600695_2006_＊ST大江_2006年年度报告_2007-04-26.txt

上海大江（集团）股份有限公司 600695 2006 年年度报告 上海大江（集团）股份有限公司 2006 年年度报告 1 目录 一、重要提示 ....................................................................... 1 二、公司基本情况简介 .............................................................. 1 三、主要财务数据和指标 ............................................................ 2 四、股本变动及股东情况 ............................................................ 4 五、董事、监事和高级管理人员 ..................................................... 8 六、公司治理结构 .................................................................. 10 七、股东大会情况简介 ............................................................. 12 八、董事会报告 .................................................................... 12 九、监事会报告 .................................................................... 18 十、重要事项 ...................................................................... 19 十一、财务会计报告................................................................ 25 十二、备查文件目录................................................................ 93 上海大江（集团）股份有限公司 2006 年年度报告 1 一、重要提示 1、本公司董事会、监事会及董事、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。 2、公司全体董事出席董事会会议。 3、立信会计师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。 4、公司负责人俞乃奋，主管会计工作负责人臧舜声明：保证本年度报告中财务报告的真实、完整。 二、公司基本情况简介 1、 公司法定中文名称：上海大江（集团）股份有限公司 公司法定中文名称缩写：大江股份 公司英文名称：Shanghai Dajiang (Group) Stock Co., Ltd. 公司英文名称缩写：SDJ 2、 公司法定代表人：陈国邦 3、 公司董事会秘书：顾伟文 电话：86-21-34225027 传真：86-21-34225056 E-mail：gww_sd@ 联系地址：上海市莲花路 1555 号华一大厦 7 楼 公司证券事务代表：杨雪峰 电话：86-21-34225030 传真：86-21-34225056 E-mail：yangxf@ 联系地址：上海市莲花路 1555 号华一大厦 7 楼 4、 公司注册地址：上海市松江区谷阳南路 26 号 公司办公地址：上海市莲花路 1555 号华一大厦 7 楼 邮政编码：200233 公司国际互联网网址： 公司电子信箱：dajiang@ 5、 公司信息披露报纸名称：《上海证券报》（境内）、《大公报》（境外） 登载公司年度报告的中国证监会指定国际互联网网址： 公司年度报告备置地点：上海市莲花路 1555 号华一大厦 7 楼 6、 公司 A 股上市交易所：上海证券交易所 公司 A 股简称：*ST 大江 公司 A 股代码：600695 公司 B 股上市交易所：上海证券交易所 公司 B 股简称：*ST 大江 B 公司 B 股代码：900919 7、 其他有关资料 公司首次注册登记日期：1993 年 11 月 14 日 公司首次注册登记地点：上海市松江县谷阳南路 26 号 公司法人营业执照注册号：企股沪总字第 019020 号 公司税务登记号码：310227607270330 公司聘请的境内会计师事务所名称：立信会计师事务所有限公司 公司聘请的境内会计师事务所办公地址：上海市南京东路 61 号 4 楼 公司聘请的境外会计师事务所名称：浩华会计师事务所 公司聘请的境外会计师事务所办公地址：上海市南京东路 61 号 4 楼 上海大江（集团）股份有限公司 2006 年年度报告 2 三、主要财务数据和指标 (一)本报告期主要财务数据 单位:元 币种:人民币 项目 金额 利润总额 23,134,329.90 净利润 25,913,263.50 扣除非经常性损益后的净利润 -69,901,303.05 主营业务利润 75,258,344.47 其他业务利润 -5,283,561.44 营业利润 -53,272,631.45 投资收益 53,820,222.12 补贴收入 17,289,831.34 营业外收支净额 5,296,907.89 经营活动产生的现金流量净额 47,901,701.62 现金及现金等价物净增加额 -37,712,008.24 (二)国内外会计准则差异 单位:千元 币种:人民币 净利润 股东权益 项目 本期数 上期数 期初数 期末数 按中国会计制度 25,913 -213,701 165,407 196,072 按国际会计准则调整项 目： 冲回非外购商标成本及摊 销 2,000 -13,500 确认土地使用权及其它资 产之评估增值 6,964 -1,355 商誉的确认及摊销差异 235 5,968 冲销重估投资之溢价 -11,496 并入附属公司未确认之损 失 -1,349 提取职工奖福基金 -589 少数股东权益 1,058 892 其它 79 1,636 按国际会计准则 22,815 -216,827 109,420 189,713 (二)扣除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 处置长期股权投资、固定资产、在建工程、无形资产、其他长期资 产产生的损益 78,416,799.78 各种形式的政府补贴 17,289,831.34 上海大江（集团）股份有限公司 2006 年年度报告 3 短期投资收益，（不包括经国家有关部门批准设立的有经营资格的 金融机构获得的短期投资收益） 413,366.26 扣除公司日常根据企业会计制度规定计提的资产减值准备后的其他 各项营业外收入、支出 -305,430.83 合计 95,814,566.55 (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 主要会计数据 2006 年 2005 年 本年比上年增减 (%) 2004 年 主营业务收入 770,673,918.54 754,717,564.57 2.11 1,080,578,459.06 利润总额 23,134,329.90 -223,948,442.29 不适用 -234,199,111.98 净利润 25,913,263.50 -213,700,603.56 不适用 -216,078,737.58 扣除非经常性损益的净利润 -69,901,303.05 -234,583,500.83 不适用 -223,574,006.34 每股收益 0.038 -0.316 不适用 -0.319 最新每股收益 净资产收益率（%） 13.22 -129.20 增加 142.42 个百 分点 -56.31 扣除非经常性损益的净利润为基础计算的 净资产收益率（%） -35.65 -141.82 增加 106.17 个百 分点 -58.26 扣除非经常性损益后净利润为基础计算的 加权平均净资产收益率（%） -39.19 -84.72 增加 45.53 个百分 点 -46.26 经营活动产生的现金流量净额 47,901,701.62 -8,665,531.39 不适用 -51,896,183.77 每股经营活动产生的现金流量净额 0.07 -0.01 不适用 -0.08 2006 年末 2005 年末 本年末比上年末 增减(%) 2004 年末 总资产 896,448,982.29 1,080,890,642.12 -17.06 1,146,333,792.27 股东权益（不含少数股东权益） 196,071,809.71 165,407,282.70 18.54 383,728,697.55 每股净资产 0.290 0.245 18.37 0.567 调整后的每股净资产 0.280 0.170 64.71 0.495 (四)报告期内股东权益变动情况及变化原因 单位:元 币种:人民币 项目 股本 资本公积 盈余公积 法定公益金 未分配利润 股东权益合计 期初数 676,305,696.00 229,469,396.46 91,379,978.21 -813,394,768.38 165,407,282.70 本期增加 6,689,179.67 5,990,364.53 19,334,333.38 32,013,877.58 本期减少 1,349,350.57 期末数 676,305,696.00 236,158,576.13 97,370,342.74 -794,060,435.00 196,071,809.71 1、资本公积本期增加 6689179.67 元，是集团公司合并单位阜新大江有限公司评估增值部分。 2、股东权益本期减少主要是由于本年未确认的投资损失增加 1349350.57 元，是下属企业经营亏 损所致。 3、 盈余公积本期增加 5990364.53 元，其中 2594735 元是子公司按规定本年度计提额；3395629.53 元是大华器械有限公司 2006 年度属于集团公司合并单位而并入的以前年度计提额。 4、未分配利润本期增加 19334333.38 元，是本年度净利润 25913263.5 元和子公司按规定本年度 上海大江（集团）股份有限公司 2006 年年度报告 4 计提盈余公积金 5990364.53 元及职工奖福基金 588565.59 元所致。 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 单位:股 本次变动前 本次变动增减（＋，－） 本次变动后 数量 比例 (%) 发 行 新 股 送股 公 积 金 转 股 其他 小计 数量 比例 (%) 一、有限售条件股份 1、国家持 股 2、国有法 人持股 286,672,848 42.39 -286,672,848 -286,672,848 0 0 3、其他内 资持股 17,160,000 2.54 -60 -60 17,159,940 2.53 其中： 境内法人 持股 17,160,000 2.54 -60 -60 17,159,940 2.53 境内自然 人持股 4、外资持 股 0 0 -7,722,000 286,672,848 278,950,848 278,950,848 41.25 其中： 境外法人 持股 0 0 -7,722,000 286,672,848 278,950,848 278,950,848 41.25 境外自然 人持股 有限售条 件股份合 计 303,832,848 44.93 -7,722,000 -60 -7,722,060 296,110,788 43.78 二、无限售条件流通股份 1、人民币 普通股 25,740,000 3.80 7,722,000 60 7,722,060 33,462,060 4.95 2、境内上 市的外资 股 346,732,848 51.27 346,732,848 51.27 3、境外上 市的外资 股 4、其他 无限售条 件流通股 份合计 372,472,848 55.07 7,722,000 60 7,722,060 380,194,908 56.22 三、股份总 数 676,305,696 100 676,305,696 100 股份变动的批准情况 1、股权转让: 上海大江（集团）股份有限公司 2006 年年度报告 5 2004 年 11 月 13 日，绿庭（香港）有限公司与公司原发起人股东上海市松江县饲料公司、上海市 松江县畜禽公司签订了《股权转让协议》，约定饲料公司和畜禽公司将其持有的本公司国有法人股转 让给绿庭（香港）有限公司。2005 年 4 月 4 日，获得国务院国资委关于国有股股权转让的同意批复， 该事项刊登于 2005 年 4 月 5 日的《上海证券报》、《大公报》及上海证券交易所网站（） 上；2005 年 7 月 4 日，获得商务部关于国有股权转让的同意批复，该事项刊登于 2005 年 7 月 5 日的 《上海证券报》、《大公报》及上海证券交易所网站（）上；2006 年 7 月 13 日，获 得中国证监会证监公司字【2006】132 号文《关于同意绿庭（香港）有限公司公告上海大江（集团） 股份有限公司收购报告书并豁免其要约收购义务的批复》批准，该事项刊登于 2006 年 7 月 15 日的《上 海证券报》、《大公报》及上海证券交易所网站（）上。 2、股权分置改革： 公司股权分置改革方案经 2005 年 12 月 28 日召开的公司股权分置改革 A 股市场相关股东会议审议 通过。表决结果于 2005 年 12 月 30 日刊登在《上海证券报》、《中国证券报》、《证券时报》及上海 证券交易所网站（）上。2006 年 9 月 11 日，公司收到上海市外资委转发商务部关于 公司股权分置改革方案的同意批复，该事项于 2006 年 9 月 12 日刊登在《上海证券报》、《中国证券 报》、《证券时报》及上海证券交易所网站（）上。 股份变动的过户情况 1、公司于 2006 年 8 月 11 日获得中国登记结算有限责任公司上海分公司关于国有法人股股份转让 过户登记确认书。股权转让完成以后 ，绿庭（香港）有限公司成为公司的控股股东。 2、公司股权分置改革方案的股票对价由上海证券交易所通过计算机网络系统，根据截止 2006 年 9 月 18 日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司登记在册的公司 全体 A 股流通股股东的持股数，按比例自动计入帐户。 2、股票发行与上市情况 (1) 前三年历次股票发行情况 截止本报告期末至前三年，公司未有增发新股、配售股份等股票发行与上市情况。 (2) 公司股份总数及结构的变动情况 报告期内，公司股份结构发生变动主要是由于公司大股东股权转让和股权分置改革而引起。 ① 由 于上海市松江县饲料公司、上海市松江县畜禽公司将其持有的本公司 286,672,848 股国有法人股转让 给绿庭（香港）有限公司。绿庭(香港)有限公司成为本公司第一大股东。 ② 绿庭(香港)有限公司成 为公司的控股股东后实施了股权分置改革方案。A 股流通股股东每持 10 股获绿庭(香港)有限公司支付 3 股对价，对价股份总数 7,722,000 股,上述对价股份于 2006 年 9 月 20 日在 A 股市场上市流通。绿庭 (香港)有限公司在支付对价后还持有本公司有限售条件的外资股 278,950,848 股，占总股本的 41.25%。 本次股权分置改革方案实施后，公司有限售条件流通股为 296,110,788 股，占总股本的 43.78%；无限 售条件流通股为 380,194,908 股，占总股本的 56.22%。公司股本总数不变。 ③由于历史上公司送配 产生 46 股零股（考虑本次股权分置改革因素，共计 60 股），由募集法人股股东上海砖桥实业公司予 以承担解决，即上海砖桥实业公司所持募集法人股减少 60 股，公司募集法人股股东所持有限售条件的 股份数量由原来的 17,160,000 股变更为 17,159,940 股。 (3) 现存的内部职工股情况 本报告期末公司无内部职工股。 上海大江（集团）股份有限公司 2006 年年度报告 6 (二)股东情况 1、股东数量和持股情况 单位:股 报告期末股东总数 44,273 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 年度内增减 持有有限售 条件股份数 量 质押或冻结的股份数 量 绿庭（香港）有 限公司 外资股东 41.25 278,950,848 278,950,848 278,950,848 0 上海松林工贸 有限公司 其他 0.47 3,186,612 0 3,186,612 未知 沈安鑫 外资股东 0.46 3,128,000 513,800 0 未知 刘岩 外资股东 0.35 2,347,492 410,000 0 未知 史昕 外资股东 0.33 2,220,000 870,000 0 未知 吴敏 外资股东 0.31 2,088,296 2,088,296 0 未知 长江经济联合 发展（集团）股 份有限公司 其他 0.25 1,716,000 0 1,716,000 未知 郝峰 外资股东 0.24 1,637,600 -41,000 0 未知 正大（汕头）投 资有限公司 其他 0.24 1,630,200 0 1,630,200 未知 宁波国成塑料 有限公司 其他 0.20 1,372,800 0 1,372,800 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数量 股份种类 沈安鑫 3,128,000 境内上市外资股 刘岩 2,347,492 境内上市外资股 史昕 2,220,000 境内上市外资股 吴敏 2,088,296 境内上市外资股 郝峰 1,637,600 境内上市外资股 周东全 1,308,008 境内上市外资股 王少欧 1,266,099 境内上市外资股 金丽华 1,243,400 境内上市外资股 王云峰 1,175,500 境内上市外资股 周健 1,094,100 境内上市外资股 上述股东关联关系或一致行动关系的 说明 前十名股东中，正大（汕头）投资有限公司与宁波国成塑料有限公司均为泰国 正大集团在中国的投资企业，其间存在关联关系；前十名无限售条件流通股股 东中，公司未知悉之间是否存在关联关系或一致行动人的情况。 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 绿庭（香港）有限公司 278,950,848 2009 年 6 月 8 日 278,950,848 2 上海松林工贸有限公司 3,186,612 2007 年 9 月 20 日 3,186,612 3 长江经济联合发展（集团）股份有限公司 1,716,000 2007 年 9 月 20 日 1,716,000 4 正大（汕头）投资有限公司 1,630,200 2007 年 9 月 20 日 1,630,200 5 宁波国成塑料有限公司 1,372,800 2007 年 9 月 20 日 1,372,800 上海大江（集团）股份有限公司 2006 年年度报告 7 6 中国南玻集团股份有限公司 858,000 2007 年 9 月 20 日 858,000 7 上海幸福摩托车总厂 772,200 2007 年 9 月 20 日 772,200 8 中保人寿保险股份有限公司上海松江支行 514,800 2007 年 9 月 20 日 514,800 9 北京家禽育种有限公司 343,200 2007 年 9 月 20 日 343,200 10 青岛正大有限公司 343,200 2007 年 9 月 20 日 343,200 2、控股股东及实际控制人简介 (1) 法人控股股东情况 控股股东名称：绿庭（香港）有限公司 董事长：俞乃奋 注册资本：900,010,000 港元 成立日期：2004 年 4 月 28 日 主要经营业务或管理活动：绿庭（香港）有限公司是控股公司性质，母公司并无实际业务经营，主要 依靠下属企业从事生产、开发、经营。绿庭（香港）有限公司投资或实际控制企业的核心业务包括房 地产（包括工程建设业务）、酒店物业管理和苗木生产等。 (2) 法人实际控制人情况 实际控制人名称：绿洲投资集团有限公司 董事长：俞乃奋 注册资本：50,000 美元 成立日期：2001 年 7 月 26 日 主要经营业务或管理活动：绿洲投资集团有限公司是一家投资控股公司，并无实际业务。 (3) 自然人实际控制人情况 实际控制人姓名：俞乃奋 国籍：美籍华人 最近五年内职务：2001 年 6 月至今，任英属维尔京群岛绿洲投资集团有限公司董事长；2004 年 4 月至 2007 年 1 月，担任绿庭（香港）有限公司董事长、总裁。2007 年 1 月至今，担任绿庭（香港）有限公 司董事长，上海大江（集团）股份有限公司总裁。 (4) 控股股东及实际控制人变更情况 新控股股东名称：绿庭（香港）有限公司 新实际控制人名称：俞乃奋 控股股东发生变更的日期：2006 年 8 月 11 日 披露控股股东发生变更相关信息的指定报纸：《上海证券报》、《大公报》 披露控股股东发生变更相关信息的日期：2006 年 8 月 15 日 (5) 公司与实际控制人之间的产权及控制关系的方框图 上海大江（集团）股份有限公司 2006 年年度报告 8 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。 五、董事、监事和高级管理人员 (一)董事、监事、高级管理人员情况 单位:股 币种:人民币 姓名 职务 性 别 年 龄 任期起始日 期 任期终止 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 徐宏标 副董事长 男 43 2006 年 9 月 15 日 2009 年 6 月 0 0 0 无变 动 1.46 李冬青 董事 男 45 2006 年 9 月 15 日 2009 年 6 月 0 0 0 无变 动 1.46 罗锦程 董事 男 57 2006 年 9 月 15 日 2009 年 6 月 0 0 0 无变 动 1.46 臧舜 董事、副总裁、财务总监 兼财务审计部总经理 男 38 2006 年 9 月 15 日 2009 年 6 月 0 0 0 无变 动 45 顾伟文 董事、董事会秘书、党委 书记兼行政部总经理 男 39 2006 年 9 月 15 日 2009 年 6 月 0 0 0 无变 动 35 许晓明 独立董事 男 58 2006 年 9 月 15 日 2009 年 6 月 0 0 0 无变 动 2.33 ROGER T. MARSHALL 独立董事 男 58 2006 年 9 月 15 日 2009 年 6 月 0 0 0 无变 动 3.5 朱家菲 独立董事 女 42 2006 年 9 月 15 日 2009 年 6 月 0 0 0 无变 动 2.33 郑世治 监事会主席 男 52 2006 年 9 月 15 日 2009 年 6 月 0 0 0 无变 动 1.46 翁智勇 监事 男 43 2006 年 9 月 15 日 2009 年 6 月 0 0 0 无变 动 1.46 上海大江（集团）股份有限公司 2006 年年度报告 9 刘建 职工监事、工会主席 男 55 2006 年 12 月 23 日 2009 年 6 月 0 0 0 无变 动 17.39 俞乃奋 总裁 女 42 2007 年 1 月 10 日 2009 年 6 月 0 0 0 无变 动 0 李春 副总裁 男 52 2006 年 9 月 15 日 2009 年 6 月 0 0 0 无变 动 45 史永昆 副总裁 男 57 2006 年 9 月 15 日 2009 年 6 月 0 0 0 无变 动 45 合计 / / / / / / 202.85 董事、监事、高级管理人员最近 5 年的主要工作经历： (1)徐宏标,任绿洲投资集团有限公司董事，绿庭（香港）有限公司董事、副总裁。 (2)李冬青,历任上海四季生态科技有限公司副总经理，绿庭（香港）有限公司高级专员。现任上海 绿庭集团有限公司企划部总经理。 (3)罗锦程,任上海绿庭集团有限公司人力资源部总经理。 (4)臧舜,历任狮王啤酒集团中国区财务总监，公司总裁助理。现任公司董事、副总裁、财务总监兼 财务审计部总经理。 (5)顾伟文,历任公司行政部副总经理、公司证券事务代表，现任公司董事、董事会秘书、党委书记 兼行政部总经理。 (6)许晓明,任复旦大学企业管理研究所所长、教授、博士生导师。 (7)ROGER T. MARSHALL,英国籍，英国注册会计师，现任 Persimmon Capital Limited 董事总经理。 该公司为一家投资管理及顾问公司，成立于 1999 年，专业提供私人股权和风险资本服务。 (8)朱家菲,历任丸红株式会社（东京）化学品部门、电子材料部项目主管（东京）。现任埃森哲咨 询有限公司（上海） 电子高科技部咨询顾问。 (9)郑世治,加拿大籍，加拿大 CONCORDIA 大学会计系毕业，拥有加拿大注册会计师、英国财务会计 师、香港注册财务会计师和香港注册风险策划师等专业资格，具有丰富的跨国企业财务管理经验。历 任职普华永道会计事务所会计师，上海国佳信息有限公司财务总监，现任绿庭（香港）有限公司财务 总监。 (10)翁智勇,历任上海凯泉（泵业）集团有限公司财务经理，上海长江口商城股份有限公司总经理助 理，绿庭（香港）有限公司高级专员。现任上海绿庭集团有限公司企划部经理。 (11)刘建,历任公司行政部总经理、工会副主席，现任公司工会主席、职工监事。 (12)俞乃奋,美籍华人，2001 年 6 月至今，任英属维尔京群岛绿洲投资集团有限公司董事长；2004 年 4 月至 2007 年 1 月，担任绿庭（香港）有限公司董事长、总裁。2007 年 1 月至今，担任绿庭（香 港）有限公司董事长，公司总裁。 (13)李春,历任公司食品总公司总经理，营销中心总经理，现任公司副总裁。 (14)史永昆,历任公司畜禽总公司总经理，现任公司副总裁。 (二)在股东单位任职情况 姓名 股东单位名称 担任的职务 任期起止日期 是否领取报 酬津贴 俞乃奋 绿庭（香港）有限公司 董事长 2004 年 4 月至今 是 徐宏标 绿庭（香港）有限公司 董事、副总裁 2004 年 4 月至今 是 郑世治 绿庭（香港）有限公司 财务总监 2004 年 4 月至今 是 上海大江（集团）股份有限公司 2006 年年度报告 10 在其他单位任职情况 姓名 其他单位名称 担任的职务 任期起止日期 是否领 取报酬 津贴 俞乃奋 绿洲投资集团有限公司 董事长 2001 年 6 月至今 否 徐宏标 绿洲投资集团有限公司 董事 2001 年 6 月至今 否 罗锦程 上海绿庭集团有限公司 人力资源部总经理 1999 年至今 是 李冬青 上海绿庭集团有限公司 企划部总经理 2007 年 1 月至今 是 翁智勇 上海绿庭集团有限公司 企划部经理 2007 年 1 月至今 是 许晓明 复旦大学企业管理研究所 所长、教授、博士生导师 2000 年 4 月至今 是 ROGER T. MARSHALL Persimmon Capital Limited 董事总经理 1999 年至今 是 朱家菲 埃森哲咨询有限公司（上海） 电子高科技部 咨询顾问 2004 年 8 月至今 是 (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:公司董事、监事的报酬由股东大会确定；高级管理人 员的报酬由董事会确定。 2、董事、监事、高级管理人员报酬确定依据：经公司股东大会审议通过的《关于公司董事和监事津贴 的议案》、经董事会审议通过的《关于公司高级管理人员薪酬方案的议案》及年末依据《经营管理目 标考核办法》对董事、监事、高级管理人员的考评成绩。 (四)公司董事、监事、高级管理人员变动情况 姓名 担任的职务 离任原因 雷黎光 董事长 换届选举 顾根华 副董事长兼总裁 换届选举 邵建国 董事 换届选举 吴兴根 董事 换届选举 王晓枫 董事 换届选举 张益弟 董事 换届选举 孔庆源 独立董事 换届选举 沈志义 独立董事 换届选举 袁树民 独立董事 换届选举 吴炜 监事长 换届选举 沈紫平 监事 换届选举 沈倩玮 监事 换届选举 陈国邦 董事长、总裁 因个人原因辞职 张燕维 副总裁 因个人原因辞职 苏世彦 总裁助理兼生产技术总监 因个人原因辞职 (五)公司员工情况 截止报告期末,公司在职员工为 65 人,需承担费用的离退休职工为 0 人,上述员工人数只包括上市 公司编制员工，未包括公司下属企业员工人数。 上海大江（集团）股份有限公司 2006 年年度报告 11 员工的结构如下： 1、专业构成情况 专业类别 人数 行政人员 36 财务人员 21 生产技术人员 8 2、教育程度情况 教育类别 人数 本科以上 22 大专 34 中专及以下 9 六、公司治理结构 (一)公司治理的情况 １、公司治理的结构基本符合中国证监会关于上市公司治理结构的要求。董事会、监事会及经营 层的产生及其所进行的经营管理行为均能遵照《公司章程》的要求规范运作。报告期内，公司根据中 国证监会及上海证券交易所有关文件要求，对《公司章程》及章程必备文件之《股东大会议事规则》、 《董事会议事规则》、《监事会议事规则》等文件进行了全面的修订和完善，进一步规范了程序，明 确了职责，不断提高公司的规范治理水平。 ２、报告期内，公司依照《公司法》、《公司章程》的规定完成了董事会、监事会的换届选举工 作。在新一届董事会成员中有三名专业人士担任独立董事，达到独立董事人数占董事会人数三分之一 的要求。公司成立了董事会战略与发展委员会、提名、薪酬与考核委员会、审计委员会等三个专门委 员会，制定了《战略与发展委员会议事规则》、《董事会提名、薪酬与考核委员会议事规则》、《审 计委员会议事规则》、《总裁工作细则》及《内部审计制度》等议事规则和管理制度。 ３、公司按照《上海证券交易所上市公司内部控制指引》要求，结合企业实际逐步建立和完善公 司的内控制度，进一步规范公司运作，防范企业风险。 4、2006 年 11 月 6 日至 10 日，中国证监会上海证监局对公司进行了现场检查，并于 2007 年 1 月 8 日下发《限期整改通知书》（沪证监公司字[2007]4 号）。公司董事会及管理层对《限期整改通知书》 中提出的问题进行了认真学习和分析，对公司存在的问题提出了整改措施，形成了整改报告，经公司 于 2007 年 2 月 2 日召开的董事会会议审议通过。整改报告于 2007 年 2 月 6 日在《上海证券报》、《大 公报》及上海证券交易所网站进行了全文披露。 (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） 备 注 许晓明 3 3 ROGER T. MARSHALL 3 3 上海大江（集团）股份有限公司 2006 年年度报告 12 朱家菲 3 3 孔庆源 4 4 沈志义 4 4 袁树民 4 4 公司董事会在报告期内进行了换届选举，其中：许晓明、ROGER T. MARSHALL 和朱家菲为第五届 董事会独立董事，孔庆源、沈志义和袁树民为第四届董事会独立董事。 报告期内，独立董事认真参加了公司董事会的各次会议，对董事会的决策发表了客观、公正、科 学的独立见解，提高了董事会决策的客观性、科学性，充分发挥了独立董事的作用，维护了公司的整 体利益和中小股东的合法利益。 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 1、业务方面：公司与控股股东在业务上严格分开 2、人员方面：公司与控股股东在人员上严格分开 3、资产方面：公司与控股股东在资产上严格分开 4、机构方面：公司与控股股东在机构设置上严格分开 5、财务方面：公司与控股股东在财务上严格分开 (四)高级管理人员的考评及激励情况 公司根据经董事会审议通过的《高级管理人员员薪酬方案》和公司年度实际经营业绩，对高管人 员进行年度述职考评，据此确定高管人员 2006 年度薪酬。 七、股东大会情况简介 (一)年度股东大会情况 1、公司于 2006 年 6 月 28 日召开 2005 年年度股东大会。决议公告刊登在 2006 年 6 月 30 日的《上海 证券报》《大公报》。 (二)临时股东大会情况 1、第 1 次临时股东大会情况： 公司于 2006 年 9 月 15 日召开 2006 年第 1 次临时股东大会。决议公告刊登在 2006 年 9 月 16 日的 《上海证券报》《大公报》。 八、董事会报告 (一)管理层讨论与分析 2006 年，公司上下围绕企业重组，经营调整和扭亏为盈三项重点有条不紊地开展工作。通过一 年的努力，圆满的完成了公司制定的各项工作目标。其中（1）历时两年多的重组和股改工作在收购方、 转让方及公司相关部门的共同努力下，于 06 年 9 月终于尘埃落定，绿庭香港与国有股东完成股权转让， 上海大江（集团）股份有限公司 2006 年年度报告 13 成为第一大股东；（2）通过对主营业务进行调整，清理部分扭亏无望的企业和资产，及时有效的减少 了经营性亏损,并逐步确立了“做大食品，做强饲料及机械，做优资产，做好不动产”的企业未来三年 发展战略；（3）集团公司全体管理层和员工紧紧围绕年初制定的扭亏为盈，确保保牌成功的经营目标， 顶住各种压力，齐心协力，圆满完成了年初制定的盈利计划目标：实现主营业务收入 7.7 亿元，实现 净利润 2591.33 万元。 1. 经营业绩分析 报告期公司实现主营业务收入 77067.39 万元， 比上年增长 1595.63 万元，同比增长 2.11%;实现 主营业务利润 7525.83 万元，比上年增长 5073.2 万元，同比增长 206.85%;实现净利润 2591.33 万元， 比上年增长 23961.39 万元。 2. 报告期内主营业务及其经营情况 (1) 主营业务分行业,分产品情况: 单位:万元 币种:人民币 行业 主营业务收入 主营业务成本 主营业务 利润率(%) 主营业务收入 比上年增减 (%) 主营业务成本 比上年增减 (%) 主营业务利润率 比上年增减(%) 饲料及机械 27,125.12 23,532.92 13.19 -25.20 -26.98 增加 2.13 个百分点 食品 29,281.12 27,684.74 5.40 -16.67 -25.96 增加 11.93 个百分点 不动产 19,783.45 15,557.81 15.11 100 100增加 15.11 个百分点 畜禽 877.70 1,499.58 -70.85 -78.44 -55.02 减少 88.94 个百分点 合计 77,067.39 68,275.05 9.77 2.11 -6.42 增加 6.52 个百分点 ① 主营业务收入：2006年实现主营业务收入77067.39万元，比上年增长1595.63万元,同比增长2.11%。 不动产业务收入比上年新增 19783.45 万元,主要是大江房地产项目在报告期内部分竣工交付,实现 销售确认。 饲料业务收入比上年减少 9137.14 万元，食品(肉鸡屠宰)业务收入比上年减少 5858.18 万元,畜禽 养殖业务收入比上年减少3192.5万元， 主要原因是我们通过产业调整后,关停了畜禽养殖和屠宰业务, 关停了部分扭亏无望的企业，另外 2006 年上半年的禽流感对我们的食品销售产生一定的负面影响。 ② 主营业务利润: 2006 年实现主营业务利润 7525.83 万元,比上年增长 5073.2 万元,同比增长 206.85%。 食品业务利润比上年增长 3873.98 万元,食品业务平均毛利率比上年增长 11.93%,主要是在市场化 运作上迈出可喜的一步,通过原料外采,OEM 生产,成本得到了有效控制,同时加大深加工产品的研发和 销售, 提高了毛利空间。 本期新增不动产业务利润2989.14万元, 主要是大江房地产项目在报告期内部分竣工交付,成为公 司新的利润增长点。 (2) 主营业务分地区情况 单位:万元 币种:人民币 地区 主营业务收入 主营业务收入比上年增减% 境内销售 74,162.28 4.96 境外销售 2,905.11 -39.66 合计 77,067.39 2.11 (3) 主要供应商和客户情况 单位:万元 币种:人民币 前五名供应商采购金额合计 3,992.2 占采购总额比重 55% 前五名销售客户销售金额合计 3,655.64 占销售总额比重 4.74% 上海大江（集团）股份有限公司 2006 年年度报告 14 (4) 报告期公司主要财务数据同比发生重大变动的说明 单位:万元 币种:人民币 项目 2006 年 2005 年 增减额 增减幅度% 营业费用 3,973.61 2,651.38 1,322.23 49.87 管理费用 5,016.19 13,917.27 -8,901.08 -63.96 投资收益 5,382.02 874.89 4,507.13 515.17 补贴收入 1,728.98 350.67 1,378.31 393.05 营业外收入 938.28 1,704.18 -765.90 -44.94 营业外支出 408.59 7,718.99 -7,310.40 -94.71 所得税 955.47 223.59 731.88 327.33 ① 营业费用:比上年增加 1322.23 万元，同比增加 49.87%。主要是： 新增房地产项目的营业费用增加 443.71 万元。 由于饲料业务销售模式及政策的改变,引起费用科目重分类而增加的营业费用 794 万元。 ② 管理费用：比上年减少 8901.08 万元,同比下降 63.96%。主要是： 通过加强对应收帐款及其它应收款的的控制和清欠,本期应收帐款及其它应收款的坏帐准备净增 加额比上年减少 3130 万元。 通过加强对存货的管理,本期存货跌价准备净增加额比上年减少 1338 万元。 2005 年度发生的人员分流费用 2400 万元,在本年度不再发生。 通过产业调整, 清理部分扭亏无望的企业和资产,企业的管理成本大幅下降,比上年减少 1300 万 元。 ③ 投资收益: 本年发生数比上年增加 4507.13 万元，同比增长 515.17%。主要是由于本年清算的 8 家鸡场及扬州大江畜禽饲料有限公司，减少了当年经营亏损且取得清算收益。 ④ 补贴收入：本年发生数比上年增加 1378.31 万元，主要是由于收到清浦区政府的鸡场停养补偿费。 ⑤ 营业外收入：本年发生数比上年减少 765.9 万元，主要是本年固定资产清理项目比上年减少。 ⑥ 营业外支出：本年发生数比上年减少 7310.4 万元，主要是固定资产减值准备本期发生数比上年减 少 6648.79 万元。 ⑦ 所得税：本年发生数比上年增加 731.88 万元，主要是本年度扭亏为盈，利润总额较上年度有大幅 增加。 (5) 报告期公司现金流量构成情况，同比发生重大变动的情况及与报告期净利润存在重大差异的原因 说明。 单位:万元 币种:人民币 项目 2006 年 2005 年 增减额 增减幅度% 经营活动产生的现金流量净额 4,790.17 -866.55 5,656.72 不适用 投资活动产生的现金流量净额 1,467.75 1,575.83 -108.08 -6.86 筹资活动产生的现金流量净额 -10,036.72 94.61 -10,131.33 -10,708.52 现金及现金等价物净增加额 -3771.2 809.5 -4,580.70 -565.87 上海大江（集团）股份有限公司 2006 年年度报告 15 ① 经营活动产生的现金流量净额：本年发生数比上年增加 5656.72 万元，主要是集团通过加强对企 业营运资金的管理和控制，使本期购买商品，接受劳务支付的现金流出比上年大幅减少。 ② 筹资活动产生的现金流量净额：本年发生数比上年减少 10131.33 万元，主要是为了降低企业的财 务成本，2006 年压缩银行贷款 7550 万元引起的。 (6) 主要控股公司及参股公司的经营情况及业绩 单位:元 币种:人民币 企业名称 业务性质 主要产品 注册资本 资产规模 净利润 上海大江水产饲料科技有 限公司 饲料生产销售 水产饲料 9,000,000 17,011,777.81 -1,039,698.97 常州大江饲料有限公司 饲料生产销售 畜禽饲料、水产饲料 21,950,000 53,155,691.67 -325,642.68 上海大江饲料有限公司 饲料生产销售 饲料 20,000,000 86,887,333.25 -560,161.29 上海大江肉食品二厂 食品加工、销售 肉食品加工产品 52,000,000 81,867,027.86 -2,608,264.16 上海申德机械有限公司 饲料机械生产、销售 制粒机、混合机等 22,955,200 116,600,545.68 3,607,069.89 上海大江肉食品四厂 屠宰加工 鸡肉分割产品 50,000,000 35,876,380.02 -1,427,198.55 上海大江天马种禽场 畜禽养殖 商品代种蛋 18,000,000 27,141,817.55 -2,313,803.84 上海大江房地产有限公司 房地产开发与经营 商品房销售 20,000,000.00 332,159,133.29 14,098,182.43 阜新大江有限公司 养殖、饲料、肉鸡屠 宰、加工、销售等 肉食品加工、饲料、 畜禽 72,600,000.00 110,653,588.11 -22,551,358.08 对公司净利润影响较大的子公司的主营业务收入和主营业务利润情况如下： 单位:元 币种:人民币 单位名称 主营业务收入 主营业务利润 上海大江肉食品二厂 150,142,881.72 6,369,933.51 上海申德机械有限公司 52,675,949.53 17,700,742.32 上海大江房地产有限公司 197,834,488.00 29,891,743.55 阜新大江有限公司 16,851,371.49 -16,041,499.93 3、关于国家土地增值税清算管理对公司房地产业务的影响 近日，国家税务总局发布了《关于房地产开发企业土地增值税清算管理有关问题的通知》，该通 知进一步明确了房地产开发企业土地增值税的使用范围和缴纳方法。 我公司已按有关规定，在房产实现销售的同时按收入的 1%预交了土地增值税，2006 年已预交约 240 万元。公司在新项目的开发运营中对土地增值税问题已经作了预先考虑。公司已开发的房产项目 基本以普通居民住宅开发为主，因而受该通知的影响相对较少。 公司房地产开发业务相关的土地增值税清算，待上海市税务机关发布具体清算管理办法后， 另行测算对利润的影响。 上海大江（集团）股份有限公司 2006 年年度报告 16 4、新年度经营计划及对未来发展展望 2006 年，公司在禽流感、企业重组及异常严峻的资金链等大背景下，通过全体员工的努力跨出重 振大江之路的第一步，开了个好局。2007 年，公司将在新一届董事会的带领下，不断深化生产经营的 各方面工作，进一步明确企业“做大食品、做强饲料和饲料机械、做优资产、做好不动产”的发展战 略和措施。 （1）做大食品: 食品是大江主业中的主业，是公司今后发展的主要方向。 ①盈利模式：在 06 年实践的基础上，继续探索适合大江自身特点的，以“品牌”优势、“上海” 区域优势、“渠道”优势为核心的盈利模式。 ②产品：在稳定原有产品销售的基础上，调整产品结构，突破一“鸡”独大的产品格局，大力发 展高附加值产品。 ③市场：07 年继续立足长三角，积极开拓全国市场，不断扩大国内市场销售量，同时逐步恢复出 口业务。 （2）做强饲料和饲料机械业务： 做强饲料和饲料机械体现在提高盈利能力和抗拒风险能力上，注重产品利润率的增长。 ①产品的品种结构上，逐步减少低毛利率的鸡饲料、鸭饲料等畜禽全价料产品，重点发展水产饲 料和高档乳猪料等高附加值饲料产品，提高产品盈利水平。 ②整合饲料系统内部资源，优化配置，提高资产的产能效率；同时通过饲料系统内部的整合，降 低饲料原料采购成本和产品配方成本，提高产品市场竞争力。 ③饲料机械系统适时实施企业改制，通过引入经营层持股，激发经营层和技术骨干的主观能动性， 推动其实现做大做强的发展战略。 （3）做优资产： ①人力资源是企业最重要的资产，也是企业核心竞争力之所在。一方面，加强对老员工的培训和 教育工作，提升其工作能力和工作效率；另一方面，积极引进新的管理和技术方面人才，为企业发展 注入新的活力，使公司形成一种积极向上并具有开放竞争性的人力资源环境。 ②06 年通过土地变性和整合，形成的土地储备，07 年逐步开始开发利用。另外，积极盘活公司部 分存量资产，做好闲置资产的“变现”和“变优”工作。 ③加大债务重组的力度。短期债务长期化，利息成本沉重，仍然是大江目前面临的十分棘手的难 题。07 年要在保证企业正常运转的前提下，逐步开展债务重组工作，逐步形成同企业业务模式相匹配 的债务结构。 （4）做好不动产业务： 不动产业务是公司刚刚培育发展起来的一个利润增长点。大江房产公司在 07 年完成“大江苑”一 期小高层的销售任务和整个楼盘的清盘工作，确保收益实现。汉地和科创两家工业地产公司在 07 年做 好项目的规划和实施，争取成为公司新的利润增长点。 我们的目标是经过三年发展，形成以食品、饲料及饲料机械、不动产三大业务板块相辅相成的格 局，使公司的基本面发生根本的变化。 （二）执行新企业会计准则后，公司可能发生的会计政策、会计估计变更及对公司财务状况和经营成 果的影响情况 1、根据新《企业会计准则第 38 号—首次执行企业会计准则》的规定,公司 2007 年 1 月 1 日起执 行新的会计准则。公司目前依据财政部新会计准则规定已经辨别认定的 2007 年 1 月 1 日首次执行日现 行会计准则与新会计准则的差异主要有“长期股权投资差”、“少数股东权益”项目。 2、执行新会计准则后可能发生的会计政策、会计估计变更及其对公司的财务状况和经营成果的 影响： （1）根据《企业会计准则第 2 号——长期股权投资》的规定，公司将现行会计政策下对控股子公 司采用权益法核算变更为成本法核算，此项会计政策变更将影响母公司投资收益，但本事项不影响公 司合并报表结果。 （2）根据《企业会计准则第 3 号——投资性房地产》的规定，公司对投资性房地产将采用成本模 式进行后续计量，对公司股东权益和净利润无影响。 上海大江（集团）股份有限公司 2006 年年度报告 17 （3）根据《企业会计准则第 6 号——无形资产》的规定，公司发生的研究开发费用将由现行制度 的全部费用化计入当期损益，变更为将符合规定条件的开发支出予以资本化，此变更将减少公司当期 期间费用，增加公司当期的利润和股东权益。 （4）根据《企业会计准则第 9 号——职工薪酬》的规定，公司将现行制度下福利费按应付工资的 14%计提变更为按实际发生额列支，将影响公司的利润和股东权益。 （5）根据《企业会计准则第 16 号——政府补助》的规定，公司目前现行制度下的直接计入当期 损益的政府补助，执行新准则将变更为在区分与资产相关的政府补助和与收益相关的政府补助后，将 与资产相关的政府补助计入递延收益并分期计入损益、将与收益相关的政府补助直接计入当期损益， 因此将会影响公司当期利润和股东权益。 （6）根据《企业会计准则第 17 号——借款费用》的规定，用以资本化的借款费用由现行制度下 的专门借款费用变更为符合资本化条件的专门借款费用和一般借款费用，此政策变化将会增加公司资 本化的借款费用范围，增加公司的利润和股东权益。 （7）根据《企业会计准则第 18 号——所得税》的规定，公司将现行采用的应付税款法变更为资 产负债表债务法核算，会影响公司的所得税费用，将影响公司的利润和股东权益。 （8）按照现行的会计准则，合并报表的净利润中不包含未确认的投资损失，根据新准则的有关规 定，合并报表的列报格式中，将未确认的投资损失归属于母公司所有者承担，由于目前无法估计 2007 年度各投资子公司的盈利情况，因此该项变更对 2007 年度经营成果的影响目前难以准确估计。 3、上述差异事项和影响事项可能因财政部对新会计准则的进一步解释而进行调整。 (三)公司投资情况 报告期内公司投资额为 10,091 万元，比上年增加 7,373 万元，增加的比例为 271.27%。 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 上海西郊国际农产品交易有 限公司 农产品交易市场的开发建设及管理，场地 租赁；各类农产品及其制品的批发交易。 15 上海大江科创置业有限公司 房地产开发、经营 100 上海汉地置业有限公司 房地产开发、经营 100 注（1） 上海大华器械有限公司 目前生产经营处于停顿状态 70.75 注（2） 上海阳雷置业有限公司 房地产开发、经营 99.75 注（3） 上海大江资产经营管理有限 公司 投资与资产管理 99.875 注（4） 江苏大江畜禽发展有限公司 饲料的生产和销售，肉鸡收购、宰杀和销 售，苗鸡的代销和肉鸡饲养技术支持。 70 注（5） 注（1）报告期初公司持有该公司 51%股份，报告期内公司投资 882 万元受让了其余 49% 股份。 注（2）报告期初公司持有该公司 45.75%股份，报告期内公司投资 683 万元受让了正大上海有限 公司所持 25% 股份。 注（3）该公司的注册资本为人民币 3180 万元，实收资本为 640 万元，由本公司和下属控股子公 司上海大江房产有限公司共同投资组建。报告期内本公司投入货币现金 576 万元, 其余部分将在该公 司成立之日起两年内缴足。 注（4）该公司的注册资本为人民币 5000 万元，实收资本为 1000 万元，由本公司与下属控股子公 司上海大江房地产有限公司共同投资组建。报告期内本公司投入货币现金 950 万元, 其余部分将在该 公司成立之日起两年内缴足。 注（5）该公司注册资本为 3300 万元,实收资本为 1000 万元。报告期内本公司投入货币现金 700 万元,其余部分将在该公司成立之日起两年内缴足。 上海大江（集团）股份有限公司 2006 年年度报告 18 1、募集资金使用情况 报告期内，公司无募集资金或前期募集资金使用到本期的情况。 2、非募集资金项目情况 1)、“大江苑”一期项目 公司出资 49,929 万元投资该项目，楼盘正在销售中，2006 年实现收益 1400 万元。 (四)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。 (五)董事会日常工作情况 1、董事会会议情况及决议内容 （1）、公司于 2006 年 1 月 26 日召开四届董临时会议董事会会议，决议公告刊登在 2006 年 2 月 7 日 的《上海证券报》《大公报》。 （2）、公司于 2006 年 4 月 13 日召开四届第十二次会议董事会会议，决议公告刊登在 2006 年 4 月 15 日的《上海证券报》《大公报》。 （3）、公司于 2006 年 4 月 27 日召开四届第十三次会议董事会会议，决议公告刊登在 2006 年 4 月 29 日的《上海证券报》《大公报》。 （4）、公司于 2006 年 8 月 23 日召开四届第十四次会议董事会会议，决议公告刊登在 2006 年 8 月 25 日的《上海证券报》《大公报》。 （5）、公司于 2006 年 9 月 15 日召开五届第一次会议董事会会议，决议公告刊登在 2006 年 9 月 19 日的《上海证券报》《大公报》。 （6）、公司于 2006 年 10 月 27 日召开五届临时会议董事会会议，决议公告刊登在 2006 年 10 月 31 日的《上海证券报》《大公报》。 （7）、公司于 2006 年 12 月 20 日召开五届临时会议董事会会议，决议公告刊登在 2006 年 12 月 22 日的《上海证券报》《大公报》。 2、董事会对股东大会决议的执行情况 报告期内，所有股东大会决议都已得以顺利执行，股东大会对董事会没有授权事项，不分配股利， 也不进行资本公积金转增股本，没有配股或增发新股方案。 九、监事会报告 (一)监事会的工作情况 1、第四届监事会第十次全体会议于 2006 年 4 月 13 日召开,会议审议通过《2005 年度监事会工作报告》、 《2005 年度财务决算报告》、《2005 年度利润分配预案》、《关于大股东占用资金情况说明及解决方 案的议案》、《2005 年年度报告》及《2005 年年度报告摘要》等六项议案。 2、第四届监事会第十一次全体会议于 2006 年 4 月 27 日召开,会议审议通过《2006 年第一季度报告》。 3、第四届监事会第十二次全体会议于 2006 年 8 月 23 日召开,会议审议通过《关于第四届监事会换届 选举的议案》、《监事会议事规则》（草案）、《2006 年半年度报告》、《2006 年半年度报告摘要》 等四项议案。 4、第五届监事会第一次会议于 2006 年 9 月 15 日召开,会议选举郑世治先生为监事会主席。 5、第五届监事会临时会议于 2006 年 10 月 27 日召开,会议审议通过《2006 年第三季度报告》。 上海大江（集团）股份有限公司 2006 年年度报告 19 (二)监事会对公司依法运作情况的独立意见 报告期内，公司按照《公司法》、《证券法》等有关法律法规依法规范运作。公司建立了完善的 财务会计和内审制度；公司重大问题的决策程序合法有序；股东大会和董事会的召集、召开及决策程 序符合《公司法》、《证券法》和公司章程的有关规定；公司高级管理人员依法履行职责，没有违反 国家法律、法规和公司章程的情况，也未发生损害公司利益和股东权益的情况；有关信息的披露及时、 真实、充分。 (三)监事会对检查公司财务情况的独立意见 报告期内，公司财务管理严格、规范，不存在违反国家财经法规和制度的情况。监事会根据《证 券法》第 68 条的要求，审核了公司 2006 年年度报告，并列席公司五届二次董事会，听取公司经营层 对年报编制的解释及董事会对年报审议的表决，本年度报告的编制和审议程序符合相关法律法规、公 司章程和公司内部管理制度的各项规定及中国证监会和上海证券交易所的各项规定，所包含的信息反 映了公司当年度的经营管理及财务状况；没有发现参与年度报告编制和审议的人员违反保密规定的行 为。监事会审议了立信会计师事务所有限公司出具的 2006 年度标准无保留意见审计报告，认为该报告 客观、真实、公允地反映了公司本会计年度的经营成果。境内外审计结果所存在的差异，主要是因依 据的会计准则上的差异所致。公司拟订的不分配、不转增分配预案是符合公司实际情况的。 (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，公司没有募集资金，也没有本年度之前的募集资金的使用延续到本年度的情况。 (五)监事会对公司收购出售资产情况的独立意见 报告期内，公司根据自身产业结构调整的需要及政府对黄浦江上游水资源保护的要求，出售和收 购部分资产项目，出售的资产项目大多数为政府动迁项目。公司收购、出售资产的价格合理，没有发 现内幕交易和损害股东权益或造成公司资产流失的行为。 (六)监事会对公司关联交易情况的独立意见 报告期内，公司的关联交易，体现了公平的原则，未损害公司利益，无内幕交易行为。2006 年 12 月 20 日公司将所持有的阜新大江有限公司 56.47%股权和公司及下属子公司对其债权转让给大股东绿 庭（香港）有限公司之控股子公司上海绿庭集团有限公司，交易价格合理。此次交易的实施有利于改 善本公司的现金流量，为后续发展提供资金支持，同时使公司剥离了长期亏损资产，增强可持续发展 水平，符合公司的发展战略。 十、重要事项 (一)重大诉讼仲裁事项 1、公司于 2006 年 7 月向上海市第一中级人民法院提起诉讼，要求张钊、宁波天邦股份有限公司 和上海天邦饲料有限公司共同偿还我公司款项计人民币 8,258,236.42 元，并支付滞纳金。上海市第一 中级人民法院于 2006 年 10 月 11 日作出一审判决：上海天邦饲料有限公司偿付我公司款项计人民币 8,258,236.42 元及该款自 2005 年 7 月 8 日起至实际清偿日止、按照银行同期贷款利率三倍所计付的 滞纳金。2007 年 2 月 6 日，该一申判决生效。公司分别已于 2007 年 2 月 6 日和 2007 年 2 月 25 日收 到上海天邦饲料有限公司偿还的往来款 8,258,236.42 元及滞纳金 2,296,604.84 元。该事项分别于 上海大江（集团）股份有限公司 2006 年年度报告 20 2006 年 10 月 19 日和 2007 年 2 月 8 日刊登在《上海证券报》、《大公报》上。 2、公司于 2005 年 9 月向浙江省杭州市中级人民法院提起诉讼，要求杭州青云控股集团有限公司、 置溢集团有限公司和刘幼君共同偿还我公司原杭州大江股权转让款 7,787,568.21 元。浙江省杭州市中 级人民法院于 2006 年 8 月 25 日作出一审判决：杭州青云控股集团有限公司、置溢集团有限公司和刘 幼君偿付我公司转让款 7,787,568.21 元及逾期付款滞纳金 268,578 元。该事项于 2006 年 10 月 19 日 刊登在《上海证券报》、《大公报》上。杭州青云控股集团有限公司、置溢集团有限公司和刘幼君于 2006 年 10 月 7 日向浙江省高级人民法院提出上诉。2007 年 3 月 7 日，公司与杭州青云控股集团有限 公司、置溢集团有限公司和刘幼君经调解达成《和解协议》，杭州青云控股集团有限公司、置溢集团 有限公司和刘幼君于 2007 年 5 月 1 日以前分二期支付给我公司 600 万元，第一期 150 万元已于 2007 年 4 月支付给公司。 (二)报告期内公司收购及出售资产、吸收合并事项 1、收购资产情况 1)、2006 年 1 月 16 日，本公司向正大上海有限公司购买上海大华器械有限公司 25%股份，该资产 的帐面价值为 323.36 万元，评估价值为 683.13 万元，实际购买金额为 683 万元。本次收购价格的确 定依据是评估值，该事项已于 2006 年 2 月 7 日刊登在《上海证券报》、《大公报》上。上海大华器械 有限公司由于经营状况不良，自 2004 年 12 月起停止经营，2006 年 1-12 月亏损 111 万元。本公司此 次受让其股权主要是为了整体盘活该公司的资产。本公司与正大上海有限公司没有关联关系。已完成 2)、2006 年 8 月 2 日，本公司向上海松江国际医药城有限公司购买上海汉地置业有限公司 49%股 份，实际购买金额为 882 万元。本次收购价格的确定依据是以上海汉地置业发展有限公司经审计的截 止 2005 年 12 月 31 日的帐面净资产为依据，该事项已于 2006 年 8 月 25 日刊登在《上海证券报》、《大 公报》上。上海汉地置业发展有限公司目前处于项目开发的筹建阶段，本公司此次受让其股权主要是 为了贯彻公司发展工业地产战略，加强公司工业地产业务资源的整合和管理。本公司与上海松江国际 医药城有限公司没有关联关系。已完成 2、出售资产情况 1)、2006 年 12 月 20 日，本公司向控股股东绿庭（香港）有限公司之控股子公司上海绿庭集团有 限公司转让阜新大江有限公司 56.47%股权和公司及下属控股子公司对阜新大江有限公司债权。该资产 的帐面价值为 2,010.29 万元，年初起至出售日该资产为上市公司贡献的净利润为-1,273.48 万元，实 际出售金额为 2,145.42 万元，产生损益 135.13 万元。本次出售价格的确定依据是以基准日为 2006 年 7 月 31 日的会计师事务所位阜新大江有限公司审计报告确认的账面价值为依据。本次交易为关联交 易。该事项已于 2006 年 12 月 22 日刊登在《上海证券报》《大公报》上。该资产出售对公司业务连续 性、管理层稳定性无影响，有利于公司剥离长期亏损资产,增强公司可持续发展水平，符合本公司的发 展战略。已完成 2)、2006 年 6 月 9 日，本公司向扬州环境资源职业技术学院转让扬州大江畜禽饲料有限公司。该 资产的帐面价值为 1,237.74 万元，实际出售金额为 2,600 万元，清算损益 1,008.55 万元。本次出售 价格的确定依据是市场价。本次交易双方没有关联关系。该事项已分别于 2005-08-25 和 2006-12-26 刊登在《上海证券报》《大公报》上。该资产在 2006 年度已停止经营，进入清算程序，未为上市公司 贡献净利润，出售对公司业务连续性、管理层稳定性无影响， 有利于存量资产的变现，增加利润和现 金流。 已完成 3)、2006 年 6 月 1 日，本公司向上海松江新浜副业公司转让松江陈堵肉禽场。该资产的帐面价值 为 1,241.26 万元，实际出售金额为 850 万元，清算损益 824.38 万元。本次出售价格的确定依据是市 场价。本次交易双方没有关联关系。该事项已分别于 2006-04-15 和 2006-12-26 刊登在《上海证券报》 《大公报》上。该资产在 2006 年度已停止经营，进入清算程序，未为上市公司贡献净利润，出售对公 司业务连续性、管理层稳定性无影响，有利于存量资产的变现，增加利润和现金流。 已完成 4)、2006 年 5 月 23 日，本公司向上海容维投资管理有限公司转让青浦徐南肉禽场。该资产的帐 面价值为 669.53 万元，实际出售金额为 700 万元，清算损益 746.14 万元。本次出售价格的确定依据 是市场价。本次交易双方没有关联关系。该事项已分别于 2006-04-15 和 2006-12-26 刊登在《上海证 券报》《大公报》上。该资产在 2006 年度已停止经营，进入清算程序，未为上市公司贡献净利润，出 上海大江（集团）股份有限公司 2006 年年度报告 21 售对公司业务连续性、管理层稳定性无影响，有利于存量资产的变现，增加利润和现金流。 已完成 5)、2006 年 5 月 15 日，本公司向松江区泖港镇农业技术服务中心转让松江西林肉禽场。该资产 的帐面价值为 1,158.76 万元，实际出售金额为 900 万元，清算损益 862.36 万元。本次出售价格的确 定依据是市场价。本次交易双方没有关联关系。该事项已分别于 2006-04-15 和 2006-12-26 刊登在《上 海证券报》《大公报》上。该资产在 2006 年度已停止经营，进入清算程序，未为上市公司贡献净利润， 出售对公司业务连续性、管理层稳定性无影响，有利于存量资产的变现，增加利润和现金流。 已完成 6)、2006 年 5 月 15 日，本公司向朱家角镇王金村村民委员会、朱家角镇建新村村民委员会转让 青浦王金肉禽场。该资产的帐面价值为 798.40 万元，实际出售金额为 690 万元，清算损益 632.88 万 元。本次出售价格的确定依据是市场价。本次交易双方没有关联关系。该事项已分别于 2006-04-15 和 2006-12-26 刊登在《上海证券报》《大公报》上。该资产在 2006 年度已停止经营，进入清算程序， 未为上市公司贡献净利润，出售对公司业务连续性、管理层稳定性无影响，有利于存量资产的变现， 增加利润和现金流。 已完成 7)、2006 年 4 月 30 日，本公司向上海紫岗商贸有限公司转让青浦朱家庄肉禽场。该资产的帐面 价值为 683.75 万元，实际出售金额为 695 万元，清算损益 770.73 万元。本次出售价格的确定依据是 市场价。本次交易双方没有关联关系。该事项已分别于 2006-04-15 和 2006-12-26 刊登在《上海证券 报》《大公报》上。该资产在 2006 年度已停止经营，进入清算程序，未为上市公司贡献净利润，出售 对公司业务连续性、管理层稳定性无影响，有利于存量资产的变现，增加利润和现金流。 已完成 8)、2006 年 4 月 26 日，本公司向上海均仁投资管理有限公司转让青浦大浜肉禽场。该资产的帐 面价值为 722.66 万元，实际出售金额为 700 万元，清算损益 761.07 万元。本次出售价格的确定依据 是市场价。本次交易双方没有关联关系。该事项已分别于 2006-04-15 和 2006-12-26 刊登在《上海证 券报》《大公报》上。该资产在 2006 年度已停止经营，进入清算程序，未为上市公司贡献净利润，出 售对公司业务连续性、管理层稳定性无影响，有利于存量资产的变现，增加利润和现金流。 已完成 9)、2006 年 6 月 30 日，本公司向松江洞泾镇工业总公司转让上海大江光星养鸡场。该资产的帐 面价值为 658.74 万元，实际出售金额为 780 万元，清算损益 706.36 万元。本次出售价格的确定依据 是市场价。本次交易双方没有关联关系。该事项已分别于 2005-02-28 和 2006-12-26 刊登在《上海证 券报》《大公报》上。该资产在 2006 年度已停止经营，进入清算程序，未为上市公司贡献净利润，出 售对公司业务连续性、管理层稳定性无影响，有利于存量资产的变现，增加利润和现金流。 已完成 10)、2006 年 1 月 10 日，本公司向上海石湖荡经济发展有限公司转让松新肉禽场。该资产的帐面 价值为 1,068.63 万元，实际出售金额为 900 万元，清算损益 850.53 万元。本次出售价格的确定依据 是市场价。本次交易双方没有关联关系。该事项已于 2005 年 2 月 28 日刊登在《上海证券报》《大公 报》上。该资产在 2006 年度已停止经营，进入清算程序，未为上市公司贡献净利润，出售对公司业务 连续性、管理层稳定性无影响， 有利于存量资产的变现，增加利润和现金流。 已完成 11)、2006 年 5 月 24 日，本公司向上海佘山国家旅游度假区松江管理委员会转让松江区佘山镇三 角街 58-69 号门面房。该资产的帐面价值为 209.26 万元，实际出售金额为 600 万元，产生损益 360.74 万元。本次出售价格的确定依据是市场价。本次交易双方没有关联关系。该事项已于 2005 年 2 月 28 日刊登在《上海证券报》《大公报》上。该资产在 2006 年度已停止对外租赁，未为上市公司贡献净利 润，出售对公司业务连续性、管理层稳定性无影响，有利于存量资产的变现，增加利润和现金流。 已 完成 12)、2006 年 12 月 30 日，本公司下属企业青浦古石肉禽场向上海云展经济发展有限公司转让固 定资产。该资产的帐面价值为 636.20 万元，实际出售金额为 750 万元，产生损益 113.80 万元。本次 交易双方没有关联关系。该事项已于 2005 年 1 月 13 日刊登在《上海证券报》《大公报》上。该资产 在 2006 年度已停止经营，未为上市公司贡献净利润，出售对公司业务连续性、管理层稳定性无影响， 有利于存量资产的变现，增加利润和现金流。 已完成 说明：上述被出售资产中，扬州大江畜禽饲料有限公司、松江陈堵肉禽场、青浦徐南肉禽场、松 江西林肉禽场、青浦王金肉禽场、青浦朱家庄肉禽场、青浦大浜肉禽场、上海大江光星养鸡场、松新 肉禽场等九项被出售资产均为地方政府因建设需要动迁项目，所示资产的账面价值为本公司持有该资 产的长期股权投资的账面价值，出售价格为政府支付给该投资单位的资产动迁补偿款，资产出售损益 为本公司持有该资产的长期股权投资的清算损益。 上海大江（集团）股份有限公司 2006 年年度报告 22 (三)报告期内公司重大关联交易事项 1、资产、股权转让的重大关联交易 1)、作为公司控股股东绿庭（香港）有限公司与公司原发起人股东上海市松江县饲料公司和上海 市松江县畜禽公司股份转让交易的衍生交易，绿庭（香港）有限公司承诺在股权转让完成后用 2125 万元来购买公司的亏损资产－阜新大江有限公司股权。2006 年 8 月 10，绿庭（香港）有限公司透过其 关联公司上海绿洲科创生态科技有限公司将 2125 万元汇入公司。2006 年 12 月 20 日，绿庭（香港） 有限公司之控股子公司上海绿庭集团有限公司与公司签订了股权转让协议和债权转让协议，受让公司 持有的阜新大江有限公司 56.47%的股权和对阜新大江有限公司的债权，受让价格以 2006 年 7 月 31 阜 新大江有限公司经审计后金额为准。经立信会计师事务所有限公司审计，2006 年 7 月 31 日，阜新大 江有限公司净资产为 12,140,934.17 元，按 56.47%股权计为 6,855,985.53 元；对公司的债务为 14,598,218.26 元，共计 21,454,203.79 元。2006 年 12 月 31 日，公司对阜新大江有限公司长期投资 帐面余额为 5,504,675.11 元。此次股权转让产生收益 1,351,310.42 元。该事项已于 2006 年 12 月 22 日刊登在《上海证券报》《大公报》上。与股权转让相关的工商变更手续已于 2007 年 3 月 30 日办理 完毕。 2、关联债权债务往来 2006 年资金被占用情况及清欠进展情况 大股东及其附属企业非经营 性占用上市公司资金的余额 （万元） 期初 期末 报告期清欠总额 （万元） 清欠方式 清欠金额 （万元） 清欠时间(月 份) 5,747.78 0 5,747.78 股权转让收入清偿 5,747.78 8 大股东及其附属企业非经营 性占用上市公司资金及清欠 情况的具体说明 (四)托管情况 本年度公司无托管事项。 (五)承包情况 本年度公司无承包事项。 (六)租赁情况 本年度公司无租赁事项。 (七)担保情况 单位:万元 币种:人民币 公司对外担保情况（不包括对控股子公司的担保） 担保对象 发生日期 担保金额 担保类型 担保期限 是否 履行 完毕 是否 为关 联方 担保 阜新大江 有限公司 2005 年 12 月 29 日 3,450 连带责任 担保 2005 年 12 月 31 日～ 2008 年 12 月 31 日 否 是 阜新大江 2006 年 4 月 1,000 连带责任 2006 年 4 月 30 日～ 否 是 上海大江（集团）股份有限公司 2006 年年度报告 23 有限公司 20 日 担保 2009 年 4 月 30 日 报告期内担保发生额合计 4,450 报告期末担保余额合计 4,450 公司对控股子公司的担保情况 报告期内对控股子公司担保发生额合计 5,800 报告期末对控股子公司担保余额合计 4,200 公司担保总额情况（包括对控股子公司的担保） 担保总额 8,650 担保总额占公司净资产的比例(%) 44.12 其中： 为股东、实际控制人及其关联方提供担保的金额 4,450 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 8,650 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 13,100 1)、2005 年 12 月 29 日，本公司为本公司 股东的子公司 阜新大江有限公司提供担保，担保金额 为 3,450 万元,担保期限为 2005 年 12 月 31 日至 2008 年 12 月 31 日。 2)、2006 年 4 月 20 日，本公司为本公司 股东的子公司 阜新大江有限公司提供担保，担保金额 为 1,000 万元,担保期限为 2006 年 4 月 30 日至 2009 年 4 月 30 日。该事项已于 2006 年 5 月 12 日刊登 在《上海证券报》《大公报》上。 担保形成说明：2006 年 12 月 20 日，公司与控股股东绿庭（香港）有限公司之控股子公司上海绿 庭集团有限公司签订了《股权转让协议》，公司将所持有的阜新大江有限公司 56.47%股权转让给上海 绿庭集团有限公司。本次股权转中，公司对阜新大江有限公司的 4450 万元的保证责任没有转移，因此 公司对阜新大江有限公司的担保类型由原来的上市公司对控股子公司担保转变为上市公司对大股东关 联企业的担保。该事项于 2006 年 12 月 22 日在《上海证券报》、《大公报》及上海证券交易所网站上 予以公告。 (八)委托理财 本年度公司无委托理财事项。 (九)其他重大合同 本年度公司无其他重大合同。 (十)承诺事项履行情况 原非流通股东在股权分置改革过程中做出的承诺事项及其履行情况 上海大江（集团）股份有限公司 2006 年年度报告 24 股东名称 承诺事项 承诺履行情况 备注 绿庭(香 港)有限 公司 1、在本次股权分置方案实施后，如果发生以 下两种情况之一者，将向追加对价股权登记 日收市后登记在册的无限售条件的 A 股流通 股股东追加对价一次，追加对价总计为 5,148,000 股股份。 第一种情况：本公司 2006 年度经审计财务报告被会计师事务所出具非 标准意见； 第二种情况：本公司 2006 年度 经审计财务报告显示公司当年净利润为负。 如果触发上述追加对价情况，绿庭（香港） 有限公司将在本公司 2006 年度股东大会审议 通过该审计报告后 10 个交易日内实施追加对 价一次。 2、所持有本公司的原非流通股股 份自股权分置改革方案实施后首个交易日起 至追送对价承诺期满后二年内不上市交易或 者转让。如违反承诺卖出股票，则将所得资 金划归上市公司所有。 1、公司 2006 年度经审计财务报 告显示净利润为正数，且立信长 江会计师事务所有限公司为公司 2006 年度财务报告出具了标准无 保留的审计意见。由于 2006 年度 经审计财务报告尚需提交股东大 会审议，所以该承诺事项尚处于 承诺期内。2、报告期期内，绿庭 (香港)有限公司没有发生股份上 市交易或者转让情况。 募集法人 股股东 募集法人股股东持有的非流通股股份自股权 分置改革方案实施后首个交易日起，在十二 个月内不上市交易或者转让。 报告期内，募集法人股股东履行 了承诺。 (十一)聘任、解聘会计师事务所情况 报告期内，公司未改聘会计师事务所，公司现聘任立信会计师事务所有限公司为公司的境内审计 机构。拟支付其年度审计工作的酬金共约 52.8 万元，其中：差旅费 2.8 万元，其他费用未发生。截止 本报告期末，该会计师事务所已为本公司提供了 4 年审计服务。 公司现聘任浩华会计师事务所为公司的境外审计机构，拟支付其年度审计工作的酬金共约 38 万 元，其他费用未发生。截止本报告期末，该会计师事务所已为本公司提供了 6 年审计服务。 注：经上海市工商行政管理局黄埔分局变更登记，上海立信长江会计师事务所有限公司于 2007 年 2 月 10 日已更名为立信会计师事务所有限公司。 (十二)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 报告期内，公司董事、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。 (十三)其它重大事项 报告期内公司无其它重大事项。 (十四)公司内部控制制度的建设情况 为保证公司经营业务活动有序进行，确保资产的安全完整，不断提高公司风险管理水平，公司高 度重视内部控制制度的建设和执行。近几年来，根据公司产业结构的改造及组织机构的调整，先后多 上海大江（集团）股份有限公司 2006 年年度报告 25 次对内控制度进行修订和完善。通过对公司和所属控股子公司的生产、投资、研发、销货、收款采购 及付款等 10 个业务流程环节进行梳理和完善，构建了公司风险控制框架，全面系统地设立内部管理控 制点。公司内部设立了审计部为内部控制日常检查监督机构，负责对各项业务、控股子公司、财务会 计等进行日常的检查和监督，并直接对董事会负责。 公司现有建立的内部控制制度，能保证公司编制真实、公允的财务报表，能保证公司各项业务活 动的健康运作，基本能适应公司管理和发展的需要，也为企业贯彻执行国家有关法律法规和各项企业 规章制度提供了保证。董事会高度重视公司内控制度的制定和完善，将根据监管部门的有关要求，对 内控制度的执行情况，进行定期和不定期相结合的检查监督，及时提出改进要求。 2007 年，公司将根据《上海证券交易所上市公司内部控制指引》的要求，成立公司内部控制工作 小组，会同相关部门对公司原有的内部控制制度进行全面梳理与评估，以确保建立健全内控制度工作 的有序推进，确保公司战略目标的顺利实现。 十一、财务会计报告 公司年度财务报告已经注册会计师审计，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（2007）第 11238 号 上海大江（集团）股份有限公司全体股东： 我们审计了后附的上海大江（集团）股份有限公司（以下简称贵 公司）财务报表，包括 2006 年 12 月 31 日的资产负债表和合并资产负债表、2006 年度的利润及利润分配表和合并利润及利润分配 表、2006 年度的现金流量表和合并现金流量表以及财务报表附注。 一、管理层对财务报表的责任 按照企业会计准则和《企业会计制度》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。 二、注册会计师的责任 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。 上海大江（集团）股份有限公司 2006 年年度报告 26 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。 三、审计意见 我们认为，贵公司财务报表已经按照企业会计准则和《企业会计制度》的规定编制，在所有重大 方面公允反映了贵公司2006年12月31日的财务状况以及2006年度的经营成果和现金流量。 立信会计师事务所 中国注册会计师： 林璐 有限公司 许丽蓉 中 国·上海 二○○七年四月二十五日 上海大江（集团）股份有限公司 2006 年年度报告 27 (二)财务报表 资产负债表 2006 年 12 月 31 日 编制单位: 上海大江（集团）股份有限公司 单位: 元 币种:人民币 附注 合并 母公司 项目 合 并 母 公 司 期末数 期初数 期末数 期初数 流动资产： 货币资金 72,178,876.26 109,890,884.50 16,164,887.22 28,773,601.48 短期投资 320,018.80 241,798.80 应收票据 809,141.80 应收股利 应收利息 应收账款 64,972,500.59 49,112,728.17 14,811,944.81 20,870,720.16 其他应收款 28,366,489.83 72,424,494.58 101,552,783.31 185,003,085.78 预付账款 27,462,977.67 8,244,413.03 7,130,783.50 23,000.00 应收补贴款 1,038,703.09 1,038,703.09 存货 349,737,196.17 392,955,815.83 23,453,222.10 49,798,157.52 待摊费用 335,737.95 804,219.42 119,032.40 213,761.13 一年内到期的长期债 权投资 其他流动资产 流动资产合计 543,862,920.27 634,791,277.42 163,232,653.34 285,962,827.96 长期投资： 长期股权投资 129,855,513.40 104,646,699.66 367,839,059.96 365,853,533.97 长期债权投资 长期投资合计 129,855,513.40 104,646,699.66 367,839,059.96 365,853,533.97 其中：合并价差(贷差 以“-”号表示，合并 报表填列) 其中：股权投资差额 (贷差以“-”号表 示，合并报表填列) -5,224,738.76 -9,254,710.34 -5,224,738.76 -9,254,710.34 固定资产： 固定资产原价 679,197,455.70 966,396,937.61 172,128,330.02 193,498,330.50 减：累计折旧 440,610,255.69 587,297,252.41 97,133,732.57 107,614,919.79 固定资产净值 238,587,200.01 379,099,685.20 74,994,597.45 85,883,410.71 减：固定资产减值准 备 57,279,375.38 78,199,420.27 17,623,457.21 20,404,921.37 固定资产净额 181,307,824.63 300,900,264.93 57,371,140.24 65,478,489.34 工程物资 上海大江（集团）股份有限公司 2006 年年度报告 28 在建工程 932,137.67 1,870,745.33 15,300.00 固定资产清理 固定资产合计 182,239,962.30 302,771,010.26 57,371,140.24 65,493,789.34 无形资产及其他资 产： 无形资产 38,502,368.20 36,064,899.89 18,180,000.00 20,300,000.00 长期待摊费用 1,988,218.12 2,616,754.89 其他长期资产 无形资产及其他资产 合计 40,490,586.32 38,681,654.78 18,180,000.00 20,300,000.00 递延税项： 递延税款借项 资产总计 896,448,982.29 1,080,890,642.12 606,622,853.54 737,610,151.27 负债及股东权益： 流动负债： 短期借款 352,000,000.00 494,000,000.00 251,500,000.00 330,500,000.00 应付票据 应付账款 97,566,302.87 55,243,822.82 11,970,886.82 16,479,202.53 预收账款 67,470,097.63 119,730,922.56 3,212,846.47 8,713,792.58 应付工资 3,759,404.45 6,293,365.83 2,080,483.84 应付福利费 478,781.23 9,067,454.93 应付股利 49,887.50 49,887.50 49,887.50 49,887.50 应交税金 -159,191,753.77 -178,969,645.45 -161,376,860.70 -170,065,732.43 其他应交款 444,697.74 1,145,214.10 488.38 其他应付款 169,393,862.25 230,138,933.41 283,195,359.33 353,354,797.87 预提费用 922,048.29 2,989,493.13 1,147,168.52 预计负债 一年内到期的长期负 债 107,000,000.00 107,000,000.00 其他流动负债 3,035,445.29 3,035,445.29 流动负债合计 642,928,773.48 849,724,894.12 390,633,091.64 540,179,116.57 长期负债： 长期借款 10,000,000.00 20,000,000.00 应付债券 长期应付款 专项应付款 其他长期负债 长期负债合计 10,000,000.00 20,000,000.00 递延税项： 递延税款贷项 负债合计 652,928,773.48 869,724,894.12 390,633,091.64 540,179,116.57 少数股东权益(合并 报表填列) 47,448,399.10 45,758,465.30 所有者权益（或股东 权益）： 上海大江（集团）股份有限公司 2006 年年度报告 29 实收资本（或股本） 676,305,696.00 676,305,696.00 676,305,696.00 676,305,696.00 减：已归还投资 实收资本（或股本） 净额 676,305,696.00 676,305,696.00 676,305,696.00 676,305,696.00 资本公积 236,158,576.13 229,469,396.46 245,642,526.94 245,642,526.94 盈余公积 97,370,342.74 91,379,978.21 77,749,737.49 77,749,737.49 其中：法定公益金 减：未确认投资损失 (合并报表填列) 19,702,370.16 18,353,019.59 未分配利润 -794,060,435.00 -813,394,768.38 -783,708,198.53 -802,266,925.73 拟分配现金股利 外币报表折算差额 (合并报表填列) 股东权益合计 196,071,809.71 165,407,282.70 215,989,761.90 197,431,034.70 负债和股东权益总计 896,448,982.29 1,080,890,642.12 606,622,853.54 737,610,151.27 公司负责人:俞乃奋 主管会计工作负责人:臧舜 制表人：潘雷萍 上海大江（集团）股份有限公司 2006 年年度报告 30 利润及利润分配表 2006 年 1-12 月 编制单位: 上海大江（集团）股份有限公司 单位:元 币种:人民币 附注 合并 母公司 项目 合并 母公 司 本期数 上年同期数 本期数 上年同期数 一、主营业务收入 770,673,918.54 754,717,564.57 296,238,116.05 527,007,086.68 减：主营业务成本 682,750,540.29 729,563,736.95 291,085,098.19 529,866,508.11 主营业务税金及附加 12,665,033.78 627,530.95 二、主营业务利润（亏 损以“-”号填列） 75,258,344.47 24,526,296.67 5,153,017.86 -2,859,421.43 加：其他业务利润（亏 损以“-”号填列） -5,283,561.44 -2,727,117.07 1,368,420.69 -6,788,118.61 减: 营业费用 39,736,083.26 26,513,824.30 10,270,665.88 7,916,933.75 管理费用 50,161,904.67 139,172,748.62 26,214,622.54 69,465,921.79 财务费用 33,349,426.55 32,168,607.22 25,201,536.75 25,470,978.39 三、营业利润（亏损 以“-”号填列） -53,272,631.45 -176,056,000.54 -55,165,386.62 -112,501,373.97 加：投资收益（损失 以“-”号填列） 53,820,222.12 8,748,857.68 49,109,145.44 -94,417,173.18 补贴收入 17,289,831.34 3,506,736.00 14,580,000.00 1,990,656.00 营业外收入 9,382,804.45 17,041,838.78 11,675,348.79 10,790,580.03 减：营业外支出 4,085,896.56 77,189,874.21 1,640,380.41 26,601,805.27 四、利润总额（亏损 总额以“-”号填列） 23,134,329.90 -223,948,442.29 18,558,727.20 -220,739,116.39 减：所得税 9,554,712.90 2,235,929.52 减：少数股东损益(合 并报表填列) -6,951,118.71 -8,121,357.78 加：未确认投资损失 (合并报表填列) 5,382,527.79 4,362,410.47 五、净利润（亏损以 “-”号填列） 25,913,263.50 -213,700,603.56 18,558,727.20 -220,739,116.39 加：年初未分配利润 -813,394,768.38 -599,415,063.07 -802,266,925.73 -581,527,809.34 其他转入 六、可供分配的利润 -787,481,504.88 -813,115,666.63 -783,708,198.53 -802,266,925.73 减：提取法定盈余公 积 5,990,364.53 20,700.93 提取法定公益金 提取职工奖励及福利 基金(合并报表填列) 588,565.59 258,400.82 提取储备基金 提取企业发展基金 利润归还投资 七、可供股东分配的 利润 -794,060,435.00 -813,394,768.38 -783,708,198.53 -802,266,925.73 减：应付优先股股利 上海大江（集团）股份有限公司 2006 年年度报告 31 提取任意盈余公积 应付普通股股利 转作股本的普通股股 利 八、未分配利润(未弥 补亏损以“-”号填 列) -794,060,435.00 -813,394,768.38 -783,708,198.53 -802,266,925.73 补充资料： 1.出售、处置部门或 被投资单位所得收益 2.自然灾害发生的损 失 3.会计政策变更增加 (或减少)利润总额 4.会计估计变更增加 (或减少)利润总额 5.债务重组损失 6.其他 公司负责人:俞乃奋 主管会计工作负责人:臧舜 制表人：潘雷萍 上海大江（集团）股份有限公司 2006 年年度报告 32 现金流量表 2006 年 1-12 月 编制单位: 上海大江（集团）股份有限公司 单位:元 币种:人民币 附注 项目 合并 母公 司 合并数 母公司数 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 709,803,571.12 314,639,569.45 收到的税费返还 2,479,402.00 3,845.00 收到的其他与经营活动有关的现金 141,440,189.59 150,398,201.52 经营活动现金流入小计 853,723,162.71 465,041,615.97 购买商品、接受劳务支付的现金 589,411,362.51 236,327,180.60 支付给职工以及为职工支付的现金 74,151,262.54 36,084,346.09 支付的各项税费 25,801,483.18 2,309,708.89 支付的其他与经营活动有关的现金 116,457,352.86 90,041,854.31 经营活动现金流出小计 805,821,461.09 364,763,089.89 经营活动产生的现金流量净额 47,901,701.62 100,278,526.08 二、投资活动产生的现金流量： 收回投资所收到的现金 102,777,314.65 101,837,234.65 其中：出售子公司收到的现金 取得投资收益所收到的现金 206,721.94 157,822.50 处置固定资产、无形资产和其他长期 资产而收回的现金 3,300,987.75 2,237,810.95 收到的其他与投资活动有关的现金 投资活动现金流入小计 106,285,024.34 104,232,868.10 购建固定资产、无形资产和其他长期 资产所支付的现金 30,957,501.04 11,934,379.48 投资所支付的现金 60,650,000.00 100,910,000.00 支付的其他与投资活动有关的现金 4,174,112.76 投资活动现金流出小计 91,607,501.04 117,018,492.24 投资活动产生的现金流量净额 14,677,523.30 -12,785,624.14 三、筹资活动产生的现金流量： 吸收投资所收到的现金 3,000,000.00 其中：子公司吸收少数股东权益性投 资收到的现金 借款所收到的现金 480,500,000.00 370,000,000.00 收到的其他与筹资活动有关的现金 筹资活动现金流入小计 483,500,000.00 370,000,000.00 偿还债务所支付的现金 556,000,000.00 449,000,000.00 分配股利、利润或偿付利息所支付的 现金 27,867,235.40 21,101,616.20 其中：支付少数股东的股利 支付的其他与筹资活动有关的现金 上海大江（集团）股份有限公司 2006 年年度报告 33 其中：子公司依法减资支付给少数股 东的现金 筹资活动现金流出小计 583,867,235.40 470,101,616.20 筹资活动产生的现金流量净额 -100,367,235.40 -100,101,616.20 四、汇率变动对现金的影响 76,002.24 五、现金及现金等价物净增加额 -37,712,008.24 -12,608,714.26 补充材料 1、将净利润调节为经营活动现金流 量： 净利润 25,913,263.50 18,558,727.20 加：少数股东损益(亏损以“-”号填 列) -6,951,118.71 减：未确认的投资损失 5,382,527.79 加：计提的资产减值准备 30,714,894.22 28,112,505.03 固定资产折旧 27,651,018.19 4,986,167.47 无形资产摊销 2,435,195.49 2,120,000.00 长期待摊费用摊销 4,162,647.59 待摊费用减少（减：增加） 468,481.47 94,728.73 预提费用增加（减：减少） -2,067,444.84 -1,147,168.52 处理固定资产、无形资产和其他长期 资产的损失(减:收益) -6,112,796.20 -6,091,053.83 固定资产报废损失 财务费用 33,090,711.75 25,201,536.75 投资损失（减：收益） -53,283,250.71 -49,109,145.44 递延税款贷项（减：借项） 存货的减少（减：增加） 51,236,529.51 28,520,352.86 经营性应收项目的减少(减：增加) 20,896,852.78 4,886,855.59 经营性应付项目的增加(减：减少) -74,870,754.63 44,145,020.24 其他(预计负债的增加) 经营活动产生的现金流量净额 47,901,701.62 100,278,526.08 2．不涉及现金收支的投资和筹资活 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增加情况： 现金的期末余额 72,178,876.26 16,164,887.22 减：现金的期初余额 109,890,884.50 28,773,601.48 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 -37,712,008.24 -12,608,714.26 公司负责人:俞乃奋 主管会计工作负责人:臧舜 制表人：潘雷萍 上海大江（集团）股份有限公司 2006 年年度报告 34 合并资产减值准备明细表 2006 年 1-12 月 编制单位: 上海大江（集团）股份有限公司 单位:元 币种:人民币 本期减少数 项目 行 次 期初余额 本期增加数 因资产价值回 升转回数 其他原因转出 数 合计 期末余额 一、 坏账 准备 合计 1 99,252,771.82 1,824,333.90 40,947.30 14,085,086.84 14,126,034.14 86,951,071.58 其 中： 应收 账款 2 71,971,361.92 864,102.88 27,112.40 1,935,458.87 1,962,571.27 70,872,893.53 其他 应收 款 3 27,281,409.90 960,231.02 13,834.90 12,149,627.97 12,163,462.87 16,078,178.05 二、 短期 投资 跌价 准备 合计 4 47,431.20 47,431.20 47,431.20 其 中： 股票 投资 5 47,431.20 47,431.20 47,431.20 债券 投资 6 三、 存货 跌价 准备 合计 7 23,496,232.11 12,989,362.10 6,143,036.40 14,864,235.55 21,007,271.95 15,478,322.26 其 中： 库存 商品 8 20,574,681.74 6,100,000.00 6,143,036.40 11,409,733.18 17,552,769.58 9,121,912.16 原材 料 9 1,963,832.53 6,110,024.97 2,798,689.60 2,798,689.60 5,275,167.90 包装 物 855,518.71 779,337.13 553,613.64 553,613.64 1,081,242.20 低值 易耗 品 102,199.13 102,199.13 102,199.13 四、 长期 投资 减值 准备 合计 10 1,229,623.23 15,590,686.74 16,820,309.97 上海大江（集团）股份有限公司 2006 年年度报告 35 其 中： 长期 股权 投资 11 1,229,623.23 15,590,686.74 16,820,309.97 长期 债权 投资 12 五、 固定 资产 减值 准备 合计 13 78,199,420.27 310,511.48 21,230,556.37 21,230,556.37 57,279,375.38 其 中： 房 屋、 建筑 物 14 25,497,479.29 12,344,814.89 12,344,814.89 13,152,664.40 机器 设备 15 22,099,799.97 302,313.68 5,945,971.30 5,945,971.30 16,456,142.35 电子 设备 运输 设备 4,070.00 4,070.00 其他 设备 30,598,071.01 8,197.80 2,939,770.18 2,939,770.18 27,666,498.63 六、 无形 资产 减值 准备 合计 16 其 中： 专利 权 17 商标 权 18 七、 在建 工程 减值 准备 合计 19 2,131,525.50 2,131,525.50 八、 委托 贷款 减值 准备 合计 20 九、 总 计 21 204,357,004.13 30,714,894.22 6,231,414.90 50,179,878.76 56,411,293.66 178,660,604.69 公司负责人:俞乃奋 主管会计工作负责人:臧舜 制表人：潘雷萍 上海大江（集团）股份有限公司 2006 年年度报告 36 母公司资产减值准备明细表 2006 年 1-12 月 编制单位: 上海大江（集团）股份有限公司 单位:元 币种:人民币 本期减少数 项目 行 次 期初余额 本期增加数 因资产价值回 升转回数 其他原因转出 数 合计 期末余额 一、坏 账准备 合计 1 93,607,727.36 5,755,509.73 40,947.30 11,946,956.08 11,987,903.38 87,375,333.71 其中： 应收账 款 2 57,905,525.19 93,556.54 27,112.4 177,594.60 204,707.00 57,794,374.73 其他应 收款 3 35,702,202.17 5,661,953.19 13,834.9 11,769,361.48 11,783,196.38 29,580,958.98 二、短 期投资 跌价准 备合计 4 47,431.20 47,431.20 47,431.20 其中： 股票投 资 5 47,431.20 47,431.20 47,431.20 债券投 资 6 三、存 货跌价 准备合 计 7 14,628,864.81 6,766,308.56 6,143,036.40 2,798,689.60 8,941,726.00 12,453,447.37 其中： 库存商 品 8 9,164,948.56 6,100,000.00 6,143,036.40 6,143,036.40 9,121,912.16 原材料 9 5,463,916.25 666,308.56 2,798,689.6 2,798,689.60 3,331,535.21 四、长 期投资 减值准 备合计 10 1,229,623.23 15,590,686.74 16,820,309.97 其中： 长期股 权投资 11 1,229,623.23 15,590,686.74 16,820,309.97 长期债 权投资 12 五、固 定资产 减值准 备合计 13 20,404,921.37 2,781,464.16 2,781,464.16 17,623,457.21 其中： 房屋、 建筑物 14 8,188,074.32 1,222,736.63 1,222,736.63 6,965,337.69 上海大江（集团）股份有限公司 2006 年年度报告 37 机器设 备 15 9,845,504.13 473,127.48 473,127.48 9,372,376.65 电子设 备 953,447.79 953,447.79 运输设 备 4,070.00 4,070.00 其他设 备 1,413,825.13 1,085,600.05 1,085,600.05 328,225.08 六、无 形资产 减值准 备合计 16 其中： 专利权 17 商标权 18 七、在 建工程 减值准 备合计 19 175,200.00 175,200.00 八、委 托贷款 减值准 备合计 20 九、总 计 21 130,093,767.97 28,112,505.03 6,231,414.90 17,527,109.84 23,758,524.74 134,447,748.26 公司负责人:俞乃奋 主管会计工作负责人:臧舜 制表人：潘雷萍 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： 单位:元 币种:人民币 净资产收益率（%） 每股收益 报告期利润 全面摊薄 加权平均 全面摊薄 加权平均 主营业务利润 38.38 42.19 0.111 0.111 营业利润 -27.17 -29.87 -0.079 -0.079 净利润 13.22 14.53 0.038 0.038 扣除非经常性损益后的净利润 -35.65 -39.19 0.103 -0.103 新旧会计准则股东权益差异调节表 重要提示 本公司于 2007 年 1 月 1 日起开始执行财政部于 2006 年颁布的《企业会计准则》（以下简称“新 会计准则”），目前本公司正在评价执行新会计准则对本公司财务状况、经营成果和现金流量所产生 的影响，在对其进行慎重考虑或参照财政部对新会计准则的进一步讲解后，本公司在编制 2007 年度财 务报告时可能对编制“新旧会计准则股东权益差异调节表”（以下简称“差异调节表”）时所采用相 关会计政策或重要认定进行调整，从而可能导致差异调节表中列报的 2007 年 1 月 1 日股东权益（新会 计准则）与 2007 年度财务报告中列报的相应数据之间存在差异。 上海大江（集团）股份有限公司 2006 年年度报告 38 关于上海大江（集团）股份有限公司 新旧会计准则股东权益差异调节表的审阅报告 信会师报字（2007）第 11239 号 上海大江（集团）股份有限公司全体股东： 我们审阅了后附的上海大江（集团）股份有限公司（以下简称大江公司）新旧会计准则股东权益 差异调节表（以下简称“差异调节表”）。 按照《企业会计准则第 38 号—首次执行企业会计准则》 和“关于做好与新会计准则相关财务会计信息披露工作的通知”（证监发[2006]136 号，以下简称“通 知”）的有关规定编制差异调节表是大江公司管理层的责任。我们的责任是在实施审阅工作的基础上 对差异调节表出具审阅报告。 根据“通知”的有关规定，我们参照《中国注册会计师审阅准则第 2101 号－财务报表审阅》的规 定执行审阅业务。该准则要求我们计划和实施审阅工作，以对差异调节表是否不存在重大错报获取有 限保证。审阅主要限于询问公司有关人员差异调节表相关会计政策和所有重要的认定、了解差异调节 表中调节金额的计算过程、阅读差异调节表以考虑是否遵循指明的编制基础以及在必要时实施分析程 序，审阅工作提供的保证程度低于审计。我们没有实施审计，因而不发表审计意见。 根据我们的审阅，我们没有注意到任何事项使我们相信差异调节表没有按照《企业会计准则第 38 号—首次执行企业会计准则》和“通知”的有关规定编制。 此外，我们提醒差异调节表的使用者关注，如后附差异调节表中重要提示所述：差异调节表中所 列报的 2007 年 1 月 1 日股东权益（新会计准则）与 2007 年度财务报告中所列报的相应数据可能存在 差异。 立信会计师事务所 中国注册会计师： 林璐 有限公司 许丽蓉 中 国·上海 二○○七年四月二十五日 股东权益调节表 单位:元 币种:人民币 项 目 注 释 项目名称 金额 2006 年 12 月 31 日股东权益（现行会计准则） 196,071,809.71 1 长期股权投资差额 5,224,738.76 其中：同一控制下企业合并形成的长期股权投资差额 -3,289,008.35 其他采用权益法核算的长期股权投资贷方差额 8,513,747.11 2 拟以公允价值模式计量的投资性房地产 3 因预计资产弃置费用应补提的以前年度折旧等 4 符合预计负债确认条件的辞退补偿 5 股份支付 6 符合预计负债确认条件的重组义务 7 企业合并 上海大江（集团）股份有限公司 2006 年年度报告 39 其中：同一控制下企业合并商誉的账面价值 根据新准则计提的商誉减值准备 8 以公允价值计量且其变动计入当期损益的金融资产以及可供出 售金融资产 9 以公允价值计量且其变动计入当期损益的金融负债 10 金融工具分拆增加的收益 11 衍生金融工具 12 所得税 13 少数股东权益 47,448,399.10 14 其他 2007 年 1 月 1 日股东权益（新会计准则） 248,744,947.57 其中：归属于母公司所有者权益 201,296,548.47 少数股东权益 47,448,399.10 公司负责人:俞乃奋 主管会计工作负责人:臧舜 制表人：潘雷萍 编制目的 公司于 2007 年 1 月 1 日起开始执行新会计准则。为分析并披露执行新会计准则对上市公司财务 状况的影响，中国证券监督管理委员会于 2006 年 11 月颁布了“关于做好与新会计准则相关财务会计 信息披露工作的通知”（证监发[2006]136 号，以下简称“通知”），要求公司按照《企业会计准则 第 38 号—首次执行企业会计准则》和“通知”的有关规定，在 2006 年度财务报告的“补充资料”部 分以差异调节表的方式披露重大差异的调节过程。 编制基础 差异调节表系公司根据《企业会计准则第 38 号—首次执行企业会计准则》和“通知”的有关规定， 结合公司的自身特点和具体情况，以 2006 年度（合并）财务报表为基础，并依据重要性原则编制。 对于《企业会计准则第 38 号－首次执行企业会计准则》第五条至第十九条中没有明确的情况，本 差异调节表依据如下原则进行编制： 1、子公司、合营企业和联营企业按照《企业会计准则第 38 号—首次执行企业会计准则》第五条 至第十九条的规定进行追溯调整，对于影响上述公司留存收益并影响本公司按照股权比例享有的净资 产份额的事项，公司根据其业务实际情况相应调整留存收益或资本公积。 2、编制合并财务报表时，公司按照新会计准则调整少数股东权益，并在差异调节表中单列项目反 映。 主要项目附注 1、2006 年 12 月 31 日股东权益（现行会计准则）的金额取自公司按照现行企业会计准则和《企 业会计制度》 (以下简称“现行会计准则”)编制的 2006 年 12 月 31 日（合并）资产负债表。该报表 业经立信会计师事务所有限公司审计，并于 2007 年 4 月 25 日出具了标准无保留意见的审计报告（信 会师报字（2007）11238 号）。该报表相关的编制基础和主要会计政策参见本公司 2006 年度财务报告。 2、长期股权投资差 公司 2006 年 12 月 31 日账面有对子公司股权投资差额借差 3,289,008.35 元。该差额属于同一控 制下企业合并形成的股权投资差额，因此追溯调整减少 2007 年 1 月 1 日的股东权益 3,289,008.35 元， 其中归属于母公司的所有者权益减少 3,289,008.35 元。 公司 2006 年 12 月 31 日账面有对子公司股权投资差额贷差 8,513,747.11 元。该差额属于其他采 用权益法核算的长期股权投资贷方差额，因此追溯调整增加 2007 年 1 月 1 日的股东权益 8,513,747.11 元，其中归属于母公司的所有者权益增加 8,513,747.11 元。 3、其他 公司于 2006 年 12 月 31 日按现行会计准则编制的合并财务报表中列示的少数股东权益为 47,448,399.10 元，新会计准则下计入股东权益，由此增加了 2007 年 1 月 1 日股东权益 47,448,399.10 元。新会计准则下股东权益为 248,744,947.57 元，其中归属于母公司所有者权益为 201,296,548.47 元，归属于少数股东权益为 47,448,399.10 元。 上海大江（集团）股份有限公司 2006 年年度报告 40 财 务 报 表 附 注 一、公司简介： 上海大江（集团）股份有限公司（以下简称“本公司”）于一九九三年七月经沪外资委批准改 制为股份有限公司，一九九三年十一月在上海证券交易所上市。所属行业为食品加工业。本公司经营 范围为：家禽、家畜、水产的良种、饲料、饲料添加剂、花卉肥料及有关食品加工产品的销售和进出 口；生物制药、兽药、畜禽疫苗；畜禽机械、饲料机械、医疗器械（限于医用透明质酸钠）；餐饮业； 道路货物运输；从事符合国家产业政策的投资业务（具体项目另行报批），主要产品为各种饲料、鸡 肉分割产品及种蛋、种鸡等。本公司已于本年内完成股权分置改革，股权分置改革方案实施股权登记 日为 2006 年 9 月 18 日，除权日为 2006 年 9 月 19 日，A 股复牌日为 2006 年 9 月 20 日。 二、本公司采用的主要会计政策、会计估计和合并财务报表的编制方法 （一）会计制度 本公司执行企业会计准则和《企业会计制度》及其补充规定。 （二）会计年度 本公司会计年度为公历 1 月 1 日起至 12 月 31 日止。 （三）记账本位币 本公司以人民币为记账本位币。 （四）记账基础和计价原则 本公司的会计核算以权责发生制为记账基础，以历史成本为计价原则。 （五）外币业务核算方法 本公司发生外币业务时，按业务发生当月月初的市场汇（中间价）将外币金额折合为人民币金额 记账。年度终了，将各种外币账户的外币年末余额，按照年末市场汇价（中间价）折合为人民币金额。 外币专门借款账户年末折算差额，在所购建固定资产达到预定可使用状态前的特定时间段内，按规定 予以资本化，计入在建工程成本，其余的外币账户折算差额均计入财务费用。不同货币兑换形成的折 算差额，均计入财务费用。 上海大江（集团）股份有限公司 2006 年年度报告 41 （六）外币财务报表的折算方法 按照财政部财会字（1995）11 号《关于印发<合并会计报表暂行规定>的通知》，除所有者权益 类项目（不含未分配利润项目）以发生时的市场汇价（中间价）折算为人民币外，资产、负债、损益 类项目均以合并财务报表决算日的市场汇价（中间价）折算为人民币。外币报表折算差额在合并资产 负债表中单独列示。 （七）现金等价物的确定标准 本公司在编制现金流量表时，将持有的期限短（从购买日起，三个月到期）、流动性强、易于转 换为已知金额的现金、价值变动风险小的投资作为现金等价物。 （八）短期投资核算方法 1、取得的计价方法 取得投资时按实际支付的价款（扣除已宣告未领取的现金股利或已到期未领取的债券利息）、相 关税费计价。债务重组取得债务人用以抵债的短期投资，以应收债权的账面价值为基础确定其入账价 值；非货币性交易换入的短期投资，以换出资产的账面价值为基础确定其入账价值。 2、短期投资跌价准备的计提 中期末及年末，按成本与市价孰低提取或调整短期投资跌价准备。 按单项投资计算并确定计提的跌价损失准备。 3、短期投资收益的确认 短期投资待处置时确认投资收益。在持有期间分得的现金股利和利息，冲减投资成本或相关应收 项目。 （九）坏账核算方法 1、坏账的确认标准 对因债务人撤销、破产，依照法律清偿程序后确实无法收回的应收款项；因债务人死亡，既无 遗产可清偿，又无义务承担人，确实无法收回的应收款项；因债务人逾期未履行偿债义务并有确凿证 据表明，确实无法收回的应收款项，按照本公司管理权限批准核销。 2、坏账损失的核算方法 采用备抵法核算。 3、坏账准备的计提方法和计提比例 按账龄分析法并结合个别认定法估算坏账损失。 （1）本公司根据董事会的决定，依据债务单位的实际财务状况、偿债能力等相关信息，确定按 账龄计提坏账准备的具体方法如下： 上海大江（集团）股份有限公司 2006 年年度报告 42 应收款项账龄 提取比例 1 年以内 3％ 1 年~2 年 10％ 2 年~3 年 15％ 3 年以上 20％ (2)对于某项期末余额的可收回性与其他各项应收款项存在明显差别的应收款项（例如、债务单位 所处的特定地区、债务人的财务和经营状况、与债务人之间的争议和纠纷等），导致该项应收款项如 果按照与其他应收款项同样的方法计提坏账准备，将无法真实地反映其可收回金额的，采用个别认定 法计提坏账准备，即根据债务人的经营状况、现金流量状况、以前的信用记录等资料对其欠款的可回 收性进行逐笔详细分析，据以分别确定针对每一笔此类应收款项的坏账准备计提比例； （十）存货核算方法 1、存货分类为 存货分类为：原材料、包装物、低值易耗品、产成品、在产品、开发成本等。 2、取得和发出的计价方法 日常核算取得时按实际成本计价；发出时除产成品外按加权平均法计价。产成品按标准成本计 价，实际成本与标准成本之间的差异，在月末采用加权平均法在销售产品与库存产品之间摊销，将标 准成本调整为实际成本。内部调拨产品的计价，按标准成本计算，其调拨差异随产品调拨一并结转， 将标准成本调整为实际成本。 债务重组取得债务人用以抵债的存货，以应收债权的账面价值为基础确定其入账价值；非货币 性交易换入的存货以换出资产的账面价值为基础确定其入账价值。 3、低值易耗品和包装物的摊销方法 低值易耗品采用一次摊销法； 包装物采用一次摊销法。 4、存货的盘存制度 采用永续盘存制。 5、存货跌价准备的计提方法 中期末及年末，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。 存货跌价准备按单个存货项目计提。对由于存货毁损、全部或部分陈旧过时或销售价格低于成 本等原因造成的存货成本不可收回的部分，按单个存货项目的成本与可变现净值的差额计提存货跌价 准备。对于数量繁多，单价较低的存货，按存货类别计量成本与可变现净值。 上海大江（集团）股份有限公司 2006 年年度报告 43 存货可变现净值按企业在生产经营过程中，以估计售价减去估计完工成本及销售所必需的估计费 用后的价值确定。 （十一）长期投资核算方法 1、取得的计价方法 长期投资取得时以初始投资成本计价，包括相关的税金、手续费等。债务重组取得债务人用以 抵债的股权投资，以应收债权的账面价值为基础确定其入账价值；非货币性交易换入的股权投资，以 换出资产的账面价值为基础确定其入账价值。 2、长期股权投资的核算方法 对被投资单位无控制、无共同控制且无重大影响的，采用成本法核算。对被投资单位能实施控 制、共同控制或重大影响的，采用权益法核算。 按权益法核算长期股权投资时，初始投资成本高于应享有被投资单位净资产份额所确认的股权 投资差额，若合同规定投资期限的按投资期限平均摊销；若合同未规定投资期限的按 10 年平均摊销。 初始投资成本低于应享有被投资单位净资产份额的差额，计入资本公积（股权投资准备）。财会[2004]3 号文生效以前发生的股权投资差额贷差仍按原规定摊销。再次投资发生的股权投资差额贷差按财会 [2004]3 号文处理。 3、长期债权投资的核算方法 中期末及年末，按合同规定利率或债券票面利率计提利息，并同时按直线法摊销债券投资溢价 或折价。 4、长期投资减值准备的计提 中期末及年末，本公司对由于市价持续下跌或被投资单位经营状况恶化等原因导致长期投资项目 的可收回金额低于账面价值，并且这种价值的降低在可预见的未来期间内不可能恢复，按可收回金额 低于长期投资账面价值的差额逐项提取长期投资减值准备。自 2004 年起计提长期投资减值准备时对以 前年度已发生的股权投资差额按财会[2004]3 号文处理。 长期投资减值准备按个别投资项目计算确定。 上海大江（集团）股份有限公司 2006 年年度报告 44 （十二）委托贷款核算方法 企业对委托金融机构贷出的款项，按实际委托的贷款金额入账。年末，按照委托贷款合同规定的 利率计提应收利息。如果计提的利息到期不能收回，则停止计息并冲回原已计提的利息。 中期末及年末，本公司对委托贷款本金进行全面检查，如果有迹象表明委托贷款本金高于可收回 金额的，则计提相应的减值准备。 （十三）固定资产计价和折旧方法 1、固定资产标准： 本公司将使用期限在 1 年以上，单位价值在人民币 2000 元以上的房屋及建筑物、机器设备、运 输设备、器具等资产，作为固定资产。 2、固定资产的分类： 房屋及建筑物、专用设备、通用设备、运输设备、其他设备、固定资产装修、经营租入固定资 产改良等。 3、固定资产的取得计价： 一般遵循实际成本计价原则计价。 债务重组取得债务人用以抵债的固定资产，以应收债权的账面价值为基础确定其入账价值；非货 币性交易换入的固定资产，以换出资产的账面价值为基础确定其入账价值。 融资租入的固定资产，按租赁开始日租赁资产的原账面价值与最低租赁付款额的现值两者中较 低者作为入账价值；如果融资租赁资产占企业资产总额等于或小于 30％的，则按最低租赁付款额作为 入账值。 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、预计使用年限和预计净残值率确 定折旧率。 符合资本化条件的固定资产装修费用，在两次装修期间与固定资产尚可使用年限两者中较短的 期间内，采用年限平均法单独计提折旧；经营租赁方式租入的固定资产改良支出，在剩余租赁期与租 赁资产尚可使用年限两者中较短的期间内，采用年限平均法单独计提折旧。 融资租赁方式租入的固定资产，能合理确定租赁期届满时将会取得租赁资产所有权的，在租赁 资产尚可使用年限内计提折旧；无法合理确定租赁期届满时能够取得租赁资产所有权的，在租赁期与 租赁资产尚可使用年限两者中较短的期间内计提折旧。融资租赁方式租入的固定资产发生的符合资本 化条件的装修费用，在两次装修期间、剩余租赁期与固定资产尚可使用年限三者中较短的期间内，采 用年限平均法单独计提折旧。 上海大江（集团）股份有限公司 2006 年年度报告 45 固定资产类别 预计使用年限 预计净残值率 年折旧率 房屋及建筑物 20 年 10％ 4.5% 专用设备 10 年 10％ 9% 通用设备 10 年 10％ 9% 运输设备 5 年 10％ 18% 其他设备 5 年 10％ 18% 已全额计提减值准备的固定资产，不再计提固定资产折旧。 已计提减值准备的固定资产，按照该项固定资产的账面价值，以及尚可使用年限重新计算确定 折旧率和折旧额；如果已计提减值准备的固定资产价值又得以恢复，该项固定资产的折旧率和折旧额 的确定方法，按照固定资产价值恢复后的账面价值，以及尚可使用年限重新计算确定折旧率和折旧额 5、固定资产减值准备的计提： 中期末及年末，对由于市价持续下跌、技术陈旧、实体损坏、长期闲置等原因导致其可收回金 额低于账面价值的，按预计可收回金额低于其账面价值的差额，计提固定资产减值准备。 固定资产减值准备按单项资产计提。 （十四）在建工程核算方法 1、取得的计价方法 以立项项目分类核算工程发生的实际成本，当所建工程项目达到预定可使用状态时，转入固定资 产核算；尚未办理竣工决算的，按估计价值转账，待办理竣工决算手续后再作调整。 2、在建工程减值准备的计提 中期末及年末，对于长期停建并预计在未来三年内不会重新开工的在建工程，或在性能、技术上 已落后且给企业带来经济利益具有很大不确定性的在建工程，计提在建工程减值准备。 在建工程减值准备按单项工程计提。 （十五）无形资产核算方法 1、取得的计价方法 按取得时的实际成本入账。 债务重组取得债务人用以抵债的无形资产，按应收债权的账面价值为基础确定其入账价值；非货 币性交易换入的无形资产，按换出资产的账面价值为基础确定其入账价值。 上海大江（集团）股份有限公司 2006 年年度报告 46 2、摊销方法 采用直线法。相关合同与法律两者中只有一方规定受益年限或有效年限的，按不超过规定年数的 期限平均摊销；两者均规定年限的按孰低者平均摊销；两者均未规定年限的按不超过十年的期限平均 摊销。 3、无形资产减值准备的计提 中期末及年末，对于因被其他新技术替代、市价大幅下跌而导致创利能力受到重大不利影响或下 跌价值预期不会恢复的无形资产，按预计可收回金额低于其账面价值的差额，计提无形资产减值准备。 无形资产减值准备按单项资产计提。 （十六）长期待摊费用摊销方法 1、开办费转销方法 在开始生产经营的当月一次计入损益。 2、其他长期待摊费用摊销方法 在受益期内平均摊销，其中： 预付经营租入固定资产的租金，按租赁合同规定的期限平均摊销。 （十七）借款费用的会计处理方法 1、借款费用资本化的确认原则 专门借款的辅助费用在所购建资产达到预定可使用状态前，予以资本化，若金额较小则直接计入 当期损益。 专门借款的利息、溢折价摊销、汇兑差额开始资本化应同时满足以下三个条件：资产支出已经发 生；借款费用已经发生；为使资产达到预定可使用状态所必要的购建活动已经开始。 当购建资产项目发生非正常中断且连续三个月或以上时，借款费用暂停资本化。当购建资产项目 达到预定可使用状态后，借款费用停止资本化。 当购建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。 普通借款的借款费用和不符合资本化规定的专门借款的借款费用，均计入发生当期损益。 2、借款费用资本化期间 按季度计算借款费用资本化金额。 3、专门借款的借款费用资本化金额的确定方法 每一会计期间利息资本化的金额＝至当年末止购建固定资产累计支出加权平均数×借款加权平 均利率。 允许资本化的辅助费用、汇兑差额按实际发生额直接资本化。 上海大江（集团）股份有限公司 2006 年年度报告 47 （十八）预计负债 与或有事项相关的义务同时符合以下条件时，公司将其列为预计负债： 1、该义务是企业承担的现时义务； 2、该义务履行很可能导致经济利益流出企业； 3、该义务金额可以可靠地计量。 （十九）收入确认原则 1、销售商品 公司已将商品所有权上的重要风险和报酬转移给买方；公司不再对该商品实施继续管理权和实际 控制权；与交易相关的经济利益能够流入企业；相关的收入和成本能可靠地计量时，确认营业收入实 现。 2、提供劳务 在同一年度内开始并完成，在劳务已经提供，收到价款或取得收取价款的依据时，确认劳务收入 的实现；如劳务的开始和完成分属不同的会计年度，在提供劳务交易的结果能够可靠估计的情况下， 在资产负债表日按完工百分比法确认相关的劳务收入。 3、让渡资产使用权 与交易相关的经济利益能够流入企业，收入的金额能可靠地计量时，按合同或协议规定确认为收 入。 （二十）所得税的会计处理方法 本公司的企业所得税采用应付税款法核算。 （二十一）合并财务报表的编制方法 1、合并财务报表按照《合并会计报表暂行规定》及有关文件，以母公司和纳入合并范围的子公 司的个别财务报表以及其他资料为依据进行编制。合并时对内部权益性投资与子公司所有者权益、内 部投资收益与子公司利润分配、内部交易事项、内部债权债务进行抵销，对合并盈余公积进行调整。 2、母公司与子公司采用的会计政策和会计处理方法无重大差异。 三、税项 （一）流转税及附加 1、流转税 应税项目 税 种 税率 产品销售收入 增值税 17%、13% 材料转让收入 增值税 17%、13% 上海大江（集团）股份有限公司 2006 年年度报告 48 房地产转让 营业税 5% 租金收入 营业税 5％ 2、 城市维护建设税 按流转税税额的 1%-7%计算和缴纳。本公司属下的外商投资企业按规定免缴城市维护建设税。 3、教育费附加 按流转税税额的 3%计算和缴纳。本公司属下的外商投资企业按规定免缴教育费附加。 （二）企业所得税 本公司按照《中华人民共和国企业所得税暂行条例》的规定缴纳企业所得税，税率为 33%。 1、控股子公司上海申德机械有限公司企业所得税税率为 27％。 2、各鸡场免缴所得税。 四、控股子公司及合营企业 （一）公司所控制的所有子公司、合营企业情况及其合并范围（金额单位：人民币万元）： 被投资单位全称 注册资本 经营范围 母公司实际 投资额 母公司控 股比例 合并范围内控 股比例 是否 合并 上海大江水产饲料 科技有限公司 900 饲料生产、销售 895.5 99.50% 99.50% 是 常州大江畜禽饲料 有限公司 2,195 饲料生产、销售 2,072 94.40% 94.40% 是 上海大江饲料有限 公司 2,000 饲料生产、销售 1,800 90.00% 99.95% 是 松江区华阳鸡场 480 父母代种禽饲养 264 55.00% 55.00% 是 松江区塔汇鸡场 380 父母代种禽饲养 209 55.00% 55.00% 是 青浦泖洋肉禽场 1,680 肉鸡饲养 1,680 100.00% 100.00% 是 青浦沈巷保卫肉禽 场 680 肉鸡饲养 680 100.00% 100.00% 是 青浦赵巷崧泽肉鸡 场 540 肉鸡饲养 540 100.00% 100.00% 是 青浦沈巷新泾肉鸡 场 680 肉鸡饲养 680 100.00% 100.00% 是 青浦古石肉禽场 1,800 肉鸡饲养 1,800 100.00% 100.00% 是 上海大江（集团）股份有限公司 2006 年年度报告 49 被投资单位全称 注册资本 经营范围 母公司实际 投资额 母公司控 股比例 合并范围内控 股比例 是否 合并 上海大江肉食品二 厂 5,200 肉食品加工 4,420 85.00% 85.00% 是 上海大江肉食品四 厂 5,000 肉食品加工 4,500 90.00% 90.00% 是 上海申德机械有限 公司 2,295.52 饲料机械生产及销售 1,721.64 75.00% 75.00% 是 上海大江房地产有 限公司 2,000 房地产开发和转让 1,800 90.00% 97.50% 是 枣阳大江禽业有限 公司 894.05 畜禽、饲料、鸡肉 849.3475 95.00% 95.00% 是 上海大江肉食品厂 1,800 肉食品加工 900 50.00% 50.00% 是 青浦野马浜养鸡场 300 祖代种禽饲养 150 50.00% 50.00% 是 上海大江天马种禽 场 1,800 父母代种禽饲养 900 50.00% 50.00% 是 上海申靓机械设备 工程安装有限公司 300 饲料机械安装 77.25% 是 上海汉地置业有限 公司 1,800 房地产开发经营、物业 管理。 1,800 100.00％ 100.00％ 是 上海大江食品苏州 经营部 60 肉制品及冷冻食品的 销售 85.00% 是 上海大江肉食品二 厂杭州经营部 60 肉制品及冷冻食品的 销售 85.00% 是 上海大江肉食品二 厂常州经营部 58 肉制品及禽蛋制品的 销售 85.00% 是 上海大江食品浦东 经营部 75 禽类制品及冷冻制品 等的销售 85.00% 是 上海大江食品曹安 经营部 50 生制食品的销售 85.00% 是 上海大江肉食品供 销有限公司 1,000 食品储运及销售等 85.50% 是 上海灵江食品经营 50 冷冻冷藏食品储运及 85.00% 是 上海大江（集团）股份有限公司 2006 年年度报告 50 被投资单位全称 注册资本 经营范围 母公司实际 投资额 母公司控 股比例 合并范围内控 股比例 是否 合并 部 销售 上海大江食品配料 有限公司 331.178 食品配料的生产及销 售 63.75% 是 上海松江新城东部 房地产开发有限公 司 1,000 房地产开发经营、销售 96.90% 是 上海松江茸江置业 发展有限公司 800 房地产开发、经营 58.32% 是 上海大华器械有限 公司 2,700 食品机械、塑料制品等 的生产及销售 1,910.25 70.75% 70.75% 是 上海大江科创置业 有限公司 1,800 房地产开发、经营 1,800 100.00% 100.00% 是 上海阳雷置业有限 公司 3,180 房地产开发、经营 576 90.00% 99.75% 是 上海大江资产经营 有限公司 5,000 投资与资产管理 950 95.00% 99.875% 是 江苏大江畜禽发展 有限公司 3,300 畜禽繁殖技术信息咨 询服务 700 70.00% 70.00% 是 上海卢湾大江食品 经营部 60 速冻包装食品、肉制品 等的销售 24 40.00% 91.30% 是 上海大江肉食品六 厂有限公司 4,602 肉制品生产、销售 2,254.98 49% 92.35% 是 （二）纳入合并报表范围但母公司持股比例未达到 50％以上的子公司及其原因： 母公司对上海大江肉食品厂、青浦野马浜养鸡场及上海大江天马种禽场的投资比例为 50％，但由 母公司承包经营，拥有实际控制权，故合并会计报表。 （三）本年度合并报表范围的变更情况： 与上年相比本年新增合并单位 5 家，原因为： 1、本年度正大上海有限公司将其拥有的上海大华器械有限公司 25%的股权转让给本公司，转让后 本公司对上海大华器械有限公司持有的股份由 45.75%增加到 70.75%，故将该公司纳入合并范围。 上海大江（集团）股份有限公司 2006 年年度报告 51 2、本年度本公司投资组建了上海大江科创置业有限公司并持有其 100%的股份，故将该公司纳入 合并范围。 3、本年度本公司与上海大江房地产有限公司共同投资组建了上海阳雷置业有限公司并持有其 99.75%的股份，故将该公司纳入合并范围。 4、本年度本公司与上海大江房地产有限公司共同投资组建了上海大江资产经营有限公司并持有其 99.975%的股份，故将该公司纳入合并范围。 5、本年度本公司与江苏京海禽业集团有限公司共同投资组建了江苏大江畜禽发展有限公司并持有 其 70.00%的股份，故将该公司纳入合并范围。 与上年相比本年减少合并单位 10 家，原因为： 1、扬州大江畜禽饲料公司于本年关闭，已清理完毕。 2、上海大江光星养鸡场于本年关闭，已清理完毕。 3、青浦沈巷王金肉禽场于本年关闭，已清理完毕。 4、青浦练塘朱家庄肉鸡场于本年关闭，已清理完毕。 5、青浦蒸淀徐南肉鸡场于本年关闭，已清理完毕。 6、青浦蒸淀大浜肉鸡场青浦于本年关闭，已清理完毕。 7、松江西林肉禽场于本年关闭，已清理完毕。 8、松江陈堵肉禽场于本年关闭，已清理完毕。 9、松江松新肉禽场于本年关闭，已清理完毕。 10、阜新大江有限公司于本年转让。 （四）报告期内因购买、受让股权而增加控股子公司、合营企业情况： 购买子公司名称 购买日 流动资产 固定资产 流动负债 上海大华器械有限公司 2006 年 1 月 1 日 3,234,091.52 11,440,017.86 1,404,502.47 购买子公司名称 购买日至年末 主营业 务收入 主营业 务利润 利润总额 所得税 净利润 上海大华器械有限公司 2006 年 1－12 月 0 0 -1,111,182.74 0 -1,111,182.74 受让正大上海有限公司所持大华器械有限公司 25％的股权对公司本年末财务状况和本期经营成果没 有重大影响。 上海大江（集团）股份有限公司 2006 年年度报告 52 （五）报告期内出售子公司情况： 出售子公司 名称 出售日 上年末 流动资产 固定资产 流动负债 长期负债 2006 年 12 月 31 日 4,478,059.22 106,175,528.19 84,091,401.86 20,000,000.00 阜新大江有 限公司 2005 年 12 月 31 日 25,058,778.08 105,127,459.22 103,024,220.71 20,000,000.00 出售子公司名称 年初至出售日 上年度 主营业务收入 主营业务利润 利润总额 所得税 净利润 2006 年度 16,851,371.49 -16,041,499.93 -22,551,358.08 0 -22,551,358.08 阜新大江有限公 司 2005 年度 102,043,652.48 -7,690,927.09 -23,858,697.90 0 -23,858,697.90 出售阜新大江有限公司使公司本期末的资产减少 1.107 亿，负债减少 1.041 亿，对本年经营成果 没有重大影响。 五、合并财务报表主要项目注释(如无特别注明，以下货币单位为人民币元) （一）货币资金 年末数 年初数 现金 155,833.08 71,296.25 银行存款 72,023,043.18 109,819,588.25 其他货币资金 - - 合计 72,178,876.26 109,890,884.50 1、银行存款 年末数 年初数 人民币活期存款 70,793,468.26 107,560,835.75 美元活期存款 157,462.18 279,863.77 折算汇率 7.8087 8.0709 折合人民币 1,229,574.92 2,258,752.50 合计 72,023,043.18 109,819,588.25 2、货币资金年末数比年初数减少 37,712,008.24 元，减少比例为 34.32％，主要原因为：归还期 末到期的银行贷款较多。 上海大江（集团）股份有限公司 2006 年年度报告 53 （二）短期投资和短期投资跌价准备 项 目 年末数 年初数 金额 跌价准备 金额 跌价准备 股权投资 0.00 0.00 4,080.00 0.00 其中：股票投资 0.00 0.00 4,080.00 0.00 其他投资 0.00 0.00 363,370.00 47,431.20 合计 0.00 0.00 367,450.00 47,431.20 短期投资年末数比年初数减少 367,450.00 元，减少比例为 100％，主要原因为：本期全部出售了 持有的股票。 （三）应收票据 票据种类 年末数 年初数 银行承兑汇票 809,141.80 0.00 （四）应收账款 1、应收账款年末余额按账龄列示如下： 年末数 账龄 金额 占应收账款 总额的比例 坏账准备 计提比例 坏账准备 1 年以内 53,436,537.94 39.34% 3% 1,603,096.14 1 至 2 年 4,560,449.92 3.36% 10% 456,044.99 2 至 3 年 4,091,414.38 3.01% 15% 613,712.16 3 年以上 6,946,189.55 5.11% 20% 1,389,237.91 特别准备 66,810,802.53 49.18% 100% 66,810,802.53 合计 135,845,394.32 100% 70,872,893.73 上海大江（集团）股份有限公司 2006 年年度报告 54 年初数 账龄 金额 占应收账款 总额的比例 坏账准备 计提比例 坏账准备 1 年以内 38,257,409.24 31.60% 3% 1,147,722.28 1 至 2 年 4,932,465.66 4.07% 10% 493,246.57 2 至 3 年 5,201,003.28 4.30% 15% 780,150.49 3 年以上 3,928,711.66 3.24% 20% 785,742.33 特别准备 68,764,500.25 56.79% 100% 68,764,500.25 合计 121,084,090.09 100.00% 71,971,361.92 1、年末应收账款中前 5 名客户的欠款金额合计 19,636,272.72 元，占应收账款总额的 14.45%。 2、本年度全额计提坏账准备，或计提坏账准备比例达到 40％及以上说明； 欠款人名称 欠款金额 计提比例 理由 山东曲阜市时庄养鸡场 60,000.00 100% 无法联系对方 黑龙江卜燕 12,000,00 100% 无法联系对方 云南昆明杨存 10,599.13 100% 无法联系对方 黑龙江省呼兰镇富强村 16,132.62 100% 无法联系对方 合计 98,731.75 4、以前年度已全额或大比例计提坏账准备，本年度又全额或部分收回、重组的说明： 欠款人名称 收回或重组 债权金额 收回方式 原估计计提比例理由 原估计计提比例的 合理性 苏州厢城饲料经营部 10,000.00 部分收回 100% 合理 无锡市查桥养鸡场 13,172.00 部分收回 100% 合理 武进化肥付业公司 81.57 部分收回 100% 合理 仓桥镇政府 4,100.00 部分收回 100% 合理 江苏时代超市有限公司 54,704.22 部分收回 100% 合理 江西才广实业有限公司 246,774.06 部分收回 100% 合理 合计 328,831.85 5、年末应收账款中无持本公司 5％以上（含 5％）表决权股份的股东单位欠款。 上海大江（集团）股份有限公司 2006 年年度报告 55 （五）其他应收款 1、其他应收款年末余额按账龄列示如下： 年末数 账龄 金额 占其他应收款 总额的比例 坏账准备 计提比例 坏账准备 1 年以内 23,806,744.47 53.57% 3% 714,202.34 1 至 2 年 1,214,651.42 2.73% 10% 121,465.14 2 至 3 年 3,909,313.54 8.80% 15% 586,397.03 3 年以上 1,072,306.14 2.41% 20% 214,461.23 特别准备 14,441,652.31 32.49% 100% 14,441,652.31 合计 44,444,667.88 100% 16,078,178.05 年初数 账龄 金额 占其他应收款 总额的比例 坏账准备 计提比例 坏账准备 1 年以内 21,933,732.38 22.00% 3% 658,011.97 1 至 2 年 4,793,746.38 4.81% 10% 479,374.64 2 至 3 年 29,744.50 0.03% 15% 4,461.68 3 年以上 58,511,399.51 58.68% 20% 11,702,279.90 特别准备 14,437,281.71 14.48% 100% 14,437,281.71 合计 99,705,904.48 100.00% 27,281,409.90 2、年末其他应收款中欠款金额前五名的累计总欠款金额为 17,025,324.13 元，占其他应收款总金 额的比例为 38.31％。 3、本年度全额计提坏账准备，或计提坏账准备比例达到 40％及以上的说明： 欠款人名称 欠款金额 计提比例 理 由 新民市辽滨粮食交易市场 101,759.52 100% 无法联系对方 4、年末金额较大的其他应收款： 欠款人名称 金额 性质或内容 上海大江水产饲料有限公司 8,277,955.92 股权转让款 杭州青云纤维集团有限公司 4,283,052.52 股权转让款 香港置溢集团有限公司 1,946,842.05 股权转让款 刘幼君 1,557,473.64 股权转让款 上海华昂物业管理有限公司 960,000.00 支付的押金 合计 17,025,324.13 5、年末其他应收款中无持本公司 5％以上（含 5％）表决权股份的股东单位欠款。 上海大江（集团）股份有限公司 2006 年年度报告 56 6、其他应收款年末数比年初数减少 55,261,236.60 元，减少比例为 55.42％，主要原因为：原公 司控股股东松江区饲料公司和松江区畜禽公司归还了欠款，共计 57,477,874.32 元。 （六）预付账款 1、预付账款年末余额按账龄列示如下： 年末数 年初数 账龄 金额 占预付账款总 额的比例 金额 占预付账款总 额的比例 1 年以内 27,462,977.67 100% 8,244,413.03 100% 1 至 2 年 0.00 0.00 0.00 0.00 2 至 3 年 0.00 0.00 0.00 0.00 3 年以上 0.00 0.00 0.00 0.00 合计 27,462,977.67 100% 8,244,413.03 100% 2、年末预付帐款中无持本公司 5％以上（含 5％）表决权股份的股东单位欠款。 3、预付帐款年末数比年初数增加 19,218,564.64 元，增加比例为 233.11％，主要原因为：子公 司上海大江肉食品四厂、松江区塔汇鸡场预付的国有土地出让金，共计 14,498,548.00 元。 （七）存货 年末数 年初数 余额 存货跌价准备 余额 存货跌价准备 原材料 45,896,530.74 2,620,342.75 51,596,590.22 1,963,832.53 包装物 4,564,251.63 1,645,805.03 5,351,958.75 855,518.71 低值易耗品 331,165.46 0.00 644,300.24 102,199.13 产成品 45,159,815.38 11,212,174.48 88,308,993.15 20,574,681.74 在产品 10,795,001.16 0.00 28,200,367.60 0.00 开发成本 258,468,754.06 0.00 242,349,837.98 0.00 合计 365,215,518.43 15,478,322.26 416,452,047.94 23,496,232.11 1、年末存货按成本高于可变现净值的差额计提存货跌价准备，确定可变现净值的依据为：按企业 在生产经营过程中，以估计售价减去估计完工成本及销售所必需的估计费用后的价值确定。 2、年末已抵押的存货为 115,982,391.18 元。详见附注九（五）。 上海大江（集团）股份有限公司 2006 年年度报告 57 （八）待摊费用 年初数 本年增加数 本年摊销数 年末数 年末结存原因 预付保险费 68,195.87 686,302.91 686,914.43 67,584.35 尚在摊销期内 租金 259,648.28 69,600.00 254,383.30 74,864.98 尚在摊销期内 其他 476,375.27 352,445.36 635,532.01 193,288.62 尚在摊销期内 合计 804,219.42 1,108,348.27 1,576,829.74 335,737.95 （九）长期投资： 项 目 年 末 数 年 初 数 账面余额 减值准备 账面余额 减值准备 长期股权投资 146,675,823.37 16,820,309.97 105,876,322.89 1,229,623.23 1、长期股权投资 ： （1）股票投资： 被投资公司名称 股份类别 股票数量 （股） 占被投资公司 注册资本比例 初始投资 成本 年末账面余额 减值准备 年初账面余额 长江经济发展股 份有限公司 法人股 500 万股 0.77% 7,000,000.00 7,000,000.00 0.00 7,000,000.00 上海申银万国证 券股份有限公司 法人股 5176 万股 1.23% 51,250.000.00 51,250.000.00 0.00 51,250.000.00 合 计 58,250,000.00 58,250,000.00 0.00 58,250,000.00 （2）其他股权投资： A．成本法核算的股权投资： 被投资单位名称 投资起止期 占被投资单位 注册资本比例 年初余额 本年投资增减额 年末账面余额 上海宝鼎投资股份 有限公司 2000.12- 0.09% 62,500.00 0.00 62,500.00 上海松江出口加工 区海欣建设开发有 限公司 2000.8-2030.8 3.16% 15,000,000.00 0.00 15,000,000.00 上海华源生命科学 2003- 16.50% 31,776,695.18 0.00 31,776,695.18 上海大江（集团）股份有限公司 2006 年年度报告 58 有限公司 上海西郊国际农产 品交易有限公司 2006.7-2016.7 15.00% - 45,000,000.00 45,000,000.00 合 计 46,839,195.18 45,000,000.00 91,839,195.18 B．权益法核算的对联营企业股权投资： 本年权益增减额 年末余额 其中 被投资单位名称 投资 起止期 占被投资单位 注册资本比例 年初余额 本年合计 投资成本 确认收益 差额摊销 其他 分得利润 初始投资 累计增减 合计 山东济宁大江牧工商 公司 1986.12-2006.1 2 50.00% 1,229,623.23 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 3,000,000.00 -1,770,376.77 1,229,623.23 山东沪平牧工商联合 公司 1987.01-2006.0 1 50.00% 581,743.00 0.72 0.00 0.72 0.00 0.00 0.00 400,000.00 181,743.72 581,743.72 上海大华器械有限公 司 1988.11-2020.1 1 45.75% 6,082,184.41 -6,082,184.41 -12,402,500.00 0.00 0.00 6,320,315.59 0 . 0 0 19,232,500.00 -19,232,500.00 0 . 0 0 上海卢湾大江食品经 营部 1992.07-2002.0 6 40.00% 198,297.20 -198,297.20 -260,000.00 0.00 0.00 61,702.80 0 . 0 0 260,000.00 -260,000.00 0 . 0 0 上海埃科燃气测控设 备有限公司 2005.7-2020.9 25.00% 1,949,990.21 -1,949,990.21 -1,845,723.35 40,420.80 -12,856.30 -131,831.36 0 . 0 0 2,000,000.00 -2,000,000.00 0 . 0 0 合 计 10,041,838.05 -8,230,471.10 -14,508,223.35 40,421.52 -12,856.30 6,250,187.03 0 . 0 0 24,892,500.00 -23,081,133.05 1,811,366.95 3、长期投资减值准备 被投资单位名称 年 初 数 本年增加 本年减少 年 末 数 计提原因 山东济宁大江牧工商 公司 1,229,623.23 0.00 0.00 1,229,623.23 经营不善,产生重大亏 损,公司停止经营。 上海华源生命科学有 限公司 0.00 15,590,686.74 0.00 15,590,686.74 经营不善，产生重大亏 损，财务状况差。 合 计 1,229,623.23 15,590,686.74 0.00 16,820,309.97 --- 4、构成合并价差的股权投资差额： 被投资单位名称 初始金额 形成原因 摊销期限 本年增加 本年摊销额 本年其他减少 年末余额 枣阳大江禽业有限公司 -8,493,482.79 初始投资成本与享有净资产的差额 10年 0 . 0 0 0.00 0 . 0 0 -5,733,100.88 扬州大江畜禽饲料有限公司 -371,527.19 初始投资成本与享有净资产的差额 10年 0 . 0 0 185,763.59 0 . 0 0 0.00 上海大江肉食品六厂有限公司 -4,873,127.60 初始投资成本与享有净资产的差额 10年 0 . 0 0 487,312.76 0 . 0 0 -2,395,954.40 常州大江畜禽饲料有限公司 -678,868.26 初始投资成本与享有净资产的差额 10年 0 . 0 0 67,886.88 0 . 0 0 -384,691.83 上海大华器械有限公司 3,523,937.52 初始投资成本与享有净资产的差额 15年 3,523,937.52 -234,929.17 0 . 0 0 3,289,008.35 合 计 -10,893,068.84 3,523,937.52 506,034.06 0 . 0 0 -5,224,738.76 上海大江（集团）股份有限公司 2006 年年度报告 59 5、长期投资年末数比年初数增加 40,799,500.48 元，增加比例为 38.54％，主要原因为：本年 增加投资上海西郊国际农产品交易有限公司 4,500 万元。 （十）固定资产及累计折旧 1、固定资产原价及累计折旧 原价 年初数 本年增加 本年减少 年末数 房屋及建筑物 473,359,504.11 1,643,873.40 164,626,440.42 310,376,937.09 机器设备 392,645,782.96 11,587,796.21 109,742,271.25 294,491,307.92 运输设备 21,331,650.93 790,899.20 7,857,801.06 14,264,749.07 其他设备 79,059,999.61 787,375.99 19,782,913.98 60,064,461.62 合计 966,396,937.61 14,809,944.80 302,009,426.71 679,197,455.70 累计折旧 年初数 本年增加 本年减少 年末数 房屋及建筑物 229,806,059.75 11,042,505.88 72,281,037.91 168,567,527.72 机器设备 287,928,917.23 13,969,423.53 85,377,700.80 216,520,639.96 运输设备 12,768,449.67 934,785.12 4,523,744.78 9,179,490.01 其他设备 56,793,825.76 1,704,303.66 12,155,531.42 46,342,598.00 合计 587,297,252.41 27,651,018.19 174,338,014.91 440,610,255.69 2、减值准备 减值准备 年初数 本年增加 本年减少 年末数 房屋及建筑物 25,497,479.29 - 12,344,814.89 13,152,664.40 机器设备 22,099,799.97 302,313.68 5,945,971.30 16,456,142.35 运输设备 4,070.00 - - 4,070.00 其他设备 30,598,071.01 8,197.80 2,939,770.18 27,666,498.63 合计 78,199,420.27 310,511.48 21,230,556.37 57,279,375.38 本年由在建工程转入固定资产原价为 11,763,266.65 元。 上海大江（集团）股份有限公司 2006 年年度报告 60 本年出售固定资产原价为 132,473,768.40 元。 年末抵押或担保的固定资产原价为 137,636,023.11 元。 年末房屋建筑物原值为 310,376,937.09 元，其中公司持有房地产权证的房屋建筑物原值为 191,252,369.03 元。 3、经营租出固定资产 类 别 账面原值 累计折旧 账面净值 房屋建筑物 46,966,326.97 14,817,482.78 32,148.844.19 4、已提足折旧仍继续使用的固定资产 类 别 账面原值 累计折旧 账面净值 房屋建筑物 2,551,859.50 2,296,673.55 255,185.95 机器设备 104,377,315.28 93,939,583.75 10,437,731.53 运输设备 5,748,550.49 5,173,695.44 574,855.05 其他设备 34,968,978.07 31,472,080.26 3,496,897.81 合计 147,646,703.34 132,882,033.00 14,764,670.34 5、暂时闲置的固定资产 类 别 账面原值 累计折旧 减值准备 账面净值 房屋建筑物 125,181,887.71 77,960,150.17 12,905,611.00 34,316,126.54 机器设备 55,164,606.48 37,078,373.70 15,349,237.47 2,736,995.31 其他设备 17,999,860.71 15,538,867.19 1,451,786.50 1,009,207.02 合计 198,346,354.90 130,577,391.06 29,706,634.97 38,062,328.87 （十一）在建工程 1、在建工程明细如下： 工程名称 预算数 资金来源 工程投入占预 算的比例% 大江肉食品二厂污水改造工程 630,000.00 自筹 100% 申德机械有限公司真空炉工程 4,994,720.00 自筹 39.17% 申德机械有限公司数控机床工程 2,560,000.00 自筹 7.92% 其他 6,140,000.00 自筹 合计 14,324,720.00 上海大江（集团）股份有限公司 2006 年年度报告 61 2、在建工程项目本年变动情况如下： 工程名称 年初数 本年增加数 本年转入 固定资产 其他减少数 年末数 大江肉食品二厂污水 改造工程 431,814.71 889,930.39 626,637.71 695,107.39 申德机械有限公司真 空炉工程 1,956,325.50 1,956,325.50 申德机械有限公司数 控机床工程 1,280,000.00 7,099,222.11 8,176,425.21 202,796.90 其他 334,130.62 3,615,037.76 3,586,841.44 152,893.56 209,433.38 合计 4,002,270.83 11,604,190.26 11,763,266.65 779,531.27 3,063,663.17 3、在建工程减值准备 项目名称 年初数 本年增加 本年减少 年末数 计提原因 申德机械有限公司真 空炉工程 1,956,325.50 0.00 0.00 1,956,325.50 进口二手设备改造时间已超 过 3 年 其他零星工程 175,200.00 0.00 0.00 175,200.00 工程停工时间已超过 3 年 合 计 2,131,525.50 0.00 0.00 2,131,525.50 （十二）无形资产 1、无形资产明细如下： 项 目 取得方式 原 值 剩余摊销年限 通志馆大厦使用权 购买 6,000,000.00 40 年 “大江”品牌评估增值 评估 40,000,000.00 6 年 4 个月 肉食品二厂土地使用权 购买 9,475,025.40 49 年 肉食品六厂土地使用权 购买 8,413,829.00 24 年 11 个月 扬州大江场地使用权 投资 3,148,887.20 - 申德机械场地使用权 购买 1,743,145.50 10 年 枣阳大江土地使用权 购买 4,029,850.00 44 年 9 个月 合计 72,810,737.10 上海大江（集团）股份有限公司 2006 年年度报告 62 2、无形资产本年变动情况如下： 项 目 年初数 本年增加 本年转出 本年摊销 累计摊销 年末数 通志馆大厦使用权 4,800,000.00 120,000.00 1,320,000.00 4,680,000.00 “大江”品牌评估增值 15,500,000.00 2,000,000.00 26,500,000.00 13,500,000.00 肉食品二厂土地使用权 1,593,840.75 6,825,025.40 68,213.16 1,124,372.41 8,350,652.99 肉食品六厂土地使用权 7,532,200.42 93,754.22 975,382.80 7,438,446.20 扬州大江场地使用权 1,952,361.60 1,952,361.60 3,148,887.20 申德机械场地使用权 871,572.54 72,631.07 944,204.03 798,941.47 枣阳大江土地使用权 3,814,924.58 80,597.04 295,522.46 3,734,327.54 合计 36,064,899.89 6,825,025.40 1,952,361.60 2,435,195.49 34,308,368.90 38,502,368.20 （十三）长期待摊费用 1、长期待摊费用明细如下： 项目 预计摊销年限 原始发生额 尚处于开办期间企业的开办费 待企业进入经营期后一次性 转入当期损益 6,150,865.71 2、长期待摊费用本年变动情况如下： 项目 年初数 本年增加额 本年摊销额 累计摊销额 年末数 尚处于开办期间企业的开 办费 2,616,754.89 3,534,110.82 4,162,647.59 4,162,647.59 1,988,218.12 （十四）短期借款 1、短期借款 年末数 年初数 信用借款 - 4,000,000.00 抵押借款 197,500,000.00 260,000,000.00 保证借款 120,500,000.00 198,000,000.00 质押借款 34,000,000.00 32,000,000.00 合计 352,000,000.00 494,000,000.00 上海大江（集团）股份有限公司 2006 年年度报告 63 2、抵、质押情况详见附注九承诺事项之［五］ （十五）应付账款 年末数 年初数 97,566,302.87 55,243,822.82 1、年末余额中无欠持本公司 5％以上（含 5％）表决权股份的股东款项。 2、应付账款年末数比年初数增加 42,322,480.05 元，增加比例为 76.61％，主要原因为：子公司 上海松江新城东部房地产开发有限公司本年工程款增加较多。 （十六）预收账款 年末数 年初数 67,470,097.63 119,730,922,56 1、年末余额中无欠持本公司 5％以上（含 5％）表决权股份的股东欠款。 2、预收账款年末数比年初数减少 52,260,824.93 元，减少比例为 43.65 %，主要原因为：子公司上 海松江新城东部房地产开发有限公司本年实现销售，将预收的房款结转收入。 （十七）其他应付款 年末数 年初数 169,393,862.25 230,138,933.41 1、年末余额中无欠持本公司 5％以上（含 5％）表决权股份的股东欠款 2、金额较大的其他应付款： 债权人名称 金 额 未偿还原因 上海茸投建设发展有限公司 22,500,000.00 暂收的楼盘款 上海恒瑞实业公司 19,134,641.00 暂收的楼盘款 上海兴源企业管理有限公司 4,000,000.00 暂借款 富阳咨询有限公司 4,000,000.00 暂借款 上海绿庭集团有限公司 3,795,796.21 暂借款 合计 53,430,437.21 上海大江（集团）股份有限公司 2006 年年度报告 64 （十八）应付股利 投资者名称或类别 年末数 年初数 历年分配红利未领取 49,877.50 49,877.50 （十九）应交税金 年末数 年初数 增值税 -162,078,290.88 -176,474,519.23 营业税 -653,399.80 -2,578,738.43 城市维护建设税 1,993.11 -18,992.34 企业所得税 3,657,077.69 -218,533.04 个人所得税 47,761.19 321,137.59 土地增值税 -166,895.08 - 合计 -159,191,753.77 -178,969,645.45 （二十）其他应交款 项目 计缴标准 年末数 年初数 义务兵家属优待金 14,431.17 - 企业社会性开支 按应缴所得税的 7% 98,617.92 182,725.34 以工补农 按营业净额的 6‰ 263,893.92 835,286.60 农村教育费附加 按营业净额的 2‰ 28,068.54 94,780.30 农村合作医疗保险费 按营业净额的 1.5‰ 30,543.52 14,121.26 提防费 按应缴营业税、增值税的 2‰ 2,515.01 2,515.01 河道工程维修管理费 按应缴营业税、增值税的 3‰ 5,372.06 15,785.59 印花税 1,255.60 - 合计 444,697.74 1,145,214.10 （二十一）预提费用 项目 年末数 年初数 水电费 567,610.00 892,942.88 其他 354,438.29 2,096,550.25 合计 922,048.29 2,989,493.13 上海大江（集团）股份有限公司 2006 年年度报告 65 预提费用年末数比年初数减少 2,067,444.84 元，减少比例为 69.16％，主要原因为：公司本年退 出饲养，故年末计提的肉鸡检疫费等相应减少。 （二十二）一年内到期的长期负债 年 末 数 年 初 数 107,000,000.00 107,000,000.00 1、 一年内到期的长期借款 借 款 条 件 年 末 数 年 初 数 抵押借款 107,000,000.00 107,000,000.00 2、抵、质押情况详见附注九承诺事项之［五］） （二十三）其他流动负债： 项 目 及 内 容 金 额 筹建期间汇兑收益 3,035,445.29 （二十四）长期借款 借款条件 年末数 年初数 抵押借款 10,000,000.00 20,000,000.00 1、抵、质押情况详见附注九承诺事项之［五］。 2、长期借款年末数比年初数减少 10,000,000.00 元，减少比例为 50％，主要原因为：年初 2,000 万元属阜新大江有限公司的借款，该公司年末已转让，故不合并报表；本年新增的 1,000 万元是大江 饲料有限公司的银行借款。 （二十五）股本 本 年 变 动 增(+)、 减（－） 1、非流通股份 年初数 比例 股权分置改革 送股 配股 公积金转 股 增发新股 其他 小计 年末数 比例 （1）发起人股份 286,672,848.00 42.39% 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 -286,672,848.00 -286,672,848.00 0 . 0 0 0 . 0 0 其中： 国家持有股份 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 其中：国有股 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 上海大江（集团）股份有限公司 2006 年年度报告 66 国有法人股 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 境内法人持有股份 286,672,848.00 42.39% 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 -286,672,848.00 -286,672,848.00 0 . 0 0 0 . 0 0 境外法人持有股份 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 自然人持有股份 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 （2）募集法人股份 17,160,000.00 2.54% -17,160,000.00 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 -17,160,000.00 0 . 0 0 0 . 0 0 （3）内部职工股 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 （4）优先股或其他 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 其中：转配股 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0.00 非流通股份合 计 303,832,848.00 44.93% -17,160,000.00 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 -286,672,848.00 -303,832,848.00 0 . 0 0 0 . 0 0 2 有限售条件的流 通股 国家持有股份股 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 国有法人持有股 份 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 其他境内法人持 有股份 0 . 0 0 0 . 0 0 17,159,940.00 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 17,159,940.00 17,159,940.00 2.54% 境内自然人持有 股份 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 境外法人、自然人 持股 0 . 0 0 0 . 0 0 278,950,848.00 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 278,950,848.00 278,950,848.00 41.25% 有限售条件的流 通股合 计 0 . 0 0 0 . 0 0 296,110,788.00 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 296,110,788.00 296,110,788.00 43.79% 3 无限售条件的流 通股 A 股 25,740,000.00 3.81% 7,722,060.00 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 7,722,060.00 33,462,060.00 4.95% 境外上市的外资 股 346,732,848.00 51.26% 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0.00 346,732,848.00 51.26% 无限售条件的流 通股合 计 372,472,848.00 55.07% 7,722,060.00 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 7,722,060.00 380,194,908.00 56.21% 4、股份总数 676,305,696.00 100% 286,672,848.00 -286,672,848.00 0.00 676,305,696.00 100% 上海大江（集团）股份有限公司 2006 年年度报告 67 对本年度内因实施股权分置改革引致股权结构发生变动的情况说明： 2006 年 9 月 18 日，公司实施股权分置改革方案，即由控股股东绿庭（香港）有限公司向 A 股流 通股股东安排对价：A 股流通股股东每持 10 股获付 3 股，支付的股份总数为 7,722,000 股。公司的募 集法人股股东在本次股权分置改革过程中不执行对价安排也不获得对价安排。 （二十六）资本公积 项 目 年初数 本年增加 年末数 股本溢价 26,063,263.03 0.00 26,063,263.03 股权投资准备 199,166,977.12 0.00 199,166,977.12 其他资本公积 4,239,156.31 6,689,179.67 10,928,335.98 合计 229,469,396.46 6,689,179.67 236,158,576.13 其他资本公积本年增加的说明：公司于 2002 年 5 月 15 日与阜新市第三粮库、阜新水泉经贸发展 有限公司签订了合作合同，决定共同投资成立阜新大江有限公司。根据合同规定本公司以评估后的生 产所需设备和商标使用权作价投入。公司以 2003 年 4 月 30 日为评估基准日，将评估后的资产于 2003 年投入拟成立的阜新大江有限公司。首期出资具体投出资产如下（单位：人民币元）： 换出资产类别 帐面价值 评估确认价 固定资产 22,979,448.61 29,668,628.28 存货 1,879,843.98 1,879,843.98 合计 24,859,292.59 31,548,472.26 公司以换出资产的帐面价值确认为对阜新大江有限公司长期股权投资的初始投资成本，以评估价 值确认为应享有被投资单位所有者权益份额，初始投资成本小于应享有被投资单位所有者权益份额的 差额人民币 6,689,179.67 元，借记“长期股权投资—阜新大江有限公司（投资成本）”科目，贷记“资 本公积—股权投资准备”科目。该金额在合并报表时已与相应的增值资产作抵销。2006 年 12 月公司 出售了对阜新大江有限公司的股权（详见关联方交易），故该增值资产得到实现。 （二十七）盈余公积 项 目 年初数 本年增加 本年减少 年末数 法定盈余公积 59,853,315.93 37,517,026.81 0.00 97,370,342.74 公益金 31,526,662.28 0.00 31,526,662.28 0.00 任意盈余公积 0.00 0.00 0.00 0.00 合 计 91,379,978.21 37,517,026.81 31,526,662.28 97,370,342.74 上海大江（集团）股份有限公司 2006 年年度报告 68 （二十八）未分配利润 项 目 金 额 提取或分配比例 调整前 年初未分配利润 -813,394,768.38 调整 年初未分配利润（调增＋，调减－） 0.00 调整后 年初未分配利润 -813,394,768.38 加：其他转入 0.00 本年净利润 25,913,263.50 减：提取法定盈余公积 5,990,364.53 10％ 提取任意盈余公积 0.00 提取职工奖福基金 588,565.59 8％ 应付普通股股利 0.00 转作股本的普通股股利 0.00 年末未分配利润 -794,060,435.00 （二十九）主营业务收入、主营业务成本 本年发生数 上年发生数 主营业务收入 770,673,918.54 754,717,564.57 本年发生数 上年发生数 主营业务成本 682,750,540.29 729,563,736.95 主营业务收入 主营业务成本 项目 本年发生数 上年发生数 本年发生数 上年发生数 1.工业 754,671,814.71 1,233,102,975.77 733,285,494.75 1,208,881,719.50 2.商业 0.00 0.00 0.00 0.00 3.房地产业 197,834,488.00 0.00 155,578,088.96 0.00 4.旅游饮食服务业 0.00 0.00 0.00 0.00 业 务 分 部 小 计 952,506,302.71 1,233,102,975.77 888,863,583.71 1,208,881,719.50 上海大江（集团）股份有限公司 2006 年年度报告 69 公司内各业务分部相 互抵销 181,832,384.17 478,385,411.20 206,113,043.42 479,317,982.55 合 计 770,673,918.54 754,717,564.57 682,750,540.29 729,563,736.95 国内销售收入 923,455,156.50 1,184,954,986.03 868,468,966.40 1,157,708,367.23 出口销售收入 29,051,146.21 48,147,989.74 20,394,617.31 51,173,352.27 小 计 952,506,302.71 1,233,102,975.77 888,863,583.71 1,208,881,719.50 公司内各地区分部相 互抵销 181,832,384.17 478,385,411.20 206,113,043.42 479,317,982.55 地 区 分 部 合 计 770,673,918.54 754,717,564.57 682,750,540.29 729,563,736.95 公司向前五名客户销售总额为 36,556,361.76 元，占公司本年全部主营业务收入的 4.74%。 （三十）主营业务税金及附加： 项 目 计缴标准 本年发生数 上年发生数 营业税 营业净额 5% 10,049,500.05 324,078.74 城建税 营业税、增值税的 1% 134,173.46 77,837.47 教育费附加 营业净额 2‰ 402,520.40 200,438.12 河道工程维修费 营业税、增值税的 2.5‰ 100,494.99 25,176.62 土地增值税 1,978,344.88 - 合 计 12,665,033.78 627,530.95 主营业务税金及附加本年发生数比上年发生数增加 12,037,502.83 元，增加比例为 1,918.23%， 主要原因为：子公司上海松江新城东部房地产开发有限公司本年售房产生的主营业务税金及附加为 12,364,655.49 元。 （三十一）其他业务利润 本年发生数 上年发生数 类 别 收 入 成 本 利 润 收 入 成 本 利 润 次原料销 售收入 5,764,833.45 5,077,193.38 687,640.07 43,928,850.04 48,228,035.98 -4,299,185.94 废旧材料 销售收入 919,848.60 663,151.69 256,696.91 89,427.30 0.00 89,427.30 租赁收入 5,297,604.63 13,539,703.94 -8,242,099.31 7,924,549.98 6,469,074.14 1,455,475.84 其 他 3,658,140.18 1,643,939.29 2,014,200.89 1,702,700.48 1,675,534.75 27,165.73 合 计 15,640,426.86 20,923,988.30 -5,283,561.44 53,645,527.80 56,372,644.87 -2,727,117.07 上海大江（集团）股份有限公司 2006 年年度报告 70 其他业务利润本年发生额比上年发生额减少 2,556,444.37 元，减少比例为 93.74％，主要原因为： 子公司上海大江肉食品二厂和上海大江肉食品四厂的冷库本年全部租给母公司，收入在合并时抵消。 （三十二）财务费用 类 别 本年发生数 上年发生数 利息支出 33,090,711.75 31,090,451.39 减：利息收入 564,069.96 566,901.75 汇兑损失 547,034.20 1,230,325.54 减：汇兑收益 355.90 - 其 他 276,106.46 414,732.04 合 计 33,349,426.55 32,168,607.22 （三十三）投资收益： 1、本年发生数： 类 别 股票投资收 益 成本法下确认的 股权投资收益 权益法下确认的股 权投资收益 股权投资 差额摊销 清算 收益 股权转让 收 益 其他 减值准备 合 计 短期投资 413,366.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 413,366.26 长期股权投资 130,000.00 4,062.50 40,421.52 493,177.76 71,630,247.87 873,755.71 -4,174,122.76 -15,590,686.74 53,406,855.86 合计 543,366.26 4,062.50 40,421.52 493,177.76 71,630,247.87 873,755.71 -4,174,122.76 -15,590,686.74 53,820,222.12 2、上年发生数： 类 别 股票投资收益 债权投资 收益 成本法下确认的 股权投资收益 权益法下确认的 股权投资收益 股权投资 差额摊销 股权转让 收 益 减值准备 合 计 短期投资 3,120.15 0 . 0 0 0.00 0.00 0.00 0.00 5,880.60 -2,760.45 长期股权投资 120,000.00 0 . 0 0 1,504,062.50 -4,182,847.78 584,638.48 10,725,764.93 0.00 8,751,618.13 合 计 123,120.15 0 . 0 0 1,504,062.50 -4,182,847.78 584,638.48 10,725,764.93 5,880.60 8,748,857.68 3、投资收益本年发生数比上年发生数增加 45,071,364.44 元，增加比例为 515.17％，主要原因 为：本年清算的 8 家鸡场及扬州大江畜禽饲料有限公司，减少了当年经营亏损且取得清算收益。具体 为： 清算公司名称 清算收益 扬州大江畜禽饲料有限公司 10,085,544.88 上海大江光星养鸡场 7,063,624.80 青浦沈巷王金肉鸡场 6,328,869.08 上海大江（集团）股份有限公司 2006 年年度报告 71 青浦练塘朱家庄肉鸡场 7,707,324.68 青浦蒸淀徐南肉鸡场 7,461,424.58 青浦蒸淀大浜肉鸡场 7,610,761.77 松江西林肉禽场 8,623,593.96 松江陈堵肉禽场 8,243,763.88 松江松新肉禽场 8,505,340.24 合计 71,630,247.87 （三十四）补贴收入 内 容 本年发生数 上年发生数 禽流感补贴 1,804,731.34 1,370,656.00 财政贴息收入 905,100.00 2,136,080.00 电费补贴 680,000.00 0.00 鸡场停养补偿费 13,800,000.00 0.00 市著名商标奖励金 100,000.00 0.00 合计 17,289,831.34 3,506,736.00 补贴收入本年数比上年数增加 13,783,095.34 元，增加比例为 393.05％，主要原因为：公司根据 上海市发展和改革委员会 2004 年发布的《关于黄浦江上游水源保护区畜牧禽场退出项目可行性研究报 告的批复》（沪发改投[2004]014 号 ）精神，关停了所有位于松江和青浦的鸡场。本年收到上海市青 浦区人民政府的退养补贴。（青府办告『2006』7 号） （三十五）营业外收入 类 别 本年发生数 上年发生数 固定资产清理净收益 8,904,944.26 15,993,018.48 补偿收入 0.00 855,000.00 其 他 477,860.19 193,820.30 合 计 9,382,804.45 17,041,838.78 营业外收入本年发生数比上年发生数减少 7,659,034.33 元，减少比例为 44.94％，主要原因为： 本年固定资产清理较上年减少。 上海大江（集团）股份有限公司 2006 年年度报告 72 （三十六）营业外支出 类 别 本年发生数 上年发生数 固定资产清理损失 2,992,148.06 9,889,592.08 计提的固定资产减值准备 310,511.48 66,798,431.87 其 他 783,237.02 501,850.26 合 计 4,085,896.56 77,189,874.21 营业外支出本年数比上年数减少 73,103,977.65 元，减少比例为 94.71%％，主要原因为：公司本 年少计提固定资产减值准备。 （三十七）收到的其他与经营活动有关的现金 141,440,189.59 元 其中： 项 目 金 额 原大股东归还欠款 57,477,800.00 收到原大股东支付的职工安置费 48,200,000.00 青浦区政府划拨的禽场退养补贴 13,800,000.00 合计 119,477,800.00 （三十八）支付的其他与经营活动有关的现金 116,457,352.86 元 其中： 项 目 金 额 管理经营费用支出 15,962,238.25 归还上海绿庭集团有限公司的暂借款 30,000,000.00 预付的土地出让金 20,516,144.00 支付的职工安置费 27,298,345.32 合计 93,776,727.57 上海大江（集团）股份有限公司 2006 年年度报告 73 六、母公司财务报表主要项目注释(如无特别注明，货币单位均为人民币元) （一）应收账款 1、账龄分析 账龄 年末数 余额 占应收账款 总额的比例 坏账准备 计提比例 1 年以内 15,065,308.70 20.75% 451,959.26 3% 1~2 年 220,661.52 0.30% 22,066.15 10% 2~3 年 0.00 0.00 0.00 15% 3 年以上 0.00 0.00 0.00 20% 特别准备 57,320,349.32 78.95% 57,320,349.32 100% 合计 72,606,319.54 100% 57,794,374.73 账龄 年初数 余额 占应收账款 总额的比例 坏账准备 计提比例 1 年以内 21,291,833.34 27.03% 638,755.00 3% 1~2 年 154,062.69 0.20% 15,406.27 10% 2~3 年 0.00 0.00 0.00 15% 3 年以上 98,731.75 0.13% 19,746.35 20% 特别准备 57,231,617.57 72.64% 57,231,617.57 100% 合计 78,776,245.35 100.00% 57,905,525.19 2、年末应收账款中欠款金额前五名的累计总欠款金额为 18,870,166.38 元，占应收账款总金额的 25.99％。 3、本年度全额计提坏账准备，或计提坏账准备比例达到 40％及以上说明： 欠款单位名称 欠款金额 计提比例 理 由 山东曲埠市时庄养鸡场 60,000.00 100% 无法联系对方 黑龙江肿瘤医院检验科卜燕 12,000.00 100% 无法联系对方 云南昆明杨存 10,599.13 100% 无法联系对方 黑龙江省呼兰镇富强村 16,132.62 100% 无法联系对方 合 计 98,731.75 上海大江（集团）股份有限公司 2006 年年度报告 74 4、以前年度已全额或大比例计提坏账准备，本年度又全额或部分收回、重组的说明： 欠款人名称 收回或重组债权 金额 收回方式 原会计计提比例 原估计计提比例的 合理性 苏州厢城饲料经营部 10,000.00 部分收回 100％ 合理 5、年末应收账款中无持本公司 5％以上（含 5％）表决权股份的股东欠款。 （二）其他应收款 1、其他应收款年末余额按账龄分析如下： 账龄 年末数 余额 占其他应收款 总额的比例 坏账准备 计提 比例 1 年以内 2,871,491.65 2.19% 86,144.75 3% 纳入合并报表范围 的关联方 93,794,644.39 71.53% - - 1~2 年 1,095,507.46 0.84% 109,550.75 10% 2~3 年 3,908,845.54 2.98% 586,326.83 15% 3 年以上 830,395.75 0.63% 166,079.15 20% 特别准备 28,632,857.50 21.83% 28,632,857.50 100% 合计 131,133,742.29 100% 29,580,958.98 账龄 年初数 余额 占其他应收 款总额的比 例 坏账准备 计提比 例 1 年以内 4,481,185.36 2.03% 134,435.56 3% 纳入合并报表范围 的关联方 129,692,504.10 58.76% 0.00 不计提 1~2 年 4,669,674.52 2.12% 466,967.45 10% 2~3 年 0.00 0.00 0.00 15% 3 年以上 58,451,406.00 26.48% 11,690,281.19 20% 特别准备 23,410,517.97 10.61% 23,410,517.97 100% 合计 220,705,287.95 100.00% 35,702,202.17 上海大江（集团）股份有限公司 2006 年年度报告 75 2、年末其他应收款中欠款金额前五名的累计总欠款金额为 17,025,324.13 元，占其他应收款总 金额的比例为 12.98％。 3、年末金额较大的其他应收款： 欠款单位名称 金 额 性质或内容 上海大江水产饲料有限公司 8,277,955.92 股权转让款 杭州青云纤维集团有限公司 4,283,052.52 股权转让款 香港置溢集团有限公司 1,946,842.05 股权转让款 刘幼君 1,557,473.64 股权转让款 上海华昂物业管理有限公司 960,000.00 支付的押金 合计 17,025,324.13 4、年末其他应收款中无持本公司 5％以上（含 5％）表决权股份的股东单位欠款。 （三）长期投资 项 目 年 末 数 年 初 数 账面余额 减值准备 账面余额 减值准备 长期股权投资 384,659,369.93 16,820,309.97 367,083,157.20 1,229,623.23 1、长期股权投资 （1）股票投资： 被投资公司名称 股份类别 股票数量 占被投资公司 注册资本比例 初始投资 成本 账面余额 减值准备 年末市价 长江经济发展股份 有限公司 法人股 500 万股 0.77% 7,000,000.00 7,000,000.00 0.00 0.00 上海申银万国证券 股份有限公司 法人股 5,176 万股 1.23% 51,250.000.00 51,250.000.00 0.00 0.00 合 计 58,250,000.00 58,250,000.00 0.00 0.00 上海大江（集团）股份有限公司 2006 年年度报告 76 （2）其他股权投资： A、成本法核算的股权投资： 被投资单位名称 投资起止期 占被投资 单位注册 资本比例 年初余额 本年投资增减 额 年末账面余额 上海宝鼎投资股份 有限公司 2000.12- 0.09% 62,500.00 0.00 62,500.00 上海松江出口加工 区海欣建设开发有 限公司 2000.08-2030.08 3.02% 15,000,000.00 0.00 15,000,000.00 上海华源生命科学 有限公司 2003- 16.50% 31,776,695.18 0.00 31,776,695.18 上海西郊国际农产 品交易有限公司 2006.07-2016.07 15.00% 0.00 45,000,000.00 45,000,000.00 合 计 46,839,195.18 45,000,000.00 91,839,195.18 B. 权益法核算的对子公司股权投资： 本年权益增减额 年末余额 其中 投资单位名称 投资 起止期 占被投资单位 注册资本比例 年初余额 本年合计 投资成本 确认收益 差额摊销 其他 分得利润 初始投资 累计增减 合计 常州大江畜禽饲料 公司 1991.11-2010.08 94.40% 15,471,780.67 -239,519.81 - -307,406.69 67,886.88 - - 20,041,131.74 -4,808,870.88 15,232,260.86 扬州大江畜禽饲料 公司 1992.10-2046.12 95.00% 12,759,786.74 -12,759,786.74 -33,515,328.44 185,763.59 20,569,778.11 - 33,143,801.25 -33,143,801.25 - 上海大江光星养鸡 场 1990.01-2044.12 100.00% 6,587,425.21 -6,587,425.21 -9,000,000.00 - - 2,412,574.79 - 9,000,000.00 -9,000,000.00 - 松江区华阳鸡场 1995.12-2044.12 55.00% - 0.00 - - - - - 2,640,000.00 -2,640,000.00 - 松江区塔汇鸡场 1995.12-2044.12 55.00% 1,611,941.31 53,490.03 - 53,490.03 - - - 2,090,000.00 -424,568.66 1,665,431.34 松江西林肉禽场 1994.01-2045.08 100.00% 11,587,637.30 -11,587,637.30 -16,800,000.00 - - 5,212,362.70 - 16,800,000.00 -16,800,000.00 - 松江松新肉禽场 1994.01-2045.08 100.00% 10,686,319.39 -10,686,319.39 -16,800,000.00 - - 6,113,680.61 - 16,800,000.00 -16,800,000.00 - 松江陈堵肉禽场 1994.01-2045.08 100.00% 12,412,575.14 -12,412,575.14 -16,800,000.00 0.00 0.00 4,387,424.86 0.00 16,800,000.00 -16,800,000.00 0.00 青浦泖洋肉禽场 1994.01-2045.08 100.00% 13,712,951.98 -427,568.32 0.00 -427,568.32 0.00 0.00 0.00 16,800,000.00 -3,514,616.34 13,285,383.66 上海大江（集团）股份有限公司 2006 年年度报告 77 本年权益增减额 年末余额 其中 投资单位名称 投资 起止期 占被投资单位 注册资本比例 年初余额 本年合计 投资成本 确认收益 差额摊销 其他 分得利润 初始投资 累计增减 合计 青浦沈巷保卫肉鸡 场 1995.01-2044.12 100.00% 6,762,854.39 -533,163.16 0.00 -533,163.16 0.00 0.00 0.00 6,800,000.00 -570,308.77 6,229,691.23 青浦沈巷新泾肉鸡 场 1995.01-2044.12 100.00% 7,205,435.30 -569,244.29 0.00 -569,244.29 0.00 0.00 0.00 6,800,000.00 -163,808.99 6,636,191.01 青浦沈巷王金肉鸡 场 1992.01-2042.12 100.00% 7,984,007.56 -7,984,007.56 -8,400,000.00 -338822.47 0.00 754814.91 0.00 8,400,000.00 -8,400,000.00 - 青浦赵巷菘泽肉鸡 场 1995.01-2044.12 100.00% 4,821,291.44 -431,341.48 - -431,341.48 0.00 0.00 0.00 5,400,000.00 -1,010,050.04 4,389,949.96 青浦练塘朱家庄肉 鸡场 1995.01-2044.12 100.00% 6,837,572.01 -6,837,572.01 -6,800,000.00 0.00 0.00 -37,572.01 0.00 6,800,000.00 -6,800,000.00 - 青浦蒸淀徐南肉鸡 场 1995.01-2044.12 100.00% 6,695,354.73 -6,695,354.73 -6,800,000.00 0.00 0.00 104,645.27 0.00 6,800,000.00 -6,800,000.00 - 青浦蒸淀大浜肉鸡 场 1995.01-2044.12 100.00% 7,226,562.57 -7,226,562.57 -6,800,000.00 113,276.02 0.00 -539,838.59 0.00 6,800,000.00 -6,800,000.00 - 青浦县古石肉禽场 1995.01-2045.12 80.00% 17,152,432.24 1,139,343.77 0.00 1,139,343.77 0.00 0.00 0.00 18,000,000.00 291,776.01 18,291,776.01 上海大江肉食品二 厂 1988.06-2045.08 85.00% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 44,200,000.00 -44,200,000.00 - 上海大江肉食品四 厂 1991.11-2045.08 90.00% 22,523,724.91 -1,877,198.55 0.00 -1,877,198.55 0.00 0.00 0.00 45,000,000.00 -24,353,473.64 20,646,526.36 上海申德机械有限 公司 1992.08-2017.08 75.00% 24,239,679.83 2,263,878.23 0.00 2,263,878.23 0.00 0.00 0.00 17,216,400.00 9,287,158.06 26,503,558.06 上海大江肉食品厂 1987.10-2011.10 50.00% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9,000,000.00 -9,000,000.00 0.00 青浦野马浜养鸡场 1988.08-2008.07 50.00% -292,087.19 292,087.19 0.00 292,087.19 0.00 0.00 0.00 1,500,000.00 -1,500,000.00 0.00 上海大江天马种禽 场 1991.05-2009.12 50.00% 10,374,433.89 -2,913,803.84 0.00 -2,913,803.84 0.00 0.00 0.00 9,000,000.00 -1,539,369.95 7,460,630.05 枣阳大江禽业有限 公司 2001.09- 95.00% -5,733,100.88 0.00 0.00 0.00 0.00 0.00 0.00 2.00 -5,733,102.88 -5,733,100.88 上海大江肉食品六 厂有限公司 2001.08- 49.00% 3,691,944.64 -352,914.50 0.00 -840,227.26 487,312.76 0.00 0.00 17,677,217.81 -14,338,187.67 3,339,030.14 上海大江（集团）股份有限公司 2006 年年度报告 78 本年权益增减额 年末余额 其中 投资单位名称 投资 起止期 占被投资单位 注册资本比例 年初余额 本年合计 投资成本 确认收益 差额摊销 其他 分得利润 初始投资 累计增减 合计 上海大江房地产有 限公司 2002.09-2022.09 90.00% 16,661,230.62 12,711,918.99 0.00 12,711,918.99 0.00 0.00 0.00 18,000,000.00 11,373,149.61 29,373,149.61 辽宁阜新大江有限 公司 2002.05-2022.05 53.75% 8,174,502.34 -8,174,502.34 -31,548,472.26 -12,121,354.9 7 0.00 35,495,324.89 0.00 34,310,820.33 -34,310,820.33 - 上海大江饲料有限 公司 2005.05-2015.05 90.00% 15,565,858.04 -504,145.16 - -504,145.16 0.00 0.00 0.00 8,516,049.19 6,545,663.69 15,061,712.88 上海汉地置业发展 有限公司 2005.01-2045.01 51.00% 9,180,000.00 8,820,000.00 8,820,000.00 0.00 0.00 0.00 0.00 9,180,000.00 8,820,000.00 18,000,000.00 上海大华器械有限 公司 1988.11-2020.11 70.75% 0.00 11,891,093.45 3,306,062.48 -786161.79 -234929.17 9,606,121.93 0.00 19,232,500.00 -7,341,406.55 11,891,093.45 上海大江科创置业 有限公司 2006.05-2026.05 100.00% 0.00 18,000,000.00 18,000,000.00 0.00 0.00 0.00 0.00 18,000,000.00 0.00 18,000,000.00 上海阳雷置业有限 公司 2006.09-2016.09 90.00% 0.00 5,760,000.00 5,760,000.00 0.00 0.00 0.00 0.00 5,760,000.00 0.00 5,760,000.00 上海大江资产经营 有限公司 2006.12-2026.12 95.00% 0.00 9,500,000.00 9,500,000.00 0.00 0.00 0.00 0.00 9,500,000.00 0.00 9,500,000.00 江苏大江畜禽发展 有限公司 2006.10-2026.10 70.00% 0.00 7,000,000.00 7,000,000.00 0.00 0.00 0.00 0.00 7,000,000.00 - 7,000,000.00 上海卢湾大江食品 经营部 1992.06- 40.00% 0.00 225,524.06 0.00 27,226.86 0.00 198,297.20 0.00 260,000.00 -34,475.94 225,524.06 上海大江水产饲料 科技有限公司 1987.04-2010.07 99.50% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8,955,000.00 -8,955,000.00 0.00 合计 253,902,114.1 8 -21,143,306.38 -100,877,738.22 -5,049,216.89 506,034.06 84,277,614.67 482,222,922.3 2 -249,464,114.5 2 232,758,807.8 0 上海大江（集团）股份有限公司 2006 年年度报告 79 C．权益法核算的对联营企业股权投资： 本年权益增减额 年末余额 其 中 被投资单位名称 投资 起止期 占被投资单位 注册资本比例 年初余额 本年合计 投资成本 确认收益 差额摊销 分得利润 其他 初始投资 累计增减 合计 山东济宁大江牧 工商公司 1986.12-20 06.12 50.00% 1,229,623.23 0.00 0.00 0.00 0.00 0.00 0.00 3,000,000.00 -1,770,376.77 1,229,623.23 山东沪平牧工商 联合公司 1987.01-20 06.01 50.00% 581,743.00 0.72 0.00 0.72 0.00 0.00 0.00 400,000.00 181,743.72 581,743.72 上海大华器械有 限公司 1988.11-20 20.11 45.75% 6,082,184.41 -6,082,184.41 0.00 0.00 0.00 -6,082,184.41 0.00 0.00 0.00 上海卢湾大江食 品经营部 1992.07-20 02.06 40.00% 198,297.20 -198,297.20 0.00 0.00 0.00 -198,297.20 0.00 0.00 0.00 合 计 8,091,847.84 -6,280,480.89 0.00 0.72 0.00 0.00 -6,280,481.61 3,400,000.00 -1,588,633.05 1,811,366.95 D．其中：股权投资差额： 被投资单位名称 初始金额 形成原因 摊销期限 本年摊销额 本年其他减少 年末余额 枣阳大江禽业有限公司 -8,493,482.79 初始投资成本与享有 净资产的差额 10 年 0.00 0.00 -5,733,102.88 扬州大江畜禽饲料有限 公司 -371,527.19 初始投资成本与享有 净资产的差额 10年 185,763.59 0.00 0.00 上海大江肉食品六厂有 限公司 -4,873,127.60 初始投资成本与享有 净资产的差额 10年 487,312.76 0.00 -2,395,954.40 常州大江畜禽饲料有限 公司 -678,868.26 初始投资成本与享有 净资产的差额 10年 67,886.88 0.00 -384,691.83 上海大华器械有限公司 3,523,937.52 初始投资成本与享有 净资产的差额 15年 -234,929.17 0.00 3,289,008.35 合 计 -10,893,068.32 506,034.06 0.00 -5,224,740.76 上海大江（集团）股份有限公司 2006 年年度报告 80 2、长期投资减值准备 长期股权投资减值准备： 被投资单位名称 年 初 数 本年增加 本年减少 年 末 数 计提原因 山东济宁大江牧 工商公司 1,229,623.23 0.00 0.00 1,229,623.23 经营不善,产生重大 亏损,公司停止经营 上海华源生命科 学有限公司 0.00 15,590,686.74 0.00 15,590,686.74 经营不善，产生重大 亏损，财务状况差。 合 计 1,229,623.23 15,590,686.74 0.00 16,820,309.97 （四）主营业务收入及主营业务成本： 主营业务收入 主营业务成本 项目 本年数 上年数 本年数 上年数 1.工业 296,238,116.05 527,007,086.68 291,085,098.19 529,866,508.11 2.旅游饮食服务 业 - - - - 业 务 分 部 合计 296,238,116.05 527,007,086.68 291,085,098.19 529,866,508.11 国内销售收入 286,143,008.87 478,859,096.94 281,790,182.90 478,693,155.84 出口销售收入 10,095,107.18 48,147,989.74 9,294,915.29 51,173,352.27 地 区 分 部 合计 296,238,116.05 527,007,086.68 291,085,098.19 529,866,508.11 主营业务收入本年发生数比上年发生数减少 230,768,970.63 元，减少比例为 43.79％，主要原因 为：原属于母公司核算的科技饲料业务本年由子公司大江饲料有限公司核算。 （五）投资收益： 1、本年发生数： 类别 股票投资收益 债权投资 收益 成本法下确认的 股权投资收益 权益法下确认的 股权投资收益 股权投资 差额摊销 清算 收益 股权转让 收益 减值准备 合计 短期投资 301,506.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 301,506.26 长期股权投资 130,000.00 0.00 4,062.50 -9,223,328.93 506,034.06 71,630,247.87 1,351,310.42 -15,590,686.74 48,807,639.18 合计 431,506.26 0.00 4,062.50 -9,223,328.93 506,034.06 71,630,247.87 1,351,310.42 -15,590,686.74 49,109,145.44 上海大江（集团）股份有限公司 2006 年年度报告 81 2、上年发生数： 类 别 股票投资收益 债权投资收益 成本法下确认的 股权投资收益 权益法下确认的 股权投资收益 股权投资 差额摊销 清算 收益 股权转让 收 益 减值准备 合 计 短期投资 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,880.60 -5,880.60 长期股权投资 120,000.00 0.00 1,504,062.50 -107,353,472.32 592,352.31 10,725,764.93 0.00 - -94,411,292.58 合 计 120,000.00 0.00 1,504,062.50 -107,353,472.32 592,352.31 10,725,764.93 0.00 5,880.60 -94,417,173.18 3、投资收益本年发生数比上年发生数增加 143,526,318.62 元，增加比例为 152.01％，主要原因 为：公司本年清算 8 家鸡场和扬州大江畜禽饲料有限公司,减少了当年的经营亏损且取得清算收益。具 体为： 清算公司名称 清算收益 扬州大江畜禽饲料有限公司 10,085,544.88 上海大江光星养鸡场 7,063,624.80 青浦沈巷王金肉鸡场 6,328,869.08 青浦练塘朱家庄肉鸡场 7,707,324.68 青浦蒸淀徐南肉鸡场 7,461,424.58 青浦蒸淀大浜肉鸡场 7,610,761.77 松江西林肉禽场 8,623,593.96 松江陈堵肉禽场 8,243,763.88 松江松新肉禽场 8,505,340.24 合计 71,630,247.87 七、关联方关系及其交易： （一）存在控制关系的关联方情况： 1、存在控制关系的关联方 （1）控制本公司的关联方： 企业名称 注册地址 主营业务 与本企业关系 经济性质或类型 法定代表人 绿庭（香港）有限公司 香港九龙么地道 62 号 永安广场 1012 室 房地产开发及酒 店物业管理等 控股股东 有限公司 俞乃奋 （2）受本公司控制的关联方： 详见附注四。 上海大江（集团）股份有限公司 2006 年年度报告 82 2、存在控制关系的关联方的注册资本及其变化（金额单位：万元）： 企业名称 年初数 本年增加 本年减少 年末数 上海市松江县饲料公司 576.60 0.00 576.60 0.00 绿庭（香港）有限公司 0.00 港币 90,001 0.00 港币 90,001 上海大江水产饲料科技有限 公司 900 0.00 0.00 900 常州大江畜禽饲料公司 2,195 0.00 0.00 2,195 扬州大江畜禽饲料公司 3,666.80 0.00 3,666.80 0.00 上海大江饲料有限公司 2,000 0.00 0.00 2,000 上海大江光星养鸡场 900 0.00 900 0.00 松江区华阳鸡场 480 0.00 0.00 480 松江区塔汇鸡场 380 0.00 0.00 380 松江西林肉禽场 1,680 0.00 1,680 0.00 松江松新肉禽场 1,680 0.00 1,680 0.00 松江陈堵肉禽场 1,680 0.00 1,680 0.00 青浦泖洋肉禽场 1,680 0.00 0.00 1,680 青浦沈巷保卫肉鸡场 680 0.00 0.00 680 青浦沈巷新泾肉鸡场 680 0.00 0.00 680 青浦沈巷王金肉鸡场 840 0.00 840 0.00 青浦赵巷崧泽肉鸡场 540 0.00 0.00 540 青浦练塘朱家庄肉鸡场 680 0.00 680 0.00 青浦蒸淀徐南肉鸡场 680 0.00 680 0.00 青浦蒸淀大浜肉鸡场 680 0.00 680 0.00 青浦区古石肉禽场 1,800 0.00 0.00 1,800 上海大江肉食品二厂 5,200 0.00 0.00 5,200 上海大江肉食品四厂 5,000 0.00 0.00 5,000 上海申德机械有限公司 2,295.52 0.00 0.00 2,295.52 上海大江肉食品厂 1,800 0.00 0.00 1,800 青浦野马浜养鸡场 300 0.00 0.00 300 上海大江天马种禽场 1,800 0.00 0.00 1,800 枣阳大江禽业有限公司 894.05 0.00 0.00 894.05 上海大江房地产有限公司 2,000 0.00 0.00 2,000 阜新大江有限公司 5,064.84 0.00 0.00 5,064.8472 上海大江（集团）股份有限公司 2006 年年度报告 83 企业名称 年初数 本年增加 本年减少 年末数 72 上海申靓机械设备工程安装 有限公司 300 0.00 0.00 300 上海汉地置业有限公司 1,800 0.00 0.00 1,800 上海大江食品苏州经营部 60 0.00 0.00 60 上海大江肉食品二厂杭州经 营部 60 0.00 0.00 60 上海大江肉食品二厂常州经 营部 58 0.00 0.00 58 上海大江食品浦东经营部 75 0.00 0.00 75 上海大江食品曹安经营部 50 0.00 0.00 50 上海大江肉食品供销有限公 司 1,000 0.00 0.00 1,000 上海灵江食品经营部 50 0.00 0.00 50 上海大江食品配料有限公司 331.178 0.00 0.00 331.178 上海松江新城东部房地产开 发有限公司 1,000 0.00 0.00 1,000 上海松江茸江置业发展有限 公司 800 0.00 0.00 800 上海大江肉食品六厂有限公 司 4,602 0.00 0.00 4,602 上海大华器械有限公司 2,700 0.00 0.00 2,700 上海大江科创置业有限公司 0.00 1,800 0.00 1,800 上海阳雷置业有限公司 0.00 3,180 0.00 3,180 上海大江资产经营有限公司 0.00 5,000 0.00 5,000 江苏大江畜禽发展有限公司 0.00 3,300 0.00 3,300 上海卢湾大江食品经营部 60 0.00 0.00 60 上海大江（集团）股份有限公司 2006 年年度报告 84 3、存在控制关系的关联方所持股份及其变化（金额单位：万元） 企业名称 年 初 数 本年增加数 本 年 减 少 年 末 数 金 额 ％ 金 额 ％ 金 额 ％ 金 额 ％ 上海市松江县饲料公司 17,200.3709 25.43 0.00 0.00 17,200.370 9 25.43 - - 绿庭（香港）有限公司 0.00 0.00 27,895.0848 41.25 0.00 0.00 27,895.084 8 41.25 上海大江水产饲料科技有限 公司 895.50 99.50 0.00 0.00 0.00 0.00 895.50 99.5 常州大江畜禽饲料公司 2,072 94.40 0.00 0.00 0.00 0.00 2,072 94.4 扬州大江畜禽饲料公司 3,483.46 95 0.00 0.00 3,483.46 95 0.00 0.00 上海大江饲料有限公司 1,999 99.95 0.00 0.00 0.00 0.00 1,999 99.95 上海大江光星养鸡场 900 100 0.00 0.00 900 100 0.00 0.00 松江区华阳鸡场 264 55 0.00 0.00 0.00 0.00 264 55 松江区塔汇鸡场 209 55 0.00 0.00 0.00 0.00 209 55 松江西林肉禽场 1,680 100 0.00 0.00 1,680 100 0.00 0.00 松江松新肉禽场 1,680 100 0.00 0.00 1,680 100 0.00 0.00 松江陈堵肉禽场 1,680 100 0.00 0.00 1,680 100 0.00 0.00 青浦泖洋肉禽场 1,680 100 0.00 0.00 0.00 0.00 1,680 100 青浦沈巷保卫肉鸡场 680 100 0.00 0.00 0.00 0.00 680 100 青浦沈巷新泾肉鸡场 680 100 0.00 0.00 0.00 0.00 680 100 青浦沈巷王金肉鸡场 840 100 0.00 0.00 840 100 0.00 0.00 青浦赵巷崧泽肉鸡场 540 100 0.00 0.00 0.00 0.00 540 100 青浦练塘朱家庄肉鸡场 680 100 0.00 0.00 680 100 0.00 0.00 青浦蒸淀徐南肉鸡场 680 100 0.00 0.00 680 100 0.00 0.00 青浦蒸淀大浜肉鸡场 680 100 0.00 0.00 680 100 0.00 0.00 青浦区古石肉禽场 1,800 80 0.00 0.00 0.00 0.00 1,800 80 上海大江肉食品二厂 4,420 85 0.00 0.00 0.00 0.00 4,420 85 上海大江肉食品四厂 4,500 90 0.00 0.00 0.00 0.00 4,500 90 上海申德机械有限公司 1,721.64 75 0.00 0.00 0.00 0.00 1,721.64 75 上海大江肉食品厂 900 50 0.00 0.00 0.00 0.00 900 50 青浦野马浜养鸡场 150 50 0.00 0.00 0.00 0.00 150 50 上海大江天马种禽场 900 50 0.00 0.00 0.00 0.00 900 50 上海大江（集团）股份有限公司 2006 年年度报告 85 企业名称 年 初 数 本年增加数 本 年 减 少 年 末 数 金 额 ％ 金 额 ％ 金 额 ％ 金 额 ％ 枣阳大江禽业有限公司 849.3475 95 0.00 0.00 0.00 0.00 849.3475 95 上海大江房地产有限公司 1,800 97.50 0.00 0.00 1,800 90 阜新大江有限公司 3,154.8472 70.82 945.1528 21.22 4,100 92.04 0.00 0.00 上海申靓机械设备工程安装 有限公司 231.75 77.25 0.00 0.00 0.00 0.00 231.75 77.25 上海汉地置业有限公司 918 51 882 49 0.00 0.00 1,800 100 上海大江食品苏州经营部 51 85 0.00 0.00 0.00 0.00 51 85 上海大江肉食品二厂杭州经 营部 51 85 0.00 0.00 0.00 0.00 51 85 上海大江肉食品二厂常州经 营部 49.3 85 0.00 0.00 0.00 0.00 49.3 85 上海大江食品浦东经营部 63.75 85 0.00 0.00 0.00 0.00 63.75 85 上海大江食品曹安经营部 42.5 85 0.00 0.00 0.00 0.00 42.5 85 上海大江肉食品供销有限公 司 855 85.50 0.00 0.00 0.00 0.00 855 85.5 上海灵江食品经营部 42.5 85 0.00 0.00 0.00 0.00 42.5 85 上海大江食品配料有限公司 211.125975 63.75 0.00 0.00 0.00 0.00 211.12597 5 63.75 上海松江新城东部房地产开 发有限公司 969 96.90 0.00 0.00 0.00 0.00 969 96.9 上海松江茸江置业发展有限 公司 466.56 58.32 0.00 0.00 0.00 0.00 466.56 58.32 上海大华器械有限公司 1,235.25 45.75 675 25 0.00 0.00 1,910.25 70.75 上海大江科创置业有限公司 0.00 0.00 1,800 100 0.00 0.00 1,800 100 上海阳雷置业有限公司 0.00 0.00 638.40 99.75 0.00 0.00 638.40 99.75 上海大江资产经营有限公司 0.00 0.00 998.75 99.87 5 0.00 0.00 998.75 99.875 江苏大江畜禽发展有限公司 0.00 0.00 700 70 0.00 0.00 700 70 上海卢湾大江食品经营部 54.78 91.30 0.00 0.00 0.00 0.00 54.78 91.3 上海大江肉食品六厂有限公 司 4,249.947 92.35 0.00 0.00 0.00 0.00 4,249.947 92.35 上海大江（集团）股份有限公司 2006 年年度报告 86 （二）不存在控制关系的关联方情况： 企 业 名 称 与本公司的关系 山东沪平牧工商联合公司 联营企业 上海华源生命科学有限公司 联营企业 阜新大江有限公司 受同一股东控制 上海绿庭集团有限公司 受同一股东控制 （三）关联方交易： 1、存在控制关系且已纳入本公司合并财务报表范围的子公司，其相互间交易及母子公司交易已作 抵销。 2、向关联方销售货物： （1）交易规模： 企业名称 本 年 度 本 年 度 金额（万元） 金额（万元） 山东沪平牧工商联合公司 44.98 0.00 （2）关联方交易价格的确定依据及交易差价的处理： 本公司参照市场价格确定交易价格，并与上述关联方签订购销合同（协议）,如产生需计入资本 公积的关联交易差价，按照财政部财会【2001】64 号文《关联方之间出售资产等有关会计处理 问题暂行规定》处理。 3、关联方往来款项余额： 项 目 金额（万元） 本年末 上年末 应收账款： 山东沪平牧工商联合公司 46.73 88.22 其他应收款： 上海市松江县饲料公司 0.00 3,498.67 上海市松江县畜禽公司 0.00 2,249.11 上海华源生命科学有限公司 47.95 47.22 阜新大江有限公司 15.76 0.00 其他应付款： 上海绿庭集团有限公司 379.58 0.00 上海大江（集团）股份有限公司 2006 年年度报告 87 4、其他关联方交易事 项： （1）本公司的关联方为本公司担保情况 详见附注九。 （2）本公司为关联方担保情况 详见附注九。 （3）本公司向关联方转让股权和债权 作为公司控股股东绿庭（香港）有限公司与公司原发起人股东上海市松江县饲料公司和上海市松 江县畜禽公司股份转让交易的衍生交易，绿庭（香港）有限公司承诺在股权转让完成后用 2,125 万元 来回购和剥离公司的亏损资产－阜新大江有限公司。2006 年 8 月 10 日，绿庭（香港）有限公司透过 其关联公司上海绿洲科创生态科技有限公司将 2,125 万元汇入公司，并于 2006 年 12 月 20 日透过其关 联公司上海绿庭集团有限公司与公司签订了股权转让协议和债权转让协议，受让公司持有的阜新大江 有限公司 56.47%的股权和对阜新大江有限公司的债权，受让价格以 2006 年 7 月 31 阜新大江有限公司 经审计后金额为准。经立信会计师事务所有限公司审计，2006 年 7 月 31 日，阜新大江有限公司净资 产为 12,140,934.17 元，按 56.47%股权计为 6,855,985.53 元；对公司的债务为 14,598,218.26 元， 共计 21,454,203.79 元。2006 年 12 月 31 日，公司对阜新大江有限公司长期投资帐面余额为 5,504,675.11 元。此次股权转让产生收益 1,351,310.42 元。与股权转让相关的工商变更手续已于 2007 年 3 月 30 日办理完毕。 （4）、公司为原控股子公司阜新大江有限公司（以下简称阜新大江）从中国建设银行股份有限公 司阜新分行借入的人民币 3450 万元和 1000 万元借款进行担保，该两笔借款的到期日分别为 2006 年 12 月 31 日和 2007 年 4 月 30 日。2006 年 12 月 20 日，公司将拥有的阜新大江股权转让给了上海绿庭 集团有限公司（以下简称上海绿庭），（详见第七点“关联方关系及其交易”/(三)/4/(3)），但该两 笔贷款的担保责任没有转移，仍然由公司承担。截至报告日，已到期的 3450 万元贷款及利息阜新大江 没有按期归还。鉴于以上公司可能承担的担保责任，公司控股股东绿庭（香港）有限公司承诺如由于 上述事项对公司产生的连带责任由绿庭（香港）有限公司承担。 八、或有事项： （一）未决诉讼或仲裁形成的或有负债： 截止至 2006 年 12 月 31 日，公司无重大未决诉讼或仲裁事项。 （二）截止至 2006 年 12 月 31 日公司为关联方及其他单位提供债务担保形成的或有负债：(单位： 人民币万元) 1、本公司为关联方担保情况 上海大江（集团）股份有限公司 2006 年年度报告 88 被担保单位 担保金额 债务到期日 对本公司的 财务影响 备注 关联方： 上海大江肉食品二厂 450.00 2007 年 3 月 6 日 无 上海大江肉食品二厂 350.00 2007 年 8 月 25 日 无 上海大江肉食品二厂 400.00 2007 年 10 月 25 日 无 上海大江饲料有限公 司 1,000.00 2007 年 5 月 27 日 无 上海大江饲料有限公 司 1,000.00 2009 年 12 月 12 日 无 上海大江饲料有限公 司 500.00 2007 年 11 月 7 日 无 上海大江水产饲料科 技有限公司 500.00 2007 年 12 月 7 日 无 由无关联关系的第三方提供担保，本 公司及下属子公司“上海松江新城东 部房地产开发有限公司”提供反担保， 且反担保以本公司对子公司上海汉地 置业有限公司的 100％股权为质押 物。 阜新大江有限公司 3,450.00 2006 年 12 月 31 日 无 阜新大江有限公司 1,000.00 2007 年 4 月 30 日 无 担保期限为债务履行期限届满之日后 2 年止。 小 计 8,650.00 2、关联方为本公司担保情况 担保单位 担保金额 债务到期日 对本公司的 财务影响 上海大江饲料有限公司 900.00 2007 年 6 月 7 日 无 上海申德机械有限公司 1,200.00 2007 年 6 月 7 日 无 上海申德机械有限公司 1,500.00 2007 年 9 月 26 日 无 上海大江肉食品六厂 900.00 2007 年 7 月 10 日 无 上海大江肉食品四厂 上海申德机械有限公司 共同担保 1,500.00 2007 年 10 月 8 日 无 上海大江肉食品二厂 上海大江房地产有限公司 上海申德机械有限公司 共同担保 800.00 2007 年 5 月 25 日 无 小 计 6,800.00 上海大江（集团）股份有限公司 2006 年年度报告 89 3、关联方之间担保情况 被担保单位 担保单位 担保金额 债务到期日 对本公司的 财务影响 上海大江饲料有限公司 上海大江肉食品二厂 1,000.00 2009 年 12 月 22 日 无 上海申德机械有限公司 上海大华器械有限公司 2,000.00 2007 年 10 月 25 日 无 上海申德机械有限公司 上海大江房地产有限公司 900.00 2007 年 4 月 18 日 无 上海申德机械有限公司 上海大江房地产有限公司 900.00 2007 年 4 月 24 日 无 上海申德机械有限公司 上海大江房地产有限公司 800.00 2007 年 5 月 8 日 无 上海申德机械有限公司 上海大江房地产有限公司 750.00 2007 年 10 月 16 日 无 小 计 6,350.00 （三）其他或有负债：无 九、承诺事项： （一）对外经济担保事项，详见附注八。 （二）已签订的尚未履行或尚未完全履行的对外投资合同及有关财务支出：无 （三）已签订的正在或准备履行的大额发包合同及财务影响：无 （四）已签订的正在或准备履行的租赁合同及财务影响：无 （五）其他重大财务承诺事项： 1、抵押资产情况： （1）公司以房地产为抵押物，向银行借入短期借款人民币 14,950 万元，抵押物原值人民币 7,807 万元。 （2）公司下属控股子公司上海大江肉食品六厂以房地产为抵押物，为公司的短期借款人民币 900 万元提供担保，抵押物原值人民币 2,131 万元。 （3）公司下属控股子公司上海大江饲料有限公司以房地产为抵押物，为公司的短期借款人民币 900 万元提供担保，抵押物原值人民币 1,781 万元。 （4）公司下属控股子公司常州大江饲料有限公司以房地产为抵押物，向银行借入短期借款人民 币 1,000 万元，抵押物原值人民币 886 万元。 （5）公司下属控股子公司上海大江肉食品二厂以房地产为抵押物，为上海大江饲料有限公司的 短期借款人民币 1,000 万元提供担保，抵押物原值人民币 1,591 万元。 （6）公司下属控股子公司上海大华器械有限公司以房屋及建筑物为抵押物，为公司下属控股子 公司上海申德机械有限公司的短期借款人民币 2,000 万元提供担保，抵押物原值人民币 1,146 万元。 上海大江（集团）股份有限公司 2006 年年度报告 90 （7）公司下属子公司上海松江新城东部房地产开发有限公司以开发商品房为抵押物，向银行借 入长期借款人民币 10,700 万元，抵押物原值人民币 11,598 万元。 2、质押资产情况： （1）公司以持有的申银万国证券股份有限公司的法人股为质押物，向银行借入短期借款人民币 3,400 万元，质押物原值人民币 5,125 万元。 （2）公司下属子公司上海大江饲料有限公司短期借款人民币 500 万元、上海大江水产饲料科技有 限公司短期借款人民币 500 万元由上海恒洋投资担保有限公司提供担保，公司以持有的上海汉地置业 有限公司 100％股权为质押物提供反担保，质押物原值人民币 1800 万元。 十、资产负债表日后事项： （一）、年末已到期而未收回的债权，于资产负债表日后已收回的情况说明： 债权类别 应收金额 到期日 已收款日 已收回金额 其他应收款 8,277,955.92 2004 年 12 月 31 日 2007 年 2 月 6 日 2007 年 2 月 15 日 8,277,955. 92 （二）、根据公司第五届第二次董事会决议关于公司 2006 年度利润分配预案，公司 2006 年未分 配利润为负数，2006 年不分配不转增。此利润分配预案须提交股东大会审议。 十一、其他事项说明： （一） 本年度公司实施股权分置改革的情况和进展情况说明： 公司于 2006 年 9 月 18 日实施股权分置改革方案，由公司的控股股东绿庭（香港）有限公司向 A 股流通股股东支付对价，A 股流通股股东每持 10 股获付 3 股，支付股份总数 7,722,000 股。此股权分 置改革方案的实施已于 2006 年 9 月 15 日公告。此股权分置改革方案实施后，绿庭（香港）有限公司 拥有公司 41.25%的股权。 （二）其他需要披露的重要事项： 1、绿庭（香港）有限公司与本公司原发起人股东上海市松江县饲料公司和上海市松江县畜禽公司 签署的股权转让协议已于 2006 年 7 月获得中国证监会证监公司字【2006】132 号文《关于同意绿庭（香 港）有限公司公告上海大江（集团）股份有限公司收购报告书并豁免其要约收购义务的批复》批准。 至此，此次股权转让已获得国务院国资委、商务部及中国证监会的同意。公司已于 2006 年 8 月获得中 国登记结算有限责任公司上海分公司关于国有法人股股份转让过户登记确认书。股权转让完成以后 ， 绿庭（香港）有限公司持有公司股份 286,672,848 股，占公司总股本 42.39%，成为公司的控股股东。 2006 年 9 月公司实施了股权分置改革方案。此后，绿庭（香港）有限公司持有公司 41.25%的股权。 上海大江（集团）股份有限公司 2006 年年度报告 91 2、公司原发起人股东上海市松江县饲料公司、上海市松江县畜禽公司截至 2005 年 12 月 31 日止 共欠公司款项人民币 57,477,874.32 元。其中，上海市松江县饲料公司欠款人民币 34,986,724.59 元， 上海市松江县畜禽公司欠款人民币 22,491,149.73 元。根据公司 2004 年第四届董事会通过的《上海市 松江县饲料公司和上海市松江县畜禽公司关于对上海大江（集团）股份有限公司未清偿债务解决方案》， 上海市松江县饲料公司和上海市松江县畜禽公司已于国有股权过户完成后的十个工作日内，即 2006 年 8 月 10 日，分别用转让国有股权所得款项归还了对公司的欠款。 3、截止 2006 年 12 月 31 日，本公司 “应交税金－增值税” 经上海市松江区国家税务局第三税 务所核定余额为人民币-161,550,644.56 元，将留待本公司在日后的生产经营中予以抵扣。 4、根据上海市发展和改革委员会 2004 年发布的《关于黄浦江上游水源保护区畜牧禽场退出项目 可行性研究报告的批复》（沪发改投[2004]014 号），公司所属的禽场均已退出饲养。本年度公司清 算关闭了 8 家禽场 ，共取得清算收益 6,154.45 万元。 5、中国证监会上海证监局于 2006 年 11 月对公司进行了现场检查，并于 2007 年 1 月 8 日以沪证 监公司字【2007】4 号文对公司出具了限期整改通知书，公司已于 2007 年 2 月 6 日对相关内容的整改 措施进行了公告。 十二、本年度非经常性损益列示如下（收益＋、损失－）： 项 目 金 额 （一）处置长期股权投资、固定资产、在建工程、无形资产、 其他长期资产产生的损益 78,416,799.78 （二）各种形式的政府补贴 17,289,831.34 （三）短期投资损益，但经国家有关部门批准设立的有经营 的金额机构获得的短期投资损益除外 413,366.26 （四）扣除公司日常根据企业会计制度规定计提的资产减值 准备后的其他各项营业外收入、支出 -305,430.83 合 计 95,814,566.55 1、上列数据已扣除少数股东收益因素。 2、截至 2006 年 12 月 31 日，公司未分配利润为 -794,060,435.00 元，故以上非经常性损益对所 得税没有影响。 十三、财务报表的批准报出：本财务报表业经公司全体董事于 2007 年 4 月 25 日批准报出。 上海大江（集团）股份有限公司 2006 年年度报告 92 十二、备查文件目录 1、载有公司负责人、主管会计工作负责人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。 副董事长：徐宏标 上海大江（集团）股份有限公司 2007 年 4 月 27 日 Page 1 Shanghai Dajiang (Group) Stock Co., Ltd. Annual Report 2006 Page 2 Contents Part I. Important Notes Part II. Company Profile Part III. Accounting Data and Business Highlights Part IV. Change in Share Capital and Shareholders Part V. Directors, Supervisors and Senior Executives Part VI. Corporate Governance Part VII. Shareholders’ General Meeting Part VIII. Report by the Board of Directors Part IX. Report by the Supervisory Committee Part X. Significant Events Part XI. Financial Report Part XII. Documents for Reference Page 3 I. Important Notes 1. The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior executives of Shanghai Dajiang (Group) Stock Co., Ltd (hereinafter referred to as “the Company”) warrant that this report does not contain any false or misleading statements or omit any material facts and all information set forth herein are true, accurate and complete. 2. All directors attended the Board meeting. 3. Shulun Pan Certified Public Accountants Co., Ltd produced a standard unqualified Auditors’ Report for the Company. 4. Person in charge of the Company Ms. Yu Naifen and Chief Financial Officer Mr. Zang Shun hereby declare that they would guarantee the authenticity and completeness of the Financial Report in this Annual Report. Page 4 II. Company Profile 1. Legal Name of the Company In Chinese: 上海大江（集团）股份有限公司 Abbr.: 大江股份 In English: Shanghai Dajiang (Group) Stock Co., Ltd. Abbr.: SDJ 2. Legal Representative: Mr. Chen Guobang 3. Secretary of the Board: Mr. Gu Weiwen Tel.: 86-21-34225027 Fax: 86-21-34225056 E-mail: gww_sd@ Contact address: 7/F, Huayi Building, No. 1555, Lianhua Road, Shanghai Securities Affairs Representative: Mr. Yang Xuefeng Tel.: 86-21-34225030 Fax: 86-21-34225056 E-mail: yangxf@ Contact address: 7/F, Huayi Building, No. 1555, Lianhua Road, Shanghai 4. Registered Address: No. 26, Guyang South Road, Songjiang District, Shanghai Office Address: 7/F, Huayi Building, No. 1555, Lianhua Road, Shanghai Postal Code: 200233 Internet Website: E-mail: dajiang@ 5. Newspapers Designated for Disclosing Information of the Company: Shanghai Securities News (domestic) and Ta Kung Pao (overseas) Internet Web Site Designated by CSRC for Publishing the Annual Report: Place Where the Annual Report Is Prepared and Placed: 7/F, Huayi Building, No. 1555, Lianhua Road, Shanghai 6. A-share: Stock Exchange Listed on: Shanghai Stock Exchange Short Form of the Stock: *ST Dajiang Stock Code: 600695 B-share: Stock Exchange Listed on: Shanghai Stock Exchange Short Form of the Stock: *ST Dajiang B Stock Code: 900919 7. Other relevant materials Initial Registration Date: Nov. 14, 1993 Initial Registered Address: No. 26, Guyang South Road, Songjiang District, Shanghai Registration Number of Enterprise Legal Person’s Business License: QGHZ Zi No. 019020 Registered Number of Taxation: 310227607270330 Name and Address of Certified Public Accountants Engaged by the Company: Page 5 Domestic: Shulun Pan Certified Public Accountants Co., Ltd. Office Address: 4/F, No. 61, Nanjing East Road, Shanghai International: Horwath China Shanghai CPA Limited Office Address: 4/F, No. 61, Nanjing East Road, Shanghai Page 6 III. Accounting Data and Business Highlights (I) Main financial data in the report period Unit: RMB Item Amount Total profit 23,134,329.90 Net profit 25,913,263.50 Net profit after deducting non-recurring gains and losses -69,901,303.05 Profit from main operations 75,258,344.47 Profit from other operations -5,283,561.44 Operating profit -53,272,631.45 Investment yield 53,820,222.12 Subsidy income 17,289,831.34 Net non-operating income and expenses 5,296,907.89 Net cash flow from operating activities 47,901,701.62 Net increased amount of cash and cash equivalents -37,712,008.24 (II) Differences in domestic and overseas accounting standards Unit: RMB’000 Net profit Shareholders’ equity Item Amount in this period Amount in last period Amount at the beginning of the period Amount at the end of the period According to Chinese Accounting System 25,913 -213,701 165,407 196,072 Items adjusted according to international accounting standards: Write-back of non-outsourced trademark costs and amortization (Note a) 2,000 -13,500 Confirmation of land use right and appraisal increment of other assets 6,964 -1,355 Difference between confirmation and amortization of goodwill 235 5,968 Write-off of the premium of investment revaluated -11,496 Unconfirmed investment losses recorded into affiliated companies (Note e) -1,349 Reward fund and welfare fund for employees withdrawn -589 Minority interests 1,058 892 Others 79 1,636 According to international accounting standards 22,815 -216,827 109,420 189,713 Page 7 (III) Items of non-recurring gains and losses deducted and amounts Unit: RMB Items of non-recurring gains and losses Amount Gains/losses from disposal of long-term equity investment, fixed assets, project in construction, intangible assets and other long-term assets 78,416,799.78 Various government subsidy 17,289,831.34 Short-term investment income (excluding short-term investment income obtained by financial institute with operation qualification approved and established by the relevant department of the State) 413,366.26 Various non-operating expense after deducting daily reserve for impairment of assets withdrawn by the Company in line with the regulations of Accounting System for Business Enterprises -305,430.83 Total 95,814,566.55 (IV) Main accounting data and financial indicators of the past three years at the end of the report period Unit: RMB 2006 2005 Increase / decrease this year compared with last year (%) 2004 Income from main operations 770,673,918.54 754,717,564.57 2.11 1,080,578,459.06 Total profit 23,134,329.90 -223,948,442.29 Inapplicable -234,199,111.98 Net profit 25,913,263.50 -213,700,603.56 Inapplicable -216,078,737.58 Net profit after deducting non-recurring gains and losses -69,901,303.05 -234,583,500.83 Inapplicable -223,574,006.34 Earnings per share 0.038 -0.316 Inapplicable -0.319 Latest earnings per share Return on equity (%) 13.22 -129.20 an increase of 142.42% -56.31 Return on equity as calculated based upon net profit after deducting non-recurring gains and losses (%) -35.65 -141.82 an increase of 106.17% -58.26 Weighted average return on equity as calculated based upon net profit after deducting non-recurring gains and losses (%) -39.19 -84.72 an increase of 45.53% -46.26 Net cash flows arising from operating activities 47,901,701.62 -8,665,531.39 Inapplicable -51,896,183.77 Net cash flows per share arising 0.07 -0.01 Inapplicable -0.08 Page 8 from operating activities At the end of 2006 At the end of 2005 Increase / decrease at the end of this year compared with the end of last year (%) At the end of 2004 Total assets 896,448,982.29 1,080,890,642.12 -17.06 1,146,333,792.27 Shareholders’ equity (excluding minority interests) 196,071,809.71 165,407,282.70 18.54 383,728,697.55 Net assets per share 0.290 0.245 18.37 0.567 Net assets per share after adjustment 0.280 0.170 64.71 0.495 (V) Changes in shareholders’ equity in the report period and reasons Unit: RMB Item Share capital Capital public reserve Surplus reserve Statutory public welfare reserve Retained profit Total shareholders’ equity Number at the beginning of the period 676,305,696.00 229,469,396.46 91,379,978.21 -813,394,768.38 165,407,282.70 Increase in the period 6,689,179.67 5,990,364.53 19,334,333.38 32,013,877.58 Decrease in the period 1,349,350.57 Number at the end of the period 676,305,696.00 236,158,576.13 97,370,342.74 -794,060,435.00 196,071,809.71 1. Capital reserve has increased by RMB 6,689,179.67, which was because that the Group consolidated the appraisal increment of Fuxin Dajiang Co., Ltd. 2. Decrease of shareholders’ equity was mainly because of operation losses of subsidiaries; as a result, the unconfirmed investment loss for this year has increased by RMB 1,349,350.57. 3. Surplus reserve has increased by RMB 5,990,364.53, of which the subsidiary appropriated RMB 2,594,735 in accordance with the regulations, and the Company appropriated RMB 3,395,629.53 of Dahua Appliance Co., Ltd. over the previous years. 4. Retained profit has increased by RMB 19,334,333.38 this period, which had been caused by the net profit of RMB 25,913,263.5, the surplus reserves of RMB 5,990,364.53 and the reward and welfare fund for employees of RMB 588,565.59 withdrawn by subsidiaries according to regulations in the report period. Page 9 IV. Change in Share Capital and Shareholders (I) Change in share capital 1. Statement on change in share capital Unit: share Before the change Increase / decrease during the change (+, -) After the change Amount Proportion (%) Newly issued shares Bonus shares Shares transferred from public reserves Others Subtotal Amount Proportion (%) I. Shares subject to trading moratorium 1. Shares held by the State 2. Shares held by state-owned legal persons 286,672,848 42.39 -286,672,848 -286,672,848 0 0 3. Shares held by other domestic investors 17,160,000 2.54 -60 -60 17,159,940 2.53 Among which: Shares held by domestic legal persons 17,160,000 2.54 -60 -60 17,159,940 2.53 Shares held by domestic natural persons 4. Shares held by foreign investors 0 0 -7,722,000 286,672,848 278,950,848 278,950,848 41.25 Among which: Shares held by overseas legal persons 0 0 -7,722,000 286,672,848 278,950,848 278,950,848 41.25 Shares held by overseas natural persons Total shares subject to trading moratorium 303,832,848 44.93 -7,722,000 -60 -7,722,060 296,110,788 43.78 II. Shares not subject to moratorium 1. RMB ordinary shares 25,740,000 3.80 7,722,000 60 7,722,060 33,462,060 4.95 2. Domestically listed foreign shares 346,732,848 51.27 346,732,848 51.27 3. Overseas listed foreign shares 4. Others Total shares not subject to moratorium 372,472,848 55.07 7,722,000 60 7,722,060 380,194,908 56.22 III. Total shares 676,305,696 100 676,305,696 100 Particulars about approval of change in shares Page 10 1. Equity transfer On November 13, 2004, Luting (Hongkong) Co., Ltd. signed the Equity Transfer Agreement with Shanghai Songjiang Feed Company and Shanghai Songjiang Livestock & Poultry Company, the original sponsors’ shareholders of the Company, and agreed Shanghai Songjiang Feed Company and Shanghai Songjiang Livestock & Poultry Company to transfer their state-owned legal person’s shares to Luting (Hongkong) Co., Ltd. On April 4, 2005, the Company received the Apply for approval on the state-owned equity transfer from the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), which was published on Shanghai Securities News and Ta Kung Pao and website of Shanghai Stock Exchange of dated April 5, 2005. On July 4, 2005, the Company got the apply for approval on the equity transfer from the Ministry of Commerce, which was published on Shanghai Securities News and Ta Kung Pao and website of Shanghai Stock Exchange of dated July 5, 2005. On Jul 13, 2006, the Company received the approval on public notice of Luting (Hongkong) Co., Ltd. on Acquisition Report of Shanghai Dajing (Group) Stock Co., Ltd. Apply for exemption of Luting (Hongkong) Co., Ltd.’s tender offer obligations, which was published on Shanghai Securities News and Ta Kung Pao and website of Shanghai Stock Exchange of dated July 15, 2006. 2. Share Merger Reform On Dec. 28, 2005, the Share Merger Reform Plan of the Company was examined and approved by Shareholders’ General Meeting related with the share merger reform of A-share market, which the voting result was published on Shanghai Securities News, China Securities Journal, Securities Times and website of Shanghai Stock Exchange of dated Dec. 30, 2005. On Sep. 11, 2006, the Company received the apply for approval on share merger reform plan from the Ministry of Commerce transmitted by Shanghai Municipal Foreign Investment Commission, which was published on Shanghai Securities News, China Securities Journal, Securities Times and website of Shanghai Stock Exchange of dated Sep. 12, 2006. Particular about transfer of change in shares 1. The Company gained the letter of confirmation on equity transfer registration of state-owned legal person’s shares from China Securities Depository and Clearing Corporation Limited Shanghai Branch. After finishing of equity transfer, Luting (Hongkong) Co., Ltd. became the controlling shareholder of the Company. 2. The consideration during the share merger reform was recorded into the accounts based on the proportion automatically on Shanghai Stock Exchange through the computer network system in accordance with the number of tradable A shares held by all shareholders registered in China Securities Depository and Clearing Corporation Limited Shanghai Branch after close on Shanghai Stock Exchange ended the afternoon of Sep. 18, 2006. Page 11 2. Issuing and listing (1) Issuances in the past three years Over the past three years by the end of this report period, the Company had not issued or listed any new shares or subscribed shares, etc. (2) Total shares of the Company and the structure change During the report period, change in share structure was mainly because of the equity transfer of the principal shareholder and share merger reform. (i) Shanghai Songjiang Feed Company and Shanghai Songjiang Livestock & Poultry Company transferred their 268,672,848 state-owned legal person’s shares of the Company to Luting (Hongkong) Co., Ltd., thus, Luting (Hong Kong) Co., Ltd became the principal shareholder of the Company. (ii) Luting (Hongkong) Co., Ltd. implemented the share merger reform after it became the principal shareholder of the Company. The shareholders of tradable A shares gained the consideration at the rate of 3 shares for every 10 shares from Luting (Hongkong) Co., Ltd. with total consideration shares of 7,722,000 shares. The above consideration shares were listed for trade on the A market on Sep. 20, 2006. Luting (Hongkong) Co., Ltd. still held 278,950,848 foreign shares subject to trading moratorium of the Company after it paid the consideration, taking up 41.25% of total share capital. After implementation of this share merger reform, the Company’s tradable shares subject to trading moratorium was 296,110,788 shares, accounting for 43.78% of total share capital, as well as 380,194,908 tradable shares not subject to trading moratorium, taking up 56.22% of total share capital, the total number of shares remained unchanged. (iii) due to 46 odd lots occurred over the past bonus shares (consideration of share merger reform, totaling 60 shares), and Shanghai Zhuanqiao Industrial Company, the proceeds raised legal person’s shareholder of the Company, took on the said matter and gave the settlement, namely, reduced proceeds raised legal person’s shares held by Shanghai Zhuanqiao Industrial Company of 60 shares, the number of shares subject to trading moratorium held by proceeds raised legal persons’ shareholder became into 17,159,940 shares from original 17,160,000 shares. (3) Current inner employee shares The Company had no inner employee shares by the end of the report period. (II) Shareholders 1. Number of shareholders and shares held Unit: share Total number of shareholders by the end of the report period 44,273 Shares held by the top ten shareholders Full name of Shareholder Type of shares Proportion (%) Total number of Increase/ Decrease Number of shares subject to Share pledged or Page 12 shares held moratorium frozen 1. Luting (Hong Kong) Co., Ltd. Foreign-funded shareholder 41.25 278,950,848 278,950,848 278,950,848 0 2. Shanghai Songlin Industry & Trade Co., Ltd Other 0.47 3,186,612 0 3,186,612 Unknown 3. Shen Anxin Foreign-funded shareholder 0.46 3,128,000 513,800 0 Unknown 4. Liu Yan Foreign-funded shareholder 0.35 2,347,492 410,000 0 Unknown 5. Shi Xin Foreign-funded shareholder 0.33 2,220,000 870,000 0 Unknown 6. Wu Min Foreign-funded shareholder 0.31 2,088,296 2,088,296 0 Unknown 7. Changjiang Economic Union Development (Group) Co., Ltd. Other 0.25 1,716,000 0 1,716,000 Unknown 8. Hao Feng Foreign-funded shareholder 0.24 1,637,600 -41,000 0 Unknown 9. CHIATAI (Shantou) Investment Co., Ltd. Other 0.24 1,630,200 0 1,630,200 Unknown 10. Ningbo Guocheng Plastic Co., Ltd. Other 0.20 1,372,800 0 1,372,800 Unknown Particulars about shares held by the top ten shareholders holding shares not subject to moratorium Name of shareholders Numbers of shares not subject to moratorium held Type of shares 1. Shen Anxin 3,128,000 Domestically listed foreign shares 2. Liu Yan 2,347,492 Domestically listed foreign shares 3. Shi Xin 2,220,000 Domestically listed foreign shares 4. Wu Min 2,088,296 Domestically listed foreign shares 5. Hao Feng 1,637,600 Domestically listed foreign shares 6. Zhou Dongquan 1,308,008 Domestically listed foreign shares 7. Wang Shao’ou 1,266,099 Domestically listed foreign shares 8. Jin Lihua 1,243,400 Domestically listed foreign shares 9. Wang Yunfeng 1,175,500 Domestically listed foreign shares 10. Zhou Jian 1,094,100 Domestically listed foreign shares Explanation on associated relationship among the above shareholders or consistent action Among the top ten shareholders, CHIATAI (Shantou) Investment Co., Ltd. and Ninbo Guocheng Plastic Co., Ltd. are invested by Thailand CHIATAI Group in China, there exist related relationship between them. It is unknown to the Company whether or not there were related relations or concerted action among the top ten shareholders of tradable shares not subject to trading moratorium. Page 13 The number of shares held by the top ten shareholders subject to trading moratorium and trading moratorium Unit: share No. Name of shareholders subject to trading moratorium Number of shares subject to trading moratorium Date on which shares can be listed for trading Number of additional shares can be listed for trading Trading moratorium 1 Luting (Hong Kong) Co., Ltd 278,950,848 Jun. 7, 2009 278,950,848 2 Shanghai Songlin Industry & Trade Co., Ltd 3,186,612 Sep. 20, 2007 3,186,612 3 Changjiang Economic Union Development (Group) Co., Ltd. 1,716,000 Sep. 20, 2007 1,716,000 4 CHIATAI (Shantou) Investment Co., Ltd. 1,630,200 Sep. 20, 2007 1,630,200 5 Ningbo Guocheng Plastic Co., Ltd. 1,372,800 Sep. 20, 2007 1,372,800 6 CSG Holding Co., Ltd. 858,000 Sep. 20, 2007 858,000 7 Shanghai Xingfu Motorcycle Works 772,200 Sep. 20, 2007 772,200 8 China Life Insurance Co., Ltd., Shanghai Songjiang Subbranch 514,800 Sep. 20, 2007 514,800 9 Beijing Poultry Breeders Co., Ltd. 343,200 Sep. 20, 2007 343,200 10 Qingdao CHIATAI Co., Ltd. 343,200 Sep. 20, 2007 343,200 2. Information about the controlling shareholder and the actual controller (1) Particulars about the controlling shareholder Name of the controlling shareholder: Luting (Hong Kong) Co., Ltd. Legal representative: Yu Naifen Registered capital: RMB 900.01 million Date of foundation: Apr. 28, 2004 Major business and management: Luting (Hong Kong) Co., Ltd. belongs to the controlling company quality without actual operation and business, mainly depend on subordinate company to produce, develop and operate. The business invested by Luting (Hong Kong) Co., Ltd. or core business of companies controlled by Luting (Hong Kong) Co., Ltd. include real estate (including engineering construction business), hotel and property management and production of seedling, and etc. Page 14 (2) Particulars about the actual controller Name of the actual controller: OASIS Investment Group Limited Legal representative: Yu Naifen Registered capital: USD 50,000 Date of foundation: Jul. 26, 2001 Major business and management: OASIS Investment Group Limited belongs to the controlling company quality without actual business. (3) Particulars about the actual controller of natural person Name of the actual controller: Yu Naifen Nationality: Chinese American Positions in the recent five years: from June 2001 to now, she takes the post of Chairman of the Board in OASIS Investment Group Limited (British Virgin Islands), from April 2004 to January 2007; she acted as Chairman of the Board and concurrently President of Luting (Hong Kong) Co., Ltd.; from January 2007 to now, she takes the posts of Chairman of the Board in Luting (Hong Kong) Co., Ltd. and of President in Shanghai Dajiang (Group) Stock Co., Ltd. (4) Particulars about change in the controlling shareholder and actual controller Name of new controlling shareholder: Luting (Hong Kong) Co., Ltd Name of new actual controller: Yu Naifen Changing date of controlling shareholder: Aug. 11, 2006 Disclosure date and newspaper of the changing of controlling shareholder: Shanghai Securities News and Hong Kong Ta Kung Pao Disclosure date of the changing of controlling shareholder: Aug. 15, 2006 (5) The property right and controlling relationship between the Company and the actual controller is as follows: Yu Naifen 50% Yu Naiwen 16.6% Ke Zhengguang 16.6% Xu Hongbiao 16.6% 100% 100% 41.25% 3. Other legal person shareholders holding over 10 percent of total shares Shanghai Dajiang (Group) Stock Co., Ltd. Luting (Hong Kong) Co., Ltd. OASIS Investment Group Limited (BVI) Page 15 There was no other legal person shareholder holding over 10 percent of total shares in the report period. Part V. Directors, Supervisors and Senior Executives (I) Directors, supervisors and senior executives Unit: Share Currency: RMB Name Title Sex Age Starting date of office term ending date of office term Shares held at the beginning of the year Shares held at the end of the year Increase or decrease of shares Reasons for the change Total remuneration drawn from the Company in the report period (RMB’0000) (before tax) Xu Hongbiao Chairman of the Board Male 43 Sep. 15, 2006 Jun. 2009 0 0 0 No change 1.46 Li Dongqing Director Male 45 Sep. 15, 2006 Jun. 2009 0 0 0 No change 1.46 Luo Jincheng Director Male 57 Sep. 15, 2006 Jun. 2009 0 0 0 No change 1.46 Zang Shun Director, Vice President, CFO and concurrently General Manager of Financial & Auditing Dept. Male 38 Sep. 15, 2006 Jun. 2009 0 0 0 No change 45 Gu Weiwen Director, Secretary of the Board, Secretary of CPC and concurrently General Manager of Administration Dept. Male 39 Sep. 15, 2006 Jun. 2009 0 0 0 No change 35 Xu Xiaoming Independent Director Male 58 Sep. 15, 2006 Jun. 2009 0 0 0 No change 2.33 ROGER T. MARSHALL Independent Director Male 58 Sep. 15, 2006 Jun. 2009 0 0 0 No change 3.5 Zhu Jiafei Independent Director Female 42 Sep. 15, 2006 Jun. 2009 0 0 0 No change 2.33 Page 16 Zheng Shizhi Chairman of the Supervisory Committee Male 52 Sep. 15, 2006 Jun. 2009 0 0 0 No change 1.46 Weng Zhiyong Supervisor Male 43 Sep. 15, 2006 Jun. 2009 0 0 0 No change 1.46 Liu Jian Employee Supervisor, Chairman of Labor Union Male 55 Dec. 23,2006 Jun. 2009 0 0 0 No change 17.39 Yu Naifen President Female 42 Jan. 10,2007 Jun. 2009 0 0 0 No change 0 Li Chun Vice President Male 52 Sep. 15, 2006 Jun. 2009 0 0 0 No change 45 Luo Yongkun Vice President Male 57 Sep. 15, 2006 Jun. 2009 0 0 0 No change 45 Total / / / / / / 202.85 Main work experiences of the directors, supervisors and senior executives in recent 5 years: (1) Xu Hongbiao, took the post of Director of OASIS Investment Group Limited, of Director and Vice President of Luting (Hong Kong) Co., Ltd. (2) Li Dongqing, successively took the posts of Deputy General Manager in Shanghai Siji Ecological Technology Co., Ltd., of Senior manager in Luting (Hong Kong) Co., Ltd. Now he acts as General Manager of Planning Dept. in Shanghai Luting Group Co., Ltd. (3) Luo Jincheng, acts as General Manager of HR Dept. in Shanghai Luting Group Co., Ltd. (4) Zang Shun: successively took the posts of CFO of Lion Brewery Group in China, and of Assistant President of the Company. He now acts as Director, Vice President, CFO and concurrently General Manager of Financial & Auditing Dept. in the Company. (5) Gu Weiwen: successively Deputy General Manager of the Administration Department, Securities Affairs Representative of the Company. Now he acts as Director, Secretary of the Board and Secretary of CPC and General Manager of the Administration Department in the Company. (6) Xu Xiaoming, acts as Superintendent, professor and Doctor Advisor in Business Management Research Institute of Fudan University. Page 17 (7) ROGER T. MARSHALL, the British nationality, British CPA. Now he acts as Director and General Manager in Persimmon Capital Limited, which is engaged in investment management and consultation, and set up in 1999, provides private service such as equity and risk capital. (8) Zhu Jiafei, successively took the post of manager in Chemical Product Dept. and Electric Materials Dept. of Japan Marubeni (Tokyo). Now she acts as adviser in Electronic High-tech Dept. of Accenture. (9) Zheng Shizhi, the Canadian nationality, graduated from Canada CONCORDIA University with majored in Accounting department, hold such qualification as Canadian CPA, AFA, Registered Financial Accountants and Registered Risk Planners, and has rich multinational financial management experience. He successively took the posts of CPA of PricewaterhouseCoopers Certified Public Accountants, CFO of Shanghai Guojia Information Co., Ltd. Now he acts as CFO in Luting (Hong Kong) Co., Ltd. (10) Weng Zhiyong, successively took the posts of Financial Manager in Shanghai Kaiquan (Pump) Group Co., Ltd., of Assistant General Manager in Shanghai Changjiangkou Shangcheng Co., Ltd., and senior Manager in Luting (Hong Kong) Co., Ltd. Now he acts as Manager of Planning Dept. in Shanghai Luting Group Co., Ltd. (11) Liu Jian, successively took the posts of General Manager of Administration Dept., of Chairman of Labor Union of the Company. Now he acts as Chairman of Labor Union and Employee Supervisor of the Company. (12) Yu Naifen, Chinese American, from June 2001 to now, she takes the post of Chairman of the Board in OASIS Investment Group Limited (British Virgin Islands), from April 2004 to January 2007; she acted as Chairman of the Board and concurrently President of Luting (Hong Kong) Co., Ltd.; from January 2007 to now, she takes the posts of Chairman of the Board in Luting (Hong Kong) Co., Ltd. and of President in Shanghai Dajiang (Group) Stock Co., Ltd. (13) Li Chun: successively took the post of General Manager of Food General Corporation of Shanghai Dajiang (Group) Stock Co., Ltd, and General Manager of the Food Marketing Center of the Company. Now he acts as Vice President of the Company. (14) Shi Yongkun: successively took the post General Manager of Livestock & Poultry Corporation of the Company. Now he acts as Vice President of the Company. (II) Positions held in shareholder units Page 18 Name Name of shareholding unit Position Office term Drawing remuneration and subsidies or not Yu Naifen Luting (Hong Kong) Co., Ltd. Chairman of the Board April 2004 till now Yes Xu Hongbiao Luting (Hong Kong) Co., Ltd. Director, Vice President April 2004 till now Yes Zheng Shizhi Luting (Hong Kong) Co., Ltd. CFO April 2004 till now Yes Taking positions in other units: Name Name of companies Position Office term Drawing remuneration and subsidies or not Yu Naifen OASIS Investment Group Limited Chairman of the Board June 2001 till now No Xu Hongbiao OASIS Investment Group Limited Director June 2001 till now No Luo Jincheng Shanghai Luting Group Co., Ltd. General Manager of HR Dept 1999 till now Yes Li Dongqing Shanghai Luting Group Co., Ltd. General Manager of Planning Dept. Jan. 2007 till now Yes Weng Zhiyong Shanghai Luting Group Co., Ltd. Manager of Planning Dept Jan. 2007 till now Yes Xu Xiaoming Business Management Research Institute of Fudan University Superintendent, professor and Doctor Advisor April 2000 till now Yes ROGER T. MARSHALL Persimmon Capital Limited Director General Manager 1999 till now Yes Zhu Jiafei Electronic High-tech Dept. of Accenture Adviser Aug. 2004 till now Yes (III) Remunerations for directors, supervisors and senior executives 1. Decision-making procedure of the remunerations for directors, supervisors and senior executives: the remuneration of directors, supervisors and senior executives was determined by the shareholders’ general meeting, while one of senior management was determined by the Board of Directors. 2. Base of remuneration for directors, supervisors and senior executives: the proposal on allowance of directors and supervisors examined and approved by the shareholders’ general meeting, the proposal on compensation of senior executives examined and approved by the Board of Directors and appraisal result for directors, supervisors and senior executives in line with the checking method on operation management target at the end of the year. (IV) Changes in directors, supervisors and senior executives of the Company Name Position Reason for dismission Lei Liguang Chairman of the Board Reelection Page 19 Gu Genhua Vice Chairman of the Board and President Reelection Shao Jianguo Director Reelection Wu Xinggen Director Reelection Wang Xiaofeng Director Reelection Zhang Yidi Director Reelection Kong Qingyuan Independent Director Reelection Shen Zhiyi Independent Director Reelection Yuan Shumin Independent Director Reelection Wu Wei Chairman of the Supervisory Committee Reelection Shen Ziping Supervisor Reelection Shen Qianwei Supervisor Reelection Chen Guobang Chairman of the Board and President Individual reason Zhang Yanwei Vice President Individual reason Su Shiyan Assistant President and Chief Office of Production and Technology Individual reason (V) Employees By the end of the report period, there were 65 employees in position, and the retired employees for whom charges had to be paid totaled 0. The number of the above employees only includes the staff of listed company, exclude the staff of subsidiaries. Employee structure: 1. Professional composing: Professional type Number Administrative person 36 Financial person 21 Production person and technician 8 Education levels: Type of education Number Over bachelor 22 Junior college graduate 34 Vocational school graduate or lower 9 Page 20 VI. Corporate Governance (I) Corporate governance 1. The corporate governance of the Company basically accorded with the requirements of the Governance Structure of the Listed Companies issued by CSRC. The Board of Directors, the Supervisory Committee and management team could standardize their operation according to the Articles of Association of the Company. In the report period, the Company amended and perfected the following files such as the Rules of Procedure for the Shareholders’ General Meeting, the Rules of Procedure for the Board of Directors and the Rules of Procedure for the Supervisory Committee in accordance with the requirement of the relevant documents issued by CSRC and Shanghai Stock Exchange, and further standardized the procedure and clarified the duties, and continuously advanced the corporate level of the Company. 2. In the report period, the Company completed the reelection of the Board of Directors and the Supervisory Committee in line with Company Law and the Articles of Association of the Company. Within the new members of the Board of Directors, there were three professionals as independent directors of the Company, reaching to one third of total number of directors, which was in compliance with the requirement of the Article of Association. The Company established the Strategic Development Committee of BOD, the Nomination, Compensation and Appraisal Committee of BOD and Audit Committee of BOD, and set down such Rule of Procedure and Management System as the Rules of Procedure for the Strategic Development Committee of BOD, Rules of Procedure for the Nomination, Compensation and Appraisal Committee of BOD and Rules of Procedure for the Audit Committee of BOD, the Work Details of President and the Internal Auditing System. 3. In accordance with the requirements of the Internal Control for Listed Companies of Shanghai Stock Exchange, combining the Company’s actual situation, the Company established and perfected its internal control, and further standardized its operation and kept away risk. 4. From Nov. 6 to Nov. 10, 2006, China Securities Regulatory Commission Shanghai Securities Regulatory Bureau conducted the field inspection, on issued the rectification and reform in the specified period with HZJGS Zi [2007] No. 4 on Jan. 8, 2007. The Company’s Board of Directors and Management Team carefully studies and analyzed the problems proposed in the rectification and reform in the specified period, and proposed the rectification measures on the problem existed in the Company and formed the rectification report, which was examined and approved at the meeting of the Board held on Feb. 2, 2006. The full text of rectification report was disclosed in Shanghai Securities News and Hong Kong Ta Kung Pao and the website of Shanghai Stock Exchange dated Feb. 6, 2007. (II) Implementation of the Independent Directors (1) Particulars about presenting the Board meeting by Independent Directors Name of Times that should Times of Times of Times of Remark Page 21 independent directors be attend the Board meeting personal presence commission presence absence Xu Xiaoming 3 3 ROGER T. MARSHALL 3 3 Zhu Jiafei 3 3 Kong Qingyuan 4 4 Shen Zhiyi 4 4 Yuan Shumin 4 4 In the report period, the Board of Directors of the Company made a election, in which, XU XIAO MING, ROGER T., MARSHALL and ZHU JIA FEI were appointed as independent directors of the 5th Board; KONG QIN YUAN, SHEN ZHI YI and YUAN SHU MIN were appointed as independent directors of the 4th Board. In the report period, independent directors have seriously joined all the meetings. They expressed objective, just, scientific and independent opinion on resolution of the Board. Therefore, it can improve the objectivity and scientific of resolution of the Board, and develop the role of independent director, meanwhile, protect the whole benefit of the Company and legal benefit of medium & little shareholders. 2. Particulars about the objection proposed by independent directors on the relevant events During the report period, the Company’s independent directors did not propose the objection on proposals of the Board meetings and proposals of other meetings in 2006. (III) Situation of the controlling shareholders in business, personnel, assets, organization and financing of the Company 1. Business: The Company was independent from the controlling shareholder. 2. Personnel: The Company was independent from the controlling shareholder. 3. Assets: The Company was independent from the controlling shareholder. 4. Organization: The Company was independent from the controlling shareholder. 5. Financing: The Company was independent from the controlling shareholder. (Ⅳ) Achievement and appraisal system for senior executives The Company did a annual evaluation on senior managements in accordance with Compensation Plan of Senior Managements considered & approved by the Board, and annual actual operation achievement of the Company. Then the Company can confirm compensation of senior management 2006. Page 22 VII. About the Shareholders’ General Meetings (I). Particulars about Annual shareholders’ General Meeting The Company held Shareholders’ General Meeting 2005 on June 28, 2006. The public notice on resolutions was published in Shanghai Securities News and Ta Kung Pao dated June 30, 2006. (Ⅱ).Special Meeting of Shareholders 1. the 1st Special Meeting of Shareholders: The Company held the 1st Special Meeting of Shareholders 2006 on Sep. 15, 2006. The public notice on resolutions was published in Shanghai Securities News and Ta Kung Pao dated Sep. 16, 2006. Page 23 VIII．Report of the Board of Directors (I) discussion and analysis of management level In 2006, the Company focused on the enterprise restructuring, management adjustment and turning loss to profit to develop the work. The Company fulfilled the work target through one year’s effort, of which: (1) the restructuring and reform which lasted for two years was completed through collective efforts in purchasing party, transferring party and the related departments of the Company in Sep. 2006. Luting Hong Kong and national shareholders finished transfer of shares and became the principal shareholder. (2) Adjusted the main business, cleared up enterprises and assets which had no hope to make profit, decreased the strategic loss timely and efficiently and set up the development strategy of the next three years“expand the food industry, strengthen feedstuff and machinery, optimize the assets and elevate the estate”. (3) both management level and staff work on the “turning loss into profit” made at the beginning of the year, assure the operating target of maintaining brand, withstood all pressure and made concerted effort to fulfill the profit plan: realized the main business income of RMB 770,000,000 and net profit of RMB 25,913,300. 1. analysis of operating achievement In the report period, the Company realized the main business income of RMB 770,673,900, an increase of RMB 15,956,300, and 2.11% compared with the same period of the last year; realized the main business profit of RMB 75,258,300, an increase of RMB 50,732,000 and 206.85% compared with the last year; realized the net profit RMB 25,913,300, an increase of RMB 239,613,900. 2. particulars about the main business operation (1) main business in different industries and products Unit: ’0000 Currency: RMB Industry Main business income Main business cost Profit of main business profit rate (%) Increase/decrease of main business income compared with the last year (%) Increase/decreas e of main business cost compared with the last year (%) Increase/decreas e of main business profit rate compared with the last year (%) Feedstuff and machinery 27,125.12 23,532.92 13.19 -25.20 -26.98 +2.13 food 29,281.12 27,684.74 5.40 -16.67 -25.96 +11.93 estate 19,783.45 15,557.81 15.11 100 100 +15.11 Livestock and poultry 877.70 1,499.58 -70.85 -78.44 -55.02 -88.94 total 77,067.39 68,275.05 9.77 2.11 -6.42 +6.52 ①the main business income: The Company realized the main business income RMB 770,673,900 in 2006, an increased of RMB 15,956,300 and 2.11% compared with the same period of the last year. Page 24 The income of estate increased by RMB 197,834,500 mainly because some real estate project of Dajiang Real Estate delivered and paid in the report period and realized the confirmation of sales. The income of feedstuff decreased by RMB 91,371,400 compared with the last year and the income of food (slay of chicken) business decreased by RMB 58,581,800, the income of feed of livestock and poultry decreased by RMB 31,925,000, mainly because the Company closed the feed of livestock and poultry and slay and shut some enterprises which had no hope to make profit through the industry adjustment. Besides, the bird flu of the former year of 2006 brought some negative effect to the sales of products. ②the main business profit: The Company realized the main business profit of RMB 75,258,300 in 2006, an increase of 50,732,000 and 206.85% compared with the same period of the last year. The profit of food industry increased by RMB38,739,800 compared with last year and the average gross profit of food industry increased by 11.93% compared with the last year. The Company stride delightful step in market operation and efficient controlled cost through purchasing raw materials and OEM cost and further enhanced the R&D and sales of further processing products and elevate the space of gross profit. The profit of newly increased estate was RMB 29,891,400 in the report period mainly because part of Dajiang Real Estate was delivered and paid in the report period and became the new increase point of the Company. (2) main business in different regions Unit:’0000 currency: RMB Region Main business income Increase/decrease of main business income compared with the last year (%) Domestic sales 74,162.28 4.96 Overseas sales 2,905.11 -39.66 total 77,067.39 2.11 (3) particulars about the major suppliers and customers Unit: ’0000 currency: RMB Total amount of the top five suppliers 3,992.2 Proportion of purchase amount 55% Total amount of the top five sales customers 3,655.64 Proportion of sales amount 4.74% (4) Explanation on changes of major financial data of the Company in the report period. Unit:’0000 currency: RMB Project 2006 2005 Increased/decreased amount Extent Operating 3,973.61 2,651.38 1,322.23 49.87 Page 25 expenses Managing expenses 5,016.19 13,917.27 -8,901.08 -63.96 Investment income 5,382.02 874.89 4,507.13 515.17 Subsidy income 1,728.98 350.67 1,378.31 393.05 Non-operating income 938.28 1,704.18 -765.90 -44.94 Non-operating expenses 408.59 7,718.99 -7,310.40 -94.71 Income tax 955.47 223.59 731.88 327.33 ① operating expenses: Increased by RMB 13,222,300 and 49.87% compared with the last year, mainly because: Newly increased operating expenses of real estate RMB 4,437,100 The change of feedstuff sales mode and policies led to the reclassification of expenses item and further increase of operating expenses of RMB 7,940,000 ② managing expenses: decreased by RMB 89,010,800 and a decrease of 63.96% compared with the same period of the last year. Mainly because: By strengthening the control and clearing up of notes receivable and other notes receivable, the net increase of bad debt preparation of notes receivable and other notes receivable decreased RMB 31,300,000 compared with the last year. By strengthening the management of inventories, the depreciation preparation of inventories in the period decreased by RMB 13,380,000 compared with the last year. The staff split-flow was RMB 24,000,000 of the year 2005 did not repeat in this year. By industry adjustment, the Company cleared up the enterprises and assets that could not make profit, the management cost of the enterprise decreased in a large extent, i.e. decreased by RMB 13,000,000. ③ investment income: The amount of this year increased by RMB 45,071,300 and an increase of 515.17%.The main reason was that eight chicken farm and Yangzhou Dajiang Livestock and Poultry Co., Ltd cleared up in this period decreased the operating loss and acquired liquidation income. ④ subsidy income: The amount of this year increased by RMB 13,783,100 mainly because of the return of chick farm quitting compensation from Qingpu Government ⑤ non-operating income: The amount of this year decreased by RMB 7,659,000 mainly because the clearing up projects fixed assets decreased compared with the last year. ⑥ non-operating expenses: The amount of this year decreased by RMB 73,104,000, mainly because the depreciation preparation of fixed assets decreased by RMB 66,487,900 compared with the last year ⑦ income tax: The amount of this year increased by RMB 7,318,800, mainly because the Company turned loss to profit in this year and the amount of net profit increased in a large extent compared with the last year. Page 26 (5) Particulars about cash flows and major changes and reason explanations of major changes of net profit in the report period. Unit:’0000 Currency: RMB Item 2006 2005 Increased/decreased amount Extent (%) Net cash flow arising from operating activities 4,790.17 -866.55 5,656.72 N/A Net cash flow arising from investing activities 1,467.75 1,575.83 -108.08 -6.86 Net cash flow arising from financing activities -10,036.72 94.61 -10,131.33 -10,708.52 Net increase of cash and cash equivalent -3771.2 809.5 -4,580.70 -565.87 ① Cash flow net fund brought by operation activity: The amount is increased by RMB 56.5672 million compared with that of last year. It is because that the group has enhanced the management and control on operation fund of the Company, which largely decreased the payment of production purchase and labor expense. ② Cash flow net fund brought by fund-raising activity: The amount decreased by RMB 10.13133 million compared with that of last year. In order to decrease financial cost of enterprise, the Company compressed bank loan for RMB 75.5 million in the year of 2006, which resulted in the decrease of cash flow net fund this year. (6) Operations and achievements of main holding and share-holding companies Unit: Yuan Currency: RMB Names of enterprises Operation quality Major products Registered capital Assets scale Net profit Shanghai Dajiang Aqua-feed Technology Co., Ltd. Feed production & sale Aqua-feed 9,000,000 17,011,777.81 -1,039,698.97 Changzhou Dajiang Feed Co., Ltd. Feed production & sale Poultry-feed, aqua-feed 21,950,000 53,155,691.67 -325,642.68 Shanghai Dajiang Feed Co., Ltd. Feed production & sale feed 20,000,000 86,887,333.25 -560,161.29 Shanghai Dajiang Meat Processing No. 2 Plant Food processing & sale Meet-processing products 52,000,000 81,867,027.86 -2,608,264.16 Shanghai Shende Machinery Co., Ltd. Feed machinery production & sale Granulating Machine, mixing machine 22,955,200 116,600,545.68 3,607,069.89 Shanghai Dajiang Meat Processing No. 4 Plant Slaying processing Meat processing 50,000,000 35,876,380.02 -1,427,198.55 Shanghai Dajiang Tianma Poultry Breeder Farm Poultry feeding CS hatching egg 18,000,000 27,141,817.55 -2,313,803.84 Shanghai Dajiang Real Real estate Commercial 20,000,000.00 332,159,133.29 14,098,182.43 Page 27 Estate Co., Ltd. developing & operation residential building sale Fuxin Dajiang Co., Ltd. Breeding, feed, chicken slaying, processing , sale, etc. Meat processing, feed, livestock & poultry 72,600,000.00 110,653,588.11 -22,551,358.08 Main operation income and main operation profit of subsidiary greatly influenced on net profit of the Company: Unit: Yuan Currency: RMB Name of unit Main operation income Main operation profit Shanghai Dajiang Meat Processing No. 2 Plant 150,142,881.72 6,369,933.51 Shanghai Shende Machinery Co., Ltd. 52,675,949.53 17,700,742.32 Shanghai Dajiang Real Estate Co., Ltd. 197,834,488.00 29,891,743.55 Fuxin Dajiang Co., Ltd. 16,851,371.49 -16,041,499.93 3. Influence of settlement management of land value-added tax on real estate operation of the Company Recently, Notice on Concerning the Settlement Management of Land Value-added Tax on Real Estate Enterprises issued by the State Administration of Taxation, which further clarified the usage range and ratepaying method of value-added tax on real estate enterprises. The Company prepaid value-added tax on real estate enterprises at the very time of sales realization with the proportion of 1% of income, in accordance with related regulations. And the Company had prepaid about RMB 2.4 million. In the development & operation of new project, the Company has considered on the land value-added tax in advance. Real estate projects developed by the Company mainly were common residential buildings developing, so it was affected little by the notice. On the settlement of land value-added tax related to real estate developing operation of the Company, it will calculate the affection on profit, after the concrete settlement management method issued by Shanghai Administration of Taxation. 4. Operation plan of 2007 and outlook of future development In the year 2006, with the backgrounds of HIV, enterprise reconstruction and austere fund chain, the staff steps out the first step on thriving Dajiang with their hard work led by the Company. It is a good beginning. In the year 2007, the Company will continuously deepen all aspects of production & operation with lead of new Board. It will further clarify the developing stratagem and measure of enterprise --- “enlarge food industry, strengthen feed & feed machinery, optimize assets, and develop real estate”. (1) enlarge food industry: Food industry is the most important operation of Dajiang, and it is the main orientation of the Company’s development in future. Page 28 ① Profit making mode: Based on practice of the year 2006, the Company will continuous exploit characteristics suited for Dajiang. Set up profit making mode with the core of “brand” advantage, “Shanghai” area advantage and “channel” advantage. ② Production: Based on stable former production marketing, the Company will adjust production structure; break through the production frame of “do chicken only”; greatly develop high value-added production. ③ Market: In the year 2007, the Company will continuous standing in Changjiang (Yangtze) River Delta, exploit China market actively; continuously enlarge domestic market sales amount, meanwhile, furbish export operation gradually. (2) Strengthen feed & feed machinery operation This slogan embodied on improving profit making competence and risk resisting competence, and paying attention on increment of production profit rate. ① On breed structure of production: The Company will decrease the complete feed production gradually of low gross profit, like chicken feed, duck feed, etc.; pay much attention on high value-added feed production, like aqua-feed and high-class pig feed, etc. and improve profit making lever of production. ② On integration internal resource of feed system: The Company will optimize deployment to improve production competence efficacy of assets; meanwhile, decrease raw material stocking cost of feed and production deployment cost by feed system internal integration, so as to improve production market competence. ③ Proper fulfilling enterprise reform of feed mechanism system: The Company will stimulate the ability of management and skill backbone, and enhance the realization of development strategy by introducing management shareholding. (3) Optimize assets: ① Human resource is the important asset of enterprise, also, is the core competence of enterprise. On one hand, the Company will enhance the training and education of older employees, and improve their work competence and work efficiency; on the other hand, introduce new management & technology talents, which can bring energy to enterprise development. And it will help the Company form an open & competitive human resource environment with active & optimistic atmosphere. ② Structure changing & integrating of land in the year 2006 formed land reserve, and the Company has started to exploit and use gradually from the year 2007. Besides, the Company will activate part storage assets of the Company, and optimize idle assts. ③ Enhance liability reconstruction: Short-term liability becoming longer and heavy interest cost are still the difficulties faced by Dajiang. In the year 2007, the Company will engage liability reconstruction and form the liability structure fitted with enterprise operation mode gradually, provided ensure the normal operation of enterprise. (4) Do well in the real estate business Real estate business is a profit increase point developed by the Company. Dajiang Real Estate Co., Ltd. completed the sales of the first stage of small high-rise building of “Dajiang Garden” and the liquidation of the whole building and ensured the Page 29 realization of income. Handi and Kechuang, these two industrial estate companies managed the plan and performance of the projects in 2007 and tried to create new profit increase point for the Company. Our target is to form the combination of food, feedstuff and estate by three years' development and make the Company change fundamentally. (II). Possible accounting policies change and accounting estimate change subsequent to implementation of new accounting standards and the impact on the Company's financial status and operating results 1. According to the regulation of Accounting Standard for Business Enterprises No.38- First Time Adoption of Accounting Standards for Enterprises, the Company implemented the New Accounting standard since Jan.1, 2007. The differences between the current accounting standard and the new accounting standard on Jan. 1, 2007, the day of first time adoption of the new accounting standard were items of “balance of long-term equity investment”, “income tax”, “minority shareholders’ equity”. 2. Possible accounting policies change and accounting estimate change subsequent to implementation of new accounting standards and the impact on financial status and operating results (1) According to the regulation of Accounting Standard for Business Enterprises No. 2 - Long-term equity investments，the Company adopts cost method Calculation on the subsidiary, which will affect the investment income of the parent company, but it can not influent on consolidated statement. (2) According to the regulation of Accounting Standard for Business Enterprises No. 3 - Investment properties, the Company will measure the investment properties by cost model, which can not influent on shareholders’ equity and net profit. (3) According to the regulation of Accounting Standard for Business Enterprises No. 6 - Intangible Assets, the R&D expenses of the Company changed, from all expense recorded into profit or loss for the current period to capitalize all development expense in accordance with the regulations, which will influence the profit of the current period and the shareholders’ equity of the Company. (4) According to the regulation of Accounting Standard for Business Enterprises No. 9 - Employee Compensation, the Company changed list of welfare, from 14%of the wages payable in current period to list in accordance with actual amount, which will influence the profit of the Company and shareholders’ equity. (5) According to the regulation of Accounting Standards for Enterprises No. 16 - Government Subsidies, the government subsidies which was listed in the gains or losses in the current period will be classified in government subsidies related with assets and government subsidies related with income under the New Accounting Standard, and will be listed the former one into deferred income and income in periods and the latter into gains and losses in the current period. The change will influence the current profit of the Company and the shareholders’ equity. Page 30 (6) According to the regulation of Accounting Standards for Enterprises No. 17 - Borrowing Costs, the borrowing costs for capitalization will change from the special borrowing expenses in the current system to special expenses and common expense for capitalization, which will influence the scope of borrowing costs for capitalization and increase the profit of the Company and shareho0lders’ equity. (7) According to the regulation of Accounting Standard for Business Enterprises No. 18 - Income taxes, the Company adopts balance sheet obligation method for calculation, which will influent the current income tax expense of the Company, thereby, impact on profit and shareholders’ equity of the Company. (8) in accordance with the current accounting standard, the net profit in the consolidated statement does not included the unconfirmed investment loss; the related regulation of eth New Accounting Standard requires that the unconfirmed loss listed into parent company in the consolidated statement. Since the company can not predict the benefit of all invested subsidiary in 2007, so this change can not accurately estimate the influence of the operating results of 2007. 3. The above analysis is subjected to review based on further explanation on New Accounting Standard by ministry of finance. (III). Investment of the Company. In the report period, the Company invested RMB 100,910,000, an increase of 73,730,000 and 271.27% compared with that of the last year. The information of company invested in: The company invested in Main operation activities Proportion in the invested companies (%) remarks Shanghai Western international Agricultural Products Trading Co., Ltd. Development construction and management, land lease of agriculture products trading market; wholesale trade of agriculture products and its processing goods 15 Shanghai Dajiang Kechang Properties Co., Ltd. Development and management of real estate 100 Shanghai Handi Properties Co., Ltd. Development and management of real estate 100 Note(1) Shanghai Dahua Machinery Co., Ltd. Production suspended 70.75 Note(2) Shanghai Yanglei Properties Co., Ltd. Development and management of real estate 99.75 Note(3) Shanghai Dajiang Assets Operation and Management Co., Ltd. Investment and assets management 99.875 Note(4) Jiangsu Dajiang Livestock Production and sale of 70 Note(5) Page 31 & Poultry Development Co., Ltd feedstuff, purchase, slay and sales of chicken, agent sales and feed technology support of chicken Note (1) This Company held 51% shares at the beginning of the report period, and in the report period the Company was assigned the rest 49% of shares by investing RMB 8,820,000. Note (2) The Company held 45.75% shares at the beginning of the report period, and in the report period the Company was assigned 25% shares of CHIATAI Shanghai Co., Ltd. by investing RMB 6,830,000. Note (3) The registered capital of the company was RMB 31,800,000 and the paicl-up capital was RMB 6,400,000. The company was established by the Company and the subordinate controlling subsidiary company, Shanghai Dajiang Real Estate Co., Ltd. In the report period the Company invested the cash RMB 5,760,000 and the rest would be paid within two years of establishment of the company. Note (4) The registered capital of the Company was RMB 50,000,000 and the paicl-up capital was RMB 10,000,000. The company was established by the Company and the subordinate controlling subsidiary company, Shanghai Dajiang Real Estate Co., Ltd. In the report period the Company invested the cash RMB 9,500,000 and the rest would be paid within two years of establishment of the company. Note (5) the registered capital of the company was RMB 33,000,000 and the paicl-up capital was RMB 10,000,000. In the report period, the Company invested cash RMB 7,000,000 and the rest would be paid within two years of the establishment of the company. 1. Use of the raised proceeds In the report period, the Company did not raise proceeds through public offer or had no use of the proceeds raised before the report period continuing to the report period. 2. Projects of non-raised proceeds 1) “Dajiang Garden” first stage project The Company invested RMB 499,290,000 in this project. The building was in selling process and realized RMB 14,000,000 in 2006. (IV) Reasons and influences of accounting policies change of accounting estimation and amendment of accounting errors. In the report period, the Company did not have accounting policies, change of accounting estimation or amendment of accounting errors. (V) Routine work of the Board of Directors 1 Meetings and resolutions of the Board (1) The Company held the extraordinary meeting of the 4th Board of Directors on Jan. 26, 2006, the relevant public notice on resolutions was published in Shanghai Securities News and Ta Kung Pao dated Feb.7, 2006. Page 32 (2) The Company held the 12th meeting of the 4th Board of Directors on Apr.13, 2006, the relevant public notice on resolutions was published in Shanghai Securities News and Ta Kung Pao dated Apr.15, 2006. (3) The Company held the 13th meeting of the 4th Board of Directors on Apr.27, 2006, the relevant public notice on resolutions was published in Shanghai Securities News and Ta Kung Pao dated Apr.29, 2006. (4) The Company held the 14th meeting of the 4th Board of Directors on Aug. 23, 2006, the relevant public notice on resolutions was published in Shanghai Securities News and Ta Kung Pao dated Aug. 25, 2006. (5) The Company held the 1st meeting of the 5th Board of Directors on Sep.15, 2006, the relevant public notice on resolutions was published in Shanghai Securities News and Ta Kung Pao dated Sep.19, 2006. (6) The Company held the extraordinary meeting of the 5th Board of Directors on Oct.27, 2006, the relevant public notice on resolutions was published in Shanghai Securities News and Ta Kung Pao dated Oct.31, 2006. (7) The Company held the extraordinary meeting of the 5th Board of Directors on Dec.20, 2006, the relevant public notice on resolutions was published in Shanghai Securities News and Ta Kung Pao dated Dec.22, 2006. 2. Implementation of the Board on the resolutions of Shareholders’ General Meeting In the report period, all the resolutions of Shareholders’ General Meeting have been implemented smoothly. There was no any authorization from Shareholders’ General Meeting to the Board of Directors. Neither dividends distribution nor capitalization of capital reserve into share capital would be conducted. There was no project on shares allotment or new shares issuance. Page 33 IX. Report of the Supervisory Committee I. Particulars about the work of the Supervisory Board 1. the 10th meeting of the 4th Supervisory Committee was held on Apr.13, 2006, examined and approved the proposals such as the Annual Work Report of the Supervisory Board for the Year 2005, the Annual Financial Report for the Year 2005, the Annual Profit Distribution Preplan for the Year 2005, Explanation of Capital Occupation by Principal Shareholders and Solutions, the Annual Report for 2005 and the Annual Report Summary for 2005. 2. The 11th meeting of the 4th Supervisory Committee was held on Apr.27, 2006, examined and approved the 1st Quarter Report for the Year 2006. 3. the 12th meeting of the 4th Supervisory Committee was held on Aug.23, 2006, examined and approved the proposal on General Selection of the 4th Supervisory Committee, Official Rules for Supervisory Committee(draft), Semi-annual Report 2006 and Summary of Semi-annual Report 2006. 4. The 1st meeting of the 5th Supervisory Committee was held on Sep.15, 2006, selecting Mr. Zheng Shizhi as the Chairman of Supervisory Committee. 5 the extraordinary meeting of the 5th Supervisory Committee was held on Oct.27, 2006, examined and approved the 3rd Quarter Report 2006. Ⅱ. Independent opinions on the operation of the company presented by the Supervisory Board The Company performed in accordance with the Company Law, the Securities Law and the Articles of Association, The Company has set up the financial accounting and internal control system; decision-making procedures of important events were valid and orderly; the commencement of General Meeting for Shareholders and the Board of Directors were in conformity with the Company Law, the Securities Law and the Articles of Association; The top management executives performed legally without violating the state laws, rules and Articles of Association of the Company. There was no damaging activity harming the interests of the Company and shareholders. Disclosing of information was timely, truthful and complete. (III).Independent opinions on the supervision of the company’s financial status presented by the Supervisory Board In the report period, the financial management of the Company was strict and standard and did not exist violation of national economic and financial regulations and system. The Supervisory Committee, in accordance with the requirement of No.68 of Securities Law, checked the Annual Report 2006 and attended the 2nd Board of Directors of the 5th session, heard the explanation of the edit of Annual Report by the management level and the voting of examination of Annual Report by the Board of Directors. The procedure of edit and examination of Annual Report was in conformity with the regulations of laws, regulations, Articles of Association, the internal management system and regulations of CSRC and Shanghai Stock Exchange and the included information reflected the operating management and financial status of the Company in this year; did not find the violation of secrecy of staff who participated in Page 34 editing and examining the Annual Report. The Supervisory Committee examined the 2006 audit report with standard unqualified opinions produced by Shulun Pan Certified Public Accountants, and believed that it reflected the operating results of the Company in this year in objection, trueness and fairness. The differences between the domestic and overseas auditing results were mainly because of difference in accounting standards. The preplan of no profit distribution and no capitalization of public reserves stipulated by the company conforms to the actual condition of the company. (IV) Independent opinions on actual occupation of latest raised fund of the Company by the Supervisory Committee. In the report period, the Company did not raise funds or the occupation of raised funds of the previous years in this year. (V) .Independent opinions on the purchase and sale of assets of the Company presented by the Supervisory Board In the report period, in accordance with the requirement of industrial structure adjustment and protection of upriver water resources of Huangpu River by the government, the Company sold and purchased some assets projects which were mainly movement project of government. There existed no insider trade or harm to the interests of the shareholders, which resulted in the assets outflow of the Company. (VI) Independent opinions on the related transactions of the Company presented by the Supervisory Board In the report period, the associated transactions of the Company reflected principle of fairness and did not trade inside or harm the interest of shareholders. On Dec.20, 2006, the Company transferred 56.47% shares of Fuxin Dajiang Co., Ltd. and transferred its credit with the subsidiary company to Shanghai Luting Group Co., Ltd, the controlling shareholding subsidiary of the principal shareholder: Luting (Hong Kong) Co., Ltd. the transaction price was fair. This transaction was favorable for the improvement of cash flow of the Company and supply capital foundation for follow-on development; at the same time, it helped the Company peeled off the long-term deficit assets and enhanced the level of sustainable development and in conformity with the development strategy of the Company. X. Significant Events (I) Significant lawsuits and arbitrations in the report period 1. The Company raised a lawsuit to Shanghai No.1 Intermediate People’s Court in Jul. 2006, asked Zhang Zhao, Ningbo Tianbang Co., Ltd. and Shanghai Tianbang Feedstuff Co., Ltd for compensation of RMB 8,258,236.42 and pay for the late fee. Shanghai No.1 Intermediate People’s Court made the first verdict on Oct.11, 2006 that Shanghai Tianbang Feedstuff Co., Ltd compensate the Company for RMB 8,256,236.42 and the late fee in accordance with three times of the bank loan rate of the same period from Jul.8, 2005 to the actual discharge day. The verdict came into effect on Feb.6, 2007. The Company received the transaction note RMB 8,258,236.42 from Shanghai Tianbang Feedstuff Co., Ltd. and the late fee RMB 22,296,604.84 Page 35 respectively. The event was published Shanghai Securities Times and Ta Kung Pao dated on Oct.19, 2006 and Feb.8, 2007. 2. The Company raised a lawsuit to Hangzhou Intermediate People’s Court, Zhejiang in Sep. 2005, asked Hangzhou Qingyun Holding Group Co., Ltd, Zhiyi Group Co., Ltd and Liu Youjun compensate for the stock transfer note of original Hangzhou Dajiang RMB 7,787,568.21 to the Company. Hangzhou Intermediate People’s Court, Zhejiang made the first verdict on Aug.25, 2005: Hangzhou Qingyun Holding Group Co., Ltd, Zhiyi Group Co., Ltd and Liu Youjun compensate for the stock transfer note of original Hangzhou Dajiang RMB 7,787,568.21 to the Company as well as the late fee RMB268, 578. The event was published in Shanghai Securities Times and Ta Kung Pao dated Oct.19, 2006. Hangzhou Qingyun Holding Group Co., Ltd, Zhiyi Group Co., Ltd and Liu Youjun filed an appeal to Zhejiang High People’s Court on Oct.7, 2006. The Company and Hangzhou Qingyun Holding Group Co., Ltd, Zhiyi Group Co., Ltd and Liu Youjun reached Settlement Agreement on Mar.7, 2007, Hangzhou Qingyun Holding Group Co., Ltd, Zhiyi Group Co., Ltd and Liu Youjun paid to the Company for RMB 6,000,000 in two periods before May.1, 2007. (II) Assets transactions 1. Purchases of assets 1) On Jan. 16, 2006, the Company bought 25% equity of Shanghai Dahua Devices Co., Ltd from CHIA TAI Shanghai Co., Ltd. The book value of these assets was RMB 3,233,600, the assessed value was RMB 6,831,300 and the actual purchase price was RMB 6,830,000. The purchase price had been set according to the assessed value of these assets. This event was published in Shanghai Securities News and Ta Kung Pao on Feb. 7, 2006. Due to bad operation, Shanghai Dahua Devices Co., Ltd stopped operation in December 2004. The equity transfer by the Company was mainly to tap the idle assets of this company overall. This event had no significant influence on the continuity of the Company’s operations or the stability of the management team. There was no related relationship between the Company and Zhengda Shanghai Co., Ltd. This event has been fully completed. 2) On Aug.2, 2006, the Company the Company bought 49% equity of Shanghai Handi Properties Co., Ltd from Shanghai Sonjiang International Medicine City Co., Ltd. The actual purchase price was RMB 8,820,000. The purchase price had been set according to the net book value of the asset audited by Shanghai Handi Properties Co., Ltd. by the end of Dec.31, 2005. This event was published in Shanghai Securities News and Ta Kung Pao on Aug.25, 2006. Shanghai Handi Properties Co., Ltd. was at the preparation of construction of project development and the consignment of the Company was mainly for fulfillment of industrial properties strategies and strengthening of integration and management of industrial properties resources. The Company had no associated relationship with Shanghai Songjiang International Medicine Co., Ltd. This event has been fully completed. 2 sales of assets Page 36 1) On Dec.20, 2006, the Company transferred 56.47% shares of Fuxin Dajiang Co., Ltd. and the credit of Fuxin owned by the Company and the subsidiary company to the controlling subsidiary of Shanghai Luting Group Co., Ltd, the principal shareholder, Luting (Hong Kong) Co., Ltd. te book value of the asset was RMB 20,102,900, the contributed net profit of the asset to the listed company from the beginning of the year to sales day RMB -12,734,800. The actual sales price was RMB 21,454,200, and the benefit RMB 1,351,300. This price was based on the book value of Fuxin Dajiang Co., Ltd. confirmed by CPAs of the sales day, Jul.30, 2006. This transaction was associated transaction and was published in Shanghai Securities Times and Ta Kung Pao dated Dec.22, 2006. the sales of asset had no effect to the continuity off operation and steadiness of management level, and favorable for the Company peeled off the long-term deficit asset and strengthen the level of sustainable development and was in conformity with the development strategy of the Company. This event has been fully completed. 2) On Jun. 9, 2006, the Company transferred Yangzhou Dajiang Livestock & Poultry Feedstuff Co., Ltd to Yangzhou Vocational College of Environment and Resources. The book value of these assets was RMB 16,860,200 and the net profit contributed to the Listed Company from the beginning of the year to the selling day amounted to RMB -163,400. The actual transaction price was RMB 26 million. Since liquidation has not been finished, the gains and losses thereafter shall be disclosed separately. The selling price has been set according to the market price. This event was published in Shanghai Securities News and Ta Kung Pao on Aug. 25, 2005. This event had no significant influence on the continuity of the Company’s operations or the stability of the management team. This event will help cash the idle assets of the Company and increase cash flows. This event has been fully completed. 3) On Jun. 1, 2006, the Company transferred the Songjiang Chendu Broiler Farm to Shanghai Songjiang Xinbang Sideline Company. The book value of these assets was RMB 3,722,000 and the net profit contributed to the Listed Company from the beginning of the year to the selling day amounted to RMB -201,400. The actual transaction price was RMB 8.5 million. Since liquidation has not been finished, the gains and losses thereafter shall be disclosed separately. The selling price has been set according to the market price. This event was published in Shanghai Securities News and Ta Kung Pao on Apr. 15, 2006. This event had no significant influence on the continuity of the Company’s operations or the stability of the management team. This event has met the requirements by the municipal government on the protection of the water resource in the upper stream of Huangpu River as well as the Company’s strategy on the adjustment to the breeding operation. It will help cash the idle assets of the Company and increase cash flows. This event has been fully completed. 4) On May 23, 2006, the Company transferred Qingpu Xunan Broiler Farm to the Shanghai Rongwei Investment Management Co., Ltd. The book value of these assets was RMB 1,264,900 and the net profit contributed to the Listed Company from the beginning of the year to the selling day amounted to RMB -235,700. The actual Page 37 transaction price was RMB 7 million. Since liquidation has not been finished, the gains and losses thereafter shall be disclosed separately. The selling price has been set according to the market price. This event was published in Shanghai Securities News and Ta Kung Pao on Apr. 15, 2006. This event had no significant influence on the continuity of the Company’s operations or the stability of the management team. This event has met the requirements by the municipal government on the protection of the water resource in the upper stream of Huangpu River as well as the Company’s strategy on the adjustment to the breeding operation. It will help cash the idle assets of the Company and increase cash flows. This event has been fully completed. 5) On May 15, 2006, the Company transferred Songjiang Xilin Broiler Farm to the Songjiang District Maogang Township Agricultural Techniques Services Center. The book value of these assets was RMB 11.5876 million; actual sale fund was RMB 9 million; liquidation profit & loss was RMB 8.6236 million. The selling price has been set according to the market price. There was no associated transaction between two parties. This event was published in Shanghai Securities News and Ta Kung Pao on Apr. 15, 2006 and Dec. 26, 2006 respectively. The asset stopped to operate in 2006, and entered into liquidation procedure, which make no net profit for listed Company. The sale had no significant influence on the continuity of the Company’s operations or the stability of the management team. And it will help cash the idle assets of the Company and increase cash flows. (Done) 6) On May 15, 2006, the Company transferred Qingpu Wangjin Broiler Farm to the Zhujiajiao Township Wangjin Village Villager Committee and the Zhujiajiao Township Jianxin Village Villager Committee. The book value of these assets was RMB 7, 9840 million, actual sale fund was RMB 6.9 million; liquidation profit & loss was RMB 6.3288 million. The selling price has been set according to the market price. There was no associated transaction between two parties. This event was published in Shanghai Securities News and Ta Kung Pao on Apr. 15, 2006 and Dec. 26, 2006 respectively. The asset stopped to operate in 2006, and entered into liquidation procedure, which make no net profit for the listed Company. The sale had no significant influence on the continuity of the Company’s operations or the stability of the management team. And it will help cash the idle assets of the Company and increase cash flows. (Done) 7) On Apr. 30, 2006, the Company transferred Qingpu Zhujiangzhuang Broiler Farm to Shanghai Zigang Commerce and Trade Co., Ltd.. The book value of these assets was RMB 6.8375 million; actual sale fund was RMB 6.95 million; liquidation profit & loss was RMB 7.7073 million. The selling price has been set according to the market price. There was no associated transaction between two parties. This event was published in Shanghai Securities News and Ta Kung Pao on Apr. 15, 2006 and Dec. 26, 2006 respectively. The asset stopped to operate in 2006, and entered into liquidation procedure, which make no net profit for listed Company. The sale had no significant influence on the continuity of the Company’s operations or the stability of Page 38 the management team. And it will help cash the idle assets of the Company and increase cash flows. (Done) 8) On Apr. 26, 2006, the Company transferred the Qingpu Dabang Broiler Farm to the Shanghai Junren Investment Management Co., Ltd. The book value of these assets was RMB 7.2266 million; actual sale fund was RMB 7 million; liquidation profit & loss was RMB 7.6107 million. The selling price has been set according to the market price. There was no associated transaction between two parties. This event was published in Shanghai Securities News and Ta Kung Pao on Apr. 15, 2006 and Dec. 26, 2006 respectively. The asset stopped to operate in 2006, and entered into liquidation procedure, which make no net profit for listed Company. The sale had no significant influence on the continuity of the Company’s operations or the stability of the management team. And it will help cash the idle assets of the Company and increase cash flows. (Done) 9) On June 30, 2006, the Company transferred Shanghai Dajiang Guangxing Chicken Farm to Songjiang Dongting town Industry General Company. The book value of these assets was RMB 6.5874 million; actual sale fund was RMB 7.8 million; liquidation profit & loss was RMB 7.0636 million. The selling price has been set according to the market price. There was no associated transaction between two parties. This event was published in Shanghai Securities News and Ta Kung Pao on Feb. 28, 2005 and Dec. 26, 2006 respectively. The asset stopped to operate in 2006, and entered into liquidation procedure, which make no net profit for listed Company. The sale had no significant influence on the continuity of the Company’s operations or the stability of the management team. And it will help cash the idle assets of the Company and increase cash flows. (Done) 10) On Jan. 10, 2006, the Company transferred Songxin Broiler Farm to Shanghai Shihudang Economic Development Co., Ltd.. The book value of these assets was RMB 10.6863 million; actual sale fund was RMB 9 million; liquidation profit & loss was RMB 8.5053 million. The selling price has been set according to the market price. There was no associated transaction between two parties. This event was published in Shanghai Securities News and Ta Kung Pao on Feb. 28, 2005. The asset stopped to operate in 2006, and entered into liquidation procedure, which make no net profit for listed Company. The sale had no significant influence on the continuity of the Company’s operations or the stability of the management team. And it will help cash the idle assets of the Company and increase cash flows. (Done) 11) On May 24, 2006, the Company transferred No. 58-69 shopping house of Sanjiao Street, Sheshan town, Songjiang district to Songjiang Administration Committee of Shanghai Sheshan National Tourist Vacation Areas. The book value of these assets was RMB 2.0926 million; actual sale fund was RMB 6 million; profit & loss was RMB 8.5053 million. The selling price has been set according to the market price. There was no associated transaction between two parties. This event was published in Shanghai Securities News and Ta Kung Pao on Feb. 28, 2005. The asset was stop to lease out in 2006, which make no net profit for listed Company. The sale had no Page 39 significant influence on the continuity of the Company’s operations or the stability of the management team. And it will help cash the idle assets of the Company and increase cash flows. (Done) 12) On Dec. 30, 2006, subordinate company of the Company --- Qingpu Gushi Broiler Farm transferred fixed assets to Shanghai Yunzhan Economic Development Co., Ltd.. The book value of these assets was RMB 6.3620 million; actual sale fund was RMB 7.5 million; profit & loss was RMB 1.1380 million. The selling price has been set according to the market price. There was no associated transaction between two parties. This event was published in Shanghai Securities News and Ta Kung Pao on Jan. 13, 2005. The asset stopped to operate in 2006, which make no net profit for listed Company. The sale had no significant influence on the continuity of the Company’s operations or the stability of the management team. And it will help cash the idle assets of the Company and increase cash flows. (Done) Explanation: among the above sold assets, Yangzhou Dajiang Livestock & Poultry Feedstuff Co., Ltd., Songjiang Chendu Broiler Farm, Qingpu Xunan Broiler Farm, Songjiang Xilin Broiler, Qingpu Wangjin Broiler, Qingpu Zhujiazuang Broiler, Qingpu Dabang Broiler, Shanghai Dajiang Guangxing Chicken Farm and Songxin Broiler were moving projects for construction of local government. Listed book value was the long-term equity investment book value of this assets held by the Company. Selling price was assets moving compensation of the investment unit paid by government. Assets selling profit & loss were long-term equity investment liquidation profit & loss of the assets held by the Company. (Ⅲ) Significant related transactions in the report period 1. Significant related associated transactions on transferring of assets and equity 1) As derivative transaction from share transferring transaction between Luting (HK) Co., Ltd. controlled by the Company and former initial shareholder of the Company --- Shanghai Songjiang feedstuff Co. & Shanghai Songjiang Livestock & Poultry Co., Luting (HK) Co., Ltd. promised that purchase loss asset --- Fuxin Dajiang Co., Ltd. of the Company with RMB 21.25 million, after equity transferring. On Aug. 10, 2006, Luting (HK) Co., Ltd. remitted RMB 21.25 million to the Company by its related company --- Shanghai Green-island Kechuang Ecology Science & Technology Co Ltd. Dec. 20, 2006, Shanghai Luting Group Co., Ltd., controlling subsidiary of Luting (HK) Co., Ltd. signed equity transfer contract and liability transfer contract with the Company, as well as resigned 56.47% equity of Fuxin Dajiang Co., Ltd. and liability right of Fuxin Dajiang Co., Ltd. held by the Company. The transfer price is against the fund audited by Fuxin Dajiang Co., Ltd. on July 31, 2006. From the auditing result of Sulun Pan CPAs Co., Ltd., net assets of Fujiang Dajiang Co., Ltd. is RMB 12,140,934.17, and recorded as RMB 6,855,985.53 by 56.47% equity; liability of the Company was RMB 14,598,218.26, and totaled RMB 21,454,203.79. On Dec. 31, 2006, book balance of Fuxin Dajiang Co., Ltd. long-term invested by the Company was RMB 5,504,675.11. This shares’ equity transfer created profit RMB 1,351,310.42. Page 40 This event was published in Shanghai Securities News and Ta Kung Pao on Dec. 22, 2006. Business alteration procedure related to share equity transfer was finished on Mar. 30, 2007. 2. Related credits and liabilities current Capital occupations in the year of 2006 and clearing progress Balance of non-operating capital of the Listed Company occupied by the principal shareholder and its affiliated companies (RMB’0000) At the beginning of the period At the end of the period Total amount cleared this period (RMB’0000) Mode of clearing Amount cleared (RMB’0000) Time of clearing (month) 5,747.78 0 5,747.78 Income liquidation of equity transfer 5,747.78 8 Non-operating capital of the Listed Company occupied by the principal shareholder and its subsidiaries and detailed explanation on clearing (Ⅳ) Trusts The Company has no trusts in the report period. (Ⅴ) Contracting The Company has made no contracting in the report period. (Ⅵ) Leases The Company has no leases in the report period. (Ⅶ) Guarantees Unit: RMB’0000 Currency: Renminbi External guarantees of the Company (excluding guarantees for shareholding subsidiaries) Guarantee object date Guarantee amount Guarantee type Guarantee term Perform finished or not Associated parties or not Fuxin Dajiang Co., Ltd. Dec. 29, 2005 3,450 Joint liability guarantee Dec. 31, 2005 – Dec. 31, 2008 No Yes Fuxin Dajiang Co., Ltd. Apr. 20, 2006 1,000 Joint liability guarantee Apr. 30, 2006 – Apr. 30, 2009 No Yes Page 41 Total guarantee amount occurred in the report period 4,450 Total guarantee balance at the end of the report period 4,450 Guarantees for shareholding subsidiaries by the Company Total guarantee amount occurred in the report period for shareholding subsidiaries 5,800 Total guarantee balance at the end of the report period for shareholding subsidiaries 4,200 Total guarantee amount of the Company (including guarantees for shareholding subsidiaries) Total guarantee amount (A+B) 8,650 Proportion of the Company’s net assets taken by the total guarantee amount 44.12 Including: Guarantee amount for shareholders, the actual controller and their related parties 4,450 Guarantee amount for the debts of the guaranteed companies with an asset-liability ratio of over 70 percent, directly or indirectly 8,650 The amount by which the total guarantee amount exceeded 50 percent of the net assets 0 Total amount of aforesaid three types of guarantees 13,100 1) On Dec. 29, 2005, the Company provided guarantee for the controlling subsidiary of the Company --- Fuxin Dajiang Co., Ltd. with RMB 34.5 million, and guarantee term was from Dec. 31, 2005 to Dec. 31, 2008. 2) On Apr. 20, 2006, the Company provided guarantee for the controlling subsidiary of the Company --- Fuxin Dajiang Co., Ltd. with RMB 10 million, and guarantee term was from Apr. 30, 2006 to Apr. 30, 2009. This event was published in Shanghai Securities News and Ta Kung Pao on May 12, 2006. Explanation on guarantee forming: On Dec. 20, 2006, the Company signed Share Equity Transfer Contract with controlling subsidiary of Luting (HK) Co., Ltd. --- Shanghai Luting Group Co., Ltd.. And Luting (HK) is the controlling shareholder of the Company. The Company transferred 56.47% share equity of Fuxin Dajiang Co., Ltd. to Shanghai Luting Group Co., Ltd.. And that share equity of Fuxin Dajing Co., Ltd. was held by the Company. In this share equity transfer, RMB 44.5 million guarantee responsibility of Fuxin Dajiang Co., Ltd. was not transferred provided by the Company. Therefore, guarantee type of Fuxin Dajiang Co., Ltd. provided the Company occurred a change. In the past, it belonged to guarantee of controlling subsidiary provided by listed company. While, now, it is guarantee of large shareholders’ associated enterprise provided by listed company. These events were published in Shanghai Securities News, Ta Kung Pao and website of Shanghai Stock Exchange on Dec. 22, 2006. Page 42 (Ⅷ) Entrustment of finance management The Company has not entrusted others with finance management in the report period. (Ⅸ) Other significant contract The Company has no other significant contract. (Ⅹ) Implementation of the commitments Name of shareholder Commitments Fulfillment of commitments Notes Luting (HK) Co., Ltd. 1. After implementing the share merger reform, the Company will make the supplemental consideration once to the shareholders of tradable A-share not subject to moratorium registered in register of shareholders after the trading have closed on date of record for consideration if one of the following two circumstance happens, and supplemental consideration totals to RMB 5,148,000 shares. The first circumstance: the Certified Public Accountants issue a non-standard opinion for the financial report 2006 of the Company audited; the second circumstance: the Company's net profit in current year showed in the financial report 2006 of the Company audited is negative. In case of involving the above supplemental consideration, Luting (Hong Kong) Co., Limited will implement such supplemental consideration once within 10 trading days after the shareholders' general meeting 2006 of the Company examined and approved the said Auditors' Report. 2. For original nontradable shares of the Company held by Luting (Hong Kong) Co., Limited, no trading or transferring within 2 years from the first trading day to expiration of commitment for such supplemental consideration after the implementation of share merger reform. If shares are sold, the funds from selling shares will be returned to listed company. 1. In the year of 2006, financial report of the Company shows the positive numbers on the item of net profit. And Sunlun Pan CPAs Co., Ltd. presents the standard auditing opinion on financial report of the Company 2006. Audited financial report of 2006 need to submit in Shareholders’ General Meeting for auditing, so this commitment event now is in the commitment period. 2. Within the report period, Luting (HK) Co., Ltd. has experienced neither share listed transaction nor transfer. Raising legal person shareholder Non-tradable shares held by Raising legal person shareholder from the first transaction date of fulfillment of share merger reform plan can not list for transaction or transfer within 12 months. In the report period, Raising legal person shareholder preformed its commitments. Page 43 (Ⅺ) Engagement and disengagement of Certified Public Accountants In the report period, the Company didn’t change Certified Public Accountants. The Company now engages Shu Lun Pan Certified Public Accountants Co., Ltd. as the domestic auditing institute of the Company and plans to pay it the annual remuneration amount to RMB 528,000 the auditing work, including trip expense for RMB 28,000, and there is no other expense. By the end of the report period, the Certified Public Accountants has provided auditing service for the company for four years. The company now engages Horwath China Shanghai CPA Limited as its overseas auditing institute and plans to pay it the annual remuneration of about RMB 380,000, and there is no other expense. By the end of the report period, the Certified Public Accountants has provided auditing service for the company for six years. (Ⅻ) Punishment and Rectification of listed company, the Directors, the Supervisors, Senior Management, Shareholders of the Company and Actual Controllers In the report period, none of the Directors, the Supervisors, Senior Management, and Shareholders of the Company and Actual Controllers of the Company have been inspected, given administrative punishment, publicly criticized by CSRC or publicly condemned by Stock Exchange. (ⅩⅢ) Other significant events There were no other significant events in the report period. (ⅩⅣ) Internal control system construction of the Company In order to ensure orderly procedure of business operation in the Company; confirm the safety & integrity of assets; continuously improve risk management lever of the Company, the Company paid much attention on construction & fulfillment of internal control system. In recent years, the Company has revised & perfected the internal control system in accordance with rebuilding of industry structure and adjustment of organization institute in the Company. Through neaten & perfect the ten operation procedures of the Company and its controlling subsidiary, like production, investment, D & R, sale, receiving funds, stock and payment, etc., the Company constructed risk controlling frame of the Company, and fully & systematically set up internal management controlling point. The Company authorized that auditing dep. as daily checking & regulatory institute, which is responsibility for daily checking and monitoring of all kinds operations, controlling subsidiary, finance and accountant, etc. At the same time, it is directly responsibility for the Board of Directors. Currently, the Company set up internal control system, which can ensure financial report’s establishment truly & fair. It is also can ensure the healthy operation of all kinds operation activities of the Company, and it adapts the management & Page 44 development of the Company. As well as, it provides the pledge for fulfillment related law &regulation and all kinds of enterprise regulations. The Board of Directors paid much attention on internal control system’s establishment & perfection of the Company. It will check and monitor on fulfillment of internal control system regular or irregular and provide improvement requirements timely, in accordance with related requirements from regulatory dep. In the year 2007, the Company will set up internal controlling work team, in accordance with regulations of Guidelines on Internal Control for Companies Listed on the Shanghai Stock Exchange. It will fully neaten & valuate the former internal control system of the Company with related department, which can ensure the task of internal control system’s construction & perfection carry out in order. As well as ensure the successful realization of stratagem goal of the Company. XI. Financial report The Certified Public Accountants has audited the financial report of the Company and produced the standard unqualified Auditors’ Report. (I) Auditors’ Report INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. (Incorporated in the People’s Republic of China with limited liability) We have audited the consolidated financial statements of Shanghai Dajiang (Group) Stock Co., Ltd. (the “Company”) and its subsidiaries (the “Group”) set out on pages 3 to 48 which comprise the consolidated balance sheet as at 31 December 2006, and the consolidated income statement, consolidated statement of changes in equity and consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. Directors’ responsibility for the financial statements The directors are responsible for the preparation and the true and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and the true and fair presentation 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 reasonable in the circumstances. Auditor’s responsibility Our responsibility is to express an opinion on these financial statements based on our audit and to report our opinion solely to you, as a body and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Page 45 We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement. An audit 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 those risk assessments, the auditor considers internal control relevant to the entity’s preparation and true and fair presentation of the 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 directors, as well as evaluating the overall presentation of 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, the consolidated financial statements give a true and fair view of the state of affairs of the Group as at 31 December 2006 and of the profit and cash flows of the Group for the year then ended in accordance with International Financial Reporting Standards. HORWATH HONG KONG CPA LIMITED 2001 Central Plaza Certified Public Accountants 25 April 2007 Chan Kam Wing, Clement Practising Certificate number P02038 18 Harbour Road Wanchai Hong Kong Important Note: Since Jan. 1, 2007, the Company has implemented Accounting Standard for Business Enterprises (hereinafter referred to as New Accounting Standard) enforced by the Ministry of Finance in 2006. The Company currently estimates the influence of New Accounting Standard on the financial status, financial performance and cash flows, and prepared the reconciliation statement about difference of shareholder’s equity prepared under the old accounting standard and that prepared under new accounting standard after seriously consideration in accordance with the further explanation about Page 46 new accounting standards made by the Ministry of Finance and resolution on accounting estimate based on the new accounting standards made by the Board of Directors, the Company would possibly reconcile the relevant accounting policies or important cognizance adopted by the Company when the Company prepared the reconciliation statement about difference of shareholder’s equity prepared under the old accounting standard and that prepared under the new accounting standard in the financial report 2007, as a result, there existed the possible difference in shareholders’ equity (new accounting standards) as at Jan. 1, 2007 presented in such statement and that presented in the financial report 2007. Shanghai Dajiang (Group) Stock Co., Ltd. Review Report on Reconciliation Statement about Difference in Shareholders’ Equity between New Accounting Standard and Old Accounting Standard XKSB Zi (2007) No. 11239 To all shareholders of Shanghai Dajiang (Group) Stock Co., Ltd. We have reviewed the accompanying reconciliation statement about difference of shareholder’s equity between calculated the new accounting standard and the old accounting standard (the “Reconciliation Statement”) of Shanghai Dajiang (Group) Stock Co., Ltd. (the “Company”). Management is responsible for the reparation and fair presentation of this reconciliation statement in accordance with Accounting Standard for Business Enterprises No. 38 – First Time Adoption of Accounting Standard for Business Enterprises and the Circular on Doing Well the Financial Information Disclosure Related to the New Accounting Standard (ZJF[2006] No. 136, hereinafter referred to as the “Circular”). Our responsibility is to express a review report on this reconciliation statements based on our review. In accordance with the relevant provisions of the Circular, we conducted our review according to the provisions of the Standard on Review Engagements for CPAs of China No. 2101 – Engagements to Review Financial Statements. Such standard require that we plan and perform the review to obtain limited assurance whether this reconciliation statement are free from material misstatement. A review limits to enquiring for the relevant personnel and the relevant accounting policies and all materials reorganization, knowing calculation process of amount in the reconciliation statement, reading the reconciliation statement to consider whether follow the designated reparation basis and implement analysis procedure. The review provides the lower assurance than audit. We did not conduct the auditing, thus we did not express any auditing opinion. Based on our review, we believed that the reconciliation statement was prepared in accordance with Accounting Standard for Business Enterprises No. 38 – First Time Adoption of Accounting Standard for Business Enterprises and the Circular in full. Furthermore, we call persons using such reconciliation statement for attention, the accompanying presentation of reasons listed in important notes of the reconciliation statement, for instance, the possible difference in the consolidated shareholder’s Page 47 equity as at Jan. 1, 2007 prepared under New Accounting Standard listed in such reconciliation statement and the relevant data listed in Financial Report 2007 in the future exists. Shulun Pan Certified Public Accountants Co., Ltd. CPA: Lin Lu CPA: Xu Lirong Shanghai · China 6 April 2007 Reconciliation statement about difference in shareholders’ equity between the old and new accounting standard Unit: RMB Item Title Amount Shareholder’s Equity as at Dec.31, 2006 (current Accounting Standards) 196,071,809.71 1 Balance of long-term equity investment 5,224,738.76 Of which: balance of long-term equity investment formed in the merger of an enterprise under the same control -3,289,008.35 Credit balance for long-term equity investment calculated based on equity method 8,513,747.11 2 Investment properties measured based on fair value model 3 Depreciation over the past years supplemental withdrew due to dismantling cost of assets 4 Employee termination indemnity according with projected liability 5 Share based payments 6 Reorganization obligation according with projected liability 7 Business Combinations Of which: Book value of goodwill formed in the merger of an enterprise under the same control Reserve for impairment of goodwill withdrawn based on new accounting standards 8 Financial assets measured in line with fair value and its change amounts was recognized in profit or loss of current period and available-for sale financial assets 9 Financial liability measured in line with fair value and its change amounts was recognized in profit or loss of current period 10 Equity increased due to division of financial instruments 11 Derivative financial instruments 12 Income Tax 13 Minority interests 47,448,399.10 14 Other Page 48 Shareholder Equity as at Jan. 1, 2007 (New Accounting Standard) 248,744,947.57 Of which: owners’ equity attributable to Parents Company 201,296,548.47 Minority interests 47,448,399.10 Person in charge of the Company: Yu Naifen Chief of accounting work: Zang Shun Person preparing the table: Pan Leiping Note to Reconciliation statement about difference in shareholders’ equity between the new accounting standard and the old accounting standard (Amount is expressed in Renminbi Yuan unless otherwise specified) I. Purpose of preparation The Company performed the new accounting standard for business enterprises since 1 January 2007. China Securities Regulatory Commission promulgated the Circular on Doing Well the Financial Information Disclosure Related to the New Accounting Standard (ZJF[2006] No. 136, hereinafter referred to as the “Circular”) in November 2006 in order to analyze and disclose the influence on the financial status of listed company due to the implementation of the new accounting standard, which required the Company to disclose the reconciliation procedure of significant difference by the Reconciliation Statement in the part of “Supplemental Information” enclosed in the Financial Report 2006 in accordance with the relevant regulations of Accounting Standard for Business Enterprises No. 38 – First Time Adoption of Accounting Standard for Business Enterprises and the Circular. II. Preparation basis In accordance with the Accounting Standard for Business Enterprises No. 38 – First Time Adoption of Accounting Standard for Business Enterprises and the relevant regulations of the Circular, the reconciliation statement is prepared by the Company according to important principle combining the Company’s characteristic and situations on the basis of the (consolidated) financial statement 2006. For things that there are no specific provisions in the Article 5 to Article 19 of Accounting Standard for Business Enterprises No. 38 – First Time Adoption of Accounting Standard for Business Enterprises, the said reconciliation statement shall be prepared in line with the following principles: (I) The subsidiaries, associated enterprises and affiliated enterprises conducted the retroactive reconciliation in accordance with the Article 5 to Article 19 of Accounting Standard for Business Enterprises No. 38 – First Time Adoption of Accounting Standard for Business Enterprises. For things that have influence on the retained earnings of the above companies and the share of net assets enjoyed by the Company based on the proportion, the Company shall reconcile the relevant retained earnings or capital reserve in accordance with their actual business situation. Page 49 (II) The Company shall reconcile the minority interests according to the new accounting standard when the Company prepared the consolidated financial statement, which is presented separately in the reconciliation statement. III. Notes to main items (I) The amount of the shareholders’ equity (the current accounting standard) as at Dec. 31, 2006 is from the (consolidated) balance sheet as at Dec. 31, 2006 prepared in accordance with the current Accounting Standard for Business Enterprises and Accounting System for Business Enterprises (hereinafter referred to as “the current accounting standard”). Shulun Pan Certified Public Accountants Co., Ltd. has audited such statements and produced a standard unqualified auditors’ report (XKSB Zi (2007) No. 11238) dated Apr. 25, 2007. For the preparation base and main accounting policies related with such statement, please refer to the Financial Report 2006. (II) The balance of long-term equity investment The book balance of long-term equity investment-debt of subsidiaries as at Dec. 31, 2006 was RMB 3,289,008.35. Such balance of equity investment belongs to the balance of long-term equity investment formed in the merger of an enterprise under the same control, as a result, the Company retroactively reconciled to decrease the shareholders’ equity of RMB 3,289,008.35 as at Jan. 1, 2007, of which, the owners’ equity attributable to parents company decreased by RMB 3,289,008.35. The book balance of long-term equity investment-credit of subsidiaries as at Dec. 31, 2006 was RMB 8,513,747.11. Such balance of equity investment belongs to the balance of long-term equity investment-credit measured according to equity method, as a result, the Company retroactively reconciled to increase the shareholders’ equity of RMB 8,513,747.11 as at Jan. 1, 2007, of which, the owners’ equity attributable to parents company increased by RMB 8,513,747.11. (III) Other The minority interests of subsidiaries presented in the consolidated accounting statement prepared according to the current accounting standard as at Dec. 31, 2006 was RMB 47,448,399.10, while was recorded into the shareholders’ equity according to the new accounting standard, as a result, the shareholders’ equity as at Jan. 1, 2007 increased by RMB 47,448,399.10. The shareholders’ equity measured according to the new accounting standard was 248,744,947.57, of which, the owners’ equity attributable to parents company was RMB 201,296,548.47, the owners’ equity attributable to minority interests was RMB 47,448,399.10. XII. Documents for Reference (1) Accounting statements with signatures and seals of the person in charge of the Company and chief of accounting work; Page 50 (2) The original copy of the audit report with seal of the certified public accountants and signatures of the certified accountants; (3) Original texts of the files and announcements published on Shanghai Securities News and Ta Kung Pao during the report period Chairman of the Board: Xu Hongbiao Shanghai Dajiang (Group) Stock Co., Ltd. April 26, 2007 Page 51 INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. (Incorporated in the People’s Republic of China with limited liability) We have audited the consolidated financial statements of Shanghai Dajiang (Group) Stock Co., Ltd. (the “Company”) and its subsidiaries (the “Group”) set out on pages 3 to 48 which comprise the consolidated balance sheet as at 31 December 2006, and the consolidated income statement, consolidated statement of changes in equity and consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. Directors’ responsibility for the financial statements The directors are responsible for the preparation and the true and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and the true and fair presentation 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 reasonable in the circumstances. Auditor’s responsibility Our responsibility is to express an opinion on these financial statements based on our audit and to report our opinion solely to you, as a body and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement. An audit 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 those risk assessments, the auditor considers internal control relevant to the entity’s preparation and true and fair presentation of Page 52 the 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 directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Page 53 INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. (Incorporated in the People’s Republic of China with limited liability) (Continued) Opinion In our opinion, the consolidated financial statements give a true and fair view of the state of affairs of the Group as at 31 December 2006 and of the profit and cash flows of the Group for the year then ended in accordance with International Financial Reporting Standards. HORWATH HONG KONG CPA LIMITED 2001 Central Plaza Certified Public Accountants 25 April 2007 Chan Kam Wing, Clement Practising Certificate number P02038 18 Harbour Road Wanchai Hong Kong SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 54 CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006 (Expressed in Renminbi thousands) 2006 2005 Notes RMB’000 RMB’000 Turnover 6 770,674 754,717 Cost of sales (695,416) (730,191) Gross profit 75,258 24,526 Other operating income 7 12,570 6,293 Selling expenses (39,736) (26,514) Administrative expenses (57,323) (137,198) Provision for impairment loss on property, plant and equipment and construction in progress (953) (65,789) Other gains and losses 8 68,419 13,043 Profit/(loss) from operations 9 58,235 (185,639) Finance costs 11 (33,914) (32,736) Share of profits/(losses) of associates 40 (4,337) Profit/(loss) before taxation 24,361 (222,712) Taxation 12(a) (9,555) (2,236) Profit/(loss) for the year 14,806 (224,948) Attributable to: Equity holders of the parent 22,815 (216,827) Minority interests (8,009) (8,121) 14,806 (224,948) Basic earning/(loss) per share (RMB) 13 0.034 (0.321) The accompanying notes form part of these financial statements. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 55 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2006 (Expressed in Renminbi thousands) 2006 2005 Notes RMB’000 RMB’000 Non-current assets Property, plant and equipment 15 182,603 300,801 Construction in progress 16 932 1,871 Land use rights 17 19,957 14,809 Long-term other receivables 18 161,551 176,475 Goodwill 19 3,524 - Interests in unconsolidated subsidiary and associates 20 1,528 9,643 Properties under development - 242,350 Available-for-sale investments 21 134,498 105,089 504,593 851,038 Current assets Investments held for trading - 320 Properties held for sale 250,883 - Inventories 22 98,854 150,606 Trade and other receivables, net 23 122,988 85,922 Taxes recoverable - 2,495 Cash and bank deposits 72,179 109,891 544,904 349,234 Current liabilities Short-term bank loans 24 462,000 601,000 Trade payables 93,771 53,885 Deposits received on sale of properties 42,794 94,622 Other payables and accruals 199,724 274,793 Amount due to holding company 32(b) 3,796 - Taxes payable 2,359 - 804,444 1,024,300 Net current liabilities (259,540) (675,066) Total assets less current liabilities 245,053 175,972 SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 56 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2006 (Expressed in Renminbi thousands) 2006 2005 Notes RMB’000 RMB’000 Total assets less current liabilities 245,053 175,972 Non-current liabilities Long-term bank loans 24 (7,000) (20,000) Net assets 238,053 155,972 Equity Share capital 25 676,306 676,306 Reserves (486,593) (566,886) Attributable to equity holders of the parent 189,713 109,420 Minority interests 48,340 46,552 Total equity 238,053 155,972 The financial statements were approved and authorised for issue by the board of directors on 25 April 2007. Director Director The accompanying notes form part of these financial statements. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 57 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2006 (Expressed in Renminbi thousands) Statutory Attributable Statutory public Accumu- to equity Share Share surplus welfare lated holders of Minority Total capital premium reserve fund losses the parent interests equity RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (Note 25) (Note 26) (Note 26) (Note26) At 1 January 2005 676,306 121,701 59,833 31,526 (563,119) 326,247 52,609 378,856 Net loss for the year - - - - (216,827) (216,827) (8,121) (224,948) Capital contributed by minority shareholders - - - - - - 8,820 8,820 Change in minority interests - - - - - - (557) (557) Dividend paid to minority shareholders - - - - - - (6,199) (6,199) Income appropriation - - 21 - (21) - - - At 31 December 2005 676,306 121,701 59,854 31,526 (779,967) 109,420 46,552 155,972 Net profit for the year - - - - 22,815 22,815 (8,009) 14,806 Capital contributed by shareholders - 57,478 - - - 57,478 - 57,478 Capital contributed by minority shareholders - - - - - - 10,898 10,898 Acquisition of a subsidiary - - - - - - 3,881 3,881 Change in minority interests - - - - - - (1,811) (1,811) Dividend paid to minority shareholders - - - - - - (1,323) (1,323) Repayment to minority shareholders - - - - - - (1,848) (1,848) Transfer to statutory surplus reserve - - 31,526 (31,526) - - - - Income appropriation - - 5,990 - (5,990) - - - At 31 December 2006 676,306 179,179 97,370 - (763,142) 189,713 48,340 238,503 The accompanying notes form part of these financial statements. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 58 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2006 (Expressed in Renminbi thousands) 2006 2005 RMB’000 RMB’000 Operating activities Operating profit/(loss) before taxation 24,361 (222,712) Adjustments for: Interest income (564) (567) Dividend income (134) (1,627) Interest expenses 33,091 31,090 Depreciation and amortisation 29,546 53,738 Gain on disposal of a subsidiary (6,982) - Loss on disposal of associates 344 - Gain on disposal of property, plant and equipment (77,543) (12,931) (Write back of)/provision for bad and doubtful debts (12,301) 17,976 Provision for impairment losses on available-for-sale investments 15,591 - (Gain)/loss on disposal of investments held for trading (413) 6 Provision for impairment losses on property, plant and equipment and construction in progress 953 65,789 Share of results of associates (40) 4,337 Cash flows before changes in working capital 5,909 (64,901) Decrease in inventories 49,396 25,607 Increase in properties held for sale (250,883) - Decrease/(increase) in properties under development 243,757 (105,169) (Increase)/decrease in trade and other receivables (22,687) 3,235 Decrease in taxes recoverable 17,419 2,513 Increase/(decrease) in trade payables 38,595 (40,210) (Decrease)/increase in other payables and accruals (78,632) 80,980 (Decrease)/increase in deposits received on sale of properties (24,528) 94,622 Decrease in tax payables (1,517) (887) Cash used in operations (23,171) (4,210) Interest paid (33,091) (31,090) Income tax paid (5,679) (2,351) Net cash used in operating activities (61,941) (37,651) SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 59 CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2006 (Expressed in Renminbi thousands) 2006 2005 Note RMB’000 RMB’000 Investing activities Purchase of property, plant and equipment and construction in progress (30,921) (53,582) Increase in available-for-sale investments (45,000) - Investments in associates - (2,000) Decrease/(increase) in balances due from associates 31 (187) Proceeds from disposal of property, plant and equipment 102,757 69,343 Cash outflow from acquisition of a subsidiary 29 (5,660) - Cash inflow from disposal of a subsidiary 30 6,483 - Proceeds from disposal of associates 1,500 - Proceeds from disposal of investments held for trading 733 - Dividend received 134 1,634 Interest received 564 567 Net cash generated from investing activities 30,621 15,775 Financing activities New bank loans 382,000 897,500 Repayments of bank loans (457,500) (870,150) Increase in loans from a holding company 3,796 - Contribution from shareholders 57,478 - Return of capital to minority shareholders (1,848) - Contribution from minority shareholders 10,898 8,820 Dividends paid to minority shareholders (1,323) (6,199) Net cash (used in)/generated from financing activities (6,499) 29,971 Net (decrease)/increase in cash and bank deposits (37,819) 8,095 Cash and bank deposits, at beginning of year 109,891 101,796 Change of consolidation scope 31 107 - Cash and bank deposits, at end of year 72,179 109,891 The accompanying notes form part of these financial statements. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 60 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in Renminbi thousands) ORGANISATION AND OPERATIONS Shanghai Dajiang (Group) Stock Co., Ltd. (the “Company”) was incorporated on 14 November 1993 in the People’s Republic of China (the “PRC”). The Company is listed on the Shanghai Stock Exchange in the PRC in 1993. The Company’s listed shares include ordinary shares (“A Shares”) and domestically listed foreign investment shares (“B Shares”), both of which are traded on the Shanghai Stock Exchange. The registered office of the Company is located at 7 Floor, 1555 Lianhua Road, Xu Hui Area, Shanghai, the PRC. The Group operates in the PRC and employed 955 employees at 31 December 2006 (2005: 2,851 employees). The principal activities of the Company and its subsidiaries (the “Group”) are food processing and domestic sale and export sale of food products, feed production, poultry breeding and farming, and property development. FUNDAMENTAL ACCOUNTING PRINCIPLE The Group has obtained an undertaking from Lu Ting (Hong Kong) Company Limited (“Lu Ting”) in which Lu Ting will enable the Group to continue its normal operations in the next 3 years. Accordingly, the Directors are satisfied that it is appropriate to prepare the 2006 consolidated financial statements on a going concern basis. ADOPTION OF NEW AND REVISED STANDARDS In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the International Accounting Standards Board (the “IASB”) and the International Financial Reporting Interpretations Committee (“IFRIC”) of the IASB that are relevant to its operations and effective for accounting periods beginning on 1 January 2006. The adoption of these new and revised Standards and Interpretations has resulted in changes to the Group’s accounting policies in the following areas: SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 61 3. ADOPTION OF NEW AND REVISED STANDARDS (CONTINUED) Investments classified as at fair value through profit or loss Following amendments to IAS 39 Financial Instruments: Recognition and Measurements in June 2005, the ability of entities to designate any financial asset or financial liability as ‘at fair value through profit or loss’ (FVTPL) has been limited. Financial assets that can no longer be designated as at FVTPL are now classified as either loans and receivables, held-to-maturity or available-for-sale financial assets, as appropriate, and measured at amortised cost, or at fair value with changes in fair value recognized in equity, according to their classification. Financial liabilities that can no longer be designated as at FVTPL are classified as ‘other’ financial liabilities and measured at amortised cost. These changes have had no material effect on the financial statements of the Group. Accounting for financial guarantee contracts The IASB has also amended IAS 39 Financial Instruments: Recognition and Measurement to require certain financial guarantee contracts issued by the Group to be accounted for in accordance with that Standard. Financial guarantee contracts that are accounted for in accordance with IAS 39 are measured initially at their fair values, and subsequently measured at the higher of: - the amount of the obligation under the contract, as determined in accordance with IAS 37 Provision, Contingent Liabilities and Contingent Assets; and - the amount initially recognized less, where appropriate, cumulative amortization recognized in accordance with the revenue recognition policies set out in Note 4 below. These changes have had no material impact on the financial statements of the Group. At the date of authorisation of these financial statements, the following Standards and Interpretations were in issue but not yet effective: Effective for annual periods beginning on or after IFRIC 8 Scope of IFRS 2 1 May 2006 IFRIC 10 Interim Financial Reporting and Impairment 1 November 2006 The directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Group. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 62 PRINCIPAL ACCOUNTING POLICIES The financial statements of the Group have been prepared on the historical cost basis, except for the revaluation of certain financial instruments, and in accordance with IFRS. The Group also prepares financial statements which comply with accounting regulations in the PRC. A reconciliation of the Group’s results and shareholders’ equity under IFRS and PRC accounting regulations is presented in Note 34. The principal accounting policies adopted are as follows: Principles of consolidation The consolidated financial statements include those of the Company and its subsidiaries and the Group’s interest in associates on the basis as set out in Notes 4(c) and (d) below. The acquisition method of accounting is used for acquired businesses. Results of subsidiaries and associates acquired or disposed of during the year are included in the consolidated financial statements from the date of acquisition or to the date of disposal. All significant intercompany balances and transactions, including intercompany profits and unrealised profits and losses are eliminated on consolidation. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination. Losses applicable to the minority in excess of the minority’s interest in the subsidiary’s equity are allocated against the interests of the Group except to the extent that the minority has a binding obligation and is able to make an additional investment to cover the losses. Business combinations The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets acquired, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair values at the acquisition date. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 63 PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (b) Business combinations (continued) Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in profit or loss. The interest of minority shareholders in the acquiree is initially measured at the minority’s proportion of the net fair value of the assets, liabilities and contingent liabilities recognised. Subsidiaries A subsidiary is a company in which the Company has control. Control exists when the Company has the power to govern the financial and operating policies of the subsidiary so as to obtain benefits from its activities. Details of the Company’s major subsidiaries as of 31 December 2006 are set out in Note 28 to the financial statements. Associates An associate is a company, not being a subsidiary or a joint venture, in which the Company has significant influence. Significant influence exists when the Company has the power to participate in, but not control, the financial and operating decisions of the associate. The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. Under the equity method, investments in associates are carried in the consolidated balance sheet at cost and adjusted for post-acquisition changes in the Group’s share of the net assets of the associate, less any impairment in the value of individual investments. Losses of an associate in excess of the Group’s interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate) are not recognised, unless the Group has incurred obligations or made payments on behalf of the associate. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 64 4. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (d) Associates (continued) Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate recognised at the date of acquisition is recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profit or loss. Where a group entity transacts with an associate of the Group, profits and losses are eliminated to the extent of the Group’s interest in the relevant associate. Goodwill Goodwill arising on the acquisition of a subsidiary or a jointly controlled entity represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary or jointly controlled entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. The Group’s policy for goodwill arising on the acquisition of an associate is described under “Associate” above. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 65 4. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Property, plant and equipment and depreciation Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditure incurred after the property, plant and equipment have been put into operation, is recognised as an expense in the year in which it is incurred. In situations where it is probable that the expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of the asset, the expenditure is capitalised as an additional cost of the property, plant and equipment. Depreciation is calculated using the straight-line method to write off the cost, after taking into account the estimated residual value at nil to 10% of cost over its expected useful life. The expected useful lives are as follows: Buildings 20 years Plant and machinery 10 years Transport facilities 5 years Furniture, fixtures and office equipment 5 years Investment properties held for the production of income are accounted for as property, plant and equipment. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised as income or expense in the year. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 66 4. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Construction in progress Construction in progress represents buildings under construction and machinery under installation and testing and is stated at cost. This includes costs of construction, attributable borrowing costs and other direct costs capitalised during the period of construction, installation or testing up to the date of commissioning. Construction in progress is not depreciated until such time as the assets are completed and put into operational use. Land use rights Land use rights are stated at cost less accumulated amortisation. Land use rights are amortised on a straight-line basis over the lease term of the land use rights. Impairment of tangible and intangible assets excluding goodwill At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 67 4. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Properties under development Properties under development are stated at cost less any provision for impairment loss deemed necessary by the directors. Cost of properties under development includes land cost, construction cost, interest charges and other development expenditure attributable to the property development project. Properties held for sale Properties held for sale comprise of commercial properties purchased for sale and are carried at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less cost to complete redevelopment and selling expenses. Inventories Inventories are stated at the lower of cost and net realisable value. Cost, calculated on the weighted average basis, comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Financial instruments Financial assets and financial liabilities are recognised on the Group’s balance sheet when the Group becomes a party to the contractual provisions of the instrument. (i) Trade receivables Trade receivables are measured at initial recognition at fair value, and are subsequently measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in profit or loss when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 68 4. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (m) Financial instruments (continued) (ii) Investments Investments are recognised and derecognised on a trade date basis where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, plus directly attributable transaction costs. At subsequent reporting dates, debts securities that the Group has the expressed intention and ability to hold to maturity (held-to-maturity debt securities) are measured at amortised cost using the effective interest rate method, less any impairment loss recognised to reflect irrecoverable amounts. An impairment loss is recognised in profit or loss when there is objective evidence that the asset is impaired, and is measured as the difference between the investment’s carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition. Impairment losses are reversed in subsequent periods when an increase in the investment’s recoverable amount can be related objectively to an event occurring after the impairment was recognised, subject to the restriction that the carrying amount of the investment at the date the impairment is reversed shall not exceed what the amortised cost would have been had the impairment not been recognised. Investments other than held-to-maturity debt securities are classified as either investments held for trading or as available-for-sale, and are measured at subsequent reporting dates at fair value. Where securities are held for trading purposes, gains and losses arising from changes in fair value are included in profit or loss for the period. For available-for-sale investments, gains and losses arising from changes in fair value are recognised directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulate gain or loss previously recognised in equity is included in the profit or loss for the period. For investment in an equity instrument that does not have a quoted market price in active market and for which other methods of reasonably estimating fair value are clearly inappropriate or unworkable, the instrument would be measured at cost, subject to review of impairment. Impairment losses recognised in profit or loss for equity investments classified as available-for-sale are not subsequently reversed through profit or loss. Impairment losses recognised in profit or loss for debt instruments classified as available-for-sale are subsequently reversed if an increase in the fair value of the instrument can be objectively related to an event occurring after the recognition of the impairment loss. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 69 4. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (m) Financial instruments (continued) (iii) Cash and cash equivalents Cash represents cash in hand and deposits with any banks or other financial institutions which are repayable on demand. Cash equivalents represent short term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less and that are subject to an insignificant risk of change in value. (iv) Bank borrowings Interest-bearing bank loans and overdrafts are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in accordance with the Group’s accounting policy for borrowing costs (see below). (v) Trade payables Trade payables initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Leases (i) Where the Group is the lessee Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased assets are classified as operating leases. Operating lease payments are recognised as an expense in the income statement on a straight-line basis over the lease term. (ii) Where the Group is the lessor Assets subject to operating leases (investment properties) are included in property, plant and equipment in the balance sheet. Lease income is recognised in the income statement on a straight-line basis over the lease term. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 70 4. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Provisions A provision is recognised when, and only when an enterprise has a present obligation (legal or constructive) as a result of a past event and it is probable (i.e. more likely than not) that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. Where the effect of the time value of money is material, the amount of a provision is the present value of the expenditure expected to be required to settle the obligation. Contingencies Contingent liabilities are not recognised in the consolidated financial statements. They are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is not recognised in the consolidated financial statements but disclosed when an inflow of economic benefits is probable. Staff welfare and retirement benefits The Group is required to provide certain staff welfare and retirement benefits to its employees under the existing PRC legislation. The Group’s obligation, including a contribution to a defined contribution retirement plan administered by a government agency, is usually determined based on a certain percentage of the basic salary of the employees. The Group accounts for these contributions on an accrual basis. Foreign currency translations Individual companies in the Group maintain their books and accounting records in RMB, which is not a freely convertible currency. Foreign currency transactions are translated into RMB at the rates of exchange prevailing at the time of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into RMB at the rates prevailing at the balance sheet date. Exchange differences arising are included in consolidated income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated to RMB using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to RMB at the foreign exchange rate ruling at the dates the values were determined. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 71 4. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) (r) Foreign currency translations (continued) Exchange differences attributable to the translation of foreign currency borrowings used to finance the construction of buildings and installation of machinery and equipment, for periods prior to their being in a condition to enter service, are included in the cost of construction in progress or the related properties, plant and equipment. Other exchange differences are dealt with in the profit or loss. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associated companies, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 4. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 72 (s) Taxation (continued) Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Borrowing costs Borrowing costs include interest charges and other costs incurred in connection with borrowing of funds, including amortisation of discounts or premiums relating to the borrowing, amortisation of ancillary costs incurred in connection with arranging borrowings and exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs. Borrowing costs are expensed as incurred, except when they are directly attributable to the acquisition, construction or production of the property, plant and equipment, that necessarily takes a substantial period of time to get ready for its intended use in which case they are capitalised as part of the cost of that asset. Capitalisation of borrowing costs commences when expenditure for the asset and borrowing costs are being incurred and the activities to prepare the asset for its intended use are in progress. Borrowing costs are capitalised at the weighted average cost of the related borrowings until the asset is ready for its intended use. If the resulting carrying amount of the asset exceeds its recoverable amount, an impairment loss is recorded. Government grants Grants and subsidies from the government are recognised at their fair value when there is a reasonable assurance that the grant/subsidy will be received and all attached conditions are complied with. When the grant or subsidy relates to an expense item, it is recognised as income over the period necessary to match the grant or subsidy, on a systematic basis, to the costs which it is intended to compensate. Where the grant or subsidy relates to an asset, the fair value is deducted in arriving at the carrying amount of the related asset. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 73 4. PRINCIPAL ACCOUNTING POLICIES (CONTINUED) Revenue recognition Provided it is probable that the economic benefits associated with a transaction will flow to the company and the revenue and costs, if applicable, can be measured reliably, revenue is recognised on the following bases: (i) Revenue is recognised when the significant risks and rewards of ownership of goods have been transferred to the buyers. (ii) Rental income is recognised on a time proportion basis over the lease terms. (iii) Interest income is recognised on a time proportion basis that takes into account the effective yield on the assets. (iv) Dividend income is recognised when the right to receive dividend is established. Related parties Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party, or exercise significant influence over the other party in making financial and operating decisions. Subsequent events Post year end events that provide additional information about the Group’s position at the balance sheet date or those that indicate the going concern assumption is not appropriate (adjusting events) are reflected in the consolidated financial statements. Post year end events that are not adjusting events are disclosed in the notes when material. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 74 TURNOVER Turnover represents invoiced value (excluding VAT) of goods supplied to customers, net of returns and surtaxes. OTHER OPERATING INCOME 2006 2005 RMB’000 RMB’000 Government subsidies 3,240 4,362 Compensation income (Note) 13,800 3,898 Net rental (expenses)/income (8,242) 1,455 Interest income 564 567 Gain/(loss) on sale of miscellaneous materials, net 945 (4,210) Others 2,263 221 12,570 6,293 Note: During the year ended 31 December 2006, the Group received a total of RMB13,800,000 from government for the termination of the poultry breeding and farming business in Songjiang and Qingpu, the PRC. Compensation income in 2005 represented amount received from the property developers for having to evacuate the Group’s breeder farms and factories constructed on the land the developers had taken back. OTHER GAINS AND LOSSES 2006 2005 RMB’000 RMB’000 Gain on disposal of property, plant and equipment 77,543 12,931 Dividend income 134 1,627 Gain on disposal of s subsidiary 6,982 - Loss on disposal of associates (344) - Provision for impairment loss on available-for-sale investments (15,591) - Others (305) (1,515) 68,419 13,043 PROFIT/(LOSS) FROM OPERATIONS 2006 2005 SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 75 RMB’000 RMB’000 Profit/(loss) from operations was determined after charging:- Depreciation of property, plant and equipment 29,276 53,157 Amortisation of land use rights 270 581 Staff cost: Salaries and wages 35,092 65,231 Provision for staff welfare and bonus 2,804 3,391 Contributions to statutory pension scheme 6,735 4,670 Provision for impairment losses: Construction in progress - 174 Property, plant and equipment 953 65,615 Exchange loss, net 547 1,230 (Write back of)/provision for bad and doubtful debts (12,302) 17,976 PENSIONS SCHEME Pursuant to PRC laws and regulations, contributions to basic old age insurance for the Group’s local staff have been made monthly to a government agency based on 29.5% of the standard salary set by the provincial government, of which 22.5% is borne by the Company and the remainder is borne by the staff. The government agency is responsible for the pension liabilities relating to such staff on their retirement. FINANCE COSTS 2006 2005 RMB’000 RMB’000 Bank interest expenses 33,091 31,090 Foreign exchange losses and bank charges 823 1,646 33,914 32,736 TAXATION No PRC income tax has been provided for the Company as it had no assessable profit during the year. Subsidiaries are either subject to income tax at tax rates ranging from 15% to 33% (2005: 15% to 33%) or exempted from income tax for the year. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 76 (a) Taxation in the consolidated income statement represents: 2006 2005 RMB’000 RMB’000 Enterprise Income Tax (“EIT”) 9,555 2,236 (b) No deferred tax asset has been recognised in the consolidated financial statements for the current year as it is not certain that the benefits of the deferred tax assets will be utilised in the foreseeable future. (c) The tax charge for the year can be reconciled to the accounting loss as follows: 2006 2005 RMB’000 RMB’000 Profit/(loss) before taxation 24,361 (222,712) Taxation charge/(credit) calculated at a tax rate of 15% 3,654 (33,407) Effect of different tax rates for certain subsidiaries 5,433 4,600 Income and expense items which are not taxable or deductible for income tax purposes 97 1,151 (Under)/overprovision for taxation (70) 32 Unrecognised tax losses 438 31,431 Others 3 (1,571) Tax charge 9,555 2,236 SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 77 BASIC PROFIT/(LOSS) PER SHARE The calculation of basic profit/(loss) per share is based on the profit attributable to equity holders of the parent for the year of RMB22,815,000 (2005: loss of RMB216,827,000) divided by 676,305,696 shares issue throughout 2006 and 2005. SEGMENT INFORMATION (a) Primary reporting format – business segments Business segmental information is divided into four business segments: food processing, feeds production, poultry breeding and farming and property development. Segment profit represents revenue less expenses directly attributable to a segment and the relevant portion of enterprise revenue less expenses that can be allocated on a reasonable basis to a segment, whether from external transactions or from transactions with other segments of the Group. Inter-segment transfer pricing is based on cost plus an appropriate margin, as specified by Group policy. Unallocated items mainly comprise corporate expenses and amortisation of intangible assets. Segment profit is determined before any adjustments for minority interests. Segment assets and liabilities mainly comprise those operating assets and liabilities that are directly attributable to the segment or can be allocated to the segment on a reasonable basis. Segment assets are determined after deducting related allowances that are reported as direct offsets in the Group’s balance sheet. Capital expenditure represents the total cost incurred during the year to acquire segment assets that are expected to be used for more than one year (property, plant and equipment and construction in progress). The Group’s operating business are organized and managed separately according to the nature of products, with each segment representing a strategic business unit that offers different products. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 78 14. SEGMENT INFORMATION (CONTINUED) (a) Primary reporting format – business segments (continued) For the year ended 31 December 2006 Food processing Feeds production Poultry breeding and farming Property develop ment Others Elimination Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue External sales 293,999 219,079 9,891 197,835 49,870 - 770,674 Inter-segment sales 163,577 458 14,991 - 2,806 (181,832) - Total 457,576 219,537 24,882 197,835 52,676 (181,832) 770,674 Segment results (28,287) (318) (5,789) 23,470 4,368 (18,608) (25,164) Unallocated income 83,399 Profit from operations 58,235 Finance costs (33,914) Share of result of associate - - - - 40 40 Loss before taxation 24,361 Taxation (9,555) Profit for the year 14,806 Assets Segment 210,817 123,394 144,358 291,932 98,995 869,496 SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 79 assets Interests in associates - - - - 582 582 Unallocated assets 179,419 Consolidated total assets 1,049,497 Liabilities Segment liabilities 131,642 106,697 129,582 302,985 78,543 749,449 Unallocated liabilities 61,995 Consolidated total liabilities 811,444 Other information Capital expenditure 16,489 4,716 196 38 9,481 30,920 Depreciation and amortisation 16,875 3,426 1,214 121 7,910 29,546 Provision for impairment 339 304 310 - - 953 SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 80 14. SEGMENT INFORMATION (CONTINUED) (a) Primary reporting format – business segments (continued) For the year ended 31 December 2005 Food processing Feeds production Poultry breeding and farming Property develop ment Others Elimination Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue External sales 313,160 358,839 30,371 - 52,347 - 754,717 Inter-segment sales 210,665 101,804 165,671 - 245 (478,385) - Total 523,825 460,643 196,042 - 52,592 (478,385) 754,717 Segment results (104,798) (1,845) (25,694) (1,482) 2,474 61,870 (69,475) Unallocated losses (116,164) Loss from operations (185,639) Finance costs (32,736) Share of losses of associates - (70) - - (4,267) (4,337) Loss before taxation (222,712) Taxation (2,236) Loss for the year (224,948) Assets Segment assets 295,868 130,671 35,684 307,946 65,931 836,100 SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. Page 81 Interests in associates - 198 - - 8,468 8,666 Unallocated assets 355,506 Consolidated total assets 1,200,272 Liabilities Segment liabilities 76,252 85,393 71,865 312,724 63,058 609,292 Unallocated liabilities 435,008 Consolidated total liabilities 1,044,300 Other information Capital expenditure 19,652 5,093 1,325 160 27,352 53,582 Depreciation and amortisation 23,913 5,939 8,325 109 15,452 53,738 Provision for impairment 22,293 3,051 21,776 - 18,669 65,789 SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 82 14. SEGMENT INFORMATION (CONTINUED) (b) Secondary reporting format – geographical segments The following table analyses revenue by geographical segments for the year ended 31 December 2006: 2006 2005 RMB’000 RMB’000 Domestic revenue 741,623 706,569 Overseas revenue 29,051 48,148 770,674 754,717 The principal assets employed by the Group are located in the PRC, accordingly, no segmental analysis of assets and expenditure is prepared for the year. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 83 PROPERTY, PLANT AND EQUIPMENT Buildings Plant and machinery Transport facilities Furniture, fixtures and office equipment Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost: At 1 January 2005 596,813 360,350 21,206 86,652 1,065,021 Additions 15,240 17,642 1,204 7,140 41,226 Transfer from construction in progress - 500 250 775 1,525 Disposals (83,826) (33,372) (4,881) (10,332) (132,411) Reclassification (7,237) 14,184 - (6,947) - At 31 December 2005 520,990 359,304 17,779 77,288 975,361 Additions 1,377 1,098 942 9,328 12,745 Transfer from construction in progress 615 11,482 - - 12,097 Acquisition of a subsidiary 18,583 4,583 743 1,071 24,980 Consolidation of a subsidiary - - - 783 783 Disposals (117,360) (72,090) (6,931) (16,552) (212,933) Disposal of a subsidiary (66,197) (43,228) (1,864) (13,582) (124,871) Reclassification - (2,000) 2,000 - - At 31 December 2006 358,008 259,149 12,669 58,336 688,162 Accumulated depreciation and impairment losses: At 1 January 2005 302,430 250,298 15,736 69,105 637,569 Charge for the year 26,319 21,409 1,381 4,048 53,157 Written back on disposal (47,048) (26,395) (4,606) (3,732) (81,781) Impairment loss 28,343 32,310 223 4,739 65,615 At 31 December 2005 310,044 277,622 12,734 74,160 674,560 Charge for the year 11,232 7,753 1,133 9,158 29,276 Acquisition of a subsidiary 8,766 3,111 614 1,049 13,540 Consolidation of a subsidiary - - - 526 526 Written back on disposal (87,689) (81,394) (1,836) (16,993) (187,912) Impairment loss - 945 - 8 953 Disposal of a subsidiary (7,288) (7,465) (520) (10,111) (25,384) At 31 December 2006 235,065 200,572 12,125 57,797 505,559 Net book value: At 31 December 2006 122,943 58,577 544 539 182,603 At 31 December 2005 210,946 81,682 5,045 3,128 300,801 SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 84 15. PROPERTY, PLANT AND EQUIPMENT (CONTINUED) As at 31 December 2006, certain of the Group’s buildings, plant and machinery, and other equipment with a carrying amount of RMB32,149,000 (2005: RMB44,498,000) are rented out under operating leases. As of 31 December 2006, properties, plant and machinery with a net book value of RMB103,795,000 (2005: RMB152,295,000) were pledged as collateral for the Group’s bank loans (Note 24). CONSTRUCTION IN PROGRESS 2006 2005 RMB’000 RMB’000 Costs of construction, machinery and equipment and other direct costs: At 1 January 1,871 1,714 Additions 11,351 7,638 Transferred to property, plant and equipment (12,097) (1,525) Disposals (193) (5,782) Less: Provision for impairment losses - (174) At 31 December 932 1,871 SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 85 LAND USE RIGHTS 2006 2005 RMB’000 RMB’000 Cost: At 1 January 17,727 13,009 Additions 6,825 4,718 Disposals (1,790) - At 31 December 22,762 17,727 Accumulated amortization: At 1 January 2,918 2,337 Charge for the year 270 581 Written back on disposal (383) - At 31 December 2,805 2,918 Net book value 19,957 14,809 LONG-TERM OTHER RECEIVABLES Long-term other receivables represent input VAT recoverable which can be carried forward indefinitely under the prevailing PRC tax laws and regulations to offset future output VAT. Pursuant to the current PRC tax laws and regulations, upon liquidation of the Group, input VAT recoverable will not be refunded. GOODWILL RMB’000 Cost: Arising from acquisition of a subsidiary 3,513 Transfer from an associate 11 Balance as at 31 December 2006 3,524 Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating unit of sales and manufacturing of poultry breeding equipment. The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 86 INTERESTS IN UNCONSOLIDATE SUBSIDIARY AND ASSOCIATES 2006 2005 RMB’000 RMB’000 Cost of investments in unconsolidated subsidiary and associates 3,400 18,063 Share of post-acquisition losses, net of dividend received (1,588) (8,167) Less: Provision for impairment losses (1,230) (1,230) 582 8,666 Amounts due from unconsolidated subsidiary and associates 946 2,336 Amount due to unconsolidated subsidiary and associates - (1,359) 1,528 9,643 The amounts due from/(to) unconsolidated subsidiary and associates are unsecured, interest free and have no fixed terms of repayment. Details of the Group’s major unconsolidated subsidiary and associates as of 31 December 2006 were as follows: Name Year of establishment Percentage of attributable equity interest Principal activities 2006 2005 Shandong Huping Animal Husbandry Industry & Trade Integrated Company 1986 50% 50% Trading of feeds Shanghai Dahua Industrial Appliances Company Limited (Note(i)) 1988 - 45.75% Animal husbandry appliance and packaging supplies Shanghai Luwan Dajiang Office (Note (ii)) 1992 91.30% 91.30% Wholesaling and retailing of chicken and other products Shandong Jining Animal Husbandry Industry & Trade United Integrated Company 1986 50% 50% Trading of feeds 20. INTERESTS IN UNCONSOLIDATE SUBSIDIARY AND ASSOCIATES (CONTINUED) SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 87 Name Year of establishment Percentage of attributable equity interest Principal activities 2006 2005 Shanghai Aike Gas Equipment Co., Limited (Note (iii)) 2005 - 25% Sale, manufacture and design of gas equipment The English names of the unconsolidated subsidiary and associates are direct translations of their registered names in Chinese. Note: (i) The Group’s equity interest in the associate increased from 45.75% to 70.75% during the year. The associate therefore became a subsidiary and was consolidated by the Group (Note 29). (ii) This subsidiary was consolidated by the Group during the year (Note 31). (iii) This associate was disposed of during the year. Summarised financial information in respect of the Group’s unconsolidated subsidiary and associates is set out below: 2006 2005 RMB’000 RMB’000 Total assets 2,715 27,451 Total liabilities (1,552) (5,229) Net assets 1,163 22,222 Group’s share of net assets of an unconsolidated subsidiary and associates 582 8,666 Revenue 2,724 23,593 Profit/(loss) for the year 162 (9,872) Group’s share of results of an unconsolidated subsidiary and associates for the year 40 (4,337) SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 88 LONG TERM AVAILABBLE-FOR-SALE INVESTMENTS 2006 2005 RMB’000 RMB’000 Unlisted equity investments, at cost 98,839 53,839 Less: Provision for impairment losses (15,591) - 83,248 53,839 Investment in legal person shares* of listed companies in the PRC, at cost 51,250 51,250 134,498 105,089 * Legal person shares are currently not permitted to trade on any stock exchange in the PRC. All investments in legal person shares of listed companies in the PRC were pledged to banks to secure banking facilities totaling RMB34,000,000 (2005: RMB32,000,000) granted to the Group. INVENTORIES 2006 2005 RMB’000 RMB’000 Raw materials 54,111 54,672 Work in progress 10,795 28,200 Finished goods at net realisable value 33,948 67,734 98,854 150,606 TRADE AND OTHER RECEIVABLES, NET 2006 2005 RMB’000 RMB’000 Accounts receivable, net 65,314 46,776 Other receivables, deposits and prepayments, net 57,674 39,146 122,988 85,922 SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 89 BANK LOANS 2006 2005 RMB’000 RMB’000 Bank loans: Secured 348,500 419,000 Unsecured 120,500 202,000 469,000 621,000 The borrowings are repayable as follows: 2006 2005 RMB’000 RMB’000 On demand or within one year 462,000 601,000 In the second year 3,000 20,000 In the third year 4,000 - 469,000 621,000 Less: Amount due for settlement within 12 months (shown under current liabilities) (462,000) (601,000) Amounts due for settlement after 12 months 7,000 20,000 The bank loans bear interest at rates ranging from 5.4% to 8.19% (2005: 5.22% to 7.3991%) per annum. Bank loans totaling RMB348,500,000 (2005: RMB419,000,000) are secured by the Group’s buildings, plant and machinery, and properties under development with aggregate net book values of RMB103,795,000 (2005: RMB152,295,000) and RMB115,982,000 (2005: RMB241,710,000) respectively as at 31 December 2006. The Directors are of the opinion that the Group will continue to enjoy the support of the banks such that upon request, the banks will renew or extend loans which are due for repayment in 2007. The Directors believe that the banks will provide additional facilities if necessary. SHARE CAPITAL SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 90 As of 31 December 2006, outstanding share capital represented legal person shares, ordinary shares (“A Shares”) and domestically listed foreign investment shares (“B Shares”). The B Shares ranked pari passu in all respects with the A Shares. Details of share capital were as follows: 2006 2005 Number RMB’000 Number RMB’000 Authorised 676,305,696 676,306 676,305,696 676,306 Issued and fully paid: Legal person shares296,110,788 296,111 303,832,848 303,833 A Shares 33,462,060 33,462 25,740,000 25,740 B Shares 346,732,848 346,733 346,732,848 346,733 676,305,696 676,306 676,305,696 676,306 The Company’s Share Restructure Proposal (the “Proposal”) was approved at the shareholders’ meeting held on 28 December 2005. Under the Proposal, the holder of the non-publicly traded legal person shares, Lu Ting (Hong Kong) Company Limited (“Lu Ting”), would transfer its shares to all holders of domestically listed A shares at the rate of 3 legal person shares for every 10 domestically listed A shares held free of charge in exchange for the public trading right of all the non-publicly traded shares. The proposal was fully implemented on 18 September 2006 (the “Effective Date”). After implementation, 7,722,000 non-publicly trading shares became domestically listed A shares. Pursuant to the proposal, all holders of the non-publicly traded shares are not permitted to trade their shares publicly for 12 months from the implementation date. Lu Ting further agreed not to trade its shares publicly within the subsequent 24 months. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 91 RESERVES In accordance with the relevant PRC regulations and the articles of association of the Company, certain subsidiaries and associates, they are required to allocate 5%-12% of their profit after tax, as determined in accordance with PRC accounting standards and regulations applicable to each individual company, to the statutory surplus reserve fund until such reserve reaches 50% of the registered capital of the respective company. Pursuant to certain restrictions set out in the relevant PRC regulations and the articles of association of the Company, certain subsidiaries and associates, the statutory surplus common reserve fund may be utilised to increase share capital, provided that the remaining balance after the capitalisation is not less than 25% of the registered capital. Allocation to the discretionary surplus reserve shall be approved by the shareholders in the Shareholders’ General Meeting. In prior years, the Company, certain subsidiaries and associates were required by PRC Companies Law and the articles of association to appropriate 5% - 8% of their annual statutory net profit to the Group’s statutory public collective welfare fund, which was established through shareholders’ approved appropriation from the Group’s profit after tax, must be used for capital expenditure on staff welfare facilities. Such facilities are for the use of the staff and remain as properties of the Group. According to the amendment on relevant financial regulations in the PRC, the Company, certain subsidiaries and associates are no longer required by law to appropriate their annual statutory net profit to the statutory public welfare fund with effect from 1 January 2006. The balance as at 31 December 2005 was transferred to statutory surplus reserve fund. The directors of certain subsidiaries and associates have recommended to appropriate 5%-12% of the statutory profit after tax of these subsidiaries and associates for the year to the statutory surplus reserve fund. The appropriation has been incorporated in the consolidated financial statements. According to the relevant regulations in the PRC, the Company, with the approval from its shareholders, can make transfers from the statutory surplus common reserve fund and discretionary surplus common reserve fund to make up the accumulated losses of the Company. According to the relevant regulations in the PRC, the amount of retained earnings available for distribution is the lower of the amount determined under PRC accounting standards and regulations and the amount determined under IFRS. The PRC statutory financial statements showed the Company had accumulated losses carried forward of RMB794,060,000 as at 31 December 2006 (2005 : accumulated losses RMB813,395,000). SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 92 FINANCIAL INSTRUMENTS The following methods and assumptions are used to estimate the fair value of each major class of the Group’s financial instruments for which it is practicable to estimate that value: (a) Fair values (i) Cash and cash equivalents and short term bank borrowings The carrying amounts approximate their fair values because these assets or liabilities either carry a current rate of interest or have a short period of time between the origination of the cash deposits or borrowings and their expected maturity. (ii) Investments The carrying amounts of available for sale investments approximate their fair values. (iii) Trade receivables and payables and loans to non-related parties The carrying amounts approximate their fair values. (iv) Balances with related parties Balances with related parties approximate their fair value because these are subject to normal commercial terms. No disclosure of fair values is made for other balances with related parties as it is not practicable to determine their fair values with sufficient reliability since these balances are non-interest bearing and have no fixed repayment terms. (b) Concentration risks (i) Credit risk The carrying amounts of cash and cash equivalents, short term investments, trade receivables, loans to non-related parties and amounts due from related parties represent the Group’s maximum exposure to credit risk in relation to financial assets. No other financial assets carry a significant exposure to credit risk. (ii) Interest rate risk The interest rates and terms of repayments of bank borrowings are disclosed in Note 24. SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 93 PRINCIPAL SUBSIDIARIES Details of the Company’s consolidated subsidiaries as of 31 December 2006 were as follows: Name Year of establishment Paid-up capital Percentage of attributable equity interest Principal activities ’000 Direct Indirect Shanghai Dajiang Ke Chuang Real Estate Co., Ltd. 2006 RMB 18,000 100% - Development of real estate Shanghai Dajiang Assets Operation Co., Ltd. 2006 RMB 10,000 95% 4.5% Investment and assets management Shanghai Yang Lei Real Estate Co., Ltd. 2006 RMB 6,400 90% 9% Development of real estate Jiang Su Dajiang Poultry Development Co., Ltd. 2006 RMB 7,000 70% - Animal reproduction techniques consulting services Shanghai Dahua Industrial Appliances Company Limited 1988 RMB 19,103 70.75% - Animal husbandry appliance and packaging supplies Shanghai Luwan Dajiang Office 1992 RMB 600 40% 51.3% Animal husbandry appliance and packaging supplies Shanghai Dajiang Deshen Feedmill Plant (Note (i)) 1989 RMB 9,000 99.50% - Feeds production and storage of animal feed stuffs Changzhou Dajiang Feedmill Company Limited 1992 RMB 21,950 94.40% - Feeds production Shanghai Dajiang Meat Processing No. 2 Plant (Note (i)) 1988 RMB 52,000 85% - Meat processing Shanghai Shenliang Machinery Engineering Company Limited 2003 RMB 3,000 - 77.25% Machinery engineering service SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 94 28. PRINCIPAL SUBSIDIARIES (CONTINUED) Name Year of establishment Paid-up capital Percentage of attributable equity interest Principal activities ’000 Direct Indirect Shanghai Songjiang Eastern Town Real Estate Development Company Limited 2003 RMB 8,000 - 96.75% Development of real estate Shanghai Shende Machinery Company Limited 1992 US$4,000 75% - Production of palletising dies Shanghai Dajiang Meat Processing No. 4 Plant (Note (i)) 1991 RMB 50,000 90% - Meat processing Qingpu Maoyang Broiler Farm (Note (i)) 1993 RMB 16,800 100% - Chicken farming Songjiang Huayang Poultry Breeder Farm (Note (i)) 1995 RMB 4,800 55% - Chicken farming Songjiang Tahui Poultry Farm (Note (i)) 1995 RMB 3,800 55% - Chicken farming Qingpu Gushi Broiler Farm (Note (i)) 1994 RMB 18,000 100% - Chicken farming Shanghai Dajiang Real Estate Company Limited 2003 RMB 20,000 90% 7.50% Development of real estate Qingpu Baowei Broiler Farm (Note (i)) 1995 RMB 6,800 100% - Chicken farming Qingpu Songze Broiler Farm (Note (i)) 1995 RMB 5,400 100% - Chicken farming Qingpu Xinjing Broiler Farm (Note (i)) 1995 RMB 6,800 100% - Chicken farming SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 95 28. PRINCIPAL SUBSIDIARIES (CONTINUED) Name Year of establishment Paid-up capital Percentage of attributable equity interest Principal activities ’000 Direct Indirect Zaoyang Dajiang Food Company Limited 2003 RMB 2,200 - 93.89% Food processing Shanghai Dajiang No.6 Meat Processing Plant 2001 RMB 46,020 49% 43.35% Food processing Shanghai Dajiang Meat Processing Plant (Note (i)) 1987 RMB 18,000 50% - Meat processing Shanghai Dajiang Tianma PS Farm (Note (i)) 1991 RMB 18,000 50% - Chicken farming Shanghai Dajiang Wujing Farm (Note (i)) 1988 RMB 3,000 50% - Chicken farming Zaoyang Dajiang Animal Industry Company Limited 2001 RMB 8,941 95% - Meat processing and chicken farming Shanghai Daijiang Feedmill Company Limited 2005 RMB 20,000 90% 9.95% Trading of feeds Shanghai Handi Property Company Limited 2005 RMB 18,000 100% - Property development, sale and management Shanghai Songjiang Rongjiang Property Company Limited 2005 RMB 4,800 - 58.28% Property development Shanghai Dajiang Guangxing Farm (Notes (i) and (ii)) 1991 RMB9,000 100% - Chicken farming Songjiang Xilin Broiler Farm (Notes (i) and (ii)) 1993 RMB 16,800 100% - Chicken farming Songjiang Songxin Broiler Farm (Notes (i) and (ii)) 1993 RMB 16,800 100% - Chicken farming SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 96 28. PRINCIPAL SUBSIDIARIES (CONTINUED) Name Year of establishment Paid-up capital Percentage of attributable equity Interest Principal activities ’000 Direct Indirect Songjiang Chendu Broiler Farm (Notes (i) and (ii)) 1993 RMB 16,800 100% - Chicken farming Qingpu Wangxian Broiler Farm (Notes (i) and (ii)) 1994 RMB 8,400 100% - Chicken farming Qingpu Xunan Broiler Farm (Notes (i) and (ii)) 1995 RMB 6,800 100% - Chicken farming Qingpu Dabang Broiler Farm (Notes (i) and (ii)) 1995 RMB 6,800 100% - Chicken farming Qingpu Zhujiazhuang Broiler Farm (Notes (i) and (ii)) 1995 RMB 6,800 100% - Chicken farming Yangzhou Dajiang Company Limited (Note (ii)) 1995 RMB 42,230 95% - Feeds production Fuxin Dajiang Company Limited (Note (iii)) 2003 RMB 50,648 53.75% - Meat processing, feeds production and chicken farming Notes: (i) The entire operations of these subsidiaries are sub-contracted to the Company, and the minority shareholders of these subsidiaries, where applicable, are entitled to an agreed annual fee. Accordingly, after deducting the agreed annual fee payable to the minority shareholders, the Company shares all the profits and losses of these subsidiaries. Upon expiry of the agreement, the Company and minority shareholders will be entitled to share the net assets, after excluding the retained earnings to which the Company is entitled, in accordance with their respective shareholding. (ii) The subsidiaries were liquidated during the year. (iii) The subsidiary was disposed of during the year (Note 30). ACQUISITION OF A SUBSIDIARY SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 97 In January 2006, the Group acquired a further 25% of the equity interest in Shanghai Dahua Industrial Appliances Company Limited (“Dahua Appliances”) for a cash consideration of RMB6,830,000. After the completion of the acquisition, the Group held equity interest in Dahua Appliances increased from 45.75% to 70.75%. Accordingly, the Group treated Dahua Appliances as a subsidiary from 1 January 2006 and consolidated its financial statements. Details of the assets and liabilities of this company acquired are summarised as follows: RMB’000 Net assets of company acquired: Property, plant and equipment 11,440 Trade and other receivables 2,064 Cash at banks and in hand 1,170 Trade payables (56) Other payables and accruals (1,349) 13,269 25% equity interest acquired 3,317 Goodwill 3,513 Total consideration satisfied by cash 6,830 Net cash outflow arising on acquisition: Cash consideration (6,830) Cash at bank and in hand 1,170 (5,660) The acquired subsidiary contributed RMB1,111,000 of loss before tax for the period between the date of acquisition and the balance sheet date. During the period between the date of acquisition and the balance sheet date, the acquired subsidiary utilised RMB1,167,000 on operating activities. DISPOSAL OF A SUBSIDIARY During the year, the Group disposed all of its 56.47% equity interest in the subsidiary, Fuxin Dajiang Company Limited for a cash consideration of RMB6,856,000. Accordingly, the financial statements of this company have not been consolidated since SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 98 the date of disposal. Details of the assets and liabilities of the subsidiary disposed of are as follows: RMB’000 Net assets disposed of: Property, plant and equipment 99,487 Inventories 2,697 Trade and other receivables 1,408 Cash and bank balances 373 Bank loans (76,500) Trade payables (291) Other payables and accruals (27,300) (126) Gain on disposal of a subsidiary 6,982 Total consideration satisfied by cash 6,856 Analysis of the net cash outflow in respect of disposal of a subsidiary: Cash consideration 6,856 Cash and bank balances of subsidiary disposed of (373) 6,483 CHANGES OF SCOPE OF CONSOLIDATION Since 1 January 2006, Shanghai Luwan Dajiang Food Company Limited, a subsidiary which was not consolidated in the past, was consolidated into the Group. Details of the assets and liabilities of this subsidiary are as follows: RMB’000 SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 99 Property, plant and equipment 257 Inventories 341 Trade and other receivables 1,421 Cash and bank balances 107 Trade payables (1,526) Other payables and accrual (10) 590 Net cash inflow from consolidation of subsidiaries: Cash at bank and in hand 107 RELATED PARTY TRANSACTIONS The ultimate holding company of the Group is Lu Ting (Hong Kong) Company Limited which was incorporated in Hong Kong. Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below. (a) Trading transactions During the year, the Group had the following trading transactions with associated companies, which in the opinion of the Directors, were conducted with reference to market prices: 2006 2005 RMB’000 RMB’000 Sale of goods 450 15,745 Purchase of raw materials - 14 SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 100 32. RELATED PARTY TRANSACTIONS (CONTINUED) (b) Amount due to holding company Amount due to holding company is unsecured, interest free and has no fixed terms of repayment. (c) Compensation of key management personnel The remuneration of directors and other members of key management during the year was RMB2,629,000 (2005: RMB1,523,000). COMMITMENTS (a) Capital commitments At 31 December 2006, the Group had the following capital commitments: 2006 2005 R Contracted, but not provided for 8,185 - (b) Operating lease commitments (i) Future minimum lease commitments payable under non-cancellable operating leases for land use rights and buildings are as follows:- 2006 2005 R Within one year 4,547 925 In the second to fifth years, inclusive 14,451 3,701 18,998 4,626 SHANGHAI DAJIANG (GROUP) STOCK CO., LTD. 101 33. COMMITMENTS (CONTINUED) (ii) Future minimum lease rental receivable under non-cancellable operating leases for land use rights and buildings are as follows: 2006 2005 R Within one year 2,401 4,795 In the second to fifth years, inclusive 6,051 5,891 After five years 1,168 - 9,620 10,686 IMPACT OF IFRS ADJUSTMENTS ON PROFIT FOR THE YEAR AND EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT The statutory accounts of the Group are prepared in accordance with PRC accounting regulations applicable to joint stock limited companies. These accounting principles differ in certain significant aspects from IFRS. The effects of these differences on the profit for the year ended 31 December 2006 and equity attributable to equity holders of the parent at that date are summarised as follows: Profit for the Equity year attributable attributable to to equity holders equity holders of the parent of the parent RMB’000 RMB’000 As determined pursuant to PRC accounting regulations 25,913 196,072 Reversal of internally generated trademark and amortisation 2,000 (13,500) Reversal of recognition of the revaluation of land use rights and other assets 6,964 (1,355) Difference in recognition and amortisation of goodwill 235 5,968 Reversal of surplus on revaluation of investments (11,496) - Consolidation of unrecognised losses of subsidiaries (1,349) - Staff and workers’ bonus and welfare expenses (589) - Minority interests 1,058 892 Others 79 1,636 As determined pursuant to IFRS 22,815 189,713