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中集集团(000039)公告正文

中 集B:2011年第一季度报告全文(英文版)

公告日期 2011-04-26
股票简称:中集集团 股票代码:000039
                               Report for the First Quarter of 2011 of China International Marine Containers (Group) Co., Ltd.



      China International Marine Containers (Group) Co., Ltd.
                               Report for the First Quarter of 2011

§1. Important Notes
1.1 The Board of Directors, the Supervisory Committee, as well as directors, supervisors
and senior executives of China International Marine Containers (Group) Co., Ltd.
(hereinafter referred to as ―the Company‖) hereby guarantee that this report carries no false
information, misleading statements or major omissions, and will accept, individually and
collectively, the responsibility for factuality, accuracy and completeness of the information
set forth herein.
1.2 Financial statements for the first quarter of 2011 have not been audited by an
accounting firm.
1.3 Li Jianhong (Principal of the Company), Jin Jianlong (the person in charge of the
accounting project) and Jin Jianlong (the person-in-charge of the accounting organ/the
principal of accounting) hereby confirm that the financial statements enclosed in the
quarterly report are factual and complete.
[English Translation for Reference Only. Should there be any discrepancy between the two
versions, the Chinese version shall prevail.]


§2. Company Profile
2.1 Main accounting data and financial indicators
                                                              31 Mar. 2011                  31 Dec. 2010             Increase/decrease (%)
Total assets (RMB’000)                                                 63,881,370                    54,130,649                   18.01%
Owners’ equity attributable to shareholders of the
                                                                        17,669,214                    16,223,057                    8.91%
Company (RMB’000)
Share capital (share)                                                2,662,396,051                 2,662,396,051                    0.00%
Net assets per share attributable to shareholders
                                                                               6.6366                       6.0934                  8.91%
of the Company (RMB/share)
                                                              Jan.-Mar. 2011               Jan.-Mar. 2010            Increase/decrease (%)
Gross revenue (RMB’000)                                                17,056,642                     7,774,491                  119.39%
Net profit attributable to shareholders of the
                                                                         1,358,250                       354,372                  283.28%
Company (RMB’000)
Net   cash   flows      from     operating   activities
                                                                         -5,998,953                   -1,527,619                 -292.70%
(RMB’000)
Net cash flows per share from operating
                                                                             -2.2532                       -0.5738               -292.70%
activities (RMB/share)
Basic EPS (RMB/share)                                                          0.5102                       0.1331                283.28%
Diluted EPS (RMB/share)                                                        0.5102                       0.1331                283.28%
Weighted average ROE (%)                                                       8.02%                        2.46%                   5.56%
Weighted     average      ROE       after    deducting                         7.80%                        1.51%                   6.29%


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                             Report for the First Quarter of 2011 of China International Marine Containers (Group) Co., Ltd.


non-recurring gains and losses (%)
Items of non-recurring gains and losses
√Applicable       □Inapplicable
                                                                                        Unit: RMB’000

                                  Items of non-recurring gains and losses                                             Amount
Profit and loss from disposal of non-current assets                                                                                  -1,726
Government subsidies recorded into current gains and losses, excluding those related closely to the
routine business of the Company and continuously enjoyed by the Company at fixed amounts or ratios                                  72,672
according to state policies and regulations
Gains/losses from fair value changes of transactional financial assets and liabilities held by the
Company, and investment gains from disposal of transactional financial assets and liabilities and
                                                                                                                                    -60,929
financial assets available for sale, excluding effective hedging business related to the Company’s
common operations
Other non-operating incomes and expenses                                                                                            11,287
Income tax effects                                                                                                                   -8,124
Minority interests effects                                                                                                          21,556
Capital occupation fees collected from non-financial enterprises which are recorded in the gains and
                                                                                                                                     2,184
losses for the current period
                                                   Total                                                                            36,920
2.2 Total number of shareholders and shares held by the top ten shareholders n
ot subject to trading moratorium at the end of the reporting period
                                                                    Unit: Share
 Total number of shareholders at the end of the
                                                                                                                                164,161
                 reporting period
                                 Shares held by the top ten shareholders not subject to trading moratorium
                                                      Shares not subject to trading moratorium
            Full name of shareholder                                                                          Type of share
                                                               held at the period-end
China Merchants (CIMC) Investment Limited                                         665,599,037 Domestically listed foreign shares
COSCO CONTAINER INDUSTRIES LIMITED                                                432,171,843 RMB ordinary shares
COSCO Container Industries Limited                                                148,320,037 Domestically listed foreign shares
CMBLSA RE FTIF TEMPLETON ASIAN GRW
                                                                                    85,998,058 Domestically listed foreign shares
FD GTI 5496
LONG HONOUR INVESTMENTS LIMITED                                                     25,322,106 Domestically listed foreign shares
New China Life Insurance Co., Ltd–Dividend
Distribution–Individual     Dividend-018L-FH002                                    21,119,657 RMB ordinary shares
Shen
GUOTAI JUNAN SECURITIES(HONGKONG)
                                                                                    17,913,427 Domestically listed foreign shares
LIMITED
INDUSTRIAL & COMMERCIAL BANK OF
CHINA—E FUND VALUE GROWTH MIXED                                                    16,200,000 RMB ordinary shares
SECURITIES INVESTMENT FUND
SPD Bank-GF Small-Cap Growth Stock Fund                                            13,209,857 RMB ordinary shares



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                         Report for the First Quarter of 2011 of China International Marine Containers (Group) Co., Ltd.


TEMPLETON EMERGING MARKETS
                                                                                12,801,432 Domestically listed foreign shares
INVESTMENT TRUST
China Construction Bank-ICBC Credit Suisse
                                                                                11,100,686 RMB ordinary shares
Selected Balanced Fund




§3. Significant Events
3.1 Significant changes in main accounting statement items and financial indicators as well
as reasons for such changes
√Applicable           □Inapplicable
A strong container market continued as the global economy continued to recover since the
second half of 2010 and customers needed to prepare containers for the coming busy season
for shipping. In the first quarter of 2011, CIMC received adequate orders for dry cargo
containers, with container prices being on the rise. For the first three months of 2010, the
Company accumulatively sold 498,000 TEU of dry cargo containers, a sharp increase of
310.02% from a year earlier; 43,800 TEU of reefer containers, also a consideration rise of
166.33% on a year-on-year basis; and 17,100 TEU of special containers, up 110.20% as
compared to the same period of last year. Due to the fact that some orders advanced and
other reasons, the output of dry cargo containers for the second quarter was expected to
decrease from the first quarter. The overall container demand in 2011 was expected to grow
by around 30%. In the first quarter, thanks to more infrastructure investments and the
continuous recovery of the overseas renewal demand, the production and sales volume as
well as the sales income of road transportation vehicles of CIMC still maintained a strong
growth. From Jan. to Mar. in the year, CIMC accumulatively sold 39,100 units of vehicles,
up 30% from a year earlier, generating a total sales income of RMB 4.106 billion, up 26%
as compared to the same period of last year. But costs were under some pressure to rise due
to price increases of raw materials. In Mar. 2011, in order to expand markets in the Middle
East, CIMC signed a cooperation agreement with the Zahid Group in Saudi Arabia to
jointly set up local plants.
In terms of the energy, chemical and liquefied food business, the income generated in the
first quarter doubled. This was mainly attributed to the strong growth of the demand for
tank containers boosted by recovery of the international chemical market.
Offshore engineering projects in progress of CIMC proceeded smoothly. In Apr. 2011, a
second deep-water semi-submerged drilling platform—“SS Amazonia”—built by Yantai
CIMC Raffles Offshore Ltd. (―CIMC Raffles‖ for short) for the Schahin Group, a Brazilian
oil and gas company, was successfully delivered in Yantai, which the Schahin Group leased
to Petrobras, the national oil company of Brazil. In order to further promote development of
CIMC’s offshore engineering business and enhance management over CIMC Raffles, the
Board of Directors of CIMC Raffles decided to adjust its management team. The
Company’s President Mr. Mai Boliang continued to be the chairman of CIMC Raffles’
Board of Directors and succeeded Mr. Zhang Liren as CEO for CIMC Raffles. Mr. Zhang
Liren continued to be a vice chairman of CIMC Raffles’ Board of Directors. Meanwhile,
the Board of Directors of CIMC Raffles appointed Mr. Yu Ya, a vice president of CIMC, to

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                           Report for the First Quarter of 2011 of China International Marine Containers (Group) Co., Ltd.


be its president and assist the CEO in routine operations of CIMC Raffles. The management
of CIMC believed that offshore engineering was an emerging industry with national
strategic importance and thus was a business that CIMC would attach great importance to
in the future. And CIMC Raffles had a great production base and an innovative building
pattern, as well as a professional management and technical team. After mass delivery of
projects in progress, particularly projects undertaken for the first time, CIMC Raffles and
its team were both improved and upgraded with more experience and greater competitive
edges. It was thus believed that CIMC Raffles was to grow rapidly through mechanism and
management improvement.
Significant movement and
                                                                                                      Unit: RMB’000
      reasons thereof
                              Jan.-Mar. 2011      Jan.-Mar. 2010      Movement                           Reasons
                                                                                    Sales growth of main products in all business
Accounts receivable                10,795,299            8,129,836       32.79%
                                                                                    lines
                                                                                    Corresponding growth resulted from increase of
Other receivables                   3,360,688            2,236,272       50.28%     the production and sales volume, as well as
                                                                                    deposits paid by subsidiaries for land purchases
Non-current assets due                                                              Some long-term receivables due within one year
                                      765,948            1,185,502      -35.39%
within one year                                                                     were collected.
Long-term receivables               2,107,072            1,336,257       57.68%     Growth of the financing lease business
                                                                                    Increase of capital needs due to expansion of the
Short-term borrowings              14,512,707            8,309,309       74.66%
                                                                                    production scale
Transactional financial
                                        1,613                3,810      -57.66%     Great change in fair value
liabilities
                                                                                    Long-term and short-term borrowings increased
Interest payable                       33,322               13,168      153.05%
                                                                                    and borrowing interest rose.
                                                                                    Increase of capital needs due to expansion of the
Long-term borrowings                5,582,580            3,912,148       42.70%
                                                                                    production scale
                                                                                    The Company and some of its subsidiaries
Capital reserve                       776,637            1,349,420      -42.45%     changed their recording currencies for the
                                                                                    reporting period.
                                                                                    The Company and some of its subsidiaries
Foreign exchange
                                     -262,255           -2,055,682      -87.24%     changed their recording currencies for the
difference
                                                                                    reporting period.
                                                                                    Significant growth of container sales as
Operating revenue                  17,056,642            7,774,491      119.39%
                                                                                    compared to the same period of last year
                                                                                    Sales growth of main products in all business
Selling expense                       532,147              178,374      198.33%
                                                                                    lines
Administrative expense                796,056              487,098       63.43%     Expansion of the production and sales volume
Financial expense                     188,867              113,113       66.97%     Interest of borrowings increased.
                                                                                    Most inventory falling price reserves made in
                                                                                    previous years were written off in the same
Asset impairment loss                   -7,546            -371,158      -97.97%
                                                                                    period of last year while the written-off amount
                                                                                    was small in the reporting period.


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                   Report for the First Quarter of 2011 of China International Marine Containers (Group) Co., Ltd.


3.2 Progress of significant events as well as their influence and solutions
3.2.1 Non-standard audit opinion
□Applicable           √Inapplicable
3.2.2 The Company provides funds for the controlling shareholder or its related parties or
provides external guarantees in violation of the prescribed procedure
□Applicable           √Inapplicable
3.2.3 Significant contracts signed and executed concerning routine operation
□Applicable           √Inapplicable
3.2.4 Other
√Applicable           □Inapplicable
Internal control progress:
Part A: Work done for internal control improvement
I. Planning and organization
1. In this January, in accordance with the Internal Control Regulations and Guidelines
promulgated by five government departments and ministries, CIMC took the initiative to
set up a task group for upgrading, according to the 18 implementation guidelines, the
Company’s internal control rules established based on the Guidelines of the Shenzhen
Stock Exchange for Internal Control of Listed Companies. It was a move to make
preparations for implementing the Internal Control Regulations and Guidelines in the
Company.
2. Internal control improvement was made a key task for the Company in 2011.
3. In accordance with the spirits of the CSRC’s trial implementation of internal control
regulations on listed companies, the Company adjusted and improved the Internal Control
Establishment and Development Committee. The Committee comprised chiefs from
relevant functional departments and business lines, which was responsible for leading in the
internal control system establishment and improvement of the Company. Meanwhile,
responsibilities were specified for every member of the Internal Control Establishment and
Improvement Committee.
The Internal Control Establishment and Improvement Committee authorized the
Company’s Audit and Supervision Department to carry out evaluations, checks and audits
on the Company’s internal control.
4. The Internal Control Establishment and Improvement Committee produced the following
documents, which were submitted to the Audit Committee under the Board for review at the
session held by it on 20 Mar. 2011.
(1) Report on Work Done for Internal Control in 2010;
(2) Proposal on the Work Plan of CIMC for Implementing Internal Control Regulations;
and
(3) Proposal on the Self-evaluation Report of CIMC on Internal Control for 2010.
The Audit Committee gave a positive reply concerning the work done for internal control in
2010. It also gave its consent to the Work Plan of CIMC for Implementing Internal Control
Regulations and the Self-evaluation Report of CIMC on Internal Control for 2010.
On 23 Mar. 2011, the Work Plan of CIMC for Implementing Internal Control Regulations
and the Self-evaluation Report of CIMC on Internal Control for 2010 were disclosed, upon
approval of the Board of Directors, simultaneously with the 2010 Annual Report.

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                    Report for the First Quarter of 2011 of China International Marine Containers (Group) Co., Ltd.


5. On 24 Mar. 2011, the Company convened the ―Mobilization Meeting of CIMC for Pilot
Implementation of Internal Control Regulations‖. Over 100 chiefs from the CIMC
Headquarters, segment headquarters and subsidiaries in Shenzhen attended the meeting on
the site of the CIMC Headquarters. And over 1,000 chiefs of subsidiaries outside Shenzhen
and relevant parties also attended the meeting by way of video. At the meeting, Mr. Mai
Boliang, chairman of the Internal Control Establishment and Improvement Committee,
gave a mobilization speech on behalf of the Board of Directors and the management team
of CIMC. It was underlined at the meeting that management teams were the first
responsible personnel for internal control and that an accountability mechanism would be
established for CIMC.
In the week after the meeting, Mr. Mai Boliang, president, signed responsibility letters
respectively with chiefs of major business segments for the pilot implementation of internal
control regulations. And these chiefs were also required to sign such responsibility letters
with persons-in-charge of their subordinate enterprises as soon as possible.
II. Resource guarantee
1. According to the Work Plan of CIMC for Implementing Internal Control Regulations, the
work plan for internal control in 2011 and the relevant financial budget were further
specified.
2. Supervision over internal control was enhanced. Periodical report arrangements were
adjusted to make sure that the Company reported internal control progress to the Shenzhen
CSRC Bureau on the fixed day in every week, month and quarter. Meanwhile, the work
plan for internal control was revised weekly (monthly in the past). And the first set of audit
software was put into use on the IT platform for audit so as to meet new requirements.
3. The Company would include internal control performance in the appraisal system and
carry out evaluations on internal control of every unit. And the internal control appraisal
plan for 2011 was being discussed.
4. BearingPoint, the consulting firm of KPMG, was selected as the consulting agency for
the Company’s internal control upgrade. According to the work plan for internal control,
BearingPoint, together with the Company’s relevant personnel, would provide trainings and
consulting services in pilot subsidiaries for the said internal control regulations.
III. Specific projects for internal control
1. According to the revised work plan for internal control in 2011, the supervision team for
pilot implementation of the internal control regulations went to Yantai CIMC Raffles
Offshore Ltd., Zhumadian CIMC Huajun Vehicle Co., Ltd. and the South China Center
Store of the Vehicle Marketing Division to build internal control upgrade models for
offshore engineering subsidiaries, vehicle manufacturing plants and 4S stores.
2. The internal control upgrade model for vehicle marketing subsidiaries was accomplished
with its application starting from the North China Center Store of the Vehicle Marketing
Division. Meanwhile, the model for vehicle manufacturing subsidiaries was also completed.
3. As for the internal control upgrade model for the offshore engineering business, the first
monthly report on internal control progress was submitted, to which the Internal Control
Establishment and Improvement Committee gave a positive reply.
4. Shenzhen Southern CIMC Container Manufacturing Co., Ltd.—the pilot subsidiary for
the internal control upgrade in the container business, CIMC Finance Co., Ltd.—the pilot

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subsidiary in finance, and Enric (Langfang) Energy Equipment Integration Co., Ltd.—the
pilot subsidiary in the energy and chemical business, were all building their internal control
upgrade models as scheduled.
5. For subsidiaries that would carry out the internal control upgrade subsequently, they sent
representatives to pilot subsidiaries for learning, which laid a foundation for their
application of the internal control upgrade model.
6. Together with departments in charge of rules, the Company issued the Circular on
Establishing and Improving 35 Core Internal Control Rules of CIMC, with responsible
departments being specified. The 35 basic internal control rules were to be established and
improved in 2011 as required by the Internal Control Regulations.
7. Re-checks on internal control of vehicle marketing subsidiaries in Guangzhou, Jiangsu,
Jiangxi and Xinjiang as well as Nantong CIMC Tank Equipment Co., Ltd. were completed.
And the report on internal control establishment and improvement of CIMC SSC was also
finished.
8. Reviews on the Company’s management rules for purchases and expenses were finished.
Part B: Main problems encountered in the work done for internal control and relevant
policy suggestions
I. As for the rewards and punishments for listed companies according to their internal
control performance mentioned by the CSRC at the end of the training courses on internal
control establishment and improvement for listed companies in Shenzhen, it was hoped that
they could be issued as an official document so that the Company’s employees could attach
great importance to internal control establishment and improvement.
II. The Company has over 200 subordinate enterprises. It was planned at the beginning of
the year that the supervision team will go to 73 enterprises for supervision and guidance.
But the number may be reduced in view of the actual work progress. Some enterprises may
adopt a procedure of long-distance supervision and guidance of the Company, application
of models, establishing internal control by their own and cross-checking among enterprises.
Policy suggestions: Considering the present internal control situation of Chinese enterprises,
it is suggested that the internal control establishment and improvement campaign should be
carried out with focuses step by step under the principle of ―substance over form‖. Key and
significant defects in some procedures directly related to financial reporting should be
corrected first in 2011. Afterwards, the efforts should continue to establish and improve
internal control in listed companies step by step according to all the 18 guidelines for
implementation of internal control regulations.
3.3 Commitments made by the Company, its shareholders and actual controller
Commitments made by the Company, its directors, supervisors, senior executives,
shareholders holding over 5% of the Company’s shares, actual controller and other related
parties in the reporting period, or such commitments carried down into the reporting period
□Applicable            √Inapplicable
3.4 Warnings of possible loss or large-margin year-on-year change of the accumulative net
profit made during the period from the beginning of the year to the end of the next reporting
period according to prediction, as well as explanations on the reasons
√Applicable           □Inapplicable
Performance forecast         Increase substantially over the same period of the last year


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                                      From year-begin to the end of
                                                                          Same period of last year                  Increase/decrease(%)
                                           the next report period

Estimated accumulative net
                                        228,139.00 --       273,766.80                      91,255.60     Increase          150           --      200
profit (RMB 0’000)

Basic earnings per share
                                               0.857 --        1.0283                         0.3428      Increase          150           --      200
(RMB/share)

                                      The performance of our company is affected by the global economic, and the production of dry cargo
                                      containers started to resume in the first half year, but with low levels of production and sale as well as
                                      profitability. Starting from the second half of 2010, adequate orders for dry cargo containers were
Notes to performance forecast
                                      received with a considerable rise in their prices. As for the first half of 2011, the production and sale
                                      volume as well as profitability of the Company’s dry cargo containers remained high, with great
                                      growth also in its energy, chemical and liquefied food businesses.


3.5 Other significant events
3.5.1 Securities Investment
√Applicable          □Inapplicable
                                                                                                  Unit: RMB’000
                                                                                                                     Proportion in
                                                                                                                         total
                                                                                Number held
                                                               Initial                                                securities
Serial     Type of       Code of              Abbr. of                             at the            Closing                           Gain/loss for the
                                                             investment                                             investments at
 No.      securities     securities           securities                        period-end carrying amount                             reporting period
                                                               (Yuan)                                                     the
                                                                                  (share)
                                                                                                                      period-end
                                                                                                                         (%)
                                         Weifu
  1      Stock         000581            High-Technolo               44,361       1,917,410               75,757           16.04%                -4,174
                                         gy
  2      Stock         000858            Wuliangye                  149,082       4,669,817              148,920           31.53%                  -162
  3      Stock         200581            Su Weifu-B                  60,859       4,221,033              104,948           22.22%                 2,956
                                         Sinotrans
  4      Stock         00368                                         20,853       2,996,500                6,360            1.35%                -1,062
                                         Shipping-H
  5      Stock         G05.SI            GoodPack                   104,666      13,500,000              136,262           28.85%                -5,070
Other securities investments held at the period-end                         -                 -                 -                  -                    -
  Gain/loss on securities investments sold in the
                                                                            -                 -                 -                  -                    -
                  reporting period
                        Total                                       379,821                   -          472,247             100%                -7,512
3.5.2 Researches, interviews and visits received in the reporting period
                                                                                                     Main discussion and materials provided by the
         Time                 Place             Way of reception            Visitor or caller
                                                                                                                         Company
                                                                                                    Business structure of the Company, latest
                        The
                                                                         China Merchants            conditions of the industry and the Company’s
5 Jan. 2011             Company            Field research
                                                                         Securities                 main business lines, investment progress and
                        building
                                                                                                    the outlook for the industry in 2011


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               The
                                                       Shanghai Chongyang
6 Jan. 2011    Company       Field research                                   Ditto
                                                       Investment
               building
               The                                     Merrill Lynch,
7 Jan. 2011    Company       Field research            Goldman Sachs          Ditto
               building                                (Asia)
                                                       Clients of Deutsche
                                                       Bank, RCM, Fidelity,
7 Jan. 2011    Beijing       One-to-many conference                           Ditto
                                                       Neuberger Berman,
                                                       Invesco HK, Be
                                                       Rich Banco
                                                       International
12 Jan. 2011   Eastern plant Field research                                   Ditto
                                                       Investment (Asia),
                                                       Bosera Funds
               The
13 Jan. 2011   Company       Field research            Triskele Capital       Ditto
               building
                                                       Daiwa Securities
               The
                                                       Investment (HK),
17 Jan. 2011   Company       Field research                                   Ditto
                                                       Nikko Asset
               building
                                                       Management
               The                                     Oriental Patron
19 Jan. 2011   Company       Field research            Securities, Great Wall Ditto
               building                                Securities
               The                                     Goldman Sachs,
20 Jan. 2011   Company       Field research            CITIC-Prudential       Ditto
               building                                Fund Management
               The
                                                       UOB Fund
24 Jan. 2011   Company       By phone                                         Ditto
                                                       Management
               building
                                                       Clients of Guosen
               The                                     Securities, Lombarda
15 Feb. 2011   Company       Field research            China Fund             Ditto
               building                                Management,
                                                       ChinaAMC
                                                       ChinaAMC, Harvest
16 Feb. 2011   Shenzhen      One-to-many conference                           Ditto
                                                       Fund
               The
18 Feb. 2011   Company       Field research            Value Partners         Ditto
               building
               The
                                                       CICC, Sinolink
23 Feb. 2011   Company       Field research                                   Ditto
                                                       Securities
               building
24 Feb. 2011   The           Field research            Morgan Stanley         Ditto


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                                  Report for the First Quarter of 2011 of China International Marine Containers (Group) Co., Ltd.


                              Company
                              building
                              The
                                                                          Fuh Hwa Securities
     23 Mar. 2011             Company         Field research                                    Ditto
                                                                          Investment Trust
                              building
                              The
                                                                          JP Morgan and its     Talks about the Company’s business
     23 Mar. 2011             Company         By phone
                                                                          clients               performance in 2010
                              building
                              Building of
                                                                          China Merchants
                              China                                                             Talks about the Company’s business
     23 Mar. 2011                             One-to-many conference Securities, China
                              Merchants                                                         performance in 2010
                                                                          Merchants Fund
                              Securities
                                                                                                Business structure of the Company, latest
                              The
                                                                                                conditions of the industry and the Company’s
     24 Mar. 2011             Company         Field research              Bosera Funds
                                                                                                main business lines, investment progress and
                              building
                                                                                                the outlook for the industry in 2011
                              The                                         China Securities,
     28 Mar. 2011             Company         Field research              China Merchants       Ditto
                              building                                    Fund
                              The
     29 Mar. 2011             Company         Field research              GF Securities         Ditto
                              building
                              The                                         Liuhe Capital,
     30 Mar. 2011             Company         Field research              Huashang Fund         Ditto
                              building                                    Management
                              The
                                                                          Theleme Parterners
     31 Mar. 2011             Company         Field research                                    Ditto
                                                                          Capital
                              building
     3.6 Investment in derivative products
     √Applicable         □Inapplicable
                                                           By 31 Mar. 2011, main financial instruments held by the Company were
                                                           forward exchanges or option contracts and interest forward-forward swap
                                                           contracts. Risk of foreign exchange or option contract related to of risk from
Analysis on risks and control measures of holding
                                                           interest exchange market and certainty of future cash flow from foreign
positions of derivatives in the report period (including
                                                           currency income. Control measures of derivative instrument showed in the
but not limited to market risk, liquidity risk, credit
                                                           following: being prudent in selecting derivative financial instruments to
risk, operation risk, law risk, etc.)
                                                           invest in; aiming at derivative transaction, the Company formulated strict
                                                           and regular inner examination and approval system and operation process,
                                                           and defined procedure of examination and approve to control relevant risks.

Changes of market prices or fair values in the report Gains and losses from fair value changes of derivative financial instrument
period of the invested derivatives, and the analysis on was RMB -53,422,000 from Jan.-Mar. 2011. Fair value of derivative
the fair value of the derivatives should include how to financial instrument was defined according to market quote of financial
use, and the relevant assumptions and parameters           institution.

Whether significant       changes       happened to the No

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Company’s accounting policy and specific accounting
principles of the derivatives in the reporting period
compared with the last reporting period
                                                        We are of the opinion that: The Company was able to standardize its

Specific opinion from independent directors, sponsors investment in derivative products according to relevant regulations and rules
                                                       of regulatory authorities and the principle of prudence. The relevant internal
or financial consultants on the Company’s derivatives
                                                       approval mechanism and operation procedures were complete with effective
investment and risk control
                                                       risk control.

    3.6.1 Positions of derivatives held by the Company at period-end
    √Applicable          □Inapplicable
                                                                                                        Unit: RMB’000
                                                                                                                             Proportion of the
                                                                                                                            contract amount at
                                               Contract amount at       Contract amount at     Gain/loss in reporting
                  Type of contract                                                                                           period-end in the
                                                   period-begin             period-end                  period
                                                                                                                           Company’s net assets
                                                                                                                               at period-end
     1. Forward foreign exchange contract                  4,673,302               5,048,585                     -61,646                 28.57%
     2. Interest rate swaps                                2,370,373               3,037,126                      -8,487                 17.19%
     3. Option contracts –JPY                               370,909                 212,195                     16,711                   1.20%
                       Total                               7,414,584               8,297,906                     -53,422                 46.96%



    §4 Attachments
    4.1 Balance sheet
    Prepared by China International Marine Containers (Group) Co., Ltd.                  31 Mar. 2011              Unit: RMB’000
                                                          Closing balance                                    Opening balance
                     Items
                                               Consolidation            The Company              Consolidation                The Company
     Current Assets:
       Monetary funds                                   6,030,625                1,133,546                 4,655,696                     419,945
       Settlement reserves
       Lendings to banks and other
     financial institutions
       Transactional financial assets                     545,731                  224,795                   525,661                     162,298
       Notes receivable                                   410,240                                            508,585                      31,000
       Accounts receivable                             10,795,299                                          8,129,836
       Accounts paid in advance                         3,060,774                                          2,433,447
       Premiums receivable
       Reinsurance             premiums
     receivable
       Receivable reinsurance contract
     reserves
       Interest receivable                                  5,031                                                 4,732
        Dividend receivable                                                      4,243,405                                             4,243,437


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  Other accounts receivable                         3,360,688                5,776,057                2,236,272                 4,175,168
  Financial      assets   purchased
under agreements to resell
  Inventories                                      16,669,870                                        13,423,747
  Non-current assets due within 1
                                                      765,948                                         1,185,502
year
  Other current assets                                677,980                                           688,030
Total current assets                               42,322,186               11,377,803               33,791,508                 9,031,848
Non-current assets:
  Entrusted loans and advances
granted
  Available-for-sale       financial
                                                      769,558                  761,825                  768,467                  759,401
assets
  Held-to-maturity investments
  Long-term accounts receivable                     2,107,072                                         1,336,257
  Long-term equity investment                       1,545,153                3,752,478                1,548,332                 3,662,478
  Investing property                                   82,550                                            77,356
  Fixed assets                                     10,058,381                  142,679               10,006,466                  144,692
  Construction in progress                          1,991,420                   27,373                1,697,664                   25,224
  Engineering materials
  Disposal of fixed assets
  Production biological assets
  Oil-gas assets
  Intangible assets                                 3,246,268                   25,767                3,218,571                   23,109
  R&D expense
  Goodwill                                          1,200,428                                         1,168,594
  Long-term deferred expenses                          23,587                    6,042                   27,978                    4,999
  Deferred income tax assets                          534,767                                           489,456
  Other non-current assets
Total of non-current assets                        21,559,184                4,716,164               20,339,141                 4,619,903
Total assets                                       63,881,370               16,093,967               54,130,649                13,651,751
Current liabilities:
  Short-term borrowings                            14,512,707                1,780,564                8,309,309                  480,897
  Borrowings from Central Bank
  Customer bank deposits and
due to banks and other financial
institutions
  Borrowings from banks and
other financial institutions
  Transactional            financial
                                                        1,613                                             3,810                      556
liabilities
  Notes payable                                     2,390,368                                         2,538,623                  200,000
  Accounts payable                                 10,003,529                                         9,117,500


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  Accounts received in advance                           1,964,593                                         1,935,731
  Financial      assets      sold      for
repurchase
  Handling          charges           and
commissions payable
  Employee’s             compensation
                                                         1,520,835                  366,015                1,365,532                 368,275
payable
  Tax payable                                              935,739                   60,034                  789,155                  59,080
  Interest payable                                          33,322                   16,744                   13,168                   5,522
  Dividend payable                                          16,022                                            16,046
  Other accounts payable                                 1,691,118                  169,730                2,388,367                   9,407
  Estimated liabilities (current)                          664,553                                           649,573
  Reinsurance premiums payable
  Insurance contract reserves
  Payables for acting trading of
securities
  Payables           for            acting
underwriting of securities
  Non-current        liabilities      due
                                                         2,852,566                2,729,785                2,844,521                2,729,353
within 1 year
  Other current liabilities
Total current liabilities                               36,586,965                5,122,872               29,971,335                3,853,090
Non-current liabilities:
  Long-term borrowings                                   5,582,580                3,662,940                3,912,148                2,473,381
  Transactional financial
                                                           134,158                  130,890                  154,292                 136,846
liabilities (non-current)
  Bonds payable
  Long-term payables                                       117,227                                           118,858
  Specific payables                                         16,472                                            16,442
  Estimated liabilities
  Deferred income tax liabilities                          655,531                   54,685                  572,866                  50,291
  Other non-current liabilities                            197,113                                           178,008
Total non-current liabilities                            6,703,081                3,848,515                4,952,614                2,660,518
Total liabilities                                       43,290,046                8,971,387               34,923,949                6,513,608
Owners’ equity (or shareholders’
equity)
  Paid-up       capital     (or      share
                                                         2,662,396                2,662,396                2,662,396                2,662,396
capital)
  Capital reserves                                         776,637                  268,344                1,349,420                 852,264
  Less: Treasury stock
  Specific reserves
  Surplus reserves                                       2,861,050                2,861,050                3,577,588                3,577,588
  Provisions for general risks


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                                   Report for the First Quarter of 2011 of China International Marine Containers (Group) Co., Ltd.


  Retained profits                                       11,631,386                1,330,790               10,689,335                 1,579,889
  Foreign exchange difference                              -262,255                                        -2,055,682                -1,533,994
Total equity attributable to owners
                                                         17,669,214                7,122,580               16,223,057                 7,138,143
of the Company
Minority interests                                        2,922,110                                         2,983,643
Total owners’ equity                                    20,591,324                7,122,580               19,206,700                 7,138,143
Total     liabilities      and     owners’
                                                         63,881,370               16,093,967               54,130,649                13,651,751
equity


4.2 Income Statement
Prepared by China International Marine Containers (Group) Co., Ltd.                     Jan.-Mar. 2011             Unit: RMB’000


                                                             Jan.-Mar. 2011                                    Jan.-Mar. 2010
                   Items
                                                 Consolidation            The Company              Consolidation            The Company
I. Total operating revenues                              17,056,642                      700                7,774,491
Including: Sales income                                  17,056,642                      700                7,774,491
         Interest income
         Premium income
         Handling          charge       and
commission income
II. Total operating cost                                 15,276,163                   38,487                7,455,228                   25,517
Including: Cost of sales                                 13,737,695                       28                7,041,582
         Interest expenses
         Handling          charge       and
commission expenses
         Surrenders
         Net claims paid
         Net amount withdrawn for
the insurance contract reserve
         Expenditure          on     policy
dividends
         Reinsurance premium
         Taxes          and        associate
                                                             28,944                                             6,219
charges
         Selling     and      distribution
                                                            532,147                                           178,374
expenses
         Administrative expenses                            796,056                   58,634                  487,098                   24,923
         Financial expenses                                 188,867                  -20,175                  113,113                      594
         Asset impairment loss                               -7,546                                          -371,158
Add: Gain/(loss) from change in
                                                            -64,456                    -1,222                  72,585
fair value (―-‖ means loss)
     Gain/(loss) from investment
                                                              9,523                       23                   12,561                   11,332
(―-‖ means loss)



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                                   Report for the First Quarter of 2011 of China International Marine Containers (Group) Co., Ltd.


Including: share of profits in
                                                              5,996                                             1,290
associates and joint ventures
Foreign        exchange         gains   (―-‖
means loss)
III. Business profit (―-‖ means
                                                          1,725,546                  -38,986                  404,409                -14,185
loss)
        Add: non-operating income                            86,620                       68                  113,011                     642
        Less: non-operating expense                           4,387                                             1,263
Including: loss from non-current
                                                              1,726                                                   7
asset disposal
IV. Total profit (―-‖ means loss)                       1,807,779                  -38,918                  516,157                -13,543
        Less: Income tax expense                            508,744                      502                   96,655                 -6,847
V. Net profit (―-‖ means loss)                          1,299,035                  -39,420                  419,502                 -6,696
        Attributable to owners of the
                                                          1,358,250                  -39,420                  354,372                 -6,696
Company
        Minority           shareholders’
                                                            -59,215                                            65,130
income
VI. Earnings per share
        (I) basic earnings per share                         0.5102                                            0.1331
        (II)   diluted     earnings      per
                                                             0.5102                                            0.1331
share
Ⅶ. Other comprehensive incomes                              59,313                    -1,463                 -36,755                -34,050
Ⅷ. Total comprehensive incomes                           1,358,348                  -40,883                  382,747                -40,746
        Attributable to owners of the
                                                          1,419,881                  -40,883                  339,939                -40,746
Company
        Attributable       to      minority
                                                            -61,533                                            42,808
shareholders


4.3 Cash Flow Statement
Prepared by China International Marine Containers (Group) Co., Ltd.                     Jan.-Mar. 2011             Unit: RMB’000
                                                             Jan.-Mar. 2011                                    Jan.-Mar. 2010
                   Items
                                                 Consolidation            The Company              Consolidation            The Company
I. Cash flows from operating
activities:
  Cash received from sale of
commodities and rendering of                             13,179,786                                         6,769,099
service
  Net increase of deposits from
customers and dues from banks
  Net increase of loans from the
central bank
  Net increase of funds borrowed
from other financial institutions



                                                                    15
                                   Report for the First Quarter of 2011 of China International Marine Containers (Group) Co., Ltd.


  Cash received from premium of
original insurance contracts
  Net        cash       received      from
reinsurance business
  Net increase of deposits of
policy holders and investment
fund
  Net increase of disposal of
tradable financial assets
  Cash received from interest,
handling             charges           and
commissions
  Net increase of borrowings
from banks and other financial
institutions
  Net      increase      of    funds     in
repurchase business
  Tax refunds received                                      923,424                                           134,917
  Other cash received relating to
                                                            168,341                1,130,298                   19,066                1,500,989
operating activities
Subtotal of cash inflows from
                                                         14,271,551                1,130,298                6,923,082                1,500,989
operating activities
    Cash paid for goods and
                                                         18,184,133                                         7,355,835
services
  Net        increase     of     customer
lendings and advances
  Net increase of funds deposited
in the central bank and amount
due from banks
  Cash for paying claims of the
original insurance contracts
  Cash        for    paying        interest,
handling             charges           and
commissions
  Cash         for      paying       policy
dividends
  Cash paid to and for employees                            936,803                   19,037                  491,153                  15,120
  Various taxes paid                                        532,957                      430                  312,519                   8,533
  Other cash payment relating to
                                                            616,611                2,688,231                  291,194                1,461,901
operating activities
Subtotal of cash outflows from
                                                         20,270,504                2,707,698                8,450,701                1,485,554
operating activities
Net cash flows from operating
                                                         -5,998,953               -1,577,400               -1,527,619                  15,435
activities

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                               Report for the First Quarter of 2011 of China International Marine Containers (Group) Co., Ltd.


II. Cash flows from investing
activities:
  Cash received from disposal of
                                                                                                           12,131                  12,131
investments
  Cash received from return on
                                                             23                       23
investments
  Net cash received from disposal
of fixed assets, intangible assets                        1,877                                               273
and other long-term assets
  Net cash received from disposal
of subsidiaries or other business                                                                                                  11,298
units
        Other cash received relating
to investing activities
          Subtotal of cash inflows
                                                          1,900                       23                   12,404                  23,429
from investing activities
  Cash paid to acquire fixed
assets, intangible assets and other                     510,662                    6,107                  319,906                   1,072
long-term assets
  Cash paid for investment                               92,271                  160,231                   11,735                  11,735
  Net increase of pledged loans
  Net      cash   paid    to    acquire
subsidiaries and other business                          48,917                                           290,948
units
  Payment of cash relating to
other investing activities
Subtotal of cash outflows from
                                                        651,850                  166,338                  622,589                  12,807
investing activities
Net cash flows from investing
                                                       -649,950                 -166,315                 -610,185                  10,622
activities
III. Cash Flows from Financing
Activities:
    Cash received from capital
                                                                                                           89,999
contributions
    Including: Cash received from
minority shareholder investments
by subsidiaries
    Cash          received        from
                                                     11,344,274                2,750,000                4,039,652                1,166,557
borrowings
    Cash received from issuance
of bonds
    Other cash received relating to
financing activities
Subtotal of cash inflows from                        11,344,274                2,750,000                4,129,651                1,166,557

                                                                17
                             Report for the First Quarter of 2011 of China International Marine Containers (Group) Co., Ltd.


financing activities
    Repayment of borrowings                         3,472,397                  250,000                2,309,869                1,166,475
    Cash      paid     for      interest
expenses      and    distribution     of              160,678                   41,375                   75,800                  20,186
dividends or profit
     Including: dividends or profit
paid by subsidiaries to minority
shareholders
     Other cash payments relating
to financing activities
Sub-total of cash outflows from
                                                    3,633,075                  291,375                2,385,669                1,186,661
financing activities
Net cash flows from financing
                                                    7,711,199                2,458,625                1,743,982                  -20,104
activities
IV. Effect of foreign exchange
rate changes on cash and cash                          18,394                    -1,307                 -12,203                   -1,953
equivalents
V. Net increase in cash and cash
                                                    1,080,690                  713,603                 -406,025                   4,000
equivalents
     Add:      Cash       and       cash
                                                    3,797,415                  419,945                4,396,525                 137,680
equivalents at year-begin
VI. Cash and cash equivalents at
                                                    4,878,105                1,133,548                3,990,500                 141,680
the end of the year


4.4 Auditor’s report
Auditor’s opinion: un-audited




                                                              18
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