HUICHENG INTL H 01146·

Gross margin 70.31%--70.63%0.31%76.29%5.66%----------------------------------------60.16%--39.39%20.76%48.79%9.39%51.97%3.18%48.92%3.05% Net margin 17.94%--22.85%4.91%29.00%6.15%-----------------------------------------46.94%---122.83%75.88%-69.40%53.43%-71.60%2.21%-68.63%2.97% ROE 34.73%--34.72%0.01%37.71%2.99%-----------------------------------------10.20%---19.94%9.74%-12.64%7.30%-11.27%1.38%-10.49%0.78% ROA 14.79%--16.98%2.19%21.04%4.06%-----------------------------------------8.70%---17.26%8.56%-10.88%6.38%-9.61%1.27%-8.67%0.94% Revenue growth ----28.26%--40.23%11.97%---------------------------------------------36.16%--0.55%36.72%-24.84%25.39%-10.66%14.17% Attributable profit growth ----86.65%--74.85%11.79%---------------------------------------------66.11%--43.48%109.59%23.23%20.25%14.60%8.63% Debt-to-assets 61.53%--47.30%14.24%42.18%5.12%----------------------------------------14.79%--13.63%1.15%14.62%0.98%16.34%1.73%19.28%2.94% Current ratio 1.12--1.490.371.900.41----------------------------------------4.77--5.010.254.950.074.040.913.560.47 Operating cash flow / net profit 1.71--1.540.171.180.37----------------------------------------0.48--0.120.350.060.060.220.160.280.07 Operating cash flow / revenue 30.70%--35.30%4.60%34.16%1.14%-----------------------------------------22.44%---15.26%7.18%-4.14%11.13%-15.56%11.42%-19.47%3.91%

Gross margin 53.16%--69.40%16.24% Net margin -68.52%---17.40%51.12% Revenue growth ----7.04%-- Attributable profit growth ----73.79%-- Debt-to-assets ----22.65%-- Current ratio ----3.10-- Operating cash flow / net profit 0.07---0.280.34 Operating cash flow / revenue -4.46%--4.86%9.31%

Revenue 505.93M--648.92M28.26%909.99M40.23%----------------------------------------323.51M--206.52M36.16%207.66M0.55%156.08M24.84%139.44M10.66% Other income and gains 10.15M--14.43M42.12%15.18M5.22%----------------------------------------17.23M--11.81M31.46%19.89M68.43%33.57M68.77%38.84M15.69% Cost of sales 150.19M--190.59M26.90%215.74M13.19%------------------------------------------------------------ Gross profit 355.74M--458.33M28.84%694.26M51.48%----------------------------------------194.61M--81.36M58.20%101.31M24.53%81.12M19.94%68.22M15.90% Selling and distribution expenses 198.60M--230.15M15.89%284.77M23.73%----------------------------------------275.73M--195.97M28.92%163.45M16.59%139.11M14.89%133.34M4.15% Administrative expenses 46.91M--40.70M13.23%43.37M6.55%----------------------------------------52.52M--46.26M11.92%50.88M9.97%55.87M9.82%52.72M5.64% Net finance costs 110.00K--0100.00%0------------------------------------------2.04M--888.00K56.49%616.00K30.63%533.00K13.47%321.00K39.77% Income tax 29.01M--53.48M84.36%111.39M108.27%----------------------------------------35.55M--50.41M41.82%30.29M39.91%60.00K99.80%45.00K25.00% Operating profit 118.35M--198.59M67.80%369.46M86.04%-----------------------------------------127.83M---208.23M62.90%-125.03M39.96%-122.31M2.18%-104.52M14.54% Share of associates and JVs -----------------------------------------------------927.00K---77.00K91.69%-452.00K487.01%-1.68M272.35%-1.50M10.75% Profit before tax 119.79M--201.76M68.42%375.30M86.02%-----------------------------------------116.32M---203.25M74.73%-113.81M44.00%-111.82M1.76%-95.74M14.38% Net profit 90.78M--148.27M63.33%263.91M77.99%-----------------------------------------151.86M---253.66M67.03%-144.11M43.19%-111.76M22.45%-95.69M14.37% Net profit attributable to owners 80.46M--150.17M86.65%262.57M74.85%-----------------------------------------151.81M---252.18M66.11%-142.52M43.48%-109.41M23.23%-93.44M14.60%

Revenue 67.32M--72.06M7.04% Other income and gains 11.13M--59.76M437.01% Cost of sales 31.53M--22.05M30.06% Gross profit 35.79M--50.01M39.73% Selling and distribution expenses 66.50M--66.24M0.39% Administrative expenses 24.02M--25.31M5.37% Income tax 61.00K--10.49M17104.92% Operating profit -51.30M---5.14M89.98% Share of associates and JVs -1.12M---188.00K83.21% Profit before tax -46.19M---2.04M95.58% Net profit -46.12M---12.54M72.82% Net profit attributable to owners -46.06M---12.07M73.79%

Cash and cash equivalents 159.99M--330.93M106.84%607.09M83.45%----------------------------------------228.00M--263.62M15.62%226.35M14.14%100.82M55.46%82.82M17.85% Trade and bills receivables 55.54M--66.71M20.12%90.50M35.67%----------------------------------------38.96M--23.66M39.28%23.71M0.23%17.03M28.17%15.44M9.32% Inventories 154.35M--147.02M4.75%212.86M44.78%----------------------------------------224.30M--186.67M16.78%128.42M31.20%96.71M24.69%72.59M24.94% Total current assets 405.03M--593.07M46.42%971.72M63.85%----------------------------------------1.13B--970.56M14.14%906.55M6.59%729.00M19.59%686.43M5.84% Total assets 613.94M--873.43M42.27%1.25B43.63%----------------------------------------1.75B--1.47B15.83%1.32B9.85%1.16B12.23%1.10B5.12% Total current liabilities 360.78M--398.55M10.47%510.69M28.14%----------------------------------------237.23M--193.69M18.35%183.32M5.35%180.59M1.49%192.60M6.66% Total liabilities 377.78M--413.12M9.35%529.09M28.07%----------------------------------------258.13M--200.35M22.38%193.61M3.37%190.02M1.85%212.73M11.95% Equity attributable to owners 231.66M--432.51M86.70%696.26M60.98%----------------------------------------1.49B--1.26B15.00%1.13B10.87%971.06M13.85%891.14M8.23% Total equity 236.16M--460.32M94.92%725.40M57.59%----------------------------------------1.49B--1.27B14.70%1.13B10.88%972.57M14.01%890.39M8.45%

Cash and cash equivalents ----90.82M-- Trade and bills receivables ----9.30M-- Inventories ----70.79M-- Total current assets ----685.29M-- Total assets ----1.08B-- Total current liabilities ----221.16M-- Total liabilities ----245.26M-- Equity attributable to owners ----838.97M-- Total equity ----837.74M--

Net cash from operating activities 155.33M--229.06M47.46%310.83M35.70%-----------------------------------------72.61M---31.52M56.58%-8.59M72.74%-24.29M182.59%-27.15M11.81% Net cash from investing activities -193.78M---47.38M75.55%8.08M117.06%-----------------------------------------24.68M--191.47M875.80%-17.80M109.30%-31.15M74.98%11.50M136.93% Net cash from financing activities 172.03M---27.79M116.15%-31.41M13.05%-----------------------------------------47.60M---23.42M50.80%-9.55M59.23%-66.57M597.28%2.72M104.09% Net change in cash 133.59M--153.89M15.19%287.50M86.82%-----------------------------------------144.89M--136.53M194.23%-35.94M126.32%-122.00M239.45%-12.93M89.41%

Net cash from operating activities -3.00M--3.50M216.67% Net cash from investing activities 74.80M--46.00M38.50% Net cash from financing activities -900.00K---32.20M3477.78% Net change in cash 70.90M--17.30M75.60%