China Jushi FY2003: Subsidiaries and invested companies

At year-end the listed company held 56.51% of Jushi Group, whose other registered owners were Zhenshi at 15.10% and SUREST FINANCE LIMITED at 28.39%. Jushi held 99% of Jushi Jiujiang and 75% of its Jiaxing glass-fiber composites subsidiary; these are indirect interests at a different ownership level. The consolidation table, parent's investment table and related-party table identify BNBM Technology as 95% held and Beijing Jinbang as 80% held. One earlier subsidiary table instead prints the two percentages against the opposite rows; that inconsistency is retained, rather than silently treating it as a verified change of control. The report explains that BNBM Technology was acquired at the end of 2002, bringing additional businesses into 2003 earnings. Jiujiang's 2003 income was consolidated through Jushi Group for January-December, whereas the comparison did not consolidate Jiujiang's income. Several businesses disposed of or exchanged in 2002 also disappear from the 2003 income perimeter. Qibai Ceramics, a 60%-held BNBM Technology subsidiary, entered income consolidation for July-December 2003 after the capital contribution was completed on 1 July. It had CNY 6.39938806 million of closing assets and a CNY 0.35252596 million loss for those six months. These perimeter changes affect the growth comparison: the filing does not provide an entirely constant-business growth series, and subsidiary results already included in consolidation must not be added again.

Reported consolidated total assets / 2003 / qibai ceramics reported assets

RMB 6,399,388.06

Reported net profit / 2003 / qibai ceramics reported profit july december

RMB -352,525.96

The parent's main-business revenue fell to CNY 7.304118 million from CNY 129.39211534 million in its 2002 comparison. Its note attributes the reduction to the 2002 removal of former manufacturing branches, rather than treating the parent as the whole group's factory business. The parent made CNY 3.69960426 million of operating profit but CNY 67.41223277 million of investment income, supporting CNY 69.91959173 million of net profit after the stated non-operating items and CNY 0.57280387 million of tax. The equity-investment movement includes CNY 61.55987303 million of current Jushi equity adjustment, distinct from a cash dividend received. The parent's net long-term equity investments were CNY 374.45818110 million after the equity-investment differences and CNY 5.69169460 million of impairment shown separately. Beijing Jinbang's CNY 0.86592279 million result was attributed in full to the parent under the disclosed agreement and June 2003 decisions, although its capital holding was 80%; ownership percentage alone therefore does not describe every earnings-allocation term. Parent earnings, investee profits and group shareholder profit are separate scopes.

Operating profit / 2003 / parent only operating profit

RMB 3,699,604.26

Consolidated investment income or loss / 2003 / parent only investment income

RMB 67,412,232.77

Reported net profit / 2003 / parent only net profit

RMB 69,919,591.73

Equity method result / 2003 / parent only jushi profit adjustment

RMB 61,559,873.03

Long term investments net / 2003 / parent only long term equity investments

RMB 374,458,181.1

The business discussion reports Jushi Group, the glass-fiber R&D/manufacturing/sales subsidiary, with CNY 1,328.884 million of assets and CNY 106.515 million of net profit. Beijing Jinbang operated the Lvxin Jiayuan building-materials market within the commercial-property business, with CNY 39.24 million of assets and CNY 0.866 million of profit. BNBM Technology combined new-materials research, production and sales with distribution and industrial investment; it had CNY 121.06 million of assets and CNY 2.712 million of profit. The 20%-held BNBM Logistics investment served home-product distribution, chain operations, logistics, commercial property and trade, reporting CNY 700.12 million of assets and CNY 20.245 million of profit. These are the respective investees' reported results, not all profits attributable to listed shareholders. The subsidiary and minority-investment scopes, consolidation changes and contractual earnings allocation discussed separately prevent adding these figures to group profit or treating every business as a wholly owned factory.

Reported consolidated total assets / 2003 / jushi group reported assets

RMB 1,328,884,000

Reported net profit / 2003 / jushi group reported profit

RMB 106,515,000

Reported consolidated total assets / 2003 / beijing jinbang reported assets

RMB 39,240,000

Reported net profit / 2003 / beijing jinbang reported profit

RMB 866,000

Reported consolidated total assets / 2003 / bnbm technology reported assets

RMB 121,060,000

Reported net profit / 2003 / bnbm technology reported profit

RMB 2,712,000

Reported consolidated total assets / 2003 / bnbm logistics reported assets

RMB 700,120,000

Reported net profit / 2003 / bnbm logistics reported profit

RMB 20,245,000