BAOYE GROUP 02355·

Gross margin ------------------------------------------------------------8.01%--7.37%0.64%8.32%0.95%7.80%0.53%7.42%0.38% Net margin ------------------------------------------------------------3.31%--2.95%0.35%3.38%0.42%2.24%1.13%1.46%0.78% ROE ------------------------------------------------------------7.26%--6.18%1.08%7.07%0.89%3.16%3.91%2.21%0.95% ROA ------------------------------------------------------------1.81%--1.48%0.33%1.84%0.37%1.11%0.73%0.69%0.42% Revenue growth -----------------------------------------------------------------8.80%--8.41%17.21%-15.64%24.05%-10.71%4.93% Attributable profit growth -----------------------------------------------------------------10.62%--26.18%36.79%-53.90%80.08%-29.34%24.57% Debt-to-assets ------------------------------------------------------------76.80%--75.72%1.08%73.20%2.52%70.03%3.17%67.70%2.33% Current ratio ------------------------------------------------------------1.17--1.170.001.200.031.220.021.270.05 Operating cash flow / net profit ------------------------------------------------------------1.52--1.810.291.600.21-0.051.65-1.141.09 Operating cash flow / revenue ------------------------------------------------------------5.02%--5.34%0.31%5.40%0.07%-0.11%5.51%-1.66%1.56%

Gross margin 5.98%--4.87%1.11% Net margin 1.69%---1.45%3.14% Revenue growth -----11.41%-- Attributable profit growth -----150.56%-- Debt-to-assets ----67.92%-- Current ratio ----1.31-- Operating cash flow / net profit 3.32---13.1416.46 Operating cash flow / revenue 5.59%--19.08%13.49%

Revenue ------------------------------------------------------------26.78B--24.43B8.80%26.48B8.41%22.34B15.64%19.95B10.71% Other income and gains ------------------------------------------------------------177.11M--285.23M61.05%260.71M8.59%247.59M5.03%150.65M39.15% Gross profit ------------------------------------------------------------2.15B--1.80B16.13%2.20B22.45%1.74B20.97%1.48B15.02% Selling and distribution expenses ------------------------------------------------------------191.51M--143.04M25.31%201.28M40.71%160.11M20.45%176.58M10.29% Administrative expenses ------------------------------------------------------------755.87M--699.03M7.52%816.86M16.86%755.62M7.50%706.74M6.47% Net finance costs ------------------------------------------------------------91.55M--20.29M77.84%12.40M38.88%32.78M164.29%40.52M23.63% Income tax ------------------------------------------------------------406.92M--437.14M7.43%681.87M55.98%477.47M29.98%289.83M39.30% Operating profit ------------------------------------------------------------1.35B--1.08B19.82%1.48B37.03%960.70M35.03%673.19M29.93% Profit before tax ------------------------------------------------------------1.29B--1.16B10.35%1.58B36.05%978.72M37.91%581.49M40.59% Net profit ------------------------------------------------------------885.37M--721.40M18.52%894.38M23.98%501.24M43.96%291.66M41.81% Net profit attributable to owners ------------------------------------------------------------788.48M--704.78M10.62%889.26M26.18%409.91M53.90%289.64M29.34%

Revenue 8.50B--7.53B11.41% Other income and gains 63.97M--61.43M3.97% Cost of sales 7.99B--7.17B10.36% Gross profit 508.70M--366.83M27.89% Selling and distribution expenses 87.39M--93.68M7.21% Administrative expenses 315.08M--304.31M3.42% Net finance costs 3.70M--20.17M445.40% Income tax 101.90M--140.43M37.81% Operating profit 253.59M--55.20M78.23% Share of associates and JVs -4.56M---3.98M12.78% Profit before tax 245.33M--31.06M87.34% Net profit 143.43M---109.37M176.25% Net profit attributable to owners 140.98M---71.28M150.56%

Cash and cash equivalents ------------------------------------------------------------7.81B--7.75B0.83%9.43B21.73%8.01B15.09%6.47B19.24% Trade and bills receivables ------------------------------------------------------------7.84B--7.32B6.60%7.13B2.58%9.36B31.31%10.19B8.84% Inventories ------------------------------------------------------------283.71M--265.03M6.59%329.20M24.21%419.31M27.37%287.53M31.43% Total current assets ------------------------------------------------------------42.39B--42.28B0.27%41.01B2.99%37.83B7.76%35.30B6.69% Total assets ------------------------------------------------------------48.92B--48.82B0.19%48.51B0.63%45.20B6.83%42.23B6.58% Total current liabilities ------------------------------------------------------------36.38B--36.15B0.64%34.18B5.44%30.95B9.46%27.81B10.15% Total liabilities ------------------------------------------------------------37.57B--36.97B1.60%35.51B3.94%31.66B10.86%28.59B9.68% Equity attributable to owners ------------------------------------------------------------10.87B--11.40B4.94%12.58B10.35%12.99B3.23%13.12B1.01% Total equity ------------------------------------------------------------11.35B--11.85B4.45%13.00B9.70%13.55B4.18%13.64B0.67%

Cash and cash equivalents ----9.17B-- Trade and bills receivables ----5.39B-- Inventories ----307.85M-- Total current assets ----34.82B-- Total assets ----41.59B-- Total current liabilities ----26.63B-- Total liabilities ----28.25B-- Equity attributable to owners ----12.90B-- Total equity ----13.34B--

Net cash from operating activities ------------------------------------------------------------1.35B--1.30B3.08%1.43B9.79%-24.48M101.71%-332.04M1256.10% Net cash from investing activities ------------------------------------------------------------188.78M--410.58M117.49%-221.88M154.04%-533.16M140.30%-1.45B172.64% Net cash from financing activities -------------------------------------------------------------977.72M---1.80B84.38%465.92M125.85%-870.42M286.82%255.49M129.35% Net change in cash ------------------------------------------------------------556.06M---88.58M115.93%1.68B1991.10%-1.43B185.25%-1.53B7.15%

Net cash from operating activities 475.63M--1.44B202.15% Net cash from investing activities -467.33M--456.34M197.65% Net cash from financing activities 232.70M--823.61M253.94% Net change in cash 240.99M--2.72B1027.45%