Dear Shareholders,

WALPHONE is pleased to report that the share price increase by a amount too
big. Although we are not worlds leading cell phone provider, level of profit
and shareholder return is always on top 3. In other hand, because a good
coordinated plan between outsourcing and production, we are leader of unit
lower cost, therefore, our profit made up more 50%.
This success is the result of corporate mission Rule 1: Never Lose Money!
Rule 2: Never forget Rule 1..
By adhering to this mission statement, WALPHONE is focused on
investissment some items; controlling seriously cash-flow and ratios of finance
and specializing production based on weakness of each area. By planning
research and development years in advance for two technologies WALPHONE
was able to avoid large unnecessary capital outlays and reduce maximally the
unit cost.
In general, this market environment had not big fluctuation except the
increasing of tariffs and some financial indicators which influence the price and
logistic: this cake is dividend by 08 firms (include WALPHONE) with the
trend demand and weakness (th hiu) are defined. Therefore, that is the reason
why we follow our strategy.
However, in the third year of business, WALPHONE made a grave error
because of WALPHONEs inexact estimated decision. By neglecting research
and development, it found itself two years behind the competition in the debut
of high level technology. This led to an array of problems that plagued the
organization for several years. Having gone through this hardship
WALPHONE made it a point to learn from experiences thus establishing an
environment for knowledge creation. Immediately, we had a turning-point
decision which bring us to top 3 again and unbelievable profit.
Looking forward, WALPHONE try to recovery our market share by attention

on price and sales growth. In addition, improving the share price is our target in
long-term.