Photo: Three-cycle refrigeration Siemens three-door refrigerator is 6455 yuan

Published: 5:30:00 September 14,2011  Views: 124
Author: Wang Tengjiao Zhongguancun Online

[Zhongguancun Online appliance Channel Original] multi-cycle refrigeration refrigerator refrigerators have become mainstream now there must be configured as multi-cycle refrigeration system cooling more quickly, more uniform air distribution, and preservation of the effect is much better than the single-cycle refrigerator, so many friends now are beginning to purchase more of the circulatory system refrigerator today, I'll introduce a Siemens KK28F59TI three-door refrigerator, it is a three-cycle refrigeration, and preservation of more durable, better now, this price is 6455 yuan refrigerator , like a friend to look at.


Photo: Three-cycle refrigeration Siemens three-door refrigerator is 6455 yuan
Siemens KK28F59TI refrigerator

The overall color is silver refrigerator, a three-door design, simple and elegant appearance, in line with Siemens Electric's style (http://www.instant-news.us/).277 L total volume to meet the general needs of a family of three stored in the refrigerator door design with zero in the biological preservation room , this refrigerator is a big selling point.

Photo: Three-cycle refrigeration Siemens three-door refrigerator is 6455 yuan
Close-up fridge freezer Siemens KK28F59TI

The refrigerator freezer volume of 160L, refrigerator general three-cycle refrigeration, air conditioning throughout the house can be every corner, which effectively reduces the temperature difference inside the refrigerator, better preservation, while also using multi-shelf design and drawer-type storage box, the user can freely adjust according to their needs refrigerated interior space, but also avoid the improper display of food odor.

Photo: Three-cycle refrigeration Siemens three-door refrigerator is 6455 yuan
Siemens KK28F59TI zero refrigerator fresh room

The original Siemens refrigerator design zero biological preservation chamber, the volume of 60L, at that temperature, food freezing, ice crystals nutrients will not be destroyed, taste is not affected, allowing users to fully enjoy the natural fresh the same time, the preservation room when not in use can also be turned off to avoid unnecessary energy waste(Technology News http://www.instant-news.us/).

Photo: Three-cycle refrigeration Siemens three-door refrigerator is 6455 yuan
Close-up fridge freezer Siemens KK28F59TI

This fridge freezer has a volume of 57L, cooling ability, every 24 hours refrigeration 16kg, supporting frozen function, while multi-layer glass drawer design, there are three different sizes of storage boxes, the user can choose according to their needs , but also to avoid the odor.

Photo: Three-cycle refrigeration Siemens three-door refrigerator is 6455 yuan
Siemens KK28F59TI refrigerator operating area of ??close-up

The refrigerator uses touch-button design, easy operation, with the larger screen, the user can clearly understand the operation of the refrigerator while this refrigerator is energy-intensive products at the national level, only consumption of every 24 hours 0.68 degrees electric, energy-saving effect is quite good.

Siemens KK28F59TI
Product category Three-door
Total volume 277L
Freezer capacity 160 +60 L
Freezing compartment 57L
Cooling Method Direct cooling
Refrigeration cycle Three cycle
Cooling Capacity 16kg/24h
Climate type ST-T
Display LCD display
Speed ??cold / frozen Frozen feature support
Color Silver
Dimensions 190 * 64 * 65.2cm
Other Features Zero biological preservation room

Editor Comments: This Siemens KK28F59TI three-door refrigerator with a unique bio-zero preservation room, more lasting preservation time, the effect is very good, simple and elegant silver exterior, while the total volume of 277L also meet the general family of three storage demand, plus some very user-friendly design, I believe many of my friends will like now the fridge is a promotion price, price of 6455 yuan, like a friend to take note.

Siemens KK28F59TI refrigerator
[Reference price] 6455 yuan
[Distributor] Tower of Beijing Dazhong (Space Bridge, West Third Ring Road
[Quote query] refrigerators offer Siemens (Siemens Product Price


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nce price] 2100 yuan
[Business name] Harbin win through digital
[Contact Us] 0451-82586159 13674620377
[Address] Nantong Street, Nangang District, Harbin, No. 258, World three ships 237A electronic
[Shop Link] http://dealer.zol.com.cn/detail/1291/129026_271834.html

The above quotes are actual purchase price, users please purchase carefully to ensure quality testing machines to ensure that the interests of consumers, if you find this article, dealer quotes given and the text does not match, or have other questions, please send an email to Our mailbox price # zol.com.cn (transposed letters will be # @, this special mail for the complaint, shall not accept advice or price consulting services, we will investigate complaints, due to rapid changes in product prices , so the price is valid for seven days the article.

31-82390152 82390492
[Address] No. 160 Shanda Road, Jinan, two technology market, Room 6006
[Shop Link] http://detail.zol.com.cn/280/279444/param.shtml


The above quotes are actual purchase price, users please purchase carefully to ensure quality testing machines to ensure that the interests of consumers, if you find this article, dealer quotes given and the text does not match, or have other questions, please send an email to Our mailbox price # zol.com.cn (transposed letters will be # @, this special mail for the complaint, shall not accept advice or price consulting services, we will investigate complaints, due to rapid changes in product prices , so the price is valid for seven days the article.

0 million take any Yina in these two years, he served as Yina Yao Huida Department also took away from 200 million to his daughter buy a house, reimbursement of their own private spending 1.08 million yuan, also allow the company to his daughter bought a red Audi recently she was recognized bribery 5.5 million.

Monopoly, strong selling accessories

Diao dimension columns in the statement, referring to a woman: Zhao Yun Zhao Yun's local taxation bureau of the many companies involved in projects in the survey, told reporters, Wang Jiping, Zhao Yun, and has a close relationship.

Diao dimensional bar the prosecution said that in the period 2006 to 2009, he accepted the trust, Zhao Yun, the Beijing Hanson for Zhao Heng Yun Technology Co., Ltd. (referred to as 'Hanson Heng') in the Beijing Local Taxation Bureau invoicing system , IT infrastructure, network security, the successful operation and maintenance projects, to help.

Zhao Yun, Beijing, born in 1969, has been working in Beijing University Founder Group, the survey found that she had been involved in Beijing in 2002, tax control machine project, when Beijing first introduced tax control machine, Shandong wave 6 one of the successful production house, while the company when Zhao Yun Yu Lin --- Beijing Tianyuan Trade Co., Ltd. (referred to as 'Yu-Lin Tian Yuan'), is the wave of the agents in Shandong One of the original Yu-Lin Tian Yuan's The staff told reporters that he entered the company in 2003, when we heard the boss and the relationship between the leadership of the Inland Revenue Department 'is iron.'

He said the sales tax control machine, is the monopoly taxpayer 'to buy have to buy, do not buy to buy.' As a service agent, earn more, are parts of the money. Salesman mainly by selling Accessories commission for example, replace the printer, the market price of 1,500 yuan, service providers can offer for 2500 yuan .2003, because the salesman sold home data protection and strong (700 yuan), the company is exposed by the media, be punished too.

According to him, every weekend, the company owner about the tax will be led by play, relationships, holidays, home to the tax will be led by gifts.

'Greeted the Secretary' the merits and demerits

Qin Yao and Wang Jiping merchants who have ever met and he was the king of the impression that treat people very polite, no bureaucratic airs. Qin Yao said in a blog, which may be due to Wangjiping sold the meat, always likes to talk to when the customer.

Wangjiping born in Shijiazhuang, a military family, at the Jiuquan Satellite Launch Center had been a soldier, demobilized in April 1974 after a shopping center in Gongzhufen sales. Wangjiping's career started in 1977, he was transferred from the mall food company, Haidian District as the Communist Youth League secretary, party committee members, the 1980s, he rose to director of Haidian District, Haidian District Finance Office Ministers of the Organization, until the end of 1993, served as deputy head of Haidian District, Mayor.

January 1994 to September 2001, the Secretary of Beijing Ren Wang Jiping, studying in Beijing during the Institute of Finance, Business Administration graduate study in the job since .1990 Huanan University graduate was awarded the Master of .1994 (Business Administration ) degree from September 2001 to December 2008, served as Secretary of Beijing Local Taxation Bureau.

Qin Yao Wang Jiping that the Secretary-General is able to. Wangjiping to the Inland Revenue Department, restart the stalled three-year reform of tax control machine, and completed a series of information technology. Beijing Local Taxation Bureau of the tax service system, it is International Monetary Fund evaluation panel: up to international level, while the Beijing local tax from 2003 soared to 300 billion in 2006, more than 1003 billion yuan.

2010 Spring Festival, Wang Jiping retiring just over a year, they heard the news he was involved in corruption checked .2011 On the afternoon of January 10, Standing Committee of the CPPCC Beijing Municipal Committee of Article Eleventh meeting, Wang Jiping's CPPCC members eligible to be revoked. because Wangjiping Secretary during the Beijing Local Taxation Bureau as a serious discipline.

Beijing Local Taxation Bureau, an insider speaking, Wang Jiping do Secretary of 7 years, all the Inland Revenue Department approval, the contract and in fact, must be his consent to it, such as the Inland Revenue Department in 2005, 'software' of the procurement, Wang Jiping not only personally call the company and also specify the purchase price, in order to circumvent the bidding, and even how it works are identified, 'as the Inland Revenue Department Secretary, personally attended to the things the software procurement itself is not normal.'

In May this year, the Wang Jiping have been brought to a number of subordinate judgment seat, all point to Wang Jiping intervention project tender.

Peng Yingbin record in the prosecution's introduction, the Beijing Local Taxation Bureau of the project, there are three main areas: the infrastructure, information and notes printed each year, each a billion dollars in funding, according to <<Beijing News>>

Phone选好伴侣!快速充电主板推荐" src="http://i0.sinaimg.cn/IT/cr/2011/0914/1596373006.jpg" style="border:0px solid #000;">
I/O接口

  I/O接口方面,主板提供了VGA+DVI+HDMI的视频输出接口组合,完全能满足高清用户的需求。此外键鼠PS/2接口、USB 2.0、USB 3.0、RJ45和6声道输出接口也是一应俱全。

华擎 H61M/U3S3优缺点总结
优点 缺点
1、支持APP Charger快速充电
2、高速的SATA3.0接口
3、高速的USB3.0接口
4、丰富的特色应用软件
1、无

  编辑点评:华擎 H61M/U3S3售价仅499元,是本次导购所有产品中最低的,然而规格上它一点也不落后,不仅配备SATA3.0接口和USB3.0接口,还拥有图形化的UEFI BIOS,X-FAST USB涡轮增压技术和AXTU全功能调节软件,以及APP Charger快速充电技术,性价比很高。

推荐产品:精英 H67H2-M
参考价格:1099元
主要特点:EZ Charger,高规格,三倍金豪华用料,双热管散热,Debug指示灯

为iPhone选好伴侣!快速充电主板推荐
精英 H67H2-M图片评测论坛报价

  精英 H67H2-M属于精英“Black”系列产品,采用了黑色PCB板材,基于全新B3步进H67芯片组,定位于中高端玩家。供电方面,主板采用了富士通银色固态电容,主板的MOSFET上覆盖有QooltechIII双热管散热模块,完全能保证CPU供电的稳定。

为iPhone选好伴侣!快速充电主板推荐
精英 EZ Charger

  精英目前有多款H67/H61主板和部分AMD主板支持EZ Charger快速充电功能,可以提升移动设备充电速度达50%,而且具备良好的软件支持,用户可以从任务栏了解充电状态。

为iPhone选好伴侣!快速充电主板推荐
供电模块

  精英 H67H2-M供电部分采用了扎实的4+1+1相供电设计,其中4相是给处理器供电,1相是给处理器中的GPU供电,1相是给内存控制器供电。由于普通SNB处理器几乎没有超频能力,所以主板的供电设计完全够用。

  主板用料方面堪称奢华,采用的是银色富士通固态电容和全封闭式铁素体电感,MOSFET上覆盖有QooltechIII双热管散热模块,能够给CPU提供稳定、纯净的电流。

为iPhone选好伴侣!快速充电主板推荐
内存插槽

  精英 H67H2-M提供了4条DDR3内存插槽,支持双通道DDR3内存规格,最大支持32G内存容量。在内存部分也提供了1相供电,保证内存在较高频率下仍能稳定运行。

为iPhone选好伴侣!快速充电主板推荐
磁盘接口

  精英 H67H2-M只提供了5个磁盘接口,其中2个灰色的是SATA 6Gbs接口,3个白色的为SATA 3Gbs接口。

为iPhone选好伴侣!快速充电主板推荐
扩展插槽

  扩展插槽方面,精英 H67H2-M提供了1条PCI-E x16显卡插槽,1条PCI插槽,2条PCI-E x1插槽,为游戏玩家升级为独显平台提供了便利。

为iPhone选好伴侣!快速充电主板推荐
板载按键

  精英 H67H2-M还提供有2个微动开关,为裸机玩家提供了便利。

为iPhone选好伴侣!快速充电主板推荐
I/O接口

  精英 H67H2-M的接口部分非常丰富,提供了DVI+VGA+HDMI+DP的视频输出接口组合,还有双网卡接口、光纤接口、4个USB2.0接口、2个USB3.0接口,E-SATA接口以及音频输出接口。值得注意的是,主板并没有提供老式的键鼠PS/2接口。

精英 H67H2-M优缺点总结
优点 缺点
1、支持EZ Charger快速充电
2、H67芯片,内存和磁盘支持胜于H61
3、三倍金用料,热管散热
4、带板载未动和Debug指示灯
1、无

  编辑点评:精英 H67H2-M外观设计优秀,用料豪华,支持高速的SATA3.0接口,可以扩展安装多达4条DDR3内存,效能表现和易用性表现都不错,而且还支持EZ Charger快速充电,非常方便。当然,这款主板的价格也比较高,预算紧张的用户可以考虑性价比更好的精英 H67H2-M3.

  总结:本次介绍的快速充电主板包括华硕、技嘉、微星、映泰、华擎、精英共6个品牌,已经囊括了目前市面上能够完善支持快速充电功能的品牌;技术上大家都差不了很多,都能够支持运行到关机等常见状态下的快速充电;型号上来说我们主要介绍的都是Intel H61,当然实际上不止这些,比如华硕、技嘉、微星、华擎等品牌基本上都是全线支持的,有需要的用户不妨去喜欢的品牌的官方网站查询一下。

izcache=0 sizset=7> Biostar TH61U3 + advantages and disadvantages Summary Advantage Shortcoming 1, support the Charger booster fast charging
2, equipped with high-speed USB3.0 interface
3, support the EUP / GPU dual energy
4, featuring high-definition remote support Biostar 1, no

Comments: Biostar TH61U3 + timber to create all-solid-state, stable and reliable, and equipped with high-speed USB3.0 interface, support for energy-saving features and Biostar features dual high-definition remote control, all aspects are quite good, but also to support fast charging Charger booster even making it an ideal choice for living room HTPC.

Recommended products: ASRock H61M/U3S3
Price: $ 499 Features: APP Charger, SATA3.0 Interface, USB3.0 interface, feature-rich applications

Photo: choose the right partner for the iPhone!  Fast charging board recommended
ASRock H61M/U3S3 image evaluation forum offer

ASRock H61M/U3S3 based black PCB, Micro ATX small board design, the use of Intel B3 stepping H61 chipset, support for LGA1155 package, the second generation of Intel Core i7/i5/i3 processor motherboard uses only solid-state capacitors, also provided by three chips 2 SATA 6Gbs interface and two USB 3.0 interface.

Photo: choose the right partner for the iPhone!  Fast charging board recommended
ASRock APP Charger

ASRock motherboard can support a full range of APP Charger fast charge, fast to bring portable devices at any time of the charge, even if the shutdown can continue to charge.

Photo: choose the right partner for the iPhone!  Fast charging board recommended
Power Modules

ASRock H61M/U3S3 using a 3 +1 +1 phase power design, with high quality solid state capacitors and ferrite inductors fully enclosed, sufficient to guarantee to the processor to provide a stable, clean current.

Photo: choose the right partner for the iPhone!  Fast charging board recommended
Memory slots

ASRock H61M/U3S3 provides two DDR3 memory slots to support dual-channel DDR3 1066/1333 memory specifications, support the maximum memory capacity of 16G.

Photo: choose the right partner for the iPhone!  Fast charging board recommended
Disk Interface

H61 chipset only four SATA 3Gbs disk interface, but is by asmedia asm1061 ASRock H61M/U3S3 control chip provides two white SATA 6Gbs interface to provide users with greater bandwidth and speed of data transmission.

Photo: choose the right partner for the iPhone!  Fast charging board recommended
Expansion Slots

ASRock H61M/U3S3 provides a PCI-E x16 graphics card slot, user-friendly platform upgrade to independence was in addition motherboard also offers two PCI slots and one PCI-E x1 slot, in-class scalability in an upper level.

Photo: choose the right partner for the iPhone!  Fast charging board recommended
I / O interface

I / O interface, the motherboard provides a VGA + DVI + HDMI video output interface combinations, can meet the needs of high-definition user addition mouse and keyboard PS / 2 ports, USB 2.0, USB 3.0, RJ45, and 6-channel output interface is readily available.

ASRock H61M/U3S3 summarize the advantages and disadvantages
Advantage Shortcoming
1, supports the APP Charger fast charge
2, high speed SATA3.0 Interface
3, high-speed USB3.0 interface
4, feature-rich application software
1, no

Comments: ASRock H61M/U3S3 price of only $ 499, this shopping guide is the lowest of all products, but it does not look backward on specifications, not only with SATA3.0 interface and USB3.0 interface, also has a graphical UEFI BIOS, X-FAST USB Turbo technology and AXTU full-featured software regulation, as well as APP Charger fast charge technology, high cost.

Recommended Products: elite H67H2-M
Price: 1099 yuan Features: EZ Charger, high-profile, triple gold luxurious materials, dual heat pipe cooling, Debug LED

Photo: choose the right partner for the iPhone!  Fast charging board recommended
Elite H67H2-M Picture Forum offer

Elite H67H2-M belong to the elite 'Black' series, with a black PCB board, based on the new B3 stepping H67 chipsets, targeted at high-end players. Power supply, the motherboard with a solid silver Fujitsu capacitors, MOSFET motherboard covered with QooltechIII dual heat pipe cooling module, is fully capable of ensuring the stability of CPU power.

Photo: choose the right partner for the iPhone!  Fast charging board recommended
Elite EZ Charger

There are a variety of H67/H61 elite part of the motherboard and AMD motherboard supports EZ Charger fast charge function, charge mobile devices can enhance the speed of up to 50%, and have good software support, users can understand the state of charge from the task bar.

Photo: choose the right partner for the iPhone!  Fast charging board recommended
Power Modules

Elite H67H2-M power supply part is a solid 4 +1 +1 phase power design, which is a 4-phase power supply to the processor, a phase is the GPU power to the processor, a memory controller phase is to supply due to normal SNB little overclocking the processor, so the motherboard's power supply design completely sufficient.

Board material ways, the luxury, using silver Fujitsu solid state capacitors and ferrite inductors fully enclosed, MOSFET covered with QooltechIII dual heat pipe thermal module, the CPU can provide a stable, clean current.

Photo: choose the right partner for the iPhone!  Fast charging board recommended
Memory slots

Elite H67H2-M provides four DDR3 memory slots to support dual-channel DDR3 memory specification, maximum memory capacity to support 32G in the memory section also provides a 1-phase power supply, to ensure the memory stability at higher frequencies can still run.

Photo: choose the right partner for the iPhone!  Fast charging board recommended
Disk Interface

Elite H67H2-M only five disk interface, two of which are SATA 6Gbs interface, gray, 3 white for the SATA 3Gbs interface.

Photo: choose the right partner for the iPhone!  Fast charging board recommended
Expansion Slots

Expansion slots, the elite H67H2-M provides a PCI-E x16 graphics slot, one PCI slot, two PCI-E x1 slot, for gamers to upgrade to provide a convenient platform independence was.

Photo: choose the right partner for the iPhone!  Fast charging board recommended
Key board

Elite H67H2-M also offers two micro-switches, provides a convenient player for the bare metal.

Photo: choose the right partner for the iPhone!  Fast charging board recommended
I / O interface

Elite H67H2-M interface part of the very rich, providing a DVI + VGA + HDMI + DP combination of video output interfaces, as well as dual LAN interfaces, optical interfaces, four USB2.0 ports, two USB3.0 interface, E- SATA interface and audio output interface is worth noting that the motherboard does not provide old-fashioned mouse and keyboard PS / 2 interface.

Advantages and disadvantages of elite H67H2-M Summary
Advantage Shortcoming
1, support the EZ Charger fast charge
2, H67 chips, memory, and disk support is better than H61
3, triple gold material, heat pipe cooling
4, with on-board indicator does not move and Debug
1, no

Comments: elite H67H2-M design excellence, luxurious materials, to support high-speed SATA3.0 interface can be extended up to four DDR3 memory installed, performance and ease of use are good, but also supports EZ Charger fast charge very convenient, of course, this motherboard's price is relatively high, tight budget can be considered cost-effective and better elite H67H2-M3.

Summary: The introduction of the fast charging board include Asus, Gigabyte, MSI, Biostar, ASRock, a total of six elite brand, has won the support currently available to improve the quick charge function brand, technically we are not bad Many are able to support the operation to shut down and other common conditions of rapid charging, the model focuses on speaking, we are Intel H61, of course, actually more than that, such as Asus, Gigabyte, MSI, Asrock and other brands are basically support across the board, we need the user may wish to like about the brand's official website.

companies and business relationships between management relations, related party transactions and intra-industry competition and other changes

The pre-release, the company and controlling shareholders and actual controllers of the business, personnel, finance, management, completely separate to maintain the independence of this issue will not change the controlling shareholder and its associated companies and between business and management relations independence.

The issue in China Hengtian subscribe shares of this act constitute sporadic related party transactions, subject to shareholder approval of the General Assembly's consideration, China Hengtian law and its related parties will abstain from voting. In addition to related party transactions, this The Issue will not cause future continuing connected transactions.

After completion of this offering, China Hengtian and control business and the company will not have this issue with the competition or potential competition in the industry.

X. After the completion of this offering, the existence of the company funds, assets are controlling shareholders who take up the case and its affiliates, or controlling shareholders of listed companies and their associated provide security situation

After completion of this offering, the controlling shareholder and its affiliates Hengtian fibers do not exist occupied capital of listed companies, asset situation, the company does not exist for the controlling shareholder and its associates provide security situation.

XI, after completion of this offering, the company debt structure is reasonable, whether there is a significant increase through the issue of liability in this case, the existence of debt ratio is too low, the financial situation of unreasonable costs

As of June 30, 2011 was 30.18% of assets and liabilities, assets and liabilities was mainly attributable to lower company previously limited by the industry environment, not scheduled to large-scale capital expenditures by the Company according to its own development strategy and relying on the controlling shareholders and actual controllers of the company's support, was ordered forward, the implementation of family-related industrial projects, related to debt financing arrangements are being implemented, the company's asset-liability ratio will increase to an appropriate level. The stock investment project to raise funds for the project in Xinjiang Modal fibers industry, to raise funds to meet the basic needs of the project, there is no substantial increase by issuance of this debt situation.

Section V of this issue describes the risks associated

First, equity investment and project-related risks

(A modal testing technique without the risk of large-scale production

Modal technique through a small scale, pilot and test pilot production applications in March .2010 try to produce the product by testing to the standard modal fibers, indicating that after the transformation of ordinary viscose fiber production line, using Mo-generation Seoul technology can meet the standards of the small modal volume of fiber, but not that special mass in the Modal fiber production line, using a continuous and stable modal technology to produce fully compliant Modal fibers due to Mo Dyer has not been large-scale production technology validation, so after the completion of the project can raise investment to produce a continuous and stable fully compliant modal fiber uncertainty.

(B Modal Xinjiang special fiber technology can not be the risk of absorbing

发行人持有新疆特纤85%的股权,实际主导募投项目建设和建成后的生产经营.虽然发行人具有在粘胶长丝领域长期的技术积累和行业经验,粘胶长丝和粘胶短纤维在技术原理、设备工艺等方面存在关联,但是莫代尔纤维属于新型粘胶短纤维,与普通粘胶长丝存在区别,而且莫代尔技术来源于合作方郑睿敏和杭州奥通.因此,虽然合作方能够给予全面技术支持,但是新疆特纤学习掌握莫代尔技术需要一定时间,存在不能顺利吸收消化莫代尔技术的风险.

(三技术提供方经济赔偿能力有限的风险

根据2010年11月26日保定天鹅与郑睿敏、杭州奥通签署的<<新疆特纤协议书>>,如果出现该协议书约定的相关情况,郑睿敏、杭州奥通需要承担赔偿责任.郑睿敏、杭州奥通能够用于赔偿的资产主要包括:新疆特纤15%的股权,相应出资合计评估作价4,920万元,杭州奥通自身资产,杭州奥通2011年6月30日账面净资产值为2,541万元.两项资产合计7,461万元.如果募投项目损失超过一定金额,郑睿敏、杭州奥通则不能赔偿全部损失.

(四募投项目不能按计划实施建设的风险

募投项目建设期为18个月,预计2012年12月竣工投产.但在募投项目实施过程中,可能存在各种不可预见因素或不可抗力因素,导致项目不能按时、按质完工,影响预期效益.

(五募投项目不能取得预期经济效益的风险

本次募投项目符合国家产业政策和环境保护规划,并且经过市场调研、方案论证后慎重决定建设.尽管发行人对项目的可行性进行了充分论证,预期能产生良好的经济效益,但项目的可行性研究是基于目前宏观经济环境、国家产业政策、国内外市场环境等条件做出的,若上述因素发生变化,项目可能无法取得预期效果.因此,不能排除项目投资的实际收益和预期目标出现差异的可能性,从而对发行人发展战略目标的实现、经营业绩的提高产生不利影响.

二、行业景气下降风险

粘胶纤维制造属于纺织生产材料的中间制造业,导致本行业景气程度波动的经济因素较多,如产品需求、产能扩张、原料价格、出口退税、人民币汇率和贸易摩擦等,这些因素的存在和变化都会对粘胶纤维企业的经营业绩产生影响.产品供需变化和原辅材料成本更是影响粘胶纤维行业的关键.从近些年市场行情的波动状况来看,发行人主要产品粘胶长丝及其原料棉短绒的价格都有较大的波动幅度,并对经营业绩产生了一定的影响.如果未来作为粘胶纤维行业下游的纺织服装行业景气程度下降并带动粘胶纤维产品市场价格下降,粘胶纤维行业内企业利润空间将逐步缩小,发行人主营业务利润将受此影响.

三、市场竞争加剧风险

加入WTO以来,受服装纺织品出口增加影响,我国化纤产品制造行业保持着增长态势,近几年来随着下游纺织行业的需求不断提高,粘胶纤维等纺织原料制造行业产能扩张迅速,国内主要粘胶纤维生产厂商新建粘胶生产线,加大固定资产投资,根据行业协会统计,2009年国内人造纤维行业固定资产投资652,226万元,同比增长13.21%,新开工项目80个,同比增长95.12%,市场竞争日趋激烈.同时,未来随着市场中同类差别化、功能性纤维产品的增加,对发行人本次募集资金投资项目产品会形成一定的竞争,因此发行人未来将面临行业内的市场竞争风险.

四、原材料价格波动及供应不足风险

发行人产品粘胶长丝的主要生产原料是棉短绒和棉浆粕.近年来受国际国内棉花价格的影响,主要原材料棉短绒和棉浆粕的价格出现了明显的上涨,给发行人的生产经营造成了较大的成本压力.发行人棉短绒采购价格在2010年比2009年上涨了65.61%,棉浆粕采购价格在2010年比2009年上涨了49.13%.如果未来原材料价格持续上涨而粘胶纤维产品的销售价格未能同步上涨,则发行人的经营业绩将受到较大的影响.

粘胶纤维的生产原料主要为化学用纤维素浆粕,包括棉浆粕和木浆粕,国内粘胶纤维制造主要以棉浆粕为主,棉浆粕的原料为棉短绒,生产1吨粘胶纤维所需棉浆粕用量一般为1.04吨,需用棉短绒1.37吨.2009年我国粘胶纤维总产量为151.22万吨,据此计算,棉短绒需求量约207.17万吨,这还不包括其他产品对棉短绒的需求.但国内近年受棉花减产影响,棉短绒产量受限,国内市场有巨大的供需缺口,目前依靠进口浆粕来解决.如未来原料供应渠道及其供应保障发生不利变化,发行人将面临原材料供应不足的风险.

五、安全生产的风险

发行人产品粘胶长丝、棉浆粕及主要原材料棉短绒均属于纺织易燃品,生产过程中使用的酸、碱以及二硫化碳具有一定的腐蚀性、毒性和易燃性,属于危险化学品.虽然发行人制定了一系列的安全生产规定,采取了严格有效的安全生产措施,实行安全生产领导负责制,并对员工实行严格的三级安全教育,但仍存在因生产操作不当、设备故障、自然灾害等原因导致安全事故发生的风险.

六、净资产收益率下降的风险

截至2010年12月31日,公司归属于母公司所有者权益为108,763.41万元,2010年净资产收益率为4.67%.如果本次发行顺利完成,公司所有者权益将大幅度增加,同时由于募投项目建成达产并产生效益需要一定时间,短期内项目效益无法与净资产同步增长,发行人在未来可能会面临净资产收益率下降的风险.

七、汇率变动的风险

报告期内,公司部分业务收入来自海外市场.2008年至2010年,公司出口业务收入占营业收入的比重分别为23.50%、17.47%、22.79%.如果未来人民币持续升值,可能会在一定程度上降低公司出口产品的价格竞争力,导致出口业务收入下降的风险.

公司的出口销售主要采取信用证结算的方式.为尽量降低汇率变动的风险,公司与海外客户的结算普遍采用即期信用证,基本不接受远期信用证结算.尽管如此,由于从开具信用证到进口商实际对外支付货款必然有一段时间间隔,如果期间对方支付的货币发生贬值,公司以人民币计量的销售收入将会减小.

八、业务规模增长导致管理能力不足的风险

根据发行人的业务发展规划,本次发行及后续其他项目完成后,公司将形成新的差别化粘胶短纤维产品线.相应带来的公司资产规模的扩张、营业收入的增长及业务区域的拓展,将在资源整合、市场开拓、人力资源、科研开发、资本运作等方面对公司的管理层提出更高的要求,增加公司管理与运作的难度.如果发行人管理层的业务素质及管理水平不能适应公司规模迅速扩张的需要,组织模式和管理制度未能随着公司规模的扩大而及时调整、完善,将给发行人带来一定的不利影响.

九、审批风险

本次发行方案已获得公司第五届董事会第九次会议、第五届董事会第十二次会议、2011年第一次临时股东大会、第五届董事会第二十四次会议审议通过,但尚需取得公司股东大会审议批准,并经国有资产监督管理部门批准和中国证监会核准.能否取得上述批准和核准以及取得的具体时间尚存在不确定性.

保定天鹅股份有限公司

Board of directors

September 13, 2011



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