2006 annual report

今年的工作汇报计划英语Outline:I. IntroductionA. Greeting and purpose of the reportB. Overview of the reporting periodII. Achievements and MilestonesA. Key objectives set at the beginning of the yearB. Progress and accomplishments in each objectiveC. Recognition of team members' contributionsIII. Challenges and Lessons LearnedA. Major obstacles encounteredB. Strategies implemented to overcome these challengesC. Insights gained from these experiencesIV. Financial PerformanceA. Revenue and profitability analysisB. Cost control measures and efficiency improvementsC. Comparison with industry benchmarksV. Departmental UpdatesA. Achievements and progress of each departmentB. Collaboration efforts and crossfunctional projectsC. Key personnel changes and team developmentVI. Market Trends and Competitive AnalysisA. Overview of market conditions and industry trendsB. Positioning of the company within the marketC. Analysis of competitors and their performanceVII. Future Outlook and Strategic InitiativesA. Goals and objectives for the upcoming yearB. Strategic plans and initiatives to achieve these goalsC. Potential risks and mitigation strategiesVIII. ConclusionA. Summary of the year's performanceB. Appreciation to all stakeholdersC. Call to action for the upcoming yearPlease find below the first part of the work report:I. IntroductionA. Greeting and purpose of the reportLadies and gentlemen, esteemed colleagues, and esteemed stakeholders, I present to you the annual work report for this year. The purpose of this report is to provide a comprehensive overview of our achievements, challenges, financial performance, and strategic initiatives throughout the year. It aims to outline the progress we have made and set the stage for the upcoming year's goals and objectives.B. Overview of the reporting periodThe reporting period covers the duration from January 1st to December 31st of this year. It has been a year marked by significant changes, both within our organization and in the external business environment. Despite the challenges faced, we have(strived to maintain our growth momentum and deliver value to our customers, employees, and shareholders.II. Achievements and MilestonesA. Key objectives set at the beginning of the yearAt the start of the year, we established several key objectives to drive our company's growth and success. These objectives encompassed various aspects, including revenue targets, market expansion, product development, and operational efficiency.B. Progress and accomplishments in each objective1. Revenue targets: We are pleased to report that we have exceeded our revenue targets for the year, achieving a yearonyear growth of XX%. This success is attributed to the collective efforts of our sales, marketing, and customer service teams.2. Market expansion: Through strategic partnerships and aggressive market penetration, we have successfully expanded our presence in key 地理 markets, including North America, Europe, and Asia Pacific.3. Product development: Our R&D team has launched severalinnovative products this year, receiving positive feedback from customers and industry experts. These new products have contributed to an XX% increase in our product portfolio.4. Operational efficiency: By implementing lean management practices and optimizing our supply chain, we have improved operational efficiency by XX%. This has resulted in cost savings and enhanced customer satisfaction.C. Recognition of team members' contributionsThe achievements mentioned above would not have been possible without the dedication and hard work of our team members. I would like to take this opportunity to recognize and appreciate each and every one of you for your invaluable contributions to the company's success. Your commitment and passion are the driving forces behind our accomplishments.To be continued:III. Challenges and Lessons LearnedA. Major obstacles encounteredIn the course of the year, we faced several significant challenges that tested our resilience and adaptability. The economic downturn, coupled with the global health crisis, presented unprecedented difficulties in the marketplace. Supply chain disruptions, travel restrictions, and shifts inconsumer behavior all posed threats to our business operations.B. Strategies implemented to overcome these challengesTo navigate through these rough waters, we adopted a variety of strategies. We invested in diversifying our supply chain to reduce dependency on singlesource suppliers, which helped mitigate the impact of disruptions. Additionally, we quickly transitioned to remote work arrangements, ensuring business continuity while prioritizing the health and safety of our employees. We also leveraged digital tools and platforms to maintain communication and collaboration across teams.C. Insights gained from these experiencesThe challenges we faced have provided us with valuable insights. We have learned the importance of agility and innovation in the face of adversity. The need for robust digital infrastructure and a skilled remote workforce has become clearer than ever. These lessons will inform our strategic planning and decisionmaking in the future.IV. Financial PerformanceA. Revenue and profitability analysisDespite the challenges, we are proud to report a positive financial performance for the year. Our revenue growth outpaced the industry average, and we achieved a profit margin that exceeded our projections. This success is a testament to the effective cost management and revenue generation strategies implemented acrossthe organization.B. Cost control measures and efficiency improvementsWe have implemented stringent cost control measures without compromising on the quality of our products and services. Through efficient resource allocation and process improvements, we have reduced unnecessary expenses and improved our bottom line. Our focus on lean principles has led to a more streamlined operation and a stronger financial position.C. Comparison with industry benchmarksOur financial performance stands out when compared to industry benchmarks. We have outperformed our competitors in key financial metrics, positioning us as a leader in the market. This is a direct result of our commitment to excellence and our ability to adapt to the changing business landscape.V. Departmental UpdatesA. Achievements and progress of each departmentEach department has made significant strides towards achieving their individual goals. Our sales department has successfully penetrated new markets and secured strategic partnerships. The marketing department has effectively enhanced our brand visibility, leading to increased customer engagement. The product development team has not only launched innovative products but also improved existing offeringsbased on customer feedback.B. Collaboration efforts and crossfunctional projects Crossfunctional collaboration has been a key focus area for us this year. We have initiated several projects that bring together teams from different departments, fostering a culture of cooperation and innovation. These efforts have resulted in more cohesive strategies and a unified approach towards problemsolving.C. Key personnel changes and team developmentWe have seen some key personnel changes this year, with new leadership taking over critical roles. These changes have brought fresh perspectives and renewed energy to the team. We have also invested in training and development programs to enhance the skills of our employees, ensuring they are equipped to handle future challenges.To be continued:VI. Market Trends and Competitive AnalysisA. Overview of market conditions and industry trendsThe market conditions this year have been dynamic and challenging. The industry has seen rapid technological advancements, shifting consumer preferences, and increased competition. Digital transformation has been a key trend, with companies investing heavily in AI, IoT, and cloud technologies to stay ahead. Additionally,sustainability and social responsibility have become important factors influencing consumer choices and business strategies.B. Positioning of the company within the marketOur company has strategically positioned itself to capitalize on these trends. We have embraced digital transformation by integrating cuttingedge technologies into our operations and product offerings. Our commitment to sustainability has also been a differentiator, helping us attract environmentally conscious customers and gain a competitive edge.C. Analysis of competitors and their performanceWe have closely monitored the performance of our competitors to understand our market position. While some have struggled to adapt to the changing landscape, others have made significant strides. Our competitive analysis has revealed areas where we can further improve our products and services. We have identified opportunities to differentiate ourselves through superior customer service, product innovation, and strategic partnerships.VII. Future Outlook and Strategic InitiativesA. Goals and objectives for the upcoming yearLooking ahead, we have set ambitious goals for the upcoming year. We aim to achieve a XX% increase in revenue by entering new markets and expanding our product lines. We also plan to enhance our operationalefficiency by an additional XX% through continuous process improvements and technology adoption.B. Strategic plans and initiatives to achieve these goalsTo achieve these goals, we have developed a series of strategic initiatives. We will invest in research and development to accelerate product innovation and maintain our technological leadership. We will also focus on strengthening our digital marketing efforts to increase brand awareness and attract new customers. Collaborative partnerships and strategic alliances will be key to our market expansion plans.C. Potential risks and mitigation strategiesWe recognize that the business environment is fraught with risks. Economic uncertainties, regulatory changes, and competitive threats are among the challenges we may face. To mitigate these risks, we will diversify our revenue streams, maintain a robust financial cushion, and stay agile in our decisionmaking processes. We will also continue to monitor market trends and adjust our strategies accordingly.VIII. ConclusionA. Summary of the year's performanceIn summary, this year has been a testament to the resilience and innovation of our organization. Despite the challenges, we have achieved remarkable success in revenue growth, market expansion, and product development. Our financial performance is a reflection of ourcommitment to efficiency and customer satisfaction.B. Appreciation to all stakeholdersI would like to express my deepest gratitude to all our stakeholders, including our employees, customers, suppliers, and investors. Your support and trust in our company have been instrumental in our success.C. Call to action for the upcoming yearAs we move forward, we must continue to embrace change, innovate, and collaborate. The upcoming year presents new opportunities for growth and success. I urge each and every one of us to remain focused, committed, and adaptable as we strive to achieve our goals and take our company to new heights.This concludes our annual work report. Thank you for your attention and dedication throughout the year. Together, we will continue to build a brighter future for our organization.。

公允价值计量属性对上市公司财务报表影响分析摘要２０世纪８０年代以来，公允价值一直是国际会计界研究的热点和难点问题。

其中公允价值的计量表现尤为突出。

２００６年，我国颁布了新的企业会计准则，并明确地将公允价值作为会计计量属性之一，还在１７个具体会计准则中不同程度地运用了这一计量属性，这表明我国会计向国际趋同迈出了实质性的一步，而且也足以证明我国对本国市场经济发育程度充满自信。

“公允价值运用的条件是存在活跃市场，如果不存在这样的市场，也就无法运用公允价值这一计量属性。

”【Ｉ】早期阶段否定我国公允价值运用的可能性、强调我国会计环境的不完善，是对我国“完全市场经济地位”的自我否定。

现如今，公允价值在我国开始广泛引入，并谨慎地在相关准则中加以运用，据此编制的会计报表公允与否一定成为今后大家关注的对象，尤其是它对上市公司财务状况的影响。

报表的公允反映不仅能够说明我国证券市场同趋成熟，公允价值在我国运用的土壤已经诞生，还能为研究公允价值计量积累数据，有助于改进我国公允价值计量模式，并提高我国公允价值的研究水平。

文章主要采用归纳统计的方法，从２００６年的年度报告入手，节选部分上市公司运用公允价值计量后的财务数据，从公允价值角度分析其变化对上市公司净资产和损益方面的影响。

文章首先介绍了国内外公允价值计量属性的研究现状和研究成果以及本文的研究意义和研究方法。

然后介绍了公允价值的基本概念、特征以及确定方法。

紧接着阐述了国际及美国公允价值应用的现状，并较为全面地介绍了我国现行会计准则中公允价值计量的范围、特征及意义。

在此基础上，结合深市主板上市公司２００７年度的半年报，站在一名投资者的角度，从不同方面分析了公允价值计量对上市公司总体业绩造成的影响。

还以苏常柴Ａ为具体实例，进一步详细叙述了公允价值计量对其财务状况的影响，试图通过对现行会计准则中公允价值计量运用的研究，揭示公允价值计量对上市公司和投资者可能带来的影响，并提醒投资者和相关部门在关注公允价值运用时应该注意的几个方面。

Taking up one of the key themes in the Letter from the Chairman,we look at recent studies into the area of supply and demand.With the continuing growth of the world fleet,and extra work pressures on crews, there is growing concern that a serious shortage of manpower will become critical in the years ahead.In fact,some sectors of the industry have already experienced severe shortages,and it is clear that the demand for qualified seafarers will continue to increase over the next decade.The problem has been studied by a variety of maritime and academic organisations,but the BIMCO/ISF Manpower Study and Updates are regarded as the most comprehensive assessment of global supply and demand for merchant seafarers.At a time when many in the industry are calling for swift action,it is worth revisiting the points made in the last Manpower Update.BIMCO,ISF and the Institute of Employment Research at Warwick University spent more than a year working on the latest report, which was published in December2005.It followed studies conducted in1990,1995 and2000and its purpose was to make predictions for up to10years ahead,thereby helping the industry to anticipate changes and to take appropriate action.Key conclusionsIn2005,the worldwide supply of seafarers was estimated at466,000officers and 721,anisation for Economic Co-operation and Development(OECD) countries remained an important source of officers,although Eastern Europe had become increasingly significant with a large increase in officer and the Indian subcontinent was growing in importance as a source of officers–and these two regions remained the largest source for ratings.By contrast,the estimated worldwidedemand for seafarers was476,000officersand586,000ratings.The Update thereforedemonstrated a continuing shortage ofqualified officers of around10,000or2%ofthe global officer workforce.Update considered that there was asignificant overall surplus of ratings,althoughthere were doubts as to how many wereactually available for international service.Manning reductionsIn general,said Update,there was little scopefor further manning reductions,sinceinternational requirements,such as workhour regulations and the ISPS Code,togetherwith commercial demands,have increasedworkloads.‘Therefore,even a modest futureincrease in ship numbers will result inadditional demand for seafarers,which canonly be met by increased recruitment andtraining.Severe shortages in some ranks andfor certain specialist ships must beaddressed in training plans.’OECD officersThe world fleet continued to rely on officersfrom Europe,North America,Japan and otherOECD countries.However,more than25%ofthose were over50years old,and more than50%were over40.Most were in positionssuch as masters or chief engineers.‘Theimpact of their retirement,without adequatenumbers of well trained and experiencedreplacements,could be severe.’Asian seafarersThe data suggests,said the report,thatrelatively few officers from Asia or the Indiansubcontinent choose to remain at sea over50.‘This may explain why these nationalitiesremain under-represented in senior positions,though this may not be the only reason’.‘If substantial numbers continue to retireby50,this may challenge the assumptionthat Asian officers will replace retiringOECD officers.’Increase recruitmentThe report said that overall recruitment andtraining levels had increased.‘However,therecruitment levels need to increase further tomeet anticipated demand.At the same time,it is imperative to reduce numbers leavingthe industry,which is particularly relevant forofficer trainees.‘There is a need to improve selectiontechniques and career perceptions,as well asto understand the factors affecting retention.’In some countries,said the report,consideration should be given to methodsof upgrading ratings with the necessaryeducation and skills for promotion to officer.Manning and fatigueThis is a related issue.A lack of supply ofofficers might encourage some shipowners tokeep their men on board for longer periods.Keeping crew numbers to an absoluteminimum may also put extra pressure onofficers and ratings in terms of their workload.In its2006annual report,the InternationalChamber of Shipping and the InternationalShipping Federation said there was‘clearconcern’that the issue of manning andfatigue is casting doubt on the industry’scredentials as a safe and quality-conscioustransport provider.‘If a large number of governments nowappear to believe that the increased workloadon board is giving rise to serious fatigue onthe part of critical personnel,and that it maybe playing an identifiable part in the numberof maritime casualties,then the industry mustbe prepared to consider how the problem canbe addressed in a constructive manner.’It said the Chamber and Federation recognisethat the current IMO guidelines may,at somepoint,need to be reviewed,but it would beprudent for the IMO to take a broader look atrelated issues before embarking on whatcould be a controversial exercise.Planning for manning16BRITANNIA NEWS MAY2007Manning costs are the single largest variable in ship operations,and the need to maintaina global supply of seafarers is of paramount concern to shipowners and managers.。

说起日本的便利店，相信很多人都并不陌生，而您是否知道这些便利店的环保活动呢？从以节约资源为目的的环保袋和便携筷子，到只要购买，就能间接为环保事业捐款的各种食品饮料，日本的便利店正在成为让更多人了解和参与环保活动的窗口。

实际上，出售的商品以外，便利店还有不少并不为大家熟知的环保小细节，先来看看其中的三家吧。

SEVEN ELEVEN从2007年11月起去掉了食品塑料盒外面包裹的保鲜膜，而改用胶带固定，此举可使每年减少570吨塑料的使用。

过期的食品则被制作成肥料，SEVEN ELEVEN非常有人气的沾酱胡萝卜条就是用这种肥料养殖而成的。

在LAWSON买东西若不使用塑料袋，则会有特别的环保积分(会员限定)，而这些积分可以用来支持消减CO2、绿化造林、动物保护等各种环保活动。

FamilyMart的标志牌——绿白蓝三色相间的灯箱，早于2004年起，就开始在一部分店铺实施使用寿命长、耗电少的白色LED灯，店内照明则有五档，可调节光线强弱，充分利用日光，节省电力。

另外，盛装食物的容器也逐步替换成由植物为原材料的塑料包装盒，这种植物性塑料，燃烧也不会产生CO2。

罗森(便利店)维基百科，自由的百科全书日本大阪府守口市的罗森便利店罗森 (LAWSON)是特许经营连锁式便利店。

分店网络主要在日本关西地区，在中国上海也有分店。

罗森在日本的规模仅次于日本7-Eleven便利店，迄2010年1月止全日本店数9527家，中国294家，各分店出售货品包括杂志、漫画、饮品、药物、零食及便当等。

罗森是首家完成全日本展店工作的便利商店业者，近年来由于致力改革，在业界的评价甚高，股价甚至超越日本7-ELEVEN，一度蔚为话题。

[编辑]历史▪1939年，J.J.罗森(WSON)在美国俄亥俄开办了牛奶店“罗森”(LAWSON)。

罗森的“牛奶瓶子”招牌从这个历史来。

由于好喝的牛奶受欢迎，业务扩大，并出售日用品。

其后，“罗森牛奶”企业(Lawson's Milk)成立了。

Case 1: United Kingdom:Starbucks Coffee Company Ltd (UK) is a wholly-owned subsidiary of Starbucks Corporation of the US, which is the world’s largest retailer and roaster of specialist coffee. It is the market leader of branded coffee shops in the UK. (Caterersearch 2006)In May 1998, Starbucks entered into the UK by the acquisition of sixty-five Seattle Coffee Company stores (Starbucks UK Home Page). It acquired the Seattle Coffee Company in exchange for about 1.8 million shares of common Starbucks stock, or about ￡50.8 million (Holmes 1998). Starbucks re-branded the purchased Seattle Coffee stores in the year following their purchase. The Starbucks Coffee Company also let Seattle Coffee managers Scott and Ally Svenson continue to manage the original UK operations (BBC news 1998).Seattle Coffee Company was founded in 1995. It included the Seattle's Best Coffee and T orrefazione Italia Coffee brands (Coffeegeek 2003). The company was managed by two Americans, Scott and Ally Svenson. Seattle Coffee Company opened its first coffee bar in Covent Garden in 1996. As of 1998 it had sixty-five retail stores selling Americanstyle coffee which has a similar coffee culture as Starbucks. (Bitic 2003)The United Kingdom was the first European country which Starbucks entered. The UK was to be a springboard from which to internationalize its business in Europe. Acquisition was therefore an efficient and fast way for Starbucks to enter into a new foreign market.Entering the UK was a milestone for Starbucks’ internation al expansion. The internationalization plan in Starbucks’ long-term strategy consisted of opening 500 retail stores in Europe by the end of 2003. "We are a way from taking the step from the U.K. to Europe," said Schultz, Chairman and Chief Executive Officer of Starbucks (Holmes 1998). What’s more, Schultz said Europe was a "major strategic opportunity to achieve our goal of creating and building an enduring global brand" (Holmes 1998). The low competition intensity in earlier times drove Starbucks to expand in a strategically smart way, which was to create and build a sustainable brand.In the UK Starbucks has grown step by step until becoming recognized as one of the “T op 10 UK Best Places to Work” in 2007 (Starbucks Homepage 2008). In 1999, Starbucks formed an alliance with Sainsbury’s. Starbucks also acquired London coffee shops from Madisons Coffee for ￡1.4 million in 2001. In 2002, Starbucks formed a partnership with Borders bookshops and bought 13 coffee bars from Coffee Republic for ￡2 million. By early 2005, Starbucks had 30 concessions in supermarkets (Caterersearch 2006). In 2006, Starbucks UK was listed as one of “UK T op 50 Best Places to Work” (ranked 34th), awarded by the Great Places to Work Institute, in partnership with the Financial Times.Howard Behar, President of Starbucks Coffee International said "We do not believe we are an American company, but an international brand. We hope to benefit from the pub culture in the UK to make Starbucks a natural meeting place for people” (BBC News 1998). The above remark intends to reduce the importance of cultural distance between Starbucks’ coffee concept and United Kingdom’s coffee concept. Between the two countries, there was a huge gap. British people had a different way of thinking than Americans. In the United Kingdom, there was also certain opposition to American products and concepts. Starbucks sought to reduce that distance by acquiring an existing British coffee chain, Seattle Coffee stores. In addition, Starbucks waited a year to re-brand the acquired Seattle Coffee stores with the Starbucks brand. In this way, Starbucks first made the British familiar with the Starbucks Coffee concept prior to rebranding.In 2007, Starbucks gained a major success in the UK with more than 500 stores having been opened. It remained the most recognized chain coffee store, with 27% of the respondents rating it their favorite (with Costa at 15 %) (Manson 2007). As of the present moment, Starbucks has more than 600 branches in the UKand Ireland.According to the retail analyst Euromonitor, the company has a 16.7 per cent market share, one per cent ahead of Costa Coffee (Hickman 2008). Costa Coffee is founded in1971 by I talian brothers Vilas Costa with a wholesale operation supplying roasted coffee. Besides, it is based in United Kingdom.Case 2: New ZealandIn October 1998, Starbucks opened the first Starbucks retail store in New Zealand at Parnell Road, Auckland, which was operated and owned by Restaurant Brands New Zealand Ltd. Restaurant Brands New Zealand Ltd, which was listed on the New Zealand Stock Exchange in June 1997, was an authorized licensee of Starbucks. Besides that, it was the franchisee for the KFC and Pizza Hut brands in New Zealand with an annual turnover of NZ$216.8 million in 1997 (Business Wire 1998).Restaurant Brands New Zealand Ltd. shared with Starbucks the enthusiasm of bringing the Starbucks experience to New Zealand. Therefore, Restaurant Brands New Zealand Ltd. tried to operate Starbucks stores while keeping the essence of Starbucks’ coffee culture. In this manner, New Zealand Starbucks stores offered much the same as in other international Starbucks stores: coffee beverages, more than 30 varieties of arabic coffee beans, and local pastries and desserts.Restaurant Brands New Zealand Ltd. was delighted to help Starbucks enter New Zealand. Jim Collier, CEO of Restaurant Brands, commented: "We are excited about bringing the unique specialty coffee experience of Starbucks to New Zealanders with our first Starbucks retail location. We hope to open up to 10 retail locations by the end of next year. Our commitment to people, quality coffee, exciting products and excellent customer service will provide New Zealanders with a unique café experience.” (Business Wire 1998)Starbucks regarded that its partnership with Restaurant Brands New Zealand Ltd. would provide it certain opportunities. This was especially because the competition intensity of the 1990s in the coffee retail industry was low, as a result of the early stage and un-mature coffee industry in New Zealand. Howard Behar, president of Starbucks Coffee International said "Our successful partnership with Restaurant Brands provides us with a strategic opportunity to further enhance the recognition of Starbucks as the world's leading purveyor of specialty coffee in the Asia Pacific region" (Business Wire 1998). Starbucks could also gain recognition of its good brand image by forming the licensing agreement with the well-known Restaurant Brands New Zealand Ltd. and entering into the new and un-mature New Zealand coffee market.After years of having the licensing agreement with Restaurant Brands New Zealand Ltd., the information about Starbucks’ achievement can be found in 2006’s annual report. “T otal sales for the year grew 14.4% on a comparative weekly basis to a high of $27.9 million for the year. Same store sales for the year grew by 2.6% and store earnings improved 6.3%” (Salmon 2006). Starbucks was also very successful in the following year as well. Starbucks is now recognized in New Zea land as the foremost international coffee brand. “Starbucks Coffee New Zealand has also been recognized internationally for our local marketing activity” (Salmon 2006).In 2001, Starbucks and Restaurant Brands New Zealand Ltd. reached an agreement to open 50 outlets. In 2006, Starbucks obtained the above negotiated number of coffee stores. Starbucks in New Zealand has been a shining star where there were no signs of its light dimming since its beginnings (Salmon 2006). At the present, Starbucks is continuo usly growing with steady store development. Starbucks plans to “double shoot” the original plan, with its current plan calling for 100 stores throughout New Zealand (Mark 2006). Starbucks New Zealand General Manager Steve Montgomery said “We could possibly double that and hold our own.”Case 3: SpainIn 2001, Starbucks signed a joint venture agreement with VIPS, a leading European food service and retail operator, as well as El Molí Vell, a retail operator of cafes and pastry shops in the Barcelona area. Tres Estrellas Unidas S.L. was a joint venture, formed by Starbucks and its two partners to manage the day-to-day Starbucks operations in Spain (Starbucks 2002). In the joint-venture structure, VIPS controlled 82% and Starbucks the other 18%. Nowadays, the joint venture ownership by Starbucks is up to 50% (Press report 2007).Group VIPS was the Spanish market leader in full service dining. It had over 30 years’experience in retail business. The group operated several chains including VIPS’ own concepts (re tail and restaurant), as well as Ginos, and Lae. It also integrated international brands such as T.G.I Fridays’, Bice and Itsu. The Group operated many other established restaurants as T eatriz and El Bodegón. At the end of 2001, VIPS operated about 150 outlets (Starbucks 2002).Group VIPS created the joint venture with Starbucks because it regarded that becoming Starbucks’ partner would contribute to its growth strategy ( 2001). In 2000, Group VIPS had put an ambitious growth project into action to double its size in three years.Starbucks, in turn, chose Group VIPS because they needed a local partner to help the company to establish themselves in the community (elmundo.es 2002). Álvaro Salfranca, Starbucks’ Chief Executive in Spain, mention ed in an interview “VIPS group plays a local role, because they understand the country and they operate in the stores; and Starbucks sets its heart, soul and philosophy behind Starbucks’ concept”.( 2007)Furthermore, both companies shared vision and values facilitate the smooth flow of their venture. Howard Schultz, Starbucks Coffee Company chairman mentioned “VIPS Group is an ideal partner for Starbucks, as its strategic and business vision fit in with ours” ( 2007). After seven years, its joint venture continues working; they have even expanded their business in France and Portugal.El Moli Vell was a top retail operator of bread and pastry shops in the Barcelona area. It was founded in 1863. It had expertise and skills in handcrafted bakery products. In 2001, the company owned over 170 cafes. El Moli Vell was the retail component of the Europastry group. The Europastry group owned one of the most important European businesses in pastries ( 2001).Similar to Group VIPS, El Molí Vell was delighted with being Starbucks partner. David García-Gasull, CEO of El Molí Vell, commented “We are excited about introducing Starbucks into the Spanish market”. Starbucks sought to strive for the highest quality products and service in the market. ( 2001)In our interview, Luis mentioned more reasons why Starbucks decided to ally with VIPS group and El Molí Vell. First, its partners had experience and reputation in the hotel sector. Besides, both regarded customer service as an important part of their business. Another factor is that they integrated human resources in their businesses.Starbucks also took into account VIPS’ and El Molí Vell’s creative ability, local knowledge and capability to create branding. Finally, both partners had strong financial resources and quality in their products and services.Spain was the first Latin market which the company entered into and an important landmark for Starbucks. Moreover, Starbucks’ development in Spain was part of Starbucks’ ambitious European growth strategy. For instance, in 2001, Starbucks not only entered in Spain, but also in Switzerland and Austria ( 2002). álvaro Salfranca in an interview characterized Spain as a mature and attractive market when they established coffee stores there ( 2007). When Starbucks went into Spain, coffee market had already developed.There were a huge quantity of traditional coffee stores and big and known coffee chains such as Kroxan, Jamaica Coffee and Café& Té Gr Compa耥a del Trópico.In Europe, Starbucks was having a tremendous reception from customers and fast and successful growth. Howard Schultz stated, “Our entry into Spain comes at very exciting time for Starbucks” and “While these are still early days in our growth, our success worldwide firmly validates our ongoing belief of the enormous potential for expansion in Europe”(Starbucks 2002). In reference with Spanish market, Peter Maslen, president, Starbucks Coffee International mentioned “We believe that Starbucks Experience will be in Spain as it is in the rest of our international market in Europe”. Besides, he added “ we are confident that Spanish coffee drinkers will enthusiaticalllyembrace Starbucks unique coffee house experience” (Ibid).In 2002, Starbucks opened its first store in the center of Madrid. Tres Estrellas Unidas S.L. planned to open over 10 to 15 stores over the followings 18 to 24 months (Starbucks 2002). In addition, Alvaro Ca馿te, managing director of Tres Estrellas Unidas S.L., stated that the joint venture hoped to have 100 stores in five years ( 2002).At present the company has more than seventy stores distributed amongst large Spanish cities: Madrid, Barcelona, Valencia and Sevilla (Press Report, Spain 2007). All Starbucks stores are company-owned by the venture, ruling out the use of franchising owing to a desire to guarantee control over the purchase, treatment and distribution of coffee ( 2002).The reception of Starbucks in Spain was better than had been hoped. álvaro Salafranca admitted to feeling surprised about the positive reception of Starbucks’ brand. He commented: “We did not know if we get people to fall in love faster than we thought, or if we have been received better we thought”. ( 2007)When Starbucks was established in Spain, the coffee company already had a strong brand. As a consequence, Starbucks could play a fundamental role in the negotiation between its partners. For instance, Starbucks did not use any co-branding strategy with the VIPS Group. Its brand concept and clear position as “purveyor of experiences”were enough to consolidate its brand locally in a short time (Galli & Carbone 2007).In spite of having a good reception in Spain, Starbucks’ coffee culture was different from Spa nish coffee culture. Luis in our interview mentioned: “Spain consumes a lot of coffee, but it does not have coffee culture”. He regarded that Spanish people do not have a lot of knowledge about coffee. Spanish people did not know to distinguish between different varieties of coffee. Therefore, Starbucks established programs in Spain to help people to learn about coffee culture, which included tasting of different kinds of coffee.。

The directors submit their report together with the audited financial statements of Raymond I ndustrial Limited (the “Company”) and its subsidiaries (the “Group”) for the year ended 31st December 2006. PRINCIPAL ACTIVITIES ANDGEOGRAPHICAL ANALYSIS OF OPERATIONSThe principal activities of the Company and its subsidiaries are investment holding, and manufacturing and sale of electrical home appliances in North America, Japan, Australia, Europe and the People’s Republic of China (the “PRC”).An analysis of the Group’s performance for the year by geographical and business segments is set out in note 5 to the financial statements.The Group’s head office is in Hong Kong and all of its products are manufactured in the PRC. The principal activities and particulars of the Group’s subsidiaries are set out in note 17 to the financial statements. RESULTS AND APPROPRIATIONSThe results of the Group for the year are set out in the consolidated income statement on pages 33 and 34.The directors declared an interim dividend of 5 HK cents per ordinary share (2005: 5 HK cents per ordinary share), totaling approximately HK$19,693,000 (2005: HK$18,904,000), which was paid on 17th October 2006. The directors recommend the payment of a final dividend of 11 HK cents per ordinary share (2005: 11 HK cents per ordinary share) and a special dividend of 10 HK cents per ordinary share (2005: 50 HK cents per ordinar y share), totaling approximately HK$82,712,000 (2005: HK$234,619,000). RESERVESMovements in the reserves of the Group and the Company during the year are set out in note 24 to the financial statements.DONATIONSCharitable and other donations made by the Group during the year amounted to approximately HK$7,800 (2005: HK$50,000).董事會謹此呈交利民實業有限公司（「本公司」）及其附屬公司（「本集團」）截至二零零六年十二月三十一日止年度之董事會報告及經審核財務報表。

国外公路标准中国沥青网 2008年9月3日国外发达国家公路、桥梁及隧道工程方面相关的标准或指南。

农村公路设计、施工和养护汇编美国1. Best Practices for Design and Construction of Low Volume Roads 设计与建设低交通量道路的最佳实践2. BUREAU OF LOCAL ROADS AND STREETS MANUAL地方公路和街道局手册3. City and County Design Standards城市与农村道路设计标准4. COORDINATION OF LOCAL ROAD CLASSIFICATION WITH THE STA TE HIGHW AY SYSTEM CLASSIFICATION地方公路分类和州的公路分类之间的协调5. Design and Evaluation of Two Bridge Railings for Low-Volume Roads低交通量道路双向扶手桥梁设计和评估6. DESIGN OF LARGE STONE ASPHALT MIXES FOR LOW- VOLUME ROADS USING使用大石头块与沥青混合的低交通量道路设计7. Development of Comprehensive Low-V olume Pavement Design Procedures复杂低交通量道路路面设计过程的发展8. Growing Traffic in Rural America：Safety, Mobility and Economic Challenges美国农村交通的增长：安全，机动性和经济方面的挑战9. Guidelines for developing a guardrail manual for low-volume roads低交通量道路护栏手册发展指南10. guidelines for mountain stream relocations in North Carolina美国卡罗莱纳州山脉影响道路改线指南11. GRA VEL ROADS MAINTENANCE AND DESIGN MANUAL 砂石道路养护和设计手册12. HIGHW AY DESIGN MANUAL Chapter 4 Design Criteria & Guidance For Bridge Projects On Low V olume Highways 公路设计手册第4章低交通量道路桥梁工程设计标准和规范13. Local Road Surfacing Criteria地方道路路面标准14. Minnesota''s Design Guide for Low V olume Aggregate Surfaced Roads明尼苏达州低交通量道路路面设计指南15. Minimizing Low V olume Road Water Displacement降低低交通量道路积水16. Maintenance of Signs and Sign Supports for Local Roads and Streets 地方公路和街道交通标志养护17. RURAL ROAD SHOULDERS农村公路路肩18. Rural Safety, Access and Connectivity农村公路安全，可到达性和连通性19. TRAFFIC CONTROL DEVICES FOR LOW-VOLUME ROADS低交通量道路交通控制设备20. Traffic Engineering Manual 交通工程手册加拿大1. Alpine Ski Village Roads Chapter高山积雪的农村公路篇章2. 2000-2001 Enhancing the Quality of Life for Rural Canadians 2000-2001提高加拿大农村地区生活质量3. 2002-2003 Making a Difference in Rural Canada 2002-2003年创建一个不一样的加拿大农村4. Celebrating Success in Rural Canada庆祝加拿大农村的胜利5. handbk04 URBAN & REGIONAL PLANNING 城市与区域规划手册6. Low Volume Roads-Interim Guidelines 低交通量道路中期报告7. Revised Section 1420 Subdivision Road Design Parameters低等级道路设计参数8. Rural Action Plan农村行动计划9. RURAL ROAD STANDARDS POLICY 农村公路标准政策10. SUBDIVISION ROADS CHAPTER 低等级道路章节11. subdivision-design-manual 低等级道路设计手册欧盟1. Design of Rural Transport Infrastructure 农村公路运输基础设施设计2. Fly Ash Mixtures as Flexible Structural Materials for Low-Volume Roads（芬兰）用Fly灰混合物作为低交通量道路的柔性结构材料3. Guide to UK Low V olume National Type Approval(文件夹) 英国低交通量道路指南4. Guidelines on Auditing Rural Transport Services （爱尔兰）农村公路运输审查指南5. MANUAL FOR THE LABOUR-BASED CONSTRUCTION OF BITUMINOUS SURFACINGS ON LOW-VOLUME ROADS 基于人力建造的含沥青的低交通量道路路面设计手册6. Management of rural road networks 管理农村公路路网7. Minor Rural Road Construction 次等级农村公路建设8. Practical Guidelines for Rural Road Maintenance 农村公路养护实用指南9. Rural Transport Knowledge 农村公路运输知识日本1. Guide to Fixed Access Systems for Rural Areas 农村地区确定可到达系统指南2. PRESENT STATE OF TRANSPORT INFRASTRUCTURE 目前国家交通基础结构3. Urban rural community infrastructure 城市与农村基础设施4. Draft Standard for Small-sized Vehicle-only Roads 小车道设计标准(草案)澳大利亚1. 7.0 RURAL NON-FREEWAY HIGHWAY DESIGN 第7章农村非高速公路设计2. Design Guidelines 设计指南3. Design Standards for Rural Subdivision Streets 农村低等级街道设计标准4. Pavement Design Guide for Subdivision and Secondary Roads 二级和二级以下公路路面设计指南5. Rural Design Standards农村道路设计规范6. Rural Rustic Road Program 乡村道路计划7. SHORT TERM TRAFFIC CONTROL HANDBOOK 短期交通控制手册8. Subdivision Street Requirements 低等级街道需求9. TRAFFIC CONTROL DEVICES FOR LOW-VOLUME ROADS低交通量道路交通控制设备新西兰1. A Guide to the Structural Design of Road Pavements 路面结构设计指南2. LOW VOLUME ROADS SYMPOSIUM-REGIONAL DEVELOPMENT FUNDING 低交通量道路地区研讨会发展基金3. Standards and Guidelines Manual 标准与指导方针指南4. State Highway Geometric Design Manual 国家公路几何设计手册非洲1. A GUIDELINE FOR LOW-VOLUME SEALED ROADS IN THE SADC REGION SADC地区低交通量密封道路设计指南2. Africa Transport-Economic Evaluation of Low Volume Roads 非洲低交通量道路运输经济评估3. Design Approach for Low V olume Sealed Roads in the SADC region SADC地区低交通量密封道路设计方法4. EOD-Analysis of road performance in Ghana（加纳）为环境提供最优设计：加纳国分析道路性能5. guideline on low volume sealed roads 低交通量密封道路设计指南6. Guiding Principles for National Community of Practitioners on Rural Road Engineering农村公路工程设计原理—为社会从业者提供指南7. Low-V olume Roads Engineering Best Management Practices Field Guide 低交通量道路最优管理方法指南8. Management Guidelines for Road Improvements 道路改进管理指南9. Rural Roads 农村道路国外公路安全汇编（交通安全）美国1. 2005 Roadmap to State Highway Safety Laws 2005年州政府关于公路路标安全的法律2. A GUIDE FOR HIGHW AY SAFETY PROGRAM MANAGERS 公路安全项目管理指南3. BUS OCCUPANT SAFETY 公共汽车占据安全4. Collision Vulnerability Manual 冲突点手册5. Development of a Highway Safety Manual 发展中的道路安全手册6. Development of Maintenance-Free Highway Safety Appurtenances 发展中的免费维护公路安全设施7. Final Rule on Work Zone Safety and Mobility 道路工作区安全和机动车最终规范8. GUIDANCE FOR IMPLEMENTA TION OF THE AASHTO STRA TEGIC HIGHW AY SAFETY PLAN-AASHTO公路安全战略计划的执行指南9. Improving the Compatibility of Vehicles and Roadside Safety Hardware 提高车辆与路侧安全设施的兼容性10. Maintenance Work Zone Safety 保持道路工作区安全11. National Traffic Signal_TechReport 技术报告-国家交通信号标志12. Nchrp rpt Recommended Procedures for the Safety Performance Evaluation of Highway Features 公路特征安全性能评估推荐程序13. Overhead Sign Structures Design Manual 高架信号结构设计手册14. Public Transportation Safety Board Annual Report 2003 2003年公共交通安全委员会年度报告15. Road Safety Audits 道路安全核查16. Roadway Safety Guide 路线安全指南17. Roadside Safety Analysis Program (RSAP)-Engineer Manual 路侧安全分析程序-工程手册18. SHORT term TRAFFIC CONTROL HANDBOOK 短期交通控制手册19. Strategic Plan for Improving Roadside Safety 提高路侧安全战略规划20. SIGNAL DESIGN MANUAL FOR DIAMOND INTERCHANGES 菱形互通式立交信号设计手册21. SIGNAL TECHNICIAN''S INSTALLATION AND MAINTENANCE MANUAL FORADV ANCE WARNING OF END-OF-GREEN PHASE AT HIGH SPEED TRAFFIC SIGNALS 为高速车流安装高级绿灯末期警告信号与保养手册22. URBAN SAFETY MANAGEMENT GUIDELINES- ROAD SAFETY STRA TEGIES FOR URBAN COMMUNITIES 城市交通安全管理指南-城区道路安全策略加拿大1. Construction and Maintenance Signs 建造和维护交通标志2. Cost-Shared Project Sign Specifications 费用共享项目交通标志规范3. Highway Accident System (HAS) user manual 道路事故系统使用者手册4. Manual of Standard Traffic Signs and Pavement Markings 交通标志标准和路面设计手册5. Establishing a Process for Determining Traffic Signal Safety Warrants 为交通安全警告标志建立一个决策过程6. Road Safety Vision 2010 - 2002 Annual Report 2020年道路安全前景7. Railway Safety Management System Guide 铁路安全管理系统指南8. Sign_Fabrication_Specs 标志设计规格9. snow_avalanche_safety_manual 雪崩安全手册10. Traffic Management Guidelines for Work On Roadways 道路工作交通管理指南11. TrafficControllerDesignManual 交通控制设计手册12. 交通标志设计欧盟1. AnnualRpt 01-02 on the Loss Prevention Work 01-02年度报告：预防产生损失2. AnnualRpt 02-03 on the Loss Prevention Work 03-04年度报告：预防产生损失3. Designing for Safety 安全设计4. Guidelines for the Application of Special Speed Limits 特殊速度限制应用指南5. Guidelines for the safety Management System欧盟安全管理系统指南6. Road Safety Bill 道路安全法案7. Road Safety Good Practice Guide 道路安全实用指南8. Roadside Infrastructure for Safer European Roads 欧盟道路路侧基础设施安全9. Towards Safer Roads in Developing Countries 关于发展中国家道路安全10. Traffic safety measures and observance 交通安全措施和遵守11. TrafficControllerDesignManual 交通控制设计手册日本1. For Improving Safety and Comfort in Road Spaces 为道路空间提高安全性和舒适性2. Interim evaluation report (draft) Traffic Safety Research Subgroup 交通安全研究小组中期评估报告(草案)澳大利亚1. SIGN DESIGN MANUAL 交通标志设计手册2. Australian Road Rules 澳大利亚道路规范3. Temporary Traffic Control Manual 2003 edition 临时交通控制手册(2003版)4. Urban planning for road safety 为道路安全的城市规划新西兰1. Measures of exposure to risk of road crashes in New Zealand 新西兰公布道路交通事故测定方法2. STA TE HIGHWAY SAFETY MANAGEMENT SYSTEM MANUAL 国家公路安全管理系统手册3. SAFETY EV ALUATION 安全评估公路工程及养护类美国1. Traffic Engineering Manual 交通工程手册2. Comprehensive Pavement Design Manual 复杂路面设计手册3. FLH Project Development and Design Manual FLH项目发展和设计手册4. FLH Construction Manual FLH施工手册5. HIGHW AY DESIGN MANUAL 公路设计手册6. Location & Design Manual 特定区域设计手册7. Road Design Manual 道路设计手册8. Asphalt Pavement Repair Manuals of Practice 沥青路面维护实用手册9. Concrete Pavement Repair Manuals of Practice混凝土路面维护实用手册10. DIVISION OF HIGHWAYS 公路分级11. Horizontal and Vertical Design 平曲线和竖曲线设计12. Materials Inspection Manual 材料检测手册13. NCHRP Report 475, _A Procedure for Assessing and Planning Nighttime Highway Construction and Maintenance 一个程序用来评估和计划夜间公路建造和养护14. NCHRP Synthesis 293 - Reducing and Mitigating Impacts of Lane Occupancy During Construction and Maintenance 减轻施工和维护期间占用道路的影响15. Policy on Highway Lighting 道路照明政策16. Roadway Delineation Practices Handbook 路线定线实用手册17. work zone guidebook 道路工作区指南加拿大1. 2002 pavement surface condition rating manual 2002年路面条件等级手册2. Design Build Minor Standard Specifications 2004 建筑设计最小标准规范3. Highway Maintenance Guidelines and Level of Service Manual 公路养护指南和服务水平手册4. ROADSIDE DESIGN - Guidelines for Clear Zones, Barriers etc 路侧设计-路肩和栅栏指南5. Standard Specifications for Highway Construction (2004) 道路施工标准规范6. Streets_Design 街道设计7. TAC Geometric Design Guide 加拿大运输部几何设计指南欧盟1. Design Manual for Roads and Bridges 道路和桥梁设计手册2. Manual of Contract Documents for Highway Works 道路工作合同文件手册3. A GUIDE TO GEOMETRIC DESIGN几何设计指南4. Current and Proposed Practices for Nondestructive Highway Pavement Testing当前被建议的对路面测试的非破坏方法5. GFA IN UK ROAD PA VEMENTS Research, use and performance GFA在英国的路面研究，使用和实施6. NEW CONSTRUCTION AND REHABILITATION COST GUIDE FOR HIGHWAYS 道路新的施工和复原方法指南7. Performance Indicators for Road Pavements 路面性能指示8. Review of the Use of storm water BMPs in Europe路面养护（欧盟）9. Winter Road Maintenance and Expert Systems 冬季道路养护和专家系统日本1. 2003annual rpt 2003年度报告澳大利亚1. Geometric Design 几何设计2. Maintenance 养护3. Road Design Manual 道路设计指南4. HIGHW AY DEPARTMENT ACCESS AND RIGHT OF WAY WIDTH GUIDELINES 道路通达性和右侧宽度指南5. PA VER PLACED SURFACE TREATMENT CONSTRUCTION INSPECTION GUIDELINES 铺路机建造路面检测指南6. RIDOT Traffic Design Manual TIDOT 交通设计手册7. ROAD DESIGN MANUAL (METRIC) 道路设计手册(米制的)新西兰1. State Highway Geometric Design Manual 国家公路几何设计手册2. GEOMETRIC EV ALUATION 几何设计评估3. PA VEMENT DESIGN GUIDE 路面设计指南4. Pavement Evaluation 路面评估5. Standards and Guidelines Manual 标准和指南手册6. STATE HIGHW AY ASSET MANAGEMENT MANUAL 国家现有公路养护手册7. State Highway National Pavement Condition Report 2004 final 国家公路路面条件报告(2004年最终)8. TRAFFIC MONITORING FOR STATE HIGHW AYS 国家公路交通监视国外交通战略环评和公路环境规划汇编（环境保护）美国1. Air Quality 空气质量2. Corridor Preservation 通道保存3. Environmental Protect 环境保护4. Highway Traffic Noise Barrier Materials and Cost By State 公路噪声屏障材料和国家成本费用5. Historical & Archaeological Preservation 历史文物古迹保护6. Noise Design 噪声设计7. Project Development 计划发展8. Title VI & Environmental Justice 环境公平性9. Transportation & Community & Systems Preservation Pilot Program 交通、社会和驾驶员保持系统10. Transportation Enhancements 交通强健性11. Environmental Analysis for Transportation Projects 交通项目的环境影响分析12. ENVIRONMENTAL ENHANCEMENT AND MITIGATION PROGRAM 环境增强和减缓项目13. Environmental Justice & Transportation A Citizen''s Handbook 环境公平性和市民交通手册14. NCHRP Report 443 - Primer_ Environmental Impact of Construction 建设的环境最主要影15. NOISE ABATEMENT POLICY 噪声消除政策16. Traffic Noise Management 交通噪声管理17. ENVIRONMENTAL DESIGN GUIDE 环境设计指南加拿大1. Design Signage and Maintenance Guidelines Waterfront Trail 在滨水地区路段设计标志和养护指南2. Environmental Management System Manual 环境管理系统手册3. Highway Environment Fact Sheets 公路环境情况说明书4. WARS - Wildlife Accident Reporting System 野生动物伤害报告制度5. Best Management Practices for Fish Habitat Issues Related to Minor Bridge Maintenance 小桥维护为鱼群提供栖息地的最佳管理方法6. Environmental Construction Operations Plan (ECO PLAN) Framework 环境建设运行规划框架7. ENVIRONMENTAL PLANNING 环境规划8. Wildlife Accident Reporting and Mitigation in British Columbia 在BC野生动物伤害报告和缓解理方法日本1. environmental guidelines（老挝）环境指南2. Urban Environment Regeneration 城市环境重建3. Environmental Management System 环境管理系统澳大利亚1. 2003 RTA Environment Report 2003年道路交通管理部门环境报告新西兰1. Environmental Evaluation 环境评估国外公路景观设计汇编（环境保护）美国1. Aesthetics 美学2. Lincoln Highway Landscape Interpretation Manual 林肯公路道路景观设计手册3. Scenic Byways 小道风景4. Roadside Vegetation 路侧植被5. Wild & Scenic Rivers 野生动物和河流风景6. Florida Highway Landscape Guide 佛罗里达道路景观设计指南7. Guidelines for Planting within Highway Right-of-Way 公路右侧植树指南8. Basic Principles of Landscape Design 景观设计基础原理9. LANDSCAPE ARCHITECTURAL DESIGN GUIDELINES ELEMENT 建筑景观设计原理指南10. Landscape Design 景观设计11. Landscape Design and the Experience of Motion 景观设计和运作经验12. Landscaping Guidelines 景观美化指南加拿大1. Construction Inspector''s Handbook for Landscape Planting 景观植树的建筑监理师手册2. Landscape Design and Tree Preservation Standards 景观设计和树木保护标准1. Car Park and Landscape Design 停车场景观设计2. Landscape Design Standards 景观设计标准3. APPL Y ENVIRONMENTAL LANDSCAPE DESIGN PRINCIPLES 应用环境景观设计原理4. Virtual Reality in the landscape design process 虚拟现实的景观设计过程日本1. Landscape Visualization by VRML 用虚拟现实使景观可视化2. Viewed and Borrowed Landscape in Japanese Gardens 日本花园的景观与虚拟澳大利亚1. Architecture, Landscape Architecture & Urban Design 建筑学，景观和城市设计2. Architecture and Landscape Design for Vital Urban Centers 重要城市街道建筑和景观设计新西兰1. GUIDELINES FOR HIGHW AY LANDSCAPING 公路景观设计指南旧桥加固、检测汇编（公路桥梁）美国1. Bridge Inventory Manual 桥梁编制手册2. Complete Bridge Inspection Manual 桥梁检测完全手册3. CONDITION EV ALUATION OF CONCRETE BRIDGES RELATIVE TO REINFORCEMENT CORROSION 为抗腐蚀的混凝土桥梁环境条件评估4. Design Vehicular Live Load (桥梁上)车辆实时载荷设计5. GUIDELINES FOR THE USE, DESIGN, AND CONSTRUCTION OF BRIDGE APPROACH SLABS使用，设计和建造引桥板层指南6. Hydraulic Vulnerability Manual 水压压强手册7. Improved Live Load Deflection Criteria for Steel Bridges 钢桥提高实时抗负载偏斜手册8. INFLUENCE OF THE NEW LRFD SEISMIC GUIDELINES ON THE DESIGN OF BRIDGES IN VIRGINIA 美国弗吉尼亚地震对桥梁设计的影响指南9. INTERIM CONCLUSIONS, RECOMMENDATIONS, AND DESIGN GUIDELINES FOR DURABILITY OF P(中国沥青网sinoasphalt)OST-TENSIONED BRIDGE SUBSTRUCTURES 悬拉桥基础的耐久性设计指南与建议的中期结论10. Long Span Bridge & Culvert, LLC 长跨桥及涵洞11. Manual for Condition Evaluation and Load Rating of Highway Bridges Using Load and Resistance Factor Philosophy 使用负荷与抗拉因素综合评估公路桥等级手册12. Nondestructive Methods for Condition Evaluation of Prestressing Steel Strands in Concrete Bridges 对钢筋预应力混凝土桥梁的条件非破坏性评估方法13. Prestress Losses in Pretensioned High-Strength Concrete Bridge Girders在高压力下要求混凝土桥梁支柱预应力消失14. Prestressed Concrete Construction Manual 预应力混凝土桥梁建设手册15. Repair and Rehabilitation of Bridge Components Containing Epoxy-Coated Reinforcement 使用空气保护膜修补或复原桥梁结件16. SEISMIC RETROFITTING MANUAL FOR HIGHW AY BRIDGES 公路桥抗地震改进手册17. Seismic Vulnerability Manual 抗地震手册18. Steel Details Vulnerability Manual 钢铁弱点详细手册19. TECHNIQUES FOR MEASURING EXISTING LONG-TERM STRESSES IN PRESTRESSED CONCRETE BRIDGES. VOLUME 2 MANUAL OF INSTRUCTION 预应力混凝土桥梁现有的长期测量方法.第2卷使用手册加拿大1. Bridge Best Practice Guidelines 桥梁最佳施工指南2. Bridge Construction Inspection Manual-2002 2002年桥梁结构检测手册3. Bridge Construction Manual 桥梁建设手册4. Construction Guidelines 建设指南5. Bridge Size Culverts Design Guidelines 桥梁大小涵洞设计指南6. BRIDGE STRUCTURES DESIGN CRITERIA 桥梁结构设计标准7. Design Manual for Bridges and Structures 桥梁和结构设计手册8. Contract Administration Manual - Highway and Bridge Maintenance 合同管理手册-公路与桥梁养护9. HYDRAULICS and STRUCTURES CHAPTER 水力学与结构章节10. Hydraulics Manual 水力学手册11. Manual of Bridge Standards and Procedures 桥梁标准与程序设计手册12. Manual of Bridge Standards and Procedures 桥梁标准与程序设计手册(设计图)13. Specifications for Bridge Construction 桥梁建设规范14. Repair Manual for Concrete Bridge Elements - V1.0 混凝土桥梁基础修复手册欧盟1. Design Manual for Roads and Bridges 道路与桥梁设计手册2. UI SC 181 BRIDGE DESIGN, EQUIPMENT ARRANGEMENT AND PROCEDURES 桥梁设计，施工安排和进度日本1. Long span bridge health monitoring system in Japan 日本长跨桥健康监视系统2. SEISMIC VERIFICATION OF LONG-SPAN BRIDGE OF HONSHU-SHIKOKU BRIDGES 日本本洲-四国长跨大桥抗地震核查3. WIND RESISTANT DESIGN MANUAL FOR HIGHWAY BRIDGES IN JAPAN 日本公路桥抵抗风力设计手册4. Standardization on Fatigue Design of Steel Bridges and Countermeasures 设计钢桥抗疲劳标准和对策5. Revision of the Highway Bridge Specifications for Performance 公路桥实施规范(修订版)澳大利亚1. BRIDGE DESIGN MANUAL 2004 2004年桥梁设计手册2. Road and Bridge Specifications 道路桥梁规范新西兰1. ROADING AND BRIDGING 公路与桥梁建设与保养2. Design and construction of rubble mound breakwaters 碎石护堤设计与建造3. Roads and Bridges 道路和桥梁4. BRIDGE EV ALUA TION 桥梁评估5. BRIDGE MANUAL 桥梁手册国外公路隧道质量检测评定、公路隧道运营和安全评价汇编（隧道）美国1. HIGHW AY AND RAIL TRANSIT TUNNEL INSPECTION MANUAL 道路和铁路隧道检测手册加拿大1. Bridge and Tunnel Infrastructure Protection 桥梁和隧道基础结构保护2. Segment Design for Tunnelling Productivity 隧道分段设计以提高生产效率3. Tunnel engineering handbook 隧道工程手册欧盟1. Tunnelling and Underground Space Technology 隧道及地下空间技术2. A COMPARATIVE RISK ANAL YSIS FOR SELECTED AUSTRIAN TUNNELS 奥地利挑选出来的隧道安全比较分析3. COMITE D’EV ALUATION DE LA SECURITE DES TUNNELS ROUTIERS评估隧道爆破安全(法）4. CROSS SECTION DESIGN FOR UNI- AND BI-DIRECTIONAL ROAD TUNNELS 交叉口区道路隧道5. DESIGN OF SPRAYED CONCRETE FOR UNDERGROUND SUPPORT 地下支柱浇注混凝土设计6. dossier pilote des tunnels隧道设计(法语）7. EU tunnel fire safety action 欧盟隧道烟火安全行动8. Interlaced Spheres and Multidimensional Tunnels交织的多面球体隧道(德)9. ITA GUIDELINES FOR STRUCTURAL FIRE RESISTANCE OF ROAD TUNNELS ITA道路隧道烟火抵抗结构设计指南10. Road Tunnels道路隧道手册(挪威)11. Safety in European Road Tunnels 欧洲道路隧道安全12. The CRREL South Pole Tunneling System波兰南部隧道系统13. Transport of Dangerous Goods through Tunnels Technical Report of Mission 技术报告：危险品运输通过道路隧道14. TSI Safety in Railway Tunnels 铁路隧道安全日本1. Tunnel Design, Component Layout, Maintenance Scinario 隧道设计，结构设计和养护2. Current Safety Issues in Traffic Tunnels 当前交通隧道安全情况3. New design and construction method for tunnels driven through water-bearing Shirasu 隧道穿过水底的新的设计和建造方法澳大利亚1. GENERAL TUNNEL PLANT 隧道安置综述2. MAINTENANCE 隧道养护3. TUNNEL DESIGN 隧道设计4. TUNNEL LINING SYSTEMS 隧道灯光系统。

Directors’ ReportThe directors have pleasure in presenting their report and the audited consolidated financial statements of the Group for the year ended 31 December 2005.PRINCIPAL ACTIVITIESThe Company is an investment holding company. The activities of an associate, jointly controlled entities and principal subsidiaries of the Company are set out in notes 20, 24 and 42 respectively to the financial statements.The Group maintains its head office in Hong Kong while its production facilities are located in other areas of the People’s Republic of China (the “PRC”) and Thailand.RESULTS AND DIVIDENDSThe results of the Group for the year are set out in the consolidated income statement on page 52.An interim dividend of HK12.0 cents per share was paid to the shareholders of the Company during the year. The directors now recommend the payment of a final dividend of HK28.0 cents per share to the shareholders on the register of members on 18 May 2006, and the retention of the remaining profit in the Company.SHARE CAPITALDetails of the movements during the year in the issued share capital of the Company are set out in note 32 to the financial statements.RESERVESDetails of the movements during the year in the reserves of the Group are set out in the consolidated statement of changes in equity on pages 55 and 56.In addition to the retained profits of the Company, the share premium and the special surplus account of the Company are also available for distribution to shareholders provided that the Company will be able to pay its debts as they fall due in the ordinary course of business immediately following the date on which any such distribution is proposed to be paid.20 24 425212.0 28.03255 56Directors’ Report (continued)RESERVES (continued)At 31 December 2005, the sum of the retained profits, the share premium and the special surplus account of the Company amounted to approximately HK$3,571 million.INVESTMENT PROPERTIESThe Group’s investment properties were revalued as at 31 December 2005, resulting in an increase in fair value of approximately HK$717,000 which has been credited to the consolidated income statement.OTHER PROPERTIES, PLANT AND EQUIPMENT Expenditure of approximately HK$1,966 million was incurred during the year primarily to expand the production capacity of the Group. Details of all the changes during the year are set out in note 17 to the financial statements.PRINCIPAL SUBSIDIARIESDetails of the Company’s principal subsidiaries at 31 December 2005 are set out in note 42 to the financial statements.DONATIONSDuring the year, the Group made charitable and other donations totalling approximately HK$3,916,000.3,571,000,000717,0001,966,000,000 17423,916,000DIRECTORS AND DIRECTORS’ SERVICE CONTRACTS The directors of the Company during the year and up to the date of this report were:Executive directors:Mr. Cheung Kwok Wing (Chairman)Mr. Chan Wing Kwan (Managing Director)Mr. Lam Ka PoMr. Cheung Kwok KeungMr. Cheung Kwok WaMr. Cheung Kwong KwanMr. Cheung Kwok PingMr. Chang Wing YiuMr. Mok Cham Hung, ChadwickNon-executive director:Mr. Lum Gum Wun(resigned on 9 February 2006)Independent non-executive directors:Mr. Cheng Ming Fun, PaulMr. Tse Kam HungMr. Henry Tan(appointed on 20 September 2005)Mr. Tsao Kwang Yung, Peter, CBE, CPM(deceased on 5 June 2005)I n accordance with Article 92 of the Company’s Articles of Association, Messrs. Cheung Kwok Wing, Chan Wing Kwan, Cheung Kwok Ping, Cheung Kwok Keung and Chang Wing Yiu retire by rotation and, being eligible, will offer themselves for re-election.I n accordance with Article 84 of the Company’s Articles of Association, Mr. Henry Tan retires and being eligible, will offer himself for re-election.Biographical details of the directors subject to re-election are set out in the section “Directors’ and Senior Management’s Biographies” on pages 16 to 18.The term of office of each non-executive director is the period up to his retirement by rotation in accordance with the Company’s Articles of Association., CBE, CPM16 18Directors’ Report (continued)DIRECTORS AN D DIRECTORS’ SERVICE CON TRACTS(continued)No director proposed for re-election at the forthcoming annual general meeting has a service contract which is not terminable by the Group within one year without payment of compensation (other than statutory compensation).DIRECTORS’ INTERESTS IN SHARESAt 31 December 2005, the interests of the directors and their associates in the shares, underlying shares and debentures of the Company and its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (“SFO ”)), as recorded in the register maintained by the Company pursuant to Section 352 of the SFO, or as otherwise notified to the Company and The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”) pursuant to the Model Code for Securities Transactions by Directors of Listed Companies were as follows:Long position(a)Ordinary shares of HK$0.10 each of the Company Number Percentage of of issued the issued ordinary share capital shares heldof the CompanyCapacityName of directorMr. Cheung Kwok Wing Beneficial owner 1,699,0600.22 Mr. Chan Wing Kwan Beneficial owner 1,056,6000.13 Mr. Lam Ka PoBeneficial owner 286,8000.04 Mr. Cheung Kwok Keung Beneficial owner 348,8000.04 Mr. Cheung Kwok Wa Beneficial owner 1,063,6000.14 Mr. Cheung Kwong KwanBeneficial owner 100,0000.01XV 352(a) 0.10DIRECTORS’ INTERESTS IN SHARES (continued)Long position (continued)(a)Ordinary shares of HK$0.10 each of the Company(continued)Number Percentage of of issued the issued ordinary share capital shares held of the Company CapacityName of directorMr. Cheung Kwok Ping Beneficial owner 1,427,3000.18 Mr. Chang Wing YiuBeneficial owner 1,897,1000.24 Mr. Mok Cham Hung, Chadwick Beneficial owner 600,0000.08 Mr. Cheng Ming Fun, PaulBeneficial owner 50,0000.01 Mr. Lum Gum Wun (Note 1)1Beneficial owner 1,806,4000.23(b)Share optionsInterest inunderlying sharespursuant to share options CapacityName of directorMr. Cheung Kwok Wing Beneficial owner 2,091,400Mr. Chan Wing Kwan Beneficial owner 3,499,200Mr. Lam Ka PoBeneficial owner 4,032,200Mr. Cheung Kwok Keung Beneficial owner 4,032,200Mr. Cheung Kwok Wa Beneficial owner 3,781,200Mr. Cheung Kwong Kwan Beneficial owner 3,892,200Mr. Cheung Kwok Ping Beneficial owner 3,836,200Mr. Chang Wing YiuBeneficial owner 4,116,20029,280,800(a) 0.10(b)Directors’ Report (continued)DIRECTORS’ INTERESTS IN SHARES (continued)Long position (continued)(c)Warrants Number ofunderlying sharespursuant toCapacitywarrants heldName of directorMr. Cheung Kwok Wing Beneficial owner 371,506Mr. Chan Wing Kwan Beneficial owner 210,840 Mr. Lam Ka PoBeneficial owner 70,052 Mr. Cheung Kwok Keung Beneficial owner 117,370 Mr. Cheung Kwok Wa Beneficial owner 194,920 Mr. Cheung Kwong Kwan Beneficial owner 102,662 Mr. Cheung Kwok Ping Beneficial owner 201,526 Mr. Chang Wing Yiu Beneficial owner 550,950 Mr. Mok Cham Hung,Beneficial owner 60,000ChadwickMr. Lum Gum Wun (Note 1)1 Beneficial owner 206,8402,086,666(c)DIRECTORS’ INTERESTS IN SHARES (continued)Long position (continued)(d)Non-voting deferred shares of HK$1 each of KingboardLaminates Limited, a wholly-owned subsidiary of theCompanyCapacityNumber of shares heldName of directorMr. Cheung Kwok Wing Beneficial owner 1,904,400 Mr. Chan Wing Kwan Beneficial owner 1,481,200 Mr. Lam Ka PoBeneficial owner 581,900 Mr. Cheung Kwok Keung Beneficial owner 529,000 Mr. Cheung Kwok Wa Beneficial owner 1,058,000 Mr. Cheung Kwong Kwan Beneficial owner 846,400 Mr. Cheung Kwok Ping Beneficial owner 952,200 Mr. Chang Wing YiuBeneficial owner 423,200 Mr. Lum Gum Wun (Note 1)1Beneficial owner 1,058,000(e)Ordinary shares of S$0.80 each of Elec & Eltek I nternational Company Limited (“EEIC ”), a 70.19%owned subsidiary of the CompanyPercentageNumber ofof the issued issued ordinaryshare capital shares held of EEIC CapacityEEIC Name of directorMr. Cheung Kwok Wing Beneficial owner 177,6000.10 Mr. Cheung Kwok Wa Beneficial owner 194,4000.11 Mr. Mok Cham Hung,Beneficial owner 74,0000.04Chadwick(d)1(e)70.19% EEIC0.80Directors’ Report (continued)DIRECTORS’ INTERESTS IN SHARES (continued)Long position (continued)(f)Share options of EEIC Interest in underlying shares pursuant to share optionsCapacityName of director(Note 2) 2Mr. Cheung Kwok Wing Beneficial owner 973,200 Mr. Chan Wing Kwan Beneficial owner 973,200 Mr. Cheung Kwok Wa Beneficial owner 973,200 Mr. Chang Wing Yiu Beneficial owner 973,200 Mr. Mok Cham Hung,Beneficial owner 973,200ChadwickNote:1.Mr. Lum Gum Wun resigned as a non-executive dir ector of the Company with effect from 9 February 2006.2.The interests are by virtue of an aggregate of 4,055,000 share options accepted by the directors on 24 June 2005. The number of share options were subsequently adjusted pursuant to the 1 for 5 bonus issue effected on 13 October 2005. The relevant directors are entitled to subscribe for shares in EEIC at an adjusted exercise price of US$2.033 per share. The share options are exercisable in whole or in part at the staggered manner within 5 options period, commencing 26November 2006, 26 November 2007, 26 November 2008, 26November 2009 and 26 March 2010 respectively and all ending on 24 May 2010.Other than as disclosed above, none of the directors nor their associates had any interests or short positions in any shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as at 31 December 2005.(f)EEIC1.2.4,055,000 2.033 EEICXVSHARE OPTIONSParticulars of the share option schemes of the Company and of EEIC are set out in note 33 to the financial statements.The following table discloses movements in the Company ’s share options during the year:OutstandingOutstandingatExercisedat1.1.2005during31.12.2005the yearCategory 1: Directors1Mr. Cheung Kwok Wing 3,055,000(963,600)2,091,400Mr. Chan Wing Kwan 3,981,000(481,800)3,499,200Mr. Lam Ka Po4,514,000(481,800)4,032,200Mr. Cheung Kwok Keung 4,514,000(481,800)4,032,200Mr. Cheung Kwok Wa 4,263,000(481,800)3,781,200Mr. Cheung Kwong Kwan 4,374,000(481,800)3,892,200Mr. Cheung Kwok Ping 4,318,000(481,800)3,836,200Mr. Chang Wing Yiu4,598,000(481,800)4,116,20033,617,000(4,336,200)29,280,800Category 2: Employees 2 8,205,000(963,800)7,241,200Total all categories41,822,000(5,300,000)36,522,000The weighted average closing price of the Company ’s shares immediately before the dates on which the options were exercised was HK$24.08.EEIC 3324.08Directors’ Report (continued)SHARE OPTIONS (continued)The following table discloses movements in EEI C ’s share options during the year:Adjusted number of share optionsOriginal granted upon number ofcompletion Outstandingshare options of the bonus Outstandingat granted duringissue (Note)at1.1.2005the year31.12.2005Lapsed duringthe yearCategory 1: Directors1Mr. Cheung Kwok Wing –811,000–162,200973,200Mr. Chan Wing Kwan –811,000–162,200973,200Mr. Cheung Kwok Wa –811,000–162,200973,200Mr. Chang Wing Yiu –811,000–162,200973,200Mr. Mok Cham Hung, Chadwick–811,000–162,200973,200–4,055,000–811,0004,866,000Category 2: Employees –5,895,000(230,000)1,133,0006,798,000Total all categories–9,950,000(230,000)1,944,00011,664,000Note:Pursuant to the 1 for 5 bonus issue implemented by EEIC and effected on 13 October 2005, the respective number of share options granted by EEIC to its directors and employees and the corresponding exercise prices were adjusted.ARRANGEMENTS TO PURCHASE SHARESOther than the warrant and option holdings disclosed above,at no time during the year was the Company or any of its subsidiaries a party to any arrangements to enable the directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate.EEICEEIC EEICDIRECTORS’ INTEREST IN CONTRACTS OF SIGNIFICANCENo contract of significance to which the Company or any of its subsidiaries was a party and in which a director of the Company had a material interest, whether directly or indirectly,subsisted at the end of the year or at any time during the year.SUBSTANTIAL SHAREHOLDERSAt 31 December 2005, the register of substantial shareholders maintained by the Company pursuant to Section 336 of the SFO shows that, other than the interests disclosed above in respect of certain directors, the following shareholders had notified the Company of relevant interests in the issued share capital of the Company.Long positionOrdinary shares of HK$0.10 each of the Company PercentageNumber of of the issued issued ordinaryshare capital shares heldof the Company Name of shareholder NotesNature of interestHallgain Management Limited (“Hallgain ”)(a)Beneficial owner242,997,40030.96The Capital Group Companies, Inc.(b)Investment manager95,418,46912.16FMR Corp(c)Investment manager58,171,7807.41HSBC Halbis Partners (Hong Kong) Limited Investment manager39,764,858 5.07Gryphon Investment Counsel, IncInvestment manager39,308,9085.013360.10Directors’ Report (continued)SUBSTANTIAL SHAREHOLDERS (continued)Long position (continued)Ordinary shares of HK$0.10 each of the Company (continued) Notes:(a)At 31 December 2005: (i) no shareholder of Hallgain is entitled toexercise, or control the exercise of, directly or indirectly, one-third ormore of the voting power at general meetings of Hallgain, and Hallgainand its directors are not accustomed to act in accordance with anyshar eholder’s direction; and (ii) Messrs. Cheung Kwok Wing, ChanW ing Kwan, Lam Ka Po and Lum Gum Wun, directors of the Company(note: Mr. Lum Gum Wun resigned as a non-executive director of theCompany with effect from 9 February 2006), are also directors ofHallgain.(b)The interests are indirectly held by The Capital Group Companies,Inc. through its 100% controlled corporations, namely Capital Researchand Management Company and Capital Guar dian Trust Company.(c)The interests are indirectly held by FMR Corp through its 100%controlled corporations, namely Fidelity Management & ResearchCompany and Fidelity Management Trust Company.Other than as disclosed above, the Company has not been notified of any other relevant interests or short positions in the issued share capital of the Company as at 31 December 2005.CORPORATE GOVERNANCEIn the opinion of the directors of the Company, the Company has complied with the Code on Corporate Governance Practices as set out in Appendix 14 of the Rules Governing the Listing of Securities (the “Listing Rules”) on the Stock Exchange throughout the year ended 31 December 2005 save for the deviation that all non-executive directors are not appointed for specific terms but are subject to retirements by rotation and re-election at the Company’s annual general meeting in accordance with the Company’s Articles of Association.The Company has adopted a code of conduct regarding securities transactions by directors on terms no less exacting than the required standard set out in Appendix 10 to the Listing Rules (the “Model Code”). Having made specific enquiry of all directors, all directors confirmed they have complied with the required standard set out in the Model Code and the code of conduct regarding securities transactions by directors adopted by the Company.0.10(a) (i) HallgainHallgainHallgain(ii)Hallgain(b) The Capital Group Companies, I nc.100% Capital Research andManagement Company Capital Guardian TrustCompany(c) FMR Corp 100%Fidelity Management & Research CompanyFidelity Management Trust Company1410CORPORATE GOVERNANCE (continued)The Company has received from each of the independent non-executive directors an annual confirmation of his independence pursuant to Rule 3.13 of the Listing Rules. The Company considers all of the independent non-executive directors are independent.UNDERTAKINGS BY CONTROLLING SHAREHOLDERSHallgain and/or Mr. Cheung Kwok Wing and certain directorsof the Company and their relatives have undertakings to maintain, directly and indirectly, certain percentage shareholdings in the Company as a condition under which certain bank loans are made to the Group. The extent of such loan facilities and the obligations imposed on the controlling shareholders are as follows:Amount of the bank loan Date by Minimum outstanding at which the percentage 31 December 2005loan will beshareholdingwholly repayableto be maintainedHK$’000Facility 12,280,000June 201030 Facility 250,000October 201030 Facility 363,250November 200730Facility 4476,000March 200730Facility 5840,000June 200930 Facility 680,000October 200730Facility 790,000April 200830Facility 8175,000May 200930 Facility 993,750September 2009304,148,0003.13HallgainDirectors’ Report (continued)MAJOR CUSTOMERS AND SUPPLIERSDuring the year, the aggregate sales or purchases attributable to the Group’s five largest customers or suppliers were less than 30% of the Group’s sales or purchases respectively.CONNECTED TRANSACTIONSDuring the year, Techwise Circuits Company Limited and its subsidiaries (“Techwise”, together with its subsidiaries,“Techwise Group”) sold printed circuit boards (“PCBs”) to and purchased laminates from Shirai Electronics I ndustrial Co., Ltd. and its subsidiaries (“Shirai”, together with its subsidiaries, “Shirai Group”) amounting to approximately HK$416,149,000 and HK$72,598,000 respectively. The Techwise Group also sub-contracted the services of the Shirai Group, namely the drilling of laminates by the Shirai Group on Techwise Gr oup’s behalf, amounting to approximately HK$12,704,000 during the year. Techwise is a non-wholly owned subsidiary of the Company, while Shirai is a substantial shareholder of Techwise Shirai Circuits Limited (a 70% owned subsidiary of Techwise). As such, Shirai and its subsidiaries are connected persons of the Company pursuant to Chapter 14A of the Listing Rules.I n the opinion of the Company’s independent non-executive directors, the aforesaid transactions were entered into in the ordinary and usual course of the Group’s business, conducted on normal commercial terms that are fair and reasonable so far as the shareholders of the Company are concerned and are in accordance with the terms of the contracts governing these transactions. The sale of PCBs to the Shirai Group did not exceed the corresponding annual cap for the financial year ended 31 December 2005 which was approved by the shareholders of the Company at an extraordinary general meeting held on 22 December 2004, namely HK$445,000,000, while the purchase of laminates from the Shirai Group and the subcontracting transactions with the Shirai Group during the year did not exceed the corresponding annual caps for the financial year ended 31 December 2005 as announced by the Company on 19 October 2005, namely HK$85,000,000 and HK$13,000,000 respectively.30%Shirai Electronics Industrial Co., Ltd. Shirai Shirai 416,149,000 72,598,000 Shirai 12,704,000 Shirai Shirai 70% 14A ShiraiShirai 445,000,000 Shirai Shirai 85,000,000 13,000,000CONNECTED TRANSACTIONS (continued)Other than disclosed above, the Company and some of its wholly-owned subsidiaries also provided guarantees to financial institutions to secure general credit facilities for certain non-wholly owned subsidiaries, namely, KCFH and Techwise in the amounts of approximately HK$160,000,000 and HK$235,200,000 respectively.PRE-EMPTIVE RIGHTSThere are no provision for pre-emptive rights under the Company’s Articles of Association although there are no restrictions against such rights under company laws in the Cayman Islands.AUDITORSA resolution to re-appoint Messrs. Deloitte Touche Tohmatsu as auditors of the Company will be submitted at the annual general meeting of the Company.On behalf of the BoardCheung Kwok WingCHAIRMAN28 March 2006KCFH 160,000,000 235,200,000。

Questions for Discussion: Challenges of Market Research in ChinaSuggested Answers1. Inaccuracy of information collected – Could happen because of no electronic means to collect data in most Chinese cities. The rural areas are difficult to reach and most of the information collected could be skewed toward certain individuals. Culturally, the Chinese do not like to give truthful answers when answering questionnaires and this prove to be a challenge because it means inaccuracy when doing planning. Traditionally, the Chinese prefer to “save face” by not giving truthful answers for fear of hurting. They are also not trained to be forthright from young. The result is usually answers that depict “sitting on the fence” or “neither here nor there”. They feel that this kind of answer could save any forms of embarrassment.2. It is a lot of guessing when it comes to insufficient data. Most marketers would prefer to conduct research to obtain the most accurate of information to enable them to plan well. But if there is insufficient data, they may resort to accessing what competitors do and set forth to work on something close. Another way is to read up and study the locals’ consumption patterns through observational research. Though time-consuming, this method may work better in the Chinese culture. Working closely with government departments to obtain census may also be the way to do market planning. Instead of spending time to gather data which usually turn out inaccurate, marketers may be better off using methods which do not require data collection from consumers, but have to work harder to obtain by means of secondary research or through observations. Some marketers may prefer to work with their intermediaries to put up electronic data scanners to help obtain information, but this could mean high costs and not able to reach the rural areas. Education may play an important part in ensuring that consumers answer questionnaires truthfully.Questions for Discussion: Tetra Pak in ChinaSuggested Answers1. Tetra Pak made use of a 7-step Partner Relationship Management (PRM) as part of its strategy to effectively tackle the B2B market in China. The PRM includes:Equipment Investment - a program for equipment investment which enabled customers to install the “Tetra Pak Fino” equipment with only 20% payment required upfront, with the remaining 80% of payment would be exempted as long as theyorder certain quantity of packaging materials annually in the next four years. Another program known as “old equipment-money convers ion” helped replace the oldequipment at low costs, provided the companies continued buying packagingmaterials from Tetra Pak.∙Market Information Sharing - world-wide information consulting system to realize business information sharing with its customers.∙Human Resources and Training - provides training sessions for its customers.∙Value-added Services - helps customers in market surveys, package designing, channel promotion, and finance.∙Qualified Account Team - offers customers professional support and service;including quality control, marketing, technology, processing, research anddevelopment, finance and management.∙Develop the Consumer Market together with its Business Market – helped its dairy industry customers prolong shelf life for milk, thus allowing consumers in remoteareas to access high quality milk. Tetra Pak also helped carry out the “Tetra Pakstudent’s milk program” to win over student customers for the dairy industry.∙Tetra Pak’s Ingredient Branding - it pushes the B2B brand establishment through ingredient branding, placing its logo on all packaging it sold to its customers.2. Tetra Pak advocates the principle of “growing with customers”. This principle spells out that its customers must flourish so that Tetra Pak will do well. This is evident in its joint efforts with many of its customers to ensure that their businesses run smoothly (new equipment, solves problems of milk shelf life, helping in managing information and the daily operations of businesses). For an organization like Tetra Pak, it need not have put in so much efforts to help the local enterprises. Its role is merely to sell the packaging materials and machines. But the company did not stop at that. It went a step further to understand the local market and set a strong foothold by assisting more, resulting in monopolizing the entire packaging industry for beverages in China.Questions for Discussion: Procter & Gamble’s Tide in China Suggested Answers1.2. The points of difference concept used in marketing include:∙Relevance – Tide also cleans as well as Diao.∙Distinctiveness – Beside being able to clean like Diao, Tide is better in that it has additional ingredients clothes.∙Believability –the new Tide advertisements show the lifestyles of Tide’s target consumers, allowing con believe that they are indeed the ones suitable to use Tide.∙Feasibility – the new 320g packaging really comes with a low price of 1.9yuan and is no longer the old pr expensive, convincing consumers to make the switch.∙Communicability – use of advertisements which the local consumers can relate to.∙Sustainability – P&G is committed to do well in the China market, especially for one of its flagship brand3. Tide could do the following during the growth stage:∙Improve product quality add new product features∙Have flanker products∙Enter a new market segment∙Increase distribution coverage∙Change advertising strategy to product-preference∙Lower its priceQuestions for Review: Going Beyond the Product: Haier andIts “Five-star Service”1. As markets become more competitive, companies find it harder and harder to differentiatetheir physical products. As such, they turn to service differentiation. Companies such as Haierseek to develop a reputation for ________, better and faster answering of inquiries, andquicker resolution of complaintsa. superior packagingb. superior “value”c. superior on-time deliveryd. superior productse. superior customer service2. There are three steps service firms can take to increase quality control. Which of the following is NOT one of these steps?a. Reduce customer contact points.b. Monitor customer satisfaction.c. Standardize the service-performance process.d. Invest in good training procedures.e. Invest in good hiring procedures.3. Top service companies are “customer obsessed.” Although Haier Electronics are product manufacturers, they have built in a strong service system which is an integral part of the total offering. They are customer-centric. In doing so, such companies have a clear sense of their target customers and their needs. Their management looks not only at financial performance on a monthly basis, but also at ________.a. service performanceb. tangible rewardsc. consumer complaintsd. marketing activitiese. none of the above1. As markets become more competitive, companies find it harder and harder to differentiate their physical products. As such, they turn to service differentiation. Companies such as Haier seek to develop a reputation for ________, better and faster answering of inquiries, and quicker resolution of complaintsa. superior packagingb. superior “value”c. superior on-time deliveryd. superior productse. superior customer serviceAnswer: c2. There are three steps service firms can take to increase quality control. Which of the following is NOT one of these steps?a. Reduce customer contact points.b. Monitor customer satisfaction.c. Standardize the service-performance process.d. Invest in good training procedures.e. Invest in good hiring procedures.Answer: a3. Top service companies are “customer obsessed.” Although Haier Electronics are product manufacturers, they have built in a strong service system which is an integral part of the total offering. They are customer-centric. In doing so, such companies have a clear sense of their target customers and their needs. Their management looks not only at financial performance on a monthly basis, but also at ________.a. service performanceb. tangible rewardsc. consumer complaintsd. marketing activitiese. none of the aboveAnswer: aReferences: Going Beyond the Product: Haier and Its“Five-star Service”1. Dexter Roberts, Michael Arndt, and Andrea Zammert, “Tough Trip from China: The Mainland’s Top ApplianceMaker Aims to Go Global,” BusinessWeek Asian Edition (April 1, 2002)2. Rasul Bailay, “A Haier Price,” Far Eastern Economic Review (May 27, 2004) p443. Jeannie Jinsheng Yi, Shawn Xian Ye，The Haier Way: The Making of a Chinese Business Leader and a Global Brand , Homa & Sekey Books, 20034. Rob Walker, “Haier Goals”, New York Time, 20 November 20055. Qingrui Xu, Ling Zhu, Gang Zheng and Fangrui Wan g, “Haier’s Tao of innovation: a case study of the emerging Total Innovation Management model” , The Journal of Technology Transfer, 20076. 2006 Annual Report of Qingdao Haier Company Ltd. ; Dang Shuguo, Haier Management Model Corpora, Wuhan University Press, 20067. Customer Department of Chinese Quality Association, Customer Satisfaction Measurement Center of China National Institute of Standardization, Chinese Enterprise Research Center of Qinghua University, 2006 Chinese Customers Satisfaction Handbook, Standard Press of China, 2006Questions for Discussion: Market ResearchSuggested Answers1. Designing a marketing channel system involves analyzing customer needs, establishing channel objectives, identifying major channel alternatives and evaluating major channel alternatives.2. In its early days, Yum! cooperated with local partners. Due to the poor franchising management system in China, Yum! lost control over those franchisers, resulting in poor quality of food and service. As a result, Yum! China decided to switch to direct sale.3. Yum! did not simply view international experience as a set of methods, but instead the company integrated different experience, and combine features of the local market such as using local materials that resulted in freshness, saving a lot of logistic and purchasing costs and also benefitting consumers in price. The company believed in localization of its products by providing consumers with local and international flavors all into one. The company also hired local talents because the management believed that the Chinese knows Chinese consumers better.Questions for Discussion: Advertising in China - Mistakes made by Multinational CorporationsSuggested Answers1. Nike chose to go ahead with the ads despite complaints because they believed that such ads stand out from its competitors, as they were creative. Also the argument was that the ad advocated a positive attitude of life. Nike intended the advertisement to send a positive message to youths to overcome their fears, with its target market mainly youths. They believed that the ads would be popular with the teens even though they may upset the older Chinese consumers. Nike may have wanted the ads to stand out from its competitors so that they can help build brand equity and drive up sales. Ads can usually contribute to awareness and help strengthen brand associations. Controversial ads can do the same.2. In terms of creative strategy, Toyota used the transformational appeal to elaborate on the Prado’s image. It depicts the kind of person who uses Prado and the amount of respect that this person would command. By doing so, Toyota had hoped to stir up the right emotions to motivate purchase. The expectation is to make the audience believe that the Prado user even gets a salute from the lion, meaning the respect is unspeakable.3. When going global in their communication efforts, marketers face the following challenges:∙Regulations – there are different regulations set up by different governments and an example in China would be the regulation restrictive censorship of ads on television and radio.∙Politics – marketers may be embroiled in politics if they choose feature politically incorrect characters in their ads and communication programs. Coca cola had toreplace all its Sprite ads in China that featured Taiwanese singer A*Mei when shesang Taiwan’s national anthem at the inauguration of the president.∙Economics – depending on the economic situation of the different countries, some ads do not go down well with the well-off consumers while others may find creative ads too difficult to understand. Marketers therefore must understand the consumers’ economic standing before choosing the correct ad appeals.∙Infrastructure – marketing infrastructure such as media, ad agencies and production facilities for ads may be lacking in some countries. This may hamper ad production and also disallowing ads to reach the relevant target audiences.∙Cultural – most countries differ in terms of culture and ethnic groups. As such, marketers must be careful when employing cultural symbols or using explicit content.While one culture may be tolerant and accept the ads as creative, another may find those ads distasteful or disrespectful. This had been the case of Toyota Prado andNike ads.Questions for Discussion: and Online Shopping in the Chinese Market1. What does this case study teach us about the “critical success factors” for any marketing firm wanting to establish strong internet presence on the web?2. Visit the Tabao website and evaluate its relative effectiveness compared to other competitive online shopping sites such as E-Bay or Amazon. What are some of the similarities of these sites?3. How does this case teach us about the challenges of a local Asian company trying to fend off competitive challenges from a formidable global overseas competitor/s?4. If you were the marketing manager of Taobao, what strategies would you put in place to ensure the company continues to stay ahead of its major rivals?Questions for Review: and Online Shopping in the Chinese Market1. The Internet provides marketers and consumers with opportunities for much greater interaction and ________.a. ease of useb. speedc. specificityd. conveniencee. individualization2. For a Web site such as , physical attractiveness is determined by three factors. These are: good use of color and sound, pages are clean and not overly crammed, and________.a. the site has ease of navigationb. use of quickly loading pagesc. use of attractive colors and musicd. the site has plenty of color photose. the typefaces and fonts are very readable3. All companies need to consider and evaluate e-marketing and e-purchasing opportunities. Visitors to a Web site will judge its performance on its ease of use and its physical attractiveness. Ease-of-use breaks down into three attributes: the Web site downloads quickly, the first page is easy to understand, and ________.a. the Web site interacts with the visitor in some mannerb. the visitor finds it easy to orderc. the visitor finds it easy to navigate to other pages that open quicklyd. the visitor can easily see the product selectede. the visitor is entertainedQuestions for Review: and Online Shopping in the Chinese Market1. The Internet provides marketers and consumers with opportunities for much greater interaction and ________.a. ease of useb. speedc. specificityd. conveniencee. individualizationAnswer: e2. For a Web site such as , physical attractiveness is determined by three factors. These are: good use of color and sound, pages are clean and not overly crammed, and________.a. the site has ease of navigationb. use of quickly loading pagesc. use of attractive colors and musicd. the site has plenty of color photose. the typefaces and fonts are very readableAnswer: e3. All companies need to consider and evaluate e-marketing and e-purchasing opportunities. Visitors to a Web site will judge its performance on its ease of use and its physical attractiveness. Ease-of-use breaks down into three attributes: the Web site downloads quickly, the first page is easy to understand, and ________.a. the Web site interacts with the visitor in some mannerb. the visitor finds it easy to orderc. the visitor finds it easy to navigate to other pages that open quicklyd. the visitor can easily see the product selectede. the visitor is entertainedAnswer: cQuestions for Discussion: Haier: Creating an “Internal Value Chain”1. Why is it often the case that in many service organizations, non-marketing/sales staff somehow make a more telling impact on customer satisfaction? Give examples of companies that have this experience.2. Using examples of other successful organizations known to you, discuss how such companies use the value chain and business process re-engineering to their advantage in terms of providing higher standards of customer service. Give specific examples of how such process changes contribute to customer needs and expectations.Questio ns for Review: Haier: Creating an “Internal Value Chain”1. ________ is the appointment of teams to manage customer-value–building processes and break down walls between departments.a. Reengineeringb. Outsourcingc. Benchmarkingd. Supplier partneringe. Customer Partnering2. Today marketing no longer has sole ownership of customer interactions; rather marketing needs to ________ all the customer-facing processes so that the customers see a single face and hear a single voice when they interact with the firm.a. collectb. examinec. reviewd. integratee. distribute3. Designing the organization and setting up processes to respond more quickly to changes in the environment is called ________.a. flatteningb. reengineeringc. customer partneringd. globalizinge. acceleratingQuestions for Review: Haier: Creating an “Internal Value Chain”1. ________ is the appointment of teams to manage customer-value–building processes and break down walls between departments.a. Reengineeringb. Outsourcingc. Benchmarkingd. Supplier partneringe. Customer PartneringAnswer: a2. Today marketing no longer has sole ownership of customer interactions; rather marketing needs to ________ all the customer-facing processes so that the customers see a single face and hear a single voice when they interact with the firm.a. collectb. examinec. reviewd. integratee. distributeAnswer: d3. Designing the organization and setting up processes to respond more quickly to changes in the environment is called ________.a. flatteningb. reengineeringc. customer partneringd. globalizinge. acceleratingAnswer: e。

经济自由度对发展的影响经济自由度是指一个国家或地区在经济领域内的自主程度和开放程度。

它代表了市场在资源配置中的作用和政府对市场干预的程度。

经济自由度对于一个国家的发展有着重要的影响。

本文将就经济自由度对发展的影响展开论述。

1. 经济自由度促进创新和创业高度的经济自由度可以促进创新和创业，给予企业家和创新者更大的空间和机会。

经济自由度高的国家通常对企业和个人的创新活动提供更加友好和开放的政策环境，鼓励市场竞争和技术进步。

创新和创业是推动经济发展的重要动力，它们带来的新产品、新技术和新模式可以为经济注入新的活力，并带来更高的生产力和竞争力。

2. 经济自由度促进资源的有效配置经济自由度高的国家通常采取较为开放的市场机制，让市场在资源配置中起到主导作用。

市场的自发调节机制可以使资源有效地在各个领域之间进行流动和配置，发挥各个市场主体的积极性。

这样可以有效地促进资源的高效利用，提高整个经济系统的效率。

3. 经济自由度促进投资和经济增长经济自由度高的国家往往能够吸引更多的国内外投资，并较好地利用投资来推动经济增长。

高度的经济自由度可以降低投资的门槛和风险，提供更加稳定和可预期的投资环境。

同时，经济自由度高的国家也更容易获得外部的技术和资金支持，进一步促进国内产业的升级和发展。

4. 经济自由度促进国际竞争力经济自由度高的国家通常在国际竞争中具有较强的竞争力。

经济自由度的提高有助于优化国内市场环境和产业结构，提高产品和服务的质量和附加值。

这可以使国家的产品更具竞争力，打开更广阔的市场，进一步推动国内经济的发展。

总结起来，经济自由度对于发展具有积极的影响。

它能够促进创新和创业、推动资源的有效配置、促进投资和经济增长，同时也提高国际竞争力。

因此，在制定经济发展战略和政策时，应当注重提高经济自由度水平，为经济的健康发展创造更加有利的环境。

参考文献：1. Gwartney, J., & Lawson, R. (2006). Economic freedom of the world: 2006 annual report. Vancouver, B.C.: Fraser Institute.2. Heckelman, J. C., & Stroup, M. D. (2005). A comparison of aggregate indices of economic freedom for Chile, Mexico, and the United States. Public Choice, 122(3/4), 373-394.3. Bjørnskov, C. (2007). The happy few: Cross-country evidence on social capital and life satisfaction. Kyklos, 60(2), 119-143.。

Annual Analysis ReportIntroductionThis document presents the annual analysis report for the specified year. The report aims to provide an overview and analysis of the key trends, achievements, challenges, and opportunities encountered during this period. The report is divided into several sections to facilitate better understanding and navigation.Executive SummaryThe executive summary provides a concise summary of the report’s findings and recommendations. It highlights the most significant trends and outcomes of the analysis, allowing readers to quickly grasp the main points without delving into the detailed sections.MethodologyThis section outlines the methodology employed to conduct the analysis. It describes the data sources, collection methods, and analytical tools utilized in the report. By understanding the methodology, readers can assess the validity and reliability of the analysis presented in the subsequent sections.Market AnalysisThe market analysis section provides an in-depth examination of the industry or market under study. It includes relevant statistics, market size, growth rates, and market share analysis. The report identifies the major players in the market and analyzes their strategies, competitive advantage, and market positioning.Financial Performance AnalysisThis section evaluates the financial performance of the company or organization during the specified year. It includes an analysis of key financial statements such as income statements, balance sheets, and cash flow statements. The report assesses the company’s profitability, liquidity, solvency, and efficiency ratios to provide insights into its financial health and stability.Operational AnalysisThe operational analysis section focuses on the operational aspects of the company or organization. It examines the key operational processes, efficiency levels, and productivity measures. The report evaluates the effectiveness of the company’s operations and identifies areas for improvement.Customer AnalysisCustomer analysis is crucial for understanding the target market and identifying customer needs and preferences. This section explores customer demographics, buying behavior, and satisfaction levels. The report analyzes customer feedback, reviews, and surveys to gain insights into the company’s relationship with its customers and to identify strategies for attracting and retaining customers.SWOT AnalysisThe SWOT analysis examines the company’s strengths, weaknesses, opportunities, and threats. It assesses the internal and external factors that impact the compan y’s performance and competitiveness. The report identifies the company’s core competencies, areas of improvement, and potential risks and challenges.ConclusionThe conclusion summarizes the main findings and recommendations from the analysis. It provides a holistic view of the company’s performance, identifies areas of success, and suggests strategies for future growth and improvement.RecommendationsBased on the analysis presented in the report, this section offers specific recommendations for the company or organization. These recommendations aim to address the identified weaknesses, leverage the strengths, explore the opportunities, and mitigate the threats. The recommendations provide actionable steps to enhance performance and competitiveness.ReferencesThis section includes a list of references used throughout the report. It ensures transparency and allows readers to access the sources for further reading and verification.Please note that this document is a fictional example and does not contain actual data or analysis.。

企业年度报告英文数据IntroductionThis annual report provides a comprehensive overview of the performance and achievements of our company in the fiscal year 2021. We are pleased to present the financial results, operational highlights, and our vision for the future.Financial PerformanceRevenueIn 2021, our company achieved a total revenue of 10 million, marking a significant increase of 20% compared to the previous year. This growth was primarily driven by the successful launch of new products and increased market demand. We experienced steady revenue growth throughout the year, and our diversified product portfolio helped us maintain a competitive edge in the market.ProfitabilityOur company's net profit for 2021 reached 2.5 million, representing a 15% increase from the previous year. This growth was the result of strategic cost management and operational efficiency enhancements. Despite facing challenges such as supply chain disruptions and market fluctuations, our company maintained a strong profitability margin throughout the year.Investment and ExpansionTo drive future growth, we invested 1.5 million in research and development initiatives in 2021. This investment allowed us to develop innovative products and improve existing solutions, reinforcing our position as a market leader. Additionally, we expanded our operations by opening two new regional offices, enabling us to better serve our clients and access new markets.Operational HighlightsProduct InnovationIn 2021, we launched several new products that received positive market reception. These innovative solutions not only addressed customer needs but also contributed to our revenue growth. Our R&D team's relentless efforts in developing cutting-edge technologies have been instrumental in our success.Customer SatisfactionCustomer satisfaction remained a top priority for our company in 2021. We strengthened our customer service capabilities by implementing a CRM system that improved communication and streamlined processes. Our focus on customer-centricity has resulted in a high customer retention rate and increased referrals.Sustainability EffortsAs a responsible corporate citizen, we continued to prioritize sustainability initiatives. In 2021, we implemented energy-savingmeasures across our offices and manufacturing facilities, reducing our carbon emissions by 15%. Furthermore, we collaborated with local communities to support environmental conservation and education programs, contributing to the overall well-being of society.Vision for the FutureLooking ahead, we are committed to further strengthening our position in the market and driving sustainable growth. Our key areas of focus include:Product DiversificationWe will continue investing in R&D to diversify our product portfolio and address emerging market trends. By staying at the forefront of innovation, we aim to cater to evolving customer needs and expand our market share.International ExpansionTo capitalize on global opportunities, we plan to expand our presence in international markets. This will involve establishing strategic partnerships, investing in local infrastructure, and hiring local talent to ensure that we fully understand and adapt to the dynamics of each market.Digital TransformationWe recognize the importance of digitalization in today's business landscape. Therefore, we will continue to invest in digital technologies and automation to enhance operational efficiency and deliver seamlessexperiences to our customers.ConclusionIn 2021, our company achieved significant financial growth, demonstrated strong operational performance, and made substantial progress towards our sustainable development goals. With a clear vision for the future and a commitment to innovation, customer satisfaction, and sustainability, we are well-positioned to navigate future challenges and unlock new opportunities. We would like to express our sincere gratitude to our shareholders, customers, and employees for their continued support and trust in our company. Together, we will shape a prosperous future.。