股 票 代 碼 :6292 資訊申報網 … · 股 票 代 碼 :6292...

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股 票 代 碼 :6292 資訊申報網站:http//:newmops.tse.com.tw AXIS CORPORATION 迅德興業股份有限公司 九十九年年報 中華民國一百年五月二十六日刊印

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  • 6292

    http//newmops.tse.com.tw

    AXIS CORPORATION

  • 03355-4556 #661

    [email protected]

    03355-4556 #672

    [email protected]

    38-1

    03355-4556

    100 17 3

    022381-6288

    http://www.sinotrade.com.tw

    11012 333 27

    (02) 27296666

    www.pwc.com.tw

    www.axis.com.tw

  • --------------------------------------------------- 1

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    ---------- 99

    -------------------------- 139

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    --------------------------------------- 145

    ------- 149

    --------------------------------------------------- 149

    ----------------------------------- 149

    ----------- 149

  • vivian
  • - 3 -

    61

    38 1

    87 07 AX97 AX98 SMD (SMD Inductor) 88 03 AX99 SMD 2800W 89 01 AX00 AX01 SMD 90 04 1.3 2.6 90 12 91 01 8,580 34,580

    91 03 ISO-9001 91 04 100%

    AXIS Investment Holdings Co., Ltd.

    91 06

    91 07 SMD AX02 91 08 3,458 38,038 91 12 92 04 92 08 5,705 7 256 3

    4.4 92 10

    93 09 2,640 146

    800 45,986 95 01 ISO-14001 95 09 2,299.3 48,285.3 96 09 1,931.4 50,216.7 97 09 951 51,167.7 98 09 2,350 23,500

    488,177

    100 05 700 7,000 481,177

  • - 4 -

    ()

    AXIS CORPORATION

    ()

    SPS

  • - 5 -

    ()

    1. 1000430

    ()

    97.06.30 3 80.01.01 8,437,502 16.8% 8,398,844 17.20% 1,132,186 2.32% 0 0

    1

    97.06.30 3 91.06.25 806,187 1.61% 983,034 2.04% 0 0% 0 0

    ()

    97.06.30 3 91.06.25 14,514,277 28.90% 14,558,849 30.26% 483,063 0.87% 0 0

    ()

    97.06.30 3 91.06.25 14,514,277 28.90% 14,558,849 30.26% 942,863 1.96% 0 0

    ()

    97.06.30 3 94.06.30 0 0% 0 0% 0 0% 0 0

    97.06.30 3 94.06.30 0 0% 0 0% 0 0% 0 0 ()

    97.06.30 3 94.06.30 0 0% 0 0% 0 0% 0 0

    97.06.30 3 97.06.30 0 0% 0 0% 0 0% 0 0

    ()

    ()

    97.06.30 3 91.06.25 1,126,476 2.24% 1,132,186 2.32% 8,398,844 17.20% 0 0

    97.06.30 3 92.02.27 0 0% 0 0% 0 0% 0 0

    1:"" 8

  • - 6 -

    2.

    (1)

    ESTELLA HOLDINGS SDN.BHD. 100%

    (2)

    ESTELLA HOLDINGS SDN.BHD. VIVA INTERNATIONAL INVESTMENT 100%

  • - 7 -

    3.

    2

    1

    1 2 3 4 5 6 7 8 9 10

    ()

    :

    ()

    :

    1 2 1 2 (

    ) 3 4 5

    6 7

    8 9 30 10 27

  • - 8 -

    ()

    1000430

    1

    ()

    2

    80.01.01 8,398,844 17.20% 1,132,186 2.35% 0 0

    Acumen Electronics,Inc.

    96.03.01 0 0 423,063 0.87% 0 0

    98.10.01 0 0 0 0 0 0

    1

    2

  • - 9 -

    () 1.

    (A) (B) (C) (D)

    ABC D

    (E) (F) (G)

    (H)

    ABCDEF G

    ()

    0 0 0 0 2,100 2,100 35 35 2.08% 2.08% 5,110 5,110 0 0 3,100 0 3,100 0 0 0 6.07% 6.07%

    (A+B+C+D) (A+B+C+D+E+F+G)

    2,000,000 // //

    /

    // //

    /

    / //

    /

    / //

    / 2,000,000 5,000,000 / / 5,000,000 10,000,000 10,000,000 15,000,000 15,000,000 30,000,000 30,000,000 50,000,000 50,000,000 100,000,000 100,000,000 7 7 7 7

  • - 10 -

    2.

    (A) (B) (C) AB C

    (

    0 0 900 900 10 10 0.53% 0.53%

    (A+B+C) D

    2,000,000 // // 2,000,000 5,000,000 5,000,000 10,000,000 10,000,000 15,000,000 15,000,000 30,000,000 30,000,000 50,000,000 50,000,000 100,000,000 100,000,000 3 3

  • - 11 -

    3.

    (A) (B) 1

    (C) (D)

    ABC D

    1,904 1,904 0 0 3,206 3,206 3,100 0 3,100 0 4.82% 4.82% 0 0

    2,000,000

    2,000,000 5,000,000 / /

    5,000,000 10,000,000

    10,000,000 15,000,000

    15,000,000 30,000,000

    30,000,000 50,000,000

    50,000,000 100,000,000

    100,000,000

    2 2

    1

  • - 12 -

    4. :

    5.

    98

    ()

    %

    99

    ()

    %

    4,500 4.38% 3,045 1.79%

    4,818 4.69% 8,210 4.82%

    4,500 4.38% 3,045 1.79%

    4,818 4.69% 8,210 4.82%

    99

    ;

    0 0 0 3,500 3,500 2.05%

  • - 13 -

    ()

    6

    (%)

    6 0 100%

    6 0 100%

    ()

    6 0 100%

    ()

    3 3 50%

    6 0 100%

    6 0 100%

    6 0 100%

    6 0 100%

    6 0 100%

    4 2 67%

    14 3

    ()

    98

  • - 14 -

    ()

    1.

    2.

    6

    (%)

    6 0 100%

    6 0 100%

    4 0 67%

    ()

    E-MAIL;

    ()

    1.

    ;

    E-MAIL

    2.

  • - 15 -

    ()

    1.

    2.

    3.

    1.

    2.

    3.

    1.

    2.

    3.

    1. 2.

    1. 2.

    1.

    2.

    1.

    2.

    1.

    2.

    1.

    2.

    ()

    (1)

    (2)

  • - 16 -

    ( 3)(http://www.axis.com.tw)

    (4)

    (5)

    (6)

    (7)

    (8)

    (9) ()

    () ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

  • - 17 -

    ()

    ()

    a.

    b.

    c.

    d.

    ()

    ()

    ()

    a.

    b.

    ()

    ()

    () :http:// www.axis.com.tw

    ()

  • - 19 -

    2.

    ()

  • - 20 -

    ()

    1.

    2.

    (1) (1)

    (2) (2)1.6

    (3) (3)

    (4) (4)

    (5) (5)

    (6) (6)

    99.06.18

    (1) (1)

    (2) (2)1.44,950

    3,000

    (3)

    (3)

    (4) (4)99618

    (5) (5)

    (6)

    (6)

    (7) (7)

    (8) (8)

    (9) (9)

    (10) (10)

    99.08.13 (1)

    (1)

    (1)100%

    POWERLAND

    (1)100%

    POWERLAND

    INTERNATIONAL LTD. INTERNATIONAL LTD.

    (2) (2)

    (1)BEST

    CULTURE

    (1)BEST

    CULTURE

    (2) (2)

    (1) (1)

    (2) (2)2.95,211

    4,800

    (3) (3)

    (4) (4)

    (5) (5)

    (6) (6)100100617

    (7)

    (7)

    (8) (8)

    (9) (9)

    (1) (1)

    (2)

    (2)100425

    481,177,120

    100.03.28

    100.04.22

    99.12.28

    99.03.30

    99.11.26

  • - 21 -

    ()

    ()

    99/1/1-12/31

    1 2,000 2 2,000 4,000 3 4,000 6,000 4 6,000 8,000 5 8,000 10,000 6 10,000

    ()

    ()

    ()

    () () () 10 5 1 2 3

  • - 22 -

    10% ()

    99 100

    0430

    ()

    ()

    ()

    ()

    (73,000) 0 0 0

    0 0 0 0

    (29,000) 0 0 0

    0 0 0 0

    0 0 0 0

    0 0 0 0

    0 0 0 0

    0 0 0 0

    0 0 0 0

    0 0 0 0

    0 0 0 0

    ()

    ()

  • - 23 -

    ( 3)

    1

    14,559 29.82% 0 0 0 0

    : 0 0 423 0.87% 0 0

    : 29 0.06% 1,090 2.23% 0 0

    8,399 17.20% 1,132 2.32% 0 0

    2,513 5.15% 0 0 0 0

    2,073 4.25% 0 0 0 0

    1,435 2.94% 0 0 0 0

    2,353 4.82% 0 0 0 0

    1,215 2.49% 0 0 0 0

    1,132 2.23% 8,399 17.20% 0 0

    983 2.01% 0 0 0 0

    943 1.93% 29 0.06% 0 0

    1

    2

    3

    8,646 24.01% 2,480 6.89% 11,126 30.9%

  • - 24 -

    ()

    1.

    ()

    ()

    ()

    ()

    75.09 1,000 6.5 6,500 6.5 6,500

    80.11 1,000 14 14,000 14 14,000 7,500

    84.08 1,000 30 30,000 30 30,000 16,000

    86.05 10 9,635 96,350 9,635 96,350 66,350

    86.07 10 13,000 130,000 13,000 130,000 33,650

    90.04 10 26,000 260,000 26,000 260,000 130,000

    91.04 10 60,000 600,000 34,580 345,800 85,800

    91.08 10 60,000 600,000 38,038 380,380 34,580

    92.08 10 60,000 600,000 44,000 440,000 59,620

    93.09 10 60,000 600,000 43,200 432,000 8,000

    93.09 10 60,000 600,000 45,986 459,860 27,860

    95.09 10 60,000 600,000 48,285 482,853 22,993

    96.09 10 100,000 1,000,000 50,217 502,167 19,314

    97.09 10 100,000 1,000,000 51,167 511,677 951

    98.09 10 100,000 1,000,000 48,817 488,177 23,500

    100.05 10 100,000 1,000,000 48,117 481,177 7,000

    2.

    100430

    48,817,712 51,182,288 100,000,000

  • - 25 -

    3.

    ()

    100430

    0 0 10 1,728 3 1,741

    0 0 17,369 31,443 162 48,817

    0% 0% 35.56% 64.41% 0.03% 100%

    ()

    1000430

    ()

    1 999 490 77,143 0.16

    1,000 5,000 895 1,922,007 3.94

    5,001 10,000 150 1,241,368 2.54

    10,001 15,000 49 616,094 1.26

    15,001 20,000 36 668,446 1.37

    20,001 30,000 38 950,979 1.95

    30,001 50,000 33 1,339,691 2.74

    50,001 100,000 23 1,498,447 3.07

    100,001 200,000 7 1,026,212 2.10

    200,001 400,000 7 1,746,870 3.58

    400,001 600,000 - - -

    600,001 800,000 3 2,124,308 4.35

    800,001 1,000,000 2 1,925,897 3.95

    1,000,001 8 33,680,250 68.99

    1,741 48,817,712 100.00

  • - 26 -

    ()

    100430

    (%)

    14,558,849 29.82%

    8,398,844 17.20%

    2,513,298 5.15%

    2,353,160 4.82%

    2,073,433 4.25%

    1,435,028 2.94%

    1,215,452 2.49%

    1,132,186 2.32%

    983,034 2.01%

    942,863 1.93% ()

    98 99

    100

    4 30

    26.4 41.5 37.60

    8.71 23.3 30.90

    18.00 32.56 34.17

    17.49 18.68 19.70

    ( 1 15.91

    ()( 2) 49,354 48,280 48,320

    2.08 3.53 1.24

    1.6

    8.65 9.20 11.25

    8.89%

    1

    2

    3

    4

    5

    6

    7

  • - 27 -

    8

    () 1.

    2. 100 3 28 99 2.9 139,541,365

    3.

    ()

    :

    488,177,120

    ()

    ()

    ()

    ()

    ( 1)

    ( 1)

    1

  • - 28 -

    () 1.

    (1)

    (2)

    (3)

    2.

    3. (1) 99 100 3 28

    ()

    5,211 - 4,800

    99 5,211

    3,600 4,800

    1,200

    100

    (2) (3) (96) 052

    99

    3.54 3.54

    4. (98) 98 99 6 18

    ()

    4,950 4,950 3,000 3,000

  • - 29 -

    ()

    100 4 30

    98/4/1~98/5/31 98/6/8~98/7/30

    7.65~15 8.05~17.55

    /1,000,000 /1,350,000

    11,519,256 17,023,611

    1,000,000 1,350,000

    700,000 700,000

    % 1.37% 1.37%

    ()

  • - 30 -

    ()

    1.

    A.

    B.

    C.

    D.

    2.

    1,261,974 88.71%

    144,736 10.18%

    15,819 1.11%

    1,422,529 100.00%

    3.

    A.()

    B. 3C

    4.

    A. AXFS04-55 SMD Inductor

    :PDA/NOTE BOOK/DESKTOP/SERVER ,

    (VRMs,DC-DC VOLTAGE REGULATOR MODULES)

    (DC-DC CONVERTER),.

    B. AXS01-10 SMD Inductor

    AX01-10 ,,(EMI).

    :PDA/NOTE BOOK/DESKTOP .

    C. PQF20 EQF25 Inductor

    (DC-DC CONVERTER).

    D.1KW Power Planar Transformer

    ,,

    ,.

  • - 31 -

    E.

    F.

    G. LED

    H.

    ()

    1.

    A.

    3C

    3C

    3C

    B.

  • - 32 -

    Uninterruptible Power SupplyUPSLinear Power

    SupplyLPSSwitching Power SupplySPS

    AC/DC/ DC/DC/

    AC/DC DC/DC AC/DC

    70~80%

    2009

    2010 2,030

    15.9% 2010

    20.8% 2010

    2011 2011

    2010 12.9% 7,322

    IMF

    2011 4.2% 3.7%

    6.5%2011

    2,000 3.03%

    4.49% 2010

    1,102 2010 23.4% 2011

    2012 1,810

  • - 33 -

    2.

    PCB

    ICPCB

  • - 34 -

    3.

    A.

    Power Choke

    B.

    (1)SPS

    SPS

    PCLCD TVLED

    LCD TV 3

    LCD TV CRT TV 2009 LCD TV

    42% LCD TV

    ASP 2011 LCD TV

    15% 2009 1.26 2010 1.46

    2008 2009

    2010 1,000 2012 1,178

    LED 2007~2012

    LED 28.5%2012 LED 52.9

    (2)PC SPS 39%

    PC SPS 7

    PC

    SPS Clone

  • - 35 -

    Vista Graphic card

    ENERGY SPAR

    4.

    ()

    1.

    \ 99 98 97 96 95

    20,226 24,257 29,322 24,925 19,304

    2.

    90 1.Inverter Transformer

    2.

    91 SMD Inductor AX02

    92 1.100/1000 Base-T TRANSFORMER

    2.SMD Indcutor AX104RAX05

  • - 36 -

    93

    1. AX06,AX07 2. Current Sense Transformer (C/T) AXT5E Model 3. Planar Transformer 20W-100W

    94

    1. M05.M04.A05.A04 2. Planar Transformer 50W-200W 3. HID 4. 5. IT

    95

    1.Planar Transformer 200W-400W

    2.TCT30 TCT40 TCT50

    3.199W 32 282W 42LCD TV

    4.720P1080P

    96

    1.4.6KW

    2.CMT8100

    3.Planar Transformer

    4.Planar Transformer NB

    5.200W320W500W

    6.LED-100W LED-150W

    97 1.65W100W320W

    98

    1.Plannar Transformer LED TV

    2.Plannar Transformer

    3.DC/DC Power 150W

    4.LED 60W

    99 1. Auto-Motive. 2.AEU65WAEU350WABU125W

    ()

    1.

    A. Acumen Electronics, Inc.ATU

    ATU

    B.

    C.

    LCD MonitorNotebookPDA

    D./IC

    ICIC

    E.

  • - 37 -

    F.

    2.

    A.

    B.

    C.

    D.

    ()

    1.

    %

    99 98

    51,452 3.62 43,347 4.86

    172,127 12.10 87,753 9.84

    373,528 26.26 295,730 33.15

    825,422 58.02 465,378 52.15

    1,371,077 96.38 848,861 95.14

    1,422,529 100.00 892,208 100.00

    2.

    99 1,268,259

    145,220

    3.

    A.

    (A)

    Inverter Transformer DC/DC AC/DC

    ,

    , 3 ~ 5

  • - 38 -

    2011 8.9%

    1.2% 2011 2010

    15.6%

    (B)

    LED

    PC

    LCD TV

    AC/DC

    B.

    (A)

    (B)

    4.

    A.

    SMD Inductor Inverter Transformer

  • - 39 -

    B.

    C.

    5.

    1.

    (A)

    (B)

    ADSLGigabit LAN

    (C)

    86 ISO-900291 ISO-9001 95 ISO-14001

    (D)

  • - 40 -

    (E)

    99 64% 1.5

    2.

    (A)

    (B)

    (C)

    3.

    (A)

    (B)

    (C)

    ()

    1.

    A.

    B.

  • - 41 -

    2.

    Hi-pot

    Markin

    3.

    Hi-pot

    OK OK

  • - 42 -

    ()

    PCB

  • - 43 -

    ()()

    1. 10%

    %

    99 98 100

    %

    %

    %

    1 Best

    Culture1,140,559 97.67

    Best

    Culture 661,443 99.05

    Best

    Culture

    272,257 97.36

    2 27,168 2.33 6,342 0.95 7,374 2.64

    1,167,727 100.00 667,785 100.00 279,631 100.00

    1

  • - 44 -

    2. 10%

    %

    99 98 100

    %

    %

    %

    1 OL 407,856 28.67 OL 251,159 28.15 OL 102,740 27.83

    2 PT 169,658 11.92 PT 132,247 14.82 AC 53,231 14.42

    3 AC 148,809 10.46 AC 150,042 16.82 PR 31,717 8.59

    696,240 48.95 358,760 40.21 181,547 49.17

    1,422,529 100.00 892,208 100.00 369,235 100.00 1

  • - 45 -

    3.

    (1)

    99 98

    (2)

    ()

    99 98

    1,123,390 1,114,269 48,487 648,222

    77 32,076 22 13,200

    31,136 21,382 18,446 6,363

    0 0 0 0

    1,154,604 1,167,727 66,955 667,785

    ()

    99 98

    3,603 39,988 72,758 1,221,986 3,890 36,472 46,114 799,342

    0 0 986 144,736 0 0 511 48,096

    0 0 277 957 0 0 55 285

    0 11,464 0 3,398 0 29 0 7,984

    3,603 51,452 74,021 1,371,077 3,890 36,501 46,680 855,707

  • - 46 -

    98 99

    100 4 30

    0 0 0 60 57 54

    60 57 54

    39.83 40.919 41.445 6.02 7.165 7.598

    8.33 6.15 7.69 21.66 21.54 20.00

    50 41.54 36.92

    (%) 20 18.46 18.46

    ()

    ()(

    )

    ()

    1.

    a.

    b.

    c.

    d.

    e.

    f.

    2.

    99

  • - 47 -

    3.

    4.

    5.

    6.

    6

    2010 3

    IFRS 48

    7

    4

    LED 12

    (IFRS) 42

    (XBRL) 5.5

    ERP - 3

    XBRL 3.5

    - 36

    30

  • - 48 -

    a.

    b.

    c.

    d.

    e.

    7.

    a.

    b.

    c.

    d.

    8.

    ()

  • - 49 -

    ()

    1

    99 98 97 96 95

    100331

    3

    735,812 557,428 400,836 554,680 390,188 700,789

    536,044 520,076 486,700 478,703 415,760 566,650

    ( 2) 86,919 93,501 96,370 104,199 98,391 86,251

    0 0 0 0 0 0

    64,089 89,614 92,108 89,177 189,139 63,757

    1,422,864 1,260,619 1,076,014 1,226,759 1,093,478 1,417,447

    464,572 374,515 267,921 268,979 259,222 399,955

    4 451,503 287,514 338,939 293,558 4

    4,473 628 0 0 0 3,834

    41,702 31,646 24,387 32,536 31,839 51,722

    510,747 406,789 292,308 301,515 291,061 455,511

    4 483,777 311,901 371,475 325,397 2

    488,177 488,177 511,677 502,167 482,853 488,177

    151,322 150,204 154,433 154,433 103,270 151,322

    283,164 189,832 107,596 236,007 194,146 328,733

    4 112,844 88,003 163,537 140,496 4

    1,816 6,768 (19,279) 0

    0 (838)

    2,716 33,927 44,357 32,637 22,148 9,620

    (15,078) (15,078) (15,078) 0 0 (15,078)

    912,117 853,830 783,706 925,244 802,417 961,936

    4 776,842 764,113 855,284 768,081 4

    1

    2

    3100

    499

  • - 50 -

    ()

    1

    99 98 97 96 95

    100 3 31

    2

    1,422,529 892,208 1,067,275 1,223,267 1,012,972 371,761

    277,974 182,141 178,527 224,728 170,969 69,988

    159,518 67,257 (21,460) 103,568 69,218 65,239

    73,906 50,600 18,144 24,352 33,946 28,558

    21,132 4,990 62,625 9,566 8,903 7,901

    212,292 112,867 (65,941) 118,354 94,261 56,989

    170,320 102,547 (55,941) 95,511 74,543 45,569

    170,320 102,547 (55,941) 95,511 74,543 45,569

    3.53 2.08 (1.10) 1.9 1.48 0.94

    1

    2100

    ()

    1.

    95

    96

    97

    98

    99

    2.

  • - 51 -

    ()

    1

    2 99 98 97 96 95

    100331

    3

    35.90 32.27 27.17 24.58 26.62

    32.14

    (

    1,049.98 913.18 813.23 887.96 815.54 1,115.28

    158.38 148.84 149.61 206.22 150.52 175.22

    151.42 146.36 130.35 184.01 135.49 172.66

    1,379.52 469.33 (121.11) 256.62 125.19 256.56

    3.92 3.42 4.33 5.02 4.96 3.42

    93 107 84 73 74 107

    49.59 22.41 17.92 23.07 23.27 51.23

    37.56 12.24 4.92 7.98 4.99 33.72

    7 16 20 16 16 7

    16.2 9.46 10.90 11.60 10.30 17.12

    0.99 0.70 0.98 0.99 0.93 1.04

    12.70 8.79 (4.82) 8.26 7.12 3.22

    19.29 12.52 (6.55) 11.06 9.67 4.86

    32.68 (4.19) 14.34 33.00 33.00 7.44

    43.49 (12.89) 19.52 22.00 22.00 11.67

    12.10 11.6 (5.33) 7.90 7.90 3.09

    3.53 2.08 (1.10) 1.90 1.90 0.94

    -7.64 36.58 51.01 27.36 27.36 4.81

    94.71 149.35 86.38 85.43 99.10 89.03

    -11.45 12.92 9.29 2.81 2.65 1.85

    1.49 1.50 (6.28) 1.76 2.12 32.19

    1.00 1.00 0.98 1.00 0.99 1.01

  • - 52 -

    20

    1.

    2.+15%-13%+21%-56%

    3. 44%54%880%437%4.3%70%

    4. 121% 189%

    5. 0.6%

    1.

    (1)

    (2)

    2.

    (1)

    (2)

    (3)

    3.

    (1)() (

    )

    (2)365

    (3)

    (4)() (

    )

    (5)365

    (6)

    (7)

    4.

    (1)

    (2)

    (3)

    (4) 4

    5.

    (1)

    (2)()

    (3)()()

    6.

    (1)()

    (2) ()

  • - 53 -

    219

  • ~54~

    99 98

    ( 6292)

    38-1

    (03)355-4556

  • ~55~

    99 98

    1

    2 ~ 3

    4

    5

    6

    7

    8

    9 ~ 32

    () 9

    () 9 ~ 13

    () 13

    () 13 ~ 21

    () 21 ~ 23

    () () 23

    () 23 ~ 24

    () 24

    () 24

  • ~56~

    () 24 ~ 26

    () 27 ~ 31

    1. 27 ~ 28

    2. 29 ~ 31

    3. 31

    () 32

    33 ~ 41

  • ~63~

    (2)

    (3)

    (4)

    ()

    1.

    2.

    /

    3.

    4. 97 9 26

    34 104

    ()

    1.

    2.

    /

    3.

    ()

    1.

    2.

    ()

    ()

  • ~64~

    ()

    98 1 1

    ()

    1. 20

    2. 94 1 1

    3.

    ()

    1.

    2.

    50 310

    3.

    4.

    ()

    ()

  • ~65~

    18

    ()

    1.

    ()

    2.

    3. 10%

    ()

    1.

    2. 97 1 1 ()

    3.-

    4.

    ()-

    97 1 1 ()

    ()

    97 1 1 96

    3 16 (96) 052

    97 3

    31 (97) 127

    ()

  • ~66~

    ()

    ()

    ()

    98 1 1

    98

    ()

    99 12 31 98 12 31

    $ 208 $ 197

    73,977 164,489

    106,005 15,116

    $ 180,190 $ 179,802

    ()/

    99 12 31 98 12 31

    $ 65,052 $ 53,798

    1,425 ( 3,682

    )

    $ 66,477 $ 50,116

    1. 99 98

    ()$6,403 $2,907;

    ()$0 $2,284

    2.

    99 11 50

    99 12 100 5 100 1

  • ~67~

    ()

    99 12 31 98 12 31

    $ 1,627 $ 9,554

    1,703 5,286

    $ 3,330 $ 14,840

    1. 97

    34 104

    97 9 26 $19,093

    (1) 99 98 12 31

    99 12 31

    /

    98 12 31

    /

    $

    3,330

    $

    14,840

    (2) 99 98 1 1 12 31

    99 1 1 12 31

    98 1 1 12 31

    ()

    ()

    $ - ($

    3,583)

    $ - $ 10,662

    97 9 26

    97 9 26 99 12 31

    ()

    97 9 26 98 12 31 $ 5,286

    99 1 1 12 31 ( 3,583

    )

    $ 1,703

    (3) 99 98

    $3,841 $1,075

    2.

  • ~68~

    ()

    99 12 31 98 12 31

    $ 381,348 $ 244,759

    ( 21,697

    )

    ( 24,428

    )

    $ 359,651 $ 220,331

    ()

    99 12 31

    $ 865 ($

    257)

    $ 608

    16,488 ( 2,355

    )

    14,133

    17,619 - 17,619

    $ 34,972 ($

    2,612)

    $ 32,360

    98 12 31

    $ 603 ($

    253)

    $ 350

    8 - 8

    9,594 ( 1,654

    )

    7,940

    984 - 984

    $ 11,189 ($

    1,907)

    $ 9,282

    99 1 1 12 31

    98 1 1 12 31

    $ 1,143,850 $ 708,746

    705 1,321

    $ 1,144,555 $ 710,067

    ()

    99 12 31 98 12 31

    AXIS Investment Holdings

    Co., Ltd.

    $ 324,305 100% $ 304,331 100%

  • ~69~

    Acumen Electronics Inc. 42,615 100% 36,897 100%

    102,615 24.01% 107,704 25.08%

    Best Culture Co., Ltd. 17,523 100% 19,882 100%

    Power Land International Ltd. - - 2,144 100%

    47,497 100% 47,629 100%

    $ 534,555 $ 518,587

    1. 99 98 $49,447

    $36,232

    2. 99 98

    12,838 12,146

    -

    ()-

    99 12 31 98 12 31

    $ 66,580 $ 66,580

    - ( 66,580

    )

    ( 66,580

    )

    3,267 2,730

    $ 3,267 $ 2,730

    ()

    99 12 31 98 12 31

    $ 71,000 $ -

    1.33% -

    ()

    1.

    94 7 1

    6 15 ()

    15 45

    2 %

    (1)

    99 12 31 98 12 31

    1.75% 2.25%

  • ~70~

    1.75% 2.25%

    3.00% 3.00%

    (2)

    99 12 31 98 12 31

    ($

    4,461)

    ($

    3,198)

    ( 9,374

    )

    ( 9,112

    )

    ( 13,835

    )

    ( 12,310

    )

    ( 6,033

    )

    ( 5,497

    )

    ( 19,868

    )

    ( 17,807

    )

    5,235 4,681

    ( 14,633

    )

    ( 13,126

    )

    3,298 3,711

    ( 4,403

    )

    ( 6,141

    )

    ($

    15,738)

    ($

    15,556)

    ($

    4,886)

    ($

    3,198)

    (3)

    99 98

    $ 199 $ 490

    401 362

    ( 75

    )

    ( 29

    )

    136 39

    $ 661 $ 862

  • ~71~

    2. 94 7 1

    6%

    99 98

    $1,780

    $1,855

    ()

    99 98 12 31 $1,000,000 (

    $100,000

    $360,000) 48,118 (

    700 ) 10 ()

    ()

    ()

    1.

    (1)

    (2)

    (3)

    2.

    50%

    3.

    4. 99 6 18 98 6 19 98

    97

    98 97

    () ()

    $ 10,255 $ -

  • ~72~

    - -

    76,988 $ 1.60 19,593 $ 0.39

    $ 87,243 $ 19,593

    99 6 18 $76,988

    98 99 3 30

    99 100 3 25

    5. 99 98 $5,211

    $3,150$3,600 $4,800 99

    98

    3% 4%2% 6%

    98 $4,950 $3,000 98

    $3,150 $4,800

    ()

    1. 99 98 "

    99 1 1 12 31

    700 - - 700

    98 1 1 12 31

    700 - - 700

    - 2,350 2,350 -

    700 2,350 2,350 700

    2. 98 8 14 2,350

    3.

    99 98 12

    31 $15,078

    4.

    5.

  • ~73~

    ()

    1.

    99 98

    $ 21,009 $ 8,405

    12,579 2,462

    () 927 ( 8,792

    )

    7,457 8,245

    $ 41,972 $ 10,320

    $ 40,442 $ 10,320

    10% 1,530 -

    $ 41,972 $ 10,320

    2.

    99 12 31 98 12 31

    $ 9,958 $ 1,693 $ 4,234 $ 847

    12,838 2,183 14,128 2,825

    91,369 15,532 94,100 18,820

    2,612 444 5,708 1,142

    ()

    $ 19,852 $ 23,634

    ($ 83,710) ($ 14,231) ($ 29,345) ($ 5,869)

    15,721 2,672 15,536 3,107

    ($ 11,559) ($ 2,762)

    3.

    99 12 31 98 12 31

    87 $ 194,516 $ 111,439

    4.

    99 12 31 98 12 31

    (1) $ 24,997 $ 30,011

  • ~74~

    99 () 98 ()

    (2) 23.65% 34.51%

    5. 98

    97

    ()

    99

    ()

    $212,292 $170,320 48,118 $ 4.41 $ 3.54

    - - 162

    $212,292 $170,320 48,280 $ 4.40 $ 3.53

    98

    ()

    $112,867 $102,547 49,223 $ 2.29 $ 2.08

    - - 130

    $112,867 $102,547 49,354 $ 2.29 $ 2.08

    97

  • ~75~

    ()

    99 98

    $ 69,035 $ 49,770

    2,918 2,905

    2,441 2,717

    1,615 1,059

    () 4,195 5,257

    172 312

    ()

    Best Culture Co., Ltd. (Best Culture)

    Acumen Electrnoics, Inc. (Acumen)

    AXIS Investment Holdings Co., Ltd.

    (Holdings)

    Power Land International Ltd.

    (Power Land)

    ( 99 12)

    ()

    ()

    ()

    ()

    1.

    99 98

  • ~76~

    Acumen $ 148,297 11 $ 150,030 17

    90

    2.

    99

    98

    Best Culture $ 11,464 77 $ 6,849 85

    512 4 16 -

    $ 11,976 81 $ 6,865 85

    Best Culture

    3.

    99

    98

    Best Culture $ 1,140,559 98 $ 661,443 99

    (1)

    (2) 99 98

    $170,356 $74,151

    99

    98 $13,929 $5,886 Best

    Culture

    4.

    99

    98

    $ 1,767 34 $ 1,773 42

    5.

    99 12 31 98 12 31

    Acumen $ 38,490 10 $ 38,460 15

  • ~77~

    839 - 1,154 -

    $ 39,329 10 $ 39,614 15

    6.

    99 12 31 98 12 31

    Holdings $ 3,964 30 $ 3,977 31

    734 6 1,262 10

    $ 4,698 36 $ 5,239 41

    7.

    99 12 31 98 12 31

    Best Culture $ 291,869 90 $ 300,555 93

    900 - - -

    $ 292,769 90 $ 300,555 93

    8.

    99

    Acumen USD1,000 99.1 $ - 4.8% $ 323

    USD 1,000

    98

    Acumen USD1,000 98.1 USD1,000 4.8% $ 1,227

    - $ 31,990 ()

    $ 1,000 98.5 $ - - $ -

    USD 1,000

    9.

    99 98

    $ 5,880 $ 5,840

    2,476 2,406

    8,811 7,950

    $ 17,167 $ 16,196

  • ~78~

    (1)

    (2)

    (3)

    (4)

    10.

    99 12 31 98 12 31

    Best Culture USD 2,000 USD 3,500

    Acumen 1,500 -

    1,000 1,000

    Holdings - 500

    USD 4,500 USD 5,000

    ()

    99 1231 98 12 31

    $ 500 $ 500

    1.()

    2. AXIS Investment Holdings Co., Ltd. 96 12 31

    Glory Hill Holdings Limited Tong Lin

    International Co.,Ltd. USD2,200,000

    USD1,100,000

    -Best Culture Co., Ltd. Glory Hill Holdings

    Limited () USD2,000,000

    USD2,500,000 USD4,500,000

    USD826,150

    Tong Lin International Co.,Ltd. 97 12 30

    USD4,500,000

    98 1 16

    97

  • ~79~

    ()

    99 12

    31

    $ 603,604 $ - $ 603,604

    -

    66,477 66,477 -

    3,330 3,330

    1,489 - -

    436,121 - 436,121

    98 12

    31

    $ 454,630 $ - $ 454,630

    -

    50,116 50,116 -

    14,840 14,840

    1,489 - -

    31,990 - 31,990

    360,379 - 360,379

    1.

    2.

  • ~80~

    3.

    ()

    1.

    ()

    2.

    3.

    ()

    1.

    (1)

    99 12 31

    98 12 31

    () ()

    $ 17,677 29.13 $ 12,564 31.99

    515 38.92 223 46.10

    354 45.19 150 51.60

    13,197 29.13 11,355 31.99

    10,561 29.13 9,951 31.99

    (2)

    (3)

    (4)

    2.

    (1)

  • ~81~

    (2)

    (3)

    3.

    4.

    (1)

    (2)

    (3)

    1%$710

  • ~82~

    ()

    1.

    () ()

    Acumen Electronics USD 100 $ - 4.80% $ - $ - - $ - $ 182,423 $ 364,847

    Inc.

    2.

    ( 1) ()

    AXIS Investment Holding Co., Ltd. $ 182,423 USD 50 $ - $ - - $ 456,059

    Best Culture Co., Ltd. 182,423 USD 350 USD 200 - 6.39% 456,059

    Acumen Electronics inc. 182,423 USD 150 USD 150 - 4.79% 456,059

    182,423 USD 100 USD 100 - 3.19% 456,059

  • ~83~

    3.

    AXIS Investment Holdings Co., Ltd. 7,759,914 $ 324,305 100.00% $ 329,468

    Acumen Electronics Inc. 114,000 42,615 100.00% 44,139

    Best Culture Co., Ltd. 50,000 17,523 100.00% 18,852

    Power Land International Ltd. - - - -

    - 47,497 100.00% 47,497

    8,646,358 102,615 24.01% 102,615

    $ 534,555

    - 132,000 $ 2,627 $ 2,627

    16,260 703 703

    $ 3,330

    ()

    -

    1,681,500 27,577 27,577

    () 2,000,000 26,900 26,900

    300,000 12,000 12,000

    $ 66,477

    - $ 1,489 1,489

    ( ) 1,500,000 2,000,000

    4.

    5.

    6.

    7.

    ()

    ()

    ()

    () ()

    Best Culture Co., Ltd. $ 1,140,559 98% ($ 291,869) (89%)

    Acumen Electronics, Inc. 148,297 (11%) 38,490 10%

    ( )

    8.

  • ~84~

    9. ( )

    ()

    1.

    () ()

    AXIS Investment $ 254,827 $ 254,827 7,759,914 100% $ 324,305 $ 42,560 $ 43,171

    Holdings Co.,

    Ltd.

    Best Culture Co., 1,643 1,643 50,000 100% 17,523 14 1,510

    Ltd.

    Power Land - - - - - ( 19) ( 97)

    International Ltd.

    Acumen Electronics USD1,640 USD1,640 114,000 100% 42,615 11,259 9,681

    Inc.

    $ 50,000 $ 50,000 - 100% 47,497 1,237 1,237

    104,988 104,988 8,646,358 24.01% 102,615 ( 24,390) ( 6,055)

    AXIS Investment USD3,430 USD3,430 - 100% USD8,243 USD1,357

    Holdings Co.,

    Ltd.

    2.

    (1)

    ( 3) ( 1) ( 1)

    Best Culture

    Co., Ltd.

    ()

    ( 2)

    USD250 USD250 1%

    $ - (USD250) - $ - $ 182,423 $ 364,847

    1

    2 AXIS Investment Holdings Co., Ltd. 96 12 Glory Hill Holdings Limited Glory Hill Holdings Limited

    ( )

    3

    (2)

  • ~85~

    () ()

    AXIS Investment $ 182,423 USD 50 $ - $ - - $ 456,059

    Holding Co., Ltd.

  • ~86~

    (3)

    /

    /

    AXIS Investment Holdings Co., Ltd. - USD8,243 100% USD8,243

    () - 551,250 $ 28,468 $ 28,500

    200,970 8,692 8,692

    -

    224,200 3,677 3,677

    ( ) 175,000 200,000

    500,000

    (4)

    (5)

    (6)

    (7)

    ()

    ()

    ()

    () ()

    Best Culture Co., Ltd. $ 1,109,246 100% ($ 145,482) (100%)

    () ( 1,140,559) (100%) 291,869 100%

    Acumen Electronics 148,297 77% ( 38,490) (100%)

    (8)

    Best Culture co., Ltd. $

    291,869

    3.82 $

    -

    $

    -

    Best Culture Co., Ltd.

    145,482

    7.2

    -

    -

    (9)

    A. 99 12 31

    ()

    a

  • ~87~

    .

    CNY 39,741 100.01.12~100.6.15 USD 31,336 USD 31,336

    (SELL USD/BUY CNY) (USD 6,000)

    b.Best Culture Co., Ltd.

    (CNY39,546) 100.01.14~100.6.17 (USD 24,012) (USD 24,012)

    (SELL CNY/BUY USD) USD 6,000

  • ~88~

    B.

    99 12 31 USD83,809( 99 12 31

    USD7,324)

    ()

    1.

    32,497

    USD3,335 - - USD3,335 100% 42,614

    ( 1)

    240,121

    1

    USD7,030 ( 2) USD7,674 $ 547,270

    2 96 12 ( ) USD3,695

    2. ( )( )

  • ~89~

    ()

    ()

    99 98

    ()

    99 98

    99 98

    % %

    $ 825,422 58 $ 465,378 52

    373,528 26 295,730 33

    172,127 12 87,753 10

    $ 1,371,077 96 $ 848,861 95

    ()

    99 98 10%

    99

    A $

    407,856

    29

    C

    169,658

    12

    Acumen

    148,809

    10

    $

    726,323

    51

    98

    A $

    251,159

    28

    Acumen

    150,042

    17

    C

    132,247

    15

    $

    533,448

    60

  • 99 12 31

    ~90~

    $ 208

    300

    21,558

    USD1,651 29.13 48,102

    4,017

    EUR430 38.92 16,736

    GBP330 , 45.19 14,913

    5,900

    USD2,350 29.13 68,456

    $ 180,190

    ()

  • 99 12 31

    ~91~

    OSRAM Lighting Control Systems Limited. $ 174,214

    Payton Planar Magnetics Ltd. 33,112

    Precision Inc. 31,048

    SCHAUDT GmbH Elektrotechnik&App.bau 23,702

    Puls Elekcronische Stromersorgungen GmbH 21,887

    20,214

    77,171

    5%

    381,348

    ( 21,697

    )

    $ 359,651

    ()

  • 99 1 1 99 12 31

    ~92~

    ()

    AXIS Investment Holdings Co.,

    Ltd.

    7,759,914 $ 304,331 - $ 43,170 - $ - ($ 23,196) 7,759,914 100% 324,305 42 $ 329,468

    Best Culture Co., Ltd. 50,000 19,882 - 1,509 - - ( 3,868) 50,000 100% 17,523 350 18,852

    Power Land International Ltd. - 2,144 - - - ( 2,112) ( 32) - - - - -

    Acumen Electronic, Inc. 114,000 36,897 - 9,681 - - ( 3,963) 114,000 100% 42,615 374 44,139

    8,646,358 107,704 - - - ( 4,937) ( 152) 8,646,358 24.01% 102,615 12 102,615

    - 47,629 - - - ( 132) - - 100% 47,497 - 47,497

    $ 518,587 $ 54,360 ($ 7,181) ($ 31,211) $ 534,555

  • 99 1 1 99 12 31

    ~93~

    ()

    $ 31,234 $ - $ - ($

    2,453)

    $ 28,781

    78,229 399 - ( 6,315

    )

    72,313

    1,590 - - - 1,590

    1,360 1,640 ( 615

    )

    - 2,385

    5,495 1,665 - - 7,160

    - 49 - - 49

    $117,908 $ 3,753 ($

    615)

    ($

    8,768)

    $ 112,278

  • 99 1 1 99 12 31

    ~94~

    ()

    $ 18,917 $ 3,180 $ - ($

    2,842)

    19,255

    1,302 40 - - 1,342

    998 178 ( 401

    )

    - 775

    3,190 797 - - 3,987

    $ 24,407 $ 4,195 ($

    401)

    ($

    2,842)

    $ 25,359

    ()

  • 99 12 31

    ~95~

    $ 71,000 1.33% $ 150,000

    ()

  • 99 1 1 99 12 31

    ~96~

    76,361 PCS $ 1,268,259

    986 PCS 145,220

    277 PCS 957

    14,862

    1,429,298

    ( 5,247

    )

    ( 1,522

    )

    $ 1,422,529

    ()

  • 99 1 1 99 12 31

    ~97~

    $ 11,189

    1,167,727

    ( 34,972

    )

    ( 94

    )

    705

    $ 1,144,555

    ()

  • 99 1 1 99 12 31

    ~98~

    $ 48,360

    3,649

    3,641

    11,984 5%

    $ 67,634

    ()

  • ~99~

    99 98

    ( 6292)

    38-1

    (03)355-4556

  • ~100~

    99 98

    1

    2 ~ 3

    4

    5

    6

    7

    8

    9

    10 ~ 36

    () 10 ~ 11

    () 11 ~ 15

    () 15

    () 15 ~ 24

    () 24 ~ 25

    () () 25

    () 25

    () 25

  • ~101~

    () 25

    () 25 ~ 28

    () 29 ~ 34

    1. 29 ~ 31

    2. 31 ~ 33

    3. 33

    4.

    33 ~ 34

    () 34 ~ 36

  • ~109~

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    1. 50%

    2.

    3.

    ()

    ()

    1.

    2.

    ()

    1.

    (1)

    (2)

    (3)

    (4)

    2.

    (1)

    (2)

    (3)

    (4)

  • ~110~

    ()

    1.

    2.

    /

    3.

    4. 97 9 1 97 9 26

    34 104

    ()

    1.

    2.

    /

    3.

    ()

    ()

    ()

    98 1 1

    ()

    1.

    2.

  • ~111~

    ()

    1. 20

    2. 94 1 1

    3.

    ()

    1.

    2. 10%

    50 310

    3.

    4.

    ()

    15

    ()

    ()

    ()

    1.

  • ~112~

    ()

    2.

    3. 10%

    ()

    18

    ()

    1.

    2. 97 1 1 ()

    3.-

    4.

    ()-

    97 1 1 ()

    ()

    97 1 1 96

    3 16 (96) 052

    97 3

    31 (97) 127

    ()

    ()

    ()

  • ~113~

    ()

    98 1 1

    98

    ()

    99 12 31 98 12 31

    $ 642 $ 1,333

    135,980 188,291

    160,572 34,092

    $ 297,194 $ 223,716

    ()

    99 12 31 98 12 31

    $ 68,577 $ 57,323

    1,577 ( 3,965

    )

    70,154 53,358

    76 960

    $ 70,230 $ 54,318

    1. 99 98

    ()9,643 32,608

    ()$0 22,697

    2.

    99 12 31

    ()

    - USD 6,000 100.01.12~100.06.15

    - USD 6,000 100.01.14~100.06.17

  • ~114~

    98 12 31

    ()

    - USD 3,500 99.01.15~99.05.17

    - USD 3,500 99.01.19~99.05.19

    3.

    99 11 50

    99 12 100 5 100 1

    ()

    99 12 31 98 12 31

    $ 38,675 $ 48,238

    1,816 6,769

    $ 40,491 $ 55,007

    97

    34 104 97

    7 1 9 26 $58,350

    1. 99 98 12 31

    99 12 31

    /

    98 12 31

    /

    $ 40,491 $ 55,007

    2. 99 98 1 1 12 31

    99 1 1 12 31

    98 1 1 12 31

    ()

    ()

    $ - ($

    4,953)

    $ - $ 26,048

    97 9 1 97 9 26

  • ~115~

    97 9 1 99 12 31

    ()

    97 9 1 98 12 31 $ 6,769

    99 1 1 12 31 ( 4,953

    )

    $ 1,816

    3. 99 98

    $3,967 $1,064

    ()

    99 12 31 98 12 31

    - $ 410,162 $ 281,371

    ( 22,639

    )

    ( 24,622

    )

    $ 387,523 $ 256,749

    ()

    99 12 31

    $ 62,540 ($

    4,298)

    $ 58,242

    $ 53,084 ($

    545)

    52,539

    107,783 ( 5,453

    )

    102,330

    1,449 - 1,449

    $ 224,856 ($

    10,296)

    $ 214,560

    98 12 31

    $ 41,689 ($

    3,343)

    $ 38,346

    34,222 ( 600

    )

    33,622

    59,825 ( 4,495

    )

    55,330

    2,138 - 2,138

    $ 137,874 ($

    8,438)

    $ 129,436

  • ~116~

    99 1 1 12

    31

    98 1 1 12

    31

    $

    1,031,646

    $

    603,206

    1,858

    5,422

    ( 2,36

    7)

    ( 1,39

    7)

    $

    1,031,137

    $

    607,231

    ()

    99 12 31 98 12 31

    $ 102,615 24.01% $ 107,704 25.08%

    99 98 $6,055

    $2,806

    ()-

    99 12 31 98 12 31

    $ 40,327 $ 37,611

    70,546 70,135

    3,169 4,159

    10,095 14,923

    $ 124,137 $ 126,828

    ()-

    99 12 31 98 12 31

    $ 146,993 $ 146,993

    - ( 146,993

    )

    ( 146,993

    )

    5,059 5,551

    $ 5,059 $ 5,551

    ()

    99 12 31 98 12 31

    $ 114,695 $ -

    1.33~2.66% -

  • ~117~

    ()

    99 12 31 98 12 31

    $ 54,814 $ 36,345

    15,730 2,058

    8,811 7,950

    11,898 16,959

    $ 91,253 $ 63,312

    ()

    1.

    94 7 1

    6 15 ()

    15 45

    2 %

    (1)

    99 12 31 98 12 31

    1.75% 2.25%

    1.75% 2.25%

    3.00% 3.00%

    (2)

    99 12 31 98 12 31

    ($

    4,461)

    ($

    3,198)

    ( 9,374

    )

    ( 9,112

    )

    ( 13,835

    )

    ( 12,310

    )

    ( 6,033

    )

    ( 5,497

    )

    ( 19,868

    )

    ( 17,807

    )

    5,235 4,681

    ( 14,633

    )

    ( 13,126

    )

    3,298 3,711

  • ~118~

    ( 4,403

    )

    ( 6,141

    )

    ($

    15,738)

    ($

    15,556)

    ($

    4,886)

    ($

    3,198)

    (3)

    99 98

    $ 199 $ 490

    401 362

    ( 75

    )

    ( 29

    )

    136 39

    $ 661 $ 862

    2. 94 7 1

    6%

    99 98

    $1,780

    $1,855

    3.

    99 98

    5,369 3,523

    ()

    99 98 12 31 $1,000,000 (

    $100,000

    $360,000) 48,118 (

    700 ) 10

    ()

    ()

  • ~119~

    ()

    1.

    (1)

    (2)

    (3)

    2.

    50%

    3.

    4. 99 6 18 98 6 19 98

    97

    98 97

    () ()

    $ 10,255 $ -

    - -

    76,988 $ 1.60 19,593 $ 0.39

    $ 87,243 $ 19,593

    99 6 18 $76,988

    98 99 3 30

    99 100 3 25

    5. 99 98 $5,211

    $3,150$3,600 $4,800 99

    98

    3% 4%2% 6%

    98 $4,950 $3,000 98

    $3,150 $4,800

  • ~120~

    ()

    1. 99 98 "

    99 1 1 12 31

    700 - - 700

    98 1 1 12 31

    700 - - 700

    - 2,350 2,350 -

    700 2,350 2,350 700

    2. 98 8 14 2,350

    3.

    98 97 12

    31 $15,078

    4.

    5.

    ()

    1.

    99 98

    $ 37,419 $ 15,948

    - ( 585

    )

    12,579 ( 104

    )

    () 1,338 ( 8,792

    )

    ( 5,669

    )

    ( 3,221

    )

    19,033 9,036

    () $ 64,700 $ 12,282

    $ 63,170 $ 12,282

  • ~121~

    10% 1,530 -

    $ 64,700 $ 12,282

    2.

    99 12 31 98 12 31

    $ 9,958 $ 1,693 $ 4,234 $ 847

    12,838 2,183 14,128 2,825

    91,369 15,532 94,100 18,820

    7,639 3,008 10,735 3,706

    ()

    $ 22,416 $ 26,198

    ($ 83,710) ($ 14,231) ($ 29,345) ($ 5,869)

    15,721 2,672 15,536 3,107

    ($ 11,559) ($ 2,762)

    3.

    99 12 31 98 12 31

    87 $ 194,516 $ 111,439

    4.

    99 12 31 98 12 31

    (1) $ 24,997 $ 30,011

    99 () 98 ()

    (2) 23.65% 34.51%

    5. 98

    97

    ()

    99

    ()

    $235,020 $170,320 48,118 $ 4.88 $ 3.54

    - - 162

  • ~122~

    $235,020 $170,320 48,280 $ 4.87 $ 3.53

    98

    ()

    $114,829 $102,547 49,223 $ 2.33 $ 2.08

    - - 130

    $114,829 $102,547 49,354 $ 2.33 $ 2.08

    97

    ()

    99 98

    99

    200,324 130,065 330,389

    782 5,199 5,981

    5,370 4,305 9,675

    3,612 7,525 11,137

  • ~123~

    () 4,950 8,958 13,908

    - 2,972 2,972

    98

    104,832 108,940 213,772

    433 4,754 5,187

    3,523 4,448 7,971

    4,317 3,607 7,924

    () 5,668 9,993 15,661

    9 3,352 3,361

    ()

    ()

    Acumen Active Co., Ltd.

    ()

    1.

    99

    98

    $ 1,767 34 $ 1,773 42

    2.()

    99

    Acumen Active

    Co., Ltd.

    99.1 USD 500 $ - 3.9% $ 156

    $ -

    98

  • ~124~

    Acumen Active

    Co., Ltd.

    98.1 USD 500 USD 500 3.9% $ 644

    $ 15,995 ()

    USD 500,000

    3.

    99 98

    $ 12,843 $ 13,376

    2,476 2,406

    8,811 7,950

    $ 24,130 $ 23,732

    (1)

    (2)

    (3)

    (4)

    ()

    99 12 31

    98 12 31

    $ 500 $ 500

    AXIS Investment Holdings Co., Ltd. 96 12 31

    Glory Hill Holdings Limited Tong Lin

    International Co.,Ltd. USD2,200,000

    USD1,100,000

    -Best Culture Co., Ltd. Glory Hill Holdings Limited

    () USD2,000,000

    USD2,500,000 USD4,500,000 USD826,150

    ()

    Tong Lin International Co.,Ltd. 97 12 30

    USD4,500,000

    98 1 16

    97

  • ~125~

    ()

    98 99

    ()

    99 12

    31

    $ 707,090 $ - $ 707,090

    70,154 70,154 -

    40,491 40,491

    1,489 - -

    412,424 - 412,424

    76 - 76

    98 12 31

    $ 493,467 $ - $ 493,467

    - 54,318 54,318 -

    55,007 55,007 -

    1,489 - -

    198,550 - 198,550

    960 - 960

  • ~126~

    1.

    2.

    3.

    ()

    1.

    (

    )

    2.

    3.

    ()

    1.

    (1)

    99 12 31 98 12 31

    () ()

    $ 16,307 29.13 $ 11,079 31.99

    515 38.92 223 46.10

    354 45.19 150 51.60

    779 29.13 362 31.99

    1,972 6.5897 1,358 6.827

    (2)

  • ~127~

    (3)

    2.

    (1)

    (2)

    3.

    4.

    (1)

    (2)

    (3)

    1%

    $1,147

  • ~128~

    ()

    1.

    () ()

    Acumen Electronics USD 100 $ - 4.80% $ - $ - - $ - $ 182,423 $ 364,847

    Inc.

    2.

    ( 1) ()

    AXIS Investment Holding Co., Ltd. $ 182,423 USD 50 $ - $ - - $ 456,059

    Best Culture Co., Ltd. 182,423 USD 350 USD 200 - 6.39% 456,059

    Acumen Electronics inc. 182,423 USD 150 USD 150 - 4.79% 456,059

    182,423 USD 100 USD 100 - 3.19% 456,059

  • ~129~

    3.

    AXIS Investment Holdings Co., Ltd. 7,759,914 $ 324,305 100.00% $ 329,468

    Acumen Electronics Inc. 114,000 42,615 100.00% 44,139

    Best Culture Co., Ltd. 50,000 17,523 100.00% 18,852

    Power Land International Ltd. - - - -

    - 47,497 100.00% 47,497

    8,646,358 102,615 24.01% 102,615

    $ 534,555

    - 132,000 $ 2,627 $ 2,627

    16,260 703 703

    $ 3,330

    ()

    -

    1,681,500 27,577 27,577

    () 2,000,000 26,900 26,900

    300,000 12,000 12,000

    $ 66,477

    - $ 1,489 1,489

    ( ) 1,500,000 2,000,000

    4.

    5.

    6.

    7.

    ()

    ()

    ()

    () ()

    Best Culture Co., Ltd. $ 1,140,559 98% ($ 291,869) (89%)

    Acumen Electronics, Inc. 148,297 (11%) 38,490 10%

  • ~130~

    ( )

    8.

    9. ( )

    ()

    1.

    () ()

    AXIS Investment $ 254,827 $ 254,827 7,759,914 100% $ 324,305 $ 42,560 $ 43,171

    Holdings Co.,

    Ltd.

    Best Culture Co., 1,643 1,643 50,000 100% 17,523 14 1,510

    Ltd.

    Power Land - - - - - ( 19) ( 97)

    International Ltd.

    Acumen Electronics USD1,640 USD1,640 114,000 100% 42,615 11,259 9,681

    Inc.

    $ 50,000 $ 50,000 - 100% 47,497 1,237 1,237

    104,988 104,988 8,646,358 24.01% 102,615 ( 24,390) ( 6,055)

    AXIS Investment USD3,430 USD3,430 - 100% USD8,243 USD 1,357

    Holdings Co.,

    Ltd.

    2.

    (1)

    ( 3) ( 1) ( 1)

    Best Culture

    Co., Ltd.

    ()

    ( 2)

    USD250 USD250 1%

    $ - (USD250) - $ - $ 182,423 $ 364,847

    1

    2 AXIS Investment Holdings Co., Ltd. 96 12 Glory Hill Holdings Limited Glory Hill Holdings Limited

    ( )

    3

  • ~131~

    (2)

    () ()

    AXIS Investment $ 182,423 USD 50 $ - $ - - $ 456,059

    Holding Co., Ltd.

    (3)

    /

    /

    AXIS Investment Holdings Co., Ltd. - USD8,243 100% USD8,243

    () - 551,250 $ 28,468 $ 28,500

    200,970 8,692 8,692

    -

    224,200 3,677 3,677

    ( ) 175,000 200,000

    500,000

    (4)

    (5)

    (6)

    (7)

    ()

    ()

    ()

    () ()

    Best Culture Co., Ltd. $ 1,109,246 100% ($ 145,482) (100%)

    () ( 1,140,559) (100%) 291,869 100%

    Acumen Electronics 148,297 77% ( 38,490) (100%)

    (8)

    Best Culture co., Ltd. $

    291,869

    3.82 $

    -

    $

    -

    Best Culture Co., Ltd. 7.2

  • ~132~

    145,482 - -

    (9)

    A. 99 12 31

    ()

    a

    .

    CNY 39,741 100.01.12~100.6.15 USD 31,336 USD 31,336

    (SELL USD/BUY CNY) (USD 6,000)

    b.Best Culture Co., Ltd.

    (CNY39,546) 100.01.14~100.6.17 (USD 24,012) (USD 24,012)

    (SELL CNY/BUY USD) USD 6,000

  • ~133~

    B.

    99 12 31 USD83,809( 99 12 31

    USD7,324)

    ()

    1.

    32,497

    USD3,335 - - USD3,335 100% 42,614

    ( 1)

    240,121

    1

    USD7,030 ( 2) USD7,674 $ 547,270

    2 96 12 ( ) USD3,695

    2.

    ( )( )

    ()

    1.99

    0 Acumen Electronics, Inc. $ 148,297 90 10%

    38,490 - 3%

    Best Culture Co., Ltd. 1,140,559

    73%

    291,869 - 21%

    1 Best Culture Co., Ltd. 1,109,246

    71%

    145,482 - 10%

  • ~134~

    2.98

    0 Acumen Electronics, Inc. $ 150,303 90 16%

    38,460 - 3%

    31,990 - 3%

    Best Culture Co., Ltd. 661,443

    71%

    300,555 - 27%

    1 Best Culture Co., Ltd. 645,352

    70%

    162,631 - 15%

    1

    1. 0

    2. 1

    2

    1.

    2.

    3.

    3

    ()

  • ~135~

    ()

  • ~136~

    99

    $ 1,262,256 $ 291,599 $ - $ - $ 1,553,855

    160,273 14,169 2,243,297 ( 2,417,739

    )

    -

    $ 1,422,529 $ 305,768 $ 2,243,297 ($

    2,417,739)

    $ 1,553,855

    $ 159,518 $ 20,921 $ 47,594 $ 13,127 $ 241,160

    1,275

    ( 6,055

    )

    ( 1,360

    )

    $ 235,020

    $ 886,820 $ 133,933 $ 878,236 ($

    593,160)

    $ 1,305,829

    536,044 - - ( 431,940

    )

    104,104

    $ 1,422,864 $ 133,933 $ 878,236 ($

    1,025,100)

    $ 1,409,933

    98

    $ 735,313 $ 194,495 $ - $ - $ 929,808

    156,895 1,504 1,305,449 ( 1,463,848 -

  • ~137~

    )

    $ 892,208 $ 195,999 $ 1,305,449 ($

    1,463,848)

    $ 929,808

    $ 67,257 ($

    5,817)

    $ 26,989 $ 4,207 $ 92,636

    20,302

    2,806

    ( 915

    )

    $ 114,829

    $ 740,544 $ 130,165 $ 787,596 ($

    656,783)

    $ 1,001,522

    520,075 - - ( 410,882

    )

    109,193

    $ 1,260,619 $ 130,165 $ 787,596 ($

    1,067,665)

    $ 1,110,715

  • ~138~

    ()

    99 98

    10%

    99 98

    % %

    $ 825,422 53 $ 464,542 50

    530,014 34 $ 341,677 37

    172,127 11 87,483 9

    $ 1,527,563 98 $ 893,702 96

    ()

    99 98

    10%

    99

    %

    A $ 407,856 26

    B 169,658 11

    $ 577,514 37

    98

    %

    A $ 251,159 27

    B 132,149 14

    $ 383,308 41

  • - 139 -

    99 98

    %

    735,812 557,428 178,384 32.00% 536,044 520,076 15,968 3.07% 86,919 93,501 -6,582 -7.04% 64,089 89,614 -25,525 -28.48% 1,422,864 1,260,619 162,245 12.87% 464,572 374,515 90,057 24.05% 4,473 628 3,845 612.26% 41,702 31,646 10,056 31.78% 510,747 406,789 103,958 25.56% 488,177 488,177 0 0.00% 151,322 150,204 1,118 0.74% 283,164 189,832 93,332 49.17% -10,546 25,617 -36,163 -141.17% 912,117 853,830 58,287 6.83%

    ()

    ()

    ()

    ()

    ()

  • - 140 -

    (

    99 98

    (%)

    1,422,529 892,208 530,321 59%

    1,145,247 722,213 423,034 59%

    277,282 169,995 107,287 63%

    117,764 102,738 15,026 15%

    159,518 67,257 92,261 137%

    73,906 50,600 23,306 46%

    21,132 4,990 16,142 323%

    212,292 112,867 99,425 88%

    41,972 10,320 31,652 307%

    $170,320 $102,547 67,773 66%

    20%

    1.

    2.

    3.

    4.

    5.

    (

    (

    (

  • - 141 -

    ()

    0.35

    0.41

    0.056

    ()

    ()

    ()

    ()

    ()

    AXIS Investment

    Holdings Co., Ltd. 324,305

    ()

    102.615

    Acumen

    Electronics,Inc.

    42,615

    47,497

    (

    1.

    2.

    ()

    (99/12/31) (99 ) (99) (99/12/31)

    179,802 (35,506) 35,894 180,190

  • - 142 -

    1.

    2.:

    (1).

    (2).

    Black-Scholes model

    (3).()

    (Bloomberg)

    1 PTB-10001/ALT48-5IK 99/3/25 99/06/28 2 PTB-10002/ALT39-5IK 99/4/28 99/06/17 3 PTB-10003/CLS120-180A 99/9/03 99/10/20 4 PTD-10001/CLS35-110 99/8/06 99/08/23 5 PTD-10002/CLS60-180D 99/8/20 99/08/25 6 PTD-10003/CLS30-100D 99/8/20 99/08/25 7 PTD-10004/CLS45-140D 99/8/20 99/08/25 8 /PTE-10001-(CLS60-80) 99/1/11 99/01/21 9 /PTE-10002-(AEU350) 99/1/23 99/07/28

  • - 143 -

    1. 98% Best Culture Co.,Ltd. 100%

    100%

    2. 43%

    ():

  • - 144 -

    () 361 200

    ()

    :

    ()

    \ 3 4-6 7-12 1~2 2

    0 0 0 20% 50%

    / 0 0 20% 50% 100%

  • - 145 -

    1.

    AXIS CORPORATION

  • - 146 -

    2.

    1994.1.6

    RMB32,497

    2001.4.19 4

    7510

    NTD360,110

    AXIS INVESTMENT HOLDINGS

    CO., LTD

    2002.1.21 Beaufort House, P.O. Box

    438,Road Town, Tortola,

    British Virgin Islands

    USD7,760

    BEST CULTURE CO., LTD 2001.4.20 Tropic Isle Building,

    P.O. Box 438,Road Town,

    Tortola, British Virgin

    Islands

    USD50,000

    Acumen Electronics, Inc. 2003.11.01 22520-B Temescal Canyon

    Rd.Corona, CA 92883, USA

    USD1,640

    2008.05.23 1

    38-1

    NTD50,000

  • - 147 -

    3.

    AXIS INVESTMENT HOLDINGS

    CO., LTD

    BEST CULTURE CO., LTD

    Acument Electronics, Inc

    AXIS INVESTMENT HOLDINGS CO., LTD

    ()

    ()

    ()

    ()

    William Dull

    RMB32,497

    -

    1.001

    1,479

    8,646

    501

    984

    -

    362

    -

    -

    -

    USD7,760

    USD 50

    USD 114

    100.00%

    -

    2.78%

    4.11%

    24.01%

    1.39%

    2.73%

    -

    1.01%

    -

    -

    -

    100.00%

    100.00%

    100.00%

    :,

  • - 148 -

    4.

    -

    -

    143,653 419,664 179,544 240,120 1,110,125 58,292 42,761 NA

    360,110 493,081 65,698 427,383 528,067 871 -24,390 -0.69

    AXIS INVESTMENT

    HOLDINGS CO., LTD 226,046 332,469 3,001 329,468 - -55 42,560 5.48

    BEST CULTURE CO., LTD 1,643 319,426 300,574 18,852 1,133,047 -10,609 14 0.28

    Acumen Electronics,

    Inc. 36,932 133,933 89,794 44,139 305,768 20,921 11,259 98.76

    50,000 47,497 - 47,497 - 668 1,237 NA

    99 138

  • - 149 -

  • vivian