Business Results

(in million yuan)

	FY2010	FY2009	Rate of change(%)	Factors
Sales	1,970.85	1,727.35	14.10%	-The sales of auto parts business increased 57.41%, while the sales of estate business decreased 50.54%.
Operating income	91.22	130.89	(30.31)	-Cost of raw materials. labor force and transportation increased a lot.
Ordinary income	94.27	136.01	(30.69)
Net income	62.30	78.88	(21.02)

Contract

-In 2010, the Company has won new orders from Shanghai VW, Shanghai GM, Dongfeng-Peugeot-Citroen, Brilliance Jinbei、 Brilliance BMW, Fuzhou Benz and Dongfeng Motor. Besides orders from these existing customers, the Company also won contracts from Beijing Benz, Guizhou Young Man Lotus, Chery Automobileand Beijing Hyundai.(From the Company's annual report of 2010)

Joint-venture/Subsidiary

-The Company started the construction of its subsidiary, Yantai Mingyue Mould & Plastic Co., Ltd., which was established to provide exterior parts to Shanghai GM Dongyue. (From the Company's annual report of 2010)

-Beijing Beiqi Mould & Plastic Technology Co., Ltd., a joint-venture between the Company and Beijing Hainachuan Automotive Parts, a subsidiary of Beijing Automotive Industry, has come into the commissioning stage of its product line. This company started mass production from 2010 and provides OEM supply to Beijing Benz and Beijing Hyundai.(From the Company's annual report of 2010)

 Acquisition

-On May 15, the Company announced in a press release that it will purchase the remaining 10% of the stock it does not own in its joint-venture company, Wuhan Mingjie Mould & Plastic Co., Ltd. As a result, it will turn the joint venture into its wholly owned subsidiary. (From an announcement buy the Company, May 15, 2010)

Awards

-The Company Jiangnan received the Excellent Supplier Award for 2009 from both Shanghai GM and Dongfeng Peugeot Citroen. It was also awarded the Best Supplier Award for 2009 by Dengfeng Motor. (From a press release, March 22, 2010)

R&D Structure

- The Company conducts research and development on automotive trim products at its Mould & Plastic R&D Center.

Capital Investment Projects (as of Dec. 31, 2010）

(in million yuan)

Project	Budgeted amount	Amount invested in FY2010	Ratio of amount already invested
Revamping production facilities at Wuhan Mingjie Mould & Plastic Co., Ltd. (second phase)	70.00	6.05	80.00%
Constructing a coating production line at Yantai Mingyue Mould & Plastic Co., Ltd.	-	8.36	20.00%
Constructing a production facility at Yantai Mingyue Mould & Plastic Co., Ltd.	110.00	4.88	70.00%