09:16     CCOE<08286> - Quarterly Results Announcement (2)                    

                                                                              
    2. Turnover                                                               
                                                                              
    For the three months ended 31 March 2005, unaudited turnover of           
    the Company was approximately RMB8.67million, representing a              
    increase of approximately 14.9% over the corresponding                    
    period in the previous year.                                              
                                                                              
    Net profit attributable to shareholders increased by approximately        
    0.9% as compared to the corresponding period in the previous year         
    to approximately RMB2.4 million for the three months ended 31             
    March 2005.                                                               
                                                                              
    The Directors do not recommend the payment of any dividend for            
    the three months ended 31 March 2005.                                     
                                                                              
    3. Earnings per share                                                     
                                                                              
    Earnings per share has been computed by dividing the net profit           
    from ordinary activities attributable to shareholders for the             
    three months ended 31 March 2005, approximately RMB 2,425,000             
    by the 198,860,000 domestic shares of the Company in issue                
    throughout the period and 110,000,000 H Shares of the Company in          
    issue after the placing in May 2004 and by dividing the net               
    profit from ordinary activities attributable to shareholders for          
    the three months ended 31 March 2004, approximately RMB 2,404,000         
    by the 208,860,000 domestic shares of the Company in issue                
    throughout the period.                                                    
                                                                              
    The amounts of diluted earnings per share for the three                   
    months ended 31 March 2005 and 31 March 2004 have not been                
    calculated  as there were no dilutive potential ordinary                  
    shares in existence during those periods.