上工申贝（集团）股份有限公司
600843
900924
2011 年半年度报告
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上工申贝（集团）股份有限公司 2011 年半年度报告
目录
一、重要提示 ............................................................... 3
二、公司基本情况 ........................................................... 3
三、股本变动及股东情况 ..................................................... 4
四、董事、监事和高级管理人员情况 ........................................... 6
五、董事会报告 ............................................................. 6
六、重要事项 ............................................................... 8
七、财务会计报告 .......................................................... 11
八、备查文件目录 .......................................................... 13
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上工申贝（集团）股份有限公司 2011 年半年度报告
一、重要提示
(一) 本公司董事会、监事会及其董事、监事、高级管理人员保证本报告所载资料不存在
任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个
别及连带责任。
(二) 公司全体董事出席董事会会议。
(三) 公司半年度财务报告未经审计。
(四) 公司董事长兼 CEO 张敏先生、总经理马民良先生及会计机构负责人高莉莉女士声明：
保证半年度报告中财务报告的真实、完整。
(五) 本公司不存在被控股股东及其关联方非经营性占用资金情况
(六) 本公司不存在违反规定决策程序对外提供担保的情况
二、公司基本情况
(一) 公司信息
公司的法定中文名称 上工申贝（集团）股份有限公司
公司的法定中文名称缩写 上工申贝
公司的法定英文名称 SGSB GROUP CO.,LTD.
公司的法定英文名称缩写 SGSB
公司法定代表人 张敏
(二) 联系人和联系方式
董事会秘书 证券事务代表
姓名 张一枫 周勇强
上海市浦东新区世纪大道 1500 上海市浦东新区世纪大道 1500
联系地址
号东方大厦 12 楼 号东方大厦 12 楼
电话 021-68407515 021-68407700-1223
传真 021-63302939 021-63302939
电子信箱 zyf@sgsbgroup.com zyq@sgsbgroup.com
(三) 基本情况简介
上海市浦东新区世纪大道 1500 号东方大厦 12 楼
注册地址
A-D 室
注册地址的邮政编码 200122
办公地址 上海市浦东新区世纪大道 1500 号东方大厦 12 楼
办公地址的邮政编码 200122
公司国际互联网网址 http://www.sgsbgroup.com
电子信箱 sgsb@sgsbgroup.com
(四) 信息披露及备置地点
公司选定的信息披露报纸名称 《上海证券报》、香港《商报》
登载半年度报告的中国证监会指定网站的网址 http://www.sse.com.cn
公司半年度报告备置地点 公司办公室
(五) 公司股票简况
公司股票简况
股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称
A股 上海证券交易所 上工申贝 600843 上工股份、工缝股份
B股 上海证券交易所 上工 B 股 900924 工缝 B 股
(六) 公司其他基本情况
公司首次注册登记日期 1993 年 12 月 16 日
公司首次注册登记地点 上海市工商行政管理局
最近一次变更 公司变更注册登记日期 2010 年 8 月 12 日
公司变更注册登记地点 上海市工商行政管理局
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上工申贝（集团）股份有限公司 2011 年半年度报告
企业法人营业执照注册号 310000400080303（市局）
税务登记号码 国地税沪字 310115132210544
组织机构代码 13221054-4
公司聘请的会计师事务所名称 立信会计师事务所有限公司
公司聘请的会计师事务所办公地址 上海市南京东路 61 号 4 楼
公司聘请的法律顾问 上海市震旦律师事务所
公司聘请的法律顾问办公地址 上海市四川北路 1688 号 16 楼
(七) 主要财务数据和指标
1、主要会计数据和财务指标
单位:元 币种:人民币
本报告期末比上年度
本报告期末 上年度期末
期末增减(%)
总资产 1,717,150,579.55 1,630,623,370.58 5.31
所有者权益（或股东权益） 649,139,798.91 600,928,917.32 8.02
归属于上市公司股东的每股净资
1.4461 1.3387 8.02
产（元／股）
本报告期比上年同期
报告期（1－6 月） 上年同期
增减(%)
营业利润 24,422,585.17 -5,962,694.91 不适用
利润总额 46,724,939.68 8,407,736.78 455.74
归属于上市公司股东的净利润 24,625,199.36 3,662,614.03 572.34
归属于上市公司股东的扣除非经
2,281,582.27 -10,054,050.49 不适用
常性损益的净利润
基本每股收益(元) 0.0549 0.0082 569.51
扣除非经常性损益后的基本每股
0.0051 -0.0224 不适用
收益(元)
稀释每股收益(元) 0.0549 0.0082 569.51
增加 3.35 个百分点
加权平均净资产收益率(%) 4.0156 0.6608
经营活动产生的现金流量净额 -10,377,969.25 -79,958,287.28 不适用
每股经营活动产生的现金流量净
-0.0231 -0.1781 不适用
额（元）
2、非经常性损益项目和金额
单位：元 币种：人民币
非经常性损益项目 金额
非流动资产处置损益，包括已计提资产减值准备的冲销部分 21,643,863.66
计入当期损益的政府补助（与企业业务密切相关，按照国家统一标准定额或定量享
1,274,088.00
受的政府补助除外）
除同公司正常经营业务相关的有效套期保值业务外，持有交易性金融资产、交易性
金融负债产生的公允价值变动损益，以及处置交易性金融资产、交易性金融负债和 2,012.55
可供出售金融资产取得的投资收益
除上述各项之外的其他营业外收入和支出 -615,597.15
所得税影响额 62,231.27
少数股东权益影响额（税后） -22,981.24
合计 22,343,617.09
三、股本变动及股东情况
(一) 股份变动情况表
报告期内，公司股份总数及股本结构未发生变化。
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上工申贝（集团）股份有限公司 2011 年半年度报告
(二) 股东和实际控制人情况
1、股东数量和持股情况
单位：股
报告期末股东总数 41,411 户，其中 A 股股东 12,765 户，B 股股东 28,646 户
前十名股东持股情况
持股
股东 报告期内增 持有有限售条 质押或冻结
股东名称 比例 持股总数
性质 减 件股份数量 的股份数量
(%)
上海市浦东新区国有资产
国家 23.48 105,395,358 -4,078,800 0 无
监督管理委员会
中国太平洋人寿保险股份
其他 1.81 8,132,860 26,660 0 未知
有限公司-分红-个人分红
中国长城资产管理公司 国家 1.23 5,530,514 0 0 未知
国有
上海国际信托有限公司 0.88 3,939,520 -1,231,401 0 未知
法人
HSBC BROKING
境外
SECURITIES(ASIA)LIMITED 0.58 2,599,948 0 0 未知
法人
CLIENTS ACCOUNT
SHENYIN WANGUO 境外
0.50 2,223,328 97,136 0 未知
NOMINEES(H.K.)LTD. 法人
境外
陈素幸 自然 0.43 1,942,562 1,942,562 0 未知
人
UBS CUSTODY SERVICES 境外
0.38 1,685,000 -746,933 0 未知
SINGAPORE PTE.LTD. 法人
CHINA OPPORTUNITIES H-B 境外
0.37 1,675,513 905,566 0 未知
FUND 法人
境外
ROCI SECURITIES LIMITED 0.36 1,601,079 -208,302 0 未知
法人
前十名无限售条件股东持股情况
持有无限售条件股份的数
股东名称 股份种类及数量
量
上海市浦东新区国有资产监督管理委
105,395,358 人民币普通股 105,395,358
员会
中国太平洋人寿保险股份有限公司-
8,132,860 人民币普通股 8,132,860
分红-个人分红
中国长城资产管理公司 5,530,514 人民币普通股 5,530,514
上海国际信托有限公司 3,939,520 人民币普通股 3,939,520
HSBC BROKING
SECURITIES(ASIA)LIMITED CLIENTS 2,599,948 境内上市外资股 2,599,948
ACCOUNT
SHENYIN WANGUO NOMINEES(H.K.)LTD. 2,223,328 境内上市外资股 2,223,328
陈素幸 1,942,562 境内上市外资股 1,942,562
UBS CUSTODY SERVICES SINGAPORE
1,685,000 境内上市外资股 1,685,000
PTE.LTD.
CHINA OPPORTUNITIES H-B FUND 1,675,513 境内上市外资股 1,675,513
ROCI SECURITIES LIMITED 1,601,079 境内上市外资股 1,601,079
未知前十名流通股股东之间是否存在关联关系或一致行动人的
上述股东关联关系或一致行动的说明
情况
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上工申贝（集团）股份有限公司 2011 年半年度报告
2、控股股东及实际控制人变更情况
本报告期内公司控股股东及实际控制人没有发生变更。
四、董事、监事和高级管理人员情况
(一) 董事、监事和高级管理人员持股变动
报告期内公司董事、监事、高级管理人员持股未发生变化。
(二) 新聘或解聘公司董事、监事、高级管理人员的情况
1、聘任情况
2011 年 1 月 21 日，公司召开 2011 年第一次临时股东大会,选举姜小书女士为公司第
六届董事会董事；选举田民裕先生为公司第六届董事会独立董事。
2、离任情况
2011 年 1 月 21 日，王志乐先生因任期已满，不再担任公司独立董事职务。
五、董事会报告
(一) 报告期内整体经营情况的讨论与分析
报告期内，公司经济运行质量同期比较明显得到改善。公司在海外的缝制设备制造企
业产销情况保持较好增长势头；国内缝制业务通过整合后已经走出低谷，销售网络建设取
得一定进展；在克服各种困难后，公司国内企业产品出口创汇保持了上年同期水平。
报告期内，公司营业收入 86,713.47 万元，同比增长 1.42%（剔除出售物料输送公司
后减少营业收入的影响因素，同口径比较增长 17.30%）；营业利润 2,442.26 万元，同比
增加 3,038.53 万元 ；净利润为 3,959.30 万元，同比增长 574.45%。其中，公司海外主
要子公司 DA 公司营业收入 44,613.65 万元，营业利润 3,928.90 万元，净利润 3,401.86
万元。
2011 年 1－6 月，公司生产工业缝纫机为 27,809 台（套），同比增长 205％，销售工
业缝纫机为 24,339 台（套），同比减少 20.68％，其中公司境外企业生产和销售的工业
缝纫机分别为 9,450 台（套）和 7,796 台（套），同比增长 36.58％和 40.06％；蝴蝶牌
家用缝纫机出口量达到 237,719 台,同比减少 6.17%。报告期内，公司出口创汇（不含 DA
公司）4,452 万美元，与上年同期基本持平。
1. 报告期末公司资产负债表项目大幅变动情况及原因
单位：元 币种：人民币
原因分
项目 本报告期末 上年期末 增减金额 增减％
析
交易性金融资产 1,237,522.51 796,963.54 440,558.97 55.28 注1
应收票据 3,822,916.10 8,079,600.00 -4,256,683.90 -52.68 注2
其他应收款 110,513,634.09 39,867,849.65 70,645,784.44 177.20 注3
其他流动资产 1,257,997.47 890,117.87 367,879.60 41.33 注4
在建工程 4,359,688.43 2,932,956.96 1,426,731.47 48.64 注5
应付票据 1,585,143.00 3,017,862.00 -1,432,719.00 -47.47 注6
应交税费 8,400,387.06 5,306,374.52 3,094,012.54 58.31 注7
应付股利 1,032,818.86 1,735,909.72 -703,090.86 -40.50 注8
其他应付款 187,088,897.04 123,338,243.20 63,750,653.84 51.69 注9
其他流动负债 668,485.07 1,341,871.33 -673,386.26 -50.18 注 10
外币报表折算差额 -14,592,643.01 -33,960,652.36 19,368,009.35 57.03 注 11
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上工申贝（集团）股份有限公司 2011 年半年度报告
注 1：系本期认购新股所致。
注 2：系本期收到银行承兑汇票款项。
注 3：主要系本期代华源发展归还借款本金所致。
注 4：系本期增加的以后期间承担的租金和保险费等。
注 5：主要系本期增加缝制设备工程的投入。
注 6：系银行承兑汇票到期支付。
注 7：主要系本期盈利，增加应交所得税期末余额。
注 8：系本期子公司分配少数股东股利所致。
注 9：主要系本期收到处置地块预付款所致。
注 10：主要系本期转销原记录的利息及租金费用所致。
注 11：系欧元汇率变动影响所致。
2.报告期公司损益表项目大幅变动情况及原因
单位：元 币种：人民币
原因分
项目 本报告期 上年同期 增减金额 增减%
析
资产减值损失 12,446,005.53 -12,146,901.05 24,592,906.58 202.46 注1
公允价值变动收益 -477,030.63 -82,143.59 -394,887.04 -480.73 注2
投资收益 1,262,429.18 7,809,420.47 -6,546,991.29 -83.83 注3
营业外收入 23,736,080.70 16,921,154.13 6,814,926.57 40.27 注4
营业外支出 1,433,726.19 2,550,722.44 -1,116,996.25 -43.79 注5
所得税 7,131,951.46 2,537,329.49 4,594,621.97 181.08 注6
少数股东损益 14,967,788.86 2,207,793.26 12,759,995.60 577.95 注7
其他综合收益 25,494,848.14 -39,716,014.75 65,210,862.89 164.19 注8
注 1：主要系欧洲子公司本期存货价值下降调整存货跌价准备计提数所致。
注 2：主要系同比减少交易性金融资产公允价值的变动收益所致。
注 3：主要系同比减少成本法确认的投资收益所致。
注 4：主要系同比增加固定资产处置收益所致。
注 5: 主要系同比减少固定资产处置损失所致。
注 6: 主要系同比大幅盈利所致。
注 7: 主要系公司全资子公司上工（欧洲）控股有限责任公司所持德国杜克普阿德勒股份有限公司股
权同比减少所致。
注 8: 主要系外币报表折算差额同比增加所致。
3.报告期内公司现金流量表项目大幅变动情况及原因
单位：元 币种：人民币
原因分
项目 本报告期 上年同期 增减金额 增减比例（％)
析
经营活动产生的现金流
-10,377,969.25 -79,958,287.28 69,580,318.03 87.02 注1
量净额
投资活动产生的现金流
68,661,526.97 41,453,613.37 27,207,913.60 65.63 注2
量净额
汇率变动对现金的影响
8,667,542.54 -26,757,773.91 35,425,316.45 132.39 注3
额
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上工申贝（集团）股份有限公司 2011 年半年度报告
注 1：主要系同比减少人员辞退福利支付所致。
注 2：主要系同比增加处置固定资产收到的现金及同比增加投资联营企业支付的现金等综合所致。
注 3：主要系欧元汇率变动影响所致。
(二) 公司主营业务及其经营状况
1、主营业务分行业、产品情况表
单位:元 币种:人民币
营业利 营业收入比上 营业成本比上 营业利润率比
分行业或
营业收入 营业成本 润率 年同期增减 年同期增减 上年同期增减
分产品
(%) (%) (%) (%)
分行业
缝制 增加 10.43 个
562,723,443.10 351,134,519.63 37.60 4.32 -10.62
设备 百分点
增加 0.47 个百
出口贸易 218,423,742.02 214,385,591.61 1.85 -1.76 -2.23
分点
办公与影 减少 1.21 个百
66,480,089.79 60,391,904.17 9.16 -6.82 -5.56
像产品 分点
减少 16.30 个
其他 483,157.30 287,517.69 40.49 -81.61 -74.67
百分点
增加 7.21 个百
合计 848,110,432.21 626,199,533.10 26.17 1.48 -7.54
分点
其中：报告期内上市公司向控股股东及其子公司销售产品和提供劳务的关联交易总金
额 0 万元。
2、主营业务分地区情况
单位:元 币种:人民币
地区 营业收入 营业收入比上年增减(%)
境内 401,973,976.27 -5.51
境外 446,136,455.94 8.73
3、利润构成与上年度相比发生重大变化的原因分析
本期利润构成同比较大变化的原因主要系公司抓住缝制设备制造业市场复苏回暖的
机遇，加强市场营销，公司主营业务毛利率、毛利额同比大幅上升,使公司利润同比大幅
增加。
4、公司在经营中出现的问题与对策
报告期内，由于原材料和能源价格上涨以及劳动力成本上升等因素，导致公司部分产
品销售毛利率下降；因公司国内缝制企业技术人才缺乏，影响了新产品开发进度和技术消
化吸收的速度；公司国内市场销售网络有待进一步健全完善。对此，公司将通过内部挖潜，
加强成本费用控制；改进营销模式，加强销售网络建设；制订人才培养和引进计划，抓好
技术人员的管理和使用，加大新产品开发和技术引进力度；继续稳妥地推进缝纫机战略合
作项目实施，扩大 DA 产品在国内市场的占有率。
(三) 公司投资情况
1、募集资金使用情况
报告期内，公司无募集资金或前期募集资金使用到本期的情况。
2、非募集资金项目情况
根据公司与中捷缝纫机股份有限公司（下称“中捷股份”）签订的战略合作框架协议，
公司于 2011 年 1 月 21 日召开了第一次临时股东大会，审议通过了 DA 公司在中国的合资
企业整合的方案，2011 年上半年度，公司与中捷股份共同出资成立了杜克普爱华缝制设
8
上工申贝（集团）股份有限公司 2011 年半年度报告
备（苏州）有限公司（下称“DA 苏州公司”），其中公司的子公司 DA 公司和 DA 贸易（上
海）公司合计应出资 367.5 万美元，占 DA 苏州公司注册资金比例为 49%。报告期内，公
司按投资协议约定，已投入 DA 苏州公司第一期资金 110.25 万美元。报告期内，公司在该
合资企业的收益为-24.46 万元。
(四) 公司财务状况、经营成果分析
1、完成盈利预测的情况
单位:元 币种:人民币
盈利预测（本报告期） 本报告期实际数
主营收入 0 848,110,432.21
利润总额 0 46,724,939.68
净利润 0 39,592,988.22
2、完成经营计划情况
单位:元 币种:人民币
原拟订的本报告期经营计划 本报告期实际数
收入 0 848,110,432.21
成本及费用 0 626,199,533.10
(五) 预测年初至下一报告期期末的累计净利润可能为亏损或者与上年同期相比发生大幅
度变动的警示及说明
预测年初至下一报告期期末的累计净利润与上年同期相比无大幅度变动。
六、重要事项
(一) 公司治理的情况
报告期内，公司严格按照《公司法》、《证券法》、中国证监会《上市公司治理准则》、
上海证券交易所发布的有关公司治理文件等法律法规的要求，结合公司实际情况，不断完
善法人治理结构，努力规范公司运作。
报告期内，公司分别调整了一名董事和一名独立董事；根据上海证券交易所“上市公
司董事选任与行为指引”，监事会按期对董事履职情况进行考评；公司股东大会、董事会、
监事会及经理层相互协调、互相制衡，公司机构设置及职能的分工符合内控制度的要求。
报告期内，公司重视内部制度建设，在制度贯彻执行中注意不断健全和完善，上半年
度，公司修订了《章程》、《董事会秘书工作制度》等，并严格依法运作，进一步加强了
公司信息管理工作。
（二）报告期实施的利润分配方案执行情况
报告期内，公司无实施利润分配方案执行情况。
（三）半年度拟定的利润分配预案、公积金转增股本预案
公司半年度不进行利润分配，也不进行资本公积金转增股本。
（四）报告期内现金分红政策的执行情况
1、公司现金分红政策内容
公司“章程”第一百五十五条规定，“公司利润分配政策：依据国家有关规定，对境
内、境外审计的结果，贯彻执行“孰低分配”的原则；可以采取现金或者股票方式支付股
东股利；向境内上市外资股股东支付股利时，以人民币计价，以外币支付。
公司可以进行中期现金分红。公司最近三年以现金方式累计分配的利润应不少于最近三
年实现的年均可分配利润的百分之三十。公司上一会计年度内盈利但未提出现金利润分配
预案时，应在年度报告中详细说明未分红的原因，未用于分红的资金留存公司的用途”。
2、报告期内现金分红实施情况
鉴于 2010 年度母公司可供分配利润为负数，因此，报告期内，公司不进行现金分红。
（五）重大诉讼仲裁事项
9
上工申贝（集团）股份有限公司 2011 年半年度报告
本报告期公司无重大诉讼、仲裁事项。
（六）破产重整相关事项
本报告期公司无破产重整相关事项。
（七）公司持有其他上市公司股权、参股金融企业股权情况
1、证券投资情况
占期末
最初投资成 期末账面价
序 证券品 证券代 持有数量 证券投 报告期损益
证券简称 本 值
号 种 码 （股） 资比例 （元）
（元） （元）
（％）
1 股票 601558 华锐风电 1,080,000.00 24,000.00 701,520.00 56.69 -366,480.00
2 股票 601700 风范股份 140,000.00 4,000.00 98,400.00 7.95 -40,200.00
3 股票 300160 秀强股份 17,500.00 500.00 15,910.00 1.29 -1,460.00
4 股票 300165 天瑞仪器 65,000.00 1,600.00 39,328.00 3.18 -25,372.00
5 股票 300155 安居宝 49,000.00 2,500.00 29,625.00 2.39 -18,575.00
6 股票 002538 司尓特 13,000.00 500.00 11,160.00 0.90 -1,740.00
7 基金 160402 华安 A 股 100,000.00 413,534.52 341,579.51 27.60 -15,404.03
期末持有的其他证券投资
报告期已出售证券投资损益 / / / / 471,243.58
合计 1,464,500.00 446,634.52 1,237,522.51 100 2,012.55
注：上述证券系认购新股中签所持有。
2、持有其他上市公司股权情况
单位：元
报告
证券代 证券 最初投资成 占该公司股 期末账面价 报告期所有者 会计核 股份
期损
码 简称 本 权比例（％） 值 权益变动 算科目 来源
益
可供出 法人
广电
600637 67,600.00 <5 360,913.05 117,985.23 售金融 股投
信息
资产 资
可供出 法人
上海
600689 1,779,800.00 <5 7,971,843.00 -105,412.80 售金融 股投
三毛
资产 资
合计 1,847,400.00 / 8,332,756.05 0.00 12,572.43 / /
注：上述股权系其上市时，公司投资法人股并持有至今。
3、持有非上市金融企业股权情况
占该公 报告期
所持 报告期
最初投资成本 持有数 司股权 期末账面价值 所有者 会计核 股份来
对象 损益
（元） 量（股） 比例 （元） 权益变 算科目 源
名称 （元）
（%） 动（元）
上海 长期股
951,400.00 805,044 <5 951,400.00 购入
银行 权投资
宝鼎 长期股
7,500.00 5,751 <5 7,500.00 购入
投资 权投资
申银 长期股
200,000.00 102,214 <5 200,000.00 购入
万国 权投资
合计 1,158,900.00 / / 1,158,900.00 / /
注：上述金融企业股权系其发起设立时，由公司认购并持有至今。
(八) 资产交易事项
1、收购资产情况
报告期内，公司无重大收购资产的情况
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上工申贝（集团）股份有限公司 2011 年半年度报告
2、出售资产情况
报告期内，公司无重大资产出售情况。
(九) 重大关联交易
本报告期公司无重大关联交易事项。
(十) 重大合同及其履行情况
1、为公司带来的利润达到公司本期利润总额 10％以上（含 10％）的托管、承包、租赁事
项
(1) 托管情况
本报告期公司无托管事项。
(2) 承包情况
本报告期公司无承包事项。
(3) 租赁情况
本报告期公司无租赁事项。
2、担保情况
单位:万元 币种:人民币
公司对外担保情况（不包括对子公司的担保）
发生日期
担保金 是否履行 是否为关联
担保对象 （协议签署 担保类型 担保期限
额 完毕 方担保
日）
上海浦东发展(集团) 2009 年 6 月 9 连带责任 2009 年 6 月 9 日～2013 年
11,560 否 否
有限公司 日 担保 6月8日
报告期内担保发生额合计 0
报告期末担保余额合计 11,560
公司对子公司的担保情况
报告期内对子公司担保发生额合计 0
报告期末对子公司担保余额合计 3,430
公司担保总额情况（包括对子公司的担保）
担保总额 14,990
担保总额占公司净资产的比例（%） 19.67
其中：
为股东、实际控制人及其关联方提供担保的金额 0
直接或间接为资产负债率超过 70％的被担保对象提供的债务
0
担保金额
担保总额超过净资产 50％部分的金额 0
上述三项担保金额合计 0
根据本公司与德国 FAG Kugelfischer GmbH（下称“FAG 公司”）签订的德国 DA 公司
股份转让协议，本公司需对下述事项承担一定的连带担保责任：
2005 年度，本公司为 DA 公司在美国子公司的房屋租赁向 FAG 公司出具了金额不超过 530
万美元的担保函，担保期限从 2005 年 6 月 30 日至 2015 年 10 月 31 日；同时“上工欧洲”
于 2005 年 6 月 30 日向 FAG 公司提供了 63.5 万欧元、同等期限的现金质押，用于对 FAG
公司为 DA 公司在美国的一家子公司与 UTF Norcross L.L.C.之间的房屋售后回租交易所
提供的担保提供再担保。
截止 2011 年 6 月 30 日止，本公司尚未因上述担保事项发生经济利益的流出。
3、委托理财情况
11
上工申贝（集团）股份有限公司 2011 年半年度报告
本报告期公司无委托理财事项。
4、其他重大合同
本报告期公司无其他重大合同。
(十一) 承诺事项履行情况
本报告期或持续到报告期内，公司或持股 5%以上股东没有承诺事项。
(十二) 聘任、解聘会计师事务所情况
报告期内，经公司股东大会批准，公司继续聘任立信会计师事务所有限公司为本公司
2011 年度会计报表审计机构。
(十三) 上市公司及其董事、监事、高级管理人员、公司股东、实际控制人处罚及整改情
况
本报告期内，公司及其董事、监事、高级管理人员、公司股东、实际控制人均未受中
国证监会的稽查、行政处罚、通报批评及证券交易所的公开谴责。
(十四) 其他重大事项的说明
本公司为上海华源企业发展股份有限公司（下称“华源发展”）向银行借款提供担保
承担保证责任，于本报告期初代华源发展归还银行借款本金共计 118,252,782 元，与此同
时，本公司获得了银行在华源发展破产重整中受偿的全部权益（详见公司刊登的临
2011-002、003 公告）。
截至本报告披露日时，公司应获得的 10,298,534 股“ST 源发”股份已过户到本公司
的股东帐户，公司应获得的现金，在扣除股份划转中发生的各项费用后，余额将按公司要
求划入指定的银行帐户。
(十五) 信息披露索引
事项 刊载的报刊名称及版面 刊载日期 刊载的互联网网站及检索路径
临 2011-001 2011 年第一次 《上海证券报》13 版 上海证券交易所网站
2011-01-22
临时股东大会决议公告 香港《商报》A6 版 http://www.sse.com.cn
临 2011-002 第六届董事会第 《上海证券报》23 版 上海证券交易所网站
2011-02-19
十二次会议决议公告 香港《商报》A16 版 http://www.sse.com.cn
临 2011-003 关于因担保承担 《上海证券报》B7 版 上海证券交易所网站
2011-03-15
保证责任的情况公告 香港《商报》A5 版 http://www.sse.com.cn
临 2011-004 第一大股东减持 《上海证券报》B17 版 上海证券交易所网站
2011-03-16
部分股份的公告 香港《商报》A20 版 http://www.sse.com.cn
临 2011-005 第六届董事会第 《上海证券报》A35 版 上海证券交易所网站
2011-04-18
十三次会议决议公告 香港《商报》A20 版 http://www.sse.com.cn
临 2011-006 第六届监事会第 《上海证券报》A35 版香 上海证券交易所网站
2011-04-18
九次会议决议公告 港《商报》A20 版 http://www.sse.com.cn
临 2011-007 关于召开公司 《上海证券报》A35 版香 上海证券交易所网站
2011-04-18
2010 年年度股东大会的通知 港《商报》A20 版 http://www.sse.com.cn
《上海证券报》A35 版香 上海证券交易所网站
2010 年年度报告摘要 2011-04-18
港《商报》A20 版 http://www.sse.com.cn
临 2011-008 第六届董事会第 《上海证券报》87 版 上海证券交易所网站
2011-04-30
十四次会议决议公告 香港《商报》A5 版 http://www.sse.com.cn
《上海证券报》87 版 上海证券交易所网站
2011 年第一季度报告 2011-04-30
香港《商报》A5 版 http://www.sse.com.cn
临 2011-009 2010 年度股东 《上海证券报》B29 版 上海证券交易所网站
2011-05-17
大会决议公告 香港《商报》A4 版 http://www.sse.com.cn
七、财务报告
公司 2011 年上半年度财务报告未经审计。
财务报表、财务报表附注见附件。
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上工申贝（集团）股份有限公司 2011 年半年度报告
八、备查文件目录
1、载有董事长亲笔签名的半年度报告正本及摘要；
2、载有法定代表人、主管会计工作的负责人、会计机构负责人签名并盖章的会计报表；
3、报告期内在中国证监会指定报纸上公开披露过的所有公司文件的正本及公告的原稿；
4、公司章程文本；
5、其他有关资料。
上工申贝（集团）股份有限公司
董事长：张敏
2011 年 8 月 25 日
13
财务会计报告（未经审计）
(一) 财务报表
合并资产负债表
2011 年 6 月 30 日
编制单位: 上工申贝（集团）股份有限公司
单位:元 币种:人民币
项目 附注 期末余额 年初余额
流动资产：
货币资金 355,118,888.02 430,936,774.33
结算备付金
拆出资金
交易性金融资产 1,237,522.51 796,963.54
应收票据 3,822,916.10 8,079,600.00
应收账款 230,057,665.57 193,731,181.85
预付款项 37,592,693.01 43,565,679.21
应收保费
应收分保账款
应收分保合同准备金
应收利息
应收股利 638,783.61 638,783.61
其他应收款 110,513,634.09 39,867,849.65
买入返售金融资产
存货 331,898,701.48 279,682,926.43
一年内到期的非流动资产
其他流动资产 1,257,997.47 890,117.87
流动资产合计 1,072,138,801.86 998,189,876.49
非流动资产：
发放委托贷款及垫款
可供出售金融资产 8,332,756.05 8,320,183.62
持有至到期投资
长期应收款
长期股权投资 54,234,199.64 44,989,927.77
投资性房地产 131,282,303.10 132,351,790.37
固定资产 309,503,031.62 300,188,119.10
在建工程 4,359,688.43 2,932,956.96
工程物资
固定资产清理
生产性生物资产
油气资产
无形资产 29,915,054.91 31,675,800.62
开发支出 45,458,132.95 47,317,449.99
商誉 27,274,792.32 25,658,618.40
长期待摊费用
递延所得税资产 34,651,818.67 38,998,647.26
其他非流动资产
非流动资产合计 645,011,777.69 632,433,494.09
资产总计 1,717,150,579.55 1,630,623,370.58
流动负债：
1
上工申贝（集团）股份有限公司 2011 年半年度报告
短期借款 209,375,684.44 222,148,974.70
向中央银行借款
吸收存款及同业存放
拆入资金
交易性金融负债
应付票据 1,585,143.00 3,017,862.00
应付账款 106,514,412.71 102,234,488.77
预收款项 51,642,586.10 52,121,914.75
卖出回购金融资产款
应付手续费及佣金
应付职工薪酬 35,716,824.13 34,566,632.04
应交税费 8,400,387.06 5,306,374.52
应付利息
应付股利 1,032,818.86 1,735,909.72
其他应付款 187,088,897.04 123,338,243.20
应付分保账款
保险合同准备金
代理买卖证券款
代理承销证券款
一年内到期的非流动负债 520,000.00 520,000.00
其他流动负债 668,485.07 1,341,871.33
流动负债合计 602,545,238.41 546,332,271.03
非流动负债：
长期借款 1,489,984.87 1,489,984.87
应付债券
长期应付款 1,791,042.77 1,795,199.33
专项应付款
预计负债 326,908,571.70 359,719,711.66
递延所得税负债 22,182,696.65 24,140,994.91
其他非流动负债
非流动负债合计 352,372,295.99 387,145,890.77
负债合计 954,917,534.40 933,478,161.80
所有者权益（或股东权益）：
实收资本（或股本） 448,886,777.00 448,886,777.00
资本公积 422,574,181.80 418,356,508.92
减：库存股
专项储备
盈余公积 4,546,242.52 4,546,242.52
一般风险准备
未分配利润 -212,274,759.40 -236,899,958.76
外币报表折算差额 -14,592,643.01 -33,960,652.36
归属于母公司所有者权益
649,139,798.91 600,928,917.32
合计
少数股东权益 113,093,246.24 96,216,291.46
所有者权益合计 762,233,045.15 697,145,208.78
负债和所有者权益总计 1,717,150,579.55 1,630,623,370.58
法定代表人：张敏 主管会计工作负责人：马民良 会计机构负责人：高莉莉
2
上工申贝（集团）股份有限公司 2011 年半年度报告
母公司资产负债表
2011 年 6 月 30 日
编制单位: 上工申贝（集团）股份有限公司
单位:元 币种:人民币
项目 附注 期末余额 年初余额
流动资产：
货币资金 124,349,613.70 155,483,551.50
交易性金融资产 528,119.51 456,413.54
应收票据 80,000.00 3,460,000.00
应收账款 20,726,729.73 16,796,406.81
预付款项 668,198.72 2,957,614.13
应收利息
应收股利 7,829,975.16 7,829,975.16
其他应收款 132,232,638.16 152,097,710.85
存货 28,385,314.38 24,322,263.63
一年内到期的非流动
资产
其他流动资产
流动资产合计 314,800,589.36 363,403,935.62
非流动资产：
可供出售金融资产 8,332,756.05 8,320,183.62
持有至到期投资
长期应收款
长期股权投资 444,304,672.18 444,304,672.18
投资性房地产 92,913,898.45 94,913,199.27
固定资产 57,903,427.40 56,167,359.62
在建工程 47,220.43
工程物资
固定资产清理
生产性生物资产
油气资产
无形资产 27,790,750.80 29,321,858.40
开发支出
商誉
长期待摊费用
递延所得税资产
其他非流动资产
非流动资产合计 631,292,725.31 633,027,273.09
资产总计 946,093,314.67 996,431,208.71
流动负债：
短期借款 207,948,148.62 217,948,148.62
交易性金融负债
应付票据 1,585,143.00 3,017,862.00
应付账款 22,278,601.22 18,752,342.42
预收款项 3,484,048.18 3,750,305.02
应付职工薪酬 151,578.79 500,000.00
应交税费 1,026,428.13 -60,768.55
应付利息
应付股利 1,032,818.86 1,032,818.86
3
上工申贝（集团）股份有限公司 2011 年半年度报告
其他应付款 154,095,510.60 122,802,647.00
一年内到期的非流动
520,000.00 400,000.00
负债
其他流动负债
流动负债合计 392,122,277.40 368,143,355.37
非流动负债：
长期借款 1,489,984.87 989,984.87
应付债券
长期应付款 1,611,944.32 1,611,944.32
专项应付款
预计负债 44,296,878.01
递延所得税负债 1,197,067.41 1,197,067.41
其他非流动负债
非流动负债合计 4,298,996.60 48,095,874.61
负债合计 396,421,274.00 416,239,229.98
所有者权益（或股东权
益）：
实收资本（或股本） 448,886,777.00 448,886,777.00
资本公积 471,581,739.90 506,072,877.19
减：库存股
专项储备
盈余公积 4,546,242.52 4,546,242.52
一般风险准备
未分配利润 -375,342,718.75 -379,313,917.98
所有者权益（或股东权益）
549,672,040.67 580,191,978.73
合计
负债和所有者权益
946,093,314.67 996,431,208.71
（或股东权益）总计
法定代表人：张敏 主管会计工作负责人：马民良 会计机构负责人：高莉莉
4
上工申贝（集团）股份有限公司 2011 年半年度报告
合并利润表
2011 年 1—6 月
单位:元 币种:人民币
项目 附注 本期金额 上期金额
一、营业总收入 867,134,653.55 855,001,867.84
其中：营业收入 867,134,653.55 855,001,867.84
利息收入
已赚保费
手续费及佣金收入
二、营业总成本 843,497,466.93 868,691,839.63
其中：营业成本 635,358,917.85 685,456,147.32
利息支出
手续费及佣金支出
退保金
赔付支出净额
提取保险合同准备金净额
保单红利支出
分保费用
营业税金及附加 2,131,125.21 1,730,093.09
销售费用 85,103,014.17 86,051,954.07
管理费用 91,388,532.38 91,864,322.87
财务费用 17,069,871.79 15,736,223.33
资产减值损失 12,446,005.53 -12,146,901.05
加：公允价值变动收益（损失以“－”
-477,030.63 -82,143.59
号填列）
投资收益（损失以“－”号填列） 1,262,429.18 7,809,420.47
其中：对联营企业和合营企业
-244,580.63
的投资收益
汇兑收益（损失以“－”号填列）
三、营业利润（亏损以“－”号填列） 24,422,585.17 -5,962,694.91
加：营业外收入 23,736,080.70 16,921,154.13
减：营业外支出 1,433,726.19 2,550,722.44
其中：非流动资产处置损失 221,076.63 2,424,333.92
四、利润总额（亏损总额以“－”号填
46,724,939.68 8,407,736.78
列）
减：所得税费用 7,131,951.46 2,537,329.49
五、净利润（净亏损以“－”号填列） 39,592,988.22 5,870,407.29
归属于母公司所有者的净利润 24,625,199.36 3,662,614.03
少数股东损益 14,967,788.86 2,207,793.26
六、每股收益：
（一）基本每股收益 0.0549 0.0082
（二）稀释每股收益 0.0549 0.0082
七、其他综合收益 25,494,848.14 -39,716,014.75
八、综合收益总额 65,087,836.36 -33,845,607.46
归属于母公司所有者的综合收益总
48,210,881.59 -32,177,143.98
额
归属于少数股东的综合收益总额 16,876,954.77 -1,668,463.48
法定代表人：张敏 主管会计工作负责人：马民良 会计机构负责人：高莉莉
5
上工申贝（集团）股份有限公司 2011 年半年度报告
母公司利润表
2011 年 1—6 月
单位:元 币种:人民币
项目 附注 本期金额 上期金额
一、营业收入 79,891,754.61 86,334,574.45
减：营业成本 66,494,547.80 69,387,960.27
营业税金及附加 1,901,881.02 1,399,069.77
销售费用 2,448,683.71 3,290,889.54
管理费用 25,562,083.87 29,936,810.11
财务费用 6,915,324.57 9,102,255.04
资产减值损失 -3,254,735.91 -3,796,838.74
加：公允价值变动收益（损失以
-111,864.03 -102,744.80
“－”号填列）
投资收益（损失以“－”号
972,256.77 19,083,032.13
填列）
其中：对联营企业和合营
企业的投资收益
二、营业利润（亏损以“－”号填列） -19,315,637.71 -4,005,284.21
加：营业外收入 23,462,398.47 12,190,651.20
减：营业外支出 175,561.53 853,739.97
其中：非流动资产处置损失 175,492.53 730,479.70
三、利润总额（亏损总额以“－”号
3,971,199.23 7,331,627.02
填列）
减：所得税费用
四、净利润（净亏损以“－”号填列） 3,971,199.23 7,331,627.02
五、每股收益：
（一）基本每股收益 0.0088 0.0163
（二）稀释每股收益 0.0088 0.0163
六、其他综合收益 -34,491,137.29 -654,297.72
七、综合收益总额 -30,519,938.06 6,677,329.30
法定代表人：张敏 主管会计工作负责人：马民良 会计机构负责人：高莉莉
6
上工申贝（集团）股份有限公司 2011 年半年度报告
合并现金流量表
2011 年 1—6 月
单位:元 币种:人民币
项目 附注 本期金额 上期金额
一、经营活动产生的现金
流量：
销售商品、提供劳务
890,705,950.80 839,230,919.29
收到的现金
客户存款和同业存放
款项净增加额
向中央银行借款净增
加额
向其他金融机构拆入
资金净增加额
收到原保险合同保费
取得的现金
收到再保险业务现金
净额
保户储金及投资款净
增加额
处置交易性金融资产
净增加额
收取利息、手续费及
佣金的现金
拆入资金净增加额
回购业务资金净增加
额
收到的税费返还 45,554,969.62 31,151,054.00
收到其他与经营活动
6,532,745.20 10,494,563.29
有关的现金
经营活动现金流入
942,793,665.62 880,876,536.58
小计
购买商品、接受劳务
681,964,646.59 623,266,749.91
支付的现金
客户贷款及垫款净增
加额
存放中央银行和同业
款项净增加额
支付原保险合同赔付
款项的现金
支付利息、手续费及
佣金的现金
支付保单红利的现金
支付给职工以及为职
201,758,824.22 264,698,237.35
工支付的现金
支付的各项税费 10,162,109.60 12,471,393.01
支付其他与经营活动
59,286,054.46 60,398,443.59
有关的现金
经营活动现金流出
953,171,634.87 960,834,823.86
小计
7
上工申贝（集团）股份有限公司 2011 年半年度报告
经营活动产生的
-10,377,969.25 -79,958,287.28
现金流量净额
二、投资活动产生的现金
流量：
收回投资收到的现金 1,642,281.63 223,301.14
取得投资收益收到的
1,312,956.63 862,569.38
现金
处置固定资产、无形
资产和其他长期资产收回 92,245,083.55 53,604,233.61
的现金净额
处置子公司及其他营
业单位收到的现金净额
收到其他与投资活动
有关的现金
投资活动现金流入
95,200,321.81 54,690,104.13
小计
购建固定资产、无形
资产和其他长期资产支付 18,905,725.61 13,236,490.76
的现金
投资支付的现金 7,168,124.00
质押贷款净增加额
取得子公司及其他营
业单位支付的现金净额
支付其他与投资活动
464,945.23
有关的现金
投资活动现金流出
26,538,794.84 13,236,490.76
小计
投资活动产生的
68,661,526.97 41,453,613.37
现金流量净额
三、筹资活动产生的现金
流量：
吸收投资收到的现金
其中：子公司吸收少
数股东投资收到的现金
取得借款收到的现金 166,600,000.00 159,939,883.95
发行债券收到的现金
收到其他与筹资活动
12,865,357.11
有关的现金
筹资活动现金流入
179,465,357.11 159,939,883.95
小计
偿还债务支付的现金 179,373,290.26 278,987,500.00
分配股利、利润或偿
12,313,764.40 20,692,206.46
付利息支付的现金
其中：子公司支付给
少数股东的股利、利润
支付其他与筹资活动
118,252,782.00 10,586.88
有关的现金
筹资活动现金流出
309,939,836.66 299,690,293.34
小计
筹资活动产生的 -130,474,479.55 -139,750,409.39
8
上工申贝（集团）股份有限公司 2011 年半年度报告
现金流量净额
四、汇率变动对现金及现
8,667,542.54 -26,757,773.91
金等价物的影响
五、现金及现金等价物净
-63,523,379.29 -205,012,857.21
增加额
加：期初现金及现金
409,008,778.08 467,658,653.68
等价物余额
六、期末现金及现金等价
345,485,398.79 262,645,796.47
物余额
法定代表人：张敏 主管会计工作负责人：马民良 会计机构负责人：高莉莉
母公司现金流量表
2011 年 1—6 月
单位:元 币种:人民币
项目 附注 本期金额 上期金额
一、经营活动产生的现金
流量：
销售商品、提供劳务
85,870,964.37 83,844,989.29
收到的现金
收到的税费返还
收到其他与经营活动
42,709,055.27 26,455,356.19
有关的现金
经营活动现金流入
128,580,019.64 110,300,345.48
小计
购买商品、接受劳务
62,650,308.92 69,576,033.71
支付的现金
支付给职工以及为职
26,164,526.75 45,973,024.51
工支付的现金
支付的各项税费 4,881,582.56 5,394,364.50
支付其他与经营活动
21,442,049.40 22,321,949.92
有关的现金
经营活动现金流出
115,138,467.63 143,265,372.64
小计
经营活动产生的
13,441,552.01 -32,965,027.16
现金流量净额
二、投资活动产生的现金
流量：
收回投资收到的现金 344,110.53
取得投资收益收到的
750,000.00 15,697,491.43
现金
处置固定资产、无形
资产和其他长期资产收回 92,080,761.47 50,960,261.40
的现金净额
处置子公司及其他营
186,106.09
业单位收到的现金净额
收到其他与投资活动
有关的现金
投资活动现金流入
93,360,978.09 66,657,752.83
小计
9
上工申贝（集团）股份有限公司 2011 年半年度报告
购建固定资产、无形
资产和其他长期资产支付 2,033,917.42 1,768,386.40
的现金
投资支付的现金 183,570.00 133,281,685.73
取得子公司及其他营
业单位支付的现金净额
支付其他与投资活动
有关的现金
投资活动现金流出
2,217,487.42 135,050,072.13
小计
投资活动产生的
91,143,490.67 -68,392,319.30
现金流量净额
三、筹资活动产生的现金
流量：
吸收投资收到的现金
取得借款收到的现金 166,600,000.00 136,600,000.00
发行债券收到的现金
收到其他与筹资活动
12,865,095.00
有关的现金
筹资活动现金流入
179,465,095.00 136,600,000.00
小计
偿还债务支付的现金 176,600,000.00 170,600,000.00
分配股利、利润或偿
7,247,795.53 4,618,229.77
付利息支付的现金
支付其他与筹资活动
118,252,782.00
有关的现金
筹资活动现金流出
302,100,577.53 175,218,229.77
小计
筹资活动产生的
-122,635,482.53 -38,618,229.77
现金流量净额
四、汇率变动对现金及现
-218,402.95 736.63
金等价物的影响
五、现金及现金等价物净
-18,268,842.80 -139,974,839.60
增加额
加：期初现金及现金
142,618,456.50 273,006,414.17
等价物余额
六、期末现金及现金等价
124,349,613.70 133,031,574.57
物余额
法定代表人：张敏 主管会计工作负责人：马民良 会计机构负责人：高莉莉
10
合并所有者权益变动表
2011 年 1—6 月
单位:元 币种:人民币
本期金额
归属于母公司所有者权益
项目
实收资本（或股 减：库 专项储 一般风 少数股东权益 所有者权益合计
资本公积 盈余公积 未分配利润 其他
本） 存股 备 险准备
一、上年年末
448,886,777.00 418,356,508.92 4,546,242.52 -236,899,958.76 -33,960,652.36 96,216,291.46 697,145,208.78
余额
加：会
计政策变更
前
期差错更正
其
他
二、本年年初
448,886,777.00 418,356,508.92 4,546,242.52 -236,899,958.76 -33,960,652.36 96,216,291.46 697,145,208.78
余额
三、本期增减
变动金额（减
4,217,672.88 24,625,199.36 19,368,009.35 16,876,954.78 65,087,836.37
少以“－”号
填列）
（一）净利润 24,625,199.36 14,967,788.86 39,592,988.22
（二）其他综
4,217,672.88 19,368,009.35 1,909,165.92 25,494,848.15
合收益
上述（一）和
4,217,672.88 24,625,199.36 19,368,009.35 16,876,954.78 65,087,836.37
（二）小计
（三）所有者
投入和减少
资本
1．所有者投
入资本
2．股份支付
计入所有者
权益的金额
3．其他
（四）利润分
配
11
上工申贝（集团）股份有限公司 2011 年半年度报告
1．提取盈余
公积
2．提取一般
风险准备
3．对所有者
（或股东）的
分配
4．其他
（五）所有者
权益内部结
转
1．资本公积
转增资本（或
股本）
2．盈余公积
转增资本（或
股本）
3．盈余公积
弥补亏损
4．其他
（六）专项储
备
1．本期提取
2．本期使用
（七）其他
四、本期期末
448,886,777.00 422,574,181.80 4,546,242.52 -212,274,759.40 -14,592,643.01 113,093,246.24 762,233,045.15
余额
12
上工申贝（集团）股份有限公司 2011 年半年度报告
单位:元 币种:人民币
上年同期金额
归属于母公司所有者权益
一
专 般
项目 减：
实收资本（或股 项 风 少数股东权益 所有者权益合计
资本公积 库存 盈余公积 未分配利润 其他
本） 储 险
股
备 准
备
一、上年年末余额 448,886,777.00 397,168,468.55 4,546,242.52 -282,061,908.47 -16,065,589.05 37,352,998.57 589,826,989.12
加：会
计政策变更
前期
差错更正
其他
二、本年年初余额 448,886,777.00 397,168,468.55 4,546,242.52 -282,061,908.47 -16,065,589.05 37,352,998.57 589,826,989.12
三、本期增减变动
金额（减少以“－” -3,981,609.60 3,662,614.03 -31,858,148.38 -1,668,463.51 -33,845,607.46
号填列）
（一）净利润 3,662,614.03 2,207,793.26 5,870,407.29
（二）其他综合收
-3,981,609.60 -31,858,148.38 -3,876,256.77 -39,716,014.75
益
上述（一）和（二）
-3,981,609.60 3,662,614.03 -31,858,148.38 -1,668,463.51 -33,845,607.46
小计
（三）所有者投入
和减少资本
1．所有者投入资
本
2．股份支付计入
所有者权益的金
额
3．其他
（四）利润分配
1．提取盈余公积
2．提取一般风险
准备
3．对所有者（或
股东）的分配
13
上工申贝（集团）股份有限公司 2011 年半年度报告
4．其他
（五）所有者权益
内部结转
1．资本公积转增
资本（或股本）
2．盈余公积转增
资本（或股本）
3．盈余公积弥补
亏损
4．其他
（六）专项储备
1．本期提取
2．本期使用
（七）其他
四、本期期末余额 448,886,777.00 393,186,858.95 4,546,242.52 -278,399,294.44 -47,923,737.43 35,684,535.06 555,981,381.66
法定代表人：张敏 主管会计工作负责人：马民良 会计机构负责人：高莉莉
14
母公司所有者权益变动表
2011 年 1—6 月
单位:元 币种:人民币
本期金额
项目 实收资本（或股 减：库 专项储 一般风
资本公积 盈余公积 未分配利润 所有者权益合计
本） 存股 备 险准备
一、上年年末
448,886,777.00 506,072,877.19 4,546,242.52 -379,313,917.98 580,191,978.73
余额
加：会
计政策变更
前
期差错更正
其
他
二、本年年初
448,886,777.00 506,072,877.19 4,546,242.52 -379,313,917.98 580,191,978.73
余额
三、本期增减
变动金额（减
-34,491,137.29 3,971,199.23 -30,519,938.06
少以“－”号
填列）
（一）净利润 3,971,199.23 3,971,199.23
（二）其他综
-34,491,137.29 -34,491,137.29
合收益
上述（一）和
-34,491,137.29 3,971,199.23 -30,519,938.06
（二）小计
（三）所有者
投入和减少
资本
1．所有者投
入资本
2．股份支付
计入所有者
权益的金额
3．其他
（四）利润分
配
1．提取盈余
公积
2.提取一般
风险准备
3．对所有者
（或股东）的
分配
4．其他
（五）所有者
权益内部结
转
1．资本公积
转增资本（或
股本）
2．盈余公积
转增资本（或
股本）
3．盈余公积
弥补亏损
4．其他
（六）专项储
备
15
上工申贝（集团）股份有限公司 2011 年半年度报告
1．本期提取
2．本期使用
（七）其他
四、本期期末
448,886,777.00 471,581,739.90 4,546,242.52 -375,342,718.75 549,672,040.67
余额
单位:元 币种:人民币
上年同期金额
一
专 般
减：
项目 项 风
实收资本（或股本） 资本公积 库存 盈余公积 未分配利润 所有者权益合计
储 险
股
备 准
备
一、上年年末
448,886,777.00 504,334,751.14 4,546,242.52 -349,488,849.45 608,278,921.21
余额
加：会计
政策变更
前
期差错更正
其
他
二、本年年初
448,886,777.00 504,334,751.14 4,546,242.52 -349,488,849.45 608,278,921.21
余额
三、本期增减
变动金额（减
-654,297.72 7,331,627.02 6,677,329.30
少以“－”号
填列）
（一）净利润 7,331,627.02 7,331,627.02
（二）其他综
-654,297.72 -654,297.72
合收益
上述（一）和
-654,297.72 7,331,627.02 6,677,329.30
（二）小计
（三）所有者
投入和减少资
本
1．所有者投入
资本
2．股份支付计
入所有者权益
的金额
3．其他
（四）利润分
配
1．提取盈余公
积
2.提取一般风
险准备
3．对所有者
（或股东）的
分配
4．其他
（五）所有者
权益内部结转
1．资本公积转
增资本（或股
本）
16
上工申贝（集团）股份有限公司 2011 年半年度报告
2．盈余公积转
增资本（或股
本）
3．盈余公积弥
补亏损
4．其他
（六）专项储
备
1．本期提取
2．本期使用
（七）其他
四、本期期末
448,886,777.00 503,680,453.42 4,546,242.52 -342,157,222.43 614,956,250.51
余额
法定代表人：张敏 主管会计工作负责人：马民良 会计机构负责人：高莉莉
17
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
上 工 申 贝（集团）股 份 有 限 公 司
二 O 一一年半年度财务报表附注
一、 公司基本情况
上工申贝（集团）股份有限公司（以下简称“公司”或“本公司”）为境内公开发行 A、B 股
股票并在上海证券交易所上市的股份有限公司，是中国缝制设备行业第一家上市公司。本
公司于 1994 年 4 月注册成立，企业法人营业执照注册号: 310000400080303 号(市局)。本
公司的注册资本为人民币 448,886,777 元，注册地址为上海市浦东新区世纪大道 1500 号东
方大厦 12 楼 A-D 室，总部办公地址为上海市浦东新区世纪大道 1500 号 12 楼，法定代表
人为张敏先生。
本公司以生产、销售工业用缝纫设备为主，主要产品有平缝、包缝、套结、钉扣、锁眼、
双针、多针、链缝、绷缝及其他特种工业缝纫机共 10 个大类，21 个系列，100 多个品种，
主要产品以“上工牌”、“双工牌”、“蝴蝶牌”、“蜜蜂牌”、“飞人牌”为注册商标。本公司
近年来积极进行新型缝纫设备的开发、研制，尤其是 2005 年中成功地并购德国 Dürkopp
Adler AG 股份有限公司（一家注册在德国的上市公司，下称“德国 DA 公司”）后，本公
司正在利用德国 DA 公司的先进技术，对现有产品和新产品实施进一步升级、开发，并逐
步将适应于亚洲市场的 DA 产品转移到中国生产，以适应用户对自动化缝制设备日益增长
的需求。
同时，本公司的经营范围还包括办公机械、影像器材的产销、商贸物流等多个领域。
2006 年 5 月 22 日公司股权分置改革相关股东大会决议通过：公司非流通股股东为使其
持有的本公司非流通股获得流通权而向本公司流通股股东支付的对价为：流通股股东每持
有 10 股将获得 6 股的股份对价。实施上述送股对价后，公司股份总数不变，股份结构
发生相应变化。截止 2011 年 6 月 30 日，股本总数为 448,886,777 股，其中：无限售条
件股份为 448,886,777 股，占股份总数的 100%。
二、 主要会计政策、会计估计和前期差错
(一) 财务报表的编制基础
公司以持续经营为基础，根据实际发生的交易和事项，按照《企业会计准则—基本准则》
和其他各项会计准则及其他相关规定进行确认和计量，在此基础上编制财务报表。
(二) 遵循企业会计准则的声明
公司所编制的财务报表符合企业会计准则的要求，真实、完整地反映了报告期公司的财务
状况、经营成果、现金流量等有关信息。
(三) 会计期间
财务报表附注 第 1 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
自公历 1 月 1 日至 12 月 31 日止为一个会计年度。
(四) 记账本位币
采用人民币为记账本位币。
公司境外子公司以其经营所处的主要经济环境中的货币为记账本位币，编制财务报表时折
算为人民币。
(五) 同一控制下和非同一控制下企业合并的会计处理方法
1、 同一控制下企业合并
本公司在企业合并中取得的资产和负债，按照合并日在被合并方的账面价值计量。
在合并中取得的净资产账面价值与支付的合并对价账面价值（或发行股份面值总额）
的差额，调整资本公积，资本公积不足冲减的，调整留存收益。
本公司为进行企业合并而发生的各项直接相关费用，包括为进行企业合并而支付的
审计费用、评估费用、法律服务费等，于发生时计入当期损益。
企业合并中发行权益性证券发生的手续费、佣金等，抵减权益性证券溢价收入，溢
价收入不足冲减的，冲减留存收益。
被合并各方采用的会计政策与本公司不一致的，本公司在合并日按照本公司会计政
策进行调整，在此基础上按照企业会计准则规定确认。
2、 非同一控制下的企业合并
本公司在购买日对作为企业合并对价付出的资产、发生或承担的负债按照公允价值
计量。公允价值与其账面价值的差额，计入当期损益。
本公司在购买日对合并成本进行分配。
本公司对合并成本大于合并中取得的被购买方可辨认净资产公允价值份额的差额，
确认为商誉；合并成本小于合并中取得的被购买方可辨认净资产公允价值份额的差
额，计入当期损益。
企业合并中取得的被购买方除无形资产外的其他各项资产（不仅限于被购买方原已
确认的资产），其所带来的经济利益很可能流入本公司且公允价值能够可靠计量的，
单独确认并按公允价值计量；公允价值能够可靠计量的无形资产，单独确认为无形
资产并按公允价值计量；取得的被购买方除或有负债以外的其他各项负债，履行有
关义务很可能导致经济利益流出本公司且公允价值能够可靠计量的，单独确认并按
照公允价值计量；取得的被购买方或有负债，其公允价值能可靠计量的，单独确认
为负债并按照公允价值计量。
财务报表附注 第 2 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(六) 合并财务报表的编制方法
本公司合并财务报表的合并范围以控制为基础确定，所有子公司均纳入合并财务报表。
所有纳入合并财务报表合并范围的子公司所采用的会计政策、会计期间与本公司一致，如
子公司采用的会计政策、会计期间与本公司不一致的，在编制合并财务报表时，按本公司
的会计政策、会计期间进行必要的调整。
合并财务报表以本公司及子公司的财务报表为基础，根据其他有关资料，按照权益法调整
对子公司的长期股权投资后，由本公司编制。
合并财务报表时抵销本公司与各子公司、各子公司相互之间发生的内部交易对合并资产负
债表、合并利润表、合并现金流量表、合并所有者权益变动表的影响。
子公司少数股东分担的当期亏损超过了少数股东在该子公司期初所有者权益中所享有份
额而形成的余额，若公司章程或协议未规定少数股东有义务承担的，该余额冲减本公司的
所有者权益；若公司章程或协议规定由少数股东承担的，该余额冲减少数股东权益。
在报告期内，若因同一控制下企业合并增加子公司的，则调整合并资产负债表的期初数；
将子公司合并当期期初至报告期末的收入、费用、利润纳入合并利润表；将子公司合并当
期期初至报告期末的现金流量纳入合并现金流量表。
在报告期内，若因非同一控制下企业合并增加子公司的，则不调整合并资产负债表期初数；
将子公司自购买日至报告期末的收入、费用、利润纳入合并利润表；该子公司自购买日至
报告期末的现金流量纳入合并现金流量表。
在报告期内，本公司处置子公司，则该子公司期初至处置日的收入、费用、利润纳入合并
利润表；该子公司期初至处置日的现金流量纳入合并现金流量表。
(七) 现金及现金等价物的确定标准
在编制现金流量表时，将本公司库存现金以及可以随时用于支付的存款确认为现金。将同
时具备期限短（从购买日起三个月内到期）、流动性强、易于转换为已知现金、价值变动
风险很小四个条件的投资，确定为现金等价物。
(八) 外币业务和外币报表折算
1、 外币业务
外币业务采用交易发生日的即期汇率作为折算汇率折合成人民币记账。
外币货币性项目余额按资产负债表日即期汇率折算，由此产生的汇兑差额，除属于
与购建符合资本化条件的资产相关的外币专门借款产生的汇兑差额按照借款费用资
本化的原则处理外，均计入当期损益。以历史成本计量的外币非货币性项目，仍采
用交易发生日的即期汇率折算，不改变其记账本位币金额。以公允价值计量的外币
非货币性项目，采用公允价值确定日的即期汇率折算，由此产生的汇兑差额计入当
期损益或资本公积。
财务报表附注 第 3 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
2、 外币财务报表的折算
资产负债表中的资产和负债项目，采用资产负债表日的即期汇率折算；所有者权益
项目除“未分配利润”项目外，其他项目采用发生时的即期汇率折算。利润表中的收
入和费用项目，采用交易发生日的即期汇率或采用按照系统合理的方法确定的、与
交易发生日即期汇率近似的汇率折算。按照上述折算产生的外币财务报表折算差额，
在资产负债表所有者权益项目下单独列示。
处置境外经营时，将资产负债表中所有者权益项目下列示的、与该境外经营相关的
外币财务报表折算差额，自所有者权益项目转入处置当期损益；部分处置境外经营
的，按处置的比例计算处置部分的外币财务报表折算差额，转入处置当期损益。
(九) 金融工具
金融工具包括金融资产、金融负债和权益工具。
1、 金融工具的分类
管理层按照取得持有金融资产和承担金融负债的目的，将其划分为：以公允价值计
量且其变动计入当期损益的金融资产或金融负债，包括交易性金融资产或金融负债；
持有至到期投资；贷款和应收款项；可供出售金融资产；其他金融负债等。
2、 金融工具的确认依据和计量方法
（1）以公允价值计量且其变动计入当期损益的金融资产（金融负债）
取得时以公允价值（扣除已宣告但尚未发放的现金股利或已到付息期但尚未领取的
债券利息）作为初始确认金额，相关的交易费用计入当期损益。
持有期间将取得的利息或现金股利确认为投资收益，期末将公允价值变动计入当期
损益。
处置时，其公允价值与初始入账金额之间的差额确认为投资收益，同时调整公允价
值变动损益。
（2）持有至到期投资
取得时按公允价值（扣除已到付息期但尚未领取的债券利息）和相关交易费用之和
作为初始确认金额。
持有期间按照摊余成本和实际利率（如实际利率与票面利率差别较小的，按票面利
率）计算确认利息收入，计入投资收益。实际利率在取得时确定，在该预期存续期
间或适用的更短期间内保持不变。
处置时，将所取得价款与该投资账面价值之间的差额计入投资收益。
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（3）应收款项
公司对外销售商品或提供劳务形成的应收债权，以及公司持有的其他企业的不包括
在活跃市场上有报价的债务工具的债权，包括应收账款、其他应收款、应收票据、
预付账款、长期应收款等，以向购货方应收的合同或协议价款作为初始确认金额；
具有融资性质的，按其现值进行初始确认。
收回或处置时，将取得的价款与该应收款项账面价值之间的差额计入当期损益。
（4）可供出售金融资产
取得时按公允价值（扣除已宣告但尚未发放的现金股利或已到付息期但尚未领取的
债券利息）和相关交易费用之和作为初始确认金额。
持有期间将取得的利息或现金股利确认为投资收益。期末以公允价值计量且将公允
价值变动计入资本公积（其他资本公积）。
处置时，将取得的价款与该金融资产账面价值之间的差额，计入投资损益；同时，
将原直接计入所有者权益的公允价值变动累计额对应处置部分的金额转出，计入投
资损益。
（5）其他金融负债
按其公允价值和相关交易费用之和作为初始确认金额。采用摊余成本进行后续计量。
3、 金融资产转移的确认依据和计量方法
公司发生金融资产转移时，如已将金融资产所有权上几乎所有的风险和报酬转移给
转入方，则终止确认该金融资产；如保留了金融资产所有权上几乎所有的风险和报
酬的，则不终止确认该金融资产。
在判断金融资产转移是否满足上述金融资产终止确认条件时，采用实质重于形式的
原则。公司将金融资产转移区分为金融资产整体转移和部分转移。金融资产整体转
移满足终止确认条件的，将下列两项金额的差额计入当期损益：
（1）所转移金融资产的账面价值；
（2）因转移而收到的对价，与原直接计入所有者权益的公允价值变动累计额（涉及
转移的金融资产为可供出售金融资产的情形）之和。
金融资产部分转移满足终止确认条件的，将所转移金融资产整体的账面价值，在终
止确认部分和未终止确认部分之间，按照各自的相对公允价值进行分摊，并将下列
两项金额的差额计入当期损益：
（1）终止确认部分的账面价值；
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（2）终止确认部分的对价，与原直接计入所有者权益的公允价值变动累计额中对应
终止确认部分的金额（涉及转移的金融资产为可供出售金融资产的情形）之和。
金融资产转移不满足终止确认条件的，继续确认该金融资产，所收到的对价确认为
一项金融负债。
4、 金融负债终止确认条件
金融负债的现时义务全部或部分已经解除的，则终止确认该金融负债或其一部分；
本公司若与债权人签定协议，以承担新金融负债方式替换现存金融负债，且新金融
负债与现存金融负债的合同条款实质上不同的，则终止确认现存金融负债，并同时
确认新金融负债。
对现存金融负债全部或部分合同条款作出实质性修改的，则终止确认现存金融负债
或其一部分，同时将修改条款后的金融负债确认为一项新金融负债。
金融负债全部或部分终止确认时，终止确认的金融负债账面价值与支付对价（包括
转出的非现金资产或承担的新金融负债）之间的差额，计入当期损益。
本公司若回购部分金融负债的，在回购日按照继续确认部分与终止确认部分的相对
公允价值，将该金融负债整体的账面价值进行分配。分配给终止确认部分的账面价
值与支付的对价（包括转出的非现金资产或承担的新金融负债）之间的差额，计入
当期损益。
5、 金融资产和金融负债公允价值的确定方法
本公司采用公允价值计量的金融资产和金融负债全部直接参考期末活跃市场中的报
价。
6、 金融资产（不含应收款项）减值准备计提
（1）可供出售金融资产的减值准备：
期末如果可供出售金融资产的公允价值发生较大幅度下降，或在综合考虑各种相关
因素后，预期这种下降趋势属于非暂时性的，就认定其已发生减值，将原直接计入
所有者权益的公允价值下降形成的累计损失一并转出，确认减值损失。
（2）持有至到期投资的减值准备：
持有至到期投资减值损失的计量比照应收款项减值损失计量方法处理。
(十) 应收款项
1、 单项金额重大的应收款项坏账准备的确认标准、计提方法：
（1）单项金额重大的应收款项坏账准备的确认标准：
单项金额重大的具体标准为：应收款项余额前五名。
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（2）单项金额重大的应收款项坏账准备的计提方法：
单独进行减值测试，按预计未来现金流量现值低于其账面价值的差额计提坏账准备，
计入当期损益。
短期应收款项的预计未来现金流量与其现值相差很小，在确定相关减值损失时，不
对其预计未来现金流量进行折现。
2、 单项金额不重大但按信用风险特征组合后该组合的风险较大的应收款项坏账准备
的确定依据、计提方法：
（1）信用风险特征组合的确定依据：
对于期末单项金额非重大的应收款项，采用与经单独测试后未减值的应收款项一起
按账龄作为类似信用风险特征划分为若干组合，再按这些应收款项组合在期末余额
的一定比例（可以单独进行减值测试）计算确定减值损失，计提坏账准备。
（2）根据信用风险特征组合确定的计提方法：
根据以前年度与之相同或相类似的、按账龄段划分的具有类似信用风险特征的应收
款项组合的实际损失率为基础，结合现时情况确定以下坏账准备计提的比例：
账 龄 应收账款计提比例(%) 其他应收款计提比例(%)
1 年以内（含 1 年） 5 5
1－2 年 20 20
2－3 年 50 50
3 年以上 100 100
(十一) 存货
1、 存货的分类
存货分类为：在途物资、原材料、周转材料、库存商品、在产品、发出商品、委托
加工物资等。
2、 发出存货的计价方法
存货发出时按加权平均法计价。
3、 存货可变现净值的确定依据及存货跌价准备的计提方法
期末对存货进行全面清查后，按存货的成本与可变现净值孰低提取或调整存货跌价
准备。
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产成品、库存商品和用于出售的材料等直接用于出售的商品存货，在正常生产经营
过程中，以该存货的估计售价减去估计的销售费用和相关税费后的金额，确定其可
变现净值；需要经过加工的材料存货，在正常生产经营过程中，以所生产的产成品
的估计售价减去至完工时估计将要发生的成本、估计的销售费用和相关税费后的金
额，确定其可变现净值；为执行销售合同或者劳务合同而持有的存货，其可变现净
值以合同价格为基础计算，若持有存货的数量多于销售合同订购数量的，超出部分
的存货的可变现净值以一般销售价格为基础计算。
期末按照单个存货项目计提存货跌价准备；但对于数量繁多、单价较低的存货，按
照存货类别计提存货跌价准备；与在同一地区生产和销售的产品系列相关、具有相
同或类似最终用途或目的，且难以与其他项目分开计量的存货，则合并计提存货跌
价准备。
以前减记存货价值的影响因素已经消失的，减记的金额予以恢复，并在原已计提的
存货跌价准备金额内转回，转回的金额计入当期损益。
4、 存货的盘存制度
采用永续盘存制。
5、 低值易耗品和包装物的摊销方法
（1）低值易耗品采用一次转销法；
（2）包装物采用一次转销法。
(十二) 长期股权投资
1、 初始投资成本确定
（1）企业合并形成的长期股权投资
同一控制下的企业合并：公司以支付现金、转让非现金资产或承担债务方式以及以
发行权益性证券作为合并对价的，在合并日按照取得被合并方所有者权益账面价值
的份额作为长期股权投资的初始投资成本。长期股权投资初始投资成本与支付合并
对价之间的差额，调整资本公积；资本公积不足冲减的，调整留存收益。合并发生
的各项直接相关费用，包括为进行合并而支付的审计费用、评估费用、法律服务费
用等，于发生时计入当期损益。
非同一控制下的企业合并：合并成本为购买日购买方为取得对被购买方的控制权而
付出的资产、发生或承担的负债以及发行的权益性证券的公允价值，以及为企业合
并而发生的各项直接相关费用。通过多次交换交易分步实现的企业合并，合并成本
为每一单项交易成本之和。在合并合同中对可能影响合并成本的未来事项作出约定
的，购买日如果估计未来事项很可能发生并且对合并成本的影响金额能够可靠计量
的，也计入合并成本。
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（2）其他方式取得的长期股权投资
以支付现金方式取得的长期股权投资，按照实际支付的购买价款作为初始投资成本。
以发行权益性证券取得的长期股权投资，按照发行权益性证券的公允价值作为初始
投资成本。
投资者投入的长期股权投资，按照投资合同或协议约定的价值（扣除已宣告但尚未
发放的现金股利或利润）作为初始投资成本，但合同或协议约定价值不公允的除外。
在非货币性资产交换具备商业实质和换入资产或换出资产的公允价值能够可靠计量
的前提下，非货币性资产交换换入的长期股权投资以换出资产的公允价值为基础确
定其初始投资成本，除非有确凿证据表明换入资产的公允价值更加可靠；不满足上
述前提的非货币性资产交换，以换出资产的账面价值和应支付的相关税费作为换入
长期股权投资的初始投资成本。
通过债务重组取得的长期股权投资，其初始投资成本按照公允价值为基础确定。
2、 后续计量及损益确认
（1）后续计量
公司对子公司的长期股权投资，采用成本法核算，编制合并财务报表时按照权益法
进行调整。
对被投资单位不具有共同控制或重大影响，并且在活跃市场中没有报价、公允价值
不能可靠计量的长期股权投资，采用成本法核算。
对被投资单位具有共同控制或重大影响的长期股权投资，采用权益法核算。初始投
资成本大于投资时应享有被投资单位可辨认净资产公允价值份额的差额，不调整长
期股权投资的初始投资成本；初始投资成本小于投资时应享有被投资单位可辨认净
资产公允价值份额的差额，计入当期损益。
被投资单位除净损益以外所有者权益其他变动的处理：对于被投资单位除净损益以
外所有者权益的其他变动，在持股比例不变的情况下，公司按照持股比例计算应享
有或承担的部分，调整长期股权投资的账面价值，同时增加或减少资本公积（其他
资本公积）。
（2）损益确认
成本法下，除取得投资时实际支付的价款或对价中包含的已宣告但尚未发放的现金
股利或利润外，公司按照享有被投资单位宣告发放的现金股利或利润确认投资收益。
权益法下，在公司确认应分担被投资单位发生的亏损时，按照以下顺序进行处理：
首先，冲减长期股权投资的账面价值。其次，长期股权投资的账面价值不足以冲减
的，以其他实质上构成对被投资单位净投资的长期权益账面价值为限继续确认投资
损失，冲减长期应收项目等的账面价值。最后，经过上述处理，按照投资合同或协
议约定企业仍承担额外义务的，按预计承担的义务确认预计负债，计入当期投资损
失。
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被投资单位以后期间实现盈利的，公司在扣除未确认的亏损分担额后，按与上述相
反的顺序处理，减记已确认预计负债的账面余额、恢复其他实质上构成对被投资单
位净投资的长期权益及长期股权投资的账面价值，同时确认投资收益。
3、 确定对被投资单位具有共同控制、重大影响的依据
按照合同约定对某项经济活动所共有的控制，仅在与该项经济活动相关的重要财务
和经营决策需要分享控制权的投资方一致同意时存在，则视为与其他方对被投资单
位实施共同控制；对一个企业的财务和经营决策有参与决策的权力，但并不能够控
制或者与其他方一起共同控制这些政策的制定，则视为投资企业能够对被投资单位
施加重大影响。
4、 减值测试方法及减值准备计提方法
重大影响以下的、在活跃市场中没有报价、公允价值不能可靠计量的长期股权投资，
其减值损失是根据其账面价值与按类似金融资产当时市场收益率对未来现金流量折
现确定的现值之间的差额进行确定。
除因企业合并形成的商誉以外的存在减值迹象的其他长期股权投资，如果可收回金
额的计量结果表明，该长期股权投资的可收回金额低于其账面价值的，将差额确认
为减值损失。
因企业合并形成的商誉，无论是否存在减值迹象，每年都进行减值测试。
长期股权投资减值损失一经确认，不再转回。
(十三) 投资性房地产
投资性房地产是指为赚取租金或资本增值，或两者兼有而持有的房地产，包括已出租的土
地使用权、持有并准备增值后转让的土地使用权、已出租的建筑物。
公司对现有投资性房地产采用成本模式计量。对按照成本模式计量的投资性房地产－出租
用建筑物采用与本公司固定资产相同的折旧政策，出租用土地使用权按与无形资产相同的
摊销政策。
公司对存在减值迹象的，估计其可收回金额，可收回金额低于其账面价值的，确认相应的
减值损失。
投资性房地产减值损失一经确认，不再转回。
(十四) 固定资产
1、 固定资产确认条件
固定资产指为生产商品、提供劳务、出租或经营管理而持有，并且使用寿命超过一
个会计年度的有形资产。固定资产在同时满足下列条件时予以确认：
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（1）与该固定资产有关的经济利益很可能流入企业；
（2）该固定资产的成本能够可靠地计量。
2、 各类固定资产的折旧方法
固定资产折旧采用年限平均法分类计提，根据固定资产类别、预计使用寿命和预计
净残值率确定折旧率。
符合资本化条件的固定资产装修费用，在两次装修期间与固定资产尚可使用年限两
者中较短的期间内，采用年限平均法单独计提折旧。
各类固定资产折旧年限和年折旧率如下：
类 别 折旧年限（年） 残值率（%） 年折旧率（%）
房屋及建筑物 20-50 10 1.8-4.5
机器设备 5-15 10 6-18
运输设备 5-10 10 9-18
电子设备 5-10 10 9-18
固定资产装修 5-15 6.6-20
其他设备 5-10 10 9-18
3、 固定资产的减值测试方法、减值准备计提方法
公司在每期末判断固定资产是否存在可能发生减值的迹象。
固定资产存在减值迹象的，估计其可收回金额。可收回金额根据固定资产的公允价
值减去处置费用后的净额与固定资产预计未来现金流量的现值两者之间较高者确
定。
当固定资产的可收回金额低于其账面价值的，将固定资产的账面价值减记至可收回
金额，减记的金额确认为固定资产减值损失，计入当期损益，同时计提相应的固定
资产减值准备。
固定资产减值损失确认后，减值固定资产的折旧在未来期间作相应调整，以使该固
定资产在剩余使用寿命内，系统地分摊调整后的固定资产账面价值（扣除预计净残
值）。
固定资产的减值损失一经确认，在以后会计期间不再转回。
有迹象表明一项固定资产可能发生减值的，企业以单项固定资产为基础估计其可收
回金额。企业难以对单项固定资产的可收回金额进行估计的，以该固定资产所属的
资产组为基础确定资产组的可收回金额。
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(十五) 在建工程
1、 在建工程的类别
在建工程以立项项目分类核算。
2、 在建工程结转为固定资产的标准和时点
在建工程项目按建造该项资产达到预定可使用状态前所发生的全部支出，作为固定
资产的入账价值。所建造的固定资产在建工程已达到预定可使用状态，但尚未办理
竣工决算的，自达到预定可使用状态之日起，根据工程预算、造价或者工程实际成
本等，按估计的价值转入固定资产，并按本公司固定资产折旧政策计提固定资产的
折旧，待办理竣工决算后，再按实际成本调整原来的暂估价值，但不调整原已计提
的折旧额。
3、 在建工程的减值测试方法、减值准备计提方法
公司在每期末判断在建工程是否存在可能发生减值的迹象。
在建工程存在减值迹象的，估计其可收回金额。可收回金额根据在建工程的公允价
值减去处置费用后的净额与在建工程预计未来现金流量的现值两者之间较高者确
定。
当在建工程的可收回金额低于其账面价值的，将在建工程的账面价值减记至可收回
金额，减记的金额确认为在建工程减值损失，计入当期损益，同时计提相应的在建
工程减值准备。
在建工程的减值损失一经确认，在以后会计期间不再转回。
有迹象表明一项在建工程可能发生减值的，企业以单项在建工程为基础估计其可收
回金额。企业难以对单项在建工程的可收回金额进行估计的，以该在建工程所属的
资产组为基础确定资产组的可收回金额。
(十六) 借款费用
1、 借款费用资本化的确认原则
公司发生的借款费用，可直接归属于符合资本化条件的资产的购建或者生产的，予
以资本化，计入相关资产成本；其他借款费用，在发生时根据其发生额确认为费用，
计入当期损益。
符合资本化条件的资产，是指需要经过相当长时间的购建或者生产活动才能达到预
定可使用或者可销售状态的固定资产、投资性房地产和存货等资产。
借款费用同时满足下列条件时开始资本化：
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（1）资产支出已经发生，资产支出包括为购建或者生产符合资本化条件的资产而以
支付现金、转移非现金资产或者承担带息债务形式发生的支出；
（2）借款费用已经发生；
（3）为使资产达到预定可使用或者可销售状态所必要的购建或者生产活动已经开
始。
2、 借款费用资本化期间
资本化期间，指从借款费用开始资本化时点到停止资本化时点的期间，借款费用暂
停资本化的期间不包括在内。
当购建或者生产符合资本化条件的资产达到预定可使用或者可销售状态时，借款费
用停止资本化。
当购建或者生产符合资本化条件的资产中部分项目分别完工且可单独使用时，该部
分资产借款费用停止资本化。
购建或者生产的资产的各部分分别完工，但必须等到整体完工后才可使用或可对外
销售的，在该资产整体完工时停止借款费用资本化。
3、 暂停资本化期间
符合资本化条件的资产在购建或生产过程中发生的非正常中断、且中断时间连续超
过 3 个月的，则借款费用暂停资本化；该项中断如是所购建或生产的符合资本化条
件的资产达到预定可使用状态或者可销售状态必要的程序，则借款费用继续资本化。
在中断期间发生的借款费用确认为当期损益，直至资产的购建或者生产活动重新开
始后借款费用继续资本化。
4、 借款费用资本化金额的计算方法
专门借款的利息费用（扣除尚未动用的借款资金存入银行取得的利息收入或者进行
暂时性投资取得的投资收益）及其辅助费用在所购建或者生产的符合资本化条件的
资产达到预定可使用或者可销售状态前，予以资本化。
根据累计资产支出超过专门借款部分的资产支出加权平均数乘以所占用一般借款的
资本化率，计算确定一般借款应予资本化的利息金额。资本化率根据一般借款加权
平均利率计算确定。
借款存在折价或者溢价的，按照实际利率法确定每一会计期间应摊销的折价或者溢
价金额，调整每期利息金额。
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(十七) 无形资产
1、 无形资产的计价方法
（1）公司取得无形资产时按成本进行初始计量；
外购无形资产的成本，包括购买价款、相关税费以及直接归属于使该项资产达到预
定用途所发生的其他支出。购买无形资产的价款超过正常信用条件延期支付，实质
上具有融资性质的，无形资产的成本以购买价款的现值为基础确定。
债务重组取得债务人用以抵债的无形资产，以该无形资产的公允价值为基础确定其
入账价值，并将重组债务的账面价值与该用以抵债的无形资产公允价值之间的差额，
计入当期损益；
在非货币性资产交换具备商业实质且换入资产或换出资产的公允价值能够可靠计量
的前提下，非货币性资产交换换入的无形资产以换出资产的公允价值为基础确定其
入账价值，除非有确凿证据表明换入资产的公允价值更加可靠；不满足上述前提的
非货币性资产交换，以换出资产的账面价值和应支付的相关税费作为换入无形资产
的成本，不确认损益。
以同一控制下的企业吸收合并方式取得的无形资产按被合并方的账面价值确定其入
账价值；以非同一控制下的企业吸收合并方式取得的无形资产按公允价值确定其入
账价值。
内部自行开发的无形资产，其成本包括：开发该无形资产时耗用的材料、劳务成本、
注册费、在开发过程中使用的其他专利权和特许权的摊销以及满足资本化条件的利
息费用，以及为使该无形资产达到预定用途前所发生的其他直接费用。
（2）后续计量
在取得无形资产时分析判断其使用寿命。
对于使用寿命有限的无形资产，在为企业带来经济利益的期限内按直线法摊销；无
法预见无形资产为企业带来经济利益期限的，视为使用寿命不确定的无形资产，不
予摊销。
2、 使用寿命有限的无形资产的使用寿命估计情况：
项 目 预计使用寿命
土地使用权 50 年
其 他 10 年
每期末，对使用寿命有限的无形资产的使用寿命及摊销方法进行复核。
经复核，本期末无形资产的使用寿命及摊销方法与以前估计未有不同。
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3、 无形资产减值准备的计提
对于使用寿命确定的无形资产，如有明显减值迹象的，期末进行减值测试。
对于使用寿命不确定的无形资产，每期末进行减值测试。
对无形资产进行减值测试，估计其可收回金额。可收回金额根据无形资产的公允价
值减去处置费用后的净额与无形资产预计未来现金流量的现值两者之间较高者确
定。
当无形资产的可收回金额低于其账面价值的，将无形资产的账面价值减记至可收回
金额，减记的金额确认为无形资产减值损失，计入当期损益，同时计提相应的无形
资产减值准备。
无形资产减值损失确认后，减值无形资产的折耗或者摊销费用在未来期间作相应调
整，以使该无形资产在剩余使用寿命内，系统地分摊调整后的无形资产账面价值（扣
除预计净残值）。
无形资产的减值损失一经确认，在以后会计期间不再转回。
有迹象表明一项无形资产可能发生减值的，公司以单项无形资产为基础估计其可收
回金额。公司难以对单项资产的可收回金额进行估计的，以该无形资产所属的资产
组为基础确定无形资产组的可收回金额。
4、 划分公司内部研究开发项目的研究阶段和开发阶段具体标准
研究阶段：为获取并理解新的科学或技术知识等而进行的独创性的有计划调查、研
究活动的阶段。
开发阶段：在进行商业性生产或使用前，将研究成果或其他知识应用于某项计划或
设计，以生产出新的或具有实质性改进的材料、装置、产品等活动的阶段。
内部研究开发项目研究阶段的支出，在发生时计入当期损益。
5、 开发阶段支出符合资本化的具体标准
内部研究开发项目开发阶段的支出，同时满足下列条件时确认为无形资产：
（1）完成该无形资产以使其能够使用或出售在技术上具有可行性；
（2）具有完成该无形资产并使用或出售的意图；
（3）无形资产产生经济利益的方式，包括能够证明运用该无形资产生产的产品存在
市场或无形资产自身存在市场，无形资产将在内部使用的，能够证明其有用性；
（4）有足够的技术、财务资源和其他资源支持，以完成该无形资产的开发，并有能
力使用或出售该无形资产；
（5）归属于该无形资产开发阶段的支出能够可靠地计量。
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(十八) 职工薪酬
1、 职工薪酬的分类
本公司的应付职工薪酬包括工资、奖金、津贴和补贴；职工福利费；医疗保险费、
养老保险费、失业保险费、工伤保险费和生育保险费等社会保险费；住房公积金；
工会经费和职工教育经费；非货币性福利；因解除与职工劳动关系给予的补偿（辞
退福利）等。
2、 职工薪酬的确认和计量
本公司在职工提供服务的各个会计期间，将职工薪酬确认为负债，除了因解除与职
工劳动关系给予的补偿外，按照职工服务的收益对象，分别下列情况处理：
（1）应由生产产品、提供劳务负担的职工薪酬，计入产品成本或劳务成本；
（2）应由在建工程、无形资产负担的职工薪酬，计入建造固定资产或无形资产成本；
（3）除了上述之外的薪酬，直接计入当期损益。
国家对于部分应付职工薪酬项目规定了计提比例的，本公司按照规定的比例计量；
国家没有规定比例的，本公司管理层根据历史经验和现实情况进行预计，实际发生
额大于或小于预计水平的，需要补提或冲回职工薪酬。
本公司以自产产品发给职工、将自有房屋无偿提供给职工使用、租赁住房等资产给
职工无偿使用的，则分别按照产品的公允价值、房屋的每期折旧以及房屋的每期租
金，根据收益对象计入相应自产成本或当期损益；无法区分收益对象的，直接计入
当期损益。
3、 辞退福利
本公司在职工劳动合同到期前解除劳动关系、或者为鼓励职工自愿解除合同而提出
的补偿，则根据本公司的不能单方撤回的、正式的书面计划或建议（包括职工所在
部门、数量、补偿标准、实施时间等），确认应付职工薪酬，计入当期损益。
对于自愿接受裁减的建议，本公司需要预计能够接受裁减的职工数量，根据数量和
每个职位的补偿标准，按照《企业会计准则 13 号---或有事项》的判断条件，计提
应付职工薪酬。
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(十九) 债务重组
本公司的报告期与债权人实施的债务重组分别下列情况处理：
1、 以现金清偿债务的，本公司将重组债务的账面价值与实际应支付现金之间的差额，
计入当期损益。
2、 以非现金资产清偿债务的，本公司将重组债务的账面价值与转让的非现金资产公允
价值之间的差额，计入当期损益。 转让的非现金资产公允价值与其账面价值之间的
差额，计入当期损益。
3、 将债务转为资本的，本公司将债权人放弃债权而享有股份的面值总额确认为股本（或
者实收资本），股份的公允价值总额与股本（或者实收资本）之间的差额确认为资本
公积。 重组债务的账面价值与股份的公允价值总额之间的差额，计入当期损益。
4、 修改其他债务条件的，本公司将修改其他债务条件后债务的公允价值作为重组后债
务的入账价值。重组债务的账面价值与重组后债务的入账价值之间的差额，计入当
期损益。
5、 修改后的债务条款如涉及或有应付金额，且该或有应付金额符合《企业会计准则第
13 号—或有事项》中有关预计负债确认条件的，本公司将该或有应付金额确认为预
计负债。重组债务的账面价值，与重组后债务的入账价值和预计负债金额之和的差
额，计入当期损益。 或有应付金额，是指需要根据未来某种事项出现而发生的应
付金额，而且该未来事项的出现具有不确定性。
6、 债务重组以现金清偿债务、非现金资产清偿债务、债务转为资本、修改其他债务条
件等方式的组合进行的，本公司依次以支付的现金、转让的非现金资产公允价值、
债权人享有股份的公允价值冲减重组债务的账面价值，再按照上述修改其他债务条
件的方式处理。
(二十) 预计负债
本公司涉及诉讼、债务担保、亏损合同、重组事项时，如该等事项很可能需要未来以交付
资产或提供劳务、其金额能够可靠计量的，确认为预计负债。
1、 预计负债的确认标准
与或有事项相关的义务同时满足下列条件时，本公司确认为预计负债：
该义务是本公司承担的现时义务；
履行该义务很可能导致经济利益流出本公司；
该义务的金额能够可靠地计量。
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2、 预计负债的计量方法
本公司预计负债按履行相关现时义务所需的支出的最佳估计数进行初始计量。
本公司在确定最佳估计数时，综合考虑与或有事项有关的风险、不确定性和货币时
间价值等因素。对于货币时间价值影响重大的，通过对相关未来现金流出进行折现
后确定最佳估计数。
最佳估计数分别以下情况处理：
所需支出存在一个连续范围（或区间），且该范围内各种结果发生的可能性相同的，
则最佳估计数按照该范围的中间值即上下限金额的平均数确定。
所需支出不存在一个连续范围（或区间），或虽然存在一个连续范围但该范围内各种
结果发生的可能性不相同的，如或有事项涉及单个项目的，则最佳估计数按照最可
能发生金额确定；如或有事项涉及多个项目的，则最佳估计数按各种可能结果及相
关概率计算确定。
(二十一) 收入
1、 销售商品收入确认时间的具体判断标准
公司已将商品所有权上的主要风险和报酬转移给购买方；公司既没有保留与所有权
相联系的继续管理权，也没有对已售出的商品实施有效控制；收入的金额能够可靠
地计量；相关的经济利益很可能流入企业；相关的已发生或将发生的成本能够可靠
地计量时，确认商品销售收入实现。
2、 确认让渡资产使用权收入的依据
与交易相关的经济利益很可能流入企业，收入的金额能够可靠地计量时。分别下列
情况确定让渡资产使用权收入金额：
（1）利息收入金额，按照他人使用本企业货币资金的时间和实际利率计算确定。
（2）使用费收入金额，按照有关合同或协议约定的收费时间和方法计算确定。
3、 按完工百分比法确认提供劳务的收入时，确定合同完工进度的依据和方法
在资产负债表日提供劳务交易的结果能够可靠估计的，采用完工百分比法确认提供
劳务收入。提供劳务交易的完工进度，依据已经发生的成本占估计总成本的比例确
定。
按照已收或应收的合同或协议价款确定提供劳务收入总额，但已收或应收的合同或
协议价款不公允的除外。资产负债表日按照提供劳务收入总额乘以完工进度扣除以
前会计期间累计已确认提供劳务收入后的金额，确认当期提供劳务收入；同时，按
照提供劳务估计总成本乘以完工进度扣除以前会计期间累计已确认劳务成本后的金
额，结转当期劳务成本。
在资产负债表日提供劳务交易结果不能够可靠估计的，分别下列情况处理：
财务报表附注 第 18 页
上工申贝（集团）股份有限公司
2011 年半年度
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（1）已经发生的劳务成本预计能够得到补偿的，按照已经发生的劳务成本金额确认
提供劳务收入，并按相同金额结转劳务成本。
（2）已经发生的劳务成本预计不能够得到补偿的，将已经发生的劳务成本计入当期
损益，不确认提供劳务收入。
(二十二) 政府补助
1、 类型
政府补助，是本公司从政府无偿取得的货币性资产与非货币性资产。分为与资产相
关的政府补助和与收益相关的政府补助。
2、 会计处理方法
与购建固定资产、无形资产等长期资产相关的政府补助，确认为递延收益，按照所
建造或购买的资产使用年限分期计入营业外收入；
与收益相关的政府补助，用于补偿企业以后期间的相关费用或损失的，取得时确认
为递延收益，在确认相关费用的期间计入当期营业外收入；用于补偿企业已发生的
相关费用或损失的，取得时直接计入当期营业外收入。
(二十三) 递延所得税资产和递延所得税负债
1、 确认递延所得税资产的依据
公司以很可能取得用来抵扣可抵扣暂时性差异的应纳税所得额为限，确认由可抵扣
暂时性差异产生的递延所得税资产。
2、 确认递延所得税负债的依据
公司将当期与以前期间应交未交的应纳税暂时性差异确认为递延所得税负债。但不
包括商誉、非企业合并形成的交易且该交易发生时既不影响会计利润也不影响应纳
税所得额或可抵扣亏损所形成的暂时性差异。
(二十四) 主要会计政策、会计估计的变更
1、 会计政策变更
本报告期主要会计政策未变更。
2、 会计估计变更
本报告期主要会计估计未变更。
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上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(二十五) 前期会计差错更正
1、 追溯重述法
本报告期未发现采用追溯重述法的前期会计差错。
2、 未来适用法
本报告期未发现采用未来适用法的前期会计差错。
三、 税项
公司主要税种和税率
税 种 计税依据 税 率（%）
增值税 销售额 17
营业税 营业额 5
企业所得税 应纳税所得额 25、24
注：境外子公司按各国税法规定执行法定税率。
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上工申贝（集团）股份有限公司
2011 年半年度
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四、 企业合并及合并财务报表
本节下列表式数据中的金额单位，除非特别注明外均为人民币万元。
(一) 子公司情况
1、 通过设立或投资等方式取得的子公司
从母公司所有者权益冲
实质上构
少数股东权 减子公司少数股东分担
成对子公
期末实际 持股比 表决权 是否合 少数股东 益中用于冲 的本期亏损超过少数股
子公司全称 子公司类型 注册地 业务性质 注册资本 经营范围 司净投资
投资额 例(%) 比例(%) 并报表 权益 减少数股东 东在该子公司期初所有
的其他项
损益的金额 者权益中所享有份额后
目余额
的余额
杜克普爱华贸易(上海）有 缝制设备进出 缝纫机械设备等批发、
控股子公司 上海 USD400 USD160 USD136 40 74 是 651.53 165.23
限公司 口等 佣金代理和进出口
上海双重包缝机有限公司 控股子公司 上海 缝制设备等 1,200 生产开发销售包缝机 840 240 70 90 是 1.21
上海上工蝴蝶缝纫机有限 生产销售缝纫设备及
全资子公司 上海 缝制设备等 7,900 7,900 100 100 是 510.95 44.81
公司 配件
设计制造缝制设备、销
杜克普爱华工业制造（上
控股子公司 上海 缝制设备等 USD1,000 售自产产品、提供技术 USD700 USD300 70 100 是
海）有限公司
服务和咨询
上海索营置业有限公司 控股子公司 上海 房地产开发等 1,300 房地产开发等 897 69 69 是 571.17 0.68
上工(欧洲)控股有限责任
全资子公司 德国 缝制设备等 EUR2,250 缝制设备等 EUR2,250 100 100 是 9,475.68 1,286.07
公司
上海工业缝纫机物产总公 缝制设备及零部件销
全资子公司 上海 缝制设备等 465 465 100 100 否
司 售劳务服务
上海上工申贝资产管理有 资产管理、投资管理、
全资子公司 上海 资产管理等 500 500 100 100 是
限公司 企业管理等
财务报表附注 第 21 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
2、 通过同一控制下企业合并取得的子公司
从母公司所有者权益冲减
实质上构成对 少数股东权
持股 子公司少数股东分担的本
子公司类 期末实际 子公司净投资 表决权比 是否合 少数股 益中用于冲
子公司全称 注册地 业务性质 注册资本 经营范围 比例 期亏损超过少数股东在该
型 投资额 的其他项目余 例(%) 并报表 东权益 减少数股东
(%) 子公司期初所有者权益中
额 损益的金额
所享有份额后的余额
上海申贝外高桥办
全资子公司 上海 物业管理 862 保税区内仓储等 862 100 100 是
公设备有限公司
上海申贝办公机械 办公机械进出口 自营和代理各类商品
控股子公司 上海 500 400 80 100 是 100
进出口有限公司 等 及技术的进出口业务
财务报表附注 第 22 页
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2011 年半年度
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(二) 合并范围发生变更的说明
1、 与上年相比本期新增合并单位 1 家，原因为：公司本期新设上海上工申贝资产管理
有限公司，股权比例 100%。
2、 与上年相比本期减少合并单位 2 家，原因为：公司本期将全资子公司上海申贝长城
号码机械有限公司吸收合并为分公司；上海上工佳源机电有限公司于本期完成税务
注销，目前已进入清算程序。
(三) 本期新纳入合并范围的主体和本期不再纳入合并范围的主体
1、 本期新纳入合并范围的子公司、特殊目的主体、通过受托经营或承租等方式形成控
制权的经营实体
名称 期末净资产 本期净利润
上海上工申贝资产管理有限
398.27 -101.73
公司
2、 本期不再纳入合并范围的子公司、特殊目的主体、通过受托经营或承租等方式形成
控制权的经营实体
名称 处置日净资产
上海申贝长城号码机械有限公司 -3,450.37
上海上工佳源机电有限公司 627.82
(四) 境外经营实体主要报表项目的折算汇率
子公司上工(欧洲)控股有限责任公司以欧元为记账本位币，主要财务报表项目的折算汇率
以及外币报表折算差额的处理方法如下：资产负债表中的资产和负债项目，期末余额折算
汇率 9.3612，年初余额折算汇率 8.8065；利润表中的收入和费用项目，本期金额折算汇率
9.3612，上期金额折算汇率 8.271；所有者权益项目除“未分配利润”项目外，其他项目采
用发生时的即期汇率折算；按照上述折算产生的外币财务报表折算差额，在资产负债表所
有者权益项目下单独列示。
财务报表附注 第 23 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
五、 合并财务报表主要项目注释
（以下金额单位若未特别注明者均为人民币元）
(一) 货币资金
期末余额 年初余额
项目
外币金额 折算率 人民币金额 外币金额 折算率 人民币金额
现金
人民币 613,247.82 634,562.54
港币 3270.14 0.8316 2,719.45 3,731.25 0.8509 3,174.92
欧元 45,318.74 9.3612 424,237.79 50,035.41 8.8065 440,636.84
小计 1,040,205.06 1,078,374.30
银行存款
人民币 201,158,580.81 244,598,785.10
港币 1,762,863.45 0.8316 1,465,997.25 2,375,765.68 0.8509 2,021,539.02
日元
美元 400,200.06 6.4716 2,589,934.71 320,769.65 6.6227 2,124,361.16
欧元 15,688,866.53 9.3612 146,866,617.36 20,309,769.90 8.8065 178,857,988.62
小计 352,081,130.13 427,602,673.90
其他货币资金
人民币 1,997,552.83 2,255,726.13
小计 1,997,552.83 2,255,726.13
合 计 355,118,888.02 430,936,774.33
其中受限制的货币资金明细如下：
项目 期末余额 年初余额 备注
授信额度保证金 3,328,608.69 3,134,453.51 注1
用于担保的定期存单 6,304,880.54 5,928,447.74 注2
用于质押的定期存单 12,865,095.00
合 计 9,633,489.23 21,927,996.25
注 1：上工（欧洲）控股有限责任公司 EUR355,575.00 元授信额度保证金抵押给德国银行，
折合人民币 3,328,608.69 元；
注 2：上工（欧洲）控股有限责任公司 EUR673,512.00 元存单抵押给 FAG 库格福斯有限
公司；折合人民币 6,304,880.54 元。
财务报表附注 第 24 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(二) 交易性金融资产
1、 交易性金融资产
项目 期末公允价值 年初公允价值
交易性债券投资
交易性权益工具投资 895,943.00 439,980.00
指定为以公允价值计量且变动计入当期损益的金融资产
衍生金融资产
套期工具
其他 341,579.51 356,983.54
合计 1,237,522.51 796,963.54
2、 期末变现有限制的交易性金融资产：无。
(三) 应收票据
1、 应收票据的分类
种类 期末余额 年初余额
银行承兑汇票 3,822,916.10 8,079,600.00
商业承兑汇票
合计 3,822,916.10 8,079,600.00
2、 期末已质押的应收票据情况：无。
3、 因出票人无力履约而将票据转为应收账款的票据，以及期末公司已经背书给他方但
尚未到期的票据情况：无。
(四) 应收股利
相关款项是否
项 目 年初余额 本期增加 本期减少 期末余额 未收回原因
发生减值
账龄一年以内的
638,783.61 638,783.61 否
应收股利
其中：上海申丝企
638,783.61 638,783.61
业发展有限公司
合 计 638,783.61 638,783.61
财务报表附注 第 25 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(五) 应收账款
1、 应收账款按种类披露
期末余额 年初余额
种类 账面余额 坏账准备 账面余额 坏账准备
金额 比例（%） 金额 比例（%） 金额 比例（%） 金额 比例（%）
单项金额重大并单项计提
39,054,926.40 10.15 30,966,849.60 79.29 29,131,902.00 8.02 29,131,902.00 100.00
坏账准备的应收账款
按组合计提坏账准备的应
191,885,259.63 49.86 103,686,386.91 54.04 199,757,829.42 55.03 118,017,851.03 59.08
收账款
单项金额虽不重大但单项
153,892,999.84 39.99 20,122,283.79 13.08 134,138,356.54 36.95 22,147,153.08 16.51
计提坏账准备的应收账款
合计 384,833,185.87 100.00 154,775,520.30 363,028,087.96 100.00 169,296,906.11
应收账款种类的说明：
期末单项金额重大并单项计提坏账准备的应收账款
计提比
应收账款内容 账面余额 坏账准备 计提理由
例
第一名客户 30,966,849.60 30,966,849.60 100.00% 超信用期
第三名客户 8,088,076.80 未超信用期
合计 39,054,926.40 30,966,849.60
期末单项金额重大并单项计提坏账准备的应收账款为上工(欧洲)控股有限责任公司应收
账款，按单项金额测试计提减值准备。
组合中，采用账龄分析法计提坏账准备的应收账款：
期末余额 年初余额
账龄 账面余额 账面余额
坏账准备 坏账准备
金额 比例（%） 金额 比例（%）
1 年以内 83,891,084.25 43.72 4,194,554.21 80,045,419.20 40.07 4,002,270.98
1－2 年 9,055,192.71 4.72 1,811,038.54 5,182,286.58 2.60 1,036,457.33
2－3 年 2,516,377.02 1.31 1,258,188.51 3,102,001.89 1.55 1,551,000.97
3 年以上 96,422,605.65 50.25 96,422,605.65 111,428,121.75 55.78 111,428,121.75
合计 191,885,259.63 100.00 103,686,386.91 199,757,829.42 100.00 118,017,851.03
财务报表附注 第 26 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
期末单项金额虽不重大但单项计提坏账准备的应收账款
应收账款内容 账面余额 坏账准备 计提比例 计提理由
其他不重大应收账款 153,892,999.84 20,122,283.79 13.08% 超信用期
合计 153,892,999.84 20,122,283.79
期末单项金额虽不重大但单项计提坏账准备的应收账款主要为上工(欧洲)控股有限责任
公司应收账款，按单项金额测试计提减值准备。
2、 本报告期实际核销的应收账款情况
本报告期实际核销应收账款金额合计 14,950,451.72 元，核销主要原因为应收账款账
龄过长,经催收后仍无法收回或客户已经注销、关闭等原因无法收回，本次核销应
收账款的客户均是非关联第三方。
3、 期末应收账款中无持本公司 5％以上（含 5％）表决权股份的股东单位及其他关联
方欠款。
4、 应收账款中欠款金额前五名
排名 与本公司关系 账面余额 年限 占应收账款总额的比例(%)
第一名客户 第三方 30,966,849.60 二年以上 8.05
第二名客户 第三方 11,530,775.39 三年以上 3.00
第三名客户 第三方 8,088,076.80 一年以内 2.10
第四名客户 第三方 7,480,189.67 三年以上 1.94
第五名客户 第三方 7,234,606.86 三年以上 1.88
(六) 其他应收款
1、 其他应收款按种类披露：
期末余额 年初余额
种类 账面余额 坏账准备 账面余额 坏账准备
金额 比例（%） 金额 比例（%） 金额 比例（%） 金额 比例（%）
单项金额重大并单项计提坏
27,053,561.63 18.06 26,132,065.41 32.55
账准备的其他应收款
按组合计提坏账准备的其他
117,375,408.44 78.35 37,496,718.31 31.95 51,028,292.84 63.55 38,787,298.19 76.01
应收款
单项金额虽不重大但单项计
5,376,107.77 3.59 1,794,725.44 33.38 3,134,930.64 3.90 1,640,141.05 52.32
提坏账准备的其他应收款
合计 149,805,077.84 100.00 39,291,443.75 80,295,288.89 100.00 40,427,439.24
财务报表附注 第 27 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
其他应收款种类的说明：
期末单项金额重大并单项计提坏账准备的其他应收款：
其他应收款内容 账面余额 坏账准备 计提比例 计提理由
出口退税款 20,577,386.02 单独测试未发生减值
应收增值税款 6,476,175.61 单独测试未发生减值
合计 27,053,561.63
期末单项金额重大并单项计提坏账准备的其他应收款主要为子公司出口销售形成的应收
出口退税款以及上工（欧洲）控股有限责任公司应收增值税款，按单项金额测试未发生减
值。
组合中，采用账龄分析法计提坏账准备的其他应收款：
期末余额 年初余额
账龄 账面余额 账面余额
坏账准备 坏账准备
金额 比例（%） 金额 比例（%）
1 年以内 80,120,370.43 68.26 4,006,018.52 7,109,836.01 13.93 355,447.19
1－2 年 345,447.20 0.29 69,089.44 6,274,734.53 12.30 1,254,946.91
2－3 年 6,975,960.92 5.95 3,487,980.46 933,636.43 1.83 466,818.22
3 年以上 29,933,629.89 25.50 29,933,629.89 36,710,085.87 71.94 36,710,085.87
合计 117,375,408.44 100.00 37,496,718.31 51,028,292.84 100.00 38,787,298.19
期末单项金额虽不重大但单项计提坏账准备的其他应收款
其他应收款内容 账面余额 坏账准备 计提比例 计提理由
其他不重大 5,376,107.77 1,794,725.44 33.38% 超过付款期限
合 计 5,376,107.77 1,794,725.44
期末单项金额虽不重大但单项计提坏账准备的其他应收款主要为上工(欧洲)控股有限责
任公司其他应收款，按单项金额测试计提减值准备。
2、 本报告期实际核销的其他应收款情况：无
3、 期末其他应收款中无持本公司 5％以上（含 5％）表决权股份的股东单位及其他关
联方欠款。
财务报表附注 第 28 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
4、 其他应收款金额前五名情况
占其他应收款
排名 与本公司关系 账面余额 年限 性质或内容
总额的比例(%)
第一名 第三方 73,955,903.99 一年以内 49.37 往来款
第二名 第三方 20,577,386.02 一年以内 13.74 出口退税
第三名 第三方 8,419,546.84 三年以上 5.62 往来款
第四名 第三方 6,476,175.61 一年以内 4.32 应收增值税款
第五名 第三方 6,000,000.00 三年以内 4.01 土地出售款
(七) 预付款项
1、 预付款项按账龄列示
期末余额 年初余额
账龄
账面余额 比例(%) 账面余额 比例(%)
1 年以内 34,010,566.66 90.47 41,571,416.25 95.42
1至2年 2,929,116.07 7.79 1,437,400.59 3.30
2至3年 570,027.58 1.52 527,438.82 1.21
3 年以上 82,982.70 0.22 29,423.55 0.07
合计 37,592,693.01 100.00 43,565,679.21 100.00
2、 预付款项金额前五名单位情况
排名 与本公司关系 账面余额 时间 未结算原因
第一名客户 第三方 2,599,307.58 一年以内 预付货款，未到合同交货期
第二名客户 第三方 2,106,689.64 一年以内 预付货款，未到合同交货期
第三名客户 第三方 1,957,745.63 一年以内 预付货款，未到合同交货期
第四名客户 第三方 1,693,430.55 一年以内 预付货款，未到合同交货期
第五名客户 第三方 1,581,160.00 一年以内 预付货款，未到合同交货期
合计 9,938,333.40
3、 期末预付款项中无持本公司 5％以上（含 5％）表决权股份的股东单位及其他关联
方欠款。
财务报表附注 第 29 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(八) 存货
1、 存货分类
期末余额 年初余额
项目
账面余额 跌价准备 账面价值 账面余额 跌价准备 账面价值
原材料 191,918,314.01 53,761,423.86 138,156,890.15 155,058,514.08 52,561,931.67 102,496,582.41
在途物资 16,308,896.03 16,308,896.03 4,094,980.61 4,094,980.61
周转材料 2,358,287.82 2,358,287.82 2,358,287.82 2,358,287.82
委托加工
1,858,602.59 1,858,602.59 1,048,225.95 707,108.26 341,117.69
物资
在产品 127,545,145.23 42,719,075.01 84,826,070.22 109,612,042.40 40,119,489.91 69,492,552.49
库存商品 114,449,609.26 28,059,654.59 86,389,954.67 128,872,744.81 29,908,725.43 98,964,019.38
其他 5,281,697.50 3,281,697.50 2,000,000.00 5,384,677.08 3,449,291.05 1,935,386.03
合计 459,720,552.44 127,821,850.96 331,898,701.48 406,429,472.75 126,746,546.32 279,682,926.43
期末存货不存在用于担保或抵押等情况。
2、 存货跌价准备
本期减少额
存货种类 年初余额 本期计提额 期末余额
转回 转销及其他
原材料 52,561,931.67 4,625,044.27 3,557,382.66 -131,830.58 53,761,423.86
在途物资 -
周转材料 -
委托加工物资 707,108.26 2,439.76 704,668.50 -
在产品 40,119,489.91 8,194,707.14 5,595,122.04 42,719,075.01
库存商品 29,908,725.43 1,724,625.17 3,573,696.01 28,059,654.59
其他 3,449,291.05 167,593.55 3,281,697.50
合 计 126,746,546.32 14,544,376.58 3,559,822.42 9,909,249.52 127,821,850.96
财务报表附注 第 30 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(九) 其他流动资产
项目 期末余额 年初余额
租金、保险费 1,257,997.47 890,117.87
合计 1,257,997.47 890,117.87
(十) 可供出售金融资产
1、 可供出售金融资产情况
项 目 期末公允价值 期初公允价值
（1）可供出售债券
（2）可供出售权益工具 8,332,756.05 8,320,183.62
（3）其 他
合 计 8,332,756.05 8,320,183.62
2、 期末变现有限制的可供出售金融资产：无。
财务报表附注 第 31 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(十一) 对合营企业投资和联营企业投资
（金额单位：万元）
本企业持 本企业在被投资单位 本期营业收入总
被投资单位名称 期末资产总额 期末负债总额 期末净资产总额 本期净利润
股比例(%) 表决权比例(%) 额
联营企业：
杜克普爱华缝制设备(苏州)有限公司 49 49 1,705.26 293.08 1,412.18 -49.91
上海华之杰塑胶有限公司 25.00 25.00 545.72 251.21 294.51
(十二) 长期股权投资
1、 长期股权投资明细情况
在被投资单位持
在被投资单 在被投资
核算方 股比例与表决权 本期计提
被投资单位 投资成本 年初余额 增减变动 期末余额 位持股比例 单位表决 减值准备 本期现金红利
法 比例不一致的说 减值准备
(%) 权比例(%)
明
上海华之杰塑胶有限公司 权益法 1,766,689.38 736,283.66 736,283.66 25 25 736,283.66
杜克普爱华缝制设备(苏州)
权益法 7,168,124.00 6,923,543.37 6,923,543.37 49 49
有限公司
权益法小计 8,934,813.38 736,283.66 6,923,543.37 7,659,827.03 736,283.66
上海新光内衣厂（南非） 成本法 308,033.99 308,033.99 308,033.99 14.3 14.3 308,033.99
上海申丝企业发展有限公司 成本法 10,593,077.64 10,593,077.64 10,593,077.64 10.59 10.59
无锡上工缝纫机有限公司 成本法 153,814.26 153,814.26 153,814.26 80 80 153,814.26
财务报表附注 第 32 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
在被投资单位持
在被投资单 在被投资
核算方 股比例与表决权 本期计提
被投资单位 投资成本 年初余额 增减变动 期末余额 位持股比例 单位表决 减值准备 本期现金红利
法 比例不一致的说 减值准备
(%) 权比例(%)
明
上海华联缝制有限公司 成本法 400,000.00 400,000.00 400,000.00 21.74 注
上海富士施乐有限公司 成本法 29,140,749.49 29,140,749.49 29,140,749.49 15.92 15.92
上海上工佳荣衣车有限公司 成本法 500,000.00 500,000.00 500,000.00 12.5 12.5 500,000.00
上海南蝶缝制设备有限公司 成本法 285,000.00 285,000.00 -285,000.00
上海宝鼎投资股份有限公司 成本法 7,500.00 7,500.00 7,500.00 <5 <5
上海银行股份有限公司 成本法 951,400.00 951,400.00 951,400.00 <5 <5
中国浦发机械股份有限公司 成本法 90,000.00 90,000.00 90,000.00 <5 <5
申银万国证券股份有限公司 成本法 200,000.00 200,000.00 200,000.00 <5 <5
上海广濑精密工业有限公司 成本法 2,840,376.00 30 注 750,000.00
上工佳源机电科技有限公司 成本法 2,320,728.50 2,320,728.50 2,320,728.50 72 72
上海工业缝纫机物产总公司 成本法 4,600,000.00 4,600,000.00 4,600,000.00 100 100 992,799.36
成本法小计 52,390,679.88 47,229,575.38 2,035,728.50 49,265,303.88 1,954,647.61 750,000.00
合计 61,325,493.26 47,965,859.04 8,959,271.87 56,925,130.91 2,690,931.27 750,000.00
注：公司不参与上海华联缝制有限公司、上海广濑精密工业有限公司生产经营决策，对被投资单位不构成重大影响，按成本法核算。
2、 向投资企业转移资金的能力受到限制的有关情况：无
财务报表附注 第 33 页
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2011 年半年度
财务报表附注
(十三) 投资性房地产
项 目 年初余额 本期增加 本期减少 期末余额
1．账面原值合计 221,318,241.28 4,831,393.75 226,149,635.03
（1）房屋、建筑物 169,635,479.64 4,831,393.75 174,466,873.39
（2）土地使用权 51,682,761.64 51,682,761.64
2．累计折旧和累计摊销合计 80,239,227.20 5,351,174.44 85,590,401.64
（1）房屋、建筑物 72,379,377.93 4,715,685.76 77,095,063.69
（2）土地使用权 7,859,849.27 635,488.68 8,495,337.95
3．投资性房地产净值合计 141,079,014.08 -519,780.69 140,559,233.39
（1）房屋、建筑物 97,256,101.71 115,707.99 97,371,809.70
（2）土地使用权 43,822,912.37 -635,488.68 43,187,423.69
4．投资性房地产减值准备累计金额合计 8,727,223.71 -549,706.58 9,276,930.29
（1）房屋、建筑物 8,727,223.71 -549,706.58 9,276,930.29
（2）土地使用权
5．投资性房地产账面价值合计 132,351,790.37 -519,780.69 549,706.58 131,282,303.10
（1）房屋、建筑物 88,528,878.00 115,707.99 549,706.58 88,094,879.41
（2）土地使用权 43,822,912.37 -635,488.68 43,187,423.69
本期折旧和摊销额 3,090,744.37 元。投资性房地产本期减值准备计提额 0.00 元。
上述投资性房地产期末余额中，部分房屋建筑物、土地使用权等作为抵押物向银行取得借
款，详见本附注八（一）重大承诺事项披露的抵押资产情况。
(十四) 固定资产
1、 固定资产情况
项目 年初余额 本期增加 本期减少 期末余额
一、账面原值合计： 1,204,416,156.97 75,242,308.55 184,722,179.74 1,094,936,285.78
其中：房屋及建筑物 430,351,527.05 24,303,157.52 3,707,035.20 450,947,649.37
机器设备 507,301,936.01 28,416,265.08 175,463,913.83 360,254,287.26
运输工具 14,243,301.21 1,090,095.19 1,132,020.13 14,201,376.27
电子设备 3,346,761.01 41,171.79 206,070.07 3,181,862.73
固定资产装修 859,956.40 4,632.00 855,324.40
其他设备 248,312,675.29 21,391,618.97 4,208,508.51 265,495,785.75
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项目 年初余额 本期增加 本期减少 期末余额
本期新增 本期计提
二、累计折旧合计： 828,049,625.72 50,459,738.40 14,823,048.04 116,382,099.34 776,950,312.82
其中：房屋及建筑物 211,163,082.65 12,453,348.24 4,151,509.91 3,714,099.18 224,053,841.62
机器设备 375,379,140.30 21,581,713.28 5,671,618.83 107,442,241.60 295,190,230.81
运输工具 7,972,876.74 31,931.76 642,902.62 997,608.76 7,650,102.36
电子设备 2,453,871.10 16,506.24 155,337.22 168,053.37 2,457,661.19
固定资产装修 712,874.93 4,632.00 708,242.93
其他设备 230,367,780.00 16,376,238.88 4,201,679.46 4,055,464.43 246,890,233.91
三、固定资产账面净值合计 376,366,531.25 317,985,972.96
其中：房屋及建筑物 219,188,444.40 226,893,807.75
机器设备 131,922,795.71 65,064,056.45
运输工具 6,270,424.47 6,551,273.91
电子设备 892,889.91 724,201.54
固定资产装修 147,081.47 147,081.47
其他设备 17,944,895.29 18,605,551.84
四、减值准备合计 76,178,412.15 8,482,941.34
其中：房屋及建筑物 6,118,541.16 6,118,541.16
机器设备 69,935,333.68 2,239,862.87
运输工具 48,170.70 48,170.70
电子设备 37,818.61 37,818.61
固定资产装修
其他设备 38,548.00 38,548.00
五、固定资产账面价值合计 300,188,119.10 309,503,031.62
其中：房屋及建筑物 213,069,903.24 220,775,266.59
机器设备 61,987,462.03 62,824,193.58
运输工具 6,222,253.77 6,503,103.21
电子设备 855,071.30 686,382.93
固定资产装修 147,081.47 147,081.47
其他设备 17,906,347.29 18,567,003.84
本期折旧额 14,823,048.04 元。
本期由在建工程转入固定资产原价为 290,197.20 元。
上述固定资产期末余额中，部分房屋建筑物、土地使用权等作为抵押物向银行取得借款，
财务报表附注 第 35 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
详见本附注八（一）重大承诺事项披露的抵押资产情况。
2、 期末暂时闲置的固定资产
项 目 账面原值 累计折旧 减值准备 账面价值 备注
机器设备 12,588,346.13 2,373,867.31 10,214,478.82
运输设备 415,580.00 185,508.60 230,071.40
电子设备 16,000.00 6,720.00 9,280.00
合 计 13,019,926.13 2,566,095.91 10,453,830.22
3、 期末持有待售的固定资产情况
项 目 账面价值 公允价值 预计处置费用 预计处置时间
合计 10,453,830.22 12,000,000.00
4、 期末未办妥产权证书的固定资产
项 目 账面价值 未办妥产权证书的原因 预计办结产权证书时间
房屋及建筑物 417,354.46 自建房屋，正在办理
合 计 417,354.46
(十五) 在建工程
1、 在建工程情况
期末余额 年初余额
项 目 减值
账面余额 账面价值 账面余额 减值准备 账面价值
准备
缝制设备工程 3,466,721.96 3,466,721.96 2,093,672.46 2,093,672.46
ERP 项目 839,284.50 839,284.50 839,284.50 839,284.50
厂房改造工程 11,500.00 11,500.00
电子设备 8,511.97 8,511.97
机器设备 33,670.00 33,670.00
合 计 4,359,688.43 4,359,688.43 2,932,956.96 2,932,956.96
财务报表附注 第 36 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
2、 重大在建工程项目变动情况
工程投入占 工程 利息资本化累 其中：本期利 本期利息资
工程项目名称 预算数 年初余额 本期增加 转入固定资产 其他减少 资金来源 期末余额
预算比例(%) 进度 计金额 息资本化金额 本化率(%)
缝制设备工程 2,093,672.46 1,663,246.70 290,197.20 在建 自筹
3,466,721.96
ERP 项目 839,284.50 在建 自筹
839,284.50
厂房改造工程 11,500.00 在建 自筹
11,500.00
电子设备 8,511.97 在建 自筹
8,511.97
机器设备 33,670.00 在建 自筹
33,670.00
合 计 2,932,956.96 1,716,928.67 290,197.20 在建 自筹 4,359,688.43
财务报表附注 第 37 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(十六) 无形资产
1、 无形资产情况
项 目 年初余额 本期增加 本期减少 期末余额
65,956,734.40 1,879,354.50 64,077,379.90
1、账面原值合计
35,877,662.90 35,877,662.90
（1）土地使用权
20,161,268.51 20,161,268.51
（2）商标使用权
76,000.00 76,000.00
（3）电脑软件
9,695,956.50 1,879,354.50 7,816,602.00
（4）专利及非专利技术
145,846.49 145,846.49
（5）其 他
34,280,933.78 1,890,496.86 2,009,105.65 34,162,324.99
2、累计摊销合计
6,052,610.58 543,698.39 6,596,308.97
（1）土地使用权
19,153,204.30 1,008,064.21 20,161,268.51
（2）商标使用权
6,333.33 3,799.98 10,133.31
（3）电脑软件
9,016,797.28 327,642.00 2,009,105.65 7,335,333.63
（4）专利及非专利技术
51,988.29 7,292.28 59,280.57
（5）其 他
31,675,800.62 -1,890,496.86 -129,751.15 29,915,054.91
3、无形资产账面净值合计
29,825,052.32 -543,698.39 29,281,353.93
（1）土地使用权
1,008,064.21 -1,008,064.21
（2）商标使用权
69,666.67 -3,799.98 65,866.69
（3）电脑软件
679,159.22 -327,642.00 -129,751.15 481,268.37
（4）专利及非专利技术
93,858.20 -7,292.28 86,565.92
（5）其 他
4、减值准备合计
（1）土地使用权
（2）商标使用权
（3）电脑软件
（4）专利及非专利技术
（5）其 他
31,675,800.62 -1,890,496.86 -129,751.15 29,915,054.91
5、无形资产账面价值合计
29,825,052.32 -543,698.39 29,281,353.93
（1）土地使用权
1,008,064.21 -1,008,064.21 0.00
（2）商标使用权
69,666.67 -3,799.98 65,866.69
（3）电脑软件
679,159.22 -327,642.00 -129,751.15 481,268.37
（4）专利及非专利技术
93,858.20 -7,292.28 86,565.92
（5）其 他
本期摊销额 1,890,496.86 元。
财务报表附注 第 38 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
上述无形资产期末余额中，部分土地使用权作为抵押物向银行取得借款，详见本附注八
（一）重大承诺事项披露的抵押资产情况。
2、 公司开发项目支出
本期转出数
项 目 年初余额 本期增加 期末余额
计入当期损益 确认为无形资产
开发支出 47,317,449.99 8,191,050.00 10,050,367.04 45,458,132.95
合 计 47,317,449.99 8,191,050.00 10,050,367.04 45,458,132.95
年初及期末余额均为子公司上工(欧洲)控股有限责任公司研究开发形成的开发支出。
(十七) 商誉
被投资单位名称 年初余额 本期增加 本期减少 期末余额 期末减值准备
Beisler GmbH 25,658,618.40 1,616,173.92 27,274,792.32
合 计 25,658,618.40 1,616,173.92 27,274,792.32
商誉本期增加为子公司上工(欧洲)控股有限责任公司年初与期末外币报表折算汇率差形
成。
(十八) 递延所得税资产和递延所得税负债
递延所得税资产和递延所得税负债不以抵销后的净额列示
已确认的递延所得税资产和递延所得税负债
项 目 期末余额 年初余额
递延所得税资产：
资产减值准备 16,432,304.56 14,459,394.50
可抵扣经营亏损 18,219,514.11 24,539,252.76
小 计 34,651,818.67 38,998,647.26
递延所得税负债：
资产评估增值 22,182,696.65 24,140,994.91
其他
小计 22,182,696.65 24,140,994.91
财务报表附注 第 39 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(十九) 资产减值准备
本期减少
项 目 年初余额 本期增加 期末余额
转 回 转销及其他
坏账准备 209,724,345.35 5,927,093.81 4,180,642.44 17,403,832.67 194,066,964.05
存货跌价准备 126,746,546.32 14,544,376.58 3,559,822.42 9,909,249.52 127,821,850.96
长期股权投资减值准备 2,975,931.27 285,000.00 2,690,931.27
投资性房地产减值准备 8,727,223.71 -549,706.58 9,276,930.29
固定资产减值准备 76,178,412.15 67,695,470.81 8,482,941.34
合计 424,352,458.80 20,471,470.39 8,025,464.86 94,458,846.42 342,339,617.91
(二十) 短期借款
1、 短期借款分类
项目 期末余额 年初余额
抵押借款 93,427,535.82 126,200,826.08
保证借款 115,600,000.00 95,600,000.00
信用借款 348,148.62 348,148.62
合计 209,375,684.44 222,148,974.70
2、 公司以部分资产作为抵押物向银行取得借款 93,427,535.82 元，详见本附注八（一）
重大承诺事项披露的抵押资产情况。
3、 公司保证借款 115,600,000.00 元由上海浦东发展（集团）有限公司担保取得, 详
见本附注八（一）重大承诺事项披露的其他重大财务承诺事项。
(二十一) 应付票据
种 类 期末余额 年初余额
银行承兑汇票 1,585,143.00 3,017,862.00
商业承兑汇票
合计 1,585,143.00 3,017,862.00
下一会计期间将到期的金额 1,585,143.00 元。
(二十二) 应付账款
1、
项 目 期末余额 年初余额
应付供应商货款 106,514,412.71 102,234,488.77
合 计 106,514,412.71 102,234,488.77
财务报表附注 第 40 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
2、 期末数中无欠持本公司 5％以上（含 5％）表决权股份的股东单位款项。
3、 期末数中无欠关联方款项。
4、 期末数中无账龄超过一年的大额应付账款。
(二十三) 预收账款
1、
项目 期末余额 年初余额
预收货款 51,642,586.10 52,121,914.75
合 计 51,642,586.10 52,121,914.75
2、 期末数中无预收持本公司 5％以上（含 5％）表决权股份的股东单位款项。
3、 期末数中无预收关联方款项。
4、 期末数中无账龄超过一年的大额预收款项。
(二十四) 应付职工薪酬
项目 年初余额 本期增加 本期减少 期末余额
（1）工资、奖金、津贴和补贴 22,424,979.05 184,058,988.63 182,458,552.50 24,025,415.18
（2）职工福利费 152,107.79 2,360,464.05 2,360,464.05 152,107.79
（3）社会保险费 100,770.20 6,960,415.94 6,950,851.34 110,334.80
（4）住房公积金 1,624,412.00 1,624,412.00
（5）工会经费和职工教育经费 385,383.62 377,081.26 8,302.36
（6）辞退福利 11,888,775.00 25,755,312.33 26,223,423.33 11,420,664.00
（7）其 他
合计 34,566,632.04 221,144,976.57 219,994,784.48 35,716,824.13
期末余额中主要为上工欧洲（控股）有限责任公司根据企业所在国的法律规定计算提取的
退休人员工资、其他员工奖金、辞退福利等。
应付职工薪酬中无属于拖欠性质的金额。
财务报表附注 第 41 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(二十五) 应交税费
税费项目 期末余额 年初余额
增值税 -559,582.20 217,109.44
营业税 136,834.07 136,898.86
企业所得税 4,045,097.83 957,818.41
个人所得税 4,599,374.36 3,740,351.34
城市维护建设税 119,693.26 94,850.65
房产税 4,056.00 122,706.56
教育费附加 30,966.82 9,368.57
印花税 19,283.00
堤防费 5,951.14 5,951.14
河道管理费 3,989.87 1,177.35
其 他 14,005.91 859.20
合计 8,400,387.06 5,306,374.52
境外子公司按各国税法规定执行法定税率。
(二十六) 应付股利
单位名称 期末余额 年初余额 超过一年未支付原因
轻工控股集团公司 959,269.79 959,269.79
社会法人股 73,549.07 73,549.07
子公司应付少数股东股利 703,090.86
合计 1,032,818.86 1,735,909.72
(二十七) 其他应付款
1、
期末余额 年初余额
187,088,897.04 123,338,243.20
2、 期末数中无欠持本公司 5％以上（含 5％）表决权股份的股东单位款项。
3、 期末数中无欠关联方款项。
财务报表附注 第 42 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(二十八) 预计负债
项目 年初余额 本期增加 本期减少 期末余额
对外提供担保 44,296,878.01 44,296,878.01
养老金 307,232,365.50 11,728,140.47 318,960,505.97
其他 8,190,468.15 242,402.42 7,948,065.73
合计 359,719,711.66 11,728,140.47 44,539,280.43 326,908,571.70
养老金系德国 DA 公司根据德国的法律计算提取的职工养老金等款项。
对外提供担保是指公司为上海华源企业发展股份有限公司借款提供担保形成的或有负债，
公司本期已代上海华源企业发展股份有限公司归还银行借款本金，详见本附注九（一）。
(二十九) 一年内到期的非流动负债
项 目 期末余额 年初余额
一年内到期的长期借款 520,000.00 520,000.00
一年内到期的应付债券
一年内到期的长期应付款
合 计 520,000.00 520,000.00
(三十) 其他流动负债
项目 期末余额 年初余额
利息和租金 668,485.07 1,341,871.33
合计 668,485.07 1,341,871.33
年初及期末余额均系公司的子公司上工（欧洲）控股有限责任公司提前收到的归属于以后
期间的利息和租金。
(三十一) 长期借款
长期借款分类
借款类别 期末余额 年初余额
信用借款 1,489,984.87 1,489,984.87
合计 1,489,984.87 1,489,984.87
(三十二) 长期应付款
项目 期限 期末余额 年初余额
其他 1,791,042.77 1,795,199.33
合计 1,791,042.77 1,795,199.33
财务报表附注 第 43 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(三十三) 股本
本期变动增（+）减（－）
项目 年初余额 期末余额
发行新股 送股 公积金转股 其他 小计
1．有限售条件股份
(1). 国家持股
(2). 国有法人持股
(3). 其他内资持股
其中：境内法人持股
境内自然人持股
(4). 外资持股
其中：境外法人持股
境外自然人持股
有限售条件股份合计
2．无限售条件流通股份
(1). 人民币普通股 204,943,027.00 204,943,027.00
(2). 境内上市的外资股 243,943,750.00 243,943,750.00
(3). 境外上市的外资股
(4). 其他
无限售条件流通股份合计 448,886,777.00 448,886,777.00
合计 448,886,777.00 448,886,777.00
财务报表附注 第 44 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(三十四) 资本公积
项目 年初余额 本期增加 本期减少 期末余额
1.资本溢价（股本溢价） 313,159,549.73 313,159,549.73
2.公允价值计量变动 6,472,783.62 12,572.43 6,485,356.05
其中：可供出售金融资产公允价值
变动产生的利得或损失
3.其他资本公积 98,724,175.57 4,205,100.45 102,929,276.02
合计 418,356,508.92 4,217,672.88 422,574,181.80
资本公积本期增减为本期可供出售金融资产公允价值变动损益及权益法下子公司资本公
积变化形成。
(三十五) 盈余公积
项目 年初余额 本期增加 本期减少 期末余额
法定盈余公积 2,273,121.26 2,273,121.26
任意盈余公积 2,273,121.26 2,273,121.26
合 计 4,546,242.52 4,546,242.52
(三十六) 未分配利润
项 目 金 额 提取或分配比例
调整前 上年末未分配利润 -236,899,958.76
调整 年初未分配利润合计数（调增+，调减-）
调整后 年初未分配利润 -236,899,958.76
加： 本期归属于母公司所有者的净利润 24,625,199.36
减：提取法定盈余公积
提取任意盈余公积
应付普通股股利
期末未分配利润 -212,274,759.40
(三十七) 营业收入和营业成本
1、 营业收入、营业成本
项 目 本期金额 上期金额
主营业务收入 848,110,432.21 835,709,947.05
其他业务收入 19,024,221.34 19,291,920.79
营业成本 635,358,917.85 685,456,147.32
财务报表附注 第 45 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
2、 主营业务（分行业）
本期金额 上期金额
行业名称
营业收入 营业成本 营业收入 营业成本
（1）工 业 629,203,532.89 411,526,423.80 613,988,623.10 519,927,235.53
（2）商 业 218,423,742.02 214,385,591.61 219,094,257.27 156,167,374.93
（3）其他 483,157.30 287,517.69 2,627,066.68 1,135,217.07
合 计 848,110,432.21 626,199,533.10 835,709,947.05 677,229,827.53
3、 主营业务（分产品）
本期金额 上期金额
产品名称
营业收入 营业成本 营业收入 营业成本
缝制设备类 562,723,443.10 351,134,519.63 539,408,617.89 392,877,621.33
出口代理 218,423,742.02 214,385,591.61 222,327,732.64 219,267,388.40
办公与影像产品 66,480,089.79 60,391,904.17 71,346,529.84 63,949,600.73
其 他 483,157.30 287,517.69 2,627,066.68 1,135,217.07
合 计 848,110,432.21 626,199,533.10 835,709,947.05 677,229,827.53
4、 主营业务（分地区）
本期金额 上期金额
地区名称
营业收入 营业成本 营业收入 营业成本
境内 475,662,888.96 438,822,544.65 472,519,665.09 437,279,912.31
境外 446,136,455.94 261,065,901.14 410,307,907.28 287,067,540.54
减：公司内部销售相
73,688,912.69 73,688,912.69 47,117,625.32 47,117,625.32
互抵销
合 计 848,110,432.21 626,199,533.10 835,709,947.05 677,229,827.53
注：境内、境外系公司各销售主体注册所在地。
5、 公司前五名客户的营业收入情况
排名 营业收入总额 占公司全部营业收入的比例(%)
第一名客户 83,567,256.78 9.64
第二名客户 32,928,096.17 3.80
第三名客户 19,904,371.21 2.30
第四名客户 18,984,513.60 2.19
第五名客户 15,764,260.80 1.82
财务报表附注 第 46 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(三十八) 营业税金及附加
项目 本期金额 上期金额 计缴标准
营业税 708,073.30 758,493.30 5%
城市维护建设税 233,719.65 100,888.76 7%
教育费附加 109,617.68 59,508.18 5%
其他 1,079,714.58 811,202.85
合计 2,131,125.21 1,730,093.09
(三十九) 营业费用
项目 本期金额 上期金额
工资 26,700,114.95 32,536,519.98
福利费 9,216,841.40 8,989,393.42
修理费 437,295.04 467,506.05
办公费 327,505.36 371,602.91
差旅费 5,121,609.34 4,176,813.03
运输费 6,966,313.42 5,731,528.76
广告费 910,085.98 570,688.81
销售奖励费 8,383,610.82 6,194,760.92
佣金 8,077,477.88 6,563,776.32
劳动保护费 7,600.00 4,552.50
租赁费 2,366,230.63 3,244,211.66
保险费 637,786.69 574,515.46
包装费 7,174.43 2,829.40
会务费 24,116.00 57,505.62
折旧费 468,898.46 578,678.92
展览、展销费 592,298.10 1,356,742.64
水电费 15,568.16 31,356.83
装卸费 5,500.00 252,338.77
低值易耗品摊销 1,063.22 10,134.68
样本印刷品费 10,538.46 36,949.54
样品及产品损耗 4,344,458.87 2,663,836.28
其他 10,480,926.96 11,635,711.57
合计 85,103,014.17 86,051,954.07
财务报表附注 第 47 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(四十) 管理费用
项目 本期金额 上期金额
工资 26,931,646.06 27,010,638.54
职工福利费 7,047,653.31 5,565,484.80
社会保险费 6,974,936.38 8,609,868.82
工会经费 359,352.02 357,022.55
职工教育费 113,439.75 118,407.86
人员分流费用 42,000.00 600,442.63
办公费 1,819,068.40 1,928,918.72
水电费 112,128.13 750,780.03
交际应酬费 875,614.23 1,281,572.85
财产保险费 1,047,368.84 1,174,811.44
会务费 642,672.40 486,414.50
差旅费 1,715,884.06 1,598,557.51
折旧费 4,768,441.51 6,256,756.73
修理费 329,091.75 755,078.32
运输费 661,963.86 1,048,625.45
租赁费 2,361,492.39 1,974,834.21
低值易耗品摊销 51,333.90 218,789.67
董事会、监事会费 43,083.34 39,980.75
审计费 169,852.70 245,616.55
咨询费 1,421,030.34 707,449.63
诉讼费 106,928.00 132,910.10
新产品研制费 28,298,539.30 21,814,825.60
劳动保护费 84,794.80 238,866.44
税金 379,977.26 1,009,204.50
递延、无形资产摊销 2,035,889.19 2,615,180.71
流动资产盘盈、盘亏 -461.26 -61,865.83
其它 2,994,811.72 5,385,149.79
合计 91,388,532.38 91,864,322.87
(四十一) 财务费用
项目 本期金额 上期金额
利息支出 15,500,316.07 16,258,362.57
减：利息收入 1,920,657.64 1,360,815.46
汇兑损益 2,810,606.33 -143,224.07
其他 679,607.03 981,900.29
合计 17,069,871.79 15,736,223.33
财务报表附注 第 48 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(四十二) 公允价值变动收益
产生公允价值变动收益的来源 本期金额 上期金额
交易性金融资产 -477,030.63 -82,143.59
其中：衍生金融工具产生的公允价值变动收益
交易性金融负债
按公允价值计量的投资性房地产
其他
合计 -477,030.63 -82,143.59
(四十三) 投资收益
1、 投资收益明细情况
项目 本期金额 上期金额
成本法核算的长期股权投资收益 1,312,956.63 7,488,534.65
权益法核算的长期股权投资收益 -244,580.63
处置长期股权投资产生的投资收益 -284,990.00 -130,311.56
持有交易性金融资产期间取得的投资收益
持有至到期投资取得的投资收益期间取得的投资收益
持有可供出售金融资产等期间取得的投资收益
处置交易性金融资产取得的投资收益 479,043.18 90,714.22
持有至到期投资取得的投资收益
可供出售金融资产等取得的投资收益 360,483.16
其他
合 计 1,262,429.18 7,809,420.47
2、 按成本法核算的主要长期股权投资收益
本期比上期增减变动
被投资单位 本期金额 上期金额
的原因
上海富士施乐有限公司 6,465,162.65 本期未分配
上海蝴蝶进出口有限公司 562,956.63 超额分配
上海广濑精密工业有限公司 750,000.00 750,000.00
财务报表附注 第 49 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
3、 按权益法核算的长期股权投资收益：
本期比上期增减变动的
被投资单位 本期金额 上期金额
原因
杜克普爱华缝制设备(苏州)有限公司 -244,580.63 新设投资，本期亏损
合 计 -244,580.63
4、 本公司投资收益汇回无重大限制。
(四十四) 资产减值损失
项目 本期金额 上期金额
坏账损失 1,746,451.37 -4,502,525.99
存货跌价损失 10,984,554.16 -7,644,375.06
长期股权投资减值损失 -285,000.00
合计 12,446,005.53 -12,146,901.05
(四十五) 营业外收入
1、
计入当期非经常
项目 本期金额 上期金额
性损益的金额
非流动资产处置利得合计 21,864,940.29 10,448,334.70 21,864,940.29
其中：处置固定资产利得 21,864,940.29 10,448,334.70 21,864,940.29
处置无形资产利得
非货币性资产交换利得
债务重组利得
接受捐赠
政府补助 1,274,088.00 967,681.00 1,274,088.00
违约金、罚款收入
其 他 597,052.41 5,505,138.43 597,052.41
合计 23,736,080.70 16,921,154.13 23,736,080.70
非流动资产处置利得主要为公司本期处置部分工业缝制设备净收益。
财务报表附注 第 50 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
2、 政府补助明细
项目 本期金额 上期金额 说明
对外经济技术合作专项资金 924,181.00
国际纺织服装机械展览会中
38,500.00
小企业资金拨款
以旧换新购车补助 5,000.00
企业财政扶持补贴 1,274,088.00
合计 1,274,088.00 967,681.00
(四十六) 营业外支出
计入当期非经常
项目 本期金额 上期金额
性损益的金额
非流动资产处置损失合计 221,076.63 2,424,333.92 221,076.63
其中：固定资产处置损失 221,076.63 2,424,333.92 221,076.63
无形资产处置损失
债务重组损失
非货币性资产交换损失
对外捐赠
其中：公益性捐赠支出
罚款滞纳金支出 3,728.25
赔偿支出
其 他 1,212,649.56 122,660.27 1,212,649.56
合计 1,433,726.19 2,550,722.44 1,433,726.19
(四十七) 所得税费用
项目 本期金额 上期金额
按税法及相关规定计算的当期所得税 4,380,348.98 1,810,786.65
递延所得税调整 2,751,602.48 726,542.84
合计 7,131,951.46 2,537,329.49
财务报表附注 第 51 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(四十八) 基本每股收益和稀释每股收益的计算过程
项 目 本期发生额 上期发生额
基本每股收益（元） 0.0549 0.0082
稀释每股收益（元） 0.0549 0.0082
基本每股收益
基本每股收益=P0÷S
S= S0＋S1＋Si×Mi÷M0– Sj×Mj÷M0-Sk
其中：P0 为归属于公司普通股股东的净利润或扣除非经常性损益后归属于普通股股东的
净利润；S 为发行在外的普通股加权平均数；S0 为期初股份总数；S1 为报告期因公积金
转增股本或股票股利分配等增加股份数；Si 为报告期因发行新股或债转股等增加股份数；
Sj 为报告期因回购等减少股份数；Sk 为报告期缩股数；M0 报告期月份数；Mi 为增加股
份次月起至报告期期末的累计月数；Mj 为减少股份次月起至报告期期末的累计月数。
稀释每股收益
稀释每股收益=P1/(S0＋S1＋Si×Mi÷M0–Sj×Mj÷M0–Sk+认股权证、股份期权、可转
换债券等增加的普通股加权平均数)
其中，P1 为归属于公司普通股股东的净利润或扣除非经常性损益后归属于公司普通股股
东的净利润，并考虑稀释性潜在普通股对其影响，按《企业会计准则》及有关规定进行调
整。公司在计算稀释每股收益时，应考虑所有稀释性潜在普通股对归属于公司普通股股东
的净利润或扣除非经常性损益后归属于公司普通股股东的净利润和加权平均股数的影响，
按照其稀释程度从大到小的顺序计入稀释每股收益，直至稀释每股收益达到最小值。
(四十九) 其他综合收益
项目 本期金额 上期金额
1.可供出售金融资产产生的利得（损失）金额 12,572.43 -654,297.72
减：可供出售金融资产产生的所得税影响
前期计入其他综合收益当期转入损益的净额
小计 12,572.43 -654,297.72
2.按照权益法核算的在被投资单位其他综合收益中所享有
6,114,266.36 -7,203,568.65
的份额
减：按照权益法核算的在被投资单位其他综合收益中所
享有的份额产生的所得税影响
财务报表附注 第 52 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
前期计入其他综合收益当期转入损益的净额
小计 6,114,266.36 -7,203,568.65
3.现金流量套期工具产生的利得（或损失）金额
减：现金流量套期工具产生的所得税影响
前期计入其他综合收益当期转入损益的净额
转为被套期项目初始确认金额的调整
小计
4.外币财务报表折算差额 19,368,009.35 -31,858,148.38
减：处置境外经营当期转入损益的净额
小计 19,368,009.35 -31,858,148.38
5.其他
减：由其他计入其他综合收益产生的所得税影响
前期其他计入其他综合收益当期转入损益的净额
小计
合计 25,494,848.14 -39,716,014.75
财务报表附注 第 53 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(五十) 现金流量表附注
1、 收到的其他与经营活动有关的现金
项 目 本期金额
收回往来款、代垫款 2,884,443.11
专项补贴、补助款 1,274,088.00
利息收入 1,920,657.64
营业外收入 453,556.45
合 计 6,532,745.20
2、 支付的其他与经营活动有关的现金
项 目 本期金额
支付的往来款及佣金 14,640,365.74
销售费用支出 25,178,247.63
管理费用支出 17,575,184.50
营业外支出 1,212,649.56
银行手续费 679,607.03
合 计 59,286,054.46
3、 支付的其他与投资活动有关的现金
项 目 本期金额
合并范围变化 464,945.23
合 计 464,945.23
4、 收到的其他与筹资活动有关的现金
项 目 本期金额
银行存单、保证金等解除质押、抵押 12,865,357.11
合 计 12,865,357.11
5、 支付的其他与筹资活动有关的现金
项 目 本期金额
履行担保责任归还银行借款 118,252,782.00
合 计 118,252,782.00
财务报表附注 第 54 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(五十一) 现金流量表补充资料
1、 现金流量表补充资料
项 目 本期金额 上期金额
1、将净利润调节为经营活动现金流量
净利润 39,592,988.22 5,870,407.29
加：资产减值准备 12,446,005.53 -12,146,901.05
固定资产折旧、油气资产折耗、生产性生物资产
折旧 17,278,303.73 22,969,949.66
无形资产摊销 2,525,985.54 11,118,154.40
长期待摊费用摊销
处置固定资产、无形资产和其他长期资产的损失
（收益以“－”号填列） -21,643,863.66 -8,024,000.78
固定资产报废损失（收益以“－”号填列）
公允价值变动损失（收益以“－”号填列） 477,030.63 82,143.59
财务费用（收益以“－”号填列） 18,310,922.40 16,115,138.50
投资损失（收益以“－”号填列） -1,262,429.18 -7,809,420.47
递延所得税资产减少（增加以“－”号填列） 4,346,828.59 3,922,000.95
递延所得税负债增加（减少以“－”号填列） -1,958,298.26 -3,093,134.43
存货的减少（增加以“－”号填列） -53,291,079.69 49,247,309.26
经营性应收项目的减少（增加以“－”号填列） -96,186,620.74 -17,070,653.17
经营性应付项目的增加（减少以“－”号填列） 68,986,257.64 -141,139,281.03
其 他
经营活动产生的现金流量净额 -10,377,969.25 -79,958,287.28
2、不涉及现金收支的重大投资和筹资活动
债务转为资本
一年内到期的可转换公司债券
融资租入固定资产
3、现金及现金等价物净变动情况
现金的期末余额 345,485,398.79 262,645,796.47
减：现金的期初余额 409,008,778.08 467,658,653.68
加：现金等价物的期末余额
减：现金等价物的期初余额
现金及现金等价物净增加额 -63,523,379.29 -205,012,857.21
财务报表附注 第 55 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
2、 现金和现金等价物的构成：
项 目 期末余额 年初余额
一、现 金 345,485,398.79 409,008,778.08
其中：库存现金 1,040,205.06 1,078,374.30
可随时用于支付的银行存款 342,447,640.90 405,674,677.65
可随时用于支付的其他货币资金 1,997,552.83 2,255,726.13
可用于支付的存放中央银行款项
存放同业款项
拆放同业款项
二、现金等价物
其中：三个月内到期的债券投资
三、期末现金及现金等价物余额 345,485,398.79 409,008,778.08
现金和现金等价物不含母公司或集团内子公司使用受限制期限超过 3 个月的现金和现金
等价物。
财务报表附注 第 56 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
六、 关联方及关联交易
(一) 本企业的母公司情况 （金额单位：万元）
关联关 企业类 注册 母公司对本公司 对本公司的表
母公司名称 法定代表人 业务性质 注册资本 本公司最终控制方 组织机构代码
系 型 地 的持股比例(%) 决权比例(%)
上海市浦东新区国有 控股股 受上海市浦东新区人民政府委 上海市浦东新区国有
上海 陆方舟 23.48 23.48 00245606-0
资产监督管理委员会 东 托，专司浦东新区国有资产管理。 资产监督管理委员会
(二) 本企业的子公司情况 （金额单位：万元）
子公司全称 子公司类型 企业类型 注册地 法定代表人 业务性质 注册资本 持股比例(%) 表决权比例(%) 组织机构代码
杜克普爱华贸易(上海）有限公司 控股子公司 有限责任公司 上海 张敏 缝制设备进出口等 USD400 40 74 78627462-7
上海双重包缝机有限公司 控股子公司 有限责任公司 上海 陈长保 缝制设备等 1,200 70 90 63132496-8
上海上工蝴蝶缝纫机有限公司 全资子公司 一人有限责任公司 上海 李晓峰 缝制设备等 7,900 100 100 74809363-0
杜克普爱华工业制造（上海）有限公司 控股子公司 有限责任公司 上海 张敏 缝制设备等 USD1,000 70 100 79144591-0
上海上工佳源机电有限公司 控股子公司 有限责任公司 上海 王家兴 缝制设备等 300 67 72 13214459-1
上海索营置业有限公司 控股子公司 有限责任公司 上海 马民良 房地产开发等 1,300 69 69 13246335-7
上海工业缝纫机物产总公司 控股子公司 非公司制企业 上海 蒋金荣 缝制设备等 465 100 100 13224151-9
上工(欧洲)控股有限责任公司 控股子公司 有限责任公司 德国 张敏 缝制设备等 EUR2,250 100 100
上海申贝外高桥办公设备有限公司 全资子公司 有限责任公司 上海 杨文倡 保税区仓储等 862 100 100 13221916-x
上海上工资产管理有限公司 全资子公司 有限责任公司 上海 蒋金荣 资产管理等 500 100 100 56803204-8
上海申贝办公机械进出口有限公司 控股子公司 有限责任公司 上海 李嘉明 进出口业务 500 80 100 72951976-3
财务报表附注 第 57 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(三) 本企业的合营和联营企业情况 （金额单位：万元）
本企业持股 本企业在被投资单
被投资单位名称 企业类型 注册地 法人代表 业务性质 注册资本 关联关系 组织机构代码
比例(%) 位表决权比例(%)
联营企业：
杜克普爱华缝制设备(苏州)有限公司 有限责任公司 江苏省 卜伟平 缝制设备等 USD750 49 49 联营企业 57141865-4
上海华之杰塑胶有限公司 有限责任公司 上海 戴四维 化工产品生产 USD764 25 25 联营企业 60734921-7
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2011 年半年度
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(四) 本企业的其他关联方情况
其他关联方名称 其他关联方与本公司的关系 组织机构代码
上海广濑精密工业有限公司 本公司参股公司 60742796-7
(五) 关联交易
1、 存在控制关系且已纳入本公司合并会计报表范围的子公司，其相互间交易及母子公
司交易已作抵销。
2、 关联租赁情况
公司出租情况：
租赁资产 租赁收益 本期确认的
出租方名称 承租方名称 租赁起始日 租赁终止日
种类 定价依据 租赁收益
上工申贝（集团） 上海广濑精密
机器设备 2006/3/11 2011/3/11 合同协议
股份有限公司 工业有限公司
七、 或有事项
为其他单位提供债务担保形成的或有负债及其财务影响
截止 2011 年 6 月 30 日公司为子公司上工(欧洲)控股有限责任公司提供债务担保
形成的或有负债
（单位:万元）
是否已经
被担保单位 担保金额 担保期限 担保类型 对本公司的财务影响
履行完毕
上工(欧洲)控股有限责任公司 USD530 2005/6/30-2015/10/31 担保函 否 可到期偿还债务，未造成不利影响。
2005 年度，本公司为上工（欧洲）控股有限责任公司（下称“上工欧洲”）的控股子公
司德国杜克普阿德勒股份有限公司（下称“DA 公司”）在美国子公司的房屋租赁向德国
FAG Kugelfischer GmbH（下称“FAG 公司”）出具了金额不超过 530 万美元的担保函，
担保期限从 2005 年 6 月 30 日至 2015 年 10 月 31 日；同时上工欧洲于 2005 年 6 月 30 日
向 FAG 公司提供了 63.5 万欧元、同等期限的现金质押，用于对 FAG 公司为 DA 公司在美国
的一家子公司与 UTF Norcross L.L.C.之间的房屋售后回租交易所提供的担保提供再担
保。
截止 2011 年 6 月 30 日，本公司尚未因上述担保事项发生经济利益的流出。
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2011 年半年度
财务报表附注
八、 承诺事项
(一) 重大承诺事项
1、 已签订的尚未履行或尚未完全履行的对外投资合同及有关财务支出。
根据公司与中捷缝纫机股份有限公司（下称“中捷股份”）签订的战略合作框架协
议，公司于 2011 年 1 月 21 日召开了第一次临时股东大会，审议通过了 DA 公司在
中国的合资企业整合方案。2011 年上半年度，公司于中捷股份共同出资成立了杜克
普爱华缝制设备（苏州）有限公司（下称“DA 苏州公司”），其中公司子公司出
资 367.5 万美元，占 DA 苏州公司注册资本 750 万美元的 49%。
截止 2011 年 6 月 30 日，按投资协议约定，公司已投入杜克普爱华缝制设备（苏州）
有限公司第一期资金 110.25 万美元。
2、 已签订的正在或准备履行的大额发包合同及财务影响。
截至 2011 年 6 月 30 日止，公司无需要披露的已签订的正在或准备履行的大额发包
合同。
3、 已签订的正在或准备履行的重大租赁合同及财务影响。
截至 2011 年 6 月 30 日止，公司无需要披露的已签订的正在或准备履行的重大租赁
合同。
4、 已签订的正在或准备履行的并购协议
截至 2011 年 6 月 30 日止，公司无需要披露的已签订的正在或准备履行的并购协议。
5、 已签订的正在或准备履行的重组计划
截至 2011 年 6 月 30 日止，公司无需要披露的已签订的正在或准备履行的重组计划。
6、 其他重大财务承诺事项
(1)抵押资产借款及授信情况 （单位：万元）
抵押质押物 抵押用途 借款金额 借款人
局门路 436 号 银行借款 4,000 上工申贝（集团）股份有限公司
世纪大道 1500 号 1101A-1101D 室 银行借款 1,000 上工申贝（集团）股份有限公司
襄阳路 175 号房产 银行借款 4,200 上工申贝（集团）股份有限公司
银行存款 35.56 万欧元 授信额度保证金 上工（欧洲）控股有限公司
银行存款 67.35 万欧元 保证金 上工（欧洲）控股有限公司
固定资产 1,258.28 万欧元 授信额度保证金 142.75 上工（欧洲）控股有限公司
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(2)截止 2011 年 6 月 30 日关联方及其他单位为公司提供债务担保情况（单位：万元）
担保人 被担保人 担保方式 担保用途 借款金额
非关联方：
上海浦东发展（集团）有限公司 上工申贝（集团）股份有限公司 连带责任保证 银行借款 1,750
上海浦东发展（集团）有限公司 上工申贝（集团）股份有限公司 连带责任保证 银行借款 2,000
上海浦东发展（集团）有限公司 上工申贝（集团）股份有限公司 连带责任保证 银行借款 2,710
上海浦东发展（集团）有限公司 上工申贝（集团）股份有限公司 连带责任保证 银行借款 2,200
上海浦东发展（集团）有限公司 上工申贝（集团）股份有限公司 连带责任保证 银行借款 2,900
合 计 11,560
报告期内，本公司将下属子公司上海上工蝴蝶缝纫机有限公司 100%的股权、上海上工蝴
蝶缝纫机有限公司持有的上海蝴蝶进出口有限公司 80%的股权和本公司持有的沪宜公路
190 号房地产作为反担保质押标的物，为上海浦东发展（集团）有限公司向公司提供额度
11,560 万元（截止 2011 年 6 月 30 日，实际累计贷款余额 11,560 万元）借款保证担保提
供反担保，担保期限：自 2009 年 6 月 9 日至 2013 年 6 月 8 日。
(二) 前期承诺履行情况
本公司无需要披露的前期承诺履行情况事项。
九、 资产负债表日后事项
(一) 重要的资产负债表日后事项说明
关于上海华源企业发展股份有限公司借款担保事项的日后事项：
报告期初，本公司已代上海华源企业发展股份有限公司（下称“华源发展”）分别归
还建行市分行、深发展上海分行借款本金共计 118,252,782 元，担保义务履行完毕。与此
同时，本公司获得了上述银行在华源发展破产重整中受偿的全部权益。
截止本财务报表批准披露日，本公司应获得的 10,298,534 股“ST 华源”股份已过户
到公司的股东账户，公司应获得的现金，在扣除股份划转中发生的各项费用后，余额
将按公司要求划入指定的银行账户。
(二) 资产负债表日后利润分配情况说明
根据 2011 年 8 月 25 日公司第六届董事会第十五次会议决议，2011 年半年度利润不予分
配。
(三) 其他资产负债表日后事项说明
截止本财务报表批准披露日，公司无需要披露的资产负债表日后发生重大事项。
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十、 其他重要事项说明
以公允价值计量的资产和负债
单位：人民币元
本期公允价 计入权益的累计 本期计提
项目 年初金额 期末金额
值变动损益 公允价值变动 的减值
金融资产
1.以公允价值计量且其变
动计入当期损益的金融资 796,963.54 1,237,522.51
产（不含衍生金融资产）
2.衍生金融资产
3.可供出售金融资产 8,320,183.62 12,572.43 6,485,356.05 8,332,756.05
金融资产小计 9,117,147.16 12,572.43 6,485,356.05 9,570,278.56
投资性房地产
生产性生物资产
其他
上述合计 9,117,147.16 12,572.43 6,485,356.05 9,570,278.56
金融负债
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十一、 母公司财务报表主要项目注释
(一) 应收账款
1、 应收账款按种类披露
期末余额 年初余额
种类 账面余额 坏账准备 账面余额 坏账准备
金额 比例（%） 金额 比例（%） 金额 比例（%） 金额 比例（%）
单项金额重大并单项
计提坏账准备的应收
账款
按组合计提坏账准备
104,533,078.46 100.00 83,806,348.73 80.17 112,912,376.70 100.00 96,115,969.89 85.12
的应收账款
单项金额虽不重大但
单项计提坏账准备的
应收账款
合计 104,533,078.46 100.00 83,806,348.73 112,912,376.70 100.00 96,115,969.89
应收账款种类的说明：
期末单项金额重大并单项计提坏账准备的应收账款：无
组合中，采用账龄分析法计提坏账准备的应收账款：
期末余额 年初余额
账面余额 账面余额
账龄
比例 坏账准备 坏账准备
金额 金额 比例（%）
（%）
1 年以内 19,381,185.64 18.54 969,059.29 16,273,265.87 14.41 813,663.30
1－2 年 1,907,983.25 1.83 381,596.66 529,668.46 0.47 105,933.70
2－3 年 1,576,433.58 1.51 788,216.79 1,826,139.00 1.62 913,069.52
3 年以上 81,667,475.99 78.12 81,667,475.99 94,283,303.37 83.50 94,283,303.37
合计 104,533,078.46 100.00 83,806,348.73 112,912,376.70 100.00 96,115,969.89
期末单项金额虽不重大但单项计提坏账准备的应收账款：无
2、 本报告期实际核销的应收账款情况
本报告期实际核销应收账款金额合计 14,950,451.72 元，核销主要原因为应收账款账
龄过长,经催收后仍无法收回或客户已经注销、关闭等原因无法收回，本次核销应
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收账款的客户均是非关联第三方。
3、 期末应收账款中无持本公司 5％以上（含 5％）表决权股份的股东单位欠款。
4、 应收账款中欠款金额前五名
排名 与本公司关系 账面余额 年限 占应收账款总额的比例(%)
第一名客户 第三方 11,530,775.39 三年以上 11.03
第二名客户 第三方 7,480,189.67 三年以上 7.16
第三名客户 第三方 7,234,606.86 三年以上 6.92
第四名客户 第三方 4,679,327.49 三年以上 4.48
第五名客户 本公司子公司 3,011,291.87 三年以内 2.88
5、 应收关联方账款情况
占应收账款总
单位名称 与本公司关系 账面余额
额的比例(%)
杜克普爱华工业制造(上海)有限公司 本公司子公司 1,795,394.94 1.72
上海上工蝴蝶缝纫机有限公司 本公司子公司 695,386.56 0.67
上海申贝办公机械进出口有限公司 本公司子公司 2,546,673.34 2.44
上海双重包缝机有限公司 本公司子公司 3,011,291.87 2.88
(二) 其他应收款
1、 其他应收款按种类披露：
期末余额 年初余额
种类 账面余额 坏账准备 账面余额 坏账准备
金额 比例（%） 金额 比例（%） 金额 比例（%） 金额 比例（%）
单项金额重大
并单项计提坏
账准备的其他
应收款
按组合计提坏
账 准 备 的 其 他 170,144,220.82 100.00 37,911,582.66 22.28 186,499,779.67 100.00 34,402,068.82 18.45
应收款
单项金额虽不
重大但单项计
提坏账准备的
其他应收款
合计 170,144,220.82 100.00 37,911,582.66 186,499,779.67 100.00 34,402,068.82
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其他应收款种类的说明：
期末单项金额重大并单项计提坏账准备的其他应收款：无
组合中，采用账龄分析法计提坏账准备的其他应收款：
期末余额 年初余额
账龄 账面余额 账面余额
坏账准备 坏账准备
金额 比例（%） 金额 比例（%）
1 年以内 135,529,755.54 79.66 6,776,487.78 154,718,215.23 82.96 7,735,866.17
1－2 年 345,447.20 0.20 69,089.44 6,173,763.00 3.31 1,234,752.60
2－3 年 6,406,025.28 3.77 3,203,012.64 352,702.79 0.19 176,351.40
3 年以上 27,862,992.80 16.37 27,862,992.80 25,255,098.65 13.54 25,255,098.65
合计 170,144,220.82 100.00 37,911,582.66 186,499,779.67 100.00 34,402,068.82
期末单项金额虽不重大但单项计提坏账准备的其他应收款：无
2、 期末其他应收款中无持本公司 5％以上（含 5％）表决权股份的股东单位欠款。
3、 其他应收款金额前五名情况
占其他应收款总
单位名称 与本公司关系 账面余额 年限 性质或内容
额的比例(%)
第一名客户 第三方 73,955,903.99 一年以内 43.47 往来款
第二名客户 本公司子公司 40,789,984.69 一年以内 23.97 往来款
第三名客户 本公司子公司 12,479,738.39 一年以内 7.33 往来款
第四名客户 第三方 8,419,546.84 一年以内 4.95 往来款
第五名客户 第三方 6,000,000.00 三年以内 3.53 往来款
4、 应收关联方账款情况
占其他应收款总
单位名称 与本公司关系 账面余额
额的比例(%)
杜克普爱华工业制造(上海)有限公司 本公司子公司 40,789,984.69 23.97
上海上工蝴蝶缝纫机有限公司 本公司子公司 91,126.28 0.05
上海上工进出口有限公司 本公司孙公司 625,175.92 0.37
杜克普爱华贸易(上海)有限公司 本公司子公司 3,600,000.00 2.12
上海申贝办公机械进出口有限公司 本公司子公司 595,710.60 0.35
上海上工资产管理有限公司 本公司子公司 68,989.00 0.04
上海双重包缝机有限公司 本公司子公司 12,479,738.39 7.33
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(三) 长期股权投资
单位：人民币元
在被投资单 在被投资单 在被投资单位持股
核算方 本期计提减
被投资单位 投资成本 年初余额 增减变动 期末余额 位持股比例 位表决权比 比例与表决权比例 减值准备 本期现金红利
法 值准备
(%) 例(%) 不一致的说明
合营企业：
上海华之杰塑胶有限公司 权益法 1,766,689.38 736,283.66 736,283.66 25 25 736,283.66
权益法小计 1,766,689.38 736,283.66 736,283.66 736,283.66
子公司：
杜克普爱华工业制造（上海）有限公司 成本法 53,223,926.00 53,223,926.00 53,223,926.00 70 100
杜克普爱华贸易（上海）有限公司 成本法 11,830,443.11 11,830,443.11 11,830,443.11 40 74
上海工业缝纫机物产总公司 成本法 4,600,000.00 4,600,000.00 4,600,000.00 100 100 992,799.36
上海上工佳源机电有限公司 成本法 2,170,728.50 2,170,728.50 2,170,728.50 67 72
上海双重包缝机有限公司 成本法 8,400,000.00 8,400,000.00 8,400,000.00 70 90 8,400,000.00
上海索营置业有限公司 成本法 10,313,953.16 10,313,953.16 10,313,953.16 69 69
上海上工蝴蝶缝纫机有限公司 成本法 79,000,000.00 79,000,000.00 79,000,000.00 100 100
上工（欧洲）控股有限责任公司 成本法 225,155,693.64 225,155,693.64 225,155,693.64 100 100
上海申贝外高桥办公设备有限公司 成本法 8,620,000.00 8,620,000.00 8,620,000.00 100 100
上海申贝长城号码机械有限公司 成本法 6,360,000.00 6,360,000.00 -6,360,000.00
上海申贝办公机械进出口有限公司 成本法 4,000,000.00 4,000,000.00 4,000,000.00 80 100
上海上工申贝资产管理有限公司 成本法 5,000,000.00 5,000,000.00 5,000,000.00 100 100
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在被投资单 在被投资单 在被投资单位持股
核算方 本期计提减
被投资单位 投资成本 年初余额 增减变动 期末余额 位持股比例 位表决权比 比例与表决权比例 减值准备 本期现金红利
法 值准备
(%) 例(%) 不一致的说明
其他被投资单位
上海新光内衣厂（南非） 成本法 308,033.99 308,033.99 308,033.99 14.30 14.30 308,033.99
上海申丝企业发展有限公司 成本法 10,593,077.64 10,593,077.64 10,593,077.64 10.59 10.59
无锡上工缝纫机有限公司 成本法 153,814.26 153,814.26 153,814.26 80.00 80.00 153,814.26
上海华联缝制有限公司 成本法 400,000.00 400,000.00 400,000.00 21.74 注
上海富士施乐有限公司 成本法 29,140,749.49 29,140,749.49 29,140,749.49 15.92 15.92
上海宝鼎投资股份有限公司 成本法 7,500.00 7,500.00 7,500.00 <5 <5
上海银行股份有限公司 成本法 951,400.00 951,400.00 951,400.00 <5 <5
中国浦发机械股份有限公司 成本法 90,000.00 90,000.00 90,000.00 <5 <5
申银万国证券股份有限公司 成本法 200,000.00 200,000.00 200,000.00 <5 <5
上海广濑精密工业有限公司 成本法 2,840,376.00 30 注 750,000.00
成本法小计 460,519,319.79 -6,360,000.00 454,159,319.79 9,854,647.61 750,000.00
合计 461,255,603.45 -6,360,000.00 454,895,603.45 10,590,931.27 750,000.00
注：公司不参与上海华联缝制有限公司、上海广濑精密工业有限公司生产经营决策，对被投资单位不构成重大影响，按成本法核算。
财务报表附注 第 67 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(四) 营业收入和营业成本
1、 营业收入、营业成本
项 目 本期金额 上期金额
主营业务收入 67,245,009.90 73,231,325.47
其他业务收入 12,646,744.71 13,103,248.98
营业成本 66,494,547.80 69,387,960.27
2、 主营业务（分行业）
本期金额 上期金额
项 目
营业收入 营业成本 营业收入 营业成本
工 业 67,245,009.90 60,392,570.84 73,231,325.47 66,440,962.51
合 计 67,245,009.90 60,392,570.84 73,231,325.47 66,440,962.51
3、 主营业务（分产品）
本期金额 上期金额
项 目
营业收入 营业成本 营业收入 营业成本
缝制设备 1,885,829.82 2,492,536.54
办公与影像产品 67,245,009.90 60,392,570.84 71,345,495.65 63,948,425.97
合 计 67,245,009.90 60,392,570.84 73,231,325.47 66,440,962.51
4、 主营业务（分地区）
本期金额 上期金额
地 区
营业收入 营业成本 营业收入 营业成本
境 内 67,245,009.90 60,392,570.84 73,231,325.47 66,440,962.51
合 计 67,245,009.90 60,392,570.84 73,231,325.47 66,440,962.51
财务报表附注 第 68 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
5、 公司前五名客户的营业收入情况
排名 营业收入总额 占公司全部营业收入的比例(%)
第一名客户 14,398,241.94 18.02
第二名客户 14,060,624.43 17.60
第三名客户 6,580,086.93 8.24
第四名客户 1,301,800.00 1.63
第五名客户 1,082,830.00 1.36
(五) 投资收益
1、 投资收益明细
项目 本期金额 上期金额
成本法核算的长期股权投资收益 628,146.24 22,399,533.06
权益法核算的长期股权投资收益
处置长期股权投资产生的投资收益 -3,316,500.93
持有交易性金融资产期间取得的投资收益 344,110.53
持有至到期投资取得的投资收益期间取得的投资收益
持有可供出售金融资产等期间取得的投资收益
处置交易性金融资产取得的投资收益
持有至到期投资取得的投资收益
可供出售金融资产等取得的投资收益
其他
合 计 972,256.77 19,083,032.13
本公司投资收益汇回无重大限制。
2、 按成本法核算的主要长期股权投资收益
被投资单位 本期金额 上期金额 本期比上期增减变动的原因
上海蝴蝶进出口有限公司 15,286,119.43 股权已转让
上海富士施乐有限公司 6,465,162.65 本期未分配
上海广濑精密工业有限公司 750,000.00 750,000.00
上海双重包缝机有限公司 -121,853.76 -375,121.02 子公司超额亏损同比减少
其中上海双重包缝机有限公司投资收益为本期计提的本公司应承担的该子公司超额亏损。
财务报表附注 第 69 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(六) 现金流量表补充资料
项 目 本期金额 上期金额
1、将净利润调节为经营活动现金流量
净利润 3,971,199.23 7,331,627.02
加：资产减值准备 -3,254,735.91 -3,796,838.74
固定资产折旧、油气资产折耗、生产性生物资产折旧 3,381,627.55 7,142,634.73
无形资产摊销 2,166,596.28 1,558,763.73
长期待摊费用摊销
处置固定资产、无形资产和其他长期资产的损失（收益
以“－”号填列） -21,578,553.49 -5,374,639.85
固定资产报废损失（收益以“－”号填列）
公允价值变动损失（收益以“－”号填列） 111,864.03 102,744.80
财务费用（收益以“－”号填列） 7,029,392.58 4,617,493.14
投资损失（收益以“－”号填列） -972,256.77 -19,083,032.13
递延所得税资产减少（增加以“－”号填列）
递延所得税负债增加（减少以“－”号填列）
存货的减少（增加以“－”号填列） 3,195,745.69 7,921,219.38
经营性应收项目的减少（增加以“－”号填列） -14,588,249.21 -2,439,602.49
经营性应付项目的增加（减少以“－”号填列） 33,978,922.03 -30,945,396.75
其 他
经营活动产生的现金流量净额 13,441,552.01 -32,965,027.16
2、不涉及现金收支的重大投资和筹资活动
债务转为资本
一年内到期的可转换公司债券
融资租入固定资产
3、现金及现金等价物净变动情况
现金的期末余额 124,349,613.70 133,031,574.57
减：现金的期初余额 142,618,456.50 273,006,414.17
加：现金等价物的期末余额
减：现金等价物的期初余额
现金及现金等价物净增加额 -18,268,842.80 -139,974,839.60
财务报表附注 第 70 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
十二、 补充资料
(一) 当期非经常性损益明细表
项目 本期金额 说明
非流动资产处置损益 21,643,863.66 注
越权审批或无正式批准文件的税收返还、减免
计入当期损益的政府补助（与企业业务密切相关，按照国家统一
1,274,088.00
标准定额或定量享受的政府补助除外）
计入当期损益的对非金融企业收取的资金占用费
企业取得子公司、联营企业及合营企业的投资成本小于取得投资
时应享有被投资单位可辨认净资产公允价值产生的收益
非货币性资产交换损益
委托他人投资或管理资产的损益
因不可抗力因素，如遭受自然灾害而计提的各项资产减值准备
债务重组损益
企业重组费用，如安置职工的支出、整合费用等
交易价格显失公允的交易产生的超过公允价值部分的损益
同一控制下企业合并产生的子公司期初至合并日的当期净损益
与公司正常经营业务无关的或有事项产生的损益
除同公司正常经营业务相关的有效套期保值业务外，持有交易性
金融资产、交易性金融负债产生的公允价值变动损益，以及处置
2,012.55
交易性金融资产、交易性金融负债和可供出售金融资产取得的投
资收益
单独进行减值测试的应收款项减值准备转回
对外委托贷款取得的损益
采用公允价值模式进行后续计量的投资性房地产公允价值变动
产生的损益
根据税收、会计等法律、法规的要求对当期损益进行一次性调整
对当期损益的影响
受托经营取得的托管费收入
除上述各项之外的其他营业外收入和支出 -615,597.15
其他符合非经常性损益定义的损益项目
所得税影响额 62,231.27
少数股东权益影响额（税后） -22,981.24
合 计 22,343,617.09
注：非流动资产处置损益主要为公司本期处置部分工业缝制设备净收益。
财务报表附注 第 71 页
上工申贝（集团）股份有限公司
2011 年半年度
财务报表附注
(二) 净资产收益率及每股收益：
加权平均净资产收 每股收益（元）
报告期利润
益率（%） 基本每股收益 稀释每股收益
归属于公司普通股股东的净
4.0156 0.0549 0.0549
利润
扣除非经常性损益后归属于
0.3721 0.0051 0.0051
公司普通股股东的净利润
(三) 公司主要会计报表项目的异常情况及原因的说明
期末余额（或 年初余额（或
报表项目 变动比率 变动原因
本期金额） 上期金额）
其他应收款 110,513,634.09 39,867,849.65 177.20% 主要系本期代华源发展归还借款本金所致
其他应付款 187,088,897.04 123,338,243.20 51.69% 主要系本期收到处置地块预付款所致
主要系欧洲子公司本期存货价值下降调整存
资产减值损失 12,446,005.53 -12,146,901.05 202.46%
货跌价准备计提数所致
营业外收入 23,736,080.70 16,921,154.13 40.27% 主要系同比增加固定资产处置收益所致
十三、 财务报表的批准报出
本财务报表业经公司第六届董事会第十五次会议于 2011 年 8 月 25 日批准报出。
上工申贝（集团）股份有限公司
二〇一一年八月二十五日
财务报表附注 第 72 页
SGSB GROUP CO.,LTD Interim report 2011
SGSB GROUP CO., LTD.
600843
900924
2011 INTERIM REPORT
If the English Version of this Interim Report involves any differences from the Chinese Version,
the latter shall be effective.
0
SGSB GROUP CO.,LTD 2011 Interim Report
CONTENTS
I. Important Note
II. Company Profile
III. Variation of Share Capital and Information about Shareholders
IV. Directors, Supervisors and Senior Managers
V. Report by the Board of Directors
VI. Significant Events
VII. Financial Report
VIII. For Reference
1
SGSB GROUP CO.,LTD 2011 Interim Report
I. Important Note
1. The Board of Directors，the Board of Supervisors, and all the directors, supervisors, senior managers,
guarantee that there are no false statements, vital misunderstanding or important omissions in this report,
and hold both individual and joint liability for the authenticity, accuracy and integrity of its contents.
2. All the Directors have attended the meetings of Board of Directors.
3. The Interim Report hasn’t been audited.
4. There have been no non-operating capitals of the Company one-off occupied by the holding
shareholder or its related parties.
5. There have been no external guarantees of the Company violating regulations about decision
procedures.
6. As particular emphasis, Mr. Zhang Min, Chairman of BOD & CEO, Mr. Ma Mingliang, General
Manager, and Ms. Gao Lili, Accounting Manager, make the pledge for the authenticity and integrity of
the attached financial statements in the Interim Report.
2
SGSB GROUP CO.,LTD 2011 Interim Report
II. Company Profile
1. Profile of the Company
(1) Company information
Legal name of the Company in Chinese 上工申贝（集团）股份有限公司
Abbreviation 上工申贝
Legal name of the Company in English SGSB GROUP CO.,LTD.
Abbreviation SGSB
Legal representative Zhang Min
(2) Contact person and information
Secretary to Board of Directors Securities affairs representative
Name Zhang Yifeng Zhou Yongqiang
12th Floor, Orient Mansion, No.1500 12th Floor, Orient Mansion, No.1500
Contact address Century Avenue, Pudong New Area, Century Avenue, Pudong New Area,
Shanghai Shanghai
Tel 021-68407515 021-68407700-728
Fax 021-63302939 021-63302939
E-Mail zyf@sgsbgroup.com zyq@sgsbgroup.com
(3) Basic information
Room A-D, Orient Mansion 12F Century Road,
Register address
Pu Dong New Area, Shanghai
Post Code 200122
12th Floor, Orient Mansion, No.1500 Century
Office address
Avenue, Pudong New Area, Shanghai
Post Code 200122
Web Site http://www.sgsbgroup.com
E-Mail sgsb@sgsbgroup.com
(4) New release and place for preparation
Shanghai Securities News and Hong Kong
Press for news release
Commercial Daily
Web address stipulated by China Securities
Regulatory Commission to carry the Interim http://www.sse.com.cn
Report
Place for preparing the Interim Report Office of the Company
(5) Stock information
Stock information
Registered stock Abbreviations used
Stock kind Stock Abbreviation Stock Code
exchange before
Shanghai Stock
A shares SGSB A Shares 600843 Shanggong , Gongfeng
Exchange
Shanghai Stock Shanggong B
B shares 900924 Gongfeng B shares
Exchange Shares
(6) Other relevant information
3
SGSB GROUP CO.,LTD 2011 Interim Report
Date for original register December 16, 1993
Register institution Shanghai Municipal Industrial and Commercial
Admin.
Date for register change August 12, 2010
Institution for register change Shanghai Municipal Industrial and Commercial
Admin.
Latest change Business license register 310000400080303（Municipal Admin.）
No.
Tax register No. GDSHZ 310 115 132 210 544
Organization code 13221054-4
Public accountants contracted by the Company Shulun Pan Certified Public Accountants Co., Ltd.
Address of public accountants 4F, 61 East Nan Jing Road, Shanghai
Advisor for legal affairs Shanghai Zhendan Law Office
Address of advisor for legal affairs 16F, 1688 Sichuan Road (N), Shanghai
(7) Financial Highlights
(1) Important accounting and financial figures:
RMB’
Item At end of report period End of last year Increase/
decrease %
Total assets 1,717,150,579.55 1,630,623,370.58 5.31
Owners’ equity (or shareholders’ equity) 649,139,798.91 600,928,917.32 8.02
Net assets value per share attributive to
1.4461 1.3387 8.02
shareholder of listing company (Yuan/share)
Report period ( Jan.-June) Same period of last year Increase/
decrease %
Operating profit 24,422,585.17 -5,962,694.91 not applicable
Total profit 46,724,939.68 8,407,736.78 455.74
Net profit attributive to shareholder of listing 24,625,199.36 3,662,614.03 572.34
company
Net profit attributive to shareholder of listing 2,281,582.27 -10,054,050.49 not applicable
company after non-current account profit/(loss)
Basic earning per share 0.0549 0.0082 569.51
Basic earning per share after non-current account not applicable
0.0051 -0.0224
profit/(loss)
Earning per share (diluted) 0.0549 0.0082 569.51
Weighted average return on net assets (%) 4.0156 0.6608 3.35 increase
Net cash flows generated from operating -10,377,969.25 -79,958,287.28 not applicable
activities
Net cash flows per share generated from not applicable
-0.0231 -0.1781
operating activities
(2) After non-recurrent account profit/loss:
RMB’
Item Ending balance
Disposal of non-current assets profit/(loss), including the write-off of provision for assets impairment 21,643,863.66
accrued
Government grants in current profit/(loss), with exception of government subsidies closely related to the
1,274,088.00
normal operations of the enterprise and continuously received at certain quotation or quantity according to
the policies and regulations of the state
Profit/(loss) on the change of fair value of tradable financial assets/liabilities, and investment income from
2,012.55
disposal of tradable financial assets/liabilities, financial assets available for sale, with exception of effective
hedging activities related to the normal operations of the enterprise
Other net non-operating income and expenditure -615,597.15
4
SGSB GROUP CO.,LTD 2011 Interim Report
Influence of minority interests 62,231.27
Influence of income tax -22,981.24
Total 22,343,617.09
5
SGSB GROUP CO.,LTD 2011 Interim Report
III. Variation of Share Capital and Information about Shareholders
1. Variation of stock capital
During report period, there were no changes in the total equities and capital structure of the Company.
2. Information about shareholders
(1) Number of shareholders and distribution of stock capital
Number of shareholders 41,411, including 12,765 A stockholders and 28,646 B stockholders
Top ten shareholders
Shareholder Classifica-tion Prop.(%) Quantity of Increase/ Quantity of Quantity in
shares decrease shares subject pawn or
to conditional frozen
sales
Shanghai Pudong New Area State-owned 23.48 105,395,358 -4,078,800 0 0
Assets Management Commission capital
China Pacific Life Insurance Co., Other 1.81 8,132,860 26,660 0 Unknown
Ltd
China Great Wall Assets State-owned 1.23 5,530,514 0 0 Unknown
Management Co., Ltd. shareholder
Shanghai International Trust and State-owned 0.88 3,939,520 -1,231,401 0 Unknown
Investment Company corporate
shareholder
HSBC BROKING SECURITIES Foreign 0.58 2,599,948 0 0 Unknown
(ASIA) LIMITED CLIENTS investor
ACCOUNT
Shen Yin Wan Guo Nominees Foreign 0.50 2,223,328 97,136 0 Unknown
(HK) Ltd investor
Chen Su Xin Foreign 0.43 1,942,562 1,942,562 0 Unknown
investor
UBS CUSTODY SERVICES Foreign 0.38 1,685,000 -746,933 0 Unknown
SINGAPORE PTE.LTD investor
China Opportunities H-B Fund Foreign 0.37 1,675,513 905,566 0 Unknown
investor
ROCI SECURITIES LIMITED Foreign 0.36 1,601,079 -208,302 0 Unknown
investor
Top ten tradable stock shareholders
Shareholder Tradable shares Classification & Quantity
Shanghai Pudong New Area Assets Management A shares, 105,395,358
105,395,358
Commission
China Pacific Life Insurance Co., Ltd 8,132,860 A shares, 8,132,860
China Great Wall Assets Management Co., Ltd. 5,530,514 A shares, 5,530,514
Shanghai International Trust and Investment Company 3,939,520 A shares, 3,939,520
HSBC BROKING SECURITIES (ASIA) LIMITED B shares, 2,599,948
2,599,948
CLIENTS ACCOUNT
Shen Yin Wan Guo Nominees (HK) Ltd 2,223,328 B shares, 2,223,328
Chen Su Xin 1,942,562 B shares, 1,942,562
UBS CUSTODY SERVICES SINGAPORE PTE.LTD 1,685,000 B shares, 1,685,000
China Opportunities H-B Fund 1,675,513 B shares, 1,675,513
6
SGSB GROUP CO.,LTD 2011 Interim Report
ROCI SECURITIES LIMITED 1,601,079 A shares, 1,601,079
Explanation for affiliated transaction relationship or It remains unknown to the Company if any affiliated transaction
concerted-action relationship between the main relationship or concerted-party relationship exists between SGSB’s top
shareholders ten tradable stock shareholders and top ten shareholders.
(2) Variation of the holding shareholder and effective controller:
During report period, the holding shareholder and effective controller of the Company hasn’t changed.
7
SGSB GROUP CO.,LTD 2011 Interim Report
IV. Directors, Supervisors and Senior Managers
1. Changes of holding shares by Directors, Supervisors and senior managers
During report period, there were no changes of the holding shares by Directors, Supervisors or senior
managers of the Company.
2. Appointment and dismissal of Directors, Supervisors and senior managers
(1) Appointment information
1) On January 21, 2011, the Company convened 2011 the First Extraordinary Shareholders' General
Meeting in which Ms. Jiang Xiaoshu was elected as Director of the 6th Board of the Company, and
Mr. Tian Mingyu was elected as Independent Director of 6th Board of the Company.
(2) Outgoing information
On January 21, 2011, Mr.Wang Zhile took no longer the duty as Independent Director due to expiry of
term.
8
SGSB GROUP CO.,LTD 2011 Interim Report
V. Report by the Board of Directors
1. Overall business prospects and analysis
During the report period, the economic operation of the Company improved obviously compared with
the same period of last year. The production and sales of overseas sewing manufacturers of the
Company maintained good growth momentum. While the domestic sewing business has bottomed out
after integration. The building of sales network has made some progress. In overcoming various
difficulties, the export of domestic companies stayed abreast of the same period in last year.
During report period, the Company realized an operating income of RMB 867,134,700, an increase of
1.42% compared with last year (excluding the influence of decreased operating income after sale of
material handling company, an increase of 17.30%), an operating profit of RMB 24,422,600, an increase
of RMB 30,385,300 compared with last year, and a net profit of RMB 39,593,000, an increase of
574.45% compared with last year, among which DA, the major overseas subsidiary of the Comapany
contributed an operating income of RMB 446,136,500, an operating profit of RMB3,928,900 and a net
profit of RMB 34,018,600.
From January to June of 2011, the Company produced and sold respectively 27,809 units and 24,339
units of industrial sewing machines, respectively 205% of increase and 20.68% of decrease compared
with those of the same period of last year, among which the overseas companies contributed a
production of 9,450 units and sales of 7,796 units, respectively 36.58% and 40.06% of increase
compared with those of the same period of last year. The Company exported 237,719 units of Butterfly
household sewing machines, a decrease of 6.17%, and realized the export value of USD 44,520,000
(DA’s contribution excluded), basically remained stable with the same period of last year.
(1) Highlights and analysis of the significant changes in the end-of-period balance sheet
RMB’
Item End of current period end of previous period Increase/ Increase/ Reason
decrease decrease %
tradable financial assets 1,237,522.51 796,963.54 440,558.97 55.28 Note 1
Bills receivable 3,822,916.10 8,079,600.00 -4,256,683.90 -52.68 Note 2
Other receivable 110,513,634.09 39,867,849.65 70,645,784.44 177.20 Note 3
Other current assets 1,257,997.47 890,117.87 367,879.60 41.33 Note 4
project in construction 4,359,688.43 2,932,956.96 1,426,731.47 48.64 Note 5
Bills payable 1,585,143.00 3,017,862.00 -1,432,719.00 -47.47 Note 6
Tax payable 8,400,387.06 5,306,374.52 3,094,012.54 58.31 Note 7
Dividend payable 1,032,818.86 1,735,909.72 -703,090.86 -40.50 Note 8
Other account payable 187,088,897.04 123,338,243.20 63,750,653.84 51.69 Note 9
Other current liabilities 668,485.07 1,341,871.33 -673,386.26 -50.18 Note 10
Foreign currency translation Note 11
-14,592,643.01 -33,960,652.36 19,368,009.35 57.03
difference
Note 1: due to subscription to new shares in the current period;
Note 2: due to the increase of bank acceptance received in current period;
9
SGSB GROUP CO.,LTD 2011 Interim Report
Note 3: due to the repayment of loan principal on behalf of Worldbest Development in current period;
Note 4 : due to the increase of rent and assurance charges to be amortized in the future;
Note 5: due to increase of investment on sewing equipment project ;
Note 6:; due to bank acceptance bills due and payable
Note 7: mainly due to the profit gained in current period and increase of balance by end of current period for tax payment ;
Note 8: mainly due to in current period;
Note 9:. Mainly due to receive of advance payment of land disposed in current period;
Note 10: mainly due to the current-period payment of the originally resale interest and rent;
Note 11: due to change of Euro exchange rate in current period
(2) Highlights and analysis of the significant changes in the end-of-period profit/loss sheet
RMB’
Item Current period Same period of Increase/ Increase/ Reason
previous year decrease decrease %
Assets impairment loss 12,446,005.53 -12,146,901.05 24,592,906.58 202.46 Note 1
Net income from changes in fair Note 2
-477,030.63 -82,143.59 -394,887.04 -480.73
value
Investment income 1,262,429.18 7,809,420.47 -6,546,991.29 -83.83 Note 3
Operating income 23,736,080.70 16,921,154.13 6,814,926.57 40.27 Note 4
Non-operating expense 1,433,726.19 2,550,722.44 -1,116,996.25 -43.79 Note 5
Income tax 7,131,951.46 2,537,329.49 4,594,621.97 181.08 Note 6
Minority interest 14,967,788.86 2,207,793.26 12,759,995.60 577.95 Note 7
Other composite income 25,494,848.14 -39,716,014.75 65,210,862.89 164.19 Note 8
Note 1: mainly due to the adjustment on provision for inventory’s decline in value by European subsidiary of the Company;
Note 2: mainly due to the decrease of income from changes in fair value of tradable financial assets;
Note 3: mainly due to the decrease of investment income regulated by the Cost Law;
Note 4: mainly due to the increase of income from disposal of fixed assets;
Note 5: mainly due to the decrease of loss from disposal of fixed assets;
Note 6: mainly due to substantial profit made of the current period compared with previous period;
Note 7: mainly due to decrease of shares in Duerkopp Adler AG hold by Shanggong (Europe) Holding GmbH, the wholly-owned subsidiary of
the Company.
Note 8: mainly due to the foreign currency conversion difference in financial report.
(3) Highlights and analysis of the significant changes in the end-of-period cash flow sheet
Item Current period Previous period Increase/ Increase/ Reason
decrease decrease%
Net cash flow generating from Note1
-10,377,969.25 -79,958,287.28 69,580,318.03 87.02
investing activities
Net cash flow generating from Note 2
68,661,526.97 41,453,613.37 27,207,913.60 65.63
financing activities
Influence of foreign exchange rate Note 3
8,667,542.54 -26,757,773.91 35,425,316.45 132.39
changes on cash
Note 1: mainly due to the decrease of welfare payment to laid-off personnel;
Note 2: mainly due to the increase of cash received from disposal of fixed assets and increase of cash received from associated company
invested by the Company etc;
Note 3: mainly due to the effect of exchange rate of Euros.
10
SGSB GROUP CO.,LTD 2011 Interim Report
2. Business performance review of principal operating activities during report period
(1) Principal operating activities by products and sectors:
RMB’
Principal Principal Margin rate Increase/de Increase/de Increase/de
By sector or product operating income operating expense (%) crease of crease of crease of
income (%) expense (%) margin (%)
Sewing equipments 562,723,443.10 351,134,519.63 10.43. more
37.60 4.32 -10.62
International trade 218,423,742.02 214,385,591.61 0.47 more
1.85 -1.76 -2.23
video materials+ Office 66,480,089.79 1.21 less
60,391,904.17 9.16 -6.82 -5.56
equipment
Others 483,157.30 287,517.69 40.49 -81.61 -74.67 16.30 less
Total 7.21 more
26.17 1.48 -7.54
848,110,432.21 626,199,533.10
Among which, no affiliated transactions are found in sale of goods or provision of services from the Company to its holding
shareholder and subsidiaries.
(2) Division of principal operating activities by regions:
RMB’
Region Principal operating income Increase/decrease (%)
Home 401,973,976.27 -5.51
Abroad 446,136,455.94 8.73
(3) Analysis about the reasons of significant changes in the profits’ composition
The reasons of significant changes in the profits’ composition mainly because the Company caught hold
of the opportunity of market recovery in the sewing equipments and strengthening marketing, and the
principal operating income and principal operating gross profit rate of the Company increased
substantially which lead to the great increase of[Company’s profit.
(4) Difficulties in the operations and resolution proposals elaborated by the Company
During the report period, due to rising price of raw material, energy and labor costs and other factors,
the gross margin of part of the Company's products declined. In lack of technical personnel in the
domestic sewing company, the development for new products and speed of absorbing technology were
affected. The domestic market network of the Company needs further improvement. In this regard, the
Company will tap the potential talents, strengthen control on cost and expense, and improve marketing
and strengthen the building of sales network. The Company strives to develop training and introduction
of talent plans, pay attention to management and use of technical staff, and strengthen new product
development, and continue to steadily push forward the implementation on strategic cooperation in
sewing project, and expand the market share of DA products in China.
3. Investing activities of the Company
(1) Utilization of raised funds:
During report period, the Company hasn’t developed any project using raised funds, nor used any funds
raised in anterior periods in current period.
11
SGSB GROUP CO.,LTD 2011 Interim Report
(2) Utilization of non-raised funds:
According to the framework agreement of strategic cooperation signed by the Company and Zoje
Sewing Machine Co.,Ltd ( hereinafter referred to as "Zoje"), the Company held its first extraordinary
general meeting on January 21, 2011, examined and approved the resolution on the integration of
Duerkopp Adler AG’s joint ventures in China. In the first half of 2011, the Company and Zoje jointly
set up Duerkopp Adler sewing Equipment (Suzhou) Co., Ltd. (hereinafter referred to as "DA Suzhou
Company"), in which DA AG and DA Trading (Shanghai) Co.,Ltd, the Company’s subsidiaries, totally
invested 3,675,000 U.S. dollars, accounting for 49% of DA Suzhou Company’s registered capital.
During the reporting period, according to the investment agreement, the Company has invested DA
Suzhou Company 1,102,500 US dollars in the first phase, and during the reporting period, the
Company’s earnings in the joint venture is -244,600 RMB.
4. Analysis of financial position and business result
(1) Realization of earning forecast
RMB’
Earning forecast (current period) Real achievement
Principal operating income 0 848,110,432.21
Total profits 0 46,724,939.68
Net profits 0 39,592,988.22
(2) Realization of business plan
Business plan Real achievement
Income 0 848,110,432.21
Cost and expenses 0 626,199,533.10
5. Warning and explanation about the loss forecast from year-beginning to the end of next
accounting period or significant changes of net profit from the same period of last year
The Company forecasts that the accumulated net profit from beginning of year till the end of next report
period will be no substantial change compared with the same period of last year.
12
SGSB GROUP CO.,LTD 2011 Interim Report
VI. Significant Events
1. Corporate Governance of the Company
During report period, according to the , the
, and the issued by China Securities Regulatory Commission, the Company pays high
attention to perfect continuously the corporate governance structure and regularize the corporate
operation.
During report period, the Company respectively adjusted one Board Director and one Independent
Director. According to the Guideline for Election of Board Directors of Listing Company regulated by
Shanghai Stock Exchange, the Board of Supervisors makes appraisal for fulfillment of duty on Board
Directors. The Annual General Meeting of Shareholders, The mechanism of coordination and interact-
balance works well among the General Meeting of Shareholders, the Board of Directors, the Board of
Supervisors and the senior management team. The organizational setup and functional division meets
the requirements fixed for internal control.
During report period, the Company pays priority to the internal systems construction and tries to perfect
the systems in the process of implementation. In the first half year, the Company amended the Article of
Association, the Working Guideline for Board Secretary etc and operate strictly according to law, to
further strengthen the management on company's information technology .
2. Profit appropriation in report period
During report period, the Company hasn’t implemented any profit appropriation proposal.
3. Proposals on profit appropriation or capital reserve capitalization
During report period, the Company hasn’t launched any proposals on profit appropriation or capital
reserve capitalization.
4. Implementation of cash dividend policy in report period
(1) Cash dividend policy
The one hundred and fifty-fifth item in the Articles of Association of the Company regulates the cash
dividend policy of the Company. According to the related regulations of the country, the Company
implemented the principle of at the lower distribution concerning the domestic and overseas auditing
result. Payment of dividend to shareholders could be cash or stock. Payment of dividend to B
shareholders should be calculated in RMB and made by foreign currency.
The Company may pay interim cash dividend. In the last three years, the accumulated profit for
distribution paid in cash should not less than 30% of average annual distributable profits for the last
three years. If the Company was profitable in the last accounting year, it did not propose profit
13
SGSB GROUP CO.,LTD 2011 Interim Report
appropriation plan, the Company should explain in detail in the annual report the reason for not
distributing profit and the utility of capital not attributable for dividend.
(2) Cash dividend implemented during report period
During the report period, concerning the parent company’s attributable profit registered negative in
2010, the Company did not realize cash dividend.
5. Significant litigation and arbitration cases during report period
During report period, the Company wasn’t involved in any significant litigation or arbitration cases.
6. Bankrupt related issue
During report period, there is no bankrupt related issues occurred in the Company.
7. Equity investment in other listed companies or financial institutions
(1) Investment in securities
RMB’
Type Code Number Initial investment Quantity of shares Ending book Prop. among Current
value investment in profit/loss
securities
Stock 601558 Hua Rui
Feng 1,080,000.00 24,000.00 701,520.00 56.69 -366,480.00
Dian
Stock 601700 Feng Fan 140,000.00 4,000.00 98,400.00 7.95 -40,200.00
Stock 300160 Xiu Qiang 17,500.00 500.00 15,910.00 1.29 -1,460.00
Stock 300165 Tian Rui
65,000.00 1,600.00 39,328.00 3.18 -25,372.00
Yi Qi
Stock 300155 An Ju Bao 49,000.00 2,500.00 29,625.00 2.39 -18,575.00
Stock 002538 Si Er Te 13,000.00 500.00 11,160.00 0.90 -1,740.00
Funds 160402 HuaAn A 100,000.00 413,534.52 341,579.51 27.60 -15,404.03
Other investment in
securities
Profit/loss current-period /
/ / 471,243.58
sale of securities
Total 1,464,500.00 446,634.52 1,237,522.51 100 2,012.55
Note: the above securities held are from subscription for new shares.
(2) Stock equity of other listed companies held by the Company
RMB’
Code Entity Initial Prop. in the Ending Profit Change in Account title Origin of
investment invested book value /loss shareholder equity
company equity
600637 SVA <5% Financial Legal-perso
Info. 360,913.05 117,985.23 assets n
67,600.00
available shares
for sale
600689 Sanmao <5% Financial Legal-perso
Textile 7,971,843.00 -105,412.80 assets n
1,779,800.00
available shares
for sale
Total 1,847,400.00 - 8,332,756.05 0.00 12,572.43 -
Note: the above stock equity were legal person shares invested and held by the Company when they went to public.
(3) Stock equity of non-listed financial institutions held by the Company
RMB’
Company Initial investment Quantity of Prop. in the Year-end book Profit Change in Account title Origin of
shares invested value /loss shareholder equity
company equity
14
SGSB GROUP CO.,LTD 2011 Interim Report
Bank of <5% Long-term equit Buy-in
951,400.00 805,044 951,400.00
Shanghai y investment
Baoding <5% Long-term Buy-in
Investment 7,500.00 5,751 7,500.00 equity
investment
Shenyin <5% Long-term Buy-in
Wanguo 200,000.00 102,214 200,000.00 equity
investment
Subtotal 1,158,900.00 / / 1,158,900.00 / /
Note: the above stock equity of financial institutions were held by the Company when they set up.
8. Significant acquisition/transfer of assets or merger affairs
(1) Information about acquisition of assets of the Company
During report period, there were no significant acquisitions/transfers of assets or merger affairs.
(2) Information about sale of assets of the Company
During report period, there were no significant sale of assets of the Company.
9. Significant affiliated transactions during report period
During report period, there were no significant affiliated transactions.
10. Significant contracts and the fulfillment
(1) Trusteeship, contract and leasing affairs
1) During report period, there were no significant trusteeship cases in which the Company was
concerned.
2) During report period, the Company didn’t commit any significant contracts.
3) During report period, the Company didn’t commit any significant leasing cases.
(2) Guaranty affairs
RMB’000
External guaranties (for holding subsidiary undertakings excluded)
Company under guaranty Date incurred Amount Category Duration Completed Affiliated
(date of signing under dd/mm/yy (Y/N) party (Y/N)
agreement) guaranty
dd/mm/yy
Shanghai Pudong Development 09/06/2009 115,600 Joint-liability 09/06/2009- N N
(Group) Co., Ltd. guaranty 08/06/2013
Total occurred in current period 0
Total ending balance (A) 115,600
Guaranties for holding subsidiary undertakings
Total occurred in current period
Total ending balance (B) 34,300
Guaranties including those for holding subsidiary undertakings
Total balance (A+B) 149,900
Proportion of total guarantee balance in the Company’s net assets (%) 196.7
Including:
Guaranties for the shareholders, real controller and its affiliated parties (C) 0
Guarantees directly or indirectly for companies whose assets-liability ratio over 70% (D) 0
Total balance surplus 50% net assets of the Company (E) 0
Total balance of out-of-line guaranties (C+D+E) 0
15
SGSB GROUP CO.,LTD 2011 Interim Report
According to related articles in the equity acquisition agreement signed with FAG Kugelfischer AG
(FAG), the Company should take certain joint-liability responsibility for the following affairs:
In 2005, the Company offered a letter of guarantee valued USD 5,300,000 to FAG Kugelfischer AG
for the housing lease contract of DA’s subsidiary in the United States, valid from June 30, 2005 to
October 31, 2015. On the same day June 30, 2005, SG Europe offered a cash mortgage of 635,000
to FAG (with the same period of validity) for re-guaranteeing the latter’s responsibility in the sale
and lease-back deal between DA’s subsidiary and UTF Norcross L.L.C.
Till June 30, 2011, this guarantee deal didn’t cause outflow of economic interest from the Company.
(3) Trust investment affairs
During report period, the Company didn’t entrust any entities to handle investment affairs.
(4) Other significant contracts
During report period, the Company didn’t settle any significant contracts.
11. Fulfillment of publicly announced commitments
During report period or within the report period, there were no commitments by the Company and
shareholder who hold more than 5% of SGSB’s stock equity.
12. Employment and dismissal of public accountants
During report period, under approval of the General Meeting of Shareholders, the Company renewed its
contract with Shulun Pan Certified Public Accountants Co., Ltd. for the audit services in the year of
2011.
13. Punishment and reform measures upon the Company, its Directors, Supervisors, senior
managers, shareholders or effective controller
During report period, neither the Company, nor its Directors, Supervisors, Senior Managers,
shareholders or effective controller, has received any check, administration punishment or notice of
criticism from China Securities Regulatory Commission, or publicly condemned by Shanghai Stock
Exchange.
14. Other significant events
The company contracted mutual credit guarantee relationship with Shanghai Worldbest Industry
Development Co.,Ltd (hereinafter referred to as "Worldbest Development"). By the end of the report
period, the Company has repaid a total of principal RMB 118,252,782 on behalf of Worldbest
Devlopment. At the same time, the Company gained all the rights and benefits of the bank during
Worldbests Development’s bankruptcy and reorganization (see Company announcement published in
the 2011-002,003).
16
SGSB GROUP CO.,LTD 2011 Interim Report
As of the date of disclosure of this report, the Company should receive 10,298,534 shares of ST Yuan
Fa which were transferred to the account of the Company. The cash that the Company should receive
had been transferred to the designated bank account of the Company, after deducting all expenses
occurred in share transfer.
15. Index of information disclosure
Announcement Newspaper and Page No. dd-mm-yyyy Internet track
L2011-001 Announcement of 2011 the First Shanghai Securities News 13 22-01-2011
Extraordinary General Meeting HK Commercial Daily A6
L2011-002 Announcement of resolutions by the Shanghai Securities News 23 19-02-2011
12th meeting of the Sixth Board of Directors HK Commercial Daily A16
L2011-003 Announcement of information on Shanghai Securities News B7 15-03-2011
responsibility for guarantee HK Commercial Daily A5
L2011-004 Announcement of reduction of shares Shanghai Securities News B17 16-03-2011
by the big shareholder HK Commercial Daily A20
L2011-005 Announcement of resolutions by the Shanghai Securities News B103 18-04-2011
13th meeting of the Sixth Board of Directors HK Commercial Daily A19 http://www.sse.com.cn
L2011-006 Announcement of resolutions by the Shanghai Securities News B68 218-04-2011 Official website of
9th meeting of the Sixth Board of Supervisors HK Commercial Daily A28 Shanghai Stock
L2011-007 Notice for holding 2010 Annual Shanghai Securities News B68 18-04-2011 Exchange
General Meeting of Shareholders HK Commercial Daily A28
2010 Annual Report abstract Shanghai Securities News27 18-04-2011
HK Commercial Daily A7
L2011-008 Announcement of resolutions by the Shanghai Securities News 27 30-04-2011
14th meeting of the Sixth Board of Directors HK Commercial Daily A7
2011 First Quarter Report Shanghai Securities News 27 30-04-2011
HK Commercial Daily A7
L2011-009 Announcement of resolutions by Shanghai Securities News B29 17-05-2011
2010 Annual General Meeting of Shareholders HK Commercial Daily A4
17
SGSB GROUP CO.,LTD 2011 Interim Report
VII.
Financial Report
The Financial part of 2011 Interim report of the Company is unaudited.
The Financial Report and Annotations to the Financial Report are attached as follows.
Balance Sheet
June 30, 2011
RMB'
Item Note Ending balance Beginning balance
Current assets：
Cash and cash equivalents 355,118,888.02 430,936,774.33
Provision for settlement
Fund for lending
Tradable financial assets 1,237,522.51 796,963.54
Bills receivable 3,822,916.10 8,079,600.00
Accounts receivable 230,057,665.57 193,731,181.85
Prepayments 37,592,693.01 43,565,679.21
Insurance receivable
Accounts receivable
reinsurance
Contract provision for
accounts receivable reinsurance
Interest receivable
Dividend receivable 638,783.61 638,783.61
Other receivables 110,513,634.09 39,867,849.65
Financial assets
purchased under resale
Inventories 331,898,701.48 279,682,926.43
Non-current assets to
be expired in one year
Other current assets 1,257,997.47 890,117.87
Total current assets 1,072,138,801.86 998,189,876.49
Non-current assets：
Payment of entrustment loans
and advances
Available for sale
8,332,756.05 8,320,183.62
financial assets
Held-to-maturity
investment
Long-term receivables
Long-term investment on
54,234,199.64 44,989,927.77
stocks
Investment properties 131,282,303.10 132,351,790.37
Fixed assets 309,503,031.62 300,188,119.10
Construction in progress 4,359,688.43 2,932,956.96
Construction materials
Disposal of fixed assets
Consumable biological
asset
Oil&gas asset
Intangible assets 29,915,054.91 31,675,800.62
18
SGSB GROUP CO.,LTD 2011 Interim Report
R&D expense 45,458,132.95 47,317,449.99
Goodwill 27,274,792.32 25,658,618.40
Long-term unamortized
expense
Deferred tax, asset 34,651,818.67 38,998,647.26
Other non-current assets
Total non-current assets 645,011,777.69 632,433,494.09
Total assets 1,717,150,579.55 1,630,623,370.58
Current liabilities：
Short-term loans 209,375,684.44 222,148,974.70
Loans from central bank
Deposits and placements
Borrowing fund
Tradable financial
liabilities
Bills payable 1,585,143.00 3,017,862.00
Accounts payable 106,514,412.71 102,234,488.77
Advances on sale 51,642,586.10 52,121,914.75
financial assets sold for
repurchase
Fee and commission
payable
Wages and salaries unpaid 35,716,824.13 34,566,632.04
Tax unpaid 8,400,387.06 5,306,374.52
Interest unpaid
Dividend unpaid 1,032,818.86 1,735,909.72
Other payables 187,088,897.04 123,338,243.20
Accounts payable
reinsurance
provison for insurance
contract
Acting sale of securities
Acting underwriting
securities
Long-term liabilities to be
520,000.00 520,000.00
expired in one year
Other current liabilities 668,485.07 1,341,871.33
Total current liabilities 602,545,238.41 546,332,271.03
non-current liabilities：
Long-term borrowings 1,489,984.87 1,489,984.87
Bonds payable
Long-term accounts
1,791,042.77 1,795,199.33
payable
Specific payable
Contingent liabilities 326,908,571.70 359,719,711.66
Deferred tax, debit 22,182,696.65 24,140,994.91
Other non-current
liabilities
Total non-current
352,372,295.99 387,145,890.77
liabilities
Total liabilities 954,917,534.40 933,478,161.80
owners' equity (or
shareholder’s equity)：
19
SGSB GROUP CO.,LTD 2011 Interim Report
Paid-up capital (or stock) 448,886,777.00 448,886,777.00
Capital reserve fund 422,574,181.80 418,356,508.92
Less: treasury stock
Special provision
Surplus reserve fund 4,546,242.52 4,546,242.52
General risk reserve
Undistributed profit -212,274,759.40 -236,899,958.76
Difference of foreign
-14,592,643.01 -33,960,652.36
currency translation
Total owners' equity
649,139,798.91 600,928,917.32
attributable to parent company
Minority interests 113,093,246.24 96,216,291.46
Total owners' equity 762,233,045.15 697,145,208.78
Total liabilities and
1,717,150,579.55 1,630,623,370.58
owners' equity
Legal representative: Zhang Min
CFO: Ma Minliang
Financial Director: Gao Lili
Balance Sheet of Parent Company
June 30, 2011:
RMB'
Item Note Ending balance Beginning balance
Current assets：
Cash and cash equivalents 124,349,613.70 155,483,551.50
Tradable financial assets 528,119.51 456,413.54
Bills receivable 80,000.00 3,460,000.00
Accounts receivable 20,726,729.73 16,796,406.81
Prepayments 668,198.72 2,957,614.13
Interest receivable
Dividend receivable 7,829,975.16 7,829,975.16
Other receivables 132,232,638.16 152,097,710.85
Inventories 28,385,314.38 24,322,263.63
Non-current assets to be
expired in one year
Other current assets
Total current assets 314,800,589.36 363,403,935.62
Non-current assets：
Available for sale financial
8,332,756.05 8,320,183.62
assets
Held-to-maturity
investment
Long-term receivables
Long-term investment on
444,304,672.18 444,304,672.18
stocks
Investment properties 92,913,898.45 94,913,199.27
Fixed assets 57,903,427.40 56,167,359.62
Construction in progress 47,220.43
Construction materials
Disposal of fixed assets
Consumable biological
asset
20
SGSB GROUP CO.,LTD 2011 Interim Report
Oil&gas asset
Intangible assets 27,790,750.80 29,321,858.40
R&D expense
Goodwill
Long-term unamortized
expense
Deferred tax, asset
Other non-current assets
Total non-current assets 631,292,725.31 633,027,273.09
Total assets 946,093,314.67 996,431,208.71
Current liabilities： 207,948,148.62 217,948,148.62
Short-term loans
Tradable financial
1,585,143.00 3,017,862.00
liabilities
Bills payable 22,278,601.22 18,752,342.42
Accounts payable 3,484,048.18 3,750,305.02
Wages and salaries unpaid 151,578.79 500,000.00
Tax unpaid 1,026,428.13 -60,768.55
Interest unpaid
Dividend unpaid 1,032,818.86 1,032,818.86
Other payables 154,095,510.60 122,802,647.00
Long-term liabilities to be
520,000.00 400,000.00
expired in one year
Other current liabilities
Total current liabilities 392,122,277.40 368,143,355.37
non-current liabilities：
Long-term borrowings 1,489,984.87 989,984.87
Bonds payable
Long-term accounts
1,611,944.32 1,611,944.32
payable
Specific payable
Contingent liabilities 44,296,878.01
Deferred tax, debit 1,197,067.41 1,197,067.41
Other non-current
liabilities
Total non-current
4,298,996.60 48,095,874.61
liabilities
Total liabilities 396,421,274.00 416,239,229.98
owners' equity (or
shareholder’s equity)：
Paid-up capital (or stock) 448,886,777.00 448,886,777.00
Capital reserve fund 471,581,739.90 506,072,877.19
Less: treasury stock
Special provision
Surplus reserve fund 4,546,242.52 4,546,242.52
General risk reserve
Undistributed profit -375,342,718.75 -379,313,917.98
Total owners' equity(or
549,672,040.67 580,191,978.73
shareholder’s equity)
Total liabilities and
946,093,314.67 996,431,208.71
owners' equity
Legal representative: Zhang Min
21
SGSB GROUP CO.,LTD 2011 Interim Report
CFO: Ma Minliang
Financial Director: Gao Lili
Profit/Loss Statement
January- June 2011
RMB'
Item Note Current period Last period
1. Total operating revenues 867,134,653.55 855,001,867.84
including：Operating income 867,134,653.55 855,001,867.84
Interest income
Earned insurance
Fees and commission income
2. Total operating cost 843,497,466.93 868,691,839.63
including：Operating expense 635,358,917.85 685,456,147.32
Interest expense
Fees and commission expense
Surrender value
Net claims paid
net reserve for Extraction of
the insurance contract,
Dividend expense for
insurance policy
Reinsurance costs
Principal operating tax and
2,131,125.21 1,730,093.09
associate charge
Sales expense 85,103,014.17 86,051,954.07
Management expense 91,388,532.38 91,864,322.87
Financial expense 17,069,871.79 15,736,223.33
Impairment of assets 12,446,005.53 -12,146,901.05
Add: Net income in fluctuation of
-477,030.63 -82,143.59
fair value(less: loss)
Investment income(less: loss) 1,262,429.18 7,809,420.47
Including: investment income
in associated and joint-ventured -244,580.63
enterprises
Exchange earning(less: loss)
3. Operating profit (less: loss) 24,422,585.17 -5,962,694.91
Add：Non-operating income 23,736,080.70 16,921,154.13
Less：Non-operating expense 1,433,726.19 2,550,722.44
Including：net loss in disposal of
221,076.63 2,424,333.92
non-current assets
4. Total profit(less: loss) 46,724,939.68 8,407,736.78
Less：Income tax 7,131,951.46 2,537,329.49
5. Net profit(less: loss) 39,592,988.22 5,870,407.29
Net profit attributable to parent
24,625,199.36 3,662,614.03
company
Minority interest 14,967,788.86 2,207,793.26
22
SGSB GROUP CO.,LTD 2011 Interim Report
6.：Earning per share
（1）Basic earning per share 0.0549 0.0082
（2）Diluted earning per share 0.0549 0.0082
7. Other comprehensive income 25,494,848.14 -39,716,014.75
8. Total comprehensive income 65,087,836.36 -33,845,607.46
Total comprehensive income
48,210,881.59 -32,177,143.98
attributable to parent company
Total comprehensive income
16,876,954.77 -1,668,463.48
attributable to minority interest
Legal representative: Zhang Min
CFO: Ma Minliang
Financial Director: Gao Lili
Profit/Loss Statement of Parent Company
January- June 2011
RMB’
Item Note Current period Last period
1. Operating revenues 79,891,754.61 86,334,574.45
Less：Operating expense 66,494,547.80 69,387,960.27
Operating tax and associate
1,901,881.02 1,399,069.77
charge
Sales expense 2,448,683.71 3,290,889.54
Management expense 25,562,083.87 29,936,810.11
Financial expense 6,915,324.57 9,102,255.04
Impairment of assets -3,254,735.91 -3,796,838.74
Add: Net income in fluctuation of
-111,864.03 -102,744.80
fair value(less: loss)
Investment income(less: loss) 972,256.77 19,083,032.13
Including: investment income
in associated and joint-ventured
enterprises
2. Operating profit (less: loss) -19,315,637.71 -4,005,284.21
Add：Non-operating income 23,462,398.47 12,190,651.20
Less：Non-operating expense 175,561.53 853,739.97
Including：net loss in disposal
175,492.53 730,479.70
of non-current assets
3. Total profit(less: loss) 3,971,199.23 7,331,627.02
Less：Income tax
4. Net profit(less: loss) 3,971,199.23 7,331,627.02
5.：Earning per share
（1）Basic earning per share 0.0088 0.0163
（2）Diluted earning per share 0.0088 0.0163
6. Other comprehensive income -34,491,137.29 -654,297.72
7. Total comprehensive income -30,519,938.06 6,677,329.30
Legal representative: Zhang Min
CFO: Ma Minliang
Financial Director: Gao Lili
Cash Flow Statement
January- June 2011
23
SGSB GROUP CO.,LTD 2011 Interim Report
RMB’
Item Note Current period Last period
1. Cash flow from operating
activities：
Cash inflow from sale of
890,705,950.80 839,230,919.29
goods and provision of services
Customer deposits and
payments with the net increase
placements
Net increase in loans to the
Central Bank
Net increase in Borrowings
to other financial institutions
Original insurance contract
premiums received in cash
Net cash received
reinsurance
Net increase in insured
savings and investment section
Net increase in disposal of
tradable financial assets
Cash inflow from interest,
fees and commission
Net increase in borrowings
Net increase in repurchase
business funds
Tax refunds received 45,554,969.62 31,151,054.00
Cash inflow from other
6,532,745.20 10,494,563.29
operating activities
Sub-total cash inflow
942,793,665.62 880,876,536.58
from operating activities
Cash inflow from sale of
681,964,646.59 623,266,749.91
goods and provision of services
Net increase in loans and
advances to customers
Net increase in deposit in
central bank and interbank fund
Cash for payment of
original insurance claims
Cash outflow from interest,
fees and commission
Cash dividends paid to
policyholders
Cash paid to and for
201,758,824.22 264,698,237.35
employees
Cash paid for tax 10,162,109.60 12,471,393.01
Cash paid for other
59,286,054.46 60,398,443.59
operating related activities
Sub-total cash outflow 953,171,634.87 960,834,823.86
24
SGSB GROUP CO.,LTD 2011 Interim Report
from operating activities
Net cash in/outflow
-10,377,969.25 -79,958,287.28
from operating activities
2. Net cash in/outflow
generated from investment
activities：
Cash inflow from taking
1,642,281.63 223,301.14
back investment
Cash inflow from return on
1,312,956.63 862,569.38
investment
Cash gain from disposal of
fixed assets, intangible assets, 92,245,083.55 53,604,233.61
and other long-term investment
Cash inflow from disposal
of subsidiaries and other
operating units
Other proceeds related to
investment activities
Sub-total cash inflow
95,200,321.81 54,690,104.13
from investing activities
Cash paid for acquisition of
fixed assets, intangible assets 18,905,725.61 13,236,490.76
and other long-term assets
Cash paid for investment 7,168,124.00
Net increase in securities in
loan
Cash paid for acquisition of
subsidiaries and other operating
units
Cash paid for other
464,945.23
activities related to investment
Sub-total cash outflow
26,538,794.84 13,236,490.76
from investing activities
Net cash in/outflow
generated from investment 68,661,526.97 41,453,613.37
activities
3. Cash flow from financing
activities：
Absorption of investment
Including cash inflow from
absorbing minority
shareholder investment
Borrowings raised 166,600,000.00 159,939,883.95
Cash received from issuing
bonds
Other cash inflow related to
12,865,357.11
financing activities
Sub-total cash inflow
179,465,357.11 159,939,883.95
from financing activities
25
SGSB GROUP CO.,LTD 2011 Interim Report
Cash paid for debt 179,373,290.26 278,987,500.00
Dividend, interest and
12,313,764.40 20,692,206.46
profit paid
Including dividend and
profit paid by subsidiaries to
minority shareholder
Other cash outflow related
118,252,782.00 10,586.88
to financing activities
Sub-total cash outflow
309,939,836.66 299,690,293.34
from financing activities
Net cash in/outflow
-130,474,479.55 -139,750,409.39
from financing activities
4. Influence of fluctuation of
8,667,542.54 -26,757,773.91
exchange rate
5. Net increase/decrease in
-63,523,379.29 -205,012,857.21
cash and cash equivalents
Add： Beginning balance
409,008,778.08 467,658,653.68
of cash and cash equivalents
6. Ending balance of cash and
345,485,398.79 262,645,796.47
cash equivalents
Legal representative: Zhang Min
CFO: Ma Minliang
Financial Director: Gao Lili
Cash Flow Statement of Parent Company
January- June 2011
RMB’
Item Note Current period Last period
1. Cash flow from
operating activities：
Cash inflow from sale
of goods and provision of 85,870,964.37 83,844,989.29
services
Tax refunds received
Cash inflow from other
42,709,055.27 26,455,356.19
operating activities
Sub-total cash inflow
128,580,019.64 110,300,345.48
from operating activities
Cash inflow from sale
of goods and provision of 62,650,308.92 69,576,033.71
services
Cash paid to and for
26,164,526.75 45,973,024.51
employees
Cash paid for tax 4,881,582.56 5,394,364.50
Cash paid for other
21,442,049.40 22,321,949.92
operating related activities
Sub-total cash
outflow from operating 115,138,467.63 143,265,372.64
activities
26
SGSB GROUP CO.,LTD 2011 Interim Report
Net cash
in/outflow from operating 13,441,552.01 -32,965,027.16
activities
2. Net cash in/outflow
generated from investment
activities：
Cash inflow from
344,110.53
taking back investment
Cash inflow from
750,000.00 15,697,491.43
return on investment
Cash gain from
disposal of fixed assets,
92,080,761.47 50,960,261.40
intangible assets, and other
long-term investment
Cash inflow from
disposal of subsidiaries and 186,106.09
other operating units
Other proceeds related
to investment activities
Sub-total cash inflow
93,360,978.09 66,657,752.83
from investing activities
Cash paid for
acquisition of fixed assets,
2,033,917.42 1,768,386.40
intangible assets and other
long-term assets
Cash paid for
183,570.00 133,281,685.73
investment
Cash paid for
acquisition of subsidiaries
and other operating units
Cash paid for other
activities related to
investment
Sub-total cash
outflow from investing 2,217,487.42 135,050,072.13
activities
Net cash
in/outflow generated from 91,143,490.67 -68,392,319.30
investment activities
3. Cash flow from
financing activities：
Absorption of
investment
Borrowings raised 166,600,000.00 136,600,000.00
Cash received from
issuing bonds
Sub-total cash inflow
12,865,095.00
from financing activities
Cash paid for debt 179,465,095.00 136,600,000.00
Dividend, interest and 176,600,000.00 170,600,000.00
27
SGSB GROUP CO.,LTD 2011 Interim Report
profit paid
Other cash outflow
related to financing 7,247,795.53 4,618,229.77
activities
Sub-total cash
outflow from financing 118,252,782.00
activities
Net cash
in/outflow from financing 302,100,577.53 175,218,229.77
activities
4. Influence of fluctuation
-122,635,482.53 -38,618,229.77
of exchange rate
5. Net increase/decrease in
-218,402.95 736.63
cash and cash equivalents
Add： Beginning
balance of cash and cash -18,268,842.80 -139,974,839.60
equivalents
6. Ending balance of cash
142,618,456.50 273,006,414.17
and cash equivalents
124,349,613.70 133,031,574.57
Legal representative: Zhang Min
CFO: Ma Minliang
Financial Director: Gao Lili
28
SGSB GROUP CO.,LTD Interim report 2011
Owners' Equity -Consolidated
January- June 2011
RMB’
Current period balance
Owners' equity attributable to parent company
Item General
Less: Special Minority Total owners'
Surplus risk Undistributed
Paid-up capital Capital reserve treasury provisio Others interest equity
reserve preparatio profit
stock n
n
1. Last accounting
448,886,777.00 418,356,508.92 4,546,242.52 -236,899,958.76 -33,960,652.36 96,216,291.46 697,145,208.78
period balance
Add:
accounting policy
changes
Correctio
n of previous-period
accounting errors
Others
2. Beginning balance 448,886,777.00 418,356,508.92 4,546,242.52 -236,899,958.76 -33,960,652.36 96,216,291.46 697,145,208.78
3. Increase/decrease 4,217,672.88 24,625,199.36 19,368,009.35 16,876,954.78 65,087,836.37
(1) Net profit 24,625,199.36 14,967,788.86 39,592,988.22
(2) Gains and losses
directly into owners' 4,217,672.88 19,368,009.35 1,909,165.92 25,494,848.15
equity
Sub-total of (1) and
4,217,672.88 24,625,199.36 19,368,009.35 16,876,954.78 65,087,836.37
(2)
(3) Owner inputs and
reducing capital
a. Owner inputs
capital
b. Shares included in
owners' equity
c. Others
(4) Profit distribution
a. Surplus reserve
29
SGSB GROUP CO.,LTD 2011 Interim Report
b. General risk
reserve
c. Distribution to
owners or
shareholders
d. Others
(5). Inner carry-over
of owners' equity
a. Capital reserve
turn to stock equity
b. Surplus reserve
turn to stock equity
c. Surplus reserve to
recover loss
d. Others
(6). Special provision
a. Current extraction
b.Current use
4. Ending balance
448,886,777.00 422,574,181.80 4,546,242.52 -212,274,759.40 -14,592,643.01 113,093,246.24 762,233,045.15
RMB’
Previous period
Owners' equity attributable to parent company
Item General
Less: Special Minority Total owners'
Surplus risk Undistributed
Paid-up capital Capital reserve treasury provisio Others interest equity
reserve preparatio profit
stock n
n
1. Last accounting 448,886,777.0 397,168,468.5 4,546,242.5
-282,061,908.47 -16,065,589.05 37,352,998.57 589,826,989.12
period balance 0 5 2
Add:
accounting policy
changes
Correctio
n of previous-period
accounting errors
30
SGSB GROUP CO.,LTD 2011 Interim Report
Others
448,886,777.0 397,168,468.5 4,546,242.5
2. Beginning balance -282,061,908.47 -16,065,589.05 37,352,998.57 589,826,989.12
0 5 2
3. Increase/decrease -3,981,609.60 3,662,614.03 -31,858,148.38 -1,668,463.51 -33,845,607.46
(1) Net profit 3,662,614.03 2,207,793.26 5,870,407.29
(2) Gains and losses
directly into owners' -3,981,609.60 -31,858,148.38 -3,876,256.77 -39,716,014.75
equity
Sub-total of (1) and
-3,981,609.60 3,662,614.03 -31,858,148.38 -1,668,463.51 -33,845,607.46
(2)
(3) Owner inputs and
reducing capital
a. Owner inputs
capital
b. Shares included in
owners' equity
c. Others
(4) Profit distribution
a. Surplus reserve
b. General risk reserve
c. Distribution to
owners or
shareholders
d. Others
(5). Inner carry-over
of owners' equity
a. Capital reserve turn
to stock equity
b. Surplus reserve turn
to stock equity
c. Surplus reserve to
recover loss
d. Others
(6). Special provision
a. Current extraction
b.Current use
4. Ending balance
31
SGSB GROUP CO.,LTD 2011 Interim Report
448,886,777.0 393,186,858.9 4,546,242.5
-278,399,294.44 -47,923,737.43 35,684,535.06 555,981,381.66
0 5 2
Legal representative: Zhang Min
CFO: Ma Minliang
Financial Director: Gao Lili
32
SGSB GROUP CO.,LTD 2011 Interim Report
Owners' Equity-Parent Company
January- June 2011
RMB’
Current period
General
Less:
Item Paid-up Capital
treasury
Special Surplus risk Undistributed
Total owners' equity
capital reserve provision reserve preparatio profit
stock
n
1. Last accounting 448,886,777.0 4,546,242.5 -
506,072,877.19 580,191,978.73
period balance 0 2 379,313,917.98
Add:
accounting policy
changes
Correctio
n of previous-period
accounting errors
Others
448,886,777.0 4,546,242.5 -
2. Beginning balance 0
506,072,877.19
2 379,313,917.98
580,191,978.73
-
3. Increase/decrease 34,491,137.2 3,971,199.23 -30,519,938.06
9
(1) Net profit 3,971,199.23 3,971,199.23
(2) Gains and losses -
directly into owners' 34,491,137.2 -34,491,137.29
equity 9
-
Sub-total of (1) and
34,491,137.2 3,971,199.23 -30,519,938.06
(2)
9
(3) Owner inputs and
reducing capital
a. Owner inputs
capital
b. Shares included in
owners' equity
c. Others
(4) Profit distribution
a. Surplus reserve
b. General risk
reserve
c. Distribution to
owners or
shareholders
d. Others
(5). Inner carry-over
of owners' equity
a. Capital reserve
turn to stock equity
b. Surplus reserve
turn to stock equity
c. Surplus reserve to
recover loss
d. Others
(6). Special provision
a. Current extraction
b.Current use
4. Ending balance
448,886,777.00 471,581,739.90 4,546,242.52 -375,342,718.75 549,672,040.67
RMB’
Previous period
Item
33
SGSB GROUP CO.,LTD 2011 Interim Report
General
Less:
Paid-up Capital Special Surplus risk Undistributed
treasury Total owners' equity
capital reserve provision reserve preparatio profit
stock
n
1. Last accounting 448,886,777.00 504,334,751.14 4,546,242.52 -349,488,849.45 608,278,921.21
period balance
Add:
accounting policy
changes
Correctio
n of previous-period
accounting errors
Others
2. Beginning balance 448,886,777.00 504,334,751.14 4,546,242.52 -349,488,849.45 608,278,921.21
3. Increase/decrease -654,297.72 7,331,627.02 6,677,329.30
(1) Net profit 7,331,627.02 7,331,627.02
(2) Gains and losses
directly into owners' -654,297.72 -654,297.72
equity
Sub-total of (1) and -654,297.72 7,331,627.02 6,677,329.30
(2)
(3) Owner inputs and
reducing capital
a. Owner inputs
capital
b. Shares included in
owners' equity
c. Others
(4) Profit distribution
a. Surplus reserve
b. General risk
reserve
c. Distribution to
owners or
shareholders
d. Others
(5). Inner carry-over
of owners' equity
a. Capital reserve
turn to stock equity
b. Surplus reserve
turn to stock equity
c. Surplus reserve to
recover loss
d. Others
(6). Special provision
a. Current extraction
b.Current use
4. Ending balance
448,886,777.00 503,680,453.42 4,546,242.52 -342,157,222.43 614,956,250.51
Legal representative: Zhang Min
CFO: Ma Minliang
Financial Director: Gao Lili
34
SGSB GROUP CO.,LTD 2011 Interim Report
Annotations to Financial Statements
1. General information
SGSB Group Co., Ltd. (the Company), joint stock limited company with publicly issued A & B shares
on Shanghai Stock Exchange, is the first listed company in the sewing machinery sector of the
People’s Republic of China. The Company got the Corporate Business License numbered
310000400080303 (Municipal Bureau) authorized by local administration of industry and commerce in
April, 1994. The Company, with register capital of RMB 448,886,777, has 1201 Luoshan Road,
Pudong New Area, Shanghai PRC as register address, 12F, 1200 Century Avenue, Pudong New Area,
Shanghai as headquarters’ address, and Mr. Zhang Min as legal representative.
The Company is mainly engaged in the manufacture and sales of industrial sewing machines and
equipment, with more than 10 major categories of products with a total of 21 series and over 100
different varieties of sewing machines, including high speed lockstitch sewing machines, high speed
overlock sewing machines, leather products sewing machines, bartacking sewing machines, bag
closing sewing machines, button hole sewing machines and other specialized sewing equipment.
Almost all its products are marked with the five registered trademarks “Shanggong”, “Shuanggong”,
“Butterfly”, “Bee” and “Flying Man”. During recent years, the Company pays priority to the R&D of
new sewing machinery products. Particularly after the acquisition of Durkopp Adler AG (public listed
company in Germany) in 2005, the Company has been availing the advanced technology of Durkopp
Adler to realize the upgrade and development of the products’ structure, and moving gradually the
production of DA’s products which are popular in Asian market to China with purpose of satisfying
the growing demand of customers for auto-running sewing machines.
At the meantime, the Company has also its business in office appliances, sensitive films, international
trade and logistic industries.
On May 22, 2006, the General Meeting of Shareholders considered and approved the non-tradable
equity reform proposal, whose core content is that the non-tradable equity stockholders pay partially
their shares to all the tradable equity shareholders at a ratio of 10:6 as consideration of getting tradable
rights. After the payment, the total number of shares remains unchanged, but the equity structure has
changed as following: as at June 30, 2011, the total number of shares is of 448,886,777, 100%
categorized as unconditionally tradable shares.
2. Principal accounting policies, estimations and early errors
2.1 Basis for the formulation of financial statements
Based on the sustainable operation and according to really occurred transactions and affairs, the
Company adopts “Accounting Standards for Business Enterprises-Basic Standards” and related
additional regulations in the preparation of its financial statements.
2.2 Declaration for the adoption of the Accounting Standards for Enterprises
The financial statements and annotations prepared by the Company, strictly under the guideline of
“Accounting Standards for Business Enterprises”, reflect truly and integrally the information such as
financial status, business achievements and cash flows of the Company.
2.3 Accounting Calendar
35
SGSB GROUP CO.,LTD 2011 Interim Report
The Company adopts the Gregorian calendar and defines every accounting year as beginning at
January 1 and ending at the same December 31.
2.4 Measurement currency
The Company maintains its books and records in Renminbi (RMB).
The overseas subsidiaries of the Company adopt at their books respectively the currency adopted by
the places where their principal operations are installed, and translate them into Renminbi on the
preparation of financial statements.
2.5 Accounting treatment of business combination under/not under the same controller
2.5.1 Under the same controller
The acquired assets and liabilities by the company through business combination are measured at their
book value with the merged parties on the date of merger. The capital surplus should be adjusted
based on the difference between the book value of net assets obtained from business combination and
the book value of the paid price for the combination (or the total nominal value of issued shares). And
in case that the capital surplus was less than the write-offs, the retained earnings should be adjusted.
All the direct costs paid by the Company for the conduct of business combination, including audit fees,
appraisal fees, legal services, etc., should be accounted into current profit and loss at the time incurred.
The fees, commission, etc., occurred during the issuance of equity securities for the business
combination should offset the premium income. In case that the premium income was less than write-
downs, the retained earnings should be recorded for reduction.
If the accounting policies adopted by the merged parties are inconsistent with those of the Company,
the Company can make adjustment in accordance with its accounting policies on the date of
combination, and confirm them in accordance with the Accounting Standards for Enterprises
confirmation.
2.5.2 Not under the same controller
The company accounts the assets and liabilities paid as price for the business combination at their fair
value on the date of acquisition. The difference between the fair value and the book should be
included in current profit and loss.
The company allocates the merger costs on the date of acquisition.
The Company recognize as goodwill the difference of the combination costs more than the fair value of
the identifiable net assets obtained from the merged parties, and accounts into current profit and loss
the difference of the fair value of the identifiable net assets obtained from the merged parties than the
combination costs.
All the other assets except intangible assets (not limited to the identified assets originally belonged to
the merged parties), whose economic benefits are likely to flow to the company and whose fair value
can be reliably measured, should be accounted separately at their fair value; the intangible assets whose
fair value can be reliably measured should be recognized separately as intangible assets and accounted
at their fair value; all the other liabilities except contingent liabilities, whose fulfillment is likely to lead
to outflow of economic benefits of the Company and whose fair value can be reliably measured, should
be accounted separately at their fair value; the contingent liabilities obtained from the merged parties
whose fair value can be reliably measured, should be recognized separately as liabilities and accounted
at their fair value.
2.6 Preparation of the consolidated financial statements
The consolidation scope of the Company's financial statements has the real control as basis, and all
subsidiaries are included in the consolidated financial statements.
All the consolidated subsidiaries adopt the same accounting policies and accounting period. In case
36
SGSB GROUP CO.,LTD 2011 Interim Report
that the subsidiary's accounting policies and accounting period are inconsistent with those of the
Company, the inconsistent elements should be adjusted according to the company's accounting policies
and accounting period.
The Company prepares the consolidated financial statements based on the financial statements of the
Company itself and of its subsidiaries, with adoption of other relevant information, and after necessary
adjustments based on equity method.
There should be offset the influence of the internal transactions between the Company and its
subsidiaries, the subsidiaries themselves upon the consolidated balance sheet, consolidated income
statement, consolidated cash flow statement, and consolidated owner's equity sheet.
If the current-period loss for minority shareholders of the subsidiaries is more than the beginning
balance of the minority interests, the owner's equity of the Company should be offset when the Articles
of Association or any other agreements haven’t shown that the minority shareholders should fulfill the
obligation; or the minority shareholders should pay for the difference when the Articles of Association
or any agreements share have fixed the obligation for them.
During the report period, for those subsidiaries newly absorbed by business combination under the
same controller, the Company should adjust the beginning balance of the consolidated balance sheet;
include the current-period income, expenses and profits of the subsidiaries into the consolidated profit
and loss statement; and include the current-period cash flow of the subsidiaries into the consolidated
cash flow statement.
During the report period, for those subsidiaries newly absorbed by business combination not under the
same controller, the Company should not adjust the beginning balance of the consolidated balance
sheet; include the income, expenses and profits of the subsidiaries from the acquisition date to the
period-end into the consolidated profit and loss statement; and include the cash flow of the subsidiaries
from the acquisition date to the period-end into the consolidated cash flow statement.
During the report period, on disposal of subsidiaries, the Company should incorporate the income,
expenses and profits of the subsidiaries from the period-beginning to the disposal date into the
consolidated profit and loss statement; and incorporate the cash flow of the subsidiaries from the
period-beginning to the disposal date into the consolidated cash flow statement.
2.7 Criteria for the definition of cash and cash equivalent
For the purpose of the cash flow statement, cash represents the cash on hand and ready for payment in
cash deposits of the Company, cash equivalent comprises short-term investments with maturity within
three months that are characterized with active fluidity, easy to transfer to realizable value and less
risky for value fluctuation.
2.8 Foreign currency calculation and translation of financial statements in foreign currency
2.8.1 Foreign currency calculation
Foreign currency transactions are translated into the measurement currency using the spot exchange
rate prevailing at the date of the transaction.
The balance of foreign currency monetary items is adjusted and translated into measurement currency
at balance sheet date using the spot exchange rate. Regarding the year-end differences of translation in
foreign currency, except those special borrowing accounts under the acquisition, building or
production of assets to be capitalized are capitalized and accounted into related assets cost, all the other
differences are accounted into current profits and losses. The foreign currency non-monetary items at
historical cost are translated using the spot exchange rate. And the foreign currency non-monetary
items at fair value are adjusted and translated into measurement currency at adoption date of fair value
using the spot exchange rate. The difference of translation between different currencies is accounted
into current profits and losses or capital reserves.
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2.8.2 Translation of financial statements in foreign currency
All the assets and liabilities items in the Balance Sheet adopt for the translation the spot exchange rate
at balance sheet date. The items under the owners’ equity, except the undistributed profits, are
translated at their occurrence at the spot exchange rate. The spot exchange rate at the transaction date
or the exchange rate approximate to spot rate defined by a systematic rational method should be
adopted for the income/expense items, and the difference caused by such translations should be listed
separately under the owners’ equity in the Balance Sheet.
On disposal of overseas operations, the corresponding difference of foreign currency translation related
to the overseas operations should be moved from owners’ equity to current profits and losses. On
partial disposal of overseas operations, the partial proportion of difference should also be converted
into current profits and losses.
2.9 Financial instruments
Financial instruments consist of financial assets, financial liabilities and equity instruments.
2.9.1 Classification of financial instruments
The Company classifies the financial assets and liabilities by their purposes: financial assets or
liabilities at fair value and accounted into current profits and losses (for example, tradable financial
assets or liabilities); held to maturity investments; loans and receivable accounts; financial assets
available for sale and other financial liabilities.
2.9.2 Definition and measurement of financial instruments
2.9.2.1 Financial assets and liabilities at fair value and accounted into current profits and losses
The fair value (after deduction of cash dividend to be distributed and bonds interest to be received) of
the assets on the acquisition should be adopted as initial recognized value, and related transaction
expenses should be accounted into current profits and losses.
The interests and cash dividend received should be recognized as investment income during the period,
and the difference of fair value between initial and spot dates should be accounted into current profits
and losses at the end of period.
On the disposal of the assets, the difference between the obtained price and the book value of
investment should be recognized as investment income, and the accumulated fair value profits and
losses should be accordingly adjusted.
2.9.2.2 Held to maturity investments
The fair value (after deduction of bond interests whose period has matured but not charged yet) plus
the related transactions fees should be adopted as initial recognized value.
During the holding period, the interest income should be confirmed and included into investment
income in accordance with the amortized costs and the real interest rate (according to nominal interest
rates if the difference between the real interest rate and the nominal interest rate is small). The real
interest rate should be determined at the time made, and remain unchanged during the expected
duration or applicable shorter period.
On disposal of these investments, the difference between the income from investment and the book
value of investment should be accounted into investment income.
2.9.2.3 Receivable accounts
The contract price charged to the buyers should be recognized as initial value for those receivable
accounts which mainly composes of the receivable creditor’s right caused by the sale of goods and the
providing of labor services, and receivables in other companies excluding debt instruments priced in
active markets, includes but not limits in receivable bills, receivable accounts, other receivables,
prepayments and long-term receivables. If characterized as financing activities, the initial recognition
should be priced at present value.
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The differences between sale value and book value should be accounted into current profits and losses
on its recovery or disposal.
2.9.2.4 Financial assets available for sale
The fair value (less than cash dividend to be distributed and bonds’ interest to be received) and
relevant transaction expenses of the assets on the acquisition should be adopted as initial recognized
value.
The interests and cash dividend received should be recognized as investment income during the period,
and the difference of fair value between initial and spot dates should be accounted into capital reserve
(other capital reserve).
On the disposal of the assets, the difference between fair value and initial value should be recognized
as investment profits and losses, and the accumulated variance of fair value caused by the disposal
should be simultaneously moved from shareholders’ equity to investment profits and losses.
2.9.2.5 Other financial liabilities
The Company adopts the fair value and relevant transaction expenses as initial recognized value and
takes amortized cost for subsequent measurement.
2.9.3 Recognition and measurement of the financial assets transfer
On the transfer of financial assets, these assets should be no longer recognized if nearly all the risks
and rewards relating to the ownership have been transferred to the transferee; if in contrary cases, they
should be still recognized as financial assets of the Company.
The principle of “Substance over Form” is adopted in judging the termination or not of recognizing
financial assets. The transfer of financial assets is also divided into two cases: entire transfer and
partial transfer. If the transfer of an entire financial asset satisfies the conditions for stop recognition,
the difference between the amounts of the following 2 items shall recorded in the profits and losses of
the current period:
2.9.3.1 The book value of the transferred financial asset;
2.9.3.2 The aggregate consideration received from the transfer, and the accumulative amount of the
changes of the fair value originally recorded in the owner’s equities (in the event that the financial
asset involved in the transfer is a financial asset available for sale).
If the transfer of partial financial asset satisfies the conditions for stopping recognition, the carrying
amount of the entire financial asset transferred shall, between the portion whose recognition has
stopped and the portion whose recognition has not stopped (under such circumstance, the service asset
retained shall be deemed as a portion whose recognition has not stopped), be allocated at their
respective relative fair value, and the difference between the amounts of the following 2 items:
(1) The book value of the portion whose recognition has stopped;
(2) The aggregate consideration of the portion whose recognition has stopped, and the portion of the
accumulative amount of the changes in the fair value originally recorded in the owner’s equities which
is corresponding to the portion whose recognition has stopped (in the event that the financial asset
involved in the transfer is a financial asset available for sale).
The Company should recognize financial assets and recognize the reception of consideration as
financial liabilities in case the transfer of these financial assets doesn’t satisfy the definition of
termination.
2.9.4 Conditions for derecognizing financial liabilities
If the current obligations of financial liabilities has been lifted in whole or in part, then the Company
should derecognize the financial liabilities in whole or in part thereof; if the Company signs an
agreement with creditors in order to take on new ways to replace the existing financial liabilities, and
the new liabilities and the existing financial terms are substantially different, the Company should
terminate recognizing the existing financial liabilities, and begin to recognize the new financial
liabilities at the same time.
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If the terms of the contract involving the existing financial liabilities have been made with substantive
changes in whole or in part, the Company should terminate recognizing the existing financial liabilities
in whole or in part, and at the same time, adopt the modified version of financial liabilities as a new
one.
On derecognizing the financial liabilities in whole or in part, the difference between the book value of
these financial liabilities and the payment should be accounted into current profits and losses.
If buying back part of the financial liabilities, on the date of repurchase and in accordance with the
comparative fair value of the part to be continuously recognized and to be derecognized, the Company
should allocate the whole financial liabilities. The difference between the part assigned to the
derecognized book value and the payment (including the roll-out of non-cash assets or new financial
liabilities to be assumed) should be included into current-period profits and losses.
2.9.5 Definition of fair value of financial assets and liabilities
The Company adopts the year-end quotations in active markets as fair value of financial assets and
liabilities.
2.9.6 Depreciation reserves for financial assets (excluding accounts receivable)
2.9.6.1 Depreciation reserves for financial assets available for sale
At end of report year, the accumulated loss caused by the fair value decrease should be reclassified
from the original item of owners’ equity and recognized as impairment loss in case the fair value of
financial assets available for sale has decreased significantly or the decrease trend is considered to be
non-temporary under all the related conditions.
2.9.6.2 Depreciation reserves for held to maturity investments
The impairment loss of held to maturity investments is calculated in the light of the treatment of
accounts receivable’s depreciation.
2.10 Accounts receivable
2.10.1 Recognition and accruement of provision for bad debt in accounts receivable of individually
significant amount
2.10.1.1 Recognition criteria of provision for bad debt in accounts receivable of individually
significant amount
The accounts receivable of individually significant amount refer to the top five accounts receivable
with significant amount.
2.10.1.2 Accruement of provision for bad debt in accounts receivable of individually significant
amount
The Company takes individual depreciation test for those significant receivable accounts, and
determines the impairment loss and makes provision for bad debts based on the difference between
their future cash flow value and book value.
The estimated future cash flow of short-term accounts receivable shouldn’t be discounted at the
calculation of their impairment loss for the minor difference between their present value and future
cash flow.
2.10.2 Recognition and accruement of provision for bad debt in accounts receivable of insignificant
amount but whose package is characterized as highly risky credit portfolio
2.10.2.1 Definition of highly risky credit risk portfolio
For those insignificant receivable accounts, the Company classifies them as several groups whose
credit risk level is similar to those individually tested non-depreciation accounts, and determines the
impairment loss and makes proportional provision for bad debts based on the end-of-period balance.
2.10.2.2 Accruement based on highly risky credit risk portfolio
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The Company determines the following proportion of provision for bad debts based on the actual loss
ratio of the anterior-periods receivable accounts with similar credit risk, and the consideration of actual
situations:
Age Provision proportion for accounts receivable (%) Provision proportion for other receivables (%)
Within one year 5 5
1-2 years 20 20
2-3 years 50 50
Over 3 years 100 100
2.11 Inventories
2.11.1 Classification of inventories
The inventories of the Company comprise: materials in transit, raw materials, turnover materials,
inventory products, work in progress, finished products, material in outside processing, etc.
2.11.2 Inventory pricing method on their delivery
Inventory products are accounted with weighted average method on their delivery.
2.11.3 Determination of net realizable value of inventories and accruement of stock depreciation
provision
The Company takes inventory checkup at end of each accounting period, and states or adjusts
depreciation reserves of inventories at the lower of cost or net realizable value.
During normal production, the cash realizable value of inventories directly for sale, such as products,
merchants and materials for sale is accounted by the estimated price less the estimated sales expenses
and taxes. During normal production, the cash realizable value of materials to be processed is
accounted by the estimated price of finished product less the estimated cost, sales expenses and taxes.
For those inventories with purpose of implementing sales contract or labor contract, the cash realizable
value is based on the contract price; if the inventories held more than fixed in the contract, the cash
realizable value of surplus part is accounted based on the market price.
At end of report year, the Company accrues separately the provisions for depreciation reserves of the
inventories. In case of low-cost and numerous-in-variety inventories, the Company classifies the
provision for depreciation of each kind of inventories. And the Company consolidates the provision
for depreciation of those inventories related to the production and sales of products in the same region,
with the same or similar utilization and purpose, and difficult to calculate separately.
In case the factors impacting the write-down of the inventories’ value disappear, the write-down
amount should be recovered and the according provision of impairment should be returned to current
profits and losses.
2.11.4 Inventory system
The Company adopts perpetual inventory system to take periodic or non-periodic inventory
checkup.
2.11.5 Provision for depreciation reserves of inventories
2.11.5.1 Inventory products are accounted with weighted average method on their delivery.
2.11.5.2 The amortization treatment of packing materials adopts one-off amortization method.
2.12 Long-term equity investment
2.12.1 Initial measurement
2.12.1.1 Long-term equity investment formed in the merger of enterprises
For the merger of enterprises under the same control, if the consideration of the merging enterprise is
that it makes payment in cash, transfers non-cash assets or bear its debts, it shall, on the date of merger,
regard the share of the book value of the owner's equity of the merged enterprise as the initial cost of
the long-term equity investment. The difference between the initial cost of the long-term equity
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investment and the payment in cash, non-cash assets transferred as well as the book value of the debts
borne by the merging party shall offset against the capital reserve. If the capital reserve is insufficient
to dilute, the retained earnings shall be adjusted. All the directly related expenses, including audit fee,
appraisal fee, legal services fee etc, shall be accounted into current profits and losses.
For the merger under different control, the merger cost should be accounted at the fair value of assets
paid, liabilities carried and equity bonds issued by the merging party at the merger date, and other
direct expenses related to the transaction. For the gradual merger realized by separate procedures, the
merger cost should be the sum of every separate transaction. In case of any future events defined in
merger contract whose predictable occurrence could influence the merger cost and the related amount
could be reliably calculated at merger date, such amount should also be included in merger cost.
2.12.1.2 Long-term equity investment by other methods
The initial cost of a long-term equity investment obtained by making payment in cash shall be the
purchase cost which is actually paid.
The initial cost of a long-term equity investment obtained on the basis of issuing equity securities shall
be the fair value of the equity securities issued.
The initial cost of a long-term equity investment of an investor shall be the value stipulated in the
investment contract or agreement except the unfair value stipulated in the contract or agreement.
Under the conditions that the exchange of non-monetary assets is characterized with business essence,
and the fair value of the assets received or surrendered can be accounted in a reliable way, the book
value of assets received is defined on basis of the fair value of assets surrendered, except there are
conclusive evidences for the stronger reliability of the fair value of assets received. For the exchange
of those non-monetary assets not meeting the above premises, the book value of assets surrendered and
related taxes should be accounted as cost of assets received and the profits and losses shouldn’t be
concluded.
The initial cost of long-term equity investment obtained by recombination of liabilities shall be
accounted at fair value.
2.12.2 Subsequent measurement and recognition of profits and losses
2.12.2.1 Subsequent measurement
For a long term equity investment on the subsidiary company of an investing enterprise, the investing
enterprise shall accounted by employing the cost method, and shall make an adjustment by employing
the equity method when it works out consolidated financial statements.
The cost method shall be employed when a long-term equity investment of the investing enterprise that
does not do joint control or does not have significant influences on the invested entity, and has no offer
in the active market and its fair value cannot be reliably measured.
A long-term equity investment of the investing enterprise that does joint control or significant
influences over the invested entity shall be measured by employing the equity method. If the initial
cost of a long-term equity investment is more than the investing enterprise' attributable share of the fair
value of the invested entity's identifiable net assets for the investment, the initial cost of the long-term
equity investment may not be adjusted; if the initial cost of a long-term equity investment is less than
the investing enterprise' attributable share of the fair value of the invested entity's identifiable net assets
for the investment, the difference shall be included in the current profits and losses and the cost of the
long-term equity investment shall be adjusted simultaneously.
Where any change is made to the owner's equity other than the net profits and losses of the invested
entity, the book value of the long-term equity investment shall be adjusted and be included in the
owner's equity, and the capital reserves (other capital reserves) shall be accordingly adjusted, in
accordance with the attributable share of the net profits or losses of the invested entity.
2.12.2.2 Recognition of profits and losses
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Under cost method, the investment income recognized by the investing enterprise shall be limited to
the amount received from the accumulative net profits that arise after the invested entity has accepted
the investment. Where the amount of profits or cash dividends obtained by the investing entity exceeds
the aforesaid amount, it shall be regarded as recovery of initial investment cost.
Under equity method, an investing enterprise shall recognize the net losses of the invested enterprise as
following process: firstly, it shall dilute the book value of the long-term equity investment; secondly, if
the book value of the long-term equity investment is insufficient to dilute, it shall dilute the book value
of the long-term receivables under the limit of other long-term rights and interests which substantially
form the net investment made to the invested entity; lastly, after the above treatments, it shall recognize
the accrued liabilities according to the responsibilities in investment contract or agreement and account
them into current profits and losses.
If the invested entity realizes profits in posterior periods, the investing enterprise shall adopt the
contrary process, after the unrecognized losses, to write down the balance of the accrued liabilities,
recover the book value of other long-term rights and interests which substantially form the net
investment made to the invested entity, and recognize the investment profits.
2.12.3 Evidences for significant influences and the invested entity under joint control
Certain control is considered as joint control with other parties over the invested entity when it happens
over an economic activity in accordance with the contracts and agreements, which does not exist unless
the investing parties of the economic activity with one an assent on sharing the control power over the
relevant important financial and operating decisions. Certain case is considered as significant
influences when the investing entity owns the power to participate in making decisions on the financial
and operating policies of an enterprise, but not to control or do joint control together with other parties
over the formulation of these policies.
2.12.4 Impairment testing methods and impairment accrual method
For those long-term equity investments characterized with significant impact, not quoted in active
markets, and whose fair value can’t be reliably measured, the impairment loss is determined on basis of
the difference between their book value and the present value of similar financial assets whose market
rate of return on future cash flows can be discounted.
For those long-term equity investments, except the long- goodwill formed from business combination,
if the recoverable amount of the measurement results show that the recoverable amount of the long-
term equity investment below its book value, the difference will be recognized as impairment loss.
For goodwill formed by business combination, regardless of whether there is indication of impairment,
there should be conducted annual impairment testing.
The impairment loss of long-term equity investments can’t be returned back after the recognition.
2.13 Investment real estate
Investment real estate refers to the real estate held with purpose of rent earning, capital gaining or both
of them, including land user which has been rented out or is held for transference after capital
appreciation, and buildings which has been rented out.
The Company adopts cost calculation mode for measurement of investment real estate. On calculating
the depreciation, the Company adopts the same policy of fixed assets for measurement of investment
real estate and assets for rent, and the same policy of intangible assets for measurement of right of land
use for rent.
On appearance of evidence for depreciation, the Company estimates the recoverable value and defines
the impairment loss when the recoverable value is lower than its book value.
The impairment loss of investment real estate can’t be returned back after the recognition.
2.14 Calculation and depreciation of fixed assets
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2.14.1 Definition of fixed assets
The fixed assets of the Company refer to those tangible assets with service life more than one year and
related to production, labor services, for lease or management. The Company recognizes the fixed
assets when they meet the following conditions:
(1) The economic benefits pertinent to the fixed asset are likely to flow into the enterprise; and
(2) The cost of the fixed asset can be measured reliably.
2.14.2 Impairment method of fixed assets
The provision for decrease in value of fixed assets is made with straight-line method, with
consideration of the category of the assets, their estimates of service life and net salvage.
The fixed assets fit-up fee eligible for capitalization should be accrued individually in straight-line
method adopting the shorter period between two fit-ups and the remaining service life.
The estimated service life and depreciation rate of fixed assets by category is as following:
Category Service year Estimated net scrap value rate Annual rate of depreciation
House and construction 20-50 10% 1.8% - 4.5%
Machinery and equipment 5-15 10% 6% - 18%
Motor vehicles 5-10 10% 9 % - 18%
Electric appliances 5-10 10% 9%-18%
Fixtures 5-15 -- 6.6%-20%
Others 5-10 10% 9% - 18%
2.14.3 Testing method and provision for depreciation of fixed assets
The Company determines whether there is evidence of impairment that may occur upon fixed assets at
end of each period.
If there is indication of impairment of fixed assets, the Company should estimate its recoverable
amount. The recoverable amount is to be determined by the higher between the net price of the fair
value of fixed assets after subtracting costs of disposal and the present value of expected future cash
flows from fixed assets.
When the recoverable amount of fixed assets is below their book value, the book value of fixed assets
should be written down to its recoverable amount, and the amount of write-down should recognized as
impairment loss of fixed assets, and included into current profits and losses. At the same time, the
provision for depreciation of fixed assets should be accrued.
After the recognition of impairment losses of fixed assets, the depreciation of fixed assets for
impairment should be accordingly adjusted in future periods so that during the remaining useful life of
the fixed assets, the book value of adjusted fixed assets can be systematically amortized (less the
estimated net residual value).
After the recognition, the impairment loss of fixed assets shouldn’t be recovered in subsequent
accounting period.
If there are indications showing that a possible impairment of fixed assets could take place, the
Company should estimate its recoverable amount based on individual fixed assets. If difficult to do so,
the Company should determine the recoverable amount of the assets group on basis of the asset groups
to which the fixed assets belong.
2.15 Accounting of construction in progress
2.15.1 Category of construction in progress
The Company distinguishes the characteristics of each construction in progress in their real cost
accounting.
2.15.2 Standards and conversion date from construction in progress to fixed assets
The book value of construction in progress is accounted into fixed assets at all the expenses
occurred before the build-up of such assets available for intended use. After available for
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intended use but before the final settlement, the built-up fixed assets are accounted at estimated
value and accrued under the depreciation policy of fixed assets based on construction’s budget,
cost or real cost. After the settlement, the Company should adjust the provisional estimate by real
cost, but not the accrued.
2.15.3 Testing method and provision for depreciation of construction in progress
The Company determines whether there is evidence of impairment that may occur upon construction in
progress at end of each period.
If there is indication of impairment of construction in progress, the Company should estimate its
recoverable amount. The recoverable amount is to be determined by the higher between the net
price of the fair value of construction in progress after subtracting costs of disposal and the
present value of expected future cash flows from construction in progress.
When the recoverable amount of construction in progress is below their book value, the book
value of construction in progress should be written down to its recoverable amount, and the
amount of write-down should recognized as impairment loss of construction in progress, and
included into current profits and losses. At the same time, the provision for depreciation of
construction in progress should be accrued.
After the recognition, the impairment loss of construction in progress shouldn’t be recovered in
subsequent accounting period.
If there are indications showing that a possible impairment of certain construction in progress
could take place, the Company should estimate its recoverable amount based on individual
construction. If difficult to do so, the Company should determine the recoverable amount of the
assets group on basis of the asset groups to which the construction in progress belongs.
2.16 Capitalization of the loan fees
2.16.1 Definition of capitalization of the loan fees
Where the borrowing costs incurred to the Company can be directly attributable to the acquisition and
construction or production of assets eligible for capitalization, it shall be capitalized and recorded into
the costs of relevant assets. Other borrowing costs shall be recognized as expenses on the basis of the
actual amount incurred, and shall be recorded into the current profits and losses.
The term "assets eligible for capitalization" shall refer to the fixed assets, investment real estate,
inventories and other assets, of which the acquisition and construction or production may take quite a
long time to get ready for its intended use or for sale.
The borrowing costs shall not be capitalized unless they simultaneously meet the following
requirements:
(1) The asset disbursements have already incurred, which shall include the cash, transferred non-cash
assets or interest bearing debts paid for the acquisition and construction or production activities for
preparing assets eligible for capitalization;
(2) The borrowing costs has already incurred; and
(3) The acquisition and construction or production activities which are necessary to prepare the asset
for its intended use or sale have already started.
2.16.2 Capitalization period
The capitalization period shall refer to the period from the commencement to the cessation of
capitalization of the borrowing costs, excluding the period of suspension of capitalization of the
borrowing costs.
When the assets of acquisition and construction or production are available for their intended use or
marketable condition, the capitalization of loans goes to the end.
When certain part of the assets of acquisition and construction or production is separately completed
and available for its intended use, the capitalization of loans for this part of assets goes to the end.
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If different parts of the assets of acquisition and construction or production are separately completed,
but they could be available for their intended use or marketable condition only after the completion of
the construction in whole, the capitalization of loans goes to the end after the whole completion.
2.16.3 Suspension of capitalization period
Where the acquisition and construction or production of a qualified asset is interrupted abnormally and
the interruption period lasts for more than 3 months, the capitalization of the borrowing costs shall be
suspended. Where the interrupted acquisition and construction or production of the qualified asset is
available for intended use or marketable condition, the capitalization of loans should reinitiate. The
borrowings occurred during the suspension period should be determined as current-period profits and
losses, and the capitalization will not reinitiate until the reactivation of the interrupted acquisition and
construction or production of the qualified asset.
2.16.4 Calculation of capitalized loan fees
The to-be-capitalized amount of interests of the specially borrowed loans (minus the income of the
interests earned on the unused borrowing loans as a deposit in the bank or as a temporary investment)
and the ancillary expense incurred to the specifically borrowed loans incurred before a qualified asset
under acquisition, construction or production is ready for the intended use or sale, shall be capitalized
at the incurred amount when they are incurred.
The Company shall calculate and determine the to-be-capitalized amount of interests on the general
borrowing by multiplying the weighted average asset disbursement of the part of the accumulative
asset disbursements minus the general borrowing by the capitalization rate of the general borrowing
used. The capitalization rate shall be calculated and determined in light of the weighted average
interest rate of the general borrowing.
Where there is any discount or premium, the amount of discounts or premiums that shall be amortized
during each accounting period shall be determined by the real interest rate method, and an adjustment
shall be made to the amount of interests in each period.
2.17 Calculation of intangible assets
2.17.1 Pricing of intangible assets
2.17.1.1 The Company accounts its intangible assets at their real acquisition cost.
The cost of outsourcing intangible assets shall include the purchase price, relevant taxes and other
necessary expenditures directly attributable to intangible assets for the expected purpose. Where the
payment of purchase price for intangible assets is delayed beyond the normal credit conditions, which
is of financing intention, the cost of intangible assets shall be determined on the basis of the current
value of the purchase price.
The book value of the intangible assets acquired as debt assets through the recombination of liabilities
shall be accounted on basis of the fair value of the intangible assets, and the difference between the
book value of recombined liabilities and the fair value of debt assets should be accounted into current
profits and losses.
Under the conditions that the exchange of non-monetary assets is characterized with business essence,
and the fair value of the assets received or surrendered can be accounted in a reliable way, the book
value of assets received is defined on basis of the fair value of assets surrendered, except there are
conclusive evidences for the stronger reliability of the fair value of assets received. For the exchange
of those non-monetary assets not meeting the above premises, the book value of assets surrendered and
related taxes should be accounted as cost of assets received and the profits and losses shouldn’t be
concluded.
The book value of the intangible assets acquired through merger of enterprises under the same control
should be accounted at the book value of the merged enterprise. The book value of the intangible
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assets acquired through merger of enterprise not under the same control should be accounted at the fair
value of the acquired assets.
The cost of intangible assets developed internally includes: material and labor expenses, register fee,
amortization of other patent and franchise fee, interest expense eligible for capitalization during
development process, and other direct expenses for making the intangible assets available to its
intended use.
2.17.1.2 Subsequent measurement
The Company analyzes the service life of the acquired intangible assets.
For the intangible assets with limited service life, the economic benefits should be amortized with
straight-line method; for the intangible assets whose service life of economic benefits can’t be
predicted, the Company defines them as intangible assets with indefinite service life and won’t adopt
amortization upon them.
2.17.2 Estimate of service life for the intangible assets with limited life
Classification Service life
Land use right 50 years
Others 10 years
At end of report period, the Company should recheck the service life and amortization method of the
limited-life intangible assets.
The recheck in current period shows that there is no difference in the estimate of service life and
adoption of amortization method.
2.17.3 Provision for depreciation of intangible assets
For the intangible assets with definite service life, the Company practices the impairment testing at end
of period when there is obvious indications of impairment.
For the intangible assets with uncertain service life, impairment testing should be realized at the end of
each period.
With the impairment testing, the Company estimates the recoverable amount of intangible assets. The
recoverable amount of intangible assets represents the higher between the net fair value of intangible
assets less disposal fees and the present value of estimated future cash flow of intangible assets.
When the recoverable amount of intangible assets is less than their book value, the book value of
intangible assets should be written down to its recoverable amount, and the amount of write-down is
recognized as an intangible asset impairment losses, included in current profits and losses, and the
corresponding provision for depreciation should be accrued at the same time.
After the recognition of impairment losses of intangible assets, the Company should adjust accordingly
the depletion or amortization costs in future periods, so that during the remaining useful life, the
adjusted book value of intangible assets (less estimated net residual value) can be systematically
amortized.
The impairment losses of intangible assets will not be recovered in subsequent accounting periods after
the recognition.
If there are indications of a possible impairment of intangible assets, the company should estimate the
recoverable amount based on the individual intangible assets. In case that it’s difficult to estimate the
recoverable amount of the individual intangible assets, the Company determines their recoverable
amount based on the assets group to which the individual intangible assets belong.
2.17.4 Criteria for the division of research stage and development stage during internal R&D
Research stage: the stage during which original and planned investigation and research is carried out
with purpose of obtaining and understanding new scientific or technical knowledge
Development stage: the stage before the commercial production and utilization, during which the
research achievement or other knowledge is applied to a particular project or design in order to
produce new or substantially improved materials, devices, products, etc.
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SGSB GROUP CO.,LTD 2011 Interim Report
The expenses occurred during the research stage of internal R&D projects are accounted into current-
period profits and losses.
2.17.5 Criteria for the capitalization of R&D expenses
The expenses during the development stage of internal R&D projects are defined as intangible assets
when satisfying the following conditions:
a. The completion of such intangible assets for use or sale is technically feasible.
b. The Company has the intention to use or sell the intangible assets after their completion.
c. The method in which the intangible assets bring economic benefits shows that there exists
consumption market for the products with use of these intangible assets or the intangible assets
themselves, or that they are useful in case of internal utilization.
d. The Company has sufficient technological, financial and other resources to complete the R&D of
the intangible assets and the ability to make them available for use or sale.
e.The Company can measure in reliable way the expense of such intangible assets during the
development stage.
2.18 Payment to and for staff
2.18.1 Classification of payment to and for staff
The company's payment to and for staff is composed of wages, bonuses, allowances and subsidies;
employees’ benefits; medical insurance, pension insurance, unemployment insurance, work injury
insurance, maternity insurance and other social insurance premiums; housing provident funds; union
funds and employee education funding; non-monetary benefits; result of the dissolution of labor
relations with the staff for their compensation (termination benefits), etc.
2.18.2 Definition and calculation of payment to and for staff
The Company treats as liabilities the payment to and for staff during the periods in which the workers
provide services, and except the compensation for lifting the labor relations, treats respectively the
earning targets under the following circumstances:
(1) that should be carried by the production of goods and labor services, accounted into production or
labor service cost;
(2) that should be carried by the construction in progress and intangible assets, accounted into cost for
construction of fixed assets or intangible assets;
(3) except the above-mentioned remuneration, directly charged into current profits and losses.
If the State has stipulations about the accrual ratio of payment to and for staff, the Company adopts
these stipulations as guideline of accrual. If the State hasn’t such regulations, the Company estimates
the payment to and for staff from past experience and actual situation, in case that the real cost is more
or less than the estimated cost, the Company will supplement or return back the reserves.
If the company offers to its staff the self-owned products or housing, or rents free-of-charge the houses
for its staff, it should account respectively in accordance with the fair value of products, depreciation
or rent of each house, into self-production cost or current profits and losses dependent to the beneficial
objects.
2.18.3 Termination benefits
The company should determine the payment to and for staff and account into current profits and losses
according to its formal written plan or proposal that can’t be withdrawn unilaterally (including the
department, quantity, compensation standards, implementation time, etc.), in case that the Company
proposes a compensation for anticipating the termination of labor contract or encouraging the staff to
voluntarily cancel the contract.
For the voluntary layoff cases, the Company should estimate the quantity of employees accepting
layoffs, and accrue payable for staff according to the quantity and standards of compensation and in
line with the articles in "Accounting Standards for Enterprises No. 13 --- Contingent Items".
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SGSB GROUP CO.,LTD 2011 Interim Report
2.19 Debt reorganization
During report period, the Company determines the debt reorganization respectively under the
following circumstances:
2.19.1 The Company accounts the difference between the book value of reorganized debts and the
really payable cash into current profits and losses in case of cash settlement of debt.
2.19.2 The Company accounts the difference between the book value of reorganized debts and the
fair value of transferred non-cash assets into current profits and losses in case of covering the debts
with non-cash assets. And the difference between fair value and book value of transferred non-cash
assets also should be accounted into current profits and losses.
2.19.3 In case of conversion of debts into capital, the Company recognizes as capital (or paid-up
capital) the total facial value of the equity converted from the abandoned claims of creditors, and the
difference between fair value of equity and capital (or paid-up capital) should be determined as capital
reserves. The difference between book value of reorganized debts and the fair value of equity should
be included into current profits and losses.
2.19.4 On modification of other conditions about debts, the Company will adopt the fair value of
debts after modification as book value of reorganized debts. The difference between the book value of
reorganized debts and the book value after the reorganization will be accounted into current profits and
losses.
2.19.5 In case that the revised terms of debt is related to contingent payable, and such contingent
payable meets the conditions for confirming contingent liabilities in "Accounting Standards for
Enterprises No. 13 – Contingent Items", the Company should recognize as contingent liabilities such
contingent payable. The difference between the book value of reorganized debts and the book value
after reorganization plus the sum of contingent liabilities should be included into current profits and
losses. The contingent payable refers to the payable for the future situations whose occurrence is
considered with uncertainty.
2.19.6 When the debt reorganization is carried out with a combined package of cash settlement,
payment with non-cash assets, debt to capital, and modification of debts’ conditions, the Company will
write-off the book value of the reorganized debts in order of cash, non-cash assets, and fair value of
equity by creditors, and at last, treat them with the revised terms of debt.
2.20 Contingent liabilities
The company recognizes as contingent liabilities those matters involving the Company in litigation,
debt guarantees, loss of contracts and reconstruction, which are likely to require the Company to
deliver assets or provide services in future, and whose amount can be reliably measured.
2.20.1 Criteria of contingent liabilities
The obligations related to contingent items are defined as contingent liabilities when satisfying the
following conditions:
This obligation means a present obligation for the Company;
The fulfillment of this obligation is likely to lead to outflow of economic benefits of the Company;
The amount of this obligation can be reliably measured.
2.20.2 Measurement of contingent liabilities
The company accounts for initial measurement of contingent liabilities the best estimated amount of
expenditure to fulfill the related current obligations.
On defining the best estimated amount, the Company considers integrally the factors of risk,
uncertainty and currency related to contingent items. For the significant influence of currency’s time
value, the Company determines the best estimated amount through the discount of future cash outflows.
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SGSB GROUP CO.,LTD 2011 Interim Report
The best estimated amount is treated separately under the following circumstances:
There is a continuous range (or scope)of required expenditure among which the possibility for
occurring different results maintains the same, the best estimated amount should be defined by the
median, which means the average amount of upper and lower limits of the continuous range.
If it doesn’t exist a continuous range (or scope), or within the continuous range the possibility for
occurring different cases result in different situations, the best estimated amount should be defined by
the most possibly occurred amount when the contingent items are related to individual project, and be
defined by the combination of different possible results and their probabilities.
2.21 Revenue recognition
2.21.1 Criteria for the time definition of income from selling goods
No revenue from selling goods may be recognized unless the following conditions are met
simultaneously: the significant risks and rewards of ownership of the goods have been transferred to
the buyer by the enterprise; the enterprise retains neither continuous management right that usually
keeps relation with the ownership nor effective control over the sold goods; the relevant amount of
revenue can be measured in a reliable way; the relevant economic benefits may flow into the enterprise;
and the relevant costs incurred or to be incurred can be measured in a reliable way.
2.21.2 Basis for determining the income from transferring the right to use assets
When the economic benefits related to the transaction will be likely to flow to the Company and the
income amount can be reliably calculated. The treatment will be different in the following conditions:
2.21.2.1 The income of interests is determined on basis of the time and real interest rate of the
Company’s cash funds which is utilized by other persons.
2.21.2.2 The income of royalties is determined on basis of the chargeable time and method fixed in
relevant agreement or contract.
2.21.3 Basis and method to define the progress of contracted construction on determining the income
from rendering of labor services through percentage-of-completion method
If the Company can, on the date of the balance sheet, reliably estimate the outcome of a transaction
concerning the labor services it provides, it shall recognize the revenue from providing services
employing the percentage-of-completion method. An enterprise may adopt the measurement of the
work completed to ascertain the schedule of completion under the transaction concerning the providing
of labor services.
The Company determines the total revenue from labor services in accordance with the received or
receivable purchase price fixed by contract or agreement, except when the price is unfair. On balance
sheet date, the Company confirms current-period labor services income according to the total revenue
of labor services multiplied by the percentage of completion and less the accumulated determined
services revenues in previous periods. At the same time, the Company confirms current-period labor
services expenditure according to the total cost of labor services multiplied by the percentage of
completion and less the accumulated determined services expenditure in previous periods.
If an enterprise can’t, on the date of the balance sheet, measure the result of a transaction concerning
the providing of labor services in a reliable way, it shall be conducted in accordance with the following
circumstances, respectively:
(1) If the cost of labor services incurred is expected to be compensated, the revenue from the
providing of labor services shall be recognized in accordance with the amount of the cost of labor
services incurred, and the cost of labor services shall be carried forward at the same amount; or
(2) If the cost of labor services incurred is not expected to compensate, the cost incurred should
be included in the current profits and losses, and no revenue from the providing of labor services may
be recognized.
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2.22 Government subsidies
2.22.1 Divisions of government subsidies
Government subsidies refer to the monetary and non-monetary assets that the company obtains free-of-
charge from the Government. They are divided into asset-related government subsidies and benefit-
related government subsidies.
2.22.2 Treatment of government subsidies
The government subsidies related to long-term assets such as acquisition & construction of fixed assets
and intangible assets are determined as deferred income, and accounted into corresponding-period non-
operating income according to the service life of the acquisition & construction assets.
The government subsidies related to economic benefits, if for covering the relevant expenses or losses
in future periods, are determined as deferred income and accounted into current-period non-operating
income; if for covering the occurred expenses or losses in the past, are included directly into current-
period non-operating income.
2.23 Deferred income tax assets and liabilities
2.23.1 Basis for the determination of deferred income tax assets
The enterprise shall recognize the deferred income tax assets caused by deductible temporary
differences under the limits of the taxable income which is likely to obtain for deducting the deductible
temporary differences.
2.23.2 Basis for the determination of deferred income tax liabilities
The Company recognizes as deferred income tax liabilities the taxable temporary differences in current
and previous periods. However, the goodwill, transactions not formed from business combination and
whose occurrence will not impact accounting profits nor the taxable income or temporary differences
of deductible losses should not be included.
2.24 Changes in accounting policies and estimates
2.24.1 Changes in accounting policies
There are no changes in accounting policies for current period.
2.24.2 Changes in accounting estimates
There are no changes in accounting estimates for current period.
2.25 Correction of accounting errors in previous periods
2.25.1 Retroactive restatement method
At the end of period, there are no accounting errors in previous periods adopting retroactive
restatement method.
2.25.2 Prospective recognition method
At the end of period, there are no accounting errors in previous periods adopting prospective
recognition method.
3. Taxation
Important taxes and tax rates
Type Tax bases Tax rate
V.A.T. Sales turnover 17%
Business tax Business turnover 5%
Income tax Taxable income 25%, 24%
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Note: the overseas subsidiaries employ the tax rates according to their countries’ tax law.
4. Merger of enterprises and consolidated of financial statements
Except specially noted, the monetary unit in this chapter is RMB’000.
4.1 About the subsidiaries
4.1.1 Subsidiaries acquired through foundation or investment
Invested entity
Type
Register place
Classification
Register capital
Business scope
Other net investment
Equity proportion %
Voting share %
Consolidated or not
Minority interests
minority interests
Write-down of
owners’ equity
Write-down of
Real investment at
year end
Durkopp Adler Imp. & Wholesale, 40 74 Ye
subsidiary
Holding
Shanghai
6,515.3
1,652.3
USD4,000,000
USD1,600,000
USD1,360,000
Trading Exp. of broker and s
Shanghai Co. sewing Imp. & Exp.
machines of sewing
machines
Shanghai Sewing 12,000 Production 8,400 2,400 70 90 Ye
subsidiary
Holding
Shanghai
12.1
Shuangchong machines, and s
Sewing etc. development
Machines Co. of overlock
sewing
machines
Shanghai sewing 79,000 M&E 79,000 100 100 Ye
owned
Wholly-
Shanghai
5,109.5
448.1
Shanggong machines products and s
Butterfly instruments
Sewing
Machine. Co.
Durkopp Adler Sewing Design, 70 100 Ye
Holding subsidiary
Shanghai
Industrial machines, production s
Manufacturing etc. and sales of
USD10,000,000
USD7,000,000
USD3,000,000
Shanghai Co. sewing
machines,
consulting
service
Shanghai Real estate 13,000 Real estate 8,970 69 69 Ye
subsidiary
Holding
Shanghai
5711.7
6.8
Suoying Real developme development s
Estate Co. nt
Shanggong Sewing Sewing 100 100 Ye
EUR22,500,000
EUR22,500,000
owned
Wholly-
Germany
94,756.8
12,860.7
(Europe) machines, machines, s
Holding Co. etc. etc.
Shanghai Sewing 4,650 Sales of 4,650 100 100 No
subsidiary
Wholly-owned
Shanghai
Industrial machines, sewing
Sewing etc. machines and
Machines components
Materials
General Co.
Shanghai Assets 5,000 Assets 5,000 100 100 Ye
subsidiary
Wholly-owned
Shanghai
Shanggong Manageme management, s
Shen Bei Assets nt etc. investment
Management management,
Co. company
management
etc.
4.1.2 Subsidiaries acquired in business combinations under the same control
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SGSB GROUP CO.,LTD 2011 Interim Report
Invested entity
Type
Register place
Classification
Register capital
Business scope
Other net investment
Equity proportion %
Voting share %
Consolidated or not
Minority interests
minority interests
Write-down of
owners’ equity
Write-down of
Real investment at
year end
SMPIC Property 8,620 Free Trade 8,620 100 100 Ye
subsidiary
Wholly-owned
Shanghai
Waigaoqiao manageme Zone s
Office Appa. nt Warehousing
Co., Ltd.
1,000
SMPIC Imp. & Imp. & 5,000 International 4,000 80 100 Ye
subsidiary
Holding
Shanghai
Exp. Co., Ltd. exp. of trading of s
office merchants
apparatus and
technology
4.2 Changes in the consolidation of financial statements
4.2.1 In comparison with the last year, added one subsidiaries. The reason is that during the current
period the Company newly set up Shanghai Shanggong Shen Bei Assets Management Co., Ltd with
100% shares.
4.2.2 In comparison with the last year, reduced two subsidiaries. The reason is that during the current
period the Company merged the wholly-owned subsidiary Shanghai SMPIC Great Wall Numbering
Machine Co., Ltd as the branch company, and completed the tax write-off of Shanghai Shanggong Jia
Yuan Electric Machine Co.,Ltd, and currently it entered the liquidation process.
4.3 Newly included and excluded subsidiaries in current period
4.3.1 Currently included subsidiaries, specific objects, business entities under control for entrust or
rent operation
Company Net assets on disposal date Net profits from period beginning to dis
posal date
Shanghai Shanggong SMPIC Assets 3982.7 -1,017.3
Management. Co.,Ltd
4.3.2 Currently excluded subsidiaries, specific objects, business entities under control for entrust or
rent operation
Company Net assets at disposal date
Shanghai SMPIC Great Wall Numbering Machine. -34,503.7
Co.,Ltd
Shanghai Shanggong Jia Yuan Electric Machine. 6,278.2
Co.,Ltd
4.4 Currency translation of overseas operations’ principal accounting items
The subsidiary Shanggong (Europe) Holding Co., Ltd. has Euros as the recording currency, so the
Company adopts the following currency translation and treatment method: for assets and liabilities in
balance sheet, the end-of-period exchange rate is 9.3612, and beginning-of-period rate is 8.8065; for
income and costs in profit statement, current-period exchange rate is 9.3612, and anterior-period rate is
8.271; for all the items in owners’ equity, except "undistributed profits", the exchange rate is the spot
rate; and the difference of translation of financial statements is listed separately in balance sheet.
5. Important notes for consolidated financial statements
(All the following items adopt RMB’ and year-end data except those specially indicated.)
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SGSB GROUP CO.,LTD 2011 Interim Report
5.1 Cash and bank
Period-end Year-beginning
Item Original Exchange rate Amount to Original Exchange rate Amount to
currency RMB currency RMB
Cash
Renminbi 613,247.82 634,562.54
HKD 3270.14 0.8316 2,719.45 3,731.25 0.8509 3,174.92
EUR 45,318.74 9.3612 424,237.79 50,035.41 8.8065 440,636.84
Subtotal cash 1,040,205.06 1,078,374.30
Bank
Renminbi 201,158,580.81 244,598,785.10
HKD 1,762,863.45 0.8316 1,465,997.25 2,375,765.68 0.8509 2,021,539.02
JPY
USD 400,200.06 6.4716 2,589,934.71 320,769.65 6.6227 2,124,361.16
EUR 15,688,866.53 9.3612 146,866,617.36 20,309,769.90 8.8065 178,857,988.62
Subtotal bank 352,081,130.13 427,602,673.90
Other money-capitals
Renminbi 1,997,552.83 2,255,726.13
Subtotal other money-
1,997,552.83 2,255,726.13
capitals
Total 355,118,888.02 430,936,774.33
Accounts with limited cashability: .
Item Period-end Year-beginning Note
credit line guaranty 3,328,608.69 3,134,453.51 Note 1
deposit certificate for guranty 6,304,880.54 5,928,447.74 Note 2
time certificate for pledge 12,865,095.00
Total 9,633,489.23 21,927,996.25
Note 1: The credit line guaranty of EUR 355,575.00 of Shanggong (Europe) Holding Co., Ltd. has
been mortgaged to Deutsche Bank, which amounts to RMB 3,328,608.69.
Note 2: The time certificate of EUR 673,512.00 of Shanggong (Europe) Holding Co., Ltd has been
mortgaged to FAG, which amounts to RMB 6,304,880.54.
5.2 Trading financial assets
5.2.1 Trading financial assets
Period-end fair value Year-beginning fair value
Tradable bonds
Tradable equity instruments 895,943.00 439,980.00
Financial assets designated for
accounting at fair value and
included into current-period profits
and losses
Derivatives
Others 341,579.51 356,983.54
Total 1,237,522.51 796,963.54
5.2.2 Trading financial assets with limitation for cash realization at period end: None.
5.3 Bills receivable
5.3.1 Classification of bill receivable
Type Period-end Year-beginning
Bank acceptance 3,822,916.10 8,079,600.00
Commercial acceptance
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SGSB GROUP CO.,LTD 2011 Interim Report
Total 3,822,916.10 8,079,600.00
5.3.2 Bill receivable which has been mortgaged at period end: None.
5.3.3 Bill which has been converted to account receivables due to inability to fulfill the obligation, and
bill which has been endorsed to other party at period end but not yet due: None
5.4 Dividend receivable
Item Year- Current Current Period-end Reason for Depreciation
beginning increase decrease receivable or not
Dividend receivable with age less than one year 638,783.61 638,783.61 No
Including: SMPIC Optical Communication
638,783.61 638,783.61
Apparatus Co., Ltd.
Total 638,783.61 638,783.61
5.5 Accounts receivable
5.5.1 Composition of accounts receivable
Period-end Year-beginning
Provision Provision for Provision
Type Balanc Prop. Provision for Prop.
Balance bad
e (%) bad debts for bad (%) for bad
debts/prop.
debts/prop. debts/prop.
Accounts
receivable with
39,054,926.40 10.15 30,966,849.60 79.29 29,131,902.00 8.02 29,131,902.00 100.00
significant
individual amount
Accounts
receivable with
insignificant
191,885,259.63 49.86 103,686,386.91 54.04 199,757,829.42 55.03 118,017,851.03 59.08
individual amounts
but characterized as
risky portfolio
Other insignificant
153,892,999.84 39.99 20,122,283.79 13.08 134,138,356.54 36.95 22,147,153.08 16.51
accounts receivable
Total 384,833,185.87 100.00 154,775,520.30 363,028,087.96 100.00 169,296,906.11
Clarification for Composition of accounts receivable
Accounts receivable with significant individual amount and with individual provision for bad debt
Accounts receivable Book value Provision Accrual proportion (%) Reason
No. 1 client 30,966,849.60 30,966,849.60 100.00% Credit period expired
No. 3 client 8,088,076.80 Credit period not expired
Total 39,054,926.40 30,966,849.60
Note: This item mainly refers to the accounts receivable of Shanggong (Europe) Holding Co., Ltd.,
which should receive individual impairment testing.
Accounts receivable which use aging analysis for bad debt provision in the composition
Age Period-end Year- beginning
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SGSB GROUP CO.,LTD 2011 Interim Report
Balance Provision Balance Provision
Sum Proportion (%) Sum Proportion (%)
Within 1 year 83,891,084.25 43.72 4,194,554.21 80,045,419.20 40.07 4,002,270.98
1—2 years 9,055,192.71 4.72 1,811,038.54 5,182,286.58 2.60 1,036,457.33
2—3 years 2,516,377.02 1.31 1,258,188.51 3,102,001.89 1.55 1,551,000.97
Over 3 years 96,422,605.65 50.25 96,422,605.65 111,428,121.75 55.78 111,428,121.75
Total 191,885,259.63 100.00 103,686,386.91 199,757,829.42 100.00 118,017,851.03
End-of-period provision for bad debts of accounts receivable with insignificant individual amount
Accounts receivable Book value Provision Accrual proportion (%) Reason
Other insignificant receivables 153,892,999.84 20,122,283.79 13.08% Credit period expired
Total 153,892,999.84 20,122,283.79
Note: This item mainly refers to the accounts receivable of Shanggong (Europe) Holding Co., Ltd.,
which should receive individual impairment testing.
5.5.2 The accounts receivable actually written off in this report period
The accounts receivable actually written off in this report period totally amount to RMB 14,950,451.72.
The main reason for written-off is the age of the accounts receivable is too long and the collection can
not be recovered or the customer has cancelled the registration or closed down and for other
reasons.The customers of this write-off of accounts receivable are non-affiliated third parties.
5.5.3 Among the period-end accounts receivable, there are no obligators who holds individually 5%
or more equity of the Company.
5.5.4 Top five accounts receivable
Entity or rank Relation with the Sum Duration Proportion in total
Company accounts receivable (%)
No.1 client Third party 30,966,849.60 over 2 years 8.05
No.2 client Third party 11,530,775.39 over 3 years 3.00
No.3 client Third party 8,088,076.80 Within 1 year 2.10
No.4 client Third party 7,480,189.67 over 3 years 1.94
No.5 client Third party 7,234,606.86 over 3 years 1.88
6. Other receivables
6.1.1 Composition of other receivables
Period-end Year-beginning
Balance Provision Balance Prrovision
Sum Prop. (%) Sum Prop. (%) Sum Prop.(%) Sum Prpp. (%)
Other receivable with
27,053,561.63 18.06 26,132,065.41 32.55
significant individual amount
Other receivable with
insignificant individual
117,375,408.44 78.35 37,496,718.31 31.95 51,028,292.84 63.55 38,787,298.19 76.01
amounts but characterized as
risky portfolio
Other insignificant other
5,376,107.77 3.59 1,794,725.44 33.38 3,134,930.64 3.90 1,640,141.05 52.32
receivable
Total 149,805,077.84 100.00 39,291,443.75 80,295,288.89 100.00 40,427,439.24
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SGSB GROUP CO.,LTD 2011 Interim Report
Clarification for Composition of other accounts receivable
Other accounts receivable with significant individual amount and with individual provision for bad
debt
Other accounts receivable Book value Provision Accrual proportion (%) Reason
Export tax rebate Non-impairment in
20,577,386.02
individual testing
VAT receivable Non-impairment in
6,476,175.61
individual testing
Total 27,053,561.63
Note: This item mainly refers to the export tax rebate receivable of subsidiaries in export sales and
VAT receivables of Shanggong (Europe) Holding Co., Ltd., with non-impairment in individual testing.
Other accounts receivable which use aging analysis for bad debt provision in the composition
Age Period-end Year- beginning
Balance Provision Balance Provision
Sum Proportion (%) Sum Proportion (%)
Within 1 year 80,120,370.43 68.26 4,006,018.52 7,109,836.01 13.93 355,447.19
1—2 years 345,447.20 0.29 69,089.44 6,274,734.53 12.30 1,254,946.91
2—3 years 6,975,960.92 5.95 3,487,980.46 933,636.43 1.83 466,818.22
Over 3 years 29,933,629.89 25.50 29,933,629.89 36,710,085.87 71.94 36,710,085.87
Total 117,375,408.44 100.00 37,496,718.31 51,028,292.84 100.00 38,787,298.19
End-of-period provision for bad debts of other accounts receivable with insignificant individual
amount
Accounts receivable Book value Provision Accrual proportion (%) Reason
Other insignificant receivables 5,376,107.77 1,794,725.44 33.38% Credit period expired
Total 5,376,107.77 1,794,725.44
Note: This item mainly refers to the accounts receivable of Shanggong (Europe) Holding Co., Ltd.,
which should receive individual impairment testing.
6.1.2 Other accounts receivable actually written off in this report period: None
6.1.3 Among the period-end other receivables, there are no obligators who holds individually 5% or
more equity of the Company.
6.1.4 Top five other receivables
Entity or rank Relation with the Sum Duration Proportion in total other Contents
Company receivables (%)
73,955,903.99 49.37 Current account
No.1 Third party Within 1 year
20,577,386.02 13.74 Export tax rebate
No.2 Third party Within 1 year
8,419,546.84 5.62 Current account
No.3 Third party over 3 years
6,476,175.61 4.32 VAT receivable
No.4 Third party Within 1 year
6,000,000.00 4.01 From sale of land
No.5 Third party Within 3 years
7. Prepayments
7.1.1 Analysis of age
Period-end Year-beginning
Age distribution Balance Proportion (%) Balance Proportion (%)
Within 1 year 34,010,566.66 90.47 41,571,416.25 95.42
1—2 years 2,929,116.07 7.79 1,437,400.59 3.30
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SGSB GROUP CO.,LTD 2011 Interim Report
2—3 years 570,027.58 1.52 527,438.82 1.21
Over 3 years 82,982.70 0.22 29,423.55 0.07
Total 37,592,693.01 100.00 43,565,679.21 100.00
7.1.2 Top five prepayments
Entity or rank Relation with the Sum Duration Contents
Company
Not reaching contracted delivery date
No.1 client Third party 2,599,307.58 Within 1 year
Not reaching contracted delivery date
No.2 client Third party 2,106,689.64 Within 1 year
Not reaching contracted delivery date
No.3 client Third party 1,957,745.63 Within 1 year
Not reaching contracted delivery date
No.4 client Third party 1,693,430.55 Within 1 year
Not reaching contracted delivery date
No.5 client Third party 1,581,160.00 Within 1 year
Total 9,938,333.40
7.1.3 Among the year-end prepayments, there is no creditor who holds individually 5% or more
equity of the Company.
8. Inventories
8.1.1 Divisions of inventories
Period-end Year-beginning
Falling price Book value Falling price Book value
Balance Balance
reserves reserves
Raw materials 191,918,314.01 53,761,423.86 138,156,890.15 155,058,514.08 52,561,931.67 102,496,582.41
Materials in transit 16,308,896.03 16,308,896.03 4,094,980.61 4,094,980.61
Revolving materials 2,358,287.82 2,358,287.82 2,358,287.82 2,358,287.82
Goods in outside
1,858,602.59 1,858,602.59 1,048,225.95 707,108.26 341,117.69
processing
Products in
127,545,145.23 42,719,075.01 84,826,070.22 109,612,042.40 40,119,489.91 69,492,552.49
development
Stock commodity 114,449,609.26 28,059,654.59 86,389,954.67 128,872,744.81 29,908,725.43 98,964,019.38
Others 5,281,697.50 3,281,697.50 2,000,000.00 5,384,677.08 3,449,291.05 1,935,386.03
127,821,850.9 126,746,546.3
Total 459,720,552.44 331,898,701.48 406,429,472.75 279,682,926.43
6 2
8.1.2 Inventories falling price reserves
Year-beginning Current-period Current-period decrease Period-end balance
accrual Returns Settlements
Raw materials 52,561,931.67 4,625,044.27 3,557,382.66 -131,830.58 53,761,423.86
Materials in
-
transit
Revolving
-
materials
Goods in outside
707,108.26 2,439.76 704,668.50 -
processing
Products in
40,119,489.91 8,194,707.14 5,595,122.04 42,719,075.01
development
Stock commodity 29,908,725.43 1,724,625.17 3,573,696.01 28,059,654.59
Others 3,449,291.05 167,593.55 3,281,697.50
Total 126,746,546.32 14,544,376.58 3,559,822.42 9,909,249.52 127,821,850.96
9. Other current assets
Item Period-end Year-beginning
Rent and assurance 1,257,997.47 890,117.87
Total 1,257,997.47 890,117.87
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SGSB GROUP CO.,LTD 2011 Interim Report
10. Financial assets available for sale
10.1.1 Composition and classification
Year-end fair value Year-beginning fair value
(1) Bonds available for sale
(2) Equity instrument available for sale 8,332,756.05 8,320,183.62
(3) Others
Total 8,332,756.05 8,320,183.62
10.1.2 Financial assets available for sale with limitation for cash realization at period end: None.
11. Investment in associates and consortiums
RMB’000
Invested entity Holding Voting prop. Period-end assets Period-end liabilities Period-end net assets Current Current net
prop. turnover profits
Consortium
Duerkopp Adler
Sewing Equipment 49 49 1,705.26 293.08 1,412.18 -49.91
(Suzhou) Co.,Ltd
Shanghai Huazhijie
Plastic Co. 25.00 25.00 545.72 251.21 294.51
12. Long-term equity investment
Company
method
Accounting
investment
Initial
Year-beginning
Current change
Period-end
Holding prop.
Voting prop.
Explanation
Provision
Current accrual
Cash dividend
Shanghai Equity
Huazhijie method 1,766,689.38 736,283.66 736,283.66 25 25 736,283.66
Plastic
Duerkopp Equity
Adler Sewing method
6,923,543.
Equipment 7,168,124.00 6,923,543.37 49 49
37
(Suzhou)
Co.,Ltd
Subtotal for Cost 6,923,543.
8,934,813.38 736,283.66 7,659,827.03 736,283.66
cost method method 37
Shanghai Cost
Xingguang method
308,033.99 308,033.99 308,033.99 14.3 14.3 308,033.99
Underwear
(South Africa)
Shanghai Cost
10.5
Shensi Enter. method 10,593,077.64 10,593,077.64 10,593,077.64 10.59
9
Development
Wuxi Cost
Shanggong method
153,814.26 153,814.26 153,814.26 80 80 153,814.26
Sewing
Machines
Shanghai Cost
21.7 Not
Hualian Sewing method 400,000.00 400,000.00 400,000.00
4 e
Machinery
Shanghai Fuji- Cost 15.9
29,140,749.49 29,140,749.49 29,140,749.49 15.92
Xerox method 2
Shanghai Cost
Shanggong method 500,000.00 500,000.00 500,000.00 12.5 12.5 500,000.00
Jiarong
Shanghai Cost -
Nandie Sewing method 285,000.00 285,000.00 285,000.0
Machinery 0
Shanghai Cost
Baoding method 7,500.00 7,500.00 7,500.00 <5 <5
Investment
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SGSB GROUP CO.,LTD 2011 Interim Report
Bank of Cost
951,400.00 951,400.00 951,400.00 <5 <5
Shanghai method
Shanghai Pufa Cost
90,000.00 90,000.00 90,000.00 <5 <5
Machinery method
Shenyin & Cost
Wanguo method 200,000.00 200,000.00 200,000.00 <5 <5
Securities
Shanghai Cost
Hirose method
2,840,376.00 30 注 750,000.00
Precision
Industrial
Shanggong Cost 2,320,728.
2,320,728.50 2,320,728.50 72 72
method 50
Jiayuan
Shanghai Cost
Industrial method
Sewing 4,600,000.00 4,600,000.00 4,600,000.00 100 100 992,799.36
Machines
Materials
Subtotal for Cost 2,035,728.
52,390,679.88 47,229,575.38 49,265,303.88 1,954,647.61 750,000.00
cost method method 50
Total 8,959,271.
61,325,493.26 47,965,859.04 56,925,130.91 2,690,931.27 750,000.00
87
Note: The Company doesn’t participate in the decision or operation of Shanghai Hualian Sewing
Machines Co., Ltd., Shanghai Hirose Precision Industrial Co., Ltd., nor realizes significant influence
upon the invested entities. This is the reason for adopting cost method.
12.2 Limitation for ability of transferring capital to investment company: None.
13.Investment real estate
Item Year-beginning Current increase Current decrease Period-end
1. Origina
l cost 221,318,241.28 4,831,393.75 226,149,635.03
1 Buildings 169,635,479.64 4,831,393.75 174,466,873.39
b. Land use right 51,682,761.64 51,682,761.64
2. Accumulated depreciation or
amortization 80,239,227.20 5,351,174.44 85,590,401.64
1. Buildings 72,379,377.93 4,715,685.76 77,095,063.69
b. Land use right 7,859,849.27 635,488.68 8,495,337.95
3. Net value of investment real estate 141,079,014.08 -519,780.69 140,559,233.39
一、Buildings 97,256,101.71 115,707.99 97,371,809.70
b. Land use right 43,822,912.37 -635,488.68 43,187,423.69
4. Accumulated provision for investment
real estate 8,727,223.71 -549,706.58 9,276,930.29
二、Buildings 8,727,223.71 -549,706.58 9,276,930.29
b. Land use right
5. Total book value of investment real
estate 132,351,790.37 -519,780.69 549,706.58 131,282,303.10
一、Buildings 88,528,878.00 115,707.99 549,706.58 88,094,879.41
b. Land use right 43,822,912.37 -635,488.68 43,187,423.69
Note: The current-period depreciation and amortization is of RMB 3,090,744.37. Falling price reserve
for investment on real estate is RMB 0.00.
Among the above-mentioned year-end balance of investment real estate, some properties have been
mortgaged to the banks. Details are disclosed in mortgage assets column 8.1.
14. Fixed assets at cost and accumulated depreciation
14.1 Original cost of fixed assets
Year-beginning Increase Decrease Year-end
1,204,416,156.97 75,242,308.55 184,722,179.74 1,094,936,285.78
1. Total original cost:
430,351,527.05 24,303,157.52 3,707,035.20 450,947,649.37
Including: plants & constructions
507,301,936.01 28,416,265.08 175,463,913.83 360,254,287.26
Equipment and machines
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SGSB GROUP CO.,LTD 2011 Interim Report
14,243,301.21 1,090,095.19 1,132,020.13 14,201,376.27
Transport vehicles
3,346,761.01 41,171.79 206,070.07 3,181,862.73
Electric equipment
859,956.40 4,632.00 855,324.40
Fixture for fixed assets
248,312,675.29 21,391,618.97 4,208,508.51 265,495,785.75
Others
Year-beginning Increase Decrease Year-end
Newly increase reserve
2. Total accumulated
depreciation: 828,049,625.72 50,459,738.40 14,823,048.04 116,382,099.34 776,950,312.82
Including: plants &
constructions 211,163,082.65 12,453,348.24 4,151,509.91 3,714,099.18 224,053,841.62
Equipment and
machines 375,379,140.30 21,581,713.28 5,671,618.83 107,442,241.60 295,190,230.81
Transport vehicles 7,972,876.74 31,931.76 642,902.62 997,608.76 7,650,102.36
Electric equipment 2,453,871.10 16,506.24 155,337.22 168,053.37 2,457,661.19
Fixture for fixed assets 712,874.93 4,632.00 708,242.93
Others 230,367,780.00 16,376,238.88 4,201,679.46 4,055,464.43 246,890,233.91
3. Total net book value: 376,366,531.25 317,985,972.96
Including: plants &
constructions 219,188,444.40 226,893,807.75
Equipment and
machines 131,922,795.71 65,064,056.45
Transport vehicles 6,270,424.47 6,551,273.91
Electric equipment 892,889.91 724,201.54
Fixture for fixed assets 147,081.47 147,081.47
Others 17,944,895.29 18,605,551.84
4. Total provision for
depreciation: 76,178,412.15 8,482,941.34
Including: plants &
constructions 6,118,541.16 6,118,541.16
Equipment and
machines 69,935,333.68 2,239,862.87
Transport vehicles 48,170.70 48,170.70
Electric equipment 37,818.61 37,818.61
Fixture for fixed assets
Others 38,548.00 38,548.00
5. Total book value of
fixed assets: 300,188,119.10 309,503,031.62
Including: plants &
constructions 213,069,903.24 220,775,266.59
Equipment and
machines 61,987,462.03 62,824,193.58
Transport vehicles 6,222,253.77 6,503,103.21
Electric equipment 855,071.30 686,382.93
Fixture for fixed assets 147,081.47 147,081.47
Others 17,906,347.29 18,567,003.84
The current-period depreciation of fixed assets is of RMB 14,823,048.04.
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SGSB GROUP CO.,LTD 2011 Interim Report
The current-period transfer from construction in progress into fixed assets at cost is of RMB
290,197.20.
Among the period-end fixed assets balance, some of the plants & constructions, equipment and
machines were mortgaged to bank for borrowings. Details disclosed in the column of mortgage assets.
See more details in 8.1.
14.2 Fixed assets temporarily idle at period end
Item Original book Accumulated Depreciation Book value Note
value depreciation provision
Machine &equip. 12,588,346.13 2,373,867.31 10,214,478.82
Transport equip. 415,580.00 185,508.60 230,071.40
Electric equip. 16,000.00 6,720.00 9,280.00
Total 13,019,926.13 2,566,095.91 10,453,830.22
14.3 Fixed assets held and for sale at period end
Item Book value Fair value Estimated cost for disposal Estimated time for disposal
Total 10,453,830.22 12,000,000.00
14.4 Fixed assets actually without certificate of title
Classification Book value Reason for not obtaining certificate of title Estimated time for
obtaining certificate
Plants & constructions Self-developed construction, formalities in process
417,354.46
Total
417,354.46
15. Construction in progress
15.1 Information about construction in progress
Period-end balance Year-beginning balance
Balance Depreciation Book value Balance Depreciation Book value
provision provision
Sewing machinery
3,466,721.96 3,466,721.96 2,093,672.46 2,093,672.46
project
ERP project 839,284.50 839,284.50 839,284.50 839,284.50
Plant renovation
11,500.00 11,500.00
poject
Electric equipment 8,511.97 8,511.97
Equipment and
33,670.00 33,670.00
machines
Total 4,359,688.43 4,359,688.43 2,932,956.96 2,932,956.96
15.2 Change of construction in progress
Project
forcast
balance
Year-beginning
period
Increase in current
assets
Transferred to fixed
Other decrease
forcast prop.
Project investment in
Project progress
of interest capitalized
Accumulated amount
capitalized in current
amount of interest
capitalized in current
mount of interest
Source of fund
Year-ending balance
Sewing In Self-
machinery 2,093,672.46 1,663,246.70 290,197.20 progress raised 3,466,721.96
project
ERP project In Self-
839,284.50 839,284.50
progress raised
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SGSB GROUP CO.,LTD 2011 Interim Report
Plant In Self-
renovation 11,500.00 progress raised 11,500.00
poject
Electric In Self-
8,511.97 8,511.97
equipment progress raised
Equipment In Self-
and 33,670.00 progress raised 33,670.00
machines
Total In Self-
2,932,956.96 290,197.20 4,359,688.43
1,716,928.67 progress raised
16. Intangible assets
16.1 Information about intangible assets
Item Year-beginning Current increase Current decrease Year-end
1. Original cost 65,956,734.40 1,879,354.50 64,077,379.90
Land use right 35,877,662.90 35,877,662.90
Trademark right 20,161,268.51 20,161,268.51
Computer software 76,000.00 76,000.00
Patents and specialized technology 9,695,956.50 1,879,354.50 7,816,602.00
Others 145,846.49 145,846.49
2. Accumulated amortization 34,280,933.78 1,890,496.86 2,009,105.65 34,162,324.99
Land use right 6,052,610.58 543,698.39 6,596,308.97
Trademark right 19,153,204.30 1,008,064.21 20,161,268.51
Computer software 6,333.33 3,799.98 10,133.31
Patents and specialized technology 9,016,797.28 327,642.00 2,009,105.65 7,335,333.63
Others 51,988.29 7,292.28 59,280.57
3. Book value 31,675,800.62 -1,890,496.86 -129,751.15 29,915,054.91
Land use right 29,825,052.32 -543,698.39 29,281,353.93
Trademark right 1,008,064.21 -1,008,064.21
Computer software 69,666.67 -3,799.98 65,866.69
Patents and specialized technology 679,159.22 -327,642.00 -129,751.15 481,268.37
Others 93,858.20 -7,292.28 86,565.92
4. Accumulated provision for
depreciation
Land use right
Trademark right
Computer software
Patents and specialized technology
Others
5. Book value of intangible assets 31,675,800.62 -1,890,496.86 -129,751.15 29,915,054.91
Land use right 29,825,052.32 -543,698.39 29,281,353.93
Trademark right 1,008,064.21 -1,008,064.21 0.00
Computer software 69,666.67 -3,799.98 65,866.69
Patents and specialized technology 679,159.22 -327,642.00 -129,751.15 481,268.37
Others 93,858.20 -7,292.28 86,565.92
The current-period amortization amounts to RMB 1,890,496.86.
Among the period-end intangible assets balance, land use right was partially mortgaged to bank for
borrowings. Details disclosed in 8.1 the column of mortgage assets.
16.2 Expenses of R&D projects
Item Year-beginning Current Current transfer-out Year-end
increase Current profits Defined as
and losses intangible assets
Expenses in R&D stage 47,317,449.99 8,191,050.00 10,050,367.04 45,458,132.95
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SGSB GROUP CO.,LTD 2011 Interim Report
Total 47,317,449.99 8,191,050.00 10,050,367.04 45,458,132.95
17. Business reputation (Goodwill)
Invested entity Year-beginning Current increase Current decrease Period-end Provision
Beisler GmbH 25,658,618.40 1,616,173.92 27,274,792.32
Total 25,658,618.40 1,616,173.92 27,274,792.32
The increase of current-period business reputation is mainly due to the currency translation difference
of Shanggong (Europe) Holding Co., Ltd.
18. Deferred tax, assets and liabilities
Recognized deferred tax assets
Item Period-end Year-beginning
Deferred tax, assets:
Depreciation reserves 16,432,304.56 14,459,394.50
Carrying back operational loss 18,219,514.11 24,539,252.76
Subtotal 34,651,818.67 38,998,647.26
Deferred tax, liabilities:
Assets appraisal evaluation 22,182,696.65 24,140,994.91
Others
Subtotal 22,182,696.65 24,140,994.91
19.Provision for assets impairment
Year beginning Currently accrued Decrease in current year Period-end
Write-back Write-off and others balance
For bad debts 209,724,345.35 5,927,093.81 4,180,642.44 17,403,832.67 194,066,964.05
For decline of
126,746,546.32 14,544,376.58 3,559,822.42 9,909,249.52 127,821,850.96
value in inventories
For long-term
2,975,931.27 285,000.00 2,690,931.27
equity investment
For investment real
8,727,223.71 -549,706.58 9,276,930.29
estate
For fixed assets 76,178,412.15 67,695,470.81 8,482,941.34
Total 424,352,458.80 20,471,470.39 8,025,464.86 94,458,846.42 342,339,617.91
20.Short-term borrowings
20.1Classification of short-term borrowings
Category Period-end Year-beginning
Mortgage loans 93,427,535.82 126,200,826.08
Secured borrowings 115,600,000.00 95,600,000.00
Credit borrowings 348,148.62 348,148.62
Total 209,375,684.44 222,148,974.70
20.2 The Company mortgaged some assets to the banks in change of RMB 93,427,535.82. Details are
disclosed in 8.1 the column of Mortgaged Assets.
20.3The secured borrowings amount to RMB 115,600,000.00, secured by Shanghai Pudong
Development (Group) Co., Ltd. Details disclosed in the column of Mortgaged Assets.
21.Bills payable
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SGSB GROUP CO.,LTD 2011 Interim Report
Period-end Year-beginning
Bank acceptance bill 1,585,143.00 3,017,862.00
Commercial acceptance bill
Total 1,585,143.00 3,017,862.00
The next accounting period the amount due is RMB 1,585,143.00.
22.1 Accounts payable
Item Period-end Year-beginning
Accounts payable to suppliers 106,514,412.71 102,234,488.77
Total 106,514,412.71 102,234,488.77
22.2 Among the year-end balance, there are no accounts payable to creditor who holds individually
5% or more equity of the Company.
22.3 Among the year-end balance, there are no accounts payable to affiliated parties.
22.4 Among the year-end balance, there are no significant accounts payable aged over one year.
23.1 Advance receipts
Item Period-end Year-beginning
Advance payment 51,642,586.10 52,121,914.75
Total 51,642,586.10 52,121,914.75
23.2 Among the year-end balance, there are no advances to creditor who holds individually 5% or
more equity of the Company.
23.3 There are no advance receipts related to affiliated parties.
23.4 There are no significant advance payment aged over one year
24.Wages and salaries unpaid.
Year-beginning Current increase Current decrease Period-end
1. Salary, bonus and subsidies 22,424,979.05 184,058,988.63 182,458,552.50 24,025,415.18
2. Employee welfare 152,107.79 2,360,464.05 2,360,464.05 152,107.79
3. Social insurance 100,770.20 6,960,415.94 6,950,851.34 110,334.80
4. Housing accumulation funds 1,624,412.00 1,624,412.00
5. Labor union and staff education
385,383.62 377,081.26 8,302.36
expenditure
6. Compensation for the cancellation
11,888,775.00 25,755,312.33 26,223,423.33 11,420,664.00
of labor relationship
7.Others
Total 34,566,632.04 221,144,976.57 219,994,784.48 35,716,824.13
The period-end balance is mainly composed of staff pension, staff bonus reserves, termination benefits
and compensation for cancellation of labor relationship accrued by Shanggong Europe Holding Co.,
Ltd. according to local laws of the subsidiary’s residential country.
There is no wages and salaries in arrears.
25.Tax unpaid
Tax type Period-end Year-beginning
V.A.T. -559,582.20 217,109.44
136,834.07 136,898.86
Corporate income tax 4,045,097.83 957,818.41
Individual income tax 4,599,374.36 3,740,351.34
Tax on city maintenance and construction 119,693.26 94,850.65
Housing property tax 4,056.00 122,706.56
Educational surtax 30,966.82 9,368.57
Stamp duty 19,283.00
Embankment maintenance surtax 5,951.14 5,951.14
River maintenance surtax 3,989.87 1,177.35
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SGSB GROUP CO.,LTD 2011 Interim Report
Others 14,005.91 859.20
Total 8,400,387.06 5,306,374.52
The foreign subsidiaries employ the local legal tax rate at their residential countries.
26. Dividends payable
Company name Period-end Year-beginning Reason for unpaid over one year
Light Industry Holding Group Co.,Ltd 959,269.79 959,269.79
Social legal person shares 73,549.07 73,549.07
Dividends payable to minority shareholders of
703,090.86
subsidiaries
Total 1,032,818.86 1,735,909.72
27. 1 Other payables
Period-end Year-beginning
187,088,897.04 123,338,243.20
27.2 Among the year-end balance, there are no payables to creditor who holds individually 5% or
more equity of the Company.
27.3 Among the year-end balance, there are no payables to affiliated parties.
28. Contingent liabilities
Item Year-beginning balance Current increase Current decrease Period-ending balance
External guarantee 44,296,878.01 44,296,878.01
Pension 307,232,365.50 11,728,140.47 318,960,505.97
Others 8,190,468.15 242,402.42 7,948,065.73
Total 359,719,711.66 11,728,140.47 44,539,280.43 326,908,571.70
The pension refers to the staff pension program of Durkopp Adler AG according to the regulations of
Germany.
The external guarantee refers to the contingent liabilities formed from the guarantee for Shanghai
Worldbest Enterprise Development Co., Ltd. The Company has repaid the principal of loan to the
bank on behalf of Worldbest Enterprise Development Co., Ltd. See details in 9.1.
29.Non-current liabilities due within one year
Item Period-end Year-beginning
Long-term loans 520,000.00 520,000.00
Bonds payable
Long-payable
Total 520,000.00 520,000.00
30. Other current liabilities
Item Period-end Year-beginning
Interest and rent 668,485.07 1,341,871.33
Total 668,485.07 1,341,871.33
The year-beginning and period-end balance attributes to the interest and rent prepaid to the subsidiary
of the Company Shanggong (Europe) Holding Co., Ltd.
31. Long-term loans
Composition of long-term loans
Type of loans Period-end Year-beginning
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SGSB GROUP CO.,LTD 2011 Interim Report
Credit borrowings 1,489,984.87 1,489,984.87
Total 1,489,984.87 1,489,984.87
32. Long-term payable
Item Period-end Duration Year-beginning
Others 1,791,042.77 1,795,199.33
Total 1,791,042.77 1,795,199.33
33. Stock capital
Year-beginning Current-period increase/decrease Period-end
Bonu
Shares by
Ration s
public Other Total
shares share
reserve
s
1. Shares subject to
conditional sales
1) State-owned shares
2) Shares owned by state
legal entities
3) Shares owned by other
domestic investors
Including:
By domestic legal entities
By domestic natural
persons
4) Shares owned by
foreign investors
Including:
By foreign legal entities
By foreign natural
persons
Subtotal shares subject to
conditional sales
2. Unconditionally
tradable shares
204,943,027.0
1) Tradable A shares 204,943,027.00
0
243,943,750.0
2) Tradable B shares 243,943,750.00
0
3)Tradable shares listed
abroad
4)Others
448,886,777.0
Subtotal tradable shares 448,886,777.00
0
448,886,777.0
Total equities 448,886,777.00
0
.
34. Capital reserves
Item Year-beginning Current increase Current decrease Period-end
1.Capital stock premium 313,159,549.73 313,159,549.73
2.Changes in fair value 6,472,783.62 12,572.43 6,485,356.05
Of which: profits or losses from
changes in fair value of financial
assets available for sale
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SGSB GROUP CO.,LTD 2011 Interim Report
3.Other capital reserves 98,724,175.57 4,205,100.45 102,929,276.02
Total 418,356,508.92 4,217,672.88 422,574,181.80
The decrease of capital reserves in current period is mainly due to the changes in the profits and losses
from fair value of financial assets available for sale and the capital reserve of subsidiaries under equity
method.
35. Surplus reserves
Item Year-beginning Current-year increase Current-year decrease Period-end
Statutory surplus reserve 2,273,121.26 2,273,121.26
Free surplus reserve 2,273,121.26 2,273,121.26
Total 4,546,242.52 4,546,242.52
36.Undistributed profits
Year-end balance Accrued or distributed pr
Item
oportion
Before adjustment, anterior year-end balance -236,899,958.76
Adjustment, beginning balance of report period
After adjustment, beginning balance of report period -236,899,958.76
Add: current-year net profit of parent company 24,625,199.36
Less: statutory surplus reserve
free surplus reserve
payable common stock dividend
End of year undistributed profits -212,274,759.40
37.Operating income and cost
37.1 Operating income and cost
Item Current period Previous period
Principal operating income 848,110,432.21 835,709,947.05
Other operating income 19,024,221.34 19,291,920.79
Operating cost 635,358,917.85 685,456,147.32
37.2 Principal operations, by business sectors
Current period Previous period
Income Expense Income Expense
1. Industrial operations 629,203,532.89 411,526,423.80 613,988,623.10 519,927,235.53
2. Commercial operations 218,423,742.02 214,385,591.61 219,094,257.27 156,167,374.93
3. Others 483,157.30 287,517.69 2,627,066.68 1,135,217.07
Total 848,110,432.21 626,199,533.10 835,709,947.05 677,229,827.53
37.3 Principal operations, by products
Current period Previous period
Income Expense Income Expense
Sewing machines 562,723,443.10 351,134,519.63 539,408,617.89 392,877,621.33
International trading 218,423,742.02 214,385,591.61 222,327,732.64 219,267,388.40
Office supplies& Film
66,480,089.79 60,391,904.17 71,346,529.84 63,949,600.73
equipment
Others 483,157.30 287,517.69 2,627,066.68 1,135,217.07
Total 848,110,432.21 626,199,533.10 835,709,947.05 677,229,827.53
37.4 Principal operations, by regions
Current period Previous period
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SGSB GROUP CO.,LTD 2011 Interim Report
Income Expense Income Expense
Home 475,662,888.96 438,822,544.65 472,519,665.09 437,279,912.31
Abroad 446,136,455.94 261,065,901.14 410,307,907.28 287,067,540.54
Less: offset of internal transactions
73,688,912.69 73,688,912.69 47,117,625.32 47,117,625.32
in the Company
Total 848,110,432.21 626,199,533.10 835,709,947.05 677,229,827.53
The Company classifies subsidiaries at home and abroad by their register locations.
37.5 Principal operating income from the top five clients of the Company
Entity or rank Operating income Proportion (%)
No.1 client 83,567,256.78 9.64
No.2 client 32,928,096.17 3.80
No.3 client 19,904,371.21 2.30
No.4 client 18,984,513.60 2.19
No.5 client 15,764,260.80 1.82
38. Business tax and extra charges
Current period Previous period Standard
Business tax 708,073.30 758,493.30 5%
Tax on city maintenance and construction 233,719.65 100,888.76 7%
Educational surtax 109,617.68 59,508.18 5%
Others 1,079,714.58 811,202.85
Total 2,131,125.21 1,730,093.09
39. Operating expense
Item Current period Previous period
Salary 26,700,114.95 32,536,519.98
welfare 9,216,841.40 8,989,393.42
Repairs expense 437,295.04 467,506.05
Office expense 327,505.36 371,602.91
Travel expense 5,121,609.34 4,176,813.03
Transport expense 6,966,313.42 5,731,528.76
Advertisement expense 910,085.98 570,688.81
Sales incentive fees 8,383,610.82 6,194,760.92
commission 8,077,477.88 6,563,776.32
Labor protection expense 7,600.00 4,552.50
Rent 2,366,230.63 3,244,211.66
insurance 637,786.69 574,515.46
Packing expense 7,174.43 2,829.40
Conference expense 24,116.00 57,505.62
Depreciation expense 468,898.46 578,678.92
Exhibition expense 592,298.10 1,356,742.64
Utility expense 15,568.16 31,356.83
Handling charges 5,500.00 252,338.77
Amortization of low-value consumables 1,063.22 10,134.68
Sample printing expense 10,538.46 36,949.54
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SGSB GROUP CO.,LTD 2011 Interim Report
Sample and product loss 4,344,458.87 2,663,836.28
Others 10,480,926.96 11,635,711.57
Total 85,103,014.17 86,051,954.07
40. Management expense
Item Current period Previous period
Salary 26,931,646.06 27,010,638.54
Employee welfare 7,047,653.31 5,565,484.80
Social insurance 6,974,936.38 8,609,868.82
Labor union fund 359,352.02 357,022.55
Employee education fund 113,439.75 118,407.86
Employee laid-off expense 42,000.00 600,442.63
Office expense 1,819,068.40 1,928,918.72
Utility expense 112,128.13 750,780.03
Communication and entertainment 875,614.23 1,281,572.85
Property insurance 1,047,368.84 1,174,811.44
Conference expense 642,672.40 486,414.50
Travel expense 1,715,884.06 1,598,557.51
Depreciation expense 4,768,441.51 6,256,756.73
Repair expense 329,091.75 755,078.32
Transportation expense 661,963.86 1,048,625.45
Rent 2,361,492.39 1,974,834.21
Amortization of low-value consumables 51,333.90 218,789.67
Board and supervisory board expense 43,083.34 39,980.75
Audit expense 169,852.70 245,616.55
Consulting expense 1,421,030.34 707,449.63
Legal expense 106,928.00 132,910.10
R&D expense for new products 28,298,539.30 21,814,825.60
Labor protection fee 84,794.80 238,866.44
Tax 379,977.26 1,009,204.50
Deferred, amortization of intangible assets 2,035,889.19 2,615,180.71
Current assets overage, shortage -461.26 -61,865.83
Others 2,994,811.72 5,385,149.79
Total 91,388,532.38 91,864,322.87
41. Financial expense
Item Current period Previous period
Interest expenses 15,500,316.07 16,258,362.57
Less: interest income 1,920,657.64 1,360,815.46
Exchange losses 2,810,606.33 -143,224.07
Others 679,607.03 981,900.29
Total 17,069,871.79 15,736,223.33
42. Income from changes in fair value
Sources of income from changes in fair value Current period Previous period
Tradable financial assets -477,030.63 -82,143.59
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SGSB GROUP CO.,LTD 2011 Interim Report
Among which: income from changes in fair
value of derivatives
Tradable financial liabilities
Investment real estate at fair value
Others
Total -477,030.63 -82,143.59
43.1 Detailed information about investment income
Item Current period Previous period
Long-term equity investment by cost method 1,312,956.63 7,488,534.65
Long-term equity investment by equity method -244,580.63
From disposal of long-term equity investment -284,990.00 -130,311.56
From holding tradable financial assets
From duration of holding to maturity during the investment
From duration of holding financial assets available for sale
From disposal of tradable financial assets 479,043.18 90,714.22
From holding to maturity during the investment
From financial assets available for sale 360,483.16
Others
Total 1,262,429.18 7,809,420.47
43.2 By cost method
Invested entity Current period Previous period Reason for increase/decrease
Shanghai Fuji-Xerox Co., Ltd. 6,465,162.65
No distribution during this period
Shanghai Butterfly Import & Export Co. Ltd 562,956.63
Over distribution
Shanghai Hirose Precision Machinery Co., Ltd. 750,000.00 750,000.00
43.3 Income from long-term equity investment by equity method
Invested company Current period Previous period Reason for increase & decrease with last
period
Duerkopp Adler Sewing Equipment New investment, loss in this period
-244,580.63
(Suzhou) Co.,Ltd
Total -244,580.63
43.4 There is no significant limitation of the Company on returning of investment.
44. Assets depreciation loss
Current period Previous period
Loss in bad debts 1,746,451.37 -4,502,525.99
Loss in inventory devaluation 10,984,554.16 -7,644,375.06
Loss in falling value of long-term equity investment -285,000.00
Total 12,446,005.53 -12,146,901.05
45. Non-operating income
45.1 Detailed information about non-operating income
Item Current period Previous period non-recurring gains and losses inc
luded in the current period
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SGSB GROUP CO.,LTD 2011 Interim Report
Gains from disposal of non-current assets 21,864,940.29 10,448,334.70 21,864,940.29
Among which: disposal of fixed assets 21,864,940.29 10,448,334.70 21,864,940.29
disposal of intangible assets
Gains from non-monetary assets transaction
Gains from debts reorganization
Gains from reception of donation
Government subsidy 1,274,088.00 967,681.00 1,274,088.00
Amercement income and liquidated
damages
Others 597,052.41 5,505,138.43 597,052.41
Total 23,736,080.70 16,921,154.13 23,736,080.70
.
45.2 Detailed information about government subsidy
Project Current period Previous period Explanation
Special funds for foreign economic cooperation 924,181.00
Allocation of funds for SMEs in the International Textile and Garment
38,500.00
Machinery Exhibition
Trade-in car allowance 5,000.00
Subsidies for financial support of the companies 1,274,088.00
Total 1,274,088.00 967,681.00
46. Non-operating expense
Current period Previous period Non-recurring gains and losses
included in the current period
Losses from disposal of non-current assets 221,076.63 2,424,333.92 221,076.63
Among which: disposal of fixed assets 221,076.63 2,424,333.92 221,076.63
disposal of intangible assets
Losses from debt restructure
Exchange of non-monetary assets
Expense in donations
Including: charitable donations
Amercement and fines 3,728.25
Compensation expense
Others 1,212,649.56 122,660.27 1,212,649.56
Total 1,433,726.19 2,550,722.44 1,433,726.19
47. Income tax expense
Item Current period Previous period
Current income tax expense 4,380,348.98 1,810,786.65
Deferred income tax expense 2,751,602.48 726,542.84
Total 7,131,951.46 2,537,329.49
48. Calculation process of basic earning per share and diluted earning per share
Current period Previous period
Basic earning per share 0.0549 0.0082
Diluted earning per share 0.0549 0.0082
Basic earning per share
Basic earning per share=P0/S
S=S0+S1+Si*Mi/M0-Sj*Mj/M0-Sk
P0 represents the net profit attributable to common shareholders or the net profit attributable to
common shareholders after non-current profits and losses. S means the weighted mean of common
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SGSB GROUP CO.,LTD 2011 Interim Report
equity publicly issued. S0 is the year-beginning equity number, S1 the added part of equity by
capitalization of capital reserves or bonus shares, Si the added shares by newly issuance or debt-to-
equity program, Sj the decreased part of equity by buying-back in report year, and Sk means the
number of shrunk shares. M0 means the number of months of report year, Mi the number of months
from the next one after newly-issued shares to the end of report year, and Mj the number of months
from the next one after newly-decreased net assets to the end of report year.
In case the enterprise owns dilutive potential common shares, it shall adjust respectively the current net
profit attributable to common shareholders and the weighted mean of common shares, and calculate on
thus basis the diluted earning per share.
Diluted earning per share
Diluted earning per share=P1/(S0+S1+Si*Mi/M0-Sj*Mj/M0-Sk+stock right warrants, stock option,
convertible bonds and other newly-added weighted mean of common shares)
P1 represents the net profit attributable to common shareholders or the net profit attributable to
common shareholders after non-current profits and losses, and adjusted according to and relevant regulations with consideration of the influence from dilutive
potential common shares. On calculating the diluted earning per share, the Company should consider
all the influences of dilutive potential common shares upon the net profit attributable to common
shareholders or the net profit attributable to common shareholders after deduction of non-current
profit/loss, and according to the order of their dilution ranks, account them into diluted earning per
share till the minimum.
49. Other comprehensive income
Current period Previous period
1. Profit (loss) from financial assets available for sale 12,572.43 -654,297.72
Less: income tax impact by financial assets available for sale
Transfer into current profits and losses from previously accounted into other
comprehensive income
Subtotal 12,572.43 -654,297.72
2. Shared benefits in invested entities’ other comprehensive income by equity method 6,114,266.36 -7,203,568.65
Less: income tax impact upon invested entities’ other comprehensive income by equity
method
Transfer into current profits and losses from previously accounted into other
comprehensive income
Subtotal 6,114,266.36 -7,203,568.65
3. Profit (loss) from cash flow hedge instruments
Less: income tax impact by cash flow hedge instruments
Transfer into current profits and losses from previously accounted into other
comprehensive income
Adjustment of initial investment in hedging projects
Subtotal
4. Foreign exchange translation difference 19,368,009.35 -31,858,148.38
Less: transfer into current profits and losses from disposal of overseas operations
Subtotal 19,368,009.35 -31,858,148.38
5. Others
Less: income tax impact by other items accounted into other comprehensive income
Transfer into current profits and losses from previously accounted into other
comprehensive income
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SGSB GROUP CO.,LTD 2011 Interim Report
Subtotal
Total 25,494,848.14 -39,716,014.75
50. Attachment of cash flow statement
50.1 Other cash inflow related to operating activities
Item Current year
Receipt of current account 2,884,443.11
Specific subsidies 1,274,088.00
Interest income 1,920,657.64
Non-operating income 453,556.45
Total 6,532,745.20
50.2 Other cash outflow related to operating activities
Item Current year
Current account 14,640,365.74
Sales expenditure 25,178,247.63
Admin. expenditure 17,575,184.50
Non-operating expense 1,212,649.56
Bank charges 679,607.03
Total 59,286,054.46
50.3 Other cash outflow related to investing activities
Item Current year
Reduction in scope of consolidation 464,945.23
Total 464,945.23
50.4 Other cash inflow related to funding activities
Item Current year
Bank certificates of deposit, bonds, lift pledge, mortgage etc 12,865,357.11
Total 12,865,357.11
50.5 Other cash outflow related to funding activities
Item Current year
Repayment loan to bank to fulfill responsibility of Guarantee 118,252,782.00
Total 118,252,782.00
51. Supplements of cash flow statement
51.1 Supplements of cash flow statement
Item Current period Previous year
1.Net profits converted into cash flow from operating activities
Net profits 39,592,988.22 5,870,407.29
Add: provision for assets depreciation 12,446,005.53 -12,146,901.05
Depreciation of fixed assets, of oil/gas assets and productive biological assets 17,278,303.73 22,969,949.66
Amortization of intangible assets 2,525,985.54 11,118,154.40
Amortization of long-term deferred expenses
Losses in disposal of fixed assets, intangible and other long-term assets (less:
income) -21,643,863.66 -8,024,000.78
Losses on scrapping of fixed assets (less: income)
Losses on changes in fair value (less: income) 477,030.63 82,143.59
Financial expense (less: income) 18,310,922.40 16,115,138.50
Investment loss (less: income) -1,262,429.18 -7,809,420.47
Decrease in deferred income tax assets (less: increase) 4,346,828.59 3,922,000.95
Increase in deferred income tax liabilities (less: decrease) -1,958,298.26 -3,093,134.43
Decrease of inventories (less: increase) -53,291,079.69 49,247,309.26
Decrease in receivables under operating activities (less: increase) -96,186,620.74 -17,070,653.17
Increase in payables under operating activities (less: decrease) 68,986,257.64 -141,139,281.03
Others
Net cash flows from operating activities -10,377,969.25 -79,958,287.28
2.Investing and financing activities that do not involve cash receipts and payments
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SGSB GROUP CO.,LTD 2011 Interim Report
Conversion of debt into capital
Convertible bonds to be expired within one year
Fixed assets under finance lease
3.Net increase in cash and cash equivalents
Cash at the end of period 345,485,398.79 262,645,796.47
Less: Cash at the beginning of period 409,008,778.08 467,658,653.68
Plus: Cash equivalents at the end of period
Less: Cash equivalents at the beginning of period
Net increase in cash and cash equivalents -63,523,379.29 -205,012,857.21
51.2 Composition of cash and cash equivalents
Item Period-ending Year-beginning
1.Cash 345,485,398.79 409,008,778.08
Including: cash on hand 1,040,205.06 1,078,374.30
Bank deposit immediately available for payment 342,447,640.90 405,674,677.65
Other monetary fund immediately available for payment 1,997,552.83 2,255,726.13
Deposit in Central Bank available for payment
Deposit in other banks
Borrowing from other banks
2.Cash equivalents
Including: investment in bonds to be expired within three months
3.Period-end cash and cash equivalents 345,485,398.79 409,008,778.08
The cash and cash equivalents of the Company and its consolidated subsidiaries whose use is under
limited restriction of over three months are not included in the cash and cash equivalents.
6. Affiliated parties and affiliated transactions
(1) Profile of the parent of the Company
RMB’000
Parent
Relationship
Type
Register place
representative
Legal
activities
Principal
Register capital
(%)
Holding prop.
(%)
Voting prop.
of the Company
Final controller
code
Organization
Shanghai Pudong Administration of 23.48 23.48 Shanghai Pudong
Holding shareholder
Shanghai
Lu Fangzhou
00245606-0
New Area State- state-owned assets New Area State-
owned Assets by entrust of owned Assets
Supervision and Shanghai Pudong Supervision and
Management New Area People’s Management
Commission Government Commission
(2) Information about the subsidiaries of the Company
RMB’000
Subsidiary
Classification
Status
Register place
Legal representative
Business scope
Registered capital
Equity proportion %
Voting share %
Organization code
Durkopp Adler Holding Co., Ltd. Shangha Zhang Imp. & Exp. of USD4,000,000 40 74 78627462-7
Trading Shanghai subsidiary i Min sewing machines,
Co. etc.
Shanghai Holding Co., Ltd. Shangha Chen Sewing machinery, 12,000 70 90 63132496-8
Shuangchong subsidiary i Changbao etc.
Sewing Machines
Co.
Shanghai Shanggong Wholly- One-perso Shangha Li Sewing machinery, 79,000 100 100 74809363-0
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SGSB GROUP CO.,LTD 2011 Interim Report
Butterfly Sewing owned n company i Xiaofeng etc.
Machines Co.
Durkopp Adler Holding Co., Ltd. Shangha Zhang Sewing machinery, USD10,000,00 70 100 79144591-0
Industrial subsidiary i Min etc. 0
Manufacturing
Shanghai Co.
Shanghai Shanggong Holding Co., Ltd. Shangha Wang Sewing machinery, 3,000 67 72 13214459-1
Jiayuan M&E Co. subsidiary i Jiaxing etc.
Shanghai Suoying Holding Co., Ltd. Shangha Ma Real estate 13,000 69 69 13246335-7
Real Estate Co. subsidiary i Minliang development, etc.
Shanghai Industrial Holding Non-comp Shangha Jiang Sewing machinery, 4,650 100 100 13224151-9
Sewing Machines subsidiary any system i Jinrong etc.
Materials General
Co.
Shanggong (Europe) Holding Co., Ltd. Germany Zhang Sewing machines, EUR22,500,00 100 100 ---
Holding Co. subsidiary Min etc. 0
SMPIC Waigaoqiao Wholly- Co., Ltd. Shangha Yang Free trade zone 8,620 100 100 13221916-
Office Equipment owned i Wenchan warehousing X
Co. g
Shanghai Shanggong Wholly- Co., Ltd. Shangha Jiang Assets management 5,000 100 100 56803204-8
Assets Management owned i Jingrong
Co.
SMPIC Office Holding Co., Ltd. Shangha Li Import and export 5,000 80 100 72951976-3
Equipment Imp. & subsidiary i Jiaming
Exp. Co.
(3) Information about associates and consortiums
RMB’000
Company Type Register place Representative Business Register capital Equity Voting Relationship Org. code
share (%) prop. (%)
Duerkopp Adler Co., Jiangsu Bo Weiping Sewing equipment USD 7,500,000 49 49 57141865-4
Sewing Equipment Ltd.
(Suzhou) Co.,Ltd
Shanghai Co., Shanghai Dai Siwei Production of USD7,640,000 25 25 Associate 60734921-7
Huazhijie Plastic Ltd. chemical products
Co.
(4) Other affiliated parties of the Company
Affiliated party Relationship Organization code
Shanghai Hirose Precision Machinery Co., Ltd. With participation of the Company 60742796-7
(5) Affiliated transactions
①The transactions among the consolidated subsidiaries, and among the Company and the subsidiaries,
have been offset.
②Affiliated leasing
RMB’000
Lesser Lessee Leasing Initial date Termination Evidence Benefits
assets
SGSB Group Co., Ltd. Shanghai Hirose Precision Machinery Equipment 2006/03/11 2011/03/11 Contract
7.Contingent Items
Contingent liabilities arising from debt guarantees for other entities Shanggong (Europe) Holding Co.,
Ltd. as at June 30, 2011
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SGSB GROUP CO.,LTD 2011 Interim Report
u guarantee Sum guaranty period relationship completed influence on financial situation
or not
Shanggong (Europe) USD5,300,000 2005/06/30-2015/10/31 nt-liability not estimated not to be overdue, no negative
Holding Co., Ltd. influence upon the Company’s operations.
In 2005, the Company offered a letter of guarantee valued USD 5,300,000 to FAG Kugelfischer
AG for the housing lease contract of DA’s subsidiary in the United States, valid from June 30,
2005 to October 31, 2015. On the same day June 30, 2005, SG Europe offered a cash mortgage of
635,000 to FAG (with the same period of validity) for re-guaranteeing the latter’s responsibility
in the sale and lease-back deal between DA’s subsidiary and UTF Norcross L.L.C.
Till June 30, 2011, this guarantee deal didn’t cause outflow of economic interest from the
Company.
8.Commitments
8.1 Significant commitments
8.1.1 External investment contract made and unfulfilled or not fully fulfilled and the related accounting
expenditure
According to the framework agreement of strategic cooperation signed by the Company and
Zoje Sewing Machine Co.,Ltd ( hereinafter referred to as "Zoje"), the Company held its first
extraordinary general meeting on January 21, 2011, examined and approved the resolution on
the integration of Duerkopp Adler AG’s joint ventures in China. In the first half of 2011, the
Company and Zoje jointly set up Duerkopp Adler sewing Equipment (Suzhou) Co., Ltd.
(hereinafter referred to as "DA Suzhou Company"), in which DA AG and DA Trading
(Shanghai) Co.,Ltd, the Company’s subsidiaries, totally invested 3,675,000 U.S. dollars,
accounting for 49% of DA Suzhou Company’s registered capital.
Till June 30, 2011, according to the investment agreement, the Company has invested DA
Suzhou Company 1,102,500 US dollars in the first phase.
8.1.2 Big-ticket outsourcing contract made and in progress or to be fulfilled and the related accounting
influence
Till June 30, 2011, the Company hasn’t any big-ticket outsourcing contract in progress or to be
fulfilled to be announced.
8.1.3 Lease contract made and in progress or to be fulfilled and the related accounting influence
Till June 30, 2011, the Company hasn’t any lease contract made and in progress or to be fulfilled to be
disclosed.
8.1.4 Merger agreement made and in progress or to be fulfilled
Till June 30, 2011, the Company hasn’t any merger agreement made and in progress or to be fulfilled
to be announced.
8.1.5 Restructure program made and in progress or to be fulfilled
Till June 30, 2011, the Company hasn’t any restructure program made and in progress or to be fulfilled
to be disclosed.
8.1.6 Other significant accounting commitments
8.1.6.1 Borrowings through mortgage of assets
RMB’000
Mortgage Purpose Sum Borrower
436 Jumen Road, Bank borrowing 40,000 SGSB Group
11A-11D, 1500 Century Avenue Bank borrowing 10,000 SGSB Group
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SGSB GROUP CO.,LTD 2011 Interim Report
Building at 175 Xiangyang Road Bank borrowings 42,000 SGSB Group
Bank deposit of EUR 355,600 Credit guarantee --- Shanggong (Europe) Holding Co.
Bank deposit of EUR 673,500 Guarantee --- Shanggong (Europe) Holding Co.
Fixed assets of EUR 12,582,800 Credit guarantee EUR1,427,500 Shanggong (Europe) Holding Co.
8.1.6.2 Affiliated parties or other entities offering guarantee for the Company as at June 30, 2011
RMB’000
Guarantor Guarantee Type Purpose Sum
Non-affiliated party
Shanghai Pudong Development (Group) Co., Ltd. SGSB Group Joint liability Bank borrowing 17,500
Shanghai Pudong Development (Group) Co., Ltd. SGSB Group Joint liability Bank borrowing 20,000
Shanghai Pudong Development (Group) Co., Ltd. SGSB Group Joint liability Bank borrowing 27,100
Shanghai Pudong Development (Group) Co., Ltd. SGSB Group Joint liability Bank borrowing 22,000
Shanghai Pudong Development (Group) Co., Ltd. SGSB Group Joint liability Bank borrowing 29,000
Total 115,600
The Company has mortgaged 100% shares in Shanghai Butterfly Sewing Machine Co., Ltd and 80%
shares in Shanghai Butterfly Imp. & Exp. Co., Ltd held by Shanghai Shanggong Butterfly Sewing
Machine Co., Ltd, and the real estate at 190 Hu Yi Road owned by the Company, to Shanghai
Pudong Development (Group) Co., Ltd. as counter guarantee for the guarantee quotation of RMB
115,600,000 (as at June 30, 2011 really guaranteed borrowing RMB 115,600,000), the period of
counter guarantee is from June 9, 2009 to June 8, 2013.
8.2 Fulfillment of commitments made in previous periods
There is no information about fulfillment of commitments made in previous periods that should be
disclosed or announced.
9. Events occurring after balance sheet date
9.1 Significant events after balance sheet date: No
At the period beginning, the Company has repaid RMB 118,252,782 (principal) to CCB SH and SDB
SH on behalf of Worldbest Development , and received all compensation benefits from the above
banks during Worldbest Development’s bankruptcy and reorganization.
Till the disclosure of current report, 10,298,534 shares of "ST Huayuan" have been transferred to the
Company shareholder accounts. The cash that the Company should get, net of all costs during shares
transferring, would be assigned to the bank account designated by the Company.
9.2 Profit appropriation after balance sheet date
According to the resolution by the 15th meeting of the Sixth Board of Directors dated August 25, 2011,
the Company didn’t propose profit appropriation for the report period.
9.3 Other events after balance sheet date
Till the disclosure of current report, the Company hasn’t any other significant events that should be
announced to the public.
10. Explanation about other significant events
Assets and liabilities accounted at fair value
RMB’
Year-beginning Profits/losses Accumulated Impairment Period-end
from changes of changes of fair accrual
fair value value into equity
Financial assets
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SGSB GROUP CO.,LTD 2011 Interim Report
1. Financial assets at fair value and whose
changes accounted into current profits and 796,963.54 1,237,522.51
losses (derivatives excluded)
2. Financial derivatives
3. Financial assets available for sale 8,320,183.62 12,572.43 6,485,356.05 8,332,756.05
Subtotal of financial assets 9,117,147.16 12,572.43 6,485,356.05 9,570,278.56
Investment real estate
Productive biological assets
Others
Total 9,117,147.16 12,572.43 6,485,356.05 9,570,278.56
Financial liabilities
11. Important notes for parent company’s financial statements
11.1 Accounts receivable
11.1.1 Composition of accounts receivable
Year-end Year-beginning
Prop. Provision for bad Prop. Provision for bad
Balance Balance
(%) debts/Prop. % (%) debts/Prop. %
1. Accounts receivable with significant
individual amount
2. Accounts receivable with
83,806,348.73 100.0 96,115,969.89
insignificant individual amounts but 104,533,078.46 100.00 112,912,376.70
80.17 0 85.12
characterized as risky portfolio
3. Other insignificant accounts
receivable
100.0
Total 104,533,078.46 100.00 83,806,348.73 112,912,376.70 96,115,969.89
0
Explanation for composition of accounts receivable
End-of-period provision for bad debts of accounts receivable with significant individual amount: No
Accounts receivable with insignificant individual amounts but characterized as risky portfolio
Age Period-end Year- beginning
Balance Provision Balance Provision
Sum Proportion (%) Sum Proportion (%)
Within 1 year 19,381,185.64 18.54 969,059.29 16,273,265.87 14.41 813,663.30
1—2 years 1,907,983.25 1.83 381,596.66 529,668.46 0.47 105,933.70
2—3 years 1,576,433.58 1.51 788,216.79 1,826,139.00 1.62 913,069.52
Over 3 years 81,667,475.99 78.12 81,667,475.99 94,283,303.37 83.50 94,283,303.37
Total 104,533,078.46 100.00 83,806,348.73 112,912,376.70 100.00 96,115,969.89
End-of-period provision for bad debts of accounts receivable with insignificant individual amount but
under impairment testing: No
11.1.2 Information for accounts receivable actually written-off in current report period
The accounts receivable actually written off in current report period totally amount to 14,950,451.72.
The main reason for write-off is that the aging of accounts receivable is too long, and the collection
can not be recovered or the customer has canceled registration or closed down business etc. This write-
off of accounts receivable are from non-affiliated third.
11.1.3 Among the period-end accounts receivable, there are no obligators who holds individually 5%
or more equity of the Company.
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SGSB GROUP CO.,LTD 2011 Interim Report
11.1.4 Top five accounts receivable
Entity or rank Relation with the Sum Duration Proportion in total
Company accounts receivable (%)
No.1 client Third party 11,530,775.39 Over 3 years 11.03
No.2 client Third party 7,480,189.67 Over 3 years 7.16
No.3 client Third party 7,234,606.86 Over 3 years 6.92
No.4 client Third party 4,679,327.49 Over 3 years 4.48
No.5 client Subsidiary of Company 3,011,291.87 Within 3 years 2.88
11.1 5 Accounts receivable from affiliated parties
Affiliated party Relationship Sum Prop. in accounts receivable (%)
Durkopp Adler Industrial
Subsidiary of the Company 1,795,394.94 1.72
Manufacturing Shanghai Co.
Shanghai Shanggong Sewing
Subsidiary of the Company 695,386.56 0.67
Machine Co.
SMPIC Office Equipment Imp. &
Subsidiary of the Company 2,546,673.34 2.44
Exp. Co.
Shanghai Shuangchong Sewing
Subsidiary of the Company 3,011,291.87 2.88
Machines Co.
11.2 Other receivables
11.2.1 Composition of other receivables
Year-end Year-beginning
Prop. Provision for bad Provision for bad
Balance Balance Prop. (%)
(%) debts/Prop. % debts/Prop. %
1. Accounts receivable with
significant individual amount
2. Accounts receivable with
37,911,582.66 34,402,068.82
insignificant individual amounts but 170,144,220.82 100.00 186,499,779.67 100.00
22.28 18.45
characterized as risky portfolio
3. Other insignificant accounts
receivable
34,402,068.82
Total 170,144,220.82 100.00 37,911,582.66 186,499,779.67 100.00
18.45
Explanation for composition of other accounts receivable
End-of-period provision for bad debts of other accounts receivable with significant individual amount:
No
Other accounts receivable with provision for bad debts and using age analysis method
Age Period-end Year- beginning
Balance Provision Balance Provision
Sum Proportion (%) Sum Proportion (%)
Within 1 year 135,529,755.54 79.66 6,776,487.78 154,718,215.23 82.96 7,735,866.17
1—2 years 345,447.20 0.20 69,089.44 6,173,763.00 3.31 1,234,752.60
2—3 years 6,406,025.28 3.77 3,203,012.64 352,702.79 0.19 176,351.40
Over 3 years 27,862,992.80 16.37 27,862,992.80 25,255,098.65 13.54 25,255,098.65
Total 170,144,220.82 100.00 37,911,582.66 186,499,779.67 100.00 34,402,068.82
End-of-period provision for bad debts of other accounts receivable with insignificant individual
amount but under impairment testing: No
11.2.2 Among the period-end accounts receivable, there are no obligators who holds individually 5%
or more equity of the Company.
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SGSB GROUP CO.,LTD 2011 Interim Report
11.2.3 Top five accounts receivable
Entity or rank Relation with the Company Sum Duration Proportion in total Type
accounts receivable (%)
73,955,903.99 43.47 Current account
No.1 client Third party Within 1 year
40,789,984.69 23.97 Current account
No.2 client Subsidiary of the Company Within 1 year
12,479,738.39 7.33 Current account
No.3 client Subsidiary of the Company Within 1 year
8,419,546.84 4.95 Current account
No.4 client Third party Within 1 year
6,000,000.00 3.53 Current account
No.5 client Third party Within 3 years
11.2 4 Accounts receivable from affiliated parties
Affiliated party Relationship Sum Prop. in accounts receivable (%)
Durkopp Adler Industrial
Subsidiary of the Company 40,789,984.69 23.97
Manufacturing Shanghai Co.
Shanghai Shanggong Butterfly
Subsidiary of the Company 91,126.28 0.05
Sewing Machine Co.
Shanghai Shanggong Imp. &
Subsidiary of the Company 625,175.92 0.37
Exp. Co.
Durkopp Adler Trading
Subsidiary of the Company 3,600,000.00 2.12
(Shanghai) Co.
SMPIC Office Equipment Imp. &
Subsidiary of the Company 595,710.60 0.35
Exp. Co
Shanghai Shanggong Assets
Subsidiary of the Company 68,989.00 0.04
Management Co.
Shanghai Shuangchong Sewing
Subsidiary of the Company 12,479,738.39 7.33
Machines Co.
11.3 Long-term equity investment
Company
method
Accounting
Initial investment
Year-beginning
Current change
Period-end
Holding prop.
Voting prop.
Explanation
Provision
Current accrual
Cash dividend
Joint Venture:
Shanghai Equity 736,283.6
1,766,689.38 736,283.66 736,283.66 25 25
Huazhijie Plastic method 6
Subtotal for 736,283.6
1,766,689.38 736,283.66 736,283.66
equity method 6
Subsidiaries:
Durkopp Adler Cost
Industrial method
53,223,926.00 53,223,926.00 53,223,926.00 70 100
Manufacturing
Shanghai Co.
Durkopp Adler Cost
11,830,443.11 11,830,443.11 11,830,443.11 40 74
Trading Shanghai method
Shanghai Cost
Industrial Sewing method 992,799.3
4,600,000.00 4,600,000.00 4,600,000.00 100 100
Machines 6
Materials
Shanggong Cost
Jiayuan Sewing method 2,170,728.50 2,170,728.50 2,170,728.50 67 72
Machines
Shanghai Cost
8,400,000
Shuangchong method 8,400,000.00 8,400,000.00 8,400,000.00 70 90
.00
Sewing Machines
Shanghai Cost
Suoying Real method 10,313,953.16 10,313,953.16 10,313,953.16 69 69
Estate
Shanghai Cost
Shanggong method
79,000,000.00 79,000,000.00 79,000,000.00 100 100
Butterfly Sewing
Machine Co.
Shanggong
(Europe) Holding 225,155,693.64 225,155,693.64 225,155,693.64 100 100
Co.
SMPIC Cost
8,620,000.00 8,620,000.00 8,620,000.00 100 100
Waigaoqiao method
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SGSB GROUP CO.,LTD 2011 Interim Report
Office Apparatus
SMPIC Great Cost
Wall Number method 6,360,000.00 6,360,000.00 -6,360,000.00
Machines
SMPIC Imp. & Cost
4,000,000.00 4,000,000.00 4,000,000.00 80 100
Exp. method
Shanggong
Assets 5,000,000.00 5,000,000.00 100 100
Management
Other invested
companies:
Shanghai Cost
Xingguang method 14.3 14.3 308,033.9
308,033.99 308,033.99 308,033.99
Underwear 0 0 9
(South Africa)
Shanghai Shensi Cost
10.5 10.5
Enter. method 10,593,077.64 10,593,077.64 10,593,077.64
9 9
Development
Wuxi Shanggong Cost 80.0 80.0 153,814.2
153,814.26 153,814.26 153,814.26
Sewing Machines method 0 0 6
Shanghai Hualian Cost
21.7
Sewing method 400,000.00 400,000.00 400,000.00 Note
4
Machinery
Shanghai Fuji- Cost 15.9 15.9
29,140,749.49 29,140,749.49 29,140,749.49
Xerox method 2 2
Shanghai Cost
Baoding method 7,500.00 7,500.00 7,500.00 <5 <5
Investment
Bank of Shanghai Cost
951,400.00 951,400.00 951,400.00 <5 <5
method
China Perfect Cost
90,000.00 90,000.00 90,000.00 <5 <5
Machinery method
Shenyin & Cost
Wanguo method 200,000.00 200,000.00 200,000.00 <5 <5
Securities
Shanghai Hirose Cost
Precision method 2,840,376.00 30 Note 750,000.00
Industrial
Subtotal for cost 9,854,647
460,519,319.79 -6,360,000.00 454,159,319.79 750,000.00
method .61
Total 10,590,93
461,255,603.45 -6,360,000.00 454,895,603.45 750,000.00
1.27
Note: The Company doesn’t participate in the decision or operation of Shanghai Hualian Sewing
Machines Co., Ltd., Shanghai Hirose Precision Industrial Co., Ltd., nor realizes significant influence
upon the invested entities. This is the reason for adopting cost method.
11.4 Operating revenue and operating expense
11.4.1 Principal operating income
Current period Previous period
Principal operating income 67,245,009.90 73,231,325.47
Other operating income 12,646,744.71 13,103,248.98
Operating cost 66,494,547.80 69,387,960.27
11.4.2 Principal operations, by business sectors
Current period Previous period
Income Expense Income Expense
Industrial operations 67,245,009.90 60,392,570.84 73,231,325.47 66,440,962.51
Total 67,245,009.90 60,392,570.84 73,231,325.47 66,440,962.51
11.4.3 Principal operations, by products
Current period Previous period
Income Expense Income Expense
Sewing machines 1,885,829.82 2,492,536.54
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SGSB GROUP CO.,LTD 2011 Interim Report
Office supplies& Film
67,245,009.90 60,392,570.84 71,345,495.65 63,948,425.97
equipment
Total 67,245,009.90 60,392,570.84 73,231,325.47 66,440,962.51
11.4.4 Principal operations, by regions
Current period Previous period
Income Expense Income Expense
Home 67,245,009.90 60,392,570.84 73,231,325.47 66,440,962.51
Total 67,245,009.90 60,392,570.84 73,231,325.47 66,440,962.51
11.4.5 Principal operating income from the top five clients of the Company
Entity or rank Operating income Proportion (%)
No.1 client 14,398,241.94 18.02
No.2 client 14,060,624.43 17.60
No.3 client 6,580,086.93 8.24
No.4 client 1,301,800.00 1.63
No.5 client 1,082,830.00 1.36
11.5 Investment income
11.5.1 Detailed information about investment income
Item Current period Previous period
Long-term equity investment by cost method 628,146.24 22,399,533.06
Long-term equity investment by equity method
From disposal of long-term equity investment -3,316,500.93
From disposal of tradable financial assets 344,110.53
From financial assets available for sale
Others
Total 972,256.77 19,083,032.13
There are no significant restrictions over the inflow of investment earnings.
11.5.2 By cost method
Invested entity Current period Previous period Reason for increase/decrease
Shanghai Butterfly Imp. & Exp. Co., Ltd. 15,286,119.43
Shares have been tranferred
Shanghai Fuji-Xerox Co., Ltd. 6,465,162.65
Unallocated profit in this period
Shanghai Hirose Precision Machinery Co., Ltd. 750,000.00 750,000.00
Shanghai Shuangchong Sewing Machines Co., Ltd. -121,853.76 -375,121.02
Decrease of excess loss by subsidiary
The investment income from Shanghai Shuangchong Sewing Machines Co., Ltd. represents the excess
loss accrued by the Company .
11.6 Supplements of cash flow statement
Item Current period Previous period
1.Net profits converted into cash flow from operating activities
Net profits 3,971,199.23 7,331,627.02
Add: provision for assets depreciation -3,254,735.91 -3,796,838.74
Depreciation of fixed assets, of oil/gas assets and productive biological assets 3,381,627.55 7,142,634.73
Amortization of intangible assets 2,166,596.28 1,558,763.73
Amortization of long-term deferred expenses
Losses in disposal of fixed assets, intangible and other long-term assets (less:
income) -21,578,553.49 -5,374,639.85
Losses on scrapping of fixed assets (less: income)
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SGSB GROUP CO.,LTD 2011 Interim Report
Losses on changes in fair value (less: income) 111,864.03 102,744.80
Financial expense (less: income) 7,029,392.58 4,617,493.14
Investment loss (less: income) -972,256.77 -19,083,032.13
Decrease in deferred income tax assets (less: increase)
Increase in deferred income tax liabilities (less: decrease)
Decrease of inventories (less: increase) 3,195,745.69 7,921,219.38
Decrease in receivables under operating activities (less: increase) -14,588,249.21 -2,439,602.49
Increase in payables under operating activities (less: decrease) 33,978,922.03 -30,945,396.75
Others
Net cash flows from operating activities 13,441,552.01 -32,965,027.16
2.Investing and financing activities that do not involve cash receipts and payments
Conversion of debt into capital
Convertible bonds to be expired within one year
Fixed assets under finance lease
3.Net increase in cash and cash equivalents
Cash at the end of period 124,349,613.70 133,031,574.57
Less: Cash at the beginning of period 142,618,456.50 273,006,414.17
Plus: Cash equivalents at the end of period
Less: Cash equivalents at the beginning of period
Net increase in cash and cash equivalents -18,268,842.80 -139,974,839.60
12. Supplementary information
12.1 Current-year non-current profit/loss
RMB’
Item Sum Explanation
Disposal of non-current assets, including the written-off of accrued provision for assets depreciation 21,643,863.66 Note
Tax rebate and tax relief from approval without authorization, formal authorization or under occasional
situation
Government subsidies accounted into current profit/loss, except the continuous ration subsidies directly
1,274,088.00
related to the normal operations and stipulated by the government
Dispossession surcharge to non-financial institutions accounted into current profit/loss
Earning from the difference between investment cost and the fair value of identifiable net assets when the
company acquires subsidiaries, associates or joint-venture companies
Exchange of non-monetary assets
Assets under investment or management of trustee
Provision for assets’ depreciation under force majeure
Liabilities reorganization
Business reorganization, including staff arrangement and integration
Exceeding above the fair value in transactions whose price are obviously unfair
Business combination under the same control from the year-beginning to the combination date
Contingent affairs not related to normal operations
Fair value changes of tradable financial assets/liabilities and investment profits from the transfer of
tradable financial assets/liabilities and financial assets available for sale, except futures’ hedging
activities directly related to the normal operations profit/loss from fair value changes of tradable financial
2,012.55
assets/liabilities and investment profits from the transfer of tradable financial assets/liabilities and
financial assets available for sale, except futures’ hedging activities directly related to the normal
operations
Return of provision for accounts receivable depreciation under individual impairment testing
Externally entrusted loans
Fair value changes in investment real estates adopting fair value method for subsequent calculation
Influence of once adjustment upon current profit/loss according to taxation and accounting regulations
Custodian fees from trust operation
Other non-operating income/expenditure -615,597.15
Other profit/loss items conformed to the definition of non-current profit/loss
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SGSB GROUP CO.,LTD 2011 Interim Report
Influence of income tax 62,231.27
Influence of minority interest (after tax) -22,981.24
Total 22,343,617.09
12.2 Rate of return on net assets and earning per share
RMB’
Net profit Weighted rate of Earning per share
return on net assets Basic Diluted
Net profit attributable to common shareholders 4.0156 0.0549 0.0549
Net profit attributable to common shareholders after non-
0.3721 0.0051 0.0051
current profit/loss
12.3 Abnormal situations of financial statements and explanation of reason
RMB’
Item Period-end Year-beginning Ratio Reason
(or current sum) ( or previous sum)
Other receivables Mainly due to repayment of principal of loan on behalf of
110,513,634.09 39,867,849.65 177.20%
Worldbest Development
Other payables Mainly due to receiving advance payment from disposal of
187,088,897.04 123,338,243.20 51.69%
land
Asset impair loss 12,446,005.53 -12,146,901.05 202.46% Mainly due to adjust inventory fall price reserve
Non-operating income Mainly due to the increase in profit from disposal of fixed
23,736,080.70 16,921,154.13 40.27%
assets
13. Authorization for the publication of financial statements
The current financial statements have been authorized by the 15th meeting of the Sixth Board of
Directors on August 25, 2011 to be submitted to the related authorities and the public.
SGSB GROUP CO., ltd
August, 25, 2011
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SGSB GROUP CO.,LTD 2011 Interim Report
VIII. For Reference
1. Interim Report with signature of the Chairman of BOD;
2. Financial statements signed by the legal person representative, Director in charge of
accounting affairs and chief accountant;
3. All the original documents and announcements carried in the newspaper authorized by
China Securities Regulatory Commission within report period;
4. Articles of Association of the Company;
5. Other related materials.
Chairman of BOD: Zhang Min
SGSB Group Co., Ltd.
August 25, 2011
86
