08:55     BAOYE GROUP<02355> - Results Announcement                           

    Baoye Group Company Limited announced on 01/04/2005:                      
    (stock code: 02355 )                                                      
    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                           : 4,378,434          2,994,472         
    Profit/(Loss) from Operations      : 438,812            206,145           
    Finance cost                       : (23,981)           (23,101)          
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : (2,100)            (2,802)           
    Profit/(Loss) after Tax & MI       : 275,082            112,409           
    % Change over Last Period          : +144.7    %                          
    EPS/(LPS)-Basic (in dollars)       : 0.518              0.255             
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 275,082            112,409           
    Final Dividend                     : RMB0.1436          RMB0.0635         
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 20/04/2005         to 20/05/2005 bdi.
    Payable Date                       : 08/06/2005                           
    B/C Dates for Annual                                                      
      General Meeting                  : 20/04/2005         to 20/05/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
                                                                              
    The calculation of basic earnings per share is based on the Group's profit
    attributable to shareholders of RMB 275,082,000 (2003: RMB112,409,000) and
    the 531,426,053 (2003: weighted average of 441,084,053) ordinary shares in
    issued during the year.                                                   
                                                                              
    No fully diluted earnings per share is presented as the Company has no    
    dilutive potential shares.                                                
                                                                              
    For more details, please refer to the press announcement today.