ST中华Ｂ2003年半年度报告（英文版）(4)

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.

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