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Document No. 2: 2005 Annual Report on the Work of the Supervisory Board

Document No. 2 for the 2005 Annual General Meeting

Report on the Work of the Supervisory Board for the Year 2005

Dear Shareholders:
In 2005, the Supervisory Board held three meetings. The fourth meeting of the fourth session of the Supervisory Board was held on April 19, 2005, in the company’s fifth-floor conference room. At this meeting, the Board reviewed and approved the Supervisory Board’s Work Report for 2004; the “Supervisory Board Report” included in the Company’s 2004 Annual Report; and a report on the write-off of impairment provisions for certain company assets. The fifth meeting of the fourth session of the Supervisory Board was held on August 16, 2005, in the company’s fifth-floor conference room. At this meeting, the Board reviewed and approved the Company’s 2005 Semi-Annual Report and its Summary. The sixth meeting of the fourth session of the Supervisory Board was held on October 18, 2005, in the company’s fifth-floor conference room. At this meeting, the Board reviewed and approved the Company’s 2005 Third-Quarter Quarterly Report.
The Supervisory Board hereby issues the following independent opinion on the following matters:
1. Compliance with the law in the company’s operations. The company’s decision-making procedures are lawful, and a relatively comprehensive internal control system has been established. During the performance of their duties, the company’s directors and managers have not engaged in any conduct that violates laws, regulations, the company’s articles of association, or that harms the company’s interests.
2. Financial condition of the company: Dalian Hualian Certified Public Accountants LLP and PwC Zhongtian Certified Public Accountants LLP both issued unqualified audit reports. The financial statements faithfully reflect the company’s financial position and operating results.
3. During the reporting period, the Company did not raise any new capital, nor did it carry over the use of funds raised in prior years into the current reporting period.
4. During the reporting period, the Company acquired a 21% equity interest in Wuhan New World Refrigeration Industry Co., Ltd. held by Dalian Bingshan Group Co., Ltd. for RMB 8.75 million using its own funds. The transaction price was reasonable, there was no insider trading, and the rights and interests of certain shareholders were not impaired.
5. During the reporting period, the company’s principal related-party transactions consisted of purchases of goods from affiliated companies. Such related-party transactions were conducted on arm’s-length terms and did not prejudice the company’s interests.
6. The company’s provision for asset impairment for the year 2005 was made in accordance with lawful resolution procedures and supported by sufficient supporting evidence.
Please review the above report.

May 30, 2006