Annual Report 2011 1 CORPORATE INFORMATION

CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET (“GEM”) 香港聯合交易所有限公司（「聯交所」）創業板（「創業板」）的特色 OF THE STOCK EXCHANGE OF HONG KONG LIMITED (“STOCK EXCHANGE”) 創業板的定位，乃為相比起其他在本交易所上市的公司帶有較高投資風險的公司提供一個上市的市場。有意投資的人士應瞭解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。創業板的較高風險及其它特 GEM has been positioned as a market designed to accommodate companies to which 色表示創業板較適合專業及其它老練投資者。 a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing 由於創業板上市公司新興的性質所然，在創業板買賣的證券可能會較於主機板買賣之證券承受較大的市場波動風 in such companies and should make the decision to invest only after due and careful 險，同時無法保證在創業板買賣的證券會有高流通量的市場。 consideration. The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors. 香港交易及結算所有限公司及聯交所對本报告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 Given the emerging nature of companies listed on GEM, there is a risk that securities 示概不就因本报告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board and no assurance is given that there will be a liquid market in the 本报告的資料乃遵照《香港聯合交易所有限公司的創業板證券上市規則》（「創業板上市規則」）而刊載，旨在提 securities traded on GEM. 供有關重慶長安民生物流股份有限公司（「本公司」）的資料；本公司的董事就本报告的資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後，確認就其所知及所信，本报告所載資料在各重要方面均屬準確完備，沒有 Hong Kong Exchanges and Clearing Limited and The Stock Exchange take no responsibility for the contents of this report, 誤導或欺詐成份，且並無遺漏任何事項，足以令本报告或其所載任何陳述產生誤導。 make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report. This report, for which the directors of Changan Minsheng APLL Logistics Co., Ltd. (the “Company”) collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited (the “GEM Listing Rules”) for the purpose of giving information with regard to the Company. The directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this report is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this report misleading. CONTENTS Corporate Information ........................................................................................................................................................ 2 Group’s Shareholding Structure ..........................................................................................................................................3 Financial Summary ............................................................................................................................................................. 4 Chairman’s Statement ......................................................................................................................................................... 6 Management Discussion and Analysis ................................................................................................................................9 Corporate Governance Report .......................................................................................................................................... 16 Report of the Directors ......................................................................................................................................................22 Report of the Supervisory Committee .............................................................................................................................. 35 Directors, Supervisors, General Manager and Deputy General Managers .......................................................................36 Independent auditor’s report ............................................................................................................................................ 43 Balance sheets ...................................................................................................................................................................45 Consolidated statement of comprehensive income ...........................................................................................................47 Consolidated statement of changes in equity ....................................................................................................................48 Consolidated statement of cash flows ...............................................................................................................................49 Notes to the consolidated financial statements ................................................................................................................. 50 Annual Report 2011 1 CORPORATE INFORMATION Executive Directors Authorised Representative Zhang Lungang (Chairman) Zhang Lungang Gao Peizheng Zhu Minghui Lu Xiaozhong Zhu Minghui Auditors William K Villalon PricewaterhouseCoopers 22nd Floor Non-Executive Directors Prince’s Building Lu Guoji (Vice Chairman) Central, Hong Kong Lau Man Yee, Vanessa Li Ming Principal Bankers Wu Xiaohua China Minsheng Bank Limited, Chongqing Branch Zhou Zhengli China Merchants Bank Limited, Chongqing Branch Danny Goh Yan Nan China Construction Bank Limited, Chongqing Branch Independent Non-Executive Directors H-shares Registrar and Transfer Office Peng Qifa Computershare Hong Kong Investor Services Limited Chong Teck Sin Rooms 1712-1716 Poon Chiu Kwok 17th Floor, Hopewell Centre 183 Queen’s Road East, Hong Kong Supervisors Zhu Ying (Chairman) Registered Office in the PRC Wu Jun Liangjing Village, Yuanyang Town Zhang Tianming Yubei District Liu Yue Chongqing, the PRC Deng Gang Office and Address of Correspondence General Manager No. 561 Hongjin Road, Yubei District, Chongqing, the PRC Zhu Minghui Zip Code: 401121 Deputy General Managers Head Office in Hong Kong Li Xiwen 16/F, 144-151 Singga Commercial Centre Chen Zhigang Connaught Road West Huang Ming Hong Kong Company Secretary Stock Code Joseph Au Yeung Wai Ki, CPA ACA 08217 Audit Committee Website Peng Qifa (Chairman) http://www.camsl.com Chong Teck Sin Poon Chiu Kwok Compliance Officer Zhu Minghui 2 Changan Minsheng APLL Logistics Co., Ltd. GROUP'S SHAREHOLDING STRUCTURE Chongqing Changan Public Minsheng Industrial Industry Company APL Logistics Ltd. shareholders (Group) Co., Ltd. (Group) Limited (H Shares) 25.44% 20.74% 98.95% 33.94% Ming Sung Industrial Co., (HK) Limited 15.90% 3.98% Changan Minsheng APLL Logistics Co., Ltd. 100% 100% 100% 95% 51% 45% 31% CMAL Bo Yu Chongqing Chongqing Chongqing Nanjing Chongqing Wuhan Transportation Changan Changan Changan CMSC Terui Changan Co., Ltd. Mingsheng Mingsheng Minsheng Logistics Transportation Minfutong Future Fuyong Dingjie Co., Ltd. Service Logistics Bonded Logistics Logistics Co., Ltd. Company Logistics Co., Ltd. Co., Ltd. Limited Co., Ltd. Annual Report 2011 3 FINANCIAL SUMMARY RESULTS Set out below is the summary of the consolidated results of the Company and its subsidiaries (the “Group”) for the five years ended 31 December 2011 (as extracted from the Group’s audited consolidated statement of comprehensive income, which are prepared in accordance with the Hong Kong Financial Reporting Standards): For the year ended 31 December 2011 2010 2009 2008 2007 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 3,275,136 2,827,020 2,284,723 1,565,237 1,475,020 Profit before taxation 358,198 261,812 168,664 123,149 99,652 Income tax 71,614 46,788 25,734 19,410 5,981 Profit for the year 286,584 215,024 142,930 103,739 93,671 Profit attributable to the following parties: Non-controlling interest 36,456 36,079 12,695 3,444 (1,090) Equity holders of the Company 250,128 178,945 130,235 100,295 94,761 RMB yuan RMB yuan RMB yuan RMB yuan RMB yuan Earnings per share 1.54 1.10 0.80 0.62 0.58 (Note 1) Dividends per share 0.16 0.15 0.09 0.09 0.08 (including tax) (including tax) (including tax) (including tax) (including tax) (Note 2) Note 1: Earnings per share is calculated by dividing the profit attributable to the equity holders of the Company for the years ended 31 December 2007, 2008, 2009, 2010 and 2011 by the weighted average number of shares in issue for the respective years ended 31 December 2007, 2008, 2009, 2010 and 2011, respectively, being 162,064,000, 162,064,000, 162,064,000, 162,064,000 and 162,064,000 shares. Note 2: This is the final dividend for the year ended 31 December 2011 which the board of directors proposed to distribute, pending approval at the annual general meeting of the Company. 4 Changan Minsheng APLL Logistics Co., Ltd. FINANCIAL SUMMARY ASSETS AND LIABILITIES Set out below is the summary of the Group’s balance sheet for the five years ended 31 December 2011 (as extracted from the Group’s audited balance sheet, which are prepared in accordance with the Hong Kong Financial Reporting Standards): As at 31 December 2011 2010 2009 2008 2007 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Non-current assets 452,421 431,725 330,787 329,370 238,780 Current assets 1,341,718 987,843 894,015 565,056 613,850 Total assets 1,794,139 1,419,568 1,224,802 889,426 852,630 Non-current liabilities 4,652 5,873 7,707 10,315 1,025 Current liabilities 670,375 537,257 554,620 344,980 408,248 Non-controlling interest

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