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Page 1: H z y...EQC m á , ü Ï )
Page 2: H z y...EQC m á , ü Ï )

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Page 3: H z y...EQC m á , ü Ï )

1

2 3 4

1 China United Telecommunications Corporation Limited 2 3 88 40 200121 021-50477288 021-50471778 E-mail [email protected] 88 40 200121 021-50477288 021-50471778 E-mail [email protected] 4 88 40 88 40 200121 http://www.chinaunicom-a.com [email protected] 5 www.sse.com.cn 88 40 6 A A A 600050 7 2001 12 31 2004 9 8 3100001007210 310046710929383 202 11

Page 4: H z y...EQC m á , ü Ï )

: :

6,104,914,415 2,471,146,255

2,343,144,823 33,974,800,851 -456,957,104

6,118,215,032 -121,006,899 0

107,706,282 26,013,689,209

-4,522,222,162

: :

-107,706,282

-69,582,854 49,287,704

-128,001,432

: :

2002 2004 2003

(%) 70,738,590,468 59,798,476,195 18.3 36,247,968,692 39,477,608,242

6,104,914,415 5,822,562,133 4.8 6,191,963,512 6,191,963,512 2,471,146,255 2,327,030,573 6.2 1,971,992,608 1,947,852,967

2,343,144,823 2,779,063,260 -15.7 1,999,692,545 1,975,409,605

144,823,526,510 150,054,557,734 -3.5 150,294,143,696 149,949,102,922 45,435,467,842 39,225,242,666 15.8 37,595,902,219 36,721,160,087

26,013,689,209 24,874,974,084 4.6 12,938,008,786 12,938,008,786 2002

2004 2003 (%)

0.117 0.118 -0.8 0.100 0.099

% 5.4 5.9 -0.5 5.2 5.3

% 5.2 7.1 -1.9 5.3 5.4

Page 5: H z y...EQC m á , ü Ï )

2002

2004 2003 (%)

1.23 1.26 -2.4 0.66 0.66

0.122 0.118 3.4 0.124 0.122

0.111 0.141 -21.3 0.102 0.100

0.115 0.141 -18.4 0.125 0.124

% 5.9 6.1 -0.2 7.0 7.0

% 5.6 7.2 -1.6 7.1 7.1

2002 2004 2003

(%) 2.14 1.99 7.5 1.91 1.86

1.81 1.63 11.0 1.48 1.41

9

: : %

74.8 81.1 1.60 1.67 13.5 14.6 0.29 0.30

5.4 5.9 0.12 0.12 5.2 5.6 0.11 0.12

: : 19,696,596,395 14,213,225,843 755,718,596 222,322,859 4,559,701,832 39,225,242,666 1,500,000,000 2,930,112,067 370,671,939 123,557,313 2,471,146,255 7,271,930,261 1,061,705,085 1,061,705,085

21,196,596,395 17,143,337,910 1,126,390,535 345,880,172 5,969,143,002 45,435,467,842 1 2 3 4

2003

Page 6: H z y...EQC m á , ü Ï )

1

:

1 14,696,596,395 14,696,596,395 14,696,596,395 14,696,596,395 2 3 4 259,000,000 -259,000,000 -259,000,000

14,955,596,395 -259,000,000 -259,000,000 14,696,596,395

1 4,741,000,000 1,500,000,000 259,000,000 1,759,000,000 6,500,000,000 2

3

4

4,741,000,000 1,500,000,000 259,000,000 1,759,000,000 6,500,000,000 19,696,596,395 1,500,000,000 1,500,000,000 21,196,596,395

2

518,000,000 1,732,000,000

Page 7: H z y...EQC m á , ü Ï )

3 (1)

: :

2002-09-17 2.30 5,000,000,000 2002-10-09 5,000,000,000 2004-07-20 3.00 1,500,000,000 2004-07-29 1,500,000,000

2002 106 2002 9 17 9 20

50 1.00 2.30

[2002]168 , 27.5 2002

10 9

1518 173,200 6 2003 4 9

15 51,800 50 12 2003

10 9 50 18 2004 4 9 2002 10 9

[2004]107 2004 715 1.00

3.00 15 2004 7 29 15 (2)

19,696,596,395 21,196,596,395 ,25.38% 30.66%;

, 4,741,000,000

6,500,000,000 (3)

: : ( )

0

Page 8: H z y...EQC m á , ü Ï )

1 728,763 5 A 728,758B 0 H 0 2

:

( ) (%)

0 14,693,996,395 69.32 0 50ETF 113,971,600 113,971,600 0.54

50 112,778,077 112,778,077 0.53

22,813,767 58,437,037 0.28

57,340,078 57,340,078 0.27

56,833,346 56,833,346 0.27

50,042,383 50,042,383 0.24

4,229,059 49,132,744 0.23 -2,361,988 41,838,408 0.20

11,200,000 38,700,000 0.18

Page 9: H z y...EQC m á , ü Ï )

3

1 16,301,912,707 1994 6 18

IP

2

3

4

4

Page 10: H z y...EQC m á , ü Ï )

5

A B H 50ETF 113,971,600 A

50 112,778,077 A 58,437,037 A

57,340,078 A 56,833,346 A 50,042,383 A

49,132,744 A 41,838,408 A

38,700,000 A 33,447,437 A

1

:

47 2004-12-23 2005-05-31 0 0 0 49 2001-12-30 2005-05-31 0 0 0

58 2001-12-30 2005-05-31 0 0 0 46 2001-12-30 2005-05-31 0 0 0 61 2001-12-30 2005-05-31 0 0 0

51 2003-08-28 2005-05-31 0 0 0 75 2002-03-15 2005-05-31 0 0 0 57 2002-03-15 2005-05-31 0 0 0 71 2003-05-09 2005-05-31 0 0 0 53 2003-05-09 2005-05-31 0 0 0 51 2001-12-30 2005-05-31 0 0 0 54 2001-12-30 2005-05-31 0 0 0 59 2002-08-25 2005-05-31 0 0 0 55 2002-06-17 2005-05-31 0 0 0

(1) 1982

2001

2004 112004 12

(2) 1982

2002 2 1984 1998

Page 11: H z y...EQC m á , ü Ï )

1998 8 1998 20012001 3 2003 9

2001 12 2004 11

(3) 1968 1984 1990

1990 19911991 1994

1994 10 2000 22001 12

(4) 1987

,2000 7 2001 3 2004

12 2001 12

(5) 1968 1983

1 1993 11 1993 11 1998 81998 8 1999 4 1999

4 2003 12 2001 1234

2004 1 (6)

1998 5 2002 1

2002 1 2003 8

(7) 1952 1952

19781982

1985 5 1993 6

1993 2002 3

(8) 1978 1988

1990 1992 1988

1998 1999

1999 “” 2002 3

Page 12: H z y...EQC m á , ü Ï )

(9) 1955 19611978 1980

19891955 8

1980 3 1980 6 1989 9 198911 SPGmbH 1994 5 1998 7

2003 5 (10) 1980 1983

19861999 1983 1994

1994 20002000

2003 5 (11) 1982 19821983 1983 1993

1993 1997 1997 2000 52000 6

2001 12

(12) 1982 1982

8 1991 41991 5 1995 11

1995 122001 12 2001 12

(13) 1985 1983 1

1987 1 1987 1 1994 11994 1 1995 1

1995 6

2002 8

(14)1991 8

1992 112000 7

Page 13: H z y...EQC m á , ü Ï )

2

2004-11-01

2001-03-01 2004-11-01

1994-10-01 2001-03-01 2000-06-01 2001-12-01

2002-08-01

2004-12-21 2004-12-21

2004-11-02 2001-12-01 2004-11-01

2001-12-01

2004-11-01 2000-04-01

2003-03-01

2004-02-01

2003-11-01

2001-02-28 2002-05-10

2003-06-16 2002-11-01

2001-06-01

2001-06-01

1996-06-01

1998-05-01 2002-06-01

1

2

: : 120,000

Page 14: H z y...EQC m á , ü Ï )

3

2

4

25 35 2

39,589

1

6,267 7,035 11,750 10,827 1,362 2,348

2

1,449 23,080 8,001 7,059

Page 15: H z y...EQC m á , ü Ï )

1

2

3

2004

4

5

6

7

Page 16: H z y...EQC m á , ü Ï )

820042003

2002 12 31

2002 12 31 1,9000.05% 2003 6,600 2.67%

2004

2002 20032002 2003

(1) (2)(3)

2004

1

8 8 0 0 8 8 0 0 8 8 0 0 8 8 0 0

2

1) BVI “

BVI ”

2)

3)

Page 17: H z y...EQC m á , ü Ï )

4)

5)

1

1) 2004 4 10

2004 5 11 2003 2004 4 15

2 82 15,656,360,991

79.4876

2

1 2 2003 3 4 5 2003 6 7

2004 12 31 8

9 10 11 12 13 2003 14 15 16 17 18 19 20

Page 18: H z y...EQC m á , ü Ï )

21 (BVI) 22 23

2004 5 12

1 1

1 2004 11 232004 12 23 2004 2 31 15,276,173,054

72.0689 2

1 2 3

30 CDMA 12 CDMA 12 CDMA 30

2004 12 24

BVI ,BVI 77.41

“” (“ ”)

13.3 1,450.241.5

BVI

2004

2004 707.4 18.3% GSM

436.6 15.1% CDMA229.3 44.5% 41.5

8.9% 2004 EBITDA 270.1 8.9%24.7 6.2% 0.12 2004

76.2 25.1

Page 19: H z y...EQC m á , ü Ï )

2004 “ ”

CDMA GSM CDMA CDMACDMA CDMA

GSM CDMA GSM

“ ” GSM CDMA 2004

2003 54% 51% 1

2004 12 31 11,208.1 22.535.6 GSM 8,426.7

16.1%;CDMA 2,781.4 46.8% 2004 8 “” “ ”

2004 442.2 26.9CDMA 1X

“uni- ”2004 CDMA 1X

871.1 5.3%10.9%

2004 240.521.3% 1,362.5 ” 1,469.0

“ ” 33.7 2

CDMAGSM

CDMA GSM 12 100CDMA GSM

3

;

2004

4

Page 20: H z y...EQC m á , ü Ï )

2004 9

2004 CDMA3 CDMA

1

BVI21 30

30

CDMA GSM

11208.1 22.5 35.6GSM 8426.7 16.1 CDMA 2781.4

46.8

442.226.9 CDMA 1X 871.1 4.9

240.521.3 1243.2 1362.5 “ ”

“ ” 33.7 1469.0

71.2 12.030 GSM

CDMA CDMA 1X

1 CDMA

CDMA 12 15CDMA 2004 8 GSM CDMA “

CDMA 2781.41894.6 886.8 2582.4

Page 21: H z y...EQC m á , ü Ï )

1798.1 784.3 199.1 96.5102.6 7.2% CDMA 1.1% 1.2

“ ” “ ” 16

CDMA 829.6 491.568.8%

MOU&ARPU

CDMA (MOU) 292.3 , 337.3

45.0 ARPU 85.3 125.840.5

2 GSM

GSM 101 211

GSM

GSM 8426.77257.0 1169.7 4284.43956.2 328.2 3300.7 4142.3

841.6 49.2% GSM2.3 , 2.6

GSM 1781.6 1430.8

24.5%

MOU&ARPU GSM (MOU) 188.9 , 177.4

11.5 MOU 247.5 MOU 125.2ARPU 49.4 56.3 6.9

ARPU 58.1 ARPU 40.0

3

442.2 348.426.9% CDMA 118.3 68.5 72.7%GSM 323.9 279.9 15.7%

Page 22: H z y...EQC m á , ü Ï )

“uni- ” “ ” “ ” “ e” “ ”

“ ” “ ” “ ” CDMA 1XCDMA 1X 871.1

“ ” 837.1 “ ” 34.0

4

198.3 240.512.7% 19.1 27.5 PSTN

PSTN 33298.2% 101.0 84.4

19.6% 99.4 1.624.7

IP

IP 34 IPIP 139.5 113.9

22.5% 138.1 1.42.8

5.2 2Mbps

ATM FR9007 2Mbps “ ” 33.7

328 Uninet

103 Uninet 1243.21362.5 1469.0

Page 23: H z y...EQC m á , ü Ï )

5

30

71.2 12.0 326

CDMA CDMA

CDMACDMA 99.6 0.45

99.99

GSMGSM GSM 31

GSM 98.8 1.0

6

“ ” “ ”CDMA SP/CP CDMA

CDMA CDMACDMA 1X CDMA 1X

GSM

VPN IP “ ” Uninet

CDMA 1X

” “ ” 2004 “ ” “ ”2004 “ ” “ ”

,“uni” “ ” “ ” “ ”“ ”

——“Up ”

Page 24: H z y...EQC m á , ü Ï )

“ ”

85640

Page 25: H z y...EQC m á , ü Ï )

2

: :

(%)

(%) 70,738,590,468 100 33,974,800,851 100

: 195,137,055 0.3 70,738,590,468 / 33,974,800,851 /

/ / 70,738,590,468 33,974,800,851

3

: :

(%)

(%) GSM 41,520,932,835 58.7 18,076,616,550 53.2 CDMA 21,995,168,055 31.1 12,712,446,773 37.4

7,222,489,578 10.2 3,185,737,528 9.4 : 195,137,055 0.3

70,738,590,468 / 33,974,800,851 / / /

70,738,590,468 33,974,800,851

195,137,055

1" "

2,

3

4

: :

(%)

(%) 70,738,590,468 100 33,974,800,851 100

: 195,137,055 0.3 / /

/ / 70,738,590,468 100 33,974,800,851 100

Page 26: H z y...EQC m á , ü Ï )

5 10%

: : (%)

70,738,590,468 36,763,789,617 48.0 GSM 41,520,932,835 23,444,316,285 43.5 CDMA 21,995,168,055 9,282,721,282 57.8

7,222,489,578 4,036,752,050 44.1 6 (1)

: :

(BVI)

41.3 14,502,259 321,239

(BVI) , ,

321,243

7

: : 45.8 % 24.9

%

Page 27: H z y...EQC m á , ü Ï )

183.9 13.7 -6.9

GSM 2004183.9 193.5 95.0% 64.0

13.430.5 76.0

1

2004 4,417,150,952 4,417,150,9524,417,150,952

[2004]107 2004 6 29

15 3.004, 500,000,000.00 83, 327,421.96478, 373.98 4, 417,150,952.02

2

: :

BVI8.26 441,715 441,715 7,861

441,715 441,715

BVI “ BVI ”BVI 73.84% 82.10% 3

Page 28: H z y...EQC m á , ü Ï )

: :

144,823,526,510 150,054,557,734 -5,231,031,224 -3.5

33,974,800,851 30,215,658,790 3,759,142,061 12.4 2,471,146,255 2,327,030,573 144,115,682 6.2

-4,522,222,162 -5,277,965,667 755,743,505 14.3

45,435,467,842 39,225,242,666 6,210,225,176 15.8 2004 EBITDA

2004 707.4 18.3% EBITDA 270.18.9% 61.0 4.8% 24.7

6.2% 0.117 0.118 183.9- 51.1 76.2

2003 12 31 9 GSMCDMA

2003 “ ” 20031 1 2003

2004 9.4% EBITDA 0.5%

22.3% 21.5%

Page 29: H z y...EQC m á , ü Ï )

1 2004 707.418.3% 9.4%

GSM CDMA2003 2003 2004

2003 2003 2004

(%)

(%)

(%)

53,801 90.0 60,590 93.7 66,593 94.1

GSM 37,938 63.5 42,995 66.5 43,663 61.7

CDMA 15,863 26.5 17,595 27.2 22,930 32.4

4,550 7.6 4,053 6.3 4,146 5.9

59,798 100.0 64,643 100.0 70,739 100.0 1.1 CDMA CDMA CDMA 2004229.3 44.5% 30.3% CDMA

ARPU 85.3 32.2%

CDMA 2003 2003 2004CDMA

2003 2003 2004

(%)

(%)

(%)

15,863 100.0 17,595 100.0 22,930 100.0

11,909 75.1 13,258 75.4 16,472 71.8

3,560 22.4 3,994 22.7 4,727 20.6

-479 -3.0 -641 -3.7 -807 -3.5

873 5.5 984 5.6 2,538 11.1 2004 CDMA 164.7 , 71.8% 47.3

20.6% CDMA -8.1-3.5%,CDMA 56.0%

Page 30: H z y...EQC m á , ü Ï )

CDMA CDMA2004 CDMA 23.8

10.4% 1.2 GSM 2004 GSM 436.6 15.1%

1.6% GSM ARPU 2003 56.749.4 12.9%

GSM 2003 2003 2004

GSM

2003 2003 2004

(%)

(%)

(%)

37,938 100.0 42,995 100.0 43,663 100.0

29,854 78.7 33,996 79.1 32,861 75.3

7,232 19.1 8,265 19.2 7,111 16.3

-1,471 -3.9 -1,872 -4.4 -1,491 -3.5

80 0.2 80 0.2 75 0.2

2,243 5.9 2,526 5.9 5,107 11.7

GSM 328.6 75.3% 71.116.3% GSM -14.9

-3.5%,GSM 14.3%.

2004 GSM 48.6 11.1% 1.3

PSTN IP“ ” “ ” “ ”

2004 41.5 8.9%

2.3%

Page 31: H z y...EQC m á , ü Ï )

2

2004 622.2 14.1%

2003 2003 2004

2003 2003 2004

(%)

(%)

(%)

51,039 85.4 54,537 84.4 62,218 88.0

27,904 46.7 28,710 44.4 34,818 49.2

4,320 7.2 4,727 7.3 7,398 10.5

2,448 4.1 2,187 3.4 2,464 3.5

15,714 26.3 16,076 24.9 18,320 25.9

1,292 2.2 1,320 2.0 1,876 2.7

815 1.4 843 1.3 993 1.4

3,315 5.5 3,558 5.5 3,768 5.3

15,157 25.3 17,200 26.6 18,944 26.8

5,609 9.4 5,811 9.0 6,213 8.8

2,369 4.0 2,816 4.4 2,242 3.2

2.1

2004 CDMA 975 CDMA66.0 2004 74.0

7.3% 10.5% 2.2

GSM 2004183.2 14.0%24.9% 2004 25.9% 2.3 2004 2004 24.6

12.7% 3.4% 3.5%

Page 32: H z y...EQC m á , ü Ï )

2.4

CDMA2004 189.4 10.1% CDMA

61.2 44.5 47.599.1 26.1%

23.7 9.2%26.6% 26.8%

2.5 2004 62.1 6.9%

9.0% 2004 8.8% 21.912.1% 2.8% 2.6 2004 22.4 20.4%

3 3.1

2004 61.2 12.9%23.7%

GSM 65.1 13.7% CDMA

2004 -6.3 6.5 2.5%3.0 , 75.8%

3.2 2004 19.3 31.7% 3.3 2004 24.7 0.117 4 EBITDA 2004 EBITDA 270.1 8.9%0.5% EBITDA EBITDA 42.0 38.2 2004 GSM EBITDA 244.3 EBITDA

60.0 58.8% CDMA EBITDA -3.24 -1.5

EBITDA 2004 28.0 11.4% EBITDA

44.3% 2004 38.8%

Page 33: H z y...EQC m á , ü Ï )

5

2003 227.0 2004291.6

6

GSM 2004183.9 193.5 95.0% 64.0

13.430.5 76.0

2004 51.1 76.2

183.9 182.3

64.0 75.9

13.4 12.2

30.5 30.5

76.0 63.7 2005 182.3 GSM

Page 34: H z y...EQC m á , ü Ï )

1 2005 WTO

2005

CDMA 1X CDMA

CDMA CDMACDMA CDMA

GSM GSM GSM

GSM

“uni- ”

2005

“ ”

“ ” “ ”“UP ” “ ” “uni- ”

2005 “ ”

Page 35: H z y...EQC m á , ü Ï )

2 CDMA CDMA

CDMA 1X

GSM

ARPU

CDMA 1X

“ ” “ ”“ ” “ ”

“ ” GSMCDMA 1X “ ”

“ ” “ ” “UP ” “ ”

1

1.1

1.1.1 2004 3 25 11 10

1 2003 “ ”2003

2 2003 2003

3 2003 4 2003

Page 36: H z y...EQC m á , ü Ï )

5 ()2003 40 331.2

2004 6

7 “

” “ ”“ ”

8 2003 2004 5 112003

1.1.2 2004 4 8 11 11

1 2 3 4 (BVI) 5 6 “ ”

2004 12 31

20%

1.1.3 2004 4 29 11 112004

1.1.4 2004 8 26 10 9

1 2004 2004

2 1.1.5 2004 10 28 10 10

2004

1.1.6 2004 11 4 10 10

Page 37: H z y...EQC m á , ü Ï )

1.1.7 2004 11 19 9 9

1 2 3 4 5 6 2004 2004 12 23

1.1.8 2004 12 23 10 10

2

20032004 7 26

2004

1

2004 7 26 BVI BVI 73.8482.10 2004 BVI 24.50.34 24.84

0.13 2004 24.71

0.122

3.71 45.58 6.892004 59.69

2 2004

6.91 0.227.0 2004 12 31 211.97 10 0.325

0.11

Page 38: H z y...EQC m á , ü Ï )

“ ” 2004 12 31 20042004 3 24

(2005)569

[2003]562004 12 31

“ ”

2004

2003

2005 3 24

202

11 200021

+86 (21) 6123 8888 +86 (21) 6123 8800

www.pwccn.com

Page 39: H z y...EQC m á , ü Ï )

23,853 2,283 82,509 3,825 1

120,006 13,497 2

134 109 - -

- -

- 28,206 4,154

200,437 8,684 44,813 2,902

674 9

1

2

2005 03 24

Page 40: H z y...EQC m á , ü Ï )

157

1 1.1 2004 3 25 3 3

1 2003 2003 2 2003

1.2 2004 4 8 3 3

1 2 3 4 (BVI) 5 6 “ ”

1 2 3 4 6 2004 5 11

2003 1.3 2004 8 26 3 3

2004 1.4 2004 11 19 3 3

1 2 3 4 5 2004

Page 41: H z y...EQC m á , ü Ï )

2004

2004 7 26 BVIBVI 73.84% 82.10%

1 (1) 2004 9

3,7162004 6 302004 9 17 ,

160

(2) 2004 7 26 BVI 8.26

441,715 2003 12 31 BVI2004 7 27

7,861

2004 7 26BVI 8.26% BVI

82.10%

Page 42: H z y...EQC m á , ü Ï )

1

( )

CDMA

7

8

6,588,925,714 100

CDMA 30 CDMA

2 3

: :

200,437 8,684 / 200,437 8,684 /

200,437

8,684

“ ”

8684 58.0%6 56.5%.

,,

Page 43: H z y...EQC m á , ü Ï )

1

2

3

“ ” ” (27)” 4

5

6

2003 9 2613 7

57.94 3 7 0.28%-0.44%7

CDMA

“ ”CDMA 2004 11 22

12 CDMA 9A CDMA9B CDMA

CDMA 200412 23

2004 2 25 125 41.38 3

0.4%

2004 5 11 (BVI) 8.26

5%

5%

Page 44: H z y...EQC m á , ü Ï )

402

50 3

2004

2004 50 413.810 30 2004

5

20052005 2005

50

Page 45: H z y...EQC m á , ü Ï )

“ 2004 ”

“ 2004 ”

“ 2004

2003

Page 46: H z y...EQC m á , ü Ï )

15 4 2004

BVI

2004 2003

2,471,146,255 2,327,030,573 13,204,060 8,645,497

(33,860,243) (33,860,243) BVI 1 2,450,490,072 2,301,815,827

BVI 76.28%( 1) 73.84%

BVI 3,212,390,562 3,117,500,473 BVI 41,801 (87,701)

BVI 3,212,432,363 3,117,412,772

BVI 77.41%( 2) 77.47% 4,150,063,577 4,024,025,781

(1) 272,220,000 287,601,115 (2) 234,147,046 232,692,848

(3) (116,700,107) (164,292,325)

- (136,456,622) (4) (45,836,059) (25,761,412)

(5) - 49,378,340 BVI BVI

(6) 32,883,326 12,129,337

(7) (4,126,550) (7,343,167) 9,087,413 49,675,830

(8) (144,739,575) (104,552,239)

236,935,494 193,071,705

4,386,999,071 4,217,097,486

Page 47: H z y...EQC m á , ü Ï )

2004 12 31

2003 12 31

45,435,467,842 39,225,242,666

(4,000,000) (4,000,000) (19,720,387) (19,720,387)

BVI (1,436,096,587) (718,048,293) 35,477,184 22,273,123

237,021,699 270,881,942 1,394,201,637 703,168,491

BVI 45,642,351,388 39,479,797,542

BVI 82.10% 73.84%

BVI 55,596,128,755 53,470,084,829 130,391,580 -

BVI 36,744 (5,057)

BVI 55,726,557,079 53,470,079,772 BVI 77.41% 2 77.47%

71,991,789,620 69,020,393,922

(1) 950,114,348 677,894,348 (2) (386,790,542) (620,937,588)

(3) 166,752,036 283,452,143

(4) (51,786,855) (5,950,796)

(5) 158,599,495 158,599,495 BVI BVI

(6) 45,012,663 12,129,337

(7) 75,664,369 79,790,919 50,061,084 54,340,212

(8) (188,961,558) (44,221,983)

818,665,040 595,096,087

72,810,454,660 69,615,490,009

1 2004 7 26 BVI 8.26%

BVI 73.84% 82.10% 2004 76.28%

2 2004 10,320,000 BVI

2003 12 31 77.47% 2004 1231 77.41%

Page 48: H z y...EQC m á , ü Ï )

(1)

(2)

7

(3)

4 6 7 2000 1 1

7

(4)

(5)

2002 12 31 2003 12 31BVI BVI

1.09 4,938

Page 49: H z y...EQC m á , ü Ï )

(6) BVI BVI

2002 12 31 2003 12 31BVI BVI

(7)

2000 3 31

(8)

Page 50: H z y...EQC m á , ü Ï )

(%) ( / )

33,974,800,851 74.78% 81.08% 1.60 1.67 6,118,215,032 13.47% 14.60% 0.29 0.30

2,471,146,255 5.44% 5.90% 0.12 0.12

2,343,144,823 5.16% 5.59% 0.11 0.12

=

=

(ROE) : P ROE = ———————————————— E0+NP÷2+Ei×Mi÷M0-Ej×Mj÷M0

P NP E0 EiEj M0 Mi

Mj

(EPS) :

P EPS = ———————————————— S0+S1+Si×Mi÷M0-Sj×Mj÷M0

P S0 S1Si Sj

M0 Mi Mj

Page 51: H z y...EQC m á , ü Ï )

2004

2004

2004 1 1

/

2004 12 31

(1) 3,492,712,727 9,345,797 2,261,403,188 (1,825,911,637) 3,937,550,075 3,489,074,867 9,345,797 2,260,490,638 (1,825,255,415) 3,933,655,887

3,637,860 - 912,550 (656,222) 3,894,188 (2) 48,889,763 - 79,606,116 (11,486,417) 117,009,462

(3) 464,708 - - (464,708) - 464,708 - - (464,708) -

- - - - - - - - - -

14,307,294 - - 14,307,294 3,556,374,492 9,345,797 2,341,009,304 (1,837,862,762) 4,068,866,831

(1)

17.566,958

(2) 2004

(3)

2004

Page 52: H z y...EQC m á , ü Ï )

30% 30% 5% 5%10% 10%

2004 12 31 2003 12 31 ( ) %

(2) 5,353,930,477 10,151,011,046 (4,797,080,569) (47%)

91,949,038 140,558,755 (48,609,717) (35%)

1,413,999 4,872,030 (3,458,031) (71%)

(3) 1,679,108,033 2,817,223,105 (1,138,115,072) (40%)

3,114,632,374 2,169,353,348 945,279,026 44%

1,126,148,815 757,601,661 368,547,154 49%

- 154,934,976,216 138,762,050,917 16,172,925,299) 12%

(61,626,585,531) (43,969,336,150) (17,657,249,381) 40%

20,851,002,734 18,495,426,509 2,355,576,225 13%

763,902,884 1,278,242,146 (514,339,262) (40%)

(2) 8,928,417,430 10,975,199,445 (2,046,782,015) (19%)

12,404,837,736 13,024,177,843 (619,340,107) (5%)

395,747,948 623,856,860 (228,108,912) (37%)

60,000,022 21,583,166 38,416,856 178%

(4) 2,308,763,675 3,269,524,792 (960,761,117) (29%)

(5) 12,024,494,056 7,223,802,413 4,800,691,643 66%

(2) 26,137,187,900 36,212,791,994 (10,075,604,094) (28%)

(6) 488,955,789 99,227,965 389,727,824 393%

26,219,009,908 29,540,601,436 (3,321,591,528) (11%)

21,196,596,395 19,696,596,395 1,500,000,000 8%

17,143,337,910 14,213,225,843 2,930,112,067 21%

1,126,390,535 755,718,596 370,671,939 49%

5,969,143,002 4,559,701,832 1,409,441,170 31%

Page 53: H z y...EQC m á , ü Ï )

2004

2003 ( ) %

(1) 70,738,590,468 59,798,476,195 10,940,114,273 18%

(1) (34,818,192,830) (27,903,961,149) (6,914,231,681) 25%

(1) (1,945,596,787) (1,678,856,256) (266,740,531) 16%

(1) (7) (456,957,104) (56,133,052) (400,824,052) 714%

(1) (18,944,347,886) (15,156,835,207) (3,787,512,679) 25%

(1) (6,212,892,325) (5,609,180,388) (603,711,937) 11%

(2,242,388,504) (2,368,719,514) 126,331,010 (5%)

(1) (121,006,899) (595,730,450) 474,723,551 80%

(1) (55,903,702) (650,306,006) 594,402,304 (91%)

(1,934,236,456) (1,783,828,967) (150,407,489) 8%

(1,699,531,704) (1,711,702,593) 12,170,889 (1%)

(1) 2003 12 312004 1

1

(2)

(3)

(4)

(5)

(6) CDMA

(7)

Page 54: H z y...EQC m á , ü Ï )

2004