 月收到该股权转让款。截至报告日，与本次 股权转让相关的工商变更手续已完成。 （五）1995 年 3 月，本公司和上海松江石湖荡镇副业公司共同投资成立了松江县塔汇鸡场，总计 股本人民币 380 万元，本公司占 55％，上海松江石湖荡镇副业公司占 45％。2007 年 7 月，双方股东 签订了备忘录及相关的协议，约定将上海松江石湖荡镇副业公司持有的松江县塔汇鸡场 45％股权转让 给本公司，转让价格以松江县塔汇鸡场截至 2007 年 3 月 31 日的评估价为基础，双方股东商定。根据 上海万隆资产评估有限公司出具的沪万隆评报字（2007）第 120 号评估报告，截至 2007 年 3 月 31 日， 松江县塔汇鸡场的评估价值为人民币 577.22 万元。双方股东协商后的转让价为人民币 315 万元。本公 司已于 2007 年 12 月支付上述款项。 （六）根据上海市发展和改革委员会 2004 年发布的《关于黄浦江上游水源保护区畜牧禽场退出项 目可行性究报告的批复》（沪发改投【2004】014 号），本公司所属的禽场均已退出饲养，并逐步推 动处置进展。本年度本公司清算关闭了松江华阳鸡场，取得清算收益人民币 333.40 万元。 （七）根据本公司经营策略和产品结构的调整，本年度本公司清算关闭了子公司上海大江肉食品 厂和上海大华器械有限公司，共实现清算损失人民币 539.67 万元。 （八）截至 2007 年 12 月 31 日，本公司“应交税金－增值税”经上海市松江区国家税务局第三税 79 上海大江（集团）股份有限公司 2007 年年度报告 务所核定余额为人民币-158,072,601.58 元，将留待本公司在日后的生产经营中予以抵扣。 （九）根据中国证监会《关于开展加强上市公司治理专项活动有关事项的通知》 （证监公司字【2007】 28 号）的要求和上海监管局的具体部署，本公司于本年度 4 月中旬启动了治理专项活动。对于上海监 管局现场检查发现的问题，本公司提出了积极的整改措施，并于 2007 年 10 月 30 日对相关内容的整改 措施进行了公告。 十二、本年度非经常性损益列示如下（收益＋、损失－）： 项 目 金 额 （一）非流动资产处置损益 9,136,719.92 （二）计入当期损益的政府补助 999,600.47 （三）除上述各项之外的其他营业外收支净额 2,448,235.97 （四）中国证监会认定的其他非经常性损益项目 13,511,536.26 合 计 26,096,092.62 1、上列数据已扣除少数股东收益因素。 2、截至 2007 年 12 月 31 日，公司未分配利润为-755,666,813.31 元，故以上非经常性损益对所 得税没有影响。 十三、净资产收益率与每股收益 净资产收益率（％） 每股收益（元） 报告期利润 全面摊薄 加权平均 基本每股收益 稀释每股收益 归属于公司普通股股东的净利润 11.99 12.60 0.040 0.040 扣除非经常性损益后归属于公司 0.54 0. 56 0.0018 0.0018 普通股股东的净利润 计算过程 上述数据采用以下计算公式计算而得： 全面摊薄净资产收益率 全面摊薄净资产收益率=P÷E 其中，P 为归属于公司普通股股东的净利润或扣除非经常性损益后归属于公司普通股股东的净利 润；E 为归属于公司普通股股东的年末净资产。“归属于公司普通股股东的净利润”不包括少数股东 损益金额；“扣除非经常性损益后归属于公司普通股股东的净利润”以扣除少数股东损益后的合并净 利润为基础，扣除母公司非经常性损益（考虑所得税影响）、各子公司非经常性损益（考虑所得税影 响）中母公司普通股股东所占份额；“归属于公司普通股股东的年末净资产”不包括少数股东权益金 额。 加权平均净资产收益率 加权平均净资产收益率=P/（E0＋NP÷2＋Ei×Mi÷M0－Ej×Mj÷M0±Ek×Mk÷M0） 其中：P 分别对应于归属于公司普通股股东的净利润、扣除非经常性损益后归属于公司普通股股 东的净利润；NP 为归属于公司普通股股东的净利润；E0 为归属于公司普通股股东的年初净资产；Ei 为报告期发行新股或债转股等新增的、归属于公司普通股股东的净资产；Ej 为报告期回购或现金分红 等减少的、归属于公司普通股股东的净资产；M0 为报告期月份数；Mi 为新增净资产下一月份起至报告 期年末的月份数；Mj 为减少净资产下一月份起至报告期年末的月份数；Ek 为因其他交易或事项引起的 净资产增减变动；Mk 为发生其他净资产增减变动下一月份起至报告期年末的月份数。 基本每股收益 基本每股收益=P÷S S=S0＋S1＋Si×Mi÷M0－Sj×Mj÷M0－Sk 其中：P 为归属于公司普通股股东的净利润或扣除非经常性损益后归属于普通股股东的净利润；S 为发行在外的普通股加权平均数；S0 为年初股份总数；S1 为报告期因公积金转增股本或股票股利分配 等增加股份数；Si 为报告期因发行新股或债转股等增加股份数；Sj 为报告期因回购等减少股份数；Sk 为报告期缩股数；M0 报告期月份数；Mi 为增加股份下一月份起至报告期年末的月份数；Mj 为减少股 份下一月份起至报告期年末的月份数。 80 上海大江（集团）股份有限公司 2007 年年度报告 稀释每股收益 稀释每股收益=[P+（已确认为费用的稀释性潜在普通股利息－转换费用）×（1-所得税率）]/（S0 ＋S1＋Si×Mi÷M0－Sj×Mj÷M0—Sk+认股权证、股份期权、可转换债券等增加的普通股加权平均数） 其中，P 为归属于公司普通股股东的净利润或扣除非经常性损益后归属于公司普通股股东的净利 润。公司在计算稀释每股收益时，已考虑所有稀释性潜在普通股的影响，直至稀释每股收益达到最小。 十四、补充资料 （一）2006 年度合并净利润差异调节 本公司已经按照《公开发行证券的公司信息披露规范问答第 7 号——新旧会计准则过渡期间比较 财务会计信息的编制和披露》（以下简称“第 7 号规范问答”）的有关规定编制了调整后的上年同期 利润表和 2007 年年初资产负债表，对上年同期利润表的追溯调整情况列示如下： 项 目 金额 2006 年度净利润（原会计准则） 18,962,144.79 追溯调整项目影响合计数 -5,888,561.85 其中：1、投资收益 -506,034.06 2、未确认投资损失 -5,382,527.79 2006 年度净利润（新会计准则） 13,073,582.94 假定全面执行新会计准则的备考信息 其他项目影响合计数 --- 2006 年度全面模拟新会计准则净利润 13,073,582.94 上列净利润差异调节说明： (1)同一控制下企业合并形成的长期股权投资差额 2006 年度摊销数追溯调整。 (2)根据《企业会计准则第 38 号－首次执行企业会计准则》第二十一条，追溯调整上年利润表列 示的未确认投资损失项目。 （二）2007 年初合并股东权益差异调节 本公司按照《企业会计准则第 38 号——首次执行企业会计准则》和《企业会计准则解释第 1 号》 （财会〔2007〕14 号）的要求，对年初所有者权益的调节过程列示如下： 新旧会计准则股东权益差异调节表对比披露表 编号 项目名称 2007 年报披露数 2006 年报原披露数 差异 2006 年 12 月 31 日股东权益（原会计准 196,071,809.71 196,071,809.71 --- 则） 1 长期股权投资差额 5,224,738.76 5,224,738.76 --- 其中：同一控制下企业合并形成的长期股 5,224,738.76 5,224,738.76 --- 权投资差额 2 少数股东权益 45,531,952.57 47,448,399.10 -1,916,446.53 3 未分配利润 1,916,446.53 --- 1,916,446.53 2007 年 1 月 1 日股东权益（新会计准则） 248,744,947.57 248,744,947.57 --- （三）财务报表的批准报出 本财务报表业经公司董事会于 2008 年 4 月 18 日批准报出 81 上海大江（集团）股份有限公司 2007 年年度报告 十二、备查文件目录 1、载有公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）签名并盖章的会计报表 。 2、报告期内，公司在《上海证券报》和《大公报》披露的公司文件的正本及公告原稿。 3、公司章程。 董事长：俞乃奋 上海大江（集团）股份有限公司 2008 年 4 月 18 日 82 Shanghai Dajiang (Group) Stock Co., Ltd. 600695 Annual Report 2007 1 Contents Part I. Important Notes Part II. Company Profile Part III. Accounting Highlights and Business Highlights Part IV. Changes in Share Capital and Shareholders Part V. Directors, Supervisors and Senior Executives Part VI. Corporate Governance Part VII. Shareholders’ General Meeting Part VIII. Report of the Board of Directors Part IX. Report of the Supervisory Committee Part X. Significant Events Part XI. Financial Report Part XII. Documents for Reference 2 Part I. Important Notes 1. The Board of Directors, the Supervisory Committee as well as the Directors, Supervisors and Senior Executives 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. 2. All Directors attended the Board meeting. 3. Shulun Pan Certified Public Accountants Co., Ltd. produced a standard unqualified Auditors’ Report for the Company. 4. Person in charge of the Company Ms. Yu Naifen, person in charge of accounting work Mr. Zang Shun, person in charge of accounting organization (Accountant Supervisor) Mr. Qian Xueming hereby guarantee the authenticity and completeness of the Financial Report in this Annual Report. 5. This report has both Chinese and English versions. Should there be any inconsistencies between the two, the Chinese version shall prevail. 3 Part II. Company Profile 1. Legal Name of the Company In Chinese: 上海大江（集团）股份有限公司 Abbr.: 大江股份 In English: Shanghai Dajiang (Group) Stock Co., Ltd. Abbr.: SDJ 2. Legal Representative: Mr. Yu Naifen 3. Secretary of the Board: Mr. Gu Weiwen Tel.: 86-21-34225027 Fax: 86-21-34225056 E-mail: gww_sd@dajiang.com Contact address: 7/F, Huayi Building, No. 1555, Lianhua Road, Shanghai Securities Affairs Representative: Mr. Yang Xuefeng Tel.: 86-21-34225030 Fax: 86-21-34225056 E-mail: yangxf@dajiang.com Contact address: 7/F, Huayi Building, No. 1555, Lianhua Road, Shanghai 4. Registered Address: No. 26, Guyang South Road, Songjiang District, Shanghai Office Address: 7/F, Huayi Building, No. 1555, Lianhua Road, Shanghai Postal Code: 200233 Internet Website: http://www.dajiang.com E-mail: dajiang@dajiang.com 5. Newspapers Designated for Disclosing Information of the Company: Shanghai Securities News (domestic) and Ta Kung Pao (overseas) Internet Website Designated by CSRC for Publishing the Annual Report: http://www.sse.com.cn Place Where the Annual Report is Prepared and Placed: 7/F, Huayi Building, No. 1555, Lianhua Road, Shanghai 6. A-share: Stock Exchange Listed on: Shanghai Stock Exchange Short Form of the Stock: ST Dajiang Stock Code: 600695 B-share: Stock Exchange Listed on: Shanghai Stock Exchange Short Form of the Stock: ST Dajiang B Stock Code: 900919 7. Other relevant information: Initial Registration Date: Nov. 14, 1993 Initial Registered Address: No. 26, Guyang South Road, Songjiang District, Shanghai Registration Number of Enterprise Legal Person’s Business License: QGHZ Zi No. 019020 Registered Number of Taxation: 310227607270330 Organization Code: 60727033-0 Name and Address of Certified Public Accountants Engaged by the Company: 4 Domestic: Shulun Pan Certified Public Accountants Co., Ltd. Office Address: 4/F, No. 61, Nanjing East Road, Shanghai 5 Part III. Accounting Highlights and Business Highlights (I) Main financial data in the report period Unit: RMB Yuan Item Amount Operating profit 35,907,238.35 Total profit 48,518,630.79 Net profit attributable to shareholders of listed company 27,317,002.47 Net profit attributable to shareholders of listed company after deducting 1,220,909.85 non-recurring gains and losses Net cash flow arising from the operation activities 126,181,400.16 (II)Items and amount of non-recurring gains and losses deducted Unit: RMB Yuan Item Amount Gains and losses on disposal of non-current assets 9,136,719.92 Government subsidy measured into the current gains and losses which was closely related with the business of the Company, except the quota government subsidy 999,600.47 with national consensus standard Net income and expense from other non-operation except aforesaid items 2,448,235.97 Other items of non-recurring gains and losses 13,511,536.26 Total 26,096,092.62 (III) Major accounting data and financial indexes over the past three years as ended the report period: Unit: RMB Yuan 2006 Increase/ 2005 Major accounting 2007 Before decrease than Before data After adjustment After adjustment adjustment last year (%) adjustment Operating income 973,770,690.49 786,314,345.40 786,314,345.40 23.84 819,798,679.66 819,798,679.66 Net profit 48,518,630.79 22,628,295.84 23,134,329.90 114.42 -228,816,886.82 -223,948,442.29 Net profit attributable to 27,317,002.47 20,024,701.65 25,913,263.50 36.42 -214,206,637.62 -213,700,603.56 shareholders of listed company Net profit attributable to shareholders of listed company 1,220,909.85 -75,789,864.90 -69,901,303.05 Inapplicable -235,089,534.89 -234,583,500.83 after deducting non-recurring gains and losses 6 Basic earnings per 0.04 0.03 0.04 33.33 -0.32 -0.32 share Diluted earnings 0.04 0.03 0.04 33.33 -0.32 -0.32 per share Basic earnings per share after deducting 0.002 -0.112 -0.10 Inapplicable -0.348 -0.35 non-recurring gains and losses Fully diluted Increase by return on equity 11.99 9.85 0.13 -123.78 -1.29 2.14 (%) Weighted average Increase by return on equity 12.60 10.94 0.15 -75.22 -0.77 1.66 (%) Fully diluted return on equity Increase by after deducting 0.54 -37.30 -0.36 -135.85 -1.42 37.84 non-recurring gain and loss (%) Weighted Average return on equity Increase by after deducting 0.56 -41.40 -0.39 -82.55 -0.85 41.96 non-recurring gain and losses (%) Net cash flow per share from 126,181,400.16 47,901,701.62 47,901,701.62 163.42 -8,665,531.39 -8,665,531.39 operating activities Net cash flow per share arising from 0.19 0.07 0.07 171.43 -0.01 -0.01 the operation activities At the end of 2006 Increase/ At the end of 2005 At the end of Before decrease than Before 2007 After Adjustment After Adjustment Adjustment last year Adjustment Total assets 702,359,410.01 901,673,721.05 896,448,982.29 -22.10 1,086,621,414.94 1,080,890,642.12 Owners’ equity (shareholders’ 227,877,147.77 203,212,995.00 196,071,809.71 12.14 173,054,502.05 165,407,282.70 equity) Net assets per share attributable to listed 0.34 0.30 0.29 13.33 0.26 0.24 companies’ shareholders 7 Part IV. Changes in Share Capital and Shareholders (I) Changes in share capital 1. Changes in share (Unit: Share) Before the change Increase/decrease in this time (+, -) After the change Issuance Capitalizati Proportio Proportion Bonus Number of new on of public Others Sub-total Number n (%) shares share reserve (%) I. Shares subject to moratorium 1. Shares held by state 2. Shares held by state-owned legal person 3. Other domestic -17,159,94 -17,159,9 17,159,940 2.53 0 0 investors’ 0 40 shares Including: Shares held by -17,159,94 -17,159,9 domestic legal 17,159,940 2.53 0 0 0 40 persons Shares held by domestic natural persons 4. Shares held 278,950, by foreign 278,950,848 41.25 41.25 848 investors Including: Shares held by 278,950, overseas legal 278,950,848 41.25 41.25 848 persons Shares held by overseas natural persons Total shares -17,159,94 -17,159,9 278,950, subject to 296,110,788 43.78 41.25 0 40 848 moratorium II. Shares not subject to moratorium 1. RMB 17,159,94 17,159,94 50,622,0 33,462,060 4.95 7.48 ordinary shares 0 0 00 8 2. Domestically 346,732, listed foreign 346,732,848 51.27 51.27 848 shares 3. Overseas listed foreign shares 4. Others Total shares not 17,159,94 17,159,94 397,354, subject to 380,194,908 56.22 58.75 0 0 848 moratorium 676,305, III. Total shares 676,305,696 100 0 0 100 696 Approval of changes in shares: In compliance with the requirement of Measures for the Administration of Split Share Structure Reform of Listed Companies and plan of split share structure reform of the Company, the Company submitted the application for listing and trading of trading shares subject to moratorium to Shanghai Stock Exchange on Sep. 14, 2007, which was examined and approved to publish the public notice on Sep. 17, 2007. The 17,159,940 shares subject to moratorium held by shareholders of private placement legal person’s shares were permitted to list and trade from Sep. 20, 2007. 2. Statements on changes in shares subject to moratorium Number of Number of Number of Number of shares subject shares shares subject Reason for Name of shares to subject to Date of to moratorium conditional shareholder terminated in moratorium moratorium terminating at the sale this year increased in at the year-begin this year year-end Shareholder of private placement Share merger Sep. 20, 17,159,940 17,159,940 0 0 of legal person’s reform 2007 shares Luting (Hong Share merger 278,950,848 0 0 278,950,848 Jun. 8, 2009 Kong) Co., Ltd. reform Total 296,110,788 17,159,940 0 278,950,848 — — 3. Issuing and listing (1) Issuance in the past three years Over the past three years by the end of this report period, the Company had not issued or listed any new shares or subscribed shares. (2) Total shares of the Company and the structure change 9 On Sep. 20, 2007, the 17, 159,940 shares subject to moratorium of the Company were permitted to list or transfer. Since Sep. 20, 2007, the 676,305,696 shares of the Company’ total shares kept unchanged, and the share structure changed to: The 278,950,848 shares subject to moratorium totally held by overseas legal persons, representing 41.25% of the total shares; The 50,622,000 shares of RMB ordinary share (Trading A Share), represented 7.48% of the total shares; The 346,732,848 shares of domestically listed foreign shares (Trading B Share), represented 51.27% of the total shares. (3) Current inner employee shares The Company had no inner employee shares by the end of the report period. (II) Shareholders 1. Number of shareholders and shares held Unit: share Total number of shareholders by 47,922 the end of the report period Shares held by the top ten shareholders Number of Total number Full name of Type of Proportion Increase/ shares Share pledged or of shares Shareholder shareholder (%) Decrease subject to frozen held moratorium Luting (Hong Overseas legal 41.25 278,950,848 0 278,950,848 0 Kong) Co., Ltd. person Shen Anxin 0.47 3,128,000 0 0 Unknown Shanghai Domestic Songlin non-state-owned 0.43 2,940,000 -246,612 0 Unknown Industry & legal person Trade Co., Ltd Shi Xin 0.35 2,359,999 139,999 0 Unknown Liu Yan 0.35 2,347,492 0 0 Unknown Zhang Wenjun 0.35 2,347,038 2,347,038 0 Unknown Jin Liyun 0.26 1,763,641 1,763,641 0 Unknown Di Yaxiong 0.24 1,649,319 1,196,319 0 Unknown Wu Mei 0.22 1,459,392 -628,904 0 Unknown Wang 0.21 1,419,793 519,793 0 Unknown Xingzheng Particulars about shares held by the top ten shareholders holding shares not subject to moratorium Numbers of shares not Name of shareholders Type of shares subject to moratorium held Shen Anxin 3,128,000 Domestically listed foreign share Shanghai Songlin Industry & Trade Co., Ltd 2,940,000 RMB ordinary share Shi Xin 2,359,999 Domestically listed foreign share 10 Liu Yan 2,347,492 Domestically listed foreign share Zhang Wenjun 2,347,038 Domestically listed foreign share Jin Liyun 1,763,641 RMB ordinary share Di Yaxiong 1,649,319 Domestically listed foreign share Wu Min 1,459,392 Domestically listed foreign share Wang Xingzheng 1,419,793 Domestically listed foreign share Guo Lu 1,396,660 Domestically listed foreign shares It is unknown to the Company whether or not there were related Explanation on related relationship and relations or action-in-concert among the top ten shareholders and top ten action-in-concert among the above shareholders shareholders of tradable shares not subject to moratorium. The number of shares held by the top ten shareholders subject to moratorium and conditional sales Unit: Share Listing and trading of shares subject Number of to moratorium Name of shareholders subject shares Number of No. Conditional sales to moratorium subject to Date of shares’ shares moratorium listing and trading increased to list and trade 1 Luting (Hong Kong) Co., Ltd. 278,950,848 Jun. 8, 2009 278,950,848 2. Information about 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: RMB 900.01 million Date of foundation: Apr. 28, 2004 Major business and management: Holdings Company, investment or core business included real estate (including engineering construction business), hotel property management and production of seedling etc. (2) Particulars about the actual controller of legal person 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: Investment Holdings Company 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: she took the posts of Chairman of the Board in OASIS Investment Group Limited; she acted as Chairman of the Board of Luting 11 (Hong Kong) Co., Ltd.; Chairman of the Board of Executive Director of Luting Real Estate Co., Ltd ,Chairman of the Board of Directors concurrently President in Shanghai Dajiang (Group) Stock Co., Ltd. (4) Particulars about change in the controlling shareholder and actual controller There was no change in controlling shareholder and actual controller in the report period. (5) The property right and controlling relationship between the Company and the actual controller is 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. On Dec. 12, 2007, the actual controller of the Company, Yu Naifen transferred 1% shares of OASIS Investment Group Limited to Yu Naiyun who was Yu Naifen’s sister. Subsequently, Yu Naifen held 49% of shares of OASIS Investment Group Limited. 3. Other legal person shareholders holding over 10 percent of total shares There was no other legal person shareholder holding over 10 percent of total shares dated the end of the report period. 12 Part V. Directors, Supervisors and Senior Execu 66 5 Amount of payment received from the Company in the report period ( Unit:’0000) ( pre-tax) change change No No Reason for changes 0 0 Increase/decrease in shares 0 0 Number of shares subject to moratorium awarded 0 0 Option of stock of the Company held 0 0 Number of share held at the year-end 0 0 Number of share held at the year-begin regular regular selecti selecti End date of office term Till Till (I) Directors, Supervisors and Senior Executive on on 2007-05-23 2006-09-15 Beginning date of office term 43 44 Age Female Male Sex Chairman of Chairman of the Board, the Board President Deputy Title Hongbia Naifen Name Yu Xu o Till Li regular No Dongqin Director Male 46 2006-09-15 0 0 0 0 0 5 selecti change g on Till Luo regular No Director Male 58 2006-09-15 0 0 0 0 0 5 Jincheng selecti change on Director, Till Zang Deputy regular No Male 39 2006-09-15 0 0 0 0 0 50 Shun President, selecti change CFO on Director, Secretary of Till Gu the Board, regular No Male 40 2006-09-15 0 0 0 0 0 40 Weiwen Secretary of selecti change Party on Committee Till Xu Independent regular No Xiaomin Male 59 2006-09-15 0 0 0 0 0 8 Director selecti change g on ROGER Till T. Independent regular No Male 59 2006-09-15 0 0 0 0 0 12 MARSH Director selecti change ALL on Till Zhu Independent regular No Female 43 2006-09-15 0 0 0 0 0 8 Jiafei Director selecti change on Chairman of Till Zheng the regular No Male 53 2006-09-15 0 0 0 0 0 5 Shizhi Supervisory selecti change Committee on Weng 2008-4 No Supervisor Male 44 2006-09-15 0 0 0 0 0 5 Zhiyong -18 change Staff Till Supervisor, regular No Liu Jian Chairman of Male 56 2006-12-23 0 0 0 0 0 20 selecti change the Trade on Union Till Vice regular No Li Chun Male 53 2006-09-15 0 0 0 0 0 47 President selecti change on Till Shi Vice regular No Male 58 2006-09-15 0 0 0 0 0 47 Yongkun President selecti change on Total / / / / / 0 0 / 0 0 / 323 Main work experiences of the Directors, Supervisors and Senior Executives in recent five years: (1) Yu Naifen, took the posts of Chairman of the Board of OASIS Investment Group Limited, Chairman of the Board of Luting (Hong Kong) Co., Ltd, Chairman of the Board of Executive Director of Luting Real Estate Co., Ltd ,Chairman of the Board concurrently President of Shanghai Dajiang (Group) Stock Co., Ltd. (2) Xu Hongbiao, took the posts of Director of OASIS Investment Group Limited, Executive Director of Luting Real Estate Co., Ltd, Director and Vice President of Luting (Hong Kong) Co., Ltd. (3) Li Dongqing, successively took the posts of Deputy General Manager in Shanghai Siji Ecological Technology Co., Ltd., Senior manager in Luting (Hong Kong) Co., Ltd., General Manager of Planning Department in Shanghai Luting Group Co., Ltd. Now he acts as Secretary of the Board of Luting (Hong Kong) Co., Ltd., Office Head of the Board of Director of Luting Real Estate Co., Ltd. (4) Luo Jincheng, took posts of General Manager of Human Resource Department in Shanghai Luting Group Co., Ltd, now he acts as Deputy General Manager of HR Dept. in Luting Real Estate Co., Ltd. (5) Zang Shun: successively took the posts of CFO of Lion Brewery Group in China, and concurrently General Manager of Financial & Auditing Dept., Assistant to President of the Company. He now acts as Director, Vice President and CFO of the Company. (6) Gu Weiwen: successively Deputy General Manager of the Administration Department of the Company, Securities Affairs Representative of the Company. Now he acts as Director, Secretary of the Board concurrently Secretary of CPC. (7) Xu Xiaoming, acts as Superintendent, Professor and Doctor Advisor in Business Management Research Institute of Fudan University. (8) ROGER T. MARSHALL, the British nationality, British CPA. Now he acts as Director and General Manager in Persimmon Capital Limited, which is engaged in investment management and consultation, provides private service such as equity and risk capital. (9) Zhu Jiafei, successively took the posts of Manager in Chemical Product Dept. and Electric Materials Dept. of Japan Marubeni (Tokyo). Now she acts as adviser in Electronic High-tech Dept. of Accenture. 16 (10) Zheng Shizhi, the Canadian nationality, graduated from Canada CONCORDIA University with majored in accounting department, hold such qualification as Canadian CPA, AFA, Registered Financial Accountants and Registered Risk Planners, and has rich multinational financial management experience. He successively took the posts of CPA of PricewaterhouseCoopers Certified Public Accountants, CFO of Shanghai Guojia Information Co., Ltd. Now he acts as CFO in Luting (Hong Kong) Co., Ltd. (11) Weng Zhiyong, successively took the posts of Financial Manager in Shanghai Kaiquan (Pump) Group Co., Ltd., Assistant to General Manager in Shanghai Changjiangkou Shangcheng Co., Ltd., and Senior Manager in Luting (Hong Kong) Co., Ltd. Now he acts as Manager of Planning Dept. in Shanghai Luting Group Co., Ltd. (12) Liu Jian, successively took the posts of General Manager of Administration Dept., Deputy Chairman of Labor Union of the Company. Now he acts as Chairman of Labor Union and Employee Supervisor of the Company. (13) Li Chun, successively took the post of General Manager of Food General Corporation of Shanghai Dajiang (Group) Stock Co., Ltd. and General Manager of the Food Marketing Center of the Company. Now he acts as Vice President of the Company. (14) Shi Yongkun, successively took the posts General Manager of Livestock & Poultry Corporation of the Company. Now he acts as Vice President of the Company. (II) Positions held in shareholder units Drawing Beginning date End date of remuneration Name Name of shareholding unit Position of office term office term and subsidies or not Luting Real Estate Co., Ltd. Chairman of the Board 2008-01-01 Till now Yes Yu Naifen Luting ( Hong Kong) Co., Ltd. Chairman of the Board 2004-04 Till now No OASIS Investment Group Limited Chairman of the Board 2001-06 Till now No Luting Real Estate Co., Ltd. Executive Director 2008-01-01 Till now Yes Xu Hongbiao Luting ( Hong Kong) Co., Ltd. Director, President 2007-06-01 Till now No OASIS Investment Group Limited Director 2001-06 Till now No Zheng Shizhi Luting ( Hong Kong) Co., Ltd. CFO 2004-04 Till now Yes Deputy General Manager Luo Jincheng Luting Real Estate Co., Ltd. of Administration 2008-01-01 Till now Yes Department Luting ( Hong Kong) Co., Ltd. Secretary of the Board 2007-01-01 Till now No Li Dongqing Office Head of the Board Luting Real Estate Co., Ltd. 2008-01-01 Till now Yes of Directors 17 Manager of Planning Wen Zhiyong Shanghai Luting Group Co., Ltd. 2007-01 Till now Yes Department Taking positions in other units: Drawing Beginning End date remuneration Name Name of shareholding unit Position date of office of office and subsidies or term term not Business Management Research Superintendent, professor Xu Xiaoming 2000-04 Till now Yes Institute of Fudan University and Doctor Advisor ROGER T. Director, General Persimmon Capital Limited 1999- Till now Yes MARSHALL Manager Electronic High-tech Dept. of Zhu Jiafei Adviser 2004-08- Till now Yes Accenture (III) Remunerations for Directors, Supervisors and Senior Executives 1. Decision-making procedure of the remunerations for Directors, Supervisors and Senior Executive: the remuneration of Directors, Supervisors and Senior Executive was determined by the shareholders’ general meeting, while that of Senior Executive was determined by the Board of Directors. The Nomination, Remuneration and Examination Committee of the Company examined the achievement to Directors, Supervisors and Senior Executive according to the Guiding Opinion on Performance Management and Examination Work of Dajiang Group, and decided the remuneration and awarded bonus scheme in line with the examination results. 2. Base of remuneration for Directors, Supervisors and Senior Executive: the Proposal on Allowance of Directors and Supervisors examined and approved by the shareholders’ general meeting, the proposal on Compensation of Senior Executives examined and approved by the Board of Directors and appraisal result for Directors, Supervisors and Senior Executive examined by the Nomination, Remuneration and Examination Committer of the Board in line with the actual operation achievement yearly and Guiding Opinion on Performance Management and Examination Work of Dajiang Group. (IV) Changes in Directors, Supervisors and Senior Executive of the Company Name Position Reason for dismission Chen Guobang Chairman of the Board and President Individual reason On Jan. 10, 2007, the Board of the Company engaged the Ms. Yu Naifen as President of the Company; On May 23, 2007, Shareholders’ General Meeting of the Company elected Ms. Yu Naifen as Director of the Company, at the same day, the Board of Directors of the Company elected Ms. Yu Naifen as Chairman of the Board of the Company. 18 (V) Employees of the Company By the end of the report period, there were 74 employees in position, and the retired employees for whom charges had to be paid totaled 0. The number of the above employees only includes the staff of listed company, exclude the staff of subsidiaries. Employee structure: 1. Professional composing: Professional type Number Administrative person 48 Financial person 19 Production person and technician 7 Education levels: Type of education Number Master 4 Bachelor degree 19 Junior college graduate 43 Vocational school graduate or lower 8 19 Part VI. Corporate Governance (I) Corporate Governance The structure of corporate governance was in conformity with the requirement of corporate governance of listed companies from CSRC. The shaping of Board of Directors, Supervisory Committee, the management of the Company and their operation management conduct operated abiding by the requirement of the Articles of Association. In the report period, the Company further improved the legal person administration structure, sounded governance mechanism and all rules and regulations, strengthened regulated operation and information disclosure continuously in compliance with the requirement of the modern enterprise rules, and produced more perfect legal person governance mechanism and operation mechanism, main information as follows: 1. Shareholders and shareholders’ general meeting The convening and holding of the shareholders’ general meeting was in line with the related requirements of Stock Listing Rules and Standardization Opinion of Shareholders’ General Meeting .The Company attached importance to safeguard all shareholders’ right to know, right of participation, right to vote especially on medium- and small-shareholders. The proposal relating with significant related transactions in shareholders’ general meeting was always examined and approved and vote in line with the regulated procedure; Independent Directors expressed the independent opinions, while related shareholders took refuge to ensure all significant related transaction in line with principal of open, fair, justness and in reason. 2. Relationship between the controlling shareholder and the listed company The Company had the independent business and free operation capability. The controlling shareholder regulated its own conduct to perform the right as investor through shareholders’ general meeting, without intervening with the decision-making and operating activities of the Company directly and indirectly over the shareholders’ general meeting. The Company was independent from the controlling shareholders in personnel, assets, finance, organization and business. The Board of Director, the Supervisory Committee and internal organization operated independently. 3. Directors and the Board of Directors The numbers and personnel composition of the Board of Director of the Company accorded with the requirements of laws and regulations and the Articles of Association. Three special committees of the Board operated normatively and performed their duty. The Directors of the Company took part in the train actively organized by the Supervisory organization, performed duty earnestly, faithfully and diligently, also responsible for the Board and shareholders’ general meeting of the Company. There were 3 Independent Directors in the Board of the Company, who had sufficient time and vigor to take part in the affairs of the Board, made the on-site inspection and survey to related units, examined the audit work of the annual report in 20 full process etc. They run the actively function in aspects of decision-making and regulated operation of the Company. 4. Supervisors and the Supervisory Committee The numbers and personnel composition of the Supervisory Committee of the Company accorded with the requirements of laws and regulations and the Articles of Association; the Supervisory Committee of the Company seriously performed its duties in the desire of being responsible for the shareholders, and made effectively supervision for the Company’s financing and regularity and legality of duties performed by Directors, general manager and other Senior Executive. 5. Achievement appraisement and incentive mechanism The Nomination, Remuneration and Examination Committee of the Board, the Board of Directors evaluated the annual performance to Directors, Supervisors and Senior Executive in line with the company's economic situation and completion of the assessment indexes then decided their remuneration and bonus scheme. 6. Information disclosure and transparency The Company disclosed the information in time, accurately and fully in compliance with the related regulations of the Articles of Association, Stock Listing Rules from Shanghai Stock Exchange, Company Law, Management Rules on Information Disclosure Affairs, and Working Measures on Management of Investors’ Relationship. The Company enhanced the transparency of information disclosure through receiving the shareholders’ visit, answering the inquiry, contacting shareholders, communicating on line etc. to ensure all shareholders have equal chance to enjoy the relevant information. 7. Relevant interest parties The Company respected and protected the legal rights and interests of relevant interest parties to realize the harmonious coordination among the shareholders. Employees and all social parties, promoted the sustainable and healthy development of the Company together. 8. Special campaign of corporate governance In the report period, the Company organized and carried out the special campaign of corporate governance in accordance with the requirements of Circular of Concerning Matter on Special Campaign to Strengthen the Corporate Governance of Listed Companies from CSRC and Circular of Carrying out he Special Campaign of Corporate Governance of Listed Companies in Shanghai from Shanghai Securities Regulatory Bureau, and main work as follows: Based on the rules on internal control, the Company cleared the former rules on internal control referring to all parts and links on operation activities of the Company and its shareholding subsidiaries, checked and revised to ensure the rules covered fully and implemented efficiently; the 21 Company checked and inspected seriously item by item in line with the One Hundred Problems of Corporate Governance Questionnaire in Five Types, to found out the disadvantage and problems in corporate governance, drew up the Report of Self-inspection and Rectification Plan on Special Campaign of Corporate Governance, which was disclosed in medium, and received the comments from shareholders and the public.( For further detail, please refer to Shanghai Securities News, Ta Kung Pao and website of Shanghai Stock Exchange on Jun. 29, 2007); Under the assistance from the Supervisory organization, in accordance with the Notice of Rectification on Corporate Governance of Shanghai Dajiang (Group) Stock Co., Ltd from Shanghai Securities Regulatory Bureau and the Appraisal Opinions on Corporate Governance of Shanghai Dajing (Group) Stock Co., Ltd., the Company started to reform in deed and formed the written rectification report ( For further information, please refer to Shanghai Securities News, Ta Kung Pao and website of Shanghai Stock Exchange on Oct. 30, 2007.) The rectification covered mainly in the Self-inspection and Rectification Plan on Corporate Governance: management on internal control, communication with the investors, the work of all special committees of the Board and Independent Directors, strengthening to learn the new policies and regulations. The Company began to reform in line with measures, time and person in change of the rectification, pointed by the self-inspection and rectification plan item by item, and gained better effects. 1. Improvement the rules on internal control and management system. (1) the Company established the Retailed Work for President in line with the related requirements on corporate governance of listed companies, regulated and defined the work power limit and work procedure of President; (2) According to the requirement of Measures on Information Disclosure of Listed Companies from Securities Regulatory Commission, the Company established the Management Rules in Information Disclosure Affairs, and requested the leaders and management officer to implement this rules strictly to strengthen the validity, transparency and confidentiality, safeguarded the legal right and benefit of the investors; (3) In accordance with the needs to strengthen the enterprise internal management, the Company established and carried out centralized financial management, human resources management, contract management, trademark and license management, and use of the seal etc. rules on internal control systems and methods to standardize internal operating . At the same time, the Company would regard the performance of cadre in all ranks in special campaign of corporate governance as basis of performance appraisal. (4) In the report period, the company hired an outside professional training institutions, and every one of the employees received centralized training for 9 times, which included the type of upgrading the quality, type of marketing management and professional skills, etc.. Through systematic training, the management capacity of staff and a sense of crisis were enhanced and which also improved the level of internal control management and capability of preventing the risk. 22 2. Further strengthening the communication with investors. Company heard the views and suggestions raised by investors, responded to the question, comments or suggestions of the investors. By phone, fax and other means to enhance the interaction with investors, no matter the legal shareholders or small shareholders, the Company answered all questions. Under of premise not disobeying the regulations of information disclosure, the Company answered problems that the investors concerned patiently and carefully. The Company communicated with the investors face-to-face with the ways of shareholders’ general meeting, paying a visit and receiving the visits of the investors, and heard their advices and suggestions for future development of the Company directly. When the share price fluctuated arising from the rumors expressing in the market, the Company would published the public notice to clarify the fact, which caused the investor made the right decision based on knowing the actual situation. 3. Putting the function of special committee of the Board and Independent Directors in corporate governance. (1) The Company established the 5th Board of Directors after regular election, and three special committee of the Board with clear key emphasis in work. The Independent Directors of the Company took the posts of member and deputy Directors of the special committees. (2) Announcing the significant operation activities, all kinds of information, financial data to ensure that the Board of Directors and Supervisory Committee to perform their duties fully.(3) The Company fully supported and cooperated with Independent Directors to supervise the guarantee of the Company, related transaction, auditing work for annual report, operated the rights of Independent Directors; organized the Independent Directors to investigate on site and heard the grass-roots level managers and the intermediary's report. (4) In accordance with the requirement of annual report 2007 from CSRC, The Company established the Working Rules on Annual Report for Independent Directors, Working Rules for Audit Committee of the Board of Directors, put the obligation and duty of the Independent Directors and Audit Committee of the Board of Directors into practice in the process of compiling the annual report and the process of information disclosure. 4. Strengthening the follow-up training for Directors, Supervisors, Senior Executive and related personnel. (1) The Company organized the Directors, Supervisors, Senior Executive and related personnel to participate in the training held by regulatory organization with frequency once per year at least. (2) Strengthening its own learning in laws, regulations, policies, stressed on the relevant documents promulgated by the China Securities Regulatory Commission, Shanghai Stock Exchange and the new financial Accounting Ruless. Through the special campaign of corporate governance, the Company further improved the structure of corporate governance, found the weak links and orientation 23 of rectification and carried out the rectification. Meanwhile, companies realized the norms of corporate governance were a long-term systematic work needed relentless efforts. Taking the advantage of the special campaign of corporate governance, the Company further stepped up the new stage of corporate governance in line with the requirements of the laws, regulations and rules like the Company Law, Securities Law, Management Measures on Information Disclosure of Listed Companies, Stock Listing Rules and other normative documents. (II) Performance of Independent Directors 1. Particulars about attendance of Independent Directors Name of Times that should Times of Times of Times of Independent be attend the Board personal commission Remark absence Directors meeting presence presence Xu Xiaoming 7 7 0 ROGER T. 7 5 2 MARSHALL Zhu Jiafei 7 5 2 In the report period, independent Directors have seriously joined all the meetings. They expressed objective, just, scientific and independent opinion on resolution of the Board. Therefore, it can improve the objectivity and scientific of resolution of the Board, and develop the role of independent Director, meanwhile, protect the whole benefit of the Company and legal benefit of medium & little shareholders. 2. Particulars about the objection proposed by independent Directors on the relevant events During the report period, the Company’s independent Directors did not propose the objection on proposals of the Board meetings and proposals of other meetings in 2007. (III) The Company was independent in business, personnel, assets, organization and finance from the controlling shareholder 1. In aspect of business: the Company was independent from controlling shareholders in business. The Company developed and operated the business activities independently. Currently, the main business of the Company was developing and operating the food, feed, machine and non-current assets which main covered the reconstruction of old town in Songjiang district and project of industrial real estate; through the controlling shareholder Luting (Hong Kong) engaged in development, investment and operation of non-current, its main business was the development and management of top grate commercial house, office space, villas, hotels, cultural and entertainment pace, not engaged in projects’ development and construction of the relocation and resettlement of the industrial real estate. The Company and controlling 24 shareholder had different nature of the real estate business with the clear distinction in the target customer, so it had strong independence between the Company and the controlling shareholder; there existed no competition in the same industry. 2. In aspect of personnel: The Company was independent from the controlling shareholder in personnel. The Company had the independent management of labor, human resource and salary and corresponding management rules. The Chairman of the Board, President, Vice president, Secretary of the Board of Directors, CFO and Senior Executives, all of them received the payment from the Company, among who, none of them took the posts of administrative posts and received the payment from shareholders’ units; all employees were engaged through the H&R engagement procedure and signed the labor contracts; The Company carried out the relevant salary rules and subscribed the employees’ salary independently. 3. In aspect of assets: The Company was independent from the controlling shareholder in assets. The assets of the Company were independent with clear property; the Company had the independent operation system to ensure the business to run normatively. In aspect of asset of the Company, there was no problem happened that the controlling shareholders impropriated the funds of listed companies, no situation existed that the Company provided the guarantee for the controlling shareholders or other units. 4. In aspect of organization: The Company was independent from the controlling shareholder in organization. The Company established the Articles of Association and independent management and operation organizations, there was no situation that the controlling shareholder interfered the setting of organization, production and management activities of the Company. 5. In aspect of finance: The Company was independent form the controlling shareholder in finance. The Company established the independent finance and auditing departments, set down the independent accounting settlement system and systematic management rules on finance. The Company owned the independent bank account, paid the tax independently, made the decision-making on finance independently. There was no situation happened that the controlling shareholder intervened the use of the funds. (IV) Achievement and appraisal system for Senior Executives The Company did an annual evaluation on senior managements in accordance with Compensation Plan of Senior Executives examined and approved by the Board, and annual actual operation achievement of the Company. Then the Company can confirm compensation of Senior Executive 2007. (V) Establishment and improvement of internal control of the Company In accordance with the requirements of Company Law, Securities Law and Articles of Association, the Company focused on construction of internal control since its 25 foundation, enhanced the construction of internal control continuously, and improved the operating quality and capability of preventing the risks, combining with the actual operating characters of the Company. Nowadays, the Company formed the more perfect legal person governance structure. The Board of Directors set up the Strategy & Development Committee, Audit Committee, Remuneration and Examination Committee and established the detailed working instruction for these three special committees with the members took by the Independent Directors; The Company sounded the organization structure basically with clear structure, definite dividing work, they operated the their duty respectively and restrained each other; The Company established the Supervisory system including setting up the Supervisory Committee, Audit Committee and Audit Department as audit and Supervisory organizations; The Company established and improved the rules on internal control covering the aspects of the finance, human & resource, operation, examination and approval limit, investment, law, information disclosure; In compliance with the requirements of Accounting Law and New Accounting Ruless, the Company established settlement and management system on finance including accounting settlement, fund management, expense management and budget management, to produce an efficient operation procedure, to perfected the links on internal control. The Company perfected and explored the mode of management on internal control in subsidiaries, all financial personnel was delegated by the group company and carried out the centralized financial management, tried to establish financial, human & resource ERP management mode. Currently, the needs of internal control was carried out strictly and operated efficiently, all management rules met the current management needs. The Company would strengthen the construction of internal control against with the new situation, new problem and new requirement in the future. (VI) Disclosure of the appraisal opinions expressed by the Directors and audit organization on self-evaluation report of internal control of the Company The Company didn’t disclose the appraisal opinions expressed by the Directors and audit organization on self-evaluation report of internal control of the Company. 26 Part VII. Shareholders’ General Meeting (I) Annual Shareholders’ General Meeting The 15th Shareholders’ General Meeting (Annual Shareholders’ General Meeting 2006) was held on May 23, 2007. The public notice of resolutions published in Shanghai Securities News and Ta Kung Pao on May 24, 2007. The 15th Shareholders’ General Meeting of Shanghai Dajiang (Group) Stock Co., Ltd. was held at 9: 30 am. on May 23, 2007, Shanghai Subway Hongmei Conference Service Center, 8/F No.8075 Huwin Road, Shanghai. There were 112 shareholders and shareholders’ proxies in total with 282,354,760 shares, representing 41.7495% of the total share capital. Including: 72 shareholders and shareholders’ proxies of A shares with 278,990,788 shares; 40 shareholders and shareholders’ proxies of B shares with 3,363,972 shares. The meeting was in line with the requirements of Company Law, Articles of Association and Rules of Procedure of the Board of Directors, the resolutions from the meeting through voting as follows: 1. Reviewed and approved Work Report of the Board of Directors in 2006; 2. Reviewed and approved Financial Budget Report 2006; 3. Reviewed and approved Profit Distribution Plan of 2006; 4. Reviewed and approved Work Report of the Supervisory Committee in 2006; 5. Reviewed and approved Resolution on Candidate Directors; 6. Reviewed and approved Resolution on Items of Outward Guarantee of the Company and its Controlling Subsidiary Companies; 7. Reviewed and approved Resolution on Items of Loan of the Company and its Controlling Subsidiary Companies; 8. Reviewed and approved Resolution on Items of the Assets Mortgage and Pledge of the Company and its Controlling Subsidiary Companies; 9. Reviewed and approved Resolution on Audit Expenses of Certified Public Accountants’ Firm of 2006 and Engagement of Certified Public Accountants’ Firm in 2007; 10. Reviewed and approved Annual Report 2006. 27 Part VIII. Report of the Board of Directors (I) 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 12.6181 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. 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 28 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 & Aqua-feed 19,977,130.92 421,116.11 778,567.22 Technology Co., Ltd sale Changzhou Dajiang Feed Feed production & Poultry-feed, 44,906,827.84 19,469,697.92 2,926,315.84 Co., Ltd. sale aqua-feed Shanghai Dajiang Feed Co., Feed production & feed 55.701.518.79 16,304,892.33 -430,344.20 Ltd sale Shanghai Dajiang Meat Food processing & Meat-processing 82.138.568.48 6,646,152.66 -4,952,713.09 Processing No. 2 Plant sale products Shanghai Shende Machinery Feed machinery Granulating Machine, 125.285.414.57 44,448,941.28 39,922,370.93 Co., Ltd production & sale mixing machine Shanghai Dajiang Meat Slaying processing, Meat processing, 34.198.699.06 27,858,458.56 2,063,432.20 Processing No. 4 Plant storage storage Shanghai Dajiang Real Estate Real estate Commercial 144.453.580.39 61,568,419.98 23,837,110.03 Co., Ltd developing & residential building operation 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 7,962,112.56 192.793.559.58 -4,952,713.09 Plant 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 29 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 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. 30 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 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. 31 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 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. 32 (II)Main business of the Company and operation 1. Main business in different industries and products Unit: Yuan Currency: RMB Increase or Increase or decrease Increase or decrease Operating decrease of profit Classified according to Operating of operating income of operating cost Operating cost profit ratio ratio compared industries or products income compared with the compared with the (%) with the last year last year (%) last year (%) (%) Industries Industry 539,6363,220.1 615,348,214.24 0.38 7.42 2.31 4.29% 8 Property industry 332,127,116.16 248,944,027.93 10.71 67.88 60.01 -0.79% 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% 2. Statement of main operations classified according to areas Unit: Yuan Currency: RMB Region Main business income Increase/decrease of operating income compared with the last year (%) Domestic 910,439,611.76 22.76 Overseas 37,035,718.64 27.48 3. Particulars about the major suppliers and customers Unit: Yuan currency: RMB Total amount of purchase of the top Proportion in the total amount 158,144,273.79 28.63% five suppliers of purchase Total amount of sales of the top Proportion in the total amount 192,445,551.14 19.76% five sales customers of sales 4. Explanation on significant changes in consolidated balance sheet, consolidated profit statement and consolidated statement on cash flows of the Company in the report period Unit: Yuan Currency: RMB Items Amount at the Amount at the Increase or decrease end of the year beginning of the year % 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% 33 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 one year 0 107,000,000.00 -100% Long-term loan 7,000,000.00 10,000,000.00 -30% 1. The main reason for increase of notes receivable was receival 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 same Items Increase or decrease period period of the last year Operating tax and extra charge 21,270,030.16 12,665,033.78 67.84% 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% 34 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 owners 27,317,002.47 20.024.701.65 36.42% 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 Amount at the same Increase or Items current period period of the last year decrease Tax refunds 3,344,439.56 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% Cash receipts from disposal of fixed assets, intangible assets and other long-term assets 19,521,127.91 3,300,987.75 491.37% 35 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 interest 39,614,299.11 27,867,235.40 42.15% 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. 36 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. (III) Investment of the Company In the report period, the investment of the Company totaled RMB 24.93 million, reduced RMB 75.98 million, and 75.29% down compared with the last year. In the report period, the Company fulfilled the responsibility of contribution of the second phase of Shanghai Yanglei Property Co., Ltd with assessment value of RMB 21.78 million of the original headquarter building of the Company located in No. 26, 28, Guyang Road South, Songjiang District. The rest is the acquisiton of 45% of the share of Songjiang Tahui chicken farm. About the invested company Name of invested company Main operating activities Proportion of equity Remarks (%) Shanghai Yanglei Property Co., Ltd Development & operation of real 100 estate Songjiang Tahui Chicken Farm Discontinued operation at present 100 1. Usage of raised proceeds In the report period, the Company had no raised proceeds or that using in last period and lasting to this period. 2. Projects financed by the non-raised proceeds In the report period, the Company had no projects invested by the non-raised proceeds. (IV) The reason and influence of the changes in accounting policies and accounting estimates or significant correction of accounting errors of the Company I. According to the Enterprise Accounting Rules No. 38 – First Implementation of the Accounting rules, and the Explanation No. 1 of the Enteprise Accounting Rules, the Company implemented the new Accounting Rules since Jan. 1st, 2007, and on the day of first implementation, the assets, liabilities and shareholders’ equities shall be recategorized, reconfirmed and measured according to the new Accounting Rules. II. Influences on the company’s financial status and operational results due to changes in accounting policy and accounting estimate after implementing the new Accounting Rules. 1. According to the stipulations of Accounting Rules for Business Enterprises No. 2 - Long-term equity investments, the company will change the equity method adopted for the controlling subsidiaries under the existing accounting policies to the cost method. The change will influence the investment return of the parent 37 company. However, it will not influence the company’s consolidated statement results. 2. According to the stipulations of Accounting Rules for Business Enterprises No. 3 - Investment Properties, the company will adopt the cost model to conduct follow-up measures on the investment properties, which will have no influence on the company shareholders’ equity and net profits. 3. According to the stipulations of Accounting Rules for Business Enterprises No. 6 - Intangible Assets, the research and development costs will be calculated as the current profits and losses. The development costs conforming to the conditions will be capitalized. The change will reduce the company’s current period expenses and increase the profits and shareholders’ equity in the current period. 4. According to the stipulations of Accounting Rules for Business Enterprises No. 9 – Employee Compensation, the company will change the employees’ welfare expenses as 14% of their salaries under the existing system to compensation based on actual cases, which will influence the company’s profit and shareholders’ equity. 5. According to the stipulations of Accounting Rules for Business Enterprises No. 16 - Government Grants, the government grants which are calculated into the current period profit and loss under the existing system will be divided into government grant related with assets and government grants related with revenue. The assets-related government grants will be calculated into the deferred income and the profit and loss in separate periods and the revenue-related government grants will be directly calculated into the current profit and loss. Therefore, the change will influence the company’s current revenue and shareholders’ equity. 6. According to the stipulations of Accounting Rules for Business Enterprises No. 17 - Borrowing Costs, the special borrowing costs under the existing system for capitalization will be changed to the special borrowing costs and general borrowing costs better meeting the capitalization conditions. The change will expand the range of the borrowing costs for capitalization and increase the company’s profits and shareholders’ equity. 7. According to the stipulations of Accounting Rules for Business Enterprises No. 18 - Income taxes, the company will change the existing tax payable method to the balance sheet debt method. The change will influence the company’s income, profits and the shareholders’ equity. 8. According to the existing Accounting Rules, the net profit in the consolidated statement doesn’t include the unconfirmed investment loss. However, as per the relevant stipulations of the new standard, the unconfirmed investment loss is attributed to the owners of the parent company in the consolidated statemen, which will affect the profits and shareholders’ equities of the Company. (VI) Routine work of the Board of Directors 1. The Board meetings and the according resolutions (1) On Jan. 10, 2007, the provisional meeting of the 5th Board of Directors was held, at which the following events were determined: Mr. Chen Guobang dismissed the post of President of the Company, Director and the Chairman of the Board owing to his 38 individual reason; according to the nomination of the Board of Directors and the Remuneration and Appraisal Committee, Ms Yu Naifen was engaged as the President of the Company for 3-year term, while Mr. Xu Hongbiao, the Vice President of the Company, was authorized to perform the duties of the Chairman of the Board. The public notices of the resolutions at the meeting were published in Shanghai Securities and Ta Kung Pao on Jan. 12, 2007. (2) On Feb. 2, 2007, the provisional meeting of the 5th Board of Directors was held, at which the Rectification Report of Shanghai Dajiang (Group) Stock Co., Ltd was examined and approved. And the public notices of the resolution at the meeting were published in Shanghai Securities and Ta Kung Pao on Feb. 6, 2007. (3) On Apr. 25, 2007, the 2nd Plenary Meeting of the 5th Board of Directors was held, at which the following proposals were examined and approved: 1) Work Report of the Board of Directors in 2006; 2) Financial Accounts Report in 2006; 3) Preplan of Profit Distribution in 2006; 4) Work Report of the President in 2006; 5) Proposal on Nominating Ms Yu Naifen as the Candidate of the Director; 6) Proposal on Amending Management System for Information Disclosure of the Company; 7) Proposal on the External Guarantee of the Company and Its Subsidiaries; 8) Proposal on Loan of the Company and Its Subsidiaries; 9) Proposal on Assets Mortgage and Pledge of the Company and Its Subsidiaries; 10) Proposal on Withdrawing Impairment Provision of Long-term Equity Investment in 2006; 11) Proposal on Changes in Accounting Policies and Accounting Estimates of the Company; 12) Proposal on Audit Fee for the Certified Public Accountants in 2006 and Engagement of Certified Public Accountants in 2007; 13) Proposal on Adjusting Internal Organization Institution of the Company; 14) Proposal on Applying for Retracting Warning of Withdrawal Risk; 15) Annual Report and Summary of Reports in 2006; 16) Text and Full Text of the 1st Quarterly Report in 2007. Furthermore, the 15th Shareholders’ General Meeting of the Company (Annual Meeting in 2006) was determined to be held on May 23, 2007. The public notices of the resolutions at the meeting were published in Shanghai Securities and Ta Kung Pao on Apr. 27, 2007. (4) On May 23, 2007, the provisional meeting of the 5th Board of Directors was held, at which Ms. Yu Naifen was elected as the Chairman of the Board of the Company for 3-year term, and Mr. Xu Hongbiao, the Vice Director of the Board was admitted not to perform the duty of the Chairman of the Board. The public notices of the resolution at the meeting were published in Shanghai Securities and Ta Kung Pao on May 24, 2007. (5) On Jun. 29, 2007, the provisional meeting of the 5th Board of Directors was held, at which the following proposals were examined and approved: 1) Self-inspection and Rectification Plan on the Special Campaign of the Corporate Governance of the Company; 2) Proposal on Change the Member of the Special Committee of the Board of Directors; 3) Suggestion on Popularizing the System of Centralized Financial 39 Management of the Company; 4) Proposal on the Idea of Equity Incentive for Managements of Shanghai Shende Machinery Co., Ltd; 5) Proposal on Constructing and Developing Part of Idle Assets of the Company. The public notices of the resolution at the meeting were published in Shanghai Securities and Ta Kung Pao on Jul. 3, 2007. (6) On Aug. 24, 2007, the 3rd Plenary Meeting of the 5th Board of Directors was held, at which the Semi-annual Report and the Summary of Report in 2007 were examined and approved. The public notices of the resolution at the meeting were published in Shanghai Securities and Ta Kung Pao on Aug. 28, 2007. (7) On Oct. 26, 2007, the provision meeting of the 5th Board of Directors was held, at which the following proposals were examined and approved: 1) Proposal on Establishing Work System for Independent Directors; 2) Text and Full Text of the 3rd Quarter Report in 2007; 3) Proposal on Rectification Report of Special Campaign for Corporate Governance of the Company. The public notices of the resolution at the meeting were published in Shanghai Securities and Ta Kung Pao on Oct. 30, 2007. 2. Execution of the resolutions at the Shareholders’ General Meeting by the Board of Directors In 2007, the Company held Annual Shareholders’ General Meeting once and Extraordinary Shareholders’ General Meeting once. In the report period, the Board of Directors performed every resolution at the Shareholders’ General Meeting seriously. (1) According to the resolution at the Shareholders’ General Meeting of the Company, the Company should engage Shulun Pan Certified Public Accountants Co., Ltd and Horwath Certified Public Accountants respectively responsible for the auditing work of A share and B share. However, because of the dispatch issued by CSRC in Jan, 2008, prescribing that B-share companies didn’t need overseas audit, the Company only engaged Shulun Pan Certified Public Accountants Co., Ltd responsible for the auditing work of the Company, also paid the expenses thereof in the report period. (2) Strictly following the authorized scope of Shareholders’ General Meeting, the Board of Directors offered relevant borrowing guarantee for the shareholding subsidiaries subordinated to the Company, and carried out such events related to loan, asset mortgage and pledge of the Company and its shareholding subsidiaries. (3) Particular about execution of profit distribution of the Company in the report period: in the report period, no profit distribution or capitalization of common reserves were executed. (4) On the basis of the related regulation of the Article of Association of the Company, the election at expiration of office term for the members of the Board of Directors and the Supervisory Committee was conducted, and the allowance for independent 40 directors and outside directors was disbursed on schedule per month according to the resolutions at the Shareholders’ General Meeting. (5) In accordance with the resolutions at the Extraordinary Shareholders’ General Meeting 2006, the business scope of the Company was enlarged as being added “development and operation of real estate, management and lease of property, warehouse and logistics (excluding dangerous goods), and business information consulting”. On Sep. 28, 2007, the Company applied for it to Shanghai Foreign Investment Commission. Owing to the implementation of the tight macro-control policy by state for real estate and the Company nature belonging to enterprise with foreign investment, the business on development of real estate was not permitted by the Ministry of Commerce. The real estate business of the Company would be carried out by the shareholding subsidiaries of the Company, and the parent company would not take part in the development and operation of real estate. 3. Summary report on the performance of the Audit Committee subordinated to the Board of Directors The 5th Audit Committee subordinated to the Board of Directors of the Company was set up on Sep. 15, 2006, and the rules and procedures of the Audit Committee were made. In the report period, the Audit Committee held two plenary meetings in total, fulfilling duty earnestly and carrying out the work with diligence and responsibility when the Company compiled and disclosed the periodic reports. Particulars about the work on Annual Report of the Company 2007 done by the Audit Committee: According to CSRC, Circular on Properly Handing the 2007 Annual Reports of Listed Companies and the Related Work, by Apr. 18, 2008, the Audit Committee has pulled its weight, attached great importance to the auditing working of annual report and held three plenary meetings. The issues about auditing annual report were stated as follows: On Jan. 11, 2008, the Audit Committee held the 1st meeting, at which the Audit Committee heard the operation of the Company in 2007 reported by the managements of the Company; ascertained the plan about auditing work of the financial report of the Company in 2007 through communicating with the accountant firm fully; reviewed the first draft of the financial statements of the Company in 2007 which was agreed to be submitted to accountant firm for auditing. In the course of auditing, the Audit Committee strengthened the communication with CPAs by concerning to the auditing work of the accountant firm through repetitious inquires and two-time written supervisory. 41 On Feb.29, 2008, the Audit Committee held the 2nd meeting, at which debriefed the audit of the financial report of the Company in 2007 introduced by the accountant firm; reviewed the first draft of the financial report of the Company in 2007 again, decided to issue the auditors’ report on Apr. 18, 2008 by the accountant firm; the Rules for the Work of the Audit Committee of the Board of Directors (draft) was examined and approved, being submitted to the Board of Directors for auditing. On Apr. 8, 2008, the Audit Committee held the 3rd meeting, at which the Audit Committee communicated the progress of auditing work of the Company in 2007 with the accountant firm; the Financial Report of the Company in 2007 was examined and approved, being submitted to the Board of Directors for auditing; so were the Summary Report on the Audit Work of the Financial Report of the Company in 2007, Proposal on Audit Fee for Certified Public Accountants in 2007 and Engagement of Certified Public Accountants in 2008 and the Self-evaluation Report on Internal Control of the Company. 4. Summary report on the performance of the Remuneration Committee subordinated to the Board of Directors The 5th Nomination, Remuneration and Appraisal Committee of the Board of Directors was set up on Sep. 15, 2006, making the rules and procedures of the Nomination, Remuneration and Appraisal Committee. In the report period, the Nomination, Remuneration and Appraisal Committee of the Board of Directors held 3 plenary meetings in total: (1) on Jan. 10, 2007, nominated Ms. Yu Naifen as the President of the Company, suggested the Board of Directors authorize Mr. Xu Hongbiao, the Vice Chairman of the Board, to perform the duty of the Chairman of the Board; (2) on Jan. 19, 2007, examined and approved the Guidance on Performance Management and Assessment Work of Dajiang Group; (3) on Oct. 26, 2007, discussed the equity incentive scheme of the shareholding subsidiary Shanghai Shende Machinery Co., Ltd, and whether the remuneration system of the Company kept in sync with the current market; (4) on Dec. 10, 2007, admitted to start the formulating work on equity incentive scheme of the Company, retaining a intermediary agency to cooperate the pre-preparation work; admitted Shanghai Shende Machinery Co., Ltd to implement equity incentive, being submitted to the Board of Directors for auditing; approved the opinion and method of the year-end assessment for the senior managers of the Company, deciding to implement the year-end assessment for the Inside Directors, the President, the Vice President, the Secretary of the Board and other Senior Management Staffs on Jan. 25, 2008. On Jan. 25, 2008, the Nomination, Remuneration and Appraisal Committee of the Board of Directors held a meeting, at which examined and approved such procedures as the evaluation for each other by the inside directors and the senior managers, the statement on work of the inside directors and senior managers, the internal discussion 42 of the Nomination, Remuneration and Appraisal Committee; examined the work of the inside directors and senior managers of the Company in 2007; ascertained the remuneration and bonus scheme for the inside directors and senior managers in 2007 according to the assessment scores. On Feb. 2nd, 2008, the Nomination, Remuneration and Appraisal Committee of the Board of Directors held a meeting, where by work report, self-assessment and mutual assessment of external directors and supervisors, the duty performance of each external director and supervisor in 2007 was assessed. On the meeting, they also had active discussions on how to propel the Board of Directors and the Supervisory Committee to operate with high efficiency. (VII) Profit distribution or preplan of capitalization of common reserves In 2007, the Company didn’t distributed dividend or bonus, neither carried out the capitalization of common reserves. (VIII) In the report period, the Company was showed a profit but didn’t put forward preplan of cash profit distribution In the report period, the reason for why the Company was showed a profit but didn’t put forward preplan of cash profit distribution: In the report period, the Company was showed a profit, but the profit available for sales was RMB -760,776,015.85, so the Company didn’t distribute the dividend or bonus, neither carried out the capitalization of common reserves. IX. Report of the Supervisory Committee (I) Work of the Supervisory Committee 1. On Apr. 25, 2007, the 2nd Plenary Meeting of the 5th Supervisory Committee of the Company was held, at which the following proposals were examined and approved: 1) Report on Work of the Supervisory Committee in 2006 which was submitted to Shareholders’ General Meeting of the Company for examination and approval; 2) Financial Accounts Report in 2006; 3) Preplan of Profit Distribution in 2006; 4) Proposal on External Guarantee of the Company and Its Shareholding Subsidiaries; 5) Proposal on Loan of the Company and Its Shareholding Subsidiaries; 6) Proposal on Asset Mortgage and Pledge of the Company and Its Subsidiaries; 7) Proposal on Withdrawing Impairment Provision of Long-term Equity Investment in 2006; 8) Proposal on Changes in Accounting Policies and Accounting Estimates of the Company; 9) Annual Report and Report Abstract in 2006; 10) Text and Full Text of the 1st Quarterly Report in 2007. 2. On Aug, 24, 2007, the 3rd Plenary Meeting of the 5th Supervisory Committee of the Company was held, at which the Semi-annual Report and Report Abstract in 2007 were approved. 3. On Oct. 26, 2007, the provisional meeting of the 5th Supervisory Committee was held, at which the 3rd Quarterly Report in 2007 was approved. 43 (II) Independent opinion on the operation of the Company by laws from the Supervisory Committee In the report period, the Company operated canonically according to such relevant laws and rules as Company Law and Securities Law. The Company established perfect system of financial accounting and internal assessment; the decision-making procedure for significant issues of the Company was in line with laws, while the procedure of convening, shareholding and making decision of the Shareholders’ General Meeting and the Board of Directors complied with the related regulation of Company Law, Securities Law and the Article of Association of the Company; the senior management staffs of the Company performed their duties according to laws, not disobeying the national laws and rules and the Article of Association of the Company, neither harming the interest of the Company and the shareholders; and the relevant information was disclosed in time, truly and fully. (III) Independent opinion on inspection of the Company’s financing by the Supervisory Committee In the report period, the Company managed its financing strictly and canonically, not disobeying the national rules and systems in finance and economics. The Supervisory Committee examined the Annual Report of the Company in 2007, attended four meetings of the 5th Board of Directors to hear the interpretation to the compilation of the annual report from the management of the Company, and the voting of the examination and approval for the annual report from the Board of Directors. The procedure of compiling and approving the Annual Report in 2007 was in accordance with the relevant laws and rules, the provision mentioned in the Article of Association and the internal management systems of the Company, and the regulation issued by CSRC and Shanghai Stock Exchange, of which the information reflected the operating management and the financial status of the Company. The persons who attended the compilation and approval of the annual report did not divulge the secrets. The standard unqualified Auditors’ Report issued by Shulun Pan Certified Public Accountants was examined and approved by the Supervisory Committee, which objectively, truly and fairly reflected the business results of the Company in this accounting year. The preplan on non-distribution and non-capitalization of the Company was in light with the actual situation of the Company. (IV) Independent opinion on the latest real investment financed by the raised proceeds of the Company from the Supervisory Committee In the report period, no raised proceeds occurred in the Company, neither did the usage of raised proceeds before 2007 lasting to 2007. (V) Independent opinion on the acquisition and sales of assets of the Company from the Supervisory Committee In the report period, the Company sold and purchased part of the assets according to the demand for its own industrial structure adjustment, of which the price for sales 44 and acquisition was reasonable. No behavior of secret transaction or harming the equity of the shareholders or causing assets losses of the Company occurred. (VI) Independent opinion on the related transaction of the Company from the Supervisory Committee In the report period, the related transactions of the Company didn’t harm the interest of the Company without secret transaction, embodying the fair principle. 45 Part X. Significant Events (I) Significant lawsuits and arbitrations In 2007, the Company had no significant lawsuits or arbitrations. (II) Asset trading 1. Assets acquisition 1) On Jul. 11, 2007, the Company purchased 45% of Songjiang Tahui Chicken Farm from Sideline Company of Shihudang Town of Songjing, Shanghai. The book value of the assets was RMB 0.32 million, estimated price RMB 5.77 million, actual purchasing amount RMB 3.15 million. The purchasing price was confirmed according to the evaluated price. The assets acquisition had no affects on business continuity or management stability of the Company, neither on the financial status or business results of the Company, which was finished.. 2. Assets sales 1) On Feb. 14, 2007, the Company transferred the material warehouse (2,082 sq.m.), finished product warehouse (940 sq.m.), workshop for livestock and poultry feed (644 sq.m.), production line equipment of livestock and poultry feed and 3 1000-ton tower silos to Shanghai Tianbang Feed Co., Ltd. The book value of the assets was RMB 1.34 million, actual selling amount RMB 6.5 million, bringing profits and losses by RMB 5.16 million. The selling price was confirmed according to the market price. The event was published in Shanghai Securities and Ta Kung Pao on Feb.15, 2007. No net profit was contributed to the listed companies from the beginning of 2007 to the date of sale. The sale had no affect on the business continuity and management stability of the Company, benefiting the realization in cash of the deposit assets and increasing the profit and cash flow, which was finished. 2) On Apr. 26, 2007, the Company transferred 16.5% equity of Shanghai Huayuan Life Scientific Research Development Co., Ltd to China Worldbest Life Industry Co., Ltd. The book value of the assets was RMB 16.19 million, actual selling amount RMB 20 million, bringing profits and losses by RMB 3.81 million. The selling price was confirmed according to agreement price. The event was respectively published in Shanghai Securities and Ta Kung Pao on Apr. 28, 2007 and Sep. 19, 2007. No net profit was contributed to the listed companies from the beginning of 2007 to the date of sale. The sale had no affect on the business continuity and management stability of the Company, benefiting the realization in cash of the deposit assets and increasing the profit and cash flow, which was finished. 3) On Oct 17, 2007, the Company transferred 10% equity of Jiangsu Dajiang Livestock and Poultry Development Co., Ltd to Jiangsu Jinghai Poultry Industry Group Co., Ltd. The book value of the assets was RMB 7 million, actual selling amount RMB 6.23 million, bringing profits and losses by RMB -0.77 million. The selling price was confirmed according to net book assets. In accordance with Equity 46 Transfer Agreement and Equity Transfer Complimentary Agreement, the equity transfer payment of RMB 5.98 million for the 1st phase from purchaser had been paid for the Company, and that of RMB 250,000 for the 2nd phase was planed to paid for the Company after finishing relevant law procedure. No net profit was contributed to the listed companies from the beginning of 2007 to the date of sale. The sale had no affect on the business continuity and management stability of the Company, benefiting the realization in cash of the deposit assets and increasing the profit and cash flow, which was finished. (III) Significant related transactions of the Company in the report period 1. Related current creditor’s right and debt obligation Capital offered for the Capital offered for related party Related Company by the related party Related party relationship Occurred Occurred balance balance amount amount Shareholding Shanghai subsidiary of LutingGroup Co., 400 20.42 the parent Ltd. company Shanghai Lvzhou Shareholding Kechuang subsidiary of 30 30 Development Co., the parent Ltd. company Shanghai Lvzhou Shareholding Yijing Engineering subsidiary of 1,900 1,900 Construction Co., the parent Ltd. company Total / 400 20.42 1,930 1,930 In the report period, the listed companies offered occurred amount of capital by RMB -15.30 million for the controlling shareholders, with balance of RMB -19,095,800. The reason for forming the creditor’s right and debt obligation: borrowing funds. The influence on the business results and financial status of the Company bought by the related creditor’s right and debt obligation: increasing the cash flow of the Company, relieving the capital pressure. (IV) Custody The Company had no custody in 2007. (V) Contracting The Company had no contracting in 2007. 47 (VI) Leasing The Company had no leasing in 2007. (VII) Guarantee Unit: RMB’ 0000 External guarantees of the Company (excluding guarantees for shareholding subsidiaries) Date Guarantee Guarantee Guarantee Guarantee Guaranteed (agreement type type type type Guaranteed amount objective signing date) Total guarantee amount occurred in the report period 0 Total guarantee balance in the report period 0 Guarantees for shareholding subsidiaries by the Company Total guarantee amount occurred in the report period for shareholding 5,600 subsidiaries Total guarantee balance in the report period for shareholding 6,300 subsidiaries Total guarantee amount of the Company (including guarantees for shareholding subsidiaries) Total guarantee amount 6,300 Proportion of the Company’s net assets taking up the total guarantee 23.16 amount Including Guarantee amount for shareholders, the actual controller or its related 0 parties Guarantee amount for the debts of the guaranteed companies with an asset-liability ratio of over 70%, directly or indirectly 3,550 The amount by which the total guarantee amount exceeded 50 percent 0 of the net assets Total amount of the above three guarantees* 3,550 (VIII) Entrusting finance The Company had not entrusted finance in 2007. (IX) Other significant contract The Company has no other significant contracts in 2007. (X) Performance of the promise The promises belonging to the Company and the shareholders who held above 5% shares of the Company in the report period or lasting to the report period 48 1、 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. 2、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. Promise of share merger reform and its performance 1、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. 2. In the report period, Luting(Hong Kong) Co., Ltd had no shares to be listed for trading or be transferred. (XI) Engage and dismiss accountant firm In the report period, the Company didn’t change the engagement of accountant firm. The Company engaged Shulun Pan Certified Public Accountants Co., Ltd as the audit institution of the Company, with payment for the auditing work of RMB 934,700, including audit fee of RMB 880,000, travel charge of RMB 54,700 written off in the Company, without other expenses. By the end of the report period, the accountant firm had served for the auditing work of the Company for 5 years. (XII) Punishment for the listed companies, directors, supervisors, the senior management staffs, shareholders of the Company and actual controller and the rectification In the report period, the Company, directors, supervisors the senior management staffs, shareholders of the Company and actual controller had neither been checked, given 49 administrative punishment or given circular notices of criticism nor been condemned publicly by China Securities Regulatory Commission and Shenzhen Stock Exchange. (XIII) Other significant events and their influence, the analysis and explanation on the solve scheme. 1. Equity of the non-listed financial enterprises held by the Company Profits Change Proportion and Book value in Name of Initial Held taking up losses in Accounting at the owners’ Source of the held investment number the equity the approach period-end equity in share objective (RMB) (share) of the said report subject (RMB) the report company period period (RMB) Shanghai Published Shenyin Long-term legal share Wanguo 51,250,000 51,760,000 0.77 51,250,000 0 0 equity by Securities investment purchasing Co., Ltd Total － － － (XIV) Index for information disclosure Name of newspaper Date for Website for publicity Event and the according publicity and way of searches space for publicity （L2007-001）Public notices of the Website of Shanghai D12 in Shanghai Jan. 12, resolution at the provisional meeting of the Stock Exchange Securities, B10 in 2007 5th Board of Directors www.sse.com.cn Ta Kung Pao D7 in Shanghai （L2007-002）Public notice of the abnormal Jan. 19, Securities, A35 in fluctuation for the stock trading 2007 Ta Kung Pao （L2007-003）Public notices of the D23 in Shanghai Feb. 6, resolution at the provisional meeting of the Securities, B10 in 2007 5th Board of Directors Ta Kung Pao （L2007-004）Public notice on final appeal D5 in Shanghai Feb. 8, for the lawsuit of accounts receivable which Securities, A21 in 2007 went in favor of the Company Ta Kung Pao B21 in Shanghai （L2007-005）Public notice on sales of idle Feb. 15, Securities, A9 in fixed assets of the Company 2007 Ta Kung Pao 50 （L2007-006）Public notice on guarantee D79 in Shanghai Apr. 24, offered for the shareholding subsidiaries by Securities, B10 in 2007 the Company Ta Kung Pao （L2007-007）Public notice of the resolution D90 in Shanghai at the 2nd plenary meeting of the 5th Board of Apr. 27, Securities, A29 in Directors (the 15th Shareholders’ General 2007 Ta Kung Pao Meeting （L2007-008）Public notice of the resolution D90 in Shanghai Apr. 27, at the 2nd Plenary Meeting of the 5th Securities, A29 in 2007 Supervisory Committee Ta Kung Pao 143 in Shanghai （L2007-009）Public notice on the Company Apr. 28, Securities, A28 in transferring long-term equity investment 2007 Ta Kung Pao （L2007-010）Public notice on the A18 in Shanghai May 8, complement of the 1st Quarterly Report in Securities, A7 in 2007 2007 Ta Kung Pao A18 in Shanghai （L2007-011）Public notice on the reckoning May 8, Securities, A7 in result of Shanghai Dajiang Meat Food Plant 2007 Ta Kung Pao D15 in Shanghai （L2007-012）Public notice of the resolution May 24, Securities, B9 in at the 15th Shareholders’ General Meeting 2007 Ta Kung Pao （L2007-013）Public notice of the resolution D15 in Shanghai May 24, at the provisional meeting of the 5th Board of Securities, B9 in 2007 Directors Ta Kung Pao D13 in Shanghai （L2007-014）Public notice on applying for May 25, Securities, A7 in retracting warning of withdrawal risk 2007 Ta Kung Pao （L2007-015）Public notice on Shanghai D13 in Shanghai May 25, Stock Exchange permitting to retract warning Securities, A7 in 2007 of withdrawal risk of the Company Ta Kung Pao A12 in Shanghai May 28, （L2007-016）Public notice on risk warning Securities, B3 in Ta 2007 Kung Pao D13 in Shanghai （L2007-017）Public notice of the abnormal Jun. 7, Securities, B10 in fluctuation for the stock trading 2007 Ta Kung Pao A19 in Shanghai Jun. 25, （L2007-018）Public notice on risk warning Securities, B9 in 2007 Ta Kung Pao （L2007-019）Public notice of resolution at D20 in Shanghai Jul. 3, the provisional meeting of the 5th Board of Securities, A20 in 2007 Directors Ta Kung Pao 51 （L2007-020）Self-inspection and D20 in Shanghai rectification plan on carrying out special Jul. 3, Securities, A20 in campaign of corporate governance of the 2007 Ta Kung Pao Company （L2007-021）Public notice on releasing D10 in Shanghai Jul. 6, guarantee obligation for Fuxin Dajiang Co., Securities, B8 in 2007 Ltd from the Company Ta Kung Pao （L2007-022）Public notice on reckoning D4 in Shanghai result of Shanghai Dahua Devices Co., Ltd Jul. 18, Securities, C6 in and Songjiang Huayang Chicken Farm, the 2007 Ta Kung Pao subsidiaries of the Company A20 in Shanghai （L2007-023）Public notice on risk warning Jul. 23, Securities, C5 in for stock price of the Company 2007 Ta Kung Pao A14 in Shanghai （L2007-024）Public notice on risk warning Aug. 6, Securities, B2 in for stock price of the Company 2007 Ta Kung Pao A43 in Shanghai （L2007-025）Public notice on risk warning Aug. 20, Securities, B2 in for stock price of the Company 2007 Ta Kung Pao A21 in Shanghai （L2007-026）Public notice on risk warning Sep. 3, Securities, B2 in for stock price of the Company 2007 Ta Kung Pao D13 in Shanghai （L2007-027）Public notice of the abnormal Securities,《大公 Sep. 13, fluctuation for the stock trading 报》B8 in Ta Kung 2007 Pao （L2007-028）Public notice on the A15 in Shanghai Sep. 17, circulation share subject to conditional sale Securities, A32 in 2007 listing Ta Kung Pao A15 in Shanghai （L2007-029）Public notice on risk warning Sep. 17, Securities, A32 in for stock price of the Company 2007 Ta Kung Pao D15 in Shanghai （L2007-030）Public notice on receiving Sep. 19, Securities, A8 in balance of transfer payment 2007 Ta Kung Pao A15 in Shanghai （L2007-031）Public notice on risk warning Oct. 8, Securities, B2 in for stock price of the Company 2007 Ta Kung Pao A20 in Shanghai （L2007-032）Public notice on risk warning Oct. 22, Securities, B2 in Ta for stock price of the Company 2007 Kung Pao 52 A12 in Shanghai （L2007-033）Public notice of the abnormal Oct. 19, Securities, B12 in fluctuation for the stock trading 2007 Ta Kung Pao （L2007-034）Public notice of resolution at D31 in Shanghai Oct. 30, the provisional meeting of the 5th Board of Securities, B9 in 2007 Directors Ta Kung Pao A5 in Shanghai （L2007-035）Public notice on risk warning Nov. 5, Securities, B2 in for stock price of the Company 2007 Ta Kung Pao A26 in Shanghai （L2007-036）Public notice on risk warning Nov. 19, Securities, B2 in for stock price of the Company 2007 Ta Kung Pao A21 in Shanghai （L2007-037）Public notice on risk warning Dec. 3, Securities, B3 in for stock price of the Company 2007 Ta Kung Pao A24 in Shanghai （L2007-038）Public notice on risk warning Dec. 17, Securities, B8 in for stock price of the Company 2007 Ta Kung Pao 53 Part XI. Financial 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 The Company’s management is responsible for the preparation of these financial statements in accordance with China Accounting Ruless 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 Ruless for Business Enterprises (2006) issued by the Ministry of Finance 54 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 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 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 55 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 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 56 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 attributable to holding 227,877,147.77 203,212,995.00 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 57 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 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 58 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 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 59 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 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 60 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 61 Consolidated Cash Flow Statement Jan.-Dec. 2007 Prepared by Shanghai Dajiang (Group) Stock Co., Ltd. Unit: RMB Yuan Items Note V Amount of this period Amount of last period 1. Cash flows for operating activities: Cash received from sales of goods or rending 877,086,235.53 709,803,571.12 of 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 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 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, intangible assets and other long-term 19,521,127.91 3,300,987.75 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 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 63 Cash Flow Statement of Parent Company Jan.-Dec. 2007 Prepared by Shanghai Dajiang (Group) Stock Co., Ltd. Unit: RMB Yuan Items Note Amount of this period Amount of last period 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 64 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 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 5. Increase in cash and cash equivalents 12,804,664.38 -12,608,714.26 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 Owners’ equity attributable to parent company Items Total of owners’ Pain-in capital Lessen: General Minority equity Capital Surplus public equity (or share treasury risk Retained profits Others reserve reserve capital) stock 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 in this year -1,560,846.00 26,224,998.77 -1,381,041.58 23,283,111.19 (“-” 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 65 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 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 66 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 in this year 6,689,179.67 23,469,313.28 1,689,933.80 31,848,426.75 (“-” 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 67 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 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 68 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 Lessen: Items 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 units under equity method 3. Effect on income tax related to items listed to owners’ equity 69 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 Lessen: Items 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 18,052,693.14 18,052,693.14 70 amount in this year (“-” 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 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 71 Shanghai Dajiang (Group) Stock Co., Ltd. Notes to the Financial Statements for the Year 2007 I. Brief information about the company Shanghai Dajiang (Group) Stock Co., Ltd.(hereinafter referred to as The Company) was approved by Foreign Investment Committee of Investment Association of Shanghai in July, 1993 to be reformed as a stock company limited. The company specializes in food processing. With a registered capital of RMB676.305696 million, the main business scope of the company is: poultry, livestock, aquatic strains, animal feedstuff stuff, feedstuff additives, flower fertilizers and the sales and import and export of the relevant processed foods, biochemical pharmaceutics, veterinary drugs, veterinary vaccines, livestock and poultry machinery, medical machinery (limited to sodium hyaluronate for medical use only), catering industry, goods transportation by road, investment activities in compliance with the state policies(the specific projects need to be submitted for approval). The major products are feedstuff, chicken parts, eggs and breeding chickens etc. On September 18, 2006, the company implemented the share-trading reform plan, in which the holding company Luting (HK) Co., Ltd. paid A-Share circulating holders 3 shares per 10 shares, totally paying 7,722,000 shares. After the implementation of the share-trading reform, Luting (HK) Co., Ltd. holds 41.25% of the total shares. II．Major accounting policies, accounting estimates and previous period errors (1) Declaration on compliance with the accounting standards for enterprises The financial statements of the company have been compiled in accordance with the provisions of the accounting standards for business enterprises and in all significant respects, fairly reflect the financial status of the company, the operation results, the shareholder’s equity change and the cash flow etc. (2) Preparation basis The company prepares the financial statements on the basis of continuous operation, according to the actual transactions and items and by recognizing and measuring in compliance with Accounting Standards for Enterprises-Basic Standard and regulations of other accounting standards. The income statements for the opening amount of the year and the corresponding period on the balance sheet are prepared according to the regulations of No. 136 document [2006] of CSRC and No. 10 [2007] of CSRC by modulating the items specified from Article 5 to Article 19 in Accounting Standards for Enterprises No. 38-Initial Implementation of Accounting Standards for Enterprises and based on the retroactive modulating principle. (3) Accounting periods A fiscal year starts on January 1 and ends on December 31 of the Gregorian calendar. (4) Functional currency RMB is the functional currency. (5) Measurement attribute changes in the statements and the measurement attributes employed in the current year 72 The company generally employs the historical cost method when making the measurements. In case the accounting amounts can be measured reliably, some accounting amounts employ the replacement cost method, the net realizable value, present value and fair value measurements. (6) Reorganization standards for cash equivalents When preparing the cash flow statements, the short-term (mature within 3 months since the date of purchase) and highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value are recognized as cash equivalents. (7) Accounting method for foreign currency business The foreign currency shall be converted to RMB at the spot exchange rate of the current date when the transactions occur. The foreign currency monetary items shall be translated into RMB at the spot exchange rate on the balance sheet date and the foreign currency monetary items measured at the fair values shall be translated into RMB at the spot exchange rate on the date of the recognition of the faire values. The exchange balance on foreign currency borrowings translated at the end of the year, which can be directly capitalized for construction or production, shall be capitalized and be recorded directly into the cost of assets. The remaining foreign account balance from the translation shall be recorded into the financial expenses. The translation balance from the different currencies shall be recorded into the financial expenses. (8) Accounting method for the financial assets and financial liability 1. Classification of financial assets and financial liability The management classifies the financial assets into the following four categories based on the purpose of holding the financial assets and shouldering the financial liability: The financial assets or the financial liability, which are measured at their fair values and the variation of which is recorded into the profits and losses of the current period, including transactional financial assets or financial liability; the investments which will be held to their maturity; the loans and the accounts receivables and financial assets available for sale and other financial assets. At the same time, the management gives a detailed explanation to the classification criteria based on the purpose of holding the financial assets and shouldering the financial liability. 2. Recognition of financial assets and financial liability and the accounting method (1) The financial assets which are measured at their fair values and the variation of which are recorded into the profits and losses of the current period: When initially recognized, the fair values (deducting the announced but not distributed cash dividends or the interest of bonds mature but not received) are recognized as the initial amount, the relevant expenses are recorded into the profits and losses of the current period. 73 The interest or the cash dividends during the holding period shall be recognized as the investment income and the fair values variation shall be recorded into the profits and losses of the current period. When disposing, the balance between the fair values and the initial booking amount shall be recognized as the investment income and at the same time the fair values variation profits and losses are adjusted. (2) Held-to-maturity investments The sum of the fair values when recognized (deducting the bonds interest due but not received) and the relevant transaction expenses shall be recognized as the initially recognized amount. During the holding, the interest income shall be measured based on the post-amortization cost and the actual interest rate (in case there is a small difference between the actual interest rate and the contract interest rate, the contract interest rate will be used) to be recorded into investment income. The actual interest rate shall be recognized when they are incurred and remain the same during the predicted terms of existence or shorter applicable terms. When disposing, the difference between the amount obtained and the book values of the investment shall be recorded into the investment income. (3) Accounts receivable The contract price agreed or the price agreed with the suppliers for the debts receivable when selling goods or proving labor services and the debt the company to other enterprises, but not including the debt of liability instrument for which there is a quotation on the active market, including accounts receivable, notes receivable, advances to suppliers, other accounts receivable etc, shall be recognized as their initial amount. When receiving or disposing, the difference between the price obtained and the book values of the accounts receivable shall be recorded into the current profits and losses. (4) Financial assets available for sale The sum of the fair value on acquisition (deducting the announced but not distributed cash dividends or bond interest due but not received) and the relevant transaction expenses shall be regarded as the initially recognized amount. During the holding, the interest obtained or the cash dividends shall be recognized as the investment income and it will be measured by the fair values and the variation in the fair values shall be recorded into the capital reserve (other capital reserve). When disposing, the difference between the price obtained and the book values of the financial assets shall be recorded into the profits and losses. At the same time, the cumulative amounts of the fair value variation, which was originally directly recorded into the owner’s equity, corresponding to the amount of disposal shall be transferred out and recorded into the investment profits and losses. (5) Other financial liability 74 The sum of the fair values and the relevant transaction expenses shall be regarded as the initially recognized amount and shall be measured as the amortized cost. 3 Recognition and measurement of the transfer of financial assets When the company has a transfer of the financial assets, such as transferring all of the risks and rewards related to the ownership of the financial assets to a transferee, it shall stop recognizing the financial assets. If it retained nearly all of the risks and rewards related to the ownership of the financial asset, it shall not stop recognizing the financial assets. To judge whether the transfer of a financial asset can satisfy the conditions as prescribed above for stopping the recognition of a financial asset, the company shall pay more attention to the essential of the transfer of the financial asset than to the form. The company shall differentiate the transfer of a financial asset into the entire transfer and the partial transfer of financial assets. If the transfer of an entire financial asset satisfies the conditions for stopping recognition, the difference between the amounts of the following 2 items shall be recorded in the profits and losses of the current period: (1) The book value of the transferred financial asset; (2) The sum of consideration received from the transfer, and the accumulative amount of the changes of the fair value originally recorded in the owner's equities (in the event that the financial asset involved in the transfer is a financial asset available for sale). If the transfer of partial financial asset satisfies the conditions to stop the recognition, the entire book value of the transferred financial asset shall, between the portion whose recognition has been stopped and the portion whose recognition has not been stopped (under such circumstance, the service asset retained shall be deemed as a portion of financial asset whose recognition has not been stopped), be apportioned according to their respective relative fair value, and the difference between the amounts of the following 2 items shall be included into the profits and losses of the current period : (1)The book value of the portion whose recognition has been stopped; (2)The sum of consideration of the portion whose recognition has been stopped, and the portion of the accumulative amount of the changes in the fair value originally recorded in the owner's equities which is corresponding to the portion whose recognition has been stopped (in the event that the financial asset involved in the transfer is a financial asset available for sale). If a financial asset fails to satisfy the conditions to stop the recognition, it shall be continuously recognized and the consideration shall be recognized as a financial liability. 4．Measurement of the fair values of financial assets and financial liability The fair values of the financial assets and financial liability shall be measured by the company by referring to the quotations on the active market. 5. Impairment provisions for financial assets 75 (1)Financial assets available for sale 的 impairment provisions: When there is a dramatic drop in the fair value of a financial asset available for sale or various factors are taken into consideration, the drop is expected as not temporarily, it shall be considered as an occurrence of an impairment and the accumulative losses arising from the decrease of the fair value of the owner’s equity which was directly included shall be transferred out to recognize the impairment losses (2) Impairment provisions for investment to be held to maturity: The measurement of the impairment losses shall be made with reference to the method employed for the impairment losses related to accounts receivable. (9) Recognition criteria and calculation method for non-performing debts in the accounts receivable When at the end of year, there is an objective evidence of the impairment of accounts receivable, the carrying value of the asset shall be recorded down to the recoverable amount, and the reduced amount shall be recognized as the loss of asset impairment and be recorded into the profits and losses of the current period. Simultaneously, a provision for the asset impairment shall be made accordingly. The recoverable amount shall be determined according to the capitalization of the original actual interest rate of the future cash flow (not including the possible credit losses), taking into account the value of the relevant guarantee (but the expenses arising from the acquisition or sale of the guarantee shall be deducted). The original actual interest rate is the actual interest rate as determined when the financial asset was initially recognized. Where there is a very small gap between the predicted future cash flow of an account receivable item and the current value thereof, the predicted future cash flow is not required to be capitalized when determining the relevant impairment-related losses. An impairment test shall be made at the end of the year on the account receivable with significant single amounts. If any objective evidence shows that it has been impaired, the impairment-related losses shall be recognized based on the difference between the future cash flow and its book values and provisions for NPD (non-performing debt) shall be made. The accounts receivable with significant single amounts refer to the amount, which accounts for over 10% of the total accounts receivable. As regards the accounts receivable with non-significant single amounts at the end of the year, which are not impaired after separate impairment test, they shall be classified into several groups based on the accounts receivable age in a combination of financial assets with similar credit risk features, then the impairment loss can be calculated according to a certain proportion of the groups of the accounts receivable at the end of the year (a separate impairment test can be made) to make the provisions for NPD. Except for the separate calculation of the impairment provisions of accounts receivable, the company can calculate the proportion of the following provisions for NPD based on the actual loss rate of the same or similar combination of financial assets with similar credit risk features classified by the accounts receivable age between the previous year: 76 Accounts receivable age Proportion Within 1 year 3％ 1year －2 years 10％ 2 years－3 years 15％ Over 3 years 20％ (10) Accounting method for inventories 1. Classification of inventories Inventories can be classified into: raw materials, materials on cycle, finished product, goods in progress, development cost etc. 2. Pricing method for delivering inventories (1) When delivering inventories, the pricing shall be made by the weighted average method. (2) Method for the amortization of materials on cycle One-off amortization method is used for low value consumables; One-off amortization method is used for packing materials. 3. Inventory taking system Perpetual inventory system is used. 4. Calculation method for inventories impairment provisions At the end of the year, a thorough check shall be made on the inventories; the impairment provisions for the inventories shall be calculated or adjusted depending on which is lower, the inventory cost or the realizable net value. The realizable net value of the goods directly available for sales such as the finished products, the goods and materials for sale etc, during the normal operation process, shall be determined by the amount by abstracting the estimated sale expenses and the relevant taxes from the estimated sale price of the inventories. The realizable net value of the inventories of material, which are processed, during the normal operation process, shall be determined by the amount by abstracting the estimated cost upon completion, the estimated sale expenses and the relevant taxes from the estimated sale price of the finished products. The realizable net value of the inventories held for the execution of the sales contract or labor contract shall be based on the contract price. In case the amount of the inventories held is larger than that for the sales contract, the realizable net value of the exceeding part of the inventories shall be based on the normal sales price. At the end of the year, the impairment provisions for single inventory items shall be made separately. However, the impairment provisions for those inventories with many kinds and low unit prices shall be made by category. The impairment provisions for inventories related to the productions and sales in the same area, with similar or same ultimate use, and difficult to separate from other items shall be made in combination. If the factors causing any previous impairment of an inventory have disappeared, the amount of write-down shall be resumed and shall be reversed from the original 77 impairment provision for the inventory. The reversed amount shall be included in the current profits and losses. (11) Kinds of investment real estate and measurement pattern The term "investment real estates" refers to the real estates held for generating rent and/or capital appreciation, including the right to use any land, which has already been rented, the right to use any land, which is held and prepared for transfer after appreciation; and the right to use any building which has already been rented. The company shall measure the investment real estate through the cost pattern. As for the investment real estate measured through cost pattern—the same depreciation policy as the fixed assets shall apply to the assets for renting. The amortization policy for the intangible assets shall apply to right to use the land for rent. For those with a sign of impairment, the recoverable amount shall be estimated and if such an amount is lower than the book values, the relevant impairment losses shall be recognized. (12) Pricing methods for the fixed assets and depreciation 1. Recognition conditions for fixed assets The fixed assets refer to those tangible assets with a service life over one year such as productive goods, provision of labor services, held for renting or operation management. The fixed assets shall be recognized when satisfying the following conditions: (1) The economic benefits associated with the fixed assets might inflow into the enterprise; (2) The cost of the fixed assets can be reliably measured. 2. Classification of the fixed assets The fixed assets are: buildings and structures, machinery and equipment, vehicles and other equipment etc. 3. Initial measurement of the fixed assets On acquisition, the initial measurement of the fixed assets shall be made based on the actual cost. The cost of a purchased fixed asset consists of the purchase price, the relevant taxes, freights, loading and unloading fees, professional service fees and other expenses that bring the fixed asset to the expected conditions for use and that may be relegated to the fixed asset. If the payment for a fixed asset is delayed beyond the normal credit conditions and it is of financing nature in effect, the cost of the fixed asset shall be ascertained based on the current value of the purchase price. The cost of a self-constructed fixed asset shall be formed by the necessary expenses incurred for bringing the asset to the expected conditions for use. The initial cost of fixed assets obtained from the debtors by recombination of liabilities shall be recorded based on the fair values and the difference between 78 the fair value of the fixed assets for offsetting the debts and the book values of the debts shall be recorded into the profits and losses of the current period. Where the transaction is commercial in nature, and the fair value of the assets received or surrendered can be measured reliably, the entry value of the received fixed assets shall be determined based on the fair values of the fixed assets surrendered unless there is any exact evidence showing that the fair value of the assets received is more reliable. Where any non-monetary assets transaction does not meet the conditions as prescribed above, the carrying value and relevant payable taxes of the assets surrendered shall be the cost of the assets received and no profit or loss is recognized. The fixed assets that the combining party obtains in a business merger under the same control shall be measured on the basis of their carrying amount in the combined party. The fixed assets that the combining party obtains in a business merger not under the same control shall be measured on the basis of their fair value. The amount of a fixed asset acquired through finance lease should be determined according to the lower of the carrying amount of the leased fixed asset originally recorded in the books of the lesser and the present value of the minimum lease payment at the inception of the lease. 4. Fixed assets depreciation method The straight-line method shall be used for the fixed assets depreciation and the depreciation rate shall be determined on the basis of the category of the fixed assets, the expected service life and the net salvage value rate. The decoration expenses for the fixed assets eligible for capitalization shall be depreciated separately by using the average method of year limit and by using the shorter period of the two decorating periods and the remaining service life of the fixed assets. The expected service life of various fixed assets and the annual depreciation rate are as follows: Estimated net Annual Expected useful Kind of fixed assets salvage value depreciation life rate rate Buildings and structures 20y 10％ 4.5% Machinery and equipment 10y 10％ 9% Transportation equipment 5y 10％ 18% Other equipment 5y 10％ 18% (13) Accounting method for construction in progress 1. Category of construction in progress Construction in progress shall be accounted for by approved projects. 2. Criteria and time point for carrying over construction in progress to the fixed assets 79 The cost of a self-built investment real estate composes of the necessary expenses for building the asset to the hoped condition for use. All the expenses incurred bringing the construction in progress to the expected condition for use shall be the entry value of the fixed assets. The completed construction in progress, having reached the condition for use but not handling the final accounts of the completed project, since the date on which it reached the condition for use, shall be transferred to the fixed assets based on the project budget, the contract price or the project actual cost etc on the basis of the estimated value and shall be depreciated in compliance with the corporate fixed assets depreciation policy. Upon performing the final accounts of the completed project, the original temporary estimated value shall be adjusted on the basis of the actual cost but without adjusting the originally depreciated amount. (14) Accounting method for intangible assets 1. Pricing method for intangible assets Intangible assets should be recorded at the actual cost on acquisition. The cost of outsourcing intangible assets shall include the purchase price, relevant taxes and other necessary expenditures directly attributable to intangible assets for the expected purpose. Where the payment of purchase price for intangible assets is delayed beyond the normal credit conditions, which is of financing intention, the cost of intangible assets shall be determined on the basis of the current value of the purchase price. The intangible assets that the combining party obtains in a business merger under the same control shall be measured on the basis of their carrying amount in the combined party. The intangible assets that the combining party obtains in a business merger not under the same control shall be measured on the basis of their fair value. 2 Service life and amortization for intangible assets (1) Estimated service life of the intangible assets with limited service life The company shall, at the end of the year, check the service life and the amortization method of intangible assets with limited service life. After checking, the service life and amortization method for intangible assets remain the same as before. (2) The service life of intangible assets with uncertain service life: The company shall, at the end of the year, check the service life of intangible assets with uncertain service life. (3) The amortization of intangible assets: As for the intangible assets with limited service life, the straight-line method shall be employed during the period that they will bring the company economic benefits. If it is unable to forecast the period when the intangible asset can bring economic benefits to the enterprise, it shall be regarded as an intangible asset with uncertain service life and shall not be amortized 80 (15) Impairment of other major assets rather than inventories, investment real estate and financial assets 1. Long-term equity investment The impairment for the long-term equity investment, which are measured by the cost method, and for there is no quotation on the active market and the fair values can not be reliably measured, shall be determined on the basis of the gap between the carrying amount of the equity investment the current value of the future cash flow of similar financial assets capitalized according to the returns ratio of the market at the same time. Where the measurement result of the recoverable amount indicates that other long-term equity investment recoverable amount is lower than its carrying value, the gap shall be recognized as the impairment losses. Once any loss of long-term equity investment impairment is recognized, it shall not be switched back. 2. Long-term non-financial assets such as fixed assets, construction in progress, intangible assets, business reputation etc. As for the long-term non-financial assets such as the fixed assets, construction in progress, intangible assets etc, and the company does not judge whether there is any sign of impairment. No matter whether there is any sign of possible assets impairment, the business reputation formed by the merger of enterprises and intangible assets with uncertain service life shall be subject to impairment test every year. Where any evidence shows that there is possible assets impairment, the recoverable amount of the assets shall be estimated. The recoverable amount shall be determined in light of the higher one of the net amount of the fair value of the assets minus the disposal expenses and the current value of the expected future cash flow of the assets. Where the recoverable amount is lower than its carrying value, the carrying value of the asset shall be recorded down to the recoverable amount, and the reduced amount shall be recognized as the loss of asset impairment and be recorded as the profit or loss for the current period. Simultaneously, a provision for the asset impairment shall be made accordingly. After the loss of asset impairment has been recognized, the depreciation or amortization expenses of the impaired asset shall be adjusted accordingly in the future periods so as to amortize the post-adjustment carrying value of the asset systematically (deducting the expected net salvage value) within the residual service life of the asset. Once the impairment losses are made for the long-term non-financial assets such as fixed assets, construction in progress, intangible assets etc. they cannot be reversed during the subsequent accounting periods. Where there is any evidence indicating a possible impairment of assets, the enterprise shall, on the basis of single item assets, estimate the recoverable amount. 81 (16) Accounting of long-term equity investment 1. Initial measurement (1) The long-term equity investment formed in the merger of an enterprise: For the merger of enterprises under the same control, if the consideration of the merging enterprise is that it makes payment in cash, transfers non-cash assets or bears its debts or issues equity securities, it shall, on the date of merger, regard the share of the book value of the owner's equity of the merged enterprise as the initial cost of the long-term equity investment. The difference between the initial cost of the long-term equity investment and total face value of the shares issued shall offset against the capital reserve. If the capital reserve is insufficient to dilute, the retained earnings shall be adjusted. The direct cost for the business merger shall, including the expenses for audit, assessment and legal services, be recorded into the profits and losses at the current period at the time of incurrence. Business merger not under the same control: the company shall, on the purchase date, recognize the merging cost as the initial investment cost of the long-term equity investment according to the Accounting Standards for Enterprises No.20- Merger of Enterprises. (2) Long-term equity investment acquired by other means The initial cost of a long-term equity investment obtained by making payment in cash shall be the purchase cost which is actually paid. The initial cost of a long-term equity investment obtained on the basis of issuing equity securities shall be the fair value of the equity securities issued. The initial cost of a long-term equity investment of an investor shall be the value stipulated in the investment contract or agreement (deducting the declared but not distributed cash dividends or profits) except the unfair value stipulated in the contract or agreement. If the fair values of both the assets received and surrendered can be reliably measured, the fair value of the assets surrendered shall be the basis for the determination of the cost of the assets received, unless there is any exact evidence showing that the fair value of the assets received is more reliable. Where any non-monetary assets transaction does not meet the conditions as prescribed above, the carrying value and relevant payable taxes of the assets surrendered shall be the initial cost of a long-term equity investment The initial cost of a long-term equity investment obtained by recombination of liabilities shall be ascertained on the basis of the fair values. 2. Basis on which the investing enterprise can exercise significant influence and has joint control The control over an economic activity as specified by contract, which exists only when the investing parties that need to share the power of control in important financial and operating decision-making agree unanimously, shall be deemed as the joint control with other party over the invested enterprise. The term "significant influence" means having the power to participate in the formulation of financial 82 and operating policies of an enterprise, but not the power to control or jointly control the formulation of these policies together with other parties. 3. Subsequent Measurement and income recognition Where the company is able to have significant influences on or joint control over an invested entity, and the initial investment cost is more than the investment, the gap between the investing enterprise' attributable share of the fair value of the invested entity's identifiable net assets for the investment, the initial cost of the long-term equity investment may not be adjusted. If the initial cost of a long-term equity investment is less than the investing enterprise' attributable share of the fair value of the invested entity's identifiable net assets for the investment, the difference shall be included in the profits and losses of the long-term equity investment of the current period. The long-term equity investment on the subsidiary company by the company shall be accounted for by employing the cost method and shall make an adjustment by employing the equity method when it works out consolidated financial statements. As for a long-term equity investment made by the company that does not do joint control or does not have significant influences on the invested entity, and entity, and has no offer in the active market and its fair value cannot be reliably measured, the equity method shall be employed in the measuring. A long-term equity investment of the investing enterprise that does joint control or significant influences over the invested entity shall be measured by employing the equity method. Under the cost method, the investment income recognized by the company shall be limited to the amount received from the accumulative net profits that arise after the invested entity has accepted the investment. Where the amount of profits or cash dividends obtained by the investing entity exceeds the aforesaid amount, it shall be regarded as recovery of initial investment cost. Where under the equity method, the company recognizes the attributable share of the losses of the invested enterprise, it shall be handled in the following order: first offset the book values of the long-term equity investment, then in case the book values of the long-term equity investment are insufficient to offset, the investment losses shall be recognized to the limit of the book value of the long-term equity investment and other long-term rights and interests which substantially form the net investment made to the invested entity to offset the book values of the long-term receivables, and finally upon the above treatment, where the company shall still need to share obligations according to the investment contract or as agreed, the expected liabilities shall be recognized according to the expected attributable obligations and shall be recorded into the investment losses of the current period. In case the invested enterprise makes profits in the subsequent periods, the company shall deduct the unrecognized attributable losses and treat it in the reverse order: write down the recognized the book value of the expected liabilities, restore the book value of the long-term equity investment and other long-term rights and interests which substantially form the net investment made to the invested entity and at the same time recognize the investment income. 83 Treatment of any change made to the owner's equity other than the net profits and losses of the invested entity: where any change is made to the owner's equity other than the net profits and losses of the invested entity, the company shall adjust the book value of the long-term equity investment where the proportion of shares remains unchanged on the basis of the proportionally attributable share and increase or reduce the capital reserve (other capital reserve). (17) Principle of recognition of revenues 1. Selling goods The company has transferred the significant risks and rewards of ownership of the goods h to the buyer; the company retains neither continuous management right that usually keeps relation with the ownership nor effective control over the sold goods; the amount of the revenues can be reliably measured; the relevant economic benefits may flow into the company; the relevant costs incurred or to be incurred can be measured in a reliable way; then the revenues from selling goods can be recognized and realized. 2. Providing labor service If the company can, on the date of the balance sheet, reliably estimate the outcome of a transaction concerning the labor services it provides, it shall recognize the revenue from providing services employing the percentage-of-completion method. The schedule of completion of providing labor service shall be on the basis of the work completed. If the company cannot, on the date of the balance sheet, measure the result of a transaction concerning the providing of labor services in a reliable way, it shall be conducted in accordance with the following circumstances, respectively: (1) If the cost of labor services incurred is expected to be compensated, the revenue from the providing of labor services shall be recognized in accordance with the amount of the cost of labor services incurred, and the cost of labor services shall be carried forward at the same amount. (2) If the cost of labor services incurred is not expected to compensate, the cost incurred should be included in the current profits and losses, and no revenue from the providing of labor services may be recognized. 3. Abalienating the right to use assets Amount of revenues: Where the relevant economic benefits are likely to flow into the enterprise and the amount of revenues can be measured in a reliable way, the abalienating the right to use assets can be recognized in the following way: (1) The amount of interest revenue should be measured and confirmed in accordance with the length of time for which the enterprise's cash is used by others and the actual interest rate. (2) The amount of royalty revenue should be measured and confirmed in accordance with the period and method of charging as stipulated in the relevant contract or agreement. (3) Revenue from property lease: 84 a. The lease contract, the agreement or other settlement notices approved by the lessee b. The obligations specified in the contract are fulfilled, with lease invoice issued and the payment received or confidence of receiving c. The cost of the lease products in development can be reliably measured. (18) Major changes of accounting policies and accounting estimates and error correction of the current year and their impacts 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 Adjusting of long-term equity Adjusting uncertain Item investment arising from minority investment business combination interest loss under the same control Impact on retained earnings at -19,702,370.1 1,916,446.5 5,224,738.76 the beginning of 2007 6 3 Of which: impact on retained -18,353,019.5 1,916,446.5 5,730,772.82 earnings at he beginning of 2006 9 3 Impact on net profit of 2007 -506,034.06 --- --- III. Taxes (1) Major taxes paid by the company and the tax rate Types of tax Tax rate Remarks VAT 13％, 17％ Excise tax 5％ Holding subsidiary: Shanghai Enterprise income Shende Machinery Co., Ltd. 27％, 33％ tax Enterprise income tax rate is 27 ％。 Land VAT 1％ (2) Tax reductions and exemptions All the chicken farms are exempt from income taxes. IV. Business merger and the consolidated financial statements The Accounting Standards for Enterprises No. 33 -Consolidated Financial Statements promulgated in February 2006 shall be applicable to the preparation of the consolidated financial statements. All the subsidiaries under company’s control 85 shall be included in the consolidation range of the consolidated financial statements. The parent company shall make an adjustment to the long-term equity investment in the subsidiaries by employing the equity method when it works out consolidated financial statements on the basis of individual financial statements of the parent company and the subsidiaries within the consolidation range and other relevant information and then prepares the consolidated financial statements. The internal equity investment and the owner’s equity of the subsidiaries, the internal investment returns and the profit distribution of the subsidiaries, the internal transactions and liabilities and debts can be offset. The accounting policies adopted by the subsidiaries and the parent company shall be consistent. Unless otherwise specified, the unit of the amount for all the data is RMB 10,000. (1) Subsidiaries acquired through non-enterprise merger Actual Net Proportio Proportion The total investmen investment n of of the Regist share Full name of t amount balance voting voting ered Business holding the invested of the substantially rights rights capita scope percentag entity company at formed to enjoyed within the l the e by the end of by the consolidat subsidiary company year company ed range Shanghai 900 Feedstuf 895.5 895.5 99.50% 99.50% 99.50% Dajiang f Aquatic producti Feedstuff on, Technologica sales l Co., Ltd. Changzhou 2,195 Feedstuf 2,072 2,072 94.40% 94.40% 94.40% Dajiang f Animal and producti Poultry on, Feedstuff sales Co., Ltd. 2,000 Feedstuf 2,000 2,000 100.00% 100.00% 100.00% Shanghai f Dajiang producti Feedstuff on, Co., Ltd. sales Songjiang 380 Broiler 380 380 100.00% 100.00% 100.00% District farming Tahui Chicken Farm 86 Qingpu 1,680 Meat 1,680 1,680 100.00% 100.00% 100.00% Liuyang Meat Chicken Poultry Farm Raising Qingpu 680 Meat 680 680 100.00% 100.00% 100.00% Chengang Chicken Baowei Meat Raising Poultry Farm Qingpu 540 Meat 540 540 100.00% 100.00% 100.00% Zhaogang Chicken Songze Meat Raising Chicken Farm Qingpu 680 Meat 680 680 100.00% 100.00% 100.00% Shengang Chicken Xinjing Meat Raising Chicken Farm Qingpu Gushi 1,800 Meat 1,800 1,800 100.00% 100.00% 100.00% Meat Chicken Chicken Farm Raising Shanghai 5,200 Meat 4,420 4,420 85.00% 85.00% 85.00% Dajiang Meat food Product Co., processi Ltd. ng Shanghai 5,000 Meat 4,500 4,500 90.00% 90.00% 90.00% Dajiang Meat food Product No. processi IV Plant ng 2,295. Feedstuf 1,721.64 1,721.64 75.00% 75.00% 75.00% 52 f Shanghai machiner Shende y Machinery producti Co., Ltd. on and sales 2,000 Real 2,000 2,000 100.00% 100.00% 100.00% Shanghai estate Dajiang Real developm Estate Co., ent and Ltd. transfer 894.05 Animal 849.3475 849.3475 95.00% 95.00% 95.00% Zaoyang poultry, Dajiang feedstuf Poultry Co., f , Ltd. chicken meat 87 220 Meat 94.43% Zaoyang City food Dajiang Food processi Co., Ltd. ng Qingpu Yema 300 Broiler 150 150 50.00% 50.00% 50.00% Bang Chicken farming Farm Shang Dajiang 1,800 Broiler 900 900 50.00% 50.00% 50.00% Tianma farming Poultry Breeding Farm Shanghai 300 Feedstuf 77.25% Shenliang f mill Machinery machiner Equipment y Project installa Installation tion Co., Ltd. 1,800 Real 1,800 1,800 100.00％ 100.00％ 100.00％ estate developm Shanghai ent and Handi operatio Property Co., n, Ltd. property manageme nt Shanghai 60 Sales of 85.00% Dajiang meat Foodstuff product Suzhou Office and frozen food Shanghai 60 Sales of 85.00% meat Dajiang Meat product Product Co., and Ltd.杭州 frozen food Office Shanghai 58 Sales of 85.00% meat Dajiang Meat products Product Co., and Ltd. poultry egg Changzhou products Office Shanghai 75 Sales of 85.00% Dajiang poultry 88 Foodstuff products Pudong Office and frozen food Shanghai 50 Raw food 85.00% sales Dajiang Foodstuff Cao’an Office Shanghai 1,000 Food 85.50% Dajiang Meat transpor Product tation Supply and and Sale Co., sales Ltd. etc Shanghai 50 Frozen 85.00% Lingjiang and Foodstuff refriger Office ated food storage and transpor tation and sales Shanghai 331.17 Producti 63.75% Dajiang Food 8 on and Ingredient sales of Co., Ltd. food ingredie nts Shanghai 1,000 Real 100.00% Songjiang estate Xincheng developm Dongbu Real ent, Estate operatio Development n, sales Co., Ltd. Shanghai 800 Real 60.00% Songjiang estate Rongjiang developm Property ent, Development operatio Co., Ltd. n Shanghai 1,800 Real 1,800 1,800 100.00% 100.00% 100.00% Dajiang estate Kechuang developm Property Co., ent, Ltd. operatio n Shanghai 3,180 Real 2,754.77 2,754.77 97.73% 97.73% 100.00% Yanglei estate Property Co., developm Ltd. ent, operatio 89 n Shanghai 5,000 Investme 950 950 95.00% 95.00% 99.875% Dajiang Asset nt and Operation asset Co., Ltd. manageme nt Shanghai 60 Sales of 24 24 40.00% 40.00% 91.30% Luwan Dajiang frozen Foodstuff packed Office food, meat products etc Shanghai 4,602 Meat 2,254.98 2,254.98 49% 49% 92.35% Dajiang Meat product Product No. 4 producti Plant Co., on and Ltd. sales (2) Subsidiaries within consolidated range but for which parent company holds half or less than half voting rights and the cause The parent company has 50% investment proportion in Shanghai Dajiang Meat Product Factory, Qingpu Yema Bang Chicken Farm and Shanghai Dajiang Tianma Poultry Breeding Farm, but the parent company contracts the operation and has the actual control, therefore the financial statements are consolidated. (3) Changes in the consolidated range in the current year 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 Net assets Net profit from Original total at Net assets on the beginning of Name of subsidiary sold proportion of beginning date of sale year to date of shares of year sale Jiangsu Dajiang Livestock and Poultry 70％ 1,000 1,000 --- Development Co., Ltd. (4) The minority shareholders’ interests and their profits and losses 90 Increase/de crease of Beginning minority Closing Item amount shareholder amount s’ interest The minority shareholders’ interests (1) Shanghai Dajiang Aquatic Feedstuff Technological Co., Ltd. 45,000.00 130,000.00 175,000.00 (2) Changzhou Dajiang Animal and Poultry Feedstuff Co., Ltd. 926,429.40 163,873.69 1,090,303.09 (3) Songjiang District Tahui Chicken Farm 2,025,000.00 262,500.00 2,287,500.00 (4) Shanghai Dajiang Meat Product Co., Ltd. 7,800,000.00 --- 7,800,000.00 (5) Shanghai Dajiang Meat Product No. IV Plant 5,450,000.00 148,500.00 5,598,500.00 1,910,088.1 10,852,132.1 (6) Shanghai Shende Machinery Co., Ltd. 8,942,044.07 2 9 (7) Qingpu Yema Bang Chicken Farm 1,500,000.00 --- 1,500,000.00 (8)Shanghai Dajiang Tianma Poultry Breeding Farm 9,600,000.00 --- 9,600,000.00 (9) Shanghai Dajiang Food Ingredient Co., Ltd. 1,320,025.22 -158,049.51 1,161,975.71 (10) Shanghai Songjiang Rongjiang Property Development Co., Ltd. 3,200,000.00 --- 3,200,000.00 (11) Shanghai Dajiang Meat Product Co., 2,252,288.9 Ltd. Food Office -2,031,788.96 6 220,500.00 (12) Songjiang District Huayang -2,640,000. Chicken Farm 2,640,000.00 00 --- (13) Shanghai Dajiang Meat Product 2,991,096.2 Factory -2,991,096.23 3 --- -3,556,339. (14) Shanghai Dayue Devices Co., Ltd. 3,556,339.07 07 --- (15) Jiangsu Dajiang Livestock and -3,000,000. Poultry Development Co., Ltd. 3,000,000.00 00 --- (16) Qingpu Shengang Xinjing Meat Chicken Farm 150,000.00 --- 150,000.00 (17) Qingpu Chengang Baowei Meat Poulty Farm 150,000.00 --- 150,000.00 (18) Qingpu Zhaogang Songze Meat Chicken Farm 115,000.00 --- 115,000.00 (19) Qingpu Liuyang Meat Poultry Farm 135,000.00 115,000.00 250,000.00 91 Increase/de crease of Beginning minority Closing Item amount shareholder amount s’ interest -1,381,041. 44,150,910.9 Total 45,531,952.57 58 9 V. Explanation to the major items in the consolidated financial statements (Unless otherwise specified, the unit of the following amount is RMB and the amount not indicated as beginning balance shall be the closing balance) (1) Monetary capital Closing balance Beginning balance Item Foreign Foreign Translation Translation currency RMB Amount currency RMB Amount rate rate Amount Amount Cash 75,285.54 155,833.08 RMB 75,285.54 155,833.08 Bank 72,023,043.18 58,075,006.41 deposits RMB 57,189,244.66 70,793,468.26 US$ 87,152.29 7.3046 636,612.62 157,462.18 7.8087 1,229,574.92 Euro 23,357.22 10.6669 249,149.13 --- --- --- Total 58,150,291.95 72,178,876.26 Of 157,462.18 7.8087 1,229,574.92 which: 87,152.29 7.3046 636,612.62 US $ Euro 23,357.22 10.6669 249,149.13 --- --- --- (2) Notes receivable Types Closing balance Beginning balance Bank 809,141.80 3,240,000.00 acceptance (III) Accounts receivable 1. Composition of accounts receivable Closing balance Beginnin Rate of Item Proportion Provisions Proportion Book balance provisions Book balance of total for NPD total for NPD 92 1. 66,866,654.32 42.06% 100% 66,866,654.32 66,810,802.53 49.1 Provisions for NPD with non significant single amounts but with separate provisions 2. Other amounts with similar credit risk 92,129,752.98 57.94% 4,903,569.80 69,034,591. features classified by the account age Of which: 53,436,537.94 39.3 within 1 y 76,939,103.92 48.39% 3% 2,308,173.12 1－2 y 2,725,717.29 1.71% 10% 272,571.73 4,560,449.92 3.3 2－3y 3,403,227.95 2.14% 15% 510,484.19 4,091,414.38 3.0 More than 3y 9,061,703.82 5.70% 20% 1,812,340.76 6,946,189.55 5.1 Total 158,996,407.30 100% 71,770,224.12 135,845,394.32 10 (4) Other receivables 1. Composition of other receivables Closing balance Beginning balance Item Rate of Rate of Proportion Provisions Proportion of Book balance provisions Book balance provisions of total for NPD total for NPD for NPD 1. 2,238,058.58 8.28% 100% 2,238,058.58 32.49% 100% Provisions 14,441,652.31 for NPD with non significant single amounts but with separate provisions 2 Other amounts with similar credit risk 24,798,182.42 91.72% 1,025,014.31 30,003,015.57 67.51% features classified by the account age 93 Of which: 22,725,688.14 84.06% 3% 681,770.65 53.57% 3% Within 1 y 23,806,744.47 1－2 y 188,232.74 0.69% 10% 18,823.27 2.73% 10% 1,214,651.42 2－3 y 1,048,638.40 3.88% 15% 157,295.76 8.80% 15% 3,909,313.54 Over 3 y 835,623.14 3.09% 20% 167,124.63 2.41% 20% 1,072,306.14 Total 27,036,241.00 100% 3,263,072.89 44,444,667.88 100% 2. Accounts receivable for which full or large proportion of provisions was made in the previous year but which are fully or partially recovered this year Amount of recovery Rationality of Recovered Original estimated Name of debtor or debt to be originally estimated method provision rate restructured provision rate Jiangsu Changzhou Wujin Quality Partially 10,080.00 100% Rationale Breed Promotion Station recovered Jiangsu Changzhou Wujin Xixia Partially 100% 2,821.10 Rationale Shuye Jinxing recovered Jiangsu Changzhou Wujin Partially 100% 1,383.77 Rationale Jiuliduofu Company recovered Jiangsu Wuxi Yixing Yuanshang 100% Partially Livestock and Poultry Service 67,405.21 Rationale recovered Office Partially 100% Jiangsu Jurong Xingxiang Wujinhu 347.00 Rationale recovered Partially 100% Yi Jun from Shuijiahu, Anhui 7,950.00 Rationale recovered Xu Yonglin from Huanglin Town, Partially 100% 3,716.00 Rationale Suzhou, Jiangsu recovered Zhejiang Huzhou Shuanglin Partially 100% 2,270.00 Rationale Farming Trade Feedstuff Store recovered Ding Cailong from Luoshuwan, Partially 100% 2,606.60 Rationale Wujin, Changzhou, Jiangsu recovered Xu Xiangdong, Feidong, Hefei, Partially 100% 1,336.00 Rationale Anhui recovered Total 99,915.68 3. Explanation to the full provisions for NPD or 40% or more provisions for NPD in the current year: Name of debtor Debt Provision Cause amount rate Heilongjiang Harbin Kaosai 69,346.04 100% Fail to Husbandry Farm contact the other party Yang Jianxin from Leye Town 62,446.21 100% Fail to Hulan County, Heilongjiang contact the other party Anhui Bengbu Xintai Chemical 17,440.00 100% Fail to Co., Ltd. contact the 94 other party Jiangsu Qidong Yonghe Town 2,000.00 100% Fail to Anping Village Broiler Farm contact the other party Lin Hainong from Sheyang 2,000.00 100% Fail to County, Yancheng, Jiangsu contact the other party Chen Xudong from Jiangsu 1,360.00 100% Fail to Haimen Haixi Broiler Farm contact the other party Cheng Sanmin 830.44 100% Fail to contact the other party Liu Guanghuang from Maoming 194.78 100% Fail to Guangdong contact the other party Beijing Zhongnongmu Trading 150.00 100% Fail to Co., Ltd. contact the other party Total 155,767.47 4. No accounts receivable in the closing accounts receivable from the shareholding units with more than 5% (including 5%) of the company’s shares with voting rights 5. Top 5 debtors in the closing accounts receivable Rank of Amount Age Proportion of total debtors accounts receivable Top 1 5,934,665.9 Within 1 3.73% 8 y Top 2 5,094,078.1 Within 1 3.20% 7 y Top 3 4,758,474.3 Within 1 2.99% 8 y Top 4 4,607,651.0 2－3 y 2.90% 0 Top 5 4,323,245.2 Over 3 y 2.72% 1 6. Accounts receivable from the related parties accounts for 0.29％ of the total accounts receivable. (4) Other receivables 1. Composition of other receivables Item Closing balance Beginning 95 Rate of Proportion Provisions Proportion of Book balance provisions Book balance of total for NPD total for NPD 1. 2,238,058.58 8.28% 100% 2,238,058.58 32.49% Provisions 14,441,652.31 for NPD with non significant single amounts but with separate provisions 2 Other amounts with similar credit risk 24,798,182.42 91.72% 1,025,014.31 30,003,015.57 features classified by the account age Of which: 22,725,688.14 84.06% 3% 681,770.65 53.57% Within 1 y 23,806,744.47 1－2 y 188,232.74 0.69% 10% 18,823.27 2.73% 1,214,651.42 2－3 y 1,048,638.40 3.88% 15% 157,295.76 8.80% 3,909,313.54 Over 3 y 835,623.14 3.09% 20% 167,124.63 2.41% 1,072,306.14 Total 27,036,241.00 100% 3,263,072.89 44,444,667.88 100% 2. Other receivable for which full or large proportion of provisions was made in the previous year but which are fully or partially recovered this year Amount of Original Rationality of recovery or debt Recover Item estimated originally estimated to be method provision rate provision rate restructured Ningbo Tiangbang Full 100% 8,277,955.92 Rationale Feedstuff Co., Ltd. recovery Hangzhou Qingyun Fiber Partially 100% 2,141,526.26 Rationale Group Co., Ltd. recovered Hongkong Yizhi Group Partially 100% 973,421.03 Rationale Co., Ltd. recovered Partially 100% Liu Youjun 778,736.82 Rationale recovered Ningbo Tianbang Co., Full 100% 47,952.00 Rationale Ltd. recovery 96 Total 12,219,592.03 3. Explanation to the full provisions for NPD or 40% or more provisions for NPD in the current year Name of debtor Debt Provision Cause amount rate Changzhou Yunyou 836.86 100% Fail to Commodity Co., Ltd. contact the other party Original Dajiang Stock 15,161.44 100% Liquidated Co., Ltd. dining hall and closed down Total 15,998.30 4. In the closing other receivable from the shareholding units with more than 5%( including 5%) of the company’s shares with voting rights, the debt is: RMB200,420. Refer to notes 7 for details. 5. Top 5 debtors in the closing other receivable Nature or Proportion of other Rank of debtors Amount Age content receivables Top 1 Current 3,200,000.00 2-3 y 11.84% account Top 2 Deposit 960,000.00 Over 3 y 3.55% Top 3 Current 779,355.00 Over 3 y 2.88% account Top 4 Current 410,234.76 Over 3 y 1.52% account Top 5 Current 292,498.43 Over 3 y 1.08% account 6. Other receivable from the related parties accounts for 0.76％ of the total other receivable. Refer to Notes 7 for details. 7. The closing balance of other receivables decreased by RMB 17,408,426.88, an increase of 39.1% compared with the beginning balance. The main reason for this is that the company received the payment of RMB 8,258,236.42 within the current year from Shanghai Tianbang Feedstuff Co., Ltd. and the payment of RMB 6,000,000.00 from Hangzhou Qingyun Holding Group Co., Ltd. Zhiyi Group Co., Ltd. and Liu Youjun against the transfer price of the equity of Hangzhou Dajiang. (5) Prepayments 1. Account age analysis 97 Closing balance Beginning balance Account age Proportion of Proportion of Amount Amount total total Within 1 y 26,472,946.65 64.16% 27,798,715.62 100% 1－2 y 14,789,708.06 35.84% --- --- Total 41,262,654.71 100% 27,798,715.62 100% 2. Significant prepayments over 1 year of account age Item Amount Cause for untimely settlement Shanghai Building Land 10,790,160.00 Not obtain the right to use the Resources Administration land Bureau Shanghai Songjian District 3,708,388.00 Not obtain the right to use the Building Land Administration land Bureau 3. No debt in the closing prepayment from the shareholding units with more than 5%(including 5%) of the company’s shares with voting rights 4 The closing balance of prepayments increased by RMB13,463,939.09 compared with the beginning balance, an increase of 48.43％. The main reason for this is that the subsidiaries Shanghai Dajiang Meat Product No. IV Plant, Songjiang District Tahui Chicken Farm made the prepayments of the state land transfer. (VI) Inventories and inventory impairment provisions Closing balance Beginning balance Item Impairment Impairment Book balance Book balance provisions provisions Raw 36,141,147.54 2,398,851.09 materials 45,896,530.74 2,620,342.75 Work in 1,644,326.63 --- --- progress 10,795,001.16 Finished 97,282,975.46 194,467.07 product 45,159,815.38 11,212,174.48 Materials 5,060,698.33 1,634,855.85 4,895,417.09 on cycle 1,645,805.03 Development 28,897,150.30 --- 258,468,754.06 --- cost Total 169,026,298.26 4,228,174.01 365,215,518.43 15,478,322.26 1. Inventories impairment provisions Inventory Beginning Provision Decrease of the current Closing book type book balance in the year balance 98 current Reverse Written off year 1. Raw 221,491.66 2,398,851.09 --- --- materials 2,620,342.75 2. 194,467.07 11,212,174.48 194,467.07 Finished --- product 11,212,174.48 3. 10,949.18 1,634,855.85 Materials --- --- on cycle 1,645,805.03 Total 15,478,322.26 194,467.07 --- 11,444,615.32 4,228,174.01 The inventory impairment provisions for the gap between the cost and the realizable net value in the closing inventories: the basis of determination is: during the operation, the value resulting from the estimated sale price less the estimated completion cost and the necessary expected sale expenses. 2. Closing balance of the inventories decreased by 96,189,220.17 compared with the beginning balance, a decrease of 53.72％. The main cause for the change is that: Dajiangyuan” project of the subsidiary Shanghai Songjiang Xincheng Dongbu Real Estate Development Co., Ltd. “enters the stage of delivery and realizes the sales. (7) Long-term equity investment Closing balance Beginning balance Impairment Impairment Book balance Book balance provisions provisions 120,123,866.95 1,229,623.23 151,900,562.13 16,820,309.97 1. Main information of the invested entities 99 Proportion Shareho of voting lding rights of the proport Total income said Total net Name of the Registered Business ion of form main Net profit in enterprise asset of the invested entities place nature the business in 2007 taking up year-end said 2007 that of the enterpr invested ise entity Changjiang Economic No. 1500, Development Co., Ltd. Century 1,676,532,3 1,920,809,2 79,732,106.4 Industry 0.77% 0.77% Avenue, 39.96 96.36 3 Shanghai Shanghai Shenyinw No. 171, Investment & Wanguo 1,092,168,3 12,460,701, 5,623,041,97 Shangshu Road, on 0.77% 0.77% Securities Co., 20.40 995 0.94 Ltd. Shanghai securities Floor 4, No. Investment Shanghai Baoding 406,198,922 111,051,184. 180, Xinchang on 0.09% 0.09% --- Investment Co., .76 43 Ltd. Road, Shanghai securities Investment , No. 5, Export management Processing and 492,717,269 5,298,336.0 -1,605,284.8 Shanghai Songjiang Zone III, 3.02% 3.02% Export Processing warehouse .52 0 3 Songjiang, Zone Haixin of Construction and Shanghai municipal Development Co., Ltd. facilities Shanghai Xijiao Room 410, No. International 1288, Huateng Trade of Farming Products 300,000,000 Trading Co., Ltd. Road, Huaxin agricultur 15.00% 15.00% --- --- .00 Town, Qingpu al products District Chezhan South Shandong Huping Road, Sales of 1,121,852.6 Mugongshang Union 50.00% 50.00% --- --- Pingyuan, feed 5 Company Shangdong 100 2. Long-term equity investment measured by employing cost method Investment Beginning Closing Name of invested Initial increase/dec book book unit amount rease in the balance balance current year Changjiang 7,000,00 7,000,000. --- 7,000,000. Economic 0.00 00 00 Development Co., Ltd. Shanghai 51,250.0 51,250.000 --- 51,250.000 Shenyinw & 00.00 .00 .00 Wanguo Securities Co., Ltd. Shanghai 62,500.0 62,500.00 --- 62,500.00 Baoding 0 Investment Co., Ltd. Shanghai 15,000,0 15,000,000 --- 15,000,000 Songjiang 00.00 .00 .00 Export Processing Zone Haixin Construction and Development Co., Ltd. Shanghai 31,776,6 31,776,695 -31,776,695. --- Huayuan Life 95.18 .18 18 Science Co., Ltd. Shanghai Xijiao 45,000,0 45,000,000 --- 45,000,000 International 00.00 .00 .00 Farming Products Trading Co., Ltd. Total 150,089, 150,089,19 -31,776,695. 118,312,50 195.18 5.18 18 0.00 3. Long-term equity investment measured by employing equity method Equity increase/de Name of Initial Beginning Closing crease in invested unit amount balance balance the current year Joint ventures 101 Shandong 3,000,000.00 1,229,623. --- 1,229,62 Jining 23 3.23 Dajiang Mugongshang Company Shandong 400,000.00 581,743.72 --- 581,743. Huping 72 Mugongshang Union Company 3,400,000.00 1,811,366. --- 1,811,36 Total 95 6.95 4. Impairment provision for long-term equity investment Increase Decrease Beginning of the of the Closing Cause for Name of invested unit balance current current balance impairment year year Shandong Jining Dajiang 1,229,623.2 --- --- 1,229,623 Poor Mugongshang Company 3 .23 management , significan t losses incurred, causing the shutdown of the company Shanghai Huayuan Life 15,590,686. 15,590,686 --- --- Science Co., Ltd. 74 .74 16,820,309. 15,590,686 1,229,623 Total --- 97 .74 .23 (8)Investment real estate Increase of Decrease of Beginning Closing Item the current the current balance balance yea year I. Total original price 46,966,326.97 --- --- 46,966,326.97 Buildings leased 46,966,326.97 --- --- 46,966,326.97 II. Total accumulative 14,641,359.05 2,113,484.76 --- 16,754,843.81 depreciation or accumulative amortization Buildings leased 14,641,359.05 2,113,484.76 --- 16,754,843.81 III. Total book value of 32,324,967.92 --- 2,113,484.76 30,211,483.16 investment real estate Buildings leased 32,324,967.92 --- 2,113,484.76 30,211,483.16 (9) Original price of fixed assets and accumulative depreciation 1. Original price of fixed assets 102 Original Original price at the Increase of Decrease of price at the beginning of the current the current end of the Types the year year year year Buildings and 253,593,063. 42,131,131.8 211,844,614. 382,683.07 structures 11 7 31 Machinery and 294,491,307. 51,029,551.1 246,356,635. 2,894,878.63 equipment 92 2 43 Transportation 14,264,749.0 11,480,251.0 1,090,404.53 3,874,902.59 equipment 7 1 57,283,448.1 13,038,649.2 44,543,215.1 Others 298,416.32 2 8 6 619,632,568. 110,074,234. 514,224,715. Total 4,666,382.55 22 86 91 Of which: The amount transferred from construction in progress into the original price of fixed assets at the end of the year is RMB 235,511.90. The original price of fixed assets for pledges and guarantee is RMB 140,572,417.20. 2. Accumulative depreciation Increase of Decrease of Beginning the current the current Closing Types balance year year balance Buildings and 153,630,206.3 31,966,020.2 129,640,199.8 structures 7 7,976,013.73 9 1 Machinery and 216,520,639.9 35,211,449.3 187,560,110.4 equipment 6 6,250,919.86 4 8 Transportatio n equipment 9,179,490.01 449,170.25 2,194,027.07 7,434,633.19 11,240,291.8 Others 46,342,598.00 1,247,623.95 2 36,349,930.13 425,672,934.3 15,923,727.7 80,611,788.5 360,984,873.6 Total 4 9 2 1 3. Impairment provisions for fixed assets Increase of the Decrease of Beginning current the current Closing Types balance year year balance Buildings and 11,886,188.3 --- structures 3 6,965,337.69 4,920,850.64 Machinery and 41,479,009.7 28,347,530.2 --- equipment 6 13,131,479.53 3 Transportatio --- --- n equipment 4,070.00 4,070.00 103 Others 3,910,107.29 --- 589,862.25 3,320,245.04 57,279,375.3 36,592,695.9 Total --- 8 20,686,679.47 1 Notes: The cause for the decrease of impairment provisions for fixed assets is that the company disposed of part of the fixed assets and transfers out the relevant impairment provisions for fixed assets. 4. Book value of fixed assets Increase of Decrease of Beginning the current the current Closing Types balance year year balance Buildings and 11,175,787. structures 88,076,668.41 382,683.07 62 77,283,563.86 Machinery and 2,894,878.6 8,937,542.1 equipment 36,491,658.20 3 1 30,448,994.72 Transportation 1,090,404.5 2,130,045.7 equipment 5,081,189.06 3 7 4,041,547.82 2,456,119.1 Others 7,030,742.83 298,416.32 6 4,873,039.99 4,666,382.5 24,699,494. 116,647,146.3 Total 136,680,258.50 5 66 9 5. Temporarily idle fixed assets Original Original book Accumulative Impairment Types net book value depreciation provisions value Buildings and 103,491,628. 65,307,156.4 4,920,850.64 33,263,621. structures 97 1 92 Machinery and 44,342,053.2 34,155,126.9 7,846,349.16 2,340,577.1 equipment 5 4 5 Transportati 4,215,737.70 3,607,190.72 4,070.00 604,476.98 on equipment Other 21,005,362.4 17,698,319.7 3,256,280.96 50,761.76 equipment 7 5 Total 173,054,782. 120,767,793. 16,027,550.7 36,259,437. 39 82 6 81 6. The fixed assets for which property rights have not been handled Accumulativ Impairmen Original e t Original net Cause for not handling Types book value depreciatio provision book value the property right n s Buildings and 85,810,344.2 65,540,405.6 4,920,850. 15,349,088.0 The land belongs to 104 structures 3 5 57 1 the collective entity and the state land transfer has not been handled. (10) Construction in progress Decrease of the Predict current year ed proport Increas Sour Beginni ion of Name of Budget e of the Transferre Closing ce of ng Other the project amount current d into balance fund balance decrea constru year fixed s se ction in assets progres s Shanghai 630,000. 695,107 254,799 --- --- 949,907 Self 151% Dajiang 00 .39 .91 .30 -rai Meat sing Product Co., Ltd. Sewage modificat ion project Shanghai 4,994,72 1,956,3 --- --- --- 1,956,3 Self 39% Shende 0.00 25.50 25.50 -rai Machinery sing Co., Ltd. Vacuum furnace project Shanghai 2,560,00 202,796 --- 202,796.9 --- --- Self Shende 0.00 .90 0 -rai Machinery sing Co., Ltd. Digital machine tool project Shanghai 8,812,50 --- 4,005,6 --- --- 4,005,6 Self 45% Dajiang 0.00 42.03 42.03 -rai Meat sing Product No. Iv Plant 105 Decrease of the Predict current year ed proport Increas Sour Beginni ion of Name of Budget e of the Transferre Closing ce of ng Other the project amount current d into balance fund balance decrea constru year fixed s se ction in assets progres s Main workshop modificat ion project Other --- 209,433 434,736 32,715.00 52,233 559,221 Self --- Piece .38 .60 .38 .60 -rai meal sing project 3,063,6 4,695,1 235,511.9 52,233 7,471,0 Total 63.17 78.54 0 .38 96.43 1. Impairment for construction in progress Name of project Beginning Increase/ balance Decrease Closing Cause for of the balance impairment current year Shende Machinery 1,956,325. --- 1,956,325. Imported Co., Ltd. Vacuum 50 50 used furnace project equipment, modificatio n period exceeding 3 years Other piecemeal 175,200.00 --- 175,200.00 Project project suspension for over 3 years Total 2,131,525. --- 2,131,525. 50 50 2. The closing balance in the construction in progress increased by RMB 4,407,433.26, an increase of 143.86%, compared with the beginning balance. The reason for the major change is that in the current year, Shanghai Dajiang Meat Product No IV Plant is under modification and transfers into the construction in progress. 106 (11) Intangible assets 1. Original price of intangible assets Original Original Increase price at Item price at the in 2007 the year-begin year-end Dajiang Brand 40,000,000.00 --- 40,000,000. 00 Right to use Tongzhiguan Building 6,000,000.00 --- 6,000,000.0 0 Shanghai Dajiang Meat Product No. 2 Plant 9,475,025.40 --- 9,475,025.4 right to use the land 0 Shanghai Dajiang Meat Product No. 6 Plant 8,413,829.00 --- 8,413,829.0 Co., Ltd. right to use the land 0 Shanghai Shende Machinery Co., Ltd. Right 1,743,145.50 2,107,521. 3,850,666.5 to use the land 00 0 Zaoyang Dajiang Poultry Co., Ltd. Right to 4,029,850.00 --- 4,029,850.0 use the land 0 Shanghai Dajiang Feedstuff Co., Ltd. Right 9,817,547.01 --- 9,817,547.0 to use the land 1 Right to use the land of No.26, 28 of Guyang 2,781,013.50 --- 2,781,013.5 South Road of Songjiang District of 0 Shanghai Right to use the land of No.100 of Huancheng --- 2,588,338. 2,588,338.5 Road of Songjiang District of Shanghai 50 0 82,260,410.41 4,695,859. 86,956,269. Total 50 91 Of which: the original price of intangible assets used for pledges and guarantee is RMB 38, 748,687.31. 2. Accumulated amortization Balance at Amortizatio Decrease Balance at Item the n in 2007 in 2007 the year-end year-begin Dajiang Brand 26,500,000.0 2,000,000.00 --- 28,500,000.00 0 Right to use Tongzhiguan Building 1,320,000.00 120,000.00 --- 1,440,000.00 Shanghai Dajiang Meat Product No. 2 1,124,372.41 169,700.44 --- 1,294,072.85 Plant right to use the land Shanghai Dajiang Meat Product No. 6 975,382.80 168,276.58 --- 1,143,659.38 Plant Co., Ltd. right to use the land Shanghai Shende Machinery Co., Ltd. 944,204.03 68,733.27 --- 1,012,937.30 Right to use the land Zaoyang Dajiang Poultry Co., Ltd. 295,522.46 80,597.04 --- 376,119.50 Right to use the land Shanghai Dajiang Feedstuff Co., Ltd. 295,962.30 197,308.20 --- 493,270.50 Right to use the land Right to use the land of No.26, 28 of --- 104,700.00 --- 104,700.00 107 Guyang South Road of Songjiang District of Shanghai Right to use the land of No.100 of --- 51,766.77 --- 51,766.77 Huancheng Road of Songjiang District of Shanghai 31,455,444.0 2,961,082.30 --- 34,416,526.30 Total 0 3. Book value of intangible assets Balance at Increase Decrease Balance at The rest term Name of item the in 2007 in 2007 the for year-begin year-end amortization Dajiang Brand 13,500,000.0 --- 2,000,000. 11,500,00.00 5 years and 4 0 00 months Right to use Tongzhiguan Building 4,680,000.00 --- 120,000.00 4,560,000.00 39 years Shanghai Dajiang Meat Product No. 8,350,652.99 --- 169,700.4 8,180,952.5 48 years 2 Plant right to use the land 4 5 Shanghai Dajiang Meat Product No. 7,438,446.20 --- 168,276.5 7,270,169.6 23 years and 6 Plant Co., Ltd. right to use the 8 2 11 months land Shanghai Shende Machinery Co., 798,941.47 2,107,521.0 68,733.27 2,837,729.20 49 years and 6 Ltd. Right to use the land 0 months Zaoyang Dajiang Poultry Co., Ltd. 3,734,327.54 --- 80,597.04 3,653,730.5 43 years and 9 Right to use the land 0 months Shanghai Dajiang Feedstuff Co., 9,521,584.71 --- 197,308.2 9,324,276.5 47 years and 2 Ltd. Right to use the land 0 1 months Right to use the land of No.26, 28 2,781,013.50 --- 104,700.0 2,676,313.5 37 years and 1 of Guyang South Road of Songjiang 0 0 month District of Shanghai Right to use the land of No.100 of --- 2,588,338.5 51,766.77 2,536,571.73 49 years Huancheng Road of Songjiang 0 District of Shanghai Total 50,804,966.4 4,695,859.5 2,961,082. 52,539,743.6 1 0 30 1 (12) Long-term expenses to be apportioned Item Original Balance at Increase Amortiza Decrea Accumula Balance The rest occurred the in 2007 tion in se in ted at the term for amount year-begi 2007 2007 amortiza year-end amortizati n tion on Jindie Finance 346,000. --- 346,000. 69,200.0 --- 69,200.0 276,800. 4 years Software 00 00 0 0 00 Organization 6,150,86 1,988,218 --- 1,988,21 --- 6,150,86 --- expenses 1.71 .12 8.12 1.71 Total 6,496,86 1,988,218 346,000. 2,057,41 6,220,06 276,800. 1.71 .12 00 8.12 1.71 00 (13) Short-term loans 108 Beginning Types of loans Closing balance balance Loans against pledges 46,000,000.00 34,000,000.00 Loans against mortgage 17,000,000.00 197,500,000.00 Loans against guarantee 273,000,000.00 120,500,000.00 Total 336,000,000.00 352,000,000.00 (14) Accounts payable Beginning Closing balance balance 66,859,056.10 97,566,302.87 1. No accounts payable in the closing accounts payable to the shareholding units with more than 5% (including 5%) of the company’s shares with voting rights 2. No accounts payable to the related parties in the closing balance 3. The closing balance of the accounts payable decreased by 30,707,246.77, a decrease of 31.47％ compared with the beginning balance. The reason for the main change is that the subsidiary Shanghai Songjiang Xincheng Dongbu Real Estate Development Co., Ltd. made a lot of payments for projects within the current year. (15) Advance receipts Beginning Closing balance balance 23,178,657.84 67,470,097.63 1. No advance receipts in the closing balance from the shareholding units with more than 5% (including 5%) of the company’s shares with voting rights 2. No advance receipts from the related parties in the closing balance. 3. The closing balance of the advance receipts decreased by 44,291,439.79, a decrease of 65.65％ compared with the beginning balance. The main reason for the main change is that the subsidiary Shanghai Songjiang Xincheng Dongbu Real Estate Development Co., Ltd. carries the advance receipts over into operation revenue. 109 (16) Employee compensation payable 1. Employee compensation payable Item Beginning Increase of Decrease of Closing balance the current the current balance year year I. Wages, bonuses, 6,985,529.19 19,486,924.40 21,563,758.12 4,908,695.47 allowances and subsidies for the employees II. Welfare expenses for 4,558,855.72 3,100,368.18 6,332,048.08 1,327,175.82 the employees III. Social insurances --- 4,357,431.95 4,357,431.95 --- IV. Housing accumulation --- 1,086,773.74 1,086,773.74 --- fund V. Labor union 79,304.38 136,055.46 136,055.46 79,304.38 expenditure and employee education expenses VI. Compensations for the --- 669,825.00 669,825.00 --- cancellation of the labor relationship with the employees Total 11,623,689.29 28,837,378.73 34,145,892.35 6,315,175.67 2. The closing balance of employee compensation payable decreased by 5,308,513.62, a decrease of 45.67％ compared with the beginning balance. The reason for the main change is that: the company reserves the welfare expenses for which provisions were made in the previous years as specified. (17) Dividend payable Name of investors or category Unpaid dividend at the end of the year Dividend distributed in the previous 49,887.50 years not received (18) Taxes payable Type of taxes Closing balance Beginning Statutory tax rate balance implemented for the current year VAT -158,765,505.7 -162,078,290.8 13％. 17％ 2 8 Excise tax 1,748,371.85 -653,399.80 5％ Urban construction 24,706.60 1,993.11 At 1%-7% of the tax circulation tax Enterprise income 13,020,674.81 3,657,077.69 27％. 33％ 110 tax Income tax -6,689.56 47,761.19 Land VAT 281,983.83 -166,895.08 1％ Miscellaneous 222,108.79 444,697.74 Total -143,474,349.4 -158,747,056.0 0 3 (19) Interests payable Item Closing balance Beginning balance Loan interest of financial 646,179.50 793,956.04 institutions (20) Other payable Beginning Item Closing balance balance 130,721,298.75 162,136,450.89 1. No other payable in the closing balance payable to the shareholding units with more than 5% (including 5%) of the company’s shares with voting rights. 2. In the closing balance, other payable to the related parties is RMB 19.30million. Refer to Notes 7 for details. 3. Other payable with significant amount Name of client Amount Nature or content Shanghai Rongtou Construction 16,854,586.54 Project Development Co., Ltd. current account Shanghai Fuyang Property 3,900,000.00 Guarantee Consultation Co., Ltd. for sale (21) Non-current liabilities due within a year Beginning Closing balance Item balance Long-term loans --- 107,000,000.00 Long-term loans due within a year Condition Curren s for the Closing Beginning Loaning unit cy loan balance balance Shanghai Songjiang RMB Loans --- 107,000,000.00 Xincheng Dongbu Real against 111 Estate Development Co., mortgage Ltd. Notes: The subsidiary Shanghai Songjiang Xincheng Dongbu Real Estate Development Co., Ltd. returned the bank loan of RMB 107,000,000.00 in the current year. (22) Long-term loans Conditions Currenc Beginning Loaning unit for the Closing balance y balance loan Shanghai Dajiang RMB Mortgage 7,000,000.00 10,000,000.0 Feedstuff Co., Ltd. 0 Total Notes: The closing balance of the long-term loans decreased by 3 million, a decrease of 30%, compared with the beginning balance. The reason for the change is that the company returned a bank loan of 3 million as specified in the loan contract in the current year. (23) Long-term accounts payable Payment Closing Beginning Type period balance balance Exchange gain In August 3,035,445. 3,035,445. during start-up 2017 29 29 periods (24) Share Capital Change in the current year Increase Beginning balance Closing balance (+)Decrease(－) Issu Transf ing Item Bonus erred Prop Proport of Other Subtota Amount share from Amount orti ion％ new s l s reserv on％ shar es es 1. Shares with conditional subscription (1). Other 17,159,9 2.54% --- --- --- -17,1 -17,159 --- --- domestic 40.00 59,94 ,940.00 shares 0.00 Of which: 17,159,9 2.54% --- --- --- -17,1 -17,159 --- --- Non-government 40.00 59,94 ,940.00 domestic legal 0.00 person shares 112 (2). Share 278,950, 41.25% --- --- --- --- --- 278,950, 41.2 held by foreign 848.00 848.00 5% investors Of which: Shares held by 278,950, 41.25% --- --- --- --- --- 278,950, 41.2 foreign legal 848.00 848.00 5% persons Total shares 296,110, 43.79% --- --- --- -17,1 -17,159 278,950, 41.2 with 788.00 59,94 ,940.00 848.00 5% conditional 0.00 subscription 2. Shares with unconditional subscription (1). Ordinary 33,462,0 4.95% --- --- --- 17,15 17,159, 50,622,0 7.49 shares in RMB 60.00 9,940 940.00 00.00 % .00 (2). Foreign 346,732, 51.26% --- --- --- --- --- 346,732, 51.2 shares in 848.00 848.00 7% overseas market Total shares 380,194, 56.21% --- --- --- 17,15 17,159, 397,354, 58.7 with 908.00 9,940 940.00 848.00 5% unconditional .00 subscription 3. Total of 676,305, 100% --- --- --- --- --- 676,305, 100% capital shares 696.00 696.00 (25) Capital reserves Item Balance at the Balance at the Increase/dec Balance at year-begin year-begin rease in 2007 the year-end before after adjustment adjustment Share premium 26,063,263.03 26,063,263.03 --- 26,063,263.0 3 Other capital 210,095,313.10 210,095,313.10 -1,560,846.0 208,534,467. reserves 0 10 Total 236,158,576.13 236,158,576.13 -1,560,846.0 234,597,730. 0 13 The cause for the decrease in the capital reserves in the current year is the result of : the purchase of 45% minority equity of the subsidiary Songjiang Tahui Chicken Farm and the difference between the payment of the purchase price and the amount calculated at 45% of the carrying values of the net assets on the date of purchase. (26) Surplus reserves 113 Item Beginning Adjustment Beginning Increas Decreas Closing balance amount balance e of the e of the balance before after the current current adjustment adjustment year year Statutory 97,370,342. -19,620,60 77,749,737. --- --- 77,749,737. surplus 74 5.25 49 49 reserves (27) Retained profit Item Amount Proportion of withdrawal or distribution Retained profit at he year-begin before -794,060,435.0 --- adjustment 0 Adjustment of the retained profit at the 7,059,420.38 --- year-begin (+ for increase, ﹣for decrease) Retained profit at he year-begin after -787,001,014.6 --- adjustment 2 Add: net profit in 2007 27,317,002.47 --- Less: withdrawal statutory surplus --- --- reserves Withdrawal staff and workers’ bonus 1,092,003.70 8％ and welfare fund Retained profit at the year-end -760,776,015.8 --- 5 The retained profit at the year-begin was adjusted by RMB 7,059,420.38, including: 1. The long-term equity investment difference was made a retroactive adjustment according to Accounting Standard for Business Enterprises, which affected retained profit at the year-begin by RMB 5,224,738.76. 2. The difference of A share and B Share was adjusted according to Interpretation No. 1 to Accounting Standard for Business Enterprises, which affected the retained profit at the year-begin by RMB 1,916,446.53. 3. The uncertain investment loss was made a retroactive adjustment according to Accounting Standard for Business Enterprises, which affected the retained profit at the year-begin by RMB 1,916,446.53. 4. The surplus reserves were made a retroactive adjustment according to Accounting Standard for Business Enterprises, which affected the retained profit at the year-begin by RMB 19,620,605.25. 114 (28) Income from main operation and cost of main operation Amount incurred in the current year Amount incurred in the previous year Item Major Other Major Other Subtotal Subtotal business business business business Income 947,475,330. 26,295,360 973,770,690. 770,673,918 15,640,426 786,314,34 from main 40 .09 49 .54 .86 5.40 operation Cost of 788,307,248. 22,236,919 810,544,167. 682,750,540 20,923,988 703,674,52 main 11 .71 82 .29 .30 8.59 operation Operating 159,168,082. 4,058,440. 163,226,522. 87,923,378. -5,283,561 82,639,816 profit 29 38 67 25 .44 .81 1. Income from main business and cost of major business listed by business categories Income from main business Cost of major business Amount incurred Amount Amount incurred Amount Item in the current incurred in the in the current incurred in the year previous year year previous year (1) Industry 833,908,154.88 754,671,814.71 758,485,368.47 727,502,380.20 (2) Real estate 197,834,488.00 155,578,088.96 332,127,116.16 248,944,027.93 industry Subtotal 1,166,035,271.04 952,506,302.71 1,007,429,396.40 883,080,469.16 Offset each 218,559,940.64 181,832,384.17 219,122,148.29 200,329,928.87 other within the different departments Total 947,475,330.40 770,673,918.54 788,307,248.11 682,750,540.29 Income from main business and cost of major business listed by product categories Income from main business Cost of major business Amount incurred Amount Amount incurred Amount Item in the current incurred in the in the current incurred in the year previous year year previous year Feedstuff and feedstuff machinery 296,772,330.42 274,515,617.65 253,513,442.66 242,122,726.92 Food 537,135,824.46 480,156,197.06 504,971,925.81 485,379,653.28 Real estate 332,127,116.16 197,834,488.00 248,944,027.93 155,578,088.96 Subtotal 1,166,035,271.04 952,506,302.71 1,007,429,396.40 883,080,469.16 Offset each 218,559,940.64 181,832,384.17 219,122,148.29 200,329,928.87 other within the different departments 115 Total 947,475,330.40 770,673,918.54 788,307,248.11 682,750,540.29 Income from main business and cost of major business listed by regions Income from main business Cost of major business Amount incurred Amount Amount incurred Amount Item in the current incurred in the in the current incurred in the year previous year year previous year Domestic 1,128,999,552.40 923,455,156.50 983,971,062.79 sales income 862,685,851.85 Export sales 37,035,718.64 29,051,146.21 23,458,333.61 income 20,394,617.31 Subtotal 1,166,035,271.04 952,506,302.71 1,007,429,396.40 883,080,469.16 Offset each 218,559,940.64 181,832,384.17 219,122,148.29 200,329,928.87 other within the different departments Total 947,475,330.40 770,673,918.54 788,307,248.11 682,750,540.29 2. The total sales volumes of the top 5 clients are RMB 192,445,551.14, accounting for 19.76% of the total income from main operation. (29) Excise tax and additional expenses Item Tax rate Amount Amount incurred in the incurred in current year the previous year Excise tax 5% of net business 16,994,748.81 10,049,500.05 volume Urban Excise tax. VAT 的 1% 214,727.99 134,173.46 construction tax Educational 2‰ of net business 560,204.41 402,520.40 surtax volume River course 2.5‰ of excise tax, VAT 179,077.79 100,494.99 project maintenance cost Land VAT 1% 3,321,271.16 1,978,344.88 Total 21,270,030.16 12,665,033.78 Excise tax and additional expenses incurred in the current year increased by 8,604,996.38, an increase of 67.94％ compared with the amount incurred in the previous year. The main cause for this increase is that Dajiangyuan Project of the subsidiary Shanghai Songjiang Xincheng Dongbu Real Estate Development Co., Ltd. enters the stage of delivery, with the income recognized, thus increasing the excise tax and the additional expenses. 116 (30) Losses of asset impairment Amount Amount incurred in Item incurred in the the current year previous year 1. Bad account loss -9,953,185.16 -12,301,700.04 2. Inventories 跌价损失 194,467.07 4,047,636.10 3. Loss of long-term equity --- 15,590,686.74 investment impairment 4 Loss of fixed assets --- 310,511.48 impairment Total -9,758,718.09 7,647,134.28 Losses of asset impairment incurred in the current year decreased by 17,405,852.37, a decrease of 227.61% compared with the amount incurred in the previous year. The main cause for this is that the poor management of Shanghai Huayuan Life Science Co., Ltd. in 2006 resulted in significant losses with poor financial status and impairment provision for the long-term equity investment was made. The equity has been transferred in 2007. (31) Investment income Amount Amount incurred in incurred in the current the previous Item or Name of invested unit year year I Equity investment income 145,625.00 134,062.50 Recognized by employing the cost method 145,625.00 134,062.50 1. Income from investment in subsidiaries recognized by employing the cost method --- --- 2. Income from investment in non-subsidiaries recognized by employing the cost method 145,625.00 134,062.50 II Income from disposal of investment -26,836.08 68,770,812.30 1. Investment income from disposal of subsidiaries -3,361,291.23 68,770,812.30 2. Investment income from disposal of non-subsidiaries 3,334,455.15 --- Total 118,788.92 68,904,874.80 117 1. The company has no significant restrictions on investment remittance 2. Investment income amount incurred in the current year decreased by 68,786,085.88, a decrease of 99.83%. The cause for this is that there are more disposals of subsidiaries in the current year than the previous year. (32) Non-operation income Amount Amount incurred incurred in Item in the current the previous year year 1. Total amount of gains 9,217,182.93 8,904,944.26 from disposal of non-current assets Of which: gains from the 9,217,182.93 8,904,944.26 disposal of fixed assets 2. Government subsidies 999,600.47 17,289,831.34 3. Others 2,504,538.92 477,860.19 Total 12,721,322.32 26,672,635.79 The non-operation income incurred in the current year decreased by RMB13,951,313.47, a decrease of 52.31％. The main cause for this is that: there is a dramatic decrease in the government subsidies this year than the previous year. (33) Non-operation expense Amount Amount incurred in incurred in Item the current year the previous year 1．Total loss from the 53,626.93 2,992,148.06 disposal of fixed assets Of which: the loss from the 53,626.93 2,992,148.06 disposal of fixed assets 2．Extraordinary loss 56,302.95 783,237.02 Total 109,929.88 3,775,385.08 The non-operation expense incurred in the current year decreased by RMB3,665,455.20, a decrease of 97.09％. The main cause for this is that: There is less loss from the disposal of fixed assets this year than the previous year. (34) Income tax expense 118 Amount Amount incurred in incurred in Item the current year the previous year The income tax expense 16,792,427.06 9,554,712.90 in the current year (35) Government subsidies 1. Kinds of government subsidies and amount Amount Amount Kinds of incurred in incurred in government the current the previous subsidies year year Subsidies for bird 999,600.47 1,804,731.34 flue Financial discount 905,100.00 income --- Subsidies for 680,000.00 electricity bills --- Compensation for shutdown of 13,800,000.00 chicken farms --- Incentive amount for the famous 100,000.00 trade marks of the city --- Total 999,600.47 17,289,831.34 (36) Notes to the cash flow statements 1. Other cash received and related to the operation activities Amount incurred Main item in the current year Fine for delayed payment received 2,840,000.00 from Ningbo Tianbang Co., Ltd. Loan payment received from Dajiang 7,200,000.00 Commercial Building Loan payment received from Shanghai 19,000,000.00 Luzhou Enterprise Development Co., Ltd. Total 29,040,000.00 2. Other cash paid and related to the operation activities Main item Amount incurred 119 in the current year Debt returned to Dajiang Commercial 5,000,000.00 Building Debt returned to the trade union of 2,330,000.00 Dajiang Stock Co., Ltd Debt returned to Shanghai Xingyuan 8,030,000.00 Enterprise Management Service Co., Ltd. Prepayment of land assignment fee 12,620,000.00 Administration and operation expenses 22,910,000.00 Total 50,890,000.00 3. Supplement to the cash flow statement Amount incurred Item in the current year Net profit 31,726,203.73 Add: asset impairment provisions -9,758,718.09 Fixed assets depreciation, depletion of gas and oil, productive 18,037,212.55 biological asset depreciation Intangible assets amortization 2,961,082.30 Long-term deferred expenses amortization 69,200.00 Loss from disposal of fixed assets, intangible assets and other -9,163,556.00 long-term assets (“-“ for income) Losses on discard of fixed assets (“-“ for income) Losses on change of fair value (“-“ for income) Financial expenses (“-“ for income) 31,843,662.17 Investment losses (“-“ for income) -118,788.92 Deferred income tax assets decrease (“-“ for increase) Deferred income tax liability increase (“-“ for decrease) Inventory decrease (“-“ for increase) 196,189,220.17 Operating receivable decrease (“-“ for increase) -21,582,780.48 Operating payables increase (“-“ for decrease) -114,021,337.27 Others Net cash flow from the operation activities 126,181,400.16 VI. Explanation to the major items in the financial statements of parent company (Unless otherwise specified, the unit of the following amount is RMB and the amount not indicated as beginning balance shall be the closing balance) (1) Accounts receivable 1. Composition of accounts receivable Item Closing balance Beginning balance 120 Rate of Rate of Proportion Provisions Proportion of Book balance provisions Book balance provisions of total for NPD total for NPD for NPD 1. 57,476,116.79 64.66% 100% 57,476,116.79 57,320,349.32 78.95% 100% 5 Provisions for NPD with non significant single amounts but with separate provisions 2 Other amounts with similar credit risk 31,412,770.74 35.34% 959,491.02 15,285,970.22 21.05% features classified by the account age, Of which: 31,168,372.15 35.06% 3% 935,051.16 15,065,308.70 20.75% 3% Within 1 y 1－2 y 244,398.59 0.28% 10% 24,439.86 220,661.52 0.30% 10% 2－3 y --- --- 15% --- --- --- 15% Over 3 y --- --- 20% --- --- --- 20% Total 88,888,887.53 100% 58,435,607.81 72,606,319.54 100% 5 2. Explanation to the full provisions for NPD or 40% or more provisions for NPD in the current year: Name of debtor Debt Provision Cause amount rate Heilongjiang Harbin Kaosai 69,346.04 100% Fail to Husbandry Farm contact the other party Yang Jianxin from Leye Town 62,446.21 100% Fail to Hulan County, Heilongjiang contact the other party Anhui Bengbu Xintai Chemical 17,440.00 100% Fail to Co., Ltd. contact the other party Jiangsu Qidong Yonghe Town 2,000.00 100% Fail to Anping Village Broiler Farm contact the other party Lin Hainong from Sheyang 2,000.00 100% Fail to 121 County, Yancheng, Jiangsu contact the other party Chen Xudong from Jiangsu 1,360.00 100% Fail to Haimen Haixi Broiler Farm contact the other party Cheng Sanmin 830.44 100% Fail to contact the other party Liu Guanghuang from Maoming 194.78 100% Fail to Guangdong contact the other party Beijing Zhongnongmu Trading 150.00 100% Fail to Co., Ltd. contact the other party Total 155,767.47 3. No accounts receivable in the closing accounts receivable from the shareholding units with more than 5% (including 5%) of the company’s shares with voting rights 4. Top 5 debtors in the closing accounts receivable Closing balance Proportion Ranking of of total debtors Amount Age accounts receivable Top 1 8,042,164.8 Within 1 9.05% 1 y Top 2 5,934,665.9 Within 1 6.68% 8 y Top 3 5,094,078.1 Within 1 5.73% 7 y Top 4 4,323,245.2 Over 3 y 4.86% 1 Top 5 3,000,000.0 Within 1 3.38% 0 y (2) Other receivables 1. Composition of other receivables Closing balance Beginning balance Rate of Rate of Proporti Proporti Item provisio Provisions provisio Provisions Book balance on of Book balance on of ns for for NPD ns for for NPD total total NPD NPD 122 1. 13,610,933.37 15.38% 100% 13,610,933. 28,632,857.5 21.83% 100% 28,632,857. Prov 37 0 50 isio ns for NPD with non sign ific ant sing le amou nts but with sepa rate prov isio ns 2. 68,285,895.36 77.10% --- --- 93,794,644.3 71.53% --- --- The 9 rela ted part ies in the cons olid ated rang e 123 3. Othe r amou nts with simi lar cred it 8,706,24 94 6,666,407.50 7.52% 460,264.47 6.64% risk 0.40 feat ures clas sifi ed by the acco unt age Of whic h: 4,813,083.55 5.43% 3% 144,392.50 2,871,491.65 2.19% 3% 86,144.75 With in 1 y 1－2 72,928.20 0.08% 10% 7,292.82 1,095,507.46 0.84% 10% 109,550.75 y 2－3 950,000.00 1.07% 15% 142,500.00 3,908,845.54 2.98% 15% 586,326.83 y Over 830,395.75 0.94% 20% 166,079.15 830,395.75 0.63% 20% 166,079.15 3 y Tota 14,071,197. 131,133,742. 29,580,958. 88,563,236.23 100% 100% l 84 29 98 2 Other receivables for which full or large proportion of provisions was made in the previous year but which are fully or partially recovered this year Amount of Original Rationality of recovery or debt Recover Item estimated originally estimated to be method provision rate provision rate restructured Ningbo Tiangbang Full 8,277,955.92 100% Rationale Feedstuff Co., Ltd. recovery Partiall Hangzhou Qingyun Fiber y 2,141,526.26 100% Rationale Group Co., Ltd. recovere d Hongkong Yizhi Group 973,421.03 Partiall 100% Rationale 124 Co., Ltd. y recovere d Partiall y Liu Youjun 778,736.82 100% Rationale recovere d Ningbo Tianbang Co., Full 47,952.00 100% Rationale Ltd. recovery Partiall Shanghai Dajiang Meat y 5,109,241.36 100% Rationale Product Factory recovere d Partiall Shanghai Dajiang y 170,614.07 100% Rationale Huayang Broiler Farm recovere d Consolidated 17,499,447.46 3. Explanation to the full provisions for NPD or 40% or more provisions for NPD in the current year: Name of debtor Debt amount Provision Cause rate Zaoyang Dajiang Poultry 431,938.81 100% Debtor’s net Co., Ltd. asset is negative Qingpu Yema Bang Chicken 80,226.30 100% Debtor’s net Farm asset is negative Shanghai Dajiang Meat 1,950,196.78 100% Debtor’s net Product Co., Ltd. asset is negative Original Dajiang Stock 15,161.44 100% Liquidated and Co., Ltd. dining hall closed down Total 2,477,523.33 4. In the closing other receivable from the shareholding units with more than 5%( including 5%) of the company’s shares with voting rights, the debt is: RMB200,420. Refer to notes 7 for details. 5 Top 5 debtors in the closing other receivable Nature or Proportion of total Ranking of debtor Amount Age content other receivables Top 1 Current 13,829,748. Within 1 15.62% account 72 y Top 2 Current 9,033,916.3 Within 1 10.20% account 2 y Top 3 Current 3,955,899.9 Within 1 4.47% account 2 y 125 Top 4 Current 2,000,000.0 Within 1 2.26% account 0 y Top 5 Deposit 960,000.00 Within 3 1.08% y 6 The closing balance of other receivables decreased by RMB 42,570,506.06, a decrease of 32.46％compared with the beginning balance. The main reason for this is that the company received the payment of RMB 8,258,236.42 within the current year from Shanghai Tianbang Feedstuff Co., Ltd. and the payment of RMB 6,000,000.00 from Hangzhou Qingyun Holding Group Co., Ltd. Zhiyi Group Co., Ltd. and Liu Youjun against the transfer price of the equity of Hangzhou Dajiang. (3) Long-term equity investment Closing balance Beginning balance Impairment Impairment Book balance Book balance provisions provisions 373,688,358.63 1,229,623.23 389,884,108.69 16,820,309.97 1. Main information of the invested companies Proportion of Sharehol voting rights ding of the said Total income Name of the proporti Total net Registered Business enterprise form main Net profit in invested on of the asset of the place nature taking up that business in 2007 entities said year-end of the 2007 enterpri invested se entity Changjiang No. 1500, Economic Century 1,676,532,3 1,920,809,296 79,732,106.4 Industry 0.77% 0.77% Development Avenue, 39.96 .36 3 Co., Ltd. Shanghai Shanghai Shenyin & No. 171, Investment 1,092,168,3 12,460,701,99 5,623,041,97 Wanguo Changshu on 0.77% 0.77% 20.40 4.53 0.94 Securities Road securities Co., Ltd. Shanghai Floor 4，No. Baoding 180, Investment 406,198,922 111,051,184. Investment Xinchang on 0.09% 0.09% --- .76 43 Co., Ltd. Road, securities Shanghai Shanghai No. 5, Investment, 3.02% 3.02% 492,717,269 5,298,336.00 -1,605,284.8 126 Proportion of Sharehol voting rights ding of the said Total income Name of the proporti Total net Registered Business enterprise form main Net profit in invested on of the asset of the place nature taking up that business in 2007 entities said year-end of the 2007 enterpri invested se entity Songjiang Export management .52 3 Export Processing and Processing Zone, warehouse of Zone Haixin Songjiang, municipal Construction Shanghai facilities and Development Co., Ltd. Shanghai Room 410, Xijiao No. 1288, International Huateng Trade of 300,000,000 Farming Road, agricultural 15.00% 15.00% --- --- .00 Products Huaxin products Trading Co., Town, Ltd. Qingpu Shandong Chezhan Huping South Road, 1,121,852.6 Sales of feed 50.00% 50.00% --- --- Mugongshang Pingyuan, 5 Union Company Shandong Changzhou No. 2, Dajiang Jichang Production Livestock and 19,469,697. 122,077,496.5 South Road, and sales of 94.40% 94.40% 2,926,315.84 Poultry 92 7 Changzhou, feed Feedstuff Jiangsu Company Songjiang Xinqian Livestock District Tahui Village, feeding of 3,531,453.3 Chicken Farm Litahui breeder of 100.00% 100.00% 500,000.00 418,521.98 2 Town, parent Songjiang generation Qingpu Liuyang Liuyang Meat Poultry Village, Broiders 13,015,925. Farm Xiaozheng 100.00% 100.00% --- -213,457.94 feeding 72 Town, Qingpu Qingpu Baowei Broiders 100.00% 100.00% 5,985,963.2 --- -243,728.02 127 Proportion of Sharehol voting rights ding of the said Total income Name of the proporti Total net Registered Business enterprise form main Net profit in invested on of the asset of the place nature taking up that business in 2007 entities said year-end of the 2007 enterpri invested se entity Shenxiang Village, feeding 1 Baowei Chicken Shenxiang Farm Town, Qingpu Qingpu Xinjing Shengang Village, Broiders 6,416,318.6 Xinjing Meat Shenxiang 100.00% 100.00% --- -219,872.40 feeding 1 Chicken Farm Town, Qingpu Qingpu Songze Zhaoxiang Village, Broiders 4,167,938.7 Songze Meat Shenxiang 100.00% 100.00% --- -222,011.25 feeding 1 Chicken Farm Town, Qingpu Qingpu County Gushi Gushi Meat Village, Broiders 18,291,776. Poultry Farm Industrial 100.00% 100.00% --- --- feeding 01 Zone, Qingpu Shanghai No. 788, Dajiang Meat Yushu Road, Meat 6,646,152.6 196,020,816.2 -4,952,713.0 85.00% 85.00% Product No. II Songjiang, processing 6 1 9 Plant Shanghai Shanghai Nanhengjing Dajiang Meat , Meat 27,858,458. Product No. IV Tianmashan 90.00% 90.00% 3,320,558.18 2,063,432.20 processing 56 Plant Town, Songjiang Shanghai No. 2288, Production Shende Ledong 44,448,941. and sales of 75.00% 75.00% 89,690,634.97 9,922,370.93 Machinery Co., Road, 28 feed machine Ltd. Songjiang Yemabang Livestock Qingpu Yema Huancheng feeding of -1,039,267. Bang Chicken 50.00% 50.00% --- -71,806.60 Village, breeder of 62 Farm Qingpu ancestor 128 Proportion of Sharehol voting rights ding of the said Total income Name of the proporti Total net Registered Business enterprise form main Net profit in invested on of the asset of the place nature taking up that business in 2007 entities said year-end of the 2007 enterpri invested se entity generation Shanghai Livestock Dajiang Tianma Tianma feeding of 17,124,377. Poultry Town, breeder of 50.00% 50.00% 37,926.00 663,747.65 70 Breeding Farm Songjiang parent generation Zaoyang No. 18, Dajiang Taoyuan Livestock, -8,602,222. Poultry Co., Road, feed and 95.00% 95.00% --- -132,244.49 00 Ltd. Zaoyang, chicken Hubei Shanghai No. 278, Production Dajiang Meat Yushu Road, 11,880,989. and sales of 49% 49% 1,500,000.00 177,347.41 Product No. VI Songjiang, 35 meat product Plant Co., Ltd Shanghai Shanghai Floor 5, No. Development Dajiang Real 166, Guyang and transfer 61,568,419 332,132,366.1 23,837,110.0 100.00% 100.00% Estate Co., North Road, of real .98 6 3 Ltd. Songjiang estate Shanghai Room 206, Dajiang Building 6, Production Feedstuff Co., No. 26, 16,304,892. and sales of 100.00% 100.00% 69,423,343.27 -430,344.20 Ltd. Guyang 33 feed South Road, Songjiang Shanghai Handi Huachang Development Property Road, and Development Beisong operation of 18,000,000. 100.00% 100.00% --- --- Co., Ltd. Road, real estate, 00 Songjiang, property Shanghai management Shanghai No. 5398, Development Dajiang Shenzhuan and 18,000,000. Kechuang Road, 100.00% 100.00% --- --- operation of 00 Property Co., Dongjing real estate Ltd. Town, 129 Proportion of Sharehol voting rights ding of the said Total income Name of the proporti Total net Registered Business enterprise form main Net profit in invested on of the asset of the place nature taking up that business in 2007 entities said year-end of the 2007 enterpri invested se entity Songjiang, Shanghai Shanghai Floor 11, Development Yanglei No. 166, and 28,187,730. Property Co., Guyang 97.73% 97.73% --- --- operation of 48 Ltd. North Road, real estate Songjiang Shanghai Floor 11, Dajiang Asset No. 166, Investment 10,002,246. Operation Co., Guyang and asset 95.00% 95.00% --- 2,246.10 10 Ltd. North Road, management Songjiang Shanghai Luwan Sales of Dajiang quick-frozen Luwan, Foodstuff packing food 40.00% 40.00% 530,926.91 23,608,446.74 -32,883.25 Shanghai Office and meat product Shanghai East of Dajiang Pujiang Production Aquatic Bridge, and sales of 99.50% 99.50% 421,116.11 29,982,020.80 778,567.22 Feedstuff Chedun feed Technological Town, Co., Ltd. Songjiang 2. Long-term equity investment measured by employing cost method Investmen t increase/ Beginning Closing Initial decrease Name of invested unit Book Book amount in the balance balance current year Changjiang Economic 7,000,000 7,000,000 --- 7,000,000 Development Co., .00 .00 .00 Ltd. 130 Shanghai Shenyinw & 51,250,00 51,250,00 --- 51,250,00 Wanguo Securities 0.00 0.00 0.00 Co., Ltd. Shanghai Baoding 62,500.00 62,500.00 --- 62,500.00 Investment Co., Ltd. Shanghai Songjiang 15,000,00 15,000,00 --- 15,000,00 Export Processing 0.00 0.00 0.00 Zone Haixin Construction and Development Co., Ltd. Shanghai Huayuan 31,776,69 31,776,69 -31,776,6 --- Life Science Co., 5.18 5.18 95.18 Ltd. Shanghai Xijiao 45,000,00 45,000,00 --- 45,000,00 International 0.00 0.00 0.00 Farming Products Trading Co., Ltd. Changzhou Dajiang 20,041,13 15,616,95 --- 15,616,95 Livestock and 1.74 2.69 2.69 Poultry Feedstuff Company Songjiang District 2,090,000 1,665,431 1,589,154 3,254,585 Tahui Chicken Farm .00 .34 .00 .34 Qingpu Liuyang Meat 16,800,00 13,285,38 --- 13,285,38 Poultry Farm 0.00 3.66 3.66 Qingpu Chenxiang 6,800,000 6,229,691 --- 6,229,691 Baowei Chicken Farm .00 .23 .23 Qingpu Shengang 6,800,000 6,636,191 --- 6,636,191 Xinjing Meat Chicken .00 .01 .01 Farm Qingpu Zhaoxiang 5,400,000 4,389,949 --- 4,389,949 Songze Meat Chicken .00 .96 .96 Farm Qingpu County Gushi 18,000,00 18,291,77 --- 18,291,77 Meat Poultry Farm 0.00 6.01 6.01 Shanghai Dajiang 44,200,00 --- --- --- Meat Product Co., 0.00 Ltd. Shanghai Dajiang 45,000,00 20,646,52 --- 20,646,52 Meat Product No. IV 0.00 6.36 6.36 Plant Shanghai Shende 17,216,40 26,503,55 --- 26,503,55 Machinery Co., Ltd. 0.00 8.06 8.06 131 Shang Dajiang Tianma 9,000,000 7,460,630 --- 7,460,630 Poultry Breeding .00 .05 .05 Farm Zaoyang Dajiang 2.00 --- --- --- Poultry Co., Ltd. Shanghai Dajiang 17,677,21 5,734,984 --- 5,734,984 Meat Product No. 4 7.81 .54 .54 PlantCo., Ltd. Shanghai Dajiang 18,000,00 29,373,14 6,156,842 35,529,99 Real Estate Co., Ltd. 0.00 9.61 .00 1.61 Shanghai Dajiang 8,516,049 15,061,71 1,649,303 16,711,01 Feedstuff Co., Ltd. .19 2.88 .74 6.62 Shanghai Handi 9,180,000 18,000,00 --- 18,000,00 Property Development .00 0.00 0.00 Co., Ltd. Shanghai Dayue 19,232,50 8,602,085 -8,602,08 --- Devices Co., Ltd. 0.00 .10 5.10 Shanghai Dajiang 18,000,00 18,000,00 --- 18,000,00 Kechuang Property 0.00 0.00 0.00 Co., Ltd. Shanghai Yanglei 5,760,000 5,760,000 21,787,73 27,547,73 Property Co., Ltd. .00 .00 0.48 0.48 Shanghai Dajiang 9,500,000 9,500,000 --- 9,500,000 Asset Operation Co., .00 .00 .00 Ltd. Jiangsu Dajiang 7,000,000 7,000,000 -7,000,00 --- Livestock and .00 .00 0.00 Poultry Development Co., Ltd. Shanghai Luwan 260,000.0 225,524.0 --- 225,524.0 Dajiang Foodstuff 0 6 6 Office Shanghai Dajiang 8,955,000 --- --- --- Aquatic Feedstuff .00 Technological Co., Ltd. Total 463,517,4 388,072,7 -16,195,7 371,876,9 95.92 41.74 50.06 91.68 3. Long-term equity investment measured by employing equity method Name of Initial Beginning Equity Closing 132 invested unit amount balance increase/de balance crease in the current year Joint ventures Shandong 3,000,000.00 1,229,623. --- 1,229,62 Jining 23 3.23 Dajiang Mugongshang Company Shandong 400,000.00 581,743.72 --- 581,743. Huping 72 Mugongshang Union Company 3,400,000.00 1,811,366. --- 1,811,36 Total 95 6.95 4. Impairment provision for long-term equity investment Increase Decrease of Beginning of the Closing Cause for Name of invested unit the current balance current balance impairment year year Shandong Jining 1,229,623.2 --- --- 1,229,623. Poor management, Dajiang Mugongshang 3 23 significant losses Company incurred, causing the shutdown of the company Shanghai Huayuan 15,590,686. --- 15,590,686. --- Life Science Co., 74 74 Ltd. 16,820,309. --- 15,590,686. 1,229,623. Total 97 74 23 (4) Income from main operation and cost of main operation 1. Income from main business and cost of main business listed by industries Item Income from main business Cost of major business 133 Amount Amount Amount Amount incurred in the incurred in the incurred in the incurred in the current year previous year current year previous year Industry 344,342,264.88 296,238,116.05 320,333,531.47 291,085,098.19 Income from main business and cost of main business listed by products Income from main business Cost of major business Amount Amount Amount Amount Item incurred in the incurred in the incurred in the incurred in the current year previous year current year previous year Foodstuff 344,342,264.88 296,238,116.05 320,333,531.47 291,085,098.19 Income from main business and cost of main business listed by regions Income from main business Cost of major business Amount Amount Amount Amount Item incurred in the incurred in the incurred in the incurred in the current year previous year current year previous year Domestic sales 343,457,389.66 319,307,073.04 income 286,143,008.87 281,790,182.90 Export sales 884,875.22 1,026,458.43 income 10,095,107.18 9,294,915.29 Total 344,342,264.88 296,238,116.05 320,333,531.47 291,085,098.19 2. The total sales volumes of the company to the top 5 clients of the company are RMB145,507,772.64, accounting for 42.26% of the income from main operation. (5) Investment income Amount Amount incurred in incurred in the current the previous Item or name of invested unit year year I Equity investment income 145,625.00 -8,787,760.17 Recognized by employing the cost method 145,625.00 -8,787,760.17 1. Recognize the income from the investment in the subsidiaries by employing the cost method --- -9,223,328.93 2 Income from investment in non-subsidiaries recognized by employing the cost method 145,625.00 435,568.76 II. Income from disposal of investment -26,836.08 72,981,558.29 1. Income from disposal of investment in subsidiaries -3,361,291.23 72,981,558.29 134 2. Income from disposal of investment in non subsidiaries 3,334,455.15 --- Total 118,788.92 64,193,798.12 1. The company has no significant restrictions on remittance of the investment income. 2. Investment income amount incurred in the current year decreased by 64,075,009.20, a decrease of 99.81%. The cause for this is that there are fewer disposals of subsidiaries in the current year than the previous year. VII. Relation and transactions of related parties (1) Details of related parties where a control relationship exists 1. Related parties where a control relationship exists Related parties which control the company Name of Registered Major Relationsh Busines Legal enterprise address business ip with s nature represent this ative company Luting (HK) Suite 1012, Real Holding Investm Yu Naifen Co., Ltd. Wing On estate shareholde ent Plaza, 62 developme r managem ent Mody Rd, nt, and Kowloon, Hong hotel Kong property managemen t etc The holding proportion and voting rights that the parent company holds to the company are 41.25 % and 41.25 % respectively. The ultimate controlling party of the company is Luting (HK) Co., Ltd. The related parties which the company controls Refer to notes 4 for details. 2. Registered capital of the related parties where the controlling relationship exists and the change (Unit: RMB10 thousand): Increase Decrease of the of the Name of company Beginning current current Closing balance year year balance Luting (HK) Co., Ltd. HK$90,001 --- --- HK$90,001 135 Shanghai Dajiang Aquatic 900 --- --- 900 Feedstuff Technological Co., Ltd. Changzhou Dajiang Livestock and 2,195 --- --- 2,195 Poultry Feedstuff Company Shanghai Dajiang Feedstuff Co., 2,000 --- --- 2,000 Ltd. Songjiang District Tahui Chicken 380 --- --- 380 Farm Qingpu Liuyang Meat Poultry Farm 1,680 --- --- 1,680 Qingpu Chenxiang Baowei Chicken 680 --- --- 680 Farm Qingpu Shengang Xinjing Meat 680 --- --- 680 Chicken Farm Qingpu Zhaogang Songze Meat 540 --- --- 540 Chicken Farm Qingpu District Gushi Meat 1,800 --- --- 1,800 Poultry Farm Shanghai Dajiang Meat Product 5,200 --- --- 5,200 Co., Ltd. Shanghai Dajiang Meat Product 5,000 --- --- 5,000 No. IV Plant Shanghai Shende Machinery Co., 2,295.52 --- --- 2,295.52 Ltd. Qingpu Yema Bang Chicken Farm 300 --- --- 300 Shang Dajiang Tianma Poultry 1,800 --- --- 1,800 Breeding Farm Zaoyang Dajiang Poultry Co., 894.05 --- --- 894.05 Ltd. Zaoyang City Dajiang Food Co., 220 --- --- 220 Ltd. Shanghai Dajiang Real Estate 2,000 --- --- 2,000 Co., Ltd. Shanghai Shenliang Machinery 300 --- --- 300 Equipment Project Installation Co., Ltd. Shanghai Handi Property Co., 1,800 --- --- 1,800 Ltd. Shanghai Dajiang Foodstuff --- --- 60 60 Suzhou Office Shanghai Dajiang Meat Product --- --- 60 60 Co., Ltd. Hangzhou Office Shanghai Dajiang Meat Product --- --- 58 58 Co., Ltd. Changzhou Office 136 Shanghai Dajiang Foodstuff --- --- 75 75 Pudong Office Shanghai Dajiang Foodstuff --- --- 50 50 Cao’an Office Shanghai Dajiang Meat Product --- --- 1,000 1,000 Supply and Sale Co., Ltd. Shanghai Lingjiang Foodstuff --- --- 50 50 Office Shanghai Dajiang Food Ingredient 331.178 --- --- 331.178 Co., Ltd. Shanghai Songjiang Xincheng 1,000 --- --- 1,000 Dongbu Real Estate Development Co., Ltd. Shanghai Songjiang Rongjiang 800 --- --- 800 Property Development Co., Ltd. Shanghai Dajiang Meat Product --- --- 4,602 4,602 No. 4 Plant Co., Ltd. Shanghai Dajiang Kechuang --- --- 1,800 1,800 Property Co., Ltd. Shanghai Yanglei Property Co., --- --- 3,180 3,180 Ltd. Shanghai Dajiang Asset Operation --- --- 5,000 5,000 Co., Ltd. Shanghai Luwan Dajiang Foodstuff 60 --- --- 60 Office 3. Shares held by the related parties where the controlling relationship exists and the change (Unit: RMB 10 thousand) Increase of the Decrease of the Name of Beginning balance Closing balance current year current year enterprise Amount ％ Amount ％ Amount ％ Amount ％ Luting (HK) 27,895.0848 41.25 27,895.0848 41. --- --- --- --- Co., Ltd. Shanghai 895.50 99.5 895.50 99 Dajiang Aquatic --- --- --- --- Feedstuff Technological Co., Ltd. Changzhou 2,072 94.4 2,072 94 Dajiang Livestock and --- --- --- --- Poultry Feedstuff 137 Company Shanghai 1,999 99.95 Dajiang 1.00 0.05 --- --- 2,000 1 Feedstuff Co., Ltd. Songjiang 264 55 264 55 District --- --- --- - Huayang Chicken Farm Songjiang 209 55 380 1 District 171 45 --- --- Tahui Chicken Farm Qingpu 1,680 100 1,680 1 Liuyang Meat --- --- --- --- Poultry Farm Qingpu 680 100 680 1 Chenxiang --- --- --- --- Baowei Chicken Farm Qingpu 680 100 680 1 Shengang --- --- --- --- Xinjing Meat Chicken Farm Qingpu 540 100 540 1 Zhaogang --- --- --- --- Songze Meat Chicken Farm Qingpu 1,800 80 1,800 District --- --- --- --- Gushi Meat Poultry Farm Shanghai 4,420 85 4,420 Dajiang Meat --- --- --- --- Product No.4 Plant Shanghai 4,500 90 4,500 Dajiang Meat --- --- --- --- Product No. IV Plant Shanghai 1,721.64 75 1,721.64 Shende --- --- --- --- Machinery Co., Ltd. 138 Shanghai 900 50 900 50 Dajiang Meat --- --- 0.00 0. Product Factory Qingpu Yema 150 50 150 Bang Chicken --- --- --- --- Farm Shang Dajiang 900 50 900 Tianma --- --- --- --- Poultry Breeding Farm Zaoyang 849.3475 95 849.3475 Dajiang --- --- --- --- Poultry Co., Ltd. Zaoyang City 207.746 94.43 207.746 94. Dajiang Food --- --- --- --- Co., Ltd. Shanghai 1,800 90 Dajiang Real 200 10 --- --- 2,000 1 Estate Co., Ltd. Shanghai 231.75 77.25 231.75 77. Shenliang Machinery Equipment --- --- --- --- Project Installation Co., Ltd. Shanghai 1,800 100 1,800 1 Handi --- --- --- --- Property Co., Ltd. Shanghai 51 85 51 Dajiang --- --- --- --- Foodstuff Suzhou Office Shanghai 51 85 51 Dajiang Meat Product No. 2 --- --- --- --- Plant Hangzhou Office Shanghai 49.3 85 49.3 --- --- --- --- Dajiang Meat 139 Product No.2 Palnt Changzhou Office Shanghai 63.75 85 63.75 Dajiang --- --- --- --- Foodstuff Pudong Office Shanghai 42.5 42.5 Dajiang Foodstuff 85 --- --- --- --- Cao’an Office Shanghai 855 85.5 855 85 Dajiang Meat Product --- --- --- --- Supply and Sale Co., Ltd. Shanghai 42.5 42.5 Lingjiang 85 --- --- --- --- Foodstuff Office Shanghai 211.125975 63.75 211.125975 63. Dajiang Food --- --- --- --- Ingredient Co., Ltd. Shanghai 969 96.9 31 3.1 --- --- 1,000 1 Songjiang Xincheng Dongbu Real Estate Development Co., Ltd. Shanghai 466.56 58.32 Songjiang Rongjiang 13.44 1.68 --- --- 480 Property Development Co., Ltd. Shanghai 1,910.25 70.75 1,910.25 70.75 Dayue Devices --- --- --- - Co., Ltd. Shanghai 1,800 100 1,800 1 --- --- --- --- Dajiang 140 Kechuang Property Co., Ltd. Shanghai 638.40 99.75 2818.773048 1 Yanglei 2180.373048 0.25 --- --- Property Co., Ltd. Shanghai 998.75 99.875 998.75 99.8 Dajiang Asset --- --- --- --- Operation Co., Ltd. Jiangsu 700 70 700 70 Dajiang Livestock and --- --- --- - Poultry Development Co., Ltd. Shanghai 54.78 91.3 54.78 91 Luwan Dajiang --- --- --- --- Foodstuff Office Shanghai 4,249.947 92.35 4,249.947 92. Dajiang Meat Product No. 6 --- --- --- --- Plant Co., Ltd. 4. Particular about related party not existing control relationship Relationship with Name of entity the Company Shandong Huping Mugongshang Associated Union Company enterprise (2) Transactions of related parties 1. As for the subsidiaries where the controlling relationship exists and which have been consolidated into the financial statements of the company, the transactions between them and between the parent company have been offset. 2. Pricing principle of the related transactions: The company determines the transaction price according to the market price. 141 3. Goods sold to the related parties Scope of transactions Amount in the current year Amount in the previous year Percentage of Percentage of similar Name of enterprise Amount (RMB similar Amount transactions 10 transactions of (RMB 10 of the thousand) the year(same thousand) year(same period) (％) period) (％) Shandong Huping 44.98 Mugongshang Union 11.13 0.01 0.01 Company 4. Balance of the current account with related parties Proportion of total Closing amount accounts receivable (RMB10 thousand) (payable)(%) At the At the At the Item Related parties At the end end of end of end of of the the the the previous current previous current year year year year Accounts Shandong Huping 45.34 46.73 receivable: Mugongshang Union Company 0.29% 0.34% Other Shanghai Luting Group 20.42 --- --- receivables: Co., Ltd. 0.76% Shanghai Huayuan Life --- 47.95 --- Science Co., Ltd. 1.08% Fuxin Dajiang Co., --- 15.76 --- Ltd. 0.35% Other Shanghai Luting Group --- 379.58 --- payables: Co., Ltd. 2.34% Shanghai Luzhou 30.00 --- --- Enterprise Development Co., Ltd. 0.23% Shanghai Luzhou 1,900.00 --- 14.53% Yijing Engineering Construction Co., Ltd. 5. Other transactions of related parties (1) Guarantee that the company provides for the related parties: Refer to Notes 8 for details. 142 (2) Guarantee that the related parties provide for the company: Refer to Notes 8 for details. VIII. Contingencies (1) Contingent liabilities formed through pending litigations or arbitrations As of December 31, 2007, the company has no pending litigations or arbitrations. (2) As of December 31, 2007, the contingent liabilities formed where the company provides guarantees to the related parties and other unites (Unit: RMB’ 0000) 1. Details of the guarantee the company provides for the related parties The guaranteed entity The Debts due date Financial impact on amount of the company financia l guarante e Shanghai Shende Machinery Co., 2,000.00 September 11, N/A Ltd. 2008 Shanghai Shende Machinery Co., 750.00 October 16, 2008 N/A Ltd. Shanghai Dajiang Feedstuff 700.00 December 22, 2009 N/A Co., Ltd. Shanghai Dajiang Feedstuff 800.00 June 3, 2008 N/A Co., Ltd. Shanghai Dajiang Feedstuff 500.00 November 21, 2008 N/A Co., Ltd. Shanghai Dajiang Meat Product 400.00 March 5, 2008 N/A Co., Ltd. Shanghai Dajiang Meat Product 250.00 August 26, 2008 N/A Co., Ltd. Shanghai Dajiang Meat Product 400.00 October 21, 2008 N/A Co., Ltd. Shanghai Dajiang Aquatic 500.00 December 10, 2008 N/A Feedstuff Technological Co., Ltd. Total 6,300.00 2. Details of the guarantee the related parties provide for the company (Unit: RMB’ 0000) Guarantee entity The amount Debts due date Financial of impact on financial the company 143 guarantee Shanghai Dajiang Feedstuff 900.00 May 31, 2008 N/A Co., Ltd. Shanghai Dajiang Meat Product 1,400.00 July 25, 2008 N/A No. 4 Plant Co., Ltd. Subtotal 2,300.00 3. Guarantee the related parties provide among themselves (Unit: RMB’ 0000) The guaranteed Guarantee entity The Debts due date Financial entity amount of impact on financial the guarantee company Shanghai Dajiang The third parties where November 21, Feedstuff Co., related relationship does 500.00 N/A 2008 Ltd. not exist provide the guarantee, the company and the subsidiary “Shanghai Songjiang Xincheng Dongbu Real Shanghai Dajiang Estate Development Co., Aquatic Feedstuff December 10, Ltd.” provide 500.00 N/A Technological Co., 2008 anti-guarantee and the Ltd. company uses 100% equity of the subsidiary Shanghai Handi Property Co., Ltd. as the pledge. Shanghai Shende Machinery Co., Shanghai Dajiang Real 900.00 April 16, 2008 N/A Ltd. Estate Co., Ltd. Shanghai Shende Machinery Co., Shanghai Dajiang Real 900.00 March 12, 2008 N/A Ltd. Estate Co., Ltd. Shanghai Shende Machinery Co., Shanghai Dajiang Real 800.00 May 09, 2008 N/A Ltd. Estate Co., Ltd. Total 3,600.00 (3) Others or contingent liability: none IX: Commitment (I) Refer to Notes 8 for the details of external guarantee. (2) External investment contracts that have been signed but not executed yet or no fully executed yet and the relevant financial expenditure: N/A 144 (3) Subcontracts with significant amounts that have been signed and are under execution or are to be executed and the financial impact: N/A (4) Lease contracts that have been signed and that are under execution or are to be executed and the financial impact: N/A (5) Acquisition agreement that have been signed and are under execution or are to be executed/A (6) Restructuring plans that have been signed and are under execution or are to be executed: N/A (7) Other significant financial commitments 1. Particulars about the mortgaged assets (1) The company borrows a short-term bank loan of RMB130 million with the real estate as the mortgage, whose original value is RMB68.8063 million. (2) The holding subsidiary of the company, Shanghai Dajiang Meat Product No. 4 Plant Co., Ltd. uses the real estate as a mortgage to provide the company with a short-term bank loan of RMB14million, and the original value of the mortgage is RMB22.2854million. (3) The holding subsidiary of the company, Shanghai Dajiang Feedstuff Co., Ltd. uses the real estate, as the mortgage to provide the company with a short-term loan of RMB9million and the original value of the mortgage is RMB17.9538million. (4) The holding subsidiary of the company, Shanghai Yanglei Property Co., Ltd. uses the real estate, as the mortgage to provide the company with a short-term loan of RMB38million and the original value of the mortgage is RMB21.5355million. (5) The holding subsidiary of the company, Changzhou Dajiang Feedstuff Co., Ltd. uses the real estate, as the mortgage to obtain a short-term bank loan of RMB17.million and the original value of the mortgage is RMB8.86million. (6) The holding subsidiary of the company, Shanghai Dajiang Meat Product Co., Ltd uses the real estate, as the mortgage to obtain a long-term bank loan of RMB7million and the original value of the mortgage is RMB39.88million. 2. Particulars about pledged assets 145 (1) The company uses the institutional shares of Shenyin Wanguo Securities Co., Ltd. that the company holds as a pledge to obtain a short-term bank loan of RMB46million and the original value of the pledge is RMB51.25million. (2) The holding subsidiary of the company, Shanghai Dajiang Feedstuff Co., Ltd gets a short-term bank loan of RMB5million, Dajiang Aquatic Feedstuff Technological Co., Ltd obtains a short-term loan of RMB5million, for which Shanghai Hengyang Investment Guarantee Co., Ltd. provides the guarantee. The company provides the anti-guarantee with 100% of the equity, as a pledge, that the company holds of Shanghai Handi Property Co., Ltd. The original value of the pledge is RMB18 million. X. Particulars about the events after the balance sheet date According to the resolution made at the fifth session of the fourth board of directors concerning the profit distribution plan, no distribution or share transfer will be made as the undistributed profits of the year 2007 is negative. This profit distribution plan shall be submitted to the general shareholder’s meeting for examination. XI. Explanation to other significant events 1. In July 2003, the company jointly invested and founded Shanghai Dajiang Aquatic Feedstuff Co.(now renamed to Shanghai Tianbang Feedstuff Co., Ltd.) together with Ningbo Tianbang Co., Ltd. In November, the company transferred 50% of the equity held of Shanghai Dajiang Aquatic Feedstuff Co., Ltd. to Zhangzhao, Ningbo Tianbang Co., Ltd. and at the same time it was agreed that the current accounts between the company and Shanghai Dajiang Aquatic Feedstuff Co., Ltd. should be settled by Shanghai Dajiang Aquatic Feedstuff Co., Ltd after the transfer and the liability for breach of contract concerning overdue payment was also specified. The current account amount to be settled to the company recognized by the company and Shanghai Dajiang Aquatic Feedstuff Co., Ltd. was RMB14,205,196.06. Shanghai Dajiang Aquatic Feedstuff Co., Ltd. made the payments of the current account of RMB3,149,813.12and RMB2,797,146.52 respectively, and then the remaining balance of RMB8,258,236.42 had not been settled. It was resolved on 12th General Meeting of the fourth Board of directors in 2005 that provisions for NPD was made for the remaining balance. The company raised a lawsuit to Shanghai No.1 Intermediate People’s Court in July 2006, asking Zhang Zhao, Ningbo Tianbang Co., Ltd. and Shanghai Aquatic Feedstuff Co., Ltd. for the compensation of RMB8,258,236.42 and for the payment of the fine for delayed payment. Shanghai No. 1 Intermediate People’s Court made the first trial on September 5, 2006 with the following verdict [(2006)HYZM 3 No.166-3] made on October 11, 2006: Shanghai Tianbang Feedstuff Co., Ltd. is required to compensate the 146 company for RMB8,258,236.42 and the fine for delayed payment of three times of the bank loan interest rate of the corresponding period from July 2005 to the actual settlement date. The verdict did not take effect. On February 6,2007, the company received the civil determination [(2006) HGME (B) Final No.196] from Shanghai High People’s Court as follows: permitting the appellant, Shanghai Tianbang Co., Ltd., Zhang Zhao and Shanghai Tianbang Co., Ltd to withdraw the appeal. The determination is final. The verdict made by Shanghai No. 1 Intermediate People’s Court took effect on October 11, 2006: Shanghai Tianbang Feedstuff Co., Ltd. is required to compensate the company for RMB8,258,236.42 and the fine for delayed payment of three times of the bank loan interest rate of the corresponding period from July 2005 to the actual settlement date. The company received the settlement of RMB8,258,236.42 and the fine for delayed payment of RMB2,288,368.42 from Shanghai Tianbang Feedstuff Co., Ltd. in the first half of the year 2007. 2. In December 2004, the company transferred through Shanghai Union Property Right Exchange (Contract No. 04023150) 100% of the equity it held of Hangzhou Dajiang Feedstuff Co., Ltd. to Hangzhou Qingyu Holding Group Co., Ltd, Zhiyi Group Co., Ltd and Liu Youjun with a recognized transfer price of RMB26,307,368.21. Only RMB18.52 million was paid and the balance of RMB7,787,568.21 had not been received by the company. The company rushed the payment for several times but in vain, then it was resolved th on the 12 general meeting of the forth board of directors in 2005 that 50% provisions for NPD was made for the balance. The company raised a lawsuit to Hangzhou Intermediate People’s Court of Zhejiang, asking Hangzhou Qingyu Holding Group Co., Ltd, Zhiyi Group Co., Ltd and Liu Youjun to make the payment of the transferred price. In August 2006, Hanghzou Intermediate People’s Court of Zhejiang made the civil judgement [(2005) HM3 No.348] as follows: Hangzhou Qingyu Holding Group Co., Ltd. is required to pay the company equity transfer price of RMB4,283,052.51 and the fine for delayed payment of 738,599.00, Zhiyi Group Co., Ltd. to pay RMB1,946,842.05 and the fine for delayed payment of 335,727.00 and Liu Youjun to pay RMB1,557,473.64 and fine for the delayed payment of 268,578.00. Hangzhou Qingyu Holding Group Co., Ltd, Zhiyi Group Co., Ltd and Liu Youjun filed an appeal to Zhejiang High People’s Court in October 2006. The first trial verdict did not take effect. In March 2007, the company, Hangzhou Qingyun Holding Group Co., Ltd, Zhiyi Group Co., Ltd and Liu Youjun reached Settlement Agreement on [(2006)ZM3 Final No.249]: Hangzhou Qingyun Holding Group Co., Ltd, Zhiyi Group Co., Ltd and Liu Youjun agreed to pay RMB6 million to the company prior to May 2007. The company received the payment in the first half of the year 2007. 147 3. In October 2006, the company jointly invested and founded Jiangsu Dajiang Livestock and Poultry Development Co., Ltd. with a registered capital of RMB33 million with Jiangsu Jinghai Poulty Group Co., Ltd. According to the Articles of Association, the contribution of the first stage is RMB10 million, of which the company contributes RMB7million, accounting for 70% of the paid-in capital while Jiangsu Jinghai Livestock and Poultry Group Co., Ltd. contributes RMB 3million, accounting for 30% of the paid-in capital. In October 2007, the company signed jointly with Jiangsu Jinghai Livestock and Poultry Group Co., Ltd. concerning the equity transfer, specifying that the company transfers the 70% of the equity at the price of RMB6.23million to Jiangsu Jinghai Livestock and Poultry Group Co., Ltd. on the basis of the carrying net value of Jiangsu Dajiang Livestock and Poultry Development Co., Ltd on May 16, 2007. At the end of the year 2007, the company received RMB5.98million of the equity transfer. The equity transfer results in an investment loss of RMB770 thousand. As of the date of the report, the relevant industry and commerce change procedures have been handled. 4. In May 2003, the company jointly founded with China Huayuan Life Science Industry Co., Ltd. Shanghai Huayuan Life Science Research Development Co., Ltd. with the registered capital of RMB211.7593million, of which the company holds 16.5%. In April, 2007, the company signed an equity transfer contract with China Huayuan Life Science Industry Co., Ltd, specifying that the company shall transfer the 16.5% equity that the company holds of Shanghai Huayuan Life Science Development Co., Ltd. to China Huayuan Life Science Industry Co., Ltd. at the transfer price of RMB20million. As of the date of transfer, the carrying investment cost of the equity is RMB31,776,695.18, and the impairment provision of RMB15,590,686.74 has been made. The transfer results in a gain of RMB3,813,991.56. The company received the payment of the transfer in May 2007. As of the date of the report, the relevant industry and commerce procedures have been handled concerning the transfer. 5. In March 1995, the company jointly founded Songjiang County Taihui Chicken Farm with Shanghai Songjiang Shihudang Town Byproduct Company with the total share capital of RMB3.8 million. The company holds 55 ％ while Shanghai Songjiang Shihudang Town Byproduct Company holds 45 ％. In July 2007, both shareholders signed a memo and relevant agreement, specifying that Shanghai Songjiang Shihudang Town Byproduct Company shall transfer the 45% of the equity of Songjiang County Tahui Chicken Farm to the company at the transfer price on the basis of the appraisal of Songjian County Tahui Chicken Farm as of March 31,2007. As of March 31, 2007, the appraisal value of Songjiang County Tahui Chicken Farm is RMB RMB5.7722 million according to the appraisal report No.(2007)120 issued by Shanghai 148 Wanlong Asset Appraisal Co., Ltd. Both shareholders agreed to the transfer price of RMB3.15 million through consultation. The company made the payment of the transfer price in December 2007. As of the date of report, the relevant industry and commerce procedures have been handled regarding the transfer. 6. According to Reply Regarding the Feasibility Report on Closedown of Livestock and Poultry Farms in Upstream Water Source Protection Zone of Huangpu River (HFT[2004] No. 14) issued by Shanghai Development and Reform Committee in 2004, the poultry farms of the company have been closed down with the disposal in progress. In the current year, the company closes Songjiang Huayang Chicken Farm, obtaining the liquidation gains of RMB3.334million. 7. According to the adjustment to the operational strategy and the product structures of the company, the company closes down and liquidates Shanghai Dajiang Meat Product Factory and Shanghai Dayue Devices Co., Ltd. with a liquidation loss of RMB5.3967million in the current year. 8. As of December 31, 2007, “Taxes payable-VAT” of the company are rd reviewed by Shanghai Songjian District State Taxation Bureau 3 Taxation Unit to be RMB-158,072,601.58, which will be deducted from the future operation of the company. 9. According to Circular on Strengthening the Special Governance of Listed Companies (CSRC No.【2007】28) issued by CSRC and the concrete plan of Shanghai Supervision Bureau, the company launched the special governance program in April of the current year. The company took active corrective measures to rectify the issues spotted by Shanghai Supervision Burea during the site inspection and announced the relevant corrective measures on October 30, 2007. XII. Non-recurring gain and loss of the current year listed as follows (gain＋, loss－): Item Amount (1) Gains and losses of non-current asset 9,136,719.9 disposal 2 (2)Government subsidies included into the 999,600.47 gains and losses of the current period (3) Non-operation net income other than 2,448,235.9 those mentioned above 7 (4) Other non-recurring gain and loss items 13,511,536. recognized by CSRC 26 149 Total 26,096,092. 62 1. Minority interest factors have been deducted from the above data. 2. As of December 31, 2007, the undistributed profit of the company is RMB-755,666,813.31, therefore the above non-recurring gain/loss have no impact on the income tax. XIII. Net asset earning rate and earnings per share Net income on asset, Earnings per share fully diluted Profits of the Basis Diluted reporting period Fully Weighted earnings Earnings diluted average per share per share Net profit attributable to the ordinary shareholders 0.1322 0.1397 0.0421 0.040 of the listed company Net profit attributable to the ordinary shareholders of the listed company 0.0111 0.0117 0.0035 0.0018 after deducting the non-recurring gain/loss Calculation process The above data are arrived at with the following formula: Fully diluted net income on asset Fully diluted net income on asset =P÷E Of which, P is the net profit attributable to the ordinary shareholders of the listed company or net profit attributable to the ordinary shareholders of the listed company after deducting the non-recurring gain/loss; E is the net asset attributable to the ordinary shareholders of company at the end of the year. “Net profit attributable to the ordinary shareholders of the listed company” does not include the minority shareholder’s interest amount; “Net profit attributable to the ordinary shareholders of the listed company after deducting the non-recurring gain/loss” is based on the consolidated net profit after deducting the minority shareholder’s interest, deducting the proportion of the parent ordinary shares in the non-recurring gain/loss of the parent company(taking into account the impact of income tax), the non-recurring gain/loss of each subsidiary(taking into account the impact of income tax)“Net assets attributable to the ordinary shareholders of the company 150 at the end of the year” does not include the minority shareholders’ interests amount. Weighted average net income on asset, fully diluted Weighted average net income on asset, fully diluted=P/(E0 ＋ NP÷2 ＋ Ei×Mi÷M0 － Ej×Mj÷M0±Ek×Mk÷M0) Of which: P corresponds to net profit attributable to the ordinary shareholders of the listed company, net profit attributable to the ordinary shareholders of the listed company after deducting the non-recurring gain/loss; Np is the net profit attributable to the ordinary shareholders of the listed company; E0 is the net assets attributable to the ordinary shareholders of the company at beginning of year; Ei is the net asset increased and attributable to the ordinary shareholders of the company through issuing of new shares or liabilities transferred to share during the reporting period; Ej is the net asset decreased and attributable to the ordinary shareholders of the company through repurchase or cash dividends during the reporting period.;M0 is the number of months in the reporting period; Mi is the number of months from the next month of new increase in net asset to the end of the reporting period; Mj is the number of months from the next month of new decrease in net asset to the end of the reporting period; Ek is the net asset increase/decrease change due to other transactions or contingencies; Mk is the number of months from the next month of other net asset decrease/increase change to the end of the reporting period. Basic earnings per share Basic earnings per share=P÷S S= S0 ＋ S1 ＋ Si×Mi÷M0 － Sj×Mj÷M0－Sk Of which: P is the net profit attributable to the ordinary shareholders of the listed company or the net profit attributable to the ordinary shareholders after deducting the non-recurring gain/loss; S is the weighted average of the ordinary shares issued outside; S0 is the total capital shares at the beginning of the year; S1is the number of share increase due to the transfer from the public reserves or cash dividends during the reporting period; Si is the number of share increase through the issuing of new shares or liabilities transfer to shares during the reporting period; Sj is the decrease of shares due to counter purchase during the reporting period; Sk is the number of share shrinking during the reporting period; Mi is the number of months from the next month of share increase to the end of the reporting period; Mj is the number of months from the next month of share decrease to the end of the reporting period. Diluted Earnings per share 151 Diluted earnings per share=[P+(diluted potential interest of ordinary shares of recognized expense－conversion expense)×(1-income tax rate)]/(S0 ＋ S1 ＋ Si×Mi÷M0 － Sj×Mj÷M0—Sk+ weighted average through share warrants, share options, convertible bonds) Of which, P is the net profit attributable to the ordinary shareholders of the listed company or the net profit attributable to the ordinary shareholders of the listed company after deducting the non-recurring gain/loss. When calculating diluted earnings per share, the company takes into account the impact of all the diluted potential ordinary shares until the diluted earnings per share reach the minimum. XIV. Supplements (1) Difference adjustment to the consolidated net profit of the year 2006 Based on the regulations of Circular on Issuing No. 7 Questions and Response of Information Disclosure Standards of Public Companies-Comparative Compilation and Disclosure of Financial Accounting Information During the Transition of the Old and New Accounting Standards (hereinafter referred to as No. 7 Questions and Response), the company has compiled the adjusted income statement of the previous year and the beginning balance sheet of 2007. The retroactive adjustment to the income statement of the previous year is listed as follows: Item Amount Net profit in 2006 (old accounting 18,962,144.79 standard) Total amount influenced by the -5,888,561.85 items adjusted retroactively Of which: 1. investment income -506,034.06 2. uncertain investment loss -5,382,527.79 Net profit in 2006 (new accounting 13,073,582.94 standard) Information for reference supposing to roundly execute new accounting standard Total amount influenced by other --- items Net profit in 2006 by roundly 13,073,582.94 simulating new accounting standard Explanation to the adjustment to the net profit listed above: (1) Long-term equity investment difference formed through business merger under the same control, retroactive adjustment is made to the amortized amount in 2006. (2) Based on Article 21 of Accounting Standards for Enterprises No. 38-Initial Implementation of Accounting Standards for Enterprises, 152 retroactive adjustment is made to the unrecognized investment losses listed in the income statement in the previous year. (2) Adjustment to the difference of consolidated shareholders’ interests at the beginning of 2007 According to the Accounting Standards for Enterprises No. 38-Initial Implementation of Accounting Standards for Enterprises and Interpretation No. 1 to Accounting Standard for Business Enterprises, the Company made adjustment to the owners’ equity at the year-begin as follows: Disclosure by comparing to the adjustment of the difference of shareholders’ equity under the new and old accounting standard Original Disclosed Number Names of items disclosed amount Difference amount in 2007 in 2006 Shareholders’ interest as of Dec. 196,071,809.71 196,071,809.71 --- 31, 2006 (old accounting standard) Long-term equity investment 1 5,224,738.76 5,224,738.76 --- difference Of which: Long-term equity investment difference formed 5,224,738.76 5,224,738.76 --- through business merger under the same control The minority shareholders’ 2 45,531,952.57 47,448,399.10 -1,916,446.53 interests 3 Retained profit 1,916,446.53 --- 1,916,446.53 Shareholders’ rights and interest as of Jan. 1, 2007 (new accounting 248,744,947.57 248,744,947.57 --- standard) (3) Approval and disclosure of the financial statements The financial statements are approved by the Board of Directors of the Company to be disclosed on Apr. 18, 2008. 153 Part XII. Documents Available for Reference 1. Accounting statements with personal signatures and seals of legal representative, chief accountant and person in charge of accounting organization (accounting chief personnel); 2. Originals of all documents of the Company ever disclosed publicly in Shanghai Securities and Ta Kung Pao as well as the originals of all the public notices. 3. The Article of Association of the Company Chairman of the Board: Yu Naifen Shanghai Dajiang (Group) Stock Co., Ltd Apr. 28, 2008 154