Changan Minsheng APLL Logistics Co., Ltd.

*
()
(: 08217)

2011 12 31

2011 12 31
3,275,13615.85%

20111231
250,12839.78%

201112311.542010
1.10

201112
312010

()

12 31
2011
2010

12 31
2011
2010

264,560
143,883
9,547
21,836
12,595

243,100
146,164
9,676
19,692
13,093

177,216
121,484
3,238
191,500
12,100
8,859

149,047
123,346
2,532
188,500
12,100
10,176

452,421

431,725

514,397

485,701

3,988
193,056
21,647
632,860
850
489,317

3,097
114,777
39,032
389,405
441,532

3,988
176,320
14,873
547,397
850
293,533

3,097
96,250
31,581
249,969
310,198

1,341,718

987,843

1,036,961

691,095

1,794,139

1,419,568

1,551,358

1,176,796

5
17


()
()

-
-

6
6

12 31
2011
2010

12 31
2011
2010

162,064
75,150
65,911

162,064
75,150
85,867

162,064
75,150
65,911

25,930
664,092
1,013,103

24,310
459,850
787,285

25,930
546,379
895,390

24,310
393,041
720,476

106,009

89,153

1,119,112

876,438

895,390

720,476

995
3,657

963
4,910

3,589

4,775

3,589

4,775

162,064
75,150
85,867

4,652

7
17

5,873

544,931
112,111
13,333

399,863
111,499
25,895

455,992
190,526
5,861

289,100
148,727
13,718

670,375

537,257

652,379

451,545

675,027

543,130

655,968

456,320

1,794,139

1,419,568

1,551,358

1,176,796

671,343

450,586

384,582

239,550

1,123,764

882,311

898,979

725,251

()

9
10
10
12
13

14

--

15

18

12 31
2011
2010

3,275,136
(2,738,554)
536,582
4,181
(109,017)
(79,140)
352,606
4,357
(909)
2,144
358,198
(71,614)
286,584

2,827,020
(2,419,262)
407,758
2,505
(87,751)
(65,311)
257,201
3,294
(1,564)
2,881
261,812
(46,788)
215,024

250,128
36,456
286,584
-

178,945
36,079
215,024
-

286,584

215,024

250,128
36,456
286,584

178,945
36,079
215,024

RMB1.54

RMB1.10

25,930

24,310

()

2010 1 1

(6)
(6)

162,064

75,150

51,866

333,846

39,549

662,475

178,945

36,079

215,024

(14,586)

(13,475)

(28,061)

14,045

(14,045)

27,000

27,000

162,064

75,150

65,911

484,160

89,153

876,438

250,128

36,456

286,584

19,956

(24,310)
(19,956)

(19,600)
-

(43,910)
-

162,064

75,150

85,867

690,022

106,009

2010 12 31

2011 12 31

1,119,112

()
12 31
2011
2010

242,630
(83,645)

293,358
(1,235)
(43,303)

158,985

248,820

(240)
(70,746)
(701)
336
4,357

(7,124)
(96,773)
(19,970)
218
3,294

(66,994)

(120,355)

(24,310)
(19,600)

50,000
(50,000)
27,000
(14,586)
(13,475)

(43,910)

(1,061)

48,081

127,404

441,532

314,362

(296)

489,317

(234)
441,532

() 2001 8 27
() 2002
2004 12 31 H 2006 2
()
()

2012 3 19

3.1

(a)

 2011 12 31 12,595,000 (2010 :

13,093,000 )

(b)

3.2

2011 12 31

3,121,870
-

96,393
-

56,873
-

3,275,136
-

3,121,870

96,393

56,873

3,275,136

460,032

11,760

5,687

477,479

618,315

4,843

8,976

632,134

10

()
2010 12 31

2,660,702
-

110,135
-

56,183
-

2,827,020
-

2,660,702

110,135

56,183

2,827,020

336,776

13,282

6,923

356,981

414,323

17,150

8,749

440,222

2011

2010

471,792

350,058

5,687

6,923

477,479

356,981

(49,914)

(36,974)

4,181

(79,140)

2,505
(65,311)

3,448

1,730

2,144

2,881

358,198

261,812

11

()

2011

2010

623,158

431,473

8,976

8,749

632,134

440,222

264,560

243,100

143,883

146,164

9,547

9,676

21,836

19,692

12,595

13,093

709,584

547,621

1,794,139

1,419,568

1,360,000,000 792,000,000
234,000,000 (2010 1,197,000,000 742,000,000
225,000,000 )

12

2011
2010

2011
2010

(a)
:

118,053
(10,872)

74,492
(8,742)

101,336
(10,771)

55,883
(8,580)

-
(b)

107,181
85,875

65,750
49,027

90,565
85,755

47,303
48,947

193,056

114,777

176,320

96,250

(a) 90 2011 2010 12 31

2011
2010

0 90
91 180
181 365
1

2011
2010

86,939
8,041
14,792
8,281

52,559
8,279
9,355
4,299

72,023
6,824
14,220
8,269

34,811
7,577
9,196
4,299

118,053

74,492

101,336

55,883

2011 2010 12 31 90 86,939,000

52,559,000
2011 2010 12 31 31,114,000 21,933,000
10,872,000 8,742,000

2011
2010

91 180
181 365
1

2011
2010

8,041
14,792
8,281

8,279
9,355
4,299

6,824
14,220
8,269

7,577
9,196
4,299

31,114

21,933

29,313

21,702

13

()
(b) 2011 2010 12 31

0 180

2011

2010

2011

2010

85,875

49,027

85,755

48,947

2011 2010 12 31
2011 12 31 21,000,000 (2010 )
( 7)

2011
2010

11
( 10)

12 31

8,742
2,281
(151)
10,872

2011
2010

6,338
2,640

8,580
2,191

(236)

8,742

10,771

6,166
2,640
(226)
8,580

2011 12 31 69%(2010 72)

2011 2010 12 31

14

(a)
2006 50,000,000 H
(b)

(i)

(ii)

2010 1 1

47,031
14,045

4,835
-

51,866
14,045

2010 12 31

61,076
19,956

4,835
-

65,911
19,956

2011 12 31

81,032

4,835

85,867

(i)

10%
50%

25%
2011 12 31 19,956,000 (2010
14,045,000 )
2011 12 31 50%
(ii)

15

2011

2010

2011

2010

(a)

353,345

250,693

294,762

164,287

(a)

17,100

17,100

157,286

127,223

133,994

110,665

901

5,394

689

2,964

16,299

16,553

9,447

11,184

544,931

399,863

455,992

289,100

(b)

(a)

0 90
91 180
181 365
1

2011

2010

2011

2010

351,460

250,011

292,937

163,709

17,967

181

17,919

176

12

133

65

1,006

368

1,006

337

370,445

250,693

311,862

164,287

(b)

17%
3% 5%
7%
3%

* 17%

16

2011 2010 12 31

2011

2010

2,004,386

1,741,635

53,204

49,616

821,783

733,330

2,879,373

2,524,581

284,561

183,640

96,393

110,135

11,140

2,097

3,669

6,567

395,763

302,439

3,275,136

2,827,020

( 17)

-
-

17

10

2011

2010

1,543

622

1,038

435

797

1,206

803

242

4,181

2,505

2011

2010

2,340,652

2,147,499

358,097

249,838

48,385

35,271

7(b)

42,478

39,552

38,530

40,530

26,955

11,064

17,015

10,497

15,786

10,551

9,335

8,342

7,815

6,661

3,560

3,459

3,138

2,640

1,550

1,430

1,385

1,131

80

139

( 17)

77

476

( 11)

(3,021)

14,894

6,041

2,926,711

2,572,324

18

(2,797)

11

2011

2010

283,602

197,267

34,978

28,790

25,660

15,643

13,857

8,138

358,097

249,838

2011

2010

4,357

3,294

2011

2010

(909)

(1,235)
(329)

(909)

(1,564)

12

13

19

14

2011

2010

71,229
(145)

52,915
180

71,084

53,095

(3,540)
4,070

(4,624)
(1,683)

530

71,614

(6,307)
46,788

2011

15%
15%
25%
25%
25%
25%

15%
15%
25%
25%
25%
25%

2010

15%
15%
25%
25%
25%

15%
15%
25%
25%
25%

2011 7 27 (2011) 58

2011 2020 15%

25%

20

14

()

2011

2010

358,198

261,812

()

65,616
2,130
(322)
4,070
120

48,498
1,793
(432)
(1,683)
(13,88)

71,614

46,788

2011 12 31 18.3% (2010 18.5%)

21

15

2011 2010 12 31

2011

2010

250,128

178,945

()

162,064

162,064

1.54

1.10

()

16

1995 8 24 [1995]31 H
(i)(ii)

2011 3 18
24,310,000 (2010 14,586,000) 0.15
2011 6 30

2008 11 [2008]897
2008
10%

2010 2011

22

17
(a)

2011 2010 12 31

()
()
()
()
()
()
()
()
()
()
()
()
()
()
()
()
()
()
()
()
()
()
()

()

()

()

23

17

()

(b)

2011 2010 12 31

2011 12 31

(i)

2011

2010

20,053
4,358

22,598
9,769

24,411

32,367

(i)

24

2011

2010

791,962
701,137
233,627
2,871
10,238
209,868
54,683

696,632
642,855
225,364
163,988
12,796
-

2,004,386

1,741,635

17

()

(b)

2011 2010 12 31 ()

(ii)

2011

2010

534,591
20,679
20,677
42,928
82,265
23,041
8,293
67,686
708
1,445
2,517
16,953

460,740
10,471
12,321
58,774
108,073
33,761
5,240
23,944
527
1,450
1,550
16,479

821,783

733,330

(iii)

25

2011

2010

33,126
8,145
251
734
8,412
1,024
1,512

39,013
8,212
459
482
14
405
1,031

53,204

49,616

17

()

(b)

2011 2010 12 31 ()

(iv)

(v)

2011

2010

219,378
4,014
34,448
23,974

216,850
1,261
9,941
28,674

281,814

256,726

2011

2010

9,742

1,496

2011

2010

700

350

(vi) -

(vii)

26

2011

2010

555

555

17

()

(b)

2011 2010 12 31 ()

(viii)

27

2011

2010

219

2,520
2,043
2,125

219

6,688

17

()

(c)

2011 2010 12 31

2011

2010

2011

2010

1,601

3,616

2,654

277,576

136,420

277,576

44,550

158,875

85,292

81,554

187

10,938

7,550

9,538

19,480

9,538

19,480

37,999

72,823

37,999

72,823

31,101

44,492

31,101

44,492

63,206

63,206

422

177

169

177

1,563

1,001

1,563

1,001

898

1,109

898

1,109

2,873

2,703

1,479

2,514

6,269

10,401

6,269

10,401

22

53

22

53

642

642

12,880

12,880

7,415

1,957

7,415

1,957

622,217

383,458

536,571

202,360

28

17

()

(c)

2011 2010 12 31 ()
()

2011
2010

2011
2010

3,505
786
831
315
3,105
8,542

2,164
730
625
1,081
506
5,106

1,351
786
831
315
500
3,783

682
730
625
1,081
506
3,624

2,044
198
2,242

478
84
562

1,132
178
1,310

1,646
1,620
3,266

28
5,893

32,698
7,742

36
173

36
173

780
108
47
935

757
116
196
1,278

780
108
6,809

757
116
196
41,718

(1,076)

(999)

547,397

249,969

(1,076)

632,860

29

(999)
389,405

17

()

(c)

2011 2010 12 31 ()
()

2011 12 31 69%(2010 72%)

30 90 2011 2010 12 31

2011

0 90
91 180
181 365
1

2010

2011

2010

594,655
18,712
6,968
1,882

372,194
7,704
947
2,613

509,682
18,039
6,968
1,882

191,624
7,176
947
2,613

622,217

383,458

536,571

202,360

2011 2010 12 31 26,486,000

10,265,000

91 180
181 365
1

2011

2010

2011

18,712
6,968
806

7,704
947
1,614

18,039
6,968
806

7,176
947
1,614

26,486

10,265

25,813

9,737

30

2010

17

()

(c)

2011 2010 12 31 ()
()

2011 2010 12 31 1,076,000

999,000

2011

2010

2011

2010

1,076

999

1,076

999

11

12 31

2011

2010

2011

2010

999

523

999

523

77

476

77

476

1,076

999

1,076

999

2011 2010 12 31

2011

2010

2011

2010

13,781

3,947

2,056

519

31

17

()

(c) 2011 2010 12 31 ()

2011

2010

2011

2010

691
70,377
267

323
30,391
123
-

18,596
3,426

20,226
932

18,596
3,426

20,226
932

419
953
69,920
433
2,256
6,896

57,049
506
6,635
-

419
953
60,370
433
2,256
1,702

49,493
506
2,837
-

102,899

85,348

159,490

104,831

6,940

2,267

5,606

555

61
-

19,639
1,181

19,579
1,181

61

20,820

20,760

32

17

()

(c) 2011 2010 12 31 ()

()

2011

2010

22,731
528
20

19,842
-

14

14

414
721
5
90
60
507
400

405
749
52
229
235
219
376
37
307
455

414
721
5
90
507
400

405
749
229
235
376
37
307
401

2,211

3,064

25,430

22,581

112,111

111,499

190,526

148,727

33

2011

2010

17

()

(c)

2011 2010 12 31 ()
()
2011 2010 12 31

2011

0 90
91 180
181 365
1

2010

2011

2010

108,177
101
80
3,753

106,470
878
1,037
3,114

140,798
29,399
15,173
5,156

146,089
146
1,010
1,482

112,111

111,499

190,526

148,727

2011 2010 12 31

2011 2010 12 31

2011

2010

2011

2010

1,856

1,331

1,148

1,140

34

17

()

2011

2010

2011

2010

149,339

130,934

129,339

130,934

0.50% 3.10%(2010 0.36%)

(d)

18

2011

2010

700
700
700
350

700
550
400
600

2,450

2,250

(1) 2012 3 19
25,930,000 (2010 24,310,000 ) 0.16
2012
(2) 2011 12 20 3,000,000
5,000,000 2012 1 5 2,000,000

35

2011 12 31

2011

3,275,136
358,198
71,614
286,584

12 31
2010
2009
2008

2,827,020
2,284,723
1,565,237
261,812
168,664
123,149
46,788
25,734
19,410
215,024
142,930
103,739

2007

1,475,020
99,652
5,981
93,671

36,456
250,128

36,079
178,945

12,695
130,235

3,444
100,295

1,090
94,761

1.54

1.10

0.80

0.62

0.58

0.16()
( 2)

0.15()

0.09()

0.09( 0.08

1 2007 200820092010 2011 12 31

2007 200820092010 2011 12 31
162,064,000 162,064,000 162,064,000 162,064,000 162,064,000
2 2011 12 31

36


2011 12 31 (
)

2011

452,421
1,341,718
1,794,139

12 31
2010
2009

431,725
330,787
987,843
894,015
1,419,568
1,224,802

2008

329,370
565,056
889,426

2007

238,780
613,850
852,630

4,652
670,375
106,009

5,873
537,257
89,153

7,707
554,620
39,549

10,315
344,980
26,854

1,025
408,248
23,410

781,036

632,283

601,876

382,149

432,683

1,119,112

876,438

662,475

534,131

443,357

37


2011 12 31

2011

2011 GDP 471,564

2010 9.20%
2010 12 27 1.6
2011 1 1 1.6
10% 2010 12 29

2011

2011
2011 1841.89
0.84% 1850.51 2.45%

166

2011 12 31

3,275,136,000 2010 15.85%

250,128,000 2010
39.78% 2011 12 31 1.54
2010 1.10

38

 2011 2 21

2011 3 9

2011 4 28

2012 1 10
500

2011 11 24

2011 2
2010 2011 4
A 2011 9
2011 9 20
3A 2011
10
2011 11
2011 11

2012-2020
2011

2012
39

2012 3 19

40

GDP 2010 9.20% 2011

166

2011 12 31
3,275,136,000 2,827,020,000 15.85%

2011 12 31 2,015,526,000
1,743,732,000 15.59%

41


1,159,548,000
966,586,000 19.96%

96,393,000
110,135,000 12.48%

3,669,000
6,567,000 44.13%

2011 12 31
21

42

2011 12 31 2,738,554,000 (2010

2,419,262,000 ) 13.20%

16.38%2010 14.42%

2011 12 31 109,017,000
3.33%2010 3.10%

24.23%

2010 65,311,000 79,140,000

21.17%

909,000 2010 1,564,000

2011 12 31

2011 12 31 18.30%2010 18.50%

71,614,000 2010 46,788,000

250,128,000
39.78%

43

 2011 12 31
()

300,000,000
250,128,000

250,000,000
178,945,000

200,000,000
130,235,000

150,000,000
100,000,000

94,761,000

100,295,000

2007

2008

50,000,000
-

2009

2010

2011

2011
12 31 0.16 2010 0.15
2011
2012 9
30
2011

2011

2011 12 31 2011 12 31
489,317,000 2010 12 31
441,532,000 2011 12 31
1,794,139,000 2010 12 31 1,419,568,000
670,375,000 2010 12 31 537,257,000
4,652,000 (2010 12 31 : 5,873,000 )
1,013,103,000 2010 12 31
787,285,000 106,009,000 2010 12 31
89,153,000

2011 12 31
44


2011 12 31 0 2010 12
31 0

2011 12 31
37.62%
2010 12 31 38.26%
0.60:1
2010 12 31 0.62:1

2011 12 31

2011 12 31
2010 5 18
1,182,000 2010
2010 5 25 2010

2011 12 31

2011

2010

13,192
-

13,192

45


100%

2011 12 31 4,799 2010 12 31 3,816

12 31
2011
148
57
108
4,486
4,799

2010
118
46
86
3,566
3,816

11

2010

46

2011930
20118152011930
14563
9
9

3
20123
5.09
9

2011
2011

2
3
William K Villalon

4/4
1/1
4/4
4/4
1/1
2/2
4/4

47

4
Danny Goh Yan Nan

4/4
4/4
4/4
4/4
1/1
4/4

5
5

4/4
4/4
1/1
3/3

12011425201111

220119302011
1231
32010201111

42011930
20111231
52011930
20111231201111

20101125

20101125
2011125
2011125
2011425

20114252011630
20116
30
48

1
5.28
5.29

20111122010,

201131420101231

20115520113313

201172520116306

201111420119309

49

1
1

/
5/5
5/5
1/1
4/4

12011930
20111231
201111

2012 3 13 2011 12 31

2
William K Villalon

William K Villalon

1
1

2/2
2/2
2/2
2/2
0/0
2/2

1 2011 9 30
2011

50

2
2

0/0
4/4
4/4
4/4
4/4
0/0
4/4

1 2012 3 19
2012 3 19

2 2011 9 30
2011 1 1

5.48 5.67

51

dongshihui@camsl.com

2011 12 31
2011 2011
12 31 2011
12 31 10

52


2011 12 31

2011 12 31

60,000,000
100%

51% 25%
24%

3,000

53


50,000,000 95% 2% 2%
1%

2011 4 28
300
200 500

2011 12 31

2011 12 31

William K Villalon

2011930
2011930
2011930
2011930
2011930

2011930
2011930

54

Danny Goh Yan Nan

2011930
2011930
2011930
2011930

2011930
2011930
2011930

2011 9 30
2011 9 30
2011 9 30
2011 9 30
2011 9 30

5.09

2011 12 31

55

 XV (a)
XV 7 8
(b)
352 (c)
5.46 5.67
2011 12 31

2010 12 31

56


2011 12 31
XV 2 3

10%
336

()

(H
)

41,225,600(L)

38.51%

25.44%

33,619,200(L)

31.40%

20.74%

()
()

25,774,720(L)

24.07%

15.90%

(1)

6,444,480(L)

6.02%

3.98%

() (1)

6,444,480(L)

6.02%

3.98%

788 China Fund Ltd.

4,000,000(L)

7.27%

2.47%

Braeside
Investments,LLC(2)

3,423,000(L)

6.22%

2.11%

Braeside Management,LP
(2)

3,423,000(L)

6.22%

2.11%

Mclntyre Steven(2)

3,423,000(L)

6.22%

2.11%

Pemberton Asian
Opportunities Fund

3,300,000(L)

6.00%

2.04%

57

 1
2 Braeside Management,LP Braeside
Investments,LLC Mclntyre Steven Braeside Investments,LLC

3 (L)- (S)- (P)-

20111231

XV23

10%336

2005 6 6 2005

2006 2 16

12 31
2011
2010
42%
43%
24%
25%
7%
11%
4%
0
2%
2%
79%
81%

58

12 31
2011
2010
9%
9%
5%
5%
3%
2%
3%
1%
3%
1%
23%
18%

5%

2006 2 16

2012 3

45.55%
42.27%

100%

59

51%
24%25%

49%

20081022

2009112011123120081113
20081024
2009330

20091120111231
20094172009330
2010426
20101120111231
20105142010426
2011112011
12312011113
2011102820111113
20111028
20121
12014123120111028
20121120141231
20111132011102820111113

60

20082009

(a)
(b)
(c)
(d)

20092010

20

61

20111231
20111231

8,145

-
-

2,004,386
863,312

21,927

20111231
20111231

257,840
44,027

2011 12 31
20111231

112,864
-

()
()

62

20111231
20111231

9,742

1
2

1/
2
3
4

2011 12 31 ,,

2011 12 31

2011 12 31

63

 0 2010 500,000

17
17.15 17.21

2012 3 19

William K Villalon

Danny Goh Yan Nan

7(http://www.hkgem.com)

64