08:58     TIANYUAN<08253> - Quarterly 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 three months      
                                                       ended 31 March         
                                                      2005          2004      
                                                     RMB'000      RMB'000     
    Turnover                                                                  
    Sales of Goods, net of value-added tax           296,104      404,576     
                                                                              
    Other revenue                                                             
    Sales of scrap and other materials                 1,029       15,639     
    Supply of water and electricity                      834        3,294     
                                                     -------      -------     
                                                       1,863       18,933     
    Interest Income                                      409          251     
                                                     -------      -------     
    Total other revenue                                2,272       19,184     
                                                                              
    Total revenue                                    298,376      423,760     
                                                     =======      =======     
    3. Dividend                                                               
                                                                              
    The Directors do not recommend the payment of any dividend for            
    the three months ended 31 March 2005 (2004: Nil).                         
                                                                              
    4. Earnings per share                                                     
                                                                              
    Basic earnings per share for the three months ended 31 March 2005         
    are based on the unaudited profit attributable to shareholders of         
    RMB1,664,000(2004:profit of RMB13,646,000) and the weighted average       
     number of 1,168,200,000 shares (2004: 850,000,000 shares) in issue       
    during the respective periods. In determining the number of shares        
    in issue during the periods, the sub-division of shares in January        
    2004 were deemed to have occurred at the beginning of the earliest        
    period presented.                                                         
    As there are no potential dilutive shares in issue during the periods,    
    there is no difference between basic and diluted earnings per share.      
                                                                              
    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 three months ended 31 March 2005 and 2004          
                                                                              
    The amount of taxation charged to the profit and loss                     
    account represents:                                                       
                                                         Unaudited            
                                                    Three months ended        
                                                         31 March             
                                                      2005          2004      
                                                     RMB'000      RMB'000     
                                                                              
    PRC enterprise income tax                            820        6,721     
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