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内容: 上海锦江国际实业投资股份有限公司

内容: 2 0 0 7 年年度报告

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 目录

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 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、德勤华永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、公司负责人董事长沈懋兴、首席执行官杨原平，主管会计工作负责人财务总监袁哲宁及会计机构负 责人（会计主管人员）刘朝晖声明：保证年度报告中财务报告的真实、完整。 二、公司基本情况简介 1、 公司法定中文名称：上海锦江国际实业投资股份有限公司 公司法定中文名称缩写：锦江投资 公司英文名称：Shanghai Jin Jiang International Industrial Investment Co., Ltd. 公司英文名称缩写：JJTZ 2、 公司法定代表人：沈懋兴 3、 公司董事会秘书：袁哲宁 电话：（021）63218800 传真：（021）63213119 E-mail：dshms@jjtz.com 联系地址：上海市延安东路 100 号 28 楼 公司证券事务代表：黄跃冲 电话：（021）63218800 传真：（021）63213119 E-mail：zqdb@jjtz.com 联系地址：上海市延安东路 100 号 28 楼 4、 公司注册地址：上海市浦东大道 1 号 公司办公地址：上海市延安东路 100 号 28 楼 邮政编码：200002 公司国际互联网网址：www.jjtz.com 公司电子信箱：dshms@jjtz.com 5、 公司信息披露报纸名称：《上海证券报》、香港《南华早报》 登载公司年度报告的中国证监会指定国际互联网网址：http://www.sse.com.cn 公司年度报告备置地点：上海市延安东路 100 号 28 楼 6、 公司 A 股上市交易所：上海证券交易所 公司 A 股简称：锦江投资 公司 A 股代码：600650 公司 B 股上市交易所：上海证券交易所 公司 B 股简称：锦投 B 股 公司 B 股代码：900914 7、 其他有关资料 公司首次注册登记日期：1993 年 2 月 24 日 公司首次注册登记地点：上海市 公司法人营业执照注册号：企股沪总字第 019015 号 公司税务登记号码：地税沪字 310115607200690 号 公司组织结构代码：607200690 公司聘请的境内会计师事务所名称：德勤华永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：上海延安东路 222 号 外滩中心 30 楼

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 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 营业利润 利润总额 归属于上市公司股东的净利润 归属于上市公司股东的扣除非经常性损益后的净利润 经营活动产生的现金流量净额 (二)扣除非经常性损益项目和金额 非经常性损益项目 非流动资产处置损益 计入当期损益的政府补助 除上述各项之外的其他营业外收支净额 非经常性损益的所得税影响数 少数股东权益影响 合计 (三)报告期末公司前三年主要会计数据和财务指标

内容: 减0.75个 百分点 减0.15个 百分点 减1.67个 百分点 减1.16个 百分点

内容: 主要会计数据

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 1）净利润增长低于利润总额增长 4.98 个百分点，主要是因为去年同期公司所得税清算冲减了 1,210 万元的所得税费用，致使该期净利润较高。 2）本期末净资产 178,666 万元，《2006 年年度报告》净资产 200,323 万元，同比减少 21,657 万 元。 主要是由于公司自 2007 年 1 月 1 日起执行财政部 2006 年 2 月 15 日颁布的企业会计准则。 《企 根据 业会计准则第 38 号－首次执行企业会计准则》 的规定， 公司冲销了尚未摊销完毕的同一控制下的企业 合并形成的股权投资借方差额, 减少净资产 49,253 万元（此差额系公司 2004 年资产重组时，出租车 牌照等评估增值所形成）。 (四)采用公允价值计量的项目 单位:元 币种:人民币 项目名称 期初余额 期末余额 当期变动 对当期利润的影响金额 0 可供出售金融资产 38,792,065.74 217,742,325.26 178,950,259.52 38,792,065.74 217,742,325.26 178,950,259.52 0 合计 可供出售金融资产采用公允价值进行后续计量，公允价值变动形成的利得或损失，除减值损失和 外币货币性金融资产的汇兑差额计入当期损益外， 直接计入股东权益， 在该金融资产终止确认时转出， 计入当期损益。可供出售金融资产持有期间取得的利息及被投资单位宣告发放的现金股利，计入投资 收益。 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

内容: 本次变动前 比例 (%) 发 行 新 股 送 股 本次变动增减（＋，－） 公 积 其他 小计 金 （限售流通股 转 上市） 股 本次变动后 比例 (%)

内容: 数量

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 2、限售股份变动情况表 单位:股

内容: 3、证券发行与上市情况 (1) 前三年历次证券发行情况 截止本报告期末至前三年，公司未有证券发行与上市情况。 (2) 公司股份总数及结构的变动情况 报告期内没有因送股、配股等原因引起公司股份总数及结构的变动。 (3) 现存的内部职工股情况 本报告期末公司无内部职工股。

内容: (二)股东情况 1、股东数量和持股情况 单位:股

内容: 报告期末股东总数 前十名股东持股情况 股东名称 锦江国际(集团)有限公司 HTHK-VALUE PARTNERS INTELLIGENT FUNDS-CHINA B SHARE FUND GT PRC FUND 上海国际信托投资有限公司 蔡青峰 上海锦江饭店有限公司 胡家英 FORTIS BANQUE LUXEMBOURG S.A 上海海立(集团)股份有限公司 深圳国际信托投资有限责任公司－ 睿信证券投资集合资金信托计划 前十名无限售条件股东持股情况 6 股东性质 国有法人 境外法人 境外法人 国有法人 境外自然人 国有法人 境内自然人 境外法人 其它 其它 持股比 例(%) 38.54 2.28 0.91 0.81 0.71 0.68 0.58 0.54 0.34 0.34 持股总数 212,586,460 12,584,924 5,000,000 4,482,846 3,894,935 3,761,493 3,198,386 3,000,000 1,881,792 1,862,300 1,862,300 1,699,254 -3,322,033 3,761,493 -209,088 5,746,169 报告期内增 减 持有有限售条 件股份数量 212,325,100 质押或冻结 的股份数量 无 未知 未知 未知 未知 未知 未知 未知 未知 未知 73,010（B：29,609）

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 股东名称 HTHK-VALUE PARTNERS INTELLIGENT FUNDS-CHINA B SHARE FUND GT PRC FUND 上海国际信托投资有限公司 蔡青峰 胡家英 FORTIS BANQUE LUXEMBOURG S.A. 上海海立(集团)股份有限公司 深圳国际信托投资有限责任公司－睿信证券投资集合资金信 托计划 上海锦江汽车服务有限公司（工会） 王凌佳

内容: 股份种类 境内上市外资股 境内上市外资股 人民币普通股 境内上市外资股 境内上市外资股 境内上市外资股 人民币普通股 人民币普通股 人民币普通股 人民币普通股

内容: 上述股东关联关系或一致行动关系的说明

内容: 前十名股东中，第 1 位股东和第 6 位股东存在关联关系和一致 行动关系。公司控股股东锦江国际（集团）有限公司是上海锦 江饭店的控股股东。前十名无限售条件股东中，上海锦江汽车 服务有限公司（工会）是公司下属组织。 其他股东，公司未知其是否存在关联关系和一致行动关系。

内容: 前十名有限售条件股东持股数量及限售条件 单位:股

内容: 序 号 有限售条件股 东名称 持有的有限售 条件股份数量 有限售条件股份可上市交易情况 可上市交 新增可上市交易股 易时间 份数量 2008 年 2 月 13 日 1 锦江国际（集 团）有限公司 212,586,460 2009 年 2 月 13 日 2010 年 2 月 13 日 2 3 4 5 上海锦江饭店 有限公司 上海和平饭店 有限公司 上海锦江国际 饭店有限公司 上海宾馆有限 公司 3,761,493 1,839,974 1,442,707 1,170,893 2008 年 2 月 13 日 2008 年 2 月 13 日 2008 年 2 月 13 日 2008 年 2 月 13 日 27,580,505 限售条件 1、自获得在 A 股市场上的"上市流通权"之日起 12 个月内不上市交易或转让， 并在其后的 12 个月内不 通过上海证券交易所挂牌交易。 2、在第一项规定期满后，通过上海证券交易所挂牌 交易出售的股份数量占公司股份总数的比例在 12 个月内不超过 5%。 3、在第一项规定期满后，通过上海证券交易所挂牌 交易出售的股份数量占公司股份总数的比例在 24 个月内不超过 10%。 自获得在A股市场上的"上市流通权"之日起12个月 内不上市交易或转让， 并在其后的 12 个月内不通过 上海证券交易所挂牌交易。 同上海锦江饭店 同上海锦江饭店 同上海锦江饭店

内容: 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：锦江国际（集团）有限公司 法人代表：俞敏亮 注册资本：20 亿元 成立日期：2003 年 6 月，在原锦江（集团）有限公司和上海新亚（集团）有限公司国有资产重组 基础上组建 主要经营业务或管理活动：国有资产经营与管理、企业投资及管理、饭店管理、游乐业配套服务、 国内贸易、物业管理、自有办公楼、公寓租赁、产权经纪及相关项目的咨询等（以上项目涉及许

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 可的凭许可证经营） (2) 法人实际控制人情况 实际控制人名称：上海市国有资产监督管理委员会 (3) 控股股东及实际控制人变更情况 本报告期内公司控股股东及实际控制人没有发生变更。 (4) 公司与实际控制人之间的产权及控制关系的方框图

内容: 上海市国有资产监督管理委员会 100% 锦江国际（集团）有限公司 38.54% 上海锦江国际实业投资股份有限公司

内容: 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

内容: 持 有 本 公 司 的 股 票 期 权 被 授 予 的 限 制 性 股 票 数 量 报告 期内 从公 司领 取的 报酬 总额 (万 元) （税 前） 是否 在股 东单 位或 其他 关联 单位 领取 报酬、 津贴 是 50 45 5,646 5,646 是 是 是 3,894,935 8 3,894,935 否

内容: 姓名

内容: 职务

内容: 性 别

内容: 年 龄

内容: 任期起 始日期

内容: 任期终止 日期

内容: 年初持股 数

内容: 年末持股 数

内容: 股 份 增 减 数

内容: 变 动 原 因

内容: 报告 期被 授予 的股 权激 励情 况

内容: 沈懋兴 杨原平 于建敏 陈文君 马名驹 张宝华 蔡青峰

内容: 董事长 副董事长、 首席执行官 副董事长、 首席运营官 董事 董事 董事 董事

内容: 男 男 女 女 男 男 男

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 陈祥麟 秦志良 刘正东 刘永章 刘海海 潘建畅 蔡涌钧 邵晓明 孟正伟 王荣发 袁辽骏 袁哲宁 合计

内容: 独立董事 独立董事 独立董事 独立董事 监事长 监事 监事 副总裁 副总裁 副总裁 副总裁 财务总监、 董事会秘书 /

内容: 男 男 男 男 男 男 男 男 男 男 男 女 /

内容: 董事、监事、高级管理人员最近 5 年的主要工作经历： (1)沈懋兴,曾任锦江（集团）有限公司党委副书记、总裁。现任锦江国际（集团）有限公司党委副 书记、副董事长、总裁，本公司董事长。 (2)杨原平,本公司副董事长、总经理、首席执行官、党委书记。 (3)于建敏,曾任国际饭店总经理、锦江国际（集团）有限公司总裁助理兼地产事业部总经理、党委 书记。现任本公司副董事长、首席运营官（执行总裁）。 (4)陈文君,曾任锦江（集团）有限公司副总裁，锦江国际（集团）有限公司董事、财务总监。现任 锦江国际（集团）有限公司董事、高级副总裁，本公司董事。 (5)马名驹,曾任锦江（集团）有限公司计划财务部经理，锦江国际（集团）有限公司计划财务部经 理。现任锦江国际（集团）有限公司副总裁，本公司董事。 (6)张宝华,曾任上海新亚（集团）股份有限公司副总经理、资深副总经理、副董事长。现任锦江国 际（集团）有限公司总裁助理，本公司董事。 (7)蔡青峰,曾任兆丰国际集团有限公司董事，兆丰国际（上海）有限公司执行董事兼财务总监。现 任兆丰国际（上海）有限公司董事长兼总经理，本公司董事。 (8)陈祥麟,曾任上海汽车工业（集团）总公司总裁、党委副书记，上海汽车工业（集团）总公司董 事长、党委书记。现任本公司独立董事。 (9)秦志良,曾任上海市机电工业管理局总会计师、副局长，上海东风机械（集团）有限公司党委书 记、董事长。现任本公司独立董事。 (10)刘正东,曾任上海市虹桥律师事务所房地产事务部主任。现任上海市君悦律师事务所主任律师， 本公司独立董事。 (11)刘永章,曾任上海财经大学组织部部长。现任上海财经大学党委副书记，本公司独立董事。 (12)刘海海,曾任上海龙柏饭店党委书记兼副总经理。现任本公司党委副书记、监事长。 (13)潘建畅,曾任上海飞人机械总公司审计监察部副部长。现任本公司监事、审计室副主任。 (14)蔡涌钧,曾任上海锦江出租汽车公司总经理办公室主任。 现任本公司监事、 办公室副主任兼上海

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 锦江汽车服务有限公司党群工作部主任。 (15)邵晓明,曾任上海锦江汽车服务有限公司常务副总经理。 现任本公司副总裁兼锦海捷亚国际货运 有限公司总经理。 (16)孟正伟,曾任上海锦江汽车服务有限公司党委副书记。 现任本公司副总裁兼上海锦江国际低温物 流发展有限公司总经理。 (17)王荣发,曾任锦江国际会议中心有限公司副总经理， 中共上海市委党校海兴大厦总经理， 本公司 总经理助理。现任本公司副总裁。 (18)袁辽骏, 曾任上海新锦江大酒店办公室主任、上海新锦江股份有限公司发展管理部经理、上海 锦江国际实业投资股份有限公司投资发展部经理。现任本公司副总裁。 (19)袁哲宁,曾任上海锦江汽车服务有限公司财务总监。 现任本公司董事会秘书、 财务总监兼上海锦 江汽车服务有限公司财务总监 。 (二)在股东单位任职情况

内容: 姓名 沈懋兴 陈文君 马名驹 张宝华 股东单位名称 锦江国际（集团）有限公司 锦江国际（集团）有限公司 锦江国际（集团）有限公司 锦江国际（集团）有限公司 担任的职务 副董事长、总裁 董事、高级副总裁 副总裁、金融事业部总经理 总裁助理 任期起始日期 2003-06 2003-06 2003-06 2003-07 任期终 止日期 至今 至今 至今 至今 是否领取报 酬津贴 是 是 是 是

内容: 在其他单位任职情况

内容: 姓名 沈懋兴 陈文君 马名驹 张宝华 其他单位名称 上海锦江国际酒店发展股份有限公司 上海锦江国际酒店（集团）股份有限公司 上海锦江国际酒店（集团）股份有限公司 上海锦江国际旅游股份有限公司 上海锦江国际酒店（集团）股份有限公司 上海锦江国际酒店发展股份有限公司 上海锦江国际旅游股份有限公司 担任的职务 副董事长 副董事长 执行董事 董事 监事 副董事长 副董事长 任期起始日期 2006-05 2006-01 2006-01 2007-05 2006-01 2006-05 2007-05 任期终止日 期 2009-05 2009-01 2009-01 2010-05 2009-01 2009-05 2010-05 是否领取报酬 津贴 否 否 否 否 否 否 否

内容: (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:董事会、股东大会审议通过等程序 2、董事、监事、高级管理人员报酬确定依据：根据年度经营目标完成情况确定报酬 3、不在公司领取报酬津贴的董事监事情况

内容: 不在公司领取报酬津贴的董事、监事的姓名 沈懋兴 陈文君 马名驹 张宝华 蔡青峰 邵晓明 是否在股东单位或其他关联单位领取报酬津贴 是 是 是 是 否 是

内容: (四)公司董事、监事、高级管理人员变动情况 公司第五届董事会第五次会议通过决议：聘任袁辽骏先生担任公司副总裁，任期至本届董事会期 满（2009 年 4 月 20 日）。公告刊载于 2007 年 4 月 11 日的《上海证券报》和香港《南华早报》。

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: (五)公司员工情况 截止报告期末,公司在职员工为 14,267 人,需承担费用的离退休职工为 358 人。 员工的结构如下： 1、专业构成情况

内容: 专业类别 生产人员 销售人员 技术人员 财务人员 管理人员 人数

内容: 2、教育程度情况

内容: 教育类别 大专以上学历 人数 993

内容: 六、公司治理结构 (一)公司治理的情况 公司按照《公司法》、《证券法》、中国证监会制定的法规和发布的有关上市公司治理的规范性 文件，以及上海证券交易所《股票上市规则》的要求，结合自身实际情况，不断完善法人治理结构， 规范公司运作。 1、关于公司股东与股东大会。报告期内，公司制定了《股东大会议事规则》，进一步确保所有股 东，特别是中小股东的平等地位，享有和行使自己的权利；报告期内，公司严格按照《上市公司股东 大会规则》的规定，召集、召开股东会议，出席的股东人数及其代表股份数均符合《公司法》和《公 司章程》的有关规定利。 2、关于控股股东与公司的关系。公司控股股东重视和支持公司的发展，依法行使股东权利，承担 股东义务。公司与控股股东在业务、人员、资产、机构、财务等方面实行分开。 3、关于公司董事与董事会。报告期内，公司制定了《董事会议事规则》，进一步规范董事会的运 作。公司董事会的选聘程序、人数和构成符合法律、法规的要求。公司董事忠实、诚信、勤勉地履行 职责，体现全体股东的利益。 4、关于公司监事与监事会。报告期内，公司制定了《监事会议事规则》，进一步规范监事会的运 作。公司监事会的选聘程序、人数和构成符合法律、法规的要求。公司监事本着对股东负责的精神， 对公司财务以及公司董事、经理和其他高级管理人员履行职责的合法合规性进行监管。 5、 关于公司高级管理人员。公司高级管理人员的聘任程序符合法律、法规及《公司章程》的规定。 公司不断完善高级管理人员的绩效评价、激励和约束机制。 6、关于公司利益相关者。公司充分尊重和维护银行及其他债权人、职工、消费者等其他利益相关 者的合法权益，并积极合作共同推进公司持续、健康发展。 7、关于公司信息披露。报告期内，公司制定了《信息披露事务管理制度》，进一步规范公司的信 息披露行为；报告期内，公司严格按照法律、法规的要求，真实、准确、完整、及时地披露信息。公 司指定董事会秘书和证券事务代表负责证券有关的信息披露、接待来访、咨询等工作，确保所有股东 有平等的机会获得公司信息。 8、报告期内，根据中国证监会[2007]第 28 号《关于开展加强上市公司治理专项活动有关事项的 通知》要求，公司于 2007 年 4 月启动公司治理专项活动，并制定专项工作计划。 2007 年 6 月 27 日，公司召开第五届董事会第七次会议，审议通过了《“上市公司专项治理活动” 自查报告和整改计划》，并于 6 月 28 日公告了公司董事会决议、《“上市公司专项治理活动”自查报

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 告和整改计划》及接受投资者和社会公众评议的电话、传真及电子邮件地址等。 2007 年 8 月 14 日至 15 日，上海证监局对公司进行了现场检查。9 月 11 日，公司收到该局《关于 上海锦江国际实业投资股份有限公司公司治理状况整改通知书》（沪证监公司字[2007]314 号）。 2007 年 9 月 7 日，公司收到上海证券交易所出具的《关于上海锦江国际实业投资股份有限公司治 理状况评价意见》，认为公司在信息披露、股东大会和董事会规范运作、内部控制制度建设等各方面 未出现违规情形或事项。 2007 年 10 月 9 日，公司召开第五届董事会第九次会议，审议通过了《公司治理专项活动整改报 告》。 （1）对公司自查发现问题的整改 问题一：公司治理方面的部分制度，需根据最新的法律、法规精神加以修订、制订。 整改情况：按照证券监管部门新出台的法规和规范性文件要求，公司已按《“上市公司专项治理 活动”自查报告和整改计划》完成了《独立董事制度》、《首席执行官工作细则》、《募集资金管理 办法》、《信息披露事务管理制度》、《投资者关系管理制度》的修订和制订，进一步完善公司治理 方面的制度体系。 问题二：董事会专门委员会的作用需进一步发挥，提高董事会决策的科学性。 整改情况： 公司董事会已于2007年12月28日审议通过 《关于董事会专门委员会相关事项的议案》 。 待提交公司股东大会审议通过后具体实施。 （2）对上海证监局现场检查发现问题的整改 （a）规范运作方面 问题一：公司高管薪酬未经董事会审议。 整改情况：公司已在年度董事会中审议高管人员薪酬，并对外披露。 问题二：公司部分董事会和监事会会议记录存在出席董、监事和记录人签名不全的问题。 整改情况：公司已按照《董事会议事规则》、《监事会议事规则》的要求，重视会议记录签名环 节，确保董、监事和记录人在会议记录上签名。 问题三：公司下属子公司尚持有公司约 5 万股已解禁流通股。 整改情况：公司于 2006 年 11 月受让锦江国际（集团）有限公司下属全资企业上海市食品（集团） 有限公司持有的上海尚海食品有限公司、上海吴泾冷藏公司、上海吴淞肉类联合加工厂等三家企业股 权， 其中上海尚海食品有限公司与上海吴泾冷藏公司共持有本公司股权 52,272 股。 鉴于此股权已解禁 流通，公司已在年内出售了该股权。 （b）独立性方面 问题四：公司与控股股东锦江国际（集团）有限公司的客运物流事业部存在两块牌子、一套班子 的问题，影响公司独立性。 整改措施：成立客运物流事业部是锦江国际（集团）有限公司 2004 年进行资产重组时，为确保公 司资产顺利置换而采取的临时措施。经询问控股股东获悉，随着资产置换的完成，锦江国际（集团） 有限公司正在研究上市公司和事业部的管理问题，并承诺在 6~12 个月内完成整改。 问题五：公司董事会下设薪酬与考核委员会和审计委员会，但运作的有效性不强。 整改情况：公司董事会结合上述“自查问题二”的整改，进一步发挥薪酬与考核委员会对高管的 考核和绩效评价作用，进一步强化审计委员会对公司内、外部审计的沟通、监督和核查作用。健全各 专门委员会工作制度，提高专门委员会运作的有效性。 公司为董事会专门委员会履行职责创造条件，进一步加强决策的事前沟通，使专门委员会对公司 重大事项能够做到事前分析、事中监督和事后评价，为董事会的决策提供重要支持。 审计委员会、薪酬与考核委员会在此次年报审计与审核中发挥了重要作用。 （3）公众评议发现问题情况 公司未收到来自投资者和社会公众的评议意见。公司将继续做好投资者关系管理，通过信息披露 与交流，加强与投资者及潜在投资者之间的沟通，增进投资者对公司的了解和认同，提升公司治理水 平，以实现公司整体利益最大化和保护投资者合法权益。 (二)独立董事履行职责情况

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 1、独立董事参加董事会的出席情况 独立董事姓名 陈祥麟 秦志良 刘正东 刘永章 本年应参加董事会次数 7 7 7 7 亲自出席（次） 7 7 6 7 委托出席（次） 0 0 1 0 缺席（次） 备注 0 0 0 0

内容: 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：公司具有独立完整的业务，自主经营。关联交易公平合理，不存在损害公司和股东利益 的行为。 2、人员方面：公司在劳动、人事及工资等方面均独立于控股股东。 3、资产方面：公司所有资产由公司独立拥有。 4、机构方面：公司拥有独立的决策管理机构和职能部门，独立运作。 5、财务方面：公司设有独立的财会部门，建立独立的会计核算体系和财务管理制度，公司独立在银行 开设帐户。 (四)高级管理人员的考评及激励情况 根据年初董事会下达的年度经营指标、 工作管理目标完成情况确定报酬。 公司将按照市场化原则， 不断完善考评及激励机制，使高级管理人员薪酬与管理水平、经营业绩紧密挂钩，以充分调动和激发 高级管理人员的积极性和创造力，实现股东价值的最大化。 (五)公司内部控制制度的建立健全情况 报告期内，公司进一步健全和完善内部控制制度，制定（修订）了《独立董事制度》、《首席执 行官工作细则》、《募集资金管理办法》、《信息披露事务管理制度》、《投资者关系管理制度》。 目前公司的内控制度已涵盖重大投资决策、关联交易决策、生产经营管理、财务管理、人力资源管理、 信息披露事务管理等各个方面。公司全面执行各项规章制度，实施新的会计准则，规范财务运作，加 强规章制度的检查落实。 公司内部设有审计部门，配备专职人员，全年开展各类内部审计 33 项，保障公司的生产经营活动 在制度框架下进行，经营风险得到有效控制。 (六)公司披露董事会对公司内部控制的自我评估报告和审计机构的核实评价意见 本公司不披露董事会对公司内部控制的自我评估报告和审计机构的核实评价意见。 七、股东大会情况简介 年度股东大会情况 公司于 2007 年 5 月 25 日召开 2006 年度股东大会。 决议公告刊登在 2007 年 5 月 28 日的 《上海证 券报》、香港《南华早报》。 八、董事会报告 (一)管理层讨论与分析

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 报告期内公司经营情况的回顾 1、报告期内总体经营情况 报告期内，公司以增强主业核心竞争力为重点，加强科学和基础管理，注重新兴业务的整合提升， 客运服务、现代物流、物流仓储三大核心业务均呈现良好发展态势。 2007 年, 公司实现营业收入 16.19 亿元，同比增长 19.15%；净利润 3.13 亿元，同比增长 11.31%； 每股收益 0.567 元，同比增长 11.39%；净资产回报率 17.50%。 ● 客运服务业 经济效益持续增长，车辆规模有所扩大，通过信息平台建设提升企业管理水平和市场竞争力，继 续保持综合接待能力行业领先优势。 1）加大科学和基础管理力度 完善内部运作机制，加强生产经营的市场化取向；细化管理，提高车辆利用率，降低营运成本， 提升盈利水平；整合汽修汽贸资源，车辆销售、修理业务同比增加11%；参与市场行业竞标等，新增营 运车辆300余辆。 2）综合信息平台顺利推进 车辆、人事、工资、安全、服务、调度、油料等13个信息平台子系统建设进展顺利。车载终端基 本实现全覆盖，旅游客车基本纳入GPS管理系统，“96961”窗口服务成功扩容，进电话量和调派车量 明显上升。 3）以服务质量提升品牌 出色完成非洲银行年会、特奥会、F1大奖赛、女足世界杯等重大接待任务及接待国宾348批。有力 促进品牌竞争力和知名度。 ● 现代物流业 锦海捷亚加快整合步伐，通过实施JHJ-YRCL双品牌战略和信息平台策略，逐步实现与YRCL的资源 共享与管理协同。 1）调整区域布局，加强企业管控 完成国内五大区域公司的规划与准备工作，建立成本控制责任制，提高资本利用率。 2）加快与YRCL的业务对接和资源共享 启动综合信息平台建设，提升锦海捷亚市场竞争力。根据锦海捷亚“三步走”战略，积极做好收 购YRCL香港公司的准备工作。 3）抓住机遇，主动出击，拓展业务 把握北京奥运商机，筹建北京锦海捷亚保税仓储有限公司，为奥运物流做好准备。 ● 物流仓储业 采取积极措施稳步提高企业盈利能力。 1）盘活存量资产，提升产业能力 探索物流仓储业的可持续发展道路，根据吴淞罗吉公司的现实条件及宝山区发展钢铁产业的独特 优势，采用物流地产出租形式，引入钢铁物流项目。 2）加强管理，提高运行效率 低温物流公司根据各企业不同特点提出对应措施， 改善公司内部同质化经营现象， 通过多种途径， 努力提高库存量。 3）机场货运站收益稳健 浦东机场货运站一、二期运行良好、收益稳健。浦东机场货运站三期项目进展顺利，如该项目建 成并投入运营，将形成又一个长期稳定的利润支撑点。 2、公司主要优势和困难 优势一：“锦江”品牌的综合优势 “锦江”品牌在酒店领域、客运业的知名度，有助于公司在其他相关行业的多元化发展中产生辐 射作用，对规模化的连锁经营业务具有突出的品牌价值。 优势二：业务资源和经验积累的优势 客运服务业务：“锦江汽车”是上海市车型品种最全、车辆档次最高、综合接待能力行业领先的 客运公司，具有 50 多年的经营历史。“锦江出租”在上海出租车行业排名前列，经营水平名列前茅； “锦江外事”是专业化从事国宾、外事接待，以及企事业单位包车、商务租车单位，在外事、大型国

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 际会议接待及高端汽车租赁市场上具有绝对优势；“锦江商旅”专业从事旅游包车、长途客运、企事 业单位班车服务，其接待境外旅游团队人数在上海行业排名第 1。 现代物流业务：“锦海捷亚”创立于 1992 年，A 级资质货代、IATA 成员，连续多年在国内货代行 业名列除几大“中”字巨头以外的前列，具有较高的市场知名度。 物流仓储业务： 拥有吴泾、 吴淞、 黄浦、 杨浦、 杨思、 龙漕等冷库 10 座， 总容量 45 万立方米 （9.62 万吨），约占上海市冷库总量 23%，冷库规模位居国内第 1。其中吴泾冷藏有限公司具有全国最大的冷 库，从业经验超过 20 年。低温物流公司拥有 55 辆冷藏（保温）车辆，占本市同类车辆总量 4%左右， 排名第 5。 困难一：行业成本费用上升压力 原油价格上升趋势将导致燃油价格上涨，劳动密集型企业将带来劳动力成本增加，环保要求提高 将使相应费用加大。 困难二：专业化高端人才储备不足 客运、物流、仓储在向现代服务业发展中，经营、管理、技术等专业化高端人才储备不足。 3、公司技术创新情况 详见“报告期内总体经营情况”相关部分。 4、报告期内主营业务及其经营情况 （1）主营业务分行业、分产品情况表 单位:元 币种:人民币

内容: 公司从2007年1月1日起执行新的会计准则， 原按持股50%比例合并的锦海捷亚国际货运有限公司等 不再纳入合并范围，与《2006年度报告》相比，本期主营业务中无物流业务。 公司2006年11月收购上海吴淞罗吉冷藏有限公司（原名吴淞肉联厂）、上海吴泾冷藏有限公司、 上海尚海食品公司股权，与去年同期相比，本期主营业务增添低温物流业务。 （2）主营业务分地区情况 单位:元 币种:人民币 地区 营业收入 营业收入比上年增减（％） 1,619,396,969.78 19.15 上海地区 公司从2007年1月1日起执行新的会计准则， 原按持股50%比例合并的锦海捷亚国际货运有限公司等 不再纳入合并范围，与《2006年度报告》相比，本期主营业务中无上海以外地区业务。 5、报告期资产和利润构成同比发生重大变动及影响因素 （单位：人民币元）

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 资本公积 利润表项目 营业收入 营业成本 资产减值损失 投资收益 所得税费用

内容: 主要是可供出售金融资产公允价增值 变化原因说明 主要是本年度低温仓储和汽贸业务增加 主要是本年度低温仓储和汽贸业务增加 主要是去年有资产减值损失冲回 主要是浦东机场货运站等投资收益增加， 及出售可供出售金融资产增加收益 主要是当年所得税费用增加，及2006 年度有所得税费用冲减1,210万元

内容: 6、公司经营活动、投资活动和筹资活动产生的现金流量构成情况 （单位：人民币元）

内容: 经营活动产生的现金流量净额 投资活动产生的现金流量净额 筹资活动产生的现金流量净额

内容: 7、主要控股和参股公司经营情况及业绩 （单位：人民币万元）

内容: 公司名称 上海锦江汽车服务 有限公司 上海锦江国际低温 物流有限公司 锦海捷亚国际货运 有限公司 上海大众新亚出租 汽车有限公司 上海浦东国际机场 货运站有限公司 主营范围 大小客车出租服务、旅游、汽车修理、长途客运、汽 车配件、客车租赁 仓储物流管理服务及相关业务咨询，存货管理服务， 货物运输代理管理，商务信息咨询 承办海运、空运进出口货物、国际展品及私人物品的 国际运输代理业务，办理快递(不含私人信函)业务 出租汽车、驾驶员培训、汽车配件销售、汽车维护(涉 及许可经营的凭许可证经营) 仓储 注册 资本 33,849 10,000 1,000 万美圆 3,000 19,161 总资产 137,103 25,231 56,988 19,138 121,353 净资产 81,490 10,391 25,677 15,838 98,239 营业 收入 145,868 13,527 260,686 13,163 109,924 净利润 17,988 1,032 4,378 2,513 66,673

内容: 公司未来发展的展望 1、行业发展趋势及公司面临的市场竞争格局 公司客运服务业主要包括出租车业务、租赁车业务、长途客运业务和汽修汽贸业务等。出租车业 受政府运营牌照总量控制，业绩取决于营运数量扩张和服务质量提升，公司目前在上海出租车行业排 名前列；租赁车业随着上海旅游和对外经济发展，需求将稳定增长，但来自国内企业和外资企业的竞 争已日趋激烈；长途客运业市场虽已进入充分竞争状态，但公司仍有较强的相对优势；汽修汽贸业目 前行业集中度较低，尚未形成真正有影响力的领先企业，行业会有较大发展潜力，公司已涉足的别克、 丰田、日产和大众4个品牌，正积极拓展新项目。 公司现代物流业主要是国际货运代理和相关业务。物流业受我国巨大的经济总量及与世界经济的 紧密融合带动，发展潜力巨大。公司目前主要面临国际强势物流企业进入及国内中小物流企业增加所 带来的竞争。 公司物流仓储业主要包括冷冻仓储业务和机场货运站仓储业务。冷冻仓储业随着国家经济的快速 发展，需求日益扩大，具有广阔的发展空间，公司目前主要面临外资的进入和国内食品零售企业的配 送业务内部化趋势的挑战；机场货运站仓储业随着国家航空运输业的发展，具有很好的发展前景。 2、公司发展机遇和战略 公司发展机遇：我国经济发展为现代服务业带来了巨大机遇，经济发展使客运服务、现代物流、 物流仓储业的社会需求不断增长；上海产业结构战略调整将加快形成服务经济为主的产业结构，为客 运服务、现代物流、物流仓储业进一步发展提供较大的空间；世博会将带动经济新一轮增长，申办期

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 间的先发效应，筹备期间的拉动效应，举办期间的直接效应，结束后的延续扩散效应，均将带动客运 服务、现代物流、物流仓储业的发展。 公司发展战略：发展客运服务业新的增长点，探索现代物流和物流仓储业新的业务模式。努力提 升品牌优势，培育核心主业的创新能力和投融资能力，把公司打造成长三角地区一流的以客运服务、 现代物流、物流仓储为核心的现代服务业投资运营企业。 3、公司2008年度经营计划 2008年，要坚持科学发展观，紧紧围绕公司战略目标，抓住北京奥运会、上海世博会契机，进一 步增强公司核心竞争力和可持续发展能力，为打造优秀上市公司而不懈努力。 2008年预计营业收入17亿元，预计营业成本12.4亿元，预计费用2.6亿元。 ● 客运服务业 抓住发展机遇，进一步挖掘潜力，走内生式增长和外延式扩张相结合的道路，进一步提升核心竞 争力。 1）扩大汽车出租、租赁业务，增添外延式发展路径。 2）完成综合信息平台子系统建设，并进入运行阶段，使IT对传统产业的集群优势和聚合效应逐步 显现，为锦江汽车新一轮发展奠定基础。 3）全面提升客运、汽修汽贸、咨询培训等一体化服务体系，丰富锦江汽车品牌内涵，提升品牌价 值。 4）利用政策和市场收购等手段，增加营运车辆牌照，体现规模效益，降低因成本提高而形成的经 营压力。 5）继续发展4S及其他汽贸项目，提升市场占有率，增添经济增长点。整合汽车修理资源，积极引 进交通事故理赔服务等有发展潜力的项目，培育壮大汽修业务板块。 ● 现代物流业 提高内部资源整合共享力度，以兼并、收购等途径积极拓展业务范围，加快发展节奏。锦海捷亚 实现两个转变：由单纯的货代企业向综合性物流企业转变，由全国性公司向亚太区域性公司转变。 1）推进锦海捷亚的业务范围向物流产业链的纵深发展，成为集货代、物流为一体的综合性物流企 业。通过资本运作等形式，更多地导入股东的资源，构建锦海捷亚新的发展平台，努力使锦海捷亚成 为中美合资双方在大中华区的唯一综合物流服务提供商。 2）完成锦海捷亚全国系统信息平台建设，尽早实现与 YRCL 的网络对接，借助高效能的网络平台， 提升现代物流的综合管理和服务水平。 3）全面落实“五大区域三级管理”体系建设，加强公司内部资源共享度和协同度。推进收购 YRCL 香港公司的工作，使锦海捷亚初步转型为亚太区域性公司。 4）完善风险控制和防范体系，利用金融衍生工具等手段，规避汇兑损失。 ● 物流仓储业 以冷链冷藏配送为核心，以物流资源开发为依托，以冷链物流人才为保障，加快发展低温物流业 务，提升盈利能力。 1）抓紧吴淞钢铁物流项目，严格把控项目进展环节，为剩余地块的后续开发打好基础。 2）继续增加冷库容量，通过调整客源结构，提高冷库利用率，保持华东地区冷库规模领先地位， 提高市场占有率。 3）加强分类指导力度，通过引进先进技术和管理理念，拓展高端客户，提高服务附加值，增强核 心竞争力。 4）开展多层次营销，利用吴泾公司的品牌知名度和管理经验，加大各冷库间的营销联动力度，增 加盈利能力。 5）发展冷链配送业务，适时收购相关企业股权，为冷链配送业务提供发展平台。 ●把握市场节奏，适时减持部分已流通的上市公司股权。同时，积极参与市场中有较好回报的财 务性投资。 4、资金需求、使用计划以及资金来源情况 2008年，公司投资活动现金流出主要是车辆更新和主业发展的投资支出，约4亿元。资金主要来源 于自有资金和银行贷款。 5、经营风险分析

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 风险因素 宏观政策方面

内容: 风险高低 一般

内容: 风险原因 客运服务业受宏观市场 影响，燃油价格可能上 升，营运成本增加。 现代物流、物流仓储业 市场竞争日趋激烈。

内容: 对策和措施 1、进一步扩大营运规模。 2、降低其他营运成本。 1、加快与YRCL的整合， 实现业务对接、流程再造、网络 建设、文化磨合。 2、 以兼并、 收购等途径积极拓展业务范围， 加快发展节奏。 3、以冷链冷藏配送为核心，以物流资源开发为依托，加快 发展低温物流业务，提升盈利能力。

内容: 市场经营方面

内容: 一般

内容: (二)公司投资情况 报告期内公司投资额为 3,003 万元，比上年减少 16,472 万元，减少的比例为 549%。 主要是对国泰君安证券投资管理有限公司等的投资 被投资的公司情况

内容: 被投资的公司名称 国泰君安证券投资管理有限公司 主要经营活动 资产管理，企业投资，企业咨询 占被投资公司权益的比例(%) 1.38 备注

内容: 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 报告期内，公司无非募集资金投资项目。 (三)公司会计政策、会计估计变更或重大会计差错更正的原因及影响 报告期内，公司无会计政策、会计估计变更或重大会计差错。 (四)主要会计政策选择的说明及重要会计估计的解释 在运用会计政策过程中，由于经营活动内在的不确定性，需要对无法准确计量的报表项目的账面 价值进行判断、估计和假设。这些判断、估计和假设是基于管理层过去的历史经验，并在考虑其他相 关因素的基础上作出的。实际的结果可能与估计存在差异。 对前述判断、 估计和假设在持续经营的基础上进行定期复核， 会计估计的变更仅影响变更当期的， 其影响数在变更当期予以确认；既影响变更当期又影响未来期间的，其影响数在变更当期和未来期间 予以确认。 在运用会计政策过程中作出了以下重要判断，并对财务报表中确认的金额产生了重大影响： 出租车营运牌照的使用寿命，执行新会计准则后，管理层认为公司所拥有的出租车营运牌照使用 寿命不能确定，在可预见的将来均能使用，所以对于该项无形资产在持有期间内不进行摊销，于每一 会计期末对该项无形资产进行减值测试。在执行新会计准则之前按照 50 年平均摊销。 这一采用未来适用法核算的会计政策变更对 2007 年度和以后年度的财务影响如下： 2007 年 712.54（人民币千元） 以后年度 29,946.54（人民币千元） (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 2007 年 4 月 6 日召开第五届董事会第五次会议董事会会议。决议公告刊登在 2007 年 4 月 11 日的《上海证券报》香港《南华早报》。 （2）、公司于 2007 年 4 月 25 日召开第五届董事会第六次会议董事会会议。决议公告刊登在 2007 年 4 月 27 日的《上海证券报》香港《南华早报》。

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: （3）、公司于 2007 年 6 月 27 日召开第五届董事会第七次会议董事会会议。决议公告刊登在 2007 年 6 月 28 日的《上海证券报》香港《南华早报》。 （4）、公司于 2007 年 8 月 8 日召开第五届董事会第八次会议董事会会议。决议公告刊登在 2007 年 8 月 10 日的《上海证券报》香港《南华早报》。 （5）、公司于 2007 年 10 月 9 日召开第五届董事会第九次会议董事会会议。决议公告刊登在 2007 年 10 月 10 日的《上海证券报》香港《南华早报》。 （6）、公司于 2007 年 10 月 24 日召开第五届董事会第十次会议董事会会议。审议通过《2007 年第 三季度报告》。 （7） 公司于 2007 年 12 月 28 日召开第五届董事会第十一次会议董事会会议。 、 决议公告刊登在 2007 年 12 月 29 日的《上海证券报》香港《南华早报》。 2、董事会对股东大会决议的执行情况 经 2007 年 5 月 25 日公司 2006 年度股东大会批准， 公司 2006 年度利润分配方案为： 2006 年末 以 公司总股本 55,161.01 万股为基数，向全体股东每 10 股派发现金红利 3.50 元(含税)。该利润分配方 案刊登在 2007 年 5 月 28 日的《上海证券报》、香港《南华早报》上。 2007 年 6 月 8 日，公司在《上海证券报》、香港《南华早报》上刊登分红派息实施公告。股权登 记日：A 股 2007 年 6 月 13 日；B 股最后交易日 2007 年 6 月 13 日，股权登记日 6 月 18 日。除息日： 2007 年 6 月 14 日。红利发放日：2007 年 6 月 26 日。全体股东红利已按时发放完毕。 3、董事会下设的审计委员会的履职情况汇总报告 公司董事会审计委员会严格按照《公司法》、《公司章程》和《董事会审计委员会工作细则》授 予的职权，根据中国证监会《关于做好上市公司 2007 年年度报告及相关工作的通知》和《公开发行证 券的公司信息披露内容与格式准则第 2 号〈年度报告的内容与格式〉》（2007 年修订）的有关要求， 审计委员会履职情况总结如下： (1）在会计师事务所正式进场审计前，审计委员会于 2008 年 1 月 14 日召开 2008 年第一次会议。 会议审阅了公司编制的财务报表初稿， 出具审阅意见认为： 公司 2007 年度财务报表能够按照新会计准 则的要求进行编制， 基本符合财政部和中国证监会等相关部门的有关规定； 公司编制的 2007 年度财务 报表基本能够反映公司生产经营实际情况； 同意将公司编制的 2007 年度财务报表提交公司聘请的年审 会计师事务所进行审计。 会议听取了德勤华永会计师事务所有限公司关于本年度财务报告审计工作时间安排的介绍，同意 德勤华永会计师事务所有限公司的审计时间安排。 (2）在会计师事务所正式进场审计期间，审计委员会以书面形式先后于 2008 年 2 月 13 日、2 月 29 日两次发出《关于督促会计师事务所按期提交审计报告的函》，要求会计事务所按照相关规定和审 计计划如期完成年报审计工作。 (3）根据会计师事务所出具初步意见后的公司 2007 年度财务报表，审计委员会于 2008 年 3 月 3 日召开 2008 年第二次会议。 会议审阅了会计师事务所出具初步意见后的公司 2007 年度财务报表，出具第二次审阅意见认为： 公司 2007 年度财务报表能够按照新会计准则的要求进行编制， 重大方面符合财政部和中国证监会等相 关部门的有关规定；公司编制的 2007 年度财务报表能够反映公司生产经营实际情况。 会议决议：公司 2007 年度财务报表能够真实、准确的反映公司 2007 年度财务状况及生产经营实 际情况，同意将经德勤华永会计师事务所有限公司审计后的 2007 年度财务报表提交公司董事会审议； 2007 年度德勤华永会计师事务所有限公司在为公司提供审计服务中，恪尽职守，遵循独立、客观、公 正的执业准则，较好的完成了公司委托的各项工作，提请董事会继续聘任德勤华永会计师事务所有限 公司为公司 2008 年度审计机构；同意《2007 年度内部控制检查监督工作报告》。 4、董事会下设的薪酬委员会的履职情况汇总报告 公司董事会薪酬与考核委员会对公司《2007 年年度报告》中披露的董事、监事和高级管理人员报 酬进行审核后认为：公司董事、监事和高级管理人员在公司领取的报酬，按照董事会下达的年度经营 指标、 工作管理目标完成情况确定。 独立董事津贴依据公司 2004 年度股东大会通过的独立董事津贴标

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 准确定。公司所披露的上述人员报酬真实准确。 公司目前尚未建立股权激励机制，公司将不断完善内部激励与约束机制，逐渐建立起短期激励与 长期激励相结合的“利益共享、风险共担”的激励体系，推动管理层与公司、股东利益的紧密结合。 (六)利润分配或资本公积金转增预案 利润分配预案为：按 2007 年末总股本 551,610,107 股为基数,向全体股东每 10 股派发现金红利 4.00 元(含税)，B 股折成美元发放，合计分配现金股利 220,644,042.80 元。尚余未分配利润 11,415,539.04 元，结转至下年度。 本预案尚须提请股东大会审议通过。 九、监事会报告 (一)监事会的工作情况 1、 公司第五届监事会第四次会议于 2007 年 4 月 6 日召开。 同意 1、 《2006 年度监事会工作报告》 ， 并提交股东大会审议。2、同意公司《2006 年度报告及摘要》。 2、公司第五届监事会第五次会议于 2007 年 4 月 25 日召开。1、同意《关于制订〈监事会议事规 则〉的议案》，提请股东大会审议。2、同意公司《2007 年第一季度报告》。 3、 公司第五届监事会第六次会议于 2007 年 8 月 8 日召开。 《公司 2007 年半年度报告及摘要》 同意 。 4、 公司第五届监事会第七次会议于 2007 年 10 月 9 日召开。 《公司治理专项活动整改报告》 同意 。 5、公司第五届监事会第八次会议于 2007 年 10 月 24 日召开。同意《2007 年第三季度报告》。 (二)监事会对公司依法运作情况的独立意见 公司董事会能够依法规范运作，经营决策程序合法，公司已建立了较完善的法人治理结构和内部 控制制度。监事会未发现公司董事及高级管理人员在执行职务时有违反法律、法规、《公司章程》或 有损公司和股东利益的行为。 (三)监事会对检查公司财务情况的独立意见 公司的财务制度健全，财务运行稳健，会计处理方法选用适当。德勤华永会计师事务所有限公司 对本公司出具了 2007 年度标准无保留意见的审计报告， 该报告真实地反映了公司的财务状况和经营成 果。 (四)监事会对公司收购出售资产情况的独立意见 公司在收购、出售资产过程中，严格遵守公允原则，交易价格的制定根据独立评估机构的评估基 准确定，交易程序合法。监事会未发现有损公司和股东利益的情况。 (五)监事会对公司关联交易情况的独立意见 公司在与控股股东锦江国际（集团）有限公司及其子公司的关联交易中，坚持公平、公正、公开 的原则，交易价格按照独立评估机构的评估报告为基准，经双方协商后确定。交易过程按规范程序进 行，符合相关法律法规的要求。监事会未发现有损股东权益或造成公司资产流失的行为。 十、重要事项 (一)重大诉讼仲裁事项 本年度公司无重大诉讼、仲裁事项。 (二)报告期内公司收购及出售资产、吸收合并事项 本年度公司无重大收购及出售资产、吸收合并事项。 (三)报告期内公司重大关联交易事项

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 1、与日常经营相关的关联交易 （1）、购买商品、接受劳务的重大关联交易 单位:万元 币种:人民币

内容: 关联方 锦江之星旅馆有限公司 锦江国际(集团)有限公司下属公司 锦江国际(集团)有限公司 关联交易 内容 酒店管理 采购物品 租赁房屋 关联交易定价原则 参照市场价格执行 参照市场价格执行 参照市场价格执行 关联交 易金额 占同类交易金 额的比例(%) 100 〈1 〈5 关联交易 结算方式 货币资金 货币资金 货币资金

内容: （2）、销售商品、提供劳务的重大关联交易 单位:万元 币种:人民币

内容: 关联方 锦江国际(集团)有限公司下属公司 上海锦江国际旅游股份有限公司 关联交易内容 洗衣收入 车辆客运收入 关联交易定价原则 参照市场价格执行 参照市场价格执行 关联交 易金额 占同类交易金 额的比例(%) 20 〈1 关联交易 结算方式 货币资金 货币资金

内容: 上述关联交易是公司日常必要的业务往来，有利于公司降低生产经营成本和销售费用。 此类关联交易占公司同类交易或总交易量的比例较小，对公司本期以及未来财务状况、经营成果 的影响很小。此类关联交易不影响公司的独立性。 2、关联债权债务往来 单位:万元 币种:人民币

内容: 关联方 上海锦江汽车销售服务有限公司 上海浦东国际机场货运站有限公司 锦江国际(集团)有限公司 锦江国际(集团)有限公司下属公司 合计 关联关系 联营公司 参股子公司 控股股东 控股股东子公司 / -1,023 2,315 向关联方提供资金 发生额 余额 -600 200 -423 2,115 -1,818 -77 -1,895 0 4,012 4,012 关联方向公司提供资金 发生额 余额

内容: 关联债权债务形成原因：除对上海浦东国际机场货运站有限公司的股东垫款外，其他均为日常经营活 动的债权债务。 关联债权债务清偿情况：较好（上海浦东国际机场货运站有限公司按 12 年等额分期偿还） 关联债权债务对公司经营成果及财务状况的影响：较小。 (四)托管情况 本年度公司无重大托管事项。 (五)承包情况 本年度公司无重大承包事项。 (六)租赁情况 本年度公司无重大租赁事项。 (七)担保情况

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 单位:万元 币种:人民币

内容: 公司对外担保情况（不包括对控股子公司的担保） 担保对象 上海永达风度汽车销售有限 公司 上海南站长途客运有限公司 报告期内担保发生额合计 报告期末担保余额合计 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 报告期末对控股子公司担保余额合计 公司担保总额情况（包括对控股子公司的担保） 担保总额 担保总额占公司净资产的比例(%) 其中： 为股东、实际控制人及其关联方提供担保的金额 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 担保总额超过净资产 50％部分的金额 上述三项担保金额合计 0 0 0 0 5,387 3.02 3,500 3,500 发生日期 2007 年 3 月 29 日 2007 年 12 月 20 日 担保 金额 1,360 1,250 担保类型 一般担保 一般担保 担保期限 2007 年 3 月 29 日～ 2008 年 3 月 28 日 2007年12月20日～ 2008 年 12 月 19 日 是否履 行完毕 否 否 是否为关 联方担保 否 否 2,610 1,887

内容: 2007 年 3 月 29 日，本公司控股子公司上海锦江汽车服务有限公司为上海永达风度汽车销售有限 公司提供担保， 担保金额为 1,360 元,担保期限为 2007 年 3 月 29 日至 2008 年 3 月 28 日。 该担保存在 反担保。该事项已于 2007 年 4 月 11 日刊登在《上海证券报》、香港《南华早报》上。 2007 年 12 月 20 日， 本公司控股下属公司上海锦江商旅汽车服务股份有限公司为上海南站长途客 运有限公司提供担保， 担保金额为 1,250 元,担保期限为 2007 年 12 月 20 日至 2008 年 12 月 19 日。 该 担保存在反担保。该事项已于 2007 年 4 月 11 日刊登在《上海证券报》、香港《南华早报》上。 (八)委托理财情况 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

内容: 股东名称 承诺事项 1、持有的非流通股股份自获得在 A 股市场上的“上市流通权” 之日起12个月后的12个月内， 不通过上海证券交易所挂牌交易。 2、在前项承诺期期满后，通过上海证券交易所挂牌交易出售的 股份数量占公司股份总数的比例在 12 个月内不超过 5%，在 24 个月内不超过 10%；通过上海证券交易所挂牌交易出售获得流通 权的股份数量达到公司股份总数 1%的，将自该事实发生之日起 两个工作日内做出公告。 22 承诺履行情况 1、限售期承诺在履行 中。 2、利润分配承诺已在 公司 2005、2006 年度 股东大会表决通过的 利润分配方案中体 现。

内容: 锦江国际（集团）有限公司

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 上海锦江饭店有限公司 上海和平饭店有限公司 上海锦江国际饭店有限公司 上海宾馆有限公司

内容: 3、在股权分置改革方案实施之后，将在上海锦江国际实业投资 股份有限公司 2005 年度至 2007 年度连续三年的年度股东大会 上提议利润分配比例不低于当年实现可分配利润的 50%，并保证 在年度股东大会表决时对该议案投赞成票。 持有的非流通股股份自获得在 A 股市场上的“上市流通权”之日 起 12 个月后的 12 个月内，不通过上海证券交易所挂牌交易。 同上海锦江饭店有限公司 同上海锦江饭店有限公司 同上海锦江饭店有限公司

内容: 限售期承诺在履行中 限售期承诺在履行中 限售期承诺在履行中 限售期承诺在履行中

内容: (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， 公司聘任德勤华永会计师事务所有限公司为公司审计机构， 截止本报告期末，该会计师事务所已为本公司提供了 15 年审计服务。 支付其 2007 年度审计工作的酬金共约 180 万元。 (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 报告期内公司及其董事、监事、高级管理人员、公司股东、实际控制人均未受中国证监会的稽查、 行政处罚、通报批评及证券交易所的公开谴责。 (十三)其它重大事项及其影响和解决方案的分析说明 1、持有其他上市公司股权情况 单位:元

内容: 证券代 码 证券简称 初始投资金额 占该公司股 权比例 （％） <5 <1 <1 <1 <1 <1 <1 <1 <1 <1 <1 期末账面值 报告期 损益 0 0 0 0 0 0 0 0 0 0 0 0 报告期所有者权 益变动 会计核算 科目 股份 来源

内容: 合计

内容: 交通银行 豫园商城

内容: 百联股份 上电股份 三爱富

内容: 食品一店 海泰发展 申能股份 天地源 氯碱化工 爱建股份

内容: 可供出售 金融资产

内容: 法人 股认 购

内容: 长期股权 投资 -

内容: 2、持有非上市金融企业股权情况

内容: 所持对象名称 国泰君安证券股份有限公司 小计 最初投资金 额（元） 47,649,967 47,649,967 持有数量 (股) 47,649,967 47,649,967 占该公 司股权 比例(%) 1.014 － 期末账面价 值（元） 47,649,967 47,649,967 报告期 损益 （元） 0 0 报告期所 会计核算 有者权益 科目 变动（元） 长期股权 0 投资 0 － 股份 来源 认购 －

内容: 2007 年 4 月 6 日，公司第五届董事会第五次会议通过《关于增资国泰君安证券股份有限公司的议 案》，决定增资认购国泰君安股份有限公司 1,413 万股。详见 2007 年 4 月 11 日《上海证券报》公司

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 第五届董事会第五次会议决议公告。 目前，公司已支付认购款项，待国泰君安证券股份有限公司增资 扩股方案取得中国证监会等批准后，予以确权。确权后，公司将合计持有国泰君安证券股份有限公司 6,178 万股股权。 3、买卖其他上市公司股份的情况

内容: 股份名称 卖出 期初股份数量 （股） 报告期买入/卖出 股份数量（股） 期末股份数量 （股） 使用的资金数 量（元） 0 0 0 0 0 0 0 0 产生的投资收益 （元）

内容: (十四)信息披露索引

内容: 事项 有限售条件的流通股上市公告 第五届董事会第五次会议决议公告 第五届监事会第四次会议决议公告 2007 年日常关联交易公告 2006 年度报告 提示性公告 第五届董事会第六次会议决议公告暨召开 2006 年度股东大会的通知 第五届监事会第五次会议决议公告 2007 年第一季度报告 2006 年度股东大会决议公告 2006 年度分红派息实施公告 第五届董事会第七次会议决议公告 “上市公司专项治理活动”自查报告和整改计划 2007 年半年度业绩快报 第五届董事会第八次会议决议公告 2007 年半年度报告 第五届董事会第九次会议决议公告 第五届监事会第七次会议决议公告 公司治理专项活动整改报告 提示性公告 2007 年第三季度报告 第五届董事会第十一次会议决议公告 刊载的报刊名称 及版面 上海证券报 D10 上海证券报 D14、南华早报 B8 上海证券报 D14、南华早报 B8 上海证券报 D14、南华早报 B8 上海证券报 D14、南华早报 B8 上海证券报 A13、南华早报 B4 上海证券报 D69、南华早报 B9 上海证券报 D69、南华早报 B9 上海证券报 D69、南华早报 B9 上海证券报封 5、南华早报 B12 上海证券报 D23、南华早报 B6 上海证券报 B2、南华早报 B14 上海证券报 B2、南华早报 B14 上海证券报 D20、南华早报 B8 上海证券报 D57、南华早报 B7 上海证券报 D57、南华早报 B7 上海证券报 D23、南华早报 B6 上海证券报 D23、南华早报 B6 上海证券报 D23、南华早报 B6 上海证券报 D10、南华早报 B7 上海证券报 D15、南华早报 B6 上海证券报 56、南华早报 B6 刊载日期 2007 年 2 月 6 日 2007 年 4 月 11 日 2007 年 4 月 11 日 2007 年 4 月 11 日 2007 年 4 月 11 日 2007 年 4 月 16 日 2007 年 4 月 27 日 2007 年 4 月 27 日 2007 年 4 月 27 日 2007 年 5 月 28 日 2007 年 6 月 8 日 2007 年 6 月 28 日 2007 年 6 月 28 日 2007 年 7 月 10 日 2007 年 8 月 10 日 2007 年 8 月 10 日 2007 年 10 月 10 日 2007 年 10 月 10 日 2007 年 10 月 10 日 2007 年 10 月 17 日 2007 年 10 月 26 日 2007 年 12 月 29 日

内容: 上述信息披露刊载的互联网网站及检索路径：上海证券交易所网站 http:// www.sse.com.cn 十一、财务会计报告（附后） 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。

内容: 上海锦江国际实业投资股份有限公司 2007 年年度报告

内容: 十二、备查文件目录 1、载有法定代表人、主管会计工作负责人、会计机构负责人签名并盖章的财务报表。 2、载有会计师事务所盖章、注册会计师签名并盖章的审计报告原件。 3、报告期内在中国证监会指定报纸上公开披露过的所有公司文件的正本及公告的原稿。 董事长：沈懋兴 上海锦江国际实业投资股份有限公司 2008 年 3 月 18 日

内容: 上海锦江国际实业投资股份有限公司 2007 年 12 月 31 日止年度 财务报表及审计报告

内容: 上海锦江国际实业投资股份有限公司

内容: 2007 年 12 月 31 日止年度 财务报表及审计报告

内容: 页数

内容: 审计报告

内容: 公司及合并资产负债表

内容: 公司及合并利润表

内容: 公司及合并现金流量表

内容: 公司及合并股东权益变动表

内容: 财务报表附注

内容: 德师报(审)字(08)第 P0089 号 上海锦江国际实业投资股份有限公司全体股东： 我们审计了后附的上海锦江国际实业投资股份有限公司(以下简称“锦江投资”)的财务报 表，包括 2007 年 12 月 31 日的公司及合并资产负债表，2007 年度的公司及合并利润表、公司 及合并股东权益变动表和公司及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 按照企业会计准则的规定编制财务报表是锦江投资管理层的责任。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。 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。

内容: 三、审计意见 我们认为，锦江投资的财务报表已经按照企业会计准则的规定编制，在所有重大方面公允 反映了锦江投资2007 年12 月 31 日的公司及合并财务状况以及2007 年度的公司及合并经营成 果和现金流量。

内容: 德勤华永会计师事务所有限公司 中国?上海

内容: 中 国 注 册 会 计 师

内容: 上海锦江国际实业投资股份有限公司 公司及合并资产负债表 2007 年 12 月 31 日

内容: 单位：人民币元 附注 年末数 合并 年初数 (已重述) 年末数 公司 年初数 (已重述)

内容: 资产 流动资产 货币资金 应收账款 预付款项 应收股利 其他应收款 存货 其他流动资产 流动资产合计 非流动资产 可供出售金融资产 长期股权投资 投资性房地产 固定资产 在建工程 无形资产 长期待摊费用 递延所得税资产 其他非流动资产 非流动资产合计 资产总计

内容: 上海锦江国际实业投资股份有限公司

内容: 负债及股东权益 流动负债 短期借款 应付账款 预收款项 应付职工薪酬 应交税费 应付股利 其他应付款 流动负债合计 非流动负债： 递延所得税负债 其他非流动负债 非流动负债合计 负债合计 股东权益 股本 资本公积 盈余公积 未分配利润 归属于母公司股东权益合计 少数股东权益 股东权益合计 负债和股东权益总计

内容: 附注为财务报表的组成部分。

内容: 第 3 页至第 66 页的财务报表由下列负责人签署：

内容: 企业负责人

内容: 主管会计工作负责人

内容: 会计机构负责人

内容: 上海锦江国际实业投资股份有限公司 公司及合并利润表 2007 年 12 月 31 日止年度

内容: 营业收入 减：营业成本 营业税金及附加 销售费用 管理费用 财务费用 资产减值损失 加：投资收益 其中：对联营企业和合营企业 的投资收益 营业利润 加：营业外收入 减：营业外支出 其中：非流动资产处置损失 利润总额 减：所得税费用 净利润 归属于母公司股东的净利润 少数股东损益 每股收益： (一)基本每股收益 (二)稀释每股收益

内容: 附注为财务报表的组成部分。

内容: 上海锦江国际实业投资股份有限公司 公司及合并现金流量表 2007 年 12 月 31 日止年度

内容: 上海锦江国际实业投资股份有限公司 公司及合并股东权益变动表 2007 年 12 月 31 日止年度

内容: 合并 未分配 利润 人民币元 公司 归属于母公司 股东权益 人民币元 少数 股东权益 人民币元 股东权益 合计 人民币元 股本 人民币元 资本公积 人民币元 盈余公积 人民币元 未分配 利润 人民币元 股东权益 合计 人民币元

内容: 股本 人民币元

内容: 资本公积 人民币元

内容: 盈余公积 人民币元

内容: 一、2006 年 12 月 31 日余额 1.会计政策变更 2.前期差错更正 二、2007 年 1 月 1 日余额 三、本年增减变动 (一)净利润 (二)直接计入所有者权益的利得和损失 1.可供出售金融资产公允价值变动净额 2.权益法下被投资单位其他所有者权益变动的影响 3.与计入所有者权益项目 相关的所得税影响 (一)和(二)小计 (三)所有者投入和减少资本 1.所有者投入资本 2.股份支付计入所有者权益的金额 3.其他 (四)利润分配 1.提取盈余公积 2.对股东的分配 3.其他 (五)所有者权益内部结转 1.资本公积转增股本 2.盈余公积转增股本 3.盈余公积弥补亏损 4.其他 四、2007 年 12 月 31 日余额

内容: 附注为财务报表的组成

内容: 合并 股本 人民币元 资本公积 人民币元 盈余公积 人民币元 未分配 利润 人民币元 归属于母公司 股东权益 人民币元 少数 股东权益 人民币元 股东权益 合计 人民币元 股本 人民币元 资本公积 人民币元 公司 盈余公积 人民币元 未分配 利润 人民币元 股东权益 合计 人民币元

内容: 一、2005 年 12 月 31 日余额 1.会计政策变更 2.前期差错更正 二、2006 年 1 月 1 日余额 三、本年增减变动 (一)净利润 (二)直接计入所有者权益的利得和损失 1.可供出售金融资产公允价值变动净额 2.权益法下被投资单位其他所有者权益变动的影响 3.与计入所有者权益项目相关的所得税影响 4.其他(同一控制下企业合并溢价冲销) (一)和(二)小计 (三)所有者投入和减少资本 1.所有者投入资本 2.股份支付计入所有者权益的金额 3.其他(因合并子公司而增加) (四)利润分配 1.提取盈余公积 2.对股东的分配 3.其他 (五)所有者权益内部结转 1.资本公积转增股本 2.盈余公积转增股本 3.盈余公积弥补亏损 4.其他 四、2006 年 12 月 31 日余额

内容: 上海锦江国际实业投资股份有限公司 财务报表附注 2007年12月31日止年度

内容: 一、

内容: 概况 上海锦江国际实业投资股份有限公司(以下简称“公司”)是一家在中华人民共和国境内由原上 海新锦江大酒店改制而成的股份有限公司， 成立于 1993 年 2 月 24 日。 公司于 1993 年发行的 A 股和 B 股股票在中国上海证券交易所上市。其大股东为锦江国际(集团)有限公司。股本情 况详见附注九 25。 公司及子公司（以下简称“本集团”）主要从事车辆服务、物流服务（普通货物的仓储、装卸、 加工、包装、配送（筹建）及相关信息处理服务和有关咨询服务；提供供应链、仓储、运输、 库存、采购订单的管理和咨询服务，计算机软件的开发与技术服务（涉及许可经营的凭许可 证经营） 国内货物运输代理业务、 ； 国际货物运输代理业务） 旅游服务 、 （非旅行社接待业务） 、 商务服务、宾馆、物业管理、办公用房出租、房地产开发经营，提供商场的场地。

内容: 二、

内容: 财务报表的编制基础 首次执行 2006 年 2 月 15 日发布的企业会计准则（以下简称“新会计准则”） 本集团自 2007 年 1 月 1 日起执行财政部于 2006 年 2 月 15 日颁布的新会计准则，并按照《企 业会计准则第 38 号－首次执行企业会计准则》(以下简称“38 号准则”)第五条至第十九条及其 他相关规定，对可比年度财务报表予以追溯调整。 此外， 本集团原属于需同时按照国内会计准则及国际财务报告准则对外提供财务报表的 A、 B 股上市公司，根据《企业会计准则解释公告第 1 号》第一条的有关规定，对于新会计准则与 国际财务报告准则不存在准则差异的交易或事项， 除了按照 38 号准则第五条至第十九条及其 他相关规定进行追溯调整外，本集团根据取得的相关信息，以本集团按照国际财务报告准则 编制的财务报表为基础， 38 号准则第五条至第十九条及其他相关未予规范的其他交易和事 对 项因执行新会计准则而发生的会计政策变更也对可比年度财务报表进行了追溯调整。首次执 行新会计准则对可比年度财务报表的影响详见附注六。 对于财务报表项目分类、名称等列报方式的变化，可比年度财务报表已按照新会计准则的要求 进行了重述。 此外，财务报表还按照《公开发行证券的公司信息披露编报规则第15号－财务报告的一般规定 (2007年修订)》列报和披露有关财务信息。

内容: 三、

内容: 遵循企业会计准则的声明 本公司编制的财务报表符合新会计准则的要求，真实、完整地反映了本公司于2007年12月31日 的公司及合并财务状况以及2007年度的公司及合并经营成果和现金流量。

内容: 上海锦江国际实业投资股份有限公司 四、 重要会计政策及会计估计 1. 会计年度 本集团的会计年度为公历年度，即每年1月1日起至12月31日止。 2. 记账本位币 人民币为本集团经营所处的主要经济环境中的货币，本集团以人民币为记账本位币。 3. 记账基础和计价原则 本集团会计核算以权责发生制为记账基础。 除某些金融工具以公允价值计量外， 财务报表 以历史成本作为计量基础。资产如果发生减值，则按照相关规定计提相应的减值准备。 4. 现金等价物 现金等价物是指本集团持有的期限短、流动性强、易于转换为已知金额现金、价值变动风 险很小的投资。 5. 外币业务折算 外币交易在初始确认时采用交易发生日的即期汇率折算。 于资产负债表日， 外币货币性项目采用该日即期汇率折算为人民币， 因该日的即期汇率与 初始确认时或者前一资产负债表日即期汇率不同而产生的汇兑差额， 除了符合资本化条件 的外币专门借款的汇兑差额在资本化期间予以资本化计入相关资产的成本外， 均计入当期 损益。 以历史成本计量的外币非货币性项目仍以交易发生日的即期汇率折算的记账本位币金额 计量。以公允价值计量的外币非货币性项目，采用公允价值确定日的即期汇率折算，折算 后的记账本位币金额与原记账本位币金额的差额，作为公允价值变动(含汇率变动)处理， 计入当期损益或股东权益。 6. 金融工具 当本集团成为金融工具合同条款中的一方时， 确认相应的金融资产或金融负债。 初始确认 金融资产和金融负债， 以公允价值计量。 对于以公允价值计量且其变动计入当期损益的金 融资产或金融负债， 相关的交易费用直接计入当期损益， 对于其他类别的金融资产或金融 负债，相关交易费用计入初始确认金额。 7. 金融资产的分类及计量 金融资产在初始确认时划分为以公允价值计量且其变动计入当期损益的金融资产、 贷款和 应收款项以及可供出售金融资产。

内容: 上海锦江国际实业投资股份有限公司 四、 重要会计政策及会计估计 - 续 7. 金融资产的分类及计量 - 续 7.1.以公允价值计量且其变动计入当期损益的金融资产 包括交易性金融资产和指定为以公允价值计量且其变动计入当期损益的金融资产。 交易性金融资产是指满足下列条件之一的金融资产：(1)取得该金融资产的目的，主要是 为了近期内出售或回购；(2)属于进行集中管理的可辨认金融工具组合的一部分，且有客 观证据表明公司近期采用短期获利方式对该组合进行管理；(3)属于衍生工具，但是，被 指定且为有效套期工具的衍生工具、 属于财务担保合同的衍生工具、 与在活跃市场中没有 报价且其公允价值不能可靠计量的权益工具投资挂钩并须通过交付该权益工具结算的衍 生工具除外。 符合下述条件之一的金融资产， 在初始确认时可指定为以公允价值计量且其变动计入当期 损益的金融资产：(1)该指定可以消除或明显减少由于该金融资产的计量基础不同所导致 的相关利得或损失在确认或计量方面不一致的情况；(2)公司风险管理或投资策略的正式 书面文件已载明， 对该金融资产所在的金融资产组合或金融资产和金融负债组合以公允价 值为基础进行管理、评价并向关键管理人员报告。 以公允价值计量且其变动计入当期损益的金融资产采用公允价值进行后续计量， 公允价值 变动形成的利得或损失以及与该等金融资产相关的股利和利息收入计入当期损益。 7.2.贷款和应收款项 是指在活跃市场中没有报价、回收金额固定或可确定的非衍生金融资产。 贷款和应收款项采用实际利率法，按摊余成本进行后续计量，在终止确认、发生减值或摊 销时产生的利得或损失，计入当期损益。 7.3.可供出售金融资产 包括初始确认时即被指定为可供出售的非衍生金融资产， 以及除了以公允价值计量且其变 动计入当期损益的金融资产、贷款和应收款项、持有至到期投资以外的金融资产。 可供出售金融资产采用公允价值进行后续计量， 公允价值变动形成的利得或损失， 除减值 损失和外币货币性金融资产的汇兑差额计入当期损益外， 直接计入股东权益， 在该金融资 产终止确认时转出，计入当期损益。 可供出售金融资产持有期间取得的利息及被投资单位宣告发放的现金股利，计入投资收 益。

内容: 上海锦江国际实业投资股份有限公司 四、 重要会计政策及会计估计 - 续 8. 金融资产减值 除了以公允价值计量且其变动计入当期损益的金融资产外，本集团在每个资产负债表日 对其他金融资产的账面价值进行检查， 有客观证据表明金融资产发生减值的， 计提减值准 备。 - 贷款和应收款项减值 以成本或摊余成本计量的金融资产将其账面价值减记至预计未来现金流量现值， 减记金额 确认为减值损失，计入当期损益。金融资产在确认减值损失后，如有客观证据表明该金融 资产价值已恢复， 且客观上与确认该损失后发生的事项有关， 原确认的减值损失予以转回， 金融资产转回减值损失后的账面价值不超过假定不计提减值准备情况下该金融资产在转 回日的摊余成本。 - 可供出售金融资产减值 可供出售金融资产发生减值时， 将原直接计入资本公积的因公允价值下降形成的累计损失 予以转出并计入当期损益， 该转出的累计损失为该资产初始取得成本扣除已收回本金和已 摊销金额、当前公允价值和原已计入损益的减值损失后的余额。 在确认减值损失后， 期后如有客观证据表明该金融资产价值已恢复， 且客观上与确认该损 失后发生的事项有关， 原确认的减值损失予以转回， 可供出售权益工具投资的减值损失转 回计入权益，可供出售债务工具的减值损失计入当期损益。 在活跃市场中没有报价且其公允价值不能可靠计量的权益工具投资， 或与该权益工具挂钩 并须通过交付该权益工具结算的衍生金融资产以及不具有控制、 共同控制以及重大影响的 没有活跃市场且公允价值不能可靠计量的长期股权投资发生的减值损失，不予转回。 9. 金融资产的终止确认 满足下列条件之一的金融资产，予以终止确认：(1)收取该金融资产现金流量的合同权利 终止；(2)该金融资产已转移，且将金融资产所有权上几乎所有的风险和报酬转移给转入 方；(3)该金融资产已转移，虽然企业既没有转移也没有保留金融资产所有权上几乎所有 的风险和报酬，但是放弃了对该金融资产控制。 10. 存货 存货按成本进行初始计量， 存货成本包括采购成本、 加工成本和其他使存货达到目前场所 和状态所发生的支出。 存货主要分为库存商品、备品备件、物料用品和食品饮料及其它。 存货发出时， 按照实际成本进行核算。 车辆营运业务的备品备件发出时按加权平均法确定 其实际成本，其余业务的存货发出时，除物料用品采用加权平均法外，均按先进先出法确 定其实际成本。 本集团的存货盘存制度为永续盘存制。

内容: 上海锦江国际实业投资股份有限公司 四、 重要会计政策及会计估计 - 续 11. 存货跌价准备 资产负债表日，存货按照成本与可变现净值孰低计量。当其可变现净值低于成本时，提取 存货跌价准备。对于数量繁多、单价较低的存货，按存货类别计提存货跌价准备；其他存 货按单个存货项目的成本高于其可变现净值的差额提取存货跌价准备。 计提存货跌价准备后， 如果以前减记存货价值的影响因素已经消失， 导致存货的可变现净 值高于其账面价值的， 在原已计提的存货跌价准备金额内予以转回， 转回的金额计入当期 损益。 可变现净值是指在日常活动中， 存货的估计售价减去至完工时估计将要发生的成本、 估计 的销售费用以及相关税费后的金额。 在确定存货的可变现净值时， 以取得的确凿证据为基 础，同时考虑持有存货的目的以及资产负债表日后事项的影响。 12. 投资性房地产 投资性房地产是指为赚取租金或资本增值， 或两者兼有而持有的房地产。 包括已出租的土 地使用权、持有并准备增值后转让的土地使用权、已出租的建筑物等。 投资性房地产按成本进行初始计量。 与投资性房地产有关的后续支出， 如果与该资产有关 的经济利益很可能流入且其成本能可靠地计量， 则计入投资性房地产成本。 其他后续支出， 在发生时计入当期损益。 本集团采用成本模式对投资性房地产进行后续计量， 并按照与房屋建筑物或土地使用权一 致的政策进行折旧或摊销。 自用房地产或存货转换为投资性房地产或投资性房地产转换为自用房地产时， 按转换前的 账面价值作为转换后的入账价值。 投资性房地产出售、 转让、 报废或毁损的处置收入扣除其账面价值和相关税费后的差额计 入当期损益。 13. 长期股权投资 对于企业合并形成的长期股权投资， 如为同一控制下的企业合并取得的长期股权投资， 在 合并日按照取得被合并方所有者权益账面价值的份额作为初始投资成本； 通过非同一控制 下的企业合并取得的长期股权投资， 按照合并成本作为长期股权投资的初始投资成本。 除 企业合并形成的长期股权投资外的其他长期股权投资，按成本进行初始计量。 对被投资单位不具有共同控制或重大影响并且在活跃市场中没有报价、 公允价值不能可靠 计量的长期股权投资， 采用成本法核算； 对被投资单位具有共同控制或重大影响的长期股 权投资，采用权益法核算；对被投资单位不具有控制、共同控制或重大影响并且公允价值 能够可靠计量的长期股权投资，作为可供出售金融资产核算。 此外，本集团财务报表对被投资单位能够实施控制的长期股权投资采用成本法核算。

内容: 上海锦江国际实业投资股份有限公司 四、 重要会计政策及会计估计 - 续 13. 长期股权投资 - 续 13.1.成本法核算的长期股权投资 采用成本法核算时，长期股权投资按初始投资成本计价，当期投资收益仅限于所获得的被 投资单位在接受投资后产生的累积净利润的分配额， 所获得的被投资单位宣告分派的利润 或现金股利超过上述数额的部分，作为初始投资成本的收回，冲减投资的账面价值。 13.2.权益法核算的长期股权投资 采用权益法核算时， 长期股权投资的初始投资成本大于投资时应享有被投资单位可辨认净 资产公允价值份额的，不调整长期股权投资的初始投资成本；初始投资成本小于投资时应 享有被投资单位可辨认净资产公允价值份额的，其差额计入当期损益，同时调整长期股权 投资的成本。 采用权益法核算时， 当期投资损益为应享有或应分担的被投资单位当年实现的净损益的份 额。在确认应享有被投资单位净损益的份额时，以取得投资时被投资单位各项可辨认资产 等的公允价值为基础，并按照本集团的会计政策及会计期间，对被投资单位的净利润进行 调整后确认。对被投资单位除净损益以外的其他所有者权益变动，相应调整长期股权投资 的账面价值并计入所有者权益。 在确认应分担被投资单位发生的净亏损时， 以长期股权投资的账面价值和其他实质上构成 对被投资单位净投资的长期权益减记至零为限。此外，如本集团对被投资单位负有承担额 外损失的义务，则按预计承担的义务确认预计负债，计入当期投资损失。被投资单位以后 期间实现净利润的，本集团在收益分享额弥补未确认的亏损分担额后，恢复确认收益分享 额。 对于首执行日之前已经持有的对联营企业和合营企业的长期股权投资， 如存在与该投资相 关的股权投资借方差额，按原剩余期限直线摊销的金额计入当期损益。 13.3.处置长期股权投资 处置长期股权投资时，其账面价值与实际取得价款的差额，计入当期损益。采用权益法核 算的长期股权投资，在处置时将原计入股东权益的部分按相应的比例转入当期损益。

内容: 上海锦江国际实业投资股份有限公司

内容: 四、

内容: 重要会计政策及会计估计 - 续 14. 固定资产及折旧 固定资产是指为生产商品、提供劳务、出租或经营管理而持有的，使用寿命超过一个会计 年度的有形资产。 固定资产按成本并考虑预计弃置费用因素的影响进行初始计量。 对于本集团拥有的有顶灯 出租营运车辆和商务小车(营运车辆)，从其达到预定可使用状态的次月起，采用双倍余额 递减法分 6 年计提折旧；对于其他资产，从其达到预定可使用状态的次月起，采用直线法 提取折旧。 除酒店改造估计残值为零外， 其他固定资产估计残值为原值的 4%至 10%不等。 采用直线法提取折旧的各类固定资产的估计残值率、折旧年限和年折旧率如下： 类别 房屋建筑物 机器设备 电子设备、器具及家具 营运车辆 其他运输设备 酒店改造 估计残值率 4-10% 4-10% 4-10% 4-5% 4-10% 折旧年限 20-50年 5-20年 2-10年 5-8年 5-10年 8年 年折旧率 1.8-4.8% 4.8-19.2% 9.0-48.0% 11.9-19.2% 9.0-19.2% 12.5%

内容: 预计净残值是指假定固定资产预计使用寿命已满并处于使用寿命终了时的预期状态， 本集 团目前从该项资产处置中获得的扣除预计处置费用后的金额。 与固定资产有关的后续支出， 如果与该固定资产有关的经济利益很可能流入且其成本能可 靠地计量，则计入固定资产成本，并终止确认被替换部分的账面价值，除此以外的其他后 续支出，在发生时计入当期损益。 本集团至少于年度终了对固定资产的使用寿命、预计净残值和折旧方法进行复核，如发生 改变则作为会计估计变更处理。 固定资产出售、转让、报废或毁损的处置收入扣除其账面价值和相关税费后的差额计入当 期损益。 15. 在建工程 在建工程成本按实际工程支出确定，包括在建期间发生的各项工程支出、工程达到预定可 使用状态前的资本化的借款费用以及其他相关费用等。 在建工程在达到预定可使用状态后 结转为固定资产。

内容: 上海锦江国际实业投资股份有限公司

内容: 重要会计政策及会计估计 - 续 16. 无形资产 无形资产是指本集团拥有或者控制的没有实物形态的可辨认非货币性资产。 无形资产按成本进行初始计量。与无形资产有关的支出，如果相关的经济利益很可能流入 本集团且其成本能可靠地计量，则计入无形资产成本。除此以外的其他无形项目的支出， 在发生时计入当期损益。 取得的土地使用权通常作为无形资产核算。自行开发建造厂房等建筑物，相关的土地使用 权支出和建筑物建造成本则分别作为无形资产和固定资产核算。如为外购的房屋及建筑 物，则将有关价款在土地使用权和建筑物之间进行分配，难以合理分配的，全部作为固定 资产处理。 使用寿命有限的无形资产自可供使用时起，在其预计使用寿命内采用直线法分期平均摊 销，使用寿命不确定的无形资产不予摊销。出租车营运牌照由于使用寿命不确定而不予摊 销。 期末，对使用寿命有限的无形资产的使用寿命和摊销方法进行复核，如发生变更则作为会 计估计变更处理。此外，还对使用寿命不确定的无形资产的使用寿命进行复核，如果有证 据表明该无形资产为企业带来经济利益的期限是可预见的， 则估计其使用寿命并按照使用 寿命有限的无形资产的摊销政策进行摊销。 17. 长期待摊费用 长期待摊费用为已经发生但应由本期和以后各期负担的分摊期限在一年以上的各项费用。 长期待摊费用在预计受益期间分期平均摊销。 18. 非金融资产减值 本集团在每一个资产负债表日检查对子公司、 联营企业及合营企业的长期股权投资、 投资 性房地产、 固定资产、 在建工程、 使用寿命确定的无形资产是否存在可能发生减值的迹象。 如果该等资产存在减值迹象， 则估计其可收回金额。 估计资产的可收回金额以单项资产为 基础， 如果难以对单项资产的可收回金额进行估计的， 则以该资产所属的资产组为基础确 定资产组的可收回金额。 如果资产的可收回金额低于其账面价值， 按其差额计提资产减值 准备，并计入当期损益。 使用寿命不确定的无形资产，无论是否存在减值迹象，每年均进行减值测试。 可收回金额为资产的公允价值减去处置费用后的净额与资产预计未来现金流量的现值两 者之中的较高者。 资产的公允价值根据公平交易中销售协议价格确定； 不存在销售协议但 存在资产活跃市场的， 公允价值按照该资产的买方出价确定； 不存在销售协议和资产活跃 市场的， 则以可获取的最佳信息为基础估计资产的公允价值。 处置费用包括与资产处置有 关的法律费用、相关税费、搬运费以及为使资产达到可销售状态所发生的直接费用。 上述对投资性房地产、固定资产、在建工程、无形资产和子公司、联营企业及合营企业的 长期股权投资的资产减值损失一经确认，在以后会计期间不予转回。 -16 -

内容: 上海锦江国际实业投资股份有限公司

内容: 重要会计政策及会计估计 - 续 19. 金融负债 金融负债在初始确认时划分为以公允价值计量且其变动计入当期损益的金融负债和其他 金融负债。 19.1. 以公允价值计量且其变动计入当期损益的金融负债 包括交易性金融负债和指定为以公允价值计量且其变动计入当期损益的金融负债。 分类为交易性金融负债和在初始确认时指定为以公允价值计量且其变动计入当期损益的 金融负债的条件与分类为交易性金融资产和在初始确认时指定为以公允价值计量且其变 动计入当期损益的金融资产的条件一致。 以公允价值计量且其变动计入当期损益的金融负债采用公允价值进行后续计量， 公允价值 的变动形成的利得或损失以及与该等金融负债相关的股利和利息支出计入当期损益。 19.2. 其他金融负债 其他金融负债采用实际利率法， 按摊余成本进行后续计量， 终止确认或摊销产生的利得或 损失计入当期损益。 19.3. 财务担保合同 不属于指定为以公允价值计量且其变动计入当期损益的金融负债的财务担保合同， 以公允 价值进行初始确认，在初始确认后按照《企业会计准则—或有事项》确定的金额和初始确 认金额扣除按照 《企业会计准则—收入》 的原则确定的累积摊销额后的余额之中的较高者 进行后续计量。 20. 职工薪酬 本集团在职工提供服务的会计期间，将应付的职工薪酬确认为负债。 本集团按规定参加由政府机构设立的职工社会保障体系，包括基本养老保险、医疗保险、 住房公积金及其他社会保障制度，相应的支出于发生时计入相关资产成本或当期损益。 在职工劳动合同到期之前解除与职工的劳动关系， 或为鼓励职工自愿接受裁减而提出给予 补偿的建议， 如果本集团已经制定正式的解除劳动关系计划或提出自愿裁减建议并即将实 施， 同时本集团不能单方面撤回解除劳动关系计划或裁减建议的， 确认因解除与职工劳动 关系给予补偿产生的预计负债，并计入当期损益。 职工内部退休计划采用上述辞退福利相同的原则处理。 本集团将自职工停止提供服务日至 正常退休日的期间拟支付的内退人员工资和缴纳的社会保险费等， 在符合预计负债确认条 件时，计入当期损益(辞退福利)。

内容: 上海锦江国际实业投资股份有限公司

内容: 重要会计政策及会计估计 - 续 21. 预计负债 当与或有事项相关的义务同时符合以下条件，确认为预计负债：(1)该义务是本集团承担 的现时义务；(2)履行该义务很可能导致经济利益流出；(3)该义务的金额能够可靠地计量。 在资产负债表日，考虑与或有事项有关的风险、不确定性和货币时间价值等因素，按照履 行相关现时义务所需支出的最佳估计数对预计负债进行计量。 如果清偿预计负债所需支出全部或部分预期由第三方补偿的， 补偿金额在基本确定能够收 到时，作为资产单独确认，且确认的补偿金额不超过预计负债的账面价值。 22. 金融资产与金融负债的抵销 当本集团具有抵销已确认金融资产和金融负债的法定权利，且目前可执行该种法定权 利，同时本集团计划以净额结算或同时变现该金融资产和清偿该金融负债时，金融资产 和金融负债以相互抵销后的金额在资产负债表内列示。除此以外，金融资产和金融负债 在资产负债表内分别列示，不予相互抵销。 23. 权益工具 权益工具是指能证明拥有本集团在扣除所有负债后的资产中的剩余权益的合同。 企业合并 中合并方发行权益工具发生的交易费用抵减权益工具的溢价收入， 不足抵减的， 冲减留存 收益。其余权益工具，在发行时收到的对价扣除交易费用后增加所有者权益。回购自身权 益工具支付的对价和交易费用减少所有者权益。发行、回购、出售或注销权益工具时，不 确认利得或损失。 本集团对权益工具持有方的各种分配(不包括股票股利)，减少所有者权益。本集团不确认 权益工具的公允价值变动额。 24. 收入确认 24.1.商品销售收入 在已将商品所有权上的主要风险和报酬转移给买方， 既没有保留通常与所有权相联系的继 续管理权，也没有对已售商品实施有效控制，收入的金额能够可靠地计量，相关的经济利 益很可能流入企业， 相关的已发生或将发生的成本能够可靠地计量时， 确认商品销售收入 的实现。

内容: 上海锦江国际实业投资股份有限公司

内容: 重要会计政策及会计估计 - 续 24. 收入确认 - 续 24.2.提供劳务收入 在提供劳务交易的结果能够可靠估计的情况下， 于资产负债表日按照完工百分比法确认提 供的劳务收入。劳务交易的完工进度按已经提供的劳务占应提供劳务总量的比例确定。 提供劳务交易的结果能够可靠估计是指同时满足：(1)收入的金额能够可靠地计量；(2)相 关的经济利益很可能流入企业；(3)交易的完工程度能够可靠地确定；(4)交易中已发生和 将发生的成本能够可靠地计量。 如果提供劳务交易的结果不能够可靠估计， 则按已经发生并预计能够得到补偿的劳务成本 金额确认提供的劳务收入， 并将已发生的劳务成本作为当期费用。 已经发生的劳务成本如 预计不能得到补偿的，则不确认收入。 24.3.车辆营运收入 出租车营运收入根据与出租车司机所签定的承包协议金额并于提供服务时按日确认。 客运 路线收入根据与承包人签订的承包协议金额并于提供服务时按月确认。 其他车辆营运收入 在完成服务并取得收款权利时确认。 24.4.利息收入 按照他人使用本集团货币资金的时间和实际利率计算确定。 25. 政府补助 政府补助是指本集团从政府无偿取得货币性资产和非货币性资产， 不包括政府作为所有者 投入的资本。 政府补助分为与资产相关的政府补助和与收益相关的政府补助。 政府补助在 能够满足政府补助所附的条件，且能够收到时确认。 政府补助为货币性资产的，按照收到或应收的金额计量。政府补助为非货币性资产的，按 照公允价值计量；公允价值不能够可靠取得的，按照名义金额计量。按照名义金额计量的 政府补助，直接计入当期损益。 与资产相关的政府补助， 确认为递延收益， 并在相关资产的使用寿命内平均分配计入当期 损益。 与收益相关的政府补助， 用于补偿以后期间的相关费用和损失的， 确认为递延收益， 并在确认相关费用的期间计入当期损益； 用于补偿已经发生的相关费用和损失的， 直接计 入当期损益。 已确认的政府补助需要返还时，存在相关递延收益余额的，冲减相关递延收益账面余额， 超出部分计入当期损益；不存在相关递延收益的，直接计入当期损益。

内容: 上海锦江国际实业投资股份有限公司

内容: 重要会计政策及会计估计 - 续 26. 借款费用 借款费用包括借款利息、 折价或溢价的摊销、 辅助费用以及因外币借款而发生的汇兑差额 等。 可直接归属于符合资本化条件的资产的购建或者生产的借款费用， 在资产支出已经发 生、 借款费用已经发生、 为使资产达到预定可使用或可销售状态所必要的购建或生产活动 已经开始时， 开始资本化； 构建或者生产的符合资本化条件的资产达到预定可使用状态或 者可销售状态时，停止资本化。其余借款费用在发生当期确认为费用。 专门借款当期实际发生的利息费用， 减去尚未动用的借款资金存入银行取得的利息收入或 进行暂时性投资取得的投资收益后的金额予以资本化； 一般借款根据累计资产支出超过专 门借款部分的资产支出加权平均数乘以所占用一般借款的资本化率， 确定资本化金额。 资 本化率根据一般借款的加权平均利率计算确定。 符合资本化条件的资产指需要经过相当长时间的购建或者生产活动才能达到预定可使用 或可销售状态的固定资产、投资性房地产和存货等资产。 如果符合资本化条件的资产在购建或生产过程中发生非正常中断、 并且中断时间连续超过 3 个月的，暂停借款费用的资本化，直至资产的购建或生产活动重新开始。 27. 所得税 27.1.当期所得税 资产负债表日，对于当期和以前期间形成的当期所得税负债(或资产)，以按照税法规定计 算的预期应交纳(或返还)的所得税金额计量。计算当期所得税费用所依据的应纳税所得额 系根据有关税法规定对本年度税前会计利润作相应调整后计算得出。 27.2.递延所得税资产及递延所得税负债 某些资产、 负债项目的账面价值与其计税基础之间的差额， 以及未作为资产和负债确认但 按照税法规定可以确定其计税基础的项目的账面价值与计税基础之间的差额产生的暂时 性差异，采用资产负债表债务法确认递延所得税资产及递延所得税负债。 与商誉的初始确认有关， 以及与既不是企业合并、 发生时也不影响会计利润和应纳税所得 额(或可抵扣亏损)的交易中产生的资产或负债的初始确认有关的应纳税暂时性差异，不予 确认有关的递延所得税负债。此外，对与子公司、联营企业及合营企业投资相关的应纳税 暂时性差异， 如果本集团能够控制暂时性差异转回的时间， 而且该暂时性差异在可预见的 未来很可能不会转回，也不予确认有关的递延所得税负债。除上述例外情况，本集团确认 其他所有应纳税暂时性差异产生的递延所得税负债。

内容: 上海锦江国际实业投资股份有限公司

内容: 重要会计政策及会计估计 - 续 27. 所得税 - 续 27.2.递延所得税资产及递延所得税负债 - 续 与既不是企业合并、发生时也不影响会计利润和应纳税所得额(或可抵扣亏损)的交易中产 生的资产或负债的初始确认有关的可抵扣暂时性差异，不予确认有关的递延所得税资产。 此外，对与子公司、联营企业及合营企业投资相关的可抵扣暂时性差异，如果暂时性差异 在可预见的未来不是很可能转回， 或者未来不是很可能获得用来抵扣可抵扣暂时性差异的 应纳税所得额，不予确认有关的递延所得税资产。除上述例外情况，本集团以很可能取得 用来抵扣可抵扣暂时性差异的应纳税所得额为限， 确认其他可抵扣暂时性差异产生的递延 所得税资产。 对于能够结转以后年度的可抵扣亏损和税款抵减， 以很可能获得用来抵扣可抵扣亏损和税 款抵减的未来应纳税所得额为限，确认相应的递延所得税资产。 资产负债表日，对于递延所得税资产和递延所得税负债，根据税法规定，按照预期收回相 关资产或清偿相关负债期间的适用税率计量。 于资产负债表日， 对递延所得税资产的账面价值进行复核， 如果未来很可能无法获得足够 的应纳税所得额用以抵扣递延所得税资产的利益， 则减记递延所得税资产的账面价值。 在 很可能获得足够的应纳税所得额时，减记的金额予以转回。 27.3.所得税费用 所得税费用包括当期所得税和递延所得税。 除与直接计入所有者权益的交易和事项相关的当期所得税和递延所得税计入所有者权益， 以及企业合并产生的递延所得税调整商誉的账面价值外， 其余当期所得税和递延所得税费 用或收益计入当期损益。 28. 企业合并 企业合并指将两个或两个以上单独的企业合并形成一个报告主体的交易或事项。 企业合并 分为同一控制下企业合并和非同一控制下企业合并。 本集团在合并日或购买日确认因企业合并取得的资产、 负债。 合并日或购买日为实际取得 对被合并方或被购买方控制权的日期， 即被合并方或被购买方的净资产或生产经营决策的 控制权转移给本集团的日期。

内容: 同一控制下的企业合并

内容: 参与合并的企业在合并前后均受同一方或相同的多方最终控制，且该控制并非暂时性的， 为同一控制下的企业合并。 在合并日取得对其他参与合并企业控制权的一方为合并方， 参 与合并的其他企业为被合并方。 合并方在企业合并中取得的资产和负债， 按合并日在被合并方的账面价值计量。 合并方取 得的净资产账面价值与支付的合并对价的账面价值(或发行股份面值总额)的差额，调整资 本公积中的资本溢价，资本溢价不足冲减的则调整留存收益。 合并方为进行企业合并发生的各项直接费用，于发生时计入当期损益。 -21 -

内容: 上海锦江国际实业投资股份有限公司

内容: 重要会计政策及会计估计 - 续 28. 企业合并 - 续

内容: 非同一控制下的企业合并及商誉

内容: 参与合并的企业在合并前后不受同一方或相同的多方最终控制， 为非同一控制下的企业合 并。 非同一控制下的企业合并， 在购买日取得对其他参与合并企业控制权的一方为购买方， 参与合并的其他企业为被购买方。 对于非同一控制下的企业合并，合并成本为购买日为取得被购买方的控制权而付出的资 产、 发生或承担的负债以及发行的权益性工具的公允价值， 以及为企业合并而发生的各项 直接相关费用。 通过多次交换交易分步实现的企业合并， 合并成本为每一单项交易成本之 和。 在合并合同中对可能影响合并成本的未来事项作出约定的， 购买日如果估计未来事项 很可能发生并且对合并成本的影响金额能够可靠计量的，也计入合并成本。 非同一控制下企业合并中所取得的被购买方符合确认条件的可辨认资产、 负债及或有负债 在收购日以公允价值计量。 合并成本大于合并中取得的被购买方可辨认净资产公允价值份额的差额， 确认为商誉。 合 并成本小于合并中取得的被购买方可辨认净资产公允价值份额的， 首先对取得的被购买方 各项可辨认资产、 负债及或有负债的公允价值以及合并成本的计量进行复核， 复核后合并 成本仍小于合并中取得的被购买方可辨认净资产公允价值份额的，计入当期损益。 29. 租赁 融资租赁为实质上转移了与资产所有权有关的全部风险和报酬的租赁， 其所有权最终可能 转移，也可能不转移。融资租赁以外的其他租赁为经营租赁。 29.1.本集团作为承租人记录经营租赁业务 经营租赁的租金支出在租赁期内的各个期间按直线法计入相关资产成本或当期损益。 对金 额较大的初始直接费用于发生时予以资本化， 在整个租赁期间内按照与确认租金收入相同 的基础分期计入当期损益； 其他金额较小的初始直接费用于发生时计入当期损益。 或有租 金于实际发生时计入当期损益。 29.2.本集团作为出租人记录经营租赁业务 经营租赁的租金收入在租赁期内的各个期间按直线法确认为当期损益。 初始直接费用计入 当期损益。或有租金于实际发生时计入当期损益。

内容: 上海锦江国际实业投资股份有限公司

内容: 重要会计政策及会计估计 - 续 30. 合并财务报表的编制方法 合并财务报表的合并范围以控制为基础予以确定。 控制是指本集团能够决定另一个企业的 财务和经营政策，并能据以从该企业的经营活动中获取利益的权力。 公司将取得或失去对子公司控制权的日期作为购买日和处置日。 对于处置的子公司， 处置 日前的经营成果和现金流量已经适当地包括在合并利润表和合并现金流量表中； 当期处置 的子公司，不调整合并资产负债表的期初数。 子公司采用的主要会计政策和会计期间按照本集团统一规定的会计政策和会计期间厘定。 公司与子公司及子公司相互之间的所有重大账目及交易于合并时抵销。 子公司所有者权益中不属于母公司的份额作为少数股东权益， 在合并资产负债表中所有者 权益项目下以“少数股东权益”项目列示。子公司当期净损益中属于少数股东权益的份额， 在合并利润表中净利润项目下以“少数股东损益”项目列示。 少数股东分担的子公司的亏损 超过了少数股东在该子公司期初所有者权益中所享有的份额， 如果公司章程或协议规定少 数股东有义务承担并且有能力予以弥补的， 冲减少数股东权益， 否则冲减归属于母公司股 东权益。 该子公司以后期间实现的利润， 在弥补了母公司承担的属于少数股东的损失之前， 全部归属于母公司的股东权益。 31. 关联方 一方控制、 共同控制另一方或对另一方施加重大影响， 以及两方或两方以上同受一方控制、 共同控制或重大影响的，构成关联方。

内容: 五、

内容: 重要会计政策的确定依据和会计估计中所采用的关键假设和不确定因素 本集团在运用附注四所描述的会计政策过程中，由于经营活动内在的不确定性，本集团需要 对无法准确计量的报表项目的账面价值进行判断、估计和假设。这些判断、估计和假设是基 于本集团管理层过去的历史经验，并在考虑其他相关因素的基础上作出的。实际的结果可能 与本集团的估计存在差异。 本集团对前述判断、估计和假设在持续经营的基础上进行定期复核，会计估计的变更仅影响 变更当期的，其影响数在变更当期予以确认；既影响变更当期又影响未来期间的，其影响数 在变更当期和未来期间予以确认。 - 运用会计政策过程中所做的重要判断 本集团在运用会计政策过程中作出了以下重要判断，并对财务报表中确认的金额产生了重大 影响： 出租车营运牌照的使用寿命 如附注四 16 所述， 执行新会计准则后， 本集团管理层认为本集团所拥有的出租车营运牌照使 用寿命不能确定，在可预见的将来均能使用，所以对于该项无形资产在持有期间内不进行摊 销，本集团管理层于每一会计期末对该项无形资产进行减值测试。本集团在执行新会计准则 之前按照 50 年平均摊销。 -23 -

内容: 上海锦江国际实业投资股份有限公司

内容: 重要会计政策的确定依据和会计估计中所采用的关键假设和不确定因素 – 续 这一采用未来适用法核算的会计政策变更对 2007 年度和以后年度的财务影响如下： 金额 人民币千元 2007 年 以后年度 712.54 29,946.54

内容: 六、

内容: 会计政策和会计估计变更以及前期差错更正 本集团于 2007 年 1 月 1 日首次执行新会计准则， 并自该日起按照新会计准则的规定确认、 计 量和报告本集团的交易或事项。对于因首次执行新会计准则而发生的会计政策变更，本集团 采用下述方法进行处理。 1. 采用追溯调整法核算的会计政策变更 长期股权投资 执行新会计准则之前，长期股权投资采用权益法核算时，初始投资成本大于应享有被投 资单位所有者权益份额的差额作为股权投资借方差额核算，并按一定期限平均摊销计入 损益。初始投资成本低于应享有被投资单位所有者权益份额的差额，在财会[2003]10 号 文发布之前产生的作为股权投资贷方差额核算，并按一定期限平均摊销计入损益；在财 会[2003]10 号文发布之后产生的，计入资本公积。 执行新会计准则之前，母公司报表中以权益法核算对子公司的长期股权投资。 执行新会计准则后，有关长期股权投资的会计政策详见附注四 13“长期股权投资”。 于首次执行日，对母公司报表中的对子公司长期股权投资予以追溯调整，视同该子公司 自最初即采用成本法核算。 所得税 执行新会计准则之前，所得税的会计处理方法采用应付税款法。 执行新会计准则后，本集团采用资产负债表债务法进行所得税会计处理，有关所得税的 会计政策详见附注四 27“所得税”。

内容: 上海锦江国际实业投资股份有限公司

内容: 会计政策和会计估计变更以及前期差错更正 – 续 1. 采用追溯调整法核算的会计政策变更 – 续 交易性金融资产和可供出售金融资产 执行新会计准则之前，有活跃的交易市场、但对被投资单位不具有控制、共同控制或重 大影响的长期股票投资取得时按初始投资成本计量，持有期间按成本法核算。 执行新会计准则后， 上述投资被划分为以公允价值计量且其变动计入当期损益的金融资 产和可供出售金融资产。有关以公允价值计量且其变动计入当期损益的金融资产和可供 出售金融资产的会计政策详见附注四 7“金融资产”。 合并财务报表 A)执行新会计准则之前，本集团基于重要性未将上海锦振电子技术有限公司、上海花样 年华广告有限公司、上海振星出租汽车管理有限公司、上海丰田汽车维修有限公司、 上海津悦汽车咨询服务有限公司、上海锦茂汽车销售服务有限公司纳入合并范围。 执行新会计准则后，本集团按照附注四28所述的方法确定合并财务报表范围。 B)执行新会计准则之前，本集团将合营企业锦海捷亚国际货运有限公司、上海大众新亚 出租汽车有限公司、上海金茂锦江汽车服务有限公司、上海金茂汽车租赁有限公司、 苏州金茂锦江外事旅游汽车有限公司、上海振东汽车服务有限公司和上海振立汽车修 理厂已纳入合并财务报表的合并范围并按比例合并法进行合并。 执行新会计准则后，本集团按照《企业会计准则第33号－合并财务报表》的规定，不 再按比例合并法合并上述合营企业的财务报表，而是采用权益法核算对上述合营企业 的长期股权投资。 C)执行新会计准则前， 少数股东权益于合并财务报表中在负债和股东权益之间单独列报， 少数股东损益在净利润之前作为扣减项目反映。 执行新会计准则后，少数股东权益作为股东权益单独列报；少数股东损益作为净利润 的一部分在该项目下单独列报。 对于上述会计政策变更，本集团按照38号准则的规定，业已采用追溯调整法调整了本财 务报表的期初数或上年对比数， 并重述了可比年度的财务报表。 上述会计政策变更对2006 年1月1日及2006年12月31日的股东权益的影响列示如下：

内容: 上海锦江国际实业投资股份有限公司

内容: 会计政策和会计估计变更以及前期差错更正 – 续 1. 采用追溯调整法核算的会计政策变更 – 续

内容: 对合并财务报表的影响。

内容: 未分配 利润 人民币元 (1)同一控制下企业合并形成的 股权投资差额摊销 (2)所得税 (3)可供出售金融资产 (4)合并范围变化 (5)合并层面盈余公积冲回 (6)同一控制下企业合并溢价冲销 (7)对子公司长期股权投资按成本法核算 合计 盈余 公积 人民币元 对2006年1月1日 合并股东权益的影响 资本 少数股东 公积 权益 人民币元 人民币元 未分配 利润 人民币元 盈余 公积 人民币元 对2006年12月31日 合并股东权益的影响 资本 少数股东 公积 权益 人民币元 人民币元

内容: 合计 人民币元

内容: 对母公司财务报表的影响。

内容: 未分配 利润 人民币元

内容: (1)同一控制下企业合并形成的 股权投资差额摊销 (2)所得税 (3)可供出售金融资产 (4)对子公司长期股权投资按成本法核算 合计

内容: 对2006年1月1日 母公司股东权益的影响 盈余 资本 公积 公积 人民币元 人民币元

内容: 对2006年12月31日 母公司股东权益的影响 盈余 资本 公积 公积 人民币元 人民币元

内容: 上海锦江国际实业投资股份有限公司

内容: 会计政策和会计估计变更以及前期差错更正 – 续 2. 采用未来适用法核算的会计政策变更 除 1 中所述的会计政策变更以外，本集团因首次执行新会计准则还发生了下述主要会计 政策变更，并采用未来适用法进行会计处理。具体包括： 非金融资产减值 在执行新会计准则之前，已经计提的资产减值准备在有关减值迹象消失时可以转回。 在执行新会计准则之后，本集团按照附注四 8“金融资产减值”、11“存货跌价准备”和 18“ 非金融资产减值”的规定分别对金融资产、存货和非金融资产计提减值准备。其中，非金 融资产减值损失不予转回。 无形资产 - 使用寿命不确定的无形资产 执行新会计准则之前，对于使用寿命不确定的出租车营运牌照按照 50 年摊销。 执行新会计准则之后，不再进行摊销，按照附注四 16“无形资产”所述的会计政策处理。

内容: 七、

内容: 税项 营业税 小型出租车和客运线路营运收入的营业税按核定应纳税营业额的 3%缴纳。 其他车辆营运收入的营业税按应纳税营业额的 3%缴纳。 货运服务收入的营业税按税法规定依货运服务收入扣减各项服务成本后之余额的 5%缴纳。 其他服务收入的营业税按应税服务收入的 5%缴纳。

内容: 上海锦江国际实业投资股份有限公司

内容: 税项 – 续 增值税 应纳增值税为销项税额减可抵扣进项税后的余额，销项税额按根据相关税法规定计算的销售 额的 17%计算。 所得税 公司系位于上海浦东新区的企业，原适用所得税税率为 33%，根据公司 2005 年度汇算清缴 结果，公司自 2005 年 9 月起改按 15%缴纳企业所得税。 除如下子公司外，其余子公司的企业所得税税率为 33%。

内容: 上海锦江汽车服务有限公司 上海浦东友谊汽车服务有限责任公司 上海锦江国际低温物流发展有限公司 上海锦佳汽车贸易有限公司 上海锦海捷亚物流管理有限公司 15% 15% 15% 15% 15% 上海锦江商旅汽车服务股份有限公司 15% 上海锦江公共交通有限公司 15% 上海锦江汽车租赁有限公司 15% 上海锦江丰田汽车销售服务有限公司 33% (注 1) 上海中油锦友油品经营有限公司 16.5% (注 2) 上海日冷食品有限公司 26.4% (注 3)

内容: 注 1： 企业所得税税率为 33%。根据《沪税徐税发(2005)3 号》批准，上海锦江丰田汽车销售 服务有限公司自 2005 年 1 月 1 日至 2007 年 12 月 31 日止享受免征企业所得税的优惠 政策。 注 2： 上海中油锦友油品经营有限公司法定企业所得税率 33%， 《2002 闸税管二字 0031 根据 号文》 该公司自 2002 年 6 月 1 日起至 2004 年 12 月 31 日止期间免征企业所得税， ， 自 2005 年 1 月 1 日起至 2007 年 12 月 31 日止期间减半征收企业所得税。 注 3： 上海日冷食品有限公司为设立在沿海经济开发区所在城市老市区的生产性外商投资企 业，因而企业所得税率为 26.4%。 注 4：上述其他子公司的注册地为上海浦东新区，因而企业所得税率为 15%。 根据 2007 年 3 月 16 日颁布的《中华人民共和国企业所得税法》的规定，本集团将自 2008 年 1 月 1 日起按照新企业所得税法的规定计缴企业所得税。 八、 合并财务报表范围

内容: 名称 注册地点 注册资本 持股比例 % 经营范围 经济性质或类型

内容: 上海锦江汽车服务有限公司(“锦江汽车”)

内容: 上海

内容: 上海锦海捷亚物流管理有限公司

内容: 大小客车出租服务，旅游，汽车修理，长途客运，汽车 配件、客车租赁，房地产信息咨询，附设分支机构，保 险兼业代理。(以上涉及许可经营的凭许可证经营)。 国际、国内物流企业管理、国际国内货运企业管理、货 物技术进出口(不含分销业务)及相关信息管理、提供相 关服务咨询。

内容: 有限责任公司

内容: 有限责任公司 （台港澳及境内合资）

内容: 上海锦江国际实业投资股份有限公司 八、 合并财务报表范围 - 续

内容: 名称 注册地点 注册资本 持股比例 % 经营范围 经济性质或类型

内容: 上海锦江国际低温物流发展有限公司 (“锦江低温物流”) 锦江汽车下属直接或间接拥有的子公司名称 上海锦江商旅汽车服务股份有限公司(注1) 上海太平洋客运服务有限公司 上海锦江高速客运有限公司 上海商旅投资咨询有限公司 上海浦东友谊汽车服务有限责任公司 上海锦江公共交通有限公司 上海锦江汽车租赁有限公司 上海中油锦友油品经营有限公司 上海嘉定锦江汽车服务有限公司 上海锦佳汽车贸易有限公司 上海锦江丰田汽车销售服务有限公司

内容: 仓储物流管理服务及相关业务咨询，存货管理服务、货 物运输代理管理，商务信息咨询(除经纪)(涉及许可经营 的凭许可证经营) 。 大小客车出租服务，跨省市长途客运汽车配件，汽车修 理，以及相关业务的咨询服务。 跨省市旅客运输、代办跨省市客运业务等。 省际道路旅客运输、高速公路旅客运输，代办省际道路 旅客运输、代办高速公路旅客运输等。 投资咨询、企业管理咨询等。 汽车客运，汽车修理，汽车配件的销售。(涉及许可经营 的凭许可证经营)。 市内公交客运，汽车配件及辅助产品的销售。 汽车租赁。 油气站开发(专项凭许可证)、服务，附设市西分公司。 出租汽车营运、汽车配件的批售，客车租赁(涉及许可 经营的凭许可证经营)。 汽车(含小轿车)及配件的销售、汽车内装潢。 汽车、品牌轿车销售及售后服务、汽车维修、汽车内装 潢、汽车技术信息服务，汽车配件的销售，二手车经销 (涉及行政许可的凭许可经营)。 计算机、通讯、电子技术领域内的科技咨询，技术开发、 转让、服务，销售维修电子器材。 承接各类广告设计、制作；承办出租车辆国内外广告发布 汽车修理、汽车零部件。 出租汽车个体工商户管理服务、汽车内部装饰(涉及许 可经营的凭许可证经营)。 汽车咨询服务。汽车配件，装饰材料(除危险品) 零售。 (涉及许可经营的凭许可证经营)。 汽车修理、汽车配件、设备、工具维修，附设分支机构 (涉及许可经营的凭许可证经营) 。 销售汽车(不含小轿车)，汽车配件，日用百货；汽车修 理(一类) (汽修修理)，汽车内装饰。(涉及行政许可的 凭许可证经营)。 汽车配件的销售（小型车辆维修） ，汽车装潢、开发、 技术咨询、技术服务、技术转让。 （涉及行政许可的 凭行政许可证经营） 。

内容: 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海 上海

内容: 有限责任公司 有限责任公司 有限责任公司 有限责任公司 有限责任公司 有限责任公司 有限责任公司 有限责任公司 有限责任公司 有限责任公司 有限责任公司

内容: 上海锦振电子技术有限公司 上海花样年华广告有限公司 上海丰田汽车维修有限公司 上海振星出租汽车管理有限公司 上海津悦汽车咨询服务有限公司 上海万国汽车修理厂(注2) 上海锦茂汽车销售服务有限公司(注1)

内容: 上海 上海 上海 上海 上海 上海 上海

内容: 有限责任公司 有限责任公司 有限责任公司 有限责任公司 有限责任公司 国有与集体联营企业 (非公司法人) 有限责任公司

内容: 上海锦用汽车维修服务有限公司(注5)

内容: 锦江低温物流下属直接或间接拥有的子公司名称 上海南浦大桥食品批发交易 市场经营管理有限公司 上海吴泾冷藏有限公司

内容: 上海 上海

内容: 上海日冷食品有限公司(注1)

内容: 上海吴淞罗吉冷藏有限公司

内容: 为本市场内农副产品商品经营者提供市场管理服务。(以 上范围涉及许可经营的凭许可证经营)。 储运：食品(不含熟食)，货物储运，代客理货中转， 商务信息咨询(除经纪)，(涉及行政许可的凭许可证经 营)。 生产、销售加工的冷冻食品，包括中式点心、蔬菜、家 禽、肉制品、水产加工食品及其他加工食品(涉及许可经 营的凭许可经营证经营) 道路货物运输(本单位普通货物)：在港区内从事货物装 卸、仓储经营；储运（含冷冻(冷藏)食品） ；五金加工； 货物存储；本单位空余场地出租。

内容: 有限责任公司 一人有限责任公司 (法人独资) 中外合资

内容: 一人有限责任公司 (法人独资)

内容: 本年处置之子公司 上海尚海食品有限公司（注4） 上海 3,000万元 95 水产品，粮油制品，南北货，冷冻小包装食品，一般劳务 有限责任公司 服务，油脂油料，码头装卸，肉禽蛋制品。 （涉及许可经 营的凭许可经营证经营） 。 洗涤服务（涉及许可经营的凭许可经营证经营） 中外合资

内容: 上海美而洁新锦江洗涤制衣有限公司(注3)

内容: 除注 1、注 2 外，本集团享受的表决权比例与持股比例一致。

内容: 上海锦江国际实业投资股份有限公司

内容: 八、

内容: 合并财务报表范围 – 续 注 1：根据与其他投资者的协议，本集团拥有实际控制权，因此将其纳入合并财务报表的 合并范围。 注 2：已进入清算阶段，本集团对其失去控制，因此未纳入合并财务报表的合并范围。 注 3：本年度处置之子公司于本年度年初及处置日的财务状况及年初至处置日的经营成 果及现金流量情况详见附注九 43。 注 4： 被锦江低温物流整体吸收合并。 注 5：本年新设子公司。 本集团之子公司上海锦振电子技术有限公司、上海花样年华广告有限公司、上海振星出租 汽车管理有限公司、上海丰田汽车维修有限公司、上海津悦汽车咨询服务有限公司、上海 锦茂汽车销售服务有限公司由于资产总额、主营业务收入、当期净利润的合计数按照资产 标准、主营业务收入标准以及净利润标准计算得出的比例均在 10%以内，因此未纳入上年 度合并财务报表的合并范围。按照《企业会计准则第 33 号 – 合并财务报表》的规定，本 年度已将上述公司纳入合并财务报表合并范围，并对上年度比较合并财务报表也作了相应 的调整，将上述子公司纳入上年度合并财务报表的合并范围。 本集团之合营企业锦海捷亚国际货运有限公司、上海大众新亚出租汽车有限公司、上海金 茂锦江汽车服务有限公司、上海金茂汽车租赁有限公司、苏州金茂锦江外事旅游汽车有限 公司、 上海振东汽车服务有限公司和上海振立汽车修理厂上年度已纳入合并财务报表的合 并范围并按比例合并法进行合并。 按照 《企业会计准则第 33 号 – 合并财务报表》 的规定， 本年度采用权益法核算对上述公司的长期股权投资，不再按比例合并法合并其财务报表， 并对上年度的比较合并财务报表也作了相应的调整， 未将上述公司纳入上年度合并财务报 表的合并范围。 除附注十外均为合并报表附注

内容: 九、 1.

内容: 合并财务报表项目附注 货币资金

内容: 原币金额 现金 人民币 银行存款 人民币 美元 日元 合计 年末数 折算汇率 人民币元 原币金额 年初数 折算汇率 人民币元

内容: 上海锦江国际实业投资股份有限公司 九、 2. 合并财务报表项目附注 - 续 应收账款 应收账款账龄分析如下：

内容: 年末数 比例(%) 坏账准备 人民币元 100. ______

内容: 年初数 比例(%) 坏账准备 人民币元 100 _____

内容: 应收帐款年末余额中包括日元11,534,178.00 (年初数日元2,584,399.97) 和美元249,955.30 (年 初数美元31,537.40)。 应收账款按客户类别划分，均为其他不重要的款项。 应收账款坏帐准备的变动如下： 2007 年 人民币元 年初数 本年计提额 因收购子公司而增加 本年转回数 本年转销 年末数 欠款金额前五名情况如下： 前五名欠款总额 人民币元 7,553,678.66 账龄 一年以内 占应收账款总额比例 % 16.63 471,694.39 191,821.05 20,292.50 219,283.73 _____________

内容: 应收账款中无应收持有本集团 5%(含 5%)以上股份的股东的款项。

内容: 上海锦江国际实业投资股份有限公司 九、 3. 合并财务报表项目附注 - 续 预付款项 预付款项账龄分析如下： 年末数 人民币元 金额 47,815,291.60 _____________ 年初数 人民币元 % 金额 比例 32,403,776.25 _____________ 100 ____

内容: 账龄 1 年以内 预付款项按客户类别披露如下： 类别

内容: 年末数 人民币元

内容: 预付款项中无预付持有本集团 5%(含 5%)以上股份的股东的款项。 4. 应收股利 年末数 人民币元 上海振东汽车有限公司 上海金茂锦江汽车服务有限公司 上海锦江客运汽车有限公司 上海永达二手机动车经营有限公司 合计 其他应收款 其他应收款账龄分析如下：

内容: 年末数 比例(%) 坏账准备 人民币元 98 2 ____

内容: 年初数 比例(%) 坏账准备 人民币元 73 26 1 ____

内容: 上海锦江国际实业投资股份有限公司 九、 5. 合并财务报表项目附注 - 续 其他应收款 – 续 其他应收款按类别披露如下：

内容: 类别 金额 人民币元 年末数 比例(%) 坏账准备 人民币元 65 35 ______

内容: 单项金额重大的款项 40,102,500.00 单项金额不重大但按信用 风险特征组合后风险 较大的款项 其他不重大的款项 21,384,369.98 _____________ 合计

内容: 其他应收款坏帐准备的变动如下： 2007 年 人民币元 年初数 本年计提额 本年转回数 本年转销数 年末数 欠款金额前五名情况如下： 前五名欠款总额 人民币元 45,534,484.28 账龄 占其他应收款总额比例 % 74.06 80,207.59 25,239.20 1,424.52 11,123.96 _____________

内容: 一年以内

内容: 其他应收款余额中无应收持有本集团5%以上股份的股东的款项。 6. 存货 类别 库存商品 备品备件 物料用品 食品饮料及其他 小计 减：减值准备 存货总计 年末数 人民币元 年初数 人民币元

内容: 上海锦江国际实业投资股份有限公司 九、 6. 合并财务报表项目附注 – 续 存货 – 续 存货跌价准备变动如下：

内容: 年初数 人民币元 存货跌价准备： 备品备件 合计 本年 计提额 人民币元 本年 转销数 人民币元 年末数 人民币元

内容: 可供出售权益工具 长期股权投资 (1)长期股权投资详细情况如下：

内容: 初始 投资额 人民币元 按权益法核算 上海万国汽车修理厂 上海日产汽车维修中心 万国机动车驾驶员培训中心 上海耀华出租汽车有限公司 上海市机动车驾驶员培训中心 上海振东汽车服务有限公司 上海金茂锦江汽车 服务有限公司 上海大众新亚出租 汽车有限公司 上海锦海捷亚国际货 运有限公司 上海永达风度汽车销售 服务有限公司 上海永达二手机动车 经营有限公司 上海锦江客运有限公司 上海锦江汽车销售 服务有限公司 上海锦江佳友汽车 服务有限公司 上海锦江佘山汽车 服务有限公司 上海石油集团长乐路 加油站有限公司 江苏南京长途汽车客运 集团有限公司 上海浦东国际机场 货运站有限公司 世联锦江物流有限公司 小计 年初数 人民币元 本期 新增投资 人民币元 本期 权益调整 人民币元

内容: 本期 现金股利 人民币元

内容: 其他 减少 人民币元

内容: 上海锦江国际实业投资股份有限公司 九、 8. 合并财务报表项目附注 - 续 长期股权投资 – 续 (1)长期股权投资详细情况如下： - 续

内容: 初始 投资额 人民币元 年初数 人民币元 本期 新增投资 人民币元 本期 权益调整 人民币元 本期 现金股利 人民币元 其他 减少 人民币元 年末数 人民币元

内容: 上海寰球纸制品有限公司 国泰君安证券投资管理有限公司 上海国嘉实业股份有限公司 天津华联商厦股份有限公司 山东国泰股份有限公司 合计

内容: (2)合营企业及联营企业清单及其主要财务信息

内容: 被投资 单位名称 合营企业 上海振东汽车服务 有限公司 上海金茂锦江汽车服务 有限公司 上海大众新亚出租汽车 有限公司 锦海捷亚国际货运 有限公司 上海锦江佳友汽车服务 有限公司 其他合营企业（共 5 家） 注册地 业务性质 注册资本 占被投资 单位注册 资本的比例 被投资 单位年末 资产总额 被投资 单位年末 负债总额 被投资单位 本年营业 收入总额 被投资 单位本年 净利润

内容: 上海 上海 上海 上海 上海

内容: 中外合资 有限责任公司 有限责任公司 中外合资 有限责任公司

内容: 上海锦江国际实业投资股份有限公司 九、 8. 合并财务报表项目附注 - 续 长期股权投资 – 续 (2)合营企业及联营企业清单及其主要财务信息 - 续

内容: 被投资 单位名称 占被投资 单位注册 资本的比例 被投资 单位年末 资产总额 被投资 单位年末 负债总额 被投资单位 本年营业 收入总额 被投资 单位本年 净利润

内容: 注册地

内容: 业务性质

内容: 注册资本

内容: 联营企业 江苏南京长途汽车客运 集团有限公司 南京 上海浦东机场货运站 有限公司 上海 世联锦江物流有限公司 上海 其他联营企业（共 6 家）

内容: 有限责任公司 有限责任公司 有限责任公司

内容: 本集团享受的表决权比例与持股比例一致。 (3)本集团于 2007 年 12 月 31 日持有的长期股权投资之被投资单位向本集团转移资金的能力 未受到限制。 9. 投资性房地产 房屋建筑物 人民币元 原值 年初及年末数 累计折旧及累计摊销 年初数 本年计提额 年末数 减值准备 年初数及年末数 净额 年初数 年末数 其中： 年末已抵押之资产净额 ____________ 22,381,259.95 ____________ 21,938,903.47 ____________ ____________

内容: 上海锦江国际实业投资股份有限公司

内容: 合并财务报表项目附注 - 续 固定资产及累计折旧 (1)固定资产本年变动情况如下：

内容: 房屋建筑物 人民币元 原值 年初数 本年购置 本年在建工程转入 本年减少额 因处置子公司 而减少 年末数 累计折旧 年初数 本年计提额 本年减少额 因处置子公司 而减少 年末数 减值准备 年初数 本年转销额 年末数 净额 年初数 年末数 机器设备 人民币元 电子设备、 器具及家具 人民币元 营运车辆 人民币元 运输设备 人民币元 酒店改造 人民币元 合计 人民币元

内容: 注：截止 2007 年 12 月 31 日止，净值约 14,418,465.10 元（年初数：16,680,963.43 元） 的房屋建筑物尚未办理产权证明。 11. 在建工程

内容: 本年完工 转入固定资产 人民币元

内容: 工程名称 未达使用状态之车辆 其他 合计

内容: 年初数 人民币元

内容: 本年增加额 人民币元

内容: 资金来源 自筹 自筹

内容: 上海锦江国际实业投资股份有限公司 九、 12. 合并财务报表项目附注 - 续 无形资产

内容: 土地使用权 人民币元 原值 年初数 本年增加 本年减少额 年末数 累计摊销 年初数 本年计提额 本年减少额 年末数 减值准备 年初数及年末数 净额 年初数 年末数 剩余摊销年限 出租车营运牌照 人民币元 合计 人民币元

内容: 土地使用权中有账面价值 42,106,800 元系划拨用地，因划拨用地土地证中未明确使用年限， 故未予摊销。 13. 递延所得税资产

内容: 以下可抵扣暂时性亏损未确认递延所得税资产： 年末数 人民币元 可抵扣亏损

内容: 预付投资款(注 1) 应收长期垫付款(注 2) 减：一年内应收款项 合计

内容: 注 1：其中 15,262,988.76 元系预付国泰君安证券股份有限公司的投资款；5,005,950.00 元系 预付上海锦江机动车驾驶员培训有限公司的投资款。 注 2：系无偿为上海浦东国际机场货运站有限公司垫付的货运站建筑物、设备和场地租赁的 租金共计 50,768,000.00 元。该款项由上海浦东国际机场货运站有限公司按 12 年进行 等额分期偿还。 15. 资产减值准备

内容: 上海锦江国际实业投资股份有限公司 九、 16. 合并财务报表项目附注 - 续 短期借款 年末数 人民币元 信用借款 年初数 人民币元

内容: 应付账款 应付账款中无应付持有本集团5%(含5%)以上表决权股份的股东单位款项。

内容: 预收账款 预收账款中无预收持有本集团5%(含5%)以上表决权股份的股东单位款项。

内容: 应付职工薪酬

内容: 应交税费 年末数 人民币元 所得税 增值税 营业税 其他 合计 年初数 人民币元

内容: 上海锦江国际实业投资股份有限公司 九、 21. 合并财务报表项目附注 - 续 应付股利 投资者名称 应付法人股股利 少数股东股利 合计 22. 其他应付款 主要系押金及保证金 98,339,799.40 元 （2006 年： 97,549,380.90 元） 和重组欠款 39,821,129.93 元（2006 年：58,057,664.20 元） 。 其中，账龄超过一年的主要系押金及保证金。 其他应付款中应付持有本集团 5%（含 5%）以上股份的股东的款项情况如下： 股东名称 年末数 人民币元 年初数 人民币元 年末数 人民币元 年初数 人民币元

内容: 锦江国际(集团)有限公司 23. 递延所得税负债

内容: 暂时性差异项目

内容: 可供出售金融资产

内容: 上海锦江国际实业投资股份有限公司 九、 25. 合并财务报表项目附注 - 续 股本 本集团注册及实收股本计 551,610,107.00 元，每股面值1 元，股份种类及其结构如下: 2006年度

内容: 年初数(股) 一、未上市流通股份 1、发起人股份 境内法人持有股份 2、募集法人股份 未上市流通股份合计 二、有限售条件的流通股份 1、国有法人持股 2、境内法人持股 本年增减(股) 股权分置 年末数(股)

内容: 三、已上市流通股份 1、人民币普通股 2、境内上市的外资股(B 股) 已上市流通股份合计 三、股份总额 2007年度

内容: 年初数(股) 一、未上市流通股份 1、发起人股份 境内法人持有股份 2、募集法人股份 未上市流通股份合计 二、有限售条件的流通股份 1、国有法人持股 2、境内法人持股

内容: 本年增减(股) 股权分置

内容: 年末数(股)

内容: 三、已上市流通股份 1、人民币普通股 2、境内上市的外资股(B 股) 已上市流通股份合计 三、股份总额

内容: 本集团于2006年2月8日公告的股权分置改革方案为流通A股股东每10股获得3.5股股票。 2007年2月13日本集团第一次安排有限售条件（仅限股改形成）的流通股上市，上市数量为 113,304,788股，占本集团总股份比例为20.54%。 -42 -

内容: 上海锦江国际实业投资股份有限公司 九、 26. 合并财务报表项目附注 - 续 资本公积

内容: 资本溢价 其中：投资者投入的资本 其他资本公积 其中：被投资单位除净损益外所有者 权益其他变动 可供出售金融资产公允价值 变动产生的利得或损失 原制度资本公积转入 合计

内容: 股本溢价 其中：投资者投入的资本 其他资本公积 其中： 被投资单位除净损益外所有者 权益其他变动 可供出售金融资产公允价值 变动产生的利得或损失 原制度资本公积转入 合计

内容: 年初余额 本年计提 年末余额

内容: 上海锦江国际实业投资股份有限公司 九、 29. 合并财务报表项目附注 – 续 少数股东权益 本集团子公司少数股东权益如下： 年末数 人民币元 锦江汽车 物流管理 美尔洁 低温物流 合计 30. 营业收入 本年累计数 人民币元 主营业务 其中：车辆营运业务 汽车销售业务 酒店及相关业务 低温物流及相关业务 其他业务 上年累计数 人民币元 年初数 人民币元

内容: 前五名客户营业收入总额为105,364,778.77元(上年度：49,512,082.51元)，占营业收入比例为7 %(上年度：4%)。 31. 营业成本 本年累计数 人民币元 主营业务 其中：车辆营运业务 汽车销售业务 酒店及相关业务 低温物流及相关业务 其他业务 上年累计数 人民币元

内容: 上海锦江国际实业投资股份有限公司

内容: 合并财务报表项目附注 – 续 营业税金及附加 税种 本年累计数 人民币元 上年累计数 人民币元

内容: 营业税 城市维护建设税 教育费附加及地方教育费附加 合计 财务费用

内容: 上海锦江国际实业投资股份有限公司 九、 35. 合并财务报表项目附注 - 续 投资收益 本年累计数 人民币元 长期股权投资收益 按成本法核算的被投资单位宣告分派利润 按权益法确认收益 处置长期股权投资收益 可供出售金融资产收益 其他 上年累计数 人民币元

内容: 投资收益汇回不存在重大限制。 36. 营业外收入 本年累计数 人民币元 罚款收入 处置固定资产净收益 政府补助(详见附注九 39) 其他 合计 37. 营业外支出 项目类别 固定资产报废净损失 其他 合计 38. 所得税 本年累计数 人民币元 当期所得税费用 递延所得税费用 22,667,354.56 2,881,849.56 _____________ 25,549,204.12 _____________

内容: 上海锦江国际实业投资股份有限公司 九、 38. 合并财务报表项目附注 - 续 所得税 – 续 所得税费用与会计利润的调节表如下： 本年累计数 人民币元 会计利润 按 15%的税率计算的所得税费用(上年度：15 %) 不可抵扣费用的纳税影响 国产设备投资抵免所得税 无需缴税收入的纳税影响 未确认可抵扣亏损和 可抵扣暂时性差异的纳税影响 利用以前年度未确认可抵扣亏损和 可抵扣暂时性差异的纳税影响 税率调整导致递延所得税资产余额的变化 退回的上年所得税 子公司税率不一致的影响 所得税费用 政府补助 本年累计数 人民币元 收到的与收益相关的政府补助 税收返还 财政拨款 合计 计入当期损益的政府补助 40. 每股收益 计算基本每股收益时，归属于普通股股东的当期净利润为： 本年累计数 人民币元 归属于普通股股东的当期净利润 上年累计数 人民币元 2,747,865.44 3,879,390.79 ___________

内容: 上海锦江国际实业投资股份有限公司 九、 40. 合并财务报表项目附注 - 续 每股收益 – 续 计算基本每股收益时，分母为发行在外普通股加权平均数，计算过程如下： 本年累计数 人民币元 年初及年末发行在外的普通股股数 和加权平均数 上年累计数 人民币元

内容: 注：本集团于 2007 年 12 月 31 日不存在稀释性潜在普通股。 41. 扣除非经常性损益后的净利润 本年累计数 人民币元 归属于母公司股东的净利润 加(减)：非经常性损益项目 非流动资产处理损益 政府补贴 除上述各项之外的其他营业外收支净额 非经常性损益的所得税影响数 少数股东权益影响 扣除非经常性损益后归属于母公司股东的净利润 312,593,159.85 上年累计数 人民币元 280,827,364.63

内容: 上海锦江国际实业投资股份有限公司

内容: 合并财务报表项目附注 - 续 现金流量表补充资料 本年累计数 人民币元 (1)将净利润调节为经营活动现金流量： 净利润 加：资产减值准备 固定资产及投资性房地产折旧 无形资产摊销 长期待摊费用摊销 处置固定资产、无形资产和其他 长期资产的损失(减收益) 固定资产报废损失 财务费用 投资损失(减收益) 递延所得税资产减少(减增加) 存货的减少 经营性应收项目的减少(减增加) 经营性应付项目的增加(减减少) 经营活动产生的现金流量净额 上年累计数 人民币元

内容: (2)现金及现金等价物净变动情况： 现金的年末余额 减：现金的年初余额 现金及现金等价物净增加额

内容: 上海锦江国际实业投资股份有限公司 九、 43. 合并财务报表项目附注 - 续 处置子公司 本集团于本年度将持有 75%股权的子公司上海美尔洁新锦江洗涤制衣有限公司出售，因此未 将其纳入 2007 年 12 月 31 日的合并资产负债表的合并范围内， 但该公司在出售日前的经营成 果和现金流量已分别在 2007 年度合并利润表和合并现金流量表中反映。 已出售之子公司于出 售日和 2006 年 12 月 31 日的财务状况以及 2007 年 1 月 1 日至出售日止期间经营成果如下表 所示： 出售日 人民币元 上海美而洁新锦江洗涤制衣有限公司 流动资产 非流动资产 流动负债 2006 年 12 月 31 日 人民币元 1,366,478.71 2,090,177.55 (2,011,948.53) ___________ 1,444,707.73 ___________

内容: 上海锦江国际实业投资股份有限公司 九、 44. 合并财务报表项目附注 – 续 分部报告 因为风险和报酬主要受产品和劳务差异影响，本集团将业务分部作为主要报告形式，地区分部为次要报告形式。 (1)主要报告形式－业务分部

内容: 车辆营运业务 本年 人民币元

内容: 汽车销售业务 本年 人民币元 上年 人民币元 本年 人民币元

内容: 酒店及相关业务 上年 人民币元

内容: 低温物流业务 本年 人民币元 上年 人民币元

内容: 未分配项目 本年 人民币元 上年 人民币元 本年

内容: 分部间相互抵消 上年 人民币元 本年 人民币元 人民币元

内容: 分部会计政策与合并财务报表会计政策一致。 分部间转移交易以实际交易价格为基础计量。分部收入和分部费用按各分部的实际收入和费用确定。

内容: 上海锦江国际实业投资股份有限公司 九、 44. 合并财务报表项目附注 – 续 分部报告 – 续 (2)次要报告形式-地区分部 本集团 95%以上业务和经营资产均在上海，故无需提供地区分部信息。 十、 母公司财务报表主要项目注释 1. 其他应收款 其他应收款账龄分析如下：

内容: 其他应收款按类别披露如下：

内容: 欠款金额前五名情况如下： 前五名欠款金额 人民币元 18,184,500.00 35,000,000.00 账龄 一年以内 1至2年 占其他收账款总额比例 % 30.55 58.81

内容: 其他应收款余额中无应收持有本公司5%以上股份的股东的款项。

内容: 上海锦江国际实业投资股份有限公司

内容: 可供出售权益工具 3. 长期股权投资 (1) 长期股权投资详细情况如下：

内容: 初始 投资额 人民币元 按权益法核算 上海大众新亚出租汽车 有限公司 上海锦海捷亚国际货运 有限公司 世联锦江物流有限公司 小计 年初数 成本 人民币元 本期 新增投资 人民币元 本期 权益调整 人民币元

内容: 本期 现金股利 人民币元

内容: 注：系本公司持有的交通银行限售流通股，将其转入可供出售金融资产。 长期股权投资减值准备变动如下：

内容: 被投资公司名称 年末数 人民币元 年初数 人民币元

内容: 上海寰球纸制品有限公司 国泰君安证券投资管理有限公司 上海国嘉实业股份有限公司 山东国泰股份有限公司

内容: 上海锦江国际实业投资股份有限公司 十、 母公司财务报表主要项目注释 – 续 3. 长期股权投资 – 续 (2) 本公司于 2007 年 12 月 31 日持有的长期股权投资之被投资单位向本公司转移资金的能力 未受到限制。 4. 固定资产及累计折旧 固定资产本年变动情况如下：

内容: 资产减值准备 其他 合计

内容: 其他非流动资产 年末数 人民币元 预付投资款 系预付国泰君安证券股份有限公司的投资款。 -55 年初数 人民币元

内容: 上海锦江国际实业投资股份有限公司 十、 母公司财务报表主要项目注释 – 续 8. 应付职工薪酬

内容: 资本溢价 其中：投资者投入的资本 其他资本公积 其中：可供出售金融资产公允价值 变动产生的利得或损失 原制度资本公积转入 合计

内容: 股本溢价 其中：投资者投入的资本 其他资本公积 其中：可供出售金融资产公允价值 变动产生的利得或损失 原制度资本公积转入 合计

内容: 上海锦江国际实业投资股份有限公司 十、 母公司财务报表主要项目注释 – 续 10. 未分配利润 本年累计数 人民币元 年初未分配利润(追溯调整后) 加：本年净利润 减：提取法定盈余公积金(1) 可供股东分配的利润 减：提取上年度任意盈余公积 应付股利-董事会已批准的上年度利润 年末未分配利润 其中：资产负债表日后决议分配的利润(2) (1)提取法定盈余公积金 根据《公司法》及公司章程规定，法定盈余公积按净利润之 10% (2006 年：10%)提取。公 司法定盈余公积金累计额为公司注册资本百分之五十以上的，可不再提取。 (2)资产负债表日后决议的利润分配情况 根据董事会提议，2008 年度按已发行之股份 551,610,107 股(每股面值 1 元)计算，拟以每 股向全体股东派发现金红利 0.40 元(含税)。上述股利分配方案尚待股东大会批准。 11. 营业收入 本年累计数 人民币元 酒店及相关业务 上年累计数 人民币元 206,388,615.68 243,038,337.34 24,303,833.73 _____________ 425,123,119.29 193,063,537.45 _____________ 232,059,581.84 _____________ 220,644,042.80 上年累计数 人民币元 179,917,773.54 213,282,082.49 21,328,208.25 ____________ 371,871,647.78 165,483,032.10 ____________ 206,388,615.68 ____________ 193,063,537.45

内容: 营业成本 本年累计数 人民币元 酒店及相关业务 上年累计数 人民币元

内容: 上海锦江国际实业投资股份有限公司 十、 母公司财务报表主要项目注释 – 续 13. 投资收益 本年累计数 人民币元 长期股权投资收益 按成本法核算的被投资单位宣告分派利润 按权益法确认收益 处置长期股权投资收益 处置可供出售金融资产收益 其他 上年累计数 人民币元

内容: 本年累计数 人民币元 (1)将净利润调节为经营活动现金流量： 净利润 加：资产减值准备 固定资产折旧 无形资产摊销 待摊费用减少（减增加） 处置固定资产、无形资产和其他 长期资产的损失(减收益) 投资损失(减收益) 递延所得税资产减少(减增加) 存货的减少 经营性应收项目的减少(减增加) 经营性应付项目的增加(减减少) 经营活动产生的现金流量净额 上年累计数 人民币元

内容: 上海锦江国际实业投资股份有限公司 十一、关联方关系及其交易 (1)存在控制关系的关联方

内容: 关联方名称 注册地址 业务性质 注册资本 人民币千元 2,000,000 本公司关系

内容: 锦江国际(集团)有限公司

内容: (2)子公司相关信息详见附注八所述。 (3)发生交易但不存在控制关系的其他关联方如下： 关联方关系

内容: 上海锦江饭店有限公司 上海锦江旅游有限公司 上海锦江国际酒店物品有限公司 上海旅行社有限公司 上海中国国际旅行社股份有限公司 上海食品（集团）有限公司 上海华亭海外旅游公司 上海锦江国际旅游股份有限公司 锦江之星旅馆有限公司 控股股东之子公司 控股股东之子公司 控股股东之子公司 控股股东之子公司 控股股东之子公司 控股股东之子公司 控股股东之子公司 控股股东之子公司 控股股东之子公司

内容: 以上各公司统称锦江集团下属公司

内容: 上海锦江汽车销售服务有限公司 上海耀华出租汽车有限公司 上海锦江客运有限公司 上海石油集团长乐路加油站有限公司 上海万国机动车驾驶员培训中心 上海金茂锦江汽车服务有限公司 上海锦江佳友汽车服务有限公司 上海锦江佘山汽车服务有限公司 上海永达风度汽车销售服务有限公司 上海万国汽车修理厂 上海浦东国际机场货运站有限公司 子公司之联营公司 子公司之联营公司 子公司之联营公司 子公司之联营公司 子公司之联营公司 子公司之联营公司 子公司之联营公司 子公司之联营公司 子公司之联营公司 子公司之联营公司 子公司之联营公司

内容: (4)与关联方在本年度发生了如下重大关联交易： (a)定价原则 根据本集团与各关联方签定的有关综合服务协议、 产品购销合同及产生辅助购销合同等 协议的规定定价。

内容: 上海锦江国际实业投资股份有限公司

内容: 十一、关联方关系及其交易 – 续 (4)与关联方在本年度发生了如下重大关联交易： – 续 (b)销售、运费收入及采购 向关联方销售、提供运输服务及采购货物有关明细资料如下：

内容: 关联方名称 性 质 本年累计数 人民币元 上年累计数 人民币元

内容: 上海锦江汽车销售服务有限公司 上海锦江客运有限公司 上海金茂锦江汽车有限公司 上海锦江佳友汽车服务有限公司 上海锦江佘山汽车服务有限公司

内容: 车辆营运业务收入 酒店及相关业务收入 低温物流相关收入 车辆营运业务收入 车辆营运业务收入 车辆营运业务收入 车辆营运业务收入 车辆营运业务收入

内容: 锦江集团下属公司 上海石油集团长乐路加油站有限公司

内容: 采购物品 采购软件 采购物品

内容: (c)向关联方购置、出售资产有关明细资料如下：

内容: 锦江集团下属公司 上海锦江汽车销售服务有限公司 锦江集团下属公司 上海锦江汽车销售服务有限公司 上海永达二手机动车经营有限公司

内容: (d)资金拆借 与关联方之间的资金拆借明细资料如下：

内容: 关联方资金拆借未收取利息。

内容: 上海锦江国际实业投资股份有限公司

内容: 十一、关联方关系及其交易 – 续 (4)与关联方在本年度发生了如下重大关联交易： – 续 (e)其他交易

内容: 关联方名称 性 质 本年累计数 人民币元 上年累计数 人民币元

内容: 应支付给锦江集团及其下属公司的管理费以酒店经营收入的 2%和酒店经营利润的 3% 计算加总，作为其提供服务的酬劳，服务包括一般行政、市场推广及采购等。

内容: 关联方名称 性 质 本年累计数 人民币元 上年累计数 人民币元

内容: 上海锦江国际实业投资股份有限公司 十一、关联方关系及其交易 – 续 (4)与关联方在本年度发生了如下重大关联交易： – 续 (f)债权债务往来情形

内容: (g)关键管理人员报酬 本年累计数 人民币千元 关键管理人员报酬 2,660 _______ 上年累计数 人民币千元 2,520 _______

内容: 上海锦江国际实业投资股份有限公司

内容: 十一、关联方关系及其交易 – 续 (5)母公司与关联方在本期发生了如下重大关联交易： (a)定价原则 同附注十一4 (a)。 (b)销售、运费收入及采购 公司向关联方销售、提供运输服务及采购货物有关明细资料如下：

内容: 锦江集团下属公司 酒店及相关业务收入

内容: 上海锦海捷亚物流管理有限公司 上海锦江国际低温物流发展有限公司 上海吴淞罗吉冷藏有限公司

内容: 上海锦江国际实业投资股份有限公司 十二、金融工具及风险管理 本集团的主要金融工具包括股权投资、可供出售金融资产、应收账款、应付账款等，各项金 融工具的详细情况说明见附注九。与这些金融工具有关的风险，以及本集团为降低这些风险 所采取的风险管理政策如下所述。本集团管理层对这些风险敞口进行管理和监控以确保将上 述风险控制在限定的范围之内。 1. 风险管理目标和政策 本集团从事风险管理的目标是在风险和收益之间取得适当的平衡，将风险对本集团经 营业绩的负面影响降低到最低水平，使股东的利益最大化。基于该风险管理目标，本 集团风险管理的基本策略是确定和分析本集团所面临的各种风险，建立适当的风险承 受底线和进行风险管理，并及时可靠地对各种风险进行监督，将风险控制在限定的范 围之内。 1.1 市场风险 1.1.1.

内容: 外汇风险指因汇率变动产生损失的风险。本集团的主要业务活动以人民币计价结算， 因此外汇风险对本集团的经营业绩不会产生重大影响。 1.1.2.

内容: 本集团持有的分类为可供出售金融资产的投资在资产负债表日以公允价值计量。因此， 本集团承担着证券市场变动的风险。 1.2. 信用风险 2007 年 12 月 31 日，可能引起本集团财务损失的最大信用风险敞口主要来自于合同另 一方未能履行义务而导致本集团金融资产产生的损失，具体包括： ? 合并资产负债表中已确认的金融资产的账面金额； 对于以公允价值计量的金融工具 而言，账面价值反映了其风险敞口，但并非最大风险敞口，其最大风险敞口将随着 未来公允价值的变化而改变。

内容: 为降低信用风险，本集团控制信用额度、进行信用审批，并执行其他监控程序以确保 采取必要的措施回收过期债权。此外，本集团于每个资产负债表日审核每一单项应收 款的回收情况，以确保就无法回收的款项计提充分的坏帐准备。因此，本集团管理层 认为本集团所承担的信用风险已经大为降低。 本集团的流动资金存放在信用评级较高的银行，故流动资金的信用风险较低。 本集团采用了必要的政策确保所有销售客户均具有良好的信用记录。本集团无重大信 用集中风险。

内容: 上海锦江国际实业投资股份有限公司

内容: 十二、金融工具及风险管理 - 续 1. 风险管理目标和政策 - 续 1.3. 流动风险 管理流动风险时，本集团保持着较高水平的现金及现金等价物并对其进行监控，以满 足本集团经营需要，降低现金流量波动的影响。 2. 公允价值 金融资产的公允价值按照下述方法确定： ? 具有标准条款及条件并存在活跃市场的金融资产的公允价值参照相应的活跃市场 现行出价及现行要价确定； 其他金融资产及金融负债 （不包括衍生工具） 的公允价值按照未来现金流量折现法 为基础的通用定价模型确定或采用可观察的现行市场交易价格确认。

内容: 本集团管理层认为，财务报表中按公允价值计量的金融资产账面价值接近该等资产的 公允价值。 3. 敏感性分析 本集团采用敏感性分析技术分析风险变量可能发生的合理变化对当期损益或股东权益 可能产生的影响。 利率和汇率可能发生的合理变动对当期损益和权益的影响均不重大。 股票市场价格的波动对股东权益的影响如下：

内容: 项目 年末股价变动 对权益的影响 人民币千元 16,330 (16,330)

内容: 子公司上海锦江汽车服务有限公司为上海永达风度汽车销售有限公司1,360万元的短期借款 提供担保。 子公司上海锦江商旅汽车服务股份有限公司为上海长途客运南站有限公司1,250万 元的短期借款提供担保。

内容: 上海锦江国际实业投资股份有限公司

内容: 十四、承诺事项 (1)租赁承诺 截至资产负债表日，本集团对外签订的不可取消的经营租赁合约情况如下： 年末数 人民币千元 不可撤销经营租赁的最低租赁付款额： 资产负债表日后第 1 年 资产负债表日后第 2 年 资产负债表日后第 3 年 以后年度 合计 8,737 7,646 6,795 16,141 _________ 39,319 _________ 年初数 人民币千元 8,211 7,660 7,092 21,863 ____________ 44,826 ____________

内容: 十五、资产负债表日后事项中的非调整事项 截止资产负债表日，本集团不存在需要披露的重大非调整事项。 十六、其他重要事项 截止资产负债表日，本集团不存在需要披露的其他重要事项。 十七、财务报表之批准 本公司的公司及合并财务报表于 2008 年 3 月 18 日已经本公司董事会批准。

内容: 2007年度 管理层提供的补充信息 一、新旧会计准则股东权益差异调节表对比披露表

内容: 项目名称 人民币元 2006年12月31日股东权益 (原会计准则) 长期股权投资差额 2007 年报披露数据 人民币元 2,003,231,178.28 (492,530,886.71) 2006 年报披露数据 人民币元 2,003,231,178.28 (538,243,907.30) 差异 人民币元 45,713,020.59 根据财政部企业会计准则解 释第 1 号，重新计算 根据财政部企业会计准则解 释第 1 号，本集团将股权分 置改革过程中持有的限售流 通股权划分为可供出售金融 资产 公司管理层对递延所得税资 产进行了重新评估 合并范围变化

内容: 所得税 少数股东权益 2007 年 1 月 1 日股东权益 (新会计准则)

内容: 二、全面摊薄和加权平均计算后净资产收益率及每股收益 本净资产收益率和每股收益计算表是按照中国证券监督管理委员会颁布的《公开发行证券公司信息 披露编报规则第 09 号 – 净资产收益率和每股收益的计算及披露》 （2007 年修订）的有关规定而编 制的。

内容: 报告期利润 净资产收益率 每股收益（元） 全面摊薄 加权平均 基本 稀释 按照归属于公司普通股股东 的净利润计算 17.50% 18.80% 0.567 不适用 按照扣除非经常性损益后归属于 公司普通股股东的净利润计算 15.60% 16.77% 0.505 不适用

内容: 三、 若全面执行新会计准则， 对本集团 2006 年度已追溯调整后的归属于母公司股东的净利润再追加 影响： 1)使用寿命不确定的营运车辆牌照不再摊销，调增净利润 67.6 万元； 2)长期投资减值准备不得转回，调减净利润 1,354.8 万元。

内容: 管理层提供的补充信息由上海锦江国际实业投资股份有限公司下列负责人签署：

内容: Shanghai Jin Jiang International Industrial Investment Co., Ltd. 600650 900914

内容: Annual Report 2007, Shanghai Jin Jiang International Industrial Investment Co., Ltd.

内容: 1. The Board of Directors of the company and all its directors guarantee that there are no fraudulent disclosures, misleading statements or material omissions in this report and shall be individually and jointly responsible for its truthfulness, accuracy and integrity. 2. All the directors attended the Board Meeting. 3. Deloitte Touche Tohmatsu Shanghai CPA issued an unqualified audit report for the company. 4. Mr. Shen Maoxing, Chairman, Mr. Yang Yuanping, General Manager, Ms. Yuan zhening, Chief Financial Controller and Ms. Liu Chaohui, Financial Manager confirmed that the financial statement in this annual report is real and complete. 5. This report was compiled both in Chinese and English. If there is any inconsistency, please refer to the Chinese edition.

内容: 1. Legal Name of Company: In Chinese: 上海锦江国际实业投资股份有限公司 Chinese abbreviation: 锦江投资 In English: Shanghai Jin Jiang International Industrial Investment Co., Ltd. English abbreviation: JJTZ 2. Legal Representative: Mr. Shen Maoxing 3. Secretary of the Board of Directors: Ms. Yuan zhening Tel: （021）63218800 Fax: （021）63213119 E-mail: dshms@jjtz.com Address: 28th Floor, No. 100, East Yan’an Road, Shanghai Representative for Securities Affairs: Mr. Huang Yaochong Tel: (021) 63218800 Fax: (021) 63213119 E-mail: zqdb@jjtz.com Address: 28 Floor, No. 100 East Yan’an Road, Shanghai 4. Registered address: No.1 Pudong Avenue, Shanghai, China Office address: 28 Floor, No. 100 East Yan’an Road, Shanghai Post code: 200002 Internet website: www.jjtz.com E-mail: dshms@jjtz.com 5. Newspapers designated for information disclosure: Shanghai Securities News Hong Kong South China Morning Post Web Site designated for publishing Annual Report: http://www.sse.com.cn Annual Report is available at: 28 Floor, No. 100 East Yan’an Road, Shanghai, China 6. A share listing agency: Shanghai Stock Exchange A Share name: “Jin Jiang Tou Zi “ A Share Code: 600650 B Share name: “Jin Tou B” B Share code: 900914 7. Other related data of the Company:

内容: Registration date of first time: Feb. 24, 1993 Registration Place: Shanghai The number of legal registration: 019015 The number of taxation registration: 310115607200690 Auditors: Deloitte Touche Tohmatsu Shanghai CPA 30th Floor, Shanghai Bund International Tower 222 Yan’an Road (E), Shanghai, China Auditors: Deloitte Touche Tohmatsu Shanghai CPA 30th Floor, Shanghai Bund International Tower 222 Yan’an Road (E), Shanghai, China

内容: III. Summary of accounting and business data

内容: Operating profit GrossProfit Net profit belong to the shareholders Net profit deducting non-recurrent profit and loss that belongs to the shareholders Net cash flow from operating activities

内容: B) Deduct non-recurrent loss and profit items and amount (Unit: Yuan Currency: RMB)

内容: Non-recurrent loss and profit Loss and profit produced by disposal of non current assets Various government subsidies that are included in the current profit and loss Other non-operating income except the above ones The influence number of income tax that was brought by the non-current profit or loss The influence number of minority shareholders’ equity Total Amount

内容: C) Main accounting data and financial index of previous three years

内容: 2006 Items 2007 Before adjustment 2005 Changes (%) After adjustment After adjustment

内容: non-recurrent profit and loss ROAE（%） ROE（%） ROAE deducting non-recurrent profit and loss （%） ROE deducting non-recurrent profit and loss （%） Net cash flow from operating activities Net cash flow for each share from operating activites

内容: 0.640 At the end of 2005 After adjustment

内容: At the end of2007 Total Assetz Owners’ Equity Net asset for each shareholder

内容: 1) Growth rate of net profit is 4.98% lower then that of total profit because 12.10 million EIT was hedged in the EIT settlement last year. 2) Net asset at the end of 07 is 1,786.66 million, decreased by 216.57 million to 2006. That is mainly because of the application of new accounting standard issued by the Minister of Finance. According to regulation of Accounting Standard for Business Enterprises No. 8 (The First Time to Apply New Accounting Standard), the Company has written-off equity investment debit discrepancy 492.53 million in company merger under the same control which hasn’t been completely depreciated, (the discrepancy comes from the re-evaluation of taxi plates during the asset restructuring in 2004). D) Items measured using fair value Value at the beginning of the period 38,792,065.74 38,792,065.74 Value at the end of the period 217,742,325.26 217,742,325.26 Change during the period 178,950,259.52 178,950,259.52 The influence to the current profit 0 0

内容: Items Financial assets available for sale Total

内容: The financial assets available for sale were measured using sound value. The profit or loss due to the change of sound value, except that the loss of devalue and the exchange balance of exchange financial assets in foreign currency are included in the current profit or loss, are included in the shareholders’ equity, and will be transferred out and be included in the current profit or loss when the verification ends. The interests and dividends in cash while holding the financial assets available for sale were included in the investment income.

内容: A) Share Capital 1. Table of Changes of Capital Shares (Unit: share)

内容: Increase and decease (+, -) Transferred Proportion Additional Bonus from Others Amount (%) issue shares reserve A. Shares subject to conditional sales 1. State owned shares 2. Shares held by state owned legal person 3.Other shares held by domestic Thereinto Shares held by domestic legal person Shares held by domestic person 4. Shares held by foreign capital Thereinto Shares held by foreign legal person Shares held by foreigner Subtotal B. Listed shares 1. A shares 2. B shares 3. Shares list overseas 4. Others Subtotal C. Total 217,503,79 2 551,610,10 7 39.43 100.00 113,304,788 113,304 ,788 330,808,58 0 551,610,10 7 59.97 100.00 56,453,760 161,050,03 2 10.23 29.20 113,304,788 113,304 ,788 169,758,54 8 161,050,03 2 30.78 29.20 334,106,31 5 60.57 -113,304,788 113,304 ,788 220,801,52 7 40.03 121,519,85 5 22.03 -113,304,788 113,304 ,788 8,215,067 1.49 Opening balance Closing balance Subtotal Amount Proportion (%)

内容: 2. Table of Changes of shares subject to conditional sales Unit: share

内容: Shareholders The amount of shares The amount of shares 5 The amount of The amount of shares The reason of The date to remove the

内容: subject to conditional sales at the beginning of the year

内容: that no longer subject to conditional sales during the year 0

内容: subject to conditional sales at the end of the year

内容: Jinjiang International (Group) Co., Ltd. Shanghai Jinjiang Hotel Co., Ltd. Shanghai Peace Hotel Co., Ltd. Shanghai Jinjiang International Hotel Co., Ltd. Shanghai Hotel Co., Ltd. Other shares held by domestic corporations Total

内容: Share reform Share reform Share reform Share reform Share reform Share reform —

内容: As seen in “top 10 share holders subject to conditional sales” Feb. 13 2008 Feb. 13 2008 Feb. 13 2008 Feb. 13 2008 Feb. 13 2008 —

内容: 3. Fact about stock issue and listing 1) Fact of past stock issue in previous three years From three year ago to the end of this report period, the company did not have second issue and right issue. 2) Fact about changes in total number and structure of shares Within the report period, there were no changes in total number and structure of shares caused by bonus shares and right issue. 3) Fact about existing in-house staff shares At the end of this report period the company had no in-house staff shares. B) Fact about shareholders 1. Number of shareholders and shareholding (Unit: share)

内容: The total number of shareholders at the end of the report period Top ten shareholders of the Company’s stock Nature of shareholders State owned Proportion (%) 38.54 Changes during the period Shares subject to conditional sales 212,325,100 Pledged or frozen shares 0 36,211 (B Share: 17,262)

内容: Shareholder’s name Jinjiang International (Group) Co., Ltd. HTHK-VALUE PARTNERS INTELLIGENT FUNDS-CHINA B SHARE FUND GT PRC FUND Shanghai International Trust

内容: Co., Ltd. Cai Qingfeng Shanghai Jinjiang Hotel Co., Ltd. Hu Jiaying FORTIS BANQUE LUXEMBOURG S.A Shanghai Highly (group) Co., Ltd. Shenzhen International Trust Co., Ltd. Foreign natural people State owned Domestics natural people Foreign legal entity Other Other 0.71 0.68 0.58 0.54 0.34 0.34 3,894,935 3,761,493 3,198,386 3,000,000 1,881,792 1,862,300 1,862,300 1,699,254 -3,322,033 3,761,493 Unknown Unknown Unknown Unknown Unknown Unknown

内容: Top ten shareholders of the Company’s stock not subject to conditional sales Shareholder’s name HTHK-VALUE PARTNERS INTELLIGENT FUNDS-CHINA B SHARE FUND GT PRC FUND Shanghai Internationa Trust Co., Ltd. Cai Qingfeng Hu Jiaying FORTIS BANQUE LUXEMBOURG S.A. Shanghai Highly (Group) Co., Ltd. Shanghai International Trust Co., Ltd. Shanghai Jinjiang Auto Service Co., Ltd. (The Union) Wang Lingjia Shares held not subject to conditional sales 12,584,924 5,000,000 4,482,846 3,894,935 3,198,386 3,000,000 1,881,792 1,862,300 1,600,100 Type of shares B Share B Share A share B Share B Share B Share A share A share A share

内容: Statement of the relation or concerted action of the shareholders mentioned above

内容: 1,580,000 A share Of top 10 shareholders of the company above, the first shareholder and the sixth shareholders have relations and concerted actions. The company’s controlling shareholder, Jin Jiang International (Group) Co., Ltd. is the controlling shareholder of Shanghai Jin Jiang Hotel. The relation and concerted action of other shareholders are unknown.

内容: Top ten shareholders of the Company’s stock subject to conditional sales (Unit: share)

内容: Facts about shares subject to conditional sales that could be traded through listing Date Amount of when added shares shares that could be could be traded traded through through listing listing Feb. 13th 27,580,505 2008 Feb. 13th 27,580,505 2009

内容: Shares held subject to conditional sales

内容: Jin Jiang International (Group) Co., Ltd.

内容: 1. Can’t be sold or transferred in 12 months after it gets the listing right in the A share market, and can’t be listed for sale through Shanghai Stock Exchange within

内容: Shanghai Jinjiang Hotel Co., Ltd. Shanghai Peace Hotel Co., Ltd.

内容: Shanghai Jinjiang International Hotel Co., Ltd. Shanghai Hotel Co., Ltd.

内容: 12 months after the previous period. 2. After expiration of the period mentioned in item #1, it can’t sell more than 5% of total shares of the Company in 12 months. 3. After expiration of the period mentioned in item #1, it can’t sell more than 10% of total shares of the Company in 24 months. Can’t be sold or transferred in 12 months after it gets the listing right in the A share market Can’t be sold or transferred in 12 months after it gets the listing right in the A share market, and can’t be listed for sale through Shanghai Stock Exchange within 12 months after the previous period Can’t be sold or transferred in 12 months after it gets the listing right in the A share market, and can’t be listed for sale through Shanghai Stock Exchange within 12 months after the previous period Can’t be sold or transferred in 12 months after it gets the listing right in the A share market, and can’t be listed for sale through Shanghai Stock Exchange within 12 months after the previous period

内容: 2. Introduction to controlling shareholder and effective controller 1) Fact of controlling shareholder Company’s name: Jin Jiang International (Group) Co., Ltd. Legal representative: Yu Minliang Registered capital: RMB 2 billion Yuan Establishment date: June 2003, on the basis of reorganization of Jin Jiang Group Co., Ltd and Shanghai Xinya Group Co., Ltd Main operation or management activities: operation and management of state-owned assets, enterprise investment and management, hotel management, support service for entertainment industry, domestic trade, property management, lease of self-owned office buildings and flats, title brokering and project consultation (subject to license where a license if required). 2) Fact about the company’s controlling shareholder Name of the company’s controlling shareholder: State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government. 3) Fact about changes in controlling shareholder and effective controller Within this report period there were no changes in the company’s controlling shareholder and effective controller. 4) Block diagram of relation of title and control between the company and effective controller State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government 100%

内容: Jin Jiang International (Group) Co., Ltd. 38.54% Shanghai Jin Jiang International Industrial Investment Co., Co., Ltd. 3. Other corporate shareholders with over 10 percent of shares Up to the end of the report period the company had no other corporate shareholders with over 10 percent of shares.

内容: V. Directors, supervisors and superior managers

内容: A) Profile of directors, supervisors, superior managers Unit: share

内容: Total pay Shares The before Payed by held at Shares Stock Increase amount the tax from the held at options or Changing Equities of the company beginning the end of of the Incentive decrease Reason limited company or its of the the year company of shares shares affiliates? (10’000 year yuan) 5,646 5,646 5,646 5,646 50

内容: Vice chairman, CEO Vice Yu Jianmin chairman, COO Chen Director Wenjun Ma Mingju Director Zhang Director Baohua Cai Director Qingfeng Chen Independent Xiangling director Qin Independent Zhiliang director Liu Independent Zhengdong director Liu Independent Yongzhang director Chief Liu Haihai supervisor Pan Supervisor Jianchang Cai Supervisor Yongjun Shao Vice Xiaoming president Meng Vice Zhengwei president Wang Vice Rongfa president Yuan Vice Liaojun president Yuan CFO, Zhening secretary to

内容: Main working experience of directors, supervisors and superior managers: 1) Shen Maoxing previously was deputy secretary of the Party committee and president of Jin Jiang (Group) Co., Ltd. Presently he is deputy secretary of the Party committee, vice chairman of Jin Jiang International (Group) Co., Ltd., COO (executive president), and chairman of this company. 2) Yang Yuanping is vice chairman of this company, general manager, CEO, and secretary of the Party committee. 3) Yu Jianmin previously was general manager of Shanghai International Hotel Co., Ltd., director and CFO of Jin Jiang International (Group) Co., Ltd., Presently she is vice chairman of this company, COO (executive president), 4) Chen Wenjun previously was vice president of Jin Jiang (Group) Co., Ltd. director, CFO of Jin Jiang International (Group) Co., Ltd. Presently he is director and senior vice president of Jin Jiang International (Group) Co., Ltd., director of this company. 5) Ma mingju previously was manager of Department of Planning and Finance of Jin Jiang (Group) Co., Ltd. manager of Department of Planning and Finance Jin Jiang International (Group) Co., Ltd. Presently he is vice president of Jin Jiang International (Group) Co., Ltd., director of this company. 6) Zhang Baohua previously was deputy general manager and superior deputy general manager and vice chairman of Shanghai New Asia (Group) Co., Ltd. Presently he is assistant president of Jin Jiang International (Group) Co., Ltd., director of this company. 7) Cai Qingfeng previously was director of Jeffur International Holding Group, and executive director and CFO of Jeffur International (Shanghai) Co., Ltd. Presently he is chairman and general manager of Jeffur International (Shanghai) Co., Ltd., and director of this company. 8) Chen Xiangling previously was president and deputy secretary of the Party committee of Shanghai Automotive Industry Corporation (Group), chairman and secretary of the Party committee of Shanghai Automotive Industry Corporation (Group), Presently he is chairman of supervisor board meeting of Shanghai Automotive Co., Ltd, and independent director of this company. 9) Qin Zhiliang previously was chief accountant, deputy director general of Shanghai Administrative Bureau of Mechanical and Electrical Industry, secretary of the Party committee and chairman of Shanghai Dongfeng Machine Group Inc. Presently he is director of Shanghai Electric (Group) Co., Ltd., and independent director of this company. 10) Liu Zhengdong previously was chief of Department of Real Estate Affairs, Shanghai Rainbow Law Firm. Presently he is chief lawyer of Shanghai Jun Yue Law Firm and independent director of this company. 11) Liu Yongzhang previously was head of Department of Organization, SUFE. Presently he is deputy secretary of the Party committee, SUFE, and independent director of this company. 12) Liu Haihai previously was deputy secretary of the Party committee and deputy general manager of Shanghai Longbai Hotel. Presently he is deputy secretary of the Party committee and chief supervisor of this company. 13) Pan Jianchang previously was undersecretary of Audit Supervision Department, Shanghai Feiren Machinery Corporation. Presently he is supervisor and deputy chief auditor of this company. 14) Cai Yongjun previously was director of the Office of Shanghai Jin Jiang Taxi Co., Ltd. Presently he is supervisor, deputy director of the Office of the company and director of the Office of the department of the Party and Labor in Shanghai Jin Jiang Auto Service Co., Ltd. 15) Shao Xiaoming previously was deputy general manager for day-to-day business of Shanghai Jin Jiang Auto Service Co., Ltd. Presently he is vice president of this company and general manager of JHJ.

内容: 16) Meng Zhengwei previously was deputy secretary of the Party committee of Shanghai Jin Jiang Auto Service Co., Ltd. Presently he is vice president of this company and general manager of Shanghai Jinjiang International Cold Logistic Co., Ltd. 17) Wang Rongfa previously was deputy general manager of Jin Jiang International Convention Center Co., Ltd., general manager of Haixing Building to Party School of Shanghai Municipal Party Committee of CCP, assistant general manager of Shanghai Jin Jiang Tower Co., Ltd. Presently he is vice president of this company. 18) Yuan Liaojun, previous was director of office and manager of the department of investment and development of Shanghai New Jinjiang Hotel Co., Ltd., and manager of the department of investment and development of Shanghai Jinjiang Investment Co., Ltd. At present he is vice president of the company. 19) Yuan Zhening previously was CFO of Shanghai Jin Jiang Auto Service Co., Ltd. Presently she is secretary to the board of directors and CFO of this company, and CFO of Shanghai Jin Jiang Auto Service Co., Ltd. B) Shareholders’ positions

内容: Name Shen Maoxing Chen Wenjun Ma Mingju Zhang Baohua Shareholders’ unit name Jin Jiang International (Group) Co., Ltd. Jin Jiang International (Group) Co., Ltd. Jin Jiang International (Group) Co., Ltd. Jin Jiang International (Group) Co., Ltd. Title Vice chairman, COO(executive president) Director, senior vice president Vice president, general manager of Finance Department Assistant president From To Pay and allowance in the unit Yes Yes Yes Yes

内容: Name Other unit name Jin Jiang International Hotels Co., Ltd. Jin Jiang International Hotels (Group) Co., Ltd. Jin Jiang International Hotels (Group) Co., Ltd. Jin Jiang International Travel Co., Ltd. Jin Jiang International Hotels (Group) Co., Ltd. Jin Jiang International Hotels Co., Ltd. Jin Jiang International Travel Co., Ltd. Title Vice chairman Vice chairman Executive Director Director Supervisor Vice chairman Vice chairman From 2006-05 2006-01 2006-01 2007-05 2006-01 2006-05 2007-05 To 2009-05 2009-01 2009-01 2010-05 2009-01 2009-05 2010-05 Pay and allowance in the unit No No No No No No No

内容: C) Pay of director, supervisors and superior managers 1. Decision-making process about pay for director, supervisors and superior managers: it shall be discussed and approved by the board of directors and stockholders meeting. 2. Basis of pay for director, supervisors and superior managers: it shall be determined through evaluation according to the performance of annual operating objective. 3. Directors and supervisors who are not paid by the company

内容: Name Shen Maoxing Paid by the shareholder or other connected companies Yes 11

内容: Chen Wenjun Ma Mingju Zhang Baohua Cai Qingfeng Shao Xiaoming

内容: D) Change sheet of director, supervisors and superior managers According to the resolution of the 5th meeting of the 5th Board of directors, Mr. Yuan Liaojun was appointed as vice president of the company. The tenture will last till the end of the 5th Board of directors (20th Apr. 2009). The resolution was published on the Shanghai Securities News and South China Morning News on 11th Apr. 2007. E) Employees Up to the end of the report period, the company had 14,267 employees and 358 retirees. Employees’ structure as below: 1. Composition of professionals

内容: Categories of professionals Production personnel Salesperson Technician Financial personnel Executive personnel Number of persons

内容: Degree Over college Number of persons 993

内容: A) Governance of the Company In accordance with the Company Law, Securities Law, as well as the codes and regulations for listed companies stipulated and issued by the China Securities Regulatory Commission and the requirements of the Rules for Issue of Stocks in the Shanghai Stock Exchange (SSE), the Company has established a sound governance structure of legal persons. Main contents are as following: 1. Shareholders and General Meeting. The company compiled Regulations of General Meeting during the report period to further ensure the equality of all shareholders, especially small and medium ones, and share and exercise their own rights. During the report period, the Company held two shareholders meeting, one shareholders meeting related to A share market. The Company held the meetings of shareholders by complying strictly with the requirements of the Shareholders’ meeting Regulation of Listing Company, the number of shareholders attending and the number of shares they represent both accord with the requirements by the Company Law and the Articles of Association. 2. Relations between Controlling Shareholders and the Company. The proprietary shareholders of the company greatly support and pay much attention to the development of the

内容: company, exerting their rights and assuming their obligation according to the convention. The company separates with the proprietary shareholders on its business, personnel, assets, organization and finance, etc. 3. Board Members and the Board. The company compiled Regulations of Board Meeting during the report period to further ensure the normal operation of the Board. The election process, number of members and the composition of board comply with laws and regulations. Directors of the company can carry out their responsibilities devotedly and assiduously with good faith, embodying the interests of all shareholders. 4. Board of supervisors and supervisors. The company compiled Regulations of Board of Supervisor during the report period to further ensure the normal operation of the Supervisor Board. The election process, number of members and the composition of board comply with laws and regulations. The supervisors should make supervision on validity and conformity to regulations of finance of the company and responsibilities fulfilled by directors, managers and other administrative officers. 5. Administrative Executives. The engagement procedure of administrative officers of the company should accord with the laws and regulations as well as provisions of “Regulations of Company”. The company should constantly complete its performance appraisal, inspiration and constraint mechanism on administrative officers. 6. Interest-related Parties. The company completely respects and asserts lawful rights and interests of the bank and other creditors, employees, consumers, etc. and actively cooperates with them to promote continuous and healthy development of the company. 7. Information Disclosure. The company compiled Management System for Information Disclosure during the report period to further ensure the normal disclosure of information. The company should publish their information in an actual, accurate and complete manner in time according to the requirements of the laws and regulations. The company appoints secretary of board of directors and deputy of securities affairs to publish information about securities, receive visitors and answer enquiries so as to make all shareholders under equal opportunities to obtain the information of the company. 8. During the report period, the company started Special Administrative Activities in April 2007and made up plan according to the request of The Notice of Starting and Intensifying Special Administrative Activities for Listed Companies (2007, No. 28) issued by CSRC. The company convened the seventh meeting of the fifth board on June 27th, 2007. The SelfExamination Report and Improvement Planning of Special Administrative Activities for Listed Companies was passed in the meeting. The board resolution, the planning and contact information (including telephone, fax, email, etc.) for public supervising was published on June 28th. Shanghai Security Regulatory Bureau made a site inspection to the company on 14th and 15th August, 2008. The company received The Improvement Notice for Governance Situation of Shanghai Jin Jiang International Industrial Investment Co., Ltd. （沪证监公司字[2007]314 号） The company received The Appraisal for Governance Situation of Shanghai Jin Jiang International Industrial Investment Co., Ltd. issued by Shanghai Stock Exchange on Sept. 9th 2007, in which the company was considered to have no violative situations or items in the information disclosure, normal operation of General Meeting & Board Meeting, construction of internal control system. The company convened the ninth meeting of the fifth board on Oct. 9th, 2007. The Improvement Report of Special Administrative Activities was passed in the meeting. 1) Improvement on problems from self-examination Problem 1: Some of the governance systems need to be revised or made according to latest laws and regulations

内容: Improvement condition: The Company has revised or made The System of Independent Directors, Detailed Criterion for CEO, Management of Financed Capital, Management System for Information Disclosure and Management System for Investors’ Relationship according to latest laws and regulations issued by security regulatory department and The self-examination Report and Improvement Planning of Special Administrative Activities for Listed Companies to further consummate the company’s governance system. Problem 2: The committees under the Board should further exert its function to help the Board to make scientific decision Improvement condition: The Proposal for Corresponding Affairs of the Committees under the Board has been reviewed and passed in the board meeting convened on Dec. 28th 2007 and will be implemented after being reviewed and passed in General Meeting. 2) Improvement on problems from SSRB site-inspection (a) Normal Operation Problem 1: Salary of executives not being reviewed by the Board Improvement condition: The Company has reviewed salary of executive in the Board’s annual meeting and corresponding information has been disclosed. Problem 2: Some of the board directors, supervisors and recorder didn’t sign for attendance Improvement condition: The Company has touched much importance on signature of board directors, supervisors and recorder according to Regulations of Board Meetings and Regulations of Board of Supervisor to ensure the signature. Problem 3: The Company’s subsidiary still hold 50,000 shares of the company which has been released for trading The Company bought the equity stake of Shanghai Shanghai Food, Shanghai Wujing Cold Warehouse and Wusong United Meet Processing from Jin Jiang Group’s whole-owned subsidiary Shanghai Food Group. The 52,272 shares hold by Shanghai Shanghai Food and Wujing Cold Warehouse has been sold out in this year. (b) Independence Problem 4: There is a problem of “Two names, One Team” between the Company and Transport & Logistics Section of Jin Jiang International Group, which is the controlling shareholder of the Company. This problem will affect the independence of the company. Improvement condition: The Transport & Logistics Section was established to ensure the smooth exchange of asset when Jin Jiang Group restructured its assets in 2004. After asking Jin Jiang Group, the Company gets the information as follows: As the complete of asset exchange, Jin Jiang Group are doing research on the management between the listed company and Transport & Logistics Section and promise to solve the problem in 6~12 months. Problem 5: The Board has set up The Salary & Examination Committee and The Auditing Committee, but the operation effectiveness is no strong Improvement condition: Combining with the improvement of “Self-examination Problem 2”, the Board of the Company will further exert the examination & evaluation function of the Salary & Examination Committee and strengthen the communication, supervising and checking function of The Auditing Committee to both internal and external audit. The Company will consummate the system of committees and enhance the effectiveness of its operation. The Company will provide condition for the committees to exert their functions to further intensify the communication before making decision and make the committees to exert “before-Thing Analysis, In-Process Supervising and after-Thing appraisal” function to significant events, which will provide support for the Board to make decision. The Salary & Examination Committee and The Auditing Committee exerted important function in the auditing and checking of this annual report. 3) Improvement on problems from public appraisal The Company hasn’t received any opinion from investor and the public. The Company will continuously maintain good relationship with investors and strengthen the communication with (potential) investor, help investors to further understanding & identifying with the company and

内容: enhance the governance of the Company through information disclosing and exchange to realize the biggest profit for the whole company and protect the legal interests of investors. B) Responsibilities fulfilled by individual directors 1. Presence of individual directors in the general meeting of board of directors

内容: Name of individual directors Chen Xianglin Qin Zhiliang Liu Zhengdong Liu Yongzhang Times of presence of the year Times of presence by themselves Times of presence by entrusted personnel Times of absence Remarks

内容: 2. Cases that the individual directors make objections on related items of the company Within the period of report, the individual directors did not make objections on the proposals and non-proposals items of the meetings of board of directors. C) Independence of the company on its business, personnel, assets, organization and finance, etc. in relation to proprietary shareholders Business: The Company has its independent and complete business, conducting autonomous management. The dealing with affiliated companies is fair and reasonable, which will not damage interests of the company and other shareholders. Personnel: The Company is independent of proprietary shareholders on labor, human resources and cost of labor, etc. Assets: The Company owns all of assets of the company. Organization: The Company has its own independent decision-making management organizations and functional departments that can operate independently. Finance: The Company has established an independent finance and accounting department with independent accounting system and finance management system and opened an independent account in the bank. D) Evaluation and Inspiration of Administrative Officers Make inspection and assessment according to the annual business target and work management target sent down by board of directors in the early of the year and give salaries as per the achievement of business. the Company should make up assess and inspiration mechanism according to market principle, make senior managers’ pay related to management level, business achievements tightly, then inspire senior managers’ activeness and creativity and maximize the shareholders’ value. E) The Establishment and Consummation of Internal Control System During the report period, the Company further consummated the internal control system and compiled (made) The System of Independent Directors, Detailed Regulation for CEO, Management of Financed Capital, Management System of Information Disclosure and Management System of Investor Relationship. Presently, the internal control system of the Company has covered many aspects including making decision on important investments & relative transaction, production management, financial management, HR management and information disclosure, etc. The Company comprehensively implemented every item of regulation system, applied new accounting standard, normally operate finance and strengthened the examination on implementation. The company has an internal audit department, which has full-time workers. The department finished 33 internal audit items and ensured the Company to be operated under the system frame and risks to be effectively controlled. F) The Disclosure of the Board’s Self-Evaluation Report and Auditor’s Opinion on Internal Control

内容: The company won’t disclose the Board’s Self-Evaluation Report and Auditor’s Opinion on Internal Control

内容: VII. Brief Introduction to Shareholder’s Meeting

内容: 1. Annual General Meeting The 2006 General Meeting of the company was convened on May 25th, 2007, the declaration of resolution was published in Shanghai Security Newspaper and Hong Kong South China Morning Newspaper on May 25th, 2007.

内容: (I) Discussion and Analysis of Managements A) Business Status Review 1. Overall Business Status within the Report Period During the report period, the Company made strengthening core-business competence as the first priority, enforced scientific & basal management and touched much importance on the integration and promotion of emerging business. Three core businesses had been developing healthily. Compared to the last corresponding period, the revenue totaled RMB 1.619 million, increased by 19.15%, the net profit reached RMB 313 million, increased by 11.31%, the EPS is 0.567, increased by 11.39%, the ROE reached 17.50%. Passenger Transport Industry The profitability of the business has been increasing and the vehicle scale has also made some expansion. The company promotes the internal management and competence through IT platform construction. The comprehensive reception capability of the company keeps to be the best in this industry. 1) Strengthen Scientific and Basal management To consummate internal operation system and make the production and operation more marketoriented. Fine management, to enhance vehicle utility, reduced operation cost and promoted profitability. To integrate car repairing and trading resources, after which sales & repairing business increased by 11%. To participate in public bidding and has gained another 300 vehicle plates. 2) Smoothly Deploy Comprehensive IT Platform Thirteen IT sub-systems, including vehicle, HR, salary, safety, service, dispatching, fuel, etc. has been under construction smoothly. Almost all of the vehicles have been equipped by on-board terminats and tourism buses been included in the GPS management system. The capability of “96961” window-service system has been successfully enlarged, after which the numbers of call-ins and dispatched vehicles raised obviously. 3) Promote Brand Value through Quality Service The company excellently accomplished many important reception tasks including Annual Meeting of African Development Bank, Special Olympics, Formula-1 GP, Women’s World Cup and 384 State Guest receptions to promote competence and visibility of the brand. Modern Logistics

内容: JHJ has accelerated its integration. Through the application of “Double Brand Strategy” and central IT system, JHJ gradually realized resource sharing and management synergy with YRCL. 1) Adjust regional layout and enhance subsidiary control JHJ has finished the planning and preparation of five regional companies, established cost control responsibility system and promote the utility of capital. 2) Accelerate the business joint and resource share with YRCL JHJ started the construction of comprehensive IT platform, through which the competitiveness of JHJ has been promoted. JHJ made good preparation of acquiring YRCL HK according to threestep strategy. 3) Grasp opportunity to expand business To grasp the opportunity of Beijing Olympics, plan to establish Beijing JHJ Bonded Warehousing Company and prepare for Olympics logistics. Logistics and Warehousing Take active treasures to steadily enhance profitability of the company. 1) Stimulate deposit assets and enhance business ability To explore sustainable development ways for Logistics & Warehousing business. To import steel logistics project in form of real estate leasing according to the actual condition of Wusong Luoji and unique advantage of Baoshan’s development on steel industry. 2) Intensify management and enhance operation efficiency According to different characters of its subsidiaries, the Cold Logistic Company proposed corresponding treasures to improve internal homogenized competition and enhance warehouse utility through diverse ways. 3) PACTL made steady profit First and second-phase of Pudong Air Cargo Terminal operated well and made steady profit and construction of third-phase project has been going well. A new profit point will come out when this project finished and start operation. 2. Main Advantages and Disadvantages First Advantage: Comprehensive advantage of Jin Jiang brand Visibility of Jin Jiang brand in the hotel and transport industry is helpful for the company’s diverse development in related industry. It has significant brand value in scale chain operation. Second Advantage: the advantage of business resource and experience deposit Passenger Transport: “Jin Jiang Auto” is the leading transport company in Shanghai with the most complete vehicle types, highest level cars and best comprehensive reception ability. It has a history of more then 50 years. “Jin Jiang Taxi” is among the first level of Shanghai’s taxi industry. “Jin Jiang Foreign Affair” is specially engaged in State Guest & Foreign Affair reception, enterprise car-leasing and business car-rental. It is an oligopoly in Foreign affair reception, large meetings reception and high-level car-rental market. “Jin Jiang Tourism” specializes in tourism bus-rental, line-haul passenger transport and enterprise shuttle bus. The number of its receiving foreign tourism team ranks first place in Shanghai. Modern Logistics: “JHJ” is founded in 1992, A-class forwarding qualification, member of IATA. It keeps to be among the first-level except a few “Sino-” forwarders and has good brand visibility. Logistics & Warehousing: The Company owns 10 cold warehouses including Wujing, Wusong, Huangpu, Yangpu, Yangsi, Longcao, etc. The total capacity is 450 thousand cubic meters (96.2 thousand tons), which is about 23% of that of all the cold warehouses in Shanghai and ranks No. 1 in China. Wujing Cold Warehousing has China’s biggest cold warehouse and has a operation experience of more then 20 years. Xintiantian Cold Logistics has 55 refrigeration trucks, which is about 4% of Shanghai’s refrigeration trucks and ranks No. 5.

内容: First Disadvantage: the pressure of cost increase of the industry The rising of oil price will result the rising of fuel price. Increasing labor cost will have negative effect on labor-intensive manufacturers. High standard on environment protection will also cause corresponding fees. Second Disadvantage: not enough top talents deposit In the process of changing into modern service industry, there is not enough operation, management and technique talents deposit. 3. Technical Innovation Please refer to the part of “Overall Business Status within the Report Period”. 4. Main Business and Business Status in the Report Period (1) Status of main business by field and product (Unit: Yuan Currency: RMB)

内容: Field Vehicle Operation Cold Logistics Income of principal business 1,431,715,569.23 130,621,180.81 Cost of principal business 1,083,423,600.97 86,971,983.81 Gross Margin (%) 24.33 33.42

内容: Changes of Income to last year (%) 11.38 671.77

内容: Changes of cost to last year (%) 13.68 859.01

内容: New Accounting Standard being applied from Jan. 1 , 2007, the consolidation of 50% of JHJ will not be consolidated this year. Logistics is not included in Main businesses compared with the Halfyear Report 2006. With the acquisition of Shanghai Wusong Luoji Cold Logistics Co., Ltd (with original name Wusong United Meat Processing Factory), Shanghai Wujing Cold Warehousing Co., Ltd. and Shanghai Shanghai Food Co., warehousing becomes one of the main businesses. (2) Status of main business by area (Unit: Yuan Currency: RMB) Areas Shanghai Revenue

内容: 1,619,396,969.78 Increase or decrease compared with the last corresponding period (%) 19.15

内容: New Accounting Standard being applied from Jan. 1st, 2007, the consolidation of 50% of JHJ will not be consolidated this year. Main businesses have no operation out of Shanghai Area. 5. Important changes and factors of assets and profits compared within the report period (Unit: CNY)

内容: Items in balance sheet Prepayment Dividend receivable Saleable financial assets Construction in process Other noncurrent assets Accounts payable Dec. 31 2007 Dec. 31 2006 Changes Change (%) 47.56 -38.92 461.31 Main Reason of change Increase of prepayment for new cars Dividend from JHJ Stock of Communication Bank being changed in from long-term investment Not qualified vehicles being used and changed into fixed asset Increase capital on Guotai Jun’an, not included in this account yet Invoice for new cars not received yet, estimation

内容: Dividend payable Deferred income tax liability Capital reserves Items in profit statement Income of principal business Cost of principal business Assert impairment loss Investment income Income tax

内容: increased Increase of not-paid minority shareholder’s dividend Increase of fair value of saleable financial assets, temporary discrepancy Increase of fair value of saleable financial assets Main Reason of change Increase of cold warehousing and car trading business Increase of cold warehousing and car trading business Reversion of assert impairment loss Increase of investment return of PACTL and sales of saleable financial asset Increase of EIT in 2007 and deduction of 1.21 million EIT in 2006

内容: 6. Cash flow of operating activities, investing activities and financing activities (Unit: CNY)

内容: Items Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities 2007 344,321,497.56 2006 399,016,249.64 Changes -54,694,752.08 Change (%) -13.71 More investment on Cold Logistics last year Increase of dividend and share interest to minority shareholders Comments

内容: 7. Business situation and achievement of subsidiaries (Unit: RMB 10000)

内容: Name of company Shanghai Jin Jiang Auto Service Co., Ltd. Service scope Taxi service, tourism service, vehicle repairing, long-distance transport, fittings, vehicle charter Warehousing & Logistics management and corresponding consultation, inventory management, freight brokerage, business information consultation Freight forwarding, express Taxi service, drivers training, fittings, vehicle maintenance. Registered capital 33,849 Total assets 137,103 Net Asset 81,490 Revenue Net profit

内容: Shanghai Jin Jiang International Cold Logistics Development Co., Ltd. JHJ International Transportation Co., Ltd. Shanghai Dazhong New Asia Taxi Co., Ltd.

内容: Shanghai Pudong International Airport Cargo Terminal Co., Ltd.

内容: Dispose of cargo and mail for airline companies, freight companies

内容: B) Development Prospect of the Company 1. Industry Trend and Market Competition The passenger transportation section provides services including taxi, car rental & leasing, longdistance transportation and vehicle repairing. Because of the totality control of taxi operating licenses by the government, the achievement of taxi service was directly driven through the expansion of business size and the improvement of service quality. The company is one of the biggest taxi companies in Shanghai. With the growth of Shanghai tourism and external economics, the demand for car rental & leasing will keep growing steadily. However, the competition with domestic and foreign companies is becoming crueler and crueler. The line-haul passenger transport is already a fully-competition market, while the company remains to be very competitive. Resources in the car-repairing industry and car-trading industry are dispersed and powerful companies haven’t been formed. These industries are expected to have great development potential. The company has developed repairing & trading business on Buick, Toyota, Nissan and Volkswagen and is active on new business exploration. The modern logistics section includes mainly international freight forwarding and the forthcoming third party logistics. The integration of China and world economy brings enormous cargo flow and creates a prominent logistics market. The logistics industry has great potentials in its future development. The modern logistics section of the Company is confronted with competition from multinational logistics providers and domestics middle and small logistics companies. The logistics and warehousing section includes mainly refrigerated warehousing and warehousing business in airport cargo terminals. Refrigerated warehousing is still in its early stage and has a bright future with the rapid development of China economy and expanding demand. Because of the development of China’s aviation transport industry, the warehousing business in airport cargo terminals has a favorable development prospect. 2. Opportunities and Strategies Opportunities: The development of China’s economy growth brought up huge opportunities for modern service industries. The growth brought us continuous increase on passenger transport, modern logistics and warehousing demand. The strategic adjustment of Shanghai industry structure will drive the form of industry structure with service economy as the most important section, which also provides great space for the further development of passenger transport, modern logistics and warehousing industry. Shanghai 2008 Expo will drive a new growth of Shanghai’s economy. The pre-effect in the application phase, driving-effect in the preparation phase, direct-effect in the holding phase and extension-effect after closing will drive the development of passenger transport, modern logistics and warehousing industry. Strategies: To develop new increase point of passenger transport and explore new modes for modern logistics and warehousing. Struggle to enhance brand advantage and cultivate the innovation ability and investment & financing ability of core businesses. Forge the company to be a first-class modern service holding company with passenger transport, modern logistics and warehousing as its core businesses in the Yangtze River Triangle District. 3. Business plans for 2008 Sticking to scientific outlook on development, around the company’s strategic goal and grasping the opportunity of Beijing Olympics and Shanghai Expo to strengthen the company’s core competence and sustainable development ability. Struggle continuously to forge a excellent listed company. Estimated 2008 revenue to be 1.7 billion, cost to be 1.24 billion, expense to be 260 million. Passenger transport

内容: Grasp development opportunity to dig further potential. Combine inner growth and outer expansion to enhance core competence. 1) To expand taxi & rental business and add with outer expansion way 2) To complete the construction of comprehensive IT platform and start operation. To utility the assembly-advantage and gather-effect of IT system to traditional industry and lay a foundation for new development of Jin Jiang Auto. 3) Totally promote integrative service system of transport, car repairing & trading, consultation and education. To enrich the brand connotation of Jin Jiang Auto and enhance the brand value. 4) To increase vehicle plates by political measure and public acquisition. Apply scale economy to release the pressure of high cost. 5) To keep on developing 4S and other car trading business, enhance market share and add an economy growth point. To integrate car repairing resources, actively import potential service business like accident claim and cultivate the car repairing section. Modern Logistics industry To promote the integration and share of internal resources. To expand business scope through M & A and develop more quickly. JHJ is going to make two changes: change into a comprehensive logistics company from a pure forwarder, change into a regional company in Asia-Pacific area from a domestic company. 1) To drive the business scope of JHJ to go into further to the logistics industry chain and become an integrative logistics company with both freight forwarding and other logistics services. To import more resources from shareholder through capital operation and establish a new development platform for JHJ. Struggle to make JHJ the only comprehensive logistics service provider between two parties in Great China. 2) To finished the construction of JHJ’s IT system and realize the joint with YRCL’s network ASAP. To enhance the comprehensive management and service level basing on efficient network platform. 3) Roundly implement the construction of “Five-Region & Three-level-management” system and intensify internal resource sharing and synergy. To drive the acquisition of YRCL HK and initially change JHJ to a regional company in Asia - Pacific. 4) To consummate the risk control and proof system. To avoid foreign exchange loss through financial derivatives. Logistics and Warehousing industry Make cold chain delivery as the core, logistics resources development as base and talents as guarantee to accelerate the development of cold logistics business and enhance profitability. 1) Strictly control every phase of Wusong Steel Logistics Project to drive it quickly and lay a good foundation for the later development of rest land. 2) Continuously increase cold warehouse capacity and enhance utility by means of adjusting client structure. Keep the volume scale to be leading position in Ease China and enhance market share. 3) To develop high-level clients, enhance added value of service and strengthen core competence through introducing advanced technology and management concept. 4) Start multiple tier marketing and utilize the brand visibility and management experience of Wujing to strengthen the sales synergy of all the cold warehouses and promote profitability. 5) Develop cold chain delivery business and acquire equity of related companies in proper time to provide a platform for cold chain delivery. 4. Capital demand, use plan and origin In 2007, cash outflow in investment activities will mainly occur in vehicles renewal and investing activities for major business, with an amount of about 400 million. Main source of the capital is own capital and bank loans. 5. Business risk

内容: Reasons Operation cost of passenger transport will increase along with oil still rising, infected by macro policy Fierce competition in logistics and warehousing industry

内容: 1、Expand business scale further 2、Decrease other operation cost

内容: 1. Quicken the integration with YRC，realize business connection, process reengineering, network construction and culture amalgamation. 2. To expand business scope by M & A and to go fast 3. Focus on cold chain delivery, to accelerate the development of cold logistics and enhance profitability

内容: (II) Investing activities of the Company Within the report period, the company invested RMB 30.03 million, decreased by RMB 164.72 million compared to the last year, with an amplification of 14.42%. The investment mainly lay on the capital increase on Guotai Jun’an Securities. Status of invested companies

内容: Invested Companies Major Business Capital management, enterprise investment and consultation Equity (%) 1.38 Remark

内容: 1. Usage of collected capitals No collected capital or capital collected in prophase has been used within the report period. 2. Project with capitals that are not collected Within the period of report, the company has no project invested by non-collected capital. (III) Reasons and affects of accounting policy change, accounting estimation change or correction of major accounting mistake Within the period of report, there are no changes of accounting policy, accounting estimation or major accounting mistakes. (IV) Introduction on choosing major accounting policies and explanation to important accounting estimation In the process of using accounting policies, it is necessary to judge, estimate and assume the book value of accounting items which couldn’t be accurately measured since because of substantial capricious operation activity. These judgments, estimations and assumptions are made basing on historical experiences of managements and other related factors. So differences may exist between practical results and estimations. Above-mentioned judgment, estimations and assumptions will be reviewed periodically based on continuous operation. Changes of estimation will only affect the current result and the effect will be confirmed in the changing period. Changes which affect both current and future results will be confirmed in the changing period and future period. Following important judgment, which significantly affect the confirmed data in the financial statements, are made in the process of using accounting policies: The life cycle of taxi plates: after the implementation of New Accounting Policy, managements think the life cycle of plates could not be determined and could be use in the visible future, so amortization will not be made to this intangible asset in the holding period and value-loss test will be made to it at the end of every accounting period. The asset was averagely amortized on a 50 years basis.

内容: This accounting policy applying Future-Adapted Method will cause following effect on the finance of 2007 and later years: 2007 712.54 (Thousand RMB) Future years 29,946.54 (Thousand RMB) (V) Routine work of the board of the directors 1. Board meeting and resolutions content during the report period 1) The 5th session of the 5th Board of directors was convened on April 6th, 2007. The announcements were published in Shanghai Securities News; Hong Kong South China Morning Post dated on April 11th, 2007. 2) The sixth session of the 5th Board of directors was convened on April 25th, 2007. The announcements were published in Shanghai Securities News; Hong Kong South China Morning Post dated on April 27th, 2007. 3) The seventh session of the 5th Board of directors was convened on June 27th, 2007. The announcement was published in Shanghai Securities News; Hong Kong South China Morning Post dated June 28th, 2007. 4) The eighth session of the 5th Board of directors was convened on Aug. 8th, 2007. The announcement was published in Shanghai Securities News; Hong Kong South China Morning Post dated Aug.10th, 2007. 5) The ninth session of the 5th Board of directors was convened on Oct. 9th, 2007. The announcement was published in Shanghai Securities News; Hong Kong South China Morning Post dated Oct. 10th, 2007. 6) The tenth session of the 5th Board of directors was convened on the Oct. 24th, 2007. The convention discussed and passed the 2007 3Q report. 7) The eleventh session of the 5th Board of directors was convened on Dec. 28th, 2007. The announcement was published in Shanghai Securities News; Hong Kong South China Morning Post dated Dec. 29th, 2007. 2. The execution of Board to resolution of general meeting Approved by the 2006 general meeting of shareholders of the Company held on May 25th, 2007, the profit distribution solution of 2006 is: basing on the total equity of 551.6101 million shares, shareholders can get 3.50 Yuan bonus (tax included) from every 10 shares. The profits distribution solution was published in Shanghai Securities News; Hong Kong South China Morning Post on 28th May, 2007. On June 8th, 2007, the melon-cutting announcement was published in Shanghai Securities News; Hong Kong South China Morning Post. Date of record: A share June 13th, 2007; B share’s last tradable date: June 13th, 2007, date of record: June 18th, 2007. Ex dividend date: June 14th, 2007, melon-cutting date: June 26th, 2007. The dividend has been delivered in time. 3. Implementation Report of Auditors’ Committee under the Board Through to authority endowed by Corporate Law, Articles of Association and Detailed Instruction of the Auditor’s Committee of the Board, according to corresponding requests of The Notice about Making Good 2007 Financial Statements and Doing Related Work Well for Listed Companies and clause two of Information Disclosure Criterion on Content and Format for Listed Companies (2007 revised) issued by The China Security Regulatory Commission (CSRC), the auditors’ committee sum up the implementation as follows: 1) The committee convened the first meeting of 2008 on Jan. 14th before The Auditors’ Firm coming down to work. The meeting reviewed the draft of financial statements compiled by the company and gave out opinion: The Financial Statements 2007 was compiled according to New Accounting Standards and totally meet the corresponding regulations issued by Ministry of Finance and CSSMC. The Financial Statements 2007 totally reflect operation practice of the company and was agreed to be submitted to Auditors’ Firm for auditing. The committee listened to D & T’s introduce of time schedule for auditing affairs and agreed with it.

内容: 2) During the working phase of auditing, the committee sent out Letter about Auditors’ Firm submitting Auditor’s Report in Time for two times correspondingly on Feb. 13th and Feb. 19th, 2008, asking D & T to finish the auditing in time according to corresponding regulations and time table. 3) Basing on the Financial Statements 2007 with auditor’s initial opinion, the committee convened the second meeting on March 3rd, 2008: The meeting reviewed Financial Statements 2007 with auditor’s initial opinion and gave out opinion: The Financial Statements 2007 was compiled according to New Accounting Standards and meet the corresponding regulations issued by Ministry of Finance and CSRC in important items. The Financial Statements 2007 could reflect operation practice of the company. The meeting came to a resolution: The Financial Statements 2007 could reflect financial condition and operation practice of the company really and accurately. The Financial Statements audited by D & T is agreed to be submit to the Board for inspection. In 2007, D & T committed to its work, obeyed independent, objective and fair criterion in the process of providing audit service and finished every task well. We suggest and ask the board to continuously apply D & T as the company’ audit organization in 2008. The Working Report of Inspection and Supervising on Internal Control 2007 was passed in the meeting. 4. Implementation Report of Salary and Examination Committee under the Board After reviewing the salary of board members, board supervisors and high-level managements disclosed in Annual Report 2007, the Salary and Examination Committee gave out opinion: the salary of board members, board supervisors and high-level managements was determined by finishing condition to the annual operation index and management target set by the Board. Bonus of independent board members was determined by the Bonus Standard for Independent Board Member passed in General Meeting 2004. The wages of above-mentioned members disclosed by the company is real and accurate. The company hasn’t established Stock Right Incentive Program yet. However, the company will continuously consummate internal incentive and constraint program and gradually establish a “Sharing Profit and mutually Undertake Risk” incentive program of combining short-term and longterm incentive to make the managements’ interests closely linked with the company and its shareholders’ interests. (VI) Profits distribution budget The profits distribution proposal is: take the total number of 551,610,107 shares in 2007 as cardinal number, shareholders can get 4.00 Yuan bonus (tax included) for every 10 shares. B share is distributed after being converted into US dollars by quote price, and the total pre-distributing cash dividends is 220,644,042.80 Yuan. And the number of 11,415,539.04 Yuan un-distributed profits was carried forward to next year. Draft proposal of changing capital reserve to subscribed capital: take the total number of 551,610,107 shares in 2007 as cardinal number, shareholders can get 3 shares for every 10 shares, totals 165,483,032 shares. This proposal needs to be submitted to General Meeting for approval.

内容: IX. Report on Meeting of Board of Supervisors

内容: 1. Work condition of the board of supervisors 1) The 4th session of the 5th board of supervisors was convened on April 6th, 2007. (1) The session passed the 2006 Work Report of Board of Supervisors and submitted it to the Meeting of Shareholders’ for deliberation. (2) The session passed Annual Report 2006 and the Abstract. 2) The 5th session of the 5th board of supervisors was convened on April 25th, 2007. (1) The session passed the Proposal About Compiling the Regulation of Supervisor’s Meeting and submitted it to the Meeting of Shareholders’ for deliberation.

内容: (2) Passed First Quarter Report 2007 The 6th session of the 5th board of supervisors was convened on August 8th, 2007. The session passed Mid-term Report 2006 and the Abstract. The 7th session of the 5th board of supervisors was convened on Oct. 9th, 2007. The session passed Report on Special Administrative Improvement Operation. The 8th session of the 5th board of supervisors was convened on Oct. 24th, 2007. The session passed the Third Quarter Report 2006.

内容: 2. Board of supervisors independent opinion to the legal operation situation of the company The company’s board of directors can operate legally and correctly. The managing decision-making program is legal. The company has set up perfect legal person managing structure and internal control system. The board of supervisors did not find any actions of the directors and supervisors that were against laws, regulations; company charters or other actions damaged the company and shareholders’ interests. 3. Board of supervisors independent opinion to the company’s Finance situation The company’s finance system is healthy and operates well. Methods chosen by accountants are suitable. The Deloitte Touche Tohmatsu Certified Public Accountants has given standard auditing report of 2006 without reserving any opinion, which reflects factually company’s financial situation and operating results. 4. The board of supervisor’s independent opinion to the situation of company’s purchasing and selling of capital In the purchasing and selling process, the company observed to the fair principles. The transaction price is decided according to the independent evaluating organization’s evaluating benchmark, and the transaction program is legal. The board of supervisors did not find any actions damaged the company and shareholders’ interests. 5. The board of supervisors’ independent opinion to the situation of relationship transactions In the related transaction between Jin Jiang International Holdings (Group), the company insisted on the fair, square and open principle. The transaction price is decided after negotiation on the benchmark of evaluating report of independent evaluating organization. The transaction progress is done on correct program and met the demand of relative law and regulations. All of the related transactions have been discussed and passed by directors’ board and the related directors get round the vote. The board of supervisors did not find any actions damaged the company and shareholders’ interests.

内容: A) Important lawsuit arbitration items There are no important lawsuit and arbitration items. B) Company’s purchasing and selling assets, absorbing and incorporating items during report period There are no important purchasing assets, selling assets or merger events. C) The company’s significant relationship transaction items during report terms 1. Ordinary related transactions 1) Important related transactions about purchase goods or labor service (Unit: 10,000 Yuan RMB)

内容: Relationships Shanghai Jin Jiang Inn Co., Ltd, Shanghai Jin Jiang International Holdings Co., Ltd, and its subsidiaries Shanghai Jin Jiang International Holdings Co., Ltd.

内容: Relationship transactions Hotel management

内容: Pricing principal Market price Market price Market price

内容: Proportion in the similar transactions (%) 100

内容: 2) Important related transactions about selling goods and labor service (Unit: 10,000 Yuan RMB)

内容: Relationships Shanghai Jin Jiang International Holdings Co., Ltd, and its subsidiaries Shanghai Jin Jiang International Travel Co., Ltd Relationship transactions Pricing principal Market price Market price Occurred sum Proportion in the same transactions (%) 20 Method of payment

内容: Above-mentioned transactions are ordinary and necessary business for the company; they are favor of decreasing operating cost and sales expenses. Proportion of the ordinary related transactions in the same transactions is few, and has no important effect to the finance situation and business achievements, so they would not affect the independence of the company. 2. Relationship Exchanges of Creditor’s Right and Liability (Unit: 10,000 Yuan RMB)

内容: Provide capitals to relationships Relationships Relation Occurred sum Shanghai Jin Jiang Auto Trade Co., Ltd, Shanghai Pudong International Air Cargo Terminal, Ltd. Shanghai Jin Jang International Holdings Co., Ltd Shanghai Jin Jang International Holdings and its subsidiaries Total JV Investment company Controlling shareholder Subsidiary of Controlling shareholder / -600 -423 Balance 200 2,115 -1,818 -77 -1,023 2,315 -1,895 0 4,012 4,787 Capitals from relationships to marketing companies Occurred Balance sum

内容: Reasons of the relationship transactions of creditor’s right and liability: There is money advanced for shareholders at Shanghai Pudong International Air Cargo Terminal, Ltd, but others are the creditor’s right and liability of the ordinary business. Repayment of the relationship transactions of creditor’s right and liability: Good (Except the payment of PACTL) Effect on the operation performance and finance situation: small

内容: D) Trusteeship situation There is no important trusteeship situation this year. E) Contract situation There is no important contract situation this year. F) Tenancy situation There is no important tenancy situation this year. G) Assurance situation (Unit: 10,000 Yuan RMB)

内容: Assurance object Time Assurance sum Assurance type common Assurance time limit 2007-0329～200803-28 2007-1220～200812-19 Fulfilled or not No Assured for relationship or not No

内容: Shanghai Yongda 2007-03Fengdu Vehicle Selling 29 Co., Ltd Shanghai South Station 2007-12Long-distance 20 Passenger Transport Co., Ltd Assured sum within report term Balance sum by the end of report term

内容: Assurance situation of company to subsidiary Occurred sum to shareholder subsidiary within report term Balance sum to shareholder subsidiary by the end of report term Total sum of assured situation (including assurance to subsidiary) Assured in total Assurance in total compared with the net capital (%) Therein: Assurance for the share-control shareholders and the relationships Debt assurance for the guarantee directly or indirectly, which asset-liability ratio overpass 70% Assurance in total overpass 50% of net capital Sum of assurance above three 5,387 3.02 0 0 0 0 3,500 3,500

内容: The company’s controlling subsidiary Jin Jiang Business & Traveling Automobile Service Co., Ltd. assured for Shanghai Yongda Fengdu Automobile Distribution Service Co., Ltd, on 29th March, 2007. The number is 13.60 million Yuan. Assurance term is ended 28th March, 2008. The assurance is counter-guarantee. This item was published in Shanghai Securities News and Hong Kong South China Morning Post on 11th April, 2007. The company’s controlling subsidiary Jin Jiang Business & Traveling Automobile Service Co., Ltd. assured for Shanghai South Station Long-distance Passenger Transport Co., Ltd. on 20th Dec., 2007. The number is 12.5 million Yuan. Assurance term is ended 19th Dec. 2008. This item was published in Shanghai Securities News and Hong Kong South China Morning Post on 11th April, 2007. H) Trust Finance situation There is no significant trust financing situation this year. I) Other important contracts

内容: There is no other important contract this year. J) The implementation situation of company Promises that the non-negotiate shareholders made during the share separation reform and implementation situation Shareholder’s Promises Implementation situation name

内容: it will not sell its unlisted shares of the Company through Shanghai Stock Exchange within 12 months after 12 months since it gets the listing right in the A share market 2. It will not sell more than 5% of the total capital stock of the Company through Shanghai Stock Exchange within 12 months after expiration of the period of the previous promise, as well as 10% within 24 months. Once it sells more than 1% of the total capital stock of the Company through Shanghai Stock Exchange since it gets the listing right, it will make a public announcement within 2 days after the date of occurrence of the fact. 3. After the implementation of the share separation reform scheme, it will propose a bill that the proportion of profit distribution won’t be less than 50% of the total distributable profit of that year on the Company’s general meeting of shareholders from 2005 to 2007. It promises an affirmative vote to the bill above. it will not sell its unlisted shares of the Company through Shanghai Stock Exchange within 12 months after 12 months since it gets the listing right in the A share market Same to Shanghai Jin Jiang Hotel Co., Ltd. 1.

内容: Shanghai Jinjiang International (Group) Co., Ltd.

内容: Performing the promise of the time limit of sales prohibition The promise of profit distribution was embodied in the scheme of profit sharing approved on the 2005 and 2006 general meeting of shareholders

内容: Shanghai Jin Jiang Hotel Co., Ltd. Shanghai Peace Hotel Co., Ltd. Shanghai Jin Jiang International Hotel Co., Ltd. Shanghai Hotel Co., Ltd.

内容: Performing the promise of the time limit of sales prohibition Performing the promise of the time limit of sales prohibition Performing the promise of the time limit of sales prohibition Performing the promise of the time limit of sales prohibition

内容: Same to Shanghai Jin Jiang Hotel Co., Ltd.

内容: K) Situation of appointing and dismissing Certified Public Accountants The company appointed Deloitte Touche Tohmatsu CPA as its churchyard auditing organization which hasn’t been changed in this report term. By the end of last report term, D & T has been providing auditing service for the company for 15 years. D & T was paid RMB 1.8 million Yuan as auditing fee for the year of 2007. L) Sanction and Improve situation of company, board of directors and supervisors, senior managers, shareholders and real controller There is no company, board of directors and supervisors, senior managers, shareholders or real controller that has been checked by China Securities Regulatory Commission, administratively punished, criticized or openly condemned by Securities Exchanges. M) Other important events, impacts and corresponding solutions 1. Holding equity stake of other listed companies L & P of Loss Accounting Short- Initial Proportio Book Value & Source Owner’s Items cut Investment n (%) at the End Profit Equity 139,687,317.0 0 <5 98,685,597.75 Salable Subscribi 601328 JTYH 8,106,520.00 0 Share Code

内容: 2. Holding equity stake of other unlisted financial companies

内容: Company Initial Name Investment Quantity

内容: L & P of Proportion Book Value Loss & Accounting Owner’s (%) at the End Profit Items Equity

内容: “The proposal of capital increase to Guotai Jun’an Securities Co., Ltd.” was passed in the fifth meeting of the fifth board on April 6th, 2007. The company decided to increase capital to purchase 14.13 million shares of Guotai Jun’an and the detailed information was published on Shanghai Securities News on April 11th, 2007. Till now, the company has paid the purchasing capital. The share right will be confirmed after the “capital increase and share expansion” proposal of Guotai Jun’an being approved by CSRC. fter the confirmation of equity interest, the company will hold 61.78 million shares of Guotai Jun’an totally. 3. Buying and Selling other listed companies’ Shares Company Beginning Ending Money Return on Changes Name Quantity Quantity Invested Investment 0 Sell 927,567.00 49,910.00 877,657.00 1,901,779.01 YYSC 0 Sell 355,740.00 338,800.00 16,940.00 1,941,251.32 LJHG 0 Sell 989,816.00 89,816.00 900,000.00 1,931,010.66 BLGF 0 Sell 599,548.00 599,548.00 5,257,312.50 GDXX 0 Sell 377,520.00 377,520.00 5,508,906.60 HSKJ 0 Sell 146,400.00 79,200.00 67,200.00 913,848.95 TDY 0 Sell 713,890.00 43,890.00 670,000.00 466,170.34 SAF 0 Sell 52,272.00 52,272.00 755,649.04 JJTZ The total return of selling purchased new stocks in the report period is RMB 3,683,134.39 Yuan. (XIV) Index of Information Disclosure

内容: Items Bulletin of shares with conditional sales become tradable Bulletin of resolution of the fifth meeting of the fifth board Bulletin of resolution of the 4th meeting of the fifth board of supervisors Bulletin of ordinary affiliated transactions of 2007 Annual Report 2006 Suggestive bulletin Bulletin of resolution of the sixth meeting of the fifth board & notice of Annual General Meeting 2006 Bulletin of resolution of the 5th meeting of the fifth board of supervisors Q1 Report 2007 Bulletin of resolution of Annual General Meeting 2006 Bulletin of implementation of Dividend & Bonus 2006 Bulletin of resolution of the seventh meeting of the fifth board Self-inspection and improvement plan of “Special Governance Activity for Listed Companies” Flash Report on Half Year Bulletin of resolution of the eighth meeting of the fifth board Half Year Report 2007 Bulletin of resolution of the ninth meeting of the fifth board Bulletin of resolution of the seventh meeting of the fifth board of supervisors Report on Special Administrative Improvement Hint Bulletin

内容: Media Shanghai Securities News D10 Shanghai Securities News D14 Hong Kong South China Morning Post B8 Shanghai Securities News D14 Hong Kong South China Morning Post B8 Shanghai Securities News D14 Hong Kong South China Morning Post B8 Shanghai Securities News D14 Hong Kong South China Morning Post B8 Shanghai Securities News A13 Hong Kong South China Morning Post B4 Shanghai Securities News D69 Hong Kong South China Morning Post B9 Shanghai Securities News D69 Hong Kong South China Morning Post B9 Shanghai Securities News D69 Hong Kong South China Morning Post B9 Shanghai Securities News Cover 5 Hong Kong South China Morning Post B12 Shanghai Securities News D23 Hong Kong South China Morning Post B6 Shanghai Securities News B2 Hong Kong South China Morning Post B14 Shanghai Securities News B2 Hong Kong South China Morning Post B14 Shanghai Securities News D14 Hong Kong South China Morning Post B8 Shanghai Securities News D20 Hong Kong South China Morning Post B8 Shanghai Securities News D57 Hong Kong South China Morning Post B7 Shanghai Securities News D57 Hong Kong South China Morning Post B7 Shanghai Securities News D23 Hong Kong South China Morning Post B6 Shanghai Securities News D23 Hong Kong South China Morning Post B6 Shanghai Securities News D10

内容: Hong Kong South China Morning Post B7 Shanghai Securities News D15 3Q Report 207 Hong Kong South China Morning Post B6 Shanghai Securities News D56 Bulletin of resolution of the eleventh Hong Kong South China Morning Post meeting of the fifth board B6 All the information could also be found on website of Shanghai Stock Exchange http://www.sse.com.cn

内容: The annual report has been audited by CPA and issued standard unqualified auditor’s report.

内容: 1. Financial statements with legal representative, finance principal and accountant handler’s signatures and seals; 2. The original auditing report with Certified Public Accounting firm’s seal and Certified Accountant’s signature and seal; 3. All the company’s documents and original drafts disclosed on Shanghai Securities News and Hong Kong South China Morning Post during report terms.

内容: Shanghai Jin Jiang International Industrial Investment Co., Ltd Chairman of the board：Shen Maoxing 2008-3-16

内容: SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD. Report of the Auditors and Financial Statements For the year ended 31 December 2007

内容: SHANGHAI JIN JIANG INTERNATIONAL INDUSTRY INVESTMENT CO., LTD.

内容: AUDITORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007

内容: BALANCE SHEET OF THE GROUP AND THE COMPANY

内容: INCOME STATEMENT OF THE GROUP AND THE COMPANY

内容: CASH FLOW STATEMENT OF THE GROUP AND THE COMPANY

内容: STATEMENT OF CHANGES IN EQUITY OF THE GROUP AND THE COMPANY 7 - 8

内容: De Shi Bao (Shen) Zi (08)No. P0089 [Translation] AUDITORS' REPORT TO THE SHAREHOLDERS OF SHANGHAI JIN JIANG INTERNATIONAL INDUSTRIAL INVESTMENT CO., LTD.: We have audited the accompanying financial statements of Shanghai Jin Jiang International Industrial Investment Co., Ltd. ("the Jin Jiang Investment"), which comprise of the company and consolidated balance sheets as at 31 December 2007, and the company and consolidated income statements, the company and consolidated statements of changes in shareholders' equity and the company and consolidated cash flow statements for the year then ended, and notes to the financial statements. 1. Management’s responsibility for the financial statements Management is responsible for the preparation of these financial statements in accordance with Accounting Standards for Business Enterprises and the Accounting System for Business Enterprises. This responsibility includes: (1) designing, implementing and maintaining internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error; (2) selecting and applying appropriate accounting policies; and (3) making accounting estimates that are reasonable in the circumstances. 2. Auditor’s responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Chinese Certified Public Accountants Auditing Standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance 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, we consider the internal control relevant to the preparation 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 internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, 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. -1-

内容: Opinion In our opinion, the financial statements of the Jin Jiang Investment have been prepared in accordance with Accounting Standards for Business Enterprise, and present fairly, in all material respect, the company and consolidated financial position of the Jin Jiang Investment as of 31 December 2007, and the company and consolidated results of its operations and cash flows for the year then ended.

内容: The auditors’ report and the accompanying financial statements are English translations of the Chinese auditors’ report and statutory financial statements prepared under accounting principles and practices generally accepted in the People’s Republic of China. These financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally accepted in other countries and jurisdictions. In case the English version does not conform to the Chinese version, the Chinese version prevails.

内容: SHANGHAI JIN JIANG INTERNATIONAL INDUSTRY INVESTMENT CO., LTD. BALANCE SHEET AT ENDED 31 DECEMBER 2007

内容: The Group NOTES 2007 RMB 2006 RMB (Restated) The Company 2007 2006 RMB RMB (Restated)

内容: ASSETS CURRENT ASSETS Bank balances and cash Accounts receivable Prepayments Dividends receivable Other receivables Inventories Other current assets Total current assets

内容: NON-CURRENT ASSETS Available-for-sale investments 7 Long term investment 8 Investment property 9 Fixed assets 10 Construction-in-progress 11 Intangible assets 12 Long term deferred expenses Deferred tax assets 13 Other long term assets 14 Total non-current assets TOTAL ASSETS

内容: The Group NOTES 2007 RMB 2006 RMB (Restated)

内容: The Company 2007 2006 RMB RMB (Restated)

内容: LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Short term loans 16 38,000,000.00 Accounts payable 17 62,273,781.88 41,208,807.44 Advances from customers 18 92,070,819.59 78,438,674.95 Salaries and wages payable 19 100,260,437.33 119,594,273.87 Taxes payable 20 16,592,092.63 26,630,261.79 Dividends payable 21 56,042,870.13 38,164,767.72 Other payables 22 235,677,319.53 _______________ 259,032,516.25 ______________ Total current liabilities LONG-TERM LIABILITIES Deferred tax liabilities Other long-term liabilities Total long-term liabilities Total liabilities 562,917,321.09 601,069,302.02 ______________ _______________

内容: The accompanying notes are part of the financial statements. The financial statements on pages 3 to 73 were signed by the following:

内容: SHANGHAI JIN JIANG INTERNATIONAL INDUSTRY INVESTMENT CO., LTD. INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2007

内容: The accompanying notes are part of the financial statements.

内容: SHANGHAI JIN JIANG INTERNATIONAL INDUSTRY INVESTMENT CO., LTD. CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2007

内容: The Group NOTES Cash flow from operating activities: Cash received from sales of goods

内容: Net cash flow from operating activities Cash flow from investing activities: Proceeds on disposal of investments Cash received from return on investments Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets Cash received from disposal of investments of subsidiaries or other Cash receipts relating to other investing activities Sub-total of cash inflows Cash paid to acquire fixed assets, intangible assets and other long-term assets Cash paid to acquire investments Cash payments relating to other investing activities Sub-total of cash outflows Net cash flow from investing activities Cash flow from financing activities: Cash received from investors Including: Cash received from minority investors of subsidiaries Cash received from borrowings Cash received from other financing activities Sub-total of cash inflows Repayments of borrowings Dividends paid, profit distributed or interest paid Including: Cash payments to minority investors of subsidiaries Cash paid to other financing activities Sub-total of cash outflows Net cash flow from financing activities Net increase (decrease) in cash and cash equivalents Add: Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. Statement of changes in shareholders' equity For the year ended 31 December 2007

内容: The Group Share capital RMB Capital reserves Surplus reserves RMB RMB Retained earnings RMB Shareholder’s equity RMB Minority Interests RMB Total RMB Share capital RMB Capital reserves RMB The Company Surplus reserves RMB Retained earnings RMB Shareholder’s equity RMB

内容: I. Balance at 31 December 2006 1. Changes in accounting policies 2. Correction of prior period's errors II. Balance at 1 January 2007 III. Changes for the year (I) Net profits (II) Gain and loss directly recognised in shareholders' equity 1. Net fair value changes of available-for-sale financial assets 2. Implications of changes in other owner’s equity of investees using equity method 3. Tax effects of items directly recognised in shareholders' equity Subtotal of (I) and (II) (III) Owner’s contributions and reduction in capital 1. Capital contribution from owners 2. Share payment recognised in shareholders' equity 3. Others (IV) Profit distribution 1. Transfer to surplus reserve 2. Distribution to shareholders 3. Others (V) Transfer within shareholders' equity 1. Capitalisation of capital reserve 2. Capitalisation of surplus reserve 3. Loss made up by surplus reserve 4. Others IV. Balance at 31 December 2007

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. Consolidated statement of changes in shareholders' equity For the year ended 31 December 2007

内容: I. Balance at 31 December 2005 1. Changes in accounting policies 2. Correction of prior periods errors II. Balance at 1 January 2006 III. Changes for the year (I) Net profits (II) Gain and loss directly recognised in shareholders' equity 1. Net fair value changes of available-for-sale financial assets 2. Implications of changes in other owner’s equity of investees using equity method 3. Tax effects of items directly recognised in shareholders' equity 4. Others (Elimination of the premium from business combination under the same control) Subtotal of (I) and (II) (III) Owner’s contributions and reduction in capital 1. Capital contribution from owners 2. Share payment recognised in shareholders' equity 3. Others (Business combination) (IV) Profit distribution 1. Transfer to surplus reserve 2. Distribution to shareholders 3. Others (V) Transfer within shareholders' equity 1. Capitalisation of capital reserve 2. Capitalisation of surplus reserve 3. Loss made up by surplus reserve 4. Others IV. Balance at 31 December 2006

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. Notes to the financial statement For the year ended 31 December 2007

内容: GENERAL Shanghai Jin Jiang International Industrial Investment Co., Ltd (the “Company”) was established in the People’s Republic of China (the “PRC”) as a joint stock company limited which was reformed from Shanghai JIN JIANG Tower on 24 February 1993. The public shares to the society and the foreign capital shares issued by the company are being formally listed in Shanghai Stock Exchange. Its controlling shareholder is the Jin Jiang International (Group) Co., Ltd. Paid-in Capital Please refers to IX Note 25. The Company and its subsidiary (the “Group”) are engaged in vehicle operating, transportation services, international freight forwarding and investment in government approved projects. (Each project should be submitted for approval).

内容: BASIS OF PREPARATION OF FINANCIAL STATEMENTS First-time adoption of Accounting Standards for Business Enterprises issued on 15 February 2006

内容: (hereinafter referred to as "ASBEs " or "new CASs").

内容: Since 1 January 2007, the Group has adopted the new CASs issued by the Ministry of Finance (MoF) on 15 February 2006, and, in accordance with the requirements of Articles 5 to 19 of Accounting Standard for Business Enterprises No. 38 – First-Time Adoption of Accounting Standards for Business Enterprises ("ASBE No. 38"), made retrospective adjustments to the financial statements of the comparative year. In addition, the Group is a listed company issuing A and B shares that originally provided external parties with financial statements prepared under both CASs and International Financial Reporting Standards ("IFRSs"). In accordance with the requirements of Article 1 of Accounting Standard for Business Enterprises Interpretation No. 1, for transactions or events with no differences in the accounting treatment between CASs and IFRSs, unless retrospective adjustment is required under Articles 5 to 19 of ASBE No. 38, according to the information obtained and on the basis of the Company's financial statements prepared under IFRS, the Company makes retrospective adjustments to other transactions and events related to the changes in accounting policies due to the adoption of new CASs which are not addressed by Articles 5 to 19 of ASBE No. 38, as well as to the financial statements of the comparative year. The impact of first-time adoption of new CASs on the financial statements of the comparative year is stated in Note VI.

内容: For changes in the classification, name and method of presentation for items in the financial statements, the financial statements of the comparative year have been restated in accordance with the requirements of new CASs. In addition, the financial information in the financial statements are presented and disclosed in accordance with Information Disclosure and Presentation Rules for Companies Making Public Offering No. 15－General Provisions on Financial Reporting (Revised 2007).

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. III. STATEMENT OF COMPLIANCE WITH THE ASBE The financial statements of the Company have been prepared in accordance with new CASs, and present fairly, in all material respects, the company and consolidated financial position of the Company as of 31 December 2007, and the company and consolidated results of its operations and cash flows for the year then ended. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES 1. Accounting year The Group has adopted the calendar year as its accounting year, i.e. from 1 January to 31 December. 2. Functional currency RMB is the currency of the primary economic environment in which the Group operates. The functional currency of the Group is RMB. 3. Basis of accounting and principle of measurement The Group has adopted the accrual basis of accounting. Except for some financial instruments which are measured at fair value, the financial statements use the historical cost as the principle of measurement. Where assets are impaired, provisions for assets impairment are made in accordance with relevant requirements. 4. Cash equivalents Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. 5. Translation of transactions denominated in foreign currencies On initial recognition, transactions denominated in foreign currencies are translated by applying the spot exchange rate at the dates of the transactions. At the balance sheet date, monetary items denominated in foreign currencies are translated to RMB using the spot exchange rate at that date. Exchange differences arising from the differences between the spot exchange rate prevailing at the balance sheet date and those spot rates used on initial recognition or at the previous balance sheet date are recognised in profit or loss for the current period, except for exchange differences arising from specific-purpose borrowings in foreign currencies that are eligible for capitalisation, which are capitalised during the capitalisation period and included in the cost of related assets. Foreign currency non-monetary items carried at historical cost shall continue to be measured at the amounts in functional currency translated using the spot exchange rates at the dates of the transactions; foreign currency non-monetary items carried at fair value are translated using the spot exchange rates at the date when the fair value was determined. Differences between the translated amount and the original amount of functional currency are accounted for as changes in fair value (including changes in foreign exchange rates) and included in profit or loss for the period or shareholders' equity.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 6. Financial instruments When the Group becomes a party to the contractual provisions of a financial instrument, related financial assets or financial liabilities are recognised. Financial assets and financial liabilities are initially recognised at fair value. For financial assets and financial liabilities classified as at fair value through profit or loss, relevant transaction costs are directly recognised in profit or loss for the period; for financial assets and financial liabilities classified as other categories, relevant transaction costs are included in the initial recognition amount. 7. Classification and measurement of financial assets Upon initial recognition, financial assets are classified into the following categories: financial assets ‘at fair value through profit or loss’ (FVTPL), ‘held-to-maturity’ investments, ‘loans and receivables’ and ‘available-for-sale’ (AFS) financial assets. 7.1.Financial assets at FVTPL Financial assets are classified as at FVTPL where the financial asset is either held for trading or it is designated as at FVTPL. A financial asset is classified as held for trading if: (1) it has been acquired principally for the purpose of selling in the near future; or (2) it is a part of an identified portfolio of financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking; or (3) it is a derivative (except for a derivative that is a designated and effective hedging instrument, or a derivative that is a financial guarantee contract, or a derivative linked to an investment in equity instruments that are not quoted in an active market whose fair value cannot be measured reliably and must be settled by delivery of such an unquoted equity instrument). A financial asset may be designated as at FVTPL upon initial recognition if either: (1) such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases; or (2) the financial asset forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Group's documented risk management or investment strategy, and information about the grouping is provided internally on that basis to the Group's key management personnel. Financial assets at FVTPL are subsequently measure at fair value, with gains or losses arising from changes in fair value as well as dividends and interest income related to such financial assets recognised in profit or loss for the period.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 7. Classification and measurement of financial assets - continued 7.2.Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are subsequently measured at amortised cost using the effective interest method. Gains or losses arising from derecognition, impairment or amortisation are recognised in profit or loss for the period. 7.3.AFS financial assets AFS financial assets are those non-derivative financial assets that are designated as available for sale or are not classified as (1) financial assets at FVTPL, (2) loans and receivables, or (3) held-to-maturity investments. AFS financial assets are subsequently measured at fair value. Gains or losses arising from changes in fair value (other than impairment losses and exchange differences on foreign currency monetary assets which are recognised in profit or loss for the period) are recognised directly in shareholders' equity, and are reversed and recognised in profit or loss for the period when such financial assets are derecognised. Interest received during the period in which the entity holding AFS financial assets and cash dividends declared by the investee shall be recognised as investment income. 8. Impairment of financial assets The carrying amount of financial assets, other than those at FVTPL, is assessed for indicators of impairment at each balance sheet date. Provisions for impairment losses are made where there is objective evidence that financial assets are impaired. - Impairment of loans and receivables The carrying amount of financial assets carried at cost or amortised cost is reduced to the present value of estimated future cash flows, with the reduced amount recognised as impairment losses and charged to profit or loss for the period. If, after the recognition of impairment losses, the carrying amount of financial assets increases and the increase can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment losses are reversed through profit or loss to the extent that the carrying amount of the financial assets at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised. - Impairment of AFS financial assets Where AFS financial assets are impaired, accumulated losses due to decreases in fair value previously recognised directly in capital reserve are reversed and charged to profit or loss for the period. The reversed accumulated losses are the asset's initial acquisition costs after deducting amounts recovered and amortised, current fair value and impairment losses previously recognised in profit or loss.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 8. Impairment of financial assets - continued If, in a subsequent period, the carrying amount of financial assets increases and the increase can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment losses are reversed. The reversal of impairment losses of AFS equity instruments is recognised in equity, and the impairment losses of AFS debt instruments are recognised in profit or loss for the period. Impairment losses incurred by the following are not reversed: (1) investments in an equity instrument that is not quoted in an active market whose fair value cannot be measured reliably; or (2) derivatives financial assets linked to and must be settled by delivery of such an equity instrument; or (3) long-term equity investments not constituting control, common control or significant influence that are not quoted in an active market whose fair value cannot be measured reliably. 9. Derecognition of financial assets The Group derecognises a financial asset only when: (1) the contractual rights to the cash flows from the financial asset expire; or (2) it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity; or (3) it transfers the financial asset, neither transfers nor retains substantially all the risks and rewards of ownership but has not retained control over the financial assets. 10. Inventories Inventories are initially measured at cost. Cost of inventories comprises all costs of purchase, costs of conversion and other expenditures incurred in bringing the inventories to their present location and condition. Inventories are classified in goods for sale, consumable, raw material, food & beverage and others. Inventories are accounted for using the actual costing method. Cost of inventories for vehicle operating business is calculated using the weighted average cost method. For other business, other then cost of consumable is calculated using the moving weighted average cost method, others are using the first-in, first-out method. The group has adopted perpetual method for the inventory recording.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 11. Provision for decline in value of inventories At the balance sheet date, inventories are measured at the lower of cost and net realisable value. If the cost of inventories is higher than the net realisable value, a provision for decline in value of inventories shall be recognised. For large quantity and low value items of inventories, provision may be made based on categories of inventories. For other inventories, the excess of cost over the net realisable value is generally recognised as provision for decline in value of inventories on an item-by-item basis. After provision for decline in value of inventories has been made, if the circumstances that previously caused inventories to be written down no longer exist which results in the net realisable value is higher than the carrying amount, the amount of the write-down shall be reversed in profit or loss; the reversal shall be limited to the amount originally provided for the decline in value of inventories. 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 and relevant taxes. Purpose of inventories being held and effect of the post balance sheet events shall be taken into consideration in determining the net realisable value based on the conclusive evidence available. 12. Investment property Investment property is a property held to earn rentals or for capital appreciation or both, comprising a land use right that is leased out, a land use right held for transfer upon capital appreciation and a building that is leased out. An investment property is initially measured at cost. Subsequent expenditures incurred on an investment property are recognised as cost of the investment property only when: 1) it is probable that economic benefits associated with the investment property will flow to the Group; and 2) the cost of the investment property can be measured reliably. Subsequent expenditures that fail to meet such recognition criteria shall be recognised in profit or loss in the period in which they are incurred. The Group uses the cost model for subsequent measurement of an investment property, and adopts the depreciation or amortisation policy consistent with that applicable to buildings or land use right. When a property held as owner-occupied property or inventories is transferred to investment property, or a property held as investment property is transferred to owner-occupied property, the carrying amount of a property before its transfer shall be regarded as the recorded amount after its transfer. When an investment property is sold, transferred, retired or damaged, the amount of any proceeds on disposal net of the carrying amount and related taxes is recognised in profit or loss for the current period.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 13. Long-term equity investments For a long-term equity investment acquired through a business combination involving enterprises under common control, the initial investment cost of the long-term equity investment shall be the absorbing party’s share of the carrying amount of the [owners’ equity/ shareholders’ equity] of the party being absorbed at the date of combination. For a long-term equity investment acquired through business combination not involving enterprises under common control, the initial investment cost of the long-term equity investment acquired shall be the cost of acquisition. The long-term equity investment acquired through means other than a business combination shall be initially measured at its cost. Where the Group does not have joint control or significant influence over the investee, the investment is not quoted in an active market and its fair value cannot be reliably measured, a long-term equity investment shall be accounted for using the cost method. Where the Group can exercise joint control or significant influence over the investee, a long-term equity investment shall be accounted for using the equity method. Where the Group does not have control, joint control or significant influence over the investee and the fair value of the long-term equity investment can be reliably measured, the investment shall be accounted for as an available-for-sale financial asset.

内容: A long-term equity investment where the Group can exercise control over the investee shall be

内容: accounted for using the cost method. 13.1. A long-term equity investment accounted for using the cost method Under the cost method, a long-term equity investment is measured at initial investment cost. Investment income recognised shall be limited to the amount distributed to it out of accumulated net profits of the investee that arose after the investment was made. Any cash dividends or distributions received in excess of this amount shall be treated as return of initial investment cost to reduce the carrying amount of the investment. 13.2. A long-term equity investment accounted for using the equity method Under the equity method, where the initial investment cost of a long-term equity investment exceeds the Group’s interest in the fair values of the investee’s identifiable net assets at the time of acquisition, no adjustment shall be made to the initial investment cost. Where the initial investment cost is less than the Group’s interest in the fair values of the investee’s identifiable net assets at the time of acquisition, the difference shall be charged to profit or loss for the current period, and the cost of the long-term equity investment shall be adjusted accordingly.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 13. Long-term equity investments-continued 13.2. A long-term equity investment accounted for using the equity method-continued Under the equity method, investment income or loss represents the Group’s share of the net profits or losses made by the investee for the current period. The Group shall recognise its share of the investee’s net profits or losses based on the fair values of the investee’s individual separately identifiable assets at the time of acquisition, after making appropriate adjustments thereto in conformity with the accounting policies and accounting periods of the Group. For any changes in shareholder’s equity other than net profits or losses in the investee, the Group shall adjust the carrying amount of the long-term equity investment and include the corresponding adjustment in shareholders' equity. The Group’s share of net losses of the investee shall be recognised to the extent that the carrying amount of the long-term equity investment together with any long-term interests that in substance form part of the investor’s net investment in the investee are reduced to zero. If the Group has to assume additional obligations, the estimated obligation assumed shall be provided for and charged to the profit or loss as investment loss for the period. Where the investee is making profits in subsequent periods, the Group shall resume recognizing its share of profits after setting off against the unrecognised share of losses. For the long-term equity investment in associate and joint venture held prior to first-time adoption date, if there exists equity investment debit balance associated with the investment, the amounts amortised on a straight-line basis during the remaining period shall be recognised in profit or loss for the current period. 13.3. Disposal of a long-term equity investment On disposal of a long-term equity investment, the difference between the proceeds actually received and the carrying amount is recognised in profit or loss for the current period. For a long-term equity investment accounted for using the equity method, any changes in the owners’ equity of the investee (other than net profits or losses) included in the [owners’ equity/ shareholders’ equity] of the Group, shall be transferred to profit or loss for the current period on a pro-rata basis according to the proportion disposed of.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 14. Fixed assets and depreciation Fixed assets are tangible assets that are held for use in the production or supply of services, for rental to others, or for administrative purposes and have useful lives more than one accounting year. A fixed asset shall be initially measured at cost and the effect of any expected costs of abandoning the asset at the end of its use. For operational vehicle holding company and its subsidiaries, depreciation is provided to write off the cost of the fixed assets by double decline balance method over 6 years from the month after they are put into use. For other fixed asset, depreciation is provided to write off the cost of each category of fixed assets over their estimated useful lives from the month after they are put into use, using the straight-line method. The estimated residual value, useful life and annual depreciation rate of each category of fixed assets are as follows: Annual Category of fixed assets Residual value Useful life (years) depreciation rate

内容: Land use right & Buildings Plant and machinery Electronic equipment, furniture and fixtures Operational vehicle Other transportation equipment Hotel renovation

内容: Estimated net residual value of a fixed asset is the estimated amount that the Group would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. Subsequent expenditures incurred for a fixed asset shall be included in the cost of the fixed asset, only if it is probable that economic benefits associated with the asset will flow to the Group and the relevant cost can be measured reliably; meanwhile the carrying amount of the replaced part shall be derecognised. Other subsequent expenditures that fail to meet the capitalisation criteria shall be charged to profit or loss when incurred. The Group shall review the useful life and estimated net residual value of a fixed asset and the depreciation method applied at least at each financial year-end. A change in the useful life or estimated net residual value of a fixed asset or the depreciation method used shall be accounted for as a change in an accounting estimate. When a fixed asset is sold, transferred, retired or damaged, the Group shall recognise the amount of any proceeds on disposal of the asset net of the carrying amount and related taxes in profit or loss for the current period.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 15. Construction in progress Cost of construction in progress is determined at the expenditures actually incurred for the construction, comprising all expenditures incurred for construction projects, capitalised borrowing costs incurred on a specific borrowing for the construction before it has reached the working condition for its intended use, and other related expenses. Construction in progress is transferred to a fixed asset when it has reached the working condition for its intended use. 16. Intangible assets An intangible asset is an identifiable non-monetary asset without physical substance owned or controlled by the Group. An intangible asset shall be initially measured at cost. The expenditures incurred on an intangible asset shall be recognised as cost of the intangible asset only if: 1) it is probable that economic benefits associated with the asset will flow to the Group; and 2) the cost of the asset can be measured reliably. Other expenditures on an intangible asset that fail to meet the recognition criteria shall be charged to profit or loss when incurred. Land-use right acquired shall normally be recognised as an intangible asset. Self-constructed buildings (e.g. plants), related land-use right and the buildings shall be separately accounted for as an intangible asset and fixed asset. For buildings purchased, the purchase consideration shall be allocated among the buildings and land-use right on a reasonable basis. In case there is difficulty in making a reasonable allocation, the consideration shall be recognised in full as fixed assets. An intangible asset with a finite useful life shall be amortised using the straight-line method over its useful life when the asset is available for use. An intangible asset with an indefinite useful life shall not be amortised.

内容: For an intangible asset with a finite useful life, the Group shall review the useful life and amortisation method at least at each financial year-end. A change in the useful life or the amortisation method used shall be accounted for as a change in an accounting estimate. For an intangible asset with an indefinite useful life, the Group shall reassess the useful life of the asset in each accounting period. If there is evidence indicating that the useful life of that intangible asset is finite, the Group shall estimate the useful life of that asset and apply the amortisation policy applicable to an intangible asset with a finite

内容: useful life accordingly. 17. Long-term deferred expenses Long-term deferred expenses are various expenditures incurred but that should be allocated over the current and future periods of more than one year. Long-term deferred expenses are evenly amortised over the respective beneficial period.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 18. Impairment of non-financial assets The Group shall assess at the balance sheet date whether there is any indication that long-term equity investments in subsidiaries, associates and joint ventures, investment properties, fixed assets, construction in progress, intangible assets with finite useful life may be impaired. If there is any indication that an asset may be impaired, recoverable amount shall be estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset, the Group shall determine the recoverable amount of the asset group to which the asset belongs. If the recoverable amount of an asset is less than its carrying amount, the difference shall be recognised as an impairment loss and charged to profit or loss for the current period. An intangible asset with an indefinite useful life shall be tested for impairment annually, irrespective of whether there is any indication that the asset may be impaired. The recoverable amount of an asset is the higher of its fair value less costs of disposal and the present value of the future cash flows expected to be derived from the asset. An asset’s fair value is the price in a sale agreement in an arm’s length transaction. If there is no sale agreement but an asset is traded in an active market, fair value shall be the current bid price. If there is no sales agreement or active market for an asset, fair value shall be based on the best information available. Costs of disposal include legal costs related to the disposal of the asset, related taxes, costs of removing the asset and direct costs incurred in bringing the asset into the condition for its intended sale. Once an impairment loss on the long-term equity investment in subsidiaries, associates and joint ventures, investment properties, fixed assets, construction in progress, intangible assets with finite useful life is recognised, it shall not be reversed in a subsequent period. 19. Financial liabilities

内容: Upon initial recognition, financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ (FVTPL) or ‘other financial liabilities’. 19.1Financial liabilities at FVTPL The criteria for a financial liability to be classified as held for trading and designated as at FVTPL are the same as those for a financial asset to be classified as held for trading and designated as at FVTPL. Financial liabilities at FVTPL are subsequently measure at fair value, with gains or losses arising from changes in fair value as well as dividends and interest income related to such financial liabilities recognised in profit or loss for the period.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 19. Financial liabilities- continued 19.2. Other financial liabilities Other financial liabilities are subsequently measured at amortised cost using the effective interest method; gains or losses arising from derecognition or amortisation is recognised in profit or loss for the period. 19.3.Financial guarantee contract Financial guarantee contracts other than those designated as financial liabilities at FVTPL are initially recognised at fair value, and shall be subsequently measured at the higher of the following two amounts: (1) the amount determined in accordance with Accounting Standard for Business Enterprises No. 13 – Contingencies; and (2) the amount initially recognised less cumulative amortisation recognised in accordance with the principles set out in Accounting Standard for Business Enterprises No. 14 – Revenue. 20. Employee benefits In the accounting period in which an employee has rendered services, the Group recognises the employee benefits for those services as a liability. Expenditures related to payments for employees' social welfare system established by the state, including pensions, medical insurance, housing funds and other social welfare contributions, shall be included in the cost of related assets or profit or loss for the period in which they are incurred. When the Group terminates the employment relationship with employees before the end of the employment contracts or provides compensation as an offer to encourage employees to accept voluntary redundancy, if the Group has a formal plan for termination of employment relationship or has made an offer for voluntary redundancy which will be implemented immediately, and at the same time the Group cannot unilaterally withdraw from the termination plan or the redundancy offer, a provision shall be recognised for the compensation arising from termination of employment relationship with employees, with a corresponding charge to the profit or loss for the current period. An internal retirement plan is accounted for using the same principles as described above. Salaries and social insurance contributions to be paid to the internally retired employees by the Group during the period from the date when the employee ceases to provide services to the normal retirement date are recognised in profit or loss for the period when the recognition criteria for provisions are met (termination benefits).

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 21. Estimated liabilities An obligation related to a contingency shall be recognised as a provision when all of the following conditions are satisfied: (1) the obligation is a present obligation of the Group; (2) it is probable that an outflow of economic benefits will be required to settle the obligation; and (3) the amount of the obligation can be measured reliably. At the balance sheet date, a provision is measured at the best estimate of the expenditure required to settle the related present obligation, taking into account the factors pertaining to a contingency such as the risks, uncertainties and time value of money. Where all or some of the expenditure required settling a provision is expected to be reimbursed by a third party, the reimbursement is recognised as a separate asset only when it is virtually certain that reimbursement will be received. The amount recognised for the reimbursement shall not exceed the carrying amount of the provision. 22. Offsetting a financial asset and a financial liability Financial assets and financial liabilities shall be presented separately in the balance sheet and shall not be offset. However, a financial asset and a financial liability shall be offset and the net amount presented in the balance sheet when both of the following conditions are satisfied: (1) the Group has a legal right to set off the recognised amounts and the legal right is currently enforceable; and (2) the Group intends either to settle on a net basis, or to realise the financial asset and settle the financial liability simultaneously. 23. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities; transaction costs incurred for the issue of equity instruments in a business combination shall be deducted from the premium arising from issue of equity instruments. If the amount of premium is not sufficient to absorb such costs, the excess shall be charged against retained earnings. For other equity instruments, the consideration received from issuing equity instruments, net of transaction costs, shall be added to owners’ equity. The consideration and transaction costs paid to reacquire its own equity instruments shall be deducted from owners’ equity. Any gain or loss on the issue, reacquisition, sale or cancellation of the Group's own equity instruments are not recognised. All types of distributions made by the Group to holders of equity instruments (excluding stock dividends) are deducted from owners’ equity. The Group does not recognise changes in the fair value of equity instruments.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 24. Revenue recognition 24.1Revenue from the sale of goods Revenue from the sale of goods shall be recognised only when all of the following conditions are satisfied: (1) the Group has transferred to the buyer the significant risks and rewards of ownership of the goods; (2) the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; (3) the amount of revenue can be measured reliably; (4) it is probable that the associated economic benefits will flow to the Group; and (5) the associated costs incurred or to be incurred can be measured reliably. 24.2Revenue arising from the rendering of services When the outcome of a transaction involving the rendering of services can be estimated reliably, at the balance sheet date, revenue associated with the transaction is recognised using the percentage of completion method. The stage of completion of a transaction involving the rendering of services is determined according to the proportion of services performed to date to the total services to be performed. The outcome of a transaction involving the rendering of services can be estimated reliably when all of the following conditions are satisfied: (1) the amount of revenue can be measured reliably; (2) it is probable that the associated economic benefits will flow to the Group; (3) the stage of completion of the transaction can be measured reliably; and (4) the costs incurred and to be incurred for the transaction can be measured reliably. When the outcome of a transaction involving the rendering of services cannot be estimated reliably, when the costs incurred are expected to be recoverable, revenue shall be recognised to the extent of costs incurred that are expected to be recoverable and the service costs incurred shall be charged to profit or loss for the period; when the costs incurred are not expected to be recoverable, no service revenue shall be recognised. 24.3Vehicles operating revenue Taxi’s operating revenue is recognized on a time proportion basis according to the contract terms with the taxi drivers. Long distance transportation revenue is recognized on a time basis according to the contract terms with the contractors. Other operating vehicle’s revenue is recognized when service is done. 24.4. Interest income Interest income is measured based on the length of time for which the enterprise's cash is used by others and the applicable interest rate.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 25. Government grants Government grants are transfer of monetary assets or non-monetary assets from the government to the Group at no consideration. Government grants are classified into government grants related to assets and government grants related to income. A government grant is recognised when the Group can comply with the conditions attaching to the grant and when the Group can receive the grant. If a government grant is in the form of a transfer of a monetary asset, the item shall be measured at the amount received or receivable. If a government grant is in the form of a transfer of a non-monetary asset, the item shall be measured at fair value. A government grant measured at a nominal amount shall be recognised immediately in profit or loss for the current period. A government grant related to an asset shall be recognised as deferred income, and evenly amortised to profit or loss over the useful life of the related asset. For a government grant related to income, if the grant is a compensation for related expenses or losses to be incurred in subsequent periods, the grant shall be recognised as deferred income, and recognised in profit or loss over the periods in which the related costs are recognised; if the grant is a compensation for related expenses or losses already incurred, the grant shall be recognised immediately in profit or loss for the current period. For the repayment of a government grant already recognised, if there is any related deferred income, the repayment shall be offset against the carrying amount of the deferred income, and any excess shall be recognised in profit or loss for the current period; if there is no related deferred income, the repayment shall be recognised immediately in profit or loss for the current period. 26. Borrowing costs Borrowing costs include interest, amortisation of discounts or premiums related to borrowings, ancillary costs incurred in connection with the arrangement of borrowings, and exchange differences arising from foreign currency borrowings. For borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, capitalisation of such borrowing costs can commence only when all of the following conditions are satisfied: (1) expenditures for the asset are being incurred; (2) borrowing costs are being incurred; and (3) activities relating to the acquisition, construction or production of the asset that are necessary to prepare the asset for its intended use or sale have commenced. And capitalisation of such borrowing costs shall cease when the qualifying asset being acquired, constructed or produced becomes ready for its intended use or sale. The amount of other borrowing costs incurred shall be recognised as an expense in the period in which they are incurred.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 26. Borrowing costs - continued Where funds are borrowed under a specific-purpose borrowing, the amount of interest to be capitalised shall be the actual interest expense incurred on that borrowing for the period less any bank interest earned from depositing the borrowed funds before being used on the asset or any investment income on the temporary investment of those funds; where funds are borrowed under general-purpose borrowings, the amount of interest to be capitalised on such borrowings shall be determined by applying a capitalisation rate to the weighted average of the excess amounts of cumulative expenditures on the asset over and above the amounts of specific-purpose borrowings. The capitalisation rate shall be the weighted average of the interest rates applicable to the general-purpose borrowings. Qualifying assets are assets (fixed assets, investment property, inventories, etc.) that necessarily take a substantial period of time for acquisition, construction or production to get ready for their intended use or sale. Capitalisation of borrowing costs shall be suspended during periods in which the acquisition, construction or production of a qualifying asset is interrupted abnormally and when the interruption is for a continuous period of more than 3 months, until the acquisition, construction or production is resumed. 27. Income taxes 27.1. Current income taxes At the balance sheet date, current income tax liabilities (or assets) for the current and prior periods shall be measured at the amount expected to be paid (or recovered) according to the requirements of tax laws. Taxable profits, which are the basis for calculating the current tax expense, are determined after adjusting the accounting profits before tax for the year in accordance with relevant requirements of tax laws.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 27. Income taxes - continued 27.2. Deferred tax assets and deferred tax liabilities Temporary differences arising from the difference between the carrying amount of an asset or liability and its tax base, or the difference between the tax base and the carrying amount of those items that are not recognised as assets or liabilities but have a tax base that can be determined according to tax laws, shall be recognised as deferred tax assets and deferred tax liabilities using the balance sheet liability method. Deferred tax liabilities are not recognised for taxable temporary differences related to (1) the initial recognition of goodwill; and (2) the initial recognition of an asset or liability in a transaction which is neither a business combination nor affects accounting profit or taxable profit (or deductible loss) at the time of the transaction. In addition, the Group recognises the corresponding deferred tax liability for taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, except when both of the following conditions are satisfied: (1) the Group is able to control the timing of the reversal of the temporary difference; and (2) it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are not recognised for deductible temporary differences related to the initial recognition of an asset or liability in a transaction which is neither a business combination nor affects accounting profit or taxable profit (or deductible loss) at the time of the transaction. In addition, the Group recognises the corresponding deferred tax asset for deductible temporary differences associated with investments in subsidiaries, associates and joint ventures to the extent that it is probable that taxable profits will be available against which the deductible temporary differences can be utilised, except when both of the following conditions are satisfied: (1) it is not probable that the temporary difference will reverse in the foreseeable future; and (2) it is not probable that taxable profits will be available in the future, against which the temporary difference can be utilised. The Group recognises a deferred tax asset for the carryforward of deductible losses and tax credits to subsequent periods, to the extent that it is probable that future taxable profits will be available against which the deductible losses and tax credits can be utilised. At the balance sheet date, deferred tax assets and deferred tax liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, according to the requirements of tax laws. At the balance sheet date, the Group shall review the carrying amount of a deferred tax asset. If it is probable that sufficient taxable profits will not be available in future periods to allow the benefit of the deferred tax asset to be utilised, the carrying amount of the deferred tax asset shall be reduced. Any such reduction in amount shall be reversed when it becomes probable that sufficient taxable profits will be available.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 27. Income taxes - continued 27.3. Tax expense Tax expense comprises current tax expense and deferred tax expense. Current tax expense (current tax income) and deferred tax expense (deferred tax income) are included in profit or loss for the current period, except for: (1) current tax and deferred tax related to transactions or events that are directly recognised in owners’ equity, which are recognised directly in owners’ equity; (2) deferred tax arising from a business combination, which is adjusted against the carrying amount of goodwill. 28. Business combinations A business combination is a transaction or event that brings together two or more separate enterprises into one reporting entity. Business combinations are classified into business combinations involving enterprises under common control and business combinations not involving enterprises under common control. The Group recognises assets and liabilities obtained through a business combination at the combination date or acquisition date. A combination date or acquisition date is the date on which the absorbing party or acquirer effectively obtains control of the party being absorbed or acquiree i.e. the date on which the net assets or control over production and operational decisions of the party being absorbed or acquiree are transferred to the absorbing party or acquirer. 28.1.A business combination involving enterprises under common control A business combination involving enterprises under common control is a business combination in which all of the combining enterprises are ultimately controlled by the same party or parties both before and after the combination, and that control is not transitory. The party that, on the combination date, obtains control of another enterprise participating in the combination is the absorbing party, while that other enterprise participating in the combination is a party being absorbed. Assets and liabilities that are obtained by the absorbing party in a business combination shall be measured at their carrying amounts at the combination date as recorded by the party being absorbed. The difference between the carrying amount of the net assets obtained and the carrying amount of the consideration paid for the combination (or the aggregate face value of shares issued as consideration) shall be adjusted to capital premium in capital reserve. If the capital premium in capital reserve is not sufficient to absorb the difference, any excess shall be adjusted against retained earnings. Costs incurred by the absorbing party that are directly attributable to the combination shall be charged to profit or loss in the period in which they are incurred.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 28. Business combinations - continued 28.2 A business combination not involving enterprises under common control A business combination not involving enterprises under common control is a business combination in which all of the combining enterprises are not ultimately controlled by the same party or parties before and after the combination. For a business combination not involving enterprises under common control, the party that, on the acquisition date, obtains control of another enterprise participating in the combination is the acquirer, while that other enterprise participating in the combination is the acquiree. For a business combination not involving enterprises under common control, the cost of combination is the aggregate of the fair values, at the acquisition date, of the assets given, liabilities incurred or assumed, and equity securities issued by the acquirer in exchange for control of the acquiree, as well as costs incurred by the acquirer that are directly attributable to the business combination. For a business combination achieved in stages that involves multiple exchange transactions, the cost of combination is the aggregate of the costs of individual transactions. When a business combination contract provides for an adjustment to the cost of combination contingent on a future event, the acquirer shall include the amount of that adjustment in the cost of the combination if it is expected on the acquisition date that the occurrence of the future event is probable and the amount affecting the cost of combination can be measured reliably. The acquiree’s identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria, which are acquired in a business combination not involving enterprises under common control, are measured at their fair value at the acquisition date. Where the cost of combination exceeds the acquirer’s interest in the fair value of the acquiree’s identifiable net assets, the difference shall be recognised as goodwill. Where the cost of combination is less than the acquirer’s interest in the fair value of the acquiree’s identifiable net assets, the difference shall be accounted for as follows: firstly, the acquirer shall reassess the measurement of the fair values of the acquiree’s identifiable assets, liabilities and contingent liabilities and measurement of the cost of combination; then, if after that reassessment, the cost of combination is still less than the acquirer’s interest in the fair value of the acquiree’s identifiable net assets, the acquirer shall recognise the remaining difference immediately in profit or loss for the current period. 29. Leases A finance lease is a lease that transfers in substance all the risks and rewards incidental to ownership of an asset. Title may or may not eventually be transferred. An operating lease is a lease other than a finance lease. 29.1.Recording of operating leases by the Group as lessee Lease payments under an operating lease are recognised on a straight-line basis over the lease term. Significant initial direct costs are capitalised when incurred and charged to profit or loss for the corresponding period according to the same basis for rental income recognition; while other insignificant initial direct costs are charged to profit or loss for the period in which they are incurred. Contingent rents are charged to profit or loss in the period in which they are actually incurred.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 29. Leases - continued 29.2. Recording of operating leases by the Group as lessor Lease income from operating leases is recognised in profit or loss on a straight-line basis over the lease term. Initial direct costs are charged to profit or loss for the current period. Contingent rents are credited to profit or loss in the period in which they actually arise. 30. Preparation of consolidated financial statements The scope of consolidated financial statements is determined on the basis of control. Control is the power to govern the financial and operating policies of an enterprise so as to obtain benefits from its operating activities. The date on which the Group effectively obtains or loses control of its subsidiaries are considered as the combination date or acquisition date. For a subsidiary already disposed of, its operating results and cash flows before the disposal date are appropriately included in the consolidated income statement and the consolidated cash flow statement; for a subsidiary disposed of during the current period, no adjustments are made to the opening balance of the consolidated balance sheet. Major accounting policies and accounting periods adopted by the subsidiary(ies) are defined according to the standardised accounting policies and accounting periods established by the Company. All significant intra-group accounts and transactions between the Company and its subsidiaries or between subsidiaries are eliminated on consolidation. The portion of a subsidiary’s equity that is not attributable to the parent is treated as minority interest and presented as “minority interest” in the consolidated balance sheet within owners’ equity. The portion of net profits or losses of subsidiaries for the period attributable to minority interest is presented in the consolidated income statement below the "net profit" line item as “minority interest”. When the amount of loss attributable to the minority shareholders of a subsidiary exceeds the minority shareholders’ portion of the opening balance of owners' equity of the subsidiary, where the minority shareholders have a binding obligation under the articles of association or an agreement and are able to make an additional investment to cover the loss, the excess amount shall be allocated against minority interest; otherwise the excess amount shall be allocated against shareholders' equity attributable to the parent. If the subsidiary subsequently reports profits, such profits shall be allocated to shareholders' equity attributable to the parent until the minority shareholders' share of losses previously absorbed by the parent has been recovered.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES - continued 31. Related parties If a party has the power to control, jointly control or exercise significant influence over another party, they are regarded as related parties. Two or more parties are also regarded as related parties if they are subject to control, joint control or significant influence from the same party.

内容: BASIS OF DETERMINING SIGNIFICANT ACCOUNTING POLICIES AND KEY ASSUMPTIONS AND UNCERTAINTIES IN ACCOUNTING ESTIMATES In the application of the Group’s accounting policies, which are described in Note IV, the Group is required to make judgements, estimates and assumptions about the carrying amounts of items in the financial statements that cannot be measured accurately. These judgements, estimates and assumptions are based on historical experience of the Group's management as well as other factors that are considered to be relevant. Actual results may differ from these estimates. The aforementioned judgements, estimates and assumptions are reviewed regularly on a going concern basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. - Critical judgements in applying accounting policies The following are the critical judgements that the Group has made in the process of applying the accounting policies and that have the most significant effect on the amounts recognised in financial statements. The useful life of the operational license of taxi As Note IV.16 said, after the adoption of new CASs, the management of the Group thinks the useful life of the operational license of taxi is indefinite, and will be useful in the forseeable future. This intangible asset will not be amortised. The Group conducts an impairment test at the end of an accounting year. Before the adoption of the new CASs, the asset was amortised in 50 years. The effect on fiscal year 2007 and subsequent years after the change of the accounting policy prospectively is summarized below: Amt. RMB’000 2007 Subsequent years 712.54 29,946.54

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD.

内容: CHANGES IN ACCOUNTING POLICIES, ACCOUNTING ESTIMATES AND CORRECTIONS OF PRIOR PERIOD ERRORS The Group adopted new CASs for the first time on 1 January 2007, and has recognised, measured and reported its transactions or events in accordance with new CASs since that day. Changes in accounting policies as a result of the first-time adoption of new CASs are accounted for using the following methods. 1. Changes in accounting policies accounted for retrospectively Long-term equity investments Before the adoption of new CASs when long-term equity investments were accounted for under the equity method, an excess of the initial investment cost over the Group's share of owners’ equity of the investee was accounted for as debit equity investment difference, and evenly amortised over a certain period and recognised in profit or loss accordingly. A shortfall of the initial investment cost over the Group's share of owners’ equity of the investee was accounted for as credit equity investment difference and evenly amortised over a certain period and recognised in profit or loss accordingly if occurred before the issuance of Cai Kuai [2003] No. 10; or was charged to the capital reserve if occurred after the issuance of Cai Kuai [2003] No. 10. Before the adoption of new CASs, long-term equity investments in the subsidiaries were accounted for under the equity method in the parent’s financial statements. After the adoption of new CASs, details regarding the accounting policies for long-term equity investments are set out in Note IV.8 “Long-term equity investments”. At the first-time adoption date, long-term equity investments in the subsidiaries in the parent’s financial statements were adjusted retrospectively, as if the subsidiaries had been using the cost method to account for such long-term equity investments since the earliest period. Income taxes Before the adoption of new CASs, income taxes were accounted for using. After the adoption of new CASs, income taxes are accounted for using the balance sheet liability method. Details regarding the accounting policies for income taxes are set out in Note IV. 27 “Income taxes”.

内容: CHANGES IN ACCOUNTING POLICIES, ACCOUNTING CORRECTIONS OF PRIOR PERIOD ERRORS - continued

内容: 1. Changes in accounting policies accounted for retrospectively - continued Held-for-trading financial assets and available-for-sale financial assets Before the adoption of new CASs, long-term equity investments with an active trading market that did not have control, joint control or significant influence over an investee, were measured at the initial investment cost on acquisition and accounted for under the cost method during the period of being held. After the adoption of new CASs, the aforementioned investments are classified as financial assets at fair value through profit or loss and available-for-sale financial assets. Details regarding the accounting policies for financial assets at fair value through profit or loss and available-for-sale financial assets are set out in Note IV. 9 “Financial assets”. Consolidated financial statements A) Before the adoption of new CASs, the Group did not consolidate Subsidiary Shanghai Jinzhen electronics Technology Co., Ltd., Shanghai Colorful Day advertising Co., Ltd, Shanghai Zhenxing Taxi Management Co., Ltd, Shanghai Toyota Automobile Repaint Center, Shanghai Jinyue Automobile Consulting Co., Ltd., Shanghai Jinmao Automobile Distribution and Service Co., Ltd. based on materiality. After the adoption of new CASs, the Group determines the scope of consolidated financial statements in accordance with the method stated in Note IV.28. B)Before the adoption of new CASs, the Group’s joint venture JHJ International Transportation Co., Ltd., Shanghai Dazhong New Asia Taxi Co., Ltd, Shanghai Jinmao Jin Jiang Automobile Service Co., Ltd., Shanghai Jinmao Automobile Leasing Company Ltd., Suzhou Jinmao Jin Jiang Overseas Traveling Automobile, Shanghai Zhendong Automobile Service Co., Ltd. and Shanghai Zhenli Automobile Repair was included in the consolidated financial statements last year and was consolidated using proportionate consolidation.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. VI. CHANGES IN ACCOUNTING POLICIES, ACCOUNTING CORRECTIONS OF PRIOR PERIOD ERRORS - continued ESTIMATES AND

内容: 1. Changes in accounting policies accounted for retrospectively - continued After the adoption of new CASs, according to Accounting Standard for Business Enterprises No. 33 – Consolidated Financial Statements, long-term equity investments in the joint venture are accounted for using the equity method this year, proportionate consolidation is no longer used to consolidate its financial statements. C)Before the adoption of new CASs, minority interest was separately presented between liabilities and shareholders' equity in the consolidated financial statements. Profit or loss attributable to minority interest was reflected as a deduction item before net profit. After the adoption of new CASs, minority interest is separately presented as shareholders' equity; profit or loss attributable to minority interest is presented separately below the "net profit" line item as part of net profit. For the above changes in accounting policies, the Group has adjusted retrospectively the opening balances or the comparative figures for the prior year in the financial statements, and restated the financial statements for the comparative years. The effects of the above changes in accounting policies on shareholders' equity as at 1 January 2006 and 31 December 2006 are presented as follows: The effects on the consolidate financial statements

内容: Retained Earning RMB (1) Differences in equity investments arising from business combination under common control (2) Income taxes (3) Available-for-sale financial assets (4) Changes in the scope of consolidation (5)Elimination surplus reserve on consolidation level (6) Elimination of the premium from business combination under the same control (7) Application of the cost method accounting for the subsidiaries Total Surplus reserve RMB Effect on consolidated shareholders’ equity as at 1 January 2006 Capital Minority surplus interest RMB RMB Total RMB Retained Earning RMB Surplus reserve RMB Effect on consolidated shareholders’ equity as at 31 December 2006 Capital Minority surplus interest RMB RMB Total RMB

内容: The effects on the parent's financial statements

内容: Retained Earning Effect on parent’s shareholders’ equity as at 1 January 2006 Surplus Capital reserve surplus Total Retained Earning Effect on parent’s shareholders’ equity as at 31 December 2006 Surplus Capital reserve surplus Total

内容: (1) Differences in equity investments arising from business combination under common control (2) Income taxes (3) Available-for-sale financial assets (4) Application of the cost method accounting for the subsidiaries Total

内容: 1. Changes in accounting policies accounted for retrospectively - continued The effects of the above changes in accounting policies on the net profits for the year 2006 are summarised below:

内容: The Group RMB (1) Differences in equity investments arising from a business combination under common control (2) Income taxes (3) Application of the cost method accounting for the subsidiaries (4) Changes in the presentation of minority interest Total 11,596,132.92 652,424.70 62,291,927.81 _____________ 74,540,485.43 _____________ The company RMB 11,596,132.92 667,809.49 (67,560,666.93) _____________ (55,296,724.52) _____________

内容: 2. Changes in accounting policies accounted for prospectively Except for those changes in accounting policies stated in 1 above, as a result of the first-time adoption of new CASs, the Group also made the following principal changes in accounting policies which are accounted for prospectively, including: Impairment of non-financial assets Before the adoption of new CASs, provisions previously made for impairment of assets could be reversed when related indicators of impairment no longer existed. After the adoption of new CASs, provisions are made for impairment of financial assets, inventories and non-financial assets respectively as stated in Note IV.8 “Impairment of financial assets”, Note IV.11 “Provision for decline in value of inventories” and Note IV.18 “Impairment of non-financial assets”. Impairment losses for non-financial assets are not reversed. Intangible assets - Intangible assets with indefinite useful life Before the adoption of new CASs, the amortisation period for operational license of taxi with indefinite useful life was 50 years. After the adoption of new CASs, amortisation is no longer recognised and is accounted for in accordance with the accounting policies stated in Note IV.16 "Intangible assets".

内容: TAXES Business tax The business tax is levied at 3% of deemed taxi operating income and long distance transportation income. The business tax is levied at 3% of other vehicle operating income. The business tax is levied at 5% of freight service income after deducting service cost. The business tax is levied at 5% of other service income. Value added tax Value added tax (“VAT”) on sales is calculated at 17% on revenue from principal operations and paid after deducting input VAT on purchases. Income tax The company is located in Shanghai Pudong New Province. The origin income tax rate is 33%. The income tax rate is reduced to 15% from September 2005, according to the result of enterprise’s income tax declaration. Except the following subsidiaries, the income tax rate of the Company and remaining subsidiaries and joint venture enterprises is 33%:

内容: Shanghai Jin Jiang Automobile Service Co., Ltd. 15% Shanghai Pudong Friendship Automobile Service Co., Ltd. 15% Shanghai Jin Jiang International Refrigerated Logistic Co., Ltd. 15% Shanghai Jinjia Automobile Trading Co., Ltd. 15% Shanghai JHJ Logistic Management Co., Ltd. 15% Shanghai Jin Jiang Shanglu Automobile Service Co., Ltd. 15% Shanghai Jin Jiang Public Traffic Co., Ltd. 15% Shanghai Jin Jiang Automobile Lending Co., Ltd. 15% Shanghai Toyota Automobile Sales Co., Ltd. 33%(Note1) Shanghai Zhong You Jin You Qil Products Co., Ltd. 16.5%(Note2) Shanghai Rileng Food Co., Ltd. 26.4%(Note3)

内容: Note 1:Its income tax rate is 33%. With approval of the local tax authority (Hu Shui Xu Shui Fa (2005) No 3), the Company is exempted from enterprise income tax from 1 January 2005 to 31 December 2007. Note 2:With approval of the local tax authority and according to (2002 Zha Guan No. 2), the income tax rate for Shanghai Zhong You Jin You Oil Products Co., Ltd. is 33%. The Company is exempted from enterprise income tax from 1 June 2002 to 31 December 2004, and a 50% deduction from 1 January 2005 to 31 December 2007. Note 3:Shanghai Rileng Food Co., Ltd. is a manufacturing joint venture which is registered in area of economic development zone, therefore, the tax rate is 26.4%. Note 4:Other companies with 15% income tax rate were registered in Pudong New Area.

内容: According to the Law of the People’s Republic of China on Enterprise Income Tax published on 16 March 2007, the Group will adopt the enterprise income tax rate from 1 January 2008

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. VIII. SCOPE OF CONSOLIDATED FINANCIAL STATEMENTS

内容: Place of Registered incorporation capital (RMB’000)

内容: Shanghai Shanghai Shanghai 338,480 80,000 100,000

内容: Proportion of the Group’s total shares (%)

内容: Shanghai Jin Jiang Automobile Service Co., Ltd. Shanghai JHJ Logistic Management Co., Ltd Shanghai Jin Jiang International Refrigerated Logistic Co., Ltd

内容: Name of the subsidiary directly or indirectly held by Jin Jiang Automobile Shanghai Jin Jiang Shanglu Automobile Service Co., Ltd.(Note 1) Shanghai Pacific Passenger Transport Service Co., Ltd. Shanghai JinJiang High-speed Transportation Co., Ltd. Shanghai ShangLu Business Trade Investment Consulting Co., Ltd Shanghai Pudong Friendship Co., Ltd. Shanghai Jin Jiang Public Traffic Co., Ltd. Shanghai Jin Jiang Automobile Lending Co., Ltd. Shanghai Zhong You Jin you Oil Products Co., Ltd. Shanghai Jiading Jin Jiang Automobile Service Co., Ltd. Shanghai Jin jia Automobile Trading Co., Ltd. Shanghai Toyota Sales Co., Ltd. Shanghai Jinzhen electronics Technology. Co., Ltd Shanghai Colorful Day advertising Co., Ltd. Shanghai Toyota Automobile Repaint Center Shanghai Zhenxing Taxi Management Co., Ltd Shanghai Jinyue Automobile Consulting Co., Ltd Shanghai Wanguo Vehicle Repair Factory (Note 2) Shanghai Jinmao Automobile Distribution and and Service Co., Ltd.(Note 1) Shanghai Jinyong Automobile Repair Service Co., Ltd. (Note 5) Shanghai 70,000 50 Bus services and consulting Limited

内容: Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai

内容: Investment and management service Bus service City bus service Car rental Gas & oil development Taxi service

内容: Limited Limited Limited Limited Limited Limited

内容: Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai

内容: Advertising Car repairing Taxi management Automobile service Car repairing Automobile selling Automobile repair service

内容: Limited Limited Limited Limited State and collective owned Limited Limited

内容: Name of the subsidiary directly or indirectly held by Jin Jiang Refrigerated Logistics Shanghai Nanpu Bridge Food Wholesale Market Management Co., Ltd. Shanghai Wujing Refrigerated Warehouse Co., Ltd. Shanghai Rileng Food Co., Ltd. (Note 1) Shanghai Wusong Logistics Refrigerated Logistics Co., Ltd.

内容: Food trade Food stock Food processing Logistics

内容: Name of the subsidiary disposed in the year ended 31 December 2007 Shanghai Shanghai Food Co., Ltd.(Note 4) Shanghai Major New Jin Jiang Clothes Washing and Making Co., Ltd. Shanghai Shanghai 30,000 9,360 95 75

内容: Except for note 1 and note 2, the proportion of the voting is the same as of the shares. Note 1: According to the agreement with other investors, the Company can excise substantive control on this subsidiary, therefore, it is included in the consolidation scope. Note 2: The Group lost control on the subsidiary because it is in liquidation, and does not include it in the scope of the consolidated financial statement. Note 3: Please see Note IX.43 for the financial position of the subsidiary disposed of this year at the beginning of the year and on the date of disposal, as well as its results and cash flows from the beginning of the year to the disposal date.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. VIII. SCOPE OF CONSOLIDATED FINANCIAL STATEMENTS - continued Note 4: The company was taken over by Shanghai Jin Jiang International Refrigerated Logistic Co., Ltd. Note 5: The subsidiary and joint ventures are newly set up this year.

内容: The Company’s subsidiaryShanghai Jinzhen electronics Technology Co., Ltd., Shanghai Colorful

内容: Day Advertising Co., Ltd., Shanghai Zhenxing Taxi Management Co., Ltd, Shanghai Toyota Automobile Repaint Center, Shanghai Jinyue Automobile Consulting Co., Ltd, Shanghai Jinmao Automobile Distribution and Service Co., Ltd. was not included in last year’s consolidated

内容: financial statements because the ratio of the aggregation of total assets, revenue and net profit of the period calculated by the standard of relevant total assets, revenue and net profit of the period is within 10%. According to Accounting Standard for Business Enterprises No. 33 – Consolidated Financial Statements, the subsidiary is included in the consolidated financial statements this year, and adjustments have been made to last year’s comparative consolidated financial statements to include the subsidiary into last year’s consolidated financial statements. The Company’s joint venture JHJ International Transportation Co., Ltd., Shanghai Dazhong New

内容: Asia Taxi Co., Ltd, Shanghai Jinmao Jin Jiang Automobile Service Co., Ltd., Shanghai Jinmao Automobile Leasing Company Ltd., Suzhou Jinmao Jin Jiang Overseas Traveling Automobile, Shanghai Zhendong Automobile Service Co., Ltd. And Shanghai Zhenli Automobile Repairwas

内容: included in the consolidated financial statements last year and was consolidated using proportionate consolidation. According to Accounting Standard for Business Enterprises No. 33 – Consolidated Financial Statements, long-term equity investments in the joint venture are accounted for using the equity method this year, proportionate consolidation is no longer used to consolidate its financial statements, and adjustments have been made to last year’s comparative consolidated financial statements, without including the subsidiary in last year’s consolidated financial statements.

内容: All the notes set out below are for consideration except Note X.

内容: NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS BANK BALANCES AND CASH

内容: 2007 Original Currency Exchange Rate Cash on hand RMB Cash in bank RMB USD JPY RMB 2006 Original Currency Exchange Rate RMB

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 2. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued ACCOUNTS RECEIVABLE The aging analysis of accounts receivable is as follows:

内容: The balance as at 31 December 2007 includes JPY11,534,178.00 (JPY2,584,399.97 as at 31 December 2006) and USD249,955.30(USD31,537.40 as at 31 December 2006). Movements of the provision for accounts receivable are as follows: 2007 RMB Balance at beginning of the year Additions Addition from acquisition of subsidiaries Reversals Other transfer out Balance at closing of the year Balance of the top five debtors is as follows: Total amount of the top five debtors RMB 7,553,678.66 Aging within 1 year Proportion in the Group's accounts receivables % 16.63 471,694.39 191,821.05 20,292.50 219,283.73 _____________ 423,939.21 _____________ 2006 RMB 214,840.30 282,190.22 1,121,883.53 73,183.81 1,074,035.85 _____________ 471,694.39 _____________

内容: There is no balance due from shareholders who hold 5% or more shares of the Company.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 3. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued PREPAYMENT The aging analysis of prepayment is as follows： 2007 RMB % Within 1 year 47,815,291.60 ____________ 100.0 _____ 2006 RMB 32,403,776.25 ____________ % 100.0 _____

内容: Advances to suppliers are analysed by suppliers' categories as follows: Item

内容: Advances that are individually significant Advances not individually significant but with high risk in groups Others

内容: There is no balance due from shareholders who hold 5% or more shares of the Company. 4. DIVIDENDS RECEIVABLE 2007 RMB Shanghai Zhendong Automobile Service Co., Ltd.

内容: Shanghai Jinmao Jin Jiang Automobile Service Co., Ltd. Shanghai Jin Jiang Transportation Co., Ltd. Shanghai Yongda Secondhand Automobile Service Co., Ltd.

内容: Total 5. OTHER RECEIVABLES The aging analysis of other receivables is as follows:

内容: Within 1 year 1 to 2 years 2 to 3 years Over 3 years Total

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 5. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued OTHER RECEIVABLES - continued Other receivable are analysed by item as follows:

内容: Item Amount RMB Receivables that are individually significant 40,102,500.00 Receivables not individually significant but with high risk in groups Others 21,384,369.98 _____________ Total 61,486,869.98 _____________ 31 December 2007 % of total Provision for bad debts balance RMB Booing Value RMB Amount RMB 31 December 2006 % of total Provision for balance bad debts RMB Booing Value RMB

内容: Movements of the provision for other receivable are as follows: 2007 RMB Balance at beginning of the year Additions Reversals Other transfer out Balance at closing of the year Balance of the top five debtors is as follows： Total amount of the top five debtors RMB 45,534,484.28 AgingProportion in the Group's accounts receivables % within 1 year 74.06 80,207.59 25,239.20 1,424.52 11,123.96 _____________ 92,898.31 _____________ 2006 RMB 2,221.92 80,207.59 2,221.92 _____________ 80,207.59 _____________

内容: There is no balance due from shareholders who hold 5% or more shares of the Company. 6. INVENTORY Item 31 December 2007 RMB 31 December 2006 RMB

内容: Goods for sales Store Consumables Food and beverages Sub-total Less：provision Total

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 6. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued INVENTORY - continued

内容: Changes in the provision for decline in value of inventories are as follows:

内容: Opening balance Amount of provision recognised in the year Amount written off in the year Closing balance

内容: AVAILABLE–FOR–SALES FINANCIAL ASSET Item Closing fair value RMB 217,742,325.26 ______________ Opening fair value RMB 38,792,065.74 _____________

内容: Available-for-sale equity instruments 8. LONG-TERM INVESTMENT (1) Details of long-term equity investments are as follows：

内容: Shanghai Wanguo Vehicle Repair Factory 6,902,537.56 Shanghai Nissan Maintenance center 5,643,011.57 Shanghai Wanguo Automobile Driver Training Center 42,105,806.17 Shanghai Yaohua Taxi Service Co., Ltd. 425,188.23 Shanghai vehicle Driver Training Centre 33,105,611.21 Shanghai Zhendong Automobile Service Co., Ltd. 21,211,895.00 Shanghai Jinmao Jin Jiang Automobile Service Co., Ltd. 16,940,000.00 Shanghai Dazhong New Asia Co., Ltd. 84,628,129.42 JHJ International Transportation Co., Ltd. 40,254,477.70 Shanghai Yongda Fengdu Automobile Distribution and Service Co., Ltd. 6,000,000.00 Shanghai Yongda Secondhand Automobile Services Co., Ltd. 4,500,000.00 Shanghai Jin Jiang traffic service Co., Ltd. 3,000,000.00 Shanghai Jin Jiang Automobile Sales Co., Ltd. 1,500,000.00 Shanghai Jing Jiang Jiayou Automobile Services Co., Ltd. 14,614,900.00 Shanghai Jin Jiang sheshan Automobile Co., Ltd. 500,000.00 Shanghai Petrol Group Changle Road Gas Station Co., Ltd. 150,000.00 Nanjing Long Distance Passenger Transport Group Co., Ltd. 25,300,000.00 Shanghai Pudong International Airport Transport Terminal Co., Ltd. 38,322,000.00 Shilian Jinjiang Logistics Co., Ltd. 3,012,675.00 _____________ 6,258,284.46 5,682,637.90 42,188,014.95 111,576.67 32,832,269.48 29,468,202.78 23,100,446.29 96,297,320.92 105,340,124.63 (1,424,857.84) （13,831.03） 2,410,825.44 (111,576.67) 518,413.68 5,928,679.47 5,017,397.31 11,956,624.41 21,892,460.57 (5,695.24) (5,616,643.69) (9,303,948.43) 4,833,426.62 5,663,111.63 44,598,840.39 33,350,683.16 29,780,238.56 28,117,843.60 98,949,996.90 127,232,585.20

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 8. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued LONG-TERM INVESTMENT - continued (1) Details of long-term equity investments are as follows: - continued

内容: Cost method Shanghai East Jin Jiang Hotel 16,555,237.81 Shanghai Global Paper Production Co., Ltd. 746,253.00 Bank of Communications Co., Ltd. 8,106,520.00 Guotai Junan Securities Co., Ltd. 47,649,967.00 Guotai Junan Investment Management Co., Ltd. 4,840,077.00 Shanghai Guojia Industry Co., Ltd. 650,000.00 Shandong Guo Tai Co., Ltd. 555,000.00 Shanghai Ai Jian Co., Ltd. 6,300,000.00 Shanghai New Century Freight Co., Ltd. 2,240,000.00 Shanghai South Station Long Distance Passenger Transport Co., Ltd. 7,500,000.00 Tianjin Hualian Commercial Building Co., Ltd. 468,000.00 _____________ Subtotal Total Less：provision 95,611,054.81 _____________ 443,727,286.67 _____________

内容: Net amount of long-term equity investments

内容: Note: Transfer the limit sale tradeable share of Bank of Communications Co., Ltd to available-for-sale financial assets. Changes in the provision for impairment for long-term equity investments: Investee Opening Balance RMB 746,253.00

内容: Guotai Junan Investment Management Co., Ltd. Shanghai Guojia Industry Co., Ltd. Tianjin Hualian Commercial Building Co., Ltd. Shandong Guo Tai Co., Ltd. 2,500,000.00 650,000.00 468,000.00

内容: Shanghai Global Paper Production Co., Ltd.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 8. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued LONG-TERM INVESTMENT - continued (2) A list of joint ventures and associates and their key financial information

内容: Country of Nature of incorporation business Registered capital RMB’000 Proportion of ownership interest held by the enterprise Investee’s total assets at year end RMB Investee’s total liabilities at year end RMB Investee’s total operating income for the current year RMB Investee’s net profit for the current year RMB

内容: Joint Venture Shanghai Zhengdong Automobile Service Co., Ltd. Shanghai Shanghai Jinmao Jin Jiang Automobile Service Co., Ltd. Shanghai Shanghai Dazhong New Asia Co., Ltd. Shanghai JHJ International Transportation Co., Ltd. Shanghai Shanghai Jing Jiang Jiayou Automobile Services Co., Ltd. Shanghai Other Joint Venture Associate Nanjing Long Distance Passenger Transport Group Co., Ltd. Nanjing Shanghai Pudong International Airport Transport Terminal Co., Ltd. Shanghai Shilian Jinjiang Logistics Co., Ltd. Shanghai Other Associate

内容: The proportion of the voting is the same as of the shares. (3) For long-term equity investments held by the Group on 31 December 2007, the investee’s ability to

内容: transfer funds to the Group is not restricted.

内容: INVESTMENT PROPERTY Houses, buildings RMB Original cost Opening and closing balance Accumulated depreciation and accumulated amortisation Opening balance Provision in the year Closing balance Provision for impairment Opening and closing balance Net amount Opening balance Closing balance Including： Net amount of the assets pledged as security at year end ____________ 22,381,259.95 ____________ 21,938,903.47 ____________ ____________ 24,591,016.05 ____________ 2,209,756.10 442,356.48 ____________ 2,652,112.58 ____________

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 10. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FIXED ASSETS (1) Changes in fixed assets in the current year are as follows:

内容: Electronic devices, Machinery instruments & & equipment furniture

内容: Original cost Opening balance 156,576,262.03 89,804,150.55 Acquisition in the year 2,537,075.89 Transferred from construction in progress in the year 668,427.70 Decreases in the year 183,193.80 8,939,029.29 Decreases arising from the sale of a subsidiary 5,781,989.00 _____________ ____________ Closing balance Accumulated depreciation Opening balance Provision in the year Decreases in the year Decreases arising from the sale of a subsidiary Closing balance Provision for impairment Opening balance Amount written off in the year Closing balance Net amount Opening balance Closing balance 156,393,068.23 78,288,635.85 _____________ ____________ 35,555,709.55 55,691,414.00 7,234,825.54 5,831,755.29 23,798.88 7,699,930.44 4,614,056.74 _____________ ____________ 42,766,736.21 49,209,182.11 _____________ ____________ 1,980,444.87 397,289.78

内容: Note: The license of the building with net book value of RMB14,418,465.10 (2006: RMB16,680,963.43) is not obtained. 11. CONSTRUCTION IN PROGRESS

内容: Construction in progress Vehicle in progress Other Total At the beginning of the year RMB Completed transferred to fixed assets RMB At the end of year RMB Source of cash

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 12. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued INTANGIBLE ASSETS

内容: Land use right RMB Cost 1 January 2007 Addition Decrease 31 December 2007 Amortisation 1 January 2007 Charge for the year Decrease 31 December 2007 Provision for impairment Opening and closing balance Net amount 1 January 2007 31 December 2007 Amortization Periods remained Operational License of taxi RMB Total RMB

内容: There is RMB 42,106,800 Land use right in the balance as at 31 December 2007 allocated by the government not amorised, because of the uncertainty of the allocation life. 13. DEFERRED TAX ASSETS

内容: Item Depreciation differences between tax basis and accounting basis Provision for assets impairment Others Total Deductible temporary differences 2007 2006 RMB RMB deferred tax assets 2007 2006 RMB RMB

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 13. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued DEFERRED TAX ASSETS - continued Deferred tax assets are not recognised for the following deductible temporary differences: 2007 2006 RMB RMB Deductible losses 4,055,097.54 _____________ 3,032,535.02 _____________

内容: The deductible losses which are not recognised as deferred tax assets will mature in after years:

内容: Prepayment for investment (Note 1) Long term borrowing receivables (Note 2) Less：Due within 1 year Total

内容: Note 1：Including RMB15,262,988.76 prepayment to Guotai Junan Securities Co., Ltd.for investment; RMB5,005,950.00 prepayment to Shanghai Jing Jiang vehicle Driver Training Center for investment. Note 2： Other long term assets come from JHJ International Transportation Co., Ltd. (subsidiary), who provided non-interest bearing borrowing of RMB50,768,000.00 to Shanghai Pudong International Airport Cargo Terminal Co., Ltd. for its rental of buildings, equipments and plants according to the jointly-operating contractual term. The long term borrowing is repayable in 12 equal annual repayments.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 15. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued PROVISION FOR ASSETS IMPAIRMENT

内容: 2006 RMB Provision for bad debts Provision for inventory write-down Provision for impairment of fixed assets Provision for impairment of long-term equity investments Total 551,901.98 223,520.00 2,564,549.89 4,919,253.00 ___________ 8,259,224.87 ___________ Provision during the year RMB 217,060.25 ___________ 217,060.25 ___________ Reverse Write-off during the year during the year RMB RMB 21,717.02 230,407.69 223,520.00 448,861.23 2007 RMB 516,837.52 2,115,688.66

内容: SHORT TERM LOANS Item Credit Loans 2007 RMB 2006 RMB

内容: ACCOUNTS PAYABLE There is no balance due to shareholders who hold over 5% (including 5%) of the company.

内容: ADVANCE FROM CUSTOMERS There is no balance due to shareholders who hold over 5% (including 5%) of the company.

内容: Wages or salaries, bonus, allowances, subsidies 8,387,995.05 Employee benefit cost 56,671,746.59 Social security contributions 5,251,672.08 Including：Premiums or contributions on medical insurance 465,560.02 Basic pensions annuity contribution 4,159,838.56 Unemployment insurance 504,779.40 Work injury insurance 60,377.80 Maternity insurance 61,116.30 Others Housing funds 1,597,405.24 Union running costs and employee education costs 11,731,718.58 Compensation to employees for termination of employment relationship 22,212,867.77 Other 13,740,868.56 ____________ Total 119,594,273.87 ____________

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 20. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued TAX PAYABLE 2007 RMB Income tax Value added tax Business tax Other Total 21. DIVIDEND PAYABLE 2007 RMB Dividend paid to shareholders Dividend paid to minority shareholders Total 22. OTHER PAYABLE In the balance as at 31 December 2007 mainly include deposit RMB98,339,799.40 (as at 31 December 2006:RMB97,549,380.90) and reorganization arrears RMB39,821,129.93 (as at 31 December 2006: RMB58,057,664.20). The over-1-year other payable mainly include deposit. The amount due to the shareholder who holds over 5% (including) of the company shares is as follow： Name of shareholder 2007 RMB 2006 RMB 2006 RMB 2006 RMB

内容: Jin Jiang International (Group) Co., Ltd. 23. DEFFERED TAX LIABILITIES

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 24. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued OTHER LONG TERM LIABILITIS Items Relocation compensation Relocation housing 2007 RMB 2006 RMB

内容: SHARE CAPITAL The registered capital and paid-in capital of the Company are recorded as RMB 551,610,107.00, with the par value of RMB 1 per share. Types and structure of the shares are as follows: 2006 Opening (a) Unlisted shares 1. Promoters’ shares held by domestic legal person 2. Legal person shares by offering Sub-total (b) Listed shares under condition 1. A share 2. B share Addition/Less Stock reform Closing

内容: (c) Listed share 1. A share 2. B share Sub-total Total

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 25. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued SHARE CAPITAL- continued 2007 Opening (a) Unlisted shares 1.Promoters’ shares held by domestic legal person 2.Legal person shares by offering Sub-total (b) Listed shares under condition 1. A share 2. B share Addition/Less Stock reform Closing

内容: The company announced the stock reform scheme on 8 February, 2006 that every 10 A shares deliver 3.5 shares for compensation. On 13 February 2007, the Group arranges the tradable shares come on to the market (only Unit Reform shaped tradable shares). The quantity was 113,304,788, 20.54% of the total Group shares. 26. CAPITAL RESERVES

内容: Share premium Including: Capital invested by investors Other capital reserve Including：Other changes in shareholders' equity except for net profit or loss of the investee Gain or loss arising from changes in fair value of available-for-sale financial assets Transferred from capital reserve under the previous system Total

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 26. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued CAPITAL RESERVES - continued

内容: Share premium 266,218,226.90 Including: Capital invested by investors 266,218,226.90 Other capital reserve 137,075,083.39 Including：Other changes in shareholders' equity except for net profit or loss of the investee 7,220.00 Gain or loss arising from changes in fair value of available-for-sale financial assets 23,173,797.88 Transferred from capital reserve under the previous system 113,894,065.51 _____________ Total 403,293,310.29 _____________

内容: SURPLUS RESERVES 2006 Opening balance Addition Closing balance Statutory surplus reserves RMB 96,520,799.28 21,328,208.25 ____________ 117,849,007.53 ____________ Statutory surplus reserves RMB 117,849,007.53 24,303,833.73 ____________ 142,152,841.26 ____________ Discretionary surplus reserves RMB Total RMB

内容: Opening balance Addition Closing balance

内容: Reserve fund can be used to offset accumulated losses. The reserve fund can be used to increase capital upon approval from relevant authorities.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 28. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued RETAINED EARNINGS 2007 RMB The Opening retained earnings (adjusted，refer to note VI. 1) Addition：Net profit for the year Less: Appropriation of statutory surplus reserve (Note1) others Profit available for shareholders’ distribution Less：Cash dividends declared after balance sheet date Retained earnings Including: Cash dividends declared after balance sheet date (Note2) Note 1: Appropriation for statutory surplus reserve In accordance with the Company’s Articles of Association, the Company is required to appropriate 10% of its profit after taxation to the statutory surplus reserve. The appropriation of statutory surplus reserve may cease to apply if the balance of the statutory surplus reserve has reached 50% of the Company’s registered capital Note 2: Cash dividend proposed after the balance sheet date The directors propose cash dividend of RMB 40 (before taxation) cents per share based on the issued shares of 551,610,107 at the end of 2007. 29. MINORITY INTEREST The minority interest of subsidiaries of the Group is as follows: 2007 RMB Shanghai Jin Jiang Automobile Service Co., Ltd. Shanghai JHJ Logistic Management Co., Ltd Shanghai Major New Jin Jiang Clothes Washing and Making Co., Ltd. Shanghai Jin Jiang International Refrigerated Logistic Co., Ltd Total 117,689,310.53 80,028,359.29 15,981,783.42 _______________ 213,699,453.24 _______________ 2006 RMB 111,019,122.37 75,044,244.83 361,176.93 16,451,957.16 _____________ 202,876,501.29 _____________ 2006 RMB

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 30. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued REVENUE 2007 RMB Operating sales Including：Freight Service Vehicle selling Hotel and rental service Refrigerated logistics and others Other operating Total 2006 RMB

内容: The sales turnover of top five customers are RMB105,364,778.77(2006:RMB 49,512,082.51) which take up 7%(2006: 4% ) of the whole. 31. COST OF SALES 2007 RMB

内容: Including: Freight Service Vehicle selling Hotel and rental service Refrigerated logistics and others Other operating

内容: Business tax Construction tax Affixation for education Total

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 33. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued FINANCE EXPENSES 2007 RMB Interest expenses Less: interest income Exchange losses Other 3,031,291.22 9,746,682.36 76,347.94 524,527.59 ____________ (6,114,515.61) ____________ 34. ASSETS IMPAIRMENT LOSSES 2007 RMB Bad debt losses Losses on decline in value of inventories Impairment losses on long-term equity investments Impairment losses on fixed assets Total 35. INVESTMENT INCOME

内容: 2007 RMB Long term investment income Including：Unappropriated profits declared by the investee accounted for under cost method 2,631,293.85 Gains/losses recognised under equity method 190,404,300.05 Gains/losses on disposal of long-term equity investments Gains/losses on available-for-sale financial assets 18,769, 344.27 Others 4,493,605.35 _____________ 216,298,543.52 _____________ There are no significant restrictions on remittance of the Company's gains on investment. 2006 RMB

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 36. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued NON-OPERATING INCOME 2007 RMB Penalty Income Gain on disposal of fixed assets Government grants (refer to Note IX 39) Others Total 37. NON-OPERATING EXPENSE Item Loss on disposal of fixed assets Others Total 38. INCOME TAX 2007 RMB

内容: Current tax expense Deferred tax expense

内容: Reconciliation of income tax expenses to the accounting profit is as follows: Accounting profit Income tax expenses calculated at 15% (2006: 15%) Effect of expenses that are not deductible for tax purposes Effect of investment in domestic equipment Effect of tax-free income Effect of unrecognised deductible losses and deductible temporary differences for tax purposes Effect of previous year unrecognised deductible losses and deductible temporary differences for tax purposes

内容: Changes in opening balances of deferred tax assets

内容: due to the adjustment in tax rate Return of income tax expense of previous year

内容: Effect of different tax rates of subsidiaries

内容: operating in other jurisdictions Income tax expense

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 39. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued GOVERNMENT GRANTS 2007 RMB Received government grants related to assets Tax return Financial allocation Total Received government grants related to income 40. EARNINGS PER SHARE For the purpose of calculating diluted earnings per share, net profit or loss for the current period attributable to ordinary shareholders is as follows: 2007 RMB Net profit for the current period attributable to ordinary shareholders 2006 RMB 2,747,865.44 3,879,390.79 ___________ 4,236,876.36 448,391.06 ___________ 2006 RMB

内容: For the purpose of calculating basic earnings per share, the denominator is the weighted average number of outstanding ordinary shares and its calculation process is as follows:

内容: Number of ordinary shares outstanding at the Beginning and closing of year

内容: Note: The Group has no dilute potential ordinary shares by 31 December 2007. 41. NET PROFIT AFTER DEDUCTING NON-RECURRING PROFIT OR LOSS 2007 RMB Net profit attributable to shareholders of the parent Add/Less: Non-recurring profit or loss Profit or loss on disposal of non-current assets Government grants Other non-operating income or expenses net of above items Tax effects of non-recurring profit or loss Extraordinary gain/loss effect of minority interest Net profit after deducting non-recurring profit or loss 312,593,159.85 2006 RMB 280,827,364.63

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 42. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued SUPPLEMENTARY INFORMATION TO THE CASH FLOW STATMENT 2007 RMB (1) Reconciliation of net profit to cash flow from operating activities: Net profit 382,046,095.04 ADD: Impairment losses on assets 195,343.23 Depreciation of fixed assets and investment properties 252,527,837.69 Amortization of intangible assets 1,331,421.44 Amortization of long term deferred expenses 106,069.87 Losses (gains) on disposal of fixed assets, intangible assets and other long term assets (14,237,856.26) Loss on disposal of fixed assets 572,930.95 Financial expenses 3,031,291.22 Losses (gains) arising from investments (216,298,543.52) Decrease in deferred tax assets (less increase) 2,881,849.56 Decrease in inventories (5,270,795.57) Decrease (increase) in receivables under operating activities (53,754,480.30) Increase (decrease) in payables under operating activities (8,809,665.79) _____________ Net cash flow from operating activities (2) Net increase (decrease) in cash and cash equivalents: Cash at the end of the year Less: Cash at the beginning of the year Net increase (decrease) in cash and cash equivalents 43. DISPOSAL OF SUBSIDINARY The following subsidiaries were sold by the Group during the year and therefore they were not included in the consolidated balance sheet as at 31 December 2007, while the subsidiaries' operating results and cash flows before the date of disposal were reflected in the consolidated income statement and the consolidated cash flow statement of 2007 respectively. The financial positions of these subsidiaries at the date of disposal and on 31 December 2006 as well as their operating results for the period from 1 January 2007 to the date of disposal are as follows:

内容: Shanghai Major New Jin Jiang Clothes Washing and Making Co., Ltd. Current assets 882,928.51 Non-current assets 1,463,534.02 Current liabilities (2,214,438.92) __________

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 43. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued DISPOSAL OF SUBSIDINARY -continued Period from 1/1/2007 to the date of disposal RMB Shanghai Major New Jin Jiang Clothes Washing and Making Co., Ltd. Operating income Operating costs and expenses Total profits Net profit Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Net increase in cash and cash equivalents 5,250,225.29 (6,210,568.41) (960,343.12) (1,312,684.12) ___________ (916,687.23) 482,968.00 ___________ (433,719.23) ___________

内容: Information related to cash flows from disposal of subsidiaries during the year Amount RMB Disposal price of subsidiaries Cash and cash equivalents received from disposal of subsidiaries Less: cash and cash equivalents held by the subsidiaries Net cash received from disposal of subsidiaries 44. SEGMENT REPORT Since the Group's risks and returns are affected predominantly by differences in the products and services it produces, the Group shall take business segment as its primary reporting format and take business segment as its secondary reporting format. 99,017.71 99,017.71 75,550.67 ___________ 23,467.04 ___________

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 44. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued SEGMENT REPORT- continued (1) Primary reporting format－business segment

内容: Freight Service 2007 2006 RMB RMB Automobile selling 2007 2006 RMB RMB Hotel and rental service 2007 2006 RMB RMB Refrigerated logistics and others 2007 2006 RMB RMB Undistributed Item 2007 2006 RMB RMB Deduction 2007 2006 RMB RMB Total 2007 RMB 2006 RMB

内容: Supplementary information:Depreciation and amortisation 240,990,851.68 233,731,666.90 Impairment losses recognised in the current period (20,292.50) (81,370.51) Capital expenditure Including: Expenditure arising from construction in progress Expenditure arising from purchase of fixed assets Expenditure arising from purchase of intangible assets Non-cash expenses other than depreciation and amortisation 1,200,000.00 0.00 37,578,063.34 47,566,098.23 187,452,955.33 332,220,030.62

内容: The segment accounting policies are consistent with those of the consolidated financial statements. Inter-segment transfers shall be measured on the basis of actual transaction price for such transfers. on the basis of actual revenue and expense of the segment respectively. Segment revenue and segment expense shall be determined

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. IX. 44. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued SEGMENT REPORT - continued (2) Secondary reporting format the geographical segment is the secondary segment: 95% of the Company, subsidiaries and joint venture operations and identifiable assets are located in the Shanghai. It is not necessary to provide segment information by geography. X. 1. NOTES TO COMPANY’S FINANCIAL STATEMENTS OTHER RECEIVABLES The aging analysis of other receivables is as follows:

内容: Other receivable are analysed by item as follows:

内容: Item Amount RMB Receivables that are individually significant 59,514,684.68 Receivables not individually significant but with high risk in groups Others _____________ Total 59,514,684.68 _____________ 31 December 2007 % of total Provision for bad debts balance RMB Booing Value RMB Amount RMB 31 December 2006 % of total Provision for balance bad debts RMB Booing Value RMB

内容: Balance of the top five debtors is as follows： Total amount of the top five debtors RMB 18,184,500.00 35,000,000.00 Aging Proportion in the Group's accounts receivables % within 1 year 1 to 2 years 30.55 58.81

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. X. 2. NOTES TO COMPANY’S FINANCIAL STATEMENTS - continued AVAILABLE-FOR-SALE FINANCIAL ASSETS Item

内容: LONGTERM INVESTMENT (1) Details of long-term equity investments are as follows：

内容: impairment Net amount of long-term equity investments

内容: Note：Transfer the limit sale tradeable share of Bank of Communications Co., Ltd to available-for-sale financial assets.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. X. 3. NOTES TO COMPANY’S FINANCIAL STATEMENTS - continued LONGTERM INVESTMENT - continued (1) Details of long-term equity investments are as follows: - continued Changes in the provision for impairment for long-term equity investments: Investee Opening Balance RMB 746,253.00 2,500,000.00 650,000.00 555,000.00 ____________ 4,451,253.00 ____________ Closing Balance RMB 746,253.00 2,500,000.00 650,000.00 555,000.00 _____________ 4,451,253.00 _____________

内容: Shanghai Global Paper Production Co., Ltd. Guotai Junan Investment Management Co., Ltd Shanghai Guojia Industry Co., Ltd. Shandong Guotai Co., Ltd.

内容: (2) For long-term equity investments held by the Group on 31 December 2007, the investee’s ability to

内容: Fixed assets under construction At the beginning of the year RMB ______________ Completed transferred to fixed assets RMB At the end of year RMB Source of cash

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. X. 6. NOTES TO COMPANY’S FINANCIAL STATEMENTS - continued DEFFERED TAX ASSETS

内容: Provision for assets impairment Others Total

内容: OTHER NON-CURRENT ASSETS 2007 RMB Prepayment for investment 2006 RMB

内容: Prepayment to Guotai Junan Securities Co., Ltd. for investment. 8. EMPLOYEE BENEFITS PAYABLE

内容: Wages or salaries, bonus allowances, subsidies 738,829.25 Employee benefit cost 239,149.73 Social security contributions 4,568.80 Including: Premiums or contributions on medical insurance 95.20 Basic pension's annuity contribution 4,429.90 Unemployment insurance 43.70 Work injury insurance Maternity insurance Housing funds 4,459.00 Union running costs and employee education costs 136,861.67 Compensation to employees for termination of employment relationship 3,387,392.87 ____________ Total 4,511,261.32 ____________

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. X. 9. NOTES TO COMPANY’S FINANCIAL STATEMENTS - continued CAPITAL RESERVES

内容: Share premium Including: Capital invested by investors Other capital reserve Including：Other changes in shareholders' equity except for net profit or loss of the investee Gain or loss arising from changes in fair value of available-for-sale financial assets Transferred from capital reserve under the previous system Total 2007: Item

内容: Share premium 266,218,226.90 Including: Capital invested by investors 266,218,226.90 Other capital reserve 132,656,651.20 Including：Other changes in shareholders' equity except for net profit or loss of the investee Gain or loss arising from changes in fair value of available-for-sale financial assets 18,809,215.19 Transferred from capital reserve under the previous system 113,847,436.01 _____________ Total 398,874,878.10 _____________

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. X. 10. NOTES TO COMPANY’S FINANCIAL STATEMENTS - continued RETAINED EARNINGS - continued Note 1: Appropriation for statutory surplus reserve In accordance with the Company’s Articles of Association, the Company is required to appropriate 10% of its profit after taxation to the statutory surplus reserve. The appropriation of statutory surplus reserve may cease to apply if the balance of the statutory surplus reserve has reached 50% of the Company’s registered capital Note 2: Cash dividend proposed after the balance sheet date The directors propose cash dividend of RMB40 cents (before taxation) per share based on the issued shares of 551,610,107 at the end of 2007. 11. REVENUE 2007 RMB Hotel and rental service 2006 RMB

内容: The sales turnover of top five customers are RMB1,968,740.00 (2006:RMB 2,399,274.80) which take up 10%(2006:10% ) of the whole. 12. COST OF SALES 2007 RMB Hotel and rental service 13. INVESTMENT INCOME 2007 RMB Long term investment income Including：Unappropriated profits declared by the investee

内容: accounted for under cost method Gains/losses recognised under equity method Gains/losses on disposal of long-term equity investments Gains/losses on available-for-sale financial assets Others

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. X. 14. NOTES TO COMPANY’S FINANCIAL STATEMENTS - continued SUPPLEMENTARY INFORMATION TO THE CASH FLOW STATEMENT 2007 RMB (1) Reconciliation of net profit to cash flow from operating activities: 243,038,337.34 Net profit 886.62 Add: Impairment losses on assets Depreciation of fixed assets 3,231,794.56 Amortization of intangible assets 36,744.00 Decrease in amortization (less increase) Losses (gains) on disposal of fixed assets, intangible assets and other long term assets 4,251.07 Losses (gains) arising from investments (250,877,939.68) Decrease in deferred tax assets (less increase) (1,195,712.29) Decrease in inventories 75,341.30 Decrease (increase) in receivables 4,744,662.41 under operating activities Increase (decrease) in payables under operating activities 2,326,017.04 _____________ Net cash flow from operating activities

内容: (2) Net increase (decrease) in cash and cash equivalents: 1,384,382.37 _____________

内容: Cash at the end of the year Cash at the closing of the year Less: Cash at the beginning of the year Net increase (decrease) in cash and cash equivalents

内容: RELATED PARTY RELATIONSHIPS AND TRANSACTIONS (1) Related parties where a control relationship exists:

内容: (2) Detail of subsidiaries please refers to Note 8. (3) The following are related parties where a control relationship dose not exists:

内容: Name Shanghai Jin Jiang Hotel Co., Ltd. Shanghai Jin Jiang Travel Co., Ltd. Shanghai Jin Jiang International Hotel and Goods Co., Ltd. Shanghai Travel Co., Ltd. Shanghai China International Travel Services Co., Ltd. Shanghai Food (Group) Co., Ltd. Shanghai Huating Overseas Tourist Co., Ltd. Shanghai Jing Jiang International Travel Co., Ltd Relationship with the Company Fellow subsidiary Fellow subsidiary Fellow subsidiary Fellow subsidiary Fellow subsidiary Fellow subsidiary Fellow subsidiary Fellow subsidiary

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. XI. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued (3) The following are related parties where a control relationship dose not exists: - continued

内容: Name Shanghai Jin Jiang Inn Investment and Management Co., Ltd. Relationship with the Company

内容: The companies listed above are collectively regarded as Jin Jiang Group Companies.

内容: Name Shanghai Jin Jiang Automobile Sales Co., Ltd. Shanghai Yaohua Taxi Co., Ltd. Shanghai Jin Jiang Traffic service Co., Ltd. Shanghai Petrol Group Changle Road Gas Station Co., Ltd. Shanghai Wanguo Automobile Driver Training Center Shanghai Jinmao Jin Jiang Automobile Service Co., Ltd. Shanghai Jin-Jiang Jiayou Automobile Service Co., Ltd. Shanghai Jin Jiang sheshan automobile Services Co., Ltd. Shanghai Yongda Fengdu Automobile Distribution and Service Co., Ltd. Shanghai Wanguo Vehicle Repair Factory Shanghai Pudong International Airport Transport Terminal Co., Ltd. Relationship with the Company Associate of subsidiary Associate of subsidiary Associate of subsidiary Associate of subsidiary Associate of subsidiary Associate of subsidiary Associate of subsidiary Associate of subsidiary Associate of subsidiary Associate of subsidiary Associate of subsidiary

内容: (4) Significant transactions occurred between the Company and the above related parties in current year are as follows: (a) Pricing principle The Group set price according to the agreement on integrated services, products purchase and sales contracts signed by related parties. (b) Sales and purchases

内容: Sales and purchases between the Group and its related parties are as follows:

内容: Freight Service 10,177,866.90 Hotel and rental service 1,062,517.83 Refrigerated logistics 111,600.00 Freight Service Freight Service Freight Service Freight Service Freight Service

内容: Shanghai Jin Jiang Automobile Sales Co., Ltd. Shanghai Jin Jiang traffic service Co., Ltd. Shanghai Jinmao Jin Jiang Automobile Service Co., Ltd. Shanghai Jin-Jiang Jiayou Automobile Service Co., Ltd. Shanghai Jin Jiang sheshan automobile Services Co., Ltd.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. XI. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued (4) Significant transactions occurred between the Company and the above related parties in current year are as follows: - continued (b) Sales and purchases - continued

内容: Company names Jin Jiang Group Companies Shanghai Petrol Group Changle Road Gas Station Co., Ltd. nature Purchase goods Purchase software Purchase goods 2007 2006

内容: Jin Jiang Group Companies FA Acquisition 190,920.00 Shanghai Jin Jiang Automobile Sales Co., Ltd. FA Acquisition 66,243,333.33 Jin Jiang Group Companies Operational licenses of taxi Acquisition 1,200,000.00 Shanghai Jin Jiang Automobile Sales Co., Ltd. FA Disposal Shanghai Yongda Secondhand Automobile Services Co., Ltd. FA Disposal -

内容: (d) Financing The detail of the Company’s financing activity is as below:

内容: Expenses Jin Jiang Group Jin Jiang Group Companies Rental Management expense 3,000,000.00 455,748.64 ___________ 3,455,748.64 ___________

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. XI. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued (4) Significant transactions occurred between the Company and the above related parties in current year are as follows: - continued (e)Other transactions - continued The management expenses paid to Jin Jiang Group Companies is 2% of Hotel service income plus 3% of Hotel service profit, as rewarding the service provide, including general administration, marketing, purchase etc.

内容: Company names Income Shanghai Jin Jiang Automobile Sales Co., Ltd.Rental Shanghai Petrol Group Changle Road Gas Station Co., Ltd. Rental Shanghai Wanguo Automobile Driver Training Center Rental Shanghai Jin Jiang sheshan automobile Services Co., Ltd. Rental Shanghai Jin Jiang traffic service Co., Ltd. Interest income Shanghai Yongda Fengdu Automobile Interest income Shanghai Jin Jiang Automobile Sales Co., Ltd. Interest income Shanghai Jinmao Jin Jiang Automobile Service Co., Ltd. Interest income Shanghai Yaohua Taxi Co., Ltd. Interest income 1,598,652.00 200,000.00 2,500,000.00 55,008.00 112,576.59 137,001.50 64,535.79 ___________ 4,667,773.88 ___________ 200,000.00 36,672.00 131,867.56 51,555.00 163,836.00 ___________ 583,930.56 ___________ nature 2007 2006

内容: Company names Account receivable nature Jin Jiang Group Companies Shanghai Jinmao Jin Jiang Automobile Service Co., Ltd. 2007 2006

内容: 2,795,943.54 34,857.09 _____________ 2,830,800.63 _____________ Other receivable Shanghai Jin Jiang Automobile Sales Co., Ltd. 2,000,000.00 Shanghai Yongda Fengdu Automobile 820,000.00 Shanghai Jin Jiang Traffic service Co., Ltd. 313,920.98 Shanghai Yaohua Taxi Co., Ltd. 1,148,888.00 Shanghai Jinmao Jin Jiang Automobile Service Co., Ltd. Shanghai Nissan Maintenance Center _____________ 4,282,808.98 _____________ Prepayment Jin Jiang Group Companies Shanghai Yongda Fengdu Automobile Co., Ltd. Shanghai Jin Jiang Automobile Sales Co., Ltd. 51,400.00 47,000.00 21,882,068.63 _____________ 21,980,468.63 _____________

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. XI. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued (4) Significant transactions occurred between the Company and the above related parties in current year are as follows: - continued (f)Debit - continued

内容: Other current assets Other non-current assets Shanghai Pudong International Airport Shanghai Pudong International Airport 4,230,666.67 16,922,667.24 _____________ 21,153,333.91 _____________ Accounts payable Jin Jiang Group Companies Shanghai Yongda Fengdu Automobile 94,132.25 7,748,327.01 _____________ 7,842,459.26 _____________ Other payable Jin Jiang Group Jin Jiang Group Companies 40,119,515.20 Shanghai Jin Jiang Automobile Sales Co., Ltd. Shanghai Wanguo Vehicle Repair Factory _____________ 525,131.21 40,644,646.41 _____________ Advanced from suppliers Jin Jiang Group Companies 161,000.00 _____________

内容: (g) Key management’s remuneration 2007 RMB’000 Key management’s remuneration 2,660 _______ 2006 RMB’000 2,520 _______

内容: (5) The material transactions between the Company and its related parties are as follow: (a) Pricing principle The same as XI (4) (a)。 (b) Sales and purchases

内容: Sales and purchases between the Company and its related parties are as follows:

内容: Company names Sales Jin Jiang Group Companies nature 2007 2006

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. XI. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS - continued (5) The material transactions between the Company and its related parties are as follow: continued (c)Other transactions

内容: Company names Expense Jin Jiang Group Companies nature 2007 2006

内容: Other Receivable Shanghai JHJ Logistic Management Co., Ltd. 6,343,415.20 Shanghai Jin Jiang International Refrigerated Logistic Co., Ltd. 35,000,000.00 Shanghai Wusong Logistics Refrigerated Logistics Co., Ltd. 18,184,500.00 _____________ 59,527,915.20 _____________ Prepayment Accounts Payable Other Payable Jin Jiang Group Companies Jin Jiang Group Companies Jin Jiang Group Companies 51,400.00 _____________ 43,102.35 _____________ 248,385.27 _____________

内容: FINANCIAL INSTRUMENTS AND RISK MANAGEMENT The Group's major financial instruments include equity investments, available-for-sale financial investment, accounts receivable, accounts payable and each financial instrument is detailed in Note IX. Risks related to the financial instruments and the Group's risk management policies to mitigate such risks are as follows. The Group's management shall manage and monitor these risk exposures to ensure risks are under control within certain limits. 1. Risk management objectives and policies The Group's risk management objectives are to achieve proper balance between risks and yield, minimize the adverse impacts of risks on the Group's operation performance, and maximize the benefits of the shareholders and other equity investors. Based on these risk management objectives, the Group's basic risk management strategy is to identify and analyse the industry's exposure to various risks, establish appropriate bottom line for risk tolerance and implement risk management, and monitor various risks in a timely and reliable manner to ensure risks are under control within certain limits.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. XII. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT 1. Risk management objectives and policies - continued 1.1 Market risk 1.1.1. Currency risk Currency risk is the risk that losses will occur because of changes in foreign exchange rates. The Group's other principal activities are denominated and settled in RMB. Currency risk arising from the foreign currency balance of assets and liabilities has no impact on the Group's performance. 1.1.2. Other price risk Investments classified as available-for-sale financial assets which are held by the Group, are measured at fair value at the balance sheet date. Therefore, the Group is exposed to risks of changes in securities market. 1.2. Credit risk As at 31 December 2007, the Group’s maximum exposure to credit risk which will cause a financial loss to the Group due to failure to discharge an obligation by the counterparties and financial guarantees provided by the Group is arising from: ? The carrying amount of the recognised financial assets in the consolidated balance sheet. For financial instruments measured at fair value, the carrying amount reflects the exposure to risks (but not the maximum exposure to risks); the maximum exposure to risks may change depending on future changes in the fair value.

内容: In order to minimise the credit risk, the Group controls credit limits, credit approvals and conducts other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. In addition, the Group reviews the recoverable amount of each individual trade debt at each balance sheet date to ensure that adequate impairment losses are made for irrecoverable amounts. In this regard, the management of the Group consider that the Group’s credit risk is significantly reduced The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. The Group has adopted necessary policies to ensure all the customers with which it conducts sales transactions are with good credit records. The Group does not have any other significant concentration of credit risk. 1.3. Liquidity risk In the management of the liquidity risk, the Group monitors and maintains a level of cash and cash equivalents deemed adequate by the management to finance the Group’s operations and mitigate the effects of fluctuations in cash flows.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. XII. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - continued 2. Fair value The fair values of the financial assets and financial liabilities are determined as follows: ? The fair value of financial assets and financial liabilities with standard terms and conditions and traded on active markets are determined with reference to quoted market bid prices and ask prices respectively; The fair value of other financial assets and financial liabilities (excluding derivative instruments) are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices or rates from observable current market transactions.

内容: The company’s management believes the book value of the financial assets measured by fair value in the financial statement is closed to the fair value. 3. Sensitivity analysis The Group adopts the sensitivity analysis techniques to analyse the effects of reasonably possible changes in risk variables on the profit or loss for the period or on owners' equity. The reasonable changes of interest rate and exchange rate have little effect on the profit and equity in the period. Effects on equity of shareholders of the price fluctuation of stock market are as follows: Item Price ffluctuation of the stock market Effects RMB’000 16,330 (16,330)

内容: CONTINGENCIES The Group’s subsidiary Shanghai Jin Jiang Automobile Sales Co., Ltd. provided guarantee for Shanghai Yongda Fengdu Automobile Distribution and Service Co., Ltd.13.6M short-term loan. The Group’s subsidiaryy Shanghai Jin Jiang Shanglu Automobile Service Co., Ltd provided guarantee for Shanghai South Station Long Distance Passenger Transport Co., Ltd.12.5M short-term loan.

内容: SHANGHAI JIN JIANG INTERNATIONAL INVESTMENT INDUSTRY CO., LTD. XIV. COMMITMENTS (1)Operating lease commitments As of the balance sheet date, the Group has the following commitments in respect of non-cancellable operating leases: 2007 RMB’000 Minimum lease payments under non-cancellable operating leases: st 1 year subsequent to the balance sheet date 2nd year subsequent to the balance sheet date 3rd year subsequent to the balance sheet date Subsequent periods Total 2006 RMB’000

内容: NON-ADJUSTING EVENTS AFTER THE BALANCE SHEET DATE As of the balance sheet date, the Group has no non-adjusting events to disclosure.

内容: XVI. OTHER SIGNIFICANT EVENTS As of the balance sheet date, the Group has no other material events to disclosure.

内容: XVII. APPROVAL OF FINANCIAL STATEMENTS The Company's financial statements and the consolidated financial statements were approved by the board of directors and authorised for issue on 18 March 2008.

内容: FOR THE YEAR ENDED 31 DECEMBER 2007 SUPPLEMENTARY INFORMATION PROVIDED BY THE COMPANY’S MANAGEMENT 1. Comparison statement of the financial statements prepared under the previous system and the new CASs

内容: Disclosed in report for year ended 31 December 2007 RMB 2,003,231,178.28 Disclosed in report for year ended 31 December 2006 RMB 2,003,231,178.28 Difference

内容: Item Shareholder’s equity as at 31 December 2006 (Previous system) Difference in long-term investment

内容: Income tax Minority investment Shareholder’s equity as at 1 January (new CASs)

内容: According to the Ministry of Finance explained Enterprise Accounting Standards No. 1, recalculated According to the Ministry of Finance explained Enterprise Accounting Standards No. 1, the Group classed the limited sale tradeable shares holding in the share reform process as available-for-sale financial assets. The management revalued deferred tax assets Change of the scope of consolidation

内容: 2. Return on net assets and earnings per share (“EPS”) after full dilution and weighted average calculation The calculation of return on net assets and EPS has been prepared by Shanghai Jin Jiang International Industrial Investment Co., Ltd in accordance with Information Disclosure and Presentation Rules for Companies Making Public Offering No. 9 – Calculation and Disclosure of Return on Net Assets and Earnings per Share (Revised 2007) issued by China Securities Regulatory Commission.

内容: Profit for the reporting period Calculated based on net profit attributable to ordinary equity holders 17.50% 18.80% 0.567 N/A Calculated based on net profit attributable to ordinary equity holders after extraordinary gains and losses 15.60% 16.77% 0.505 N/A

内容: Fully diluted Weighted average Basic Diluted

内容: 3. The further effect on the restated net profited attributable to the company by full implementation of the new CASs: 1) No amortisation of intangible assets, increasing net profit 676,000 2) No reverse of provision for impairment of long-term investment decreasing 13,548,000.

内容: The supplementary information provided by the management was signed by the following personnel of Shanghai Jin Jiang International Industrial Investment Co., Ltd