Vanke's profit statement2011 2010 2009 % %Gross revenue 71,782,749,800.6 50,713,851,442. 48,881,013,143. 0.42 0.04 operating cost 56,716,379,546.6 39,581,842,880.9 41,122,442,525. 0.43 -0.04 operating cost 43,228,163,602.1 30,073,495,231.1 34,514,717,705. 0.44 -0.13 Business tax andadditional 7,778,786,086.49 5,624,108,804.74 3,602,580,351. 0.38 0.56 Sales cost 2,556,775,062.26 2,079,092,848.94 1,513,716,869.3 0.23 0.37 Management 2,578,214,642.30 1,846,369,257.59 1,441,986,772.2 0.40 0.28 Finance costs 509,812,978.62 504,227,742.57 573,680,423.04 0.01 -0.12 Assetimpairment loss 64,627,174.84 （545,451,004.) （524,239,596.) -1.12 0.04 Add:losses onthe changesin the fairprice （2,868,565.33) （15,054,493.43) 2,435,350.77 -0.18 -7.18 Return oninvestment 699,715,008.48 777,931,240.02 924,076,829.10 -0.10 -0.16 Investments inassociatedenterprises andjoint ventures 643,987,754.62 291,703,045.44 541,860,864.681.21 -0.46Operating profit 15,763,216,697. 11,894,885,308.2 8,685,082,798.0 0.33 0.37 Add:non-operatingincome 76,186,678.42 71,727,162.82 70,678,786.74 0.06 0.01 Reduction:non-businessexpenses 33,520,955.29 25,859,892.03 138,333,776.6 0.30 -0.81 Disposal ofnon-currentassets loss 1,144,283.45 1,211,776.17 1,577,638.38 -0.06 -0.23 The total profit 15,805,882,420.3 11,940,752,579. 8,617,427,808.0 0.32 0.39 Reduction: theincome taxexpenses 4,206,276,208.55 3,101,142,073.98 2,187,420,269.4 0.36 0.42 Net profit 11,599,606,211.7 8,839,610,505.04 6,430,007,538. 0.31 0.37 Owner's netprofit attributableto parentcompany 9,624,875,268.23 7,283,127,039.15 5,329,737,727.0 0.32 0.37 Minority interests 1,974,730,943.54 1,556,483,465.89 1,100,269,811. 0.27 0.41Earnings per shareBasic earningsper share 0.88 0.66 0.480.33 0.38Dilutedearnings pershare 0.88 0.66 0.480.33 0.38Othercomprehensiveincome 183,017,341.02 6,577,300.53 62,370,848.23 26.83 -0.89 Totalcomprehensiveincome 11,782,623,552.7 8,846,187,805.57 6,492,378,386. 0.33 0.36 The total amountofcomprehensiveincome belongsto parentcompany owners9,807,892,609.25 7,289,704,339.68 5,392,108,575.0.35 0.35Total comprehensive income attributable tothe minorityshareholders1,974,730,943.54 1,556,483,465.89 1,100,269,811.60.27 0.41Analysis of total operating revenue: main business is real estate and property management, in which the real estate revenue accounted for about 98% years, 09-11 has been in a rising state, 11 years compared with 10 years of growth in terms of a sales structure from 42% companies to disclose their mainly in Beijing and the Guangzhou region caused by the extension of real estate business. Description of the main business advantages, continue to expand market share, is a very rare but also in the macro environment is not good situation of sustained high growth,Analysis of total operating costs: 11 years compared with 10 years grew 43% except for the 11 years the company business growth and material cost increases and rising wages, increase of 40% combined statements can know the rise cost management is mainly due to the rise of corporate executive compensation from the management cost is 10 years.Profit analysis: from the table we can see that, in operating profit in 2011 than in 2010 increased by 3868300000, a growth rate of 32.50%, increase in operating profit was mainly due to an increase in operating income, and the financial cost of relative income savings. Changes in financial costs during the period of no with significant growth in operating income and the corresponding increase, its growth rate is very small, the growth rate of 1.10%, compared to last year, basically unchanged, the reason from the financialcost of the table can be seen, a sharp lower interest payments fall, there is one capital the increase of expenditure.Sales cost analysis: from the completion of sales cost analysis table can be seen, the cost of sales than last year increased by 477682213 yuan, a growth rate of 22.98%. The main reason sales cost changes: one is the brand marketing and promotion expenses have bigger growth, an increase of 31.71% over the previous year, followed by other changes, an increase of 32.29% over the previous year. At the same time, from the structure proportion, each share is relatively uniform sales expenses.Net profit analysis: net profit is the owner of the enterprise achieve financial results for the owners, or distribution or use of financial results. In 2011 net profit growth of 2759990000 in 2010, a growth rate of 31.20%, net profit growth is due to a total profit growth, two is due to the fact that the income tax of pay growth.As can be seen from the table of the financial results.Operating profit accounted for revenues accounted for 21.96%, relatively on year drop 1.50%. Constitute the total profit for the year is 22.02%, relatively on year fell 1.53%; constitute a net profit for the year is 16.16%, relatively on year drop 1.27%. Visible from the enterprise profit structure, profitability relatively on year drop.The cash flow statement2011年2010年2009年Business activities generated cashflowSelling goods, providing labor10,364,900.00 8,811,970. 5,759,530.00 services received cashOther related to business activities of689,467.00 297,605.00 188,979.00 cash receivedOperating activities cash inflow11,054,400.00 9,109,570. 5,948,510.00 subtotalsTo purchase goods, accept labor pay8,491,820.00 6,664,590. 3,456,020.00 in cashPayment to workers and cash to pay248,085.00 184,883.00 119,752.00for the workerPay the various taxes and fees1,469,810.00 938,158.00 653,731.00Other related to business activities of505,690.00 1,098,220. 793,673.00 cash paymentOperating activities cash outflows 10,715,400.00 8,885,850. 5,023,180.00subtotalsOperating activities net cash flow338,942.00 223,726.00 925,335.00 Investment activities generated cash0.00 0.00 0.00flow:Withdraw cash received by the20,789.40 28,245.40 21,042.20 investmentObtain investment income received in1,875.80 36,776.90 39,206.00 cashThe disposal of fixed assets,111.58 46.22 14,245.10 intangible assets and other long-termassets net back by cashNet disposal subsidiary and other0.00 1,717.92 11,916.50 business units to receive cashCash received from the other relating63,760.20 203,286.00 30,471.40to investment activitiesInvestment activities cash flow into86,537.00 270,072.00 116,881.00 the subtotalAnd construction of fixed assets,intangible assets and other long-term26,156.10 26,193.90 80,606.20assets that pay cashPay in cash by the investment119,507.00 218,385.0 157,747.00In net cash on the subsidiary and407,584.00 136,406.0 297,594.00 other business unitsOther related to investment activities98,546.60 108,254.0 0.00cash paymentInvestment activities cash outflows651,794.00 489,238. 535,947.00 subtotalsNet investment activities generated-565,257.00 -219,166. -419,066.00 cash flowFinancing activities generated cash0.00 0.00 0.00flow:Absorb the investment cash received390,494.00 197,902. 82,908.50Minority shareholders investment390,494.00 197,902. 82,908.50 subsidiary received in cashBorrow money received in cash2,357,460.00 2,707,010 2,073,150.00Issue bonds receive cash0.00 0.00 0.00Financing activities of cash inflows2,747,950.00 2,904,910 2,156,060.00 subtotalsPay cash to repay the debt1,997,460.00 1,198,540 2,164,050.00Distribution of dividends, profits, or669,805.00 403,921. 294,875.00 meet the interest paid in cashMinority shareholders investment142,645.00 63,854.10 12,763.40 subsidiary received in cashSubtotal financing activities of cashoutflow2,667,270.00 1,602,460 2,458,930.00 The net cash flow generated byfinancing activities80,685.80 1,302,450 -302,866.00 The net cash flow generated byfinancing activities-2,653.90 2,403.46 -954.65Net increase in cash and cashequivalents-148,282.00 1,309,420 202,449.00 Add: the beginning balance of cashand cash equivalents3,509,690.00 2,200,280 1,997,830.00 Add: the beginning balance of cashand cash equivalents3,361,410.00 3,509,690 2,200,280.00From the table, you can see that the company's cash flow structure, the business activities of cash inflows, the biggest and continuous rise in nearly three years, to 79.59% in 2011.Investment activities cash flow ratio showed a trend of fluctuations, respectively in 2010 reached 2.20%, fell to 0.62% in 2011. Financing activities of cash inflows in recent years continued to decline, from 26.22% in 2009 to 19.79% in 2011. Company business income increased year after year, gradually reduce dependence on the financing activities of cash inflows, reflects the good development momentum.Operating activities cash flow ratio between 2009 and 2010 have larger growth peak of 80.95% in 2010, a slight drop in 2011, the proportion of investment activities cash flow in recent years continuous slightly decreased, and financing activities of cash outflow rate from 2009 to 2010, a larger decline, to 30.67% in 2009, 2010, that proportion fell rapidly, modest growth in 2011, the company in recent years business promotion activities in cash to a certain extent, reduce the investment, the company's business.The balance sheet2011-12-31 2010-12-31 2009-12-31The amount % The amount% Theamount%Monetaryfunds3423951 11.5 3781693 17.5 2300192 16.7Accountsreceivable2974581 10.0 1692377 7.8 713,19 0.5Theinventory20833549 70.3 13333345 61.8 9008529 65.4 Currentassets282,646,65 95.4 20552073 95.3 13032327 94.7 Total assets296,208,44 21563755 13760855Analysis of the overall situation of the corporate balance sheets. Assets Overall, the total assets of the enterprise to a higher growth rate continued to grow, you can see from the figure, Vanke asset size of the overall upward trend since 2009, 2009,2010 and 2011, respectively, an increase of 15.41% , 56.70% and 37.36%, total assets increased for the following reasons: current assets 7,712,600.00 million increase over 2010, the long-term equity investment growth 193,274.00 million, fixed assets of 37,628.00 million, an increase of $ 113,598.00 million in other long-term assets; among which the current assets increased by 37.53%, 43.01% increase in long-term equity investment, an increase of 771.76% investment real estate, fixed assets increased by 30.85%.Total assets in non-current assets 13,561,785,174.86, mainly for long-term equity investment; current assets 282,646,654,855.19 inventory 208,335,493,569.16 visible accounted for 73.7% of the current assets Current assets Inventories accounted for a large proportion of very unfavorable for the funds flow.The net profit increase in nearly three years, show that vanke's profit ability have improved, but on the macro economy will have such a good operating performance, and in the same industry in a leading position, fully explain profit quality is good.In terms of cash flow situation. from 2010 in 2011, although monetary fund has decreased but that is largely because the government strengthen the regulation of real estate, the difficulty is increased in the period in the whole business process, especially the implementation of the restrictions, in terms of cash flow brought a heavy burden to the real estate industry, combined with the above mentioned and compared to peers, poly gold base can be out of the conclusion, cash flow quality is better.In terms of asset quality, as a result of the macroeconomic policy influence the real estate industry asset of the severely affected, and, in turn, affect the cash flow, the performance for the great amount of inventory on the balance sheet, in terms of assets structure of enterprises has strong ability of debt than in the same industry.。