蜂林天然产品有限公司

B&BNaturalProductsLimitedAnnualReport2004B&BNaturalProductsLimited*(formerlyknownasBee&BeeNaturalLifeProductsLimited*)2004B&BNaturalProductsLimited*(formerlyknownasBee&BeeNaturalLifeProductsLimited*)(IncorporatedintheCaymanIslandswithlimitedliability)ANNUALREPORT2004CHARACTERISTICSOFTHEGROWTHENTERPRISEMARKET(“GEM”)OFTHESTOCKEXCHANGEOFHONGKONGLIMITED(THE“STOCKEXCHANGE”)GEMhasbeenestablishedasamarketdesignedtoaccommodatecompaniestowhichahighinvestmentriskmaybeattached.Inparticular,companiesmaylistonGEMwithneitheratrackrecordofprofitabilitynoranyobligationtoforecastfutureprofitability.Furthermore,theremayberisksarisingoutoftheemergingnatureofcompanieslistedonGEMandthebusinesssectorsorcountriesinwhichthecompaniesoperate.Prospectiveinvestorsshouldbeawareofthepotentialrisksofinvestinginsuchcompaniesandshouldmakethedecisiontoinvestonlyafterdueandcarefulconsideration.ThegreaterriskprofileandothercharacteristicsofGEMmeanthatitisamarketmoresuitedtoprofessionalandothersophisticatedinvestors.GiventheemergingnatureofcompanieslistedonGEM,thereisariskthatsecuritiestradedonGEMmaybemoresusceptibletohighmarketvolatilitythansecuritiestradedontheMainBoardandnoassuranceisgiventhattherewillbealiquidmarketinthesecuritiestradedonGEM.TheprincipalmeansofinformationdisseminationonGEMispublicationontheInternetwebsiteoperatedbytheStockExchange.Listedcompaniesarenotgenerallyrequiredtoissuepaidannouncementsingazettednewspapers.Accordingly,prospectiveinvestorsshouldnotethattheyneedtohaveaccesstotheGEMwebsiteinordertoobtainup-to-dateinformationonGEM-listedissuers.TheStockExchangetakesnoresponsibilityforthecontentsofthisreport,makesnorepresentationastoitsaccuracyorcompletenessandexpresslydisclaimsanyliabilitywhatsoeverforanylosshowsoeverarisingfromorinrelianceuponthewholeoranypartofthecontentsofthisreport.Thisreport,forwhichthedirectorsofB&BNaturalProductsLimitedcollectivelyandindividuallyacceptfullresponsibility,includesparticularsgivenincompliancewiththeRulesGoverningtheListingofSecuritiesontheGrowthEnterpriseMarketofTheStockExchangeforthepurposeofgivinginformationwithregardtotheCompany.Thedirectors,havingmadeallreasonableenquiries,confirmthat,tothebestoftheirknowledgeandbelief:(1)theinformationcontainedinthisreportisaccurateandcompleteinallmaterialrespectsandnotmisleading;(2)therearenoothermatterstheomissionofwhichwouldmakeanystatementinthisreportmisleading;and(3)allopinionsexpressedinthisreporthavebeenarrivedatafterdueandcarefulconsiderationandarefoundedonbasesandassumptionsthatarefairandreasonable.(1)(2)(3)12359131524252627282931622FCCAFCPAFCCAFCPA1519916837716-2020CenturyYard,CricketSquareHutchinsDrive,P.O.Box2681GT,GeorgeTownGrandCayman,BritishWestIndies35330(B&BNaturalProductsLimited)(B&BGroupHoldingsLimited)51.342%87,075,000TheWineInstituteofAsiaTheInternationalWineChallengeofAsiaFDAB&B6600B&BB&BB&B7162513,715,0003,185,000137,466,000179,555,000132,054,00042,101,00033,207,0000.290.1636.2%32.5%845,000,00042,453,00020.83%35,330,00046,000,00042,455,0009101020.83%11B&B1260%136656068534343ShawKwei&PartnersSecurityPacificBankTudorInvestmentCorp1466DRUG26010523511394915250.52,401,0001.36,257,00014221920232416(i)0.51.7(ii)5.52.03.40.21.22.012.6014.014.00.40.427.620.31.171169965.0918XVXV783525.465.67262,080,0001,380,000263,460,0001262,080,0001,380,000263,460,000231,730,0001,730,000BestFrontier90919104BestFrontier190991051.262,080,000BestFrontierInvestmentsLimitedBestFrontier99.89%0.11%2.262,080,000BestFrontier99.89%0.11%3.1,380,0004.11BestFrontier5.9091BestFrontier1918/10/20020.234,000,000(4,000,000)18/10/20020.234,000,000(4,000,000)18/10/20020.234,000,000(4,000,000)18/10/20020.232,600,000(1,730,000)870,00014,600,000(13,730,000)870,0000.230.4650%(a)(b)(c)(d)20(e)(f)10XVXV783525.465.6718213365%BestFrontierInvestmentsLimited262,080,00054.45%OppenheimerFunds,Inc.26,000,0005.40%ChinaValueInvestmentLimited24,620,0005.11%1AsianValueInvestmentFund,L.P.24,620,0005.11%11.ChinaValueInvestmentLimitedAsianValueInvestmentFund,L.P.AsianValueInvestmentFund,L.P.3365%6.3532240.8%13.6%75.6%33.6%5%235.345.455.485.6756242561P03525255192,97188,337(141,394)(54,913)51,57733,4245167536(8,865)(7,600)(11,050)(6,519)631,82919,8417(691)(1,569)31,13818,27210(1,861)6929,27718,341(264)(332)29,01318,009128,6586,000136.534.92136.344.7426143,5474,1321558231161912453,8711,7347,6676,342186,0244,2051941,4777,0073021,13514,0762,004110,91951,830179,55579,1222010,7686,5199573462130,3769,76242,10116,627137,45462,495145,12168,8374,8244,327212,831137,46664,510224,8134,00024132,65360,510137,46664,51025612717107,42742,73888585,0042,628367,720941,1874912113,00014,187491(6,467)(397)100,96042,341224,8134,0002496,14738,341100,96042,3412864,51013,6222498982429,01318,00924(6,647)(2,000)44,16044,16024(1,705)(9,289)8,12672,94750,880137,46664,5102931,82919,841(89)(308)679546542771814521731733221633,41720,360(2,035)(609)(13,695)5,3004,249(8,475)21,93616,576(691)(1,224)(1,250)(184)719,99515,17589308(617)(647)(2,1