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• Revenue: -8.9% (2Q09), +4.7% (1H09)
• Net Profit: -34.9% (2Q09), -19.5% (1H09)
• Press Release: Revenue grows 4.7% to RMB 1.1 billion in 1H2009 backed by luggage sales
• Gross margins decreases to 29.1% in 1H2009 due to the Group’s strategy to maintain market share in current challenging market conditions
• Net cash generated from operations remains strong at RMB297.8 million
• Cash and bank balances stand healthy at RMB898.7 million
• Outlook: Despite the tough conditions, the Group is confident that it will sustain our market leadership position in the backpack industry.
• The Group expects to generate positive operating cashflows in 2009 and the Group cash position as at 30 June 2009 remains strong at RMB95.10 cents per share.
• Although the Group cannot control the macroeconomic conditions, it is committed to sustain its market leadership position in the backpack industry and to be the market leader in the luggage industry.
• The Group aims to build a long-term growth company and enhance shareholders’ value.

FINANCIAL RECORDS

Revenue (RMB '000)

FY 1Q 2Q 3Q 4Q Total
2009 603,446 494,726
2008 506,097 542,834 585,254 615,255 2,249,441
2007 274,205 357,955 411,013 475,286 1,518,459
2006 NA NA NA 294,174 929,920
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Earnings (RMB '000)

FY 1Q 2Q 3Q 4Q Total
2009 101,548 69,602
2008 105,749 106,890 92,636 106,791 412,066
2007 53,453 72,072 85,597 94,554 305,676
2006 NA NA NA 58,037 304,873
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Dividends

FY Interim Final Special (SGD)
2009 NA
2008 NA 0.0880 NA
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Bonus / Rights / Stock Split

Date Type Details
NA
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Share Data (RMB)

NAV = $1.2943
EPS = $0.1811 (6M FY09)
No of Shares = 945,000,000
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ANALYSTS' TARGET PRICES

Broker Recommendation Target Price Date
NA