华润创业 2011年年报分析英文版

合集下载

2011年阅读真题解析（MBA英语）

2011年阅读真题解析（MBA英语）2011年阅读真题讲解Passage One生词释义1. Goldman Sachs' board: 高盛公司的董事会2. outside director: 外部董事3. to manage: （成功地）设法做到与fail to do 正好相反# manage to do sth: 设法做到sth# manage sth: 设法（做到）sth* How do you manage to stay so slim? 你是如何做到保持这么苗条的？* We somehow managed to persuade him。

我们设法说动了他。

* Tom managed two goals in the last ten minutes. Tom在最后十分钟之内设法进了两个球。

* I don't know how I'll manage it, but I'll be there. 我不知道如何应对，但是我会到达那里的。

* to manage two roles: 设法应对好两个角色4.criticism: （名词）批评to criticize: (动词）5.be under fire for sth : 因为sth受到谴责= be criticized for6.to sit on/in: 在（机构中）担任成员* He was the first journalist to sit in parliament. 他是第一个在国会中任职的记者。

* to sit on the committee: 在委员会中任职/doc/ab7674201.html,pensation: (名词）1) 补偿2）（文中含义）薪酬/doc/ab7674201.html,mittee: 委员会9.bonus: 奖金10.payout: 付出的巨款11.to remark: 说，评论*'This house must be very old,' he remarked.# remark that*Anderson left the table, remarking that he had some work to do.安德森离开桌子，说他有些事情要做。

【每日一记】ChinaVenture年终策划：2011资本大事件)

【每日一记】ChinaVenture年终策划：2011资本大事件来源：王磊的日志导语：生活离不开资本，每个人每一天都在和资本打交道。

资本事件每天都在发生，而视角各有不同。

上市、融资、并购仍然是资本事件的主角，而幕后的组织者自然是一个个的人。

2011年对于投资机构、中介机构和被投企业来说都是值得反思的一年。

中概股遭狙击，VIE风波马云走下神坛，退出渠道收缩，团购行业烧钱遇寒冬，光伏产业悲催收场。

过去的2011年必将是一个值得反思的转折年。

上市还需要考核家庭是否和睦，这在过去是闻所未闻，而在2011年，土豆网王微、真功夫等一个个血的教训，告诉我们，上市之前先处理好家务事，这也让投资人反省到，除了看企业团队、发展前景之外，还加了一条考核CEO婚姻和睦与否。

在资本事件中，投钱和被投钱者之间总是存在矛盾的，李国庆和投行大摩女之战，淋漓尽致的暴露了企业、投资机构和投行之间的利益矛盾。

而张兰炮轰鼎晖也揭示了企业对投资者的不满。

那么，2011年企业、投资者、投行、各行业、每一个与资本相关的人，都收获了什么?失去了什么?ChinaVenture总结了2011年十大资本事件，和读者一起分享，过去一年的点点滴滴。

张兰炮轰鼎晖称引入资本无意义关键字：炮轰分歧事件：今年8月26日，俏江南张兰发布微博称，“引进鼎晖是俏江南最大的失误，毫无意义，民营企业家交学费呗。

”“他们也没给我们带来什么，那么少的钱稀释了那么大股份。

”张兰还称，他早想清退这笔投资，但对方要求翻倍回报，双方没有谈拢。

据报道，2008年9月金融危机爆发后，张兰为了缓解现金压力并计划抄底购入一些物业，决定引入外部投资者。

公开资料显示，2008年，俏江南在多家PE的竞争中选择鼎晖创投，后者注入约两亿元人民币的资金，占有前者10.526%的股份。

张兰回忆说，没想到的是，金融危机最严重的低谷在3个月后就过去了，当中国经济开始显露复苏迹象时，这笔钱还没有完全到账。

张称鼎晖对其支持也很有限，“连财务报表都不要看”。

华润信托2011年报

代表国家履行出资人职责，依法对企业国有资产进行监管
注：★表示实际控制人。
公司第一大股东华润股份有限公司的主要股东为中国华润总公司，持股比例为 99. 996053%，注册资本 116.93 亿元，注册地址为北京市东城区建国门北大街 8 号华润大厦 2701-2705，法人代表为宋林，业务范围为经国家批准的二类计划商品、三类计划商品、其他三类商品及橡胶制品的出口，经国家批准的一类、二类、三类商品的进口等。
男 57 2010 年 5 月
3 年深圳市创新投资集团有限公司董事长、党委书
记
履历
曾任中国电子工业总公司系统工程局综合处处长、计划处处长；中国电子工业深圳总公司总经理助理；深圳市赛格集团有限公司副总经理、党委副书记、纪委书记；深圳市赛格集团有限公司常务副总经理兼深圳市赛格股份有限公司副董事长、总经理、党委书记；全球策略投资基金驻中国特别代表。现任深圳市创新投资集团有限公司董事长、党委书记。
首席代表；澳大利亚和新西兰银行总行企业金融财务部经理；摩根大通银行信托部香
港业务主管及亚太地区市场开发业务主管；汇丰银行信托服务部全球业务总经理。现任
珠海华润银行股份有限公司行长。
董事
男 56 2010 年 5 月 3 年深圳市人民政府国有资产 49%
监督管理委员会
曾任江西财经大学财政税务系副主任、校学术委员会委员、硕士研究生导师；深圳市投
对金融、保险、能源、交通、电力、通讯、仓储运输、食品饮料生产企业的投资；对商业零售企业（含连锁超市）、民用建筑工程施工的投资与管
4 / 42
深圳市人民政府国有资产监督管理委员会
49 张
%
晓
莉
深圳市福田区深南大道 4009 号投资大厦 17 楼

2011年英语二阅读第四篇

2011年英语二阅读第四篇2011年英语二阅读第四篇内容如下：Will the European Union make it? The question would have sounded strange not long ago. Now even the project's greatest cheerleaders talk of a continent facing a "Bermuda triangle" of debt, population decline and lower growth.As well as those chronic problems, the EU face an acute crisis in its economic core, the 16 countries that use the single currency. Markets have lost faith that the euro zone's economies, weaker or stronger, will one day converge thanks to the discipline of sharing a single currency, which denies uncompetitive members the quick fix of devaluation.Yet the debate about how to save Europe's single currency from disintegration is stuck. It is stuck because the euro zone's dominant powers, France and Germany, agree on the need for greater harmonization within the euro zone, but disagree about what to harmonies.Germany thinks the euro must be saved by stricter rules on borrow spending and competitiveness, backed by quasi- automatic sanctions for governments that do not obey. These might include threats to freeze EU funds for poorer regions and EU mega-projects and even the suspension of a country's voting rights in EU ministerial councils. It insists that economic co-ordination should involve all 27 members of the EU club,among whom there is a small majority for free-market liberalism and economic rigour; in the inner core alone, Germany fears, a small majority favour French interference.A "southern" camp headed by French wants something different: "European economic government" within an inner core of euro-zone members. Translated, that means politicians intervening in monetary policy and a system of redistribution from richer to poorer members, via cheaper borrowing for governments through common Eurobonds or complete fiscal transfers. Finally, figures close to the France government have murmured, euro-zone members should agree to some fiscal and social harmonization: e.g., curbing competition in corporate-tax rates or labour costs.It is too soon to write off the EU. It remains the world's largest trading block. At its best, the European project is remarkably liberal: built around a single market of 27 rich and poor countries, its internal borders are far more open to goods, capital and labour than any comparable trading area. It is an ambitious attempt to blunt the sharpest edges of globalization, and make capitalism benign.36. The EU is faced with so many problems that ______.[A] it has more or less lost faith in markets[B] even its supporters begin to feel concerned[C] some of its member countries plan to abandon euro[D] it intends to deny the possibility of devaluation37. The debate over the EU’s single currency is stuck because the dominant powers ______.[A] are competing for the leading position[B] are busy handing their own crises[C] fail to reach an agreement on harmonisation[D]disagree on the steps towards disintegration38. To solve the euro problem, Germany proposed that ______.[A] EU funds for poor regions be increased[B] stricter regulations be imposed[C] only core members be involved in economic coordination[D] voting rights of the EU members be guaranteed39. The French proposal of handling the crisis implies that ______.[A] poor countries are more likely to get funds[B] strict monetary policy will be applied to poor countries[C] loans will be readily available to rich countries[D] rich countries will basically control Eurobonds40. Regarding the future of the EU, the author seems to feel ______.[A] pessimistic [B] desperate [C] conceited [D] hopeful。

完整英文版资产负债表、损益表和现金流量表

完整英文版资产负债表、利润表及现金流量表来源：冯硕的日志资产负债表Balance Sheet项目ITEM货币资金Cash短期投资Short term investments应收票据Notes receivable应收股利Dividend receivable应收利息Interest receivable应收帐款Accounts receivable其他应收款Other receivables预付帐款Accounts prepaid期货保证金Future guarantee应收补贴款Allowance receivable应收出口退税Export drawback receivable存货Inventories其中：原材料Including:Raw materials产成品(库存商品) Finished goods待摊费用Prepaid and deferred expenses待处理流动资产净损失Unsettled G/L on current assets一年内到期的长期债权投资Long-term debenture investment falling due in a yaear 其他流动资产Other current assets流动资产合计Total current assets长期投资：Long-term investment：其中:长期股权投资Including long term equity investment长期债权投资Long term securities investment*合并价差Incorporating price difference长期投资合计Total long-term investment固定资产原价Fixed assets-cost减：累计折旧Less:Accumulated Dpreciation固定资产净值Fixed assets-net value减：固定资产减值准备Less:Impairment of fixed assets固定资产净额Net value of fixed assets固定资产清理Disposal of fixed assets工程物资Project material在建工程Construction in Progress待处理固定资产净损失Unsettled G/L on fixed assets固定资产合计Total tangible assets无形资产Intangible assets其中:土地使用权Including and use rights递延资产（长期待摊费用）Deferred assets其中:固定资产修理Including:Fixed assets repair固定资产改良支出Improvement expenditure of fixed assets其他长期资产Other long term assets其中:特准储备物资Among it:Specially approved reserving materials 无形及其他资产合计Total intangible assets and other assets递延税款借项Deferred assets debits资产总计Total Assets资产负债表(续表) Balance Sheet项目ITEM短期借款Short-term loans应付票款Notes payable应付帐款Accounts payab1e预收帐款Advances from customers应付工资Accrued payro1l应付福利费Welfare payable应付利润(股利) Profits payab1e应交税金Taxes payable其他应交款Other payable to government其他应付款Other creditors预提费用Provision for expenses预计负债Accrued liabilities一年内到期的长期负债Long term liabilities due within one year其他流动负债Other current liabilities流动负债合计Total current liabilities长期借款Long-term loans payable应付债券Bonds payable长期应付款long-term accounts payable专项应付款Special accounts payable其他长期负债Other long-term liabilities其中:特准储备资金Including:Special reserve fund长期负债合计Total long term liabilities递延税款贷项Deferred taxation credit负债合计Total liabilities* 少数股东权益Minority interests实收资本(股本) Subscribed Capital国家资本National capital集体资本Collective capital法人资本Legal person"s capital其中:国有法人资本Including:State-owned legal person"s capital集体法人资本Collective legal person"s capital个人资本Personal capital外商资本Foreign businessmen"s capital资本公积Capital surplus盈余公积surplus reserve其中:法定盈余公积Including:statutory surplus reserve公益金public welfare fund补充流动资本Supplermentary current capital* 未确认的投资损失（以“-”号填列）Unaffirmed investment loss未分配利润Retained earnings外币报表折算差额Converted difference in Foreign Currency Statements所有者权益合计Total shareholder"s equity负债及所有者权益总计Total Liabilities & Equity利润表INCOME STATEMENT项目ITEMS产品销售收入Sales of products其中：出口产品销售收入Including：Export sales减：销售折扣与折让Less：Sales discount and allowances产品销售净额Net sales of products减：产品销售税金Less：Sales tax产品销售成本Cost of sales其中：出口产品销售成本Including：Cost of export sales产品销售毛利Gross profit on sales减：销售费用Less：Selling expenses管理费用General and administrative expenses财务费用Financial expenses其中：利息支出(减利息收入) Including：Interest expenses (minusinterest ihcome) 汇兑损失(减汇兑收益)Exchange losses(minus exchange gains)产品销售利润Profit on sales加：其他业务利润Add：profit from other operations营业利润Operating profit加：投资收益Add：Income on investment加：营业外收入Add：Non-operating income减：营业外支出Less：Non-operating expenses加：以前年度损益调整Add：adjustment of loss and gain for previous years利润总额Total profit减：所得税Less：Income tax净利润Net profit现金流量表Cash Flows StatementPrepared by:Period: Unit:Items1.Cash Flows from Operating Activities:01)Cash received from sales of goods or rendering of services02)Rental receivedValue added tax on sales received and refunds of value03)added tax paid04)Refund of other taxes and levy other than value added tax07)Other cash received relating to operating activities08)Sub-total of cash inflows09)Cash paid for goods and services10)Cash paid for operating leases11)Cash paid to and on behalf of employees12)Value added tax on purchases paid13)Income tax paid14)Taxes paid other than value added tax and income tax17)Other cash paid relating to operating activities18)Sub-total of cash outflows19)Net cash flows from operating activities2.Cash Flows from Investing Activities:20)Cash received from return of investments21)Cash received from distribution of dividends or profits22)Cash received from bond interest incomeNet cash received from disposal of fixed assets,intangible 23)assets and other long-term assets26)Other cash received relating to investing activities27)Sub-total of cash inflowsCash paid to acquire fixed assets,intangible assets28)and other long-term assets29)Cash paid to acquire equity investments30)Cash paid to acquire debt investments33)Other cash paid relating to investing activities34)Sub-total of cash outflows35)Net cash flows from investing activities3.Cash Flows from Financing Activities:36)Proceeds from issuing shares37)Proceeds from issuing bonds38)Proceeds from borrowings41)Other proceeds relating to financing activities42)Sub-total of cash inflows43)Cash repayments of amounts borrowed44)Cash payments of expenses on any financing activities45)Cash payments for distribution of dividends or profits46)Cash payments of interest expenses47)Cash payments for finance leases48)Cash payments for reduction of registered capital51)Other cash payments relating to financing activities52)Sub-total of cash outflows53)Net cash flows from financing activities4.Effect of Foreign Exchange Rate Changes on Cash Increase in Cash and Cash EquivalentsSupplemental Information1.Investing and Financing Activities that do not Involve in Cash Receipts and Payments56)Repayment of debts by the transfer of fixed assets57)Repayment of debts by the transfer of investments58)Investments in the form of fixed assets59)Repayments of debts by the transfer of investories2.Reconciliation of Net Profit to Cash Flows from Operating Activities62)Net profit63)Add provision for bad debt or bad debt written off64)Depreciation of fixed assets65)Amortization of intangible assetsLosses on disposal of fixed assets,intangible assets66)and other long-term assets (or deduct:gains)67)Losses on scrapping of fixed assets68)Financial expenses69)Losses arising from investments (or deduct:gains)70)Defered tax credit (or deduct:debit)71)Decrease in inventories (or deduct：increase)72)Decrease in operating receivables (or deduct:increase)73)Increase in operating payables (or deduct:decrease)74)Net payment on value added tax (or deduct:net receipts75)Net cash flows from operating activities Increase in Cash and Cash Equivalents76)cash at the end of the period77)Less:cash at the beginning of the period78)Plus:cash equivalents at the end of the period79)Less:cash equivalents at the beginning of the period80)Net increase in cash and cash equivalents现金流量表的现金流量声明拟制人：时间：单位：项目1.cash流量从经营活动：01 ）所收到的现金从销售货物或提供劳务02 ）收到的租金增值税销售额收到退款的价值03 ）增值税缴纳04 ）退回的其他税收和征费以外的增值税07 ）其他现金收到有关经营活动08 ）分，总现金流入量09 ）用现金支付的商品和服务10 ）用现金支付经营租赁11 ）用现金支付，并代表员工12 ）增值税购货支付13 ）所得税的缴纳14 ）支付的税款以外的增值税和所得税17 ）其他现金支付有关的经营活动18 ）分，总的现金流出19 ）净经营活动的现金流量2.cash流向与投资活动：20 ）所收到的现金收回投资21 ）所收到的现金从分配股利，利润22 ）所收到的现金从国债利息收入现金净额收到的处置固定资产，无形资产23 ）资产和其他长期资产26 ）其他收到的现金与投资活动27 ）小计的现金流入量用现金支付购建固定资产，无形资产28 ）和其他长期资产29 ）用现金支付，以获取股权投资30 ）用现金支付收购债权投资33 ）其他现金支付的有关投资活动34 ）分，总的现金流出35 ）的净现金流量，投资活动产生3.cash流量筹资活动：36 ）的收益，从发行股票37 ）的收益，由发行债券38 ）的收益，由借款41 ）其他收益有关的融资活动42 ），小计的现金流入量43 ）的现金偿还债务所支付的44 ）现金支付的费用，对任何融资活动45 ）支付现金，分配股利或利润46 ）以现金支付的利息费用47 ）以现金支付，融资租赁48 ）以现金支付，减少注册资本51 ）其他现金收支有关的融资活动52 ）分，总的现金流出53 ）的净现金流量从融资活动4.effect的外汇汇率变动对现金增加现金和现金等价物补充资料1.investing活动和筹资活动，不参与现金收款和付款56 ）偿还债务的转让固定资产57 ）偿还债务的转移投资58 ）投资在形成固定资产59 ）偿还债务的转移库存量2.reconciliation净利润现金流量从经营活动62 ）净利润63 ）补充规定的坏帐或不良债务注销64 ）固定资产折旧65 ）无形资产摊销损失处置固定资产，无形资产66 ）和其他长期资产（或减：收益）67 ）损失固定资产报废68 ）财务费用69 ）引起的损失由投资管理（或减：收益）70 ）defered税收抵免（或减：借记卡）71 ）减少存货（或减：增加）72 ）减少经营性应收（或减：增加）73 ）增加的经营应付账款（或减：减少）74 ）净支付的增值税（或减：收益净额75 ）净经营活动的现金流量增加现金和现金等价物76 ）的现金，在此期限结束77 ）减：现金期开始78 ）加：现金等价物在此期限结束79 ）减：现金等价物期开始80 ），净增加现金和现金等价物。

英国2011年经济回顾(英文版)

Economic Review - December 2011Author Name(s): Malindi Myers, Office for National StatisticsAbstractThis note provides some wider economic analysis to support the Statistical Bulletin relating to the latest GDP release and other major economic releases during the latest month. By drawing on the wider array of economic releases surrounding the GDP release, for example the labour market, trade, retail sales and inflation releases, this note attempts to provide a more comprehensive picture of how the economy has performed in the latest quarter and, where relevant, the latest month. SummaryEconomic statistics for October and November suggest a continuation of the subdued economic conditions that have prevailed in recent months. Manufacturing output fell in October, and construction activity remained weak. Labour market indicators were also weak, with a further rise in unemployment in the latest three months, accompanied by continuing modest earnings growth. Bright spots were relatively narrowly confined – for instance the strong growth in exports in October, albeit from a low September base, and the continuing buoyancy of on-line retail sales in November. And consumer price inflation eased for the second month running to an annual rate of 4.8 per cent in November.The latest GDP estimates for the third quarter of 2011 also show patchy growth. Even in the services sector, which provided the mainstay of aggregate economic growth, strength wasnot broadly based, being confined to a small number of sub-sectors. In terms of expenditure components, the main drivers of sustainable growth – household consumption, business investment and overseas trade – were all noticeably weak.GDP growth in Q3GDP grew by 0.6 per cent between the second and third quarters of 2011, revised up slightly from the previous estimate of 0.5 per cent. The output and income estimates grew slightly faster than this, with the expenditure estimate growing more slowly at 0.4 per cent.In all three measures of GDP – based on output, expenditure and income estimates - growth is concentrated in a relatively narrow range of components. The chart below illustrates the limited sources of growth in the expenditure and income components. In terms of the output components too, growth in services sector output is confined to a few sub-sectors.Contributions to GDP growth using expenditure and income measuresConstant prices for expenditure components and current prices for income componentsDownload chartXLS format(16 Kb)Note: ‘Households’ is an abbreviated form of households’ final consumption expenditure.‘Government’ is an abbreviation for general government final consumption expenditure. ‘Inventories’includes the alignment adjustment.There have been small upward revisions to the estimates of quarterly GDP growth in 2010 Q1, revised up by 0.2 percentage points to +0.4 per cent, and in 2011Q2, down by 0.1 point to show zero growth in the quarter. In terms of expenditure components, the level of households’ final consumption has been revised up during 2010 and 2011, with government expenditure now estimated to have grown more slowly than previously estimated during 2011. By income component, the biggest revisions have been to the level of compensation of employees, although this was revised down in the latest quarter.Household consumption has fallen in real terms over the past year, and in the latest quarter is only one per cent above its lowest level during the recession in 2009. This is in keeping with the weak financial position of households and low levels of consumer confidence. Real household disposable income is now estimated to have fallen slightly in 2010 and, while modest growth resumed in the latest two quarters, it remains below the low level seen in 2010.With lower incomes and higher spending than previously estimated, the household saving ratio has been revised down slightly during 2010 and 2011. The saving ratio rose from 6.4 per cent to 6.6 per cent in the third quarter of 2011, but most of the adjustment in household saving that occurred during the recession remains in place.Changes in inventories account for the whole of growth in GDP between the second and third quarters of 2011. Such a rebuilding of inventories cannot provide a sustainable source of GDP growth, which typically relies on the key expenditure drivers of household consumption, investment and net exports. Summing them together, these categories of expenditure have on average been broadly flat through 2010 and 2011, and slightly negative through 2011. In other words, GDP growth in recent periods has been heavily reliant on government current expenditure and inventory changes. There has also been a steadily rising statistical discrepancy over this period, indicatinga shortfall between relatively weak growth in the expenditure measure compared with that of the average estimate of GDP.Index of productionThe output of production industries fell by 0.7 per cent between September and October, and was 1.7 per cent lower than in October 2010. This decline in output continues a weakening trend -October was the eighth successive month of falling output growth compared to a year earlier. The production sector as a whole has been a drag on the economy throughout 2011. Output in October was 2.4 per cent below its level in December 2010.Within the sector, manufacturing output also fell by 0.7 per cent between September and October, but was still higher than a year earlier. The 0.3 per cent year-on-year growth in October was 2.4 percentage points lower than the average of the corresponding figures for 2011 as a whole. Manufacturing output growth during the year has been narrowly concentrated in a few sectors, principally food, beverages & tobacco, transport equipment, and other machinery.Month on month a year agoDownload chartXLS format(13.5 Kb)Construction outputOutput in the construction sector fell by 2.7 per cent in October compared with a year earlier. In the third quarter, using seasonally adjusted data, construction output grew by 0.3 per cent compared to the second quarter. Repair and maintenance saw a 1.1 per cent increase, with private commercial new work rising by nearly 3 percent between the two latest quarters.Although the construction sector was hit badly by the recession, shrinking by just over 18 per cent through the recession, it recovered strongly during much of 2010. Output is now 7 per cent lower than it was prior to the recession.Services sector outputThe services sector continues to hold up GDP growth, expanding by 0.5 per cent in the third quarter. However, this growth has been concentrated in just a few sub-sectors, primarily scientific administration & support, finance & insurance activities, education and health. Growth in a number of sectors that are orientated towards the household sector, such as wholesale & retail, real estate and other services, are relatively weak by comparison.2011 Q3, Quarter on quarter growthDownload chartXLS format(13.5 Kb)Retail SalesRetail sales growth eased slightly in November, with volumes growing by 0.7 per cent compared with a year earlier, slightly lower than the average growth in the last three months. Sales volumes fell by 0.4 per cent between October and November.By value, sales fell by 0.1 percent between October and November, but rose by 4.6 per cent compared with a year earlier reflecting the high rate of consumer price inflation. The implicit price deflator rose by 3.6 per cent in the year to November, down sharply from the 4.4 per cent rate of increase in October.Month on month a year agoDownload chartXLS format(13.5 Kb)During 2011, retail sales growth has been held up by strong performances in non-store retailing (internet sales) and predominantly fuel sales growth. These two components together make up just 15 per cent of the total retail sales index (RSI), but contributed 1.3 percentage points to overall retail sales volume growth in the year to November. In other words, sales volumes through stores – predominantly food and predominantly non-food stores – have as a whole held down retail sales growth over the past year.Month on month a year agoDownload chartXLS format(14 Kb)Overseas tradeThe trade deficit narrowed significantly in October, by £2.6 billion, driven by the deficit on trade in goods, albeit from a particularly large deficit in September. The value of exports of goods rose by £2 billion between the two latest months while the value of imports of goods fell by £0.5 billion.Within the rise in goods exports, £1.7 billion was due to semi-finished and finished manufactures. The strength of exports of manufactures and semi-finished manufactures contrasts somewhatwith the recent lacklustre performance of manufacturing output. The decrease in imports of goods was driven by a fall in semi-manufactures and reflects the weakening performance in the domestic manufacturing sector.Growth of manufacturing output compared to growth of exports of manufacturesMonth on month a year agoDownload chartXLS format(14 Kb)Since March, the trade deficit has been made up by an average of around 40 per cent of EU27 trade and around 60 per cent of non-EU trade. However, the improvement in October was made up of a £1.5 billion improvement in the EU27 trade deficit, whilst the non-EU trade deficit improved by £1.2 billion. So whilst both deficits improved, more of the improvement came from the EU27 balance of trade. The last time both deficits improved compared to the previous month was in April.Change in the trade deficit with EU and non-EU trading partnersMonth-on-monthDownload chartXLS format(13.5 Kb)Export price growth rose relatively strongly between February and May to 5.2 per cent (latest three months compared with the previous three months). But since July, the rate of export price growth has dropped below that of imports, with prices falling in August-October compared with the previous three month period. The decline in export and import price growth was driven by EU27 trade rather than non-EU trade.Export and import price growth (goods)3 month on 3 monthDownload chartXLS format(14 Kb)The balance of paymentsThe current account balance plus the capital balance reflects the extent to which the UK is a net lender or net borrower with the rest of the world. In 2010, the UK ran a current account and capital account deficit of £44.9 billion, the highest on record, and in the third quarter of 2011 the current account and capital account deficit was £14.2 billion, also the highest on record. The two main drivers of these unprecedented current account deficits were:- the significant trade deficit, which is primarily driven by the goods trade deficit, and- the fall in the income surplus which resulted from UK owned banks abroad and foreign subsidiaries of UK private non-financial corporations making lower profits, or losses, whilst foreign owned banks operating in the UK made larger profits.The trade deficit in the third quarter of 2011 acted to pull down GDP growth, as discussed in the trade section above. Despite some improvement in export growth, particularly during 2010 but also in some months of 2011, import growth has tended to remain fairly solid despite weak domestic demand, so perpetuating the goods trade deficit. Import growth has remained relatively solid due toimports of fuels, materials and semi-manufactures which feed the production industries, but export growth of manufactures has been falling since the start of 2011, with the exception of October 2011. The labour marketThe latest Labour Force Survey data showed a continuation of the weakness displayed in the summer months with a further weakening in employment and an increase in unemployment in the period August to October compared with May to July. In contrast, workforce jobs (WFJ) data –based on a survey of employers rather than the household based estimates of the Labour Force Survey (LFS) - showed an increase in the number of jobs of 150,000 between June and September.Over a longer timeframe, workforce jobs have been broadly stable at just above 31 million since late 2009. The LFS estimate of employment has first risen and then fallen back during the same period, and was some 200,000 higher at the end of this two-year period than at the start.The decline in LFS-based employment in recent months has been mitigated by an on-going trendof rising self-employment. The numbers of self employed rose by 166,000 between the two latest three month periods, to reach 4.14 million, the highest since comparable records began in 1992. Both full time and part time self employment have been rising. The chart below shows the change in the level of employment and self-employment, and illustrates that the sharp fall in employment in the three month period of August to October was partly offset by the rise in self-employment. The risein self-employment may reflect the weakness of the labour market, with people setting up their own businesses in the absence of being able to find work as an employee.Changes in the level of employed and self-employedQuarter on quarterDownload chartXLS format(13.5 Kb)The level of public sector employment fell by 67,000 between June and September, continuingits downward trend. Private sector employment increased by 5,000 over the quarter and isnot generating sufficient new jobs to absorb the decline in public sector employment. A similar conclusion can be drawn on an annual basis, with public sector employment falling by 276,000 whilst private sector employment increased by 262,000.Change in the level of public and private sector employmentQuarter on quarterDownload chartXLS format(13.5 Kb)The increases in the claimant count in October and November have been the lowest this year. Compared to a year ago, the claimant count has risen by 139,000. The increase in the LFS estimate of unemployment in the year to August-October has also been 139,000.Unemployment among 18-24 year olds has risen further in the period August to October compared to the two previous three month periods (February to April and May to July). And a higher proportion of the youth unemployed are now in the longer period brackets of unemployment.Unemployment levels of 18-24 year olds by durationDownload chartXLS format(13.5 Kb)Total weekly hours increased in the August – October period compared with the May to July period. Total weekly hours are broadly unchanged from the level in early 2009, after falling for both men and women throughout 2008. The latest figures are therefore substantially below their 2008 Q1 peak. The fall in total weekly hours since 2008 Q1 is driven by men who in total are now working over 25 million hours less per week, perhaps reflecting the sharp falls in output during the recession in male-dominated industries such as manufacturing, construction and transport and storage. Total weekly hours for women have also dropped but by around 5 million hours.With job security a greater concern for many people than wage bargaining, earnings growth remains subdued in the whole economy and real earnings growth remains negative. In the three months to October, average regular pay was 1.8 per cent up on a year earlier, both in the private sector and in the public sector excluding financial services. This is far lower than November’s 4.8 per cent rate of consumer price inflation.Total pay growth is higher in the private sector than in the public sector (excluding financial services) due to the growth in private sector bonus payments. In the three months to October, total pay growthin finance and business services has eased to 3.3 per cent, down from the 5-6 per cent growth seen in the summer months.InflationThe annual rate of consumer price inflation fell to 4.8 per cent in November, down from 5.0 percent in October. This is the second successive monthly fall following the peak in September at 5.2 per cent. The main downward pressures were from food, petrol, furniture and clothing. The retail prices index has also fallen from 5.6 per cent in September to 5.2 per cent in November for similar reasons.As global commodity prices have begun to flatten off or even decline, so some of the external upward pressure on inflation has eased and price growth has started to come down. This is also reflected in the moderation of producer input price inflation, which has come down from 18 per cent in September to 13.4 per cent in November. Economic forecasters expect that the rate of inflation will continue to fall in 2012, in part because the increase in the rate of VAT from 17.5 to 20 per cent in January 2011 will drop out of the annual inflation figures from January 2012.Public sector financesThe public sector’s current budget deficit (excluding the temporary effects of financial interventions) has continued to improve in November in comparison with the same month of 2010. In the first eight months of the 2011/12 financial year, the deficit was £5.9 billion lower than in the corresponding period of 2010/11. The decrease is driven by a 4.8 per cent increase in tax revenues, significantly helped by the new 20 per cent VAT rate for 2011, against a lower increase in current expenditure. The year-on-year fall in net borrowing was larger, with a fall of £10.4 billion comparing the April-November periods in each year, reflecting cuts in public sector net investment.。

华为2011年年报

胡厚崑公司轮值首席执行官
05 / 2011 年业务进展
2011 年业务进展
领先解决方案迎接信息洪峰顺应移动宽带业务和高清视频业务等的快速发展，华为率先发布 GigaSite 解决方案和泛在超宽带网络架构 U2Net，帮助电信运营商积极应对海量信息时代的到来，把握新的机遇。
驱动创新华为整合成立了“2012 实验室”。作为公司创新、研究和平台开发的主体，将构筑公司面向未来技术和研发能力的基石。
智能手机成就卓越体验华为 2011 年发布系列明星智能手机，致力于满足用户对体验的极致追求。全年，华为智能手机销售量约 2000 万部。
汇聚全球优势资源华为在全球范围建设能力中心，整合全球优势资源，以更有效地服务客户。
提升 ICT 解决方案能力华为以 5.3 亿美元收购华赛（华为与赛门铁克的合资公司），该项收购将有助于增强公司端到端的 ICT 解决方案能力。
的轮值。轮值 CEO 成员在不担任 CEO 期间，并没有卸掉肩上的使命和责任，而是参与集体决策，并为下一轮值做好充电准备。
轮值期结束后并不退出核心层，就可避免了一朝天子一朝臣，使优秀员工能在不同的轮值 CEO 下，持续在岗工作。一部分优秀的员工使用不当的情况不会发生，因为干部都是轮值期间共同决策使用的，他们不会被随意更换，使公司可以持续稳定发展。同时，受制于资本力量的管制，董事会的约束，又不至于盲目发展，也许是成功之路。不成功则为后人探了路，我们也无愧无悔。
各业务领域要坚定不移地沿着主航道、主潮流走，加大前瞻性、战略性投入，构筑公司面向未来的客户需求洞察和技术优势，支撑行业发展。
期生存发展的坚实基础。各业务领域要坚定不移地沿着主航道、主潮流走，加大前瞻性、战略性投入，构筑公司面向未来的客户需求洞察和技术优势，支撑行业发展。要提升经营质量，促进有效增长，将公司的战略追求落实到业务经营的目标设定和考核闭环管理中。要加强风险管理，稳健规范经营，以冷静的心态应对充满不确定因素的全球经济环境。

某公司股份2011年财务分析报告 (图文并茂)(同名25730)

目录前言 (3)一、实现利润分析 (3)(一).利润总额 (3)(二).主营业务的盈利能力 (3)(三).结论 (4)二、成本费用分析 (4)(一).成本构成情况 (4)(二).总成本变化情况 (6)(三).主营业务成本控制情况 (7)(四).期间费用变化及合理性评价 (7)三、资产结构分析 (8)(一).资产构成基本情况 (8)(二).流动资产构成特点 (10)(三).资产结构合理性评价 (13)(四).资产结构的变动情况 (13)四、资金来源分析 (13)(一).资金来源基本情况 (13)(二).流动负债构成情况 (15)(三).资金来源变化情况 (17)五、偿债能力分析 (17)(一).支付能力 (17)(二).偿债能力 (17)(三).负债经营可行性 (18)六、盈利能力分析 (18)(一).盈利能力基本情况 (18)(二).内外部资产盈利能力比较 (19)(三).净资产收益率变化原因 (19)(四).总资产报酬率变化原因 (20)(五).成本费用利润率变化原因 (20)七、营运能力分析 (20)(一).存货周转天数 (20)(二).应收账款周转天数 (21)(三).应付账款周转天数 (22)(四).现金周期 (22)(五).营业周期 (22)(六).流动资产周转天数 (23)(七).总资产周转 (23)(八).固定资产周转天数 (24)八、发展能力分析 (24)(一).销售收入增长率 (24)(二).净利润增长率 (24)(三).资本增长性 (25)(四).挖潜发展能力 (25)九、经营协调分析 (25)(一).投融资活动的协调情况 (25)(二).营运资本变化情况 (26)(三).经营协调性及现金支付能力 (26)(四).营运资金需求的变化 (27)(五).现金支付情况 (27)(六).整体协调情况 (28)十、现金流量分析 (29)(一).现金流入结构分析 (29)(二).现金流出结构分析 (31)(三).现金流动的稳定性 (33)(四).现金流动的协调性 (33)(五).现金流量的变化情况 (34)(六).现金流量的充足性评价 (34)十一、杜邦分析 (35)(一).杜邦分析图 (35)(二).资产净利率变化原因分析 (35)(三).权益乘数变化原因分析 (35)(四).净资产收益率变化原因分析 (35)某公司股份2011年财务分析报告------图文并茂报告前言某公司股份2011年营业收入为2,353,290.00万元，营业利润为-189,552.00万元，投资收益为0.00万元，营业外收支净额为52,042.60万元，实现利润亏损137,510.00万元。

2011年英语一text4

2011年英语一text4Title: The Evolution of E-commerce and Its Impact on Global Business.In the twenty-first century, the digital revolution has transformed every aspect of our lives, and nowhere is this transformation more evident than in the realm of e-commerce. The rise of the internet and advancements in technologyhave given birth to a new era of business transactions, reshaping the global economy and altering the way we shop, sell, and interact.The concept of e-commerce, or electronic commerce, can be traced back to the early days of the internet, whenbasic online stores began to emerge. These early platforms were limited in terms of functionality and selection, but they marked a significant milestone in the evolution of shopping. As the internet grew and technology improved, e-commerce platforms became more sophisticated, offering a wider range of products and services, as well as moreconvenient payment and delivery options.One of the most significant developments in e-commerce has been the rise of mobile commerce or m-commerce. Withthe proliferation of smartphones and tablets, consumers now have the ability to shop online anytime, anywhere. Mobile devices have made e-commerce more accessible and convenient, driving further growth and innovation in the industry.The impact of e-commerce on global business has been profound. First and foremost, e-commerce has打破了地理界限, allowing businesses to reach a wider customer base thanever before. This has opened up new markets and created opportunities for growth, particularly for small andmedium-sized enterprises (SMEs) that may not have had the resources to expand internationally in the past.Furthermore, e-commerce has led to a more competitive business environment. With online stores offering a wide range of products and services at competitive prices, businesses must constantly innovate and improve their offerings to attract and retain customers. This competitionhas driven businesses to improve their products, services, and customer experience, leading to overall improvements in the quality of goods and services available to consumers.Additionally, e-commerce has transformed the supply chain and logistics industry. With the help of advanced technology, businesses can now track their inventory, manage their supply chain more efficiently, and deliver products to customers faster and more reliably. This has led to cost savings and improved customer satisfaction, further driving the growth of e-commerce.In conclusion, the evolution of e-commerce has revolutionized the way we shop, sell, and interact, fundamentally changing the global business landscape. The rise of mobile commerce, the breaking of geographical barriers, and the increased competition have all contributed to the growth and success of e-commerce. As technology continues to advance and consumer behaviors change, the future of e-commerce looks even more promising. It remains to be seen how e-commerce will further transformthe global business landscape and what new opportunities it will create for businesses and consumers alike.。

华润pest和sowt分析以及EFE和IFE矩阵

竞争态势（以房地产行业为例）由于华润集团主营业务涉及范围广，现择取其在经营方面前三名的业务——消费品（以雪花啤酒为代表）、房地产、电力，为代表进行相关分析。

华润集团PEST分析1）政治和法律环境政治和法律环境——消费品方面目前及未来若干年内，中国及世界的政治形势基本趋于稳定的政治局面，随着WTO世贸组织的加入，中国的关税壁垒逐一取消，国外的产品随即进入中国，这样据不完全统计，有近40个外国品牌的啤酒在国内生产，产量占到全国的4.3%,这样原来国家对啤酒行业的保护和鼓励政策，如今已荡然无存，随之而来的是面临着国外品牌的啤酒的挑战，从而，对我国啤酒行业造成一定冲击；同时，也存在着一定的有利因素，进口关税的降低，使得啤酒行业可以扩大啤酒原料及先进设备的选择余地，例如进口的大麦通常质量好，工艺容易控制，从而降低了生产的成本，通过引进国外的先进装备，有利于提高啤酒的酿制水平，此外，也有利于我国的啤酒产品走向和进入国际市场。

政治和法律环境——房地产方面中央着力深化改革、调控以稳为主，不同城市政策分化国务院常务会议明确的具体政策措施（1）坚决抑制投机投资性购房。

严格执行商品住房限购措施，严格实施差别化住房信贷政策。

扩大个人住房房产税改革试点范围。

（2）增加普通商品住房及用地供应。

2013年住房用地供应总量原则上不低于过去五年平均实际供应量。

（3）加快保障性安居工程规划建设。

配套设施要与保障性安居工程项目同步规划、同期建设、同时交付使用。

完善并严格执行准入退出制度，确保公平分配。

2013年底前，地级以上城市要把符合条件的外来务工人员纳入当地住房保障范围。

（4）加强市场监管。

加强商品房预售管理，严格执行商品房销售明码标价规定，强化企业信用管理，严肃查处中介机构违法违规行为。

推进城镇个人住房信息系统建设，加强市场监测和信息发布管理。

政治和法律环境——电力方面“十二五”期间，国家电网加快国家电力发展。

一是科学谋划“十二五”国家电网发展，保障民生，支撑经济社会发展；二是加快无电地区电网建设，着力解决民生问题；三是加快各级电网建设，实现内通外联；四是加快实施火电水电风电等一体化战略，推动资源优势向经济优势转化；五是确保安全可靠供电，提升电网服务水平；六是落实资金来源，建立资金筹措长效机制；七是重视人才培养；八是积极落实政策支持。

方大B：2011年第一季度报告正文(英文版) 2011-04-22

Stock Code: 000055, 200055 Stock ID: Fangda Group, Fangda B Announcement No. 2011-16China Fangda Group Co., Ltd.The 1st Quarterly Report 2011 (Official Text)§1 Important Declaration1.1 The Board of Directors and the directors of the Company guarantee that there are no significant omissions, fictitious or misleading statements carried in the Report and we will accept individual and joint responsibilities for the truthfulness, accuracy and completeness of the Report.1.3 The financial statements carried in this report are not audited.1.4 Mr. Xiong Jianming, the Chairman, Mr. Lin Kebing, the Financial Principal, and Mr. Chen Yonggang, the Accounting Manager hereby declares that: The financial statements carried in this quarterly report are of authentic and complete.§2 Company Profile2.1 Financial highlightsIn RMB Y uanNon-recurring gain and loss items√applicable □not applicable2.2 Total of shareholders and the top 10 holders of unconditional sharesin shares§3 Significant Events3.1 Details and causations of major change in major accounting subjects and financial indices√applicable □not applicable3.2 Progress of significant events, their influence, countermeasures, and analysis3.2.1 None-standard opinions□applicable √not applicable3.2.2 Illegal providing of capital or guarantees to the holding shareholder or its related parties or external parties□applicable √not applicable3.2.3 Signing and execution of major business contracts√applicable □not applicable3.2.4 Misc.√applicable □not applicableI. The Company neither provided capital to the holding shareholder or other related parties nor provided any guarantee to external parties;II. No shareholder holding over 30% of shares of the Company, therefore no shareholder with over 30% shares proposed or practiced share-increasing plan.III. No cash dividend was distributed in the report term;IV. No investment on securities or derivate instruments conducted by the Company;V. In the report term, there isn’t any particular sales, project contracting or service p roviding contract accounted for over 50% of the main business turnover as audited, or with absolute amount over RMB1 billion.VI. The Company save the proceeds from share placing in special bank accounts in China Construction Bank Shenzhen OCT Branch, and CITIC Shenzhen Jinshan Branch. The Triple-party Supervising Agreement over Proceeds from Private Placing of A Shares was engaged with the two banks and Zhongshan Securities Co., Ltd. (Zhongshan Securities) respectively on July 13, 2010. All of the investment projects financed by this private placing of shares are implemented by the fully-owned subsidiaries of the Company. The Triple-party Supervising Agreement over Proceeds from Private Placing of A Shares was engaged by Shenzhen Fangda Decoration Engineering Co., Ltd. (Fangda Decoration) and Shenzhen Fangda Automatic System Co., Ltd. (Fangda Automatic) (both are the fully-owned subsidiaries of the Company) with China Construction Bank OCT Branch and Zhongshan Securities Co., Ltd. (Zhongshan Securities, the Sponsor) respectively on September 21, 2010. The Agreement was regarding the Energy-saving Curtain Wall Production Expanding Project and the PSD ProductionExpanding Project. According to the agreement, the net amount of RMB336,586,871.73 with interest of RMB786,667.75 (totally RMB337,373,539.48) were transferred to the special accounts of Fangda Decoration and Fangda Automatic by RMB210,786,667.75 and RMB126,586,871.73 respectively. Upon completion of the transmission, the special accounts in China Construction Bank OCT Branch and CITIC Jinshan Branch were balanced zero, and were canceled on February 21, 2011 and February 23, 2011 respectively.VII. Statement of internal control operation in the 1st quarter of 2011According to the Enterprise Internal Control Criteria issued jointly by the five national departments, and the Notice on Implementing of Internal Control Criteria in PLCs located in Shenzhen, the Company has planned and implemented a number of preparation works in the 1st quarter of 2011.1. Executing of works(1) The Company has established a enterprise administration standard team (the “Administration Steam”) led by the Chairman of Board with members from the executives of the Company and general managers of subsidiaries. An office was equipped to handle relative daily works.(2) As for general planning, the Administration Team has produced a plan with five stages to ensure smooth operation of related works: stage 1, preparation; stage 2, situation analyzing; stage 3, producing of improving plan; stage 4, internal control operation improving; stage 5, testing operation of internal control system.(3) In aspect of employee training, the Company has released the Basic Rules of Internal Control System, and organized training programs for related employees. Three of the executives were sent to participate the Internal Control Training Course of PLCs in Shenzhen organized by China Securities Regulatory Commission.(4) The Company revised the internal regulations and business flows of the Company and provided a good foundation for the further works.2. Progress of works comparing with the schedules in the planAccording to the 5-stage plan, the first stage shall be basically completed in the first quarter. As of March 31, all of the scheduled works had been completed successfully.3.3 Fulfilling of commitment issues made by the Company, shareholder, or substantial controller Commitment made by the PLC, its directors, supervisors, executives, and shareholders with 5% or over shares of the Company, andits substantial dominator in the report term or carried over to the report term:□applicable √not applicable3.4 Estimated accumulative profit from the year beginning to the end of the next report period may be of deficits; or in comparison with the same period of the previous year, give the warning of great change and the notice to the reasons.□applicable √not applicable3.5 Major events needs to be explained3.5.1 Investment in securities□applicable √not applicable3.5.2 Reception of investigations, communications, or interviews3.6 Investment in derivate financial instruments□applicable √not applicable3.6.1 Derivate financial instrument stock at end of report term □applicable √not applicable。

方大B：2011年半年度报告摘要(英文版) 2011-08-02

Stock Code: 000055, 200055 Stock ID: Fangda Group, Fangda B Announcement No. 2011-21China Fangda Group Co., Ltd.Interim Report 2011 Summary§1 Important Declaration1.1 The Board of Directors and the directors of the Company guarantee that there are no significant omissions, fictitious or misleading statements carried in the Report and we will accept individual and joint responsibilities for the truthfulness, accuracy and completeness of the Report.This is the summary abstracted from the complete version of Semi-Annual Report 2004, which is published synchronously on the Internet () for details please refer to the complete version.1.2 The financial statements carried in this report are not audited.1.3 Mr. Xiong Jianming, the Chairman of Board, Mr. Lin Kebin, the Chief Financial Officer, and Mr. Chen Yonggang, the manager of accounting department declare: the Financial Report carried in this report is authentic and completed.§2 Company Profile2.1 Company Profile2.2 Financial Highlights2.2.1 Financial Highlights2.2.2. Non-recurring gain and loss items √applicable □not applicable2.2.3 Diversity between the Domestic and the International Accounting Standards√applicable □not applicable§3 Changes in Share Capital & Particulars about Shareholders 3.1. Statement of Changes in Shares√applicable □not applicable3.2 Top 10 shareholders and top 10 holders of unconditional shares3.3 Change in Controlling Shareholder and the Substantial Dominator □applicable √not applicable§4 Directors, Supervisors and Senior Executives4.1 Changes in Shares Held by Directors, Supervisors and Senior Executives √applicable □not applicable§5 Report of the Board of Directors5.1 Principal business segments on industries/products5.2 Major businesses segment on regions5.3 Major Change in the Principal Business or its Structure□applicable √not applicable5.4 Major Change in the Profitability (Gross Profit Rate) of the Major Business over the Previous Year□applicable √not applicable5.5 Cause of Major Change in the Profit Composition over the Previous Year□applicable √not applicable5.6 Using of proceeds from financing actions5.6.1 Statement of application of proceeds from share placing√applicable □not applicableIn RMB10 thousand5.6.2 Statement of change of projects financed by proceeds from share placing□applicable √not applicable5.7 Revising of business plan for the 2nd half of year by the Board of Directors□applicable √not applicable5.8 Estimated accumulative profit from the year beginning to the end of the next report period may be of deficits; or in comparison with the same period of the previous year, give the warning of great change and the notice to the reasons.□applicable √not applicable5.9 Statement of the Board on the Non-standard Opinion Presented by the Certified Public Accountants □applicable √not applicable5.10 Statement of the Management on the Change and the Treatment Result of the Issues Involved in the Non-standard Opinion Presented by the Certified Public Accountants in the Previous Year.□applicable √not applicable§6 Significant Events6.1 Acquisition and disposal of assets, reorganization of assets6.1.1 Acquisition of assets□applicable √not applicable6.1.2 Selling of assets□applicable √not applicable6.1.3 Since the Report on Assets Reorganization or Public Notice on Acquisition/Sales of Assets has been published, the progress of the event and the influence upon the operation result and financial position in the report period.□applicable √not applicable6.2 Guarantees√applicable □not applicable6.3 Non-operational credit/debt with related parties□applicable √not applicable6.4 Material Lawsuits/Arbitrations√applicable □not applicable6.5 Notes to the other Significant Events and their Influences and Analysis on the Solutions □applicable √not applicable6.5.1 Securities investment□applicable √not applicable6.5.2 Particulars about shareholding in other listed companies√applicable □not applicable6.5.3 Statement of capital adoption by the main shareholder and its affiliates□applicable √not applicable6.5.4 Fulfilling of commitment issues by the Company, shareholders, and substantial controller Commitment made by the PLC, its directors, supervisors, executives, and shareholders with 5% or over shares of the Company, andits substantial dominator in the report term or carried over to the report term:□applicable √not applicable6.5.5 Profit distribution or capitalizing of common reserves proposed by the Board for the current term□applicable √not applicable6.5.6 Misc. income items6.6 Reception of investigations, communications, or interviews§7 Financial Report7.1 Auditor’s Opinion7.2 Financial Statements7.2.1 Balance Sheet7.2.2 Income Statement7.2.3 Cash Flow Statement7.2.4 Change in Owners’ Equities (Consolidated)Prepared by: China Fangda Group Co., Ltd. Interim 2011 in RMB yuan167.2.5 Change in Owners’ Equities (Parent Co.)Prepared by: China Fangda Group Co., Ltd. Interim 2011 in RMB yuan1718China Fangda Group Co., Ltd. Interim Report 2011 Summary 7.3 Notes to the financial statements7.3.1 In case of change in accounting policies, accounting estimation, or correction of accounting errors, please provide details of the change and the influence on data.□applicable √not applicable7.3.2 If the consolidation range of the financial report has changed significantly, please provide details and the influences on financial data□applicable √not applicable7.3.3 If the certified public accounts has issued a non-standard qualified opinion auditor’s report, list the relevant notes to the issues involved in the report.□applicable √not applicable。

ChinaVenture 2011年第二季度中国创业投资及私募股权投资市场统计分析报告

ChinaVenture 2011年第二季度中国创业投资及私募股权投资市场统计分析报告发布时间：2011-7-28 来源：ChinaVenture 作者：冯坡关键发现2011年第二季度中国VC/PE投资市场共披露基金62支，其中募资完成、首轮募资完成及开始募资基金数量分别为33支、5支和24支。

募资完成54.75亿美元，与上季度基本持平;新成立基金开始募资目标规模为146.34亿美元，环比大幅增长。

第二季度募资完成基金中，26支人民币基金募资完成约合22.05亿美元，7支美元基金募资完成32.70亿美元。

成长型(Growth)基金及创投(Venture)基金均有16支完成募资，另有一支政府引导基金。

成长型基金完成募资41.29亿美元，创投基金募资完成12.57亿美元。

第二季度披露VC投资案例276起，投资总额22.92亿美元，本季度披露案例数量及融资规模均达到历史最高。

VC投资涉及15个行业，互联网行业融资依然最为活跃，披露投资案例97起，占季度案例总量的35.1%;融资15.23亿美元，占季度创投总额的66.5%。

Series A投资案例数量为195起，占据季度总投资案例数量的70.7%;总融资金额9.17亿美元，占比42.2%;获得三轮以上VC融资的企业达到12家。

人民币基金VC投资案例为175起，投资总额约为5.82亿美元，分别占比64.9%和25.4%。

第二季度披露PE投资案例86起，投资总额79.98亿美元，相比上季度分别分别增长24.6%和15.3%。

相比去年同期，PE投资规模大幅增长。

PE投资涉及16个行业，行业分布较为分散。

制造业、能源及矿业、互联网行业投资活跃度居前三;互联网行业披露投资金额居各行业之首。

披露成长型(Growth)投资案例43起、PIPE投资36起、Buyout类型投资7起。

相比上季度，PIPE类型投资占比明显上升。

人民币基金PE投资案例为57起，投资总额为34.57亿美元，分别占比66.3%和43.2%，投资金额占比相比上季度有所提高。

晨鸣B：2011年第一季度报告全文(英文版) 2011-04-28

山东晨鸣纸业集团股份有限公司SHANDONG CHENMING PAPER HOLDINGS LIMITED*(a joint stock company incorporated in the People’s Republic of China with limited liability)First Quarter Report 2011§1 IMPORTANT NOTICE1.1 The board of directors (the “Board”), the supervisory committee (the “SupervisoryCommittee”), directors (the “Directors”), supervisors (the “Supervisors”) and the senior management (the “Senior Management”) of the Company warrant that this report does not contain any false information, misleading statements or material omissions, and accept joint and several responsibility for the truthfulness, accuracy and completeness of the contents of this report. This report has been prepared in both Chinese and English. For any discrepancies, the Chinese version shall prevail.1.2 None of the Directors, Supervisors and Senior Management is unable to warrant thetruthfulness, accuracy and completeness of the contents of this report or hold any dissenting views.1.3 This quarterly report has been considered and approved by the sixth meeting of the sixthsession of the Board of the Company. All Directors attended this meeting by communication.1.4 The first quarterly financial report of the Company prepared in accordance withAccounting Standards for Business Enterprises issued by the Ministry of Finance of the People’s Republic of China (the “PRC”) by the Company and its subsidiaries (collectively referred to as the “Group”) are unaudited.1.5 Chen Hongguo, the person in charge of the Company, Wang Chunfang, the financialcontroller of the Company, and Li Dong, head of accounting department (the person in charge of accounting) hereby declare their assurance for the truthfulness and completeness of the financial report contained in the quarterly report.§2 BASIC COMPANY INFORMATION2.1 Major accounting data and financial indicatorsUnit: RMBAs at the end of the reportingperiod As at the end ofthe prior yearIncrease/decrease(%)Total Assets (RMB) 37,529,826,696.70 35,077,132,129.98 6.99%Owners’ equity attributable toshareholders of the Company(RMB)13,771,067,499.75 13,535,785,794.54 1.74% Share capital (shares) 2,062,045,941.00 2,062,045,941.00 0.00%Net assets per share attributable toshareholders of the Company (RMBper share)6.68 6.56 1.83%The reportingperiodThe correspondingperiod of theprior yearIncrease/decrease(%)Total operating revenue (RMB) 4,215,779,027.36 3,917,441,890.00 7.62% Net profit attributable to equityholders of the Company (RMB) 235,410,265.86 238,099,243.24 -1.13% Net cash flows from operatingactivities (RMB) 235,068,880.84 656,022,760.24 -64.17% Net cash flows per share fromoperating activities (RMB/share) 0.11 0.32 -65.63% Basic earnings per share(RMB/share) 0.11 0.12 -8.33% Diluted earnings per share(RMB/share) N/A N/A N/AWeighted average return on netassets (%)1.72% 1.82% Decreasedby 0.1 percentagepointsWeighted average return on netassets after extraordinary gains orlosses (%)1.23% 1.57% Decreasedby 0.34 percentagepointsExtraordinary gains or losses items√ Applicable Not ApplicableUnit: RMB Extraordinary gains or losses items Amounts Note (ifapplicable) Gain or loss on disposal of non-current assets 129,044.99Government grants recognised in profit or loss during thecurrent period, except for government grants closely80,813,737.63related to the course of ordinary operation of the Companythat were given constantly at a fixed standard amount orquantity as stipulated by the StateGain or loss on debt restructuring 0.00Other non-operating income and expenses other than theabove items1,725,562.01Effect of income tax -11,261,777.94Effect of minority interests -4,014,391.97Total 67,392,174.72 — 2.2 Total number of shareholders and the shareholding of the top ten shareholders ofnon-restricted shares as at the end of the reporting periodUnit: share Total number ofshareholders as at the end of the reporting period The total number of shareholders was 157,046, of which 126,660 were holders of A shares, 29,762 were holders of B shares and 624 were holders of H shares.Shareholding of the top ten shareholders of non-restricted tradable sharesName of shareholders (Full Name) Number of non-restrictedtradable shares held as atthe end of the reportingperiodClassHKSCC NOMINEESLIMITED 389,860,000 Overseas listed foreign shares (H Shares)Shouguang ChenmingHoldings Company Limited 293,003,657 RMB ordinary shares(A Shares)PLATINUM ASIA FUND 43,480,377 Domestic listed foreign shares (B Shares)BBH BOS S/A FIDELITYFD - CHINA FOCUS FD 29,800,890 Domestic listed foreign shares (B Shares)BILL & MELINDA GATESFOUNDATION TRUST 24,036,202 RMB ordinary shares(A Shares)HTHK-MANULIFE CHINAV ALUE FUND 22,892,182 Domestic listed foreign shares (B Shares)MANULIFE GLOBALFUND 20,324,321 Domestic listed foreign shares (B Shares)China Life Insurance Company Limited - Dividend- Individual Dividend - 005L- FH002 Shenzhen 18,819,737 RMB ordinary shares(A Shares)National Social Security FundCombination 104 14,999,927 RMB ordinary shares (AShares)DRAGON BILLION CHINAMASTER FUND 13,853,877 Domestic listed foreign shares (B Shares)§3 MATERIAL MATTERS3.1 Details of and reasons for significant changes in major accounting statement items and financial indicators of the Company√ Applicable Not Applicable1. Analysis of the assets and liabilities of the CompanyUnit: RMBItem 31 March 2011 31 December 2010 Change(%)ReasonforchangeOther receivables 246,062,181.96 117,634,380.52 109.18% (1) Other current assets 1,058,727,036.59 658,572,125.34 60.76% (2) Construction in progress 9,102,562,587.01 7,871,512,563.84 15.64% (3) Construction materials 177,454,089.59 116,481,086.12 52.35% (3) Short-term borrowings 5,672,758,395.26 3,594,157,220.47 57.83% (4) Bills payable 825,896,324.21 218,757,186.75 277.54% (5) Advance receipts 249,637,309.10 410,243,554.75 -39.15% (6) Other current liabilities 1,863,877,946.13 3,412,493,915.88 -45.38% (7) Explanation on the main reasons leading to the changes:(1) Other receivables increased by 109.18% as compared to the beginning of the year mainlydue to the increase in the prepaid customs bonds by the Company.(2) Other current assets increased by 60.76% as compared to the beginning of the year mainlydue to an increase of the value-added tax to be deducted resulting from the investments such as project investments by the Company.(3) Construction in progress increased by 15.64% and construction materials increased by52.35% respectively as compared to the beginning of the year mainly due to theinvestments made in the projects such as the Zhanjiang pulp project and the copperplate paper project of annual production capacity of 800,000 tonnes.(4) Short-term borrowings increased by 57.83% as compared to the beginning of the yearmainly due to the increase in the repayment of short-term debentures during the current period and more outstanding notes being discounted.(5) Bills payable increased by 277.54% as compared to the beginning of the year mainly dueto acceptance made for repayment of short-term debentures by the Company.(6) Advance receipts decreased by 39.15% as compared to the beginning of the year mainlydue to receipt of less prepayments by the Company as compared to the beginning of the year.(7) Other current liabilities decreased by 45.38% as compared to the beginning of the yearmainly due to repayment of short-term debentures due during the current period by the Company.2. Explanation on significant change of income statement compared with the corresponding period of the prior yearUnit: RMBItem 31 March 2011 31 March 2010 Change(%) Reasonfor changeBusiness taxes and surcharges 17,610,362.77 3,901,057.41 351.43% (1) Loss on impairment of assets -7,017,489.87 16,074,481.93 -143.66% (2) Investment income -6,862,531.53 -1,672,580.37 -310.30% (3) Non-operating income 93,693,686.12 45,633,132.91 105.32% (4) Non-operating expenses 1,744,031.83 2,811,486.59 -37.97% (5) Minority interests 17,156,577.15 25,605,097.77 -33.00% (6) Explanation on the main reasons leading to the changes:(1) Business taxes and surcharges increased by 351.43% as compared to the correspondingperiod of the prior year mainly due to the payment of the urban maintenance and construction tax and education surcharges by foreign-invested enterprises beginning from December 2010 in accordance with the requirements of the tax law.(2) Loss on impairment of assets decreased by 143.66% as compared to the correspondingperiod of the prior year mainly due to the decrease in loss on impairment of assets during the current period resulting from the change in aging of other receivables.(3) Investment income decreased by 310.3% as compared to the corresponding period of theprior year mainly due to the increase in loss incurred by the associates during the current period.(4) Non-operating income increased by 105.32% as compared to the corresponding period ofthe prior year mainly due to receipt of more government grants during the current period by the Company.(5) Non-operating expenses decreased by 37.97% as compared to the corresponding period ofthe prior year mainly due to the decrease in the donation expenses of the Company during the current period.(6) Minority interests decreased by 33% as compared to the corresponding period of the prioryear mainly due to the decrease in the net profit realised by non wholly-owned subsidiaries of the Company as compared to the corresponding period of the prior year.3. Cash flows during the reporting periodItem Amounts for thecurrent periodAmounts for theprior periodChange(%)Net cash flows from operating activities 235,068,880.84 656,022,760.24 -64.17% Net cash flows from investing activities -1,627,140,470.50 -519,414,420.50 -213.26% Net cash flows from financing activities 797,845,888.32 665,825,205.59 19.83%Explanation on the main reasons leading to the changes:(1) Net cash flows from operating activities decreased by 64.17% as compared to thecorresponding period of the prior year mainly due to the increase in cash purchase payment resulting from the rise in raw material price.(2) Net cash flows from investment activities decreased by 213.26% as compared to thecorresponding period of the prior year mainly due to the increased investments in the copperplate paper project of production capacity of 800,000 tonnes and the high-end white coated linerboard project of production capacity of 600,000 tonnes of Shouguang Meilun Paper Co., Ltd., a wholly-owned subsidiary of the Company, the Zhanjiang pulp project and the high-end culture paper project during the reporting period.(3) Net cash flows from financing activities increased by 19.83% as compared to thecorresponding period of the prior year mainly due to the increase in bank borrowings resulting from the factors such as more project investments made by the Company.3.2 The progress of significant events and analysis of their impact and solutions3.2.1 Non-standard opinionApplicable √ Not Applicable3.2.2 Provision of capital to the controlling shareholder or its related parties or provision of guarantee in favour of any external party in violation of the prescribed procedures by the CompanyApplicable √ Not Applicable3.2.3 Execution of material contracts in the ordinary course of business and their performanceApplicable √ Not Applicable3.2.4 Others√Applicable Not Applicable山東菏澤晨鳴板材有限公司(hereinafter referred to as “Heze Panels”) ceased its production since June 2008. As at the end of March 2011, its net assets were RMB-26,811,762.87 and Shandong Chenming Power Supply Holdings Co., Ltd., a controlling subsidiary of the Company, held its 67% equity interest in aggregate. As at the end of March 2011, the net assets of Shandong Lin Dun Wood Industry Co., Ltd. (hereinafter referred to as “Lin Dun Wood”) amounted to RMB21,724,371.93. and Shandong Chenming Panels Co., Ltd., a controlling subsidiary of the Company, held its 67% equity interest. The Company disposed of and transfered its entire equity interest of Heze Panels and Lin Dun Wood to adjust its strategic positioning, make its assets active and reduce the funds occupied.After the transfer of the equity interests, the Company will not hold the equity interests of Heze Panels and Lin Dun Wood.Qihe Chenming Panels Co., Ltd. (hereinafter referred to as “Qihe Panels”) ceased its production since June 2008. Shandong Chenming Paper Group Qihe Paperboard Co., Ltd. and Shandong Chenming Panels Co., Ltd., the controlling subsidiaries of the Company, held its 100% equity interest in aggregate. Taking the local supplies of raw materials and the market factor into consideration, the management of the Company had no intention to commence production again. To make the Company’s assets active, the Company transfered the physical assets such as the land, plants, equipment, inventories and raw materials of Qihe Panels at a total consideration to be determined based on their valuation.The above transfer of equity interests and assets will have no substantial effect on the profit of the Company for the second quarter.3.3 Performance of undertakings by the Company, shareholders and beneficialcontrollersThe following undertakings by the Company, its directors, supervisors and senior management, shareholders interested in 5% or more of the shares of the Company and its beneficial controllers in the reporting period or subsisting to the reporting periodApplicable √ Not Applicable3.4 Warning of cumulative net profit for the period between the beginning of the year toend of next reporting period being projected to be losses or expected material change as compared to the same period last year and its explanationApplicable √ Not Applicable3.5 Other significant events that require explanation3.5.1 Securities investmentApplicable √ Not Applicable3.5.2 Reception of research investigations, communications and interviews during thereporting periodDate of reception Place of reception Manner ofreception PartiesaccommodatedMain topics ofdiscussion andinformationprovided7 January 2011 Zhanjiang,Guangdong On-site researchinvestigationInstitutionalanalysts such as朱嘉of QiluSecurities andothersRecentproduction andoperation of theCompany12 January 2011 Shouguang,Shandong On-site researchinvestigationGuan Xue ofChinaInternationalCapitalCorporationSecurities Limitedand othersRecentproduction andoperation of theCompany17 February 2011 Shouguang,Shandong On-site researchinvestigationWan Youlin ofSinolinkSecurities, 梁裕寧of E FundManagement Co.,Ltd.Recentproduction andoperation of theCompany24 February 2011 Shouguang,Shandong On-site researchinvestigation曾晶晶of ChinaPost Fund andothersRecentproduction andoperation of theCompany3.6 Investment in derivativesApplicable √ Not Applicable3.6.1 Positions in investment in derivatives as at the end of the reporting periodApplicable √ Not Applicable§4 Appendices4.1 Balance sheetPrepared by: Shandong Chenming Paper Holdings Limited31 March 2011Unit: RMBClosing balance (31 March 2011)Opening balance (31 December 2010)ItemConsolidated Parent company Consolidated Parent company CURRENT ASSETS:Monetary funds 1,725,248,537.25 333,296,115.01 1,951,854,940.72 704,109,173.25 Balances with clearing companies — — — — Loans to banks and otherfinancial institutions— — — —Held-for-trading financial assets — — — — Bills receivable 2,740,242,779.05 2,184,880,736.31 2,762,389,909.89 1,527,349,378.06 Accounts receivable 2,316,959,918.10 846,361,775.32 2,122,578,824.27 1,621,939,553.18 Prepayments 791,278,480.06 837,183,828.07 924,354,545.55 919,638,465.71 Premium receivable — — — — Receivables from reinsurers — — — — Reinsurance contract reservesreceivable— — — — Interest receivable — — — — Dividend receivable — 25,500,000.00 — 25,500,000.00 Other receivables 246,062,181.96 5,400,656,828.49 117,634,380.52 4,773,074,610.91 Financial assets purchased underagreements to resell— — — — Inventory 3,696,124,544.38 1,197,647,572.79 3,047,078,215.01 798,447,611.57 Entrusted loans due within oneyear— 1,778,721,279.90 — 1,799,625,759.18Non-current assets due within oneyear— — — — Other current assets 1,058,727,036.59 69,134,655.76 658,572,125.34 — Total current assets 12,574,643,477.39 12,673,382,791.65 11,584,462,941.30 12,169,684,551.86 NON-CURRENT ASSETS: — — — — Entrusted loans — 500,000,000.00 — 500,000,000.00 Entrusted loans and advances to — — — —Closing balance (31 March 2011)Opening balance (31 December 2010)ItemConsolidated Parent company Consolidated Parent company customersAvailable-for-sale financial assets — — — — Held-to-maturity investments — — — — Long-term receivables — — — — Long-term equity investments 60,339,400.36 6,270,887,163.24 67,201,931.89 5,957,887,739.77 Investment properties 24,253,648.06 24,253,648.06 24,688,212.07 24,688,212.07 Fixed assets 13,025,731,696.95 5,020,030,181.82 12,882,358,381.56 5,162,505,904.23 Construction in progress 9,102,562,587.01 653,388,626.67 7,871,512,563.84 377,881,973.00 Construction materials 177,454,089.59 19,465,631.16 116,481,086.12 18,789,838.50 Disposal of fixed assets — — — — Consumable biological assets 766,393,607.75 — 726,742,568.44 — Productive biological assets — — — — Oil and gas assets — — — — Intangible assets 1,450,863,516.75 327,709,802.12 1,459,453,227.94 329,934,823.01 Development expenditure — — — — Goodwill 20,283,787.17 — 20,283,787.17 — Long-term prepaid expenses 183,342,344.07 — 176,436,950.42 — Deferred income tax assets 143,958,541.60 51,040,517.87 147,510,479.23 60,305,230.74 Other non-current assets — — — — Total non-current assets 24,955,183,219.31 12,866,775,570.94 23,492,669,188.68 12,431,993,721.32 TOTAL ASSETS 37,529,826,696.70 25,540,158,362.59 35,077,132,129.98 24,601,678,273.18 CURRENT LIABILITIES: — — — — Short-term borrowings 5,672,758,395.26 3,493,608,693.46 3,594,157,220.47 2,177,183,475.78 Borrowings from the central bank — — — — Customer bank deposits and due tobanks and other financial institutions— — — —Placements from banks and otherfinancial institutions— — — — Held-for-trading financial liabilities — — — — Bills payable 825,896,324.21 754,358,152.02 218,757,186.75 124,145,654.66 Accounts payable 3,086,828,667.59 1,207,369,581.80 2,708,064,676.44 995,425,830.59 Advance receipts 249,637,309.10 405,829,282.02 410,243,554.75 284,808,123.90 Assets sold under agreements torepurchase— — — — Handling charges and commission — — — —(31 March 2011) (31 December 2010)ItemConsolidated Parent company Consolidated Parent company payableStaff remuneration payables 126,963,448.67 81,780,642.21 169,426,660.41 106,040,498.15 Taxes payable 144,498,001.36 42,255,976.71 134,029,387.82 36,899,207.08 Interest payable — — — — Dividend payable — — — — Other payables 691,902,636.25 240,541,540.33 582,052,511.43 248,170,250.32 Due to reinsurers — — — — Insurance contract reserves — — — — Customer brokerage deposits — — — —— — — — Securities underwriting brokeragedeposits1,423,492,513.15 1,352,332,000.00 1,432,841,463.15 1,360,951,000.00 Non-current liabilities due withinone yearOther current liabilities 1,863,877,946.13 1,857,190,621.32 3,412,493,915.88 3,405,958,538.39 Total current liabilities 14,085,855,241.72 9,435,266,489.87 12,662,066,577.10 8,739,582,578.87 NON-CURRENT LIABILITIES: — — — — Long-term borrowings 5,504,960,119.03 882,286,435.94 4,725,628,719.05 852,222,735.94 Bonds payable — — — — Long-term payables — — — — Special accounts payable — — — — Estimated liabilities — — — — Deferred income tax liabilities 1,340,281.66 — 1,340,281.66 — Other non-current liabilities 2,429,933,765.42 2,310,396,335.33 2,427,897,545.67 2,309,355,287.42 Total non-current liabilities 7,936,234,166.11 3,192,682,771.27 7,154,866,546.38 3,161,578,023.36 TOTAL LIABILITIES 22,022,089,407.83 12,627,949,261.14 19,816,933,123.48 11,901,160,602.23— — — — OWNERS’ EQUITY(ORSHAREHOLDERS’ EQUITY):Paid-up capital(or share capital) 2,062,045,941.00 2,062,045,941.00 2,062,045,941.00 2,062,045,941.00 Capital reserves 6,093,493,004.71 6,184,215,988.77 6,093,493,004.71 6,184,215,988.77 Less: Treasury shares — — — — Special reserves — — — — Surplus reserves 1,046,510,680.99 1,034,321,099.08 1,046,510,680.99 1,034,321,099.08 General risk provisions — — — — Retained profit 4,569,142,213.82 3,631,626,072.60 4,333,731,947.96 3,419,934,642.10 Foreign currency translation -124,340.77 — 4,219.88 —(31 March 2011) (31 December 2010)ItemConsolidated Parent company Consolidated Parent company differencesTotal equity attributable to equityholders of the company13,771,067,499.75 12,912,209,101.45 13,535,785,794.54 12,700,517,670.95 Minority interests 1,736,669,789.12 — 1,724,413,211.96 — Total owners’ equity 15,507,737,288.87 12,912,209,101.45 15,260,199,006.50 12,700,517,670.95 TOTAL LIABILITIES ANDOWNERS’ EQUITY37,529,826,696.70 25,540,158,362.59 35,077,132,129.98 24,601,678,273.184.2 Income statementPrepared by: Shandong Chenming Paper Holdings LimitedJanuary to March 2011 Unit: RMBAmounts for the current period (January — March 2011) Amounts for the prior period (January — March 2010)ItemConsolidated Parent company Consolidated Parent company I.Total operating revenue 4,215,779,027.36 1,921,785,753.13 3,917,441,890.00 3,312,237,226.65 Including: Operating revenue 4,215,779,027.36 1,921,785,753.13 3,917,441,890.00 3,312,237,226.65 Interest income — — — — Earned premium — — — — Handling charges andcommission income — — — — II.Total operating costs 3,981,119,166.27 1,759,509,526.62 3,635,503,132.43 3,078,618,711.94 Including: Operating costs 3,463,359,628.05 1,555,807,983.71 3,141,673,026.32 2,810,911,841.68 Interest expenses — — — — Handling charges andcommission expenses — — — — Surrenders — — — — Net claims paid — — — — Net change in insurancecontract reserves — — — — Policyholder dividendexpenses — — — — Expenses for reinsuranceaccepted — — — — Business taxes and surcharges 17,610,362.77 9,678,625.14 3,901,057.41 49,940.69 Selling and distribution 202,836,197.85 61,919,884.39 206,922,027.74 101,865,373.94(January — March 2011) (January — March 2010) ItemConsolidated Parent company Consolidated Parent company expensesGeneral and administrativeexpenses 235,479,987.23 100,687,131.82 201,176,256.05 96,726,207.06 Finance expenses 68,850,480.24 56,580,268.93 65,756,282.98 52,772,422.66 Loss on impairment ofassets -7,017,489.87 -25,164,367.37 16,074,481.93 16,292,925.91 Add: Gain on change in fairvalue (“-” denotes loss) — — — — Investment income (“-”denotes loss) -6,862,531.53 23,065,936.06 -1,672,580.37 24,480,569.13 Including: Investment incomefrom associates and jointventures -6,862,531.53 -6,862,531.53 -1,672,580.37 -1,672,580.37 Foreign exchange gains (“-”denotes loss) — — — — III.Operating profit (“-”denotes loss) 227,797,329.56 185,342,162.57 280,266,177.20 258,099,083.84 Add: Non-operating income 93,693,686.12 67,364,389.08 45,633,132.91 31,679,777.35 Less: Non-operatingexpenses 1,744,031.83 1,069,164.50 2,811,486.59 2,172,470.78 Including: Loss on disposal ofnon-current assets — — — — IV.Total profit (“-” denotestotal loss) 319,746,983.85 251,637,387.15 323,087,823.52 287,606,390.41 Less: Income tax expenses 67,180,140.84 39,945,956.65 59,383,482.51 45,018,898.63 V. Net profit (“-” denotes netloss) 252,566,843.01 211,691,430.50 263,704,341.01 242,587,491.78 Net profit attributable toowners of the Company 235,410,265.86 211,691,430.50 238,099,243.24 242,587,491.78 Minority interests 17,156,577.15 — 25,605,097.77 — VI.Earnings per share: — — — — (I)Basic earnings per share 0.11 0.10 0.12 0.12 (II)Diluted earnings per share N/A N/A N/A N/A VII.Other comprehensiveincome -128,560.65 — -2,767.08 — VIII.Total comprehensiveincome 252,438,282.36 211,691,430.50 263,701,573.93 242,587,491.78 Total comprehensive income 235,281,705.21 211,691,430.50 238,096,476.16 242,587,491.78(January — March 2011) (January — March 2010) ItemConsolidated Parent company Consolidated Parent company attributable to owners of theCompanyTotal comprehensive incomeattributable to minorityinterests 17,156,577.15 — 25,605,097.77 —For the business combination under common control for the current period, the acquiree realised net profit of RMB nil before the combination.4.3 Cash flow statementPrepared by: Shandong Chenming Paper Holdings LimitedJanuary to March 2011 Unit: RMBAmounts for the current period (January — March 2011) Amounts for the prior period (January — March 2010)ItemConsolidated Parent company Consolidated Parent company I.Cash flows from operating activities: — — — — Cash received from sales of goods andrendering of services4,373,729,942.37 1,797,302,681.18 4,004,494,020.37 2,479,208,090.97Net increase in customer bankdeposits and due to banks and otherfinancial institutions— — — —Net increase in borrowings from thecentral bank— — — —Net increase in placements from otherfinancial institutions— — — —Cash received from premiums underoriginal insurance contracts— — — —Net cash received from reinsurancebusiness— — — —Net increase in deposits frompolicyholders— — — —Net increase from disposal ofheld-for-trading financial assets— — — —Cash received from interest, handlingcharges and commissions— — — —Net increase in placements frombanks and other financial institutions— — — —(January — March 2011) (January — March 2010) ItemConsolidated Parent company Consolidated Parent company Net capital increase of repurchase— — — — businessTax rebates received 9,072,328.56 — 9,378,100.97 —209,741,362.82 77,243,590.61 44,161,584.31 39,069,098.18 Cash received relating to otheroperating activities4,592,543,633.75 1,874,546,271.79 4,058,033,705.65 2,518,277,189.15 Subtotal of cash inflows fromoperating activitiesCash paid for goods and services 3,592,629,084.34 1,175,552,333.83 2,688,505,769.18 1,750,017,341.55 Net increase in loans and advances to— — — — customers— — — — Net increase in deposits with thecentral bank and other financialinstitutions— — — — Cash paid for claims under originalinsurance contractsCash paid for interest, handling— — — — charges and commissionCash paid for policyholder dividend — — — — Cash paid to and for employees 207,060,248.25 59,273,939.28 158,130,451.51 55,098,679.25 Payments of taxes and surcharges 461,128,266.94 195,314,473.88 376,042,339.97 263,901,407.4996,657,153.38 182,600,639.67 179,332,384.75 461,700,609.60 Cash paid relating to other operatingactivities4,357,474,752.91 1,612,741,386.66 3,402,010,945.41 2,530,718,037.89 Subtotal of cash outflows fromoperating activities235,068,880.84 261,804,885.13 656,022,760.24 -12,440,848.74 Net cash flows from operatingactivities— — — — II.Cash flows from investingactivities:Cash received from investments — 20,904,479.28 — 126,000,000.00— 122,480,481.09 — 26,153,149.50 Cash received from investmentincome953,872.96 — 52,207.60 4,629.80 Net cash received from disposal offixed assets, intangible assets andother long-term assets— — — — Net cash received from disposal ofsubsidiaries and other business units3,016,038.73 — 4,000,000.00 — Cash received relating to otherinvesting activities。

BP公司2011年财务报表分析

Ry7British Petroleum (BP) is one of global leading international oil and gas companies. It is the third largest energy company in the world. BP operates in over 80 countries, providing more than 3.9 million barrels of oil equivalent every day for transportation, heat and light. Its two biggest divisions are in US and Europe, as well as major business activities in India, China, Australia and Southern Africa. The major interests and activities include two business sections: refining and marketing and exploration and production. Global headquarter of BP is in London and UK is the centre for legal, finance, trading and other business functions. This report will analyze BP’s annual report of 2009 and evaluate useful information from the view of shareholders and creditors.In 2009, energy markets suffered negative influence due to global recession and the oil prices decreased in 2009 after reaching the peak of $147 per barrel in 2008. There was a dramatic decline in global oil consumption. The group overview of BP annual report state that the falling oil consumption in Economic Co-operation and Development (OECD) was offset by growing demand in non-OECD courtiers. The company’s reserves had grown for the 17th year in a row and oil production also went up over 4% in 2009. Tony Hayward, the group chief executive of BP, said 2009 was still a successful year for the company. The group overview tries to show the strengths and achievements of BP, which can enhance stakeholders’confidence. However，Its shares prices also dropped consistently over the year. BP appears to be struggling with lower oil prices.BP’s strategy indicates that how the company operates in difficult market condition. Its strategy is to invest more to increase oil and gas production, particularly continue to seek opportunities in growth markets such as India and China, and improve operating efficiency, capital efficiency and cost efficiency. As an international organization, BP set out upon an expansion strategy which could benefit its long-term development, but it may also be that the cost of expansion will become a heavy burden and increase debts. For example: BP invested in new field in the Gulf of Mexico. Recent economic recession have weakened the oil consumption, stakeholders may worry about comp any’s expansion and investment. For relieving stakeholders’ worries, BP tries to use better operational performance and lower costs to offset the costs of expansion and poor global financial environment. It had made some achievements in exploration and production and refining and marketing. The two most important achievements are growth in production and decrease in both production costs and refining costs. There are other 16 achievements listed in business review section, but the company did not reveal further details about that, which make stakeholders hard to understand how these could help BP offset negative impact. However, the annual report shows that BP has been trying hard to create value for shareholders and deliver a strong performance in 2009.。

2011年考研英语二大作文范文

2011年考研英语二大作文范文Write an essay based on the following chart. In your writing, you should1) interpret the chart and2) give your comments.You should write at least 150 words.The provided chart illustrates the market share of domestic, Japanese, and American car brands in the domestic car market during the years 2008 and 2009. The vertical axis represents the percentage of market share, while the horizontal axis represents the two respective years.From the chart, we can observe several notable trends. Firstly, the market share of domestic car brands experienced an upward trajectory, increasing from 25% in 2008 to 32% in 2009. This indicates a positive growth for domestic brands during this period. Conversely, Japanese car brands saw a decline in their market share, dropping from 34% in 2008 to 25% in 2009. On the other hand, American car brands witnessed a slight increase in market share, rising from 11% in 2008 to 13% in 2009.These findings reflect a shift in consumer preferences within the domestic car market. The rise in domestic brand market share suggests an increasing demand and acceptance of locally produced vehicles. The decline in Japanese brand market share could be attributed to factors such as competition from domestic brands and potential issues with product appeal or pricing strategies. Meanwhile, the modest growth of American brand market share indicates a relatively stable performance during the studied period.In conclusion, the chart demonstrates the changing market dynamics in the domestic car industry, with domestic brands gaining ground, Japanese brands losing market share, and American brands maintaining a moderate presence. These trends are indicative of the evolving consumer landscape and highlight the significance of understanding market preferences to remain competitive in the car industry.。

小米财务分析英文

小米财务分析英文Financial analysis of Xiaomi1、Company profileFounded in April 2010 in Beijing, xiaomi is a company with an engineering-led culture. It always focuses on technological innovation, quality, design, user experience and efficiency of products and services, and is committed to making science and technology fun for the whole world at a cost-effective price. Millet founded in that year released a beautiful MIUI system, the first handset released the following year, successful have to use the Internet marketing methods and fans culture broke the pattern of domestic mobile phone market, became the mainland market in 2014 smartphone shipments ranked first, and become the world's third largest after apple, samsung smartphone makers. In addition to the continuous expansion in the field of smart phones, 2013In 2011, xiaomi began to focus on the layout of the Internet of things ecological chain system, and took the lead in launching the mi bracelet and air purifier products. It is expected to enter into hundreds of segments through hundreds of ecological chain enterprises invested in the next five years, so as to form a huge fleet of intelligent hardware led by xiaomi. In 2015, the monthly active users of MIUI system exceeded 100 million, and xiaomi gradually launched a series of extensive Internet application services through the MIUI platform. In the same year, xiaomi started the offline retail of xiaomi home to provide users with better user experience.In 2016, xiaomi experienced a low point in the smartphone market and encountered a bottleneck in its research anddevelopment. However, in 2017, xiaomi's ecological chain layout has achieved initial results and become the world's largest consumer IoT platform, which has also driven the common development of the smartphone field, making its business revenue over 100 billion yuan. On July 9, 2018, xiaomi group was officially listed on the main board of the Hong Kong stock exchange (hkex) as the first listed company with "different rights to the same shares". Xiaomi's market performance in 2018 is still impressive, with smartphone shipments exceeding 100 million ahead of schedule and smart IoT consumer goods continuing to gain momentum.2、Profitability analysisAccording to the financial information of xiaomi from 2016 to 2018, multiple indicators reflecting the profitability of xiaomi are analyzed. The specific results are as follows:Combined with the above growth rate indicators, it is found that the gross profit rate and net profit rate of xiaomi are in a state of constant fluctuation. As xiaomi's smartphone market cooled at the end of 2016 and its revenue growth was not obvious, its net interest rate was negative in2017. The market gross profit of millet has been growing steadily in the past three years, and the gross profit rate has been increasing steadily. To sum up, with the increase of the scale of xiaomi, the asset turnover rate has declined, but the overall profitability of xiaomi is constantly improving.3、Operational capacity analysisFrom the perspective of assets, xiaomi's current assets accounted for 63.75%, 60.35%, 68% and 67% from 2015 to 2018, and its cash reserves accounted for a large proportion. The ratio of accounts receivable to inventory is very low, among which accounts receivable remain around 5% all year round, while the proportion of inventory also dropped from 22% in 2015 to 15% in 2018. Secondly, from the perspective of production, xiaomi does not have its own proprietary factories, and the final products are all outsourced to ODM/OEM for OEM production. Therefore, the factory is the service supplier of xiaomi, and it checks the production process, raw material quality and logistics service of xiaomi products. However, it involves some core components and components with relatively high prices. Xiaomi usually purchases and distributes them to the OEM by itself, thus forming an efficient and unique supply chain through special operation forms.Table of xiaomi asset turnover from 2016 to 2018Xiaomi's average inventory turnover is 49.6 days, a turnover rate unmatched by most of its peers. It has surpassed fast-moving consumer goods brand H&M and is on a par with global department storesMar. Xiaomi's hunger marketing is closely tied to the zero inventory model. First of all, through the pre-sale mode, xiaomi can order production by sales and notify the inventory management department of the enterprise through Internet technology, so that the enterprise can obtain accurate order data, so as to scientifically arrange production tasks and adjust the production pace of the enterprise, so as to ensure the maximization of the overall efficiency of the supply chain system. Secondly, xiaomi enterprise opens up channel level inventory. For OEM manufacturers to produce qualified products, the enterprise can use the OEM warehouse for inventory turnover and deliver the pre-sold products. Through the information management means, xiaomi enterprise realizes theinternetization and transparency of enterprise management, ensures the accurate connection between enterprise inventory management and transportation management system, and ensures the internetization and dynamic of inventory management, which controls the turnover cost of the enterprise to a large extent and improves the overall operating efficiency of the enterprise.4、Solvency analysisSolvency refers to the ability of a company to repay its debts on time. The higher an enterprise's solvency is, the higher its market valuation will be and the less difficult it will be to raise operating funds. On the contrary, if an enterprise's debt paying ability is defective, it will affect investors' investment determination and investment intensity. It will not only seriouslyaffect the market reputation of the enterprise and increase the difficulty of financing, but also lead to the poor financial indicators and pressure on the market value of the enterprise.From the analysis of short-term solvency, the enterprise's short-term solvency can be comprehensively measured and evaluated by the current ratio advancement and quick ratio, and the current ratio also rises to 1.71,which is relatively optimistic. However, although the quick ratio of xiaomi has been floating slightly in recent years, it has been floating around 1.0 and is in a relatively stable state, which means that the short-term solvency of xiaomi is relatively weak. From the analysis of long-term solvency, the asset-liability ratio of xiaomi was 241.55% in 2017 and 50.93% in 2018, which is reasonable compared with the data of other comparable companies. However, it still means that the long-term solvency of xiaomi is not particularly strong at the present stage. Therefore, from the perspective of solvency, solvency increases the financial risk of xiaomi company to some extent.5、Development capability analysisBy analyzing the operating income and gross profit of Xiaomi Technology from 2016 to 2018, it can be seen that its operating index has been growing rapidly in recent years, and the expansion strategy adopted by the enterprise has also been effective. In 2016, its operating revenue was only 68.434 billion yuan, and in 2018, it grew rapidly to 174.915 billion yuan, indicating its strong development and growth capacity.6、Conclusions and recommendationsBy analyzing the financial indicators of Xiaomi in recent years, we find that Xiaomi has a good development trend. But some improvements are needed.On the one hand, it is necessary to construct a more comprehensive and flexible mechanism for each link of financial risk control, so as to prevent and control financial risk management rationally. For example, the establishment of financial risk early warning system, through the development of a unified and complete risk early warning standard system, can search for financial risk-related management information, standardize the financial risk evaluation standard of Xiaomi, so as to reasonably regulate early warning financial risk.On the other hand, the assessment mechanism of financial risk management should be done well and the assessment system of financial risk management should be strictly implemented to ensure that the financial risk management can be carried out in a more standardized and orderly manner. On the other hand, a mutually unified financial risk control mechanism should be established to make a unified standard for the content of financial risk control of the parent company and subsidiaries. On the other hand, the responsibility scope of the financial risk management department should also be clarified,specific to individuals and every detail. At the same time, we should have the courage to explore and innovate financial risk control activities, strengthen capital investment in financial risk analysis and control, and cultivate andintroduce new financial risk management talents, so as to reduce the negative effects of operational strategies on financial risk analysis and control.。