SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
                             ______________________

                                    FORM 6-K

                        REPORT of Foreign Private Issuer

                    Pursuant to Rule 13a-16 or 15d-16 of the
                         Securities Exchange Act of 1934

                          For the month of October 2003

                         Commission File Number: 0-16673

                            Nam Tai Electronics, Inc.
               (Exact name of registrant as specified in charter)

                             British Virgin Islands
                         (Jurisdiction of organization)


           116 Main Street, Road Town, Tortola, British Virgin Islands
                    (Address of principal executive offices)
          Registrant's telephone number, international: + 852-2341-0273


     Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.

            Form 20-F X               Form 40-F __

     Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): __

     Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): __

     Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                          Yes __                No X

     If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-________

<PAGE>

This Form 6-K consists of the following:


1.   Press release of Nam Tai Electronics, Inc., dated October 24, 2003,
     announcing its financial results for the third second quarter of its 2003
     fiscal year.

<PAGE>

NAM TAI ELECTRONICS, INC.                             THIRD QUARTER NEWS RELEASE
REPRESENTED BY PAN PACIFIC I.R. LTD.                     CONTACT:  Lorne Waldman
1790-999 WEST HASTINGS STREET                                          President
VANCOUVER, BC, CANADA  V6C 2W2                    E-MAIL: shareholder@namtai.com
TEL: (604) 669-7800   FAX: (604) 669-7816         WEB:  www.namtai.com
TOLL FREE TEL/FAX: 1-800-661-8831

                            NAM TAI ELECTRONICS, INC.
Q3 Income From Operations Up 198% to $9.9 Million vs. $3.3 Million,
                              EPS $0.23 vs. $0.19

VANCOUVER, CANADA -- October 24, 2003 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NYSE Symbol: NTE; CBOE Symbol: QNA) today announced unaudited
results for the third quarter ended September 30, 2003.

KEY HIGHLIGHTS
(In thousands of US Dollars, except as otherwise stated)
<TABLE>
<CAPTION>
                                             Quarterly Results            Nine Months Results
<S>                                            <C>       <C>       <C>        <C>       <C>       <C>

                                              Q3/03      Q3/02     YoY(%)    9M/03     9M/02      YoY(%)

Net sales                                     93,157    56,872     63.8     297,852   160,400      85.7
Income from operations                         9,854     3,305    198.2      29,622    13,439     120.4
                  per share(diluted)            0.26      0.10    160.0        0.80      0.42      90.5
Net income (1)                                 8,392     6,054     38.6      30,096    14,054     114.1
                          % of sales             9.0%     10.6%                10.1%      8.8%
Basic earnings per share (2) & (3)              0.23      0.19     21.1        0.83      0.45      84.4
Diluted earnings per share (2) & (3)            0.23      0.19     21.1        0.81      0.44      84.1

Note:     (1)  Net income already included the deduction of professional fee $702K in relation to
               the recently discontinued stock offering. For details, please refer to the
               consolidated statements of income.
          (2)  All share and earnings per share data have been adjusted for the 3 for 1 stock split
               effective June 30, 2003.
          (3)  The number of outstanding shares (diluted) increased from 36.91 million in second
               quarter of 2003 to 37.29 million in the third quarter of 2003 as a result of the
               exercise of stock options.
</TABLE>

With $13.8 million of net cash provided by operating activities in the third
quarter of 2003, the Company continues to maintain a strong financial position,
with approximately $85.5 million of cash on hand.

Supplementary Information (Unaudited) for the Third Quarter of 2003
1. Quarterly Sales Breakdown
   (In thousands of US Dollars)

  Quarter           2002        2003          YoY(%)             YoY(%)
                                           (Quarterly)   (Quarterly accumulated)
1st Quarter        (a)51,217       87,981        71.8%                    71.8%
2nd Quarter        (a)52,311      116,714       123.1%                    97.7%
3rd Quarter           56,872       93,157        63.8%                    85.7%
4th Quarter           75,616
Total                236,016      297,852

Note:(a)  Sales of battery packs for the first and second quarters of 2002 were
          $5.10 million and $2.75 million respectively. Upon the disposal of our
          interest in BPC, a joint venture, on April 30, 2002, revenue from
          battery packs was no longer included in the total sales.

<PAGE>

2. Net Sales Breakdown by Product Segment
                                           2003                    2002

   Segment                           3rd Quarter   YTD      3rd Quarter   YTD
                                         (%)       (%)         (%)        (%)
   Assembling:
    - LCD Consumer Products               26%      32%         42%        38%
    - Telecom. Components Assembly        63%      57%         37%        45%
   Software Development Services           1%       1%          1%         1%
   Parts & Components :
    - LCD Panels                          10%       8%         14%        11%
    - Transformers                         0%       2%          6%         5%
                                         100%     100%        100%       100%

   Note: In June 2003, we sold our transformers operation to a third party.

   Assembling  included  finished  goods and  modules,  together  with  Software
   Development  Services  collectively  termed as Consumer  Electronic  Products
   ("CEP"), while parts and components including LCD panels and transformers are
   termed ("LPT") for business segment classification.

3. Financial Position
<TABLE>
<CAPTION>
                                             (unaudited)                (audited)
                                          As at September 30,       As at December 31,
<S>                                     <C>             <C>                <C>

                                        2003            2002              2002
   Cash on Hand                    $85.5 million    $57.5 million     $82.5 million
   Cash/Current Liabilities             1.21            1.35              1.21
   Current Ratio                        2.57            2.75              2.29
   Total Assets/Total Liabilities       4.21            4.12              3.88
   Debtors Turnover                    61 days        67 days           79 days
   Inventory Turnover                  17 times      10 times          10 times
</TABLE>

   "The Company has been listed in the United States for 15 years and moved from
   NASDAQ to the New York Stock  Exchange  ("NYSE") in January 2003. In these 15
   years,  Nam  Tai has  delivered  solid  financial  performance  and has  been
   profitable each year.

   Our results for this quarter are also  encouraging with per share income from
   operations  of  $0.26.  Despite  the  expenses  incurred  for  the  Company's
   discontinued  stock  offering  and an increase  in the number of  outstanding
   shares  caused by the  exercise of stock  options by our  employees,  we were
   still able to achieve an EPS of $0.23,  an increase of 21.1% when compared to
   the EPS for the third quarter of 2002, after adjustment for the stock split,"
   said Mr. Tadao Murakami, Chairman of Nam Tai.

   "Net sales for the  quarter  increased  by 63.8% and income  from  operations
   increased 198.2% when compared with the third quarter of 2002. However, sales
   in this quarter are comparatively  lower than the sales in the second quarter
   for the following reasons:

   a. As mentioned in our analysts  conference for the second quarter this year,
      we  accelerated  our  production  schedule,  and built up inventory in the
      second quarter because of concerns over SARS to minimize any  interruption
      of our  business.  By  agreement of our  customers,  we were able to shift
      shipments of such inventory from the third quarter to the second  quarter.

<PAGE>

   b. The  production  of cellular  phones in semi knocked down ("SKD") form did
      not  commence  in the third  quarter  because of a change in design by our
      customer.  However,  we are  pleased  to  announce  that the  pilot run of
      cellular phones in SKD form was completed now within October 2003 and mass
      production has been scheduled to start in November 2003.

   c. Furthermore,  some of our  customers  discontinued  production  of some of
      their older model  products in the third quarter and placed orders with us
      for their new models.  The  production of those new models  started by the
      end of  third  quarter  and will  contribute  to our  sales in the  fourth
      quarter.

   Despite these factors,  we have still been able to deliver  encouraging third
   quarter results which exceeded  management's  expectations.  The gross profit
   margin of 17% for the quarter  again beat the  Company's  target gross profit
   margin of 15%.

   With  sales  of our  customers'  new  models  picking  up and the  launch  of
   production  of various  new  products,  accordingly,  the Company has started
   recruiting an additional  1,000  workers.  The Company will continue to adopt
   its  diversified  business  strategy and will  endeavour to maintain a steady
   business   growth  to  bring   sustainable   and  healthy   returns  for  our
   shareholders," said Mr. Murakami.

Third Quarter Results Analyst Conference Call
---------------------------------------------

The Company will hold a conference call for analysts on Monday, October 27, 2003
at 10:00 a.m. Eastern Time to discuss the third quarter results with management.
Shareholders,  media and interested  investors are invited to listen to the live
conference call over the internet by going to www.namtai.com and clicking on the
conference  call link, or over the phone by dialing (651) 224-7497 just prior to
its start time.  Callers  will be asked to  register  with the  conference  call
operator.

Dividends
---------

The record date for the fourth  quarter  dividend of $0.05 per share is December
31, 2003 and the payment date is January 21, 2004.

Special Cash Dividend and Stock Dividend
----------------------------------------

To celebrate  its fifteen  consecutive  profitable  years,  and  especially  the
remarkable performance of the Company in this year and its fifteenth anniversary
of listing,  since its IPO in 1988,  and its move to the NYSE earlier this year,
the Board of Directors  is pleased to declare a special  cash  dividend of $0.80
per share,  plus the issue of a stock dividend to  shareholders  at the ratio of
one  dividend  share for every 10 shares held by the  shareholders.  The special
dividend and the stock  dividend are a reward for the loyalty and support of the
shareholders of the Company.

The record  date for such  special  dividend  and stock  dividend is November 7,
2003. No action is required on the part of  shareholders  to receive the special
dividend and dividend  shares.  The special dividend and new shares are expected
to be mailed from the Company's transfer agent,  Registrar and Transfer Company,
before November 30, 2003.

As at September  30, 2003,  the Company has $85.5  million of cash on hand.  The
Company  also sees  significant  growth in its sales and  income  this year when
compared  with  previous  years.  Looking

<PAGE>

forward,  the Company is confident to maintain the growth of the Company and the
declaration of the special  dividend will not affect its expansion plan and cash
flow.

Regarding the dividend to be paid for the year of 2004,  the Company will review
its position at the end of the fourth  quarter and an  appropriate  announcement
will be included in the fourth quarter results announcement.

Set up of the PRC Headquarters in Macau
---------------------------------------

Nam Tai announced that the Company has set up the PRC's  headquarters  in Macau,
PRC, due to its  continuous  increase in investment in PRC.  Besides three major
manufacturing  facilities  of Nam Tai in  Shenzhen,  PRC, Nam Tai has offices in
Hong Kong, Shekou and Shanghai,  PRC. In light of its substantial investment and
its intention to expand its manufacturing facilities to other cities of PRC, Nam
Tai finds it  necessary  to have a  headquarters  in the PRC and to oversee  its
operations there.

The Company has considered various locations for such headquarters.  Macau, like
Hong  Kong,  is a  special  administrative  region of the PRC.  It has  recently
introduced an incentive  program to attract  investments  in Macau.  The Company
therefore  decided  to set up the  PRC  headquarters  in  Macau.  The  Company's
application has been approved by the Macau  government and the PRC  headquarters
of the Company commenced operation at the beginning of October 2003.

Change of Auditors
------------------

The Company's  auditors,  Messrs Grant Thornton,  do not have an office in Macau
and do not  have  a  licence  to  handle  Macau  statutory  tax  filings.  After
discussion with the Company, Grant Thornton tendered its resignation as auditors
of the Company.

Deloitte Touche Tohmatsu ("Deloitte"), had been the auditors of the Company from
1998 to 2001. Deloitte has indicated its willingness to be appointed as auditors
of the Company for 2003 at a reasonable fee. The Company has therefore appointed
Deloitte as the Company's  auditors in place of Grant  Thornton with effect from
October 24, 2003. Grant Thornton will, however, continue to provide tax advisory
services to the Company, other than with respect to Macau.

Changes of the Chairman of Audit Committee and Corporate Secretary
------------------------------------------------------------------

Nam Tai is pleased to  announce  that Mr.  Mark  Waslen  has been  appointed  as
Chairman of the Audit  Committee,  effective  September 22, 2003,  following Mr.
Stephen Seung's  resignation as Chairman and member of the Audit Committee.  Mr.
Seung  continues  as a  non-executive  director.  Mr.  Seung  replaced Mr. Lorne
Waldman as Corporate Secretary of Nam Tai, effective October 15, 2003.

Mr. Seung has been a director of the Company since 1995 and is familiar with the
corporate matters of the Company. Mr. Mark Waslen is also a Chartered Accountant
and was the Group Financial Controller of Nam Tai from 1990 to 1995.

The Company believes these changes in directorship and Corporate  Secretary will
further  strengthen  the  management  control  of the  Company  which  is in the
interest of its shareholders.

<PAGE>

About Nam Tai Electronics,Inc.
------------------------------

We are an electronics  manufacturing  and design  services  provider to original
equipment  manufacturers of telecommunications and consumer electronic products.
Through  our  electronics  manufacturing  services  operations,  we  manufacture
electronic  components  and  subassemblies,  including LCD panels,  LCD modules,
radio  frequency  modules,  flexible  printed circuit  sub-assemblies  and image
sensors.  These components are used in numerous electronic  products,  including
cellular  phones,  laptop  computers,  digital cameras,  copiers,  fax machines,
electronic  toys,  handheld  video game  devices and  microwave  ovens.  We also
manufacture  finished  products,  including  cellular  phones,  palm-sized  PCs,
personal digital assistants,  electronic  dictionaries,  calculators and digital
camera accessories for use with cellular phones.

Forward-Looking Statements
--------------------------

Certain statements in this press release are "forward-looking statements" within
the  meaning  of U.S.  federal  securities  laws.  Nam Tai  intends  that  these
statements  be covered by the safe  harbors  created  under  these  laws.  These
forward-looking statements are subject to risks, uncertainties and other factors
that  could  cause  actual  results to differ  materially  from  future  results
expressed  or implied by the  forward-looking  statements.  There are  important
factors  that  could  cause  actual  results  to  differ   materially  from  the
information set forth in these forward-looking statements. Many of these factors
are beyond Nam Tai's ability to control or predict.  Given these  uncertainties,
readers  are  cautioned  not to  place  undue  reliance  on the  forward-looking
statements  which only speak as of the date of this press release.  Nam Tai does
not  undertake  any  obligation  to  release  publicly  any  revisions  to these
forward-looking  statements to reflect events or circumstances after the date of
this press release or to reflect the occurrence of unanticipated  events, except
as may be required under applicable securities laws.

<PAGE>
<TABLE>
<CAPTION>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
-----------------------------------------------------------------------------------------------------------------------------
FOR THE PERIODS ENDED SEPTEMBER 30, 2003 AND 2002
(In Thousands of US Dollars except share data)
                                                     Note              Unaudited                         Unaudited
                                                                  Three months ended                 Nine months ended
                                                                     September 30,                     September 30,
                                                                 2003            2002              2003            2002
-------------------------------------------------- --------- -------------- --------------- -- -------------- ---------------
<S>                                                            <C>              <C>                <C>               <C>
Net sales - related parties                                  $     2,174   $           -      $     13,939   $       7,849
Net sales - third parties                                         90,983          56,872           283,913         152,551
                                                             -------------- --------------- -- -------------- ---------------
Total net sales                                                   93,157          56,872           297,852         160,400
Cost of sales                                                     77,609          48,673           248,837         132,514
                                                             -------------- --------------- -- -------------- ---------------

Gross profit                                                      15,548           8,199            49,015          27,886

Costs and expenses
   Selling, general and administrative expenses                    4,657           4,277            16,618          12,502
   Research and development expenses                               1,037             617             2,775           1,945
                                                             -------------- --------------- -- -------------- ---------------
                                                                   5,694           4,894            19,393          14,447

                                                             -------------- --------------- -- -------------- ---------------
Income from operations                                             9,854           3,305            29,622          13,439

Gain on disposal of land                                               9    -                            9               -
Interest income                                                      161             222               553             558
Other (loss) income - net                            (1)          (1,010)          3,160             1,972            (639)
Equity in income of affiliated companies                              76               -               288           2,104
                                                             -------------- --------------- -- -------------- ---------------

Income before income taxes and minority interests                  9,090           6,687            32,444          15,462
Income tax expense                                                  (470)           (598)           (1,329)         (1,215)
                                                             -------------- --------------- -- -------------- ---------------
Income before minority interests                                   8,620           6,089            31,115          14,247
Minority interests                                                  (228)            (35)           (1,019)           (193)
                                                             -------------- --------------- -- -------------- ---------------
Net income                                                   $      8,392   $      6,054       $    30,096    $     14,054
                                                             ============== =============== == ============== ===============

Net income per share
   Basic                                             (2)     $       0.23   $       0.19       $      0.83    $       0.45
                                                             ============== =============== == ============== ===============
   Diluted                                           (2)     $       0.23   $       0.19       $      0.81    $       0.44
                                                             ============== =============== == ============== ===============

Weighted average number of shares ('000')
   Basic                                             (2)           36,636         31,422            36,474          31,222
   Diluted                                           (2)           37,290         31,647            36,999          31,731

 Note:  (1) During the quarter ended September 30, 2003, we recorded charges of $702,000 for  professional  fees related
            to a  discontinued  stock  offering.  The total cost of $1.75 million in relation to the stock  offering was
            shared and paid by the  beneficiaries  of the offering on a pro-rata basis according to the number of shares
            proposed to be offered and the anticipated  proceeds of each party, thus 60%, or $1.05 million, was borne by
            the selling shareholders whilst 40%, or $702,000, was borne by the Company.

        (2) All share and earnings per share data have been adjusted to give effect to the 3 for 1 stock split effective
            June 30, 2003.
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
-----------------------------------------------------------------------------------------------------------------------------
AS AT SEPTEMBER 30, 2003 AND DECEMBER 31, 2002
(In Thousands of US Dollars)
<S>                                                                                             <C>                <C>
                                                                                             Unaudited         Audited
                                                                                           September 30,     December 31,
                                                                                                2003             2002
-----------------------------------------------------------------------------------------------------------------------------
ASSETS
Current assets:
  Cash and cash equivalents                                                               $       85,525   $       82,477
  Accounts receivable, net                                                                        64,313           50,944
  Amount due from a related party                                                                  2,074                -
  Inventories, net                                                                                19,951           19,200
  Prepaid expenses and other receivables                                                           5,522            1,867
  Income taxes recoverable                                                                         4,291              855
                                                                                          -----------------------------------
         Total current assets                                                                    181,676          155,343
                                                                                                       -
Investments in affiliated companies                                                                9,646                -

Convertible notes                                                                                      -            5,128

Long term investments                                                                             16,366           15,982

Property, plant and equipment, at cost                                                           123,526          116,583
Less: accumulated depreciation and amortization                                                  (47,426)         (40,669)
                                                                                          -----------------------------------
                                                                                                  76,100           75,914
Intangible assets                                                                                 21,635           21,308
Other assets                                                                                       1,411            1,411
                                                                                          -----------------------------------
         Total assets                                                                     $      306,834   $      275,086
                                                                                          ===================================

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Notes payable                                                                           $        1,560   $          985
  Long term bank loans - current portion                                                           1,125           13,985
  Accounts payable                                                                                54,504           38,714
  Accrued expenses and other payables                                                             10,316           12,609
  Dividend payable                                                                                 1,838            1,442
  Income taxes payable                                                                             1,404              200
                                                                                          -----------------------------------
         Total current liabilities                                                                70,747           67,935

Long-term bank loans - non-current portion                                                         1,969            2,812
Deferred income taxes                                                                                 87              112
                                                                                          -----------------------------------
         Total liabilities                                                                        72,803           70,859

Minority interests                                                                                 2,907            2,099

Shareholders' equity: **
  Common shares                                                                                      368              360
  Additional paid-in capital                                                                     152,130          147,754
  Retained earnings                                                                               78,628           54,016
  Accumulated other comprehensive loss (Note 1)                                                       (2)              (2)
                                                                                          -----------------------------------
         Total shareholders' equity                                                              231,124          202,128
         Total liabilities and shareholders' equity                                       $      306,834   $      275,086
                                                                                          ===================================
Note (**):  Shareholders'  equity for September 30, 2003 and December 31, 2002 were adjusted for the 3 for 1 stock split
            effective June 30, 2003.
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------------------------------------------------------------------------------------------
FOR THE PERIODS ENDED SEPTEMBER 30, 2003 AND 2002
(In Thousands of US Dollars)
                                                                      Unaudited                          Unaudited
                                                                  Three months ended                 Nine months ended
                                                                     September 30,                     September 30,
                                                                  2003           2002               2003           2002
-----------------------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>         <C>                <C>              <C>
 CASH FLOWS FROM OPERATING ACTIVITIES
 Net income                                                  $     8,392   $      6,054       $     30,096    $     14,054
 Adjustments to reconcile net income to net cash provided
 by operating activities:
   Depreciation and amortization                                   3,178          2,818              9,058           7,872
   Amortization of advisors' warrants and options                      -              -                   -             10
   Dividend withheld                                                   -           (394)                  -           (394)
   Share redemption                                                    -         (3,125)                  -         (3,125)
   Net loss (gain) on disposal of property, plant and                 59             90               (100)            205
   equipment
   Gain on disposal of intangible assets                               -              -                  -             (60)
   Realized gain on marketable securities                              -              -                  -            (642)
   Gain on disposal of a subsidiary                                    -              -             (2,133)            (17)
   Loss on partial disposal of subsidiaries                            -              -                151               -
   Loss on disposal of convertible notes                             102              -                102               -
   Loss on reverse merger of subsidiaries                              -              -                  -           2,655
   Compensation expenses                                               -              -                509               -
   Equity in income of affiliated companies                          (77)             -               (289)         (2,104)
   Dividend income from affiliated companies                           -              -                  -              32
   Loss on partial disposal of investment in affiliated                -              -                  -             469
   companies
   Minority interests                                                228             35              1,019             193
   Deferred income taxes                                               -              -                (25)              -
 Changes in current assets and liabilities, net of effects
 of acquisition and disposal:
   Proceeds from marketable securities                                 -              -                  -          10,147
   (Increase) decrease in accounts receivable                     (2,829)         3,234            (13,369)          2,977
   Decrease (increase) in amount due from a related party          3,309              -             (2,074)              -
   Decrease (increase) in inventories                              1,338         (3,165)            (1,473)         (5,324)
   (Increase) decrease in prepaid expenses and other                  (7)           371             (3,803)            538
   receivables
   (Increase) decrease in income taxes recoverable                (1,000)           414             (3,436)           (232)
   Increase (decrease) in notes payable                              259             34                575          (1,229)
   Increase in accounts payable                                    3,023          1,153             16,801           6,119
   Decrease in accrued expenses and other payables                (2,506)        (1,429)            (2,128)         (3,395)
   Decrease in amount due to a related party                           -              -                  -          (2,766)
   Increase in income taxes payable                                  376            158              1,204             652
                                                             ----------------------------------------------------------------
         Total adjustments                                         5,453            194                589          12,581
                                                             ----------------------------------------------------------------
 Net cash provided by operating activities                   $    13,845    $     6,248        $    30,685    $     26,635
                                                             ----------------------------------------------------------------

 CASH FLOWS FROM INVESTING ACTIVITIES
   Acquisition of long term investments                      $         -    $         -        $      (384)   $   (11,968)

</TABLE>
<PAGE>
<TABLE>
<S>                                                                 <C>         <C>                <C>              <C>
   Purchase of property, plant and equipment                      (2,170)        (3,605)           (12,227)        (17,035)
   Proceeds from disposal of property, plant and equipment            15            153              2,593             168
   Proceeds from disposal of intangible assets                         -              -                  -             800
   Acquisition of additional shares in subsidiaries                    -           (437)                 -            (437)
   Proceeds from disposal of a subsidiary                              -          2,131              2,386             854
   Proceeds from partial disposal of subsidiaries                      -              -                453               -
   Proceeds from disposal of convertible notes                     5,026              -              5,026               -
   Acquisition of affiliated companies                                 -              -            (10,000)              -
                                                             ----------------------------------------------------------------
 Net cash provided by (used in) investing activities         $      2,871   $     (1,758)      $    (12,153)  $    (27,618)
                                                             ----------------------------------------------------------------

 CASH FLOWS FROM FINANCING ACTIVITIES
   Share buy-back program                                    $          -   $          -       $          -   $     (3,528)
   Dividends paid                                                 (2,079)        (1,306)            (5,901)         (3,542)
   Repayment of bank loans                                          (281)          (816)           (13,703)         (1,886)
   Proceeds from bank loans                                            -              -                  -           4,500
   Proceeds from shares issued on exercise of options and          1,536              -              4,120           4,311
   warrants
                                                             ----------------------------------------------------------------
 Net cash (used in) financing activities                     $      (824)   $    (2,122)       $   (15,484)   $       (145)
                                                             ----------------------------------------------------------------

 Foreign currency translation adjustments                              -              -                  -             (26)
                                                             ----------------------------------------------------------------
 Net increase (decrease) in cash and cash equivalents             15,892          2,368              3,048          (1,154)
                                                             ----------------------------------------------------------------
 Cash and cash equivalents at beginning of period                 69,633         55,154             82,477          58,676
                                                             ----------------------------------------------------------------
 Cash and cash equivalents at end of period                  $    85,525    $    57,522        $    85,525    $     57,522
                                                             ================================================================
</TABLE>
<PAGE>
<TABLE>
NAM TAI ELECTRONICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
------------------------------------------------------------------------------------------------------------------------------
FOR THE PERIODS ENDED SEPTEMBER 30, 2003 AND 2002
(In Thousands of US Dollars)

1.  Accumulated other comprehensive loss represents foreign currency translation  adjustments.  The comprehensive income
    of the  Company  was $30,096 and $14,037 for the nine  months  ended  September  30, 2003 and  September  30,  2002,
    respectively.

2.  Business segment  information - The Company operates  primarily in two segments,  the Consumer  Electronic  Products
    ("CEP") segment and the LCD Panels and Transformers ("LPT") segment.
<CAPTION>
                                                                      Unaudited                         Unaudited
                                                                 Three months ended                 Nine months ended
                                                                    September 30,                     September 30,
                                                                2003            2002               2003            2002
----------------------------------------------------------- -------------- --------------- -- --------------- ---------------
<S>                                                              <C>         <C>               <C>              <C>
NET SALES:
   - CEP                                                    $     83,849   $     45,513       $    266,908    $    134,715
   - LPT                                                           9,308         11,359             30,944          25,685
                                                            -------------- --------------- -- --------------- ---------------

         Total net sales                                    $     93,157   $     56,872       $    297,852    $    160,400
                                                            ============== =============== == =============== ===============

NET INCOME:
   - CEP                                                    $      7,270   $      5,539       $     27,264    $     13,745
   - LPT                                                           1,122            515              2,832             309
                                                            -------------- --------------- -- --------------- ---------------

         Total net income                                   $      8,392   $      6,054       $     30,096    $     14,054
                                                            ============== =============== == =============== ===============
</TABLE>
<TABLE>
<CAPTION>
                                                                                                 Unaudited        Audited
                                                                                               Sept. 30, 2003  Dec. 31, 2002
------------------------------------------------------------------------------------------- -- --------------- ---------------
<S>                                                                                                 <C>            <C>
IDENTIFIABLE ASSETS BY SEGMENT:
   - CEP                                                                                       $     260,561   $     225,754
   - LPT                                                                                              46,273          49,332
                                                                                               --------------- ---------------

         Total assets                                                                          $     306,834   $     275,086
                                                                                               =============== ===============

</TABLE>
<PAGE>

3.  A summary of the net sales,  net income and long-lived  assets by geographic
    areas is as follows:
<TABLE>
<CAPTION>
                                                                    Unaudited                            Unaudited
                                                                Three months ended                   Nine months ended
                                                                  September 30,                        September 30,
                                                               2003            2002                2003            2002
--------------------------------------------------------- --------------- --------------- ---- -------------- ---------------
<S>                                                          <C>           <C>                   <C>             <C>
NET SALES FROM OPERATIONS WITHIN:
   - Hong Kong:
         Unaffiliated customers                           $     76,939    $     55,623         $    268,167   $    149,039
         Related party                                           2,166               -               13,931              -
         Inter-company sales                                         1               2                  390            926

   - PRC, excluding Hong Kong:
         Unaffiliated customers                                 14,044           1,249               15,746          3,512
         Related party                                               8               -                    8          7,849
         Inter-company sales                                    69,027          41,163              244,254        116,430

   - Inter-company eliminations                                (69,028)        (41,165)            (244,644)      (117,356)
                                                          --------------- --------------- ---- -------------- ---------------

         Total net sales                                  $     93,157    $     56,872         $    297,852   $    160,400
                                                          =============== =============== ==== ============== ===============

NET INCOME FROM OPERATIONS WITHIN:
   - PRC, excluding Hong Kong                             $      9,190    $      1,845         $     27,233   $     11,266
   - Hong Kong                                                    (798)          4,209                2,863          2,788
                                                          --------------- --------------- ---- -------------- ---------------

         Total net income                                 $      8,392    $      6,054         $     30,096   $     14,054
                                                          =============== =============== ==== ============== ===============
</TABLE>
<TABLE>
<CAPTION>
                                                                                                 Unaudited        Audited
                                                                                               Sept. 30, 2003  Dec. 31, 2002
------------------------------------------------------------------------------------------- -- --------------- ---------------
<S>                                                                                                <C>                <C>
LONG-LIVED ASSETS WITHIN:
   - PRC, excluding Hong Kong                                                                  $      57,756   $     54,481
   - Hong Kong                                                                                        18,344         21,433
                                                                                               --------------- ---------------

         Total long-lived assets                                                               $      76,100   $     75,914
                                                                                               =============== ===============
</TABLE>
<PAGE>

                                    SIGNATURE

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

                                 NAM TAI ELECTRONICS, INC.


     Date:  November 1, 2003     By:         /s/  M.K. Koo
                                    -------------------------------------
                                    Name:   M. K. Koo
                                    Title:  Chief Financial Officer and Director