13:19     DAWNRAYS PHARMA<02348> - Results Announcement                       

    Dawnrays Pharmaceutical (Holdings) Limited announced on 07/03/2005:       
    (stock code: 02348 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: RMB                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                           : 584,758            491,388           
    Profit/(Loss) from Operations      : 86,412             113,233           
    Finance cost                       : 0                  (809)             
    Share of Profit/(Loss) of                                                 
      Associates                       : 0                  0                 
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : 0                  0                 
    Profit/(Loss) after Tax & MI       : 80,171             108,022           
    % Change over Last Period          : -25.8     %                          
    EPS/(LPS)-Basic (in dollars)       : 0.1002             0.1551            
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 80,171             108,022           
    Final Dividend                     : HK$0.023           HK$0.035          
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 18/04/2005         to 22/04/2005 bdi.
    Payable Date                       : 28/04/2005                           
    B/C Dates for Annual                                                      
      General Meeting                  : 18/04/2005         to 22/04/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
                                                                              
    1.      Basis of preparation                                              
                                                                              
    The consolidated financial statements have been prepared in accordance    
    with International Financial Reporting Standards ("IFRS") issued by the   
    International Accounting Standards Board, the disclosure requirements of  
    the Hong Kong Companies Ordinance and the Rules Governing the Listing of  
    Securities on The Stock Exchange of Hong Kong Limited. They have been     
    prepared under the historical cost convention, except for the periodic    
    remeasurement of certain short term listed investment.                    
                                                                              
    2.      Basis of consolidation                                            
                                                                              
    The consolidated financial statements comprise the financial statements of
    the Company and its subsidiaries.  The financial statements of the        
    subsidiaries are prepared using consistent accounting policies.           
    Subsidiaries are consolidated from the date on which control is           
    transferred to the Group and ceased to be consolidated from the date on   
    which control is transferred out of the Group.  All significant           
    intercompany transactions and balances within the Group are eliminated on 
    consolidation.                                                            
                                                                              
    Minority interests represent the interests of outside shareholders in the 
    results and net assets of the Company's subsidiaries.                     
                                                                              
    The consolidated financial statements for the year ended 31 December 2003 
    had been prepared by adopting uniting of interests method of accounting as
    a result of the Group Reorganisation which involved entities under common 
    control.  Under this method, the Company had been treated as the holding  
    company of its subsidiaries for the year ended 31 December 2003 rather    
    than from the date of acquisition of the subsidiaries.  The consolidated  
    results, statements of changes in equity, cash flows and the consolidated 
    balance sheets of the companies now comprising the Group had been prepared
    as if the current Group structure had been in existence throughout 2003.  
                                                                              
    3.      Earnings per share                                                
                                                                              
    The calculation of basic earnings per share is based on the net profit    
    attributable to shareholders for the year of RMB80,171,000 (2003: RMB108, 
    022,000), and the weighted average of 800,000,000 (2003: 696,438,356)     
    ordinary shares in issue during the year.                                 
                                                                              
    As the exercise price of outstanding share options is higher than the     
    average fair value of the ordinary share during the year, the conversion  
    to ordinary shares would increase earnings per share.                     
                                                                              
    The diluted earnings per share amount for the year ended 31 December 2004 
    has not been presented, as the share options outstanding during the year  
    had an anti-dilutive effect on the basic earnings per share calculation.