ST中华Ｂ2003年半年度报告（英文版）

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ST中华Ｂ2003年半年度报告（英文版）

Shenzhen China Bicycle Company (Holdings) Limited

Semi-annual Report 2003

Contents

Section Ⅰ. IMPORTANT NOTICE------------------------------------------------------------------------ Section Ⅱ. COMPANY PROFILE------------------------------------------------------------------------- Section Ⅲ. CHANGES IN SHARE CAPITAL AND PARTICULARS ABOUT SHARES HELD BY MAIN SHAREHOLDERS----------------------------------------------------------------------Section Ⅳ. PARTICULARS ABOUT DIRECTORS, SUPERVISORS AND SENIOR EXECUTIVE S--------------------------------------------------------------------------------------------------- Section Ⅴ. DISCUSSION AND ANALYSIS OF THE MANAGEMENT-------------------------- Section Ⅵ. SIGNIFICANT EVENTS---------------------------------------------------------------------- Section Ⅶ. FINANCIAL REPORT------------------------------------------------------------------------- Section Ⅷ. DOCUMENTS AVAILABLE FOR REFERENCE---------------------------------------

ST中华Ｂ2003年半年度报告（英文版）

Section I. Important Notice

The Board of Directors of Shenzhen China Bicycle Company (Holdings) Limited (hereinafter referred to as the Company) and its directors hereby confirm that there are no important omissions, fictitious statements or serious misleading information carried in this report, and shall take all responsibilities, inpidually and/or jointly, for the reality, accuracy and completeness of the whole contents. This report was prepared in both Chinese and English. Should be there any difference in interpretation between the two versions, the Chinese version shall prevail. The 2003 semi-annual financial report of the Company has not been audited; the investors are suggested to read the text of semi-annual report.

Mr. Xie Ruxian and Mr. Shi Zhanxiong, Director of the Company, and Mr. Li Zhenping, Independent Director of the Company were absent from the Board meeting due to work reason, in which the Semi-annual Report for 2003 was examined. Chairman of the Board of the Company Mr. Huang Junmin, Person in Charger of Financial Affairs Ms. Hu Eryi and Manager of Financial Dept. Mr. Li Shiyong hereby confirm that the financial report enclosed in the semi-annual report is true and complete.

Section II. Company Profile

I. Legal Name of the Company

In Chinese: 深圳中华自行车（集团）股份有限公司

In English: SHENZHEN CHINA BICYCLE COMPANY (HOLDINGS) LIMITED Short form of English Name: CBC

II. Legal Representative: Mr. Huang Junmin

III. Secretary of the Board of Directors: Mr. Li Hai

Contact Address: No. 3008, Buxin Road, Shenzhen, Guangdong Provice, China

T el: (86) 755 – 25516998

Fax: (86) 755 – 25516620

E-mail: dmc@

IV. Registered/Office Address:

No. 3008, Buxin Road, Shenzhen, Guangdong Provice, China

Post Code: 518019

The Company’s Internet Website:

E-mail: cbc@

V. Newspapers Chosen for Disclosing the Information: Securities Times and Ta Kung Pao

Internet Website Designated for Publishing the Semi-annual Report:

Place Where the Semi-annual Report is Prepared and Placed: Secretariat of the Board of Directors of the Company, No. 3008 Buxin Road, Shenzhen

VI. Stock Exchange Listed with, Short Form of the Stock and Stock Code:

Stock Exchange Listed with: Shenzhen Stock Exchange

Short Form of the Stock: ST ZHONGHUA – A, ST ZHONGHUA – B

ST中华Ｂ2003年半年度报告（英文版）

Stock Code: 000017, 200017

VII. Major financial data and indexes in the report period

1. Major accounting data and financial indexes in the report period (Unit: RMB)

Items In this report

period

At the end of last

year

Increase/decrease at the

end of this report period

compared with the

year-begin （％）

Current assets 143,478,152.18 144,169,626.23 -0.48 Current liabilities 1,199,891,677.19 1,189,267,119.11 0.89 Total assets 474,370,296.58 512,976,884.80 -7.53

Shareholders’equity (excluding minority interest) -1,981,689,840.84 -1,982,892,317.80

Net assets per share -4.1334 -4.14 - Net assets per share after

adjustment

Items

In the report

period (Jan.-Jun.

2003)

At the same period

of last year

Increase/decrease in this

report period compared

with the same period of

last year (%)

Net profit 1,324,879.19 -29,649,602.79 - Net profit after deducting

non-recurring gains and

losses

-18,392,175.30 -29,743,082.28 -

Earnings per share 0.0028 -0.0618 - Return on equity - - - Net cash flow per share

arising from operating

activities

-6,715,516.32 -49,413.29 -13,490.51%

Note: Deduction items of “net profit after deducting non-recurring gains and losses”

(Negative means loss while positive number means income):

(1) Loss of disposal of fixed assets 246,106.00

(2) Public donation expenditure -

(3) Penalty expenditure -5,200.00

(4) Other profit and loss 19,465,748.49

Total 19,717,054.49 Indexes calculated in accordance with Regulations on the Information Disclosure of Companies Publicly Issuing Shares (No. 9) are as follows:

Return on equity (%) Earnings per share (RMB)

Profit as of the report period Fully

diluted Weighted

average

Fully

diluted

Weighted

average

ST中华Ｂ2003年半年度报告（英文版）

Profit from core business - - 0.0055 0.0055 Operating profit - - -0.0386 -0.0386 Net profit

- - 0.0028 0.0028 Net profit after deducting non-recurring gains and losses -

-0.0384

2. Adjustment statement on difference of net assets calculated in accordance with CAS and IAS respectively in the report period (Unit: RMB)

Net assets as at Jan.-Jun.

2003

Net profit as at Jan.-Jun.

2003

As reported under IAS

-1,984,505,782.20

1,196,554.93

Switching back provision for devaluation of minority interest

2,815,941.36

5,922.04

Amortization of expense to be apportioned

Amortization of long-term expense to be apportioned

Adjustment of unoffsetting losses of subsidiary companies

122,402.22

Adjustment of income from debts reorganization

As reported under Accounting System of Enterprise

-1,981,689,840.84

1,324,879.19

Section III. Changes in Share Capital and Particulars about Shares Held by Main Shareholders

I. Particulars about changes in share capital

(I) Particulars about change of shares of the Company in the report period:

Statement of change in shares

Unit: share

Increase/decrease of this time (+, - ) Items

Before the

change Allotment of share

Bonus shares

Capitalization of public reserve

Additional issuance

Others

Subtotal

After the change I. Unlisted Shares 224,195,354

204,612,836

1. Promoters’ shares Including: State-owned share

Domestic legal person’s shares 111,607,002

111,607,002 Foreign legal person’s shares 112,453,352

-19,447,518

93,005,834

Others

ST中华Ｂ2003年半年度报告（英文版）

2. Raised legal person’s shares

3. Inner employees’shares 135，000 135，000

4. Preference shares or others

Total unlisted shares 224,195,354 204,612,836 II. Listed Shares 255,237,649 274,685,167

1. RMB ordinary shares 76,617,000 76,617,000

2. Domestically listed foreign

178,620,649 +19,447,518 +19,447,518 198,068,167

3. Overseas listed foreign shares

4. Others

Total listed shares 255,237,649 274,685,167 III. Total shares 479,433,003 479,433,003 Note: 19,447,518 unlisted foreign shares of the Company held by STEPHEN &

PARTNERS LIMITED, the Company’s sponsor shareholder, has been transferred

listed circulation foreign shares, and was listed for circulation on Jan. 20, 2003.

II. Particulars about shareholders at the end of report period

(I) Ended June 30, 2003, the Company had totally 48,671 shareholders held the

Company’s share, including 28,286 shareholders of A-share and 20,385 shareholders

of B-share.

(II) Particulars about shares held by the top ten shareholders of the Company (Unit:

share)

No. Shareholders’name Holding shares

at the

period-begin Increase/

decrease

Holding

shares at the

period-end

Proportion in

total share

capital

Type of share

1 China Huarong Assets Management Company 65,098,41

2 0 65,098,412 13.58% State-owned

shareholder

2 Hong Kong Zhuorun Technology Co., Ltd. 62,003,890 0 62,003,890 12.93% Foreign shareholder

3 Hong Kong (Link) Bicycles Limited 26,000,000 0 26,000,000 5.42% Foreign shareholder

4 Guangdong Sunrise Holdings Co., Ltd. 18,968,590 0 18,968,590 3.96% State-owned

shareholder

5 STEPHEN & PARTNERS LIMITED 19,447,518 -5,166,34

6 14,281,172 2.98% Foreign shareholder

6 Shanghai Xinliyi Investment Management

Co., Ltd. 11,200,000 0 11,200,000 2.34% State-owned

shareholder

7 Airline Trust and Investment Co., Ltd. 10,340,000 0 10,340,000 2.16% State-owned

shareholder

8 Shenzhen International Trust & Investment

Co., Ltd. 6,000,000 0 6,000,000 1.25% State-owned

shareholder

9 Jingchao Investment Co., Ltd. 5,001,944 0 5,001,944 1.04% Foreign shareholder

10 XAMMAX INTERNATIONAL LIMIT0 +1,645,563 1,645,563 0.34% Foreign shareholder

Note: Hongkong Zhuorun Technology Co., Ltd. held 62,003,890 shares of the

Company, including 57,899,644 shares were frozen by means of pledge; all

ST中华Ｂ2003年半年度报告（英文版）

18,968,590 shares of the Company held by Guangdong Sunrise Holdings Co., Ltd.

were frozen, including 11,968,590 shares were pledged; 26,000,000 shares of the

Company held by Hong Kong (Link) Bicycle Limited were pledged and frozen.

Note: Among the top ten shareholders, Guangdong Sunrise Holdings Co., Ltd. and

Shenzhen International Trust & Investment Co., Ltd. are holding subsidiary

companies of Shenzhen Investment Holding Corporation. Hong Kong Zhuorun

Technology Co., Ltd. is subsidiary company indirectly controlled by Shenzhen

Investment Holding Corporation. Except for that, there exists no associated

relationship among the top ten shareholders.

(III) In the report period, the Company’s holding shareholder and actual controller

remained unchanged.

IV. Particulars about Directors, Supervisors and Senior Executives

I. In the report period, the Company’s shares held by directors, supervisors and senior

executives of the Company remained unchanged.

II. In the report period, the Company did not engaged or dismissed the Company’s

directors, supervisors and senior executives.

Section V. Discussion and Analysis of the Management

I. Comparison of the financial indexes in the report period compared with that of the

same period of the last year:

1. Operating results:

Financial indexes Amount (RMB)Proportion of increase and

decrease

Jan.-June 2003 Jan.-June 2002

Income from core business 40,065,561.69 23,021,643.61 74.03% Profit of core business 2,652,923.53 -4,183,110.85 163.42% Net profit 1,324,879.19 -29,649,602.79 104.47%

-562,450.52 2,655,948.31 -121.18% Net increase in cash and cash

equivalents

Note 1. Income from core business increased by 74.03% compared with that of the

same period of last year, which was mainly because that the Company enlarged the

market development in the report period and the sale of electric vehicles increased by

a big margin.

Note 2. Profit of core business increased by 163.42% compared with that of the same

period of last year with the main reasons as the above.

Note 3. Net profit increased by 104.47% compared with that of the same period of last

year, which was main because that the settlement of properties of “Zhonghua 2nd

Stage”accrued earnings for the Company in the report period except for the increase

of sale of electric vehicles with comparatively high gross profit.

ST中华Ｂ2003年半年度报告（英文版）

Note 4. Net increase in cash and cash equivalents as of the period decreased by 121.18% compared with that of the same period of last year, which was mainly because that in the report period the Company paid the salaries and insurance premium owed in the previous years.

2. Financial position:

Items Amount (RMB)Proportion of increase

and decrease

Jan.-June 30, 2003 Jan.-Dec. 31, 2002

Current assets 143,478,152.18 144,169,626.23 -0.48& Total assets 474,370,296.58 512,976,884.80 -7.53% Current liabilities 1,199,891,677.19 1,189,267,119.11 0.22% Shareholders’equity -1,981,689,840.84 -1,982,892,317.80 -0.06

Explanation: In the report period the Company’s assets structure and proportion experienced no material change.

II. Analysis to the operating situation in the report period:

1. Scope of core business and operating status (Unit: RMB’0000):

Income from core business

Cost of

core

business

Gross

profit

ratio (%)

Increase/decrease

of income from

core business

than that of the

same period of

last year (%)

Increase/decrease

of cost of core

business than

that of the same

period of last

year (%)

Increase/decrease

of gross profit

ratio than that of

the same period

of last year (%)

Manufacture industry 3,848.06 3,622.78 5.85 78.90 38.77 Incomparable Service industry 158.50 109.94 30.64 4.78 7.99 -9.09 Under the lead of the Board of Directors, the Management of the Company made

decisive decisions in the first half of year 2003, implemented material reform to the

managerial mechanism and realized the integrated management of production, supply

and sale of bicycle through establishing the bicycle pision in the aspect of core

business. The Company enhanced the market competitive capability of the Company

successfully through the measures of reducing t he management chains, transferring

the management emphasis to the lower layer and integrating the resources etc. and

kept a good trend of development of core business. In Jan.-June 2003, the Company

realized income from core business amounting to RMB 40,065,600, an increase of

74.03% compared with the same period of last year, profit of core business amounting

to RMB 2,652,900 and net profit amounting to RMB 1,324,900.

2. Explanation on material change of profit structure, core business and its structure

and profitability of core business in the report period:

Income from core business

Cost of

core

business

Gross

profit

ratio (%)

Increase/decrease of

income from core

business than that of

Increase/decrease

of cost of core

business than that

Increase/decrease of

gross profit ratio

than that of the

ST中华Ｂ2003年半年度报告（英文版）

the same period of last

year (%) of the same period

of last year (%)

same period of last

year (%)

Electric bicycles 1,635.50 1,520.30 7.04 85.07 118.38 Incomparable Bicycles 2,212.56 2,102.47 4.98 74.61 9.82 Incomparable Service industry 158.50 109.94 30.04 4.78 7.99 -9.09

In the first half year of 2003, the profitability of core business of the Company

experienced material changes than that of same period of last year, which was mainly

due to the large increase of income from core business.

3. Other operating activities impacting significant influence on the profits in the report

period

Other operating business Gains and losses accrued

(RMB’0000)

Proportion in the profits

Lease of properties 451.92 341.10%

4. Problems and difficulties in the operation:

(1) The operating ability of the Company’s assets reached the limit. The assets

situation was still in the status as of the beginning of year 2002. Along with the

expansion of the business volume, the assets chain faced the crisis of breaking all the

time and was hard to reply to the increasingly enlargement of demand of production

assets and possible crisis.

(2) The intense competition in the market.

(3) The lawsuit cases resulted from the historically leaving problems led to the still

very intense external environment, which strictly impacted on the normal

development of the operation.

II. Investment in the report period:

The Company had no investment activities in the report period or happening in the

previous years but going down to the report period. There was no raised proceeds in

the report period or the application of proceeds raised through previous years going

down to the report period.

III. Progress of completing the estimations and plans:

In the report period, the Company fundamentally accomplished the business plan

target as of the beginning of the period.

IV. The Board of Directors’amending plan of the business plan of the second half of

the year

In the report period, the Company overcame the influence of SARS etc. to all kinds of

business to operate according to the annual plan and did not amend the annual

business plan.

ST中华Ｂ2003年半年度报告（英文版）

Section VI. Significant Events

I. Administration of the Company:

In the report period, the Company standardized the operation according to the requirements of laws and regulations such as Company Law, Security Law, Administrative Rules on listed companies and Listing Rules etc.. At the same time, combining its own development need, the Company gradually improved the administrative structure of legal person. The Company reached the requirements of Administrative Rules on listed companies basically in the respects of Normative Operation of Shareholders’General Meeting, Board of Directors and the Supervisory Committee, Independent Director System and Internal Control System etc. In the future, we shall establish and improve the achievements assessment and encouragement and binding mechanism to directors, supervisors and senior executives according to the requirements of Administration Rules on listed companies.

II. The Company did not distribute profit and had no plan of converting the public reserve capital into share capital in the report period.

III. The material lawsuits and arbitrations of the Company happening in the report period:

For details, please refer to Note 9 of Accounting Statement.

IV. The Company had no material purchase, sale or disposal of assets in the report period.

V. Material related transactions of the Company in the report period:

For details, please refer to Note 6 of Accounting Statement.

VI. The Company had no material contract in the report period.

VII. Other significant events:

(I) On April 18 and April 30, 2003, the Company respectively received Replying Letter on Stopping Calculating Interests issued by China Huarong Assets Management Company and China East Assets Management Corporation Shenzhen Office, who agreed to stop calculating all derived interests from Jan.1, 2003 to Dec.31, 2003.

(II) In the report period, the Company published significant events on Securities Times and Ta Kung Pao dated Jan.15 and Jun.20, 2003 respectively with details as follows:

1. The un-listed foreign shares amounting to 19,447,518 shares held by the sponsor shareholder of the Company STEPHEN & PARTNERS LIMITED was checked and approved by China Securities Regulatory Commission (Securities Regulatory Company Z [2002] No.2 document) to transfer into listed foreign shares for circulation. It was listed and circulated in B-share market in Shenzhen Stock Exchange on Jan. 20, 2003.

2. China Securities Regulatory Commission checked and approved that the un-listed foreign shares amounting to 62,003,890 shares of the Company held by the second largest shareholder Hong Kong Zhuorun Technology Co., Ltd could be transferred into B-share. The above-mentioned shares will be listed and circulated in Shenzhen

ST中华Ｂ2003年半年度报告（英文版）

Stock Exchange since one year from 18th of this month. At present 57,899,644 shares of the equity are hypothecated and frozen.

Section VII. Financial Report (un-audited)

I. Accounting statements (attached)

II. Notes to accounting statements (attached)

Section VIII. Documents Available for Reference

I. Text of semi-annual report carried with the signature of Chairman of the Board;

II. Text of accounting statements carried with the signatures and seals of principal of the Company, principal in charge of the accounting affairs and principal in charge of the accounting institute;

III. Texts of all documents disclosed in public on the newspapers designated by China Securities Regulatory Commission in the report period;

IV. Text of Articles of Association of the Company;

V. Text of semi-annual report disclosed in other securities markets;

VI. Other relevant information.

Board of Directors of

Shenzhen China Bicycle Company (Holdings) Limited Chairman: Huang Junmin

Aug.20, 2003

ST中华Ｂ2003年半年度报告（英文版）

Balance Sheet

June 30, 2003 Unit: RMB Assets Amount at the end of the period Amount at the beginning of the period

Consolidated amount Company amount Consolidated amount Company amount Current assets:

Monetary funds 6,237,323.70 1,339,589.21 6,799,774.22 1,612,800.37 Short-term investment - - Notes receivable 150,000.00 150,000.00 Dividends receivable - - Interests receivable - - Accounts receivable 10,479,847.30 176,961,818.95 14,477,146.60 180,959,118.85 Other receivables 51,617,266.29 47,352,567.32 45,995,080.83 47,568,722.87 Payments in advance 195,734.30 195,734.30 2,823,667.99 2,823,667.99 Subsidy receivable - - Inventories 74,471,607.36 74,469,542.36 73,441,682.07 73,441,682.07 Deferred expenses 476,373.23 407,489.23 482,274.52 443,466.52 Other current assets

Total of current assets 143,478,152.18 300,726,741.37 144,169,626.23 306,999,458.67 Long-term investments:

Long-term equity investments 42,453,586.58 43,160,334.70 42,449,213.41 43,041,041.13 Long-term equity investments - - Total of long-term

42,453,586.58 43,160,334.70 42,449,213.41 43,041,041.13 investments

Including: consolidated

- -

balance

Including: balance of equity

- -

investments

Fixed assets:

Original of fixed assets742,154,227.91 735,526,428.12 772,696,889.66 766,313,749.87

Minus: accumulated

377,149,485.99 373,413,164.80 369,772,660.40 366,155,969.74 depreciation

Net value of fixed assets365,004,741.92 362,113,263.32 402,924,229.26 400,157,780.13

Minus: impairment losses of

76,566,184.10 76,566,184.10 76,566,184.10 76,566,184.10 fixed assets

Net fixed assets288,438,557.82 285,547,079.22 326,358,045.16 323,591,596.03 Engineering materials

Constructions in progress

Clearing of fixed assets

Total fixed assets 288,438,557.82 285,547,079.22 326,358,045.16 323,591,596.03 Intangible and other assets:

Intangible assets:

Long-term deferred expenses

Other long-term assets

Total intangible and deferred

assets

Deferred taxes:

Debt of deferred tax:

Total assets 474,370,296.58 629,434,155.29 512,976,884.80 673,632,095.83

ST中华Ｂ2003年半年度报告（英文版）

Balance Sheet (Con.)

June 30, 2003 U nit: RMB Liabilities and shareholders’

equity

Amount at the end of the period Amount at the beginning of the period

Current liabilities:Consolidated amount Company amount Consolidated

amount

Company amount

Short-term loans 462,607,176.72388,429,707.49462,607,176.72388,429,707.49 Notes payable 35,000.0035,000.00--Accounts payable 141,918,940.68344,858,756.94139,879,002.27348,740,265.34 Accounts received in advance 2,025,916.442,025,916.44936,606.76883,096.76 Salaries payable 5,855,700.365,691,849.256,320,621.246,098,077.75 Welfare payable 4,641,793.824,567,620.784,504,584.974,412,484.80 Dividends payable --Tax payable 88,448,316.4388,400,218.5088,066,727.3688,005,532.96 Other payables --Other payables 162,125,478.90121,952,979.74165,515,221.18125,249,055.74 Accrued expenses 165,962,353.84165,933,153.84155,166,178.61155,166,178.61 Estimated liabilities 166,271,000.00166,271,000.00166,271,000.00166,271,000.00 Current maturities of long-term

liabilities

--Other current liabilities --Total current liabilities 1,199,891,677.191,288,166,202.981,189,267,119.111,283,255,399.45 Long-term liabilities:

Long-term loans 88,456,386.3088,456,386.3088,456,386.3088,456,386.30 Bonds payable --Long-term accounts payable 50,427,701.2350,427,701.23 Other long-term liabilities 1,170,528,015.291,170,528,015.291,170,528,015.291,170,528,015.29 Total long-term liabilities 1,258,984,401.591,258,984,401.591,309,412,102.821,309,412,102.82 Deferred tax:

Credit of deferred tax: ----Total liabilities 2,458,876,078.782,547,150,604.572,498,679,221.932,592,667,502.27 Minorities’equity

Minorities’equity (2,815,941.36)(2,815,941.36)(2,810,019.33)(2,810,019.33) Shareholders’equity

Share capital 479,433,003.00479,433,003.00479,433,003.00479,433,003.00 Capital public reserve 25,346.4325,346.4325,346.4325,346.43 Surplus reserve 32,673,227.0132,673,227.0132,673,227.0132,673,227.01 Including: public welfare 32,673,227.0132,673,227.0132,673,227.0132,673,227.01 Undistributed profits (2,427,032,084.36)(2,427,032,084.36)(2,428,356,963.55)(2,428,356,963.55) Balance of foreign exchange --Losses of subsidiaries not offset

accumulated

(66,789,332.92)(66,666,930.69)-Total shareholders’equity (1,981,689,840.84)(1,914,900,507.92)(1,982,892,317.80)(1,916,225,387.11) Total liabilities and

shareholders’equity

474,370,296.58629,434,155.29512,976,884.80673,632,095.83

ST中华Ｂ2003年半年度报告（英文版）

Statement of profit and profit distribution

Items

The period Same period of last year

Consolidation Parent Company Consolidation Parent Company

I. Income from core business 40,065,561.69 38,480,576.28 23,021,643.61 21,508,950.06 Minus: cost of core business 37,327,103.87 36,227,709.51 27,124,895.39 26,106,844.95 Taxation of core business and affixation 85,534.29 2,980.49 79,859.07 1,910.31

II. Profit of core business (Loss is listed

2,652,923.53 2,249,886.28 -4,183,110.85 -4,599,805.20 with “-”)

Plus: profit of other business (Loss is

4,519,248.41 4,519,248.41 3,989,571.60 3,989,571.60 listed with “-”)

Minus: operating expense 3,026,599.86 3,026,599.86 3,215,855.41 3,215,855.41 Management expense 11,856,539.56 11,433,621.19 12,659,944.77 12,206,333.43 Financial expense 10,813,226.34 10,825,625.63 12,586,837.30 12,591,460.66

III. Operating profit (Loss is listed with

-18,524,193.82 -18,516,711.99 -28,656,176.73 -28,623,883.10 “-”)

Plus: investment earnings (Loss is listed

4,373.17 119,293.56 -1,241,901.82 -1,135,872.24 with “-”)

Subsidy income

Non-business income 19,895,985.75 19,895,985.75 212,640.87 212,640.87 Minus: non-business expenditure 178,931.26 178,931.26 119,161.38 119,161.38

IV. Total profits (Total loss is listed with

1,197,233.84 1,319,636.06 -29,804,599.06 -29,666,275.85 “-”)

Minus: income tax 678.91 678.91

Minus: minority interest -5,922.04 -5,922.04 -16,673.06 -16,673.06 Minus: losses of subsidiaries not offset -122,402.22 -138,323.21

V. Net profit (Net loss is listed with “-”) 1,324,879.19 1,324,879.19 -29,649,602.79 -29,649,602.79

Plus: undistributed profits at the

-2,428,356,963.55 -2,428,356,963.55 -2,434,932,315.98 -2,434,932,315.98 year-begin

Other transfer-in

VI. Profit available for distribution -2,427,032,084.36 -2,427,032,084.36 -2,464,581,918.77 -2,464,581,918.77 Minus: appropriation of statutory surplus

public reserve

Appropriation of statutory public welfare

funds

Appropriation of employees’

encouragement and welfare funds

Appropriation of reserve funds

Appropriation of enterprise development

funds

Profits’restoring to investments

VII. Profits available for distribution to

-2,427,032,084.36 -2,427,032,084.36 -2,464,581,918.77 -2,464,581,918.77 investors

ST中华Ｂ2003年半年度报告（英文版）

Minus: preference pidends payable

Appropriation of discretionary surplus

public reserve

Ordinary pidends payable

Ordinary pidends converting into

capital (share capital)

VIII. Undistributed profits -2,427,032,084.36 -2,427,032,084.36 -2,464,581,918.77 -2,464,581,918.77 Supplemental materials:

1. Earnings gained from sale and disposal

of departments or invested units

2. Losses arising from natural disasters

3.Increase/decrease of total profits from

the change of accounting policies

4. Increase/decrease of total profits from

the change of accounting estimations

0.00

5. Losses from liabilities reorganization

6. Others

ST中华Ｂ2003年半年度报告（英文版）

Statement of Cash Flow

Jan. to Jun. 2003

Unit: RMB　

Items Consolidation Parent company I. Cash flows arising from operating activities:

Cash received from selling commodities and providing labor services 51,788,979.03 50,312,393.83 Write-back of tax received 4,717,338.32 4,717,338.32 Other cash received concerning operating activities 216,155.55 216,155.55 Subtotal of cash inflows 56,722,472.90 55,245,887.70 Cash paid for purchasing commodities and receiving labor service 41,296,769.72 40,610,346.73 Cash paid to / for staff and workers 6,695,823.92 6,063,015.76 Added-value tax paid 382,987.35 382,987.35

Income tax paid 678.91 678.91 Other taxation and fee excluding tax on added value and income tax 280,643.71 198,089.91 Other cash paid concerning operating activities 14,781,085.61 14,429,039.21 Subtotal of cash outflows 63,437,989.22 61,684,157.87 Net cash flows arising from operating activities(6,715,516.32)(6,438,270.17) II. Cash flows arising from investing activities:

Cash received from recovery of investment

Cash received from investment income

Cash from pidend or profit

Cash received from disposal of fixed, intangible and other long-term assets 258,772.80 246,106.01 Other cash received concerning investment activities - -Subtotal of cash inflows 258,772.80 246,106.01 Net cash paid for purchasing fixed, intangible and other long-term assets 105,707.00 81,047.00 Cash paid for investments - -Other cash paid concerning investment activities - -Subtotal of cash outflows 105,707.00 81,047.00 Net cash flows arising from investing activities 153,065.80 165,059.01 III. Cash flows arising from financing activities: 　

Cash received from absorbing investment - -Including: cash received from absorbing equity investment of

minority shareholders by subsidiary companies - -Cash received from loans 6,000,000.00 6,000,000.00 Other cash received concerning financing activities - -

ST中华Ｂ2003年半年度报告（英文版）

Subtotal of cash inflows 6,000,000.00 6,000,000.00 Cash paid for settling debts

Cash paid for pidends or profit distributing, repayment of interest -

Including: pidend paid to minority shareholders by subsidiary company -　

Cash paid for repayment interest -

Other cash paid concerning financing activities - -Subtotal of cash outflows - -Net cash flows arising from financing activities6,000,000.00 6,000,000.00 IV. Influence on cash from fluctuation in exchange rate

V. Net increase of cash and cash equivalents (562,450.52)(273,211.16)

Statement of Cash Flow (Con.)

Items

Jan.-Jun. 2003

　Consolidation

The Company

I. Investment and financing activities with no cash

incomings/outgoings involved

Debts repaid with fixed assets - -Debts repaid with investment - -Long-term investment made with fixed assets - -Debts repaid with inventory - -II. Adjusting net profit to cash flows for operating activities

Net profit 1,324,879.19 1,324,879.19 Add: Minority interests (5,922.04)(5,922.04) Un-deficit loss of subsidiary company (122,402.22)

Withdrawal of depreciation of fixed assets 7,304,120.00 7,257,195.06 Withdrawal of provision for devaluation of fixed assets

Projected liabilities

Amortization of long-term expenses to be apportioned

Decrease of expenses to be apportioned 5,901.29 35,977.29 Increase of accrued expenses 29,200.00

ST中华Ｂ2003年半年度报告（英文版）

Losses on disposal of fixed assets, intangible assets and other

long-term assets (Less: income) (19,610,109.35)(19,610,109.35) Loss on rejection of fixed assets - -Financial expenses 10,754,308.44 10,766,975.23 Investment loss (Less: income) -4,373.17 -119,293.56 Decrease of inventories (Less: increase) (1,029,925.29)(1,027,860.29) Decrease of receivable in operation (Less: increase) 2,756,767.24 3,997,299.90 Increase of payable in operation (Less: decrease) (8,117,960.41)(9,057,411.60)

Net cash flows arising from operating activities(6,715,516.32)(6,438,270.17)

III. Net increase of cash and cash equivalents

Balance of cash at the end of the report period 6,237,323.70 1,339,589.21 Less: Balance of cash at the begin of the report period 6,799,774.22 1,612,800.37 Add: Balance of cash equivalents at the end of the report period

Less: Balance of cash equivalents at the begin of the report period

Net increase of cash and cash equivalents (562,450.52)(273,211.16)　

Statement of Provision for Devaluation of Assets June 30, 2003 Unit: RMB

Items Balance at the

begin of the

period

Increase in this

report period

Switching back

in this report

period

Balance at the end