CONTENTS Corporate Information ........................................................................................................................................................ 2 Group's Shareholding Structure .......................................................................................................................................... 3 Financial Summary ............................................................................................................................................................. 4 Chairman's Statement ......................................................................................................................................................... 6 Management Discussion and Analysis .............................................................................................................................. 10 Corporate Governance Report .......................................................................................................................................... 16 Report of the Directors ...................................................................................................................................................... 21 Report of the Supervisory Committee .............................................................................................................................. 33 Directors, Supervisors, General Manager and Deputy General Managers ....................................................................... 34 Independent auditor’s report ............................................................................................................................................. 39 Balance sheet .................................................................................................................................................................... 41 Consolidated statement of comprehensive income ........................................................................................................... 43 Consolidated statement of changes in equity ................................................................................................................... 44 Consolidated statement of cash ows ............................................................................................................................... 45 Notes to the consolidated nancial statements ................................................................................................................. 46 "OOVBM3FQPSU CORPORATE INFORMATION Executive Directors Authorised Representative Yin Jiaxu (Chairman) Cui Xiaomei Cui Xiaomei Shi Chaochun Lu Xiaozhong Shi Chaochun Auditors James H McAdam PricewaterhouseCoopers 22nd Floor Non-Executive Directors Prince's Building Lu Guoji (Vice Chairman) Central, Hong Kong Zhang Lungang Joseph F Lee Principal Bankers Li Ming China Minsheng Bank Limited, Chongqing Branch Wu Xiaohua China Merchants Bank Limited, Chongqing Branch Lau Man Yee, Vanessa China Construction Bank Limited, Chongqing Branch Independent Non-Executive Directors H-shares Registrar and Transfer Of ce Wang Xu Computershare Hong Kong Investor Services Limited Peng Qifa Rooms 1712-1716 Chong Teck Sin 17th Floor, Hopewell Centre 183 Queen's Road East, Hong Kong Supervisors Tang Dongmei (Chairman) Registered Of ce in the PRC Tang Yizhong Liangjing Village, Yuanyang Town Wu Jun Yubei District Ye Guangrong Chongqing, the PRC Chen Haihong Of ce and Address of Correspondence General Manager No. 561 Hongjin Road, Yubei District, Chongqing, the PRC Shi Chaochun Zip Code: 401121 Deputy General Managers Head Of ce in Hong Kong Li Xiwen 16/F, 144-151 Singga Commercial Centre Huang Yong Connaught Road West Huang Ming Hong Kong Company Secretary Stock Code Joseph Au Yeung Wai Ki, CPA ACA 8217 Audit Committee Website Peng Qifa (Chairman) http://www.camsl.com Wang Xu Chong Teck Sin Compliance Of cer Shi Chaochun $IBOHBO.JOTIFOH"1---PHJTUJDT$P -UE GROUP'S SHAREHOLDING STRUCTURE Chongqing Changan Public Minsheng Industrial Industry Company APL Logistcs Ltd. shareholders (Group) Co., Ltd. (Group) Limited (H Shares) 100% 98.95% 20.74% 33.94% Ming Sung Chongqing Changan Industrial Co., Industrial Limited (HK) Limited 24.08% 0.49% 15.90% 4.84% Changan Minsheng APLL Logistics Co., Ltd. 100% 100% 51%45% 31% Chongqing Changan Wuhan Changan CMAL Bo Yu Chongqing Terui Mingsheng Future Nanjing CMSC Minfutong Transportation Transportation Bonded Logistics Logistics Co., Ltd Logistics Company Co., Ltd.* Service Co., Ltd Co, Ltd Limited * CMAL Bo Yu Transportation Co., Ltd. (“Bo Yu Transportation”), formerly named CMAL Gang Cheng Co., Ltd. "OOVBM3FQPSU FINANCIAL SUMMARY RESULTS Set out below is the summary of the consolidated results of the Company and its subsidiaries (the "Group") for the ve years ended 31 December 2009 (as extracted from the Group's audited consolidated income statement, which are prepared in accordance with the Hong Kong Financial Reporting Standards): For the year ended 31 December 2009 2008 2007 2006 2005 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 2,284,723 1,565,237 1,475,020 1,104,477 882,176 Pro t before taxation 168,664 123,149 99,652 71,889 63,660 Income tax 25,734 19,410 5,981 5,940 5,799 Pro t for the year 142,930 103,739 93,671 65,949 57,861 Pro t attuibutable to the following parties: Minority interest 12,695 3,444 (1,090) - - Equity holders of the Company 130,235 100,295 94,761 65,949 57,861 RMB RMB RMB RMB RMB 0.58 Earnings per share (Note 1) 0.80 0.62 0.43 0.52 0.09 0.09 0.08 0.08 0.11 Dividends per share (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 2005, 2006, 2007, 2008 and 2009 by the weighted average number of respectively, 112,064,000, 153,730,667, 162,064,000, 162,064,000 and 162,064,000 shares in issue for the respective years ended 31 December 2005, 2006, 2007, 2008 and 2009 respectively. Note 2: This is the nal dividend for the year ended 31 December 2009 which the board of directors proposed to distribute, pending approval at the annual general meeting of the Company. $IBOHBO.JOTIFOH"1---PHJTUJDT$P -UE FINANCIAL SUMMARY ASSETS AND LIABILITIES Set out below is the summary of the Group's balance sheet for the ve years ended 31 December 2009 (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 2009 2008 2007 2006 2005 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Non-current assets 330,787 329,370 238,780 197,972 141,559 Current assets 894,015 560,056 613,850 479,733 325,565 Total assets 1,224,802 889,426 852,630 677,705 467,124 Non-current liabilities 7,707 10,315 1,025 - - Current liabilities 554,620 344,980 408,248 339,554 306,944 Minority interest 39,549 26,854 23,410 - 50 Total liabilities and minority interest 601,876 382,149 432,683 339,554 306,994 Total Equity 662,475 534,131 443,357 338,151 160,180 "OOVBM3FQPSU CHAIRMAN'S STATEMENT On behalf of the board of directors ("the Board") of the Company, I am pleased to present the annual report of the Group for the year ended 31 December 2009 to all shareholders of the Company. ANNUAL RESULTS Under the background of the global nancial crisis in 2009, the economy of China revealed a recovery due to the Chinese government introduced and implemented a series of stimulus policies, especially the RMB4,000 billion investment plan and Ten Industries Revival Plans which boost the revival of China’s economy. In 2009 the GDP of China achieved RMB33,535.3 billion yuan representing an increase of 8.7% for the corresponding period in 2008 which is close to the 9% growth rate in 2008. On 10 March 2009, the Adjustment and Vitalization Plan for Logistics Industry (Decree No. [2009] 8) issued by the State Council put forward the goal that in the future the average annual growth rate of the added value of logistics industry would reach over 10%. The Adjustment and Vitalization Plan for Automobile Industry issued by the State Council put forward that the production and sales of automobile would increase steadily, in 2009 the production and sales volume of automobile would exceed 10,000,000 vehicles and the average growth rate for the three years would achieve 10%. Besides, the policies including exemption of half purchasing tax for 1.6L and below emission automobiles (for the whole 2009), the automobile go to countryside, acceleration on automobile disposal and using energy saving and new energy automobile, are all implemented. With the carring out of these adjustment and vitalization plans, it brings revival and creates hope to the domestic automobile and logistics industries which were affected by the global nancial turmoil and the automobile industry changed its downturn situation in the next half year of 2008, representing a good developing status for both production and sales. In 2009, the automobile production volume in the PRC was 13,800,000 vehicles, representing an increase of 48% for the corresponding period of the last year while the automobile sales volume in the PRC was 13,600,000 vehicles, representing an increase of 46% for the corresponding period of the last year. The production and sales volume of automobile in the PRC had exceeded the USA, the PRC then became the largest new car consumption market in the world. The Group's customers are mainly in the automobile industry.