09:05     TIANYUAN<08253> - Yearly Results Announcement (2)                   

                                                                              
    2. Turnover, revenues and segment information                             
    The Company is principally engaged in the production and                  
    distribution of aluminum ingots.                                          
    Revenues recognised during the periods are as follows:                    
                                                    For the years ended       
                                                         31 December          
                                                      2004          2003      
                                                     RMB'000      RMB'000     
    Turnover                                                                  
    Sales of Goods, net of value-added tax         1,416,839    1,191,930     
                                                                              
    Other revenue, net of value-added tax                                     
    Sales of scrap and other materials                17,506        2,112     
    Supply of water and electricity                   12,342        9,139     
                                                     -------      -------     
                                                      29,848       11,251     
    Interest Income                                    2,938          842     
    Government grants                                  1,180            -     
                                                     -------      -------     
    Total other revenue                               33,966       12,093     
                                                                              
    Total revenue                                  1,450,805    1,204,023     
                                                     =======      =======     
                                                                              
    3. Dividend                                                               
    Final, proposed, of RMB0.01(2003: Nil) per share                          
                                                      2004          2003      
                                                     RMB'000      RMB'000     
                                                                              
                                                      11,682           -      
                                                     =======      =======     
    The Directors proposed a final dividend of RMB0.01 per share.             
    This proposed dividend is not reflected as a dividend payable             
    in these accounts, but will be reflected as an appropriation of           
    retained earnings for the year ending 31 December 2005.                   
                                                                              
    4. Earnings per share                                                     
                                                                              
    Basic earnings per share for each of the two years ended                  
    31 December 2004 and 2003 are based on the  profit attributable to        
    shareholders of RMB22,749,000 and RMB56,323,000 respectively,             
    and the weighted average number of 999,946,301 shares and                 
    850,000,000 shares in issue during the respective years.                  
    In determining the number of shares in issue during the years,            
    the bonus issue of 17,000,000 shares in June 2003 and the                 
    sub-division of shares in January 2004 were deemed to have                
    occurred as at 1 January 2003.                                            
                                                                              
    No information in respect of diluted earnings per share is                
    presented as the company has no potential dilutive ordinary shares        
    in existence during the year.                                             
                                                                              
    5. Tax                                                                    
                                                                              
    The provision for current PRC enterprise income tax is based on the       
    statutory rate of 33% of the assessable income of the Company as          
    determined in accordance with the relevant PRC income tax rules and       
    regulations during the years ended 31 December 2003 and 2004.             
                                                                              
    No provision for Hong Kong Profits Tax has been made                      
    as the Company has no assessable profit in Hong Kong                      
    for the year.