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2. 88 35 HKICPA, FCCA HKICPA, FCCA Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 81 16 617000 232 11 1103 Butterfield Fund Services (Cayman) Limited Butterfield House 68 Fort Street P.O. Box 705 Grand Cayman KY1-1107 Cayman Islands 183 17 1712 1716
8 37 60 28 1393 http://www.hidili.com.cn 981 47 10 129 3 33 3
4. 2007() 2007 2007 12 31 2007 12 31 173.0 191.6 8.4 9.3 2007 12 31 2007 9 21 2007 12 31 11.98 75.40 %2007 9 12 8.22% 12.06% 2007 12 31 1,042.5 570.3 27.9%535.8%
2007 2.3 1.2 0.5 2006 2.2 1.2 0.5 0.07 2007 2007 2007 97 300 2007 2007 0.440 1.485 3.031 20072007 9 21 2007 10 15 Baring Private Equity Asia III Holdings (5A) Limited2.2 10.7% 2007 5 2007 9 1,543 6.5 2007 12 31 355 2007 10 18 5
6.
200 150 200 100 150 200 300 350 2007 10 12 9 2008 1 52007 12 31 360 6 2011 1. 2. 7
8. 1. 10 15 4 10 15 2. (i) (ii) (iii) 2008 2007 2008 2008 2008 4 13
1,042.5 2006 814.8 27.9% 6.7% 2.2% 2006 2007 2006 382,402 587.5 650.9 390,669 621.1 629.0 520,245 514.6 1,010.9 371,772 472.2 787.4 902,647 762,441 9 29,544 272.1 108.6 36,549 335.0 109.1 17,335 12.8 1,354.1 11,835 9.3 1,273.7 13,582 13.1 1,036.4 681 0.8 841.1 128 263 60,589 49,328 56,698 25.9 2,189.4 3,063 1.7 1,849.5 22,607 61.7 366.5 79,305 3,063 1,042,541 814,832
364.12006 325.338.8 11.9% 155.82006140.7 15.111.0% 123.12006100.222.9 22.9%3,736 51.3 2006 41.7 9.6 23.0% 10 678.42006489.5 188.938.6%65.1% 200660.1%. 283.1200638.8244.3 629.6%2007 9 188.2 48.9 2006 45.3 3.6 7.9% 210.2200652.1 158.1 303.5%44.1 89.3 2006 9 5 2007 5 25 65.6
48.0 41.8 38.8 2006 30.3 8.5 28.1% 2006 17.5 21.3 121.7% 200612.8 22.5 2006 18.3 4.2 23.0%17.0% 3.8%227.0 569.3 2006 89.7 479.6534.7% 54.6% 200611.0% 11 2007 12 31 2,332.3 2006 47.6 2007 12 31 2,560.8 2006 200.5 2007 9 3,457.9 2007 12 31 1,333.9 2006 290.0 6.37%2007 12 31 18.9% 200617.6% 2007 12 31 1,685.5 2006 228.2 1,333.9 2006 226.6
2007 12 316,180 154.3 2006 117.5 2007 12 31 8.4 9.3 2008 6 11 12. 2007 12 31 2007 11 2007 A 300 733 A2007 12 31 2 3005% 2007 10129 1,543 2007 12 31 1.2 81 16 17
3,601.3 3,457.9 2007 12 31 2,062.5 1,302.3 516.4 103.3 62.4 62.4 40.3 816.4 3,601.3 1,364.7 2007 5 2007 91,543 13 2007 12 31 355 2011 6
2007 12 31 2007 12 31 2006 2007 2006 2,210 2,180 65 1,192 1,195 351 409 14. 514 496 13 9 27 2 13 1 300 2008
2009 3 1 2008 2008 2008 6 122008 6 18 15 2008 6 11 183 17 1712 16
2008 6 18 2007 8 25 2007 12 31 16.
34 1994 1994 1997 2000 5 55.8% 44 1986 2006 12 1986 20032006 2002 2003 35 2000 17 35 2007 3 2006 9 5 2007 8 25 2006 8 29 2007 8 25 Baring Private Equity Asia 1999 Baring Private Equity Asia Noah Education Holdings Limited Baring Private Equity Asia2000 2 16 2003 5 16 BOOPBOOP.COM (ASIA)LIMITEDBB Company BB Company 2003 5 BB Company 291AA BB Company
44 2007 6 FECILFECIL 1990 FECIL2002 1990 2003 FECILFECIL 10 2003 5 18. 68 2007 6 1964 2004 1985 1994 80 2005 2 2006 10 2005 7 2005 2006 10 62 2007 6 1970 30 2006 12 2003 19932003
30 1999 2004 3 4 2005 4 2005 6 2005 7 2006 33 2000 5 42 1985 2005 1020 19 372002 3 10 39 2007 7 12
2007 12 31 2006 9 1 22 (1961 3 2007 9 1048 2007 9 21 20. 2007 12 3132 2007 12 31 2008 6 11 8.4 9.3 173,040,000 191,580,000 2008 6 18 2008 4 11 2007 12 312,028 15 28 35 2007 12 314,414
2007 12 31 39 7980 27 2007 12 31682.6 65.5%322.8 31.0% 2007 12 31 46.3 32.8%19.9 14.2% 21 2007 12 315% 2006 9 1 2007 8 25 2007 3 8 2007 8 25 2007 3 8 2007 8 25 2007 3 8 2007 8 25 2007 10 18 2007 3 8 2007 8 25 2007 6 21 2007 8 25 2007 6 21 2007 8 25 2007 6 21 2007 8 25 1719
2007 9 1 2007 9 1 12 3.13 22. 2007 12 31571 XVXV 7 8 352 1,150,000,000 55.8% 1,000 100% 1,150,000,000 1,150,000,000
2007 12 31 XV 2 3 10% 1 1,150,000,000 55.8% 1 1,150,000,000 55.8% 2 1,150,000,000 55.8% 1,000,000 20% 3 4 4,900,000 49% 3 * 2,450,000 49% 23 1. 1,150,000,000 2. 3. 4. 2007 12 31 600,000 *
XV 3365% 24. 81 16 17 1.2 14A.33(3)(a) 14A 2007 8 25 3.21 2007 12 31
2007 12 31 A.2.1 A.1.1 2007 9 21 A.1.1 25 2007 12 31 2007 12 31 2007 8 25 2007 12 31
2007 12 31 2008 6 122008 6 18 2008 6 11 4 30 18317 1712 1716 26. 2008 4 13
2007 12 31 A1.1 A2.1 A1.1 2007 9 21 A1.1 2007 12 31 27 2006 9 1 2007 8 25 2007 3 8 2007 8 25 2007 3 8 2007 8 25 2007 3 8 2007 8 25 2007 10 18 2007 3 8 2007 8 25 2007 6 21 2007 8 25 2007 6 21 2007 8 25 2007 6 21 2007 8 25 1719
2007 12 31 28. A.2.1 2007 8 25 2007 12 31
29 2007 8 25 2007 12 31 2007 12 31 29 2007 12 31 1,800,000 600,000 2007 6 30 31
2007 C.2.1 30.
32 78 2007 12 31 31 2007 12 31 2008 4 13
2007 12 31 2007 2006 7 1,042,541 814,832 (364,134) (325,329) 678,407 489,503 8 283,109 38,785 (48,878) (45,269) (210,225) (52,086) 32 (65,602) (292,628) (6,155) 9 (38,808) (30,318) 32 10 591,848 107,987 11 (22,527) (18,310) 569,321 89,677. 570,289 89,677 (968) 569,321 89,677 13 220,000 14 37.1 7.5
2007 12 31 2007 2006 15 2,632,821 681,339 16 32,414 6,260 17 24,000 133,616 2,689,235 821,215 18 65,288 31,111 19(a) 274,455 232,834 19(b) 80,600 220,032 20 122,460 64,251 21 6,454 22(a) 2,057 23 1,248,682 68,577 23 2,560,779 200,522 33 4,352,264 825,838 24(a) 45,395 19,211 24(b) 80,600 220,032 25 478,146 218,061 22(b) 1,000 1,717 26 47,981 32,894 29,275 27 1,333,900 289,974 2,019,916 778,270 2,332,348 47,568 5,021,583 868,783
2007 12 31 2007 2006 28 198,605 8 30 4,809,880 244,964 5,008,485 244,972 6,982 5,015,467 244,972 31 6,116 3,982 32 619,829 6,116 623,811 34 5,021,583 868,783. 2008 4 13 32 78
2007 12 31 30(d) 30(a) 30(b) 30(c) 2006 1 1 66,416 40,663 20,330 24,461 278,568 430,438 430,438 (66,416) 7,416 (59,000) (59,000) 3,849 3,849 3,849 8 8 8 89,677 89,677 89,677 60,732 (20,330) 22,885 (63,287) (220,000) (220,000) (220,000) 2006 12 31 8 11,265 101,395 47,346 84,958 244,972 244,972 2 685,429 685,431 685,431 (10) (685,429) 684,227 (1,212) (1,212) 1,212 1,212 1,212 143,386 (143,386) 48,221 3,245,235 3,293,456 3,293,456 5,786 389,429 395,215 395,215 (180,878) (180,878) (180,878) 570,289 570,289 (968) 569,321 51,679 23,888 (75,567) 7,950 7,950 2007 12 31 198,605 3,310,400 695,492 153,074 71,234 579,680 5,008,485 6,982 5,015,467 35
2007 12 31 2007 2006 591,848 107,987 380 135 (248,051) (3,260) 56,074 44,716 65,602 292,628 38,808 30,318 (1,667) 51 (1,888) 5,144 47,981 2,134 2,439 36. 556,365 475,014 (34,177) (16,806) (42,294) (127,111) (41,100) (3,758) 2,057 46,646 26,184 (7,211) (7,475) (17,097) 459,560 349,677 174,757 (172,869) (18,908) (7,398) 442,540 342,279 (1,624,982) (193,813) (1,180,105) 110,727 (27,076) (24,000) (133,616) 248,051 3,260 20,269 199 6,951 24,765 (2,580,892) (188,478)
2007 12 31 2007 2006 3,667,136 8 1,385,900 157,593 7,950 (341,974) (156,487) (180,878) (38,808) (17,524) (717) (9,307) 327,201 950 (220,000) (12,794) (55,151) 4,498,609 14,489 37 2,360,257 168,290 200,522 32,232 2,560,779 200,522
2007 12 31 1. Hidili Industry International Development Limited2006 9 1 22 1961 3 Sanlian Investment Holding Limited * 2007 8 25 Hidili Investment Holding Limited * 2007 9 10 48 2007 9 21 38 3 2006 2007 12 31. 2. 2007 1 1 1 1 23 1 27 2 32 1 1 2 1 3 2 8 1 11 2 3 12 4 13 5 14 19 4 *
2007 12 31 2. 1 2009 1 1 2 2009 7 1 3 2007 3 1 4 2008 1 1 5 2008 7 1 3 2009 7 1 27 3. 39
2007 12 31 3. 40.
2007 12 31 3. 41
2007 12 31 3. 42.
2007 12 31 3. 43
2007 12 31 3. 90-120 44.
2007 12 31 3. 39 45
2007 12 31 3. 46. 4. 3
2007 12 31 4. 5,144,0002006 47,981,000 5. 47 27 32 28 30
2007 12 31 6. 6a. 2007 2006 4,273,182 780,986 1,903,379 710,769 47,981 619,829 619,829 (327,965) 48 291,864. 6b. (i) 2007 2006 2007 2006 5,975 260 2,473,833 248 366,404 47,981 682,153 343 7,857
2007 12 31 6. 6b. (i) 5%5% 5% 5% 5% 2007 2006 123,393 (1) 18,320 (2,382) (33,715) 49 (ii) 50 50 2007 12 31 12,797,000 (2006 999,000 )
2007 12 31 6. 6b. (iii) A 733,000,000 173,000,000 A 2,000,000 2007 12 31 50. 2007 12 31 60% 2006 89% 2007 12 31 200,000,0002006
2007 12 31 6. 6b. 2007 1 1 3 3 1 2007 12 31 % 6,264 39,131 45,395 45,395 5.32 44,761 40,127 84,888 80,600 442,484 442,484 442,484 1,000 1,000 1,000 6.37 616,946 564,718 237,205 1,418,869 1,333,900 1,111,455 643,976 237,205 1,992,636 1,903,379 51 2006 1 1 3 3 1 2006 12 31 % 6,855 12,356 19,211 19,211 3.49 88,739 107,408 31,564 227,711 220,032 179,835 179,835 179,835 1,717 1,717 1,717 6.74 65,197 137,236 107,086 309,519 289,974 5.80 327,965 327,965 619,829 342,343 257,000 466,615 1,065,958 1,330,598
2007 12 31 6. 6c. 7. 52.
2007 12 31 7. 2007 12 31 434,553 537,580 70,408 1,042,541 224,984 (224,984) 659,537 537,580 70,408 (224,984) 1,042,541 256,142 341,361 33,693 631,196 (210,225) 281,442 (65,602) (6,155) (38,808) 53 591,848 (22,527) 569,321 2007 12 31 2,493,734 412,852 155,181 3,061,767 3,979,732 7,041,499 404,373 79,845 8,880 493,098 1,532,934 2,026,032
2007 12 31 7. 2007 12 31 1,953,333 14,995 40,122 19,908 2,028,358 637 36 4,471 5,144 380 380 37,637 8,753 4,204 5,480 56,074 2,134 2,134 54 2006 12 31. 427,218 383,607 4,007 814,832 166,115 (166,115) 593,333 383,607 4,007 (166,115) 814,832 238,578 203,750 1,906 444,234 (52,086) 38,785 (292,628) (30,318) 107,987 (18,310) 89,677
2007 12 31 7. 2006 12 31 625,142 439,266 88,608 1,153,016 494,037 1,647,053 238,440 133,738 23,669 395,847 1,006,234 55 1,402,081 2006 12 31 60,780 49,663 73,022 11,375 194,840 135 135 32,251 8,026 4,439 44,716 51 51 2,439 2,439
2007 12 31 8. 2007 2006 188,157 59,894 3,260 30,000 34,260 1,667 1,888 1,503 1,265 283,109 38,785 30,000,000200630,000,000 56 9.. 2007 2006 5 25,423 8,649 13,385 8,875 12,794 38,808 30,318
2007 12 31 10. 2007 2006 12 1,431 521 144,371 112,113 8,460 4,841 154,262 117,475 673 4,968 (497) 5,144 1,800 226 380 135 31 2,134 2,439 56,074 44,716 51 44,114 5,880 346,254 297,656 17,880 27,673 (1,667) 47,981 (41,826) 89,340 57
2007 12 31 11. 2007 2006 591,848 107,987 58. 33% 195,310 35,636 (178,021) (140,587) 1,266 267 (27) (1,665) 21,649 96,567 a 61,851 17,778 (79,501) b 10,314 22,527 18,310 a. b. 33% 30% 3% 20072008 20092011 3 3%30%2006 3% 30% 2006 2007 3%30%2006
2007 12 31 11. 2007 2 15 20072008 20092011 2007 2007 1 1 2007 2 14 33%2007 2 152007 12 31 2007 2 5 2007 2008 2009 2011 2007 2007 1 1 2007 2 14 33%2007 2 152007 12 31 20052009 2007 16.5% 2006 59 2007 3 16 63 2007 12 6 2008 1 1 25% 2007 39
2007 12 31 12. (a) 2007 2006 600 825 516 6 5 1,431 521 2007 12 31 60. 200 200 200 600 240 270 135 180 825 2 2 2 6 242 272 135 182 200 200 200 1,431 1,290,000 2006 12 31 240 180 96 516 2 2 1 5 242 182 97 521
2007 12 31 12. (b) 5 5 3 2006 2 1,000,000 936,380 2006 1,004,670 2007 2006 860 765 2 3 862 768 13. 61 2006 12 31 200,000,00020,000,000 2007 12 318.4 14. 20072006 12 31 1,538,356,1641,200,000,000 2006 1 1
2007 12 31 15. 2006 1 1 98,198 300,310 113,038 20,534 1,738 36,821 570,639 5,906 43,489 10,604 9,517 1,664 123,660 194,840 61,191 12,887 38,189 (112,267) (1,266) (1,266) 2006 12 31 165,295 356,686 161,831 28,785 3,402 48,214 764,213 38,804 1,669,788 44,278 13,937 2,658 258,893 2,028,358 12,739 30,840 5,700 (49,279) (1,589) (11,913) (8,846) (4,286) (113) (26,747) 2007 12 31 215,249 2,045,401 202,963 38,436 5,947 257,828 2,765,824 62 2006 1 1 3,862 21,489 9,545 3,283 263 38,442 3,078 29,364 7,835 4,131 308 44,716 (284) (284) 2006 12 31 6,940 50,853 17,380 7,130 571 82,874 5,088 33,906 11,600 4,587 893 56,074 (75) (3,385) (282) (2,180) (23) (5,945). 2007 12 31 11,953 81,374 28,698 9,537 1,441 133,003 2007 12 31 203,296 1,964,027 174,265 28,899 4,506 257,828 2,632,821 2006 12 31 158,355 305,833 144,451 21,655 2,831 48,214 681,339 15 35 5 15 5 10 2007 12 31 1,149,760,000 2006 24,410,000
2007 12 31 16. 2007 2006 677 135 32,414 6,260 33,091 6,395 50 17. 2007 12 31 1 50,000,000 2006 12 31 4 230,000,0002007 63 18. 2007 2006 5,981 4,654 38,623 17,842 7,251 13,433 8,615 65,288 31,111 19. (a) 2007 2006 123,034 192,254 (3,460) (5,787) 119,574 186,467 154,881 46,367 274,455 232,834
2007 12 31 19. (a) 90 120 2007 2006 0 90 273,055 218,951 91 120 863 7,609 121 180 386 181 365 151 6,274 274,455 232,834 64 2007 12 31 537,000 20066,274,000. 2007 2006 5,787 5,787 673 (3,000) 3,460 5,787
2007 12 31 19. (b) 90 1205.32% 2007 2006 0 90 21,300 160,786 91 120 15,800 31,370 121 180 43,500 27,876 80,600 220,032 20. 2007 2006 65 34,525 10,191 13,794 13,741 14,247 13,637 5,146 4,138 19,661 14,000 21,535 13,552 8,544 122,460 64,251 21. 2007 2006 i 6,861 8,130 ii 2,592 8,274 9,453 16,404 (9,453) (9,950) 6,454
2007 12 31 21. 2007 2006 9,950 9,950 (497) 9,453 9,950 (i) (ii) 2006 12 31500,00068 2006 12 31 2,000,000 66. 22. (a) 2007 2006 i 126 ii 123 iii 1,808 2,057
2007 12 31 22. (b) 2007 2006 iv 1,000 1,717 (i) (ii) (iii) (iv) 126,000 123,000 2006 12 31 23. 1 3 67 2.99% 20061.81% 24. (a) 2007 2006 0 90 42,987 15,332 91 180 897 1,492 181 365 361 1,567 365 1,150 820 45,395 19,211 90
2007 12 31 24. (b) 2007 2006 5.32% 3.49% 25. 2007 2006 68 5,536 12,917 8,732 6,379 51,052 51,128 35,662 38,226 16,434 12,040 335,518 67,958 25,212 29,413. 26. 478,146 218,061 2007 2006 47,981 367,300,000 2008 1 282008 2 22 460,000,000 2008 1 7
2007 12 31 27. 2007 2006 1,333,900 226,570 62,324 1,080 1,333,900 289,974 2007 2006 1,333,900 226,570 63,404 69 1,333,900 289,974 i 62,324 ii 1,080 63,404 (i) 2006 9 5 10 2007 10 2114 22007 9 30 2006 12 315% 5% 95% 95% 322007 5 15 (ii) 20%
2007 12 31 27. 2007 2006 6.37% 6.12% 1.70% 2007 12 3148,000,000200660,000,000 100% 2006 12 31 40,000,000 90% 36 70 2006 12 3160,000,000 40,000,000. 28. 0.1 2006 12 31 (i) 3,900 390 (ii) 9,996,100 999,610 2007 12 31 10,000,000 1,000,000 2006 12 31 (i) (iii) 12,500 1,250 1,212 (iv) 1,487,500 148,750 143,386 (v) 500,000 50,000 48,221 (vi) 60,000 6,000 5,786 2007 12 31 2,060,000 206,000 198,605 (i) (ii) 2006 9 1 390,0001 0.1 2007 8 259,996,100,000 390,0001,000,000,000
2007 12 31 28. (iii) 2007 8 25 12,499,9992007 8 25 (iv) (v) (vi) 2007 9 191,487,500,000 0.1 1,487,500,0000.1 2007 9 20500,000,0000.16.83 2007 9 2860,000,0000.130,000,000 0.1 ()6.83 2006 12 31 29. 2007 8 25 2007 8 24 71 (i) (ii) (iii) (iv) (v) (vi)
2007 12 31 29. 200,000,000 10% 9.7% 10% 10% 1% 120.1%5,000,000 28 1.00 10 (i) (ii) (iii) 72 2007 12 31. 30. (a) 10% 50% 2006 (b) 5% 10% 2006 2006
2007 12 31 30. (c) 10.5 200610.5 (d) 31. 2006 1 1 1,543 2,439 2006 12 31 3,982 2,134 73 2007 12 31 6,116
2007 12 31 32. 2006 8 16 2006 9 5 42,000,000 327,201,000 2007 1 1 5.8 2006 12 31 2006 12 31 2006 9 75 450 5.8 74. 5.8 2006 9 78 5.8 0.0001 = 42 2006 12 31 2006 16.67% 25%2006 336 2006 2,500,000 20%
2007 12 31 32. (a) (b) 450 2006 12 31 292,628,000 2006 12 31 75 (1) (2) (3) 0% (4) 21% 2007 5 25 2006 12 31 41.23 34.07 16.8 16.8 37% 36% 5 5 4.8% 4.7% 0% 0%
2007 12 31 32. 2007 5 23 2007 8 15 5 2007 5 25 2007 6 1 2,500,000 16.80128.5 2007 1 1 65,602,000 76 33. 2006 12 313,849,000. 34. 2007 2006 4,759 4,876 2007 2006 34,248 3,874 25 4,702 8,054 5 733 1,600 39,683 13,528 1 10
2007 12 31 35. 2007 2006 48,565 88,320 2007 12 31 50,000,000 2007 12 31 24,000,000 36. 27 2007 2006 430,536 153,205 1,248,682 68,577 6,259 6,395 77 1,685,477 228,177 37. 2007 2006 1,209 1,200 950 2006 12 31 3,849,000 2006 12 31 60,000,000 40,000,000 2007 12 31
2007 12 31 37. 12 38. 20% 20072006 12 31 39. 2007 12 31 78. Hidili Investment 1,250 100% 50,000,000 100% 10,000,000 100% 5,000,000 100% 121,000,000 100% 10,000,000 100% 6,800,000 100% 50,000,000 100% 70% 2,000,000 5,000,000
1,042,541 814,832 568,694 353,419 570,289 89,677 221,720 120,289 600 350 500 300 400 300 200 250 200 150 100 79 100 50 0 0 434,553 427,218 191,153 106,613 537,580 383,607 376,825 246,619 70,408 4,007 716 187 256,142 238,578 93,845 27,911 341,361 203,750 201,055 129,469 33,693 1,906 397 45
2,689,235 821,215 538,592 332,726 4,352,264 825,838 607,513 321,397 (2,019,916) (778,270) (708,224) (403,626) (6,116) (623,811) (7,443) (847) 5,015,467 244,972 430,438 249,650 (6,982) 5,008,485 244,972 430,438 249,650 80 1. 2006 12 31 2006 12 31 200420052006 12 31 2007 9 10 2. 2007 12 31 2007 12 31 32 33 34.