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Sinoenergy Corporation and Subsidiaries

Consolidated Statements of Operations and Comprehensive Income


(In Thousands of Dollars, except per share data)

03/2008 12/2007 09/2007 06/2007 03/2007


Operating Revenue $ 7,734 $ 8,807 $ 7,116 $ 6,181 $ 2,626
Cost of Revenue (4,011) (4,896) (3,527) (2,972) (1,591)
Gross Operating Profit 3,723 3,911 3,589 3,209 1,035

Operating Expenses
Selling expenses (138) (156) (129) (65) (40)
General and administrative expenses (967) (1,008) (1,819) (928) (582)
Total Operating Expenses (1,105) (1,164) (1,948) (993) (622)

Income From Operations 2,618 2,747 1,641 2,216 413

Other Income(Expenses)
Investment loss 123 (20) - - -
Other Income (expenses), Net 1,048 144 (1) - (3)
Interest expenses (720) (560) (117) (123) (55)
Other Income(Expenses), Net 451 (436) (118) (123) (58)

Income Before Income Taxes 3,069 2,311 1,523 2,093 355

Income Taxes (165) 120 (144) (44) -


Minority Interest (61) (112) (34) (103) (5)
Net Income from Total Operations 2,843 2,319 1,345 1,946 350

Other Comprehensive Income


Foreign currency translation adjustments 2,768 968 767 177 20

Comprehensive Income $ 5,611 $ 3,287 $ 2,112 $ 2,123 $ 370

Net income per share*


Basic $ 0.09 $ 0.07 $ $ 0.07 $ 0.02
Diluted $ 0.07 $ 0.06 $ $ 0.07 $ 0.02
Weight Average Shares Outstanding*
Basic 31,418 31,418 27,780 17,561
Diluted 37,651 37,821 29,158 23,155

* Sineoenrgy completed a 1-for-2 reverse stock split on July 09, 2008. The Net income per share and the Weight
Average Shares Outstanding hereof are the numbers before the split. Considering the split, The Net income per share
should be doubled and the Weight Average Shares Outstanding should be halved.
Sinoenergy Corporation and Subsidiaries
Consolidated Balance Sheet
(In Thousands of Dollars)

03/2008 12/2007 09/2007 06/2007 03/2007


ASSETS
CURRENT ASSETS
Cash and Equivalents 4,203 10,462 3,322 4,304 2,493
Receivables 16,589 17,705 43,942 8,686 10,881
Inventories 4,631 2,663 2,901 1,688 829
Other Current Assets 2,653 5,881 58 1,466 4,760
Total Current Assets 28,076 36,711 50,223 16,144 18,963

Long term investments 10,979 1,246 1,592 390 390


Property,plant and equipment(net) 21,681 17,892 8,388 6,156 3,629
Intangibles 29,901 24,710 18,531 12,161 12,044
Other Non-Current Assets 10,005 12,874 10,332 7,495 680
Total Non-Current Assets 72,566 56,722 38,843 26,202 16,743

Total Assets 100,642 93,433 89,066 42,346 35,706

LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES
Short Term Debt 14,247 14,375 14,843 4,134 3,879
Accounts Payable 2,282 2,488 3,166 1,471 822
Other Current Liabilities 10,468 8,912 7,529 5,284 8,129
Total Current Liabilities 26,997 25,775 25,538 10,889 12,830

Long Term Debt 30,257 27,099 29,445 - -

Minority Interest 1,536 1,475 1,363 1,216 619

STOCKHOLDERS' EQUITY
Preferred Stock Equity - - - - 5
Common Stock Equity 41,852 39,084 32,720 30,241 22,252
Total Stockholders' Equity 41,852 39,084 32,720 30,241 22,257

Total Liabilities & Stock Equity 100,642 93,433 89,066 42,346 35,706
Sinoenergy Corporation and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
(In Thousands of Dollars, except per share data)

09/2007 12/2006
Operating Revenue $ 15,923 $ 12,393
Cost of Revenue (8,090) (5,909)
Gross Operating Profit 7,833 6,484

Operating Expenses
Selling expenses (234) (228)
General and administrative expenses (3,329) (2,061)
Total Operating Expenses (3,563) (2,289)

Income From Operations 4,270 4,195

Other Income(Expenses)
Other Income, Net (4) (77)
Interest expenses (295) (1,788)
Other Income(Expenses), Net (299) (1,865)

Income Before Income Taxes 3,971 2,330

Income Taxes (188) 1,120


Minority Interest (142) (3)
Net Income from Total Operations 3,641 3,447

Other Comprehensive Income


Foreign currency translation adjustments 964 224

Comprehensive Income $ 4,605 $ 3,671

Net income per share*


Basic $ 0.14 $ 0.24
Diluted $ 0.14 $ 0.18
Weight Average Shares Outstanding*
Basic 22,552 14,462
Diluted 26,728 19,287

* Sineoenrgy completed a 1-for-2 reverse stock split on July 09, 2008. The Net income per
share and the Weight Average Shares Outstanding hereof are the numbers before the split.
Considering the split, The Net income per share should be doubled and the Weight
Average Shares Outstanding should be halved.
Sinoenergy Corporation and Subsidiaries
Consolidated Balance Sheet
(In Thousands of Dollars)

09/2007 12/2006
ASSETS
CURRENT ASSETS
Cash and Equivalents 3,322 588
Receivables 43,942 6,767
Inventories 2,901 937
Other Current Assets 58 4
Total Current Assets 50,223 8,296

Long term investments 1,592


Property,plant and equipment(net) 8,388 3,556
Intangibles 18,531 12,114
Other Non-Current Assets 10,332 3,867
Total Non-Current Assets 38,843 19,537

Total Assets 89,066 27,833

LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES
Short Term Debt 14,843 3,160
Accounts Payable 3,166 663
Other Current Liabilities 7,529 7,356
Total Current Liabilities 25,538 11,179

Long Term Debt 29,445 -

Minority Interest 1,363 614

STOCKHOLDERS' EQUITY
Preferred Stock Equity - 6
Common Stock Equity 32,720 16,034
Total Stockholders' Equity 32,720 16,040

Total Liabilities & Stock Equity 89,066 27,833


Sinoenergy Corporation and Subsidiaries
Consolidated Statements of Cash Flows
(In Thousands of Dollars)

CASH FLOWS FROM OPERATING ACTIVITIES: 09/2007 12/2006


Net income 3,641 3,447
Contribution from minority shareholders 607
Issurance warrants for service 65
Discount of convertible notes issued 176
Amortization of benefical conversion (including interest) 1,594
Grant of options 508 30
Minority interest 142 3
Depreciation 417 333
Amortization of intangible assets 367 291
Provision for doubtful accounts 220 98
Deferred tax debit - (15)
Changes in operating assets and liabilities:
(Increase) in accounts receivable (1,805) (1,339)
Decrease /(Increase)/ in other receivables, deposits and prepayments 164 (1,617)
(Increase)/decrease in inventories (1,964) 888
Increase in accounts payable 3,302 183
Increase/ in accrued expenses 179 179
(Increase)/decrease in deferred expenses - (4)
Increase/(decrease) in advances from customers 334 (1,531)
(Decrease)/increase in other payables (1,251) 1,283
Increase /(decrease)in income tax payable 112 (1,155)

Net cash (used in ) operating activities 5,214 2,668

CASH FLOWS FROM INVESTING ACTIVITES


Payment for purchase of property, plant and equipment (5,249) (2,667)
Prepayment for long term assets (4,780) -
Payment for purchase of land use right (6,784) (4,059)
Payment for minority interest in subsidiaries (8,414)
Other receipts from investment - 134
Net cash used in investing activities (25,227) (6,592)

CASH FLOWS FROM FINANCING ACTIVITES


Cash received from bank loan 11,682 683
Cash received from convertible notes - 3,301
Cash received from warrants exercise 11,326 -
Cash paid for other financing activities - (28)

Net cash provided in financing activities 23,008 3,956

Effect of changes in exchange rate 964 224

Net increase in cash 3,959 256


Cash at beginning of the year 588 332

Cash at end of the year 4,547 588


Supplementary Cash flow disclosure:
Tax paid - 66
Interest Paid 295 195