600689_2008_上海三毛_2008年年度报告_2009-04-17.txt

上海三毛企业（集团）股份有限公司 600689 2008 年年度报告 上海三毛企业（集团）股份有限公司 2008 年年度报告 1 目录 一、重要提示.......................................................................... 2 二、公司基本情况...................................................................... 2 三、会计数据和业务数据摘要：.......................................................... 3 四、股本变动及股东情况................................................................ 4 五、董事、监事和高级管理人员.......................................................... 6 六、公司治理结构...................................................................... 9 七、股东大会情况简介................................................................. 11 八、董事会报告....................................................................... 12 九、监事会报告....................................................................... 19 十、重要事项......................................................................... 20 十一、财务会计报告................................................................... 29 十二、备查文件目录................................................................... 87 上海三毛企业（集团）股份有限公司 2008 年年度报告 2 一、重要提示 (一) 本公司董事会、监事会及其董事、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。 (二) 公司全体董事出席董事会会议。 (三) 立信会计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。 (四) 公司负责人张文卿、主管会计工作负责人胡种及会计机构负责人（会计主管人员）沈夏娣声明： 保证年度报告中财务报告的真实、完整。 二、公司基本情况 公司法定中文名称 上海三毛企业（集团）股份有限公司 公司法定中文名称缩写 上海三毛 公司法定英文名称 SHANGHAI SANMAO ENTERPRISE(GROUP)CO.,LTD 公司法定英文名称缩写 SHSANMAO 公司法定代表人 张文卿 公司董事会秘书情况 董事会秘书姓名 韩家红 董事会秘书联系地址 斜土路 791 号 董事会秘书电话 021－63059496 董事会秘书传真 021－63018850*601 董事会秘书电子信箱 hanjh@ 公司注册地址 浦东大道 1474－1484 号 公司办公地址 斜土路 791 号 公司办公地址邮政编码 200023 公司国际互联网网址 公司电子信箱 sanmaogroup@ 公司选定的信息披露报纸名称 上海证券报、香港文汇报 登载年度报告的中国证监会指定网站的网址 公司年度报告备置地点 斜土路 791 号 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 A 股 上海证券交易所 上海三毛 600689 B 股 上海证券交易所 三毛 B 股 900922 其他有关资料 公司首次注册日期 1993 年 9 月 8 日 公司首次注册地点 上海许昌路 1150 号 公司变更注册日期 2000 年 5 月 24 日 公司变更注册地点 浦东大道 1474－1484 号 企业法人营业执照注册号 310000400072008（市局） 税务登记号码 国地税沪字 310115607251498 号 组织机构代码 60725149-8 公司聘请的会计师事务所情况 公司聘请的境内会计师事务所名称 立信会计事务所有限公司 公司聘请的境内会计师事务所办公地址 南京东路 61 号新黄浦金融大厦 4 楼 上海三毛企业（集团）股份有限公司 2008 年年度报告 3 三、会计数据和业务数据摘要： (一) 主要会计数据 单位：元 币种：人民币 项目 金额 营业利润 5,953,641.58 利润总额 28,561,968.16 归属于上市公司股东的净利润 30,582,604.68 归属于上市公司股东的扣除非经常性损益后的净利润 -22,785,193.32 经营活动产生的现金流量净额 1,774,608.87 (二) 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 52,778,246.64 计入当期损益的政府补助，但与公司正常经营业务密切相关， 符合国家政策规定、按照一定标准定额或定量持续享受的政府 补助除外 3,184,532.03 计入当期损益的对非金融企业收取的资金占用费 437,475.00 企业取得子公司、联营企业及合营企业的投资成本小于取得投 资时应享有被投资单位可辨认净资产公允价值产生的收益 316,991.80 债务重组损益 11,071,507.12 除同公司正常经营业务相关的有效套期保值业务外，持有交易 性金融资产、交易性金融负债产生的公允价值变动损益，以及 处置交易性金融资产、交易性金融负债和可供出售金融资产取 得的投资收益 -2,764,319.53 除上述各项之外的其他营业外收入和支出 -173,196.71 少数股东权益影响额 -66.33 所得税影响额 -11,483,372.02 合计 53,367,798.00 (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 2008 年 2007 年 本年比上年增减(%) 2006 年 营业收入 1,453,322,349.40 1,596,547,164.17 -8.97 1,533,826,756.33 利润总额 28,561,968.16 118,421,787.30 -75.88 -116,684,992.49 归属于上市公司股东的净利润 30,582,604.68 103,749,934.93 -70.52 -113,667,006.82 归属于上市公司股东的扣除非经常性损益的净利 润 -22,785,193.32 -75,317,129.03 69.75 -87,735,877.47 基本每股收益（元／股） 0.1522 0.5162 -70.52 -0.5655 稀释每股收益（元／股） 0.1522 0.5162 -70.52 -0.5655 扣除非经常性损益后的基本每股收益（元／股） -0.1134 -0.3747 69.75 -0.4365 全面摊薄净资产收益率（%） 8.43 26.74 减少 18.31 个百分点 -51.74 加权平均净资产收益率（%） 7.58 34.15 减少 26.57 个百分点 -41.43 扣除非经常性损益后全面摊薄净资产收益率（%） -6.28 -19.41 增加 13.13 个百分点 -39.94 扣除非经常性损益后的加权平均净资产收益率 （%） -5.65 -24.79 增加 19.14 个百分点 -30.54 经营活动产生的现金流量净额 1,774,608.87 -37,718,282.42 104.70 1,432,829.38 每股经营活动产生的现金流量净额（元／股） 0.0088 -0.1877 104.70 0.0071 2008 年末 2007 年末 本年末比上年末增减 (%) 2006 年末 总资产 862,486,681.50 947,134,256.34 -8.94 761,631,479.14 所有者权益（或股东权益） 362,729,365.11 388,011,735.92 -6.52 219,675,334.76 归属于上市公司股东的每股净资产（元／股） 1.8047 1.9305 -6.52 1.0930 上海三毛企业（集团）股份有限公司 2008 年年度报告 4 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 报告期内，公司股份总数及股本结构未发生变化。 2、限售股份变动情况 报告期内，本公司限售股份无变动情况。 (二) 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 报告期内没有因送股、配股等原因引起公司股份总数及结构的变动。 3、现存的内部职工股情况 本报告期末公司无内部职工股。 (三) 股东和实际控制人情况 1、股东数量和持股情况 单位：股 报告期末股东总数 50,000 户 前十名股东持股情况 股东名称 股东性 质 持股比例 (%) 持股总数 报告期内增 减 持有有限售条件股份数 量 质押或冻结的股份数 量 重庆轻纺控股（集团）公司 国有法 人 25.95 52,158,943 0 52,008,943 无 上海纺织控股（集团）公司 国有法 人 1.67 3,354,194 0 未知 上工申贝（集团）股份有限公 司 国有法 人 0.33 658,830 -700,000 未知 郭美娜 未知 0.30 606,900 316,300 未知 珠江纺织贸易有限公司 未知 0.25 498,730 0 未知 郑英 未知 0.22 441,600 441,600 未知 朱国平 未知 0.22 436,311 0 未知 成都林林投资咨询管理有限公 司 未知 0.21 425,900 425,900 未知 魏忠华 未知 0.19 383,000 383,000 未知 CHNAHUAING GROUPU.S.A.，LTD 未知 0.18 353,000 -163,200 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的数量 股份种类 上海纺织控股（集团）公司 3,354,194 人民币普通股 上工申贝（集团）股份有限公司 658,830 人民币普通股 郭美娜 606,900 人民币普通股 珠江纺织贸易有限公司 498,730 境内上市外资股 郑英 441,600 人民币普通股 朱国平 436,311 境内上市外资股 成都林林投资咨询管理有限公司 425,900 人民币普通股 魏忠华 383,000 人民币普通股 CHNAHUAING GROUPU.S.A.，LTD 353,000 境内上市外资股 钱根娣 341,278 人民币普通股 上述股东关联关系或一致行动的说明 未知 上海三毛企业（集团）股份有限公司 2008 年年度报告 5 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 序 号 有限售条件股东名称 持有的有限售 条件股份数量 可上市交易时间 新增可上市交易股 份数量 限售条件 1. 重庆轻纺控股（集团） 公司 52,008,943 2009 年 8 月 22 日 自获得流通权之日起 36 个月内不上市交易 或者转让。 2、控股股东及实际控制人情况 (1) 法人控股股东情况 单位:万元 币种:人民币 名称 法定代表人 注册资本 成立日期 主营业务 重庆轻纺控股（集 团）公司 杨林 145,744.44 2000 年 8 月 25 日 对重庆市政府授权范围内 的国有资产经营、管理、 销售机械设备、电子器具、 光学设备仪器、汽车零部 件、化工产品及原料（不 含化学危险品）、百货 (2) 法人实际控制人情况 重庆市国有资产监督管理委员会 (3) 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。 (4) 公司与实际控制人之间的产权及控制关系的方框图 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。 上海三毛企业（集团）股份有限公司 2008 年年度报告 6 五、董事、监事和高级管理人员 (一) 董事、监事、高级管理人员的情况 单位:股 姓名 职务 性 别 年龄 任期起止日期 年初持 股数 年末持 股数 股份增减 数 变动原 因 报告期内从公司领取的报 酬总额（万元）（税前） 张文卿 董事 长、党 委书 记 男 52 2007 年 5 月 29 日～ 2010 年 5 月 29 日 0 0 0 无变动 45.5 张 萍 董事、 总经 理 女 50 2007 年 5 月 29 日～ 2010 年 5 月 29 日 10,000 10,000 0 无变动 33.5 胡 种 董事、 财务 总监 男 59 2007 年 5 月 29 日～ 2010 年 5 月 29 日 0 0 0 无变动 33.5 倪志华 董事 女 63 2007 年 5 月 29 日～ 2010 年 5 月 29 日 0 0 0 无变动 0 韩家红 董事、 董事 会秘 书、副 总经 理 男 41 2007 年 5 月 29 日～ 2010 年 5 月 29 日 0 0 0 无变动 22.4 谭坤一 董事 男 45 2007 年 5 月 29 日～ 2010 年 5 月 29 日 0 0 0 无变动 0 赵晓雷 独立 董事 男 53 2007 年 5 月 29 日～ 2010 年 5 月 29 日 0 0 0 无变动 5 徐志炯 独立 董事 男 59 2007 年 5 月 29 日～ 2010 年 5 月 29 日 0 0 0 无变动 5 吴复民 独立 董事 女 66 2007 年 11 月 30 日～ 2010 年 5 月 29 日 0 0 0 无变动 5 周才友 监事 长 男 33 2007 年 11 月 30 日～ 2010 年 5 月 29 日 0 0 0 无变动 0 王建华 副监 事长、 纪委 书记 男 55 2007 年 5 月 29 日～ 2010 年 5 月 29 日 2,884 2,884 0 无变动 19.9 邓寿东 监事 男 55 2007 年 5 月 29 日～ 2010 年 5 月 29 日 0 0 0 无变动 0 王海云 监事 男 58 2007 年 5 月 29 日～ 2010 年 5 月 29 日 0 0 0 无变动 13 顾顺良 监事 男 54 2007 年 5 月 29 日～ 2010 年 5 月 29 日 0 0 0 无变动 11.2 周国平 副总 经理 男 57 2007 年 5 月 29 日～ 2010 年 5 月 29 日 0 0 0 无变动 28.2 梁康宁 副总 经理 男 57 2007 年 5 月 29 日～ 2010 年 5 月 29 日 0 0 0 无变动 26 宣伟明 总经 济师 男 58 2007 年 5 月 29 日～ 2010 年 5 月 29 日 0 0 0 无变动 23.4 合计 / / / / 12,884 12,884 0 / 271.6 上海三毛企业（集团）股份有限公司 2008 年年度报告 7 董事、监事、高级管理人员最近 5 年的主要工作经历： 1.张文卿：近五年在上海三毛企业（集团）股份有限公司先后担任第四、第五届董事会董事、总经理。 现任重庆轻纺控股（集团）公司副董事长、公司董事长、党委书记。上海市第十三届人大代表。 2.张 萍：近五年在上海三毛企业（集团）股份有限公司先后担任第四、五届董事会董事、党委书记 兼副总经理，现任公司董事、总经理、党委副书记。上海市第十三届妇代会代表，上海市妇女联合会 执行委员会委员。 3.胡 种：近五年在上海三毛企业（集团）股份有限公司先后担任第四、第五届董事会董事、财务总 监。现任公司董事、财务总监。 4.倪志华：曾任上海市纺织工业局党委副书记，上海纺织控股（集团）公司副董事长、党委副书记， 重庆轻纺控股（集团）公司副董事长。1998 年 6 月起兼任本公司第三、第四、第五届董事会董事长， 现任公司董事。 5.韩家红：近五年在上海三毛企业（集团）股份有限公司先后担任总经理办公室副主任、主任兼信息 技术中心主任。现任公司董事、董事会秘书、副总经理。 6.谭坤一：曾任重庆市纺织工业局财务处副主任科员、主任科员；现任重庆轻纺控股（集团）公司总 裁助理兼资产营运部部长。2006 年 9 月起兼任公司第五届董事会董事。2007 年 5 月 29 日兼任公司第 六届董事会董事。 7.赵晓雷：1986 年至今一直担任上海财经大学教授、博导；财经研究所所长，上海财经大学学术委员 会委员。2004 年 5 月起兼任本公司第五届董事会独立董事。2007 年 5 月 29 日起兼任公司第六届董事 会独立董事。 8.徐志炯：2004 年 10 月至今担任上海联合产权交易所副总裁。2007 年 5 月 29 日起兼任公司第六届 董事会独立董事。 9.吴复民：曾任新华通讯社上海分社 高级记者。现任经济采访室主任，上海市第九届政协委员、上 海市第九届、第十届政协经济委员会副主任。上海市第十一届政协特聘成员，上海科技成果转化促进 会特聘专家。 2007 年 11 月 30 日起兼任公司第六届董事会独立董事。 10.周才友：曾经担任四川金宇汽车城（集团）股份有限公司副总经理兼财务总监并兼任成都金宇控 股集团、成都西部航利科技集团公司财务总监；现任重庆轻纺控股（集团）公司重点发展办公室副主 任。2007 年 11 月 30 日起兼任公司第六届监事会监事长。 11.王建华：近五年在上海三毛企业（集团）股份有限公司担任工会主席，现任公司监事会副监事长、 纪委书记、工会主席兼任监审部经理。上海市十二届工会代表大会代表。 12.邓寿东：曾任重庆市轻工业局审计处副处长。现任重庆轻纺控股（集团）公司纪检审计室主任。2006 年 9 月起兼任公司第五届监事会监事。2007 年 5 月 29 日起兼任公司第六届监事会监事。 13.王海云：曾经担任上海三毛企业（集团）股份有限公司纪委专职委员。现任公司监事会监事、上 海三毛进出口有限公司党支部副书记、工会主席。 14.顾顺良：曾经担任上海三毛纺织股份有限公司财务监审室副经理。现任上海三毛企业（集团）股 份有限公司监事会监事、监审室副经理。 15.周国平：近五年一直担任上海三毛企业（集团）股份有限公司公司副总经理。 16.梁康宁：近五年一直担任上海三毛企业（集团）股份有限公司公司副总经理。 17.宣伟明：近五年在上海三毛企业（集团）股份有限公司曾经担任总经理办公室主任、资产经营部 经理、副总经济师。现任公司总经济师。 (二) 在股东单位任职情况 姓名 股东单位名称 担任的职务 任期起始日期 任期终止日期 是否领取报酬津贴 张文卿 重庆轻纺控股 （集团）公司 兼任副董事长 2006 年 5 月 16 日 否 谭坤一 重庆轻纺控股 （集团）公司 总裁助理兼资产 运营部部长 是 周才友 重庆轻纺控股 （集团）公司 重点发展办公室 副主任 是 邓寿东 重庆轻纺控股 （集团）公司 纪检审计室主任 是 上海三毛企业（集团）股份有限公司 2008 年年度报告 8 在其他单位任职情况 姓名 其他单位名称 担任的职务 任期起始日期 任期终止日期 是否领取报酬津贴 赵晓雷 长江投资实业 股份有限公司 等 独立董事 是 徐志炯 上海耀华皮尔 金顿玻璃股份 有限公司 独立董事 是 吴复民 上海市政协 经济委员会 否 (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 由公司董事会及薪酬委员会审议决定。独立董事薪酬报经股东大会批准。 2、董事、监事、高级管理人员报酬确定依据 根据年初制定的经营目标与考核办法进行设定。 3、不在公司领取报酬津贴的董事监事情况 不在公司领取报酬津贴的董事、监事的姓名 是否在股东单位或其他关联单位领取报酬津贴 倪志华 否 谭坤一 是 周才友 是 邓寿东 是 独立董事领取独立董事津贴为人民币五万元。 (四) 公司董事、监事、高级管理人员变动情况 公司与 2008 年 10 月 17 日召开了第六届董事会 2008 年第七次临时会议，决议通过了《关于提名 韩家红同志担任公司副总经理的提案》聘任韩家红同志担任公司副总经理 (五) 公司员工情况 在职员工总数 1,189 公司需承担费用的离退休职工人数 16 公司员工情况的说明 截止报告期内，公司在职员工总人数为 1189 人（包含下属子公司员工），公司需承担费用 的离退休职工人数为 16 人。员工结构如下： 员工的结构如下： 1、专业构成情况 专业类别 人数 管理人员 199 技术人员 42 生产人员 768 其他人员 180 2、教育程度情况 教育类别 人数 研究生 10 大学本科 39 大学专科 110 高中及中专以下 1,030 上海三毛企业（集团）股份有限公司 2008 年年度报告 9 六、公司治理结构 (一) 公司治理的情况 报告期内，公司严格按照《公司法》、《证券法》、《上市公司治理准则》以及中国证监会、上海证 券交易所的有关规定和要求规范运作，不断完善公司法人治理结构，建立健全内部管理和控制制度， 促进公司规范运作。 具体内容如下: 1、关于股东与股东大会： 公司能够根据《公司法》、《上海证券交易所股票上市规则》、《股东大会规范意见》及公司制定 的《股东大会议事规则》召集、召开股东大会。公司能够平等对待所有股东，特别是中小股东与大股 东享有平等地位，能够充分行使自己的权利。 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，公司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的决策和经营活动，公司不存在与控股股东进行 的关联交易行为，公司与控股股东在人员、资产、财务、机构、业务做到了相互独立，公司董事会、 监事会和内部机构能够独立运作。公司未发生过大股东占用上市公司资金和资产的情况。公司已建立 防止控股股东及其附属企业占用上市公司资金、侵害上市公司利益的长效机制。 3、关于董事和董事会： 公司严格按照《公司法》、《公司章程》规定的选聘程序选举董事。公司董事会人数和人员构成符 合法律、法规的要求，公司各位董事能够依据《董事会议事规则》等制度，认真出席董事会会议，积 极参加培训、认真履行董事职责。公司董事会下设的战略委员会、审计委员会、提名委员会、薪酬与 考核委员会四个专门委员会，报告期内，各专业委员会召开了 3 次专题会议。确保董事会高效运作和 科学决策。 根据中国证监会要求，2009 年上市公司将实施内控制度，公司将从防范系统风险、规范管理角度出 发，2009 年上半年将有计划开展内控制度的修订、完善，并通过董事会审计委员会、董事会办公室和 监审部进行内控制度执行情况的测试和综合评价工作。 4、关于监事和监事会： 公司监事会严格执行《公司法》、《公司章程》的有关规定，人数和人员构成符合法律、法规的要 求，能够依据《监事会议事规则》等制度，认真履行自己的职责，对公司财务以及董事和高级管理人 员履行职责的合法合规性进行监督，并独立发表意见。 5、关于绩效评价与激励约束机制： 公司通过 OA 系统建立了岗位考评体系，实行个人自评、部门评价及考核委员会评议的综合考核机制。 薪酬发放分为按月固定发放和年度考核结算二部分有效地将量化的经营目标与个人收入挂勾体现了绩 效优先的原则。 6、关于信息披露与透明度: 公司指定董事会秘书负责信息对外公布，协调公司信息披露事务，加强投资者关系管理与信息沟通， 除指定《上海证券报》、《香港文汇报》为公司信息披露的报纸外公司还在自己的网站上开辟了投资 者关系专栏，与投资者保持沟通；公司严格按照有关法律法规及公司制定的《信息披露管理制度》的 要求，真实、准确、完整、及时地披露有关信息，并确保所有股东有平等的机会获得信息。 7、关于公司治理专项活动的情况： 报告期内，公司按照中国证监会《关于公司治理专项活动公告的通知》（证监公司字[2008]27 号） 以及中国证监会上海证监局 6 月 30 日召开的上市公司监督管理工作会议的有关精神，依照上海证监局 《上海辖区公司资金占用自查报告格式指引》对控股股东及其他关联方资金占用情况进行了自查，公 司不存在违规资金占用问题。 2008 年，在各级监管部门的指导下，公司对在 2007 年公司治理专项活动中发现的需要持续改进 问题进行跟踪；由董事长担任组长成立了治理专项小组，并对落实情况及整改效果重新进行检查，组 织独立董事对相关问题进行调查了解，发表独立董事对公司专项治理相关事项的声明。形成了《公司 专项治理活动的整改情况报告》，并经董事会会议审议通过后，于 2008 年 7 月 19 日在上海证券交 易所网站披露。 上海三毛企业（集团）股份有限公司 2008 年年度报告 10 (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 独立董事姓名 本年应参加董 事会次数 亲自出席（次） 委托出席（次） 缺席（次） 缺席原因及其他 说明 赵晓雷 13 12 1 0 出差 徐志炯 13 13 0 0 吴复民 13 13 0 0 公司独立董事自任职以来，严格按照有关法律、法规、规范性文件和公司《独立董事工作制度》要求， 通过出席股东大会、历次董事会和董事会各专业委员会会议，认真履行职责，以其专业知识和经验对 公司的经营决策和规范运作提出了建设性意见，并发表了独立、专项意见。独立董事勤勉尽责，独立、 有效行使了职责，维护了公司和全体股东的利益。 2、独立董事对公司有关事项提出异议的情况 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 业务方面独立情况 公司拥有完整的生产销售体系和自主经营、自我发展的能力，与控股股东无同业竞争 情况。 人员方面独立情况 公司劳动、人事、工资管理与控股股东完全独立，公司总经理、副总经理、财务负责 人董事会秘书、营销负责人在均本公司独立任职并在本公司领取报酬。 资产方面独立情况 公司资产独立完整、产权清晰，拥有独立的生产系统、辅助生产系统和配 套系统，与控股股东之间产权明晰。 机构方面独立情况 公司董事会、监事会及其他职能部门机构健全、独立运作。 财务方面独立情况 公司设有独立的财务部门，建立健全的财务管理制度和会计核算体系，在银行有独立 的账户并依法纳税。 (四) 公司内部控制制度的建立健全情况 公司按照《公司法》、《证券法》、《上海证券交易所上市公司内部控制指引》的要求，以及财政部 发布的《内部会计控制规范》和《企业内部控制规范》等法律法规、监管规定以及公司《章程》的规 定，结合公司实际情况，制订并完善了各项内部控制制度，以合理保证公司经营管理合法合规、资产 安全、财务报告及相关信息真实完整，提高经营效率和效果，促进公司实现发展战略。 1）、公司主要内部控制制度 公司在《公司章程》规范下，制定了《股东大会议事规则》、《董事会议事规则》、《监事会议事 规则》、《独立董事制度》、《总经理工作细则》、《投资者关系管理制度》等治理结构方面的规范 制度 73 项，以进一步促进公司治理结构的完善和规范运作。 2）、业务管理制度 根据相关规定的要求不断提高相关工作人员的业务素质，不断改进和完善经营管理制度和内部控 制，公司在下属企业推广了信息化管理引入 ERP、OA 管理系统，有效提高了经营管理和内部控制效能。 切实改进下属子公司的规范运作、信息披露和决策程序。提高各级管理人员的诚信意识与法制意识， 报告期内，审计室担负内控审核不断加强公司的控制力。 3）、财务管理制度方面 为加强公司资金的集中管理，认真筹集和组织资金，确保资金安全。公司认真执行国家财经政策及 相关法律法规，按照《会计法》、《企业会计准则》的规定办理会计事项，公司逐步健全了《财务管 理制度》，对资金管理、资产管理、财务管理体制、财务核算、对外投资管理、成本费用管理、收入 和利润分配的管理、财务报告等进行了明确的规定。《内部审计制度》的制定，加强了公司内部财务 运作的监督，规范了公司财务的运作情况，2008 年开始公司对下属企业实行不间断的例行审计，将原 来的事后审计进一步扩展为过程的动态审计。 4）、信息披露方面 依照有关法律、法规精神公司建立了《信息披露事务管理制度》，保证所有股东有平等的机会获得 信息。 在于投资者进行网络沟通和电话接待过程中，公司注意信息公平披露问题，严格依照上市规则要求 处理相关事务，不断完善健全内部控制制度体系 上海三毛企业（集团）股份有限公司 2008 年年度报告 11 (五) 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 1、本公司不披露董事会对公司内部控制的自我评估报告。 公司建立了内部控制制度。 公司设立了名为审计部的内部控制检查监督部门。 公司内部控制检查监督部门定期向董事会提交内控检查监督工作报告。 2、审计机构未出具对公司内部控制的核实评价意见。 (六) 高级管理人员的考评及激励情况 公司严格按照《董事会薪酬与考核委员会实施细则》建立了公正、透明的绩效评价标准制度。公 司董事会对高级管理人员每年进行考评，具体为：明确高级管理人员年度工作任务和要求，制定量化 的考核目标，作为年终发放考核收入的依据。对公司有较大贡献的，董事会将在年度考核完成后对相 关人员进行另外的特殊奖励。对高管人员的考核及特殊奖励的确定，董事会委托薪酬与考核委员会进 行。 (七) 公司是否披露履行社会责任的报告：否 七、股东大会情况简介 (一) 年度股东大会情况 会议届次 召开日期 决议刊登的信息披露报纸 决议刊登的信息披露日期 2007 年度股东大会 2008 年 5 月 19 日 上海证券报、香港文汇报 2008 年 5 月 20 日 公司于 2008 年 5 月 19 日上午在公司本部会议室召开 2007 年度股东大会 1、审议通过《公司 2007 年度董事会工作报告》 2、审议通过《公司 2007 年度监事会工作报告》 3、审议通过《公司 2007 年度财务工作报告》 4、审议通过《公司 2007 年度利润分配方案》 5、审议通过《关于公司 2007 年度计提坏帐准备和减值准备的议案》 6、审议通过《关于公司 2007 年度计提特别坏帐准备的议案》 7、审议通过《关于公司聘任会计师事务所及支付审计报酬的议案》 8、审议通过《公司 2007 年度报告及摘要》 9、审议通过《关于独立董事年度津贴标准的议案》 10、审议通过《关于变更募集资金投向项目的议案》 11、审议通过《关于为控股子公司贷款提供担保的议案》 12、审议通过《关于修改公司章程的议案》 13、审议通过《关于调整公司内控制度的议案》 1）、审议通过《公司控股股东行为规范》 2）、审议通过《公司关联交易管理制度》 3）、审议通过《公司募集资金使用管理办法》 14、审议通过《关于变更公司经营范围的议案》 (二) 临时股东大会情况 会议届次 召开日期 决议刊登的信息披露报纸 决议刊登的信息披露日期 2008 年临时股东大会 2008 年 11 月 21 日 上海证券报、香港文汇报 2008 年 11 月 22 日 公司于 2008 年 11 月 21 日上午在公司本部会议室召开 2008 年临时股东大会 1、审议通过《关于不再参与投标重庆专用机械制造公司房地产资源项目的议案》 2、审议通过《关于上海三毛物业管理有限公司减资退出股权的议案》 上海三毛企业（集团）股份有限公司 2008 年年度报告 12 八、董事会报告 (一) 管理层讨论与分析 2008 年是极为不平凡的一年，企业生产经营活动尽管遭受百年不遇国际金融风暴猛烈冲击，但经 过努力公司还是保持总体平稳，略有增长；存量资产增值运行和调整后续清理实现预期目标，全面完 成了主要经济指标。 公司共实现主营业务收入 145,332 万元；同比增减情况：-8.97%，利润总额 2,856 万元；同比增 减情况：-75.88%，净利润 3,05 万元；同比增减情况：-70.52%。 1、存量资产增值运营和调整后的资产清理 1）、资产保值增值，公司加大存量资产盘整和清理工作力度。对物业公司启动先增后减专项工作，如 期实现存量资产的增值效益； 2）、对闲置设备及时处置后，资金及时回笼，最大程度发挥了资产的效能； 3）、对迪伊、二毛爱斯两家企业依法破产审理分别于 2008 年 11 月由法院裁定终结； 4）、对斜土路 781 号毛麻研究所办公楼的收购。使公司与上海纺控、华宇毛麻有关历史遗留问题执行 完毕。 5）、三联公司转改制后工商变更、泰乐得公司股权转让诉讼等遗留问题得到解决。 2、新增投资项目的初步进展 2008 年公司在对原有经营业务稳定发展的同时积极寻求新的投资项目，新增投资发展是公司战略 转型的重要体现，第六届董事会 2008 年第七次临时会议通过了对陕西宝鸡凌云万正电路板有限公司的 投资和嘉懿创业投资有限公司的设立为上海三毛企业转型发展迈开了第一步。 3、强化集团内部基础性建设，提升综合管理能级 1）、以例行内审制度为抓手，加强企业经营风险防范，集团从 2008 年开始对下属企业实行不间断的 例行审计，将原先的事后审计进一步扩展为过程的动态审计，重点关注企业应收帐款、存货、预付帐 款等敏感性科目； 2）、在大额资产经营和处置过程中严格程序操作，完善制度建设，落实全程监管，建立了评估核价、 公开竞买、程序流转等一系列行之有效的操作办法，确保了集团大额资产经营和处置活动中的规范运 作和企业利益最大化； 3）、加快中青年干部和专业人员的培养和使用，为集团新老同志的交替、衔接作了必要准备。 4、公司主营业务及其经营状况 (1) 主营业务分行业、产品情况 单位:元 币种:人民币 分行业或分产 品 营业收入 营业成本 营业利润率 (%) 营业收入比上 年增减（％） 营业成本比上 年增减（％） 营业利润率比上年增 减（%） 分行业 工 业 84,553,620.55 73,748,970.95 12.78 -71.06 -73.63 增加 8.50 个百分点 商 业 1,495,735,361.40 1,428,243,038.33 4.51 11.32 13.36 减少 1.72 个百分点 其 他 17,376,213.88 16,257,653.12 6.44 2,797.00 4,273.57 减少 31.59 个百分点 小 计 1,597,665,195.83 1,518,249,662.40 4.97 -2.37 -1.40 减少 0.93 个百分点 减：各业务分部 相互抵销 167,645,629.68 167,645,629.68 0 189.84 189.84 增加 0 个百分点 合 计 1,430,019,566.15 1,350,604,032.72 5.55 -9.41 -8.87 减少 0.56 个百分点 分产品 毛纺织品 1,412,643,352.27 1,334,346,379.60 5.54 -10.48 -9.94 减少 0.56 个百分点 其 他 17,376,213.88 16,257,653.12 6.44 2,797.00 4,273.57 减少 31.59 个百分点 合 计 1,430,019,566.15 1,350,604,032.72 5.55 -9.41 -8.87 减少 0.56 个百分点 上海三毛企业（集团）股份有限公司 2008 年年度报告 13 (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（％） （1）外销收入 1,152,124,913.49 -8.82 （2）内销收入 277,894,652.66 -11.76 合 计 1,430,019,566.15 -9.41 2、报告期内，公司资产构成同比发生变动较大的主要是： 资产 年末数（元） 年初数（元） 增减数（元） 增减率 ％ 说明 交易性金 融资产 3,804,900.00 11,436,635.00 -7,631,735.00 -66.73 交易性金融资产已经出售。 应收票据 7,151,068.40 2,717,209.50 4,433,858.90 163.18 收到客户开具的未到期应收票据增加 预付款项 157,985,616.82 73,892,501.88 84,093,114.94 113.80 本年预付购买房产款和货款大幅增加，年末尚未结转相应 资产 应收利息 19,650.00 53,022.97 -33,372.97 -62.94 定期存款到期收回时利息一并结算收回 应收股利 317,565.00 655,489.70 -337,924.70 -51.55 本年与原控股股东上海纺织控股（集团）公司及其下属企 业上海华宇毛麻（集团）有限公司进行债务重组时已一并 处理， 其他应收 款 29,064,386.94 59,082,102.62 -30,017,715.68 -50.81 收回代垫款 存货 65,706,757.21 96,652,494.26 -30,945,737.05 -32.02 处置存货 可供出售 金融资产 51,430,638.23 140,548,867.29 -89,118,229.06 -63.41 年末公允价值降低及部分已经出售 在建工程 252,836.00 25,019,271.43 -24,766,435.43 -98.99 工程完工转入固定资产和无形资产 无形资产 10,066,635.58 5,477,129.52 4,589,506.06 83.79 本年新购入土地使用权 递延所得 税资产 312,282.89 513,567.02 -201,284.13 -39.19 资产减值准备的变动 应付职工 薪酬 57,427,539.40 84,977,972.34 -27,550,432.94 -32.42 支付因解除劳动关系给予的补偿款 应交税费 6,178,581.66 11,744,600.32 -5,566,018.66 -47.39 公司盈利减少，年末应缴未缴的企业所得税大幅减少 应付利息 196,996.75 323,955.24 -126,958.49 -39.19 公司年末短期借款减少及借款利率下降，年末计提的应付 利息相应减少 专项应付 款 8,760,000.00 34,640,000.00 -25,880,000.00 -74.71 许昌路 1180 号土地补偿费转营业外收入 递延所得 税负债 6,909,409.56 28,783,532.94 -21,874,123.38 -76.00 可供出售金融资产变动 其他非流 动负债 21,125,467.97 0 21,125,467.97 100.00 “三废”迁建企业项目建设补偿资金 3、报告期内，主要财务数据同比发生重大变动的说明 项目 本期金额（元） 上期金额（元） 增减数（元） 增减率％ 说明 财务费用 9,065,749.84 14,766,399.31 -5,700,649.47 -38.61 银行贷款减少相应利息支出减少 资产减值损失 15,701,363.34 40,151,830.34 -24,450,467.00 -60.90 坏账损失大幅减少 加：公允价值变动收益（损 失以“－”号填列） -8,999,230.69 5,329,115.00 -14,328,345.69 -268.87 股票市价大幅下降及股票出售。 投资收益（损失以“－”号 填列） 51,893,565.87 -4,137,717.24 56,031,283.11 -1,354.16 主要原因为处置上海三毛物业管理 有限公司取得大额投资收益。 加：营业外收入 26,449,046.62 210,748,038.37 -184,298,991.75 -87.45 上年有大额无形资产处置利得 减：营业外支出 3,840,720.04 671,675.75 3,169,044.29 471.81 主要原因为拆迁处置固定资产增 加。 减：所得税费用 -1,948,228.54 13,233,516.90 -15,181,745.44 -114.72 本年利润大幅减少。 4、报告期内，公司现金流量构成情况同比发生重大变动的情况 项目 本期金额（元） 上期金额（元） 增减数（元） 增减率％ 说明 经营活动产生的现金流量 1,774,608.87 -37,718,282.42 39,492,891.29 -104.70 解约费较去年大幅减少 投资活动产生的现金流量 54,969,099.07 334,903,676.36 -279,934,577.29 -83.59 上年有大额土地补偿费收入 筹资活动产生的现金流量 -42,900,716.71 -114,229,185.42 71,328,468.71 -62.44 上年归还银行贷款 上海三毛企业（集团）股份有限公司 2008 年年度报告 14 5、主要控股公司的经营情况及业绩单位 公司名称 业务性质 主要产品或服务 注册资本（万元） 资产规模（万元） 净利润（万元） 上海三毛进出口有限公司 进出口业务 自营代理各类商品 6,800 39,298 284 上海一毛条有限公司 生产销售 毛条制品 11,832 12,706 -1,246 与公允价值计量相关的项目 单位：万元 项目 （1） 期初金额 （2） 本期公允价值变动 损益 （3） 计入权益的累计公 允价值变动 （4） 本期计提的减值 （5） 期末金额 （6） 金融资产 其中：1.以公允 价值计量且其变动 计入当期损益的金 融资产 11,436,635 -8,999,230.69 3,804,900 其中：衍生金 融资产 2.可供出售金 融资产 140,548,867.29 -62,324,208.81 51,430,638.23 金融资产小计 151,985,502.29 -8,999,230.69 -62,324,208.81 55,235,538.23 合计 151,985,502.29 -8,999,230.69 -62,324,208.81 0 55,235,538.23 6、持有外币金融资产、金融负债情况 公司未持有外币金融资产、金融负债情况。 7、对公司未来发展的展望 （1）公司的发展与分析 全球的经济动荡、国内经济增长趋缓和自身困难重重的严峻形势，使国际金融危机对公司的冲击已 经十分明显，上海三毛主营业务 90%是对外贸易，面对持续恶化的经济环境，公司业务的转型尤为重 要。经过几年时间的规模调整，公司主营业务由纺织生产，逐步转向进出口贸易、创业投资和公司自 有房产业务的对外租赁与管理等。2009 年公司要按照既定的战略转型目标加快发展，正确认识当前宏 观经济形势。集团公司层面要建立国际金融危机应对机制，定期分析宏观经济走势，及时提出具有预 见性、针对性的应对措施，帮助企业排忧解难，共渡难关；要有专人研究国家新出台政策，主动对接， 积极争取为对外贸易业务和新增投资发展落实政策效应，寻求发展机会。 公司战略发展的途径有两个方面，一是新增投资布局设点，二是存量资产增值运行。2009 年公司 新增投资仍处在布局阶段，还不能形成规模性收益，因此需要着重做好存量资产的统筹整合和增值利 用。通过统筹整合和创新利用实现最大增值效应。 2009 年我们的主要经济目标是：主营业务收入 13 亿元；进出口总额 1 亿美元；利润总额 1500 万元。 （2）资金的规划 2009 年对于公司来说既是困难的一年也是转型发展的一年，发展中的机遇对资金的运用尤为关键。 一是预算的正确性、权威性、有效性，要在充分沟通基础上编制出年度预算方案，严格预算的批准程 序，有效控制费用，降低支出，增加创收，平衡全年经济计划。二是现金的周转和筹措，依靠日常的 经营运作资金，通过与银行协商调整，同时要积极借款方式以及通过寻求市场上的融资机遇，化解公 司发展所需资金的压力。 （3）公司发展可能造成的风险及应对措施 2009 年对于公司来说也是面临经营风险的一年，金融危机，对目前占公司主营业务 90%的进出口贸 易已经有了很明显的冲击，加之国际市场上对毛条需求的下降、澳元的严重贬值对于公司的影响也逐 渐体现出来，但公司将全力抗击国际金融危机，确保对外贸易和生产经营企业平稳运行，共渡难关。 具体措施如下： 1)、对于外贸进出口，首先要把风险防范放在首位，积极探索"三个拓展"，即拓展受危机影响相对较 小的新兴市场和发展中国家市场；拓展与政府合作的援外项目、境外采购业务；拓展非纺产品和进口 商品贸易比例。利用现有贸易平台，物色引进有合作前景的外贸团队，壮大自身业务。 2)、对于公司的日常经营应保持平衡运行，防止经营亏损。对于毛条市场要加强营销力量，突破销售 瓶颈，发挥企业在经营、管理、技术上的既有优势，多渠道释放和消化成本。对定制服加工、自接订 单方面要有新的突破。对空置的房地产要进行整体规划，提高资源的利用率、收益率。 上海三毛企业（集团）股份有限公司 2008 年年度报告 15 3)、新增投资项目：对已批准筹建项目要落实项目责任制，对正在调研的项目要作详实的市场分析和 风险评估。 (1) 公司是否编制并披露新年度的盈利预测：否 (2) 资金需求、使用计划及来源情况 资本支出承诺 合同安排 时间安排 融资方式 资金来源安排 资金成本及使用说明 参股安诚财产保险股份 有限公司 5000 万股 已签订意向书 2009-4-24 其他 自有资金 因自有资金成本忽略，所需资 金主要用于股权投资。 (二) 公司投资情况 单位:元 币种:人民币 报告期内公司投资额 55,636,991.80 报告期内公司投资额比上年增减数 -30,363,008.20 报告期内公司投资额增减幅度(%) -35.31 对上海一毛条纺织有限公司增资 28,320,000.00 元,注册资金为 118,320,000.00 元。对陕西宝鸡凌云 万正电路板有限公司增资 27,316,991.80 购买股权，占股份 65.45%,而实现控股, 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 陕西宝鸡凌云万正电路板有限公 司 各类单、双面电路板、多层 电路板等印制电路板 65.44 上海一毛条纺织有限公司 毛条、毛纱、五金交电等批 发、咨询 100 1、募集资金变更项目情况 单位:元 币种:人民币 变更后的项目 名称 对应的原承 诺项目 变更项目拟投 入金额 实际投入金额 是否符 合计划 进度 变更项目 的预计收 益 产生收益 情况 项目进 度 是否符 合预计 收益 未达到计 划进度和 收益说明 上海一毛条纺 织有限公司增 资 收购上海青 山服装有限 公司 46%股权 和收购高雅 服装有限公 司 40%股权 28,320,000.00 28,320,000.00 是 已开工 合计 / 28,320,000.00 28,320,000.00 / / / / / 报告期内，无新增募集资金。 以往年度募集资金变更情况的说明： 经公司第六届第四次董事会和 2007 年度股东大会审议通过，本公司对尚未使用的募集资金人民币 2,832 万元变更用途，具体如下： 原投资项目：收购上海青山服装有限公司 46%股权（人民币 420 万元）、收购高雅服装有限公司 40% 股权（人民币 2,412 万元），因上述股权被法院冻结而无法办理变更手续，已协商解除相关收购协议。 新投资项目：将上述募集资金人民币 2,832 万元投资上海一毛条纺织有限公司，用于对上海一毛条纺 织重庆有限公司增资。 变更项目不构成关联交易。 2008 年 6 月 16 日，本公司已完成对上海一毛条纺织有限公司增资人民币 2,832 万元。 上海三毛企业（集团）股份有限公司 2008 年年度报告 16 2、非募集资金项目情况 单位:元 币种:人民币 项目名称 项目金额 项目进度 项目收益情况 宝鸡凌云万正电路板有限公司 27,316,991.80 合计 27,316,991.80 / / 投资陕西宝鸡凌云万正电路板有限公司：公司于 2008 年 10 月 17 日召开了第六届 2008 年第七次 临时会议，审议通过了关于投资陕西宝鸡凌云万正电路板有限公司项目的提案。公司对陕西宝鸡凌云 万正电路板有限公司投入现金 2700 万元，占该公司总股本比例 65.44%。公司经营范围为各类单、双 面电路板、多层电路板等印制电路板。单面板是 PCB 产业第一代，主要用于技术不太高的产品；双面 板、多层板主要用于电力、通讯、计算机、航空、航天军事等高等技术产业。本项目主要针对的是： 高密度多层印制电路板（军品领域），针对军品的特点选择生产设备和生产工艺，生产小批量、高品 质、高附价值的高密度多层线路板。避开了投资规模大、技术能力强的合资企业和外资企业激烈竞争 的民品市场。 公司于 2008 年 12 月 18 日已完成工商注册，注册资本 1999 万元，注册地址宝鸡市高新开发区峪泉 南路 1 号。 (三) 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 报告期内，公司无会计政策、会计估计变更或重大会计差错。 (四) 董事会日常工作情况 1、董事会会议情况及决议内容 会议届次 召开日期 决议刊登的信息披露报纸 决议刊登的信息披露日期 第六届第一次临时会议 2008 年 2 月 26 日 上海证券报、香港文汇报 2008 年 2 月 29 日 第六届第二次临时会议 2008 年 3 月 14 日 第六届第三次临时会议 2008 年 7 月 13 日 上海证券报、香港文汇报 2008 年 7 月 15 日 第六届第四次临时会议 2008 年 7 月 18 日 上海证券报、香港文汇报 2008 年 7 月 19 日 第六届第五次临时会议 2008 年 7 月 28 日 上海证券报、香港文汇报 2008 年 7 月 30 日 第六届第六次临时会议 2008 年 9 月 23 日 上海证券报、香港文汇报 2008 年 9 月 25 日 第六届第七次临时会议 2008 年 10 月 17 日 上海证券报、香港文汇报 2008 年 10 月 21 日 第六届第八次临时会议 2008 年 11 月 4 日 上海证券报、香港文汇报 2008 年 11 月 6 日 第六届第九次临时会议 2008 年 12 月 12 日 上海证券报、香港文汇报 2008 年 12 月 16 日 第六届第四次会议 2008 年 4 月 24 日 上海证券报、香港文汇报 2008 年 4 月 26 日 第六届第五次会议 2008 年 4 月 29 日 上海证券报、香港文汇报 2008 年 4 月 30 日 第六届第六次会议 2008 年 8 月 21 日 上海证券报、香港文汇报 2008 年 8 月 25 日 第六届第七次会议 2008 年 10 月 27 日 上海证券报、香港文汇报 2008 年 10 月 29 日 (1)、第六届董事会 2008 年第一次临时会议于 2008 年 2 月 26 日召开，审议通过: 1)《关于增补独立董事吴复民同志为董事会专门委员会委员的提案》 2)《独立董事年报工作制度》 3)《董事会审计委员会工作规程》 (2)、第六届董事会 2008 年第二次临时会议于 2008 年 3 月 14 日召开，审议通过: 《关于授权处置公司法人股的提案》 (3)、第六届董事会第四次会议于 2008 年 4 月 24 日召开，审议通过: 1)《公司 2007 年度董事会工作报告》 2)《公司 2007 年度财务工作报告》 3)《公司 2007 年度利润分配预案》 4)《关于公司 2007 年度计提坏帐准备和减值准备的提案》 5)《关于公司 2007 年度计提特别坏帐准备的提案》 6)《关于 2007 年期初资产负债表相关项目及金额调整的提案》 上海三毛企业（集团）股份有限公司 2008 年年度报告 17 7)《关于公司聘任会计师事务所及支付审计报酬的提案》 8)《关于关闭毛纺织分公司及相关资产处置的提案》 9)《关于上海二毛爱斯纺织实业有限公司和上海迪伊毛纺织公司进入破产程序的提案》 10)《关于公司 2007 年度经营者薪酬奖励兑现和 2008 年经营者薪酬奖励标准的提案》 11)《公司 2007 年度报告及摘要》 12)《关于独立董事年度津贴标准的提案》 13)《关于变更募集资金投向项目的提案》 14)《关于修改董事会审计委员会实施细则及调整审计委员会成员的提案》 15)《关于为控股子公司贷款提供担保的提案》 16)《修改公司章程的提案》 17)《关于调整公司内控制度的提案》 18)《关于申请变更公司经营范围的提案》 19)会议决定了 2008 年 5 月 19 日上午召开公司 2007 年度股东大会。 (4)、第六届董事会第五次会议于 2008 年 4 月 29 日召开，审议通过: 《公司 2008 年第一季度报告》 (5)、第六届董事会 2008 年第三次临时会议于 2008 年 7 月 13 日召开，审议通过: 1)《关于与上海纺织控股（集团）公司、上海华宇毛麻（集团）有限公司豁免往来债务的提案》 2)《关于公司用房地产抵押贷款的提案》 (6)、第六届董事会 2008 年第四次临时会议于 2008 年 7 月 18 日召开，审议通过: 《公司治理专项活动整改情况报告》 (7)、第六届董事会 2008 年第五次临时会议于 2008 年 7 月 28 日召开，审议通过: 《公司控股股东及其他关联方资金占用情况自查报告》 (8)、第六届董事会第六次会议于 2008 年 8 月 21 日召开，审议通过: 《公司 2008 年半年度报告及摘要》 (9)、第六届董事会第七次会议于 2008 年 10 月 27 日召开，审议通过: 《公司 2008 年第三季季报》 (10)、第六届董事会 2008 年第六次临时会议于 2008 年 9 月 23 日召开，审议通过: 《关于用祁连山路 380 号房地产进行抵押贷款的提案》 (11)、第六届董事会 2008 年第七次临时会议于 2008 年 10 月 17 日召开，审议通过: 1)《关于对上海三毛物业管理有限公司实施增资扩股的提案》 2)《关于不再参与投标重庆专用机械制造公司房地产资源项目的提案》 3)《关于提名韩家红同志担任公司副总经理的提案》 4)《关于投资陕西宝鸡凌云万正电器公司项目的提案》 5)《关于设立创业投资公司的提案》 (12)、第六届董事会 2008 年第八次临时会议于 2008 年 11 月 4 日召开，审议通过: 1)《关于上海三毛物业管理公司减资退出股份的提案》 2)《关于转让上海申茂房地产有限公司 80%股权的提案》 (13)、第六届董事会 2008 年第九次临时会议于 2008 年 12 月 12 日召开，审议通过: 《关于受让上海市斜土路 781－783 号房地产的提案》 上海三毛企业（集团）股份有限公司 2008 年年度报告 18 2、董事会对股东大会决议的执行情况 报告期内，董事会严格按照《公司章程》和相关法规规定，认真执行股东大会的各项决议，认真 实施了关于募集资金的变更、公司经营范围的变更等各项决议。 3、董事会下设的审计委员会的履职情况汇总报告 审计委员会按照中国证券监督管理委员会公告[2008]48 号文件要求,认真执行《审计委员会年报 工作规程》,发挥了审计委员会在年报相关工作中的监督作用。保证了 2008 年年报的按时披露。 报告期内，审计委员会积极参与并指导公司财务政策的制定等各项工作，对公司的业绩报告、定 期报告事先作了认真的审阅。2009 年 3 月 13 日公司审计委员会和会计事务所年审会计师进行了沟通 和协商制定了 2008 年度报告审计工作计划。 在年审注册会计师进场前，审计委员会审阅了公司编制的财务会计报表，检查了公司的会计政策、 财务状况、财务报告程序，认为财务会计报表能够充分反映公司的财务状况和经营成果。并与公司的 外部审计机构上海立信会计师事务所有限公司的审计人员进行了充分的交流。同意递交公司编制的财 务会计报表给会计事务所进行审计。 年审注册会计师进场后，审计委员会不断加强与年审会计师的沟通，督促其在约定时限内提交审 计报告。在年审注册会计师出具初步审计意见后，审计委员会又一次审阅了公司财务会计报表，认为 公司财务会计报表真实、准确、完整的反映了公司的整体情况。并出具了如下关于本次年报审计的专 项意见： 公司严格遵守了相关法律、法规和公司章程，公司对外披露的财务报告信息客观、全面、真实， 公司内控制度得到有效实施，上海立信会计师事务所有限公司为本公司出具的审计意见是客观的，真 实地反映了公司的财务状况和经营成果，公司的关联交易价格公允，结算正常，符合相关法律法规的 要求。同时，审计委员会向董事会提交了会计师事务所从事本年度公司审计工作的总结报告和下年度 续聘或改聘会计师事务所的决议，认为 2008 年度，公司聘请的上海立信会计师事务所有限公司在为 公司提供审计服务工作中，恪尽职守，遵循独立、客观、公正的执业准则，较好地完成了公司委托的 各项工作，因此，以决议形式，建议公司继续聘请上海立信会计师事务所有限公司作为本公司 2009 年 度审计机构，并提交董事会、股东大会审议。 审计委员会在公司 2008 年财务报告审计过程中充分发挥了监督作用，维护了审计的独立性。 4、董事会下设的薪酬委员会的履职情况汇总报告 报告期内，公司的薪酬和考核委员会根据《董事会薪酬与考核委员会实施细则》的职权和义务，认真 履行职责。对公司奖励方案以及董事、监事、高级管理人薪酬等事项进行绩效考评，审核了董监事及 高管人员的薪酬分配方案及披露的实际状况。 公司薪酬和考核专业委员会对 2008 年年度报告中披露公司董事、监事和高级管理人员的薪酬进 行了审核，认为公司董事、监事和高级管理人员的薪酬发放符合公司薪酬体系的规定，不存在违反公 司薪酬管理制度和管理制度不一致的情况。 (五) 利润分配或资本公积金转增股本预案 经上海立信会计事务所审议确认，本公司 2008 年度年末未分配利润为负数。根据公司第六届董事会 第八次会议通过的 2008 年度利润分配预案，公司不进行利润分配，也不实行资本公积转增股本。该利 润分配方案须经 2008 年度股东大会审议通过。 合并报表未分配利润： 项 目 金 额 年初未分配利润 -141,344,921.18 调整年初未分配利润（调增＋，调减－） --- 调整后年初未分配利润 -141,344,921.18 加：归属母公司所有者的净利润 30,582,604.68 其他转入 6,722,844.94 减：提取法定盈余公积 --- 年末未分配利润 -104,039,471.56 上海三毛企业（集团）股份有限公司 2008 年年度报告 19 (六) 公司本报告期内盈利但未提出现金利润分配预案 本报告期内盈利但未提出现金利润分配预案的原因 未用于分红的资金留存公司的用途 因公司以前年度亏损尚未弥补完毕。 弥补以前年度亏损。 (七) 公司前三年分红情况： 单位：元 币种：人民币 分红年度 现金分红的数额（含税） 分红年度的净利润 比率(%) 2005 0 10,333,734.51 0 2006 0 -113,667,006.82 0 2007 0 103,749,934.93 0 九、监事会报告 (一) 监事会的工作情况 监事会会议召开情况 监事会会议议题内容 2008 年 4 月 24 日召开了第六届第五次会议 审议通过了《公司 2007 年度监事会工作报告》、《公司 2007 年度 报告及摘要》、《公司 2007 年度财务工作报告》、《公司 2007 年 度利润分配预案》、《公司 2007 年度计提特别坏帐准备的提案》、 《公司 2007 年度关于计提坏帐准备和减值准备的提案》、《关于变 更募集资金投向的提案》 2008 年 4 月 28 日召开了第六届第六次会议 审议通过了《公司 2008 年第一季度报告》 2008 年 8 月 24 日召开了第六届第七次会议 审议通过了《公司 2008 年中期报告》 2008 年 10 月 27 日召开了第六届第八次会议 审议通过了《公司 2008 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，公司严格按照《公司法》、《证券法》等法律、法规及《公司章程》进行规范运作，决 策程序合法，公司治理水平和内部控制得到了进一步的完善。公司的董事、高级管理人员在行使自己 的职权时遵纪守法，勤勉尽职，自觉维护公司的利益，维护股东权益，没有发现上述人员违反法律法 规、公司章程或损害公司及股东利益的行为。 (三) 监事会对检查公司财务情况的独立意见 报告期内，公司的财务状况良好，管理规范，遵循了国家相关会计制度和会计准则。监事会认为， 2008 年财务报告真实、客观、公允地反映了公司的财务状况和经营成果，上海立信会计师事务所有限 公司出具了标准无保留意见的审计报告。 (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，公司对 1998 年 6 月向公众增发新股募集资金进行了变更，将原用于收购上海青山服装 有限公司 46%股权和收购高雅服装有限公司 40%股权的投资项目用于对上海一毛条纺织有限公司增资， 投资上海一毛条纺织重庆有限公司。改变的募集资金数为 2832 万元。监事会认为本次变更募集资金项 目投向，符合公司实际，有利于加快西迁项目实施进度，对提高公司整体经营能力，充分发挥募集资 金的使用效果，推动公司可持续发展和维护全体股东利益，具有重要的现实意义和长远意义。本次募 集资金的变更，未发现有损害中小股东利益的情况。为此，监事会同意了公司董事会关于变更募集资 金投向项目的议案。 (五) 监事会对公司收购、出售资产情况的独立意见 报告期内，监事会对公司涉及资产收购和出售的项目进行审查后认为：公司收购出售资产的行为均严 格履行了法定审议决策程序，交易资产的价格公允、合理，程序合法，不存在利用资产交易损害公司 及股东利益的情形。 (六) 监事会对公司关联交易情况的独立意见 报告期内，公司关联交易均严格按照相关制度进行，符合市场竞争原则，定价公平合理，未发现存在 损害公司及中小股东利益的行为。 上海三毛企业（集团）股份有限公司 2008 年年度报告 20 十、重要事项 (一) 重大诉讼仲裁事项 1、 本公司为华源凯马股份有限公司（以下简称"华源凯马"）银行贷款人民币 2,400 万元提供担保， 因华源凯马逾期未还，中国进出口银行向法院起诉，2006 年 12 月 1 日，北京市第二中级人民法院判 决华源凯马偿付中国进出口银行借款本金人民币 2,400 万元及相应利息，本公司承担连带清偿责任。 本公司承担责任后，有权向华源凯马追偿。 本公司于 2007 年 9 月 30 日履行担保责任后即依法向华源凯马追索。2007 年 11 月本公司与华源凯 马在法院主持下签订了执行和解协议，截止 2008 年 3 月 10 日本公司收到从上海铁路中级人民法院转 来的对华源凯马的执行款共计 26,225,196.50 元，至此本公司履行担保义务替华源凯马偿付中国进出 口银行欠款的资金已全部收回，担保责任履行完毕。（内容详见 2008 年 3 月 12 日《上海证券报》、 《香港文汇报》） 2、2003 年 12 月 29 日，子公司上海三毛进出口有限公司（以下简称"三进公司"）出资人民币 800 万 元，投资深圳市泰乐得商贸有限公司（后更名为深圳市宇华泰乐得商贸有限公司）。2004 年 5 月 18 日，三进公司将持有的深圳市宇华泰乐得商贸有限公司全部股权分别转让给自然人黄革、钟涛，转让 价分别为人民币 400 万元，股权转让前后的公司债权债务由新股东按投资比例享有和承担。2004 年 5 月 27 日，深圳市公证处对此两份股权转让协议分别出具了（2004）深证内叁字第 9154、9155 号公证 书予以公证。 2004 年 6 月 3 日，三进公司与自然人黄革、黄有含签订抵押合同，自然人黄革、黄有含将其所有的 深圳市海王大厦 13B、13C 房产（房地产证：深房地字第 4000084018 号、第 4000062101 号）抵押给三 进公司，抵押房产建筑面积分别为 130.32 平方米和 121.2 平方米，抵押担保的金额为人民币 130 万元， 抵押期限为 3 年。2004 年 7 月 12 日，三进公司与自然人黄革签订抵押合同，自然人黄革将其所有的 深圳市长乐花园 A 栋 27E 房产（房地产证：深房地字第 3000266980 号）抵押给三进公司，抵押房产建 筑面积为 157.08M?，抵押担保的金额为人民币 130 万元。上述抵押担保事项均已向深圳市规划与国土 资源局办理抵押登记。截止 2004 年 12 月 31 日，三进公司已经收到股权转让款人民币 408 万元。2005 年 7 月 27 日，深圳市宇华泰乐得商贸有限公司已经办妥了股权转让的工商变更手续。 2005 年 10 月，三进公司向深圳市南山区人民法院诉请被告黄革和钟涛支付剩余股权转让款及利息人 民币 426 万元。2006 年 3 月 30 日，深圳市南山区人民法院出具（2005）深南法民初字第 1718 号民事 判决书，判决被告黄革、钟涛支付股权转让款人民币 400 万元及利息（依照银行同期贷款利率计算， 自 2004 年 8 月 16 日起计算至实际清偿之日），被告黄革、第三人黄有含对上述款项在抵押合同约定 的范围内承担抵押担保责任。(内容详见 2008 年 3 月 12 日《上海证券报》、《香港文汇报》) 2008 年 7 月 22 日，三进公司与自然人黄革、钟涛、黄有含及深圳市宇华泰乐得商贸有限公司签订 协议，约定将上述抵押房产转让给三进公司以抵偿尚未支付的股权转让款及利息。该协议的签署即视 为自然人黄革、钟涛、黄有含及深圳市宇华泰乐得商贸有限公司不会再以任何理由对三进公司提出任 何主张或异议，同时放弃对三进公司的所有诉权及抗辩权。 2008 年 10 月 10 日，三进公司收到现金人民币 1,728,280.00 元。2008 年 11 月 18 日，三进公司取 得深圳市海王大厦住宅楼 13C 房产（房地产证：深房地字第 4000374803 号），登记价人民币 1,230,180.00 元；2008 年 12 月 10 日，三进公司取得深圳市海王大厦住宅楼 13B 房产（房地产证：深 房地字第 4000376793 号），登记价人民币 1,322,748.00 元。 截止 2008 年 12 月 31 日，按照 2008 年 7 月 22 日协议约定，自然人黄革、钟涛所欠股权转让款已全 部结清，涉及泰乐得公司的股权转让事宜已全部完成。 3、2006 年 11 月 10 日，子公司上海申茂房地产有限公司向上海市黄浦区人民法院提交了“案外人执 行异议书”，因法院在上海富乐毛针织有限公司诉上海华宇毛麻（集团）有限公司一案的（2006）黄 民二（民）初字第 5058 号民事调解书的强制执行过程中，误将上海申茂房地产有限公司的财产（上海 市江宁路 332 号-338 号 2 层 A 室、3 层、4 层、1302 室，总面积 6,279 平方米，总价值约人民币 5,000 万元）予以执行，并采取了财产预查封措施，上海申茂房地产有限公司请求立即中止执行，解除查封 措施，返还相关房产。 2008 年 11 月，上海市黄浦区人民法院出具（2006）黄执字第 4548 号民事裁定书，驳回上海申茂 房地产有限公司提出的执行异议。(（详见 2008 年 11 月 19 日《上海证券报》、《香港文汇报》）) 上海三毛企业（集团）股份有限公司 2008 年年度报告 21 4、 本公司于 2008 年 7 月 3 日收到上海市第二中级人民法院关于受理宁波大港织造有限公司（以下简 称宁波大港）诉本公司房屋买卖合同纠纷一案的相关法律文书，宁波大港要求本公司继续履行关于上 海市杨树浦路 1056 号房屋及相应土地的《房屋转让合同》，如不能继续履行，则本公司需赔偿宁波大 港违约损失人民币 9,950 万元。 本公司已于 2006 年 12 月 29 日将上海市杨树浦路 1056 号房屋及相应土地出让给上海市杨浦区土地 发展中心，出让补偿总金额为人民币 45,342 万元。2007 年 9 月 20 日，本公司已完成该地块的搬迁工 作，将地块移交给上海虹口民防机械施工有限公司，之后该地块上的权力、义务也一并移交给该公司。 此移交事项已经上海市杨浦区土地发展中心见证。 2009 年 3 月 26 日，上海市第二中级人民法院出具（2008）沪二中民二（民）初字第 32 号民事判决 书，驳回宁波世程电子科技有限公司（原名宁波大港织造有限公司）的诉讼请求，案件受理费人民币 539,300 元由宁波世程电子科技有限公司负担。 2009 年 4 月公司收到上海市第二中级人民法院送达的宁波世程电子科技有限公司上诉状，现此上诉 案尚未开庭审理。(内容详见 2008 年 7 月 5 日、2009 年 3 月 31 日、4 月 11 日《上海证券报》、《香 港文汇报》) 5、2006 年 11 月 13 日，本公司向上海市第二中级人民法院提起诉讼，要求子公司上海申茂房地产有 限公司归还借款人民币 4,780 万元及利息人民币 101.97 万元，本公司同时提出财产保全申请。2006 年 11 月 15 日，本公司收到上海市第二中级人民法院出具的（2006）沪二中民三（商）初字第 221 号 民事裁定书和财产保全告知书，法院已查封了上海申茂房地产有限公司名下位于上海市江宁路 332 号 2 层 A 室、3 层、4 层和上海市新闸路 1136 弄 1 号 1302 室的房产。经本公司与上海申茂房地产有限公 司协商，双方达成调解协议，上述款项已全部收回。 2008 年 11 月本公司收到上海市第二中级人民法院出具的（2006）沪二中民三（商）初字第 221 号 民事裁定书解除上述财产查封，本案审理结束。 6、 本公司于 2007 年 9 月 15 日公告，上海代安酒店用品市场经营管理有限公司诉上海三毛企业（集 团）股份有限公司、上海伊条纺织有限公司、上海市杨浦区土地发展中心，请求三被告间 2006 年 12 月 29 日签订的有关出让杨树浦路 1056 号土地使用权的《上海市杨浦区工业系统国有土地使用权收购 合同》无效及承担本案诉讼费（详情见 2007 年 9 月 15 日《上海证券报》、《香港文汇报》）。2007 年 12 月上海市第二中级人民法院作出民事裁定书（（2007）沪二中二（民）初字第 90 号）。裁定书 内容如下：因上海代安酒店用品市场经营管理有限公司未能在规定期限内预交案件受理费，按照《中 华人民共和国民事诉讼法》第一百零七条第一款、《最高人民法院关于适用〈中华人民共和国民事诉 讼法〉若干问题的意见》第一百四十三条之规定，裁定如下：本案按原告上海代安酒店用品市场经营 管理有限公司自动撤回起诉处理。 2008 年 9 月接到上海杨浦区人民法院送达的上海代安酒店用品市场经营管理有限公司（原告）诉上海 三毛企业（集团）股份有限公司（被告一）、上海伊条纺织有限公司（被告二）房屋租赁合同纠纷一 案，诉讼请求为： 1）请求判令被告一、被告二共同向原告支付 2002 年－2005 年 4 月的装潢补偿费 15 万元；判令被告 一、被告二共同向原告支付 2005 年 4 月后装潢补偿费 5149859 元； 2）请求判令被告一、被告二共同向原告支付 2007 年 1 月至 5 月原告的经营损失 857222 元； 3）请求判令被告一、被告二归还原告租赁押金人民币 20 万元； 4）请求判令被告一、被告二共同向原告支付停产、停业损失 352 万元； 5）请求判令被告一、被告二共同向原告支付设备搬迁和安装费用 10 万元； 6）本诉讼费用有被告一、被告二承担。 截止本期报告内，此案尚在受理中。 (二) 破产重整相关事项 本年度公司无破产重整相关事项。 上海三毛企业（集团）股份有限公司 2008 年年度报告 22 (三) 其他重大事项及其影响和解决方案的分析说明 1、证券投资情况 序号 证券品种 证券代码 证券简称 初始投资金额 （元） 持有数量 （股） 期末账面值 （元） 占期末证 券投资比 例 （％） 报告期损益 （元） 1. 股票 601939 建设银行 1,670,550.00 559,000 2,140,970.00 56.27 -2,416,590.79 2. 股票 601866 中海集运 258,180.00 239,000 633,350.00 16.65 -1,170,368.63 3. 股票 601169 北京银行 525,000.00 62,000 552,420.00 14.52 -582,601.77 4. 股票 601601 中国太保 1,290,000.00 43,000 478,160.00 12.57 -1,635,290.00 报告期已出售证券投资损益 / / / / -1,507,509.22 合计 3,743,730.00 / 3,804,900.00 100% -7,312,360.41 2、持有其他上市公司股权情况 单位：元 证券代码 证券简 称 初始投资金额 占该公司股 权比例（％） 期末账面值 报告期损益 报告期所有者权 益变动 会计核算 科目 股份来源 600000 浦发银 行 1,000,000.00 23,523,705.50 218,507.52 -48,583,776.10 可供出售 金融资产 法人股 600757 华源发 展 20,838,850.54 14,868,000.00 416,883.17 -26,344,724.67 可供出售 金融资产 法人股 600843 上工申 贝 7,865,000.00 7,035,578.97 4,292,548.72 -12,967,000.77 可供出售 金融资产 法人股 600650 锦江投 资 1,040,000.00 3,349,589.76 167,270.40 -3,876,491.52 可供出售 金融资产 法人股 600643 爱建股 份 934,160.00 2,653,764.00 2,653,764.00 可供出售 金融资产 法人股 600610 S*ST 中 纺 380,000.00 380,000.00 长期股权 投资 法人股 合计 32,058,010.54 / 51,810,638.23 5,095,209.81 -89,118,229.06 / / 3、持有非上市金融企业股权情况 所持对象 名称 初始投资金 额（元） 持有数量 （股） 占该公司股 权比例（%） 期末账面值 （元） 报告期损益 （元） 报告期所有 者权益变动 （元） 会计核算科 目 股份来源 上海银行 950,000.00 950,000 950,000.00 长期股权投 资 法人股 合计 950,000.00 950,000 / 950,000.00 / / 4、买卖其他上市公司股份的情况 股份名称 期初股份数量 （股） 报告期买入/卖 出股份数量 （股） 期末股份数量 （股） 使用的资金数量 （元） 产生的投资收益 （元） 买入 北京银行 42,000 20,000 62,000 287,341.77 买入 建设银行 259,000 300,000 559,000 2,104,515.29 买入 中海集运 39,000 200,000 239,000 1,339,428.63 卖出 上工申贝 2,331,303 568,000 1,763,303 4,292,548.72 卖出 华源发展 8,529,300 2,229,300 6,300,000 416,883.17 报告期内卖出申购取得的新股产生的投资收益总额 1,686,870.28 元。 (四) 资产交易事项 1、收购资产情况 单位:万元 币种:人民币 交易 对方 或最 终控 制方 被收购 资产 购买 日 资产收购 价格 自收购日 起至本年 末为上市 公司贡献 的净利润 自本年初 至本年末 为上市公 司贡献的 净利润 （适用于 同一控制 下的企业 合并） 是否为关 联交易 （如是， 说明定价 原则） 资产收购 定价原则 所涉及的 资产产权 是否已全 部过户 所涉及的 债权债务 是否已全 部转移 该资产为 上市公司 贡献的净 利润占利 润总额的 比例(%) 关联关系 上海 市毛 上海市 斜土路 2008 年 1,066.88 否 按评估价 确定 否 否 0 上海三毛企业（集团）股份有限公司 2008 年年度报告 23 麻纺 织科 学技 术研 究 所、 上海 市纺 织科 学研 究院 781-783 号房地 产 11 月 27 日 关于受让上海市斜土路 781-783 号房地产 2008 年 11 月 27 日，本公司与上海市毛麻纺织科学技术研究所、上海市纺织科学研究院就位于上 海市斜土路 781-783 号房产签订《房地产转让协议书》，本公司应支付房产转让款人民币 1,066.88 万元。截止 2008 年 12 月 31 日，本公司子公司上海三毛劳务服务有限公司已预付上海市纺织科学研究 院房产转让款人民币 960 万元。 2008 年 12 月 12 日以通讯方式召开的第六届 2009 年第九次临时会议上审议通过该项提案（详见 2008 年 12 月 16 日《上海证券报》、《香港文汇报》） 2、出售资产情况 单位:万元 币种:人民币 交易 对方 被出售 资产 出售日 出售价格 本年初起至 出售日该资 产为上市公 司贡献的净 利润 出售产生 的损益 是否为关 联交易（如 是，说明定 价原则） 资产 出售 定价 原则 所涉及 的资产 产权是 否已全 部过户 所涉及 的债权 债务是 否已全 部转移 资产出售为 上市公司贡 献的净利润 占利润总额 的比例(%) 关 联 关 系 江涛 房地 产有 限公 司 上海三 毛物业 管理有 限公司 2008 年 11 月 21 日 4,540.00 -0.14 4,456.98 否 市场 评估 价 是 是 0.01 上海 鑫越 实业 发展 有限 公司 海申茂 房地产 有限公 司 80%股 权 2008 年 11 月 4 日 957.7 否 市场 评估 价 是 是 1）、上海三毛物业管理有限公司减资退出股份 2008 年 11 月 21 日，经公司 2008 年度临时股东大会审议，通过《关于上海三毛物业管理有限公 司减资退出股权的议案》。2008 年 12 月 21 日，三毛物业减资到人民币 110 万元，本公司原持有的 47.62% 股权全部退出。经评估，退出的股权作价人民币 4,540 万元，其中减少三毛物业实收资本人民币 100 万元、资本公积人民币 4,440 万元。本公司账面相应减少资本公积人民币 23,278,560.80 元、长期股 权投资人民币 24,108,806.50 元，实现对三毛物业的处置收益人民币 44,569,754.30 元。 2）、转让上海申茂房地产有限公司 80%股权 本公司于 2008 年 11 月 4 日与上海鑫越实业发展有限公司签订《股权转让协议书》，拟转让持有 的申茂房产 80%股权。本次股权转让作价以申茂房产截至 2008 年 7 月 31 日经评估的净资产为基准， 经上海银信汇业资产评估有限公司沪银信汇业评报字[2008]第 1205 号评估的净资产为 1198.38 万元。 经双方协商确定申茂房产 80%股权转让价格为 958.70 万元。支付方式是：在产权交割后七天内一次性 付清。 2009 年 1 月 6 日已在上海联合产权交易所将持有的 80%股权出让给上海鑫越实业发展有限公司，转让 价人民币 958.70 万元。截止 2009 年 1 月 16 日，公司已收到股权转让款人民币 958.70 万元。 上述两项事项于2008年11月4日以通讯方式召开的第六届2008年第八次临时会议审议通过（详 见 2008 年 11 月 6 日《上海证券报》、《香港文汇报》）。 (五) 报告期内公司重大关联交易事项 本年度公司无重大关联交易事项。 上海三毛企业（集团）股份有限公司 2008 年年度报告 24 (六) 重大合同及其履行情况 1、托管、承包、租赁事项 (1) 托管情况 本年度公司无托管事项。 (2) 承包情况 本年度公司无承包事项。 (3) 租赁情况 本年度公司无租赁事项。 2、担保情况 单位:元 币种:人民币 公司对外担保情况（不包括对子公司的担保） 报告期内担保发生额合计（不包括对子公司的担保） 0 报告期末担保余额合计（不包括对子公司的担保） 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 20,200,000.00 报告期末对子公司担保余额合计 20,200,000.00 公司担保总额情况（包括对子公司的担保） 担保总额 20,200,000.00 担保总额占公司净资产的比例(%) 5.57 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 的债务担保金额 0 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 0 被担保单位 约定担保金额 债务到期日被担保单位:上海三毛进出口有限公司约定担保金额 5,550 万元,截止 2008 年 12 月 31 日，实际已发生被担保的债务金额为 2,020 万元。 3、委托理财情况 本年度公司无委托理财事项。 4、其他重大合同 本年度公司无其他重大合同。 (七) 承诺事项履行情况 1、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 承诺事项 承诺内容 履行情况 股改承诺 除法定承诺外，控股股东重庆轻纺控股(集团)公司 承诺： 其持有的原非流通股股份自获得流通权之日起 36 个月内不上市交易或者转让。 目前重庆轻纺控股持有的原非流通股股份未上市交易或 转让。 (八) 聘任、解聘会计师事务所情况 是否改聘会计师事务所： 否 现聘任 境内会计师事务所名称 立信会计事务所有限公司 境外会计师事务所名称 (九) 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 本年度公司及其董事、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。 上海三毛企业（集团）股份有限公司 2008 年年度报告 25 (十) 其他重大事项的说明 1、本公司接上海市经济委员会沪经节（2007）534 号文《上海市经委关于划转上海三毛企业（集团） 股份有限公司上海第三毛纺织厂原址土地出让金的通知》，根据市经委《关于企业享受土地出让金返 回优惠政策的通知》（沪经节[2006]315 号）和市财政局《关于拨付上海三毛企业（集团）股份有限 公司上海第三毛纺织厂迁建治理资金的通知》（沪财建[2007]37 号）精神，上海第三毛纺织厂列入享 受原址土地使用权出让金返回政策范围，经研究将其中人民币 2,431 万元划拨本公司，用于上海第三 毛纺织厂“三废”迁建企业项目建设。2008 年 1 月 11 日，本公司已收到上述款项人民币 2,431 万元。 许昌路 1150 号原为本公司的生产、经营管理及办公地址，2003 年纳入上海市政府的“三废”迁建项 目后，本公司已将生产场所调整到锦州湾路 185 号（该生产基地已于 2007 年 11 月完全关闭），经营 管理及办公场所搬迁到斜土路 791 号。 为落实“三废”项目的迁建，经董事会决议对该资金作如下安排：抵补原迁出生产设备的处置损失 318 万元；剩余资金 2,113 万元用于购置斜土路 791 号房产，作为公司的经营管理及办公用房。 2008 年 1 月 14 日，本公司支付给上海毛麻纺织有限公司人民币 2,278.40 万元用于购置斜土路 791 号 5 号幢（B 幢）房产，上述资金不足部分由自有资金补足。 截止 2008 年 12 月 31 日，本公司账面递延收益余额人民币 21,125,467.97 元。 2、为妥善处理与原控股股东上海纺织控股（集团）公司（以下简称上海纺控）及其下属企业上海 华宇毛麻（集团）有限公司（以下简称华宇毛麻）之间的历史遗留问题，本公司于 2008 年 6 月 30 日 与上海纺控及华宇毛麻签定了豁免往来债务的协议书。具体内容： 1）、上海纺织控股（集团）公司同意豁免上海三毛往来债务金额 245.16 万元； 2）、上海华宇毛麻（集团）有限公司同意豁免上海三毛往来债务金额 595.67 万元。 3）、上海三毛拟同意豁免上海华宇毛麻（集团）有限公司往来债务金额 332.73 万元（含公司用 嘉兴春竹及松江男士春竹股权 162.2 万元抵付本公司应付上海华宇毛麻（集团）有限公司下属桑爱姆 公司欠款 150 万元事项的差异 12.2 万元）。 4）、对上述企业应收款项历年计提减值准备 196 万元，亦相应予以冲回。 （详见 2008 年 7 月 4 日《上海证券报》、《香港文汇报》） 报告期内,该协议内容已实施。 3、2008 年 11 月 5 日，上海市普陀区人民法院出具（2008）普民二（商）破字第 1-2 号民事裁定 书，裁定终结上海迪伊毛纺织有限公司破产程序。本公司据此核销对上海迪伊毛纺织有限公司的坏账 人民币 38,518,104.78 元。 2008 年 11 月 27 日，上海市杨浦区人民法院出具（2008）杨民二（商）破字第 1-4 号民事裁定书， 裁定终结上海二毛爱斯纺织实业有限公司破产程序。本公司据此核销对上海二毛爱斯纺织实业有限公 司的坏账人民币 61,498,741.04 元。(内容详见 2008 年 4 月 6 日、12 月 3 日《上海证券报》、《香港 文汇报》)。 4、2008 年 4 月 24 日公司召开了第六届董事会 2008 年第四次会议，会议审议通过了《关于关闭 毛分公司及相关资产处置的提案》，上海三毛企业(集团)股份有限公司毛纺织分公司(简称毛分公司) 于 2004 年 7 月设立运行。毛分公司是上海市区现存唯一的国有控股毛纺制造企业。近年来由于受产业 调控、生产成本、毛纺市场的多方挤压，企业生存空间越来越小。虽经努力，仍无力扭转亏损。公司 决定对毛分公司进行关闭相关资产进行处理。本次对三毛分公司关闭处理，对公司 2008 年利润无重大 影响。2009 年 3 月 4 日公司已完成了工商注销。 5、2007 年 1 月 19 日公司召开了第五届董事会 2007 年第一次临时会议，会议审议通过了《关于 对上海三毛企业（集团）股份有限公司三毛纺织分公司实施注销的提案》，上海三毛企业（集团）股 份有限公司三毛纺织分公司设立于 2000 年 2 月，注册地址上海市许昌路 1150 号，主要经营业务为生 产毛条、毛纱、毛纺织品及服装和毛纺技术咨询。按照上海传统工业毛纺产业调整的总体趋势，三毛 纺织分公司已于 2003 年末全面停产。鉴于该公司目前实际状况，为推进企业结构调整，清理企业遗留 问题，拟对该公司进行清算并依法注销工商登记。 报告期内,该项目已完成 上海三毛企业（集团）股份有限公司 2008 年年度报告 26 6、2008 年 4 月 24 日公司召开了第六届董事会 2008 年第四次会议，会议审议通过了《关于变更公司 经营范围的提案》，经上海市商务委员会 2008 年 11 月 28 日批复，本公司获取《市商务委员会关于 同意上海三毛企业（集团）股份有限公司变更经营范围的批复》（沪商外资协[2008]316 号）和批准 证书。 公司经营范围为：在国家允许投资的领域依法进行投资；公司自有房产的对外租赁、物业管理；生 产和销售毛条、毛纱、纺织品及服装，销售自产产品及相关业务的技术咨询；软件、网站设计与开发、 网页制作，系统集成、企业信息化的技术管理服务。 该提案经 2008 年 5 月 19 日公司 2007 年度股东大会审议通过(详见 2008 年 4 月 26 日、2008 年 5 月 20 日《上海证券报》和《香港文汇报》的相关公告)。 报告期内公司已在上海市工商行政管理局办理完毕上述相关事项的工商变更注册登记手续，并领 取了新的企业法人营业执照,对公司章程有关条款作了相应修改。 7、2007 年 3 月 30 日，本公司与上海市杨浦区土地发展中心签订《上海市杨浦区工业系统国有土 地使用权收购合同》，由上海市杨浦区土地发展中心收购本公司位于杨浦区许昌路 1180 号土地使用权 和地上建筑物、构筑物所有权及其所有附属设施，相应支付动迁补偿费人民币 3,000 万元。该补偿款 于 2007 年收到后，支付了原租户租赁补偿款人民币 430 万元，同年又收到废品处置款人民币 18 万元， 2007 年年末余额人民币 2,588 万元。 2008 年 3 月 12 日，本公司已与上海市杨浦区土地发展中心办妥房地移交手续。本公司于 2008 年又支 付原租户零星费用人民币 146,839.07 元，扣除该投资性房地产结转清理的账面净值人民币 14,214,668.43 元后，相关转让收益人民币 11,518,492.50 元已结转本年损益。 8、关于上海市斜土路 791 号房产： （1）2003 年 4 月，就本公司诉上海华宇毛麻（集团）有限公司、上海毛麻纺织有限公司偿还欠 款人民币 9,711,060.00 元，上海市黄浦区人民法院依法查封了上海毛麻纺织有限公司名下座落于上海 市斜土路 791 号 1-4 号楼、7-10 号楼房屋(建筑面积约 1,632 平方米及相应土地使用权)。2004 年 2 月 10 日，上海市黄浦区人民法院出具（2004）黄执恢字第 19 号民事裁定书，裁定将上述查封房屋予 以拍卖或变卖。2004 年 2 月 24 日，本公司已从上海黄浦拍卖行拍得上述查封房屋，拍卖成交价人民 币 1,450 万元。据此，上海市黄浦区人民法院于 2004 年 10 月出具（2004）黄执恢字第 19 号民事裁定 书，裁定将座落于上海市斜土路 791 号 1－4 号楼、7－10 号楼房屋产权过户至本公司名下。截止 2008 年末，本公司账面已经支付该房屋拍卖成交款及佣金人民币 1,464.50 万元，并将上述已实际使用的房 屋记入本公司固定资产科目。 （2）2007 年 10 月 30 日，本公司与上海纺织（集团）有限公司、上海毛麻纺织有限公司签订"房 地产转让协议书"，受让房地产：上海市斜土路 791 号 5 号幢（B 幢） （房地产权证编号沪房地卢字（1997） 第 001787 号，其中 5 号幢建筑面积 3416 平方米），受让价格：人民币 2,278.40 万元。本公司已于 2008 年 1 月 14 日支付给上海毛麻纺织有限公司人民币 2,278.40 万元。 （3）2008 年 9 月 12 日，本公司子公司上海三毛劳务服务有限公司从上海东方国际商品拍卖有限 公司拍入上海市斜土路 791 号 6 幢工业厂房，拍卖成交价人民币 530 万元。截止 2008 年 9 月 19 日， 上海三毛劳务服务有限公司已支付全部款项人民币 549.9 万元（含拍卖手续费人民币 19.9 万元）。 2007 年 10 月 30 日，本公司与上海毛麻纺织有限公司曾就此房产签订"房地产转让协议书"， 双方约 定由本公司采用司法拍卖方式受拍持有，无论最终成交价为多少，本公司实际支付受让款为人民币 460 万元。本公司已于 2008 年 1 月 14 日支付给上海毛麻纺织有限公司预付款人民币 100 万元。截止报告 日，上述差额人民币 189.9 万元已经收回。 （4）2008 年 11 月 27 日，本公司与上海市毛麻纺织科学技术研究所、上海市纺织科学研究院就 位于上海市斜土路 781-783 号房产签订《房地产转让协议书》，本公司应支付房产转让款人民币 1,066.88 万元。截止 2008 年 12 月 31 日，本公司子公司上海三毛劳务服务有限公司已预付上海市纺 织科学研究院房产转让款人民币 960 万元。 截止本报告日，上述房地产均尚未办妥过户变更手续。 9、2007 年 5 月 25 日，公司 2006 年度股东大会审议通过《关于参加投标重庆专用机械制造公司 房地产项目的议案》，拟投资约人民币 3.7 亿元参与投标和建设重庆专用机械制造公司房地产项目， 该地块位于重庆市沙坪坝区下中渡口处，面积 45,116 平方米约合 67 亩（工业出让土地），厂房面积 45,455 平方米。2007 年 5 月 17 日，公司预付给重庆轻纺控股（集团）公司人民币 500 万元。 2008 年 11 月，公司 2008 年临时股东大会通过决议，不再参与投标重庆专用机械制造公司房地产项目。 上海三毛企业（集团）股份有限公司 2008 年年度报告 27 2008 年 7 月 29 日，本公司已收回重庆轻纺控股（集团）公司的 500 万元预付款，同时收回按银行同 期同档贷款利率计算的期间利息 437,475.00 元，冲减当期利息支出。 10、2008 年 9 月 12 日，本公司子公司上海三毛物业管理有限公司（以下简称三毛物业）与上海 二毛纺织有限公司签订《上海市房地产买卖合同》，受让位于上海市锦州湾路 185 号、160 号房地产， 受让价格为人民币 5,350 万元。根据沪杨房地（2008）出让合同第 25 号《上海市国有土地使用权出让 合同》，上述房产涉及土地使用权出让金人民币 18,918,946.00 元。三毛物业合计支付相关款项人民 币 7,560 万元（包括契税和登记费等），并于 2008 年 9 月 28 日和 10 月 6 日取得了上述房产的房地产 权证。 2008 年 10 月 17 日，上海江涛房地产开发有限公司对三毛物业增资人民币 4,994 万元，其中人民币 110 万元增加三毛物业实收资本，人民币 4,884 万元增加三毛物业资本公积。本次增资后，三毛物业的注 册资本变更为人民币 210 万元，本公司持股人民币 100 万元，持股比例为 47.62%，并相应增加本公司 资本公积人民币 23,278,560.80 元。 2008 年 11 月 21 日，经公司 2008 年度临时股东大会审议，通过《关于上海三毛物业管理有限公司减 资退出股权的议案》。2008 年 12 月 21 日，三毛物业减资到人民币 110 万元，本公司原持有的 47.62% 股权全部退出。经评估，退出的股权作价人民币 4,540 万元，其中减少三毛物业实收资本人民币 100 万元、资本公积人民币 4,440 万元。本公司账面相应减少资本公积人民币 23,278,560.80 元、长期股 权投资人民币 24,108,806.50 元，实现对三毛物业的处置收益人民币 44,569,754.30 元。 2008 年 12 月 23 日，三毛物业的相关工商变更手续已经办妥。 11、设立创业投资公司：公司于 2008 年 10 月 17 日召开了第六届 2008 年第七次临时会议，审议通过 了关于设立创业投资公司的提案。公司与 2009 年 1 月 12 日注册成立了上海嘉懿创业投资公司。上海 嘉懿创业投资公司注册资本为 3000 万元，注册地址为上海市静安区康定路 1147 号 2 幢 1013 市经营 范围创业投资（涉及许可证凭证许可证经营）目前该项目尚处筹备阶段。 (十一) 信息披露索引 事项 刊载的报刊名称及版面 刊载日期 刊载的互联网网站及检索路 径 上海三毛 2007 年度业绩公告 上海证券报、香港文汇报 2008 年 1 月 25 日 http：// 关于公司原址土地出让金返还 的公告 上海证券报、香港文汇报 2008 年 1 月 29 日 http：// 上海三毛第六届董事会第一次 临时会议决议公告 上海证券报、香港文汇报 2008 年 2 月 29 日 http：// 上海三毛关于诉讼事项的公告 上海证券报、香港文汇报 2008 年 3 月 12 日 http：// 关于诉讼的进展情况 上海证券报、香港文汇报 2008 年 3 月 12 日 http：// 上海三毛第六届董事会第四次 决议暨召开 2007 年度股东大会 的公告 上海证券报、香港文汇报 2008 年 4 月 26 日 http：// 上海三毛第六届监事会第五次 决议公告 上海证券报、香港文汇报 2008 年 4 月 26 日 http：// 上海三毛独立董事对公司专项 治理相关事项的声明 上海证券报、香港文汇报 2008 年 4 月 26 日 http：// 上海三毛关于为下属控股子公 司提供担保的公告 上海证券报、香港文汇报 2008 年 4 月 26 日 http：// 上海三毛关于变更募集资金用 途公告 上海证券报、香港文汇报 2008 年 4 月 26 日 http：// 公司 2008 年第一季度报告 上海证券报、香港文汇报 2008 年 4 月 30 日 http：// 上海三毛关于下属重庆公司未 遭受地震影响的公告 上海证券报、香港文汇报 2008 年 5 月 14 日 http：// 上海三毛 2007 年度股东大会决 议公告 上海证券报、香港文汇报 2008 年 5 月 20 日 http：// 上海三毛股票交易异常波动的 公告 上海证券报、香港文汇报 2008 年 6 月 18 日 http：// 上海三毛关于签定债务豁免协 议的公告 上海证券报、香港文汇报 2008 年 7 月 4 日 http：// 上海三毛企业（集团）股份有限公司 2008 年年度报告 28 上海三毛关于诉讼的公告 上海证券报、香港文汇报 2008 年 7 月 5 日 http：// 上海三毛第六届董事会 2008 第 三次临时会议决议公告 上海证券报、香港文汇报 2008 年 7 月 15 日 http：// 上海三毛第六届董事会 2008 第 四次临时会议决议公告 上海证券报、香港文汇报 2008 年 7 月 19 日 http：// 上海三毛第六届董事会 2008 年 第五次临时会议（通讯方式）决 议公告 上海证券报、香港文汇报 2008 年 7 月 30 日 http：// 上海三毛关于“调整纺织品服装 等商品出口退税率”对公司影响 的公告 上海证券报、香港文汇报 2008 年 8 月 2 日 http：// 上海三毛股票交易异常波动的 公告 上海证券报、香港文汇报 2008 年 8 月 22 日 http：// 上海三毛 2008 年半年度报告 上海证券报、香港文汇报 2008 年 8 月 25 日 http：// 上海三毛股票交易异常波动的 公告 上海证券报、香港文汇报 2008 年 8 月 27 日 http：// 上海三毛第六届董事会 2008 年 第六次临时会议（通讯方式）决 议公告 上海证券报、香港文汇报 2008 年 9 月 25 日 http：// 上海三毛对外投资公告 上海证券报、香港文汇报 2008 年 10 月 21 日 http：// 上海三毛关于对上海三毛物业 管理有限公司实施增资扩股的 公告 上海证券报、香港文汇报 2008 年 10 月 21 日 http：// 上海三毛第六届董事会 2008 年 第七次临时会议决议的公告 上海证券报、香港文汇报 2008 年 10 月 21 日 http：// 公司 2008 年第三季度报告及摘 要 上海证券报、香港文汇报 2008 年 10 月 29 日 http：// 上海三毛关于转让上海申茂房 地产有限公司 80%股权的公告 上海证券报、香港文汇报 2008 年 11 月 6 日 http：// 上海三毛关于上海三毛物业管 理有限公司减资退出股份的公 告 上海证券报、香港文汇报 2008 年 11 月 6 日 http：// 上海三毛第六届董事会 2008 年 第八次临时会议决议暨召开 2008 年临时股东大会的公告 上海证券报、香港文汇报 2008 年 11 月 6 日 http：// 上海三毛关于诉讼事项的公告 上海证券报、香港文汇报 2008 年 11 月 19 日 http：// 上海三毛 2008 年临时股东大会 决议公告 上海证券报、香港文汇报 2008 年 11 月 22 日 http：// 上海三毛关于本公司控股子公 司终结破产程序的公告 上海证券报、香港文汇报 2008 年 12 月 3 日 http：// 上海三毛关于受让上海市斜土 路 781-783 号房地产的公告 上海证券报、香港文汇报 2008 年 12 月 16 日 http：// 上海三毛企业（集团）股份有限公司 2008 年年度报告 29 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 注册会计师周琪、李井审计，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（2009）第 10999 号 上海三毛企业（集团）股份有限公司全体股东： 我们审计了后附的上海三毛企业（集团）股份有限公司（以下简称贵公司）财务报表，包括 2008 年 12 月 31 日的资产负债表和合并资产负债表、2008 年度的利润表和合并利润表、现金流量表和合并 现金流量表、所有者权益变动表和合并所有者权益变动表以及财务报表附注。 按照企业会计准则的规定编制财务报表是贵公司管理层的责任。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。 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， 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。 我们认为， 贵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贵公 司 2008 年 12 月 31 日的财务状况以及 2008 年度的经营成果和现金流量。 立信会计师事务所有限公司 中国注册会计师：周琪、李井 中国.上海 2009 年 4 月 16 日 上海三毛企业（集团）股份有限公司 2008 年年度报告 30 (二) 财务报表 合并资产负债表 2008 年 12 月 31 日 编制单位:上海三毛企业（集团）股份有限公司 单位:元 币种:人民币 项目 附注 期末余额 年初余额 流动资产： 货币资金 一 282,729,006.66 284,330,852.69 结算备付金 拆出资金 交易性金融资产 二 3,804,900.00 11,436,635.00 应收票据 三 7,151,068.40 2,717,209.50 应收账款 四 58,087,604.17 64,660,219.46 预付款项 五 157,985,616.82 73,892,501.88 应收保费 应收分保账款 应收分保合同准备金 应收利息 六 19,650.00 53,022.97 应收股利 七 317,565.00 655,489.70 其他应收款 八 29,064,386.94 59,082,102.62 买入返售金融资产 存货 九 65,706,757.21 96,652,494.26 一年内到期的非流动资 产 其他流动资产 流动资产合计 604,866,555.20 593,480,528.08 非流动资产： 发放贷款及垫款 可供出售金融资产 十 51,430,638.23 140,548,867.29 持有至到期投资 长期应收款 长期股权投资 十一 31,167,768.24 32,285,098.67 投资性房地产 十二 66,980,348.32 73,265,798.29 固定资产 十三 94,760,129.16 73,779,926.52 在建工程 十四 252,836.00 25,019,271.43 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 十五 10,066,635.58 5,477,129.52 开发支出 商誉 长期待摊费用 十六 2,649,487.88 2,764,069.52 递延所得税资产 十七 312,282.89 513,567.02 其他非流动资产 非流动资产合计 257,620,126.30 353,653,728.26 资产总计 862,486,681.50 947,134,256.34 流动负债： 上海三毛企业（集团）股份有限公司 2008 年年度报告 31 短期借款 十九 115,072,034.00 148,888,968.00 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 二十 53,333,280.64 53,607,836.70 预收款项 二十一 140,537,435.77 112,885,389.25 卖出回购金融资产款 应付手续费及佣金 应付职工薪酬 二十二 57,427,539.40 84,977,972.34 应交税费 二十三 6,178,581.66 11,744,600.32 应付利息 二十四 196,996.75 323,955.24 应付股利 二十五 716,561.13 725,378.73 其他应付款 二十六 68,442,494.79 75,826,163.87 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 二十七 2,215,816.00 2,215,816.00 其他流动负债 流动负债合计 444,120,740.14 491,196,080.45 非流动负债： 长期借款 应付债券 长期应付款 二十八 1,553,100.00 1,553,100.00 专项应付款 二十九 8,760,000.00 34,640,000.00 预计负债 递延所得税负债 十七 6,909,409.56 28,783,532.94 其他非流动负债 三十 21,125,467.97 非流动负债合计 38,347,977.53 64,976,632.94 负债合计 482,468,717.67 556,172,713.39 股东权益： 股本 三十一 200,991,343.00 200,991,343.00 资本公积 三十二 227,167,491.29 289,755,311.72 减：库存股 盈余公积 三十三 38,610,002.38 38,610,002.38 一般风险准备 未分配利润 三十四 -104,039,471.56 -141,344,921.18 外币报表折算差额 归属于母公司所有者权 益合计 362,729,365.11 388,011,735.92 少数股东权益 17,288,598.72 2,949,807.03 股东权益合计 380,017,963.83 390,961,542.95 负债和股东权益合计 862,486,681.50 947,134,256.34 公司法定代表人：张文卿 主管会计工作负责人：胡种 会计机构负责人：沈夏娣 上海三毛企业（集团）股份有限公司 2008 年年度报告 32 母公司资产负债表 2008 年 12 月 31 日 编制单位:上海三毛企业（集团）股份有限公司 单位:元 币种:人民币 项目 附注 期末余额 年初余额 流动资产： 货币资金 138,071,572.96 203,198,712.38 交易性金融资产 2,438,710.00 6,352,525.00 应收票据 应收账款 一 10,374,821.34 18,782,140.73 预付款项 24,084,905.08 6,914,773.16 应收利息 19,650.00 应收股利 337,924.70 其他应收款 二 47,187,819.46 37,633,999.41 存货 5,083,445.64 18,832,607.74 一年内到期的非流动资产 其他流动资产 流动资产合计 227,260,924.48 292,052,683.12 非流动资产： 可供出售金融资产 36,562,638.23 99,336,142.62 持有至到期投资 长期应收款 长期股权投资 三 350,864,722.59 292,540,533.97 投资性房地产 47,355,967.82 63,081,020.63 固定资产 20,730,273.28 49,773,208.64 在建工程 252,836.00 502,696.00 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 开发支出 商誉 长期待摊费用 递延所得税资产 其他非流动资产 非流动资产合计 455,766,437.92 505,233,601.86 资产总计 683,027,362.40 797,286,284.98 流动负债： 短期借款 92,900,000.00 121,000,000.00 交易性金融负债 应付票据 应付账款 2,895,895.49 7,888,504.46 预收款项 12,945,118.09 15,843,277.60 应付职工薪酬 50,844,220.70 77,308,676.07 应交税费 4,880,710.70 15,079,744.02 应付利息 196,996.75 250,000.00 应付股利 716,561.13 725,378.73 其他应付款 98,462,477.36 118,849,799.78 一年内到期的非流动负债 2,215,816.00 2,215,816.00 其他流动负债 流动负债合计 266,057,796.22 359,161,196.66 非流动负债： 长期借款 应付债券 长期应付款 1,553,100.00 1,553,100.00 专项应付款 8,760,000.00 34,640,000.00 上海三毛企业（集团）股份有限公司 2008 年年度报告 33 预计负债 递延所得税负债 6,909,409.56 23,099,029.41 其他非流动负债 21,125,467.97 非流动负债合计 38,347,977.53 59,292,129.41 负债合计 304,405,773.75 418,453,326.07 股东权益： 股本 200,991,343.00 200,991,343.00 资本公积 226,586,450.28 274,488,352.88 减：库存股 盈余公积 38,610,002.38 38,610,002.38 未分配利润 -87,566,207.01 -135,256,739.35 外币报表折算差额 股东权益合计 378,621,588.65 378,832,958.91 负债和股东权益合计 683,027,362.40 797,286,284.98 公司法定代表人：张文卿 主管会计工作负责人：胡种 会计机构负责人：沈夏娣 合并利润表 2008 年 1—12 月 单位:元 币种:人民币 项目 附注 本期金额 上期金额 一、营业总收入 1,453,322,349.40 1,596,547,164.17 其中：营业收入 三十五 1,453,322,349.40 1,596,547,164.17 利息收入 已赚保费 手续费及佣金收入 二、营业总成本 1,490,263,043.00 1,689,393,137.25 其中：营业成本 三十五 1,354,270,470.39 1,486,029,302.30 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 三十六 1,876,957.53 1,918,020.86 销售费用 47,681,409.37 61,303,400.28 管理费用 61,667,092.53 85,224,184.16 财务费用 三十七 9,065,749.84 14,766,399.31 资产减值损失 三十八 15,701,363.34 40,151,830.34 加：公允价值变动收益（损失以“－”号填列） 三十九 -8,999,230.69 5,329,115.00 投资收益（损失以“－”号填列） 四十 51,893,565.87 -4,137,717.24 其中：对联营企业和合营企业的投资收益 399,231.48 120,868.13 汇兑收益（损失以“－”号填列） 三、营业利润（亏损以“－”号填列） 5,953,641.58 -91,654,575.32 加：营业外收入 四十一 26,449,046.62 210,748,038.37 减：营业外支出 四十二 3,840,720.04 671,675.75 其中：非流动资产处置净损失 3,333,392.23 451,275.75 四、利润总额（亏损总额以“－”号填列） 28,561,968.16 118,421,787.30 减：所得税费用 四十三 -1,948,228.54 13,233,516.90 五、净利润（净亏损以“－”号填列） 30,510,196.70 105,188,270.40 归属于母公司所有者的净利润 30,582,604.68 103,749,934.93 少数股东损益 -72,407.98 1,438,335.47 六、每股收益： （一）基本每股收益 0.1522 0.5162 （二）稀释每股收益 0.1522 0.5162 公司法定代表人：张文卿 主管会计工作负责人：胡种 会计机构负责人：沈夏娣 上海三毛企业（集团）股份有限公司 2008 年年度报告 34 母公司利润表 2008 年 1—12 月 单位:元 币种:人民币 项目 附注 本期金额 上期金额 一、营业收入 四 78,690,913.27 142,313,959.51 减：营业成本 四 68,166,546.20 134,649,370.80 营业税金及附加 740,854.07 383,947.36 销售费用 2,718,647.57 4,294,353.02 管理费用 27,654,699.78 38,591,431.27 财务费用 7,185,804.19 10,603,091.32 资产减值损失 2,459,878.30 50,482,772.62 加：公允价值变动收益（损失以“－”号填列） -5,805,730.69 2,964,975.00 投资收益（损失以“－”号填列） 五 51,064,953.37 586,093.70 其中：对联营企业和合营企业的投资收益 399,231.48 120,868.13 二、营业利润（亏损以“－”号填列） 15,023,705.84 -93,139,938.18 加：营业外收入 26,190,264.41 205,031,636.45 减：营业外支出 3,728,443.65 541,387.74 其中：非流动资产处置净损失 3,223,553.66 321,387.74 三、利润总额（亏损总额以“－”号填列） 37,485,526.60 111,350,310.53 减：所得税费用 -3,486,873.41 12,539,243.73 四、净利润（净亏损以“－”号填列） 40,972,400.01 98,811,066.80 公司法定代表人：张文卿 主管会计工作负责人：胡种 会计机构负责人：沈夏娣 合并现金流量表 2008 年 1—12 月 单位:元 币种:人民币 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 1,558,852,333.75 1,662,729,133.45 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 133,848,653.43 130,035,913.84 收到其他与经营活动有关的现 金 四十五 153,609,222.40 111,927,294.27 经营活动现金流入小计 1,846,310,209.58 1,904,692,341.56 购买商品、接受劳务支付的现 金 1,536,960,311.21 1,642,098,342.76 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 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 上海三毛企业（集团）股份有限公司 2008 年年度报告 35 支付保单红利的现金 支付给职工以及为职工支付的 现金 72,134,213.63 95,797,770.71 支付的各项税费 17,326,848.85 4,871,776.58 支付其他与经营活动有关的现 金 四十五 218,114,227.02 199,642,733.93 经营活动现金流出小计 1,844,535,600.71 1,942,410,623.98 经营活动产生的现金流量 净额 1,774,608.87 -37,718,282.42 二、投资活动产生的现金流量： 收回投资收到的现金 19,033,563.53 取得投资收益收到的现金 1,530,728.69 5,767,081.60 处置固定资产、无形资产和其 他长期资产收回的现金净额 26,745,918.05 4,464,694.24 处置子公司及其他营业单位收 到的现金净额 45,031,553.49 收到其他与投资活动有关的现 金 四十五 41,700,653.67 471,797,905.89 投资活动现金流入小计 134,042,417.43 482,029,681.73 购建固定资产、无形资产和其 他长期资产支付的现金 68,413,937.67 34,983,430.85 投资支付的现金 10,659,380.69 10,430,369.00 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 支付其他与投资活动有关的现 金 101,712,205.52 投资活动现金流出小计 79,073,318.36 147,126,005.37 投资活动产生的现金流量 净额 54,969,099.07 334,903,676.36 三、筹资活动产生的现金流量： 吸收投资收到的现金 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 294,072,034.00 发行债券收到的现金 收到其他与筹资活动有关的现 金 四十五 1,000,000.00 筹资活动现金流入小计 295,072,034.00 偿还债务支付的现金 328,991,120.00 92,024,720.14 分配股利、利润或偿付利息支 付的现金 8,981,630.71 11,654,287.56 其中：子公司支付给少数股东 的股利、利润 140,646.75 支付其他与筹资活动有关的现 金 10,550,177.72 筹资活动现金流出小计 337,972,750.71 114,229,185.42 筹资活动产生的现金流量 净额 -42,900,716.71 -114,229,185.42 四、汇率变动对现金及现金等价物 的影响 -3,996,891.95 -1,914,117.17 五、现金及现金等价物净增加额 9,846,099.28 181,042,091.35 加：期初现金及现金等价物余 额 271,192,936.23 90,150,844.88 六、期末现金及现金等价物余额 281,039,035.51 271,192,936.23 公司法定代表人：张文卿 主管会计工作负责人：胡种 会计机构负责人：沈夏娣 上海三毛企业（集团）股份有限公司 2008 年年度报告 36 母公司现金流量表 2008 年 1—12 月 单位:元 币种:人民币 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 91,497,124.33 148,542,367.56 收到的税费返还 363,266.20 3,366,868.64 收到其他与经营活动有 关的现金 871,158,523.87 165,340,138.98 经营活动现金流入小 计 963,018,914.40 317,249,375.18 购买商品、接受劳务支付 的现金 59,216,895.84 122,726,415.14 支付给职工以及为职工 支付的现金 46,410,718.10 55,979,110.69 支付的各项税费 12,155,343.04 969,166.99 支付其他与经营活动有 关的现金 890,878,759.23 158,731,011.19 经营活动现金流出小 计 1,008,661,716.21 338,405,704.01 经营活动产生的现 金流量净额 -45,642,801.81 -21,156,328.83 二、投资活动产生的现金流 量： 收回投资收到的现金 11,863,968.16 取得投资收益收到的现 金 1,054,951.02 1,136,425.42 处置固定资产、无形资产 和其他长期资产收回的现金 净额 26,676,768.05 110,714.24 处置子公司及其他营业 单位收到的现金净额 45,400,000.00 收到其他与投资活动有 关的现金 24,310,000.00 470,420,000.00 投资活动现金流入小 计 109,305,687.23 471,667,139.66 购建固定资产、无形资产 和其他长期资产支付的现金 30,524,675.77 5,306,590.00 投资支付的现金 35,633,730.69 90,387,550.00 取得子公司及其他营业 单位支付的现金净额 27,000,000.00 支付其他与投资活动有 关的现金 93,626,353.52 投资活动现金流出小 计 93,158,406.46 189,320,493.52 投资活动产生的现 金流量净额 16,147,280.77 282,346,646.14 三、筹资活动产生的现金流 上海三毛企业（集团）股份有限公司 2008 年年度报告 37 量： 吸收投资收到的现金 取得借款收到的现金 251,900,000.00 收到其他与筹资活动有 关的现金 筹资活动现金流入小 计 251,900,000.00 偿还债务支付的现金 280,000,000.00 62,320,000.00 分配股利、利润或偿付利 息支付的现金 7,253,416.03 9,829,515.42 支付其他与筹资活动有 关的现金 筹资活动现金流出小 计 287,253,416.03 72,149,515.42 筹资活动产生的现 金流量净额 -35,353,416.03 -72,149,515.42 四、汇率变动对现金及现金等 价物的影响 -278,202.35 -375,038.82 五、现金及现金等价物净增加 额 -65,127,139.42 188,665,763.07 加：期初现金及现金等价 物余额 203,198,712.38 14,532,949.31 六、期末现金及现金等价物余 额 138,071,572.96 203,198,712.38 公司法定代表人：张文卿 主管会计工作负责人：胡种 会计机构负责人：沈夏娣 合并所有者权益变动表 2008 年 1—12 月 单位:元 币种:人民币 本年金额 归属于母公司所有者权益 项目 股本 资本公积 减： 库存 股 盈余公积 一 般 风 险 准 备 未分配利润 其 他 少数股东权益 所有者权益合计 一、上年年末 余额 200,991,343.00 289,755,311.72 38,610,002.38 -141,344,921.18 2,949,807.03 390,961,542.95 加：同一 控制下企业 合并产生的 追溯调整 会 计政策变更 前 期差错更正 其 他 二、本年年初 余额 200,991,343.00 289,755,311.72 38,610,002.38 -141,344,921.18 2,949,807.03 390,961,542.95 三、本年增减 变动金额（减 少以“－”号 填列） -62,587,820.43 37,305,449.62 14,338,791.69 -10,943,579.12 （一）净利润 30,582,604.68 -72,407.98 30,510,196.70 （二）直接计 -62,587,820.43 6,722,844.94 -15,377.91 -55,880,353.40 上海三毛企业（集团）股份有限公司 2008 年年度报告 38 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 -62,324,208.81 -62,324,208.81 2．权益法下 被投资单位 其他所有者 权益变动的 影响 -14,685,917.83 -13,815.77 -14,699,733.60 3．与计入所 有者权益项 目相关的所 得税影响 15,448,376.10 15,448,376.10 4．其他 -1,026,069.89 6,722,844.94 -1,562.14 5,695,212.91 上述（一）和 （二）小计 -62,587,820.43 37,305,449.62 -87,785.89 -25,370,156.70 （三）所有者 投入和减少 资本 14,426,577.58 14,426,577.58 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 14,426,577.58 14,426,577.58 （四）利润分 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 （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 余额 200,991,343.00 227,167,491.29 38,610,002.38 -104,039,471.56 17,288,598.72 380,017,963.83 单位:元 币种:人民币 上年金额 归属于母公司所有者权益 项目 股本 资本公积 减： 库存 股 盈余公积 一 般 风 险 准 备 未分配利润 其 他 少数股东权益 所有者权益合计 一、上年年末 余额 200,991,343.00 233,843,396.10 44,520,360.39 -265,129,256.19 2,761,341.09 216,987,184.39 加：同一 控制下企业 合并产生的 追溯调整 会 -8,674,550.61 -5,910,358.01 20,034,400.08 943.26 5,450,434.72 上海三毛企业（集团）股份有限公司 2008 年年度报告 39 计政策变更 前 期差错更正 其 他 二、本年年初 余额 200,991,343.00 225,168,845.49 38,610,002.38 -245,094,856.11 2,762,284.35 222,437,619.11 三、本年增减 变动金额（减 少以“－”号 填列） 64,586,466.23 103,749,934.93 187,522.68 168,523,923.84 （一）净利润 103,749,934.93 1,438,335.47 105,188,270.40 （二）直接计 入所有者权 益的利得和 损失 64,586,466.23 -1,250,812.79 63,335,653.44 1．可供出售 金融资产公 允价值变动 净额 68,466,924.52 68,466,924.52 2．权益法下 被投资单位 其他所有者 权益变动的 影响 15,266,958.84 15,266,958.84 3．与计入所 有者权益项 目相关的所 得税影响 -19,147,417.13 -19,147,417.13 4．其他 -1,250,812.79 -1,250,812.79 上述（一）和 （二）小计 64,586,466.23 103,749,934.93 187,522.68 168,523,923.84 （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．提取一般 风险准备 3．对所有者 （或股东）的 分配 4．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 余额 200,991,343.00 289,755,311.72 38,610,002.38 -141,344,921.18 2,949,807.03 390,961,542.95 公司法定代表人：张文卿 主管会计工作负责人：胡种 会计机构负责人：沈夏娣 上海三毛企业（集团）股份有限公司 2008 年年度报告 40 母公司所有者权益变动表 2008 年 1—12 月 单位:元 币种:人民币 本年金额 项目 股本 资本公积 减：库存 股 盈余公积 未分配利润 所有者权益合计 一、上年年末余额 200,991,343.00 274,488,352.88 38,610,002.38 -135,256,739.35 378,832,958.91 加：会计政策变更 前期差错更正 其他 二、本年年初余额 200,991,343.00 274,488,352.88 38,610,002.38 -135,256,739.35 378,832,958.91 三、本年增减变动金额（减少以 “－”号填列） -47,901,902.60 47,690,532.34 -211,370.26 （一）净利润 40,972,400.01 40,972,400.01 （二）直接计入所有者权益的利 得和损失 -47,901,902.60 6,718,132.33 -41,183,770.27 1．可供出售金融资产公允价值 变动净额 -62,324,208.81 -62,324,208.81 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 15,448,376.10 15,448,376.10 4．其他 -1,026,069.89 6,718,132.33 5,692,062.44 上述（一）和（二）小计 -47,901,902.60 47,690,532.34 -211,370.26 （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、本期期末余额 200,991,343.00 226,586,450.28 38,610,002.38 -87,566,207.01 378,621,588.65 单位:元 币种:人民币 上年金额 项目 股本 资本公积 减：库存 股 盈余公积 未分配利润 所有者权益合计 一、上年年末余额 200,991,343.00 233,843,396.10 38,610,002.38 -259,496,223.24 213,948,518.24 加：会计政策变更 -8,674,550.61 25,428,417.09 16,753,866.48 前期差错更正 其他 二、本年年初余额 200,991,343.00 225,168,845.49 38,610,002.38 -234,067,806.15 230,702,384.72 三、本年增减变动金额（减少以 “－”号填列） 49,319,507.39 98,811,066.80 148,130,574.19 （一）净利润 98,811,066.80 98,811,066.80 （二）直接计入所有者权益的利 得和损失 49,319,507.39 49,319,507.39 1．可供出售金融资产公允价值 变动净额 68,466,924.52 68,466,924.52 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 -19,147,417.13 -19,147,417.13 4．其他 上述（一）和（二）小计 49,319,507.39 98,811,066.80 148,130,574.19 （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 上海三毛企业（集团）股份有限公司 2008 年年度报告 41 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、本期期末余额 200,991,343.00 274,488,352.88 38,610,002.38 -135,256,739.35 378,832,958.91 公司法定代表人：张文卿 主管会计工作负责人：胡种 会计机构负责人：沈夏娣 上海三毛企业（集团）股份有限公司 2008 年年度报告 42 (三) 公司基本情况 上海三毛企业（集团）股份有限公司（以下简称“公司”），原名上海三毛纺织股份有限公司，系 于 1993 年 7 月 19 日经上海市经济委员会以沪经企(1993)330 号文批准，采用公开募集方式设立的中 外合资股份有限公司。企业法人营业执照注册号：310000400072008（市局）。公司 A 股和 B 股股票分 别于 1993 年 11 月 8 日和 1993 年 12 月 31 日在上海证券交易所上市交易。所属行业为工业类。 2006 年 2 月，公司控股股东上海纺织控股（集团）公司将上海国资委授权持有的公司 72,572,143 股 国家股股权（占公司总股本的 36.11%），无偿划转给重庆轻纺控股（集团）公司。2006 年 7 月 10 日 公司股权分置改革相关股东大会决议通过：公司非流通股股东为使其持有的本公司非流通股获得流通 权而向本公司流通股股东支付的对价为：流通股股东每持有 10 股将获得 3 股的股份对价。实施上述送 股对价后，公司股份总数不变，股份结构发生相应变化。截止 2008 年 12 月 31 日，股本总数为 200,991,343 股，其中：有限售条件的 A 股股份为 52,008,943 股，占股份总数的 25.88 %，无限售条 件的 A 股股份为 100,195,200 股，占股份总数的 49.85%，B 股股份为 48,787,200 股，占股份总数的 24.27%。 截止 2008 年 12 月 31 日，本公司累计发行股本总数 200,991,343 股，公司注册资本为 200,991,343.00 元，经营范围为：在国家允许投资的领域依法进行投资；公司自由房产的对外租赁、物业管理；生产 毛条、毛纱、纺织品及服装，销售自产产品及相关业务的技术咨询；软件、网站设计与开发、网页制 作，系统集成、企业信息化的技术管理服务（涉及行政许可的凭许可证经营）。公司注册地：上海市 浦东新区浦东大道 1474 号—1484 号 14 楼，总部办公地：上海市斜土路 791 号。 (四) 公司主要会计政策、会计估计和前期差错： 1、遵循企业会计准则的声明： 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、 现金流量和股东权益变动等有关信息。 2、财务报表的编制基础： 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。 3、会计年度： 本公司会计年度自公历 1 月 1 日起至 12 月 31 日止。 4、记账本位币： 本公司的记账本位币为人民币。 5、计量属性在本期发生变化的报表项目及其本期采用的计量属性： (1) 计量属性 公司在对会计报表项目进行计量时，一般采用历史成本计量。 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公允价值计量。 本年度公司报表项目中采用公允价值计量的项目包括交易性金融资产、可供出售金融资产。 公司以相关资产在活跃市场中的报价（报告日收盘价）作为公允价值的依据。 (2) 本期报表项目的计量属性未发生变化。 6、现金及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。 7、外币业务核算方法： 上海三毛企业（集团）股份有限公司 2008 年年度报告 43 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算，由此产生的汇兑差额，除属于与购建符合资本化 条件的资产相关的外币专门借款产生的汇兑差额按照借款费用资本化的原则处理外，均计入当期损益。 以历史成本计量的外币非货币性项目，仍采用交易发生日的即期汇率折算，不改变其记账本位币金额。 以公允价值计量的外币非货币性项目，采用公允价值确定日的即期汇率折算，由此产生的汇兑差额计 入当期损益或资本公积。 外币财务报表的折算方法: 资产负债表中的资产和负债项目，采用资产负债表日的即期汇率折算；所有者权益项目除"未分配利润 "项目外，其他项目采用发生时的即期汇率折算。利润表中的收入和费用项目，采用交易发生日的即期 汇率折算。按照上述折算产生的外币财务报表折算差额，在资产负债表所有者权益项目下单独列示。 8、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。 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、其他应收款、应收票据、预付账款、长期应收款等，以向购货 方应收的合同或协议价款作为初始确认金额；具有融资性质的，按其现值进行初始确认。 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 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。 上海三毛企业（集团）股份有限公司 2008 年年度报告 44 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年末报价。 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。 9、应收款项坏账准备的确认标准、计提方法： (1) 单项金额重大的应收款项坏账准备的确认标准、计提方法： 单项金额重大的应收款项坏账准备的确认标准 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：应收款项余额前五名 单项金额重大的应收款项坏账准备的计提方法 计提特别坏账准备方法 上海三毛企业（集团）股份有限公司 2008 年年度报告 45 (2) 单项金额不重大但按信用风险特征组合后该组合的风险较大的应收款项坏账准备的确定依据、计 提方法： 信用风险特征组合的确定依据 对于期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。 根据信用风险特征组合确定的计提方法 账龄分析法 账龄分析法 账龄 应收账款计提比例说明 其他应收款计提比例说明 1 年以内（含 1 年） 2% 0% 1－2 年 10% 10% 2－3 年 20% 20% 3 年以上 30% 30% 10、存货核算方法： (1) 存货的分类 存货分类为：原材料、包装物、低值易耗品、在产品、库存商品、委托加工物资、发出商品、开发产 品等。 (2) 发出存货的计价方法 其他 1）存货发出时按加权平均法计价。 2）周转材料的摊销方法 低值易耗品和包装物采用一次摊销法。 (3) 存货可变现净值的确定依据及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、库存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。 (4) 存货的盘存制度 永续盘存制 (5) 低值易耗品和包装物的摊销方法 1) 低值易耗品 一次摊销法 2) 包装物 一次摊销法 11、长期股权投资的核算方法： (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 上海三毛企业（集团）股份有限公司 2008 年年度报告 46 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：合并成本为购买日购买方为取得对被购买方的控制权而付出的资产、发生 或承担的负债以及发行的权益性证券的公允价值，以及为企业合并而发生的各项直接相关费用。通过 多次交换交易分步实现的企业合并，合并成本为每一单项交易成本之和。在合并合同中对可能影响合 并成本的未来事项作出约定的，购买日如果估计未来事项很可能发生并且对合并成本的影响金额能够 可靠计量的，也计入合并成本。 （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) 后续计量及收益确认方法 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）。 (3) 确定对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。 上海三毛企业（集团）股份有限公司 2008 年年度报告 47 12、投资性房地产的核算方法： 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－出租用建筑物采 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。 13、固定资产计价和折旧方法的计提方法： (1) 固定资产计价和折旧方法： 固定资产是指为生产商品、提供劳务、出租或经营管理而持有的，使用年限超过一年，单位价值较高 的有形资产。 固定资产以取得时的实际成本入账，并从其达到预定可使用状态的次月起，采用直线法(年限平均法) 提取折旧。 各类固定资产的估计残值率、折旧年限和年折旧率如下： 类别 折旧年限（年） 残值率 年折旧率 房屋及建筑物 10~40 年 5% 2.38%~9.5% 机器设备 12~18 年 5% 5.28%~7.92% 电子设备 5~12 年 5% 7.92%~19% 运输设备 5~12 年 5% 7.92%~19% 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，并且使用寿命超过一个会计年度的有形 资产。固定资产在同时满足下列条件时予以确认： a）与该固定资产有关的经济利益很可能流入企业； b）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。 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且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。 上海三毛企业（集团）股份有限公司 2008 年年度报告 48 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。 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 10~40 年 5% 2.38%~9.5% 机器设备 12~18 年 5% 5.28%~7.92% 运输及其他设备 5~12 年 5% 7.92%~19% 14、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。 15、无形资产的核算方法： 1、无形资产的计价方法 按成本进行初始计量； 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： 土地使用权按权证上注明的年限作为预计使用寿命； 每年末，对使用寿命有限的无形资产的使用寿命进行复核。 经复核，本年年末无形资产的使用寿命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： 商标具有优先续展权，认定为使用寿命不确定的无形资产。 每年末，对商标的使用寿命进行复核。经复核，商标的使用寿命仍为不确定。 （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。 16、长期待摊费用的摊销方法及摊销年限： 长期待摊费用在受益期内平均摊销，其中： 经营租赁方式租入的固定资产改良支出，按最佳预期经济利益实现方式合理摊销。 17、资产减值的核算方法： (1) 除存货、投资性房地产及金融资产外，其他主要类别资产的资产减值准备确定方法： 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 上海三毛企业（集团）股份有限公司 2008 年年度报告 49 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）。 长期非金融资产的减值损失一经确认，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。 18、借款费用资本化的核算方法： 1、借款费用资本化的确认原则 公司发生的借款费用，可直接归属于符合资本化条件的资产的购建或者生产的，予以资本化，计入相 关资产成本；其他借款费用，在发生时根据其发生额确认为费用，计入当期损益。 符合资本化条件的资产，是指需要经过相当长时间的购建或者生产活动才能达到预定可使用或者可销 售状态的固定资产、投资性房地产和存货等资产。 借款费用同时满足下列条件时开始资本化： （1）资产支出已经发生，资产支出包括为购建或者生产符合资本化条件的资产而以支付现金、转移非 现金资产或者承担带息债务形式发生的支出； （2）借款费用已经发生； （3）为使资产达到预定可使用或者可销售状态所必要的购建或者生产活动已经开始。 当符合资本化条件的资产在购建或者生产过程中发生非正常中断、且中断时间连续超过 3 个月的，借 款费用暂停资本化。 当购建或者生产符合资本化条件的资产达到预定可使用或者可销售状态时，借款费用停止资本化。 当购建或者生产符合资本化条件的资产中部分项目分别完工且可单独使用时，该部分资产借款费用停 止资本化。 2、借款费用资本化期间 资本化期间，指从借款费用开始资本化时点到停止资本化时点的期间，借款费用暂停资本化的期间不 包括在内。 3、借款费用资本化金额的计算方法 专门借款的利息费用（扣除尚未动用的借款资金存入银行取得的利息收入或者进行暂时性投资取得的 投资收益）及其辅助费用在所购建或者生产的符合资本化条件的资产达到预定可使用或者可销售状态 前，予以资本化。 根据累计资产支出超过专门借款部分的资产支出加权平均数（年初年末简单平均）乘以所占用一般借 款的资本化率，计算确定一般借款应予资本化的利息金额。资本化率根据一般借款加权平均利率计算 确定。 借款存在折价或者溢价的，按照实际利率法确定每一会计期间应摊销的折价或者溢价金额，调整每期 利息金额。 19、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 上海三毛企业（集团）股份有限公司 2008 年年度报告 50 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。 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 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 使用权收入金额： （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： ①具有承租人认可的租赁合同、协议或其他结算通知书； ②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； ③出租开发产品成本能够可靠地计量。 20、确认递延所得税资产的依据： 公司以很可能取得用来抵扣可抵扣暂时性差异的应纳税所得额为限，确认由可抵扣暂时性差异产生的 递延所得税资产。 21、主要会计政策、会计估计的变更以及重大会计差错更正及其影响 (1) 会计政策变更 无 (2) 会计估计变更 无 (3) 会计差错更正 无 (五) 税项： 1、主要税种及税率 税种 计税依据 税率 增值税 6%、13%、17% 17%（13%，6%） 营业税 5% 5% 城建税 5%、7% 3% 企业所得税 18%、20%、25% 18%（20%，25%） 2、税收优惠及批文 根据《国务院关于实施企业所得税过渡优惠政策的通知》（国发〔2007〕39 号），本公司及所属注册 在上海市浦东新区的子公司上海华宇毛麻进出口有限公司、上海三毛进出口有限公司、上海三毛国际 货运有限公司、上海地牌服饰有限公司、上海一毛条纺织有限公司原享受企业所得税 15%税率，本年 度按 18%计缴企业所得税。 子公司上海紫晶毛纺有限公司、上海茂丰物业管理有限公司本年度符合小型微利企业条件，减按 20% 计缴企业所得税。 本公司其他子公司按 25%税率计缴企业所得税。 上海三毛企业（集团）股份有限公司 2008 年年度报告 51 (六) 企业合并及合并财务报表 1、公司所控制的境内外重要子公司的情况 单位:万元 币种:人民币 子公司全称 子公司类型 注册地 业务性质 注册资本 经营范围 上海三毛进出口有 限公司 控股子公司 上海 进出口业务 6,800 自营、代理各类商品及技术的进出口 业务 上海华宇毛麻进出 口有限公司 控股子公司 上海 进出口业务 2,000 自营、代理各类商品及技术的进出口 业务 上海申一毛条有限 公司 控股子公司 上海 毛条、毛线、针 织绒 5,500 毛条、毛线、针织绒 上海申茂房地产有 限公司 控股子公司 上海 房地产开发经 营 500 房地产开发、经营、咨询、服务、中 介等 上海三毛房地产有 限公司 控股子公司 上海 房地产开发经 营 2,000 房地产开发经营 重庆三毛房地产开 发有限公司 控股子公司 重庆 房地产开发等 2,100 房地产开发、园艺绿化等 上海一毛条纺织有 限公司 全资子公司 上海 毛条、毛纱等批 发 11,832 毛条、毛纱、五金交电等批发；咨询 上海一毛条纺织（重 庆）有限公司 全资子公司 重庆 毛条、毛线、针 织绒等 7,000 毛条、毛线、针织绒、服装等 太仓三毛纺织有限 公司 全资子公司 太仓 生产、加工精纺 面料 1,200 生产、加工、销售精纺面料 上海杉和投资管理 有限公司 控股子公司 上海 实业投资，管理 咨询 3,000 实业投资，管理咨询 上海纯新羊毛原料 有限公司 全资子公司 上海 经销纺织原料 及产品等 450 经销纺织原料及产品等 上海三毛劳务服务 有限公司 全资子公司 上海 劳务服务等 10 劳务服务、呢绒修补、汽车美容、物 业管理、维修等 上海三毛国际货运 有限公司 控股子公司 上海 货运代理 500 承办海运、陆运、空运进出口货物的 国际运输代理业务 上海紫晶毛纺有限 公司 控股子公司 上海 毛线、化纤绒线 等 50 毛线、化纤绒线、针织品、纺织原料 等 上海地牌服饰有限 公司 控股子公司 上海 服饰、服装、服 装辅料 350 服饰、服装、服装辅料、纺织品的设 计、加工、销售及技术咨询服务 上海朝日绅士服有 限公司 控股子公司 上海 西服制造、贸易 1,661 西服制造、贸易及服装熨烫 上海茂丰物业管理 有限公司 控股子公司 上海 物业管理 50 物业管理、房地产咨询服务、劳动服 务 上海三联纺织印染 有限公司 全资子公司 上海 纤维染色，羊毛 的洗毛 650 纤维染色，羊毛的洗毛等 宝鸡凌云万正电路 板有限公司 控股子公司 宝鸡 各类单、双面电 路板 1,989.84 各类单、双面电路板、多层电路板等 印制电路板 单位:万元 币种:人民币 子公司全称 期末实际投资额 (分期出资适用) 实质上构成对子公司的净投 资的余额 （资不抵债子公司适用） 持股比例（%） 表决权比例 （%） 是否合并报表 上海三毛进出口有 限公司 6,120 100 100 是 上海华宇毛麻进出 口有限公司 239.65 100 100 是 上海申一毛条有限 公司 4,950 100 100 是 上海申茂房地产有 限公司 490 80 80 是 上海三毛房地产有 限公司 1,800 100 100 是 重庆三毛房地产开 发有限公司 0 100 100 是 上海一毛条纺织有 限公司 11,832 100 100 是 上海一毛条纺织（重 庆）有限公司 0 100 100 是 太仓三毛纺织有限 公司 0 100 100 是 上海杉和投资管理 2,700 90 90 是 上海三毛企业（集团）股份有限公司 2008 年年度报告 52 有限公司 上海纯新羊毛原料 有限公司 375 100 100 是 上海三毛劳务服务 有限公司 10 100 100 是 上海三毛国际货运 有限公司 0 100 100 是 上海紫晶毛纺有限 公司 0 100 100 是 上海地牌服饰有限 公司 0 100 100 是 上海朝日绅士服有 限公司 672.85 100 100 是 上海茂丰物业管理 有限公司 0 100 100 是 上海三联纺织印染 有限公司 730.45 100 100 是 宝鸡凌云万正电路 板有限公司 2,731.70 65.44 65.44 是 2、合并报表范围发生变更的内容和原因： 1)、与上年相比本年新增合并单位 2 家，原因为： 陕西宝鸡凌云万正电路板有限公司：公司增资购买股权而达到控制。 上海三联纺织印染有限公司：合营公司改制为一人有限责任公司后成为本公司的全资子公司。 2)、本年度减少合并单位 1 家，原因为： 上海三毛物业管理有限公司：本年度因减资，公司收回全部投资款，退出合并。 " (七) 合并会计报表附注 1、货币资金： 单位：元 期末数 期初数 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： / / 474,294.92 / / 290,811.45 人民币 / / 446,510.41 / / 260,658.81 美元 2,107.00 6.83 14,400.50 2,107.00 7.30 15,390.79 欧元 1,340.00 9.66 12,943.06 1,340.00 10.67 14,293.65 港元 500.00 0.88 440.95 500.00 0.94 468.20 银行存款： / / 275,794,964.14 / / 270,655,496.28 人民币 / / 266,809,515.47 / / 263,088,707.16 美元 877,271.83 6.8346 5,995,802.05 1,035,893.70 7.3046 7,566,789.12 港元 37,585.75 0.8819 33,146.87 0.00 0.0000 0.00 澳元 627,240.85 4.7135 2,956,499.75 0.00 0.0000 0.00 其他货币资金： / / 6,459,747.60 / / 13,384,544.96 人民币 / / 6,459,747.60 / / 13,384,544.96 合计 / / 282,729,006.66 / / 284,330,852.69 2、交易性金融资产： 单位：元 币种：人民币 项目 期末公允价值 期初公允价值 1.交易性债券投资 2.交易性权益工具投资 3.指定为以公允价值计量且其变动计入当期损益的金融资产 3,804,900.00 11,436,635.00 4.衍生金融资产 5.其他 合计 3,804,900.00 11,436,635.00 1)、交易性金融资产投资变现不存在重大限制。 2)、交易性金融资产年末余额比年初余额减少 7,631,735.00 元，减少比例为 66.73％，减少原因主要 为：交易性金融资产已经出售。 上海三毛企业（集团）股份有限公司 2008 年年度报告 53 3、应收票据： (1) 应收票据分类 单位：元 币种：人民币 种类 期末数 期初数 银行承兑汇票 7,151,068.40 2,717,209.50 商业承兑汇票 合计 7,151,068.40 2,717,209.50 年末已贴现未到期的银行承兑汇票金额为 2,172,034.00 元 4、应收股利： 单位：元 币种：人民币 项目 期初数 本期增加数 本期减少数 期末数 未收回的原因 相关款项是否发 生减值的判断 上海高雅服装有 限公司 337,924.70 337,924.70 上海华源企业发 展股份有限公司 317,565.00 317,565.00 否 合计 655,489.70 337,924.70 317,565.00 / / 应收股利年末余额比年初余额减少 337,924.70 元，减少比例为 51.55％，减少原因为：本年与原控股 股东上海纺织控股（集团）公司及其下属企业上海华宇毛麻（集团）有限公司进行债务重组时已一并 处理，详见本附注十二（一）。 5、应收利息： 单位：元 币种：人民币 贷款单位 期初数 本期增加数 本期减少数 期末数 未收回的原因 相关款项是否发 生减值的判断 定期存款利息 53,022.97 53,022.97 通知存款利息 19,650.00 19,650.00 未到期 否 合计 53,022.97 19,650.00 53,022.97 19,650.00 / / 应收利息年末余额比年初余额减少 33,372.97 元，减少比例为 62.94％，减少原因为：定期存款到期 收回时利息一并结算收回。 6、应收账款: (1) 应收账款按种类披露： 单位：元 币种：人民币 期末数 期初数 账面余额 坏账准备 账面余额 坏账准备 种类 金额 比例(%) 金额 比例(%) 金额 比例(%) 金额 比例(%) 单项金额重 大的应收账 款 2,710,766.65 2,168,613.32 单项金额不 重大但按信 用风险特征 组合后该组 合的风险较 大的应收账 款 8,322,651.23 11.95 7,174,755.28 62.19 9,823,395.72 13.37 6,580,833.74 74.61 其他不重大 应收账款 58,590,813.74 84.15 2,193,258.85 19.01 63,657,259.65 86.63 2,239,602.17 25.39 合计 69,624,231.62 / 11,536,627.45 / 73,480,655.37 / 8,820,435.91 / 上海三毛企业（集团）股份有限公司 2008 年年度报告 54 (2) 期末单项金额重大或虽不重大但单独进行减值测试的应收款项计提： 单位：元 币种：人民币 应收款项内容 账面余额 坏账金额 计提比例（％） 理由 湖北美仓毛纺织有限公 司 2,710,766.65 2,168,613.32 80.00 单独测试，预计可收回的 可能性极低 澳舜纺 1,367,243.21 1,367,243.21 100.00 单独测试，预计可收回的 可能性极低 奉化华源步云西裤有限 公司 1,058,099.76 846,479.81 80.00 单独测试，预计可收回的 可能性极低 其他应收销售货款 5,897,308.26 4,961,032.26 84.12 单独测试，预计可收回的 可能性极低 合计 11,033,417.88 9,343,368.60 / / (3) 本报告期实际核销的应收款项情况 单位：元 币种：人民币 单位名称 应收款项性质 核销金额 核销原因 是否因关联交易产生 上海桑爱姆服饰有限公 司 252,246.40 债务重组 否 二毛东沟分厂 16,520.80 债务重组 否 上海裕丰服饰有限公司 71,446.03 债务重组 否 吴江申吴毛纺织有限公 司 7,520.00 债务重组 否 合计 / 347,733.23 / / (4) 本报告期应收账款中持有公司 5%(含 5%)以上表决权股份的股东单位的欠款情况 本报告期应收账款中无持有公司 5%(含 5%)以上表决权股份的股东单位的欠款。 (5) 应收账款前五名欠款情况 单位：元 币种：人民币 单位名称 与本公司关系 欠款金额 欠款年限 占应收账款总额的比例 （％） 第一名 非关联方 8,367,266.95 1 年以内 12.02 第二名 非关联方 2,813,602.12 1 年以内 4.04 第三名 非关联方 2,710,766.65 3 年以上 3.89 第四名 非关联方 2,222,979.42 1 年以内、1-2 年 3.19 第五名 非关联方 1,510,350.18 1 年以内 2.17 合计 / 17,624,965.32 / 25.31 7、其他应收款： (1) 其他应收账款按种类披露： 单位：元 币种：人民币 期末数 期初数 账面余额 坏账准备 账面余额 坏账准备 种类 金额 比例(%) 金额 比例(%) 金额 比例(%) 金额 比例(%) 单项金额重大 的其他应收款 项 15,872,701.26 32.34 15,447,633.46 77.16 115,493,191.10 64.12 114,609,938.97 94.68 单项金额不重 大但按信用风 险特征组合后 该组合的风险 较大的其他应 收款项 2,312,068.14 4.71 1,977,426.72 9.88 3,131,095.67 1.74 2,801,866.25 2.31 其他不重大的 其他应收款项 30,899,171.73 62.95 2,594,494.01 12.96 61,506,617.12 34.15 3,636,996.05 3.00 合计 49,083,941.13 / 20,019,554.19 / 180,130,903.89 / 121,048,801.27 / 上海三毛企业（集团）股份有限公司 2008 年年度报告 55 (2) 期末单项金额重大或虽不重大但单独进行减值测试的其他应收款项计提： 单位：元 币种：人民币 其他应收款项内容 账面余额 坏账金额 计提比例（％） 理由 上海伊条纺织有限公司 9,303,008.66 8,877,940.86 95.43 预计可收回的可能性极 低 蓝带育乐事业有限公司 6,569,692.60 6,569,692.60 100.00 已基本无收回可能 零星往来及押金 2,312,068.14 1,977,426.72 85.53 预计可收回的可能性极 低 合计 18,184,769.40 17,425,060.18 / / (3) 本报告期实际核销的其他应收款项情况 单位：元 币种：人民币 单位名称 应收款项性质 核销金额 核销原因 是否因关联交易产生 上海二毛爱斯纺织有限 公司 61,498,741.04 破产债权无法收回 否 上海迪伊毛纺织有限公 司 38,518,104.78 破产债权无法收回 否 合计 / 100,016,845.82 / / (4) 本报告期其他应收款中持有公司 5%(含 5%)以上表决权股份的股东单位的欠款情况 本报告期其他应收账款中无持有公司 5%(含 5%)以上表决权股份的股东单位的欠款。 (5) 其他应收账款前五名欠款情况 单位：元 币种：人民币 单位名称 与本公司关系 欠款金额 欠款年限 占其他应收账款总额的 比例（％） 第一名 非关联方 16,732,811.47 1 年以内 34.09 第二名 关联方 9,303,008.66 1-2 年 18.95 第三名 非关联方 6,569,692.60 3 年以上 13.38 第四名 非关联方 6,543,233.70 3 年以上 13.33 第五名 非关联方 893,105.89 1 年以内 1.82 合计 / 40,041,852.32 / 81.57 8、预付账款： (1) 预付账款账龄 单位：元 币种：人民币 期末数 期初数 账龄 金额 比例(%) 金额 比例(%) 一年以内 155,962,358.33 98.72 71,967,486.88 97.39 一至二年 1,900,751.18 1.20 1,802,497.29 2.44 二至三年 122,517.71 0.17 三年以上 122,507.31 0.08 合计 157,985,616.82 100.00 73,892,501.88 100.00 年末无账龄超过 1 年的重要预付款项 (2) 预付账款前五名欠款情况 单位：元 币种：人民币 期末数 期初数 金额 比例(%) 金额 比例(%) 前五名欠款单位合计及比 例 49,190,859.66 31.14 10,707,447.83 14.49 上海三毛企业（集团）股份有限公司 2008 年年度报告 56 (3) 预付账款主要单位 单位：元 币种：人民币 单位名称 与本公司关系 欠款金额 欠款时间 欠款原因 上海毛麻纺织有限公司 非关联方 22,784,000.00 1 年以内 预付购房款，未过户 上海市纺织科学研究院 非关联方 9,600,000.00 1 年以内 预付购房款，未过户 张家港市苏尔丽毛纺印 染有限公司 非关联方 5,761,957.66 1 年以内 预付采购款，货未到 安徽东方一族制衣有限 公司 非关联方 5,545,902.00 1 年以内 预付采购款，货未到 上海东方国际商品拍卖 有限公司 非关联方 5,499,000.00 1 年以内 预付购房款，未过户 合计 / 49,190,859.66 / / 预付款项年末余额比年初余额增加 84,093,114.94 元，增加比例为 113.80％，增加原因为：本年预付 购买房产款和货款大幅增加，年末尚未结转相应资产。 (4) 本报告期预付账款中持有公司 5%(含 5%)以上表决权股份的股东单位的欠款情况 本报告期预付账款中无持有公司 5%(含 5%)以上表决权股份的股东单位的欠款。 9、存货： (1) 存货分类 单位：元 币种：人民币 期末数 期初数 项目 账面余额 跌价准备 账面价值 账面余额 跌价准备 账面价值 原材料 11,600,056.14 811,595.86 10,788,460.28 22,117,390.03 1,180,929.91 20,936,460.12 在产品 16,400,648.45 3,344,009.15 13,056,639.30 3,215,593.22 25,671,804.85 -22,456,211.63 库存商品 50,787,075.92 9,429,047.14 41,358,028.78 90,124,878.24 90,124,878.24 周转材料 0.00 0.00 消耗性生物资产 0.00 0.00 包装物 37,949.23 37,949.23 0.00 委托加工物资 266,406.46 266,406.46 3,159,316.68 3,159,316.68 发出商品 0.00 4,688,777.69 4,688,777.69 开发产品 199,273.16 199,273.16 199,273.16 199,273.16 合计 79,291,409.36 13,584,652.15 65,706,757.21 123,505,229.02 26,852,734.76 96,652,494.26 (2) 存货跌价准备情况 项目 计提存货跌价准备的依据 本期转回存货跌价准备的原因 本期转回金额占该项存货期末余额的比 例（％） 原材料 以估计售价减去估计完工成本 以及销售所必需的估计费用后 的价值确定 "因处置资产而减少" 12.04 库存商品 以估计售价减去估计完工成本 以及销售所必需的估计费用后 的价值确定 "因处置资产而减少" 50.55 存货年末余额比年初余额减少 44,213,819.66 元，减少比例为为 35.80%，减少原因为处置存货 10、可供出售金融资产： (1) 可供出售金融资产情况 单位：元 币种：人民币 项目 期末公允价值 年初公允价值 可供出售权益工具 51,430,638.23 140,548,867.29 合计 51,430,638.23 140,548,867.29 本期将持有至到期投资重分类为可供出售金融资产的，本期重分类的金额 2,653,764.00 元，该金额占 期末可供出售金融资产总额的比例 5.16%。 可供出售金融资产年末余额比年初余额减少 89,118,229.06 元，减少比例为 63.41％，减少原因为： 年末公允价值降低及部分已经出售。 上海三毛企业（集团）股份有限公司 2008 年年度报告 57 11、对合营企业投资和联营企业投资: 单位：元 币种：人民币 被投资单位 名称 注册地 业务性质 本企业持股 比例(%) 本企业在被 投资单位表 决权比例(%) 期末净资产总 额 本期营业收入 总额 本期 净利润 一、合营企业 1.上海三联 纺织印染公 司 上海市浦东 新区 毛纺织加工 50 50 2.上海博华 基因芯片技 术有限公司 上海市浦东 新区 生物芯片 50 50 17,259,224.25 46,226.43 二、联营企业 1. 上海三毛 申渝置业有 限公司（注 2） 上海市杨浦 区 房地产 50 50 8,200,000.00 2.上海协丰 精梳毛条厂 上海市松江 区 毛纺织加工 35 35 3,631,324.32 15,841,679.27 787,749.68 3.上海寅丰 服装有限公 司 上海市浦东 新区 服装加工 38.14 38.14 25,813,627.78 28,670,017.48 309,330.05 注 1：本年已改制。 注 2：2009 年 2 月已经办妥工商注销手续。 12、长期股权投资: 按成本法核算： 单位：元 币种：人民币 被投资单 位 初始投资成本 期初余额 增减变动 期末余额 其中：本期减 值准备 减值准备 在被投资 单位持股 比例（％） 在被投资 单位表决 权比例 （％） 上海银行 950,000.00 950,000.00 0 950,000.00 上海爱建 股份有限 公司 934,160.00 527,664.42 -527,664.42 0.00 -406,495.58 0.00 中国纺织 机械股份 有限公司 380,000.00 181,381.20 0 181,381.20 198,618.80 广东佛陶 集团股份 有限公司 79,000.00 79,000.00 0 79,000.00 广东省金 山实业股 份有限公 司 55,000.00 55,000.00 0 55,000.00 上海双龙 高科技开 发有限公 司 6,000,000.00 1,153,244.77 0.00 1,153,244.77 4,846,755.23 上海信德 企业发展 公司 600,000.00 0 0 0 600,000.00 天津大维 股份有限 公司 2,000,000.00 2,000,000.00 0 2,000,000.00 上海春竹 男士制衣 有限公司 822,010.39 822,010.39 -822,010.39 0.00 嘉兴春竹 毛衫时装 有限公司 800,000.00 800,000.00 -800,000.00 0.00 山东济南 毛纺织厂 200,000.00 200,000.00 0 200,000.00 上海华丰 寰宇企业 发展有限 公司 222,849.00 222,849.00 222,849.00 9 9 上海三毛企业（集团）股份有限公司 2008 年年度报告 58 昆山万正 电路板有 限公司 2,500,000.00 2,500,000.00 2,500,000.00 5.4672 5.4672 零星投资 10,000.00 0 10,000.00 上海伊条 纺织有限 公司(注 1) 3,483,881.89 0 90 90 上海友谊 毛纺厂 (注 2) 4,677,918.12 0 0 0 65 65 上海怡欣 工贸公司 (注 3) 597,220.09 597,220.09 100 100 上海迪伊 毛纺织有 限公司 （注 4） 16,800,000.00 0 0 0 42 42 上海二毛 爱斯纺织 有限公司 （注 5） 12,600,000.00 0 0 0 42 42 按权益法核算： 单位：元 币种：人民币 被投资 单位 初始投资成本 期初余额 增减变动 期末余额 其中：本 期减值 准备 减值准 备 现金红利 在被投 资单位 持股比 例（％） 在被投 资单位 表决权 比例 （％） 上海三 联纺织 印染公 司（注 6） 8,330,597.14 1,446,243.26 1,446,243.26 0.00 0 50 50 上海博 华基因 芯片技 术有限 公司 20,000,000.00 8,586,898.90 23,113.22 8,610,012.12 0 50 50 上海三 毛申渝 置业有 限公司 4,100,000.00 4,100,000.00 0.00 4,100,000.00 0 50 50 上海协 丰精梳 毛条厂 972,523.42 1,220,528.83 50,434.68 1,270,963.51 225,277.74 35 35 上海寅 丰服装 有限公 司 12,030,000.00 9,940,277.90 -94,960.26 9,845,317.64 198,898.85 38.14 38.14 注 1：该公司已进入清算期，故未予合并会计报表。 注 2：该厂联营期限至 2003 年年底终止，董事会决议不再延长，已于 2004 年 1 月成立清算小组，将 进行全面清算后办理终止手续，故未予合并会计报表。 注 3：该公司已开始实施清算，故未予合并会计报表。本公司已全额计提减值准备。 注 4：该公司于 2003 年 11 月 30 日成立清算组，开始实施清算，故未予合并会计报表。2008 年 11 月 已裁定破产，长期投资结转为 0。 注 5：该公司于 2004 年 2 月 9 日成立清算组，开始实施清算，故未予合并会计报表。2008 年 11 月已 裁定破产，长期投资结转为 0。 注 6：该公司自 2008 年 9 月 1 日起已改制为本公司全资子公司，纳入合并报表范围。 上海三毛企业（集团）股份有限公司 2008 年年度报告 59 13、投资性房地产: 单位：元 币种：人民币 项目 期初账面余额 本期增加额 本期减少额 期末账面余额 一、原价合计 93,598,293.09 10,152,760.00 17,403,347.46 86,347,705.63 1.房屋、建筑物 93,598,293.09 10,152,760.00 17,403,347.46 86,347,705.63 2.土地使用权 二、累计折旧和累计摊销 合计 20,332,494.80 2,075,747.05 3,040,884.54 19,367,357.31 1.房屋、建筑物 20,332,494.80 2,075,747.05 3,040,884.54 19,367,357.31 2.土地使用权 三、投资性房地产净值合 计 73,265,798.29 8,077,012.95 14,362,462.92 66,980,348.32 1.房屋、建筑物 73,265,798.29 8,077,012.95 14,362,462.92 66,980,348.32 2.土地使用权 四、投资性房地产减值准 备累计金额合计 0.00 1.房屋、建筑物 2.土地使用权 五、投资性房地产账面价 值合计 73,265,798.29 8,077,012.95 14,362,462.92 66,980,348.32 1.房屋、建筑物 73,265,798.29 8,077,012.95 14,362,462.92 66,980,348.32 2.土地使用权 本期折旧和摊销额 2,075,747.05 元。 14、固定资产: (1) 固定资产情况 单位：元 币种：人民币 项目 期初账面余额 本期增加额 本期减少额 期末账面余额 一、原价合计： 144,449,682.50 64,592,613.74 69,705,712.31 139,336,583.93 其中：房屋及建筑物 40,959,755.16 32,172,256.78 0 73,132,011.94 机器设备 82,728,430.69 26,917,288.44 66,452,424.38 43,193,294.75 运输工具 20,761,496.65 5,503,068.52 3,253,287.93 23,011,277.24 二、累计折旧合计： 69,849,256.38 16,566,119.69 42,215,567.84 44,199,808.23 其中：房屋及建筑物 8,053,835.31 1,615,039.16 9,668,874.47 机器设备 50,207,397.44 12,963,080.46 40,281,293.16 22,889,184.74 运输工具 11,588,023.63 1,988,000.07 1,934,274.68 11,641,749.02 三、固定资产净值合计 74,600,426.12 48,026,494.05 27,490,144.47 95,136,775.70 其中：房屋及建筑物 32,905,919.85 30,557,217.62 0.00 63,463,137.47 机器设备 32,521,033.25 13,954,207.98 26,171,131.22 20,304,110.01 运输工具 9,173,473.02 3,515,068.45 1,319,013.25 11,369,528.22 四、减值准备合计 820,499.60 0.00 443,853.06 376,646.54 其中：房屋及建筑物 0.00 机器设备 616,427.94 0.00 443,853.06 172,574.88 运输工具 204,071.66 204,071.66 五、固定资产净额合计 73,779,926.52 48,026,494.05 27,046,291.41 94,760,129.16 其中：房屋及建筑物 32,905,919.85 30,557,217.62 0.00 63,463,137.47 机器设备 31,904,605.31 13,954,207.98 25,727,278.16 20,131,535.13 运输工具 8,969,401.36 3,515,068.45 1,319,013.25 11,165,456.56 本期折旧额 4,516,008.52 元。 (2) 通过经营租赁租出的固定资产 单位：元 币种：人民币 项目 账面价值 机器设备 24,395.00 注：其他增加系在建工程转入旧设备一并带入。 年末固定资产减值准备减少的原因为固定资产出售。 上海三毛企业（集团）股份有限公司 2008 年年度报告 60 15、在建工程： 单位：元 币种：人民币 期末数 期初数 项目 账面余额 跌价准备 账面净额 账面余额 跌价准备 账面净额 在建工程 500,535.40 247,699.40 252,836.00 25,266,970.83 247,699.40 25,019,271.43 (1) 在建工程项目变动情况： 单位：元 币种：人民币 项目名称 期初数 本期增加 转入固定资产 其他减少 资金来源 期末数 中纺机预付款 247,699.40 自筹 247,699.40 14500 技改项目 118,280.00 自筹 118,280.00 羊毛拉伸项目 134,556.00 自筹 134,556.00 电梯安装项目 249,860.00 249,860.00 自筹 重庆一毛条新建 项目 24,516,575.43 27,799,955.79 47,489,383.22 4,827,148.00 自筹 合计 25,266,970.83 27,799,955.79 47,739,243.22 4,827,148.00 / 500,535.40 在建工程年末余额比年初余额减少 24,766,435.43 元，减少比例为 98.99％，减少原因为：工程完工 转入固定资产和无形资产。 (2) 在建工程减值准备： 单位：元 币种：人民币 项目 期初数 期末数 计提原因 零星工程 247,699.40 247,699.40 预计不能带来经济利益 合计 247,699.40 247,699.40 / 16、无形资产： (1) 无形资产情况： 单位：元 币种：人民币 项目 期初账面余额 本期增加额 本期减少额 期末账面余额 一、原价合计 7,573,570.00 4,827,148.00 12,400,718.00 （1）土地使用权 6,046,000.00 4,827,148.00 10,873,148.00 （2）商标使用 1,527,570.00 1,527,570.00 二、累计摊销合计 1,103,940.32 237,641.94 1,341,582.26 （1）土地使用权 941,419.82 237,641.94 1,179,061.76 （2）商标使用 162,520.50 162,520.50 三、无形资产净值合计 6,469,629.68 4,589,506.06 11,059,135.74 （1）土地使用权 5,104,580.18 4,589,506.06 9,694,086.24 （2）商标使用 1,365,049.50 1,365,049.50 四、减值准备合计 992,500.16 992,500.16 （1）土地使用权 992,500.16 992,500.16 （2）商标使用 五、无形资产净额合计 5,477,129.52 4,589,506.06 10,066,635.58 （1）土地使用权 4,112,080.02 4,589,506.06 8,701,586.08 （2）商标使用 1,365,049.50 1,365,049.50 本期摊销额 237,641.94 元。 无形资产年末余额比年初余额增加 4,589,506.06 元，增加比例为 83.79％，增加原因为：本年新购入 土地使用权。 17、长期待摊费用: 单位：元 币种：人民币 项目 期末数 期初数 其他 2,649,487.88 2,764,069.52 合计 2,649,487.88 2,764,069.52 上海三毛企业（集团）股份有限公司 2008 年年度报告 61 18、递延所得税资产： (1) 明细情况 单位：元 币种：人民币 项目 期末数 期初数 （1）资产减值准备 207,450.89 513,567.02 （2）公允价值变动 104,832.00 合计 312,282.89 513,567.02 (2) 引起暂时性差异的资产项目对应的暂时性差异金额 单位：元 币种：人民币 项目 暂时性差异金额 （1）资产减值准备 1,066,647.67 （2）公允价值变动 524,160.00 合计 1,590,807.67 19、资产减值准备明细: 单位：元 币种：人民币 本期减少额 项目 年初账面余额 本期计提额 转回 转销 合计 期末账面余额 一、坏账准备 129,869,237.18 2,399,951.53 -351,374.25 101,064,381.32 100,713,007.07 31,556,181.64 二、存货跌价准备 26,852,734.76 13,301,411.81 -498,693.15 27,068,187.57 26,569,494.42 13,584,652.15 三、可供出售金融 资产减值准备 四、持有至到期投 资减值准备 五、长期股权投资 减值准备 6,659,089.70 406,495.58 406,495.58 6,252,594.12 六、投资性房地产 减值准备 0.00 七、固定资产减值 准备 820,499.60 0.00 -3,360.00 447,213.06 443,853.06 376,646.54 八、工程物资减值 准备 九、在建工程减值 准备 247,699.40 247,699.40 十、生产性生物资 产减值准备 其中：成熟生产性 生物资产减值准备 十一、油气资产减 值准备 十二、无形资产减 值准备 992,500.16 992,500.16 十三、商誉减值准 备 十四、其他 合计 165,441,760.80 15,701,363.34 -853,427.40 128,986,277.53 128,132,850.13 53,010,274.01 20、短期借款： (1) 短期借款分类： 单位：元 币种：人民币 项目 期末数 期初数 质押借款 7,888,968.00 抵押借款 92,900,000.00 121,000,000.00 保证借款 20,000,000.00 20,000,000.00 银行承兑汇票贴现 2,172,034.00 合计 115,072,034.00 148,888,968.00 1）年末无已到期未偿还的借款。 2）抵押借款均以土地使用权及其地上建筑物作抵押，详见附注十承诺事项。 上海三毛企业（集团）股份有限公司 2008 年年度报告 62 21、应付账款： (1) 本报告期应付账款中应付持有公司 5%(含 5%)以上表决权股份的股东单位或关联方的款项情况 本报告期应付账款中无应付持有公司 5%(含 5%)以上表决权股份的股东单位或关联方的款项。 22、预收账款： (1) 本报告期预收账款中预收持有公司 5%(含 5%)以上表决权股份的股东单位或关联方的款项情况： 本报告期预收账款中无预收持有公司 5%(含 5%)以上表决权股份的股东单位或关联方的款项。 23、应付职工薪酬 单位：元 币种：人民币 项目 期初账面余额 本期增加额 本期支付额 期末账面余额 一、工资、奖金、津贴和补贴 274,961.25 33,876,177.40 33,806,426.65 344,712.00 二、职工福利费 1,583,457.91 1,583,457.91 0.00 三、社会保险费 968,383.50 6,939,676.01 7,720,647.91 187,411.60 四、住房公积金 7,926.00 1,446,824.44 1,450,164.44 4,586.00 五、其他 32,523.48 32,523.48 0.00 六、工会经费和职工教育经费 495,197.60 691,477.45 813,608.54 373,066.51 七、因解除劳动关系给予的补偿 83,231,503.99 13,644.00 26,727,384.70 56,517,763.29 合计 84,977,972.34 44,583,780.69 72,134,213.63 57,427,539.40 应付职工薪酬年末余额比年初余额减少 27,550,432.94 元，减少比例为 32.42％，原因主要为支付因 解除劳动关系给予的补偿款所致。 24、应交税费： 单位：元 币种：人民币 项目 期末数 期初数 计缴标准 增值税 845,034.40 -3,368,998.25 6%、13%、17% 营业税 2,219,801.40 2,017,960.97 5% 所得税 612,269.89 11,850,334.08 18%、20%、25% 个人所得税 1,006,542.89 171,694.62 城建税 203,227.81 123,298.46 5%、7% 土地及房产税 1,173,078.60 879,863.44 教育费附加 89,737.16 52,842.25 3% 河道管理费 25,695.55 17,604.75 1% 印花税 2,280.28 0.00 其他 913.68 0.00 合计 6,178,581.66 11,744,600.32 / 应交税费年末余额比年初余额减少 5,566,018.66 元，减少比例为 47.39％，减少原因为：公司盈利减 少，年末应缴未缴的企业所得税大幅减少。 25、应付股利： 单位：元 币种：人民币 项目 期末数 期初数 未支付原因 境内法人股股东 716,561.13 725,378.73 股东尚未领取 合计 716,561.13 725,378.73 / 26、其他应付款： (1) 本报告期其他应付款中应付持有公司 5%(含 5%)以上表决权股份的股东单位或关联方的款项情况 本报告期其他应付款中无应付持有公司 5%(含 5%)以上表决权股份的股东单位或关联方的款项。 (2) 账龄超过 1 年的大额其他应付款情况的说明 单位名称 金 额 未偿还原因 上海三毛申渝置业有限公司 3,600,000.00 提前收回投资款 上海三毛企业（集团）股份有限公司 2008 年年度报告 63 (3) 对于金额较大的其他应付款，应说明其性质和内容 单位名称 金 额 性质或内容 佣金 28,198,721.18 佣金 重庆第七建筑工程有限责任公司 6,875,206.57 工程款 上海二毛纺织有限公司 5,167,002.00 购房款 上海三毛申渝置业有限公司 3,600,000.00 投资款 27、一年到期的长期负债： (1) 一年内到期的长期借款 单位：元 币种：人民币 项目 期末数 期初数 保证借款 1,778,416.00 1,778,416.00 合计 1,778,416.00 1,778,416.00 单位：元 币种：人民币 期末数 期初数 贷款单位 借款终止日 币种 本币金额 币种 本币金额 环保专项贷款 2003 年 12 月 30 日 人民币 1,778,416.00 人民币 1,778,416.00 合计 / / 1,778,416.00 / 1,778,416.00 注：其中环保专项贷款 160 万元已于 2003 年 12 月到期，已经计提逾期利息 178,416.00 元。 (2) 一年内到期的长期应付款： 单位：元 币种：人民币 借款单位 期限 初始金额 期末余额 污染源治理专项基金贷款 2003-8-31 437,400.00 437,400.00 28、长期应付款： 单位：元 币种：人民币 借款单位 期限 初始金额 利率（%） 应计利息 期末余额 借款条件 职工福利设施 （注 1） 1,107,300.00 1,107,300.00 职工医疗费 （注 2） 445,800.00 445,800.00 注 1：系公司改制时,国资局确认的非经营性资产。 注 2：系上海纺织控股（集团）公司用于职工医疗费的款项。 29、专项应付款： 单位：元 币种：人民币 项目 期初数 本期结转数 期末数 备注说明 科技专项拨款(注 1) 300,000.00 300,000.00 国债资金专项补助资 金(注 2) 8,460,000.00 8,460,000.00 补偿费(注 3) 25,880,000.00 25,880,000.00 0.00 合计 34,640,000.00 25,880,000.00 8,760,000.00 / 注 1：根据国家纺织工业局《关于下拨“羊毛优化技术及新一代精纺面料开发”项目（第一批）经费 的通知》，本公司收到羊毛纤维拉伸细化技术开发项目经费 30 万元，尚未使用。 注 2：根据国家经济贸易委员会、国家发展计划委员会、财政部国经贸投资〔2002〕848 号文件，本公 司的高支毛纺服装面料技改项目属于 2002 年第四批国债专项资金国家重点技术改造项目，2005 年度 已收到国债专项资金 846 万元，其中中央补助 282 万元、地方补助 564 万元。截至 2008 年 12 月 31 日止，该技改项目尚未完成。 上海三毛企业（集团）股份有限公司 2008 年年度报告 64 注 3：本公司收到上海市杨浦区土地发展中心支付的收购杨浦区许昌路 1180 号土地使用权和地上建筑 物、构筑物所有权及其所有附属设施补偿费 3,000 万元，2007 年已支付原租户租赁补偿款 430 万元， 收到废品处置款 18 万元。2008 年 3 月 12 日，本公司已与上海市杨浦区土地发展中心办妥房地移交手 续，本补偿费余额与资产损失一并结转至营业外收入（详见附注六/（四十）、十二/（二）/1）。 30、递延所得税负债： (1) 明细情况 单位：元 币种：人民币 项目 期末数 期初数 （1）可供出售金融资产公允价值变动 6,909,409.56 27,451,254.19 （2）交易性金融资产公允价值变动收 益 1,332,278.75 合计 6,909,409.56 28,783,532.94 31、少数股东权益： 项 目 年初金额 本年少数股东损益增减 其他增减（注） 年末金额 少数股东权益： 上海申茂房地产有限公司 1,433,226.52 -1,623.69 0 1,431,602.83 上海杉和投资管理有限公司 1,516,580.51 -17,346.62 0 1,499,233.89 陕西宝鸡凌云万正电路板有限公司 0 -68,815.58 14,426,577.58 14,357,762.00 合 计 2,949,807.03 -87,785.89 14,426,577.58 17,288,598.72 注：本年新增控股子公司带入少数股东权益。 32、股本： 单位：股 期初数 变动增减 期末数 数量 比例(%) 发行新股 送股 公积金转 股 其他 小计 数量 比例(%) 股份总数 200,991,343 100 200,991,343 100 33、资本公积： 单位：元 币种：人民币 项目 期初数 本期增加 本期减少 期末数 资本溢价（股本溢价） 181,235,469.26 181,235,469.26 其他资本公积 108,519,842.46 24,278,560.80 86,866,381.23 45,932,022.03 合计 289,755,311.72 24,278,560.80 86,866,381.23 227,167,491.29 其他资本公积本年度变动的说明： 1、被投资单位除净损益外所有者权益其他变动 （1）本年度增加 24,278,560.80 元，其中： 子公司上海三毛物业管理有限公司因除净损益外所有者权益其他变动计入资本公积的金额按本公司持 股比例相应增加 23,278,560.80 元； 子公司上海一毛条纺织重庆有限公司收到政府补助计入资本公积的金额按本公司持股比例相应增加 1,000,000.00 元。 （2）本年度减少 38,964,478.63 元，其中： 因处置子公司上海三毛物业管理有限公司相应减少原计入资本公积金额 23,278,560.80 元； 子公司上海华宇毛麻进出口有限公司因可供出售金融资产公允价值变动计入资本公积的金额按本公司 持股比例相应减少 15,685,917.83 元。 2、可供出售金融资产公允价值变动产生的利得或损失 本年度减少 62,324,208.81 元：本公司可供出售金融资产年末公允价值变动减少资本公积 62,324,208.81 元。 3、与计入所有者权益项目相关的所得税影响 本年度减少-15,448,376.10 元：本公司可供出售金融资产年末公允价值变动减少资本公积 62,324,208.81 元，相应所得税影响-15,448,376.10 元。 上海三毛企业（集团）股份有限公司 2008 年年度报告 65 4、原制度转入 本年度减少 1,026,069.89 元：合营企业上海三联纺织印染公司改制为子公司时，确定投资成本与长期 股权投资账面价值的差额减少资本公积 1,026,069.89 元。 34、盈余公积： 单位：元 币种：人民币 项目 期初数 本期增加 本期减少 期末数 法定盈余公积 26,835,100.40 26,835,100.40 任意盈余公积 11,774,901.98 11,774,901.98 合计 38,610,002.38 38,610,002.38 35、未分配利润： 单位：元 币种：人民币 项目 金额 提取或分配比例（％） 调整前 上年末未分配利润（2007 年 期末数） -141,344,921.18 / 调整后 年初未分配利润 -141,344,921.18 / 加：本期净利润 30,582,604.68 / 其他转入（注） -6,722,844.94 期末未分配利润 -104,039,471.56 / 注：上海三联纺织印染有限公司本年由合营企业变更为全资子公司，增加本公司未分配利润 6,722,844.94 元。 根据公司第六届董事会第四次会议通过的 2008 年度利润分配预案，公司不进行利润分配，也不实行资 本公积转增股本。该利润分配预案须经股东大会同意后实施。 36、营业收入： (1) 营业收入 单位：元 币种：人民币 项目 本期发生额 上期发生额 主营业务收入 1,430,019,566.15 1,578,536,400.54 其他业务收入 23,302,783.25 18,010,763.63 合计 1,453,322,349.40 1,596,547,164.17 (2) 主营业务（分行业） 单位：元 币种：人民币 本期数 上年同期数 行业名称 营业收入 营业成本 营业收入 营业成本 工 业 84,553,620.55 73,748,970.95 292,136,644.25 279,630,999.56 商 业 1,328,089,731.72 1,260,597,408.65 1,285,799,956.29 1,202,027,542.00 其 他 17,376,213.88 16,257,653.12 599,800.00 371,724.88 合计 1,430,019,566.15 1,350,604,032.72 1,578,536,400.54 1,482,030,266.44 (3) 主营业务（分产品） 单位：元 币种：人民币 本期数 上年同期数 产品名称 营业收入 营业成本 营业收入 营业成本 毛纺织品 1,412,643,352.27 1,334,346,379.60 1,577,936,600.54 1,481,658,541.56 其他 17,376,213.88 16,257,653.12 599,800.00 371,724.88 合计 1,430,019,566.15 1,350,604,032.72 1,578,536,400.54 1,482,030,266.44 上海三毛企业（集团）股份有限公司 2008 年年度报告 66 (4) 主营业务（分地区） 单位：元 币种：人民币 本期数 上年同期数 地区名称 营业收入 营业成本 营业收入 营业成本 （1）外销收入 1,152,124,913.49 1,094,680,075.28 1,263,597,376.94 1,197,554,166.89 （2）内销收入 277,894,652.66 255,923,957.44 314,939,023.60 284,476,099.55 合计 1,430,019,566.15 1,350,604,032.72 1,578,536,400.54 1,482,030,266.44 (5) 公司前五名客户的销售收入情况 单位：元 币种：人民币 客户名称 销售收入总额 占公司全部销售收入的比例（％） 第一名 15,870,100.53 1.11 第二名 14,657,150.85 1.02 第三名 12,633,510.16 0.88 第四名 11,045,731.50 0.77 第五名 9,430,220.88 0.66 合计 63,636,713.92 4.44 37、营业税金及附加： 单位：元 币种：人民币 项目 本期数 上年同期数 计缴标准 消费税 10,277.78 营业税 1,273,360.65 830,604.22 5% 城建税 377,319.66 733,096.05 5%、7% 教育费附加 162,393.69 314,231.06 资源税 464.11 59.22 其 他 53,141.64 40,030.31 合计 1,876,957.53 1,918,020.86 / 38、公允价值变动收益： 单位：元 币种：人民币 产生公允价值变动收益的来源 本期发生额 上期发生额 交易性金融资产 -8,999,230.69 5,329,115.00 合计 -8,999,230.69 5,329,115.00 公允价值变动收益的说明：本年股票市价大幅下降导致公允价值变动收益大幅减少及股票出售。 39、投资收益： (1) 会计报表中的投资收益项目增加： 单位：元 币种：人民币 本期金额 上期金额 成本法核算的长期股权投资收益 142,500.00 0.00 权益法核算的长期股权投资收益 399,231.48 120,868.13 处置长期股权投资产生的投资收益 44,569,754.30 0 持有交易性金融资产期间取得的投资收益 161,391.01 204,850.80 持有可供出售金融资产等期间取得的投资收益 385,777.92 260,374.77 处置交易性金融资产取得的投资收益 1,525,479.27 4,630,656.18 处置可供出售金融资产等取得的投资收益 4,709,431.89 0 其它 -9,354,467.12 合计 51,893,565.87 -4,137,717.24 注：上年因子公司少数股东收回投资而相应确认投资损失 935.45 万元 1）本公司投资收益汇回无重大限制。 2）投资收益本年金额比上年金额增加 56,031,283.11 元，主要原因为处置上海三毛物业管理有限公司 取得大额投资收益。 上海三毛企业（集团）股份有限公司 2008 年年度报告 67 40、资产减值损失： 单位：元 币种：人民币 项目 本期发生额 上期发生额 一、坏账损失 2,399,951.53 35,145,917.93 二、存货跌价损失 13,301,411.81 4,475,813.78 三、可供出售金融资产减值损失 四、持有至到期投资减值损失 五、长期股权投资减值损失 210,054.63 六、投资性房地产减值损失 七、固定资产减值损失 320,044.00 八、工程物资减值损失 九、在建工程减值损失 十、生产性生物资产减值损失 十一、油气资产减值损失 十二、无形资产减值损失 十三、商誉减值损失 十四、其他 合计 15,701,363.34 40,151,830.34 41、营业外收入： 单位：元 币种：人民币 项目 本期发生额 上期发生额 非流动资产处置利得合计 11,541,884.57 180,122,778.70 其中：固定资产处置利得 23,392.07 2,679,759.33 无形资产处置利得 177,443,019.37 债务重组利得 11,071,507.12 市政动迁净收益 2,000,000.00 预计负债转回 26,163,404.00 股权投资差额贷差（注 2） 316,991.80 2,411,723.67 违约金及罚款收入 74,926.12 政府补助（注 4） 3,184,532.03 50,132.00 其 他 259,204.98 合计 26,449,046.62 210,748,038.37 注 1：详见本附注十二/（二）/1。 注 2：系企业取得子公司的投资成本小于取得投资时应享有被投资单位可辨认净资产公允价值产生的 收益。 注 3：详见本附注十二/（一）。 注 4：详见本附注六/（三十）。 营业外收入本年金额比上年金额减少 184,298,991.75 元，减少比例为 87.45％，减少原因为：上年有 大额无形资产处置利得。 42、营业外支出： 单位：元 币种：人民币 项目 本期发生额 上期发生额 非流动资产处置损失合计 3,333,392.23 451,275.75 其中：固定资产处置损失 3,333,392.23 451,275.75 对外捐赠 283,900.00 220,300.00 违约金、滞纳金支出 221,427.81 其 他 2,000.00 100.00 合计 3,840,720.04 671,675.75 营业外支出本年金额比上年金额增加 3,169,044.29 元，增加比例为 471.81%，主要原因为拆迁处置固 定资产增加。 上海三毛企业（集团）股份有限公司 2008 年年度报告 68 43、所得税费用： 单位：元 币种：人民币 项目 本期发生额 上期发生额 按《企业所得税法》等规定的当期所 得税 -940,494.92 12,587,098.48 递延所得税调整 -1,007,733.62 646,418.42 合计 -1,948,228.54 13,233,516.90 44、政府补助和补贴收入： 单位：元 币种：人民币 项目 本期发生额 上期发生额 收入来源（补助补贴种类） “三废”迁建企业项目建设 补偿资金 24,310,000.00 收到的与资产相关的政府补助 合计 24,310,000.00 / 详见本附注六/（三十）。 2008 年度（本年）： 项目 年初余额 本年增加 本年减少 年末余额 其中： 计入递延收益的政府补助 --- 24,310,000.00 3,184,532.03 21,125,467.97 45、基本每股收益和稀释每股收益的计算过程： 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。 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。 上海三毛企业（集团）股份有限公司 2008 年年度报告 69 46、现金流量表项目注释： (1) 收到的其他与经营活动有关的现金： 单位：元 币种：人民币 项目 金额 租金及劳务收入 19,307,337.51 利息收入 2,424,500.12 往来款 128,204,119.77 收回保证金 3,673,265.00 合计 153,609,222.40 (2) 支付的其他与经营活动有关的现金： 单位：元 币种：人民币 项目 金额 销售费用 85,409,571.30 管理费用 26,472,795.54 财务费用 1,859,916.82 海关保证金 311,171.69 往来款 104,060,771.67 合计 218,114,227.02 (3) 收到的其他与投资活动有关的现金： 单位：元 币种：人民币 项目 金额 “三废”迁建企业项目建设补偿资金 24,310,000.00 取得子公司及其他营业单位支付的现金净额 9,304,801.67 质押存单 8,085,852.00 合计 41,700,653.67 (4) 收到的其他与筹资活动有关的现金： 单位：元 币种：人民币 项目 金额 直接计入所有者权益的补贴收入 1,000,000.00 合计 1,000,000.00 47、现金流量表补充资料： 单位：元 币种：人民币 补充资料 本期金额 上期金额 1．将净利润调节为经营活动现金流量： 净利润 30,510,196.70 105,188,270.40 加：资产减值准备 15,701,363.34 40,151,830.34 固定资产折旧、油气资产折耗、生产性生物资产折旧 6,591,755.57 13,203,994.69 无形资产摊销 237,641.94 83,919.98 长期待摊费用摊销 114,581.64 592,354.86 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） -11,393,024.37 -179,671,502.95 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） 8,999,230.69 -5,329,115.00 财务费用（收益以“－”号填列） 12,969,705.06 13,374,144.75 投资损失（收益以“－”号填列） -51,893,565.87 4,137,717.24 递延所得税资产减少（增加以“－”号填列） 324,545.13 -247,855.33 递延所得税负债增加（减少以“－”号填列） -1,332,278.75 1,332,278.75 存货的减少（增加以“－”号填列） 17,644,325.24 3,366,814.12 经营性应收项目的减少（增加以“－”号填列） -15,783,611.65 -50,129,095.69 经营性应付项目的增加（减少以“－”号填列） -10,916,255.80 34,979,084.13 其他 -18,751,122.71 上海三毛企业（集团）股份有限公司 2008 年年度报告 70 经营活动产生的现金流量净额 1,774,608.87 -37,718,282.42 2．不涉及现金收支的重大投资和筹资活动： 债务转为资本 一年内到期的可转换公司债券 融资租入固定资产 3．现金及现金等价物净变动情况： 现金的期末余额 281,039,035.51 271,192,936.23 减：现金的期初余额 271,192,936.23 90,150,844.88 加：现金等价物的期末余额 减：现金等价物的期初余额 现金及现金等价物净增加额 9,846,099.28 181,042,091.35 (八) 母公司会计报表附注 1、应收账款： (1) 应收账款按种类披露： 单位：元 币种：人民币 期末数 期初数 账面余额 坏账准备 账面余额 坏账准备 种类 金额 比例(%) 金额 比例(%) 金额 比例(%) 金额 比例(%) 单项金额重 大的应收账 款 2,425,342.97 2,213,723.02 单项金额不 重大但按信 用风险特征 组合后该组 合的风险较 大的应收账 款 5,119,398.89 28.59 4,183,122.89 55.53 6,323,269.27 25.20 5,146,219.20 81.50 其他不重大 应收账款 10,363,169.83 57.87 1,136,244.44 15.08 18,773,125.07 74.80 1,168,034.41 18.50 合计 17,907,911.69 / 7,533,090.35 / 25,096,394.34 / 6,314,253.61 / (2) 期末单项金额重大或虽不重大但单独进行减值测试的应收款项计提： 单位：元 币种：人民币 应收款项内容 账面余额 坏账金额 计提比例(%) 理由 澳舜纺 1,367,243.21 1,367,243.21 100.00 单独测试，预计可收回的 可能性极低 奉化华源步云西裤有限 公司 1,058,099.76 846,479.81 80.00 单独测试，预计可收回的 可能性极低 其他应收销售货款 5,119,398.89 4,183,122.89 81.71 单独测试，预计可收回的 可能性极低 合计 7,544,741.86 6,396,845.91 / / (3) 本报告期实际核销的应收款项情况 单位：元 币种：人民币 单位名称 应收款项性质 核销金额 核销原因 是否因关联交易产生 上海桑爱姆服饰有限 公司 252,246.40 债务重组 否 二毛东沟分厂 16,520.80 债务重组 否 上海裕丰服饰有限公 司 71,446.03 债务重组 否 吴江申吴毛纺织有限 公司 7,520.00 债务重组 否 合计 / 347,733.23 / / (4) 本报告期应收账款中持有公司 5%(含 5%)以上表决权股份的股东单位的欠款情况 本报告期应收账款中无持有公司 5%(含 5%)以上表决权股份的股东单位的欠款。 上海三毛企业（集团）股份有限公司 2008 年年度报告 71 (5) 应收账款前五名欠款情况 单位：元 币种：人民币 单位名称 与本公司关系 欠款金额 欠款年限 占应收账款总额的比例 (%) 第一名 非关联方 2,222,979.42 1 年以内、1-2 年 12.41 第二名 非关联方 1,510,350.18 1 年以内 8.43 第三名 非关联方 1,367,243.21 1 年以内、1-2 年 7.63 第四名 非关联方 1,058,099.76 3 年以上 5.91 第五名 非关联方 970,877.71 3 年以上 5.42 合计 / 7,129,550.28 / 39.80 (6) 应收关联方款项情况 单位：元 币种：人民币 单位名称 与本公司关系 欠款金额 占应收账款总额的比例(%) 上海三毛进出口有限公司 合并范围内关联方 896,135.75 5.00 合计 / 896,135.75 5.00 2、其他应收款： (1) 其他应收账款按种类披露： 单位：元 币种：人民币 期末数 期初数 账面余额 坏账准备 账面余额 坏账准备 种类 金额 比例(%) 金额 比例(%) 金额 比例(%) 金额 比例(%) 单项金额重大 的其他应收款 项 15,872,701.26 23.87 15,447,633.46 79.98 115,493,191.10 73.67 114,609,938.97 96.20 单项金额不重 大但按信用风 险特征组合后 该组合的风险 较大的其他应 收款项 1,733,219.98 2.61 1,398,578.56 7.24 2,552,247.51 1.63 2,223,018.09 1.87 其他不重大的 其他应收款项 48,895,426.16 73.53 2,467,315.92 12.78 38,725,428.50 24.70 2,303,910.64 1.93 合计 66,501,347.40 / 19,313,527.94 / 156,770,867.11 / 119,136,867.70 / (2) 期末单项金额重大或虽不重大但单独进行减值测试的其他应收款项计提： 单位：元 币种：人民币 其他应收款项内容 账面余额 坏账金额 计提比例(%) 理由 上海伊条纺织有限公司 9,303,008.66 8,877,940.86 95.43 预计可收回的可能性极 低 蓝带育乐事业有限公司 6,569,692.60 6,569,692.60 100.00 已基本无收回可能 合计 15,872,701.26 15,447,633.46 / / (3) 本报告期实际核销的其他应收款项情况 单位：元 币种：人民币 单位名称 应收款项性质 核销金额 核销原因 是否因关联交易产生 上海二毛爱斯纺织有限公 司 61,498,741.04 破产债权无法收回 上海迪伊毛纺织有限公司 38,518,104.78 破产债权无法收回 合计 / 100,016,845.82 / / (4) 本报告期其他应收款中持有公司 5%(含 5%)以上表决权股份的股东单位的欠款情况 本报告期其他应收账款中无持有公司 5%(含 5%)以上表决权股份的股东单位的欠款。 上海三毛企业（集团）股份有限公司 2008 年年度报告 72 (5) 其他应收账款前五名欠款情况 单位：元 币种：人民币 单位名称 与本公司关系 欠款金额 欠款年限 占其他应收账款总额的 比例(%) 第一名 关联方 17,798,627.52 1 年以内 26.76 第二名 注 9,303,008.66 1-2 年 13.99 第三名 非关联方 6,569,692.60 3 年以上 9.88 第四名 非关联方 6,543,233.70 3 年以上 9.84 第五名 关联方 6,279,951.85 1 年以内 9.44 合计 / 46,494,514.33 / 69.91 (6) 其他应收关联方款项情况 单位：元 币种：人民币 单位名称 与本公司关系 欠款金额 占其他应收账款总额的比例(%) 上海三毛房地产有限公司 合并范围内关联方 6,279,951.85 9.44 上海一毛条纺织有限公司 合并范围内关联方 3,254,604.72 4.89 上海纯新羊毛原料有限公司 合并范围内关联方 4,612,646.69 6.94 上海三毛劳务服务有限公司 合并范围内关联方 17,798,627.52 26.76 上海三联纺织印染有限公司 合并范围内关联方 2,424,563.90 3.65 上海伊条纺织有限公司 原子公司（注） 9,303,008.66 13.99 合计 / 43,673,403.34 65.67 3、长期股权投资 按成本法核算 单位：元 币种：人民币 被投资 单位 初始投资成本 期初余额 增减变动 期末余额 其中：本期减 值准备 减值准备 在被投 资单位 持股比 例（％） 在被投资 单位表决 权比例 （％） 上海三 毛进出 口有限 公司 61,200,000.00 61,200,000.00 61,200,000.00 100 100 上海华 宇毛麻 进出口 有限公 司 2,396,545.92 2,396,545.92 2,396,545.92 100 100 上海申 一毛条 有限公 司 49,500,000.00 49,500,000.00 49,500,000.00 100 100 上海申 茂房地 产有限 公司 4,899,525.43 4,899,525.43 4,899,525.43 80 80 上海三 毛房地 产有限 公司 18,000,000.00 18,000,000.00 18,000,000.00 100 100 上海一 毛条纺 织有限 公司 118,320,000.00 90,000,000.00 28,320,000.00 118,320,000.00 100 100 上海杉 和投资 管理有 限公司 27,000,000.00 27,000,000.00 27,000,000.00 90 90 上海纯 新羊毛 原料有 限公司 3,753,749.44 3,753,749.44 3,753,749.44 100 100 上海三 毛劳务 服务有 限公司 100,000.00 100,000.00 100,000.00 100 100 上海三 1,000,000.00 1,000,000.00 -1,000,000.00 100 100 上海三毛企业（集团）股份有限公司 2008 年年度报告 73 毛物业 管理有 限公司 上海朝 日绅士 服有限 公司 6,728,463.51 6,728,463.51 6,728,463.51 100 100 陕西宝 鸡凌云 万正电 路板有 限公司 27,316,991.80 27,316,991.80 27,316,991.80 65.44 65.44 上海三 联纺织 印染有 限公司 7,304,527.25 7,304,527.25 7,304,527.25 100 100 上海银 行 950,000.00 950,000.00 950,000.00 上海爱 建股份 有限公 司 934,160.00 527,664.42 -527,664.42 -406,495.58 中国纺 织机械 股份有 限公司 380,000.00 181,381.20 181,381.20 198,618.80 广东佛 陶集团 股份有 限公司 79,000.00 79,000.00 79,000.00 广东省 金山实 业股份 有限公 司 55,000.00 55,000.00 55,000.00 上海双 龙高科 技开发 有限公 司 6,000,000.00 1,153,244.77 1,153,244.77 4,846,755.23 上海信 德企业 发展公 司 600,000.00 600,000.00 天津大 维股份 有限公 司 2,000,000.00 2,000,000.00 2,000,000.00 上海春 竹男士 制衣有 限公司 822,010.39 822,010.39 -822,010.39 嘉兴春 竹毛衫 时装有 限公司 800,000.00 800,000.00 -800,000.00 山东济 南毛纺 织厂 200,000.00 200,000.00 200,000.00 零星投 资 10,000.00 10,000.00 1. 上海 伊条纺 织有限 公司 (注 1) 3,483,881.89 90 90 2.上海 友谊毛 纺厂 (注 2) 4,677,918.12 65 65 3.上海 597,220.09 597,220.09 100 100 上海三毛企业（集团）股份有限公司 2008 年年度报告 74 怡欣工 贸公司 (注 3) 4.上海 迪伊毛 纺织有 限公司 (注 4) 16,800,000.00 42 42 5.上海 二毛爱 斯纺织 有限公 司(注 5) 12,600,000.00 42 42 按权益法核算 单位：元 币种：人民币 被投资 单位 初始投资成本 期初余额 增减变动 期末余额 其中：本 期减值 准备 减值准 备 现金红利 在被投 资单位 持股比 例（％） 在被投 资单位 表决权 比例 （％） 1. 上海 三联纺 织印染 公司(注 6) 8,330,597.14 1,446,243.26 -1,446,243.26 50 50 2. 上海 博华基 因芯片 技术有 限公司 20,000,000.00 8,586,898.90 23,113.22 8,610,012.12 50 50 1. 上海 协丰精 梳毛条 厂 972,523.42 1,220,528.83 50,434.68 1,270,963.51 225,277.74 35 35 2. 上海 寅丰服 装有限 公司 12,030,000.00 9,940,277.90 -94,960.26 9,845,317.64 198,898.85 38.14 38.14 注 1：该公司已进入清算期，故未予合并会计报表。 注 2：该厂联营期限至 2003 年年底终止，董事会决议不再延长，已于 2004 年 1 月成立清算小组，将 进行全面清算后办理终止手续，故未予合并会计报表。 注 3：该公司已开始实施清算，故未予合并会计报表。本公司已全额计提减值准备。 注 4：该公司于 2003 年 11 月 30 日成立清算组，开始实施清算，故未予合并会计报表。2008 年 11 月 已裁定破产，长期投资结转至 0。 注 5：该公司于 2004 年 2 月 9 日成立清算组，开始实施清算，故未予合并会计报表。2008 年 11 月已 裁定破产，长期投资结转至 0。 注 6：该公司自 2008 年 9 月 1 日起已改制为本公司全资子公司，纳入合并报表范围。 4、营业收入： (1) 营业收入 单位：元 币种：人民币 项目 本期发生额 上期发生额 主营业务收入 69,048,987.90 134,283,975.68 其他业务收入 9,641,925.37 8,029,983.83 合计 78,690,913.27 142,313,959.51 上海三毛企业（集团）股份有限公司 2008 年年度报告 75 (2) 主营业务（分行业） 单位：元 币种：人民币 本期数 上年同期数 行业名称 营业收入 营业成本 营业收入 营业成本 （1）工业 132,828,420.12 129,610,657.16 （2）商业 69,048,987.90 65,728,765.56 1,455,555.56 1,400,000.00 合计 69,048,987.90 65,728,765.56 134,283,975.68 131,010,657.16 (3) 主营业务（分产品） 单位：元 币种：人民币 本期数 上年同期数 产品名称 营业收入 营业成本 营业收入 营业成本 毛纺织品 69,048,987.90 65,728,765.56 134,283,975.68 131,010,657.16 合计 69,048,987.90 65,728,765.56 134,283,975.68 131,010,657.16 (4) 主营业务（分地区） 地区分布标准：客户所在地 单位：元 币种：人民币 本期数 上年同期数 地区名称 营业收入 营业成本 营业收入 营业成本 外销收入 6,752,286.57 6,554,229.62 82,110,439.87 80,570,195.37 内销收入 62,296,701.33 59,174,535.94 52,173,535.81 50,440,461.79 合计 69,048,987.90 65,728,765.56 134,283,975.68 131,010,657.16 (5) 公司前五名客户的销售收入情况 单位：元 币种：人民币 客户名称 销售收入总额 占公司全部销售收入的比例（％） 第一名 29,419,628.45 42.61 第二名 5,259,436.58 7.62 第三名 5,251,877.62 7.61 第四名 2,326,479.74 3.37 第五名 1,981,135.66 2.87 合计 44,238,558.05 64.08 营业收入本年金额比上年金额减少 63,623,046.24 元，减少比例为 44.71％，减少原因为：本年度公 司关闭了毛纺织分公司（生产基地），引起产量及销量的下降。 5、投资收益： (1) 会计报表中的投资收益项目增加： 单位：元 币种：人民币 本期金额 上期金额 成本法核算的长期股权投资收益 142,500.00 权益法核算的长期股权投资收益 399,231.48 120,868.13 处置长期股权投资产生的投资收益 44,569,754.30 0.00 持有交易性金融资产期间取得的投资收益 102,496.51 204,850.80 持有可供出售金融资产等期间取得的投资收益 385,777.92 260,374.77 处置交易性金融资产取得的投资收益 1,172,644.44 处置持有至到期投资取得的投资收益 4,292,548.72 合计 51,064,953.37 586,093.70 上海三毛企业（集团）股份有限公司 2008 年年度报告 76 (2) 按权益法核算的长期股权投资按投资单位分项列示投资收益： 单位：元 币种：人民币 被投资单位 上期金额 本期金额 本期比上期增减变动的原因 上海三毛物业管理有限公 司 -165,041.69 上海三联纺织印染公司 -236,678.05 161,508.94 上海博华基因芯片技术有 限公司 -36,541.71 23,113.22 上海协丰精梳毛条厂 237,134.46 275,712.42 上海朝日绅士服有限公司 -45,548.42 上海寅丰服装有限公司 202,501.85 103,938.59 合计 120,868.13 399,231.48 / 1）本公司投资收益汇回无重大限制。 2）投资收益本年金额比上年金额增加 50,478,859.67 元，主要原因为处置上海三毛物业管理有限公司 取得大额投资收益。 6、现金流量表补充资料： 单位：元 币种：人民币 补充资料 本期金额 上期金额 1．将净利润调节为经营活动现金流量： 净利润 40,972,400.01 98,811,066.80 加：资产减值准备 2,459,878.30 50,482,772.62 固定资产折旧、油气资产折耗、生产性生物资产折旧 2,506,778.31 7,207,184.61 无形资产摊销 长期待摊费用摊销 496,870.16 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） -11,490,509.87 -177,210,116.71 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） 5,805,730.69 -2,964,975.00 财务费用（收益以“－”号填列） 7,522,800.78 10,202,054.24 投资损失（收益以“－”号填列） -51,064,953.37 586,093.70 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） -741,243.75 741,243.75 存货的减少（增加以“－”号填列） 13,749,162.10 16,519,908.25 经营性应收项目的减少（增加以“－”号填列） -7,184,834.98 -42,028,610.81 经营性应付项目的增加（减少以“－”号填列） -48,178,010.03 16,000,179.56 其他 经营活动产生的现金流量净额 -45,642,801.81 -21,156,328.83 2．不涉及现金收支的重大投资和筹资活动： 债务转为资本 一年内到期的可转换公司债券 融资租入固定资产 3．现金及现金等价物净变动情况： 现金的期末余额 138,071,572.96 203,198,712.38 减：现金的期初余额 203,198,712.38 14,532,949.31 加：现金等价物的期末余额 减：现金等价物的期初余额 现金及现金等价物净增加额 -65,127,139.42 188,665,763.07 上海三毛企业（集团）股份有限公司 2008 年年度报告 77 (九) 关联方及关联交易 1、本企业的母公司情况 单位:万元 币种:人民币 母公司 名称 企业类 型 注册 地 法人代 表 业务性 质 注册资 本 母公司对本 企业的持股 比例(%) 母公司对本 企业的表决 权比例(%) 本企业 最终控 制方 组织机构代 码 重庆轻 纺控股 （集 团）公 司 有限责 任公司 重庆 杨林 对国有 资产经 营、管 理 180,000 25.95 25.95 重庆市 国有资 产监督 管理委 员会 45041712-9 受本公司控制的关联方： 详见附注五。 2、本企业的子公司情况 单位:元 币种:人民币 子公司全 称 企业类型 注册地 法人代表 业务性质 注册资本 持股比例 (%) 表决权比 例(%) 组织机构 代码 上海三毛 进出口有 限公司 有限责任 公司 上海 蔡伯承 进出口业 务 68,000,000 100 100 735423936 上海华宇 毛麻进出 口有限公 司 有限责任 公司 上海 蔡妙福 进出口业 务 20,000,000 100 100 733340360 上海申一 毛条有限 公司 有限责任 公司 上海 徐志孝 毛条、毛 线、针织绒 55,000,000 100 100 631569404 上海申茂 房地产有 限公司 有限责任 公司 上海 宣伟明 房地产开 发经营 5,000,000 80 80 63113526X 上海三毛 房地产有 限公司 有限责任 公司 上海 张文卿 房地产开 发经营 20,000,000 100 100 752943300 重庆三毛 房地产开 发有限公 司 有限责任 公司 重庆 张文卿 房地产开 发等 21,000,000 100 100 663554530 上海一毛 条纺织有 限公司 有限责任 公司 上海 刘杰 毛条、毛纱 等批发 118,320,000 100 100 797055307 上海一毛 条纺织（重 庆）有限公 司 有限责任 公司 重庆 刘杰 毛条、毛 线、针织绒 等 70,000,000 100 100 798022080 太仓三毛 纺织有限 公司 有限责任 公司 太仓 刘杰 生产、加工 精纺面料 12,000,000 100 100 784983972 上海杉和 投资管理 有限公司 有限责任 公司 上海 宣伟明 实业投资， 管理咨询 30,000,000 90 90 703156263 上海纯新 羊毛原料 有限公司 有限责任 公司 上海 蔡妙福 经销纺织 原料及产 品等 4,500,000 100 100 631288629 上海三毛 劳务服务 有限公司 有限责任 公司 上海 蔡妙福 劳务服务 等 100,000 100 100 787862404 上海三毛 有限责任 上海 蔡伯承 货运代理 5,000,000 100 100 753157715 上海三毛企业（集团）股份有限公司 2008 年年度报告 78 国际货运 有限公司 公司 上海紫晶 毛纺有限 公司 有限责任 公司 上海 宣伟明 毛线、化纤 绒线等 500,000 100 100 752945111 上海地牌 服饰有限 公司 有限责任 公司 上海 蔡伯承 服饰、服 装、服装辅 料 3,500,000 100 100 787232883 上海朝日 绅士服有 限公司 有限责任 公司 上海 徐丽君 西服制造、 贸易 16,610,000 100 100 607309274 上海茂丰 物业管理 有限公司 有限责任 公司 上海 乐福根 物业管理 500,000 100 100 134628047 上海三联 纺织印染 有限公司 有限责任 公司 上海 乐福根 纤维染色， 羊毛的洗 毛 6,500,000 100 100 133753436 宝鸡凌云 万正电路 板有限公 司 有限责任 公司 宝鸡 宁博 各类单、双 面电路板 19,898,400 65.44 65.44 735380542 3、本企业的合营和联营企业的情况 单位:元 币种:人民币 被投资单 位名称 企业类型 注册地 法人代表 业务性质 注册资本 本企业持 股比例 (%) 本企业在 被投资单 位表决权 比例(%) 组织机构 代码 一、合营企业 1.上海三 联纺织印 染公司 有限责任 公司 上海市浦 东新区 潘爱兰 毛纺织加 工 15,000,000.00 50 50 133753436 2.上海博 华基因芯 片技术有 限公司 有限责任 公司 上海市浦 东新区 倪志华 生物芯片 40,000,000.00 50 50 632082104 二、联营企业 1. 上海 三毛申渝 置业有限 公司（注 2） 有限责任 公司 上海市杨 浦区 张文卿 房地产 8,200,000.00 50 50 662402957 2.上海协 丰精梳毛 条厂 有限责任 公司 上海市松 江区 周国平 毛纺织加 工 2,651,250.00 35 35 134115508 3.上海寅 丰服装有 限公司 有限责任 公司 上海市浦 东新区 中岛泰博 服装加工 22,045,771.98 38.14 38.14 607232254 上海三毛企业（集团）股份有限公司 2008 年年度报告 79 单位:元 币种:人民币 被投资单位名称 期末资产总额 期末负债总额 期末净资产总额 本期营业收入总额 本期净利润 一、合营企业 2.上海博华基因芯 片技术有限公司 18,007,495.70 748,271.45 17,259,224.25 46,226.43 二、联营企业 1. 上海三毛申渝置 业有限公司（注 2） 8,200,000.00 8,200,000.00 2.上海协丰精梳毛 条厂 3,983,462.94 352,138.62 3,631,324.32 15,841,679.27 787,749.68 3.上海寅丰服装有 限公司 34,612,643.05 8,799,015.27 25,813,627.78 28,670,017.48 309,330.05 4、本企业的其他关联方情况 其他关联方名称 其他关联方与本公司关系 组织机构代码 上海华丰寰宇企业发展有限公司 63208606-8 上海伊条纺织有限公司 73408770-7 上海二毛爱斯纺织实业有限公司 63156511-2 上海迪伊毛纺织有限公司 63163554-7 上海怡欣工贸公司 13322512-3 5、关联交易情况 (1) 购销商品、提供和接受劳务的关联交易 单位：元 币种：人民币 本期数 上年同期数 关联方 关联交 易类型 关联交易内容 关联交易定价原 则 金额 占同类交易金额 的比例（%） 金额 占同类交易金额 的比例（%） 上海华 丰寰宇 企业发 展有限 公司 购买商 品 市场价 21,672,287.92 1.16 上海协 丰精梳 毛条厂 购买商 品 市场价 39,232.38 <1% 上海寅 丰服装 有限公 司 购买商 品 市场价 770,319.51 <1% 771,580.87 <1% 上海华 丰寰宇 企业发 展有限 公司 销售商 品 市场价 6,903,502.13 <1% 上海协 丰精梳 毛条厂 销售商 品 市场价 1,898,222.24 <1% 上海寅 丰服装 有限公 司 销售商 品 市场价 11,174.62 <1% 119,887.49 <1% 上海伊 条纺织 有限公 司 销售商 品 市场价 112,754.66 <1% 上海三 联纺织 印染公 司（注） 销售商 品 市场价 165,251.54 <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。 关联交易定价原则：市场价。 注：年初系合营公司，本年已改制为子公司，纳入合并报表范围。 上海三毛企业（集团）股份有限公司 2008 年年度报告 80 (2) 关联担保情况 单位：元 币种：人民币 担保方 被担保方 担保金额 担保期限 是否经履行完毕 母公司 上海三毛进出口有 限公司 55,500,000.00 2009 年 9 月 30 日 否 注：截止 2008 年 12 月 31 日，实际已发生被担保的债务金额为 2,020 万元。 6、关联方应收应付款项 单位:元 币种:人民币 项目名称 关联方 期末金额 期初金额 应收帐款 上海三联纺织印染公司 165,251.54 应收帐款 上海协丰精梳毛条厂 258,960.00 其他应收款 上海三联纺织印染公司 2,961,717.10 其他应收款 上海二毛爱斯纺织实业 有限公司 61,285,364.21 其他应收款 上海迪伊毛纺织有限公 司 38,200,438.24 其他应收款 上海伊条纺织有限公司 9,303,008.66 9,437,696.05 预付帐款 重庆轻纺控股（集团）公 司 5,000,000.00 预付帐款 上海华丰寰宇企业发展 有限公司 4,185,709.02 2,711,375.51 其他应付款 上海三毛申渝置业有限 公司 3,600,000.00 3,600,000.00 其他应付款 上海寅丰服装有限公司 1,000.00 其他应付款 上海怡欣工贸公司 415,353.75 415,353.75 其他应付款 上海博华基因芯片技术 有限公司 114,761.02 136,361.02 其他应付款 上海伊条纺织有限公司 13,928.33 (十) 股份支付： 无 (十一) 或有事项： 1、未决诉讼仲裁形成的或有负债及其财务影响： 本年无未决诉讼或仲裁形成的或有负债 2、为其他单位提供债务担保形成的或有负债及其财务影响： 公司无为其他单位提供债务担保的情况 3、其他或有负债及其财务影响： 本公司无需要披露的其他或有事项 上海三毛企业（集团）股份有限公司 2008 年年度报告 81 (十二) 承诺事项： 抵押投资性房地产和固定资产情况： 本公司以南汇航头镇下沙新街 200 弄 51 号的房产【房地产权证号：沪房地南字（2004）第 000636 号】抵押给交通银行杨浦支行，取得银行贷款人民币 2,500 万元，贷款期限自 2008 年 10 月至 2009 年 4 月。截止 2008 年 12 月 31 日，该房产账面原值人民币 807.75 万元、净值人民币 711.61 万元。 本公司以浦东大道 1476、1482 号 1401-1415 室的房产【房地产权证号：沪房地浦字（2008）第 062338 号】抵押给交通银行杨浦支行，取得银行贷款人民币 790 万元，贷款期限自 2008 年 10 月至 2009 年 10 月。截止 2008 年 12 月 31 日，该房产账面原值人民币 459.17 万元、净值人民币 322.28 万元。 本公司以祁连山路 380 号 1-6 幢的房产【房地产权证号：沪房地普字（2004）第 048126、048135 号】 及相关租金收益权抵（质）押给上海银行八埭头支行，取得银行贷款人民币 3,300 万元，贷款期限自 2008 年 9 月至 2009 年 9 月。截止 2008 年 12 月 31 日，该房产账面原值人民币 4,454.44 万元、净值 人民币 3,995.63 万元。 本公司控股子公司上海纯新羊毛原料有限公司将蕴川路 6 号的房产【房地产权证号：沪房地宝字（1999） 第 009290 号】抵押给中国农业银行杨浦五角场支行，为本公司取得银行贷款人民币 2,700 万元提供担 保，贷款期限自 2008 年 9 月至 2009 年 9 月。截止 2008 年 12 月 31 日，该房产账面原值人民币 2,317.59 万元、净值人民币 961.49 元。 (十三) 资产负债表日后事项： （一）资产负债表日后公司利润分配方案 根据公司 2009 年 4 月 16 日第六届董事会第八次会议通过的 2008 年度利润分配预案， 2008 年度公司 不进行利润分配，也不实行资本公积转增股本。 上述利润分配预案须经股东大会同意后实施。 （二）资产负债表日后未发生重大诉讼、仲裁、承诺事项。 （三）资产负债表日后发生重大对外投资 根据董事会决议，本公司于 2009 年 1 月投资人民币 3,000 万元，独资设立上海嘉懿创业投资有限公司。 2009 年 1 月 12 日，上海嘉懿创业投资有限公司已完成工商注册手续。截止本报告日，该公司尚未实 际运作。 （四）资产负债表日后发生处置子公司 公司原持有子公司上海申茂房地产有限公司 80%股权，2009 年 1 月 6 日已在上海联合产权交易所将持 有的 80%股权出让给上海鑫越实业发展有限公司，转让价人民币 958.70 万元。截止 2009 年 1 月 16 日， 公司已收到股权转让款人民币 958.70 万元。 (十四) 其他重要事项： （一）债务重组 为妥善处理与原控股股东上海纺织控股（集团）公司（以下简称上海纺控）及其下属企业上海华宇毛 麻（集团）有限公司（以下简称华宇毛麻）之间的历史遗留问题，本公司于 2008 年 6 月 30 日与上海 纺控及华宇毛麻签定了豁免往来债务的协议书。具体内容： 1、债务重组方式及内容 上海纺控同意豁免本公司往来债务额人民币 2,451,600 元，不包括本公司代子公司上海迪伊毛纺织有 限公司归还上海纺控科技基金借款人民币 90 万元； 本公司以持有的嘉兴春竹毛衫时装有限公司股权（账面值人民币 80 万元）、上海春竹男士制衣有限公 司股权（账面值人民币 822,010.39 元）合计人民币 1,622,010.39 元抵付本公司应付华宇毛麻下属上 海桑爱姆企业发展有限公司往来债务额人民币 150 万元； 华宇毛麻同意豁免本公司往来债务额人民币 10,150,678.92 元，扣除包含的子公司上海迪伊毛纺织有 限公司债务人民币 32,936.83 元，实际豁免人民币 10,117,742.09 元； 本公司同意豁免华宇毛麻往来债务额人民币 3,327,270.60 元；扣除包含的子公司上海迪伊毛纺织有限 公司债权人民币 903,910.52 元，实际豁免人民币 2,423,360.08 元； 上海三毛企业（集团）股份有限公司 2008 年年度报告 82 本公司相应冲回历年来已对上述债权计提的减值准备人民币 1,047,535.50 元。 2、确认的债务重组利得总额 本公司豁免上海纺控和华宇毛麻债务包括：应收股利 337,924.70 元、应收账款 347,733.23 元（相应 坏账准备 152,063.38 元）、其他应收款 1,737,702.15 元（相应坏账准备 895,472.12 元）； 本公司以持有的股权抵付债务：长期股权投资 1,622,010.39 元； 上海纺控和华宇毛麻债务豁免本公司债务包括：应付账款 349,224.47 元、预收账款 32,185.34 元、其 他应付款 13,687,932.28 元。 上述债务重组事项完成后，本公司确认债务重组利得总额为人民币 11,071,507.12 元。 （二）其他需要披露的重要事项 1、2007 年 3 月 30 日，本公司与上海市杨浦区土地发展中心签订《上海市杨浦区工业系统国有土地使 用权收购合同》，由上海市杨浦区土地发展中心收购本公司位于杨浦区许昌路 1180 号土地使用权和地 上建筑物、构筑物所有权及其所有附属设施，相应支付动迁补偿费人民币 3,000 万元。该补偿款于 2007 年收到后，支付了原租户租赁补偿款人民币 430 万元，同年又收到废品处置款人民币 18 万元，2007 年年末余额人民币 2,588 万元。 2008 年 3 月 12 日，本公司已与上海市杨浦区土地发展中心办妥房地移交手续。本公司于 2008 年又支 付原租户零星费用人民币 146,839.07 元，扣除该投资性房地产结转清理的账面净值人民币 14,214,668.43 元后，相关转让收益人民币 11,518,492.50 元已结转本年损益。 2、本公司接上海市经济委员会沪经节（2007）534 号文《上海市经委关于划转上海三毛企业（集团） 股份有限公司上海第三毛纺织厂原址土地出让金的通知》，根据市经委《关于企业享受土地出让金返 回优惠政策的通知》（沪经节[2006]315 号）和市财政局《关于拨付上海三毛企业（集团）股份有限 公司上海第三毛纺织厂迁建治理资金的通知》（沪财建[2007]37 号）精神，上海第三毛纺织厂列入享 受原址土地使用权出让金返回政策范围，经研究将其中人民币 2,431 万元划拨本公司，用于上海第三 毛纺织厂“三废”迁建企业项目建设。2008 年 1 月 11 日，本公司已收到上述款项人民币 2,431 万元。 许昌路 1150 号原为本公司的生产、经营管理及办公地址，2003 年纳入上海市政府的“三废”迁建项 目后，本公司已将生产场所调整到锦州湾路 185 号（该生产基地已于 2007 年 11 月完全关闭），经营 管理及办公场所搬迁到斜土路 791 号。 为落实“三废”项目的迁建，经董事会决议对该资金作如下安排：抵补原迁出生产设备的处置损失 318 万元；剩余资金 2,113 万元用于购置斜土路 791 号房产，作为公司的经营管理及办公用房。 2008 年 1 月 14 日，本公司支付给上海毛麻纺织有限公司人民币 2,278.40 万元用于购置斜土路 791 号 5 号幢（B 幢）房产，上述资金不足部分由自有资金补足。 截止 2008 年 12 月 31 日，本公司账面递延收益余额人民币 21,125,467.97 元。 3、2003 年 12 月 29 日，子公司上海三毛进出口有限公司（以下简称“三进公司”）出资人民币 800 万元，投资深圳市泰乐得商贸有限公司（后更名为深圳市宇华泰乐得商贸有限公司）。2004 年 5 月 18 日，三进公司将持有的深圳市宇华泰乐得商贸有限公司全部股权分别转让给自然人黄革、钟涛，转让 价分别为人民币 400 万元，股权转让前后的公司债权债务由新股东按投资比例享有和承担。2004 年 5 月 27 日，深圳市公证处对此两份股权转让协议分别出具了（2004）深证内叁字第 9154、9155 号公证 书予以公证。 2004 年 6 月 3 日，三进公司与自然人黄革、黄有含签订抵押合同，自然人黄革、黄有含将其所有的深 圳市海王大厦 13B、13C 房产（房地产证：深房地字第 4000084018 号、第 4000062101 号）抵押给三进 公司，抵押房产建筑面积分别为 130.32M2 和 121.2 M2，抵押担保的金额为人民币 130 万元，抵押期 限为 3 年。2004 年 7 月 12 日，三进公司与自然人黄革签订抵押合同，自然人黄革将其所有的深圳市 长乐花园 A 栋 27E 房产（房地产证：深房地字第 3000266980 号）抵押给三进公司，抵押房产建筑面积 为 157.08M2，抵押担保的金额为人民币 130 万元。上述抵押担保事项均已向深圳市规划与国土资源局 办理抵押登记。截止 2004 年 12 月 31 日，三进公司已经收到股权转让款人民币 408 万元。2005 年 7 月 27 日，深圳市宇华泰乐得商贸有限公司已经办妥了股权转让的工商变更手续。 2005 年 10 月，三进公司向深圳市南山区人民法院诉请被告黄革和钟涛支付剩余股权转让款及利息人 民币 426 万元。2006 年 3 月 30 日，深圳市南山区人民法院出具（2005）深南法民初字第 1718 号民事 上海三毛企业（集团）股份有限公司 2008 年年度报告 83 判决书，判决被告黄革、钟涛支付股权转让款人民币 400 万元及利息（依照银行同期贷款利率计算， 自 2004 年 8 月 16 日起计算至实际清偿之日），被告黄革、第三人黄有含对上述款项在抵押合同约定 的范围内承担抵押担保责任。 2008 年 7 月 22 日，三进公司与自然人黄革、钟涛、黄有含及深圳市宇华泰乐得商贸有限公司签订协 议，约定将上述抵押房产转让给三进公司以抵偿尚未支付的股权转让款及利息。该协议的签署即视为 自然人黄革、钟涛、黄有含及深圳市宇华泰乐得商贸有限公司不会再以任何理由对三进公司提出任何 主张或异议，同时放弃对三进公司的所有诉权及抗辩权。 2008 年 10 月 10 日，三进公司收到现金人民币 1,728,280.00 元。2008 年 11 月 18 日，三进公司取得 深圳市海王大厦住宅楼 13C 房产（房地产证：深房地字第 4000374803 号），登记价人民币 1,230,180.00 元；2008 年 12 月 10 日，三进公司取得深圳市海王大厦住宅楼 13B 房产（房地产证：深房地字第 4000376793 号），登记价人民币 1,322,748.00 元。 截止 2008 年 12 月 31 日，按照 2008 年 7 月 22 日协议约定，自然人黄革、钟涛所欠股权转让款已全部 结清，涉及泰乐得公司的股权转让事宜已全部完成。 4、2003 年 3 月 13 日，本公司就上海温莎堡海霸王餐饮娱乐有限公司合作收益分配等争议，向中国国 际经济贸易仲裁委员会上海分会提交了以蓝带国际育乐事业有限公司为被申请人的书面仲裁申请。 2004 年 1 月 20 日，中国国际经济贸易仲裁委员会上海分会出具了（2004）中国贸仲沪裁字第 011 号 裁决书，裁决被申请人蓝带国际育乐事业有限公司向本公司支付 “合作利润分配”人民币 3,110,243.00 元、支付逾期违约金人民币 1,866,146.00 元、承担部分仲裁费人民币 92,217.60 元，被申请人应于裁 决生效之日起 20 日内支付上述款项，共计人民币 5,068,606.60 元，逾期不付，应按同期人民币贷款 利率加付利息。由于蓝带国际育乐事业有限公司未履行该生效裁决，本公司已于 2004 年 2 月 13 日向 上海市第一中级人民法院申请执行，立案案号为（2004）沪一中执第 128 号。2004 年 7 月 5 日，蓝带 国际育乐事业有限公司向中国国际经济贸易仲裁委员会上海分会提交了以本公司为反请求反被申请人 的仲裁反请求申请书。2004 年 6 月 15 日，上海市第二中级人民法院以（2004）沪二中民五（商）初 字第 66 号民事裁定书，裁定驳回蓝带国际育乐事业有限公司要求撤销前述仲裁裁决的申请。2004 年 10 月 11 日，上海市第一中级人民法院以（2004）沪一中执恢复字第 191 号“决定恢复执行通知书” 通知本公司恢复执行前述仲裁案，同时通知上海温莎堡海霸王餐饮娱乐有限公司，决定冻结蓝带国际 育乐事业有限公司在该公司的 500 万美元股权，将依法评估、拍卖此项股权。截止本报告日，公司尚 未收到上述款项，账面相关应收款余额人民币 135 万元。 2004 年 4 月，本公司又向中国国际经济贸易仲裁委员会上海分会提交了仲裁申请书，请求裁决被申请 人蓝带国际育乐事业有限公司支付上海温莎堡海霸王餐饮娱乐有限公司 2003 年度和 2004 年 1－3 月的 “合作利润分配”人民币 6,906,227.00 元、支付违约金人民币 2,927,198.00 元、终止双方中外合作 经营合同等，立案案号为（2004）中国贸仲沪字第 1936 号。2005 年 6 月 30 日，中国国际经济贸易仲 裁委员会上海分会出具了（2005）中国贸仲沪裁字第 093 号裁决书，裁决被申请人蓝带国际育乐事业 有限公司向本公司支付 2003 年 1 月至 2004 年 3 月房屋使用费人民币 5,433,858.00 元、本公司返还被 申请人人民币 48 万元、终止双方中外合作经营合同等，被申请人应于裁决生效之日起 20 日内支付款 项，共计人民币 5,531,409.00 元，逾期不付，应按同期人民币贷款利率加付利息。截止本报告日，此 案已在执行中，本公司尚未收到上述款项，账面相关应收款余额人民币 521.97 万元。 根据上述裁决书，截止 2007 年 6 月 30 日，蓝带国际育乐事业有限公司应向本公司支付本金、违约金、 仲裁费及相应延期履行利息等共计人民币约 1,134.88 万元。本公司已委托代理律师向上海市第一中级 人民法院申请强制执行，目前承办律师正在积极配合法院查实被申请人在国内的资产。但由于目前与 台湾没有建立民事司法协助条约，致使本公司所申请的强制执行无法实施。 截止本报告日，公司账面应收蓝带国际育乐事业有限公司款项为人民币 656.97 万元，已经计提坏账准 备人民币 656.97 万元。 5、2005 年 4 月 20 日，本公司与上海嘉丰西区置业有限责任公司、上海益捷建筑安装工程有限公司签 订了“股权转让协议”，本公司有偿出让持有的上海鑫洲房地产有限公司（以下简称“鑫洲房产”） 90％股权，转让价人民币 6,480 万元。2005 年 6 月 29 日，本公司已经收到全部转让款人民币 6,480 万元，并办妥产权交割手续，实现转让净收益人民币 5,011.98 万元。2006 年 3 月 16 日，相关工商变 更手续已经完成。 上海三毛企业（集团）股份有限公司 2008 年年度报告 84 2005 年 5 月 31 日之前，本公司累计为鑫洲房产代垫土地购买款项人民币 3,574.84 万元，鑫洲房产由 此取得了虹口区纪念路 486 号地块土地使用权。截止本报告日，公司已经收回人民币 2,920.51 万元， 账面余额人民币 654.32 万元，已经按账龄计提坏账准备人民币 196.30 万元。 6、经公司第六届第四次董事会和 2007 年度股东大会审议通过，本公司对尚未使用的募集资金人民币 2,832 万元变更用途，具体如下： 原投资项目：收购上海青山服装有限公司 46%股权（人民币 420 万元）、收购高雅服装有限公司 40% 股权（人民币 2,412 万元），因上述股权被法院冻结而无法办理变更手续，已协商解除相关收购协议。 新投资项目：将上述募集资金人民币 2,832 万元投资上海一毛条纺织有限公司，用于对上海一毛条纺 织重庆有限公司增资。 变更项目不构成关联交易。 2008 年 6 月 16 日，本公司已完成对上海一毛条纺织有限公司增资人民币 2,832 万元。 7、2004 年 2 月 26 日，上海仲裁委员会出具 2003 沪裁（经）字第 0070 号裁决书，对本公司合营企业 上海博华基因芯片技术有限公司（简称博华公司）与上海博星基因芯片有限责任公司（简称博星公司） 技术转让合同违约纠纷作出如下裁决：博星公司应向博华公司返还技术转让费用人民币 2,000 万元、 支付违约金人民币 100 万元、承担仲裁费用人民币 15.48 万元，上述款项合计人民币 2,115.48 万元， 应于裁决作出之日起 15 日内一次性支付给博华公司，此为终局裁决。2004 年 3 月 16 日，博华公司已 向上海市第二中级人民法院申请执行。 2006 年 6 月，博华公司收到法院执行款人民币 2,162,845.00 元。法院还查封了博星公司对上海生物 芯片有限公司所享有的 20％股权（1,200 万股）。截止本报告日，有关执行工作仍在进行之中，博华 公司尚未收到全部返还款，账面应收款余额为人民币 1,743.77 万元，已按账龄计提坏账准备人民币 523.13 万元。 8、2004 年 12 月 15 日，浙江省奉化市人民法院出具（2004）奉民二初字第 622 号民事判决书，判决 被告奉化华源步云西裤有限公司在判决生效后一个月内偿付本公司货款人民币 1,074,344.63 元，并支 付逾期付款违约金（按日万分之二点一计算以人民币 1,074,344.63 元为基数从 2003 年 9 月 1 日起至 货款清偿日止）。2005 年 4 月 20 日，奉化市人民法院出具（2005）奉执字第 446 号民事裁定书，查 封属奉化华源步云西裤有限公司所有的西裤 4,520 条、T 恤 3,143 件。 截止本报告日，本公司尚未收回此笔货款，本公司账面应收华源步云西裤有限公司货款为人民币 1,058,099.76 元，已按 80%比例计提坏账准备人民币 846,479.81 元。 9、2006 年 11 月 10 日，子公司上海申茂房地产有限公司向上海市黄浦区人民法院提交了“案外人执 行异议书”，因法院在上海富乐毛针织有限公司诉上海华宇毛麻（集团）有限公司一案的（2006）黄 民二（民）初字第 5058 号民事调解书的强制执行过程中，误将上海申茂房地产有限公司的财产（上海 市江宁路 332 号-338 号 2 层 A 室、3 层、4 层、1302 室，总面积 6,279 平方米，总价值约人民币 5,000 万元）予以执行，并采取了财产预查封措施，上海申茂房地产有限公司请求立即中止执行，解除查封 措施，返还相关房产。 2008 年 11 月，上海市黄浦区人民法院出具（2006）黄执字第 4548 号民事裁定书，驳回上海申茂房地 产有限公司提出的执行异议。 10、2006 年 11 月 13 日，本公司向上海市第二中级人民法院提起诉讼，要求子公司上海申茂房地产有 限公司归还借款人民币 4,780 万元及利息人民币 101.97 万元，本公司同时提出财产保全申请。2006 年 11 月 15 日，本公司收到上海市第二中级人民法院出具的（2006）沪二中民三（商）初字第 221 号 民事裁定书和财产保全告知书，法院已查封了上海申茂房地产有限公司名下位于上海市江宁路 332 号 2 层 A 室、3 层、4 层和上海市新闸路 1136 弄 1 号 1302 室的房产。经本公司与上海申茂房地产有限公 司协商，双方达成调解协议，上述款项已全部收回。 2008 年 11 月本公司收到上海市第二中级人民法院出具的（2006）沪二中民三（商）初字第 221 号民 事裁定书，解除上述财产查封。 上海三毛企业（集团）股份有限公司 2008 年年度报告 85 11、关于上海市斜土路 791 号房产： （1）2003 年 4 月，就本公司诉上海华宇毛麻（集团）有限公司、上海毛麻纺织有限公司偿还欠款人 民币 9,711,060.00 元，上海市黄浦区人民法院依法查封了上海毛麻纺织有限公司名下座落于上海市斜 土路 791 号 1-4 号楼、7-10 号楼房屋(建筑面积约 1,632 平方米及相应土地使用权)。2004 年 2 月 10 日，上海市黄浦区人民法院出具（2004）黄执恢字第 19 号民事裁定书，裁定将上述查封房屋予以拍卖 或变卖。2004 年 2 月 24 日，本公司已从上海黄浦拍卖行拍得上述查封房屋，拍卖成交价人民币 1,450 万元。据此，上海市黄浦区人民法院于 2004 年 10 月出具（2004）黄执恢字第 19 号民事裁定书，裁定 将座落于上海市斜土路 791 号 1－4 号楼、7－10 号楼房屋产权过户至本公司名下。截止 2008 年末， 本公司账面已经支付该房屋拍卖成交款及佣金人民币 1,464.50 万元，并将上述已实际使用的房屋记入 本公司固定资产科目。 （2）2007 年 10 月 30 日，本公司与上海纺织（集团）有限公司、上海毛麻纺织有限公司签订“房地 产转让协议书”，受让房地产：上海市斜土路 791 号 5 号幢（B 幢）（房地产权证编号沪房地卢字（1997） 第 001787 号，其中 5 号幢建筑面积 3416 平方米），受让价格：人民币 2,278.40 万元。本公司已于 2008 年 1 月 14 日支付给上海毛麻纺织有限公司人民币 2,278.40 万元。 （3）2007 年 10 月 30 日，本公司与上海毛麻纺织有限公司曾就上海市斜土路 791 号 6 幢房产签订“房 地产转让协议书”，双方约定由本公司采用司法拍卖方式受拍持有，无论最终成交价为多少，本公司 实际支付受让款为人民币 460 万元。本公司已于 2008 年 1 月 14 日支付给上海毛麻纺织有限公司预付 款人民币 100 万元。 2008 年 9 月 12 日，本公司子公司上海三毛劳务服务有限公司从上海东方国际商品拍卖有限公司拍入 此房产，拍卖成交价人民币 530 万元。截止 2008 年 9 月 19 日，上海三毛劳务服务有限公司已支付全 部款项人民币 549.9 万元（含拍卖手续费人民币 19.9 万元）。 截止报告日，上述差额人民币 189.9 万元已经收回。 （4）2008 年 11 月 27 日，本公司与上海市毛麻纺织科学技术研究所、上海市纺织科学研究院就位于 上海市斜土路 781-783 号房产签订《房地产转让协议书》，本公司应支付房产转让款人民币 1,066.88 万元。截止 2008 年 12 月 31 日，本公司子公司上海三毛劳务服务有限公司已预付上海市纺织科学研究 院房产转让款人民币 960 万元。 截止本报告日，上述房地产均尚未办妥过户变更手续。 12、2007 年 5 月 25 日，公司 2006 年度股东大会审议通过《关于参加投标重庆专用机械制造公司房地 产项目的议案》，拟投资约人民币 3.7 亿元参与投标和建设重庆专用机械制造公司房地产项目，该地 块位于重庆市沙坪坝区下中渡口处，面积 45,116 平方米约合 67 亩（工业出让土地），厂房面积 45,455 平方米。2007 年 5 月 17 日，公司预付给重庆轻纺控股（集团）公司人民币 500 万元。 2008 年 11 月，公司 2008 年临时股东大会通过决议，不再参与投标重庆专用机械制造公司房地产项目。 2008 年 7 月 29 日，本公司已收回重庆轻纺控股（集团）公司的 500 万元预付款，同时收回按银行同 期同档贷款利率计算的期间利息 437,475.00 元，冲减当期利息支出。 13、2008 年 9 月 12 日，本公司子公司上海三毛物业管理有限公司（以下简称三毛物业）与上海二毛 纺织有限公司签订《上海市房地产买卖合同》，受让位于上海市锦州湾路 185 号、160 号房地产，受 让价格为人民币 5,350 万元。根据沪杨房地（2008）出让合同第 25 号《上海市国有土地使用权出让合 同》，上述房产涉及土地使用权出让金人民币 18,918,946.00 元。三毛物业合计支付相关款项人民币 7,560 万元（包括契税和登记费等），并于 2008 年 9 月 28 日和 10 月 6 日取得了上述房产的房地产权 证。 2008 年 10 月 17 日，上海江涛房地产开发有限公司对三毛物业增资人民币 4,994 万元，其中人民币 110 万元增加三毛物业实收资本，人民币 4,884 万元增加三毛物业资本公积。本次增资后，三毛物业的注 册资本变更为人民币 210 万元，本公司持股人民币 100 万元，持股比例为 47.62%，并相应增加本公司 资本公积人民币 23,278,560.80 元。 2008 年 11 月 21 日，经公司 2008 年度临时股东大会审议，通过《关于上海三毛物业管理有限公司减 资退出股权的议案》。2008 年 12 月 21 日，三毛物业减资到人民币 110 万元，本公司原持有的 47.62% 股权全部退出。经评估，退出的股权作价人民币 4,540 万元，其中减少三毛物业实收资本人民币 100 万元、资本公积人民币 4,440 万元。本公司账面相应减少资本公积人民币 23,278,560.80 元、长期股 权投资人民币 24,108,806.50 元，实现对三毛物业的处置收益人民币 44,569,754.30 元。 2008 年 12 月 23 日，三毛物业的相关工商变更手续已经办妥。 上海三毛企业（集团）股份有限公司 2008 年年度报告 86 14、本公司于 2008 年 7 月 3 日收到上海市第二中级人民法院关于受理宁波大港织造有限公司（以下简 称宁波大港）诉本公司房屋买卖合同纠纷一案的相关法律文书，宁波大港要求本公司继续履行关于上 海市杨树浦路 1056 号房屋及相应土地的《房屋转让合同》，如不能继续履行，则本公司需赔偿宁波大 港违约损失人民币 9,950 万元。 本公司已于 2006 年 12 月 29 日将上海市杨树浦路 1056 号房屋及相应土地出让给上海市杨浦区土 地发展中心，出让补偿总金额为人民币 45,342 万元。2007 年 9 月 20 日，本公司已完成该地块的搬迁 工作，将地块移交给上海虹口民防机械施工有限公司，之后该地块上的权力、义务也一并移交给该公 司。此移交事项已经上海市杨浦区土地发展中心见证。 2009 年 3 月 26 日，上海市第二中级人民法院出具（2008）沪二中民二（民）初字第 32 号民事判决书， 驳回宁波世程电子科技有限公司（原名宁波大港织造有限公司）的诉讼请求，案件受理费人民币 539,300 元由宁波世程电子科技有限公司负担。 2009 年 4 月 5 日，宁波世程电子科技有限公司不服（2008）沪二中民二（民）初字第 32 号民事判决， 向上海市高级人民法院提起上诉，请求撤销原审判决，依法判令本公司赔偿其违约损失人民币 9,950 万元。 截止报告日，本次上述尚未开庭审理。 15、2008 年 11 月 5 日，上海市普陀区人民法院出具（2008）普民二（商）破字第 1-2 号民事裁定书， 裁定终结上海迪伊毛纺织有限公司破产程序。本公司据此核销对上海迪伊毛纺织有限公司的坏账人民 币 38,518,104.78 元。 2008 年 11 月 27 日，上海市杨浦区人民法院出具（2008）杨民二（商）破字第 1-4 号民事裁定书，裁 定终结上海二毛爱斯纺织实业有限公司破产程序。本公司据此核销对上海二毛爱斯纺织实业有限公司 的坏账人民币 61,498,741.04 元。 (十五) 补充资料 1、按中国证监会发布的《公开发行证券的公司信息披露规范问答第 1 号-非经常性损益》第 1 号的规 定，本公司当期非经常性损益的发生金额列示如下： 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 52,778,246.64 计入当期损益的政府补助，但与公司正常经营业务密切相关，符合国家政 策规定、按照一定标准定额或定量持续享受的政府补助除外 3,184,532.03 计入当期损益的对非金融企业收取的资金占用费 437,475.00 企业取得子公司、联营企业及合营企业的投资成本小于取得投资时应享有 被投资单位可辨认净资产公允价值产生的收益 316,991.80 债务重组损益 11,071,507.12 除同公司正常经营业务相关的有效套期保值业务外，持有交易性金融资 产、交易性金融负债产生的公允价值变动损益，以及处置交易性金融资产、 交易性金融负债和可供出售金融资产取得的投资收益 -2,764,319.53 除上述各项之外的其他营业外收入和支出 -173,196.71 少数股东权益影响额 -66.33 所得税影响额 -11,483,372.02 合计 53,367,798.00 2、按中国证监会发布的《公开发行证券公司信息披露编报规则》第 9 号的要求计算的净资产收益率及 每股收益 净资产收益率（%） 每股收益 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 8.43 7.58 0.1522 0.1522 扣除非经常性损益后归属 于公司普通股股东的净利 润 -6.28 -5.65 -0.1134 -0.1136 上海三毛企业（集团）股份有限公司 2008 年年度报告 87 3、境内外会计准则差异： 单位：元 币种:人民币 净利润 净资产 本期数 上期数 期初数 期末数 按中国会计准则 30,582,604.68 103,749,934.93 388,011,735.92 362,729,365.11 十二、备查文件目录 1、载有法定代表人张文卿、财务总监胡种、会计机构负责人沈夏娣签名并盖章的会计报表。 2、载有会计师事务所盖章、注册会计师签名并盖章的审计报告原件。 3、报告期内在中国证监会指定报纸上公开披露过的所有公司文件的正本及公告的原稿。 董事长：张文卿 上海三毛企业（集团）股份有限公司 2009 年 4 月 16 日 会企01表 流动资产: CURRENT ASSETS 1 流动负债： CURRENT LIABILITIES 34 货币资金 Cash and cash equivalents 2 138,071,572.96 203,198,712.38 短期借款 Short-term borrowings 35 92,900,000.00 121,000,000.00 交易性金融资产 Financial assets held for trading 3 2,438,710.00 6,352,525.00 　交易性金融负债 Financial assets held for liabilities 36 应收票据 Notes receivable 4 应付票据 Notes payable 37 应收账款 Accounts receivable 5 7.1 10,374,821.34 18,782,140.73 应付账款 Accounts payable 38 2,895,895.49 7,888,504.46 预付款项 Advances to suppliers 6 24,084,905.08 6,914,773.16 预收款项 Advances from customers 39 12,945,118.09 15,843,277.60 应收利息 Interests receivable 7 19,650.00 应付职工薪酬 Employee benefits payable 40 50,844,220.70 77,308,676.07 应收股利 Dividends receivable 8 337,924.70 应交税费 Taxes and surcharges payable 41 4,880,710.70 15,079,744.02 其他应收款 Other receivables 9 7.2 47,187,819.46 37,633,999.41 应付利息 Interests payable 42 196,996.75 250,000.00 存货 Inventories 10 5,083,445.64 18,832,607.74 应付股利 Dividends payable 43 716,561.13 725,378.73 一年内到期的非流动资产 Non-current assets maturing within one year 11 其他应付款 Other payables 44 98,462,477.36 118,849,799.78 其他流动资产 Other current assets 12 一年内到期的非流动负债 Non-current liabilities maturing within one year 45 2,215,816.00 2,215,816.00 流动资产合计 TOTAL CURRENT ASSETS 13 227,260,924.48 292,052,683.12 其他流动负债 Other current liabilities 46 非流动资产：NON-CURRENT ASSETS 14 流动负债合计 TOTAL CURRENT LIABILITIES 47 266,057,796.22 359,161,196.66 可供出售金融资产 Available-for-sale financial assets 15 36,562,638.23 99,336,142.62 非流动负债： NON-CURRENT LIABILITIES 48 持有至到期投资 Held-to-maturity investments 16 长期借款 Long-term borrowings 49 长期应收款 Long-term receivables 17 应付债券 Debt securities issued 50 长期股权投资 long-term equity investments 18 7.3 350,864,722.59 292,540,533.97 长期应付款 Long-term payables 51 1,553,100.00 1,553,100.00 投资性房地产 Investment real estate 19 47,355,967.82 63,081,020.63 专项应付款 Specific item payable 52 8,760,000.00 34,640,000.00 固定资产 Original cost of fixed assets 20 20,730,273.28 49,773,208.64 预计负债 Provisions 53 在建工程 Construction in progress 21 252,836.00 502,696.00 　 递延所得税负债 Deferred tax liabilities 54 6,909,409.56 23,099,029.41 工程物资 Project materials 22 其他非流动负债 Other non-current liabilities 55 21,125,467.97 　　 固定资产清理 Disposal of fixed assets 23 非流动负债合计 TOTAL NON-CURRENT LIABILITIES 56 38,347,977.53 59,292,129.41 生产性生物资产 Bearer biological assets 24 负 债 合 计 TOTAL LIABILITIES 57 304,405,773.75 418,453,326.07 油气资产 Oil and natural gas assets 25 所有者权益（或股东权益）： OWNERS' EQUITY (or shareholders' equity) 58 无形资产 Intangible assets 26 实收资本（或股本）Paid-in capital (or share capital) 59 200,991,343.00 200,991,343.00 开发支出 Research and development costs 27 资本公积 Capital reserves 60 226,586,450.28 274,488,352.88 商誉 Goodwill 28 减:库存股 Treasury stock 61 长期待摊费用 Long-term deferred expenses 29 盈余公积 Surplus reserves 62 38,610,002.38 38,610,002.38 递延所得税资产 Deferred tax assets 30 未分配利润 Undistributed profit 63 -87,566,207.01 -135,256,739.35 其他非流动资产 Other non-current assets 31 所有者权益（或股东权益）合计 TOTAL OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY) 64 378,621,588.65 378,832,958.91 非流动资产合计 TOTAL NON-CURRENT ASSETS 32 455,766,437.92 505,233,601.86 资 产 总 计 TOTAL ASSETS 33 683,027,362.40 797,286,284.98 负债和所有者权益（或股东权益）总计 TOTAL LIABILITIES AND OWNERS' EQUITY 65 683,027,362.40 797,286,284.98 资 产 负 债 表 December 31, 2008 资 产 Assets 附注七 Notes 7 BALANCE SHEET 编制单位(Company Name)：Shanghai Sanmao Enterprise (Group) Co., Ltd. 年末余额 As of December 31, 2008 年末余额 As of December 31, 2008 年初余额 As of January 1, 2008 负债和所有者权益(或股东权益） Liabilities and owners' equity (or shareholders' equity) 金额单位：元 Monetary Unit: CNY 年初余额 As of January 1, 2008 行次 Line 行次 Line 附注七 Notes 7 编制单位(Company Name)：Shanghai Sanmao Enterprise (Group) Co., Ltd. Year 2008 金额单 一、营业收入 Overall sales 1 7.4 78,690,913.27 减：营业成本 Less: Cost of operations 2 7.4 68,166,546.20 　　营业税金及附加 Taxes and surcharges on operations 3 740,854.07 销售费用 Selling and distribution expenses 4 2,718,647.57 　　　　　　 管理费用 General and administrative expenses 5 27,654,699.78 　　　　　　 财务费用 Financial expenses 6 7,185,804.19 　　　　　　 资产减值损失 Impairment loss on assets 7 2,459,878.30 　　　　 加：公允价值变动收益（损失以“－”号填列）Plus: Gain or loss from changes in fair value 8 -5,805,730.69 　　　　　　 投资收益（损失以“－”号填列） Investment income 9 7.5 51,064,953.37 　　　　　　其中：对联营企业和合资企业的投资收益 Including: Investment income from joint ventures and affiliates 10 399,231.48 二、营业利润（亏损以“－”号填列）Profit from operations 11 15,023,705.84 加：营业外收入 Plus: Non-operating profit 12 26,190,264.41 减：营业外支出 Less: Non-operating expenses 13 3,728,443.65 其中：非流动资产处置损失 Loss from disposal of non-current assets 14 3,223,553.66 三、利润总额（损失总额以“－”号填列） Profit Before Tax 15 37,485,526.60 减：所得税费用 Less: Income tax expenses 16 -3,486,873.41 四、净利润（净亏损以“－”号填列）Net profit 17 40,972,400.01 五、每股收益：Earnings per share (EPS) 18 （一）基本每股收益 Basic EPS 19 0.20 （二）稀释每股收益 Diluted EPS 20 0.20 行次 Line 利 润 表 INCOME STATEMENT 项 目 Item 附注七 Notes 7 本年金额 Year 2008 编制单位(Company Name)：Shanghai Sanmao Enterprise (Group) Co., Ltd. Year 2008 一、经营活动产生的现金流量 Cash flows from operating activities 1 销售商品、提供劳务收到的现金 Cash receipts from the sales of goods and the rendering of services 2 91,497,124.33 收到的税费返还 Receipts of tax refunds 3 363,266.20 收到的其他与经营活动有关的现金 Other cash receipts relating to operating activities 4 871,158,523.87 经营活动现金流入小计 Sub-total of cash inflows from operating activities 5 963,018,914.40 购买商品、接收劳务支付的现金 Cash payments for goods purchased and services received 6 59,216,895.84 支付给职工以及为职工支付的现金 Cash payments to and on behalf of employees 7 46,410,718.10 支付的各项税费 Payments of all types of taxes 8 12,155,343.04 支付的其他与经营活动有关的现金 Other cash payments relating to operating activities 9 890,878,759.23 经营活动产生的现金流出小计 Sub-total of cash outflows from operating activities 10 1,008,661,716.21 经营活动产生的现金流量净额 Net cash flows from operating activities 11 -45,642,801.81 二、投资活动产生的现金流量 Cash flows from investing activities 12 收回投资所收到的现金 Cash receipts from disposals and withdraw on investment 13 11,863,968.16 取得投资收益所收到的现金 Cash receipts from returns on investments 14 1,054,951.02 处置固定资产、无形资产和其他长期资产所收回的现金净额 Net cash receipts from disposals of fixed assets, intangible assets and other long-term assets 15 26,676,768.05 处置子公司及其他经营单位收回的现金净额 Net cash receipts from disposals of subsidiaries and other business units 16 45,400,000.00 收到的其他与投资活动有关的现金 Other cash receipts relating to investing activities 17 24,310,000.00 投资活动现金流入小计 Sub-total of cash inflows from investing activities 18 109,305,687.23 购建固定资产、无形资产和其他长期资产所支付的现金 Cash payments to acquire and construct fixed assets, intangible assets and other long-term assets 19 30,524,675.77 投资支付的现金 Cash payments to acquire investments 20 35,633,730.69 取得子公司及其他营业单位支付的现金净额 Net cash payments for acquisitions of subsidiaries and other business units 21 27,000,000.00 支付的其他与投资活动有关的现金 Other cash payments relating to investing activities 22 投资活动现金流出小计 Sub-total of cash outflows from investing activities 23 93,158,406.46 投资活动产生的现金流量净额 Net cash flows from investing activities 24 16,147,280.77 三、筹资活动产生的现金流量 Cash flows from financing activities 25 吸收投资所收到的现金 Cash receipts from investors in making investment in the enterprise 26 取得借款所收到的现金 Cash receipts from borrowings 27 251,900,000.00 收到的其他与筹资活动有关的现金 Other cash receipts relating to financing activities 28 筹资活动现金流入小计 Sub-total of cash outflows from financing activities 29 251,900,000.00 偿还债务所支付的现金 Cash repayments of amounts borrowed 30 280,000,000.00 分配股利、利润或偿付利息所支付的现金 Cash payments for distribution of dividends or profits, or cash payments for interest expenses 31 7,253,416.03 支付的其他与筹资活动有关的现金 Other cash payments relating to financing activities 32 筹资活动现金流出小计 Sub-total of cash outflows from financing activities 33 287,253,416.03 筹资活动产生的现金流量净额 Net cash flows from financing activities 34 -35,353,416.03 四、汇率变动对现金 及现金等价物的影响 Effect of foreign exchange rate changes on cash and cash equivalents 35 -278,202.35 五、现金及现金等价物净增加额 Net increase in cash and cash equivalents 36 -65,127,139.42 加：期初现金及现金等价物余额 Plus:Cash and cash equivalents at beginning of period 37 203,198,712.38 六、期末现金及现金等价物余额 Cash and cash equivalents at end of period 38 138,071,572.96 现 金 流 量 表 项　　　目 Item 本年金额 Year 2008 行次 Line CASH FLOW STATEMENT 行次 Line 实收资本（或股本) Paid-in capital (or share capital) 资本公积 Capital reserves 减：库存股 Less:Treasury stock 盈余公积 Surplus reserves 未分配利润 Undistributed profit 所有者权益合计 TOTAL OWNERS' EQUITY 实收资本（或股本) Paid-in capital (or share capital) 资本公积 Capital reserves 减：库存股 Less:Treasury stock 盈余公积 Surplus reserves 未分配利润 Undistributed profit 一、上年年末余额 Opening balance brought forward 1 200,991,343.00 274,488,352.88 38,610,002.38 -135,256,739.35 378,832,958.91 200,991,343.00 233,843,396.10 38,610,002.38 -259,496,223.24 加：会计政策变更 Plus: Adjustments for changes in accounting policy 2 -8,674,550.61 25,428,417.09 前期差错更正 Adjustments for correction of accounting errors in prior period 3 二、本年年初余额 Beginning balance of current year 4 200,991,343.00 274,488,352.88 38,610,002.38 -135,256,739.35 378,832,958.91 200,991,343.00 225,168,845.49 38,610,002.38 -234,067,806.15 三、本年增减变动金额（减少以“－”号填列）Adjustments for current year 5 -47,901,902.60 47,690,532.34 -211,370.26 49,319,507.39 98,811,066.80 （一）净利润 Net Profit 6 40,972,400.01 40,972,400.01 98,811,066.80 （二）直接计入所有者权益的利得和损失 Gain and loss directly recognized in owners'equity 7 -47,901,902.60 6,718,132.33 -41,183,770.27 49,319,507.39 1.可供出售金融资产公允价值变动净额 Adjustments for changes in fair value of available-for-sale financial assets 8 -62,324,208.81 -62,324,208.81 68,466,924.52 2.权益法下被投资单位其他所有者权益变动的影响 Adjustments for changes of investees' owners' equity under equity method 9 3.与计入所有者权益项目有关的所得税影响 Adjustments on income tax related to in owners' equity items 10 15,448,376.10 15,448,376.10 -19,147,417.13 4.其他 Others 11 -1,026,069.89 6,718,132.33 5,692,062.44 上述（一）和（二）小计 Sub-total of the above-mentioned (1) and (2) 12 -47,901,902.60 47,690,532.34 -211,370.26 49,319,507.39 98,811,066.80 （三）所有者投入和减少资本 Capital contributed or reduced by owners 13 1.所有者投入资本 Capital contributed by owners 14 2.股份支付计入所有者权益的金额 Amount of share payment regitered into owners' equity 15 3.其他 Others 16 （四）利润分配 Distributed profit 17 1.提取盈余公积 Extract for surplus reserves 18 2.对所有者（或股东）的分配 Distributable profit to investors (or shareholders) 19 3.其他 Others 20 （五）所有者权益内部结转 Internal transfer of owners' equity 21 1.资本公积转增资本（或股本）Capital reserves transferring to paid-in capital (or share capita 22 2.盈余公积转增资本（或股本）Surplus reserve transferring to paid-in capital (or share capital 23 3.盈余公积弥补亏损 Surplus reserves offsetting loss 24 4.其他 Others 25 四、本年年末余额 Ending balance carried forward 26 200,991,343.00 226,586,450.28 38,610,002.38 -87,566,207.01 378,621,588.65 200,991,343.00 274,488,352.88 38,610,002.38 -135,256,739.35 所 有 者 权 益 变 动 表 Year 2008 项　目 Item 本年金额 Year 2008 上年金额 Year 2007 编制单位(Company Name)：Shanghai Sanmao Enterprise (Group) Co., Ltd. STATEMENT OF CHANGES IN OWNERS' EQUITY 金额单位：元 Mo 会合01表 编制单位(Company Name)：Shanghai Sanmao Enterprise (Group) Co., Ltd. 金额单位：元 Monetary Unit: CNY 流动资产: CURRENT ASSETS 1 流动负债： CURRENT LIABILITIES 41 货币资金 Cash and cash equivalents 2 6.1 282,729,006.66 284,330,852.69 短期借款 Short-term borrowings 42 6.19 115,072,034.00 148,888,968.00 结算备付金 Provision of settlement fund 3 向中央银行借款 Borrowings from central bank 43 拆出资金 Funds lent 4 吸收存款及同业存放 Deposits from customers and interbank 44 　交易性金融资产 Financial assets held for trading 5 6.2 3,804,900.00 11,436,635.00 拆入资金 Deposit funds 45 应收票据 Notes receivable 6 6.3 7,151,068.40 2,717,209.50 交易性金融负债 Financial assets held for liabilities 46 应收账款 Accounts receivable 7 6.4 58,087,604.17 64,660,219.46 应付票据 Notes payable 47 预付款项 Advances to suppliers 8 6.5 157,985,616.82 73,892,501.88 应付账款 Accounts payable 48 6.2O 53,333,280.64 53,607,836.70 应收保费 Insurance premiums receivable 9 预收款项 Advances from customers 49 6.21 140,537,435.77 112,885,389.25 应收分保账款 Cession premiums receivable 10 卖出回购金融资产款 Funds from sales of financial assets with repurchasement agreement 50 　应收分保合同准备金 Provision of cession receivable 11 应付手续费及佣金 Handling charges and commissions payable 51 应收利息 Interests receivable 12 6.6 19,650.00 53,022.97 应付职工薪酬 Employee benefits payable 52 6.22 57,427,539.40 84,977,972.34 应收股利 Dividends receivable 13 6.7 317,565.00 655,489.70 应交税费 Taxes and surcharges payable 53 6.23 6,178,581.66 11,744,600.32 其他应收款 Other receivables 14 6.8 29,064,386.94 59,082,102.62 应付利息 Interests payable 54 6.24 196,996.75 323,955.24 买入返售金融资产 Recoursable financial assets acquired 15 应付股利 Dividends payable 55 6.25 716,561.13 725,378.73 存货 Inventories 16 6.9 65,706,757.21 96,652,494.26 其他应付款 Other payables 56 6.26 68,442,494.79 75,826,163.87 一年内到期的非流动资产 Non-current assets maturing within one year 17 应付分保账款 Cession insurance premiums payable 57 其他流动资产 Other current assets 18 保险合同准备金 Provision for insurance contracts 58 流动资产合计 TOTAL CURRENT ASSETS 19 604,866,555.20 593,480,528.08 代理买卖证券款 Funds received as agent of stock exchange 59 代理承销证券款 Funds received as stock underwrite 60 非流动资产：NON-CURRENT ASSETS 20 一年内到期的非流动负债 Non-current liabilities maturing within one year 61 6.27 2,215,816.00 2,215,816.00 发放贷款及垫款 Loans and payments on behalf 21 其他流动负债 Other current liabilities 62 可供出售金融资产 Available-for-sale financial assets 22 6.1 51,430,638.23 140,548,867.29 流动负债合计 TOTAL CURRENT LIABILITIES 63 444,120,740.14 491,196,080.45 持有至到期投资 Held-to-maturity investments 23 非流动负债： NON-CURRENT LIABILITIES 64 长期应收款 Long-term receivables 24 长期借款 Long-term borrowings 65 长期股权投资 Long-term equity investments 25 6.11 31,167,768.24 32,285,098.67 应付债券 Debt securities issued 66 投资性房地产 Investment real estates 26 6.12 66,980,348.32 73,265,798.29 长期应付款 Long-term payables 67 6.28 1,553,100.00 1,553,100.00 固定资产 Fixed assets 27 6.13 94,760,129.16 73,779,926.52 专项应付款 Specific item payable 68 6.29 8,760,000.00 34,640,000.00 在建工程 Construction in progress 28 6.14 252,836.00 25,019,271.43 预计负债 Provisions 69 工程物资 Project materials 29 递延所得税负债 Deferred tax liabilities 70 6.17 6,909,409.56 28,783,532.94 固定资产清理 Disposal of fixed assets 30 其他非流动负债 Other non-current liabilities 71 6.3O 21,125,467.97 生产性生物资产 Bearer biological assets 31 非流动负债合计 TOTAL NON-CURRENT LIABILITIES 72 38,347,977.53 64,976,632.94 油气资产 Oil and natural gas assets 32 负 债 合 计 TOTAL LIABILITIES 73 482,468,717.67 556,172,713.39 无形资产 Intangible assets 33 6.15 10,066,635.58 5,477,129.52 所有者权益（或股东权益）： OWNERS' EQUITY (or shareholders' equity) 74 开发支出 Research and development costs 34 实收资本（或股本）Paid-in capital (or share capital) 75 6.31 200,991,343.00 200,991,343.00 商誉 Goodwill 35 资本公积 Capital reserves 76 6.32 227,167,491.29 289,755,311.72 长期待摊费用 Long-term deferred expenses 36 6.16 2,649,487.88 2,764,069.52 减:库存股 Treasury stock 77 递延所得税资产 Deferred tax assets 37 6.17 312,282.89 513,567.02 盈余公积 Surplus reserves 78 6.33 38,610,002.38 38,610,002.38 其他非流动资产 Other non-current assets 38 一般风险准备 Provision for normal risks 79 非流动资产合计 TOTAL NON-CURRENT ASSETS 39 257,620,126.30 353,653,728.26 未分配利润 Undistributed profit 80 6.34 -104,039,471.56 -141,344,921.18 外币报表折算差额 Exchange differences on translating foreign operations 81 归属于母公司所有者权益合计 TOTAL OWNERS' EQUITY BELONGS TO PARENT COMPANY 82 362,729,365.11 388,011,735.92 少数股东权益 Minority shareholders' equity (B/S) 83 17,288,598.72 2,949,807.03 所有者权益合计 TOTAL OWNERS' EQUITY 84 380,017,963.83 390,961,542.95 资 产 总 计 TOTAL ASSETS 40 862,486,681.50 947,134,256.34 负债和所有者权益总计 TOTAL LIABILITIES AND OWNERS' EQUITY 85 862,486,681.50 947,134,256.34 行次 Line 行次 Line 合 并 资 产 负 债 表 年末余额 As of December 31, 2008 CONSOLIDATED BALANCE SHEET 资 产 ASSETS 附注六 Notes 6 年末余额 As of December 31, 2008 年初余额 As of January 1, 2008 负债和所有者权益（或股东权益）Liabilities and owners' equity (or shareholders' equity) 附注六 Notes 6 December 31, 2008 年初余额 As of January 1, 2008 会合02表 编制单位(Company Name)：Shanghai Sanmao Enterprise (Group) Co., Ltd. 金额单位：元 Monetary Unit: CNY 一、营业总收入 Overall sales 1 1,453,322,349.40 1,596,547,164.17 其中：营业收入 Including: Sales from operations 2 6.35 1,453,322,349.40 1,596,547,164.17 利息收入 Interest income 3 已赚保费 Insurance premiums earned 4 手续费及佣金收入 Handling charges and commissions income 5 二、营业总成本 Overall costs 6 1,490,263,043.00 1,689,393,137.25 其中：营业成本 Including: Cost of operations 7 6.35 1,354,270,470.39 1,486,029,302.30 利息支出 Interest expenses 8 手续费及佣金支出 Handling charges and commissions expenses 9 退保金 Refund of insurance premiums 10 赔付支出净额 Net payments for insurance claims 11 提取保险合同准备金净额 Net provision for insurance contracts 12 保单红利支出 Commissions on insurance policies 13 分保费用 Cession charges 14 营业税金及附加 Taxes and surcharges on operations 15 6.36 1,876,957.53 1,918,020.86 销售费用 Selling and distribution expenses 16 47,681,409.37 61,303,400.28 管理费用 General and administrative expenses 17 61,667,092.53 85,224,184.16 财务费用 Financial expenses 18 6.37 9,065,749.84 14,766,399.31 　　　　资产减值损失 Impairment loss on assets 19 6.38 15,701,363.34 40,151,830.34 加：公允价值变动收益（损失以“－”号填列）□ Plus: Gain or loss from changes in fair values 20 6.39 -8,999,230.69 5,329,115.00 投资收益（损失以“－”号填列）Investment income 21 6.40 51,893,565.87 -4,137,717.24 其中：对联营企业和合营企业的投资收益 Including: Investment income from joint ventures and affiliates 22 399,231.48 120,868.13 汇兑收益（损失以“-”号填列）Gain or loss on foreign exchange transactions 23 三、营业利润（亏损以“－”号填列）Profit from operations 24 5,953,641.58 -91,654,575.32 加：营业外收入 Plus: Non-operating profit 25 6.41 26,449,046.62 210,748,038.37 减：营业外支出 Less: Non-operating expenses 26 6.42 3,840,720.04 671,675.75 其中：非流动资产处置损失 Losses from disposal of non-current assets 27 3,333,392.23 451,275.75 四、利润总额（亏损总额以“－”号填列） Profit before tax 28 28,561,968.16 118,421,787.30 减：所得税费用 Less: Income tax expenses 29 6.43 -1,948,228.54 13,233,516.90 五、净利润（净亏损以“－”号填列）Net profit 30 30,510,196.70 105,188,270.40 其中：被合并方在合并前实现的净利润 Among which: Net profit recognized before the merger 31 归属于母公司所有者的净利润 Net profit belonging to parent company 32 30,582,604.68 103,749,934.93 少数股东损益 Minority shareholders' equity 33 -72,407.98 1,438,335.47 六、每股收益： Earnings per share (EPS) 34 （一）基本每股收益 Basic EPS 35 0.15 0.52 （二）稀释每股收益 Diluted EPS 36 0.15 0.52 合 并 利 润 表 行次 Line 项 目 Item 附注六 Notes 6 本年金额 Year 2008 上年金额 Year 2007 CONSOLIDATED INCOME STATEMENT Year 2008 会合03表 编制单位(Company Name)：Shanghai Sanmao Enterprise (Group) Co., Ltd. 一、经营活动产生的现金流量 Cash flows from operating activities 1 销售商品、提供劳务收到的现金 Cash receipts from the sales of goods and the rendering of services 2 1,558,852,333.75 1,662,729,133.45 　　客户存款和同业存放款项净增加额 Net increase in deposits from customers and placements from corporations in the same industry 3 　　向中央银行借款净增加额 Net increase in loan from central bank 4 　　向其他金融机构拆入资金净增加额 Net increase in funds borrowed from other financial institutions 5 　　收到原保险合同保费取得的现金 Cash premiums received on original insurance contracts 6 　　收到再保险业务现金净额 Cash received from re-insurance business 7 　　保户储金及投资款净增加额 Net increase in deposits and investments from insurers 8 　　处置交易性金融资产净增加额 Net increase in disposal of trading financial assets 9 　　收取利息、手续费及佣金的现金 Interest, handling charges and commissions received 10 拆入资金净增加额 Net increase in funds deposit 11 回购业务资金净增加额 Net increase in repurchasement business funds 12 收到的税费返还 Receipts of tax refunds 13 133,848,653.43 130,035,913.84 收到其他与经营活动有关的现金 Other cash receipts relating to operating activities 14 6.45 153,609,222.40 111,927,294.27 　 经营活动现金流入小计 Sub-total of cash inflows from operating activities 15 1,846,310,209.58 1,904,692,341.56 购买商品、接受劳务支付的现金 Cash payments for goods purchased and services received 16 1,536,960,311.21 1,642,098,342.76 客户贷款及垫款净增加额 Net increase in loans and payments on behalf 17 存放中央银行和同业款项净增加额 Net increase in deposits with centre bank and interbank 18 支付原保险合同赔付款项的现金 Payments of claims for original insurance contracts 19 支付利息、手续费及佣金的现金 Interests, handling charges and commissions paid 20 支付保单红利的现金 Commissions on insurance policies paid 21 支付给职工以及为职工支付的现金 Cash payments to and on behalf of employees 22 72,134,213.63 95,797,770.71 支付的各项税费 Payments of all types of taxes 23 17,326,848.85 4,871,776.58 支付其他与经营活动有关的现金 Other cash payments relating to operating activities 24 6.45 218,114,227.02 199,642,733.93 　 经营活动现金流出小计 Sub-total of cash outflows from operating activities 25 1,844,535,600.71 1,942,410,623.98 　　 经营活动产生的现金流量净额 Net cash flows from operating activities 26 1,774,608.87 -37,718,282.42 二、投资活动产生的现金流量：Cash flows from investing activities 27 收回投资收到的现金 Cash receipts from disposals and withdraw on investment 28 19,033,563.53 取得投资收益收到的现金 Cash receipts from returns on investments 29 1,530,728.69 5,767,081.60 处置固定资产、无形资产和其他长期资产收回的现金净额 Net cash receipts from disposals of fixed assets, intangible assets and other long-term assets 30 26,745,918.05 4,464,694.24 处置子公司及其他营业单位收到的现金净额 Net cash receipts from disposals of subsidiaries and other business units 31 45,031,553.49 收到其他与投资活动有关的现金 Other cash receipts relating to investing activities 32 6.45 41,700,653.67 471,797,905.89 　 投资活动现金流入小计 Sub-total of cash inflows from investing activities 33 134,042,417.43 482,029,681.73 购建固定资产、无形资产和其他长期资产支付的现金 Cash payments to acquire and construct fixed assets, intangible assets and other long-term assets 34 68,413,937.67 34,983,430.85 投资支付的现金 Cash payments to acquire investments 35 10,659,380.69 10,430,369.00 质押贷款净增加额 Net increase in secured loans 36 取得子公司及其他营业单位支付的现金净额 Net cash payments for acquisitions of subsidiaries and other business units 37 支付的其他与投资活动有关的现金 Other cash payments relating to investing activities 38 101,712,205.52 投资活动现金流出小计 Sub-total of cash outflows from investing activities 39 79,073,318.36 147,126,005.37 投资活动产生的现 金流量净额 Net cash flows from investing activities 40 54,969,099.07 334,903,676.36 三、筹资活动产生的现金流量 Cash flows from financing activities 41 吸收投资所收到的现金 Cash receipts from investors in making investment in the enterprise 42 其中：子公司吸收少数股东投资收到的现金 Including:Cash received from issuing shares of minority shareholders 43 取得借款所收到的现金 Cash receipts from borrowings 44 294,072,034.00 发行债券收到的现金 Proceeds from issuance of bonds 45 收到的其他与筹资活动有关的现金 Other cash receipts relating to financing activities 46 6.45 1,000,000.00 筹资活动现金流入 小计 Sub-total of cash outflows from financing activities 47 295,072,034.00 偿还债务所支付的现金 Cash repayments of amounts borrowed 48 328,991,120.00 92,024,720.14 分配股利、利润或偿付利息所支付的现金 Cash payments for distribution of dividends or profits, or cash payments for interest expenses 49 8,981,630.71 11,654,287.56 其中：子公司支付给少数股东的股利、利润 Including: Subsidiary companies pay cash to minority shareholders for interest expenses and distribution of dividends or profit 50 140,646.75 支付的其他与筹资活动有关的现金 Other cash payments relating to financing activities 51 10,550,177.72 筹资活动现 金流出小计 Sub-total of cash outflows from financing activities 52 337,972,750.71 114,229,185.42 筹资活动产生的现金流量净额 Net cash flows from financing activities 53 -42,900,716.71 -114,229,185.42 四、汇率变动对现金 及现金等价物 的影响 Effect of foreign exchange rate changes on cash and cash equivalents 54 -3,996,891.95 -1,914,117.17 五、现金及现金等价物净增加额 Net increase in cash and cash equivalents 55 9,846,099.28 181,042,091.35 加：期初现金及现金等价物余额 Plus:Cash and cash equivalents at beginning of period 56 271,192,936.23 90,150,844.88 六、期末现金及现金等价物余额 Cash and cash equivalents at end of period 57 281,039,035.51 271,192,936.23 合 并 现 金 流 量 表 项　　　目 Item 附注六 Note 6 本年金额 Year 2008 上年金额 Year 2007 行次 Line 金额单位：元 Monetary Unit: CNY Year 2008 CONSOLIDATED CASH FLOW STATEMENT 合 并 所 有 者 权 益 变 动 表 会合04表 行次 Line 实收资本（或股本) Paid-in capital (or share capital) 资本公积 Capital reserves 减：库存股 Less:Treasury stock 盈余公积 Surplus reserves 一般风险准备 Provision for normal risks 未分配利润 Undistributed profit 外币报表折算差额 Converted difference in Foreign Currency Statements 实收资本（或股本) Paid-in capital (or share capital) 资本公积 Capital reserves 减：库存股 Less:Treasury stock 盈余公积 Surplus reserves 一般风险准备 Provision for normal risks 未分配利润 Undistributed profit 外币报表折算差额 Converted difference in Foreign Currency Statements 一、上年年末余额 Opening balance brought forward 1 200,991,343.00 289,755,311.72 38,610,002.38 -141,344,921.18 2,949,807.03 390,961,542.95 200,991,343.00 233,843,396.10 44,520,360.39 -265,129,256.19 2,761,341.09 216,987,184.39 加：会计政策变更 Plus: Adjustments for changes in accounting policy 2 -8,674,550.61 -5,910,358.01 20,034,400.08 943.26 5,450,434.72 前期差错更正 Adjustments for correction of accounting errors in prior year 3 二、本年年初余额 Beginning balance of current year 4 200,991,343.00 289,755,311.72 38,610,002.38 -141,344,921.18 2,949,807.03 390,961,542.95 200,991,343.00 225,168,845.49 38,610,002.38 -245,094,856.11 2,762,284.35 222,437,619.11 三、本年增减变动金额（减少以“－”号填列）Adjustments for current year 5 -62,587,820.43 37,305,449.62 14,338,791.69 -10,943,579.12 64,586,466.23 103,749,934.93 187,522.68 168,523,923.84 （一）净利润 Net Profit 6 30,582,604.68 -72,407.98 30,510,196.70 103,749,934.93 1,438,335.47 105,188,270.40 （二）直接计入所有者权益的利得和损失 Gain and loss directly recognised in owners'equity 7 -62,587,820.43 6,722,844.94 -15,377.91 -55,880,353.40 64,586,466.23 -1,250,812.79 63,335,653.44 1.可供出售金融资产公允价值变动净额 Adjustments for fair value of available-for-sale financial assets 8 -62,324,208.81 -62,324,208.81 68,466,924.52 68,466,924.52 2.权益法下被投资单位其他所有者权益变动的影响 Adjustments for changes of investees' owners' equity under equity method 9 -14,685,917.83 -13,815.77 -14,699,733.60 15,266,958.84 15,266,958.84 3.与计入所有者权益项目有关的所得税影响 Adjustments on income tax related ot owners'equity items 10 15,448,376.10 15,448,376.10 -19,147,417.13 -19,147,417.13 4.其他 Others 11 -1,026,069.89 6,722,844.94 -1,562.14 5,695,212.91 -1,250,812.79 -1,250,812.79 上述（一）和（二）小计 Sub-total of the above-mentioned (1) and (2) 12 -62,587,820.43 37,305,449.62 -87,785.89 -25,370,156.70 64,586,466.23 103,749,934.93 187,522.68 168,523,923.84 （三）所有者投入和减少资本 Capital contributed or reduced by owners 13 14,426,577.58 14,426,577.58 1.所有者投入资本 Capital contributions by owners 14 2.股份支付计入所有者权益的金额 Amount of share payment registered into owners' equity 15 3.其他 Others 16 14,426,577.58 14,426,577.58 （四）利润分配 Distributed profit 17 1.提取盈余公积 Extract for surplus reserve 18 2.提取一般风险准备 Extract for normal risk reserve 19 3.对所有者（或股东）的分配 Distribute to Owners' (or shareholders) 20 　4.其他 Others 21 （五）所有者权益内部结转 Internal transfer of owners' equity 22 1.资本公积转增资本（或股本）Capital reserves transferring to paid- in capital (or share capital) 23 2.盈余公积转增资本（或股本）Surplus reserve transferring to paid- in capital (or share capital) 24 3.盈余公积弥补亏损 Surplus reserve offsetting loss 25 4.其他 Others 26 四、本年年末余额 Ending balance carried forward 27 200,991,343.00 227,167,491.29 38,610,002.38 -104,039,471.56 17,288,598.72 380,017,963.83 200,991,343.00 289,755,311.72 38,610,002.38 -141,344,921.18 2,949,807.03 390,961,542.95 编制单位(Company Name)：Shanghai Sanmao Enterprise (Group) Co., Ltd. 金额单位：元 Monetary Unit: CNY CONSOLIDATED STATEMENT OF CHANGES IN OWNERS' EQUITY Year 2008 项　目 Item 本年金额 Year 2008 上年金额 Year 2007 归属于母公司所有者权益 Owners' equity belonging to the parent company 少数股东权益 Minority shareholders' equity 所有者权益合计 TOTAL OWNERS' EQUITY 归属于母公司所有者权益 Owners' equity belonging to the parent company 少数股东权益 Minority shareholders' equity 所有者权益合计 TOTAL OWNERS' EQUITY Shanghai Sanmao Enterprise (Group) Company Limited From January 1 2008 to December 31 2008 Auditors’ report and financial statements Table of Contents Page 1. Auditors’ report 1－2 2. Financial statements and notes 1) Balance sheet and consolidated balance sheet 2) Income statement and consolidated income statement 3) Cash flow statement and consolidated cash flow statement 4) Statement of changes in owners’ equity and consolidated statement of changes in owners’ equity 5) Notes to the financial statements 1－89 1 Auditors’ report PCPAR (2009) No. 10999 To shareholders of Shanghai Sanmao Enterprise (Group) Co., Ltd.: We have audited the accompanying financial statements of Shanghai Sanmao Enterprise (Group) Co., Ltd. (hereinafter referred to as ‘the Company’), which comprise the balance sheet and consolidated balance sheet as of December 31, 2008, the income statement and consolidated income statement, the cash flow statement and consolidated cash flow statement, the statement of changes in owners’ equity and the consolidated statement of changes in owners’ equity and notes to the financial statements for the year then ended. Responsibilities of Management In accordance with Accounting Standards for Business Enterprises, the Company’s management is responsible for the preparation of financial statements and 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 appropriate in the circumstances. Responsibilities of Auditors Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Independent Auditing Standards for Chinese Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. It 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 our risk assessments, we consider internal control relevant to the entity’s preparation of the 2 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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements. In forming our opinion we also evaluate the overall adequacy of the presentation of information in 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, such financial statements are prepared in conformity with Accounting Standards for Business Enterprises and in all material respect, present fairly the financial position of the Company as of December 31, 2008, the results of its operations and cash flows for the year then ended. Shu Lun Pan Certified Public Accountants Co., Ltd. Certified Public Accountant of China Zhou Qi Li Jing Shanghai, China Date: April 16, 2009 This auditor’s report and the accompanying notes to the financial statement are English translation of the Chinese auditors’ report. In case of doubt as to the presentation of these documents, the Chinese version shall prevail. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 1 SHANGHAI SANMAO ENTERPRISE (GROUP) CO., LTD. NOTES TO THE FINANCIAL STATEMENTS 1 Corporate information Shanghai Sanmao Enterprise (Group) Company Limited (hereinafter referred to as ‘the Company’) with the original name of Shanghai Sanmao Textile Co., Ltd., was the Sino-foreign joint venture established of public issuance approved with HJQ (1993) No. 330 issued by Shanghai Economic Committee on July 19, 1993. The Company’s business license number is 310000400072008 (municipal bureau). The A share and the B share of the Company is listed in Shanghai Stock Exchange on November 8, 1993 and December 31, 1993 respectively. The Company is mainly engaged in industry. The controlling shareholder of Shanghai Textile Holding (Group) Company transferred stated owned equity of 72,572,143 shares (occupied 36.11% of total shares of the Company) to Chongqing Light Industry and Textile Holdings (Group) Company with free of charge in February 2006. On July 10, 2006, resolution of related shareholders' general meeting of reform of the allocation of equity for listed companies approved that: The consideration paid by holders of non-tradable shares to holders of tradable shares in order to obtain the current right of non-tradable shares: Each 10 shares owned by holders of tradable shares will receive 3 shares of the stock consideration. After carrying out the consideration of scrip issue listed above, the total volume of company shares did not change, and the structure of shares has the relevant changes. As of December 31, 2008, the total volume of share capital is 200,991,343, among which, the number of A shares which with restriction to sell is 52,008,943, occupied 25.88% of the total shares, while the number of A shares with non-restriction to sell is 100,195,200, occupied 49.85% of the total shares. The number of B shares is 48,787,200, occupied 24.27% of the total shares. As of December 31, 2008, the Company has accumulative issued a total of 200,991,343 shares, and registered capital of the Company is CNY 200,991,343.00. The main scopes of business operation are: invested in the area with permitted for investment by the state according to law; lease service for the house property, property management; production of wool, wool yarn and wool textile products, sales of self-produced products and relevant business technology consultancy; software, web design and development, system integration, technology management services of enterprises information (operating under licenses permission if it needs). Registered address: 14F, No. 1474-1484, Pudong Avenue, Pudong New Area, Shanghai. Head office address: No.791, Xie-tu Road, Shanghai. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 2 2 Preparation basis of notes to the financial statements and declaration on compliance with the Accounting Standards for Business Enterprises The financial statements have been prepared on the going concern basis. Actual transactions and events occurred are recognized and measured in conformity with Accounting Standards for Business Enterprises-Basic principle and other related accounting standards. The financial statements of the Company have been prepared in accordance with the “Accounting Standards for Business Enterprises”, and present fairly and fully, the financial position, the results of the operations, and cash flows for the year then ended. 3 Principal accounting policies and accounting estimates adopted by the Company 3.1 Fiscal year Gregorian calendar, from January 1 to December 31 3.2 Recording currency Recording currency is CNY. 3.3 Measurement attribution The Company shall generally adopt historical cost as the measurement basis for items of financial statements. If determined accounting elements can be obtained and reliably measured, and then some specific accounting elements are measured by fair value. Items in financial statements measured by fair value of the Company in Year 2008 including transaction financial assets, financial assets available for sale. The Company accepts the quoted price (closing price on the report date) of the related assets in active market as the basis of fair value. The financial measurement attribution does not change in Year 2008. 3.4 Recognition standard of cash equivalents In preparation of cash flow statements, the term "cash equivalents" refers to short-term (mature within three months on acquisition) 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. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 3 3.5 Foreign currency translation Foreign currency transactions are converted into CNY for recording purpose at the spot exchange rate on the day when the transaction occurs. The exchange difference arising from the balance of foreign currency monetary items which is converted according to the spot exchange rate prevailing on the balance sheet date, except for exchange differences arising from specific-purpose borrowings in foreign currencies related to assets that are eligible for capitalization that shall be processed in accordance with principle of capitalization of the borrowing costs, others shall be recorded in the profits and losses in the current period. A foreign currency non-monetary item measured at the historical costs shall still be translated at the spot exchange rate on the transaction date, of which the amount of functional currency shall not be changed. A foreign currency non-monetary item measured at the fair value shall still be translated using the spot exchange rates at the date when the fair value was determined, the exchange difference arising from it shall be recorded in the profits and losses in the current period. 3.6 Financial statements of foreign currency The asset and liability items in the balance sheets shall be translated at a spot exchange rate on the balance sheet date. Among the owner’s equity items, except for the items as “undistributed profits”, other items shall be translated at the spot exchange rate at the time when they are incurred. The income and expense items in the profit statements shall be translated at a spot exchange rate on the transaction date. The differences arising from the translation of foreign currency financial statements in compliance with the aforesaid shall be presented separately under the owner’s equities of the balance sheets. 3.7 Financial assets or financial liabilities 1) Classification of financial assets or financial liabilities In accordance with the purpose of the said financial asset or financial liability being acquired or undertaken, management level classifies them as: the financial assets or financial liabilities which are measured at their fair values and whose variation is included in the current profits and losses, including transactional financial assets or financial liabilities, held-to-maturity investments, receivable amount, financial assets available for sale and other financial liabilities, etc. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 4 2) Recognition and measurement of financial assets or financial liabilities i) Financial assets measured at their fair values and whose movement is charged into profits and losses account(financial liabilities) Financial assets/liabilities are initially recorded at fair values when acquired (excluding cash dividends that have been declared but not distributed and bond interests that have matured but not drawn). Relevant transaction expenses are charged to profit and loss at the year ended. The interests or cash dividends received are recognized as investment income. Change in fair values is charged to profit and loss at the year end. Difference between the fair value and initial book value is recognized as investment income upon disposal. Adjustment is made to gain or loss from changes in fair values. ii) Held-to-maturity investments Held-to-maturity investments are initially recorded at fair values plus transaction costs when acquired (excluding bond interests that have matured but not drawn). Interest income is recognized as investment income based on the amortized cost and actual interest rate. The actual interest rates are determined upon acquisition and remain unchanged during the expected holding period or a shorter period if applicable. Difference between the proceeds received and book value of the investment is charged to profit and loss account. iii) Account Receivables The creditor’s rights arise from selling goods or providing service by the Company and other creditor’s rights to other enterprises hold by the Company that are not quoted in an active market, including accounts receivable, other receivables, notes receivable, advances to suppliers, long-term receivables, etc. The contract or agreement price should be taken as the initial recognition amount. If it has the nature of financing, it shall be recognized by present value. Difference between the amount received and book value of the receivables is charged to profit or loss of the period upon collection or disposal. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 5 iv) Available-for-sale financial assets Available-for-sale financial assets are initially recorded at fair values plus transaction costs when acquired (excluding cash dividends that have been declared but not distributed and bond interests that have matured but not drawn). The interests and cash dividends received during the holding period are recognized as investment income. At year end, amount of fair value movement are charged to the Capital Reserves (Other Capital Reserves). Difference between the amount received and the book value of the financial assets is recognized as investment gain or loss upon disposal. Meanwhile, the accumulated changes in fair value previously recognized in the owners’ equity are transferred into investment gain or loss. v) Other financial liabilities Other financial liability is initially recognized at fair value plus transaction costs. The subsequent valuation based on amortized costs. 3) Recognition and measurement of transfer of financial assets Where an enterprise has transferred nearly all of the risks and rewards relating to the ownership of the financial asset to the transferee, it shall stop recognizing the financial asset. If it retains nearly all of the risks and rewards relating to the ownership of the financial asset, it shall not stop recognizing the financial asset. Substance over form philosophy should be adopted to determine whether the transfer of a financial asset can satisfy the conditions as described in these Standards for de-recognition of a financial asset. An enterprise 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 stop recognition, the difference between the amounts of the following 2 items shall recorded in the profits and losses of the current period: i) The carrying amount of the transferred financial asset; ii) The aggregate 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). SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 6 If the transfer of partial financial asset satisfies the conditions for stopping recognition, the carrying amount of the entire financial asset transferred shall be allocated at their respective relevant fair value, between the portion whose recognition has stopped and the portion whose recognition has not stopped, and the difference between the amounts of the following 2 items: i) The carrying amount of the portion whose recognition has stopped; ii) The aggregate consideration of the portion whose recognition has 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 stopped (in the event that the financial asset involved in the transfer is a financial asset available for sale). The transfer of financial assets does not meet the de-recognition condition, the financial assets shall continue to be recognized, and the consideration received will be recognized as financial liabilities. 4) Fair value of financial assets/liabilities Financial assets/liabilities that recorded at fair value are with reference to quotation from active market at the year ended. 5) Impairment of financial assets i) Impairment of available for sale financial assets If the fair value of financial assets available for sale has greatly dropped at the end of year, or after considering of all the relevant factors and expecting decrease trend is non-temporary, the impairment should be confirmed, and accumulated losses due to decreases in fair value previously recognized directly in capital reserve are reversed and charged to profit or loss for the current period. ii) Impairment of held-to-maturity investments and loans and receivables The measurement of provision for impairment loss on held-to-maturity investments will be processed according to the method of the measuring impairment of accounts receivables. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 7 3.8 Recognition and provision of provision for bad and doubtful debts of accounts receivable If there is objective evidence at the year end to indicate that impairment exists in accounts receivable, their carrying amount should be decreasingly recorded as recoverable amount. The decreased amount should be recognized as impairment loss of assets and be recorded into profit and loss of the current period. Recoverable amount is recognized through discounting its future cash flow (excluding credit loss that has not occurred) at original actual rate with consideration of the value of related guarantee (deducting estimated disposal expenses and etc.). Original actual rate is actual rate calculated when recognizing the accounts receivable at first. Since there is tiny difference between estimated future cash flow and present value of short-term accounts receivable, the estimated future cash flow will not be discounted when recognizing related impairment loss. Conduct impairment testing separately on accounts receivable and other receivable with relatively higher individual price at the year ended. If there is objective evidence to indicate that impairment exists, recognize impairment loss and provide for bad and doubtful debts in accordance with the difference between its future cash flow and carrying amount. Single item with significant balance: top five balances of accounts receivable and other receivables. Conduct impairment test separately on notes receivable and advances to suppliers at the year ended. If there is objective evidence to indicate that impairment exists, recognize impairment loss and provide for bad and doubtful debts base on the difference between present value of future cash and carrying amount. If there is no impairment through the testing, provision for bad debts will not be provided. In terms of accounts receivable and other receivable with single item with insignificant balance at the year ended, if there is objective evidence to indicate that impairment exists, the value of carrying amount will be reduced to recoverable amount, reduced amount recognized as impairment loss on assets, which shall be recorded in the profits and losses in the current period. After individual test, unimpaired accounts receivables and other receivables shall be grouped by similar credit risk by aging, and then calculated the proportion of the ending balance of these accounts receivables combinations to determine impairment loss and provision for bad debts. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 8 In terms of the account receivables and other receivables without providing impairment solely after testing, the Company shall determine the following provision rate based on actual impairment rate of the same or similar credit group as account receivables and other receivables in previous year and current situation. Aging Accounts receivable Other receivables Within 1 year 2% 0% 1-2 years 10% 10% 2-3 years 20% 20% Over 3 years 30% 30% 3.9 Inventory 1) Classification Inventories are classified as: raw materials, packaging materials, low-cost and short-lived articles, goods in process, merchandise inventories, processing materials on consignment, goods in transit, developing products etc. 2) Valuation method of issued inventory i) The inventories are calculated using weighted average method when issued. ii) Amortization method of supplies for repetitive usage Low-cost and short-lived articles and packaging materials are amortized with lump-sum amortization method. 3) System of stock inventory: Perpetual inventory system. 4) Provision for diminution in value of inventory At the year end stock taking, provision for diminution in value of inventory is recognized by individual unit based on the lower of the cost or the net realizable value of inventory. Finished goods, merchandise inventories, and available for sale materials which are applied directly for sales of stock inventory, under normal producing process, to the amount after deducting the estimated sale expense and relevant taxes from the estimated sell price of the inventory, the net realizable value has been recognized. Material inventories which need to be processed, under normal producing process, to the amount after deducting the estimated cost of completion, estimated sale expense and relevant taxes from the estimated sale price of produced finished goods, the net realizable value has been recognized. The net realizable value of inventories held for the execution of a sales contract or labor contract shall be calculated on the basis of the contract price. If an enterprise holds more inventories than the quantities subscribed in the sales contract, the net realizable value of the excessive inventories shall be calculated on the basis of the general sales price. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 9 An enterprise shall make provision for loss on decline in value of inventories on the basis of each item of inventories at the year ended. For large numbers of inventories at relatively low unit prices, the provision for loss on decline in value of inventories shall be made on the basis of each category of inventories. For the inventories which are related to the series of products manufactured and sold in a same area, and of which the final use or purpose is identical or similar thereto, and if it is difficult to measure them by separating them from other items, the provision for loss on decline in value of inventories may be made on a combination basis. If the factors, which cause any write-down of the inventories, have disappeared, the amount of write-down shall be resumed and shall be reversed from the provision for the loss on decline in value of inventories which has been made. The reversed amount shall be included in the profits and losses of the current period. 3.10 Long-term equity investment 1) Initial measurement a) Long-term equity investment from merger For the merger of enterprises under the same control, if the consideration of the merging enterprise is that it will make payment in cash, transfer non-cash assets or bear its debts, it shall, on the day of merger, treat the share of the carrying amount of the owner's equity of the merged enterprise as the initial cost of the long-term equity investment.. Adjustment is made to capital reserve if the difference is found between the initial investment cost of long-term equity investment and the price of merger. If capital reserve is not able to complete the adjustment, the adjustment is made with retained earnings. The direct related costs occurred during merging, including auditing fees, assessment costs and legal services cost and etc. for conducting merger, include in the profit and loss of current accounting period. Business combination not under same control, the combination costs shall be the fair values, on the acquisition date, of the assets given, the liabilities incurred or assumed, and the equity securities issued by the acquirer, in exchange for the control of the acquiree. For a business combination realized by two or more exchanges or transactions, the combination costs shall be the summation of the costs of all separate transactions. Where any future events, which are likely to affect the combination costs, is stipulated in the combination contract or agreement, if they are likely to occur and if their effects on the combination costs can be measured reliably, the acquirer shall record the said amount in the combination costs. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 10 b) Other methods of acquire long-term equity investment The initial cost of a long-term equity investment obtained by making cash payment shall be the purchase price 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 made by an investor shall be the value stipulated in the investment contract or agreement (net of declared but not yet paid cash dividends or profits) with the exception of those of unfair value as is stipulated in the contract or agreement. Under the condition of reliable measurement of fair value of exchange non-monetary assets has commercial substance, which exchange in or out, the relative non-monetary assets exchanged long-term equity investment recognizes initial investment cost under the fair value of the exchanged out assets, unless there is significant evidence for the fair value of the exchanged in assets is more reliable. The non-monetary assets do not meet the above prerequisites; their initial investment cost of long-term equity investment is the book value of the exchanged out assets and the related tax and expenditure payables. The initial cost of a long-term equity investment obtained by debt restructuring shall be determined based on fair value. 2) Basis for investee enterprise being exercised joint control or significant influences The term "joint control" refers to the contractually agreed sharing of control over an economic activity, which does not exist unless the investing parties of the economic activity reach a consensus on sharing the control power over the relevant important financial and operating decisions. Where an investing enterprise and other parties exercise joint control over an investee entity, the investee entity shall be their joint enterprise. The term "significant influences" means the power to participate in making decisions on the financial and operating policies of an enterprise, but not to control or exercise joint control together with other parties over the formulation of these policies. Where an investing enterprise is able to have significant influences on an investee entity. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 11 3) Subsequent measurement and recognition of profits The enterprise exercises joint control or significant influences over the investee entity shall be measured through the equity method. If its initial investment cost is more than the difference of investing enterprise' attributable share of the fair value of the investee entity's identifiable net assets for the investment, no adjustment will be made to the initial cost of the long-term equity investment. If its initial investment cost is less than the investing enterprise' attributable share of the fair value of the investee entity's identifiable net assets for the investment, the difference shall be recorded in the profits and losses of the current period For a long-term equity investment made by the subsidiary company of a company, the investing enterprise shall conduct measurement through the cost method as prescribed by these Standards, and shall make an adjustment through the equity method when it makes consolidated financial statements. A long-term equity investment, which does not exercise joint control or does not have significant influences on the investee entity, for which there is no offer in the active market and of which the fair value cannot be reliably measured. The investment income recognized by the investing enterprise under the cost method 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. A long-term equity investment of the investing enterprise that does joint control or does have significant influence, using the equity method. Under the equity method, when the Company has recognized it shall share of the losses of the investing enterprise, the order of dealing with this issue is as follows: at first, diluting the book value of the long-term equity investment, and then if the book value of the long-term equity investment is not enough to dilute, continuing recognition of the investment losses, based on fair value of long-term equity investment of investee’s net investment, to further recognize investment loss, deducting the book value of the long-term accounts receivable items and so on. At last, as mentioned above, in accordance with investment contract or agreement, the enterprise still has extra obligation and if the recognition of an estimated debts by the estimated undertaking obligation, recorded to the investment losses within the current year. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 12 Towards to the investing enterprise gains profit in the later term, after the Company deducts the un-recognized losses of share, the solving order shall be in contrast to the mentioned before, to dilute the carrying amount of recognized estimated debts, recovering the other net investment of long-term equity and the book value of the long-term equity investment of investing enterprise, while recognition of the investment income. Dealing with the other changes of owners’ equity of the investing enterprise except for the net profits or losses: the other changes of owners’ equity of the investing enterprise except for the net profits or losses, in the condition of remaining unchanged of shareholdings proportion, the Company shall calculate the part of the shares or undertakes according to the proportion of shareholdings, the book value of the long-term equity investment shall be adjusted, while plus or minus the capital reserves (other capital reserves). 3.11 Category and measurement of investment property Investment property is property held to earn rentals or for capital appreciation or both, comprising a land use right that is leased out, a land use right held for transfer upon capital appreciation and a building that is leased out. The Company uses the cost model for subsequent measurement of an investment property, For investment property held for lease purpose under the cost model, the Company adopts the depreciation policy consistent with that applicable to fixed assets and adopts the amortization policy consistent with that applicable to land use right. If impairment incurred, the recoverable amount shall be estimated, if the recoverable amount is lower than its carrying amount, the corresponding impairment loss shall be recognized. 3.12 Fixed assets and depreciation 1) Recognition of fixed assets: The "fixed assets" refer to the tangible assets that they are held for the purpose of producing commodities, providing labor service, renting or business management; and their useful life exceeds one fiscal year. No fixed asset may be recognized unless it simultaneously satisfies the following conditions: a) The economic benefits relating to the fixed asset are likely to flow into the enterprise; and; b) The cost of the fixed asset can be measured reliably. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 13 2) Classification of fixed assets: Fixed assets of the Company are classified as buildings and constructions, machinery equipment, electronic equipment, transportation equipment, and the decoration expenses of renting fixed assets etc. 3) Initial measurement of fixed assets A fixed asset shall be initially measured at its actual cost when it’s obtained. The cost of a purchased fixed asset of the purchase price, relevant taxes, freight, loading and unloading fees, professional service fees and other disbursements that bring the fixed asset to the expected conditions for use and that may be attributed 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 determined on the basis of the current value of the purchase price. The cost of a self-constructed fixed asset shall be formed by the necessary disbursements incurred for bringing the asset to the expected conditions for use. Where a debt restructuring is made by the fixed assets offset by debtor, the debtor shall recognize the fixed assets based on the fair value as the entering value in an account and include the difference between the book value of the debt to be restructured and the fair value of the non-cash asset transferred into the current profits and losses. If the non-monetary assets transaction is commercial in nature and 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 entering value in an account of the assets received, unless there is any exact evidence showing that the fair value of the assets received is more reliable. If not satisfying the above condition of non-monetary assets transaction, 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. If the fixed assets are obtained in a business combination under the same control, the entering value in an account is recognized by the book value of the combining party. If the fixed assets are obtained in a business combination not under the same control, the entering value in an account is recognized by the fair value. For fixed assets acquired through financing lease, the book value of fixed assets should be the lower of the fair value of fixed assets at the beginning date of leasing and the present value of the lowest leasing payment. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 14 4) Provision method of fixed assets depreciation Depreciation is calculated using the straight-line method. The depreciation rate of fixed assets should be recognized according to the classification of fixed assets, estimated useful life and estimated residual values. The estimated useful life and depreciation rate of kinds of fixed assets are as follows: Category Estimated useful life (year) Net residual value (%) Annual depreciation rate (%) Buildings and constructions 10-40 5 2.38-9.5 Machinery equipment 12-18 5 5.28-7.92 Transportation and other equipments 5-12 5 7.92-19 3.13 Construction in progress 1) Classification of construction in progress Construction in progress is classified according to the items. 2) The criteria and time of construction in progress carried forward to the fixed assets Construction in progress is transferred to fixed asset when it has reached its working condition for its intended use. In case the final project accounts have not been completed or approved, the asset should be transferred to fixed assets at an estimated value by considering project budget, cost or actual cost of the project and etc., and the deprecation of the said fixed assets shall be provided in accordance with the Company’s accounting policy since it has reached its working condition for its intended use. After the project accounts have been approved, the estimated values should be adjusted based on the actual cost, but those provided deprecation should not be adjusted. 3.14 Intangible assets 1) Valuation of intangible assets The intangible assets shall be recorded at initial cost. The cost of an intangible asset on acquisition include the purchase price, relevant taxes and other necessary disbursements which may be directly attributable to brining the intangible asset to the conditions for the expected purpose. If the payment for an intangible asset is delayed beyond the normal credit conditions and it is of the financing nature, the cost of the intangible asset shall be determined on the basis of the current value of the purchase price. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 15 If the intangible assets are obtained in a business combination under the same control, the entering value in an account is recognized by the book value of the combining party. If the intangible assets are obtained in a business combination not under the same control, the entering value in an account is recognized by the fair value. 2) Useful life and amortization of intangible assets a) Estimate useful life of intangible assets with limited useful life Land use age which indicates on the land use right certificate is recognized as an estimated useful life. An enterprise shall review the service life of intangible assets with limited useful life at each end of the year. The service life of intangible assets is not different from those before after checking. b) A basis for judgment of uncertain intangible assets: Trademark has priority renewal right; it shall be recognized as an intangible asset with uncertain useful life. An enterprise shall review the service life of trademark at each end of the year. The service life of trademark still recognized as uncertainty after checking. c) Amortization of intangible assets As for the intangible assets with limited service life, if it is able to forecast the period when the intangible asset can bring economic benefits to the enterprise, it shall be amortized by the straight-line method. 3.15 Amortization of long-term deferred expenses method and amortization period Long-term deferred expenses are amortized evenly over the beneficial period, among which: Leasehold improvements on fixed assets under operating finance are amortized reasonably by realizing the optimal expected benefits. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 16 3.16 Impairment losses for other major assets except inventories, investment estate and financial assets 1) Long-term equity investment Long-term equity investment of which using costing method, no quoted price on the active market and no reliable measurement of fair value, the impairment losses for the such long-term equity investment is based on the differences between the book value and the present value of equivalent financial asset that returns on future cash flows discounted with the prevailing market rate of return. Other long-term equity investment, if the result of measurement of amount that can be recovered, and the recoverable amount of other long-term equity investment is less than its book value, the difference will be recognized as the impairment loss. Once the impairment loss of long-term equity investment confirmed, no reversing entry can be further made. 2) Long-term non-financial assets: Fixed assets, construction in progress, intangible assets, goodwill and etc. For the long-term other non-financial assets include fixed assets, construction in progress, intangible assets, goodwill and etc., at the end of each year the adjustments are made whether the signs of impairment loss of the relative assets are existed. Intangible asset that formed by mergers of goodwill and indefinite useful life, irrespective of whether there are signs of impairment losses, the impairment tests take in place every year. Assets with signs of impairment loss and possible recoverable amount, the recoverable amount is identified by the higher amount between the net value of the asset fair value less the asset disposal cost and the net present value of the asset expected future cash flow. When the asset recoverable amount is less than its book value, book value of assets written down charge to its recoverable amount, the amount of written-down recognized as asset impairment loss, and included in the current period profit and loss, while the corresponding provision for impairment loss of assets is made. After the recognition of Asset impairment loss, the depreciation or amortization expenses of the impairment loss assets should make adjustments in the future accounting period, in order to systematically amortize the book value of the assets (less expected net salvage value) after making adjustment within the assets remaining useful life. Once the impairment loss of long-term non-financial assets confirmed, no reversing entry should be made for the following accounting period. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 17 Indication of sign of one asset possible impairment, the enterprise makes individual asset-based estimate of its recoverable amount. 3.17 The capitalization of borrowing costs A Recognition principle of cost of borrowing capitalization The borrowing costs incurred to an enterprise which is directly attributable to the acquisition, construction or production of assets eligible for capitalization shall be capitalized and be recorded in the costs of the asset. Other borrowing costs shall be recognized as expenses on the basis of the actual amount incurred and shall be recorded in the current profits and losses. The term “qualifying asset” refers to the fixed assets, investment real estate, inventories and other assets, of which the acquisition, construction and production takes a substantial period of time to get ready for its intended use or for sale. The borrowing costs shall not be capitalized unless they simultaneously satisfies the following requirements: a) The asset disbursements have already incurred, including the cash payments for the acquisition, construction or production activities for preparing an asset eligible for capitalization, as well as the disbursement for the transfer of non-cash asset or for interest bearing debt; b) The borrowing costs have already incurred; and c) The acquisition, construction or production activities which are necessary to prepare the asset for its intended use or sale have started. If the acquisition, purchase or construction of a qualifying asset is interrupted abnormally and if the interruption period lasts for more than 3 months, the capitalization of the borrowing costs shall be suspended. The capitalization of the borrowing costs shall be ceased when the qualifying asset under acquisition, construction or production is ready for the intended use or sale. If each part of a asset under acquisition, construction or production is completed separately and is used separately, the capitalization of the borrowing costs in relation to this part of asset shall be ceased. B Capitalization period of cost of borrowing The capitalization period refers to the period from the commencement to the cessation of capitalization of the borrowing costs, excluding the period of suspension of capitalization of the borrowing costs. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 18 C Calculation for the amount of cost of borrowing capitalization Interests of a specifically borrowed fund (less any income earned on the unused borrowing fund as a deposit in the bank or as a temporary investment), for the ancillary expenses incurred to any specifically borrowed fund, those incurred before a qualifying asset under acquisition, construction or production is ready for the intended use or sale shall be capitalized at the incurred amount when they are incurred. The enterprise shall calculate and determine the to-be-capitalized amount of interests on the general borrowing by multiplying the part of the accumulative asset disbursements in excess of the weighted average asset disbursement for the specifically borrowed fund by the capitalization rate of the general borrowing used. The capitalization rate shall be calculated and determined according to the weighted average interest rate of the general borrowing. If there are any discounts or premiums, the amount of discounts or premiums that shall be amortized in each accounting period shall be determined through the real interest rate method and an adjustment shall be made to the amount of interest in each period. 3.18 Recognition of revenue A. Sale of goods The Company has transferred to the buyer the significant risks and rewards of ownership of the goods; and retained neither continuing managerial involvement which usually relates to the ownership nor exerts effective control over the goods sold. The relevant amount of revenue can be measured reliably, the economic benefits related to the transaction will flow into the enterprise; and the relevant costs incurred or to be incurred can be measured reliably. Revenue from the sale of goods may be recognized. B. Rendering of services If an enterprise can, on the balance sheet date, reliably estimate the outcome of a transaction involving the services it renders, it shall recognize the revenue from rendering services through the percentage-of-completion method. If the Company can not, on the balance sheet date, reliably measure the result of a transaction involving the rendering of services, it shall treat it according to the following circumstances, respectively: (1) If the cost of services incurred is expected to be recovered, the revenue from the rendering of services shall be recognized according to the amount of the cost of services incurred, and the cost of services shall be carried forward at a same amount; or SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 19 (2) If the cost of services incurred is not expected to be recovered, the cost incurred should be recorded in the profits and losses of the current period, and no revenue may be recognized. C. Remise of right to use assets The relevant economic benefits are likely to flow into the enterprise, and the amount of revenues can be measured reliably. An enterprise shall determine the amount of revenues from the remise of right to use assets in light of the following circumstances, respectively: (1) The amount of interest revenue should be measured based on the length of time for which the enterprise’s cash is used by others and the actual interest rate; or (2) The amount of royalty should be measured according to the period and method of charging as stipulated in the relevant contract or agreement. (3) Revenue from lease: a) Having lease contract, agreement acknowledged by lessee or other settlement order; b) Having implemented obligations regulated in the contract, issued lease invoice with price obtained or confirmed; c) The cost of lease development product can be measured reliably. 3.19 Basis for the recognition of the deferred income tax assets The Company shall recognize the deferred income tax liability arising from a deductible temporary difference to the extent of the amount of the taxable income which it is most likely to obtain and which can be deducted from the deductible temporary difference. 3.20 There are no changes in principal accounting policies and estimates and corrections of errors for the Year 2008. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 20 4 Taxation 4.1 The main type of tax and tax rate Item Basis of tax assessment Tax rate VAT Revenue from sale of products (goods) 17% (13%, 6%) Business tax Leasing income etc. 5% Business tax Income from rendering of services 3% Enterprise income tax 18% (20%, 25%) 4.2 Enterprise income tax In accordance with Notice of the State Council on the Implementation of the Transitional Preferential Policies in respect of Enterprise Income Tax (No. 39 [2007], the State Council), The Company or the subsidiaries whose registered address in Pudong New Area of Shanghai, such as Shanghai Huayu Wool and Jute Import and Export Co., Ltd., Shanghai Sanmao Import and Export Co., Ltd., Shanghai Sanmao International Transportation Co., Ltd., Shanghai Dipai Garments Co., Ltd. and Shanghai No.1 Mill Textile Co., Ltd. All of them paid the enterprise income tax in preferential tariff as the tax rate of 15%, and they paid the enterprise income tax at rate of 18% in current year. Subsidiaries, Shanghai Zijin Wool and Textile Co., Ltd. and Shanghai Maofen Property Development Co., Ltd., are in accordance with the condition as enterprises with small-sized meager profit, paying the enterprise income tax according to the decreased tax rate of 20%. Other subsidiaries of the Company are subject to the enterprise income tax at a rate of 25%. 5 Consolidated financial statements The Company adopts the Accounting Policies for Business Enterprises No.33 – Consolidated Financial Statements issued in February 2006. All subsidiaries under the Company’s control are included in the scope of consolidation. The consolidated financial statements are prepared by the parent company based on the individual financial statements of the parent company as well as individual financial statements of the subsidiaries included in the scope of consolidation, with reference made to other relevant information and after adjustment to the investments in subsidiaries under equity method. During consolidation, internal equity investments and subsidiaries’ owner’s equity, internal investment income and subsidiaries’ profit distribution, internal transactions, internal debts and credits are eliminated. Difference arising from merging cost which is greater than the gained recognizable net asset fair value of purchasee during the course of consolidation can be recognized as goodwill. Difference arising from merging cost which is less than the gained recognizable net asset fair value of purchasee during the course of consolidation is transferred into the profits and losses of current period. Subsidiaries adopt the same accounting policies with the parent company. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 21 Figures in this section are expressed in CNY 10,000 unless otherwise stated. 5.1 Subsidiary condition a) Subsidiaries acquired through business consolidation under the same control Note: The controlling subsidiary, Shanghai Sanmao Import and Export Co., Ltd., hold 88% of equity interests of Shanghai Huayu Wool and Jute Import and Export Co., Ltd. � The consolidation of subsidiaries under the same control happened in 2002, and the same actual controller is Shanghai Textile Holding (Group) Company in 12 months of front or back of consolidation. � No consolidation under the same control happened this year. b) Subsidiaries acquired through business consolidation without the same controlling Name of investees Type of subsidiaries Registered address Nature of business Registered capital Scope of business Actual investment amount as of December 31, 2008 (apply to contribution of capital by installment) Forming the balance of net investment to the subsidiary company in essence. (apply to insolvent company) Proportion of share holdings of the Company Proportion of having voting right of the Company Consolidated or not Shanxi Lingyun Wanzheng Circuit Boards Co., Ltd. Holding subsidiary Baoji Industry 1, 989.84 Printed circuit boards including of single-sided printed boards, double-sided printed boards or multilayer printed boards and etc. Contribution of capital by non-installment - 65.44% 65.44% Yes Name of subsidiaries Type of subsidiaries Registered address Registered capitalScope of business Actual investment amount as of December 31, 2008 (apply to contribution of capital by installment) Forming the balance of net investment to the subsidiary company in essence. (apply to insolvent company) Proportion of shareholdings of the Company Proportion of having voting right of the Company Consolidated or not Shanghai Chunxin Wool and Material Co., Ltd. Wholly owned subsidiary Shanghai 450 Sales of textile raw materials, products and etc. Contribution of capital by non-installment - 100% 100% Yes Shanghai Huayu Wool and Jute Import and Export Co., Ltd. (Note) Subsidiary of holding subsidiary Shanghai 2,000 Self-support and agent of various goods, import & export business of technology Contribution of capital by non-installment - 100% 100% Yes Shanghai Shenmao Real Estate Co., Ltd. Holding subsidiary Shanghai 500 Development of real estate, operation and etc. Contribution of capital by non-installment - 80% 80% Yes SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 22 Increased subsidiaries acquired through business consolidation without the same controlling in Year 2008, see Notes 5.2. c) Subsidiaries acquired not through business consolidation Full name of the invested company Type of subsidiary Registered address Nature of business Registered capital Scope of business Actual investment amount as of December 31, 2008 (apply to contribution of capital by installment) Forming the balance of net investment to the subsidiary company in essence. (apply to insolvent company) Proportion of shareholdings of the Company Proportion of having voting right of the Company Consolidated or not Shanghai Sanmao Import and Export Co., Ltd. (Note 1) Holding subsidiary Shanghai Commerce 6,800 Self-support and agent of import & export business Contribution of capital by non-installment - 100% 100% Yes Shanghai Shenyi Mill Co., Ltd. (Note 2) Holding subsidiary Shanghai Industry 5,500 Top wool, caddice, knitting wool Contribution of capital by non-installment - 100% 100% Yes Shanghai Sanmao Real Estate Co., Ltd. (Note 3) Holding subsidiary Shanghai Real estate 2,000 Real estate development operation Contribution of capital by non-installment - 100% 100% Yes Chongqin Sanmao Real Estate Development Co., Ltd. (Note 4) Subsidiary of holding subsidiary Chongqing Real estate 2,100 Real estate development, gardening virescence and etc. Contribution of capital by non-installment - 100% 100% Yes Shanghai No.1 Mill Textile Co., Ltd. Wholly owned subsidiary Shanghai Industry 11,832 Wholesale of top wool, wool yarn and hardware; consulting Contribution of capital by non-installment - 100% 100% Yes Shanghai No.1 Mill Textile (Chongqin) Co., Ltd. (Note 5) Subsidiary of wholly owned subsidiary Chongqing Industry 7,000 Top wool, caddice, knitting wool, cloth and etc. Contribution of capital by non-installment - 100% 100% Yes Taichang Sanmao Textile Co., Ltd. (Note 6) Subsidiary of wholly owned subsidiary Jiangsu Industry 1,200 Production, process and sales of diaphanous facing material Contribution of capital by non-installment - 100% 100% Yes Shanghai Shanhe Investment Administration Co., Ltd. Holding subsidiary Shanghai Service industry 3,000 Industry investment and management consultancy Contribution of capital by non-installment - 90% 90% Yes Shanghai Sanmao Labor Services Co., Ltd. wholly owned subsidiary Shanghai Service industry 10 Labor service and etc. Contribution of capital by non-installment - 100% 100% Yes Shanghai Sanmao International Transportation Co., Ltd. (Note 7) Subsidiary of holding subsidiary Shanghai Freight transport 500 International transportation agency of sealand, land-carriage and air-carriage import & export goods Contribution of capital by non-installment - 100% 100% Yes SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 23 Full name of the invested company Type of subsidiary Registered address Nature of business Registered capital Scope of business Actual investment amount as of December 31, 2008 (apply to contribution of capital by installment) Forming the balance of net investment to the subsidiary company in essence. (apply to insolvent company) Proportion of shareholdings of the Company Proportion of having voting right of the Company Consolidated or not Shanghai Zijin Wool and Textile Co., Ltd.(Note 8) Subsidiary of holding subsidiary Shanghai Industry 50 Caddice, knitting wool, textile raw materials and etc. Contribution of capital by non-installment - 100% 100% Yes Shanghai Dipai Garments Co., Ltd. (Note 9) Subsidiary of holding subsidiary Shanghai Commerce 350 Design, processing and sales of Clothes, auxiliary materials and textile Contribution of capital by non-installment - 100% 100% Yes Shanghai Asahi Man Apparel Co., Ltd. (Note 10) Holding subsidiary Shanghai Industry 1,661 Manufacture, transaction and ironing of western-style clothes Contribution of capital by non-installment - 100% 100% Yes Shanghai Maofen Property Management Co., Ltd. (Note 11) Subsidiary of holding subsidiary Shanghai Service industry 50 Property management, real state consulting service and labor service Contribution of capital by non-installment - 100% 100% Yes Shanghai Sanlian Textile and Dye Co. Ltd. wholly owned subsidiary Shanghai Commerce 650 Fiber dying, washed wool and etc. Contribution of capital by non-installment - 100% 100% Yes SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 24 Note 1: The Company and the holding subsidiary, Shanghai Shenyi Mill Co., Ltd., hold 90% and 10% of equity interests of Shanghai Sanmao Import and Export Co., Ltd. respectively. Note 2: The Company and the holding subsidiary, Shanghai Shanhe Investment Administration Co., Ltd., hold 90% and 10% of equity interests of Shanghai Shenyi Mill Co., Ltd. respectively. Note 3: The Company and the holding subsidiary, Shanghai Sanmao Import and Export Co., Ltd., hold 90% and 10% of equity interests of Shanghai Sanmao Real Estate Co., Ltd. respectively. Note 4: The holding subsidiary, Shanghai Sanmao Real Estate Co., Ltd., and the controlling subsidiary, Shanghai Sanmao Import and Export Co., Ltd., hold 70% and 30% of equity interests of Chongqin Sanmao Real Estate Development Co., Ltd. respectively. Note 5: The wholly owned subsidiary, Shanghai No.1 Mill Textile Co., Ltd., holds 100% of equity interests of Shanghai No.1 Mill Textile (Chongqin) Co., Ltd. Note 6: The wholly owned subsidiary, Shanghai No.1 Mill Textile (Chongqing) Co., Ltd., holds 100% of equity interests of Taicang Sanmao Textile Co., Ltd. Note 7: The holding subsidiary, Shanghai Sanmao Import and Export Co., Ltd., and the wholly owned subsidiary, Shanghai Chunxin Wool and Material Co., Ltd., hold 90% and 10% of equity interests of Shanghai Sanmao International Transportation Co., Ltd. respectively. Note 8: The holding subsidiary, Shanghai Sanmao Import and Export Co., Ltd., holds 100% of equity interests of Shanghai Zijin Wool and Textile Co., Ltd. Note 9: The holding subsidiary, Shanghai Sanmao Import and Export Co., Ltd., holds 100% of equity interests of Shanghai Dipai Garments Co., Ltd. Note 10: The Company and the holding subsidiary, Shanghai Sanmao Import and Export Co., Ltd., hold 50% and 50% of equity interests of Shanghai Asahi Man Apparel Co., Ltd. respectively. Note 11: The holding subsidiary, Shanghai Sanmao Real Estate Co, Ltd., holds 100% of equity interests of Shanghai Maofen Property Development Co., Ltd. d) There are no subsidiaries which are not included in the scope of the consolidation statement. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 25 5.2 Increases or decreases conditions of subsidiaries for Year 2008 a) Increases conditions of subsidiaries which are not under the same control due to the purchase of equity Name of subsidiaries Date of purchasing Recognition of purchasing date Consolidated cost Acquiring recognizable net assets fair value of puchasee Amount of goodwill or negative goodwill Recognition of goodwill (or negative goodwill) Recognition of fair value Shanxi Lingyun Wanzheng Circuit Boards Co., Ltd. 30-Nov-08 Recognized by the actual date of obtaining the control authority 27,317,000 27,317,000 --- --- Recognized by assessed price b) Other increases or decreases conditions of subsidiaries (1) Increased subsidiaries Shanghai Sanlian Textile and Dye Co. Ltd. becomes the wholly owned subsidiary of the Company after institution status of joint venture changing to one person limited liability company. (2) Decreased subsidiaries Shanghai Sanmao Property Development Co., Ltd.: Due to the reduced capital for current year, the Company withdraws the whole investment; for the details please refer to notes 12.2 m). Shanghai Diyi Wool and Textile Co., Ltd. was established the liquidation group on November 30, 2003, and carried out the general liquidation, which was a closed down subsidiary, it was judged to be bankrupt in November 2008. Shanghai No.2 Worsted Textile Ace Industrial Co., Ltd. was established the liquidation group in February of 2004, and carried out the general liquidation, which was a closed down subsidiary, it judged to be bankrupt in November of 2008. 5.3 There is no subsidiary which brought into the scope of consolidation, but the parent company holds subsidiaries with 50% or less than 50% of voting rights. 5.4 There is no whose parent company owns over half of voting shares but are unable to form the control on the invested units. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 26 5.5 Changes in the scope of consolidation for Year 2008 (a) Compared with the previous year, two additional companies were taken into consolidation, the reasons are: Shanxi Lingyun Wanzheng Circuit Boards Co., Ltd.: The Company increased the capital to purchase equity for controlling. Shanghai Sanlian Textile and Dye Co., Ltd. became the wholly owned subsidiary of the Company after institution status of joint venture changing to one person limited liability company. (b) Consolidated companies decreased by one company for Year 2008, the reason is: Shanghai Sanmao Property Management Co., Ltd.: Due to the reduced capital this year, the Company withdrew the whole investment, and drop out of consolidation. (c) The information of new companies, which is brought into the scope of consolidation in the reporting period（Monetary unit: CNY 0’000） Name of subsidiaries Proportion of shareholdings Net asset on date of purchase Net asset as of December 31, 2008 Net profit from purchasing date to the December 31, 2008 Shanxi Lingyun Wanzheng Circuit Boards Co., Ltd. 65.44% 4,174.36 4,152.65 -21.71 Shanghai Sanlian Textile and Dye Co., Ltd. 100% 730.45 753.41 22.96 (d) The information of the Company, which has not been brought into the scope of consolidation in the reporting period. (Monetary unit: CNY 0’000) Name of subsidiaries Proportion of shareholdings Net asset as of January 1, 2008 Net asset on the date of disposal Net profit from the opening balance to the date of disposal Shanghai Sanmao Property Management Co., Ltd. 100% 99.67 99.53 -0.14 5.6 There is no situation that the ability of the subsidiaries transferring the capital to the parent company has restricted strictly. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 27 5.7 Minority shareholders’ equity and interest (Monetary unit: CNY 0’000) Item As of January 1, 2008 Increases/decreases of minority shareholders’ equity for Year 2008 Other increases /decreases (Note) As of December 31, 2008 Minority shareholders’ equity: Shanghai Sanmao Real Estate Co, Ltd. 1,433,226.52 -1,623.69 --- 1,431,602.83 Shanghai Shanhe Investment Administration Co., Ltd. 1,516,580.51 -17,346.62 --- 1,499,233.89 Shanxi Lingyun Wanzheng Circuit Boards Co., Ltd. --- -68,815.58 14,426,577.58 14,357,762.00 Total 2,949,807.03 -87,785.89 14,426,577.58 17,288,598.72 Note: Newly owned subsidiaries brought minority shareholders’ equity into the Company for year 2008. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 28 6 Notes to the main items of consolidated financial statements (Amounts are expressed in CNY unless otherwise stated.) 6.1 Cash and cash equivalents As of December 31, 2008 As of January 1, 2008 Item Original value Exchange rate Equivalent to CNY Original value Exchange rate Equivalent to CNY Cash on hand CNY 446,510.41 446,510.41 260,658.81 260,658.81 USD 2,107.00 6.8346 14,400.50 2,107.00 7.3046 15,390.79 EUR 1,340.00 9.6590 12,943.06 1,340.00 10.6669 14,293.65 HKD 500.00 0.8819 440.95 500.00 0.9364 468.20 Subtotal --- 474,294.92 --- 290,811.45 Cash in bank CNY 266,809,515.47 266,809,515.47 263,088,707.16 263,088,707.16 USD 877,271.83 6.8346 5,995,802.05 1,035,893.70 7.3046 7,566,789.12 EUR 37,585.75 0.8819 33,146.87 HKD 627,240.85 4.7135 2,956,499.75 Subtotal --- 275,794,964.14 --- 270,655,496.28 Others CNY 6,459,747.60 6,459,747.60 13,384,544.96 13,384,544.96 Total --- 282,729,006.66 --- 284,330,852.69 Among which, the detail of the others is as follows: As of December 31, 2008 As of January 1, 2008 Deposit for letter of credit 3,638,000.00 3,673,265.00 Custom deposit 1,689,971.15 1,378,799.46 Pledged deposit note (note) --- 8,085,852.00 Others 231,776.45 246,628.50 Refundable deposits 900,000.00 --- Total 6,459,747.60 13,384,544.96 Note: Pledged deposit receipt has expired and withdrawn. Among which, the cash and cash equivalents with limitation in detail as follow: As of December 31, 2008 As of January 1, 2008 Deposit for letter of credit --- 3,673,265.00 Custom deposit 1,689,971.15 1,378,799.46 Pledged deposit note --- 8,085,852.00 Total 1,689,971.15 13,137,916.46 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 29 6.2 Financial assets held for trading Item Fair value on December 31, 2008 Fair value on January 1, 2008 Investment of trading equity instrument 3,804,900.00 11,436,635.00 a) There is no significant restriction for the liquidation of financial assets held for trading b) Ending balance of financial assets held for trading decreased by 66.73% of CNY 7,631,735.00 compared with its opening balance, which mainly due to the financial assets held for trading having been sold. 6.3 Notes receivable Item As of December 31, 2008 As of January 1, 2008 Bank acceptance draft 7,151,068.40 2,717,209.50 a) There is no pledged notes receivable of the Company as of December 31, 2008. b) The undue discounted commercial acceptance draft of the Company is CNY 2,172,034.00 as of December 31, 2008. c) There is no kind of notes that due to remitter has not ability to follow an agreement, after which the note is transferred into the note of account receivable. d) The notes receivable with undue but has endorsed as of December 31, 2008: Company of draw a bill or remote holder Date of draft issuance Due date Amount Hubei Meicang Wool Tex Co., Ltd. 2008-7-9 2009-1-9 50,000.00 Taizhou Jitai Wool Tex Dye Co., Ltd. 2008-10-24 2009-4-24 400,000.00 Xin Jiang Jin Ta Wool Tex Co., Ltd. 2008-10-16 2009-4-16 500,000.00 Shanghai Shenfu Cotton and Textile Co., Ltd. 2008-10-8 2009-4-8 100,000.00 Total 1,050,000.00 e) There is no notes receivable due from shareholders who have more than 5% (include 5%) voting shares of the Company as of December 31, 2008. f) There is no notes receivable of related parties at the end of year. g) Ending balance of notes receivable increased by 163.18% of CNY 4,433,858.90 compared with its opening balance, which mainly due to the Company received undue notes receivable from the clients increased. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 30 6.4 Accounts receivable a) Composition of accounts receivable As of December 31, 2008 As of January 1, 2008 Aging Carrying amount Proportion of total amount Provision for bad debt Proportion of provision for bad debt Carrying amount Proportion of total amount Provision for bad debt Proportion of provision for bad debt Within 1 year (including 1 year) 52,822,922.12 75.87% 1,056,458.45 2% 58,612,139.84 79.77% 1,172,242.80 2% 1-2 year (including 2 years) 3,873,872.58 5.56% 1,617,906.15 10-100% 1,926,561.17 2.62% 192,656.11 10% 2-3 years (including 3 years) 922,412.14 1.33% 184,482.43 20% 608,643.17 0.83% 121,728.62 20% More than 3 years 12,005,024.78 17.24% 8,677,780.42 30-100% 12,333,311.19 16.78% 7,333,808.38 30-100% Total 69,624,231.62 100.00% 11,536,627.45 73,480,655.37 100.00% 8,820,435.91 As of December 31, 2008 As of January 1, 2008 Category Carrying amount Proportion of total amount Provision for bad debt Proportion of provision for bad debt Carrying amount Proportion of total amount Provision for bad debt Proportion of provision for bad debt 1. Single item with significant individual amount and solely provided for bad and doubtful debts 2,710,766.65 3.89% 2,168,613.32 80% --- --- --- --- 2. Single item with insignificant individual amount and solely provided for bad and doubtful debts 8,322,651.23 11.95% 7,174,755.28 80-100% 9,823,395.72 13.37% 6,580,833.74 30-100% 3. other combination classified with similar credit risk character 58,590,813.74 84.15% 2,193,258.85 2-30% 63,657,259.65 86.63% 2,239,602.17 2-30% Among which: Single item with significant amount 14,914,198.67 21.42% 404,467.48 2-10% 15,008,598.13 20.43% 1,126,376.72 2-30% Single item with insignificant amount 43,676,615.07 62.73% 1,789,791.37 2-30% 48,648,661.52 66.20% 1,113,225.45 2-30% Total 69,624,231.62 100.00% 11,536,627.45 73,480,655.37 100% 8,820,435.91 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 31 b) Change of provision for bad debt of accounts receivable as follows: As of January 1, 2008 Provision Other increase/ decrease Written-off in 2008 As of December 31, 2008 Year 2007 8,186,812.79 633,623.12 8,820,435.91 Year 2008 8,820,435.91 2,519,900.67 348,354.25 152,063.38 11,536,627.45 Note：Other changes are arising from the change of consolidation scope. c) Accounts receivable with the significant single amount or the amount, which are insignificant but provided for diminution in value of bad debts individually as of December 31, 2008: Contents Carrying amount Proportion of provision Provision for bad debt Reasons Hubei Meicang Wool Textile Co. 2,710,766.65 80% 2,168,613.32 Individual test, the probability of recovery is estimated very low Ao Shun Fang 1,367,243.21 100% 1,367,243.21 Individual test, the probability of recovery is estimated very low Fenghua Worldbset Buyun Trousers Co., Ltd. 1,058,099.76 80% 846,479.81 Individual test, the probability of recovery is estimated very low Other receivables for sales of goods 5,897,308.26 80-100% 4,961,032.26 Individual test, the probability of recovery is estimated very low Total 11,033,417.88 80-100% 9,343,368.60 Individual test, the probability of recovery is estimated very low d) There is no accounts receivable fully or partly provided for bad debts in previous years and fully or partly recovered in 2008. e) The accounts receivable received due to debt restructuring is CNY 347,733.23 in 2008: Name of enterprise Written-off amount Amount of bad debts Reasons for written-off Whether or not occurred due to related parties transaction Shanghai Sangaimu Clothing Co., Ltd. 252,246.40 75,673.92 Debt Restructuring No Shanghai Second Wool Tex Co., Ltd. (Donggou Branch) 16,520.80 13,216.64 Debt Restructuring No Shanghai Yufeng Clothing Co., Ltd. 71,446.03 57,156.82 Debt Restructuring No Wujiang Shenwu Wool Tex Co., Ltd. 7,520.00 6,016.00 Debt Restructuring No Total 347,733.23 152,063.38 See details in Notes 12.1. f) There is no account receivables due from shareholders who have more than 5% (include 5%) voting shares of the company as of December 31, 2008. g) There is no accounts receivable from related parties at the end of year. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 32 h) Top 5 debtors of accounts receivable as of December 31, 2008 Debtors ranking Relationships with the Company Due amount Aging Proportion of total accounts receivable No. 1 Not related party 8,367,266.95 Within 1 year 12.02% No. 2 Not related party 2,813,602.12 Within 1 year 4.04% No. 3 Not related party 2,710,766.65 More than 3 years 3.89% No. 4 Not related party 2,222,979.42 Within 1 year, 1-2 years 3.19% No. 5 Not related party 1,510,350.18 Within 1 year 2.17% Total 17,624,965.32 25.31% i) There is no accounts receivable transferred unconformity with the derecognizing condition at year ended. j) There is no trading arrangement to securitize the underlying assets as accounts receivable. k) There is no financial instrument as subject of securitization and unconformity with the derecognizing condition. 6.5 Advances to suppliers A) Aging analysis As of December 31, 2008 As of January 1, 2008 Aging Amount Proportion of total amount Amount Proportion of total amount Within 1 year (including 1 year) 155,962,358.33 98.72% 71,967,486.88 97.39% 1-2 years (including 2 years) 1,900,751.18 1.20% 1,802,497.29 2.44% 2-3 years (including 3 years) 0.00 0.00 122,517.71 0.17% Over 3 years 122,507.31 0.08% 0.00 --- Total 157,985,616.82 100.00% 73,892,501.88 100.00% B) No significant advances to suppliers with aging over 1 year as of December 31, 2008. C) Larger amount of advance to supplier at the end of year a) Top 5 debtors of advance to suppliers and proportion as of December 31, 2008: As of December 31, 2008 As of January 1, 2008 Amount Proportion Amount Proportion 49,190,859.66 31.13% 10,707,447.83 14.49% SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 33 b) The main companies of advance to supplier as the year ended: Name of companies Relationships with the Company Amount of arrear Time of arrear Reasons for arrear Shanghai Bellings Textile Co., Ltd. (Note 1) Non-related party 22,784,000.00 Within 1 year Property purchase prepayment has not been transferred Shanghai Textile Science Research Institute (Note 2) Non-related party 9,600,000.00 Within 1 year Property purchase prepayment has not been transferred Zhang Jiagang Su Erli Wool Spinning & Dyeing Co., Ltd. Non-related party 5,761,957.66 Within 1 year Prepayment, the goods has not received An Hui Easten Yizu Garment Co., Ltd. Non-related party 5,545,902.00 Within 1 year Prepayment, the goods has not received Shanghai Easten International Commodity Auction Co., Ltd. (Note 3) Non-related party 5,499,000.00 Within 1 year Property purchase prepayment has not been transferred Total 49,190,859.66 Note 1: Prepayment for acquiring property of No. 5 Building, 791 Xietu Road, please refers to Notes 12.2 k). Note 2: Prepayment for acquiring property of 781-783 Xietu Road, please refers to Notes 12.2 k). Note 3: Prepayment for acquiring property of No. 6 Building, 791 Xietu Road, please refers to Notes 12.2 k). D) There is no advance to suppliers due from shareholders who have more than 5% (including 5 %) voting shares of the Company as of 31 December 2008. E) Ending balance of advances to suppliers increased by 113.80% of CNY 84,093,114.94 compared to the beginning balance, the major reason is prepayment for property and goods increased dramatically in year 2008; however the corresponding assets have not been carried forward as year ended. 6.6 Interest receivable Item As of January 1, 2008 Increases Decreases As of December 31, 2008 Reasons for arrears Any evidence of impairment loss on related item Interest receivable within 1 year Among which: (1) Interest of fixed deposit 53,022.97 --- 53,022.97 --- (2) Interest of call deposit --- 19,650.00 --- 19,650.00 Undue No Total 53,022.97 19,650.00 53,022.97 19,650.00 Ending balance of interest receivable reduced by 62.94% of CNY 33,372.97 compared to the beginning balance, the major reason is the interest will be settled and withdrawn together with fixed deposit. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 34 6.7 Dividends receivable Item As of January 1, 2008 Increases Decreases As of December 31, 2008 Any evidence of impairment loss on related item Dividends receivable more than 1 year Among which: (1) Shanghai Gaoya Clothing Co., Ltd. 337,924.70 --- 337,924.70 --- (2) Shanghai Huayuan Enterprise Development Share Co., Ltd. 317,565.00 --- --- 317,565.00 No Total 655,489.70 --- 337,924.70 317,565.00 Ending balance of dividend receivable reduced by 51.55% of CNY 337,924.70 compared to the beginning balance, the major reason is debt restructuring of the Company and original holding shareholder, Shangtex Holding (Group) Corporation, and its affiliated company, Shanghai Huayu Woolen (Group). For the details, please refer to Notes 12.1. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 35 6.8 Other receivables A) Other receivables constitution As of December 31, 2008 As of January 1, 2008 Aging Carrying amount Proportion of total amount Provision for bad debt Provision for bad debt ratio Carrying amount Proportion of total amount Provision for bad debt Provision for bad debt ratio Within 1 year (including 1 year) 21,495,327.16 43.79% 0.00 0% 155,602,623.94 86.38% 108,040,246.37 0-100% 1-2 years (including 2 years) 10,393,556.55 21.18% 8,986,995.65 10-95.43% 521,310.38 0.29% 52,131.04 10% 2-3 years (including 3 years) 85,497.87 0.17% 17,099.57 20% 7,069,893.73 3.93% 1,413,978.74 20% Over 3 years 17,109,559.55 34.86% 11,015,458.97 30-100% 16,937,075.84 9.40% 11,542,445.12 30-100% Total 49,083,941.13 100.00% 20,019,554.19 180,130,903.89 100.00% 121,048,801.27 As of December 31, 2008 As of January 1, 2008 Item Carrying amount Proportion of total amount Provision for bad debt Provision for bad debt ratio Carrying amount Proportion of total amount Provision for bad debt Provision for bad debt ratio 1. Single item with significant individual amount and solely provided for bad and doubtful debts 15,872,701.26 32.34% 15,447,633.46 95.43~100% 115,493,191.10 64.12% 114,609,938.97 90.64~100% 2. Single item with insignificant individual amount and solely provided for bad and doubtful debts 2,312,068.14 4.71% 1,977,426.72 80~100% 3,131,095.67 1.74% 2,801,866.25 80~100% 3. other combination classified with similar credit risk character 30,899,171.73 62.95% 2,594,494.01 0~30% 61,506,617.12 34.14% 3,636,996.05 0~30% Among which: Single item with significant amount 24,169,151.06 49.24% 1,962,970.11 30% 10,225,196.50 5.67% 0.00 0.00% Single item with insignificant amount 6,730,020.67 13.71% 631,523.90 0~30% 51,281,420.62 28.47% 3,636,996.05 0~30% Total 49,083,941.13 100.00% 20,019,554.19 180,130,903.89 100.00% 121,048,801.27 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 36 B) Changes of provision for bad debts of others receivable. As of January 1, 2008 Provision Other increase or decrease (Note 1) Written-off in 2008 (Note 2) As of December 31, 2008 Year 2007 88,612,829.53 32,435,971.74 --- --- 121,048,801.27 Year 2008 121,048,801.27 -119,949.14 3,020.00 100,912,317.94 20,019,554.19 Note 1: Other changes are arising from the change of consolidation scope. Note 2: Among which: Provision for bad debts was written-off by 895,472.12 due to debt restructuring; Provision for bad debts was written-off by 100,016,845.82 due to bankrupt debt. C) Accounts receivable with significant single item or the amount, which is insignificant but provided for diminution in value individually as of December 31, 2008 Contents of others receivable Carrying amount Proportion of provision Provision of bad debt Reasons Shanghai Yitiao Textile Co., Ltd. 9,303,008.66 95.43% 8,877,940.86 The probability of estimated recovery is very low Lan Dai Yu Le Enterprise Co., Ltd. 6,569,692.60 100% 6,569,692.60 It is impossible to recover Current account and deposit 2,312,068.14 80~100% 1,977,426.72 Individual test, the probability of estimated recovery is very low Total 18,184,769.40 17,425,060.18 D) The recovery of other receivables under debt restructuring in year 2008 Name of debtors Amount of debt restructuring Bad debt of debt restructuring Hong Kong San Shing Group Co., Ltd. 3,000.00 900.00 Shanghai Second Wood Tex Co., Ltd. (Donggou Branch). 846,087.53 846,087.53 San Die Clothing Co., Ltd. 30,777.68 9,233.30 Tas Cang San Lei Wool Tex Industry Co., Ltd. 475,844.17 0.00 San Die Wool Fabric Co., Ltd. 251,155.13 0.00 Woollen Industry Management Office. 100,000.00 30,000.00 Shanghai Shanya Industry Co., Ltd. 30,837.64 9,251.29 Total 1,737,702.15 895,472.12 For the details, please refer to Notes 12.1. E) Other receivable written-off in Year 2008 Name of enterprises Amount of account receivables written-off Amount of bad debt written-off Reasons of written-off Whether or not occurred due to related trading Shanghai Ermao Aisi Textile industry Co., Ltd. 61,498,741.04 61,498,741.04 Unrecovery debt due to bankrupt Shanghai Diyi Wool Weaving Co., Ltd. 38,518,104.78 38,518,104.78 Unrecovery debt due to bankrupt Total 100,016,845.82 100,016,845.82 For the details, please refer to Notes 12.2 o). F) There is no other receivables due from shareholder who has more than 5% (include 5%) voting shares of the company as of December 31, 2008. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 37 G) The amount of other receivables due to related party is CNY 9,303,008.66 as the year ended, which is accounted for 18.95% of ending balance of others receivable. For the details, please see Notes 8. H) Top five of accounts receivable as of December 31, 2008 Name of debtor Relationship with the Company Nature or content Amount Aging Proportion of total other receivables No. 1 Non-related party Export tax refund 16,732,811.47 Within 1 year 34.09% No. 2 Note Prepayment on behalf 9,303,008.66 1-2 years 18.95% No. 3 Non-related party Rental 6,569,692.60 Over 3 years 13.38% No. 4 Non-related party Prepayment on behalf 6,543,233.70 Over 3 years 13.33% No. 5 Non-related party Temporary payment 893,105.89 Within 1 year 1.82% Total 40,041,852.32 81.57% Note: It was original subsidiary. Please refer to notes 6.11 for details. I) There are no accounts receivable transferred unconformity with derecognizing condition. J) There is no trading arrangement to securitize the underlying assets as accounts receivable. K) There is no financial instrument as subject of securitization and unconformity with the derecognition condition. L) Ending balance of other receivables decreased by 72.75% of CNY 131,046,962.76 compared with its opening balance, which is mainly due to the fact that the payments on behalf of receivables have been written off for the current year after the declaration of bankruptcy of Shanghai No.2 Worsted Textile Ace Industrial Co., Ltd. and Shanghai Diyi Wool and Textile Co., Ltd. 6.9 Inventories and provision for diminution in value of inventory Item As of December 31, 2008 As of January 1, 2008 Carrying amount Provision Carrying amount Provision Raw materials 11,600,056.14 811,595.86 22,117,390.03 1,180,929.91 Packaging materials 37,949.23 --- --- --- Finished goods and merchandized goods 50,787,075.92 9,429,047.14 90,124,878.24 25,671,804.85 Work in process 16,400,648.45 3,344,009.15 3,215,593.22 --- Processing material on consignment 266,406.46 --- 3,159,316.68 --- Commodities delivered --- --- 4,688,777.69 --- Developing products 199,273.16 --- 199,273.16 --- Total 79,291,409.36 13,584,652.15 123,505,229.02 26,852,734.76 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 38 a) Provision for diminution in value of inventory Item As of January 1, 2008 Provided Increased due to other reasons (Note) Decreases for Year 2008 As of December 31, 2008 Written-off Reverse Total Raw materials 1,180,929.91 626,582.88 400,465.79 1,396,382.72 --- 1,396,382.72 811,595.86 Work in process --- 3,344,009.15 --- --- --- --- 3,344,009.15 Merchandized goods 25,671,804.85 9,330,819.78 98,227.36 25,671,804.85 --- 25,671,804.85 9,429,047.14 Total 26,852,734.76 13,301,411.81 498,693.15 27,068,187.57 --- 27,068,187.57 13,584,652.15 Note: Other changes are arising from the change of consolidation scope. At the end of year, provision for diminution in value of inventory is recognized based on the level of the cost or the net realizable value. The net realizable value is the estimated selling price less the estimated cost of completion and estimated costs necessary to make the sale. b) There is no capitalized amount of borrowing expenses recognized as inventory. c) Ending balance of inventory decreased by 35.80% of CNY 44,213,819.66 compared with its opening balance, which is mainly due to inventory disposed. 6.10 Financial assets available for sale a) Category composition: Item Fair value as of December 31, 2008 Fair value as of January 1, 2008 Equity instruments available for sale Among which: Stock available for sale with limitation 2,653,764.00 41,212,724.67 Stock available for sale without limitation 48,776,874.23 99,336,142.62 Total 51,430,638.23 140,548,867.29 b) Stock available for sale without limitation Item Fair value as of December 31, 2008 Shanghai Pudong Development Bank Co., Ltd. 23,523,705.50 Shanghai Jinjiang International Industrial Investment Co., Ltd. 3,349,589.76 Shanghai Industrial Shenbei (Group) Co., Ltd. 7,035,578.97 Shanghai Huayuan Enterprise Development Co., Ltd. 14,868,000.00 Total 48,776,874.23 c) Stock available for sale with limitation Category Deadline of limited sales Fair value as of December 31, 2008 Fair value as of January 1, 2008 Shanghai AJ Co., Ltd. February 2, 2009 2,653,764.00 --- d) There are no financial assets available for sale reclassified from held-to-maturity investment in Year 2008. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 39 e) Ending balance of financial assets available for sale decreased by 63.41% of CNY 89,118,229.06 compared with its opening balance, which is mainly due to the decrease in fair value and partial having been sold as of December 31, 2008. 6.11 Long-term equity investment As of December 31, 2008 As of January 1, 2008 Carrying amount Provision for diminution in value Carrying amount Provision for diminution in value Long-term equity investment under equity method Joint ventures 8,610,012.12 10,033,142.16 Associated enterprises 15,216,281.15 15,260,806.73 Subtotal 23,826,293.27 25,293,948.89 Long-term equity investment under cost method 13,594,069.09 6,252,594.12 13,650,239.48 6,659,089.70 Total 37,420,362.36 6,252,594.12 38,944,188.37 6,659,089.70 A) Main information of joint ventures and associated enterprises (Monetary unit: CNY 0’000) Name of investee Nature of enterprises Registered address Legal representative Nature of business Registered capital Holding proportion Voting proportion 1) Joint ventures: Bioword Genechip Inc., Shanghai Limited company Shanghai Ni Zhihua Bio-chips etc. 4,000 50% 50% 2) Associated enterprises: Shanghai Sanmao Shenyu Real Estate Co., Ltd. Limited company Shanghai Zhang Wenqing Real estate development and operation 820 50% 50% Shanghai Xiefeng Mill Co., Ltd. State-owned and group associated Shanghai Zhou Guoping Mill etc. 265.125 35% 35% Shanghai Yinfeng Clothing Co., Ltd. Limited company Shanghai Zhongdao Taibo Men/women trousers, dressing clothes etc. USD 314.4 38.14% 38.14% (Monetary unit: CNY 0’000) Name of investee Total assets as of December 31, 2008 Total liabilities as of January 1, 2008 Total operation revenue for year 2008 Net profit for year 2008 Relationship Organization code a) Joint ventures Bioword Genechip Inc., Shanghai 1,800.75 74.83 4.62 63208210-4 b) Associated enterprises --- Shanghai Sanmao Shenyu Real Estate Co., Ltd. (note) 820.00 66240295-7 Shanghai Xiefeng Mill Co., Ltd. 398.35 35.21 1,584.17 78.77 13411550-8 Shanghai Yinfeng Clothing Co., Ltd. 3,461.26 879.90 2,867.00 30.93 60723225-4 Note: Cancellation of industry and commerce has been finished in February 2009. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 40 B) Long-term equity investment under equity method Increase/decrease of equity for Year 2008 Name of investee Initial investment amount As of January 1, 2008 Total Among which: cash dividends As of December 31, 2008 a) Joint ventures: Shanghai Sanlian Textile and Dye Co. Ltd. 8,330,597.14 1,446,243.26 -1,446,243.26 --- --- Bioword Genechip Inc., Shanghai (note) 20,000,000.00 8,586,898.90 23,113.22 --- 8,610,012.12 Subtotal 28,330,597.14 10,033,142.16 -1,423,130.04 --- 8,610,012.12 b) Associated enterprises: Shanghai Sanmao Shenyu Real Estate Co., Ltd. 4,100,000.00 4,100,000.00 --- --- 4,100,000.00 Shanghai Xiefeng Mill Co., Ltd. 972,523.42 1,220,528.83 50,434.68 -225,277.74 1,270,963.51 Shanghai Yinfeng Clothing Co., Ltd. 12,030,000.00 9,940,277.90 -94,960.26 -198,898.85 9,845,317.64 Subtotal 17,102,523.42 15,260,806.73 -44,525.58 -424,176.59 15,216,281.15 Total 45,433,120.56 25,293,948.89 -1,467,655.62 -424,176.59 23,826,293.27 Note: The Company has been restructured to wholly-owned subsidiary since September 1, 2008, and subject to the financial statement consolidation scope. C) Long-term equity investment under cost method Initial investment amount As of January 1, 2008 Increase/decrease of equity for Year 2008 As of December 31, 2008 Name of investee Total Among which: cash dividends Shanghai Bank 950,000.00 950,000.00 --- --- 950,000.00 Shanghai AJ Co., Ltd. 934,160.00 934,160.00 -934,160.00 --- --- China Textile Machinery Co., Ltd. 380,000.00 380,000.00 --- --- 380,000.00 Guangzhou Fotao Group Co., Ltd. 79,000.00 79,000.00 --- --- 79,000.00 Guangdong Province Jinshan Industrial Co., Ltd. 55,000.00 55,000.00 --- --- 55,000.00 Shanghai Yitiao Textile Co., Ltd. (Note 1) 3,483,881.89 --- --- --- --- Shanghai Friendship Textile Factory (Note 1) 4,677,918.12 --- --- --- --- Shanghai Yixin Industrial and Trading Company (Note 1) 597,220.09 597,220.09 --- --- 597,220.09 Shanghai Diyi Wool and Textile Co., Ltd. (Note 2) 16,800,000.00 --- --- --- --- Shanghai No.2 Worsted Textile Ace Industrial Co., Ltd. (Note 3) 12,600,000.00 --- --- --- --- Shanghai Shuanglong High Technology Development Co., Ltd. 6,000,000.00 6,000,000.00 --- --- 6,000,000.00 Shanghai Xinde Enterprise Development Company. 600,000.00 600,000.00 --- --- 600,000.00 Tianjin Dawei Co., Ltd. 2,000,000.00 2,000,000.00 --- --- 2,000,000.00 Shanghai Chunzhu Man Apparell Co., Ltd. (Note 4) 822,010.39 822,010.39 -822,010.39 --- --- Jiaxing Chunzhu Wool Man Apparell Co., Ltd. (Note 4) 800,000.00 800,000.00 -800,000.00 --- --- Shandong Jinan Wool and Textile Factory 200,000.00 200,000.00 --- --- 200,000.00 Shanghai Huafeng Huanyu Co., Ltd. 222,849.00 222,849.00 --- --- 222,849.00 Kunshan Wanzheng Printed Circuit Board Co., Ltd. 2,500,000.00 --- 2,500,000.00 --- 2,500,000.00 Miscellaneous investment 10,000.00 10,000.00 --- --- 10,000.00 Total 24,312,039.49 13,650,239.48 -56,170.39 --- 13,594,069.09 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 41 Note 1: The Company dose not have control power over it due to the liquidation of the former subsidiary. Note 2: The Company had entered liquidation on November 30, 2003. In November 2008, it had been declared as bankruptcy. Its long-term investment was carried over to zero. Note 3: The Company had entered liquidation on February 9, 2004. In November, 2008, it had been declared as bankruptcy. Its long-term investment was carried over to zero. Note 4: Debts were offset during the debt restructuring for Year 2008. For the details, please refer to Notes 12.1. D) Provision for diminution in value of long-term equity investment Name of investee As of January1, 2008 Increases Decreases As of December 31, 2008 Reason for provision Shanghai Yixin Industrial and Trading Company 597,220.09 --- --- 597,220.09 Estimated recoverable amount is less than carrying amount Shanghai Xinde Enterprise Development Company. 600,000.00 --- --- 600,000.00 Estimated recoverable amount is less than carrying amount Miscellaneous investments 10,000.00 --- --- 10,000.00 Estimated recoverable amount is less than carrying amount Shanghai Shuanglong High Technology Development Co., Ltd. 4,846,755.23 --- --- 4,846,755.23 Estimated recoverable amount is less than carrying amount Shanghai AJ Co., Ltd. (note) 406,495.58 --- 406,495.58 0.00 Estimated recoverable amount is less than carrying amount China Textile Machinery Co., Ltd. 198,618.80 --- --- 198,618.80 Estimated recoverable amount is less than carrying amount Total 6,659,089.70 --- 406,495.58 6,252,594.12 Note: The decreases in provision for diminution in the value of investment to Shanghai AJ Co., Ltd. are due to the transfer to financial assets available for sale. 6.12 Investment property Item As of January 1, 2008 Increases Decreases As of December 31, 2008 Purchase Others transferred in Depreciation or amortization Disposal Transfer to self-use property A. Total original cost Construction leased out 93,598,293.09 --- 10,152,760.00 --- 17,403,347.46 --- 86,347,705.63 B. Total accumulated depreciation or accumulated amortization Construction leased out 20,332,494.80 --- --- 2,075,747.05 3,040,884.54 --- 19,367,357.31 C. Total provision for diminution in value Construction leased out --- --- --- --- --- --- --- D. Total carrying amount of investment real estate Construction leased out 73,265,798.29 --- --- --- --- --- 66,980,348.32 Note: Others transferred in are arising from investment property brought in by increased consolidated subsidiaries. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 42 Among which: Mortgaged investment property at the end of year: Location Original value Accumulated depreciation Carrying amount No. 51, Lane 200, Hangtou Xiasha new street, Nanhui 8,077,541.96 961,443.90 7,116,098.06 Building 1-6, No. 380, Qilianshan road 44,544,350.00 4,588,067.93 39,956,282.07 No.6 Yunchuan road 23,175,933.67 13,561,010.93 9,614,922.74 Total 75,797,825.63 19,110,522.76 56,687,302.87 Please refer to notes 10 for details. 6.13 Fixed assets and accumulated depreciation A) Fixed assets – original cost Category As of January 1, 2008 Other increases Increases Decreases As of December 31, 2008 Buildings and constructions 40,959,755.16 --- 32,172,256.78 --- 73,132,011.94 Machinery equipment 82,728,430.69 6,820,135.39 20,097,153.05 66,452,424.38 43,193,294.75 Transportation equipment and other equipment 20,761,496.65 523,371.06 4,979,697.46 3,253,287.93 23,011,277.24 Total 144,449,682.50 7,343,506.45 57,249,107.29 69,705,712.31 139,336,583.93 Among which: 1) Other increases are arising from fixed assets brought in by decreased consolidated subsidiaries. 2) The original value of fixed assets transferred from construction in progress is 54,292,151.22. 3) Carrying amount of mortgaged and secured fixed assets is 4,591,688.17, please refer to notes 10 for details. B) Accumulated depreciation Category As of January 1, 2008 Other increases Provided Decreases As of December 31, 2008 Buildings and constructions 8,053,835.31 ---- 1,615,039.16 --- 9,668,874.47 Machinery equipment 50,207,397.44 11,831,023.18 1,132,057.28 40,281,293.16 22,889,184.74 Transportation equipment and other equipment 11,588,023.63 219,087.99 1,768,912.08 1,934,274.68 11,641,749.02 Total 69,849,256.38 12,050,111.17 4,516,008.52 42,215,567.84 44,199,808.23 Note: Other increases include the transferred from construction in progress of 6,549,548.00 and fixed assets from new consolidated subsidiaries of 5,500,563.17. C) Provision for impairment losses on fixed assets Category As of January 1, 2008 Other increases Decreases As of December 31, 2008 Machinery equipment 616,427.94 3,360.00 447,213.06 172,574.88 Transportation equipment and other equipment 204,071.66 --- 0.00 204,071.66 Total 820,499.60 3,360.00 447,213.06 376,646.54 Note: Other increases are arising from old equipment transferred from construction in progress. The reason for decrease in provision for impairment losses on fixed assets is disposal of fixed assets. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 43 D) Carrying amount of fixed assets Category As of January 1, 2008 As of December 31, 2008 Buildings and constructions 32,905,919.85 63,463,137.47 Machinery equipment 31,904,605.31 20,131,535.13 Transportation equipment and other equipment 8,969,401.36 11,165,456.56 Total 73,779,926.52 94,760,129.16 E) Fixed assets operating leased out Item Carry original value Accumulated depreciation Provision Carrying amount Machinery equipment 745,838.00 721,443.00 --- 24,395.00 F) Fixed assets without Property Right Certificate ready at the end of year Item Carry original value Accumulated depreciation Carrying amount Reason for PRC not ready Partial property on No. 791, Xietu road 14,645,000.00 1,043,456.40 13,601,543.60 Property has not been transferred G) There are no fixed assets ready to disposal at the end of year. 6.14 Construction in progress Item As of December 31, 2008 As of January 1, 2008 Carrying amount Provision Carrying value Carrying amount Provision Carrying value Prepayment for Zhongfanji 247,699.40 247,699.40 --- 247,699.40 247,699.40 --- 14500 Technology Improvement Project 118,280.00 118,280.00 118,280.00 118,280.00 Wool Drawing Project 134,556.00 134,556.00 134,556.00 134,556.00 Lift Installation Project --- --- 249,860.00 249,860.00 Chongqin No.1 Mill Reconstruction Project --- --- 24,516,575.43 24,516,575.43 Total 500,535.40 247,699.40 252,836.00 25,266,970.83 247,699.40 25,019,271.43 A) Changes of construction in progress Name of project As of January 1, 2008 Increases Decreases As of December 31, 2008 Capital resource Transferred into fixed assets Transferred into intangible assets Prepayment for Zhongfanji 247,699.40 --- --- --- 247,699.40 Self-financing 14500 Technology Improvement Project 118,280.00 --- --- --- 118,280.00 Self-financing Wool Drawing Project 134,556.00 --- --- --- 134,556.00 Self-financing Lift Installation Project 249,860.00 --- 249,860.00 --- 0.00 Self-financing CHongqin No.1 Mill Reconstruction Project 24,516,575.43 27,799,955.79 47,489,383.22 4,827,148.00 0.00 Self-financing Total 25,266,970.83 27,799,955.79 47,739,243.22 4,827,148.00 500,535.40 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 44 B) Provision for impairment of construction in progress Name of project As of January 1, 2008 Increases Decreases As of December 31, 2008 Reason for provision Miscellaneous projects 247,699.40 --- --- 247,699.40 No estimated economic benefits C) Ending balance of construction in progress decreased by 98.99% of CNY 24,766,435.43 compared with its opening balance, which is mainly due to the fact that completion projects has been transferred to fixed assets and intangible assets. 6.15 Intangible assets Item As of January 1, 2008 Increases Decreases As of December 31, 2008 1 Total original value 7,573,570.00 4,827,148.00 --- 12,400,718.00 (1) Land use right 6,046,000.00 4,827,148.00 --- 10,873,148.00 (2) Trademark 1,527,570.00 --- --- 1,527,570.00 2 Total accumulated amortization 1,103,940.32 237,641.94 --- 1,341,582.26 (1) Land use right 941,419.82 237,641.94 --- 1,179,061.76 (2) Trademark 162,520.50 --- --- 162,520.50 3 Total provision for impairment 992,500.16 --- --- 992,500.16 (1) Land use right 992,500.16 --- --- 992,500.16 (2) Trademark --- --- --- --- 4 Total carrying amount of intangible assets 5,477,129.52 4,589,506.06 --- 10,066,635.58 (1) Land use right 4,112,080.02 4,589,506.06 --- 8,701,586.08 (2) Trademark use right 1,365,049.50 --- --- 1,365,049.50 Ending balance of intangible assets increased by 83.79% of CNY 4,589,506.06 compared with its opening balance, which is mainly due to the new purchase of land use right in Year 2008. 6.16 Long-term deferred expenses Item As of December 31, 2008 As of January 1, 2008 Others 2,649,487.88 2,764,069.52 6.17 Deferred income tax assets and deferred income tax liabilities A) Deferred income tax assets recognized Item As of December 31, 2008 As of January 1, 2008 (1) Provision for impairment of assets 207,450.89 513,567.02 (2) Changes in fair value 104,832.00 0.00 Total 312,282.89 513,567.02 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 45 Corresponding amount of temporary differences of assets or liabilities causes temporary differences: Item Temporary differences amount (1) Provision for impairment of assets 1,066,647.67 (2) Changes in fair value (Note) 524,160.00 Total 1,590,807.67 Note: It is the amount of fair value movement of financial assets available for sale held by subsidiary. B) Deferred income tax liabilities Item As of December 31, 2008 As of January 1, 2008 (1) Changes in fair value of financial assets available for sale 6,909,409.56 27,451,254.19 (2) Income from changes in fair value of financial assets held for trading --- 1,332,278.75 Total 6,909,409.56 28,783,532.94 Corresponding amount of temporary differences of assets or liabilities causes temporary differences: Item Temporary differences amount Changes in fair value of financial assets available for sale 27,637,638.23 6.18 Provision for impairment losses on assets Item Carrying amount as of January 1, 2008 Provided Other increases /decreases Written-off Carrying amount as of December 31, 2008 1 Provision for bad debts of account receivable 8,820,435.91 2,519,900.67 348,354.25 152,063.38 11,536,627.45 2 Provision for bad debts of others receivable 121,048,801.27 -119,949.14 3,020.00 100,912,317.94 20,019,554.19 3 Provision for diminution in value of inventory 26,852,734.76 13,301,411.81 498,693.15 27,068,187.57 13,584,652.15 4 Provision for impairment loss on long-term equity investment (note) 6,659,089.70 --- --- 406,495.58 6,252,594.12 5 Provision for impairment loss on fixed assets 820,499.60 --- 3,360.00 447,213.06 376,646.54 6 Provision for impairment loss on construction in progress 247,699.40 --- --- --- 247,699.40 7 Provision for impairment loss on intangible assets 992,500.16 --- --- --- 992,500.16 Total 165,441,760.80 15,701,363.34 853,427.40 128,986,277.53 53,010,274.01 Note: This is caused by investment of Shanghai AJ Co., Ltd. transferred to financial assets available for sale. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 46 6.19 Short-term borrowings As of December 31, 2008 As of January 1, 2008 Secured loan 20,000,000.00 20,000,000.00 Mortgaged loan 92,900,000.00 121,000,000.00 Pledged loan --- 7,888,968.00 Bank acceptance draft discounted 2,172,034.00 --- Total 115,072,034.00 148,888,968.00 Other events of short-term borrowings A) There are no unpaid loans due at the end of year. B) Mortgaged loan is mortgaged by land use right and related construction; please refer to Commitment of notes 10 for details. 6.20 Accounts payable As of December 31, 2008 As of January 1, 2008 53,333,280.64 53,607,836.70 A) There is no accounts payable due to shareholders who have more than 5% (including 5 %) voting shares of the Company as of December 31, 2008. B) There is no account payable due to related parties as of December 31, 2008. C) There is no large amount of accounts payable due over 1 year as of December 31, 2008. 6.21 Advances from customers As of December 31, 2008 As of January 1, 2008 140,537,435.77 112,885,389.25 A) There is no advances from customers due to shareholders who have more than 5% (including 5 %) voting shares of the Company as of December 31, 2008. B) There are no advances from customers due to related parties as of December 31, 2008. C) There are no advances from customers due over 1 year as of December 31, 2008. 6.22 Employee benefits payable A) Employee benefits payable Item As of January 1, 2008 Increases Paid As of December 31,2008 1 Salaries and wages, bonus, and allowances 274,961.25 33,876,177.40 33,806,426.65 344,712.00 2 Employee welfare --- 1,583,457.91 1,583,457.91 --- 3 Social insurance 968,383.50 6,939,676.01 7,720,647.91 187,411.60 4 Housing welfare fund 7,926.00 1,446,824.44 1,450,164.44 4,586.00 5 Union welfare fund and employee education fund 495,197.60 691,477.45 813,608.54 373,066.51 6 Non-monetary welfare --- --- --- --- 7 Compensation for the cancellation of labor relationship 83,231,503.99 13,644.00 26,727,384.70 56,517,763.29 8 Others --- 32,523.48 32,523.48 --- Total 84,977,972.34 44,583,780.69 72,134,213.63 57,427,539.40 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 47 B) Ending balance of employee benefits payable decreased by 32.42% of CNY 27,550,432.94 compared with its opening balance, which is mainly due to the payment of compensation for the termination of labor relationship. 6.23 Taxes and surcharges payable Type of tax As of December 31, 2008 As of January 1, 2008 Standards of legal tax rate VAT 845,034.40 -3,368,998.25 6%,13%,17% Business tax 2,219,801.40 2,017,960.97 5% City construction tax 203,227.81 123,298.46 7% Enterprise income tax 612,269.89 11,850,334.08 18%,20%,25% Individual income tax 1,006,542.89 171,694.62 Land and housing property tax 1,173,078.60 879,863.44 Educational tax and surcharges 89,737.16 52,842.25 3% Riverway management fees 25,695.55 17,604.75 1% Stamp duty 2,280.28 --- Others 913.68 --- Total 6,178,581.66 11,744,600.32 Ending balance of taxes and surcharges payable decreased by 47.39% of CNY 5,566,018.66 compared with its opening balance, which is mainly due to that dramatically decrease in corresponding income tax payable is arising from decrease in profit earned by the Company. 6.24 Interests payable Item As of December 31, 2008 As of January 1, 2008 Short-loan interest payable 196,996.75 323,955.24 Ending balance of interest payable decreased by 39.19% of CNY 126,958.49 compared with its opening balance, which is mainly due to that the decrease provision for corresponding interest payable at the end of year is arising from decrease in both short-term loans at the end of year and loan interest. 6.25 Dividends payable Name of investor or category As of December 31, 2008 As of January 1, 2008 Reason for arrears Domestic legal representative as shareholder 716,561.13 725,378.73 Not claimed yet 6.26 Other payables As of December 31, 2008 As of January 1, 2008 68,442,494.79 75,826,163.87 a) There is no other payable due to shareholders who have more than 5% (including 5%) voting shares as of December 31, 2008. b) There is other payable of 4,131,114.77 due to related parties, with proportion of 6.04% of ending balance other payable, please refer to notes 8 for details. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 48 c) Other payable over 1 year as of December 31, 2008: Name of enterprises Amount Reason for unpaid Shanghai Saomao Shenyu Real Estate Co., Ltd. 3,600,000.00 Investment capital withdrawn in advance d) Larger amount of other payables: Name of enterprises Amount Content Commission 28,198,721.18 Commission Chongqing No.7 Construction Engineering Co., Ltd. 6,875,206.57 Project payment Shanghai No.2 Worsted Textile Co., Ltd. 5,167,002.00 House purchase payment Shanghai Saomao Shenyu Real Estate Co., Ltd. 3,600,000.00 Investment payment 6.27 Non-current liabilities maturing within one year Item As of December 31, 2008 As of January 1, 2008 Long-term borrowing 1,778,416.00 1,778,416.00 Long-term payable 437,400.00 437,400.00 Total 2,215,816.00 2,215,816.00 A. Long-term loan maturing within one year Borrowing term As of December 31, 2008 As of January 1, 2008 Secured loan (note) 1,778,416.00 1,778,416.00 Note: among which, tied loan of 1.6 million for environmental protection matured in December, 2003. The Company has accrued overdue interests of 178,416.00. B. Long-term payables maturing within one year Category period As of December 31, 2008 As of January 1, 2008 Special fund loan for pollution source treatment 2001.9.30—2003.8.31 437,400.00 437,400.00 6.28 Long-term payables Category As of December 31, 2008 As of January 1, 2008 Facility for employee benefits (Note 1) 1,107,300.00 1,107,300.00 Medical fee for employee (Note 2） 445,800.00 445,800.00 Total 1,553,100.00 1,553,100.00 Note 1: Recognized as non-operating assets by State-owned assets bureau during the Company’s reform. Note 2: Medical expense for employee accrued by Shanghai Textile Holding (Group) Company. 6.29 Specific items payable Item of special fund project As of January 1, 2008 Received in Year 2008 Used or transferred in Year 2008 As of December 31, 2008 Special fund for science and technology (Note 1) 300,000.00 --- --- 300,000.00 Special subsidy fund for state loan (Note 2) 8,460,000.00 --- --- 8,460,000.00 Compensation (Note 3) 25,880,000.00 --- 25,880,000.00 --- Total 34,640,000.00 --- 25,880,000.00 8,760,000.00 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 49 Note 1: According to ‘Notification of funding (first installment) for “woolen product optimization technology and development of new generation worsted materials” project’, the Company received fund of CNY 300,000 for woolen fiber stretch and thin technology development project, and has not put it into usage. Note 2: According to the article GJMTZ(2002) No. 848 issued by China Economic and Trading Committee, China Development Scheme Committee and Ministry of Finance, the Company’s project of ‘extra thin woolen textile clothing material’ is one of the projects of “State important technology improvement funded by State loan in year 2002 (the fourth group)”. In 2005, the Company received special state loan fund of CNY 8,460,000, among which, subsidy from central government is CNY 2,820,000 and subsidy from local governance is CNY 5,640,000. As of December 31, 2008, the project has not completed yet. Note 3: The Company received compensation of CNY 30,000,000 from Land Development Center of Yangpu District, Shanghai, for purchasing land usage right and ownership of buildings, construction and its accompanied facilities located is No. 1180, Xuchang Road, Yangpu District. In 2007, the Company paid compensation to residents of this block amounting to CNY 4,300,000.00 and received disposals of waste amounting to CNY 180,000.00. On March 12, 2008, the Company completed the transfer process of property and land with Shanghai Yangpu District Land Development Center. The relevant income of translation was recognized into the profit and loss of current period. For the details, please refer to Notes 6.40, 12.2 a). 6.30 Other non-current liabilities Category As of January 1, 2008 Received in Year 2008 Used in Year 2008 As of December 31, 2008 Deferred income --- 24,310,000.00 3,184,532.03 21,125,467.97 According to the Article HJJ (2006) No. 315 ‘Notification for the Companies subject to the policy of land remising price return’, published by Shanghai Economic Committee, and the Article HCJ (2007) No. 37, ‘Notification of the Relocation and Measurement funding to Shanghai Sanmao Enterprise (Group) Company Limited Shanghai No.3 Wool and Textile Factory’s moving’, issued by Shanghai Finance Bureau, Shanghai No.3 Wool and Textile Factory is subject to enjoy the policy of land remising price return. The Company is subject to a return amount of CNY 24,310,000, which is solely used for the project of movement of “Three waste company”, Shanghai No.3 Wool and Textile Factory. In year 2008, amount of CNY 3,184,532.03 has been paid, and at the end of year, booking value is CNY 21,125,467.97. 6.31 Share capital Registered issued and paid-in share capital of the Company as follow: As of December 31, 2008 As of January 1, 2008 No. of shares Amount No. of shares Amount A share (par value of CNY 1 per share) 152,204,143 152,204,143.00 152,204,143 152,204,143.00 B share (par value of CNY 1 per share) 48,787,200 48,787,200.00 48,787,200 48,787,200.00 Total 200,991,343 200,991,343.00 200,991,343 200,991,343.00 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 50 Amount of change on capital share of the Company in year 2008 as follow: As of January 1, 2008 Increase(+) / Decrease(－) As of December 31, 2008 Item Amount Proportion IPO Bonus Provide Fund Convertible Others Sub-total Amount Proportion 1 Restricted shares (1) State-owned shares 52,008,943.00 25.88% --- --- --- --- --- 52,008,943.00 25.88% (2) Domestic shares held by artificial person --- --- --- --- --- --- --- --- --- (3) Other domestic shares by enterprises --- --- --- --- --- --- --- --- --- (4) Shares held by foreign investments --- --- --- --- --- Total amount of restricted shares 52,008,943.00 25.88% --- --- --- --- --- 52,008,943.00 25.88% 2 Circulating unrestricted shares (1) CNY ordinary shares 100,195,200.00 49.85% --- --- --- --- --- 100,195,200.00 49.85% (2) Foreign shares listed domestic 48,787,200.00 24.27% --- --- --- --- --- 48,787,200.00 24.27% (3) Foreign shares listed abroad --- --- --- --- --- --- --- --- --- (4) Others --- --- --- --- --- --- --- --- --- Total amount of circulating unrestricted shares 148,982,400.00 74.12% --- --- --- --- --- 148,982,400.00 74.12% Total 200,991,343.00 100.00% --- --- --- --- --- 200,991,343.00 100.00% 6.32 Capital reserve Item As of January 1, 2008 Increases Decreases As of December 31, 2008 1. Capital premium (share premium) 181,235,469.26 --- --- 181,235,469.26 2. Other capital reserve (1) Changes of owner’s equity of investee besides net gain or loss 15,266,958.84 24,278,560.80 38,964,478.63 581,041.01 (2) Gain or loss for changes in fair value of available-for sale financial assets 93,279,540.68 --- 62,324,208.81 30,955,331.87 (3) Income tax impact relating to items about owner’s equity -22,357,785.66 --- -15,448,376.10 -6,909,409.56 (4) Input of the original system 22,331,128.60 --- 1,026,069.89 21,305,058.71 Total 289,755,311.72 24,278,560.80 86,866,381.23 227,167,491.29 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 51 Changes in other capital reserves for year 2008: 1) Other changes for owners’ equity except net profit or loss for invested company (1) It increased CNY 24,278,560.80 for current year. Among which: The subsidiary, Shanghai Sanmao Property Management Co., Ltd., increased CNY 23,278,560.80 of capital reserve recognized from other changes of owners’ equity except net profit or loss according to the proportion of share holding by the Company. Subsidiary, Shanghai No.1 Mill Textile Co., increased CNY 1,000,000.00 according to the proportion of share holding by the Company due to the government grants received. (2) Decreased CNY 38,964,478.63. Among which: It decreased CNY 23,278,560.80 in capital reserves which had been previously recognized due to the disposal of subsidiary Shanghai Sanmao Property Management Co., Ltd. Subsidiary Shanghai Huayu Wool and Jute Import and Export Co., Ltd. decreased CNY 15,685,917.83 according to the proportion of share holding by the Company due to the recognition of changes for sale of financial assets through capital reserves. 2) The gain or loss on change of available-for-sale financial assets It decreased CNY 62,324,208.81 for Year 2008. The Company reduced its capital reserve by CNY 62,324,208.81due to the change of available-for-sale financial assets at year end. 3) Effects on enterprise income tax related to owners’ equity It decreased CNY -15,448,376.10. The Company reduced its capital reserve by CNY 62,324,208.81 due to the change of available-for-sale financial assets at year end. The corresponding impact on income tax is CNY -15,448,376.10. 4) Original system transferred in: Decreased CNY 1,026,069.89 for current year. Joint venture Shanghai Sanlian Textile and Dye Co. Ltd. transferred is restructured to subsidiary. There confirmed that the capital reserve reduced CNY 1,026,069.89 by the variation of book value between investment cost and long-term equity investment. 6.33 Surplus reserves Item As of January 1, 2008 Increases Decreases As of December 31, 2008 Statutory surplus reserves 26,835,100.40 --- --- 26,835,100.40 Voluntary earnings surplus 11,774,901.98 --- --- 11,774,901.98 Total 38,610,002.38 --- --- 38,610,002.38 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 52 6.34 Undistributed profit Item Amount Undistributed profit as of January 1, 2008 -141,344,921.18 Adjustment (Increase＋，Decrease－) --- Undistributed profit as of January 1, 2008 after adjustment -141,344,921.18 Plus: net profit owned by shareholders of parent company 30,582,604.68 Plus: others (note) 6,722,844.94 Minus: Drawing statutory surplus reserve --- Undistributed profit as of December 31, 2008 -104,039,471.56 Note: Shanghai Sanlian Textile and Dye Co., Ltd. changed from joint company to Wholly-owned subsidiary, increasing undistributed profit of the Company with amount of CNY 6,722,844.94. According to the resolution draft for profit distribution in the eighth meeting of the sixth board of directors, the Company will not distribute any profit or transfer capital reserve to share for Year 2008. The resolution draft needs to be approved by the general meeting before its becoming effective. 6.35 Sales and cost Year 2008 Year 2007 Item Sales Cost Sales Cost Principal activities 1,430,019,566.15 1,350,604,032.72 1,578,536,400.54 1,482,030,266.44 Other activities 23,302,783.25 3,666,437.67 18,010,763.63 3,999,035.86 Total 1,453,322,349.40 1,354,270,470.39 1,596,547,164.17 1,486,029,302.30 a) Revenue and costs from principal activities listed in accordance with business categories b) Revenue and costs from principal activities listed by region Year 2008 Year 2007 Region Revenue from principal activities Cost of principal activities Revenue from principal activities Cost of principal activities Export revenue 1,152,124,913.49 1,094,680,075.28 1,263,597,376.94 1,197,554,166.89 Domestic revenue 277,894,652.66 255,923,957.44 314,939,023.60 284,476,099.55 Total 1,430,019,566.15 1,350,604,032.72 1,578,536,400.54 1,482,030,266.44 Year 2008 Year 2007 Item Revenue from principal activities Cost of principal activities Revenue from principal activities Cost of principal activities Industry 84,553,620.55 73,748,970.95 292,136,644.25 279,630,999.56 Commerce 1,495,735,361.40 1,428,243,038.33 1,343,641,393.01 1,259,868,978.72 Others 17,376,213.88 16,257,653.12 599,800.00 371,724.88 Sub-total 1,597,665,195.83 1,518,249,662.40 1,636,377,837.26 1,539,871,703.16 Minus: Operation apartments offset each other 167,645,629.68 167,645,629.68 57,841,436.72 57,841,436.72 Total 1,430,019,566.15 1,350,604,032.72 1,578,536,400.54 1,482,030,266.44 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 53 c) Revenue from principal activities for sales to top 5 customers Ranking Total amount of revenue from principal activities Proportion of total revenue from principal activities No. 1 15,870,100.53 1.11% No. 2 14,657,150.85 1.03% No. 3 12,633,510.16 0.88% No. 4 11,045,731.50 0.77% No.5 9,430,220.88 0.66% Total 63,636,713.92 4.45% 6.36 Business tax and surcharges Item Tax standards Year 2008 Year 2007 Business Tax 5% 1,273,360.65 830,604.22 Urban Construction and Maintenance Tax 5%, 7% 377,319.66 733,096.05 Education additional expenses --- 162,393.69 314,231.06 Consumption tax --- 10,277.78 --- Resources tax --- 464.11 59.22 Others --- 53,141.64 40,030.31 Total 1,876,957.53 1,918,020.86 6.37 Financial expense Item Year 2008 Year 2007 Interest expense 8,972,813.11 11,460,027.58 Minus: Interest income 2,424,500.12 1,276,528.17 Loss on foreign exchange 8,665,543.92 2,450,173.42 Minus: Gain on foreign exchange 8,008,023.89 --- Others 1,859,916.82 2,132,726.48 Total 9,065,749.84 14,766,399.31 Compared with the previous year, financial expense for current year reduced by 38.61% with amount of CNY 5,700,649.47 and the main reason is the bank loan and relevant interests decreased. 6.38 Impairment of assets Item Year 2008 Year 2007 1 Loss on bad debt 2,399,951.53 35,145,917.93 2 Loss on diminution in value of inventory 13,301,411.81 4,475,813.78 3 Impairment of long-term equity investment --- 210,054.63 4 Impairment of fixed assets --- 320,044.00 Total 15,701,363.34 40,151,830.34 Compared with the previous year, impairment of assets for current year reduced by 60.90% with amount of CNY 24,450,467.00, and the reason is loss of bad debt decreasing significantly. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 54 6.39 Gain and loss on changes in fair value Revenue source of changes in fair value Year 2008 Year 2007 Financial assets held for trading -8,999,230.69 5,329,115.00 Gain on changes in fair value: share market value for year 2008 decreasing dramatically led to gain on changes in fair value decreasing dramatically and shares sold. 6.40 Investment income Item Year 2008 Year 2007 1 Investment income from financial assets (1) Investment income from financial assets held for trading 161,391.01 204,850.80 (2) Investment income from available-for-sale financial assets 385,777.92 260,374.77 (3) Investment income from disposal of financial assets held for trading 1,525,479.27 4,630,656.18 (4) Investment income from disposal of available-for-sale financial assets 4,709,431.89 --- 2 Income from long-term equity investment (1) Investment income from long-term equity investment under cost method 142,500.00 --- (2) Investment income from long-term equity investment under equity method 399,231.48 120,868.13 (3) Investment income from disposal of long-term equity investment 44,569,754.30 --- (4) Others (Note) --- -9,354,467.12 Total 51,893,565.87 -4,137,717.24 Note: As minority shareholders of subsidiaries withdrawing investment, the relevant confirmed investment loss was 9.3545 million. Among which, investment income from long-term equity investment under equity method includes: Name of investee Year 2008 Year 2007 Shanghai Sanmao Property Management Co., Ltd. -165,041.69 --- Shanghai Sanlian Textile and Dye Co. 161,508.94 -236,678.05 Bioword Genechip Inc., Shanghai 23,113.22 -36,541.71 Shanghai Xiefen Mill Co., Ltd. 275,712.42 237,134.46 Shanghai Asahi Man Apparel Co., Ltd. --- -45,548.42 Shanghai Yinfen Garment Co., Ltd. 103,938.59 202,501.85 Total 399,231.48 120,868.13 Amount which, investment income from disposal of long-term equity investment: Name of investee Year 2008 Year 2007 Shanghai Sanmao Property Management Co., Ltd. 44,569,754.30 --- Note: for the details, please refer to Notes 12.2 m). 1 There is no restriction in collection of investment income. 2 Compared with the previous year, investment income of current year increases by amount of CNY 56,031,283.11, and the main reason was that material investment income from disposal of Shanghai Sanmao Property Management Co., Ltd. was obtained. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 55 6.41 Non-operating income Item Year 2008 Year 2007 1 Gain on disposal of non-current assets 11,541,884.57 180,122,778.70 Among which: Gain on disposal of fixed assets 23,392.07 2,679,759.33 Gain on disposal of investment property (Note 1) 11,518,492.50 --- Gain on disposal of intangible assets --- 177,443,019.37 2 Net gain on government subsidy for relocation --- 2,000,000.00 3 Reverse of provision --- 26,163,404.00 4 Difference (credit) in equity investment (Note 2) 316,991.80 2,411,723.67 5 Gain on debt restructuring (Note 3) 11,071,507.12 --- 6 Income from penalty and fine 74,926.12 --- 7 Government subsidy (Note 4) 3,184,532.03 --- 8 Others 259,204.98 50,132.00 Total 26,449,046.62 210,748,038.37 Note 1: For the details, please refer to Notes 12.2 a). Note 2: It was that the investment cost of subsidiary obtained by the Company was lower than income arising from fair value of net assets recognized by investee company when investing. Note 3: For the details, please refer to Notes 12.1. Note 4: For the details, please refer to Notes 6.30. Compared with the previous year, non-operating income this year reduced by 87.45% with amount of CNY 184,298,991.75 and the reducing reason was that there was material gain on disposal of intangible assets in Year 2007. 6.42 Non-operating expense Item Year 2008 Year 2007 1 Gain on disposal of non-current assets 3,333,392.23 451,275.75 Among which: Gain on disposal of fixed assets 3,333,392.23 451,275.75 2 Fine and penalty for delay payment 221,427.81 --- 3 Public donation and sponsorship 283,900.00 220,300.00 4 Others 2,000.00 100.00 Total 3,840,720.04 671,675.75 Non-operating expenses for Year 2008 increased by 471.81% with amount of 3,169,044.29 compared to Year 2007. The main reason was increases of removal and disposal of fixed assets. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 56 6.43 Income tax expenses Item Year 2008 Year 2007 Income tax expenses for Year 2008 -940,494.92 12,587,098.48 Deferred income tax expenses -1,007,733.62 646,418.42 Total -1,948,228.54 13,233,516.90 Income tax expenses for Year 2008 decreased by 15,181,745.44 compared to Year 2007. The decrease reason was dramatic decreases of profit for Year 2008. 6.44 Government subsidy Type and item of government subsidy Year 2008 Year 2007 Government subsidy received relating to assets Development compensation for project of relocation of “Three waste company” 24,310,000.00 --- For the details, please refer to Notes 6.30. Year 2008 (current year): Item As of January 1, 2008 Increases Decreases As of December 31, 2008 Among which: Deferred income of government subsidy recorded --- 24,310,000.00 3,184,532.03 21,125,467.97 6.45 Notes to cash flow statements a) Other cash received relating to cash flow from operating activities Item Year 2008 Rental and revenue from rendering of services 19,307,337.51 Interest income 2,424,500.12 Current accounts 128,204,119.77 Collection of deposit 3,673,265.00 Total 153,609,222.40 b) Other cash paid relating to cash flow from operating activities Item Year 2008 Selling and distribution expenses 85,409,571.30 General and administrative expenses 26,472,795.54 Financial expenses 1,859,916.82 Custom guarantee deposit 311,171.69 Current accounts 104,060,771.67 Total 218,114,227.02 c) Other cash received relating to cash flow from investment activities Item Year 2008 Development compensation for project of relocation of “Three waste company” 24,310,000.00 Payment of net cash obtained from subsidiary and other operating enterprises 9,304,801.67 Pledged deposit note 8,085,852.00 Total 41,700,653.67 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 57 d) Other cash received relating to cash flow from financing activities Item Year 2008 Subsidies income directly recorded into owner’s equity 1,000,000.00 e) Supplementary information of cash flow statement Item Year 2008 Year 2007 1 Net profit adjusted to cash flow from operating activities Net profit 30,510,196.70 105,188,270.40 Plus: Provision for asset impairment 15,701,363.34 40,151,830.34 Depreciation of fixed assets, oil and natural gas assets and bearer biological assets 6,591,755.57 13,203,994.69 Amortization of intangible assets 237,641.94 83,919.98 Amortization of long-term deferred expenses 114,581.64 592,354.86 Losses on disposal of fixed assets, intangible assets and other long-term assets (deduct: gains) -11,393,024.37 -179,671,502.95 Losses on scrapped of fixed assets (deduct: gains) --- --- Loss on changes in fair value (deduct: increase) 8,999,230.69 -5,329,115.00 Financial expenses (deduct: increase) 12,969,705.06 13,374,144.75 Losses arising from investments (deduct: increase) -51,893,565.87 4,137,717.24 Decrease in deferred tax assets (deduct: Increase) 324,545.13 -247,855.33 Increase in deferred tax liability (deduct: Decrease) -1,332,278.75 1,332,278.75 Decrease in inventory (deduct: Increase) 17,644,325.24 3,366,814.12 Decrease in operating receivables (deduct: increase) -15,783,611.65 -50,129,095.69 Increase in operating payables (deduct: decrease) -10,916,255.80 34,979,084.13 Others --- -18,751,122.71 Net cash flows from operating activities 1,774,608.87 -37,718,282.42 2 Investing and financing activities that do not involve in cash receipts and payments Conversion of debt into capital --- --- Convertible bonds maturing within one year --- --- Fixed assets acquired under lease obligation --- --- 3 Net increase in cash and cash equivalents Cash at end of period 281,039,035.51 271,192,936.23 Minus: Cash at beginning of period 271,192,936.23 90,150,844.88 Plus: Cash equivalents at end of period --- --- Minus: Cash equivalents at beginning of period --- --- Net increases in cash and cash equivalents 9,846,099.28 181,042,091.35 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 58 f) Relevant information of acquiring or disposal of subsidiaries and other business units for current period Item Year 2008 Year 2007 1 Relevant information of acquiring and disposal subsidiaries and other business units a) Price for acquiring subsidiaries and other business units 34,304,527.25 6,728,463.51 b) Payment of cash and cash equivalent for acquiring subsidiaries and other business units 27,000,000.00 4,316,739.84 Minus: cash and cash equivalent held by subsidiaries and other business units 36,304,801.67 5,694,645.73 c) Net cash from acquiring subsidiaries and other business units -9,304,801.67 -1,377,905.89 d) Net assets from acquired subsidiaries 49,048,096.63 13,456,927.02 Current assets 43,198,032.40 6,699,982.13 Non-current assets 12,014,132.28 7,244,264.66 Current liabilities 6,164,068.05 487,319.77 Non-current liabilities --- --- 2 Relevant information of disposal of subsidiaries and other business units a) Price for disposing subsidiaries and other business units 45,400,000.00 --- b) Payment received of cash and cash equivalent for disposal of subsidiaries and other business units 45,400,000.00 --- Minus: cash and cash equivalent held by subsidiaries and other business units 368,446.51 --- c) Net cash from disposal of subsidiaries and other business units 45,031,553.49 --- d) Disposal of subsidiaries’ net assets 995,287.39 --- Current assets 368,446.51 --- Non-current assets 75,027,383.38 --- Current liabilities 74,400,542.50 --- g) Composition of cash and cash equivalent Item As of December 31, 2008 As of January 1, 2008 1 Cash 281,039,035.51 271,192,936.23 Among which: Cash in treasury 474,294.92 290,811.45 Unlimited cash in bank available for payment 275,794,964.14 270,655,496.28 Unlimited other monetary funds available for payment 4,769,776.45 246,628.50 2 Cash equivalents Among which: bond investment maturing within 3 months 3 Ending balance of cash and cash equivalents 281,039,035.51 271,192,936.23 Among which: restricted cash and cash equivalents used by parent company or inter-group subsidiaries SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 59 7 Notes to the main items of financial statements of parent company 7.1 Accounts receivable a) Composition of accounts receivable As of December 31, 2008 As of January 1, 2008 Aging Book balance Proportion of total amount Provision for bad debts Provision proportion Book balance Proportion of total amount Provision for bad debts Provision proportion Within one year (including one year) 5,440,672.39 30.38% 108,813.45 2% 15,141,016.05 60.33% 302,820.32 2% 1 - 2 years (including 2 years) 3,174,834.01 17.73% 1,548,002.29 10-100% 1,121,992.58 4.47% 112,199.26 10% 2 - 3 years (including 3 years) 878,000.80 4.90% 175,600.16 20% 200.97 0.00% 40.19 20% Over 3 years 8,414,404.49 46.99% 5,700,674.45 30-100% 8,833,184.74 35.20% 5,899,193.84 30-100% Total 17,907,911.69 100.00% 7,533,090.35 25,096,394.34 100.00% 6,314,253.61 As of December 31, 2008 As of January 1, 2008 Category Book balance Proportion of total amount Provision for bad debts Provision proportion Book balance Proportion of total amount Provision for bad debts Provision proportion 1 Amount with significant individual amount and has been provided for bad and doubtful debts 2,425,342.97 13.54% 2,213,723.02 80-100% --- --- 2 Amount with insignificant individual amount and has been provided for bad and doubtful debts 5,119,398.89 28.59% 4,183,122.89 80-100% 6,323,269.27 25.20% 5,146,219.20 80-100% 3 Other accounts classified as seeming credit risk in accordance with aging 10,363,169.83 57.87% 1,136,244.44 2-30% 18,773,125.07 74.80% 1,168,034.41 2-30% Among which: significant individual 4,704,207.31 26.27% 472,113.41 2-30% 10,286,800.62 40.98% 206,524.25 2-10% Insignificant individual 5,658,962.52 31.60% 664,131.03 2-30% 8,486,324.45 33.82% 961,510.16 2-30% Total 17,907,911.69 100.00% 7,533,090.35 25,096,394.34 100.00% 6,314,253.61 b) Changes in provision for bad debt of account receivables as follow: As of January 1, 2008 Accrued amount for Year 2008 Written-off for Year 2008 As of December 31, 2008 Year 2007 6,407,706.74 -93,453.13 --- 6,314,253.61 Year 2008 6,314,253.61 1,370,900.12 152,063.38 7,533,090.35 Note: The amount of provision for bad debts written off due to accounts receivable received as debt restructuring was 152,063.38. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 60 c) Account receivable which individual ended balances are material or not material but separately provided for bad debts Contents of account Book balance Proportion Amount of provision for bad debt Reason Ao Shun Fang 1,367,243.21 100% 1,367,243.21 Test separately, the possibility of expected recovery is too low Fenghua Worldbset Buyun Trousers Co., Ltd. 1,058,099.76 80% 846,479.81 Test separately, the possibility of expected recovery is too low Other receivables for sales of goods 5,119,398.89 80-100% 4,183,122.89 Test separately, the possibility of expected recovery is too low Total 7,544,741.86 80-100% 6,396,845.91 d) No accounts receivable fully or partly provided for bad and doubtful debts in previous years and fully or partly recovered in current year. e) Recovery of accounts receivables due to debt restructuring for Year 2008 is CNY 347,733.23. Name of company Written-off Bad debt Reason of written-off Related Trade or not Shanghai Sangai Mu Clothing Co., Ltd. 252,246.40 75,673.92 Debt restructuring No Ermao Factory, Donggou Branch 16,520.80 13,216.64 Debt restructuring No Shanghai Yufeng Clothing Co., Ltd. 71,446.03 57,156.82 Debt restructuring No Wujiang Shenwu Wool & Textile Co., Ltd. 7,520.00 6,016.00 Debt restructuring No Total 347,733.23 152,063.38 For the details, please refer to Notes 12.1. f) There is no accounts receivable due from shareholder who has more than 5% (including 5 %) voting shares of the Company at year ended. g) The amount of accounts receivable due from related parties is CNY 896,135.75, accounted for 5.00% of the ending balance of accounts receivable. Name of company Relationship with the Company Amount in arrears Proportion of the balance of accounts receivable Shanghai Sanmao Import and Export Co., Ltd. Related party in consolidation scope 896,135.75 5.00% h) Top 5 debtors of accounts receivable as the year ended. Ranking of debtors Relationship with the Company Amount in arrears Aging Proportion of the total accounts receivable No. 1 Non-related parties 2,222,979.42 Within 1 year, 1-2 years 12.41% No. 2 Non-related parties 1,510,350.18 Within 1 year 8.43% No. 3 Non-related parties 1,367,243.21 Within 1 year, 1-2 years 7.64% No. 4 Non-related parties 1,058,099.76 Over 3 years 5.91% No. 5 Non-related parties 970,877.71 Over 3 years 5.42% Total 7,129,550.28 39.81% i) There is no accounts receivable transferred unconformity with the derecognition condition at year ended. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 61 j) There is no trading arrangement to securitize the underlying assets as accounts receivable. k) There is no financial instrument as subject of securitization and unconformity with the derecognizing condition. 7.2 Other receivables A. Composition of other receivables As of December 31, 2008 As of January 1, 2008 Aging Carrying amount Proportion of total amount Provision for bad debts Provision proportion Carrying amount Proportion of total amount Provision for bad debts Provision proportion Within 1 year (Including 1 year) 38,827,596.88 58.39% --- --- 136,694,314.40 87.19% 108,040,246.37 0-100% 1-2 years (Including 2 years) 12,033,602.85 18.10% 9,151,000.28 10-95.43% 1,055,006.31 0.67% 105,500.63 10% 2-3 years (Including 3 years) 69,140.38 0.10% 13,828.08 20% 7,714,718.72 4.92% 1,542,943.74 20% Over 3 years 15,571,007.29 23.41% 10,148,699.58 30-100% 11,306,827.68 7.22% 9,448,176.96 30-100% Total 66,501,347.40 100.00% 19,313,527.94 156,770,867.11 100.00% 119,136,867.70 As of December 31, 2008 As of January 1, 2008 Category Carrying amount Proportion of total amount Provision for bad debts Provision proportion Carrying amount Proportion of total amount Provision for bad debts Provision proportion 1. Significant individual amount whose provision has been recognized 15,872,701.26 23.87% 15,447,633.46 95.43~100% 115,493,191.10 73.67% 114,609,938.97 90.64~100% 2. Insignificant individual amount whose provision has been recognized 1,733,219.98 2.60% 1,398,578.56 80~100% 2,552,247.51 1.63% 2,223,018.09 80~100% 3. Other accounts with the symbol of credit risk identified by aging 48,895,426.16 73.53% 2,467,315.92 0~30% 38,725,428.50 24.70% 2,303,910.64 0~30% Among which: Significant individual 30,621,813.07 46.05% 1,962,970.11 0~30% 10,225,196.50 6.53% --- 0% Insignificant individual 18,273,613.09 27.47% 504,345.81 0~30% 28,500,232.00 18.17% 2,303,910.64 0~30% Total 66,501,347.40 100.00% 19,313,527.94 156,770,867.11 100.00% 119,136,867.70 B. Changes of provisions for bad debts of other receivables are listed as follows: As of January 1, 2008 Accrued amount for Year 2008 Written-off for Year 2008 (Note) As of December Year 2007 75,323,103.43 43,813,764.27 --- 119,136,867.70 Year 2008 119,136,867.70 1,088,978.18 100,912,317.94 19,313,527.94 Note: Among which: written-off provision for bad debts due to debt restructuring is CNY 895,472.12; and written-off provision for bad debs due to bankrupt debt is CNY 100,016,845.82. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 62 C. Other receivables with significant individual amount or with insignificant individual amount that have been provided for bad debts at year ended. Content of other receivables Carrying amount Provision proportion Provision Reason Shanghai Yitiao Textile Co., Ltd. 9,303,008.66 95.43% 8,877,940.86 The possibility of the estimated recovery is extremely low Blue Ribbon Yule Business Co., Ltd. 6,569,692.606 100% 6,569,692.60 It is impossible to recover Total 15,872,701.26 15,447,633.46 D. Recovery of other receivables from debt restructuring for Year 2008 Name of company Amount of debt restructuring Provisions for bad debts of debt restructuring Sansheng Property Company 3,000.00 900.00 Ermao Factory, Donggou Branch 846,087.53 846,087.53 Sandie Clothing Co., Ltd. 30,777.68 9,233.30 Sanlei Wool Textile Co., Ltd. 475,844.17 --- Sandie Nylon Co., Ltd. 251,155.13 --- Wool & Gunny Industry Management Office 100,000.00 30,000.00 Shanghai Shanya Company 30,837.64 9,251.29 Total 1,737,702.15 895,472.12 E. The actual written-off other receivables for Year 2008 Name of company Amount of written-off receivables Amount of written off bad debts Reason for write-off Shanghai No.2 Worsted Textile Ace Industrial Co., Ltd. 61,498,741.04 61,498,741.04 Unrecoverable bankruptcy creditors Shanghai Diyi Wool and Textile Co., Ltd. 38,518,104.78 38,518,104.78 Unrecoverable bankruptcy creditors Total 100,016,845.82 100,016,845.82 For the details, please refer to Notes 12.2 o). F. There are no other receivables due from shareholder who has more than 5% (including 5 %) voting shares of the Company as of December 31, 2008. G. The amount of other receivables due from related parties is CNY 43,673,403.34, accounted for 65.68% of the ending balance of other receivables as of December 31, 2008. Name of company Relationship with the Company Amount in arrears Proportion of the balance of other receivables Shanghai Sanmao Real Estate Co, Ltd. Related party in consolidation scope 6,279,951.85 9.44% Shanghai No.1 Mill Textile Co., Ltd. Related party in consolidation scope 3,254,604.72 4.89% Shanghai Chunxin Wool and Material Co., Ltd. Related party in consolidation scope 4,612,646.69 6.94% Shanghai Sanmao Labor Services Co., Ltd. Related party in consolidation scope 17,798,627.52 26.77% Shanghai Sanlian Textile and Dye Co., Ltd. Related party in consolidation scope 2,424,563.90 3.65% Shanghai Yitiao Textile Co., Ltd. Original subsidiary (Note) 9,303,008.66 13.99% Total 43,673,403.34 65.68% Note: For the details, please refer to Notes 7.3. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 63 H. Top 5 debtors of other receivables as of December 31, 2008. Ranking Relationship with the Company Nature or content Amount in arrears Aging Proportion of the total accounts receivable No. 1 Related parties Current account 17,798,627.52 Within 1 year 26.77% No. 2 Note Payment on behalf 9,303,008.66 1-2 years 13.99% No. 3 Non-related parties Rent 6,569,692.60 Over 3 years 9.88% No. 4 Non-related parties Payment on behalf 6,543,233.70 Over 3 years 9.84% No. 5 Related parties Current account 6,279,951.85 Within 1 year 9.44% Total 46,494,514.33 69.92% Note: It was original subsidiary. For the details, please refer to Notes 7.3. I. There is no accounts receivable transferred unconformity with the derecognizing condition at year ended. J. There is no trading arrangement to securitize the underlying assets as accounts receivable. K. There is no financial instrument as subject of securitization and unconformity with the derecognition condition. L. Ending balance of other receivables decreased by 57.58% with the amount of CNY 90,269,519.71 compared to the beginning balance, and which is mainly due to the declaration of bankruptcy of Shanghai No.2 Worsted Textile Ace Industrial Co., Ltd. and Shanghai Diyi Wool and Textile Co., Ltd., their payments on behalf of receivables have been written off for Year 2008. 7.3 Long-term equity investment As of December 31, 2008 As of January 1, 2008 Carrying amount Provision for bad debts Carrying amount Provision for bad debts Long-term equity investment to subsidiaries 326,519,803.35 --- 264,578,284.30 --- Long-term equity investment under equity method --- --- --- --- Joint ventures 8,610,012.12 --- 10,033,142.16 --- Associated enterprises 11,116,281.15 --- 11,160,806.73 --- Subtotal 19,726,293.27 --- 21,193,948.89 --- Other long-term equity investment under cost method 10,871,220.09 6,252,594.12 13,427,390.48 6,659,089.70 Total 357,117,316.71 6,252,594.12 299,199,623.67 6,659,089.70 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 64 A) Long-term equity investment to subsidiaries Name of Subsidiaries Initial amount As of January 1, 2008 Increases Decreases As of December 31, 2008 Shanghai Sanmao Import and Export Co., Ltd. 61,200,000.00 61,200,000.00 --- --- 61,200,000.00 Shanghai Huayu Wool and Jute Import and Export Co., Ltd. 2,396,545.92 2,396,545.92 --- --- 2,396,545.92 Shanghai Shenyi Mill Co., Ltd. 49,500,000.00 49,500,000.00 --- --- 49,500,000.00 Shanghai Shenmao Real Estate Co., Ltd. 4,899,525.43 4,899,525.43 --- --- 4,899,525.43 Shanghai Sanmao Real Estate Co., Ltd. 18,000,000.00 18,000,000.00 18,000,000.00 Shanghai No.1 Mill Textile Co., Ltd. 118,320,000.00 90,000,000.00 28,320,000.00 --- 118,320,000.00 Shanghai Shanhe Investment Administration Co., Ltd. 27,000,000.00 27,000,000.00 --- --- 27,000,000.00 Shanghai Chunxin Wool and Material Co., Ltd. 3,753,749.44 3,753,749.44 --- --- 3,753,749.44 Shanghai Sanmao Labor Services Co., Ltd. 100,000.00 100,000.00 --- --- 100,000.00 Shanghai Sanmao Property Management Co., Ltd. 1,000,000.00 1,000,000.00 --- 1,000,000.00 --- Shanghai Asahi Men’s suits Co., Ltd. 6,728,463.51 6,728,463.51 --- --- 6,728,463.51 Shanxi Baoji Linyun Wanzheng Circuit Board Co., Ltd. 27,316,991.80 --- 27,316,991.80 --- 27,316,991.80 Shanghai Sanlian Textile and Dye Co., Ltd. (Note) 7,304,527.25 --- 7,304,527.25 --- 7,304,527.25 Total 327,519,803.35 264,578,284.30 62,941,519.05 1,000,000.00 326,519,803.35 Note: On January 31, 2008, in accordance with Chongqing State-owned Assets Supervision and Administration Commission on <Restructuring of Shanghai Sanlian Textile and Dye Co., Ltd.> with YGZG [2008] No.11 document, Shanghai Sanlian Textile and Dye Co., Ltd. was approved to be a wholly-owned subsidiary of the Company which used to be a joint venture subsidiary. On September 1, 2008, Shanghai Sanlian Textile and Dye Co., Ltd. has already completed relevant industrial and commercial procedures, therefore it was included in the consolidation scope under the cost method. B) Main information of joint ventures and associated enterprises (Monetary unit: CNY 0’000) Name of investee Type of enterprise Registered Address Legal Representative Nature of Business Registered Capital Holding proportion Voting proportion among investors 1. Joint ventures: Bioword Genechip Inc., Shanghai Limited company Shanghai Zhihua Ni Genechip, etc. 4,000 50% 50% 2. Associated enterprises: Shanghai Xiefen Mill Co., Ltd. Nation-funded, associated enterprises Shanghai Guoping Zhou Woolen Sticks, etc. 265.125 35% 35% Shanghai Yinfen Garment Co., Ltd. Limited company Shanghai Nagashima Yasuhiro man’s and woman’s trousers and clothes, etc. USD 314.4 38.14% 38.14% (Monetary unit: CNY 0’000) Name of investee Total assets as of December 31, 2008 Total liabilities as of December 31, 2008 Total income for year 2008 Net profit for year 2008 Relationship Organization Code 1. Joint ventures: --- --- --- --- --- --- Bioword Genechip Inc., Shanghai 1,800.75 74.83 --- 4.62 --- 63208210-4 2. Associated enterprises: --- --- --- --- --- --- Shanghai Xiefen Mill Co., Ltd. 398.35 35.21 1,584.17 78.77 --- 13411550-8 Shanghai Yinfen Garment Co., Ltd. 3,461.26 879.90 2,867.00 30.93 --- 60723225-4 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 65 C) Long-term equity investment under equity method Increase/decrease of equity Name of investee Initial cost of investment As of January 1, 2008 Total Among which: recognized cash dividends As of December 31, 2008 1. Joint ventures: Shanghai Sanlian Textile and Dye Co. Ltd. (Note) 8,330,597.14 1,446,243.26 -1,446,243.26 --- --- Bioword Genechip Inc., Shanghai 20,000,000.00 8,586,898.90 23,113.22 --- 8,610,012.12 Subtotal 28,330,597.14 10,033,142.16 -1,423,130.04 --- 8,610,012.12 2. Associated enterprises: Shanghai Xiefeng Mill Co., Ltd. 972,523.42 1,220,528.83 50,434.68 -225,277.74 1,270,963.51 Shanghai Yinfeng Garment Co., Ltd. 12,030,000.00 9,940,277.90 -94,960.26 -198,898.85 9,845,317.64 Subtotal 13,002,523.42 11,160,806.73 -44,525.58 -424,176.59 11,116,281.15 Total 41,333,120.56 21,193,948.89 -1,467,655.62 -424,176.59 19,726,293.27 Note: The institution has changed to the wholly-owned subsidiary on September 1, 2008, therefore its Financial Statements are included in the scope of consolidation. D) Other long-term equity investment under cost method Increase/decrease of equity Name of investee Initial cost of investment As of January 1, 2008 Total Among which: recognized cash dividends As of December 31, 2008 Bank of Shanghai 950,000.00 950,000.00 --- --- 950,000.00 Shanghai AJ Co., Ltd. 934,160.00 934,160.00 -934,160.00 --- --- Shanghai Textile Machinery Co., Ltd. 380,000.00 380,000.00 --- --- 380,000.00 Guangzhou Fotao Group Co., Ltd. 79,000.00 79,000.00 --- --- 79,000.00 Guangdong Province Jinshan Industrial Co., Ltd. 55,000.00 55,000.00 --- --- 55,000.00 Shanghai Yitiao Textile Co., Ltd. (Note 1) 3,483,881.89 --- --- --- --- Shanghai Friendship Textile Factory (Note 1) 4,677,918.12 --- --- --- --- Shanghai Yixin Industrial and Trading Company (Note 1) 597,220.09 597,220.09 --- --- 597,220.09 Shanghai Diyi Wool and Textile Co., Ltd. (Note 2) 16,800,000.00 --- --- --- --- Shanghai No.2 Worsted Textile Ace Industrial Co., Ltd. (Note 3) 12,600,000.00 --- --- --- --- Shanghai Shuanglong High Technology Development Co., Ltd. 6,000,000.00 6,000,000.00 --- --- 6,000,000.00 Shanghai Xinde Enterprise Development Company. 600,000.00 600,000.00 --- --- 600,000.00 Tianjin Dawei Co., Ltd. 2,000,000.00 2,000,000.00 --- --- 2,000,000.00 Shanghai Chunzhu Man Apparell Co., Ltd. (Note 4) 822,010.39 822,010.39 -822,010.39 --- --- Jiaxing Chunzhu Wool Man Apparell Co., Ltd. (Note 4) 800,000.00 800,000.00 -800,000.00 --- --- Shandong Jinan Wool and Textile Factory 200,000.00 200,000.00 --- --- 200,000.00 Miscellaneous investments 10,000.00 10,000.00 --- --- 10,000.00 Total 50,989,190.49 13,427,390.48 -2,556,170.39 --- 10,871,220.09 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 66 Note 1: It was original subsidiary, which was in out of business and liquidation and not controlled by the Company. Note 2: It had entered the liquidation since November 30, 2003. It was judged to be bankrupt in November 2008. The long-term investment was settled to 0. Note 3: It had entered the liquidation since February 9, 2004. It was judged to be bankrupt in November 2008. The long-term investment was settled to 0. Note 4: Debt was offset when debt restructuring, for the details, please refer to Notes 12.1. E) Provision for diminution in value of long-term equity investment Name of investee As of January 1, 2008 Increases Decreases As of December 31, 2008 Reason for provision Shanghai Yixin Industrial and Trading Company 597,220.09 --- --- 597,220.09 Estimated recoverable amount is less than carrying amount Shanghai Xinde Enterprise Development Company. 600,000.00 --- --- 600,000.00 Estimated recoverable amount is less than carrying amount Miscellaneous investments 10,000.00 --- --- 10,000.00 Estimated recoverable amount is less than carrying amount Shanghai Shuanglong High Technology Development Co., Ltd. 4,846,755.23 --- --- 4,846,755.23 Estimated recoverable amount is less than carrying amount Shanghai AJ Co., Ltd. (Note) 406,495.58 --- 406,495.58 --- Shanghai Textile Machinery Co., Ltd. 198,618.80 --- --- 198,618.80 Estimated recoverable amount is less than carrying amount Total 6,659,089.70 --- 406,495.58 6,252,594.12 Note: Decrease of Shanghai AJ Co., Ltd. was available-for-sale financial assets transferred in. 7.4 Revenue from operations and cost of operations Year 2008 Year 2007 Item Revenue Cost Revenue Cost Principal activities 69,048,987.90 65,728,765.56 134,283,975.68 131,010,657.16 Other activities 9,641,925.37 2,437,780.64 8,029,983.83 3,638,713.643 Total 78,690,913.27 68,166,546.20 142,313,959.51 134,649,370.80 a) Revenue from principal activities and cost of principal activities listed in accordance with business categories Year 2008 Year 2007 Item Revenue from principal activities Cost of principal activities Revenue from principal activities Cost of principal activities (1) Industry --- --- 132,828,420.12 129,610,657.16 (2) Commerce 69,048,987.90 65,728,765.56 1,455,555.56 1,400,000.00 Business segment Total 69,048,987.90 65,728,765.56 134,283,975.68 131,010,657.16 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 67 b) Revenue from principal activities and cost of principal activities listed in accordance with region categories Year 2008 Year 2007 Item Revenue from principal activities Costs of principal activities Revenue from principal activities Costs of principal activities Export sales 6,752,286.57 6,554,229.62 82,110,439.87 80,570,195.37 Domestic sales 62,296,701.33 59,174,535.94 52,173,535.81 50,440,461.79 Region segment Total 69,048,987.90 65,728,765.56 134,283,975 68 131,010,657.16 c) Top 5 clients of revenue from principal activities Ranking Total amount of revenue from principal activities Proportion of the total revenue from principal activities No. 1 29,419,628.45 42.61% No. 2 5,259,436.58 7.62% No. 3 5,251,877.62 7.60% No. 4 2,326,479.74 3.37% No. 5 1,981,135.66 2.87% Total 44,238,558.05 64.07% d) Ending balance of revenue decreased by 44.71% with amount of CNY 63,623,046.24 compared to the beginning balance, and which is due to that the workshops (production base) have closed this year which caused the decreases of production and sales. 7.5 Investment income Item Year 2008 Year 2007 1. Investment income of financial assets (1). Investment income of financial assets held for trading 102,496.51 204,850.80 (2). Investment income of available for sale financial assets 385,777.92 260,374.77 (3) Investment income of disposal of financial assets held for trading 1,172,644.44 --- (4) Investment income of disposal of available for sale financial assets 4,292,548.72 --- 2. Investment income of long-term equity investment (1). Income of long-term equity investment under cost method 142,500.00 --- (2). Income of long-term equity investment under equity method 399,231.48 120,868.13 (3). Income of disposal of long-term equity investment 44,569,754.30 --- Total 51,064,953.37 586,093.70 Among which: Long-term equity investment under equity method mainly includes: Name of investee Year 2008 Year 2007 Shanghai Sanmao Property Management Co., Ltd. -165,041.69 --- Shanghai Sanlian Textile and Dye Co. 161,508.94 -236,678.05 Bioword Genechip Inc., Shanghai 23,113.22 -36,541.71 Shanghai Xiefen Mill Co., Ltd. 275,712.42 237,134.46 Shanghai Asahi Man Apparel Co., Ltd. --- -45,548.42 Shanghai Yinfen Garment Co., Ltd. 103,938.59 202,501.85 Total 399,231.48 120,868.13 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 68 Among which: Investment income of disposal of long-term equity investment is listed as follows: Name of investee Year 2008 Year 2007 Shanghai Sanmao Property Management Co., Ltd. 44,569,754.30 --- Note: for the details, please refer to Notes 12.2 m). 1. There is no significant restriction in collection of investment income by the Company. 2. Ending balance of investment income increased by CNY 50,478,859.67 compared to the beginning balance, and which mainly due to that disposal of investment income of Shanghai Sanmao Property Management Co., Ltd. obtained in the current year. 7.6 Supplementary information of cash flow statement Item Year 2008 Year 2007 1. Convert net profit to cash flow from operating activities Net profit 40,972,400.01 98,811,066.80 Plus: provision for assets impairment loss 2,459,878.30 50,482,772.62 Depreciation of fixed assets, depletion of oil and natural gas assets and depreciation of bearer biological assets 2,506,778.31 7,207,184.61 Amortization of intangible assets --- --- Amortization of long-term deferred expenses --- 496,870.16 Loss on disposal of fixed assets, intangible assets and other long-term assets (deduct: gains) -11,490,509.87 -177,210,116.71 Loss on scrapped of fixed assets (deduct: gains) --- --- Loss on changes in fair value (deduct: increase) 5,805,730.69 -2,964,975.00 Financial expenses (deduct: increase) 7,522,800.78 10,202,054.24 Losses arising from investments (deduct: increase) -51,064,953.37 586,093.70 Decrease in deferred tax assets (deduct: increase) --- --- Increase in deferred tax liability (deduct: decrease) -741,243.75 741,243.75 Decrease in inventory (deduct: increase) 13,749,162.10 16,519,908.25 Decrease in operating receivables (deduct: increase) -7,184,834.98 -42,028,610.81 Increase in operating payables (deduct: decrease) -48,178,010.03 16,000,179.56 Others --- --- Net cash flows from operating activities -45,642,801.81 -21,156,328.83 2. Investing and financing activities not relating to cash Convertion of debt into capital Convertible bonds maturing within one year Leasehold improvements of fixed assets 3. Net changes of cash and cash equivalents Ending balance of cash 138,071,572.96 203,198,712.38 Less: beginning balance of cash 203,198,712.38 14,532,949.31 Plus: ending balance of cash equivalents Less: beginning balance of cash equivalents Net increases of cash and cash equivalents -65,127,139.42 188,665,763.07 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 69 8 Related parties and related party transaction 8.1 Related parties A Parent company of the Company: (Monetary unit: CNY 0’000) Name of parent company Relationship with the Company Business Type Registered Address Representative Business nature Registered capital Holding proportion Voting proportion Ultimate Controlling party Organization code Chongqing Light Industry and Textile Holdings (Group) Company Controlling shareholder Limited liability company (wholly state-owned) Chongqin g Yang Ling Operating and managing state-owned assets 180,000.00 25.95% 25.95% Chongqing State-owned Assets Supervision and Administration Commission 45041712-9 Related parties which are controlled by the Company: For details, please refer to Notes 5. B Subsidiaries of the Company: (Monetary unit: CNY 0’000) Name of subsidiaries Type Business Type Registered Address Representative Business nature Registered capital Holding proportion Voting proportion Organization code Shanghai Sanmao Import and Export Co., Ltd. Owned Subsidiary Limited liability company Shanghai Bocheng Cai Import & export business 6,800.00 100% 100% 73542393-6 Shanghai Huayu Wool and Jute Import and Export Co., Ltd. Subsidiary of owned Subsidiary Limited liability company Shanghai Miaofu Cai Import & export business 2,000.00 100% 100% 73334036-0 Shanghai Shenyi Mill Co., Ltd. Owned Subsidiary Limited liability company Shanghai Zhixiao Xu Woolen Sticks, wool, knitting 5,500.00 100% 100% 63156940-4 Shanghai Shenmao Real Estate Co., Ltd. Owned Subsidiary Limited liability company Shanghai Weiming Xuan Operating real estate 500.00 80% 80% 63113526-X Shanghai Sanmao Real Estate Co., Ltd. Owned Subsidiary Limited liability company Shanghai Wenqing Zhang Operating real estate 2,000.00 100% 100% 75294330-0 Chongqin Sanmao Real Estate Development Co., Ltd. Subsidiary of owned Subsidiary Limited liability company Chongqin Wenqing Zhang Real estate development 2,100.00 100% 100% 66355453-0 Shanghai No.1 Mill Textile Co., Ltd. Wholly-owned Subsidiary Limited liability company Shanghai Jie Liu Wholesale of woolen Sticks, yarn 11,832.00 100% 100% 79705530-7 Shanghai No.1 Mill Textile (Chongqin) Co., Ltd. Subsidiary of wholly-owned subsidiary Limited liability company ChongqingJie Liu Woolen Sticks, plush, knitting, etc. 7,000.00 100% 100% 79802208-0 Taichang Sanmao Textile Co., Ltd. Subsidiary of wholly-owned subsidiary Limited liability company Taicang Jie Liu Producing, processing, worsted fabric 1,200.00 100% 100% 78498397-2 Shanghai Shanhe Investment Administration Co., Ltd. Owned Subsidiary Limited liability company Shanghai Industrial investment, management consulting 3,000.00 90% 90% 70315626-3 Shanghai Chunxin Wool and Material Co., Ltd. Wholly-owned Subsidiary Limited liability company Shanghai Fugen Le Selling textile materials and production, etc. 450.00 100% 100% 63128862-9 Shanghai Sanmao Labor Services Co., Ltd. Wholly-owned Subsidiary Limited liability company Shanghai Miaofu Cai Labor services, etc. 10.00 100% 100% 78786240-4 Shanghai Sanmao International Transportation Co., Ltd. Subsidiary of owned Subsidiary Limited liability company Shanghai Bocheng Cai Freight Forwarders 500.00 100% 100% 75315771-5 Shanghai Zijin Wool and Textile Co., Ltd. Subsidiary of owned Subsidiary Limited liability company Shanghai Weiming Xuan Wool, Chemical Fiber, etc. 50.00 100% 100% 75294511-1 Shanghai Dipai Garments Co., Ltd. Subsidiary of owned Subsidiary Limited liability company Shanghai Bocheng Cai Dresses, Clothes, garment materials 350.00 100% 100% 78723288-3 Shanghai Asahi Man Apparel Co., Ltd. Owned Subsidiary Foreign Invested company Shanghai Suits Producing and trading 1,661.00 100% 100% 60730927-4 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 70 Shanghai Maofen Property Development Co., Ltd. Subsidiary of owned Subsidiary Limited liability company Shanghai Fugen Le Property Management 50.00 100% 100% 13462804-7 Shanghai Sanlian Textile and Dye Co. Wholly-owned Subsidiary Limited liability company Shanghai Fugen Le Fiber staining, Wool washing 650.00 100% 100% 13375343-6 Shanxi Baoji Linyun Wanzheng Circuit Board Co., Ltd. Subsidiary of owned Subsidiary Limited liability company Baoji Bo Ning Kinds of single/ double-sided circuit boards 1,989.84 65.44% 65.44% 73538054-2 C Related parties with no controlling relationship Name of enterprise Relationship with the Company Organization code Shanghai Yinfen Garment Co., Ltd. Affiliated enterprise 60723225-4 Shanghai Xiefen Mill Co., Ltd. Affiliated enterprise 13411550-8 Shandong Sanmao Shenyu Real Estate Co., Ltd. Affiliated enterprise 66240295-7 Bioword Genechip Inc., Shanghai Joint enterprise 63208210-4 Shanghai Hua Feng Huan Yu Business Develop Co., Ltd. Joint stock enterprises 63208606-8 Shanghai Yitiao Textile Co., Ltd. Original subsidiary 73408770-7 Shanghai Ermao Aisi Textile Industry Co., Ltd. Original subsidiary Shanghai Diyi Wool and Textile Co., Ltd. Original subsidiary 8.2 Related party transactions (Monetary unit: CNY 0’000) (a) Transactions between controlled and consolidated subsidiaries and transaction between such subsidiaries with their parent companies have been eliminated. (b) Pricing policy of related party transaction is the adoption of market price. (c) Purchases from related parties Year 2008 Year 2007 Name of enterprise Amount Proportion of the same kind of products Amount Proportion of the same kind of products Shanghai Hua Feng Huan Yu Business Develop Co., Ltd 21,672,287.92 1.60% --- --- Shanghai Xiefen Mill Co., Ltd. --- --- 39,232.38 <1% Shanghai Yinfen Garment Co., Ltd. 770,319.51 <1% 771,580.87 <1% SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 71 (d) Sales to related parties Year 2008 Year 2007 Name of enterprise Amount Proportion of the same kind of products Amount Proportion of the same kind of products Shanghai Hua Feng Huan Yu Business Develop Co., Ltd 6,903,502.13 <1% --- --- Shanghai Xiefen Mill Co., Ltd. --- --- 1,898,222.24 <1% Shanghai Yinfen Garment Co., Ltd. 11,174.62 <1% 119,887.49 <1% Shanghai Yitiao Textile Co., Ltd. --- --- 112,754.66 <1% Shanghai Sanlian Textile and Dye Co. Ltd. (Note) --- --- 165,251.54 <1% Note: It was the associated company as of January 1, 2008 and changed to subsidiary and brought into the scope of consolidation. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 72 (e) Balance of current account with related parties As of December 31, 2008 As of January 1, 2008 Accounts Related parties Book balance Proportion of total amount Provision for bad debts Book balance Proportion of total amount Provision for bad debts Account receivables： Shanghai Sanlian Textile and Dye Co. Ltd. --- --- 165,251.54 <1% 3,305.03 Shanghai Xiefen Mill Co., Ltd. --- --- 258,960.00 <1% 5,179.20 Other receivables： Shanghai Sanlian Textile and Dye Co. Ltd. --- --- 2,961,717.10 1.64% 259,511.73 Shanghai Ermao Aisi Textile Industry Co., Ltd. --- --- 61,285,364.21 33.10% 61,285,364.21 Shanghai Diyi Wool and Textile Co., Ltd. --- --- 38,200,438.24 20.63% 38,200,438.24 Shanghai Yitiao Textile Co., Ltd. 9,303,008.66 32.00% 8,877,940.86 9,437,696.05 5.10% 8,554,443.92 Advance to suppliers： Chongqing Light Industry and Textile Holdings (Group) Company --- --- 5,000,000.00 6.77% --- Shanghai Hua Feng Huan Yu Business Develop Co., Ltd. 4,185,709.02 2.65% --- 2,711,375.51 3.67% --- Other payables： Shanghai Sanmao Shenyu Real Estate Co., Ltd. 3,600,000.00 5.26% --- 3,600,000.00 4.75% --- Shanghai Yinfen Garment Co., Ltd. 1,000.00 <1% --- --- --- Shanghai Yixin Industrial and Trading Company 415,353.75 <1% --- 415,353.75 <1% --- Bioword Genechip Inc., Shanghai 114,761.02 <1% --- 136,361.02 <1% --- Shanghai Yitiao Textile Co., Ltd. --- --- 13,928.33 <1% --- (f) Guarantee offered by related parties The Company offered guarantee to related parties as of December 31, 2008: the details refer to Notes 9.2. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 73 9 Contingencies 9.1 Contingencies arising from pending law suits or arbitration cases until December 31, 2008. The Company received notice from Shanghai Yangpu People’s Court in October, 2008 that Shanghai Daian Hotel Supplies Marketing Management Co., Ltd. had sued the Company and Shanghai Yitiao Textile Co., Ltd. to the Court, it requested for the decoration compensation for leased house on Yang Shu Pu Road with No. 1038. for CNY 5,149,859.00. The case number is YMS (M)CZ No.833 (2009). As of the date of auditor report, the Case is still under progress. 9.2 As of December 31, 2008, contingent liabilities arising from guarantee for other parties are listed as follow: Guaranteed party Guaranteed amount Maturing date Effects on the Company’s financial position Related party: Shanghai Sanmao Import and Export Co., Ltd. 55,500,000.00 (Note) September, 2009 No negative effects The actual amount of guarantee debts is CNY 20,200,000 as of December 31, 2008. The Company does not provide guarantee to other companies. 9.3 Other contingent liabilities No significant other contingency liabilities need to be disclosed. 10 Commitments Mortgaged investment property and fixed assets he property held by the Company located in No. 51, 200 Nong, Xiasha New St., Hangtou Town, Nanhui (Title deeds HFDNZ [2004] No. 000636), has been mortgaged to Yangpu Branch Bank of Communications for bank loan of CNY 25,000,000. The term is from October, 2008 to April, 2009. As of December 31, 2008, the original value of the house is CNY 8,077,500 and its net value is CNY 7,116,100. The property held by the Company located in Room 1401 to 1415 No. 1476 and 1482, Pudong Avenue, (Title deeds HFDPZ [2008] No. 062338), has been mortgaged to Yangpu Branch Bank of Communications for bank loan of CNY 7,900,000. The term is from October, 2008 to October, 2009. As of December 31, 2008, the original value of the house is CNY 4,591,700 and its net value is CNY 3,222,800. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 74 The property held by the Company located in Set 1 to 6, No. 380, Qilianshan Rd. (Title deeds HFDPZ [2004] No. 048126 and No. 048135), has been related rental revenue mortgaged to Badaitou Branch Bank of Shanghai for bank loan of CNY 33,000,000. The term is from September, 2008 to September, 2009. As of December 31, 2008, the original value of the house is CNY 44,544,400 and its net value is CNY 39,956,300. The holding subsidiary, Shanghai Chunxin Wool and Material Co., Ltd., has mortgaged the property located in No. 6 Yunchuan Rd. (Title deeds HFDBZ [1999] No. 009290) to Wujiaochang Branch Agriculture Bank of China for bank loan of CNY 27,000,000. The term is from September, 2008 to September, 2009. As of December 31, 2008, the original value of the house is CNY 23,175,900 and its net value is CNY 961.49. 11 Post-balance sheet events 11.1 Profit distribution scheme on post- balance sheet date According to the resolution draft for profit distribution for Year 2008 passed in the eighth meeting of the sixth board of directors on April 16, 2009, the Company will not distribute any profit or transfer capital surplus to capital for Year 2008. The resolution draft needs to be approved by the general meeting before its becoming effective. 11.2 No significant lawsuits, arbitration, commitment events on post-balance sheet date. 11.3 Significant external investment on post-balance sheet date. In accordance with the Resolution of Board of Directors, the Company invested solely to Shanghai Jiayi Venture Capital Co., Ltd. with amount of CNY 30,000,000 in January 2009. Shanghai Jiayi Venture Capital Co., Ltd. has finished the registration of industry and commerce on January 12, 2009. The company has not commenced yet as of the date of auditor’s report. 11.4 Disposal of subsidiaries after balance sheet date The Company originally held 80% of equity interests of Shanghai Shenmao Real Estate Co., Ltd. On January 6, 2009 the Company transferred the equity interests to Shanghai Xinyue Development Co., Ltd. in the Shanghai United Assets and Equity Exchange with the transfer price of CNY 9,587,000. As of January 16, 2009, the Company has received the payment of equity interest transfer of CNY 9,587,000. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 75 12 Other events 12.1 Debt Restructuring For coping with the historical issues between the original controlling shareholder, Shanghai Textile Holding (Group) Company (hereinafter referred to as ‘Shanghai Textile Holding’) and its affiliated enterprise, Shanghai Huayu Woolen (Group) Co., Ltd., (hereinafter referred to as ‘Huayu Woolen’), the Company signed the agreement for trade debt exemption with Shanghai Textile Holding and Huayu Woolen on June 30, 2008. Details are as follows: a) Manner and content of debt restructuring Shanghai Textile Holding agrees to exempt trade debt of the Company with amount of CNY 2,451,600, not including the loan repayment made on behalf of Shanghai Diyi Wool and Textile Co., Ltd. with amount of CNY 900,000 to Shanghai Textile Holding Technology Fund. The Company offset the amount of CNY 1,500,000 of trade debt payable of the Company to Shanghai Sangai Mu Enterprise Development Co., Ltd., a subsidiary of Huayu Woolen, by used equity interests of Jiaxing Chunzhu Wool Man Apparell Co., Ltd. (book value of CNY 800,000) and Shanghai Chunzhu Man Apparell Co., Ltd. (book value of CNY 822,010.39), with total amount of CNY 1,622,010.39. Huayu Woolen agreed to exempt the amount of CNY 10,150,678.92 of trade debt of the Company. After deducting the debt amount of CNY 32,936.83 of the subsidiary company, Shanghai Diyi Wool and Textile Co., Ltd., the actual exemption amount was CNY 10,117,742.09. The Company agreed to exempt the trade debt amount of CNY 3,327,270.60 of Huayu Woolen. After deducting the debt amount of CNY 903,910.52 of the subsidiary company, Shanghai Diyi Wool and Textile Co., Ltd., the actual exemption amount was CNY 2,423,360.08. The Company has reversed corresponding provision of impairment loss of the above credit’s right of CNY 1,047,535.50. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 76 b) Total gain recognized from debt restructure The Company exempted debts for Shanghai Textile Holding and Huayu Woolen which included dividends receivable of CNY 337,924.70, accounts receivable of CNY 347,733.23 (related provision for bad and doubtful debts of CNY 152,063.38) and other receivables of CNY 1,737,702.15 (related provision for bad and doubtful debts of CNY 895,472.12). The Company offsets debts by using current holding shares: long-term equity investment CNY 1,622,010.39. The debts exempted by Shanghai Textile Holding and Huayu Woolen including: accounts payable of CNY 349,224.47, advances from customers of CNY 32,185.34 and other payables of CNY 13,687,932.28. After the restructure of the debt mentioned above, the Company recognize a profit of CNY 11,071,507.12 from debt restructure. 12.2 Other significant events to be disclosed a) On March 30, 2007, the Company signed ‘Shanghai Yangpu District Industrial System State Owed Land Use Right Sales Contract’ with Shanghai Yangpu District Land Development Centre, Shanghai Yangpu District Land Development Centre purchased land use right located in No. 1180, Xuchang Road, Yangpu District, buildings on land, ownership of construction and its all accessory facilities. The relative compensation for this remove was CNY 30,000,000.00. In Year 2007, the Company received compensation for remove amounting to CNY 30,000,000, and received disposals of waste amounting to CNY 180,000. The payment of CNY 4,300,000 for was made for former tenants. In the same year, the Company received CNY 180,000 for waster disposal. At the end of 2007, the balance is CNY 25,880,000. On March 12, 2008, the Company has finished real estate transfer procedures with Shanghai Yangpu district land development center. The Company paid miscellaneous expense of CNY 146,839.07 to original lessee. Relevant transfer benefit of CNY 11,518,492.50 has been carried forward to current profit and loss, after deducted the net balance of this investment property of CNY 14,214,668.43. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 77 b) The Company received Notification HJJ (2007) No. 534, ‘Notification from Shanghai Economic Committee for return of land remising price for Shanghai Sanmao Enterprise (Group) Company Limited Shanghai No.3 Wool and Textile Factory’s original land remising’ from Shanghai Economic Committee. The brief content is: According to the Article HJJ (2006) No. 315 ‘Notification for the Companies which is subject to the policy of land remising price return’, published by Shanghai Economic Committee, and the Article HCJ (2007) No. 37, ‘Notification for issuing clearance fund for Shanghai Sanmao Enterprise (Group) Company Limited Shanghai No.3 Wool and Textile Factory’s moving’, issued by Shanghai Finance Bureau, Shanghai No.3 Wool and Textile Factory is subject to the policy of land remising price return. The Company is subject to a return amount of CNY 24,310,000. On January 11, 2008, the Company received the above mentioned amount. The Company’s former production, management and operation address is No.1150, Xu Chang Road. In 2003, the Shanghai government approved the original address to be accepted into the range of ‘wasted gas, wasted water, solid waster materials’ relocation project. The Company has relocated its manufacture to No. 185 Jinzhouwan Road (this manufacture base has been shut down on November, 2007), and its operating and administration to No. 791 Xietu Road. In order to implement the ‘three waste’ project, the board of directors has approved the following arrangements: recovering the disposal loss for former production equipments by CNY 3,180,000, the remaining CNY 21,130,000 was used to purchase property on No. 791 Xetu Road. The property was used as the office for management and operation. On January 14, 2008, The Company had paid Shanghai Wool and Linen Spinning Co., Ltd. of CNY 22,784,000 for purchase property located in No. 5 (B building), No. 791, Xietu Road on January 14, 2008. The shortage of above funds was made up by the Company’s own funds. As of December 31, 2008, the Company’s book value of balance for deferred income is CNY 21,125,467.97. c) On December 29, 2003, subsidiary company, Shanghai Sanmao Import and Export Co., Ltd., (hereinafter as ‘Sanjin Company’) invested Shenzhen Tailede Commerce and Trading Co., Ltd. (afterward rename as Shenzhen Yuhua Tailede Commerce and Trading Co., Ltd.) with CNY 8,000,000.00. On May 18, 2004, Sanjin Company transferred the total shares of Shenzhen Yuhua Tailede Commerce and Trading Co., Ltd. to the nature person Huang Ge, Zhong Tao of CNY 4,000,000.00 respectively, the credit and debt occurred before or after the transfer of shares shall be assumed by the new shareholders according to the percentage of investment. On May 27, 2004, Shenzhen Public Notary issued SZNCZ (2004) No. 9154, 9155 Notarial Deed on these two shares transfer agreement. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 78 On June 3, 2004, Sanjin Company signed mortgage contract with nature person Huang Ge, Huang You Han. The two nature person Huang Ge, Huang You Han mortgaged their property of Shenzhen Haiwang Building 13B, 13C (Title deeds SFDZ No. 4000084018, No. 4000062101) to Sanjin Company, with the mortgaged construction area of 130.32 m² and 121.2 m² respectively, and secured amount of CNY 1,300,000.00, term of mortgage was 3 years. On July 12, 2004, Sanjin Company signed mortgage contract with nature person Huang Ge to mortgage his property of Shenzhen Changle Garden Block A 27E (Title deeds SFDZ No.3000266980) to Sanjin Company, with the mortgaged construction area of 157.08 m², and secured amount of CNY 1,300,000.00, above mortgage events had been registered in Shenzhen Plan and Land Resource Bureau. As of December 31, 2004, Sanjin Company had received payment for shares transfer of CNY 4,080,000.00. On July 27, 2005, Shenzhen Yuhua Tailede Commerce and Trading Co., Ltd. completed the alteration of registration with the Industrial and Commercial Administration on this shares transfer. In October, 2005, Sanjin Company sued to Shenzhen Nanshan District People’s Court and claimed defendants Huang Ge and Zhong Tao to pay the rest payment for share transfer and relative interest income of CNY 4,260,000. On March 30, 2006, Shenzhen Nanshan District People’s Court issued SNFMCZ (2005) No. 1718 judgment on civil suit and sentenced defendants Huang Ge, Zhong Tao to pay amount of CNY 4,000,000 of share transfer and relative interest income (according to the interest rate of loans from bank in the same period and from August 16, 2004 to actual date of refund). Defendants Huang Ge, the third party Huang You Han shall assume mortgage secured responsibility to above payment within the scope agreed in the mortgage contract. On July 22, 2008, Sanjin Company signed agreement with the natural persons Huang Ge, Zhong Tao, Huang You Han and Shenzhen Yuhua Tailede Commerce and Trading Co., Ltd., agreed to transfer the above mortgaged property to Sanjin Company to offset the unpaid share transfer price and the interest. The agreement subscription shall be considered as the natural person Huang Ge, Zhong Tao, Huang You Han and Shenzhen Yuhua Tailede Commerce and Trading Co., Ltd, who would not raise any claims and objections to Sanjin Company under any circumstances, and gave up the defend and appeal rights to Sanjin Company. On October 10, 2008, Sanjin Company received cash of CNY 1,728,280. On November 18, 2008, Sanjin obtained the property right of Shenzhen Haiwang Building 13C (Title deeds SFDZ No. 4000374803) with registered price of CNY 1,230,180. On December 10, 2008, Sanjin obtained the property right of Shenzhen Haiwang Building 13B (Title deeds SFDZ No. 4000376793) with registered price of CNY 1,322,748. As of December 31, 2008, in accordance with the agreement on July 22, 2008, the outstanding share transfer payment of the natural person Huang Ge, Zhong Tao has been settled, and the issues regarding to the share transformation of Shenzhen Yuhua Tailede Commerce and Trading Co., Ltd. have completed. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 79 d) On March 13, 2003, the Company disputed with Shanghai Windsorburg Sea King Food and Beverage Entertainment Co., Ltd. for the interest allocation of corporation and etc. and delivered the written arbitration application which named Blue Ribbon International Yule Business Co., Ltd. as proposee to Shanghai Branch, China International Economic and Trading Arbitration Committee. On January 20, 2004, Shanghai Branch, China International Economic and Trading Arbitration Committee issued ZGMZHCZ (2004) No.011 judgment and sentenced the Blue Ribbon International Yule Business Co., Ltd. to pay CNY 3,110,243.00 to the Company as profit distribution of corporation, the penalty for delay with amount of CNY 1,866,146.00 and assume part of arbitration fee of CNY 92,217.60. The proposee shall pay above payment within 20 days from the valid date of this arbitration with total amount of CNY 5,068,606.60 and the interest expenses shall be added according to the interest rate of loans of the current period if the payment is not paid in time. As Blue Ribbon International Yule Business Co., Ltd. did not comply with the arbitration, the Company had applied to Shanghai No.1 Intermediate People’s Court on February 13, 2004 for execution with the lawsuit number HYZZ (2004) No.128. On July 5, 2004, Blue Ribbon International Yule Business Co., Ltd. reversed the arbitration application to China International Economic and Trading Arbitration Committee Shanghai Branch and named the Company as proposee on the contrary. On June 15, 2004, Shanghai No.2 Intermediate People’s Court issued HEZMW(S) CZ (2004) No. 66 Judgment on civil suit and rejected the application that claimed to repeal the above arbitration judgment from Blue Ribbon International Yule Business Co., Ltd. On October 11, 2004, Shanghai No.1 Intermediate People’s Court notified the Company to resume the execution of above arbitration lawsuit with H-ZZHFZ (2004) No.191- Notification on determination to resume execution. Meanwhile Shanghai Windsorburg Sea King Food and Beverage Entertainment Co., Ltd., was notified and frozen this company’s shares amounting to USD 5,000,000.00 held by Blue Ribbon International Yule Business Co., Ltd. and should be verified by law and auctioned off. As of the date of this auditors’ report, the Company had not received above payment and its relative book balance of receivables amounted to CNY 1,350,000. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 80 In April, 2004, the Company delivered application of arbitration to Shanghai Branch, China International Economic and Trading Arbitration Committee and claimed execute the propose of this arbitration Blue Ribbon International Yule Business Co., Ltd. to pay distribution of corporate profit for year 2003 and period from January 1 to March, 2004 with amount of CNY 6,906,227 to Shanghai Windsorburg Sea King Food and Beverage Entertainment Co., Ltd., and to pay penalty of CNY 2,927,198 and terminate Sino-foreign cooperate administration contract etc. with the lawsuit number of ZGMZHZ (2004) No.1936. On June 30, 2005, Shanghai Branch, China International Economic and Trading Arbitration Committee issued ZGMZHCZ (2005) No.093 judgment and sentenced propose Blue Ribbon International Yule Business Co., Ltd. to pay the Company rentals of CNY 5,433,858 for the period from January 2003 to March 2004, sentenced the Company returned amount of CNY 480,000 to the propose, and suspended the cooperate contract between both parties etc.. The propose shall pay above payment within 20 days from the valid date of this arbitration with total amount of CNY 5,531,409 and the interest expenses shall be added based on the interest rate of loans of the current period if the payment is not paid in time. As of the date of this auditors’ report, this lawsuit was in process of execution, the Company had not received above receivables and the relative book balance of receivables amounted to CNY 5,219,700. According to above judgment, as of June 30, 2007, Blue Ribbon International Yule Business Co., Ltd. should pay corpus, penalty, arbitration fee and relative interest expenses for delay payment with total amount of around CNY 11,348,800. The Company had entrusted agent lawyer to apply Shanghai No.1 Intermediate People’s Court to execute by compulsion and the agent lawyer is assisting the Court to check the domestic assets of the proposee. However, the compulsory execution application of the Company can not to be carried out for lack of judicial assistance agreement with Taiwan at present. As of the date of this auditors’ report, the Company’s book balance due from Blue Ribbon International Yule Business Co., Ltd. was CNY 6,569,700 and relative provision for bad debt was CNY 6,569,700. e) On April 20, 2005, the Company signed “Shares Transfer Agreement” with Shanghai Jiafeng West District Real Estate Co., Ltd. and Shanghai Yijie Construction Installation Engineering Co., Ltd. to transfer 90% of shares of Shanghai Xinzhou Real Estate Co., Ltd. (hereinafter as “Xinzhou Company”) held by the Company with the amount of CNY 64,800,000. On June 29, 2005, the Company had received total payment for transfer of CNY 64,800,000, and completed the process of property right transfer and recognized net income of transfer of CNY 50,119,800. On March 16, 2006, relative registration of changes on industry and commerce was completed. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 81 Before May 31, 2005, the Company paid purchase accumulated amount of CNY 35,748,400 for land on behalf of Xinzhou Company, with which Xinzhou Company gained the land use right of No. 486 block of Jinian Road, Hongkou District. As of the date of this auditors’ report, the Company had received CNY 29,205,100 and book balance was CNY 6,543,200, and provision for bad debt was CNY 1,963,000. f) After approving by the sixth fourth board meeting and the general meeting for 2007, the Company changed the application for unused fund of CNY 28,320,000, for details: The original investment project: acquire 46% stock ownership of Shanghai Qingshan Clothing Co., Ltd. (CNY 4,200,000.00), acquire 40% stock ownership of Shanghai Gaoya Clothing Co., Ltd. (CNY 24,120,000.00). The stock ownership mentioned above can not be transferred, due to frozen by the court. New investment project: invest of above fund of CNY 28,320,000.00 Shanghai No.1 Mill Textile Co., Ltd. as additional capital for Shanghai No.1 Mill Textile Co., Ltd. Changed project did not constitute related party transaction. The Company had completed the additional investment CNY 28,320,000 to Shanghai No.1 Mill Textile Co., Ltd. on June 16, 2008 g) On February 26, 2004, Shanghai Arbitration Committee issued 2003 HC(J)Z No. 0070 Judgment and sentenced the dispute between the affiliated company of the Company Shanghai Bohua Gene Chip Technology Co., Ltd. (‘Bohua Company’) and Shanghai Bixubg Gene Chip Co., Ltd. (‘Boxing Company’) for the violation of the technology transfer contract as follows :Boxing Company shall return the technology transfer fee of CNY 20,000,000.00 to Bohua Company, pay the penalty of CNY 1,000,000.00 and assume arbitration fee of CNY 154,800.00. The total amount of above items is CNY 21,154,800.00 and shall be fully paid to Bohua Company within 15 days since the date of this judgment and this was the final judgment. On March 16, 2004, Bohua Company had applied for execution to Shanghai No.2 Intermediate People’s Court. In June, 2006, Bohua Company received the payment for execution of CNY 2,162,845.00 from the Court. 20% shares (12,000,000 shares) of Shanghai Biology Chip Co., Ltd. held by Boxing Company were frozen by the Court. As of the date of this audit report, the execution was still in progress. Bohua Company still had not received the total return payment. The book balance of accounts receivable was CNY 17,437,700.00 and the provision for bad debt was CNY 5,231,300.00 by aging method. h) On December 15, 2004, Zhejiang Province Fenhua People’s Court issued (2004) FMECZ No.622 Judgment on civil suit and sentenced defendant Fenhua Huayuan Buyun Pants Co., Ltd. to pay amount of CNY 1,074,344.63 to the company within one month since the date of judgment and the penalty for delay payment of CNY 1,074,344.63 (On the base of 0.021 per day, since September 1, 2003 to the payoff date of payment for goods). On April 20, 2005, Fenhua People’s Court issued (2005) FZZ No.446 Judgment on civil suit and froze 4,520 pairs of pants and 3,143 shirts which belonged to Fenhua Huayuan Buyun Pants Co., Ltd. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 82 As of the date of this audit report, the Company had not received this payment for goods. The book balance of the Company for Fenhua Huayuan Buyun Pants Co., Ltd. was CNY 1,058,099.76 and had been made 80% provision for bad debt of CNY 846,479.81. i) On November 10, 2006, subsidiary company, Shanghai Shenmao Real Estate Co., Ltd., delivered “Objection Letter from Independent Person” to Shanghai Huangpu District People’s Court for the mistakenly executed property of Shanghai Shenmao Real Estate Co., Ltd. (Room 1302, Room A on 2nd floor , 3rd floor, 4th floor, No.332-338, Jiangning Road, Shanghai with total area of 6,279 m2 and total value of around CNY 50,000,000.00) by the Court and implement seizure in advance during the process of compulsory execution of (2006) HME(M)CZ No.5058 Conciliation Letter on Civil Suit which Shanghai Fulemao Knitting Co., Ltd. sued Shanghai Huayu Feather and Flax (Group) Co., Ltd. Shanghai Shenmao Real Estate Co., Ltd. claimed the Court to terminate the execution immediately, and release implementation of seizure and return the relative property. In November, 2008, Shanghai Huangpu District People’s Court issued (2006) HZZ No.4548 judgment on civil suit, and refused Shanghai Shenmao Real Estate Co., Ltd.’s claim. j) On November 13, 2006, the Company appealed to Shanghai No.2 Intermediate People’s Court and claimed subsidiary company, Shanghai Shenmao Real Estate Co., Ltd., to return the borrowing of CNY 47,800,000.00 with the interest expense of CNY 1,019,700.00. The Company applied protection of property simultaneously. On November 15, 2006, the Company received (2006) HEZMS(S)CZ No.221 Judgment on civil suit and Notice for Property Protection from Shanghai No.2 Intermediate People’s Court. The Court had frozen the property located on Room A on 2nd floor, 3rd floor, 4th floor, No.332 Jiangning Road and the property located on Room 1302, No.1, 1136 Lane, Xinzha Road, Shanghai. In accordance with the negotiation between the Company and Shanghai Shenmao Real Estate Co., Ltd. the above amount has been received. In November 2008, the Company received the judgment from Shanghai No.2 Intermediate People’s Court of HEZMS (S) CZ No.221 (2006) which released the frozen assets. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 83 k) About the real estate on No. 791, Xietu Road: (a) In April, 2003, as the Company sued Shanghai Huayu Wool and Linen Spinning Co., Ltd., Shanghai Wool and Linen Spinning Co., Ltd. to pay the debt of CNY 9,711,060.00. Shanghai Huangpu District People’s Court froze the property located on 1-4 Block, 7-10 Block, No.791, Xietu Road, Shanghai (Construction area is around 1,632 M2 and relative land use right), of which the ownership was Shanghai Wool and Linen Spinning Co., Ltd. On February 10, 2004, Shanghai Huangpu District People’s Court issued (2004) HZHZ No. 19 Judgment on civil suit and sentenced to auction or sale the above properties. On February 24, 2004, the Company had obtained above properties by auction from Shanghai Huangpu Auction Market with the auction price of CNY 14,500,000.00. Thus, Shanghai Huangpu District People’s Court issued (2004)HZHZ No.19 Judgment on civil suit and sentenced the ownership of property located on 1-4 Block, 7-10 Block, No.791, Xietu Road, Shanghai to the Company in October, 2004. As of the date of this audit report, the Company had paid payment for auction and commission of CNY 14,645,000 as recorded on financial bookkeeping. The property above had not transferred to the Company. (b) On October 30, 2007, the Company signed the Agreement for the Transfer of Real Property with Shangtex Holding Co., Ltd. and Shanghai Wool and Linen Spinning Co., Ltd. The transferred property was Block 5 No.791B Xietu Road, Shanghai. (The Certificate Number of Property Ownership is HFDZ No.001787 (1997) and the construction area of Block 5 is 3416m²) The assignment price is CNY 22,784,000.00. On January 14, 2008, the Company paid 22,784,000.00 to Shanghai Wool & Jute Textile Co., Ltd. (c) On October 30, 2007, the Company had signed the agreement for property transfer with Shanghai Wool and Linen Spinning Co., Ltd. The agreement involves the 6 set on No.791, Xietu Road, Shanghai. Both of them agreed to hold the property after judicial auction. Whatever the final agreed price is, the Company actually payment for transferee shall be CNY 4,600,000. The Company had paid advancement of CNY 1,000,000 to Shanghai Wool and Linen Spinning Co., Ltd on January 14, 2008. On September 12, 2008, subsidiary company Shanghai Sanmao Labor Services Co., Ltd. purchased the property from Shanghai Orient International Commodity Auction Co., Ltd. The transaction price is CNY 5,300,000.00. As of September 19, 2008, Shanghai Sanmao Labor Services Co., Ltd. paid CNY 5,499,000.00 in full (including CNY 199,000.00 commission charge). As of the date of auditor’s report, the difference of CNY 1,899,000.00 of the amount mentioned above has been recovered. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 84 (d) On November 27, 2008, the Company signed “Real Estate Transfer Agreement” with the underlying assets of real estate on No781-No.783 with Shanghai Wool & Jute Textile Science and Technique Research Institution and Shanghai Textile Science Research Institution. The Company should pay real estate transfer charge of CNY 10,668,800. As of December 31, 2008, the subsidiary Shanghai Sanm Labor Services Co., Ltd. paid CNY 9,600,000.00 to Shanghai Textile Science Research Institution for real estate transfer charge. As of the date of auditors’ report, the real estate mentioned above has not yet been transferred its ownership. l) On May 25, 2007, in the Annual Meeting of Shareholders for the year 2006, the Bill on Bidding for the Real Property Project of Chongqing Zhuanyong Machine Manufacture Co., Ltd. was approved. The Company planned to invest CNY 370,000,000 in the Real Property Project of Chongqing Zhuanyong Machine Manufacture Co., Ltd., including bid and construction. The block of the project is located in Xiazhong Ferry Point of Shapingba District, Chongqing. The site area (granting land in industry) is 45116m² (about 67 mu), with factory buildings of 45455m². On May 17, 2007, the Company had paid CNY 5,000,000.00 to Chongqing Light & Textile Industry Holding (Group) Company. On November, 2008, the Company decided not to participant in bidding for the real estate project of Chongqing Specialized Machine Manufacture Company continuously on the 2008 session general shareholders meeting. On July 29, 2008, the company recovered advance payment of CNY 5,000,000.00 from Chongqing Light and Textile Holding (group) Company. Meanwhile, the company also recovered interest of CNY 437,475.00 based on the contemporaneous bank interest rate, reduce the interest expense in current period. m) On September 12, 2008, the subsidiary, Shanghai Sanmao Property Management Co., Ltd., signed “Shanghai Real Estate Trading Memorandum” with Shanghai Ermao Textile Co., Ltd., to acquire the real estate on No. 185, No. 160, Jinzhouwan Road, Shanghai. The acquiring price was CNY 53,500,000.00. According to HYFD(2008) assignment contract No. 25 “Contract for Assignment of The Right to The Use of State-owned Land in Shanghai”, the real estate mentioned above involved in transferring cost for the land use right of CNY 18,918,946.00. Shanghai Sanmao Property Management Co., Ltd. paid the total amount of CNY 75,600,000.00 (including contract tax and registered fee and etc.), and acquired certificate of title for the real estate mentioned above on September 28, 2008 and October 6, 2008. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 85 On October 17, 2008, Shanghai Sanmao Property Management Co., Ltd received capital contribution of CNY 49,940,000.00 from Shanghai Jiangtao Real Estate Development Co., Ltd., among which the paid-in capital of Shanghai Sanmao Property Management Co., Ltd increased by CNY 1,100,000.00, and the capital reserve of Shanghai Sanmao Property Management Co., Ltd. increased by CNY 48,840,000.00. After the capital contribution, the registered capital of Shanghai Sanmao Property Management Co., Ltd changed to CNY 2,100,000.00. The Company holds shares amounting to CNY 1,000,000.00, with proportion of 47.62%, and increase of the Company’s capital reserve of CNY 23,278,560.80 correspondingly. On November 21, 2008, “Proposal Regard to Capital Reduction and Equity Retreatment of Shanghai Sanmao Property Management” was approved by provisional general meeting of stockholders in 2008. On December 21, 2008, Shanghai Sanmao Property Management reduced its capital to CNY 1,100,000.00, the Company withdrew all of its 47.62% shares. The withdrawn shares equivalent to CNY 45,400,000.00 under evaluation, among which the paid-in capital of Shanghai Sanmao Property Management is reduced by CNY 1,000,000.00, and the capital reserve is reduced by CNY 44,400,000.00. The capital reserve and long-term equity investment on general ledge of the Company correspondingly reduced CNY 23,278,560.80 and CNY 24,108,806.50, and realized disposal revenue against Shanghai Sanmao Property Management Co., Ltd. of CNY 44,569,754.30. On December 23, 2008, relevant indusial and commercial procedures of Shanghai Sanmao Property Management Co., Ltd. have been completed. n) On July 3, 2008, the Company received relevant statutory document about accepting the dispute on real estate trading contract in which Ningbo Dagang Textile Co., Ltd. (hereinafter referred to as “Ningbo Dagang”) sued the Company from Shanghai No.2 Intermediate Peoples’ Court; Ningbo Dagang requested the Company continuously to implement the “Real Estate Transfer Contract” about the real estate and relevant land on No. 1056 Yangshupu Road, Shanghai. If the Company can not continuously implement the contract, it had to compensate Ningbo Dagang’s loss on breach of contract of CNY 99,500,000.00. On December 29, 2006, the Company released the state-owned land use right (associated with the buildings on land in this block and accessory facilities) located on No.1056 Yangshupu Road, to Shanghai Yangpu District Land Development Center. The total compensation for this releasing was CNY 453,420,000.00. On September 20, 2007, the Company had moved out from this block and transferred this block to Shanghai Hongkou Civil Defense Machinery Construction Co., Ltd. with the relative right and obligation of this block transferred to this company together. This releasing had been verified by Shanghai Yangpu District Land Development Center. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 86 On March 26, 2009, Shanghai No.2 Intermediate Peoples’ Court issued (2008) HEZME (M) CZ No.32 civil judgment, and overruled the appeal from Ningbo Shicheng Electronic Technique Co., Ltd. (original name was Ningbo Dagang Textile Co., Ltd.), Case acceptance charge amounted to CNY 539,300.00, and should be assumed by Ningbo Shicheng Electronic Technique Co., Ltd. On April 5, 2009, Ningbo Shicheng Electronic Technology Company pleads not guilty to the (2008) HEZME (M) CZ No. 32 civil judgment, and appealed to the Higher People’s Court of Shanghai. Ningbo Shicheng Electronic Technology Company requested to revoke the original judgment, and sentence the Company to pay a penalty of CNY 99,500,000.00 for breach the contract. As of the date of auditor report, the appealing has not been heard by the court yet. o) On November 5, 2008, Shanghai Putuo District Peoples’ Court issued (2008) PME(S)PZ No. 1-2 civil judgment to terminate the bankrupt procedure of Shanghai Diyi Wool and Textile Co., Ltd. Bad debt of CNY 38,518,104.78 against Shanghai Diyi Wool and Textile Co., Ltd. was written off by the Company in compliance with the judgment mentioned above. On November 27, 2008, Shanghai Yangpu District Peoples’ Court issued (2008) YME(S)PZ No. 1-4 civil judgment, ruled to terminate the bankrupt procedure of Shanghai Ermao Aisi Textile Industry Co., Ltd. Bad debt of CNY 61,498,741.04 against Shanghai Ermao Aisi Textile industry Co., Ltd. was written off by the Company in compliance with the judgment mentioned above. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 87 13 Supplementary information 13.1 Non-recurring profit and loss of current year belongs to common stock holders (Profit: +, loss: -) Item Amount 1. Profit and loss of disposal of non-current assets, including reversal of accrued provision for impairment of assets 52,778,246.64 2. Tax refund and exemption with exceed authority, or no official document of approval, or occasionally --- 3. Government subsidy recorded into profit and loss occurred in current period, except government subsidy closely related to the Company’s principal activities, compliance with state regulations or compliance with certain amount or certain quantity which the Company receives continually 3,184,532.03 4. Capital usage expense charges to non-financial enterprise recorded into profit and loss of current period 437,475.00 5. Revenue of investment cost from acquiring subsidiaries, joint ventures and affiliated companies less than entitled to the fair value of identifiable net assets of the invested units at the time of investment 316,991.80 6. Profit and loss on exchange of non-monetary assets --- 7. Profit and loss on investment entrust or entrusted assets --- 8. Provision for impairment of assets, because of irresistible factors such as nature disasters --- 9. Profit and loss on debts restructuring 11,071,507.12 10. Expense for corporate restructuring, such as staffing cost, integration expense, etc. --- 11. Profit and loss on difference between transaction price and fair value --- 12. Current net profit and loss on subsidiary formed by merging enterprises under same control from beginning of the year to the date of merging --- 13. Profit and loss on contingencies which are not related to principal activities of the Company --- 14. Investment revenue on tradable financial assets, profit and loss on changes in fair value of financial liabilities held for trading, as well as the revenue on disposal of financial liabilities held for trading, financial liabilities held for trading and financial liabilities available for sale, in addition to hedge business related to ordinary business of the Company -2,764,319.53 15. Reversal of account receivables’ bad debts allowance from separate impairment test --- 16. Profit and loss on foreign entrusted loans --- 17. Profit and loss on real estate investment changes in fair value from following-up measured by fair value method --- 18. One-off adjustment impact on current profit and loss according to the requirements of laws and regulations of tax, accountings and etc. --- 19. Revenue from consigned business --- 20. Other non-operating revenue and expense in addition to items listed above -173,196.71 21. Other profit and loss in line with definition of non-recurring profit and loss --- 22. Impact of profit and loss on minority shareholders -66.33 23. Influenced amount of income tax -11,483,372.02 Total 53,367,798.00 SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 88 13.2 Return on net asset and earnings per share Return on net asset Earnings per share (CNY) Profit of the reporting period Fully diluted return on equity Weighted average Basic earnings per share Diluted earnings per share Net profit attributable to ordinary shareholders of the Company 8.43% 7.58% 0.15 0.15 Net profit attributable to ordinary shareholders of the Company after deducting non-recurring gain or loss -6.28% -5.65% -0.11 -0.11 Calculation Processes Above figures were calculated based on following calculation formula. Return on diluted net assets Return on diluted net assets=P÷E Of which, P refers to the net profits for or shareholders or the net profits of ordinary shareholders after the non-recurring gains and losses are deducted; E refers to the final net assets for ordinary shareholders. The “net profits for ordinary shareholders” shall not include the sums of gains and losses for minority shareholders; the “net profits for ordinary shareholders after the non-recurring gains and losses are deducted” shall have as the basis the consolidated net profits after the gains and losses for minority shareholders are deducted, and the non-recurring gains and losses of parent company (the influence of income taxes shall be considered) and the proportion of ordinary shareholders of the parent company in non-recurring gains and losses of all the subsidiaries (the influence of income taxes shall be considered) shall be deducted; the “final net assets for ordinary shareholders” shall not include the equity sums for minority shareholders. Return on weighted average net assets Return on weighted average of net assets=P/ (E0 ＋ NP÷2 ＋ Ei×Mi÷M0 － Ej×Mj÷M0±Ek×Mk÷M0) Of which, P refers to the net profits for or shareholders or the net profits of ordinary shareholders after the non-recurring gains and losses are deducted respectively; NP refers to the net profits for ordinary shareholders; E0 refers to the beginning net assets for ordinary shareholders; Ei refers to the increased net assets for ordinary shareholders following the new stock issue or debt-equity swap during the reporting period; EJ refers to the decreased net assets for ordinary shareholders following the repurchase or cash dividends during the reporting period; M0 refers to the number of months during the reporting period; Mi refers to the number of months from the second month following the increased net assets to the end of reporting period; Ek refers to the changes of net assets incurred by other transactions or events; Mk refers to the number of months from the second month following changes of other net assets to the end of reporting period. SHANGHAI SANMAO ENTERPRISE (GROUP) COMPANY LIMITED. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008 Page 89 Basic earnings per share Basic earnings per share=P÷S S=S0 ＋ S1 ＋ Si×Mi÷M0 － Sj×Mj÷M0－Sk Of which, P refers to the net profits for ordinary shareholders or the net profits of ordinary shareholders after the non-recurring gains and losses are deducted; S refers to the weighted averages for issued ordinary shares; S0 refers to the total shares at the beginning of period; S1 refers to the increased shares due to the equities converted from provident funds or distribution of stock dividends; Si refers to the increased shares following the new stock issue or debt-equity swap during the reporting period; Sj refers to the decreased shares following the repurchase during reporting period; Sk refers to the number of decreased shares during reporting period; M0 refers to the number of months during the reporting period; Mi refers to the number of months from the second month following the increased shares to the end of reporting period; Mj refers to the number of months from the second month following the decreased shares to the end of reporting period. Diluted earnings per share Diluted earnings per share=[P+ (interests of dilutive potential ordinary shares defined as the expenses－expenses of conversion) × (1-income tax rate)] /(S0 ＋ S1 ＋ Si×Mi÷M0－ Sj×Mj÷M0 —Sk+ weighted averages for increased ordinary shares like warrants, stock options and convertible bonds) Of which, P refers to the net profits for ordinary shareholders or the net profits of ordinary shareholders after the non-recurring gains and losses are deducted; as the diluted earnings per share are calculated, the companies shall consider all the dilutive potential ordinary shares until the diluted earnings per share claim the minimum amounts. 13.3 There are no dilutive ordinary shares for Year 2008 but having dilutive potential in the future. 13.4 The Company issued the amount of outer ordinary shares or potential ordinary shares which did not change between the Balance Sheet date and financial report permitted to post. 14 Approval issuance of Financial Statements This Financial Statements has been approved to issue by the Board of Directors of the Company on April 16, 2009 SHANGHAI SANMAO ENTERPRISE (GROUP) CO., LTD. April 16, 2009