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Ouruniquesupplychainmodelincorporatestailor-made“IVAS”thatincludemetalprocessing,qualitycontrolandinventoryservices,marketintelligence,technicalresearchandsupport,andaftersalesservicestosupportcustomers’wide-rangingbusinessrequirements.OurIVASensurethatcustomerscanenjoyone-stop,multi-dimensionalsupportthatultimatelyenhanceproductionefficiency,reducecostsandstreamlinetheirproductionprocess.我們獨有的供應鏈模式結合了專為客戶而設的綜合增值服務，包括金屬熔煉、品質監控及存貨服務、市場資訊、技術研究及支援與售後服務，以滿足客戶之多方面需求。本集團之綜合增值服務確保客戶享有一站式及全方位支援，從而提升生產效益、減低成本及精簡生產程序。ManagementDiscussionandAnalysis管理層討論及分析LeeKeeHoldingsLimitedAnnualReport200620ManagementDiscussionandAnalysis管理層討論及分析ChanYuenShan,Clara陳婉珊ChiefExecutiveOfficer行政總裁OverallBusinessPerformanceYear2006wasanencouragingyearforLEEKEE.Therevenuehasjumped75.7%year-on-yearbasistoHK$5,522millionandhaspushedthecompoundannualgrowthrate(“CAGR”)ofthepast5yearsto47.7%,grossprofitmarginandnetprofitmarginhasalsobeenimprovedto9.7%from9.1%,andto7.0%from6.4%respectively.BasicearningspershareanddilutedearningspersharewereHK59.34centsandHK58.84centsrespectively,representinga75.9%and74.4%year-on-yeargrowthrespectively.整體業務表現利記於二零零六年的業績令人鼓舞。收益按年上升75.7%至5,522,000,000港元，令過去五年的複合年增長率上升至47.7%，而毛利率及淨利率則分別由9.1%改善至9.7%及由6.4%改善至7.0%。每股基本盈利及攤薄盈利分別為59.34港仙及58.84港仙，分別按年增長75.9%及74.4%。Year2006wasanencouragingyearforLEEKEE.TheGroupwaslistedintheStockExchangeandhasachievedrecordrevenuesandnetprofitsforfivestraightyearssuccessively.二零零六年為利記值得鼓舞的一年。本集團於聯交所成功上市，而收益及純利亦連續五年創新高。利記控股有限公司二零零六年年報21Withacontinualstrengtheningofdistributionchannelandafavourablemetalpriceenvironment,theGroupcontinueditsrobustgrowthinrevenueacrossallprincipalbusinesslines.Therevenueofzincalloyandspecialhigh-gradezinc(“SHGzinc”)hasincreasedby91.7%year-on-yeartoHK$4,396million(accountsfor79.6%oftheGroup’srevenue);nickelandnickel-relatedproductshasincreasedby37.6%year-on-yeartoHK$770million(accountsfor13.9%oftheGroup’srevenue);aluminiumalloyandaluminiumingothasincreasedby57.6%year-on-yeartoHK$220million(accountsfor4.0%oftheGroup’srevenue).TheChinesegovernmenthasimplementedseveralnewmeasuresonexporttaxrebatesandproductsprohibitedfromprocessingforre-exportsduringthe4thquarterof2006.Thetimeinvolvedtoadoptthemeasureshadrenderedsomecustomers,inparticularwithinthePearlRiverDeltaregion,todelaytheirorderplacing.Moreover,theGrouphastightenedcreditcontrolandholdbackcertaincreditsalesinthelastquarterinviewofthespirallingmetalpricesthatwitnessedzinchittinghistoricalhighinNovember2006.Asaresult,thetotaltonnagesoldin2006hasexperiencedaslightdropof4.7%year-on-yearto196,000metrictonnesfrom205,000metrictonnes.TheGroup’spolicyistocontinuesourcingreliablemetalsuppliesandidentifywaystoenrichourintegratedvalue-addedservices.WiththebenefitofthispolicyandtheimpactofthestrongmetalpriceonthestrategiclevelofinventoryheldbytheGroup(theinventoryturnoverdaysisinarangeof30to45days),wehaveimprovedourgrossprofitmarginto9.7%from9.1%,andourgrossprofitincreasedtoHK$538millionfromHK$285million(a88.5%year-on-yearincrement).StreamliningoftheGroup’sdistributionoperationhelpedusreducethedistributionandsellingexpensesby8.0%year-on-yeartoHK$15.4millionfromHK$16.8million,whiletherevenuehasrecordeda75.7%increment,thetonnagesoldhasrecordeda4.7%drop.Thesecanfurtherexplainoftheimprovementofthenetprofitmarginto7.0%from6.4%,andofthenetprofitattributabletoequityholderstoHK$389millionfromHK$202million(a92.0%year-on-yearincrement).由於分銷渠道持續加強及金屬價格向好的環境，本集團的所有主要業務的收益均繼續錄得強勁增長。鋅合金及特高級純鋅（「特高級純鋅」）的收益按年上升91.7%至4,396,000,000港元（佔本集團收益的79.6%）、鎳及鎳相關產品的收益按年上升37.6%至770,000,000港元（佔本集團收益的13.9%），鋁合金及純鋁錠的收益則按年上升57.6%至220,000,000港元（佔本集團收益的4.0%）。中國政府於二零零六年第四季實施若干有關出口退稅及禁止加工以作轉口的產品的新措施。新措施涉及的適應時間導致一些客戶（特別是於珠江三角州內）延遲發出訂單。此外，由於金屬價格不斷攀升，鋅的價格更於二零零六年十一月創下歷史新高，本集團已於第四季收緊信貸控制及暫緩部份信貸銷售。因此，二零零六年售出的總噸數從205,000公噸按年微跌4.7%至196,000公噸。本集團的政策是繼續採購可靠的金屬供應，並尋求方法提升我們的綜合增值服務。受惠於此政策及強勁金屬價格對本集團所維持的策略性存貨水平的影響（存貨週轉日數介乎30至45日），我們的毛利率從9.1%上升至9.7%，而毛利則從2.85億港元增加至5.38億港元（按年上升88.5%）。本集團精簡其分銷營運有助集團把分銷及銷售開支從16,800,000港元減低至15,400,000港元，按年減幅達8.0%。收益錄得75.7%的增長，而售出噸數則下跌4.7%，此可進一步解釋本集團的淨利率從6.4%上升至7.0%，而股權持有人應佔溢利則從2.02億港元上升至3.89億港元（按年升幅為92.0%）。LeeKeeHoldingsLimitedAnnualReport200622MANAGEMENTDISCUSSIONANDANALYSIS管理層討論及分析MetalProsessing金屬熔煉GlobalSourcing全球採購Shipping貨物INTEGRATEDVALUEADDEDSERVICES綜合增值服務BusinessReviewAsaleadingnon-ferrousmetalssupplychainmanagementgroup,LEEKEEspecialisesinmetalprocessing,sourcinganddistribution.TheGroupsourcesanddistributesnon-ferrousmetals,primarilydie-castingzincalloyandSHGzinc,nickelandnickel-relatedproducts,die-castingaluminiumalloyandaluminiumingot,andotherelectroplatingchemicals(includingchemicalsofpreciousmetals,suchassilver,goldandrhodium).ItcontinuedtobethelargestzincalloyimporterinthePRCinyear2006,withtotalsalesofzincalloymakingupapproximately76%ofthetotalzincalloyimportvolumeofthecountry.業務回顧利記作為具領導地位之有色金屬供應鏈管理集團，專注金屬熔煉、採購及分銷業務。本集團採購及分銷之有色金屬主要為壓鑄鋅合金、特高級純鋅、鎳及鎳相關產品、壓鑄鋁合金及鋁錠以及其他電鍍化工原料（包括貴金屬化工原料，如銀、金及銠）。於二零零六年，本集團繼續為中國最大之鋅合金進口商，其鋅合金之總銷售佔國家鋅合金進口量約76%。利記控股有限公司二零零六年年報23InventoryManagement倉儲管理CustomerServices客戶服務Transportation運輸Inadditiontosourcing