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SELECTED COMBINED FINANCIAL INFORMATION

The following table sets forth our combined results of operations for the periods indicated:
Year ended December 31, Three Months ended March 31,
2005 2006 2007 2007 2008
RMB'000 RMB'000
Revenue
International marketplace 527,227 991,869 1,547,695 324,768 464,164
China marketplace 211,070 371,993 615,062 119,139 215,917
Total 738,297 1,363,862 2,162,757 443,907 680,081
Cost of revenue (1) (126,509) (237,625) (280,113) (57,400) (78,926)
Gross profit 611,788 1,126,237 1,882,644 386,507 601,155
Sales and marketing expenses (1) (2) (393,950) (610,198) (736,813) (146,618) (201,743)
Product development expenses (1) (2) (35,678) (105,486) (131,495) (27,264) (36,592)
General and administrative expenses(1) (2) (101,082) (159,969) (229,868) (40,617) (72,210)
Other operating income 16,494 17,912 19,877 247 21,255
Profit from operations 97,572 268,496 804,345 172,255 311,865
Finance income, net 5,847 22,892 345,099 8,372 48,548
Profit before income taxes 103,419 291,388 1,149,444 180,627 360,413
Income tax charges (32,965) (71,450) (181,649) (38,562) (59,698)
Profit attributable to equity owners 70,454 219,938 967,795 142,065 300,715
Notes:(1)
Included share-based compensation expenses, which were allocated as follows:
Year ended December 31, Three Months ended March 31,
2005 2006 2007 2007 2008
RMB'000 RMB'000
Cost of revenue 8,766 23,335 13,718 3,077 842
Sales and marketing expenses 26,920 50,068 49,668 11,510 10,761
Product development expenses 5,126 16,344 14,999 3,553 2,847
General and administrative expenses 8,079 24,157 73,692 9,897 30,423
Total share-based compensation expenses 48,891 113,904 152,077 28,037 44,873
(2) Included expenses of Alibaba Group not related to the B2B business as follows:
Year ended December 31, Three Months ended March 31,
2005 2006 2007 2007 2008
RMB'000 RMB'000
Sales and marketing expenses 35,959 83,186 - - -
Product development expenses 1,414 6,748 - - -
General and administrative expenses 29,972 47,573 - - -
Total 67,345 137,507 - - -

SELECTED OPERATING AND FINANCIAL DATA AS OF THE DATES INDICATED:
　 Year ended December 31, Three Months ended March 31,
2005 2006 2007 2007 2008
(I) REGISTERED USERS, STOREFONTS AND PAYING MEMBERS
Registered Users
International Marketplace 1,949,741 3,115,153 4,405,557 3,444,122 4,888,391
China Marketplace 9,019,214 16,649,073 23,194,402 18,198,357 24,817,676
Storefronts
International Marketplace 292,414 514,891 697,563 549,676 753,066
China Marketplace 1,002,768 1,557,874 2,259,283 1,676,019 2,468,280
Paying Members  
Gold Supplier members 12,192 18,682 27,384 20,064 28,548
International TrustPass members 7,791 10,843 12,152 11,881 12,533
China TrustPass members 121,631 189,573 266,009 209,307 286,037
(II) OPERATING PROFIT MARGIN BEFORE SHARE-BASED COMPENSATION AND NON-B2B EXPENSES (3) 29.0% 38.1% 44.2% 45.1% 52.5%
(III) RECURRING FREE CASH FLOW (RMB'000) (3) (4) 491,894 727,714 1,316,371 306,730 273,449
(IV) NET INCOME BEFORE SHARE-BASED COMPENSATION (RMB'000) (3) (5) 119,345 333,842 1,119,872 170,102 345,588
Note:(3)
These financial metrics are not measures of financial performance under International Financial Reporting Standards but are considered by the Group as important financial measures.
Note(4):
Year ended December 31, Three Months ended March 31,
2005 2006 2007 2007 2008
RMB'000 RMB'000
Net cash generated from operating activities 650,098 730,671 1,409,217 328,910 287,254
Purchase of property and equipment, excluding payment for land use rights and construction costs of corporate campus project (73,742) (89,715) (92,846) (22,180) (13,805)
One-off payment for withholding tax (a) (86,491) 86,491 - - -
Other non-cash operating expenses 2,029 267 - - -
Recurring free cash flow 491,894 727,714 1,316,371 306,730 273,449
(a) Amount represented withholding of individual income taxes payable by employees in connection with exercises of share options. Such tax liability was subsequently settled in 2006.
Note(5):
　 Year ended December 31, Three Months ended March 31,
2005 2006 2007 2007 2008
RMB'000 RMB'000
Profit for the year attributable to equity owners 70,454 219,938 967,795 142,065 300,715
Add: Share-based compensation expenses 48,891 113,904 152,077 28,037 44,873
Net income before share-based compensation 119,345 333,842 1,119,872 170,102 345,588
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