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2

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………………………………………………

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………………………………………………………

………………………………………………………………

………………………………………………………………

…………………………………………………………………

…………………………………………………………………

……………………………………………………………

3

China United Telecommunications Corporation Limited

88 40 200121 021-50477288

021-50471778 [email protected]

88 40 200121 021-50477288

021-50471778 [email protected]

88 40 88 40

200121 021-50477288

021-50471778 http://www.chinaunicom-a.com

[email protected]

www.sse.com.cn

88 40

4

600050

2003 12 31

1000001003626 2 1

110101710929383 110101710929383000

333 12

5

5,822,562,133

2,327,030,573 * 2,779,063,260

30,215,658,790 (56,133,052)

7,024,790,629 (595,730,450)

(606,498,046) 24,874,974,084

(5,277,965,667)

* 526,822,342

(9,915,537) (3,352,730)

(12,044,677) 105,198,219

(43,807,960)

122,258,256 (79,972,604)

(153,152,622) 452,032,687

2003

2002

2002

2001

2001

1 59,798,476,195 36,247,968,692 39,477,608,242 26,955,223,112 29,027,806,604

2,327,030,573 1,971,992,608 1,947,852,967 1,727,847,687 1,670,519,902

0.12 0.10 0.10 0.12 0.11

0.12 0.12 0.12

1.26 0.66 0.66 0.76 0.76

% 5.9 5.2 5.3 7.1 6.9

% 6.1 7.0 7.0 7.3 7.1

% 7.2 7.1 7.1 8.6 8.3

6

2003

2002

2 2002

2001

2 2001

150,054,557,734 150,294,143,696 149,949,102,922 128,098,253,099 127,953,155,099

39,225,242,666 37,595,902,219 36,721,160,087 24,406,981,282 24,259,547,281

1.99 1.91 1.86 1.66 1.65

1.63 1.48 1.41 1.48 1.47

1

19,696,596,395 14,207,747,478 406,664,010 105,971,330 3,284,894,336 37,595,902,219

- 5,478,365 349,054,586 116,351,529 2,327,030,573 2,681,563,524

- - - - 1,052,223,077 1,052,223,077

19,696,596,395 14,213,225,843 755,718,596 222,322,859 4,559,701,832 39,225,242,666

1

1 2 3 4

2002

7

1

2

3

4

1

2

3

4

14,696,596,395

14,696,596,395

2,250,000,000

16,946,596,395

2,750,000,000

2,750,000,000

-1,991,000,000

-1,991,000,000

1,991,000,000

1,991,000,000

-1,991,000,000

-1,991,000,000

1,991,000,000

1,991,000,000

14,696,596,395

14,696,596,395

259,000,000

14,955,596,395

4,741,000,000

4,741,000,000

19,696,596,395 19,696,596,395

15 51,800 50 12 200310 9 50 18

1,518 173,200 6 2003 49

2002 10 9

1

[2002]106 2002 9 17 9 20

50 1.00 2.30

8

[2002]168 , 27.52002 10 9

2

427,322

- 14,693,996,395 74.60 - 14,693,996,395

52,611,447 83,917,971 0.43 83,917,971 -

-54,103,689 76,000,000 0.39 76,000,000 -

75,004,592 0.38 75,004,592 -

43,411,017 63,535,508 0.32 63,535,508 -

-2,000,065 63,000,000 0.32 63,000,000 -

-91,597 62,177,323 0.32 62,177,323 -

48,011,689 55,900,000 0.28 55,900,000 -

38,619,013 52,829,501 0.27 52,829,501 -

37,026,271 51,209,612 0.26 51,209,612 -

( )

1994 6 18 163.02 79.72

9

15 20.28 15 3

IP

10

83,917,971 A 76,000,000 A 75,004,592 A

63,535,508 A 63,000,000 A

62,177,323 A 55,900,000 A 52,829,501 A 51,209,612 A 50,500,000 A

10

1

54 2001.12.302004.12.30

- -

64 2001.12.302004.12.30

- -

57 2001.12.302004.12.30

- -

60 2001.12.302004.12.30

- -

45 2001.12.302004.12.30

- -

47 2001.12.302004.12.30

- -

2003.12.222004.12.30

50

2003.8.282004.12.30

- -

73 2001.12.302004.12.30

- -

56 2001.12.302004.12.30

- -

70 2003.5.9 2004.12.30

- -

52 2003.5.9 2004.12.30

- -

49 2001.12.302004.12.30

- -

53 2001.12.302004.12.30

- -

58 2002.8.252004.12.30

- -

54 2002.6.172004.12.30

- -

11

2

1999 2

;2003 6

1999 2 2003 62003 8

1994 10 2000 2

1999 4

2004 1 2

2001 3 2001 3 2000 6 2001 12

2002 8

1

2

5 10 10 20 20 2 1 0 1

12

2

1 3 2

12

2003 12 31

49,343

16.75% 20.16% 36.53% 18.16% 6.73% 1.67%

3.69% 18.48% 40.96%

36.87%

2.72% 47.72% 33.05% 16.51%

30 52.42% 30 40 35.90% 40 11.68%

13

11

2 4

14

2003 5 9 2002

9

BVI

BVI

2003

15

2003

16

00

1 2003 4 2

2003 5 9 2002 2003 4 29

2 57 1491574758275.7275

1 2002 2 2002 3 2002 4 2002 5 2002 6 7 8 9 10 11 12

2002 BVI 2002

2003 5 10

00

1 2003 11 212003 12 22 2003 2003 11

17 2 16412454598

83.3263

1 2 3

17

4 2003 12 23

18

BVI ,BVI 77.47

13.3 1503.0 40.2

BVI

2003 12 31 598.0 () 65.0% EBITDA 248.0 33.1%

70.2 12.6% 23.3 18.0%0.100 0.118 0.018 5.6

5.3 27.5 39.6%

2003

8,083.3 87.5% CDMA 1,691.0276.5%

CDMA GSM

2003 CDMA GSM538.0 84.3% GSM 379.4

45.6% 68.0 7.8% CDMA 158.6403.7% 10.3 3.2

2003 3 CDMA CDMA95A CDMA1XCDMA

CDMA1X

1,241.8 CDMA

CDMA GSMGSM 2,530.0

CDMA

19

198.349.7% 2002 11.6% 14% 165

514.0624.1

CDMA1X U-Maxe

CDMA

GSM CDMA GSM CDMA2003 11 GSM CDMA

GSM CDMAGSM CDMA

2003 - 200260.0 51.1

7

2003 12 31 99 2003 12 31

64.6 51.6% 1.33.4

930

20

2002 1 19 30 2003 12 31 30

9,151.5 CDMA 1,894.6646.4 37.1% 80.2

12.1% 31.5 36.8%

( ) :

2003

2003 12 318083.3 33.1% 34.6%

39.3%

CDMA 2003 12 31 CDMA 1691.0 CDMA1X130.3 2003 CDMA 437.0

62.3 10 15 CDMA

GSM 2003 12 31 GSM 6392.32003 GSM 1233.9 250.3

80 165 GSM 2002 2002 12 31

9 GSM CDMA 21 2003 9 GSM CDMA 30

2003 2112.3 CDMA1066.5 GSM 1045.8

2003 198.314.0% PSTN 84.4 IP 113.9

19.1 2.62Mbps 7194 2Mbps 2003 12 31

1243.2

2003 12 31 856.0

2003 12 31 56.9, 11.5

2003 CDMA CDMA1X G&C

1 CDMA

1.1

21

2002 CDMA 2003 8 CDMA17

U Maxe CDMA1X

2003 12 31 CDMA 1691.01604.6 86.4 5.1% CDMA1X

130.3 CDMA 11.5%

CDMA 624.5 1066.5

1.2

CDMA 437.0 62.3

CDMA 82.8427.8% 5.2 11.0

1.3 MOU&ARPU

CDMA 2003 (MOU) 337.5ARPU 128.4

, (MOU) 328.19.4 ARPU 172.2 43.8 CDMA ARPU

2 GSM

2.1

GSM

2003 12 31 GSM 6392.33245.8 3146.5 49.2% GSM29.1% GSM

GSM 5346.5 1045.82971.8 274.0 2374.7

771.8

2.2

2003 GSM 1233.9 250.3

GSM 901.6 36.9%85.0 1.9

2.3 MOU&ARPU

GSM 2003 (MOU) 173.7 MOU231.8 MOU 108.0 ARPU 56.7

ARPU 66.2 ARPU 46.0

(MOU) 165.5 8.2

22

ARPU 67.3 10.6

3

3.1

132.5 198.3 14.0%14.7 19.1

3.1.1 PSTN

2003 12 31 PSTN 329 33897.3% 2821.2 PSTN 84.4

63.7 32.5% 83.1 1.317.8

3.1.2 IP

2003 12 31 IP 50IP IP 113.9 68.8

65.6% 112.5 1.41.3

3.2

2003 12 312.6 2Mbps

3.3

2003 12 31 ATM FR7194 2Mbps 2003

3.4

IP-VPN VPN VPDN VISPUninet IDC Email 2003 12 31

325 2002 729.2 1243.24.8 1238.4 2003 12 31

780.9 624.1

4

4.1

2003

4.2

2003 12 31 856.0 2002 1768.2912.2 2002 66.3% 2003 143.0%” 2290.9

4.3 (ARPU)

23

2003 9.0 2002 7.3 1.7

5

2003 1231 56.9 11.5

326 6 6.1 2003 CDMA

CDMA CDMACP/SP

CDMA1X GSM

6.2

6.3

6.4 2003 12 31 6.3 4000

CDMA

6.5

2003 EBITDA CDMA 3

2003 598.0 65.0% EBITDA 248.0

33.1% 70.2 12.6% 23.318.0% 5.6 5.3 27.5

24

39.6% 0.118 0.100 0.018197.6 - 60.0

51.1 2002 12 31 9 GSM

CDMA 20022002 1 1

2002 2003 31.2% EBITDA 7.5%

3.6% 6.3% 5.65.3 25.6%

1 2003 598.0 65.0%

31.2% GSM CDMA

2002 2002 2003

2002 2002 2003

(%)

(%)

(%)

29,200 80.6 39,409 86.5 53,801 90.0

GSM 26,050 71.9 35,117 77.1 37,938 63.5

CDMA 3,150 8.7 4,292 9.4 15,863 26.5

4,808 13.3 4,039 8.8 4,550 7.6

2,313 6.4 1,705 3.7 1,597 2.7

2,495 6.9 2,334 5.1 2,953 4.9

2,240 6.1 2,121 4.7 1,447 2.4

36,248 100.0 45,569 100.0 59,798 100.0

2003 2002 80.6%

90.0% 104.5%7.6% 2002 6.1% 2.4%

1.1 CDMA CDMA CDMA 2003

158.6 403.7% 269.6% CDMAARPU 128.4

CDMA 2002 2002 2003

25

CDMA

2002 2002 2003

(%)

(%)

(%)

3,150 100.0 4,292 100.0 15, 863 100.0

2,306 73.2 3,247 75.7 11,909 75.1

738 23.4 997 23.2 3,560 22.4

6 0.2 -76 -1.8 -479 -3.0

100 3.2 124 2.9 873 5.5 2003 CDMA 119.1 , 75.1% 35.6

22.4% CDMA -4.79-3.0% ,CDMA

442.6%. CDMA CDMA

2003 CDMA 7.84.9%

1.2 GSM 2003 GSM 379.4 45.6%

8.0% GSM ARPU 2002 67.356.7 ARPU 66.2 77.3 11.1

2003 ARPU 46.0 52.8 6.8

GSM 2002 2002 2003GSM

2002 2002 2003

(%)

(%)

(%)

26,050 100.0 35,117 100.0 37,938 100.0

20,825 79.9 28,353 80.7 29,854 78.7

4,282 16.4 6,312 18.0 7,232 19.1

-325 -1.2 -1,070 -3.0 -1,471 -3.9

80 0.2

1,268 4.9 1,522 4.3 2,243 5.9

GSM 298.5 78.7% 72.319.1% GSM -14.7

26

-3.9% ,GSM 33.3%.

GSM 2003 GSM20.7 5.5%

1.3 2003 45.5 5.4%

12.7% 1.3.1 PSTN 2003 PSTN 16.0 31.0%

6.3% 1.3.2

IP

2003 29.5 18.4%26.5%

1.4 2003 14.5 35.4%

31.8% 8.1 56.2% 2

2003 510.4 76.8%36.9%

2002 2002 2003

27

2002 2002 2003

(%)

(%)

(%)

28,873 79.7 37,277 81.8 51,039 85.4

17,841 49.3 22,310 48.9 27,904 46.7

1,583 4.4 2,021 4.4 4,320 7.2

1,862 5.1 2,165 4.7 2,448 4.1

10,750 29.7 13,621 29.9 15,714 26.3

780 2.2 978 2.1 1,292 2.2

540 1.5 671 1.5 815 1.4

2,326 6.4 2,854 6.3 3,315 5.5

5,997 16.5 7,869 17.3 15,157 25.3

3,593 9.9 4,654 10.2 5,609 9.4

1,442 4.0 2,444 5.4 2,369 4.0

2.1

2003 CDMA 35.2 200343.2 4.4% 7.2%

113.8% 2.2

GSM 2003157.1 46.2%

15.4% 29.9% 200326.3%

2.3 2003 24.5 4.7% 4.1% 2.4

CDMA2003 151.6 152.7% 92.6%

2003 CDMA 58.4 174.2%59.8 40.4 ( 2003 12 31 9) 72.9

63.1% 20.4 63.2%17.3% 25.3%

2.5 2003 56.1 2002 35.9 56.1%

2002 9.9% 2003 9.4% 17.5 200280.0% 2002 2.5% 2.7%

28

2.6 2003 23.7 64.3%

3.1% 3 3.1 2003 70.2 12.6%

3.6% CDMA 2003 -3.2 GSM

68.0 7.8% 9.3%12.5 6.1

6.4 -6.4 3.2 2003 5.3 3.3 2003 17.8 30.6% 3.4 2003 23.3 0.118 0.100 18.0%,

5.6 5.3 27.539.6

4 EBITDA 2003 EBITDA 248.0 33.1%

7.5% EBITDA EBITDA 50.6 41.5 2003 GSM EBITDA 218.3 3.8% EBITDA

63.3 60.7 CDMA EBITDA -13.30.2

EBITDA 2003 31.7 12.4% EBITDA46.6% 2003 44.5% EBITDA 57.5

45.5 EBITDA 36.0 43.95.6 EBITDA 2002 8.7 -1.0

5 2002 138.5 2003 12

31 227.0 (i)(ii)

19.1%

20032003 197.6

GSM 89.1 21.30.4 45.5 41.3

29

2003

2003

2004

21

30

21

9

197.6 193.5 178.7 14.8

89.1 65.3 50.5 14.8

21.3 15.0 15.0 -

0.4 - - -

45.5 34.3 34.3 -

41.3 78.9 78.9 -

2003 21 2004

9 30

2003 -60.0 51.1 2004 30 193.5 ( 21 178.7 14.8

) GSM

2003

2004

30

GSM CDMA CDMA

GSM

GSM&CDMA G&C

(UNI IT) (ERP)(MSS) (CRM)

CDMA1X

2004

CDMA

CDMA1X

GSM

G&C

GSM CDMA

31

2004

1 2003 4 1 8 8

1 2002 2002 2 2002 3 2002

,2002405.8 63.0 45.7 0.364

2002 0.10 4 2002

20021,947,852,967 10 194,785,297 597,392,648 1,655,675,0221,549,868,161 66,486,4423,139,056,741

2002 BVI 77.47BVI 73.84 718,048,293

, 704,420,666 200212 31 19,696,596,395 10 0.357

703,168,491 2,435,888,250

5 2002 30 248.4

2003

6 18 6

100005 88 40200121

5 11 12 4 11 1

32

7

20028 12 2003 1

8

9

10 2002 11

12 9 ,

12

2 2003 4 29 8 8

2003 3 2003 8 28 11 11

1

2 3 2003 2003

4

5 6

4 2003 10 29 11 11

1 2003 2

5 2003 11 19 11 10

1 2 3

4 2003

33

20039 BVI

2003 12 31BVI

2003 12

31 2003

2003

BVI 73.84 2003 BVI

23.02 0.34 23.36

0.09 2003 23.270.118

3.49 32.857.03 2003 45.60

2003 7.18 0.01

7.10 2003 12 31 196.97 10 0.352192

2003

200021

333 12

+86 (21) 6386 3388 +86 (21) 6386 3300

2003 12 312003

2004 3 25 2004 1026

[2003]562003 12 31

2003

2003

2004 3 25

2003 12 31

1658 9,312 20 -

99,278 8,227 2 100,540 1,033 3

2,185 2,185

101,432 57,309 15,86841,441 4

104,937 20,674 3,217 1,657

14,281 14,281

1 2003 12 31 2003 12 312003 12 31

2

3

4

2004 3 25

36

2003 4 1 3

3 : 1 2002 2002 2 2002 3 2002 12 9

,

2003 8 28 33 1 2003 2

2003 11 19 33 1

2 3

9

4 2003

2003

2003 12

38

2003 113 ( 2003

81 32 )GSM

CDMA 27.5

( ) 2003 12 31 1068.3GSM 864.7 CDMA 203.6

33.5% 33.8% 200335.8

1 CDMA 2003 12 31 CDMA

203.6 2002 88.6 115.0193.4 2002 88.6 104.8

10.2 5.0% CDMA 54.52002 8.2 5.6 2003 6.2

CDMA 1X 17.6

2003 CDMA (MOU)335.4 , 2002 319.0 16.4

ARPU 123.4 2002 179.7 56.3 2 GSM

2003 12 31 GSM864.7 2002 707.3 157.4

710.5 2002 603.4 107.12002 103.9 154.2 2002 50.3

2002 14.7% 17.8% GSM196.9 2002 135.2 45.6% 2003

29.6

2003 GSM (MOU)204.6 , 2002 201.8 2.8

ARPU 58.3 2002 68.6 10.3

2003 12 31 9151.5GSM 7257.0 CDMA 1894.6 30

39

34.5%38.5% 2003 348.4 30

CDMA

1 CDMA

2003 12 31 30 CDMA1894.6 2002 713.1 1181.5

1798.1 2002 713.1 1085.096.5 CDMA 5.1% CDMA

491.5 2002 91.0 4.4 200368.5

2003 30 CDMA(MOU) 337.3 ARPU 125.8

2 GSM

2003 12 31 30 GSM 7257.02002 6053.8 1203.2

3956.2 2002 3575.3 381.0 20022478.6 3300.7 2002 822.1

2002 40.9% 45.5% GSM 1430.82002 1036.9 38.0% 2003

279.9

2003 30 GSM(MOU) 177.4 ARPU 56.3

2003

64.6 , 2002 42.6 51.6%, 2002 1.32003 3.4

2003646.4 2002 37.1% EBITDA

271.4 2002 13.6% 31.52002 36.8%

40

20032002 12 31

2002 2003

47,148 64,643

(22,115) (28,710)

(1,531) (1,832)

23,502 34,101

(95) (255)

(8,702) (17,200)

(4,625) (5,811)

(2,924) (2,816)

7,156 8,019

1 (121)

37 57

(68) (96)

7,126 7,859

(1,812) (2,377)

(3,014) (2,335)

2,300 3,147

/ 0.117 0.160

/

19,697 19,697

/ 0.144 0.160

/

15,947 19,697

1 2002 2003

2002 1 1 20031 1

2 20022002

2002 1 1 3

2003 11 209

41

2003 12 31

2003

12 31

2002

12 31

192.9 112.5 101.5

1502.9 1397.2 1500.5

837.8 700.0 812.9

530.3 455.2 544.1

378.0 308.4 363.2

289.1 302.6 295.3

376.0 394.6 392.3

55.7% 50.1% 54.2%

2003 149.4

128.9 86.3%

2002 1502.9 2003 1500.52002 837.8 2003 812.9

2002 55.7% 2003 54.2%

2003 [ +]/[ + + ] 68.2%,

68.6% 0.4%, 2003 101.5 2003

544.1 2.6% 4.44% 5.76%

1 10.02

42

2 3.16

3 CDMA 35.15

CDMA 21CDMA

4 11.87

20%

CDMA 28

CDMA

43

CDMA

2003 1 9CDMA 12

CDMACDMA

2003 9 2613

7 57.943 7 0.28%-0.44%

7 2003 11 20

2003 1231 2003 12 31

2001 12 25

2002

200312 22 2003 12 31

( )2003 40 331.2

2004

44

2003

2003

2003

2003

42

154 2003

BVI “ BVI ”“ ”

“ ”

2003 2002

1

2,327,030,573 1,971,992,608 8,645,497 13,627,626

(33,860,243) (9,670,714) BVI 2,301,815,827 1,975,949,520

BVI 73.84% 56.15% 2

BVI 3,117,500,473 3,519,298,947 BVI (87,701) 82,644

BVI 3,117,412,772 3,519,381,591 BVI 77.47% 77.47%

4,024,025,781 4,542,896,077

(1) 287,601,115 175,649,723

(2) 232,692,848 202,586,826 (3) (164,292,325) (141,764,123)

(4) (136,456,622) - (5) (25,761,412) (17,743,245)

(6) 49,378,340 109,221,155 BVI

(7) 12,129,337 -2000 3 31

(8) (7,343,167) (7,343,167) (9) 49,675,830 (204,787,841)

(10) (104,552,239) (60,502,851)

193,071,705 55,316,477

4,217,097,486 4,598,212,554

43

2003

12 31

2002

12 31

1

39,225,242,666 37,595,902,219 (4,000,000) (4,000,000)

(19,720,387) (19,720,387) BVI 1 (718,048,293) -

22,273,123 13,627,626 270,881,942 304,742,185

1 703,168,491 -

BVI 39,479,797,542 37,890,551,643 BVI 73.84% 73.84%

BVI 53,470,084,829 51,317,664,646 BVI (5,057) 82,644

BVI 53,470,079,772 51,317,747,290 BVI 77.47% 77.47%

69,020,393,922 66,242,090,214

(1) 677,894,348 444,681,550 (2) (620,937,588) (853,630,436)

(3) 283,452,143 447,744,468 (5) (5,950,796) (30,960,332)

(6) 158,599,495 109,221,155 BVI

(7) 12,129,337 - 2000 3 31

(8) 79,790,919 141,393,772 (9) 54,340,212 91,663,977

(10) (44,221,983) 60,330,256

595,096,087 410,444,410

69,615,490,009 66,652,534,624

2002 2002 12 31

2002 10 11 BVI 22.84% BVI

51.00 73.84% 2002 56.15%

44

(1)

(2)

7

(3)

4 6 7 2000 1 17

(4)

2003 12 31

2003 12 31

(5)

19981999 2001

(6)

2002 12 31 48 BVIBVI

1.09 2003 12 31 32BVI BVI

4,938

45

(6) ( )

(7) BVI

2002 12 31 BVIBVI

BVI

(8)

2000 3 31

(9)

2003 12 312003 12 31

(10)

46

(%) ( / )

30,215,658,790 77.03% 78.79% 1.53 1.53 7,024,790,629 17.91% 18.32% 0.36 0.36

2,327,030,573 5.93% 6.07% 0.12 0.12

2,779,063,260 7.08% 7.25% 0.14 0.14

=

=

(ROE) :

P ROE = ———————————————— E0+NP÷2+Ei×Mi÷M0-Ej×Mj÷M0

P NP E0 EiEj M0 Mi

Mj

(EPS) : P EPS = ———————————————— S0+S1+Si×Mi÷M0-Sj×Mj÷M0

P S0 S1Si Sj

M0 Mi Mj

47

2003

2003

2003 1 1

BVI

2003 12 31

(1) 1,822,116,749 1,817,945,784 199,903,827 (205,093,493) (142,160,140) 3,492,712,727

1,763,596,042 1,809,862,316 199,903,827 (199,713,225) (84,574,093) 3,489,074,867

58,520,707 8,083,468 - (5,380,268) (57,586,047) 3,637,860

(2) 52,779,647 1,233,907 - (11,913,354) (42,100,200) -

27,612,451 1,233,907 - (8,275,655) (20,570,703) -

25,167,196 - - (3,637,699) (21,529,497) -

(3) 115,947,267 82,105,220 3,509,366 (35,004,129) (117,667,961) 48,889,763

27,438,611 - - - (27,438,611) -

26,788,611 - - - (26,788,611) -

650,000 - - - (650,000) -

(4) 472,812,686 526,030,057 464,708 (20,211,613) (978,631,130) 464,708

472,812,686 526,030,057 464,708 (20,211,613) (978,631,130) 464,708

186,364,246 - - - (186,364,246) -

186,364,246 - - - (186,364,246) -

14,547,111 2,017,693 - - (2,257,510) 14,307,294

(1)

1.37 20036,800

(2)

2003 (3) 2003

(4) 2003

48

2003 12 31 2002 12 31

( ) %

10,151,011,046 19,291,387,964 (9,140,376,918) (47%)

- 173,340,539 (173,340,539) (100%)

140,558,755 33,946,512 106,612,243 314%

4,872,030 37,779,988 (32,907,958) (87%)

5,610,936,613 5,378,373,783 232,562,830 4%

2,817,223,105 2,512,698,390 304,524,715 12%

2,169,353,348 3,229,903,489 (1,060,550,141) (33%)

- 498,569 (498,569) (100%)

2,728,855,186 1,791,698,104 937,157,082 52%

138,762,050,917 120,694,472,176 18,067,578,741 15%

(43,969,336,150) (33,785,096,573) (10,184,239,577) 30%

(464,708) (472,812,686) 472,347,978 (100%)

3,033,684,746 3,309,337,358 (275,652,612) (8%)

18,495,426,509 15,972,645,693 2,522,780,816 16%

1,278,242,146 1,769,888,313 (491,646,167) (28%)

10,975,199,445 9,870,627,000 1,104,572,445 11%

2,255,528,891 4,135,846,207 (1,880,317,316) (45%)

13,024,177,843 14,374,303,988 (1,350,126,145) (9%)

6,683,691,469 6,247,899,393 435,792,076 7%

277,653 9,591,352 (9,313,699) (97%)

1,324,878 8,447,761 (7,122,883) (84%)

85,635,475 124,698,259 (39,062,784) (31%)

623,856,860 1,168,854,348 (544,997,488) (47%)

49

( )

358,662,235 215,405,112 143,257,123 67%

7,223,802,413 5,476,789,073 1,747,013,340 32%

- 11,045,915 (11,045,915) (100%)

36,212,791,994 37,686,161,016 (1,473,369,022) (4%)

3,276,372 12,998,571 (9,722,199) (75%)

29,540,601,436 28,921,277,152 619,324,284 2%

14,213,225,843 14,207,747,478 5,478,365 0%

755,718,596 406,664,010 349,054,586 86%

4,559,701,832 3,284,894,336 1,274,807,496 39%

2003 2002 ( ) %

59,798,476,195 36,247,968,692 23,550,507,503 65%

(27,903,961,149) (17,840,418,113) (10,063,543,036) 56%

(1,678,856,256) (1,144,386,248) (534,470,008) 47%

( ) (56,133,052) 7,095,229 (63,228,281) (891%)

(15,156,835,207) (5,997,020,240) (9,159,814,967) 153%

(5,609,180,388) (3,593,362,814) (2,015,817,574) 56%

( ) (2,368,719,514) (1,441,877,519) (926,841,995) 64%

(595,730,450) 24,079,528 (619,809,978) (2574%)

(650,306,006) (130,324,909) (519,981,097) 399%

(1,783,828,967) (1,668,207,875) (115,621,092) 7%

(1,711,702,593) (2,551,763,029) 840,060,436 (33%)

50

(1) 2002 12 31 BVI

2003 12 31 BVI

2002 12 31 BVI2002 12 31 2002 12 312003 1 1 2003 2003 12 31

BVI 2003 12 31 2003 12 312004 1 1 2004

2003 12 31 2003 12 312003 12 31 2003

2003 (2) 2003

CDMA

2003

2003

2003 5.27

2003 5.26

(3) 2003

BVI

51

2003

H z y...4£ Þ#KA x ç ÞA Þ +[2002]168 Ë [ M , @ Ì @ Ô ¥> ,X27.5 6u/ î @ ë6u b 2002 H10 Ü9...

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