北泰創業集團有限公司 股份代號 :2339 新目標. 新起點. 新希望 二零零五 / 二零零六年年報

2 4 5 6 10 14 22 34 37 41 49 54 55 56 57 58 60 62 103

2,658,993 2,206,041 1,711,442 493,775 368,692 284,417 EBITDA 420,333 310,608 221,305 347,313 273,487 163,521 % 18.6 16.7 16.6 % 13.1 12.4 9.6 % 20.8 26.6 31.0 9.8 14.3 16.1 4.1 3.1 2.3 % 15.5 1,077,321 975,000 830,000 ( ) 3.7 1.98 2.75 3,986,088 1,930,500 2,282,500 35.24 28.94 23.07 2.00 2.50 4.12 5.70 4.50 2.40 7.70 7.00 6.52 1.89 1.35 0.90 EBITDA = = = = = = = 2

3

4

Lilly Huang UFJ 18 1 29 A www.strategic.com.hk Bank of Bermuda (Cayman) Limited P.O. Box 513 GT Strathvale House North Church Street, George Town Grand Cayman, Cayman Islands British West Indies 183 17 1712-1716 Century Yard Cricket Square Hutchins Drive P.O. Box 2681 GT George Town Grand Cayman British West Indies 18 2 16 2339 www.norstar.com.hk 5

1997 ISO9001 2000 QS9000 2005 8 ISO/TS 16949 2003 10 2004 9 2004 9 6

2005 9 2006 4 2005 10 2006 5 7

10

20.5%2,658,993,000 27% 347,313,000 18.6% 11

12

Lilly Huang 13

14

10% 30% 94 270 450 500 15

1 5,669 13,103 14,000 2 3 1 2 16

1 2 3 17

800 200220 1 18

2 3 4 19

22 2,658,993,000 2,206,041,000 20.5% 368,692,000 33.9 % 493,775,000 347,313,000 273,487,000 27% 367,985,000 255,209,00044.2% 35.24 21.8% 5.7 2 7.7 18.6% 16.7% 2,297,521,000 1,843,883,000 24.6% 86.4% 17.4% 19.5%

99% OE 43.8% 28.1% 27.1% 48% 29% 23% 26.1% 2,143,332,000 93.3% 27.1% 23

24 11.9% 39% 313% 132% 13% 52.1% 19% 700 60,000 750,000 10-20% 2% 80% 17.8% 75% 6.8% 154,188,000 6.7% 23% *

1,000 15% 13.3% 361,472,000 16.4% 13.6% 82% 58% 46% 7% 20% 25

26 2% 4% 18.3% 19.8%20.4% 19% 95,537,000 76,531,000 3.6% 3.5% 500 1,500

200 SUV MPV OE 2500 10% 3 530% 2500 27

28 590 5,500 14,000 20% 1,000 4,000 34% 2 3

29 OE OE 60,000 750,000 120,000 20 200,000 400,000 150 600 120

30 730,000,0001 8.1 19% 34.1% 8% 89% 10.4% 8.9% 56.1% 8,024,000 825,000 88% 54.8% 27.9% 2.7 86%

97.1%66,389,000 94,600,000 40,000,000 80% 14,152,000 15% Profound Global Group 100,000,000 106,888,000Profound Global Group 8,280,000 20% 8.112% Profound Global Group 40% Profound Global Group 108,200,000 8.27 8.10 1 2 41,000,000 8.03 31

8,024,000 2,030,230,000 1,490,154,000 1,311,981,000 964,925,000 56 45 48 30 90 28.2% 17.2% 0 30 13 16 97 2 3 32

33 179,778,000 146,972,000 76,490,000 1,047,296,000 958,542,000 1,079,833,000 754,918,000 32,537,000 203,624,000 96.5% 85.7% 97% 16,670,000 16,631,000 138,022,000 122,915,000 2,157 49,553,000

Lilly Huang Lilly Huang 43 Huang Huang Huang 55 Dorcas University 41 36 ISO9002 QS9000 ISO/ TS16949 31 34

35 36 35 37 Enzyme

36 Engineering Corporation 41 i100 59 36 38 41 52 46 O

88 5 (1) (2) 0.057 (3) (a) Lilly Huang (b) (c) (d) (e) (f) (g) (h) (4) (5) (a) (b) (b) (a)5 10% 37

(c) 5 5 (i) (ii) (iii) 5 (6) (a) (c) (b) (a) (c) (a) (b) 6 20%(i)(ii) (iii) (iv) (d) 6 6 (i) (ii) (iii) 6 38

(7) 6 5 7 10% (8) (a) 105(vii) 114 (b) 114 39

1. 2. 3. 182 16 4. 5. 18317 1712-1716 Lilly Huang 40

19 20 55 20,417,000 58 99 1,099,998,000 34 115,797,000 0.05771,097,000 101,816,000 389,954,000 16 41

32 (i)(ii) 17 10% 83,000,000 1% 103 104 42

Lilly Huang 108Lilly Huang 112 43

1615 36 34 36 352 Lilly Huang1 600,000,000(L) 600,000,000 55.69% 2 8,832,000(L) 645,000,000(L) 653,832,000 60.69% L (1) Century Founders Group Limited Lilly Huang63% (2) 653,832,000 i) 8,832,000 ii) 45,000,000 Mark Up Investments Limited iii) 600,000,000Century Founders Group Limited Mark Up Investments Limited 37% 44

XV2 3336 5% Century Founders Group Limited 1 600,000,000(L) 55.69% Mark Up Investments Limited 645,000,000(L) 59.87% Lilly Huang1 600,000,000(L) 55.69% 653,832,000(L) 60.69% Deutsche Bank Aktiengesellschaft 86,977,113(L) 8.07% Sansar Capital Management, LLC 78,504,000(L) 7.29% PMA Capital Management Limited 58,256,733(L) 5.41% L (1) Century Founders Group Limited600,000,000Lilly HuangCentury Founders Group Limited 63% 37% Mark Up Investments Limited XV2 3336 59% 26% 46% 10% 365% 45

36 14 14A (1) 68 2,300,000 120% 2,300,000 (2) 3,100,000 3,100,000 (3) 5,400,000 5,400,000 46

14A (1) 68 2,700,000 2,700,000 (2) 2,700,000 (3) 2,400,000 5,100,000 (a) (b) (c) 47

(d) (e) (i) 2,300,000 (ii) 8,500,000 (iii) 380,000,000 (iv) (i)(ii) 10,000,0003% 30 25% Lilly Huang 48

49

Lilly Huang 3 75% 4 100% 4 100% 4 100% 2 100% 2 100% 4 100% 4 100% 4 100% 4 100% 50

2 100% 2 100% 1 50% 2 100% 51

2 100% 2 100% 2 100% 2 100% 2 100% 2 100% 1 50% 52

869,010 21 53

55 102 54

7 2,658,993 2,206,041 (2,165,218) (1,837,349) 493,775 368,692 7 21,067 11,196 (49,135) (36,653) (59,909) (38,380) 8 405,798 304,855 9 (66,389) (33,697) 339,409 271,158 42,755 12,024 382,164 283,182 10 (34,851) 683 347,313 283,865 11 347,313 273,487 10,378 347,313 283,865 12 94,003 72,346 13 35.24 28.94 34.47 27.45 55

16 739,198 660,209 17 57,530 58,778 18 29,639 29,639 20 396,690 206,539 1,223,057 955,165 21 44,850 32,846 22 127,168 117,541 23 715,532 515,912 25 1,079,833 754,918 1,967,383 1,421,217 26 99,584 99,171 27 175,875 146,800 28 188,440 203,633 13,330 6,688 477,229 456,292 1,490,154 964,925 2,713,211 1,920,090 28 616,336 280,568 29 66,645 327,541 682,981 608,109 2,030,230 1,311,981 32 113,940 103,350 1,916,290 1,208,631 2,030,230 1,311,981 Lilly Huang 56

19 302,498 309,804 23 2,196 85,110 24 1,069,310 929,434 25 866 902 1,072,372 1,015,446 26 1,227 1,842 1,227 1,842 1,071,145 1,013,604 1,373,643 1,323,408 29 66,645 327,541 1,306,998 995,867 32 113,940 103,350 33 1,193,058 892,517 1,306,998 995,867 Lilly Huang 57

87,980 (299,310 ) 518,307 40,830 40,830 1,435 355,995 746,067 746,067 51,499 51,499 87,980 (299,310 ) 518,307 40,830 40,830 1,435 355,995 746,067 51,499 797,566 (727 ) (727 ) (727 ) (727 ) (727 ) (727 ) 273,487 273,487 10,378 283,865 (727 ) 273,487 272,760 10,378 283,138 32 10,600 238,500 249,100 249,100 32 4,770 87,768 92,538 (61,877 ) 30,661 (6,040 ) (6,040 ) (6,040 ) 7,053 7,053 7,053 22,827 22,827 (45,654 ) (23,659) (23,659) (23,659) (25,838) (25,838) (25,838) 103,350 (299,310 ) 7,053 838,535 63,657 63,657 708 534,331 1,311,981 1,311,981 58

103,350 (299,310 ) 838,535 63,657 63,657 708 534,331 1,304,928 1,304,928 3239 7,053 7,053 7,053 103,350 (299,310 ) 7,053 838,535 63,657 63,657 708 534,331 1,311,981 1,311,981 3 155,660 155,660 155,660 103,350 (299,310 ) 7,053 838,535 63,657 63,657 708 689,991 1,467,641 1,467,641 15,219 15,219 15,219 15,219 15,219 15,219 347,313 347,313 347,313 15,219 347,313 362,532 362,532 32 10,590 (5,642 ) 261,463 266,411 266,411 34,935 34,935 (69,870 ) (45,937) (45,937) (45,937) (20,417) (20,417) (20,417) 113,940 (299,310 ) 1,411 1,099,998 98,592 98,592 15,927 901,080 2,030,230 2,030,230 (a) 10% 59

382,164 283,182 22,794 10,237 1,248 1,088 2,849 993 (1,970) (42,755) (12,024) 10,315 2,229 13,879 3,874 41,223 21,354 (9,507) (4,595) 419,361 307,217 / (12,004) 12,517 (208,744) (66,823) / 4,712 (69,988) 36 2,377 7,149 (39) (8,524) (20,000) (20,953) 51,246 (2,832) 2,983 (106) 106 26,335 14,285 208,107 230,204 9,507 4,595 (28,209) (27,747) (9,627) (60,080) 179,778 146,972 (76,490) (345,180) (20,140) (192,560) / (16) 16 (76,506) (557,864) 103,272 (410,892) 60

(15,789) (3,653) 228,167 216,800 (199,092) (330,000) 243,060 320,922 752,087 438,246 (443,080) (66,354) (49,497) (41,223) (21,354) 17,170 (500) 214,716 831,194 317,988 420,302 6,888 (729) 738,287 318,714 1,063,163 738,287 1,079,833 754,918 (16,670) (16,631) 1,063,163 738,287 61

1. Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681 GT, George Town, Grand Cayman, British West Indies182 16 19 20 Century Founders Group Limited 2. 5 62

3. a 1 (i) 1 (ii) 127 b 17 17 63

3. c 3 20 3 3 d 32 39 32 39 32 39 3239 32 32 32 64

3. e (i) 32 1 17 39 3 1,702 1,702 (6,000) (6,000) 6,000 6,000 1,248 1,248 (7,882) (7,882) (1,248) (1,248) (14,281) (14,281) (14,281) (6,180) (20,461) (1.45) (0.63) (2.08) (1.41) (0.61) (2.02) (1,787) (1,787) 1,787 1,787 1,088 1,088 (1,088) (1,088) 65

3. e (ii) 32 17 39 3 (57,530) (57,530) 57,530 57,530 (1,702) (1,702) (155,660) (155,660) 7,882 7,882 1,411 1,411 (3,472) (3,472) 2,061 2,061 13,717 13,717 564 564 (14,281) 149,480 135,199 (58,778) (58,778) 58,778 58,778 7,053 7,053 (3,874) (3,874) (3,179) (3,179) f 66

4. a b 67

4. c d (i) (ii) 68

4. d (iii) e 20 3 5-10 5-10 5-10 69

4. f g (i) (ii) h i 70

4. j k l m n o 71

4. p q r (i) (ii) (iii) s 72

4. t 73

4. u v 74

4. w x y 75

5. 6. 76

6. 7. 2,297,521 1,843,883 361,472 362,158 2,658,993 2,206,041 9,507 4,595 11,550 3,129 825 10 677 1,970 21,067 11,196 77

7. (i) 1,222,501 789,423 623,620 23,449 2,658,993 226,841 153,435 111,057 2,442 493,775 1,098,991 673,576 432,171 1,303 2,206,041 183,864 117,915 66,692 221 368,692 78

7. (ii) 2,297,521 1,142,558 93,027 361,472 133,265 265 2,658,993 1,275,823 93,292 1,914,617 8,524 3,190,440 101,816 1,843,883 935,946 343,273 362,158 65,969 10,514 2,206,041 1,001,915 353,787 1,374,467 36,167 2,376,382 389,954 79

8. 975 821 993 2,849 2,165,218 1,834,500 22,794 10,237 * 95,537 76,531 1,248 1,088 4,192 3,826 8,500 8,500 8,024 (825) 6,000 1,787 * 9. 42,281 22,063 20,672 4,834 2,464 560 5,111 972 1,129 66,389 33,697 80

10. 34,851 22,429 (23,112) 34,851 (683) 23,112,000 81

10. a 7.5% 339,409 271,158 7.5% 25,456 20,337 4,647 1,716 1,388 3,032 704 (23,112) 34,851 (683) b 57,471,000 17,264,000 1,292,000 173,000 11. 135,222,000 71,470,000 82

12. a 0.020 0.025 20,417 25,838 0.057 0.045 73,586 46,508 94,003 72,346 0.057 b 0.045 0.024 45,937 23,659 83

13. 347,313 273,487 1,202 (4,963) 348,515 268,524 975,000,000 830,000,000 115,123,288 10,609,492 985,609,492 945,123,288 25,580,246 33,114,154 1,011,189,738 978,237,442 14. 49,553 45,258 4,078 3,763 53,631 49,021 84

15. 491 265 4,030 1,273 1,924 10 23 4,531 3,485 Lilly Huang 314 314 2,042 2,042 680 3 683 300 1 301 299 3 302 299 3 302 176 96 272 105 105 105 105 105 105 491 4,030 10 4,531 85

15. Lilly Huang 318 318 300 1,720 5 2,025 296 204 5 505 200 5 205 159 8 167 106 106 69 69 53 53 37 37 265 1,273 1,924 23 3,485 2,680 1,325 25 24 2,705 1,349 1,000,000 3 2 86

16. 6,610 71,027 3,401 5,095 232,441 318,574 32,910 2,535 (35,445) 56,722 773 2,644 329,815 389,954 6,610 160,659 6,709 7,739 526,811 708,528 271,023 13,871 (284,894) 50,366 6,320 1,828 43,302 101,816 (5) (39) (44) 271,023 6,610 224,896 13,024 9,528 285,219 810,300 5,724 29,207 1,055 2,096 38,082 (202) 202 94 7,879 1,038 1,226 10,237 5,818 36,884 2,295 3,322 48,319 4,996 80 14,708 1,557 1,453 22,794 (3) (8) (11) 4,996 5,898 51,592 3,849 4,767 71,102 266,027 712 173,304 9,175 4,761 285,219 739,198 792 123,775 4,414 4,417 526,811 660,209 90,566,000 58,011,000 17. 87

18. a 30,632 30,632 (993) 29,639 993 993 (993) 29,639 29,639 30,632,000 18 3(c)3 b 9.4% 3% 88

19. 302,498 309,804 Fullitech International 50,000 100 100% Limited Oriental New-Tech 50,000 1 100% Limited 100,000,000 100,000,000 100% 100% * 710,000,000 710,000,000 50,000 1 100% 12,500,000 12,500,000 100% * 12,500,000 12,500,000 100% * 89

19. 24,000,000 24,000,000 100% * 15,000,000 15,000,000 100% * * 20. a 396,690 362,215 (i) (16) (ii) (155,660) (155,660) (ii) 155,660 396,690 206,539 (i) (ii) 40%157,630,000 201,970,000 3(c)3 90

20. b Profound Global 40% 40% Limited Profound Global Limited 100% 100% 91

20. c 1,588,480 368,699 106,888 28,251 1,075,293 964,234 (83,568) (58,734) 991,725 905,500 21. 15,090 5,238 29,760 27,608 44,850 32,846 22. 92

23. 513,308 304,564 8,280 76,000 192,390 207,417 2,196 9,108 1,554 3,931 2 715,532 515,912 2,196 85,110 a 0 90 503,777 304,564 91 180 9,429 181 365 102 513,308 304,564 30 90 b 63,400 33,538 c 161B 3,770 3,770 1,554 Mark Up Investments Limited 161 161 93

24. 25. 866,463 528,075 866 902 213,370 226,843 1,079,833 754,918 866 902 (16,670) (16,631) 1,063,163 738,287 866 902 (a) 16,670,000 16,631,000 (b) 1,042,591,000 724,928,000 (c) 26. 42,203 63,156 57,020 32,716 773 940 31 106 31 361 3,193 454 902 99,584 99,171 1,227 1,842 94

26. 0-90 37,270 57,038 91-180 2,025 5,615 181-365 1,112 1,796 503 42,203 63,156 27. (a) 25,875 (b) 150,000 146,800 175,875 146,800 (a) 5.9 (b) 5.95.8 95

28. 754,118 443,080 50,658 41,121 804,776 484,201 (188,440) (203,633) 616,336 280,568 a 165,631 189,092 336,317 209,232 252,170 44,756 754,118 443,080 93,906,000 418,000,000 96

28. b 22,809 2,975 25,784 14,541 1,708 16,249 19,857 1,320 21,177 15,042 975 16,017 7,992 303 8,295 11,538 267 11,805 50,658 4,598 55,256 41,121 2,950 44,071 29. 40,000,000330,720,000 2.70 0.10 2.43 112.4864% 4.75 30. 5% 20,000 31. 97

32. 0.10 5,000 5,000 500,000 530,000 500,000 530,000 975 830 97,500 103,350 83,000 87,980 (a) 100 10,000 10,600 (b) 45 4,500 4,770 (c) 102 10,232 10,590 1,077 975 107,732 113,940 97,500 103,350 (a) Huang Huang 2.35100,000,0000.10 HuangHuang 100,000,0000.10 2.35 (b) 10%1.94 45,000,000 (c) 32,000,000 2.430.1 102,320,976 98

33. 518,307 24,956 543,263 238,500 238,500 87,768 87,768 (6,040) (6,040) 7,053 7,053 71,470 71,470 (49,497) (49,497) 838,535 7,053 46,929 892,517 838,535 46,929 885,464 3239 7,053 7,053 838,535 7,053 46,929 892,517 261,463 (5,642) 255,821 135,222 135,222 (66,354) (66,354) (24,148) (24,148) 1,099,998 1,411 (24,148) 115,797 1,193,058 34. i 25,620,000 44,774,000 ii 32(c)0.1102,320,976 99

35. 128,818 84,931 9,204 37,984 138,022 122,915 36. (a) 10,800 10,800 (b) 1,131 413 (a) 2,300,0008,500,000 10,800,000 (b) (c) 200,000,000 100

37. 1,192,165 774,436 38. 7,800 6,875 15,600 9,200 958 23,400 17,033 1,334 1,321 1,863 768 3,197 2,089 101

39. 3 40. a Century Founders Group Limited 600,000,000 55.69% 170,000,0003.625 170,000,000 48.1% 1,077,320,9761,247,320,976 597,000,000617,000,000(i) (ii) (i)(iii) b c (a)2.40 96,222,000 90 30 41. 102

1,025,162 1,380,267 1,711,442 2,206,041 2,658,993 (851,121) (1,131,800) (1,427,025) (1,837,349) (2,165,218) 174,041 248,467 284,417 368,692 493,775 480 4,818 14,962 11,196 21,067 (44,710) (49,978) (55,597) (36,653) (49,135) (25,610) (29,528) (29,292) (38,380) (59,909) 104,201 173,779 214,490 304,855 405,798 (11,749) (23,660) (17,246) (33,697) (66,389) 92,452 150,119 197,244 271,158 339,409 12,024 42,755 92,452 150,119 197,244 283,182 382,164 (3,467) (14,841) 683 (34,851) 92,452 146,652 182,403 283,865 347,313 83,024 131,722 163,521 273,487 347,313 9,428 14,930 18,882 10,378 92,452 146,652 182,403 283,865 347,313 103

48,354 50,304 327,187 660,209 739,198 13,457 13,171 58,778 57,530 29,639 29,639 206,539 396,690 48,354 63,761 340,358 955,165 1,223,057 79,015 108,153 48,212 32,846 44,850 11,905 53,089 57,461 117,541 127,168 196,077 266,031 373,883 515,912 715,532 169,327 226,217 326,821 754,918 1,079,833 456,324 653,490 806,377 1,421,217 1,967,383 46,125 34,068 34,051 99,171 99,584 145,000 310,000 260,000 146,800 175,875 203,633 188,440 20,000 6,218 23,112 26,579 35,118 6,688 13,330 220,455 370,647 349,169 456,292 477,229 235,869 282,843 457,208 964,925 1,490,154 284,223 346,604 797,566 1,920,090 2,713,211 280,568 616,336 327,541 66,645 84,271 84,271 608,109 682,981 199,952 346,604 797,566 1,311,981 2,030,230 106 106 87,980 103,350 113,940 177,976 309,698 658,087 1,208,631 1,916,290 178,082 309,804 746,067 1,311,981 2,030,230 21,870 36,800 51,499 199,952 346,604 797,566 1,311,981 2,030,230 104

183 17 1712-1716 (852) 2862 8628 (852) 2865 0990

北泰創業集團有限公司香港金鐘夏愨道 18 號海富中心 2 座 16 樓 www.norstar.com.hk