| 時間：2016年04月27日 15:06:38 中財網 |
2015
Annual Report
年度報告
CONSUN PHARMACEUTICAL GROUP LIMITED
康臣葯業集團有限公司
Annual Report 2015
2015年度報告
Contents目錄
2-4 Corporate Information公司資料
5-12 Chairman’s Statement主席報告
13 Financial Highlights財務摘要
14-22 Management Discussion and Analysis管理層討論及分析
23-35 Directors and Senior Management Profile董事及高級管理人員履歷
36-52 Corporate Governance Report企業管治報告
53-72 Report of Directors董事會報告
73-74 Independent Auditor’s Report獨立核數師報告
75 Consolidated Statement of Profit or Loss綜合損益表
76 Consolidated Statement of Profit or Loss and 綜合損益及其他全面收益表
Other Comprehensive Income77-78 Consolidated Statement of Financial Position綜合財務狀況表
79 Consolidated Statement of Changes in Equity綜合權益變動表
80 Consolidated Cash Flow Statement綜合現金流量表
81-159 Notes to the Consolidated Financial Statements綜合財務報表附註
160 Five-Year Financial Summary五年財務摘要
DIRECTORS
Executive Directors
Mr. AN Yubao (Chairman)
Ms. LI Qian (Chief Executive Officer)
Professor ZHU Quan
Non-Executive Directors
Mr. WANG Shunlong
Independent Non-Executive Directors
Mr. SU Yuanfu
Mr. FENG Zhongshi
Ms. CHENG Xinxin
JOINT COMPANY SECRETARY
Mr. YAU Chi Ming
Mr. GAO Haien
AUDIT COMMITTEE
Ms. CHENG Xinxin (Chairman)
Mr. WANG Shunlong
Mr. FENG Zhongshi
NOMINATION COMMITTEE
Mr. SU Yuanfu (Chairman)
Mr. AN Yubao
Ms. CHENG Xinxin
REMUNERATION COMMITTEE
Mr. FENG Zhongshi (Chairman)
Ms. LI Qian
Mr. SU Yuanfu
董事
執行董事
安鬱寶先生（主席）
黎倩女士（行政總裁）
朱荃教授
非執行董事
王順龍先生
獨立非執行董事
蘇元福先生
馮仲實先生
成欣欣女士
聯席公司秘書
丘志明先生
高海恩先生
審核委員會
成欣欣女士（主席）
王順龍先生
馮仲實先生
提名委員會
蘇元福先生（主席）
安鬱寶先生
成欣欣女士
薪酬委員會
馮仲實先生（主席）
黎倩女士
蘇元福先生
AUTHORISED REPRESENTATIVES FOR THE PURPOSE
OF THE LISTING RULES
Mr. AN Yubao
Mr. YAU Chi Ming
AUDITOR
KPMG
Certified Public Accountants
8th Floor, Prince’s Building
10 Chater Road, Central, Hong Kong
LEGAL ADVISER (AS TO HONG KONG LAW)
Li & Partners
22nd Floor
World-Wide House
19 Des Voeux Road Central
Hong Kong
REGISTERED ADDRESS
Clifton House
75 Fort Street
PO Box 1350
Grand Cayman KY 1-1108
Cayman Islands
HEADQUARTERS IN THE PRC
71, Dongpeng Avenue
Eastern section, Guangzhou Economic and
Technological Development District
Guangzhou, PRC
就上市規則而言的授權代表
安鬱寶先生
丘志明先生
核數師
畢馬威會計師事務所
執業會計師
香港中環遮打道10號
太子大廈8樓
法律顧問（香港法律）
李偉斌律師行
香港
德輔道中19號
環球大廈
22樓
註冊地址
Clifton House
75 Fort Street
PO Box 1350
Grand Cayman KY 1-1108
Cayman Islands
中國總部
中國廣州
廣州經濟技術開發區東區
東鵬大道71號
PRINCIPAL PLACE OF BUSINESS IN HONG KONG
22nd Floor
World-Wide House
19 Des Voeux Road Central
Hong Kong
PRINCIPAL BANKERS
Bank of China (Hong Kong) Limited
Standard Chartered Bank (Hong Kong) Limited
China Merchants Bank
Ping An Bank
Industrial and Commercial Bank of China
PRINCIPAL SHARE REGISTRAR AND TRANSFER
OFFICE
Appleby Trust (Cayman) Ltd.
Clifton House
75 Fort Street
PO Box 1350
Grand Cayman KY1-1108
Cayman Islands
HONG KONG BRANCH SHARE REGISTRAR
Computershare Hong Kong Investor Services Limited
Shops 1712-1716, 17th Floor Hopewell Centre
183 Queen’s Road East
Wanchai, Hong Kong
COMPANY WEBSITE
www.chinaconsun.com
STOCK CODE
香港主要營業地點
香港
德輔道中19號
環球大廈
22樓
主要往來銀行
中國銀行（香港）有限公司
渣打銀行（香港）有限公司
招商銀行
平安銀行
中國工商銀行
主要股份過戶登記處
Appleby Trust (Cayman) Ltd.
Clifton House
75 Fort Street
PO Box 1350
Grand Cayman KY1-1108
Cayman Islands
香港證券登記分處
香港中央證券登記有限公司
香港灣仔
皇后大道東183號
合和中心17樓1712-1716號舖
公司網站
www.chinaconsun.com
股份代號
1681
Dear Shareholders,
On behalf of the board (the 「Board」) of directors (the
「Directors」) of Consun Pharmaceutical Group Limited
(the 「Company」), I am pleased to present the audited
consolidated results of the Company and its subsidiaries
(collectively referred as the 「Group」 or 「Consun
Pharmaceutical」) for the year ended 31 December 2015.
INDUSTRY AND BUSINESS OVERVIEW
The Company was listed successfully on the Main Board
of The Stock Exchange of Hong Kong Limited (the 「Stock
Exchange」) on 19 December 2013 (the 「Listing」) and has
just completed the second full financial year after the Listing.
Looking back to 2015, it was a year in which challenges
and opportunities coexisted for the pharmaceutical industry.
With the joint efforts of the Group’s management and all staff
members, Consun Pharmaceutical continued to maintain its
strong growth momentum as always and achieved a revenue
of RMB831,108,000 and net profit of RMB249,689,000
during the year, representing an annual growth of 13.7% and
18.2% respectively, thereby repaying its shareholders with
remarkable results for their continued trust and support to the
Company.
The concept of 「Healthy China」 has become a nationallevel
strategy under the 「13th Five Year Plan」, indicating that
the national leaders have attached great importance to the
healthcare industry and national health has further become the
focus of public concern. In the past year, the macro-economy
has entered into the 「new normal」 phase and policies relating
to the pharmaceutical industry was constantly changing;
however, by continuously exploring sales channels, improving
its business layout and product structure, strengthening the
capability in technology research and innovation, optimising
the internal talent management, Consun Pharmaceutical has
laid a solid foundation for its long-term development in the
future.
各位股東：
本人謹此代表康臣葯業集團有限公司（「本公司」）
董事（「董事」）會（「董事會」），提呈本公司連同
其附屬公司（統稱「本集團」或「康臣葯業」）截至
2015年12月31日止年度經審核之綜合業績。
行業及業務回顧
本公司成功於2013年12月19日在香港聯合交易
所有限公司（「聯交所」）主板上市（「上市」），現
已走完了第二個上市後的完整財政年度。回首
2015年，對醫藥行業來說，這是挑戰與機遇並
存的一年。在本公司管理層及全體員工的攜手努
力下，康臣葯業延續一貫強勁增長的趨勢，在
本年度實現了營業收入人民幣831,108,000元，
淨利潤人民幣249,689,000元，年增長率分別為
13.7%及18.2%，以豐厚的業績回報廣大股東一
直以來對本公司的信賴與支持。
「十三五」規劃將「健康中國」這一概念提升到了
國家戰略的高度，標誌著高層對醫療產業的高度
重視，國民健康進一步成為各方關注的焦點。過
去的這一年，宏觀經濟運行進入「新常態」，醫藥
行業政策多變，但康臣葯業通過繼續深耕銷售渠
道，完善業務佈局及產品結構，加強科研創新能
力，優化內部人才管理，為未來長遠發展奠定了
夯實基礎。
The sales of kidney medicines amounted to RMB645,164,000
in 2015, representing a year-on-year growth of 11.2% as
compared to last year. Uremic clearance granules (「UCG」),
a flagship product of Consun Pharmaceutical, maintained its
strong leading position in the market of oral modern Chinese
medicines for kidney diseases.
The sales of Gadopentetic Acid Dimeglumine Salt Injection,
Consun Pharmaceutical’s leading product in the medical
contrast medium market, amounted to RMB121,460,000
for the year, representing a year-on-year growth of 13.4%
as compared to last year. It has also realised growth in
sales as well as enhanced its market position, building a
solid foundation for the healthy development of Consun
Pharmaceutical’s product line of medical contrast medium for
magnetic resonance imaging in the long run.
Acquisition of Yulin Pharmaceutical
Consun Pharmaceutical has also been actively expanding its
business. It successfully won the bid to acquire 15% equity
interests in Guangxi Yulin Pharmaceutical Group Co., Ltd.* (廣
西玉林製藥集團有限責任公司) (「Yulin Pharmaceutical」) on 6
August 2015 and continued to increase its total equity interests
held in Yulin Pharmaceutical to 45.27% through the second
and third round of acquisition of 14.85% and 15.42% equity
interests in Yulin Pharmaceutical in the second half of 2015.
It further signed a conditional acquisition agreement on 23
November 2015 for the fourth round of acquisition. Subject to
shareholders』 approval by voting at the extraordinary general
meeting, Consun Pharmaceutical would hold an aggregate of
approximately 51.03% equity interests in Yulin Pharmaceutical
and become its controlling shareholder.
腎病藥物的銷售收入於2015年達到人民幣
645,164,000元，較去年同比增長
11.2%。康臣
葯業的龍頭產品尿毒清顆粒依然強勢維持腎病口
服現代中成藥市場的領導地位。
康臣葯業在醫用成像對比劑市場的領先產品
釓噴酸葡胺注射液銷售額於今年達到人民幣
121,460,000元，較去年同比增長
13.4%，實現
了銷售規模的增長和市場地位的提升，為康臣葯
業磁共振成像對比劑產品線的健康長遠發展打下
了堅實基礎。
收購玉林製藥
康臣葯業亦積極拓展業務，於
2015年8月6日成
功競得廣西玉林製藥集團有限責任公司（「玉林
製藥」）
15%股權，並在
2015年下半年的第二輪
及第三輪收購，繼續增持玉林製藥的
14.85%及
15.42%股權，令總持股增至
45.27%權益。並
於2015年11月23日簽署有條件的第四輪收購協
議，假如獲得股東在股東特別大會上投票通過，
康臣葯業將合共持有玉林製藥約51.03%的股權，
成為其控股股東。
Yulin Pharmaceutical is a Chinese medicine manufacturing
enterprise principally engaged in the research and
development, production and sales of Chinese medicines and
natural medicines. The acquisition of Yulin Pharmaceutical
could facilitate the integration of resources of Consun
Pharmaceutical and Yulin Pharmaceutical in terms of
marketing, innovation and R&D, production and manufacturing
as well as supply chains, so that we can complement each
other with our own strengths. Besides, given the rich cultural
heritage in the pharmaceutical sector, enriched product mix
and solid market foundation of both parties, it is believed that
the cooperation would achieve a win-win situation by fully
realising the synergy between the parties, further exploring our
respective potential and enhancing our competitiveness in the
market.
Yulin Pharmaceutical was the first merger and acquisition
target of Consun Pharmaceutical after the Listing. It
demonstrated Consun Pharmaceutical’s prudent approach
in its capital operation as well as its commitment in being
accountable to the Company and its shareholders. Looking
forward, we will continue to seek cooperation with quality
partners, with a view to strengthening and expanding the
Group’s core businesses and thus maximising the profits.
玉林製藥是一家以中藥和天然藥物研發、生產、
銷售為主業的中藥製藥企業。收購玉林製藥，一
方面可以整合康臣葯業和玉林製藥在市場營銷、
創新研發、生產製造以及供應鏈等方面的資源，
實現優勢互補；另一方面，基於我們共同的深厚
的醫藥文化底蘊、豐富的產品組合以及穩固的市
場基礎，相信雙方的合作將能充分發揮協同效
益，進一步挖掘各自的潛力，加強各方的市場競
爭力，實現雙贏。
玉林製藥是康臣葯業上市以來首個併購對象，體
現了康臣葯業在資本運作方面的審慎態度及對公
司與股東負責的精神。未來，我們還將繼續尋求
優質的合作對象，從而加強及擴大本集團的核心
業務，力求實現利益最大化。
R&D AND INNOVATION 研發創新
1. The evidence-based medical research of UCG 一、尿毒清顆粒循證醫學研究取得豐碩成果
attained fruitful results
On 16 October 2015, at Consun Pharmaceutical’s 2015年10月16日，在廣西南寧全國中西
satellite conference held during 2015 Annual Academic 醫結合學會腎臟病2015年學術年會康臣葯
Meeting of Kidney Diseases organised by Chinese 業衛星會上，中國工程院陳香美院士發佈
Association of Integrative Medicine (Nanning, Guangxi 了尿毒清顆粒循證醫學研究項目的核心研
Branch) (廣西南寧全國中西醫結合學會腎臟病
2015年學術究成果，包括：
1、與安慰劑組相比，尿
年會康臣葯業衛星會), CHEN Xiangmei, an academician 毒清顆粒可以有效延緩慢性腎病患者腎功
of Chinese Academy of Engineering, announced the 能減退速度；
2、尿毒清顆粒對腎小球濾
major research results of the evidence-based medical 過率eGFR≥30ml/min/1.72m2和24小時尿
research project of UCG, which includes: 1. compared 蛋白定量＜1.5g的患者延緩腎功能減退作
to placebo, UCG can effectively slow down renal 用更為顯著。陳香美院士同時宣佈了尿毒
hypofunction of the chronic kidney disease patients; 清顆粒循證醫學研究的最終結論：尿毒清
2. UCG has a more significant effect on slowing down 顆粒是延緩慢性腎病患者腎功能減退的安
renal hypofunction of the patients with eGFR≥30ml/ 全、有效的治療藥物。
min/1.72m2 and 24-hour urine protein <1.5g.
Academician CHEN Xiangmei also announced the final
conclusion of the evidence-based medical research of
UCG: UCG is a safe and effective cure to slow down the
renal hypofunction of chronic kidney disease patients.
2. As at 31 December 2015, the Group has two 二、截至 2015年12月31日，集團擁有兩個省
provincial 「Engineering Technical Research Centre」, 級「工程技術研究中心」、兩個省級「企
two provincial 「Enterprise Technical Research 業技術研發中心」、兩個「院士專家工作
Centre」, two 「Academician Expert Workstation」, one 站」、一個「博士後科研工作站」和香港浸
「Postdoctoral Scientific Research Workstation」 and 會大學「康臣腎病中藥研究中心」
「Consun Chinese Medicines Research Centre for
Renal Diseases」 of Hong Kong Baptist University
On 5 February 2015, Consun Pharmaceutical sponsored 2015年2月5日，康臣葯業向香港浸會大
the School of Chinese Medicine of Hong Kong Baptist 學捐資5,000,000港元，資助香港浸會大
University with HK$5,000,000 for the establishment of 學中醫藥學院成立「康臣腎病中藥研究中
the 「Consun Chinese Medicines Research Centre for 心」，旨在憑藉香港浸會大學在人才、技
Renal Diseases」. Leveraging the advantages of Hong 術、科技成果等方面的優勢，將大學的研
Kong Baptist University in terms of talent, technology 發能力與企業的資金、市場優勢有效融
and scientific and technological achievements, the 合，實現資源共享、優勢互補、互利共
Group aims to effectively consolidate the research 贏。
capabilities of the university with the Company’s capital
and market edges, so as to realise the sharing of
resources, complementary advantages and achieving a
win-win situation.
On 3 June, the unveiling ceremony of 「Academician
Expert Work Station for Biomedical Technology」 of
Consun Pharmaceutical was held in Tongliao, Inner
Mongolia. Guests presented at the unveiling ceremony
included CHEN Xiangmei (an academician of Chinese
Academy of Engineering), officials from the Science &
Technology Department of Inner Mongolia Autonomous
Region and China Association for Science and
Technology (CAST), officials from Kezuohouqi, Tongliao,
AN Yubao (Chairman of the Group) and LI Qian (Chief
Executive Officer of the Group), etc. The establishment
of the 「Academician Expert Work Station for Biomedical
Technology」 provided new opportunities for Consun
Pharmaceutical to promote technological innovation and
also represents new chances for economic development
in the region.
On 22 July, Guangdong’s provincial 「Medicine
Research Engineering Centre for Renal Diseases」 was
officially incorporated in Consun Pharmaceutical’s
production base in Guangzhou, which is the only
「Medicine Research Engineering Centre for Renal
Diseases」 in Guangdong Province. Founded in
2006, Consun Pharmaceutical’s 「Medicine Research
Engineering Centre for Renal Diseases」 has been one
of the top research institutes for kidney medicines
in the country. It has currently established various
assessment models for kidney disease impact, high
flux screening methods, cutting-edge stationary phase
chromatography for cell membrane and structure, all of
which are outstanding research achievements in kidney
medicines.
In October, the Ministry of Human Resources and
Social Security of the PRC and National Administrative
Committee of Postdoctoral Researchers approved the
establishment of 「Postdoctoral Scientific Research
Workstation」 by Consun Pharmaceutical, reflecting the
significant role and unique advantage of the Company
in implementing the innovative development strategies
thoroughly and rapidly.
6月3日，康臣葯業「生物與醫藥技術院士
專家工作站」揭牌儀式在內蒙古通遼市舉
行，中國工程院陳香美院士，自治區科技
廳、科協領導及通遼市、科左後旗領導，
集團安鬱寶主席、黎倩行政總裁等出席了
揭牌儀式。「生物與醫藥技術院士專家工
作站」的建立，是康臣葯業推進科技創新
的新機遇，也將為區域經濟發展帶來新機
遇。
7月22日，廣東省省級「腎病藥物研發工
程中心」在康臣葯業廣州基地正式掛牌，
該中心是廣東省唯一的「腎病藥物研發工
程中心」。而康臣葯業於2006年創建的
「腎病藥物研發工程中心」，已成為國內一
流的腎病藥物研究機構，目前已建立各類
腎病效應評估模型、高通量篩選方法、首
創細胞膜及組織固相色譜技術等，腎病藥
物研究成果尤為突出。
10月，國家人力資源社會保障部、全國
博士後管理委員會批准康臣葯業設立「博
士後科研工作站」，彰顯了公司在貫徹落
實、加快實施創新驅動發展戰略中的重要
作用和獨特優勢。
Consun Pharmaceutical (Inner Mongolia) Co., Ltd. was 康臣藥業（內蒙古）有限責任公司曾於
recognised as an 「Autonomous Region-level Enterprise 2012年被認定為「自治區級企業研發中
Research Centre」 in 2012. Yulin Pharmaceutical, an 心」；集團的聯營企業玉林製藥也曾於
associated company of the Group, was also recognised 1998年被認定為廣西「自治區級企業技術
as an 「Autonomous Region-level Enterprise Technical 中心」，
2007被認定為廣西「現代中藥工
Centre」 in Guangxi in 1998 and a 「Modern Chinese 程技術研究中心」，2012年建立「廣西院
Medicine Engineering Technical Research Centre」 in 士工作站」（天津中醫藥大學中藥學院院長
Guangxi in 2007. 「Guangxi Academician Workstation」 劉昌孝院士駐站指導）。
was established in 2012 with Liu Changxiao, an
academician and the dean of the Chinese Medical
College of Tianjin University of Traditional Chinese
Medicine, to provide guidance on-site.
As of today, the Group has two provincial 「Engineering 截至目前，集團擁有兩個省級「工程技術
Technical Research Centre」, two provincial 「Enterprise 研究中心」、兩個省級「企業技術研發中
Technical Research Centre」, two 「Academician Expert 心」、兩個「院士專家工作站」、一個「博
Workstation」, one 「Postdoctoral Scientific Research 士後科研工作站」和香港浸會大學「康臣
Workstation」 and the 「Consun Chinese Medicines 腎病中藥研究中心」。
Research Centre for Renal Diseases」 of Hong Kong
Baptist University.
3. Fruitful results on the research and development of 三、新藥研發成果豐碩，緩痛止瀉軟膠囊獲
new medicines: the approval for production of pain得
生產批件，糖腎方、碳酸鑭提交臨床
relieving antidiarrheal capsule has been obtained; 註冊申請，造影劑研發提速，國際專利
registration application for clinical trial of diabetic PCT351在歐洲、美國和印度獲得授權
kidney medicines and lanthanum carbonate has been
submitted; the research and development of contrast
medium has picked up its pace; authorisation for
International Patent PCT351 has been obtained in
Europe, the United States and India
Pain-relieving antidiarrheal capsule, a new digestive 消化領域新藥緩痛止瀉軟膠囊通過生產現
medicine, has passed the on-site production 場檢查，獲得生產批件，將於
2016推向
inspections and has obtained the approval for 市場，可進一步豐富產品線、優化產品結
production. It will be launched into the market in 2016, 構，支撐康臣持續健康發展。
which will further extend our product lines, optimise
our product structure and support the sustainable and
healthy development of Consun.
The assessments of pharmacology, efficacy and
safety on the new diabetic kidney medicine for kidney
disease treatment have been completed. It is expected
to submit a registration application for clinic trial to
the Department of Food and Drug Administration of
Inner Mongolia Autonomous Region and the same to
the US FDA in February and June 2016, respectively.
Production and delivery of the ingredients and granules
of lanthanum carbonate were completed smoothly and
registration application for clinic trial was submitted
to the Department of Food and Drug Administration of
Inner Mongolia Autonomous Region in January 2016.
Iopamidol injection for diagnostic imaging has passed
the on-site reviews on research and production as
well as on-site production inspections. It is pending
review by the Centre for Drug Evaluation of the PRC,
and it is expected to obtain the approval for production
in 2017. Procedures such as prescription, quality
standard setting and production inspection for iomeprol
injection were completed as scheduled. Meanwhile,
the Company is now pushing forward the research and
development of ultrasound contrast medium.
In 2015, authorisation for International Patent PCT351
has been obtained in Europe, the United States and
India, respectively, which has further enhanced its
patent portfolio and protection for the intellectual
property rights of new diabetic kidney medicines.
腎病治療領域糖腎新藥完成藥學、藥效及
安全性評價，預計將於
2016年2月向內蒙
古自治區食品藥品監督管理局遞交臨床註
冊申請，
6月向美國FDA遞交臨床註冊申
請；碳酸鑭原料及顆粒劑順利完成生產交
接，已於
2016年1月向內蒙古自治區食品
藥品監督管理局遞交臨床註冊申請。
影像診斷領域碘帕醇注射液通過研製現場
核查和生產現場檢查，已在國家藥品審評
中心排隊待審，預計將於
2017年取得生
產批件；碘美普爾注射液如期完成處方工
藝、質量標準及生產驗證等工作；同時，
公司正在加快推進超聲造影劑的研發。
2015，國際專利PCT351分別在歐洲、美
國和印度獲得專利授權，進一步完善了糖
腎新藥的專利布局和智慧財產權保護。
Future Development
In light of the continuously deepening reform of the medical
and healthcare system, gradual rationalisation of management
over drug prices and gradual elimination of uncertainties
affecting the pharmaceutical industry, we believe that the
pharmaceutical industry will be embracing a stable mid-long
term development in the future. Upholding a development
strategy of 「based on specialties and complemented by
generics」, Consun Pharmaceutical will continue to explore the
chronic kidney diseases sector and medical contrast medium
sub-sector. It will also continue to improve its operating
management efficiency, with a view to stimulating enthusiasm,
exploit potential, enhance competitiveness and increase the
values of the Company.
Chairman
AN Yubao
Hong Kong, 30 March 2016
未來發展
我們相信，隨著醫療衛生體制改革的繼續深化、
藥品價格管理的逐漸理順以及影響醫藥行業的不
確定因素漸消，醫藥行業將迎來一個中長期穩定
的未來發展局面。而康臣葯業也將堅持「以專為
主，以普為輔」的發展策略，深耕慢性腎病領域
和醫用成像對比劑細分領域，持續改善經營管理
效率，激發活力，挖掘潛力，提升競爭力，不斷
提高公司價值。
安鬱寶
主席
香港，2016年3月30日
Year ended 31 December
截至12月31日止年度
2015 2014 Change
2015年 2014年變化
RMB』000 RMB』000 (%)
Results業績人民幣千元人民幣千元
(%)
831,108
314,782
249,689
0.25
0.25
730,683 13.7%
Profit before taxation稅前溢利
Revenue收入
264,159 19.2%
Profit for the year attributable 本公司權益股東應佔年內
to equity shareholders 溢利
of the Company
211,200 18.2%
Earnings per share 每股盈利
(expressed in RMB Yuan)（以人民幣元列示）
0.21 19.0%
– Basic－基本
0.21 19.0%
– Diluted－攤薄
As at 31 December
於12月31日
2015
2015年
2014
2014年
Change
變化
Financial Position財務狀況
RMB』000
人民幣千元
RMB』000
人民幣千元
(%)
(%)
1,917,891
1,636,755
1.64
Net cash
淨現金
1,662,941 15.3%
Total equity總權益
Total assets總資產
1,433,186 14.2%
Net assets per share 每股淨資產
(expressed in RMB Yuan （以每股人民幣元列示）
per share)
1.43 14.7%
Net debt to equity ratio淨債項權益比率
Net cash Net cash
淨現金淨現金
FINANCIAL REVIEW
Revenue
For the year of 2015, the Group’s revenue was
RMB831,108,000, representing an increase of approximately
13.7% as compared with the RMB730,683,000 for 2014.
Categorized by product lines, sales of kidney medicines
recorded an increase of 11.1% compared with last year; sales
of medical contrast medium recorded an increase of 13.4%
compared with last year; sales of other medicines recorded
an increase of 49.0% compared with last year. The increase
in revenue was mainly attributable to the Group’s efforts
to develop the market segments intensively, to extend our
coverage over hospitals and physicians, so as to increase
sales of the Group’s medicines.
Gross Profit and Gross Profit Margin
For the year of 2015, the Group’s gross profit was
RMB670,566,000, representing an increase of 17.3% as
compared with the RMB571,767,000 for 2014. The increase in
gross profit was mainly attributable to the increase in sales.
For the year of 2015, the Group’s average gross profit margin
was 80.7%, representing an increase of 2.4% as compared
with the 78.3% for the last year, which was mainly attributable
to the economy of scale as a result of the increases in
production volume, which drive down the average unit
production costs.
Other Revenue
For the year of 2015, the Group’s other revenue was
RMB32,830,000, which mainly included the government grants
and interest income. Compared with the other revenue of
RMB37,585,000 for 2014, the decrease was mainly attributable
to the decrease in government grants received which were
decided by the local government in its sole discretion, and
the decrease in interest income due to the drops in balance at
bank and deposit interest rates during the year.
財務回顧
收入
本集團於2015年的收入為人民幣831,108,000
元，與
2014年的人民幣730,683,000元相比，
增長約13.7%。按產品系列分類，腎病藥物銷售
較上年錄得增長11.1%，醫用成像對比劑銷售較
上年增長13.4%，其他藥物銷售較上年錄得增長
49.0%。收入的增長主要是由於本集團通過深度
開發細分市場，加大對醫院和醫生的覆蓋，使得
本集團的藥物銷量增加。
毛利與毛利率
於2015年，本集團的毛利為人民幣
670,566,000
元，與
2014年的人民幣571,767,000元相比，
增加17.3%。毛利增長的原因主要是由於銷售增
加。於
2015年，本集團的平均毛利率為
80.7%，
與去年的78.3%相比，增加了
2.4%，主要是由於
生產量增加而產生的經濟規模效益降低了每單位
的平均生產成本所致。
其他收入
於2015年，本集團的其他收入為人民幣
32,830,000元，主要包括政府資助和利息收入。
與2014年的其他收入人民幣37,585,000元相比，
減少的主要原因是由於年內收到由地區政府全權
決定的政府資助減少以及由於銀行結餘減少及存
款利率下降而令利息收入減少所致。
Distribution Costs
For the year of 2015, the Group’s distribution costs was
RMB259,043,000, representing an increase of 12.2% as
compared with the RMB230,971,000 for 2014. The increase
in distribution costs was mainly attributable to the Group’s
dedication in expending the marketing and distribution
networks by recruiting additional marketing staff and
increasing marketing and academic promotion activities during
the year.
Administrative Expenses
For the year of 2015, the Group’s administrative expenses
was RMB122,946,000, representing an increase of 7.7% as
compared with the RMB114,126,000 for 2014. The increase
in administrative expenses was mainly attributable to the
increase in administrative work and costs in relation to the new
version of Good Manufacturing Practices for Drugs during the
year.
Finance Costs
During the year ended 31 December 2015, finance costs of
RMB441,000 (2014: Nil) were incurred by the Group in respect
of short-term bank loans.
Income Tax
For the year of 2015, the Group’s income tax expense was
RMB65,093,000, representing an increase of 22.9% as
compared with the RMB52,959,000 for 2014. The effective tax
rate (income tax expense divided by profit before taxation)
increased slightly by 0.7% from 20.0% for 2014 to 20.7% for
2015, mainly due to the increase in expenses not deductible
for tax purposes during the year.
Annual Profit and Earnings Per Share
For the year of 2015, the Group’s annual profit was
RMB249,689,000, representing an increase of 18.2% as
compared with the RMB211,200,000 for 2014. The earnings
per share (basic and diluted) increased by approximately
RMB0.04 from RMB0.21 for 2014 to RMB0.25 for 2015.
分銷成本
於2015年，本集團的分銷成本為人民
幣259,043,000元，與2014年的人民幣
230,971,000元相比，增加
12.2%。分銷成本上
升的主要原因是年內本集團增聘市場推廣人員及
增加市場推廣和學術推廣活動，以致力擴張市場
推廣及分銷網路所致。
行政開支
於2015年，本集團的行政開支為人民
幣122,946,000元，與2014年的人民幣
114,126,000元相比，增加
7.7%。行政開支增加
的主要原因是於年內有關新版藥品生產質量管理
規範的行政工作與費用增加所致。
融資成本
截至2015年12月31日止年度，本集產生與短
期銀行貸款相關的融資成本為人民幣441,000（2014年：無）。
所得稅
於2015年，本集團的所得稅費用為人民幣
65,093,000元，與
2014年的人民幣
52,959,000
元相比，增加
22.9%。實質稅率（所得稅費用除
以稅前溢利）從
2014年的
20.0%，輕微增加
0.7%
至2015年的
20.7%，主要原因是不可扣稅的費用
增加所致。
年度溢利與每股盈利
於2015年，本集團的年度溢利為人民幣
249,689,000元，相比於
2014年的人民幣
211,200,000元增加18.2%。2015年的每股盈利
（基本及攤薄）為人民幣
0.25元，比
2014年的人
民幣0.21元增加約人民幣0.04元。
LIQUIDITY AND FINANCIAL RESOURCES
Trade Debtors and Bills Receivable
As at 31 December 2015, the balance of trade debtors
and bills receivable was RMB363,703,000, representing
an increase of 56.7% as compared with the balance of
RMB232,144,000 as at 31 December 2014. Trade receivables
turnover days for 2015 were 130.8 days, increased by 18.2
days from 112.6 days for 2014. It was mainly attributable to
the increase in customers used bank acceptance bills with
longer tenor to settle their purchases.
Inventories
As at 31 December 2015, the balance of inventories was
RMB71,014,000, representing an increase of 32.8% as
compared with the balance of RMB53,482,000 as at 31
December 2014. Inventory turnover days for 2015 were 141.5
days, increased by 25.5 days from 116.0 days for 2014. It
was mainly attributable to the increase in proportion of sales
of other medicines which have longer inventory turnover days
and the stock up of raw materials to prepare for the production
needs.
Trade Payables
As at 31 December 2015, the balance of trade payables
was RMB39,760,000, representing an increase of 9.2% as
compared with the balance of RMB36,416,000 as of 31
December 2014. Trade payables turnover days for 2015 were
86.6 days, increased by 22.1 days from 64.5 days for 2014. It
was mainly attributable to longer credit periods obtained from
the suppliers.
流動資金及財務資源
應收賬款及應收票據
於2015年12月31日，應收賬款及應收票據餘額
為人民幣363,703,000元，相比於
2014年12月31
日的餘額人民幣232,144,000元增加56.7%。於
2015年的貿易應收款項周轉天數為130.8天，與
2014年的112.6天相比，增加
18.2天，主要是由
於使用年期較長的銀行承兌匯票支付貨款的客戶
數目增加所致。
存貨
於2015年12月31日，存貨餘額為人民幣
71,014,000元，相比於
2014年12月31日的餘額
人民幣53,482,000元增加32.8%。於2015年的存
貨周轉天數為141.5天，相比
2014年的116.0天
增加25.5天，主要是由於其他藥物的銷售比例增
加，而該等藥物有較長的存貨周轉天數，以及為
準備生產需求而囤積原材料所致。
貿易應付款項
於2015年12月31日，貿易應付款項餘額為人民
幣39,760,000元，相比於
2014年12月31日的餘
額人民幣36,416,000元增加9.2%。於2015年的
貿易應付款項周轉天數為86.6天，相比
2014年的
64.5天增加22.1天，主要是由於從供應商獲得較
長信貸期所致。
Cash Flows
For the year of 2015, the Group’s net cash inflow from
operating activities was RMB184,043,000, representing a
decrease of 37.6% as compared with the RMB294,721,000
for 2014, which was mainly attributable to the increase in
customers used bank acceptance bills with longer tenor to
settle their purchases. For the year of 2015, the Group’s net
cash outflow from investing activities was RMB455,806,000,
representing an increase of 83.6% as compared with the
RMB248,279,000 for 2014, which was mainly attributable to
the acquisition of 45.27% equity interest in an associated
company during the year. For the year of 2015, the Group’s
net cash outflow from financing activities was RMB81,919,000,
representing a decrease of 21.8% as compared with the
RMB104,799,000 for 2014, which was mainly attributable to the
payment of listing expenses in 2014 which was not recurrent
in 2015.
Cash and Bank Balances and Borrowings
As at 31 December 2015, the Group’s cash and bank balances
were RMB489,987,000, representing a decrease of 41.9% as
compared with the RMB843,669,000 as at 31 December 2014,
which was mainly attributable to the acquisition of 45.27%
equity interest in an associated company during the year. The
Group did not have any interest bearing borrowings as at 31
December 2015 (31 December 2014: Nil).
現金流
於2015年，本集團的經營活動淨現金流入為
人民幣184,043,000元，相比
2014年的人民幣
294,721,000元減少37.6%，主要是由於使用年
期較長的銀行承兌匯票支付貨款的客戶數目增
加所致。於
2015年，本集團的投資活動淨現金
流出為人民幣455,806,000元，相比
2014年的
人民幣248,279,000元增加83.6%，主要是由
於在年內收購了一家聯營公司的45.27%股權所
致。於
2015年，本集團的融資活動淨現金流出
為人民幣81,919,000元，相比
2014年的人民幣
104,799,000元減少
21.8%，主要是由於在
2014
年所支付的上市費用毋須於2015年再次支付所
致。
現金及銀行結餘及借款
於2015年12月31日，本集團的現金及銀行結餘
為人民幣489,987,000元，相比
2014年12月31日
的人民幣843,669,000元減少41.9%，主要是由
於在年內收購了一家聯營公司的45.27%股權所
致。於
2015年12月31日，本集團並無任何計息
借款（
2014年12月31日：無）。
USE OF PROCEEDS FROM THE INITIAL PUBLIC 首次公開招股所得款項用途
OFFERING OF SHARES
The net proceeds from the initial public offering of shares on 本公司於2013年12月19日在聯交所首次公開招
the Stock Exchange on 19 December 2013 (after deducting 股的所得款項淨額（經扣除上市費用約人民幣
the listing expenses of approximately RMB78,263,000) were 78,263,000元後）約為人民幣
774,662,000元。
approximately RMB774,662,000.
During 2015, the Group used the net proceeds according 於2015年，本集團按照上市時的招股章程（「招
to the manner as disclosed in the Listing Prospectus (the 股章程」）內所披露的方式使用該等所得款項淨
「Prospectus」): 額，詳情如下：
Intended Balance
use of Intended as at
proceeds use of 31 December
percentage proceeds Utilised 2015
所得款項於2015年
之擬定用途所得款項12月31日
Intended use of proceeds所得款項之擬定用途百分比之擬定用途已動用之餘額
RMB』000 RMB』000 RMB』000
人民幣千元人民幣千元人民幣千元
1 for infrastructure investment 1 用於基礎設施投資
40% 309,865 35,500 274,365
2 for research and development activities 2 用於研發活動
20% 154,933 59,938 94,995
3 for expansion of marketing and 3 用於擴大市場推廣
distribution networks 及分銷網路
15% 116,199 116,199 –
4 for merger and acquisition 4 用於併購
15% 116,199 116,199 –
5 for working capital and other 5 用於營運資金及其他
general corporate purposes 一般企業用途
10% 77,466 77,466 –
100% 774,662 405,302 369,360
As 31 December 2015, the balance of proceeds was placed
with recognised financial institutions as short-term deposits
to earn interest income. As of the date of this report, the
Directors are not aware of material change to the intended use
of the proceeds as stated in the Prospectus.
於2015年12月31日，本集團的所得款項餘額存
放在獲認可的金融機構作為短期存款以賺取利息
收入。於本報告日期，董事並無知悉招股章程所
載述之所得款項擬定用途發生任何重大變化。
TREASURY POLICIES
The Group has adopted a prudent financial management
approach towards its treasury policies and thus maintained
a healthy liquidity position throughout the year of 2015. The
Group strives to reduce exposure to credit risk by performing
ongoing credit assessments and evaluations of the financial
status of its customers. To manage liquidity risk, the Board
closely monitors the Group’s liquidity position to ensure that
the liquidity structure of the Group’s assets, liabilities and
other commitments can meet its funding requirements from
time to time. Cash and cash equivalents of the Group are
mainly denominated in RMB and HK$.
GEARING RATIO
The gearing ratio (total interest bearing borrowings over
shareholders』 equity) of the Group as at 31 December 2015
was 0% (31 December 2014: 0%).
FOREIGN EXCHANGE EXPOSURE
The Group’s transactions are mainly denominated in RMB and
HK$. The majority of assets and liabilities are denominated
in RMB and HK$, and there are no significant assets and
liabilities denominated in other currencies. The Group is
subject to foreign exchange rate risk arising from future
commercial transactions and recognised assets and liabilities
which are denominated in a currency other than HK$ or RMB,
which are the functional currencies of the major operating
companies now comprising the Group. During the year, the
Group did not commit to any financial instruments to hedge its
exposure to foreign currency risk.
CAPITAL STRUCTURE
During the year of 2015, the Company repurchased 2,243,000
ordinary shares from the market and cancelled those shares on
30 December 2015. Other than this, there were no significant
changes in the Company’s capital structure. The Company’s
capital comprises ordinary shares and other reserves.
CAPITAL COMMITMENTS
As at 31 December 2015, the Group had capital commitments
of approximately RMB8,096,000 (31 December 2014:
RMB9,051,000).
庫務政策
本集團在執行庫務政策上採取審慎的財務管理策
略，因此於
2015年內維持健全的流動資金狀況。
本集團不斷審核及評估客戶的信貸狀況及財務狀
況，務求降低信貸風險。為控制流動資金風險，
董事會密切監察本集團的流動資金狀況，確保本
集團的資產、負債及其他承擔的流動結構符合不
時的資金需要。本集團的現金及現金等值項目主
要以人民幣及港元計值。
資本負債比率
本集團於2015年12月31日的資本負債比率（總
計息借款除以股東權益）為
0%（2014年12月31
日：0%）。
外匯風險
本集團的交易主要以人民幣及港元計值。大多數
資產及負債以人民幣及港元計值，概無重大資產
及負債以其他貨幣計值。本集團須承受以港元或
人民幣（為目前組成本集團的主要營運公司的功
能貨幣）以外的其他貨幣計值的日後商業交易及
已確認資產及負債所產生的外匯匯率風險。年內
本集團並無利用任何財務工具對沖外幣風險。
資本結構
於2015年，本公司從市場購回了
2,243,000股普
通股，並於
2015年12月30日註銷了該批股份。
除此以外，本公司的資本結構並無任何重大變
動。本公司的資本包括普通股及其他儲備。
資本承擔
於2015年12月31日，本集團的資本承擔約為人
民幣
8,096,000元（2014年12月31日：人民幣
9,051,000元）。
INFORMATION ON EMPLOYEES
As at 31 December 2015, the Group hired a total of 1,303
employees (31 December 2014: 1,193 employees). The
total staff costs (including the directors』 remuneration) for
the year ended 31 December 2015 was RMB154,127,000
(2014: RMB175,115,000). The salaries of the employees were
determined with reference to individual performance, work
experience, qualification and current industry practices.
On top of basic salaries, bonuses may be paid by reference to
the Group’s performance as well as individual’s performance.
Other staff benefits include contributions to Mandatory
Provident Fund and various retirement benefits schemes in
Hong Kong, including the provision of pension funds, medical
insurance, unemployment insurance and other relevant
insurance for employees who are employed by our Group
pursuant to the PRC rules and regulations and the prevailing
regulatory requirements of the PRC. The salaries and benefits
of the Group’s employees are kept at a competitive level and
employees are rewarded on a performance-related basis
within the general framework of the Group’s salary and bonus
system, which is reviewed annually. The Group also operates
a share option scheme adopted by the Company on 2
December 2013 (「Share Option Scheme」) and a share award
scheme adopted on 21 July 2014 (「Share Award Scheme」),
where options to subscribe for shares and share awards may
be granted to the Directors and employees of the Group.
The Group made considerable efforts in continuing education
and training programs for its staff, to continuously enhance
their knowledge, skills and cooperation spirit. The Group
regularly provided internal and external training courses for
relevant staff according to their needs.
SIGNIFICANT INVESTMENTS HELD
Except for investments in subsidiaries and associated
companies, during the year ended 31 December 2015, the
Group did not hold any significant investment in equity interest
in any other company.
僱員資料
於2015年12月31日，本集團合共僱用
1,303名
僱員（
2014年12月31日：1,193名僱員）。截至
2015年12月31日止年度的總員工成本（包括董事
酬金）為人民幣
154,127,000元（2014年：人民
幣175,115,000元）。僱員薪酬乃參考個人表現、
工作經驗、資歷及當前行業慣例而釐定。
除基本薪金外，亦可視乎本集團的業績及個人表
現獲發花紅。其他員工福利包括香港的強制性公
積金計劃供款及各項退休福利計劃，包括提供退
休金、醫療保險、失業保險及為根據中國規則及
規例以及中國現行監管規定獲本集團聘用的僱員
而設的其他相關保險。本集團僱員的薪金及福利
均處於具競爭力的水平，僱員的待遇均在本集團
就薪酬及花紅制度設定的整體框架內按表現釐
定，而該框架則每年進行檢討。本集團亦設有一
項由本公司於
2013年12月2日採納的購股權計劃
（「購股權計劃」），及一項於2014年7月21日採納
的股份獎勵計劃（「股份獎勵計劃」），據此，本集
團董事及僱員可獲授予購股權以認購股份及股份
獎勵。
本集團對員工的持續教育和培訓計劃有相當的投
入，以不斷提升員工的知識、技能和協作精神。
本集團經常根據彼等需要為相關員工提供內部及
外部的培訓課程。
所持重大投資
除於附屬公司及聯營公司的投資外，於截至
2015
年12月31日止年度，本集團並無於任何其他公司
的股權中持有任何重大投資。
FUTURE PLANS FOR MATERIAL INVESTMENTS AND
CAPITAL ASSETS
Save as disclosed in the Company’s Prospectus, the Group
did not have other future plans for material investments and
capital assets.
MATERIAL ACQUISITIONS AND DISPOSALS OF
SUBSIDIARIES AND ASSOCIATED COMPANIES
During the year ended 31 December 2015, the Group acquired
approximately 45.27% equity interest of Yulin Pharmaceutical
at the total consideration of approximately RMB641,334,000
and Yulin Pharmaceutical and its subsidiaries became
associated companies of the Group. On 23 November 2015,
the Group entered into a conditional equity transfer agreement
to acquire further approximately 5.76% equity interest in
Yulin Pharmaceutical at the consideration of approximately
RMB69,361,000. If the proposed further acquisition is
approved by the shareholders at the forthcoming extraordinary
general meeting, the Group will hold in aggregate
approximately 51.03% equity interest in Yulin Pharmaceutical
and Yulin Pharmaceutical will become a subsidiary of the
Group. Other than these, the Group did not have any other
material acquisitions and disposals of subsidiaries and
affiliated companies during 2015.
PLEDGE OF ASSETS
As at 31 December 2015, the Group did not have any pledged
assets (31 December 2014: Nil).
CONTINGENT LIABILITIES
As at 31 December 2015, the Group did not have any material
contingent liabilities (31 December 2014: Nil).
有關重大投資及資本資產的未來計劃
除本公司的招股章程所披露者外，本集團並無其
他有關重大投資及資本資產的未來計劃。
有關附屬公司及聯營公司的重大收購及出售
於截至2015年12月31日止年度，本集團以總代
價約人民幣
641,334,000元收購了玉林製藥約
45.27%股權，而玉林製藥及其附屬公司則成為
了本集團的聯營公司。於
2015年11月23日，本
集團訂立了一份有條件的股權轉讓協議，以約人
民幣69,361,000元的代價進一步收購玉林製藥約
5.76%股權。假如該進一步收購建議在即將召開
的股東特別大會獲得股東批准，本集團將持有玉
林製藥合共約51.03%股權，而玉林製藥將成為本
集團的附屬公司。除此以外，於
2015年度本集團
並無任何其他有關附屬公司及聯屬公司的重大收
購及出售。
資產抵押
於2015年12月31日，本集團並無任何資產抵押
（2014年12月31日：無）。
或然負債
於2015年12月31日，本集團並無任何重大或然
負債（
2014年12月31日：無）。
PRINCIPAL RISKS AND UNCERTAINTIES
Management continues to manage the Group’s key risk
exposures, including operational risks (e.g. ensuring high
quality of medicines products, safety in the production
process and efficiency in the distribution processes), financial
risks (e.g. through budget control and cash flow management)
and compliance risks (ensuring the relevant rules and
regulations are complied with) on a daily basis. Management
also pays close attention to the recent development of national
policies in respect of pharmaceutical industry, which is a key
uncertainty facing the Group, and formulates and adjusts the
Group relevant policies accordingly on a timely basis.
ENVIRONMENTAL POLICIES AND PERFORMANCE
The Group is committed to achieving environmental
sustainability and incorporating it in the Group’s daily
operations. Other than complying with all relevant
environmental rules and regulations, management always
encourage water, energy and materials saving and recycling
behaviours which are considered in the performance appraisal
process.
COMPLIANCE WITH THE RELEVANT LAWS AND REGULATIONS
During the year of 2015, there was no incidence of significant non-compliance of laws and regulations that is relevant to the Group’s operations.
主要風險及不明朗因素
管理層在日常的工作中一直管理本集團的主要
風險，包括經營風險（例如確保高質量的藥物產
品、安全的生產過程以及有效率的分銷過程）
財務風險（例如透過預算控制及現金流管理）以(，) 及合規風險（確保符合相關規則及法規）。管理
層亦一直密切留意醫藥行業國家政策的近期發展
（為本集團面對的主要不明朗因素），並及時制定
及調整本集團的相關政策。
環境政策及表現
本集團致力實現環境的可持續發展並將其納入本
集團的日常運作。除了遵守所有相關環境規則及
法規外，管理層一直鼓勵節省及循環再用水、能
源與材料的行為，並在表現考核的過程中加以考
慮。
遵守相關法律法規
於2015年度，並無發生與本集團運作有關的法律
法規的重大違規情況。
DIRECTORS 董事
The Board is fully responsible for management and operations.
The following table sets forth information regardingDirectors as at the reporting date.
our
董事會全權負責管理及經營業務。下表列載董事
於報告日期的資料：
Name Appointment Date Age
姓名委任日期年齡
Executive Director
執行董事
Mr. AN Yubao (Chairman) 24 January 2011
安鬱寶先生（主席）
2011年1月24日
73
Ms. LI Qian (Chief Executive Officer) 24 December 2012
黎倩女士（行政總裁）
2012年12月24日
51
Professor ZHU Quan 24 December 2012
朱荃教授
2012年12月24日
76
Non-executive Director
非執行董事
Mr. WANG Shunlong 24 December 2012
王順龍先生
2012年12月24日
52
Independent Non-executive Director
獨立非執行董事
Mr. SU Yuanfu 2 December 2013
蘇元福先生
2013年12月2日
70
Mr. FENG Zhongshi 2 December 2013
馮仲實先生
2013年12月2日
57
Ms. CHENG Xinxin 2 December 2013
成欣欣女士
2013年12月2日
63
CHAIRMAN AND EXECUTIVE DIRECTOR
Mr. AN Yubao (安鬱寶), aged 73, is our chairman and an
executive Director and a Controlling Shareholder. He was
appointed as our Director with effect from 24 January 2011.
He is also the chairman of Guangzhou Consun Pharmaceutical
Company Limited (「GZ Consun」), Consun Pharmaceutical
(Inner Mongolia) Co., Ltd. (「Inner Mongolia Consun」) and
Inner Mongolia Kangyuan Pharmaceutical Company Limited
(「Kangyuan」) and a director and the legal representative
of Guangzhou Consun Pharmaceutical Research Company
Limited (「Consun Research」). Mr. AN is primarily responsible
for the overall management, operations, investment and the
charting and reviewing of corporate directions and strategies
of our Group.
Mr. AN has over 10 years of experience in medical education
and approximately 20 years of experience in the business
of the pharmaceutical industry. He has served various key
positions, such as executive director, chairman and legal
representative of GZ Consun since its establishment. Mr. AN
served as the vice chairman of廣東南方李錦記商貿信息中心
(Guangdong Southern Lee KumKee Commercial Information
Centre) from November 1995 to February 1999. From July
1996 to December 1998, Mr. AN started his career in the
pharmaceutical industry by serving as the chairman and
legal representative of廣東南方李錦記營養保健品有限公司
(Guangdong Southern Lee KumKee Nutrition Health Products
Co., Ltd.) and representing 中國人民解放軍第一軍醫大學 (the
First Military Medical University of the People’s Liberation
Army of the PRC) as one of its shareholders. Mr. AN served as
the minister and vice president respectively of 南方醫科大學
(原中國人民解放軍第一軍醫大學) (Southern Medical University)
(formerly known as the First Military Medical University of the
People’s Liberation Army of the PRC)) from November 1991
to August 2001 and served as the vice president of 中國人
民解放軍濟南軍區總醫院 (Jinan Military General Hospital of
the People’s Liberation Army of the PRC) from 1987 to 1988.
Between 1981 and 1987, Mr. AN worked at various units of the
PRC People’s Liberation Army and was mainly responsible for
hygiene and hospital management.
主席及執行董事
安鬱寶先生，73歲，是我們的主席兼執行董事及
控股股東。彼自
2011年1月24日起獲委任為本公
司的董事。彼亦為廣州康臣藥業有限公司（「廣州
康臣」）、康臣藥業（內蒙古）有限責任公司（「內
蒙古康臣」）及內蒙古康源藥業有限公司（「康
源」）的主席，以及廣州康臣藥物研究有限公司
（「康臣研究」）的董事兼法人代表。安先生主要負
責本集團的整體管理、營運、投資及制定和檢討
企業方針及戰略。
安先生在醫學教育方面累積逾
10年的經驗，於醫
藥行業約有20年經驗。彼曾出任多個重要職位，
例如自廣州康臣成立以來出任其執行董事、主席
兼法人代表。安先生自
1995年11月至1999年2
月期間出任廣東南方李錦記商貿信息中心的副主
席。自
1996年7月起至1998年12月期間，安先生
開始從事醫藥行業，分別出任廣東南方李錦記營
養保健品有限公司的主席兼法人代表及代表中國
人民解放軍第一軍醫大學擔任其中一名股東。安
先生自1991年11月至2001年8月期間任職南方醫
科大學（原中國人民解放軍第一軍醫大學）的部
長和副校長，以及自
1987年至1988年擔任中國
人民解放軍濟南軍區總醫院的副院長。
1981年至
1987年期間，安先生曾任職於中國人民解放軍的
多個單位，主要負責衛生及醫院管理。
Mr. AN graduated from 中國人民解放軍後勤學院 (the Logistics
Engineering College of the People’s Liberation Army of the
PRC) in 1981 and majored in commanding. Mr. AN also
obtained a master’s degree in business administration from
Asia International Open University (Macau) (now known as City
University of Macau) in November 2007.
EXECUTIVE DIRECTORS
Ms. LI Qian (黎倩), aged 51, is our executive Director and
chief executive officer and a Controlling Shareholder. She
was appointed as our Director with effect from 24 December
2012. Ms. LI joined our Group in April 1998 as the associate
director of general manager’s office of GZ Consun. Ms. LI has
also served as a director and the general manager (which
was redesignated as president in May 2008) of GZ Consun
since November 1999, a director of Guangzhou Consun
Medicine Company Limited since November 2003, a director
of Inner Mongolia Consun since December 2005, a director
of Kangyuan since October 2009, and a director of Brilliant
Reach Group Limited, Immense Value Holdings Limited,
Century International Develop Limited and Grand Reach
Company Limited since September 2014. Ms. LI is primarily
responsible for formulating and implementing the corporate
strategies, overseeing production activities, business
development, research and administrative management of our
Group.
Ms. LI has over 8 years of experience in medical education
and approximately 18 years of experience in the business
of pharmaceutical industry. Prior to joining our Group, Ms.
LI worked at Southern Medical University, formerly known as
the First Military Medical University of the People’s Liberation
Army of the PRC between October 1989 and April 1998.
安先生於1981年在中國人民解放軍後勤工程學院
畢業，主修指揮學。安先生亦於
2007年11月取得
亞洲（澳門）國際公開大學（現稱澳門城市大學）
的工商管理碩士學位。
執行董事
黎倩女士，51歲，是我們的執行董事兼行政總
裁及控股股東。彼自
2012年12月24日起獲委任
為本公司的董事。黎女士於
1998年4月加入本集
團，出任廣州康臣的總經理辦公廳副主任。黎女
士自1999年11月起為廣州康臣的董事兼總經理
（於2008年5月調任為總裁），自2003年11月起為
廣州康臣醫藥有限公司的董事、自
2005年12月起
為內蒙古康臣的董事，自
2009年10月起為康源
的董事，以及自
2014年9月起為智達集團有限公
司、Immense Value Holdings Limited、世紀國
際拓展有限公司及宏致有限公司的董事。黎女士
主要負責制定及執行本集團的企業策略、監督生
產活動、業務發展、研究及行政管理。
黎女士在醫學教育方面累積逾8年經驗，於醫藥
行業約有18年經驗。加入本集團前，黎女士曾於
1989年10月至1998年4月期間在南方醫科大學
（原中國人民解放軍第一軍醫大學）工作。
Ms. LI obtained a master’s degree in business administration
at Asia International Open University (Macau) (now known
as City University of Macau) in November 2007. Ms. LI was
granted the award of優秀民營企業家 (Excellent Private
Entrepreneur) by Tongliao City People’s Government of the
PRC in July 2008, was recognised as Model Worker (勞動
模範) by Inner Mongolia People’s Government of the PRC
in April 2010 and was recognised as廣東省醫藥行業著名企
業家 (Famous Entrepreneur in Pharmaceutical Industry of
Guangdong Province) by廣東省醫藥行業協會 (Guangdong
Province Pharmaceutical Industry Association) in December
2011. She has been appointed as a member of 第一屆中國女
醫師協會腎臟病及血液淨化專家委員會 (First Expert Committee
for Kidney Disease and Blood Purify of China Medical
Women’s Association) since March 2012. Ms. LI is also a local
registered pharmacist of Guangdong province (廣東省駐店
藥師) recognised by廣東省食品藥品監督管理局 (Guangdong
Food and Drug Administration). Ms. Li has been elected as
the 2014 Pharmaceutical Brand Woman in April 2014.
Professor ZHU Quan (朱荃), aged 76, is our executive Director.
He was appointed as our Director with effect from 24 December
2012. Professor ZHU is also a director and the chief scientist of
GZ Consun, a director of Kangyuan and the general manager
of Consun Research. Professor ZHU joined our Group in August
2006 as the chief scientist of GZ Consun. Professor ZHU is
primarily responsible for the product research and development
of our Group.
黎女士於2007年11月取得亞洲（澳門）國際公
開大學（現稱澳門城市大學）的工商管理碩士學
位。黎女士於
2008年7月獲中國通遼市人民政府
授予優秀民營企業家獎項、於
2010年4月獲中國
內蒙古人民政府評定為勞動模範，以及於
2011
年12月獲廣東省醫藥行業協會評定為廣東省醫藥
行業著名企業家。彼自
2012年3月起獲委任為第
一屆中國女醫師協會腎臟病及血液淨化專家委員
成員。黎女士亦是廣東省食品藥品監督管理局認
可的廣東省駐店藥師。黎女士
2014年4月獲選為
2014年醫藥品牌女性。
朱荃教授，76歲，是我們的執行董事。彼自
2012
年12月24日起獲委任為本公司的董事。朱教授亦
為廣州康臣的董事兼首席科學家、康源的董事及
康臣研究的總經理。朱教授於
2006年8月加入本
集團，出任廣州康臣的首席科學家。朱教授主要
負責本集團的產品研發。
Professor ZHU has over 30 years of experience in teaching
and research at medical school and approximately 9 years
of experience in the business of pharmaceutical industry.
Professor ZHU has served as professor and Ph.D. candidate
supervisor at澳門科技大學 (Macau University of Science
and Technology) since September 2003. He served various
positions, such as a deputy director of medicine department, a
director of 國家規範化中藥藥理實驗室 (National Standardization
Laboratory for Chinese Herbal Pharmacology), a Ph.D.
candidate supervisor at南京中醫藥大學 (Nanjing University
of Chinese Medicine) between October 1981 and November
2005. Professor ZHU also served as an expert for 國家教育部
科學技術委員會 (Science & Technology Commission of Ministry
of Education), an assessment expert for 國家自然科學基金生命
科學部 (Department of Life Science of National Natural Science
Foundation) and a drug evaluation expert in Jiangsu Province
and in the PRC.
Professor ZHU graduated from 中醫科學院 (China Academy of
Traditional Chinese Medicine) (now known as 中國中醫科學院
(China Academy of Chinese Medical Sciences)) in November
1981 with a master’s degree in pharmacology of traditional
Chinese medicine.
NON-EXECUTIVE DIRECTOR
Mr. WANG Shunlong (王順龍), aged 52, is our non-executive
Director who joined our Group in June 2008. He was
appointed as our Director with effect from 24 December 2012.
Mr. WANG is also a director of our subsidiaries, GZ Consun,
and Kangyuan.
Mr. WANG has over 19 years of experience in finance,
investment and enterprise management. Mr. WANG currently
serves as an executive director of石藥集團有限公司 (CSPC
Pharmaceutical Group Limited) which is mainly engaged
in pharmaceutical product development, production and
sale and listed on the Stock Exchange (stock code: 1093).
Mr. WANG acted as a director of Hony Capital Limited from
January 2005 to June 2015 and was promoted to managing
director in December 2007. Mr. WANG graduated from 清華大
學 (Tsinghua University) in July 1985 with a bachelor’s degree
in engineering and subsequently in April 1991 with a doctorate
degree in engineering.
朱教授在醫學院教學及研究方面累積逾30年經
驗，於醫藥行業約有
9年經驗。朱教授自
2003年9
月起擔任澳門科技大學的教授和博士生導師。彼
曾擔任不同職位，例如於
1981年10月至2005年
11月期間在南京中醫藥大學擔任醫學部副主任以
及國家規範化中藥藥理實驗室主任及博士生的導
師。朱教授亦曾經出任國家教育部科學技術委員
會的專家、國家自然科學基金生命科學部的評審
專家，以及江蘇省及中國的藥物評估專家。
朱教授於
1981年11月畢業於中醫科學院（現稱中
國中醫科學院），獲授傳統中藥藥理學碩士學位。
非執行董事
王順龍先生，52歲，是我們的非執行董事，於
2008年6月加入本集團。彼自
2012年12月24日起
獲委任為本公司的董事。王先生亦為本公司附屬
公司廣州康臣及康源的董事。
王先生於金融、投資及企業管理方面累積逾
19
年經驗。王先生目前擔任擔任石藥集團有限公司
的執行董事，該公司主要從事藥品開發、生產及
銷售，並在聯交所上市（股份代號：
1093）。王
先生於2005年1月至2015年6月期間擔任Hony
Capital Limited董事，並於
2007年12月晉升為
董事總經理。王先生於
1985年7月畢業於清華大
學，獲授工程學學士學位，其後於
1991年4月取
得工程學博士學位。
INDEPENDENT NON-EXECUTIVE DIRECTORS
Mr. SU Yuanfu (蘇元福), aged 70, is our independent nonexecutive
Director. He joined our Group on 2 December 2013
when he was appointed as an independent non-executive
Director.
Mr. SU graduated from中國人民解放軍第四軍醫大學 (the
Fourth Military Medical University of the People’s Liberation
Army of the PRC) in December 1969 and obtained a master’s
degree in radiopathology at the same university in December
1982. Mr. SU served various positions at the People’s
Liberation Army of the PRC. From January 1970 to August
1979, he served as a doctor at西藏軍區總醫院 (General
Hospital of Tibet Military Region). Between January 1984 and
November 1995, Mr. SU served as the director of science
and research office, the dean of academic affairs, the deputy
superintendent and superintendent of the first affiliated
hospital respectively at the Fourth Military Medical University
of the People’s Liberation Army of the PRC. From November
1995 to June 1998, he served as the director general of 總
後勤部衛生部科訓局 (Technology Training Bureau of the
Department of Health of the General Logistics Department).
Between June 1998 and June 2004, Mr. SU served as the
director of the department of medical administration and
the deputy superintendent respectively at 解放軍總醫院 (the
General Hospital of the People’s Liberation Army). Mr. SU has
been a standing director of 中國醫院協會 (Chinese Hospital
Association) since October 2004.
Mr. FENG Zhongshi (馮仲實), aged 57, is our independent
non-executive Director. He joined our Group on 2 December
2013 when he was appointed as an independent nonexecutive
Director.
獨立非執行董事
蘇元福先生，70歲，是我們的獨立非執行董事。
彼於2013年12月2日加入本集團，當時獲委任為
獨立非執行董事。
蘇先生於1969年12月畢業於中國人民解放軍第四
軍醫大學，並於
1982年12月在同一所大學取得放
射病理學碩士學位。蘇先生曾擔任中國人民解放
軍的多個職位。
1970年1月至1979年8月，彼於
西藏軍區總醫院擔任醫生。於
1984年1月至1995
年11月期間，蘇先生於中國人民解放軍第四軍醫
大學分別擔任科研辦事處處長、教務長及第一附
屬醫院的副院長和院長。
1995年11月至1998年
6月，彼出任總後勤部衛生部科訓局的局長。於
1998年6月至2004年6月期間，蘇先生於解放軍
總醫院分別擔任醫務部主任及副院長。蘇先生自
2004年10月以來一直為中國醫院協會的常務理
事。
馮仲實先生，57歲，是我們的獨立非執行董事。
彼於2013年12月2日加入本集團，當時獲委任為
獨立非執行董事。
Mr. FENG is a lawyer qualified in the PRC. He is currently a
partner of北京市高界律師事務所 (Beijing GaoJie Law Firm).
He graduated from 中國政法大學 (China University of Political
Science and Law) in July 1986 with a bachelor’s degree in
law. From July 1986 to January 1993, Mr. FENG worked at 內
蒙古自治區司法廳 (the Department of Justice of Inner Mongolia
Autonomous Region). He served as a lawyer at 內蒙古經濟律師
事務所 (Inner Mongolia Jingji Law Office) (now known as 經世
律師事務所 (Jingshi Law Office)) from 1993 to 1995. Between
1996 and 2002, Mr. FENG served as a partner at 內蒙古慧聰
律師事務所
(Inner Mongolia Huicong Law Office). From 1996
to 2003, he also served as the head of legal department of
北京慧聰國際資訊有限公司 (Beijing Hui Cong International
Information Co., Ltd.). Between 2002 and 2009, Mr. FENG
served as a lawyer of 北京市中瑞律師事務所 (Beijing ZhongRui
Law Firm). Between June 2011 and January 2013, he served
as a partner of 北京市金勵律師事務所 (Beijing Jin Li Law Firm).
Ms. CHENG Xinxin (成欣欣), aged 63, is our independent nonexecutive
Director. She joined our Group on 2 December 2013
when she was appointed as an independent non-executive
Director.
Ms. CHENG is a senior accountant recognised by
廣東省人事廳
(Department of Human Resource of Guangdong
Province). She has been a member of the Chinese Institute of
Certified Public Accountants since October 1994, a registered
financial planner since September 2002, a fellow of the
Institute of Public Accountants of Australia since December
2004 and a member of the Chartered Association of Business
Administrators of the United Kingdom since March 2005. Ms.
CHENG graduated form 暨南大學 (Jinan University) majoring in
trade economy in July 1985. Ms. CHENG obtained a master’s
degree in business administration from Murdoch University
in March 2000 and obtained a doctor of philosophy degree
in management by distance learning from a joint degree
programme with European University of Ireland, University of
International Business and Economics and Institute of Cost
and Executive Accountants in March 2005.
馮先生為中國合資格律師。彼現時為北京市高
界律師事務所的合夥人。彼於
1986年7月畢業於
中國政法大學，獲授法學學士學位。
1986年7月
至1993年1月，馮先生於內蒙古自治區司法廳工
作。彼於
1993年至1995年擔任內蒙古經濟律師
事務所（現稱經世律師事務所）的律師。
1996年
至2002年，馮先生為內蒙古慧聰律師事務所的合
夥人。
1996年至2003年，彼亦任北京慧聰國際
資訊有限公司的法律部主管。於
2002年至2009
年，馮先生擔任北京市中瑞律師事務所的律師。
於2011年6月至2013年1月期間，彼為北京市金
勵律師事務所的合夥人。
成欣欣女士，63歲，是我們的獨立非執行董事。
彼於2013年12月2日加入本集團，當時獲委任為
獨立非執行董事。
成女士為廣東省人事廳認可的高級會計師。彼自
1994年10月起為中國註冊會計師協會會員、自
2002年9月起為註冊理財策劃師、以及自
2004年
12月起為澳洲會計師公會資深會員，以及自
2005
年3月起為Chartered Association of Business
Administrators of the United Kingdom會員。成
女士於1985年7月畢業於暨南大學，主修貿易經
濟。成女士於
2000年3月取得莫道克大學的工商
管理碩士學位，以及於
2005年3月以遙距學習方
式修讀愛爾蘭歐洲大學、對外經濟貿易大學與成
本及行政會計師公會合辦的聯合學位課程，取得
管理哲學博士學位。
Ms. CHENG has been a director of康元國際管理有限公司
(Kang Yuan International Consultant Limited) since November
2000, a director and president of廣州萬方興泰顧問有限公司
(Allwell Company Limited) since February 2002, a director
of 長城保險經紀有限公司 (Chang Cheng Insurance Brokers
Limited) since June 2003, the chairman of 廣州市越秀區珠江
文化教育培訓中心 (Pearl River Training Centre, Yuexiu district,
Guangzhou City) since October 2003, a director of 廣州賽寶
聯睿信息科技有限公司 (Guangzhou Saibao Lianrui Information
Technology Company Limited) since November 2003 and
had been the principal partner of廣州興泰會計師事務所
(Guangzhou Xingtai Accounting Firm) from March 2005 to June
2014 and has been a salaried consultant of 瑞華會計師事務所
(Ruihua Certified Public Accountants) since July 2014. From
November 1994 to January 2001, Ms. CHENG successively
served as a deputy general manager in the department of
enterprise management, financial department and department
of strategic development of香港粵海企業集團公司 (Yuehai
Enterprise Group Company). She served as a deputy general
manager of香港飛龍國際投資有限公司 (Flying Dragon
International Investment Limited) between April 1993 and
November 1994. Ms. CHENG served various positions, such
as deputy section chief, section chief and deputy director of
廣東省財政廳 (Department of Finance of Guangdong Province)
from July 1975 to April 1993. From May 2002 to May 2008, Ms.
CHENG served as an independent director of 廣東電力發展股
份有限公司
(Guangdong Electric Power Development Co. Ltd.),
a company listed on Shenzhen Stock Exchange (stock code:
000539).
Save as disclosed, each of our Directors has not been a
director of any other publicly listed company during the past
three years.
成女士自2000年11月出任康元國際管理有限公
司董事、自
2002年2月出任廣州萬方興泰顧問有
限公司董事及總裁、自
2003年6月出任長城保險
經紀有限公司董事、自
2003年10月出任廣州市越
秀區珠江文化教育培訓中心主席、自
2003年11
月出任廣州賽寶聯睿信息科技有限公司董事，自
2005年3月至2014年6月為廣州興泰會計師事務
所主要合夥人，以及自
2014年7月起為瑞華會計
師事務所受薪顧問。於
1994年11月至2001年1月
期間，成女士先後出任香港粵海企業集團公司的
企業管理部、財務部及戰略發展部的副總經理。
彼於1993年4月至1994年11月期間出任香港飛
龍國際投資有限公司副總經理。於
1975年7月至
1993年4月期間，成女士在廣東省財政廳分別出
任副科長、科長、副廳長等職務。於
2002年5月
至2008年5月期間，成女士曾擔任深圳證券交易
所上市公司廣東電力發展股份有限公司（股票代
碼：000539）的獨立董事。
除以上披露外，董事在過去三年並無在任何其他
公眾上市公司擔任董事職務。
SENIOR MANAGEMENT
Mr. TANG Ning (唐寧), aged 50, is a vice president of GZ Consun.
Mr. TANG joined our Group in July 1998 as a business
manager. Between July 1998 and June 2011, Mr. TANG served
various positions at GZ Consun, such as business manager,
regional marketing manager, marketing director, and president
assistant. He has been the vice president of GZ Consun since
June 2011. Prior to joining our Group, Mr. TANG worked at
慈利縣百紡總公司 (Cili County Baifang General Company)
between October 1987 and June 1998. Mr. TANG graduated
from 湖南商學院 (Hunan University of Commerce) in June 1986
majoring in marketing.
Mr. ZHOU Shangwen (周尚文), aged 46, is a vice president
of GZ Consun. Mr. ZHOU joined our Group in April 2004 as a
marketing manager for Guangdong province. Between April
2004 and June 2013, Mr. ZHOU served various positions at
GZ Consun, such as regional marketing manager, marketing
director for our kidney drugs and president assistant. He
has been the vice president of GZ Consun since July 2013.
Prior to joining our Group, Mr. ZHOU worked at 廣州市腦科
醫院 (Guangzhou Brain Hospital) between July 1995 and
March 1997. Between August 1997 and April 2004, Mr. ZHOU
successively worked at施維雅（天津）製藥有限公司 (Servier
(Tianjin) Pharmaceutical Co., Ltd.). Mr. ZHOU graduated from
北京醫科大學 (Beijing Medical University) (now known as 北京
大學醫學部 (Peking University Health Science Center)) in July
1995 with a bachelor’s degree in mental health.
高級管理層人員
唐寧先生，50歲，是廣州康臣的副總裁。唐先生
於1998年7月加入本集團出任業務經理。
1998年
7月至2011年6月，唐先生於廣州康臣擔任多個
職位，包括業務經理、區域市場推廣經理、市場
推廣總監及總裁助理。彼自
2011年6月起為廣州
康臣的副總裁。加入本集團前，唐先生曾於
1987
年10月至
1998年6月期間在慈利縣百紡總公司工
作。唐先生於
1986年6月畢業於湖南商學院，主
修市場推廣。
周尚文先生，46歲，是廣州康臣的副總裁。周
先生於
2004年4月加入本集團出任廣東省市場推
廣經理。
2004年4月至2013年6月，周先生於廣
州康臣擔任多個職位，包括腎藥的區域市場推廣
經理及市場推廣總監和總裁助理。彼自
2013年7
月起為廣州康臣的副總裁。加入本集團前，周先
生曾於1995年7月至1997年3月期間在廣州市腦
科醫院工作。
1997年8月至2004年4月，周先生
於施維雅（天津）製藥有限公司工作。周先生於
1995年7月畢業於北京醫科大學（現稱北京大學
醫學部），獲授心理健康學士學位。
Ms. FANG Lanfen (方蘭芬), aged 53, is a vice president of
GZ Consun. Ms. FANG joined our Group in July 1999 as a
business manager. Between July 1999 to July 2013, Ms. FANG
served various positions at GZ Consun, such as business
manager, regional marketing manager and marketing director.
She has been the vice president of GZ Consun since July
2013. Prior to joining our Group, Ms. FANG worked at 固鎮
縣醫院 (Guzhen County Hospital) between July 1985 and
September 1989, and at安徽省水利廳醫院 (Water Resource
Department of Anhui Province Hospital) between September
1989 and July 1999. Ms. FANG graduated from 蚌埠醫學院
(Bengbu Medical College) with a bachelor’s degree in medical
in July 1985.
Mr. FANG Peicheng (方培城), aged 37, is the audit and legal
director and president assistant of GZ Consun. Mr. FANG
joined our Group in August 2010 as an audit manager. He
has been the audit and legal director since January 2013 and
president assistant of GZ Consun since January 2015. Prior
to joining our Group, Mr. FANG worked as audit supervisor
at 西隴化工股份有限公司 (Xilong Chemical Company Limited)
between May 2008 and July 2010.
Mr. FANG graduated from南華工商學院 (Nan Hua College
of Industry and Commerce) major in computer accounting in
July 2002, and graduated from 中國石油大學（華東）會計學專
業 (China University of Petroleum (Eastern China) Accounting
Profession) with a bachelor’s degree in management in July
2008. Mr. FANG has the Audit Professional Qualification
(Intermediate) granted by中華人民共和國人力資源和社會保
障部 (Ministry of Human Resources and Social Securities of
the People’s Republic of China). He is also a member of The
Institute of Internal Auditors.
方蘭芬女士，53歲，是廣州康臣的副總裁。方女
士於1999年7月加入本集團出任業務經理。
1999
年7月至2013年7月，方女士於廣州康臣擔任多個
職位，例如業務經理、區域市場推廣經理及市場
推廣總監。彼自
2013年7月起為廣州康臣的副總
裁。方女士於加入本集團前，曾於
1985年7月至
1989年9月期間在固鎮縣醫院工作，
1989年9月
至1999年7月在安徽省水利廳醫院工作。方女士
於1985年7月畢業於蚌埠醫學院，獲授醫療系學
士學位。
方培城先生，37歲，是廣州康臣的審計法務總監
兼總裁助理。方先生於
2010年8月加入本集團，
出任審計經理。彼自
2013年1月起出任審計法務
總監及自2015年1月起為廣州康臣的總裁助理。
方先生於加入本集團前，於
2008年5月至2010年
7月期間擔任西隴化工股份有限公司審計主管。
方先生於2002年7月畢業於南華工商學院，主修
會計電算化專業，於
2008年7月畢業於中國石
油大學（華東）會計學專業，獲授管理學學士學
位。方先生持有由中華人民共和國人力資源和社
會保障部頒授的審計專業資格證書（中級）。彼亦
為國際內部審計師協會會員。
Mr. YAO Bihua (姚畢華), aged 52, is the chief engineer of
GZ Consun and concurrently serving as general manager of
Yulin Pharmaceutical. Mr. YAO is primarily responsible for
production management of our Group. Since Mr. YAO joined
our Group in April 2007, he has served various positions, such
as deputy general manager of GZ Consun and production
director of our Group. Prior to joining our Group, Mr. YAO
successively served as workshop director, engineer and
chief engineer in 嶽陽製藥一廠 (Yueyang First Pharmaceutical
Factory) (now known as嶽陽中湘康神藥業集團有限公
司 (YueyangZhongxiangKangshen Pharmaceutical Group
Company Limited)) between July 1986 and February 2004.
From February 2004 to June 2005, he served as the production
and technology director of 湖南津津製藥有限公司 (Hunan Jinjin
Pharmaceutical Co., Ltd.). From September 2005 to April 2007,
Mr. YAO served as the production and technology director
and executive general manager respectively at 湖南和瑞生物
科技有限公司
(Hunan Herui Biotechnology Company Limited).
Between June 2006 and April 2007, he concurrently served as
the vice president for production and technology at 湖南德瑞生
物產業集團有限公司 (Hunan Derui Bio-industry Group Company
Limited). Mr. YAO graduated from湖南中醫學院 (Hunan
Institute of Chinese Medicine) in July 1986 with a bachelor’s
degree in Chinese medicine. He is also a senior engineer (高
級工程師) recognised by 湖南省人事廳 (Hunan Province Human
Resource Department) and a licenced pharmacist (執業藥師)
in the PRC.
姚畢華先生，52歲，是廣州康臣的首席工程師，
目前兼任玉林製藥的總經理。姚先生主要負責本
集團的生產管理。姚先生自
2007年4月加入本集
團以來，曾擔任不同職位，例如廣州康臣的副總
經理及本集團的生產總監。加入本集團前，姚先
生曾於1986年7月至2004年2月期間先後擔任嶽
陽制藥一廠（現稱嶽陽中湘康神藥業集團有限公
司）的車間主任、工程師及首席工程師。
2004年
2月至2005年6月，彼擔任湖南津津制藥有限公
司的生產及技術總監。於
2005年9月至2007年4
月期間，姚先生於湖南和瑞生物科技有限公司分
別擔任生產技術總監及執行總經理。
2006年6月
至2007年4月，彼同時於湖南德瑞生物產業集團
有限公司擔任生產及技術副總裁。姚先生於
1986
年7月畢業於湖南中醫學院，獲授中醫學學士學
位。彼亦是湖南省人事廳認可的高級工程師及中
國執業藥師。
Ms. CHEN Yujun (陳玉君), aged 36, is the Group’s chief
financial officer. Ms. CHEN joined the Group in May 2013
as deputy finance director. She has been the chief financial
officer of the Group since April 2014. Prior to joining the
Group, Ms. CHEN worked with an international accounting
firm between July 2005 and May 2012, and became an audit
manager since July 2010. Ms. CHEN graduated from廣東
外語外貿大學 (Guangdong University of Foreign Studies)
English (International Business Management) Profession and
Accounting Profession in 2005, with a bachelor’s degree
in arts and a bachelor’s degree in management. She has
been a member of the Chinese Institute of Certified Public
Accountants since January 2010.
JOINT COMPANY SECRETARY
Mr. YAU Chi Ming (丘志明), aged 49, has been our company
secretary since he joined our Group in March 2013. Mr. YAU
is responsible for our company secretarial matters and he has
over 20 years of experience in finance and accounting. Mr.
YAU is a certified public accountant (Practising) and is a fellow
of the Hong Kong Institute of Certified Public Accountants. He
is also acting as independent non-executive director of three
companies listed on the Stock Exchange, including Cosmo
Lady (China) Holdings Company Limited (stock code: 2298),
Common Splendor International Health Industry Group Limited
(stock code: 286) and TeleEye Holdings Limited (stock code:
8051). Prior to joining our Group, he worked at an international
audit firm from August 1992 to November 1994 and from May
1995 to October 2012, during which he was promoted to
partner in July 2007. Mr. YAU graduated from The University
of Hong Kong in December 1992 with a bachelor’s degree in
social sciences.
陳玉君女士，36歲，是本集團的首席財務官。陳
女士於2013年5月加入本集團出任財務副總監。
彼自2014年4月起為本集團的首席財務官。陳女
士於加入本集團前，自
2005年7月至2012年5月
在一家國際會計師事務所任職，自
2010年7月起
為審計經理。陳女士於
2005年畢業於廣東外語
外貿大學英語（國際商務管理）專業及會計學專
業，獲得文學學士學位及管理學學士學位。陳女
士自2010年1月起為中國註冊會計師協會會員。
聯席公司秘書
丘志明先生，49歲，自
2013年3月加入本集團以
來為我們的公司秘書。丘先生負責本公司秘書事
宜，彼於財務及會計方面擁有逾
20年經驗。丘先
生是執業會計師，為香港會計師公會資深會員。
彼亦正在擔任三家聯交所上市公司之獨立非執行
董事，包括都市麗人（中國）控股有限公司（股份
代號：
2298）、同佳國際健康產業集團有限公司
（股份代號：
286）以及千裡眼控股有限公司（股
份代號：
8051）。加入本集團前，彼自
1992年8
月至1994年11月以及自1995年5月至2012年10
月於一家國際審計事務所任職，其中彼於
2007年
7月晉升為合夥人。丘先生於
1992年12月畢業於
香港大學，獲授社會科學學士學位。
Mr. GAO Haien (高海恩), aged 47, has been appointed as the
joint company secretary of the Company for a term of three
years with effect from 15 April 2014. Mr. GAO is our Board
secretary and the board secretary of GZ Consun. Mr. GAO
joined our Group in August 2007 as the board secretary of
GZ Consun. Mr. GAO has been the legal representative of
GZ Consun, Inner Mongolia Consun and Kangyuan since
March 2013. Prior to joining our Group, Mr. GAO successively
served as a general manager of the accessories store and
the assistant to headquarters general manager of 深圳市新亞
工具連鎖店有限公司 (Shenzhen Sunyes Tools Co. Ltd.) from
January 2006 to August 2007. Between July 1995 and January
2006, Mr. GAO successively served as a senior engineer of
萬威電子文儀廠 (IDT Data System Factory) and a technology
manager of 深圳市奧美迪數碼科技有限公司 (Shenzhen Aomeidi
Digital Technology Co. Ltd.).
Mr. GAO graduated from中國礦業大學 (China University of
Mining and Technology) in July 1992 with a bachelor’s degree
in engineering and subsequently obtained a bachelor’s
degree in economics at the same university in January 1994.
He obtained a master’s degree in business administration at
中南財經政法大學 (Zhongnan University of Economics and
Law) in June 2012. Mr. GAO holds 證券業專業水平級別證書（二
級）(Professional Certificate in Securities (Band II)) granted
by 中國證券業協會 (Securities Association of China) and董
事會秘書資格證書 (Board Secretary Certificate) granted by
the Shenzhen Stock Exchange. He is also a member of Hong
Kong Securities and Investment Institute.
高海恩先生，47歲，自
2014年4月15日起獲委任
為本公司的聯席公司秘書，為期三年。高先生是
本公司的董事會秘書及廣州康臣的董事會秘書。
高先生於
2007年8月加入本集團出任廣州康臣的
董事會秘書。自
2013年3月起，高先生擔任廣州
康臣、內蒙古康臣及康源的法人代表。加入本集
團前，高先生於
2006年1月至2007年8月先後擔
任深圳市新亞工具連鎖店有限公司的配件店總經
理及總部總經理助理。於
1995年7月至2006年1
月期間，高先生先後擔任萬威電子文儀廠的高級
工程師及深圳市奧美迪數碼科技有限公司的技術
經理。
高先生於1992年7月畢業於中國礦業大學，獲授
工程學學士學位，後來彼於
1994年1月在同一所
大學取得經濟學學士學位。彼於
2012年6月取得
中南財經政法大學的工商管理碩士學位。高先生
持有由中國證券業協會頒授的證券業專業水平級
別證書（二級）及由深圳證券交易所頒授的董事
會秘書資格證書。彼亦為香港證券及投資學會的
會員。
CORPORATE GOVERNANCE
Adapting and adhering to recognised standards of corporate
governance principles and practices has always been one
of the top priorities of the Company. The Board believes that
good corporate governance is one of the areas that lead to
the success of the Company and in balancing the interests
of shareholders, customers and employees, and the Board
is devoted to ongoing enhancements of the efficiency and
effectiveness of such principles and practices.
The Company has adopted and complied with the code
provisions (the 「Code Provisions」) set out in Appendix 14
「Corporate Governance Code and Corporate Governance
Report」 to the Listing Rules during the year ended 31
December 2015.
MODEL CODE FOR SECURITIES TRANSACTIONS BY
THE DIRECTORS
The Company has adopted the Model Code for Securities
Transactions by Directors of Listed Issuers (the 「Model Code」)
as set out in Appendix 10 to the Listing Rules. The Company
confirms that, having made specific enquiry of all Directors,
all the Directors have complied with the required standards of
dealing as set out in the Model Code during the year ended
31 December 2015.
企業管治
配合及遵守企業管治原則及常規之公認標準一直
為本公司最優先原則之一。董事會相信良好的企
業管治是引領本公司走向成功及平衡股東、客戶
以及僱員間之利益之因素之一，而董事會致力於
持續改善該等原則及常規之效率及有效性。
於截至2015年12月31日止年度，本公司已採納
並遵守載列於上市規則附錄14《企業管治守則》
及《企業管治報告》中的守則條文（「守則條文」）。
董事進行證券交易之標準守則
本公司已採納上市規則附錄10所載上市發行人董
事進行證券交易的標準守則（「標準守則」）。經
向所有董事作出具體查詢後，本公司確認於截至
2015年12月31日止年度所有董事均已遵守標準
守則所載有關買賣之規定標準。
THE BOARD OF DIRECTORS
Composition
As at the date of this report, the Board currently comprises 7
Directors, of which three are executive Directors, one is nonexecutive
Director and three are independent non-executive
Directors. The composition of the Board during 2015 and up to
the date of this report is as follows:
Executive Directors
Mr. AN Yubao (Chairman)
Ms. LI Qian (Chief Executive Officer)
Professor ZHU Quan
Non-executive Directors
Mr. WANG Shunlong
Independent non-executive Directors
Mr. SU Yuanfu
Mr. FENG Zhongshi
Ms. CHENG Xinxin
Biographical details of current Directors are set out in the
section headed 「Directors and Senior Management Profile」 on
pages 23 to 35.
CONFIRMATION OF INDEPENDENCE
During the year of 2015, there were three independent nonexecutive
Directors representing one third or more of the
Board, and one of them, Ms. CHENG Xinxin has accounting
professional qualifications. Each of the independent nonexecutive
Directors has made an annual confirmation of
independence pursuant to Rule 3.13 of the Listing Rules. The
Company is of the view that all independent non-executive
Directors meet the independence guidelines set out in
Rule 3.13 of the Listing Rules and thus are independent in
accordance with the terms of the guidelines.
董事會成員
組成
於本報告日期，董事會現時由
7名董事組成，其
中三人為執行董事；一人為非執行董事，三人為
獨立非執行董事。於
2015年度直至本報告日期的
董事會成員組成如下：
執行董事
安鬱寶先生（主席）
黎倩女士（行政總裁）
朱荃教授
非執行董事
王順龍先生
獨立非執行董事
蘇元福先生
馮仲實先生
成欣欣女士
現任董事的履歷詳細信息載於第23至35頁的「董
事及高級管理人員履歷」一節。
獨立性確認
於2015年度內，本公司有三名獨立非執行董事，
為董事會人數的三分之一或以上，其中成欣欣女
士具備會計專業資格。每名獨立非執行董事已依
據上市規則第3.13條規定就獨立性作出年度確
認。本公司認為全體獨立非執行董事均符合上市
規則第3.13條所載的獨立指引，因此根據該等指
引條款，彼等均為獨立人士。
RESPONSIBILITIES OF THE BOARD AND MANAGEMENT
The Board is primarily responsible for overseeing and
managing the Company’s affairs, including the responsibilities
for the adoption of long-term strategies and appointing and
supervising senior management to ensure that the operation
of the Group is conducted in accordance with the objective
of the Group. The Board is also responsible for determining
the Company’s corporate governance policies which include:
(i) development and review of the Company’s policies and
practices on corporate governance; (ii) review and monitoring
of the training and continuous professional development of
Directors and senior management; (iii) review and monitoring
of the code of conduct and compliance manual applicable to
employees and Directors; and (iv) review of the Company’s
disclosure in the Corporate Governance Report.
While at all times the Board retains full responsibility for
guiding and monitoring the Company in discharging its
duties, certain responsibilities are delegated to various Board
committees which have been established by the Board to
deal with different aspects of the Company’s affairs. Unless
otherwise specified in their respective written terms of
reference as approved by the Board, these Board committees
are governed by the Company’s articles of association
(「Articles of Association」) as well as the Board’s policies and
practices (in so far as the same are not in conflict with the
provisions contained in the Articles of Association). With the
new composition of members of the nomination committee,
remuneration committee and audit committee, the independent
non-executive Directors will be able to effectively devote their
time to perform the duties required by the respective Board
committees.
董事會及管理層之職責
董事會主要負責監察及管理本公司事務，包括負
責採納長遠策略以及委任與監督高級管理層，以
確保本集團按照本身宗旨經營業務。董事會亦負
責釐定本公司之企業管治政策，包括：
(i)制訂及
審閱本公司之企業管治政策及常規；
(ii)審閱及
監察董事及高級管理層之培訓及持續專業發展情
況；(iii)審閱及監察適用於僱員及董事之行為守則
及合規指引；及(iv)審閱本公司於企業管治報告內
披露之資料。
儘管引領及監督本公司履行職責之責任在任何時
候均由董事會全權承擔，然而若干責任已轉授至
多個董事會委員會。該等委員會乃由董事會設立
以處理本公司各方面之事務。除經董事會批准之
各自書面職權範圍另有訂明外，該等董事會委員
會乃受本公司之組織章程細則（「組織章程細則」）
以及董事會之政策及常規（只要並無與組織章程
細則所載條文有所抵觸）規管。提名委員會、薪
酬委員會及審核委員會之新成員組成架構將能夠
容許獨立非執行董事有效地投放時間履行各董事
會委員會所規定的職務。
The Board has also delegated the responsibility of
implementing its strategies and the day-to-day operation to
the management of the Company under the leadership of
the executive Directors. Clear guidance has been made as
to the matters that should be reserved to the Board for its
decision which include matters on, inter alia, capital, finance
and financial reporting, internal controls, communication with
shareholders, Board membership, delegation of authority and
corporate governance.
The Board acknowledges its responsibility for the preparation
of the financial statements which give a true and fair view of
the state of affairs of the Group. The financial statements set
out on pages 75 to 159 were prepared on the basis set out in
Note 1(b) to the financial statements. Financial results of the
Group are announced in a timely manner in accordance with
statutory and/or regulatory requirements. The declaration of
reporting responsibility issued by the external auditor of the
Company on the Company’s financial statements is set out in
the Independent Auditor’s Report on pages 73 to 74.
BOARD MEETINGS
The Board is scheduled to meet regularly at least four times
a year (does not include obtaining Board consent through
circulating written resolutions) at approximately quarterly
intervals, to discuss the overall strategy as well as the
operational and financial performance of the Company. Other
Board meetings will be held when necessary. Such Board
meetings involve the active participation, either in person
or through other electronic means of communication, of a
majority of Directors. During the year of 2015, the Board held
4 meetings.
董事會亦已向執行董事領導下之本公司管理層轉
授施行其策略及日常營運之責任。本公司已就應
交由董事會決策之事宜訂立清晰指引，其中包
括與資本、融資及財務報告、內部監控、股東溝
通、董事會成員、轉授權力及企業管治有關之事
宜。
董事會知悉其須負責編製真實而公允地反映本集
團事務狀況之財務報表。載於第
75至159頁之財
務報表乃按財務報表附註1(b)所載基準編製。本
集團之財務業績根據法定及
╱或監管規定適時公
佈。本公司外聘核數師就本公司財務報表發出之
申報責任聲明載於第73至74頁之獨立核數師報
告。
董事會會議
董事會每年至少召開四次定期會議（不包括透過
傳閱書面決議方式取得的董事會批准），約每季
度一次，藉以討論本公司的整體策略以及經營和
財務表現。其他董事會會議將於需要時召開。該
等董事會會議由大多數董事親身或通過其他電子
通訊方式積極參與。於
2015年，本公司共召開
4
次董事會會議。
GENERAL MEETINGS 股東大會
An annual general meeting was held by the Company on 22 於2015年5月22日，本公司舉行了股東週年大
May 2015. Details of Directors』 attendance are as follows: 會，各董事出席會議的詳情如下：
No. of No. of
attendance/ attendance/
No. of board No. of general
meetings meetings
出席次數 ╱出席次數 ╱
Director董事董事會會議次數股東大會次數
Executive Directors執行董事
Mr. AN Yubao (Chairman)安鬱寶先生（主席）
4/4 1/1
Ms. LI Qian (Chief Executive Officer)黎倩女士（行政總裁）
4/4 1/1
Professor ZHU Quan朱荃教授
4/4 1/1
Non-Executive Directors非執行董事
Mr. WANG Shunlong王順龍先生
4/4 1/1
Independent Non-Executive 獨立非執行董事
DirectorsMr. SU Yuanfu蘇元福先生
4/4 1/1
Mr. FENG Zhongshi馮仲實先生
4/4 1/1
Ms. CHENG Xinxin成欣欣女士
4/4 1/1
At least 14 days』 notices are given to all Directors in advance 在董事出席定期會議和其他董事會會議之前，本
for attending regular and other Board meetings. Meeting 公司會提前向各董事發送不少於
14天的通知。會
agendas and other relevant information are provided to 議議程和其他相關資料會在董事會會議日期最少
the Directors at least 3 days before the date of the Board 3天之前向董事提供。所有董事均被諮詢意見，
meetings. All Directors are consulted to include additional 以將附加事項列入董事會會議議程內，及董事可
matters in the agenda for Board meetings and have access to 獲得公司秘書的意見和服務，確保董事會程序及
the advice and services of the company secretary with a view 所有適用規則及規例均獲得遵守。
to ensuring that Board procedures, and all applicable rules
and regulations, are followed.
Both draft and final versions of the minutes are sent to all 會議記錄的草擬本及最終版本均會寄發予所有董
Directors for their comment and records. Minutes of Board 事，以供彼等發表意見及留作記錄。董事會會議
meetings are kept by the company secretary and such minutes 記錄由公司秘書備存，若有任何董事發出合理事
are open for inspection at any reasonable time on reasonable 先通知，有關會議記錄可供其在任何合理的時段
prior notice by any Director.查閱。
CONTINUOUS PROFESSIONAL DEVELOPMENT
By providing all Directors with relevant guideline, updated
materials and training regarding the relevant laws and
applicable regulations, the duties and responsibilities of being
a Director, and relevant disclosure requirements, the Group
ensure that each Director understands and is familiar with the
relevant rules and the latest development. The Group has also
provided funding to each Director, to encourage Directors to
participate in various continuous professional development
courses, to ensure that each Director continue to possess the
necessary knowledge and skills to take part in and contribute
to the Board’s affairs.
For the year of 2015, the Directors』 participation in continuous
professional development training are as follows:
Director董事
持續專業發展
本集團透過向所有董事提供有關相關法律、適用
法規、作為董事的職責和責任及相關披露要求的
相關指引、更新資料及培訓，以確保每名董事均
了解和熟悉相關規則的最新發展。本集團亦已向
各董事提供經費，鼓勵董事參與持各種持續專業
發展課程，以確保各董事持續具備所需之知識及
技能參與董事會事務及作出貢獻。
於2015年度，董事參與的持續專業發展培訓如
下：
Training related to
corporate governance,
regulatory development
and other relevant
professional topics
有關企業管治、監管發展及
其他相關專業主題的培訓
Executive Directors執行董事
Mr. AN Yubao (Chairman)安鬱寶先生（主席）
√
Ms. LI Qian (Chief Executive Officer)黎倩女士（行政總裁）
√
Professor ZHU Quan朱荃教授
√
Non-Executive Directors非執行董事
Mr. WANG Shunlong王順龍先生
√
Independent Non-Executive Directors獨立非執行董事
Mr. SU Yuanfu蘇元福先生
√
Mr. FENG Zhongshi馮仲實先生
√
Ms. CHENG Xinxin成欣欣女士
√
All Directors have provided record of training attendance and 所有董事已提供出席培訓的記錄，而本公司也將
the Company will continue to arrange and/or fund the training 繼續依據守則條文第A.6.5段規定安排培訓及╱
in accordance with paragraph A.6.5 of the Code Provisions.或為培訓提供資金。
APPOINTMENT AND RE-ELECTION
All Directors have entered into letters of appointment with the
Company for a specific term of three years from the date of
Listing, subject to re-election.
In accordance with the Articles of Association of the Company,
at each annual general meeting one third of the Directors for
the time being shall retire from office by rotation. However,
if the number of Directors is not a multiple of three, then the
number nearest to but not less than one third shall be the
name of retiring Directors. The Directors who shall retire in
each year will be those who have been longest in the office
since their last re-election or appointment but as for persons
who became or were last re-elected as Directors on the same
day those to retire will (unless they otherwise agree among
themselves) be determined by lot. Such retiring Directors may,
being eligible, offer themselves for re-election at the annual
general meeting. All Directors appointed by the Board to fill a
casual vacancy shall hold office until the first general meeting
of shareholders after their appointment and be subject to reelection
at such meeting and all Directors appointed by the
Board as an addition to the existing Board shall hold office
only until the next following annual general meeting and shall
then be eligible for re-election.
委任及重選
各董事均已與本公司訂立委聘書，自上市日期起
之指定年期為三年，可重選連任。
根據本公司之組織章程細則，於每屆股東週年大
會上，三分一的當時在任董事須輪值退任。然
而，倘董事人數並非三之倍數，則最接近但不少
於三分一之董事須退任。各年度須退任之董事將
為自最近一次獲重選連任或獲委任以來在任時間
最長者，惟倘多名董事於同一日就職或於最近
一次獲重選為董事，則以抽簽決定須退任之董
事（除非彼等之間另有協定）。有關退任董事合資
格於股東週年大會上膺選連任。所有獲董事會委
任以填補臨時空缺之董事，其任期將直至獲委任
後首次股東大會為止，屆時須於會上接受重選；
而所有獲董事會就現有董事會新增議席委任之董
事，其任期則僅至下屆股東週年大會為止，屆時
將符合資格重選連任。
BOARD COMMITTEES
NOMINATION COMMITTEE
The Company established a nomination committee (the
「Nomination Committee」) on 2 December 2013 with written
terms of reference in compliance with paragraph A.5.2 of the
Code Provisions. Its terms of reference are available on the
websites of the Company and the Stock Exchange.
The primary duties of the Nomination Committee are to review
the structure, size and composition of the Board on regular
basis; identify individuals suitably qualified to become Board
members; assess the independence of independent nonexecutive
Directors; and make recommendations to the
Board on relevant matters relating to the appointment or reelection
of Directors. When identifying suitable candidates
for directorship, the Nomination Committee will carry out the
selection process by making reference to a series of criteria as
bases, including but not limited to skills, experience, education
background, professional knowledge, personal integrity and
time commitments of the proposed candidates, and taking
into consideration of the Company’s Board Diversity Policy. All
candidates must be able to meet the standards as set forth
in Rules 3.08 and 3.09 of the Listing Rules. A candidate who
is to be appointed as an independent non-executive Director
should also meet the independence criteria set out in Rule
3.13 of the Listing Rules. Qualified candidates will then be
recommended to the Board for approval.
董事會委員會
提名委員會
本公司已於2013年12月2日成立提名委員會（「提
名委員會」），並遵照守則條文第A.5.2段以書面釐
定其職權範圍，其職權範圍可於本公司及聯交所
網站查閱。
提名委員會的主要職責為定期檢討董事會的架
構、大小和組成；物色具備合適資格成為董事會
成員的人選；評核獨立非執行董事的獨立性；以
及就有關董事委任或重選連任的相關事宜向董事
會提供建議。在物色合適的董事候選人時，提名
委員會將透過參考一系列準則作為基準，包括但
不限於建議候選人的技能、經驗、教育背景、專
業知識、個人誠信和承諾時間，以及考慮本公司
的董事會多元化政策而進行甄選程序。所有候選
人必須能夠滿足上市規則第3.08和3.09條所規定
之標準。將被委任為獨立非執行董事的候選人亦
須滿足上市規則第3.13條規定的獨立性標準。合
資格的候選人隨後將推薦予董事會以供批准。
As at the date of this annual report, the Nomination Committee
comprises three members and two of them are independent
non-executive Directors, namely Mr. SU Yuanfu (chairman),
Ms. CHENG Xinxin and one Executive Director, namely Mr. AN
Yubao. In 2015, the Nomination Committee held one meeting
and details of the committee members』 attendance are as
follows:
Committee member委員會成員
於本年報發佈之日，提名委員會由三名成員組
成，其中兩名為獨立非執行董事（分別為蘇元福
先生（主席）與成欣欣女士）以及一名執行董事
（為安鬱寶先生）。於2015年，提名委員會舉行了
一次會議，各委員會成員出席會議的詳情如下：
No. of attendance/
No. of committee meeting
出席次數 ╱委員會會議次數
Independent non-Executive Directors獨立非執行董事
Mr. SU Yuanfu (Committee Chairman)蘇元福先生（委員會主席）
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Ms. CHENG Xinxin成欣欣女士
Executive Director執行董事
Mr. AN Yubao安鬱寶先生
The Nomination Committee reviewed the structure, size and
composition of the Board, and assessed the independence
of the independent non-executive Directors and concluded
that the Company’s Board Diversity Policy has been properly
implemented.
BOARD DIVERSITY POLICY
The Company recognizes and embraces the benefits of having
a diverse Board to enhance the quality of its performance. With
a view to achieving a sustainable and balanced development,
the Company sees increasing diversity at the Board level
as an essential element in supporting the attainment of its
strategic objectives and its sustainable development, and has
adopted the Board Diversity Policy.
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提名委員會檢討了董事會的架構、規模和組成，
評核了獨立非執行董事的獨立性，以及認同本公
司的董事會多元化政策己獲妥善執行。
董事會多元化政策
本公司明白並深信董事會成員多元化對提升其表
現素質裨益良多。為達致可持續及均衡的發展，
本公司視董事會層面日益多元化為支持其達到戰
略目標及維持可持續發展的關鍵元素，並已採納
董事會多元化政策。
All Board appointments will be based on meritocracy, and
candidates will be considered against appropriate criteria,
having due regard for the benefits of diversity on the Board.
Selection of candidates will be based on a range of diversity
perspectives, including but not limited to gender, age,
cultural background and ethnicity, in addition to educational
background, professional experience, skills, knowledge and
length of service. The ultimate decision will be based on merit
and contribution that the selected candidates will bring to the
Board.
For the purpose of implementation of the Board Diversity
Policy, the following measurable objectives were adopted:
(A)
at least 40% of the members of the Board shall be
non-executive directors or independent non-executive
directors;
(B)
at least 1/3 of the members of the Board shall be
independent non-executive directors;
(C)
at least 1 of the members of the Board shall have
obtained accounting or relevant financial management
professional qualifications;
(D)
at least 50% of the members of the Board shall have 7
years or more of experience in the industry he/she is
specialised in; and
(E)
at least 2 of the members of the Board shall have
China-related work experience.
董事會所有委任均將以用人唯才為原則，並在考
慮人選時以適當的準則充分顧及董事會成員多元
化的裨益。甄選人選將按一系列多元化範疇為基
準，除教育背景、專業經驗、技能、知識及服務
任期外，亦包括但不限於性別、年齡、文化背景
及種族。最終將按人選的長處及可為董事會提供
的貢獻而作出決定。
就實施董事會多元化政策而言，以下可計量目標
已被採納：
(A)
至少40%董事會成員須為非執行董事或獨
立非執行董事；
(B)
至少1/3董事會成員須為獨立非執行董事；
(C)
至少1名董事會成員須獲得會計或相關的
財務管理專業資格；
(D)
至少50%董事會成員須於其專長的行業擁
有7年或以上經驗；及
(E)
至少2名董事會成員須擁有中國相關工作
經驗。
REMUNERATION COMMITTEE
The Company established a remuneration committee (the
「Remuneration Committee」) on 2 December 2013 with written
terms of reference in compliance with paragraph B.1.2 of the
Code Provisions. Its terms of reference are available on the
websites of the Company and the Stock Exchange.
The Remuneration Committee has adopted the model that it
will review the proposals made by the management on the
remuneration of executive Directors and senior management
and make recommendation to the Board. The Board will
have final authority to approve the recommendations made
by the Remuneration Committee. The primary duties of the
Remuneration Committee also include making recommendation
to the Board on the overall remuneration policy and
structure relating to all Directors and senior management
of the Group and to ensure none of the Directors determine
their own remuneration. The emoluments of executive
Directors are determined based on the skills, knowledge,
individual performance as well as contributions, the scope of
responsibility and accountability of such Directors, taking into
consideration of the Company’s performance and prevailing
market conditions. The remuneration policy of independent
non-executive Directors is to ensure that the independent
non-executive Directors are adequately compensated for
their efforts and time dedicated to the Company’s affairs
including their participation in respective Board committees.
The emoluments of independent non-executive Directors
are determined with reference to their skills, experience,
knowledge, duties and market trends.
薪酬委員會
本公司已於2013年12月2日成立薪酬委員會（「薪
酬委員會」），並已遵照守則條文第B.1.2段以書面
釐定其職權範圍，其職權範圍可於本公司及聯交
所網站查閱。
薪酬委員會已採納將由其檢討管理層所提出有關
執行董事及高層管理人員的薪酬方案後向董事會
提出建議的模式。董事會將擁有最終權力以批准
經薪酬委員會提出的建議。薪酬委員會的主要職
責亦包括就本集團所有董事及高級管理層的整體
薪酬政策及架構向董事會作出推薦意見，以及確
保董事並無自行釐定其本身的薪酬。執行董事的
薪酬乃基於該董事的技能、知識、個人表現及貢
獻、責任及職責的範圍，並考慮到本公司的表現
及現行市況後釐定。獨立非執行董事的薪酬政策
是要確保獨立非執行董事對參與本公司事務（包
括其於各董事委員會的參與程度）所作出的努力
以及付出的時間得到充分的補償。獨立非執行董
事的薪酬乃參考其技能、經驗、知識、職責和市
場趨勢釐定。
As the date of this annual report, the Remuneration Committee
consists of three members and two of them are independent
non-executive Directors, namely Mr. FENG Zhongshi
(chairman), Mr. SU Yuanfu and one executive Director, namely
Ms. LI Qian. In 2015, the Remuneration Committee held one
meeting and details of the committee members』 attendance
are as follows:
Committee member委員會成員
於本年報發佈之日，薪酬委員會由三名成員組
成，其中兩名為獨立非執行董事（分別為馮仲實
先生（主席）與蘇元福先生）以及一名執行董事
（為黎倩女士）。於2015年，薪酬委員會舉行了一
次會議，各委員會成員出席會議的詳情如下：
No. of attendance/
No. of committee meeting
出席次數 ╱委員會會議次數
Independent non-Executive Directors獨立非執行董事
Mr. FENG Zhongshi (Committee Chairman)馮仲實先生（委員會主席）
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Mr. SU Yuanfu蘇元福先生
Executive Director執行董事
Ms. LI Qian黎倩女士
The Remuneration Committee assessed the performance,
reviewed the proposal made by management on the
remuneration of executive Directors and senior management
and made recommendation to the Board on the remuneration
packages of individual executive directors and senior
management. Details of remuneration of Directors are set out
in Note 6 to the Financial Statements.
AUDIT COMMITTEE
The Company established an audit committee (the 「Audit
Committee」) on 2 December 2013 with written terms of
reference in compliance with paragraph C3.3 and C3.7 of the
Code Provisions. Its terms of reference were amended on 16
December 2015 and came into effective from 1 January 2016,
which are available on the websites of the Company and the
Stock Exchange.
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薪酬委員會評核了其表現，檢討了管理層所提出
有關執行董事及高層管理人員的薪酬方案，並向
董事會就有關個別執行董事及高級管理人員的薪
酬提出建議。董事薪酬的詳情載於財務報表附註
6。
審核委員會
本公司已於2013年12月2日成立審核委員會（「審
核委員會」），並已遵照守則條文第
C3.3和C3.7段
以書面釐定其職權範圍。職權範圍於
2015年12月
16日獲修訂及於2016年1月1日生效，於本公司
及聯交所網站可供查閱。
The Audit Committee reports to the Board and has held regular
meetings to review and make recommendations to improve
the Group’s financial reporting process, risk management and
internal controls. The primary duties of the Audit Committee,
among other things, are to make recommendation to the Board
on the appointment, re-appointment and removal of external
auditor, review the financial statements and oversee financial
reporting, risk management and internal control procedures of
the Group.
As at the date of this annual results announcement, the
Audit Committee consists of three members and two of
them are independent non-executive Directors, namely Ms.
CHENG Xinxin (chairlady), Mr. FENG Zhongshi and one nonexecutive
Director, namely Mr. WANG Shunlong. The Audit
Committee has reviewed with management of the Company
the accounting principles and practices adopted by the
Group, and discussed internal controls and financial reporting
matters. The Audit Committee also met with the external
auditors and reviewed the Annual Results.
In 2015, the Audit Committee held two meetings and details of
the committee members』 attendance are as follows:
Committee member委員會成員
審核委員會向董事會報告，並定期召開會議以檢
討並提出推薦建議以改進本集團的財務報告程
序、風險管理及內部監控。審核委員會的主要職
責為（其中包括）就對外聘核數師的委任、重新
委任和解聘向董事會提供推薦建議、審閱財務報
表及監察本集團的財務報告、風險管理和內部監
控程序。
於本全年業績公告日期，審核委員會由三名成員
組成，包括兩名獨立非執行董事（分別為成欣欣
女士（主席）及馮仲實先生）以及一名非執行董事
（為王順龍先生）。審核委員會已與本公司管理層
檢討本集團所採納的會計原則及常規，並商討內
部監控及財務報告事宜。審核委員會亦與外聘核
數師會面，並已審閱全年業績。
於2015年，審核委員會舉行了兩次會議，各委員
會成員出席會議的詳情如下：
No. of attendance/
No. of committee meeting
出席次數 ╱委員會會議次數
Independent non-Executive Directors獨立非執行董事
Ms. CHENG Xinxin (Committee Chairlady)成欣欣女士（委員會主席）
2/2
Mr. FENG Zhongshi馮仲實先生
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Non-Executive Director非執行董事
Mr. WANG Shunlong王順龍先生
2/2
The Audit Committee has reviewed with management of the 審核委員會已與本公司管理層審閱本集團所採納
Company the accounting principles and practices adopted 的會計原則及慣例，並討論了風險管理、內部監
by the Group, and discussed risk management, internal 控與財務報告事宜。審核委員會亦與本公司外聘
controls and financial reporting matters. The Audit Committee 核數師會面，並已審閱本公司的本年度報告。董
also met with the external auditors and reviewed this annual 事會概無就外聘核數師的選擇、委任、指定或解
report of the Company. The Board has not taken a different 聘事宜與審核委員會持不同意見。
view from the Audit Committee on the selection, appointment,
designation or dismissal of external auditors.
AUDITOR』S REMUNERATION
During the year of 2015, the Company engaged KPMG as
the external auditors. Apart from providing audit services,
KPMG also provided interim financial statements review and
tax consulting services. The fees in respect of audit and nonaudit
services provided by KPMG for the year ended 31
December 2015 amounted to approximately RMB2,100,000
and RMB450,000, respectively.
The reporting responsibilities of KPMG are set out in the
Independent Auditor’s Report on pages 73 to 74.
JOINT COMPANY SECRETARIES
Mr. YAU Chi Ming and Mr. GAO Haien, being our joint
company secretaries, are primarily responsible for the
company secretarial work of the Group. Mr. GAO currently
does not possess the specified qualifications as required
under Rule 3.28 of the Listing Rules. The Company confirms
that Mr. YAU and Mr. GAO have for the year of 2015 attended
no less than 15 hours of relevant professional training.
RISK MANAGEMENT AND INTERNAL CONTROL
The Board is responsible for maintaining a sound and effective
risk management and internal control system in order to
safeguard the interests of the shareholders and the assets of
the Company against unauthorised use or disposition, ensuring
maintenance of proper books and records for the provision of
reliable financial information, and ensuring compliance with
the relevant rules and regulations. Such systems are designed
to manage rather than eliminate the risk of failure to business
objective, and can only provide reasonable and not absolute
assurance against material misstatement or loss.
The Board has conducted a review of the effectiveness of
the Group’s internal control system for the year ended 31
December 2015 and will continue to assess the effectiveness
of risk management and internal controls by considering
reviews performed by the Audit Committee and executive
management.
核數師薪酬
於2015年度，本公司委任畢馬威會計師事務所
作為本公司外聘核數師。除提供審計服務外，畢
馬威會計師事務所亦提供中期財務報表審閱及稅
務諮詢服務。由畢馬威會計師事務所提供的截至
2015年12月31日止年度的審計及非審計服務收
費分別約為人民幣2,100,000元及人民幣450,000
元。
畢馬威會計師事務所的報告職責載於獨立核數師
報告第73至74頁。
聯席公司秘書
丘志明先生及高海恩先生為本公司的聯席公司秘
書，其主要職責為負責本集團的公司秘書工作。
高先生目前並無具備上市規則第
3.28條所規定的
特定資格。本公司確認丘先生及高先生於
2015年
度已參與不少於15小時的相關專業培訓。
風險管理及內部監控
董事會負責維持健全有效的風險管理和內部監控
系統，以保護股東的利益及本公司的資產不會於
未經授權的情況下被使用或處置，確保就提供可
靠的財務資料而保存適當的帳冊和記錄，以及確
保符合相關規則及法規。該等系統旨在管理而非
消除未能達成業務目標的風險，並且僅能就防範
重大錯誤陳述或損失提供合理而非絕對保證。
董事會已檢討本集團內部監控系統於截至2015年
12月31日止年度的成效，並將藉考慮由審核委員
會及執行管理層進行的檢討繼續評估風險管理及
內部監控的成效。
SHAREHOLDERS』 RIGHTS
The shareholders of the Company may make requisition for
the convening of an extraordinary general meeting (「EGM」) of
the Company in accordance with the procedures set out in the
Articles of Association as follows:
(1)
Any one or more shareholders, who at the date of
deposit of the requisition hold not less than one tenth
of the paid up capital of the Company having the right
of voting at general meetings, shall have the right, by
written notice, to require an EGM to be called by the
Directors of the Company for the transaction of any
business specified in such requisition.
(2)
Such requisition shall be made in writing to the Board or
the company secretary of the Company at the following:
Principal place of business of the Company in the PRC
Address:
71, Dongpeng Avenue, Eastern section,
Guangzhou Economic and Technological
Development District, Guangzhou, PRC
Email: ir@chinaconsun.com
Attention: Joint Company Secretary
Registered Address of the Company
Address:
Clifton House, 75 Fort Street,
PO Box 1350,
Grand Cayman KY 1-1108,
Cayman Islands
Attention:
Joint Company Secretary
(3)
The Board will convene an EGM within 21 days from the
date of deposit of the requisition.
股東權利
本公司股東可根據以下組織章程細則所載的程
序要求召開本公司股東特別大會（「股東特別大
會」）：
(1)
在遞交請求當日持有本公司繳足股本不少
於十分之一，而有權於股東大會上投票的
任何一名或以上的股東，應有權以書面通
知要求本公司董事就該請求所指定任何業
務交易召開股東特別大會。
(2)
該請求須以書面形式遞交至以下地址致董
事會或本公司公司秘書：
本公司的中國主要營業地點
地址：中國廣州廣州經濟技術
開發區東區東鵬大道71號
電郵：
ir@chinaconsun.com
聯絡人：聯席公司秘書
本公司的註冊地址
地址：
Clifton House, 75 Fort Street,
PO Box 1350,
Grand Cayman KY 1-1108,
Cayman Islands
聯絡人：聯席公司秘書
(3)
董事會將自遞交請求日期起21日內召開股
東特別大會。
(4)
If within 21 days of such deposit, the Board does not
proceed duly to convene such EGM, the requisitionists
themselves may do so in the same manner, as nearly as
possible, as that in which meetings may be convened
by the Board, and all reasonable expenses incurred by
the requisitionist(s) as a result of the failure of the Board
shall be reimbursed to them by the Company.
For matters in relation to the Board, the Shareholders
can contact the Company at the following:
Address:
71, Dongpeng Avenue, Eastern section,
Guangzhou Economic and Technological
Development District, Guangzhou, PRC
Email: ir@chinaconsun.com
Tel: (86) 20-82264529
Fax: (86) 20-82261886
Attention: Joint Company Secretary
To put forward proposals at a general meeting of the
Company, a shareholder should lodge a written notice of his
or her proposal (「Proposal」) with his or her detailed contact
information at the Company’s principal place of business in
Hong Kong, the address is: 22nd Floor, World-Wide House, 19
Des Voeux Road Central, Hong Kong.
The request will be verified with the Company’s branch share
registrars in Hong Kong and upon their confirmation that the
request is proper and in order, the Board will be asked to
include the Proposal in the agenda for the general meeting.
(4)
倘董事會未能在有關請求遞交後21日內正
式召開有關股東特別大會，則請求者本身
可盡可能按與董事會可能召開會議的相同
方式召開會議，而本公司須向彼等償付因
董事會未能召開會議而致使請求者產生之
一切合理開支。
有關董事會的事宜，股東可以通過以下途
徑聯絡本公司：
地址：中國廣州廣州經濟技術
開發區東區東鵬大道71號
電郵：
ir@chinaconsun.com
電話：
(86) 20-82264529
傳真：
(86) 20-82261886
聯絡人：聯席公司秘書
如欲向本公司股東大會提呈議案，股東應將其議
案（「議案」）連同詳細聯絡資料的書面通知送呈
本公司之香港主要營業地點，地址為：香港德輔
道中19號環球大廈22樓。
該要求將由本公司之香港股份過戶登記分處核
實，待確認該要求屬適當及符合程序後，即要求
董事會將議案納入股東大會議程內。
The notice period to be given to all the shareholders for
consideration of the Proposal raised by the shareholder
concerned at the general meeting varies according to the
nature of the Proposal as follows:
(1)
At least 14 days』 notice in writing if the Proposal
requires approval by way of ordinary resolution of the
Company.
(2)
At least 21 days』 notice in writing if the Proposal
requires approval by way of a special resolution of the
Company in an EGM of the Company or an ordinary
resolution of the Company in an annual general meeting
of the Company.
INVESTOR RELATIONS AND COMMUNICATION
The Board recognizes the importance of good communications
with all shareholders. The Company believes that maintaining
a high level of transparency is a key to enhance investor
relations. The Company is committed to a policy of open and
timely disclosure of corporate information to its shareholders
and public investors.
The Company updates its shareholders on its latest business
developments and financial performance through its corporate
publications including interim and annual reports and public
announcements. Extensive information about the Company’s
activities for the year ended 31 December 2015 has been
provided in this annual report. While the annual general
meeting provides a valuable forum for direct communication
between the Board and its shareholders, the Company also
maintains its website (http://www.chinaconsun.com) to provide
an alternative communication channel for the public and its
shareholders. All corporate communication and Company’s
latest updates are available on the Company’s website for
public’s information.
During the year ended 31 December 2015, there has been no
significant change in the Company’s constitutional documents.
Hong Kong, 30 March 2016
供全體股東考慮相關股東向股東大會所提呈議案
之通知期，視乎議案性質而定，詳情如下：
(1)
須以本公司普通決議案形式批准之議案，
最少給予14天書面通知期。
(2)
須於本公司股東特別大會以本公司特別決
議案或於本公司股東週年大會以本公司普
通決議案形式批准之議案，最少給予
21天
書面通知期。
投資者關係及溝通
董事會深知與全體股東保持良好溝通的重要性。
本公司相信維持高透明度乃為提升投資者關係的
關鍵所在。本公司承諾向其股東及公眾投資者公
開且及時地披露公司資料。
本公司透過公司刊物（包括中期報告、年報及公
告）為股東提供最新的業務發展及財務表現。本
年報已提供大量本公司截至2015年12月31日止
年度的業務資料。股東週年大會為董事會及其股
東提供寶貴的直接溝通機會，而本公司亦透過
其網站（
http://www.chinaconsun.com）向公眾
及其股東提供另一種溝通管道。所有公司通訊及
本公司的最新信息均可於本公司的網站供公眾查
閱。
於截至2015年12月31日止年度，本公司的法律
組織章程文件並無重大變更。
香港，2016年3月30日
The Board of the Company are pleased to present the annual
report together with the audited consolidated financial
statements (the 「Financial Statements」) of the Group for the
year ended 31 December 2015.
PRINCIPAL ACTIVITIES AND BUSINESS REVIEW
The principal activity of the Company is investment holding
and those of the principal subsidiaries of the Company are set
out in Note 12 to the Financial Statements.
Further discussion and analysis of these activities as required
by Schedule 5 to the Hong Kong Companies Ordinance,
including a discussion of the principal risks and uncertainties
facing the Group and an indication of likely future
developments in the group’s business, can be found in the
Chairman’s statement and the Management Discussion and
Analysis set out on page 5 to 12 and pages 14 to 22 of this
annual report, which form part of this director’s report.
RESULTS AND APPROPRIATIONS
The Group’s annual results for the year ended 31 December
2015 and its state of affairs as at 31 December 2015 are set
out in the Financial Statements on pages 75 to 159.
The Company did not distributed any interim dividend in
2015 (2014 interim dividend: RMB0.038 per share, totally
approximately RMB38,000,000). The Directors proposed
to declare a final dividend of RMB0.075 per share (2014:
RMB0.028 per share), totally approximately RMB74,119,000
(2014: approximately RMB28,000,000) for the year ended 31
December 2015. The proposed final dividend is subject to
approval by the shareholders of the Company at the annual
general meeting to be held on Friday, 27 May 2016 and,
if approved, is expected to be paid on or about Thursday,
16 June 2016 to shareholders whose names appear on the
register of members of the Company on Tuesday, 7 June
2016. The final dividend is declared in RMB and will be paid in
HK$ based on the official exchange rate of RMB against HK$
as quoted by the People’s Bank of China on 7 June 2016.
本公司董事會欣然提呈本集團截至2015年12月
31日止年度之年報及經審核綜合財務報表（「財務
報表」）。
主要業務及業務回顧
本公司的主要業務為投資控股，而本公司主要附
屬公司之主要業務載於財務報表附註12。
按香港《公司條例》附表
5所規定有關該等業務的
進一步討論及分析，包括有關本集團面臨的主要
風險及不明朗因素的討論以及本集團業務的未來
可能發展動向，載於本年報第
5至12頁的主席報
告及第14至22頁的管理層討論及分析中。該等討
論及分析構成本董事會報告的一部份。
業績和分派
本集團截至2015年12月31日止年度的全年業績
和本集團於2015年12月31日的財務狀況載於第
75至159頁的財務報表。
本公司於2015年並無派付任何中期股息（
2014
年中期股息：每股人民幣
0.038元，合共約人民
幣38,000,000元）。董事會建議宣派截至2015年
12月31日止年度之末期股息每股人民幣0.075元
（2014年：每股人民幣
0.028元），合共約人民幣
74,119,000元（2014年：約人民幣
28,000,000
元）。擬派末期股息須經本公司股東於2016年5
月27日（星期五）舉行的股東週年大會批准，方
告作實，及若獲批准，預期將於
2016年6月16
日（星期四）或前後派付予於
2016年6月7日（星
期二）名列本公司股東名冊之股東。末期股息以
人民幣宣派並將以港元支付，按中國人民銀行於
2016年6月7日所報人民幣兌港元之官方匯率換
算。
FIVE-YEAR FINANCIAL SUMMARY
A summary of the results and assets and liabilities of the
Group for the last five financial years ended 31 December
2011 to 2015 is set out on page 160. This summary does not
form part of the Financial Statements.
SHARE CAPITAL
Details of changes in share capital of the Company during the
year of 2015 are set out in Note 22 to the Financial Statements.
DISTRIBUTABLE RESERVES
As at 31 December 2015, the Company’s distributable
reserves, calculated in accordance with the Companies Law
Cap. 22 (Law 3 of 1961, as consolidated and revised) of
the Cayman Islands, amounted to RMB1,005,713,000 (2014:
RMB1,052,427,000).
USE OF PROCEEDS
The net proceeds from the initial public offering of shares on
the Stock Exchange on 19 December 2013 were approximately
RMB774,662,000. During the year of 2015, the Group used
the net proceeds according to the manner as disclosed in
the Prospectus. As at 31 December 2015, the balance of
proceeds not yet utilised was approximately RMB369,360,000,
and the Group will continue to apply the proceeds according
to the manner as stated in the Prospectus.
MAJOR CUSTOMERS AND SUPPLIERS
The Group maintains good business relationships with its
suppliers and customers, which are beneficial for the Group’s
healthy long-term development.
五年財務摘要
本集團自2011年12月31日止年度至2015年12月
31日止年度最近五個財政年度的業績、資產及負
債的摘要載於第
160頁。本摘要並不構成財務報
表的一部份。
股本
本公司股本於2015年度變動的詳細信息載於財務
報表附註22。
可供分派儲備
於2015年12月31日，按照開曼群島公司法第
22
章（1961年法例三（經綜合及修訂））計算之本公
司可供作分派之儲備為人民幣1,005,713,000元
（2014年：人民幣1,052,427,000元）。
所得款項用途
本公司於2013年12月19日在聯交所首次公開發
售股份的所得款項淨額約為人民幣774,662,000
元。於
2015年度，本集團按照招股章程內所披
露用途使用該等所得款項淨額。於
2015年12月
31日，未動用的所得款項餘額餘款約為人民幣
369,360,000元，本集團會繼續按照招股章程內
所披露的用途使用該等所得款項。
主要客戶及供應商
本集團與其供應商及客戶維持良好商業關係，其
有利於本集團的長期健康發展。
For the year of 2015, the aggregate sales attributable to
the Company’s five largest customers, including sales to
entities which are known to the Group to be under common
control with these customers, were approximately 61.5% of
the total revenue for the year; sales to the largest customer
accounted for approximately 34.5% thereof. The aggregate
purchases attributable to the Company’s five largest suppliers
were approximately 75.4% of the total purchase for the
year; purchases from the largest supplier accounted for
approximately 40.8% thereof.
To the best knowledge of the Directors, none of the Directors,
their associates or any shareholders who owned more than
5% of the Company’s issued share capital had any beneficial
interest in any of the Group’s five largest customers or
suppliers during the year.
SUBSIDIARIES, ASSOCIATED COMPANIES AND
JOINTLY CONTROLLED COMPANIES
Details of the major subsidiaries and associated companies
of the Group are set out in Notes 12 and 13 to the Financial
Statements.
PROPERTY, PLANT AND EQUIPMENT
Details of changes in the Group’s property, plant and
equipment during the year of 2015 are set out in Note 9 to the
Financial Statements.
CAPITAL EXPENDITURE
During the year of 2015, the Group’s total capital expenditure
amounted to RMB14,528,000 (2014: RMB12,969,000) which
was used for acquisition of properties, plant and equipment.
The details of the properties, plant and equipment of the
Group and the changes in lease prepayments of the Group
during the year of 2015 are set out in Notes 9 and 10 to the
Financial Statements.
BORROWINGS
As at 31 December 2015, the Company had no interest
bearing borrowings (31 December 2014: Nil).
於2015年度，本集團五大客戶的銷售（包括向本
集團得悉與該等客戶受共同控制之實體作出的銷
售）總額佔本年度收入總額的約
61.5%，其中對
最大客戶銷售額佔本年度收入總額的約34.5%。
本公司五大供應商的採購總額佔本年度採購總額
的約75.4%，其中最大供應商採購額佔本年度採
購總額的約40.8%。
據董事所知，董事或彼等的聯繫人或任何擁有本
公司已發行股本5%以上權益的股東在年內概無於
本集團任何五大客戶或供應商中擁有任何實益權
益。
附屬公司、聯營公司和共同控制公司
本集團主要附屬公司及聯營公司的詳情載於財務
報表附註12及13。
物業、廠房及設備
本集團物業、廠房及設備於
2015年度變動的詳細
信息載於財務報表附註9。
資本支出
於2015年度內，本集團總資本支出為人民幣
14,528,000元（2014年：人民幣
12,969,000元），
用於購買物業、廠房及設備。有關本集團於
2015
年度內物業、廠房及設備的詳情以及租賃預付款
項的變動詳情載於財務報表附註9及10。
借款
於2015年12月31日，本公司並無任何計息借款
（2014年12月31日：無）。
DIRECTORS AND DIRECTORS』 SERVICE CONTRACTS
The Directors of the Company who hold office during the year
and up to the date of this report are:
Executive Directors
Mr. AN Yubao (Chairman)
Ms. LI Qian (Chief Executive Officer)
Professor ZHU Quan
Non-executive Directors
Mr. WANG Shunlong
Independent Non-executive Directors
Mr. SU Yuanfu
Mr. FENG Zhongshi
Ms. CHENG Xinxin
Each of the Directors has entered into a letter of appointment
with the Company for a term of three years from the date of
Listing, and can be terminated by not less than three months』
notice in writing served by either party on the other. None of
the Directors has a service contract which is not determinable
by the Company or any of its subsidiaries within 1 year without
payment of compensation, other than statutory compensation.
The Company has received annual confirmation on
independence from each of the independent non-executive
Directors pursuant to Rule 3.13 of the Listing Rules and all of
them are considered to be independent.
In accordance with the Company’s Articles of Association,
one third of the existing Directors shall retire from office at the
each annual general meeting. Accordingly, Ms. LI Qian, Mr.
SU Yuanfu, Mr. FENG Zhongshi and Ms. CHEN Xinxin shall
retire from office at the forthcoming annual general meeting,
and being eligible, offer themselves for re-election at the
forthcoming annual general meeting.
董事與董事服務合同
於本年度及截至本報告日期在任的本公司董事如
下：
執行董事
安鬱寶先生（主席）
黎倩女士（行政總裁）
朱荃教授
非執行董事
王順龍先生
獨立非執行董事
蘇元福先生
馮仲實先生
成欣欣女士
每名董事均已與本公司訂立聘任書，自上市日期
起為期
3年，惟任何一方可向另一方發出不少於
3
個月的書面通知而終止。概無董事訂立不可於一
年內由本公司或其任何附屬公司終止而毋須支付
賠償（法定賠償除外）的服務合約。
根據上市規則第3.13條規定，本公司已接獲每位
獨立非執行董事關於彼等於本年度獨立性的確認
書，而所有獨立非執行董事均被視為獨立。
根據本公司之組織章程細則，於每屆股東週年大
會上，三分之一當時在任董事須退任。因此，黎
倩女士、蘇元福先生、馮仲實先生及成欣欣女士
將於應屆股東週年大會上退任，及彼等符合資格
並願意於應屆股東週年大會上膺選連任。
DIRECTORS』 INTERESTS IN TRANSACTIONS,
ARRANGEMENTS AND CONTRACTS OF
SIGNIFICANCE
Save as otherwise disclosed, there was no transaction,
arrangement or contract of significance to which the Company
or any of its subsidiaries was a party and in which a Director
or an entity connected with a Director had a material interest
subsisted at the end of the year or at any time during the year.
BIOGRAPHIES OF DIRECTORS AND SENIOR
MANAGEMENT
Biographical details of the Directors and senior management
of the Group are disclosed in the section headed 「Directors
and Senior Management Profile」 on pages 23 to 35 of this
annual report.
NON-COMPETITION UNDERTAKING BY CONTROLLING
SHAREHOLDERS
Each of Mr. AN Yubao, the chairman of the Board of the
Company, Ms. LI Qian, the chief executive officer of the
Company, and Mr. YOUNG Wai Po, Peter (collectively, the
「Controlling Shareholders」 or 「Non-Competing Covenantors」)
entered into a deed of non-competition (「Deed of Non-
Competition」) on 2 December 2013, pursuant to which the
Non-Competing Covenantors have irrevocably and severally
(but not jointly and severally) undertaken to the Company
(for itself and for the benefit of each of the members of the
Group) that with effect from the date of Listing and for as long
as the shares of the Company remain so listed on the Stock
Exchange and the Controlling Shareholders are individually
or collectively with any of his/its associates interested directly
or indirectly in not less than 30.0% of the issued ordinary
share capital of the Company (the 「Restricted Period」), the
Non-Competing Covenantors or their respective associates
shall not, (i) directly or indirectly engage, participate or hold
董事於交易、安排及重大合約的權益
除另有披露者之外，董事或董事的關連實體概無
任何於與本公司或其任何附屬公司所訂立且於年
末或年內任何時間存續的重大交易、安排或合約
中擁有重大權益。
董事及高級管理層履歷
董事及本集團高級管理層履歷詳情於本年報第23
至35頁「董事及高級管理人員履歷」一節披露。
控股股東之不競爭承諾
本公司董事會主席安鬱寶先生、本公司行政總裁
黎倩女士及楊惠波先生（統稱「控股股東」或「不
競爭契諾人」）於
2013年12月2日簽訂不競爭契
據（「不競爭契據」）。據此，不競爭契諾人已向
本公司（為其本身及為本集團各成員公司的利益）
作出不可撤回及個別的（但非共同及個別的）承
諾，自上市日期起及只要本公司股份仍於聯交所
上市，以及控股股東個別或共同地與其任何聯繫
人直接或間接擁有不少於本公司已發行普通股股
本30.0%的權益（「限制期間」），不競爭契諾人
或彼等各自的聯繫人不會：
(i)直接或間接從事、
參與或持有任何權利或權益或提供任何服務或以
any right or interest in or render any services to or otherwise
be involved in any business (whether as owner, director,
operator, licensor, licensee, partner, shareholder, joint
venturer, employee, consultant or otherwise) in competition
with or likely to be in competition with the existing business
carried on by the Group (the 「Restricted Business」); and (ii)
directly or indirectly take any action which constitutes an
interference with or a disruption of the Restricted Business
including, but not limited to, (a) solicitation of any existing or
then existing employees of the Group for employment by them
or their associates (excluding the Group); (b) solicitation of
any current or then current customers and/or suppliers and/
or former customers and/or suppliers of the Group for the
preceding 6 months at the relevant time away from the Group;
and (c) without the consent from the Company, making use
of any information pertaining to the business of the Group
which may have come to their knowledge in their capacity
as Substantial Shareholders for the purpose of engaging,
investing or participating in any Restricted Business. Each of
the Non-Competing Covenantors severally (but not jointly and
severally) undertakes to the Company (for itself and for the
benefit of each of the members of the Group) that, in respect
of any order or any part of it undertaken or proposed to be
undertaken by him/her or his/her associates for the Restricted
Business, it shall and shall procure that his/her associates
shall, unconditionally use reasonable endeavours to procure
that such customer(s) to appoint or contract directly with any
member of the Group for the Restricted Business under the
relevant order.
其他方式涉及與本集團進行的現有業務競爭或可
能競爭的任何業務（「受限制業務」）（不論作為擁
有人、董事、經營者、發牌人、持牌人、合夥
人、股東、合資經營人、僱員、諮詢人或其他身
份）；及
(ii)直接或間接採取對受限制業務構成幹
預或中斷的任何行動，包括但不限於
(a)招攬本集
團任何現時或當時在職僱員受其或其聯繫人（本
集團除外）僱用；
(b)遊說本集團的任何現有或當
時現有之客戶及╱或供應商及╱或於有關時間
前六個月內為本集團的前客戶及
╱或供應商離開
本集團；及
(c)未經本公司同意，利用本身作為主
要股東的身份而可能獲悉有關本集團業務的任何
資料，用於從事、投資或參與任何受限制業務。
各不競爭契諾人個別地（但非共同及個別地）向
本公司（為其本身及為本集團各成員公司的利益）
承諾，對於其或其聯繫人就受限制業務而承接或
擬承接的任何訂單或訂單中任何部份，其會或會
促使其聯繫人無條件合理地盡力安排該等客戶根
據相關訂單就受限制業務委任本集團任何成員公
司或直接與本集團任何成員公司訂約。
Each of the Non-Competing Covenantors jointly and
severally undertakes to indemnify and keep indemnified the
Group against any damage, loss or liability suffered by the
Company or any other member of the Group arising out of
or in connection with any breach of its undertakings and/
or obligations under the Deed of Non-Competition, including
any costs and expenses incurred as a result of such breach
provided that such indemnity shall be without prejudice to
any other rights and remedies the Company is entitled to in
relation to any such breach, including specific performance,
and all such other things and remedies are hereby expressly
reserved by the Company.
Each of the Controlling Shareholders has confirmed to
the Company of his/its compliance with the Deed of Non-
Competition provided to the Company until (i) the date on
which the Company’s shares cease to be listed on the Stock
Exchange; or (ii) the date on which the relevant Convenantor
and his/its associates cease to own 30% or more of the then
issued share capital of the Company directly or indirectly;
whichever occurs first.
The independent non-executive Directors of the Company had
reviewed the status of compliance as well as confirmation by
the Controlling Shareholders of the Company and, on the basis
of such confirmation, are of the view that such Controlling
Shareholders have complied with their non-competition
undertakings under the Deed of Non-Competition and these
non-competition undertakings have been enforced by the
Company in accordance with its terms.
CONNECTED TRANSACTIONS
We had not entered into any transactions which constitute
non-exempt connected transactions within the meaning of the
Listing Rules during the year of 2015.
各不競爭契諾人共同及個別地承諾，就源於或有
關不競爭契據下其承諾及
╱或責任的任何違反所
導致本公司或本集團任何其他成員公司承受的任
何損害、損失或責任（包括因該違反而產生的任
何成本及開支），其會對本集團作出彌償及一直
作出彌償，惟該彌償不會影響本公司就任何有關
違反而可享有的任何其他權利及可採取的補救措
施，包括特定履行救濟，以及本公司謹此就一切
有關其他事項及補救行動明確表示保留的權利。
各控股股東已向本公司確認其遵從不競爭契據，
直至(i)本公司股份不再於聯交所上市的日期；或
(ii)相關契諾人和其聯繫人不再直接或間接擁有本
公司當時已發行股本30%或以上的日期（以較早
日期為準）。
本公司獨立非執行董事已審閱有關合規情況，並
已得到本公司控股股東的確認，及基於此確認，
彼等認為該等控股股東已遵守其於不競爭契據項
下的不競爭承諾，且此等不競爭承諾已由本公司
根據其條款執行。
關連交易
於2015年度，我們並無進行任何將會構成上市規
則所指的非豁免關連交易的交易。
SHARE OPTION SCHEME
The Company’s existing Share Option Scheme was approved
for adoption on 2 December 2013 for the purpose to provide
the Company with a flexible means of giving incentive to,
rewarding, remunerating, compensating and/or providing
benefits to eligible participants and for such other purposes
as the Board approve from time to time. Subject to the terms
of the Share Option Scheme, the board may, at their absolute
discretion, grant or invite any person belonging to any of the
following classes to take up options to subscribe for shares:
(a) any employee, supplier/service provider, customer,
partner or joint-venture partner of the Group (including any
director, whether executive and whether independent or not,
of the Group) who is in full-time or part-time employment with
the Company or any subsidiaries, (b) any person who have
contributed or may contribute to the Group. The total number
of share which may be issued upon exercise of all options to
be granted under the Share Option Scheme and any other
share option schemes of the Company must not exceed 10%
of the total number of shares in issue on the date of Listing
unless the Company seeks the approval of the shareholders in
general meeting for refreshing the 10% limit under the Share
Option Scheme provided that options lapsed in accordance
with the terms of the Share Option Scheme or any other share
option schemes of the Company will not be counted for the
purpose of calculating 10% limit.
Details of the principal terms of the Share Option Scheme are
set out in paragraph headed 「Share Option Scheme」 in section
headed 「Statutory and General Information」 in Appendix V
to the Prospectus. The principal terms of the Share Option
Scheme are summarised as follows:
購股權計劃
本公司現有購股權計劃於
2013年12月2日獲準採
納，旨在令本公司可以更靈活的方式給予合資格
參與人士獎勵、回報、酬金、補償及
╱或提供
福利，及就董事會不時批准之有關其他目的。在
購股權計劃的條款規限下，董事會可全權酌情授
出或邀請任何屬以下任何組別的人士接納購股權
以認購股份：
(a)本公司或任何附屬公司旗下僱
用的任何全職或兼職的本集團僱員、供應商
╱
服務供應商、客戶、合作夥伴或合資企業合作夥
伴，包括本集團不論是否屬執行及獨立與否的任
何董事；
(b)任何對本集團已經或可能作出貢獻
之人士。根據購股權計劃及本公司任何其他購股
權計劃將予授出的所有購股權獲行使時可能發行
的股份總數，不得超過上市日期已發行股份總數
10%。除非本公司在股東大會上尋求股東批准更
新購股權計劃的10%限額，惟在計算
10%限額
時，根據購股權計劃或本公司任何其他購股權計
劃條款已失效的購股權將不會計算在內。
購股權計劃的主要條款詳情載於招股章程附錄五
「法定及一般資料」一節內「購股權計劃」一段。
購股權計劃的主要條款概述如下：
The exercise price per share of the Company for each option
granted shall be determined by the Board in its absolute
discretion but in any event shall be at least the higher of:
(1)
the closing price of the shares as stated in the daily
quotations sheets issued by the Stock Exchange on the
date of offer for the grant of option (「Date of Grant」)
which must be a trading day;
(2)
the average closing price of the shares as stated in the
daily quotations sheets issued by the Stock Exchange
for the five trading days immediately preceding the
Date of Grant; and
(3)
the nominal value of the shares on the Date of Grant.
Upon acceptance of the options, the grantee shall pay
HK$1.00 to the Company as consideration for the grant. The
acceptance of an offer of the grant of the option must be
made within the date as specified in the offer letter issued
by the Company. The exercise period of any option granted
under the Share Option Scheme shall not be longer than 10
years commencing on the date of grant and expiring on the
last day of such 10-year period subject to the provisions for
early termination as contained in the Share Option Scheme.
The maximum number of shares issued and to be issued upon
exercise of the options granted and to be granted to each
grantee under the Share Option Scheme (including exercised,
cancelled and outstanding options) in any 12-month period
shall not exceed 1% of the total number of shares in issue.
Any further grant of options in excess of this 1% limit shall
be subject to issuance of a circular by the Company and
approved by its shareholders in accordance with the Listing
Rules.
所授出每份購股權的本公司每股股份行使價將由
董事會全權酌情釐定，但無論如何須至少為下列
各項之較高者：
(1)
股份於必須為交易日的提呈授出購股權當
日（「授出日期」）在聯交所刊發日報表所
載收市價；
(2)
股份於緊接授出日期前5個交易日在聯交
所刊發的日報表所載平均收市價；及
(3)
股份於授出日期的面值。
接納購股權後，承授人須向本公司支付
1.00港元
作為獲授出購股權的代價。提呈授出的購股權必
須於本公司發出的提呈函件中所指定日期前獲接
納。根據購股權計劃授出的任何購股權的行使期
在授出日期起計不得超過10年，並於該
10年期
最後一天屆滿，且須受購股權計劃載列的提早終
止條文所限。於任何
12個月期間根據購股權計劃
向每名承授人已經及將授出的購股權（包括已行
使、註銷及尚未行使購股權）獲行使而已經及將
發行的股份最高數目，不得超過已發行股份總數
1%。倘進一步授出的購股權超過該1%限額，則
須待本公司刊發通函及根據上市規則取得其股東
批准後方可作實。
As at 31 December 2015, the number and weighted average 於2015年12月31日，購股權數目及加權平均行
exercise prices of share options are as follows: 使價如下：
For year ended
31 December 2015
截至2015年
12月31日止年度
Weighted
average Number of
exercise price share options
加權平均購股權
行使價數目
HK$ 』000 shares
港元千股
Outstanding at the beginning 期初尚未行使
of the periodForfeit during the period期內沒收
Outstanding at the end of the period期末尚未行使
Exercisable at the end of the period期末可行使
The options outstanding at 31 December 2015 had a weighted
average exercise price of HK$6.64 and a weighted average
remaining contractual life of 8.3 years.
Apart from the aforesaid share option schemes, at no time
during the year ended 31 December 2015 was any of the
Company and its subsidiaries a party to any arrangement
to enable the Directors to acquire benefits by means of the
acquisition of shares in, or debentures of, the Company or
any other body corporate, and none of the Directors, or their
spouses or children under the age of 18, had any right to
subscribe for the shares in, or debentures of, the Company, or
had exercised any such right.
6.64 59,600
6.64 6,754
6.64 52,846
6.64 10,866
於2015年12月31日，尚未行使購股權加權平均
行使價為6.64港元，加權平均剩餘合約年期為
8.3
年。
除上述購股權計劃外，於截至
2015年12月31日
止年度任何時間，本公司及其附屬公司任何一方
概無成為任何安排的訂約方，致使董事可透過收
購本公司或任何其他法人團體的股份或債權證而
獲利，亦無任何董事、其配偶或未滿
18周歲的子
女擁有認購本公司股份或債權證的任何權利或已
行使任何有關權利。
SHARE AWARD SCHEME
The Board of the Company had adopted a Share Award
Scheme (「Share Award Scheme」) on 21 July 2014 as a means
to recognise the contributions by the selected employees and
provide them with incentives in order to retain them for the
continual operation and development of the Group and attract
suitable personnel for the further development of the Group.
Pursuant to the Share Award Scheme, the selected employees
may be granted during the duration of the Share Award
Scheme an award in the form of awarded shares (「Awarded
Shares」). Awarded Shares will be purchased by the trustee
of the Company (「Trustee」) on the market out of cash
contributed by the Company and be held on trust for the
selected employees until such shares are vested on them in
accordance with the provisions of the Share Award Scheme.
The Board shall not make any further award of Awarded
Shares which will result in the nominal value of the shares
awarded by the Board under the Share Award Scheme
exceeding 10% of the issued share capital of the Company
from time to time. The maximum number of shares which may
be awarded to a selected employee under the Share Award
Scheme shall not exceed 1% of the issued share capital of the
Company from time to time. The Awarded Shares held by the
Trustee under the Share Award Scheme shall not exceed 2%
of the issued share capital of the Company from time to time.
During the year ended 31 December 2015, the Trustee
purchased 10,472,000 (2014:9,528,000) Awarded Shares
at the cost of approximately RMB44,638,000 (2014:
approximately RMB45,359,000). As at 31 December 2015,
335,140 Awarded Share had been granted by the Company
under the Share Award Scheme to certain employees with
performance conditions, which will vest on 30 June 2016 and
31 December 2016 respectively.
股份獎勵計劃
本公司董事會於
2014年7月21日採納了一項股份
獎勵計劃（「股份獎勵計劃」），以嘉許獲選員工作
出的貢獻並以資獎勵，從而挽留彼等為本集團持
續經營及發展效力，並為本集團進一步發展吸引
合適人才。
根據該股份獎勵計劃，獲選僱員可於股份獎勵
計劃期間獲授獎勵股份（「獎勵股份」）形式的獎
勵。受託人可於市場以本公司的現金供款購買獎
勵股份，並代表獲選僱員以信託形式持有獎勵股
份，直至該等股份根據股份獎勵計劃條文歸屬予
彼等為止。倘授出獎勵股份將導致董事會根據股
份獎勵計劃授出的股份面值超出本公司不時之已
發行股本的10%，則董事會不得增授獎勵股份。
每一獲選僱員根據股份獎勵計劃可獲授的最高股
份數目不得超出本公司不時之已發行股本的1%。
受託人根據股份獎勵計劃持有之獎勵股份不得超
出本公司不時之已發行股本之2%。
於截至2015年12月31日止年度，受託人購入了
10,472,000股獎勵股份（
2014年：9,528,000
股），動用資金約人民幣44,638,000元（2014
年：約人民幣
45,359,000元）。截至2015年12月
31日，本公司已根據股份獎勵計劃向部份員工授
出335,140股附帶表現條件的獎勵股份，該等股
份將分別於2016年6月30日及2016年12月31日
歸屬。
DIRECTORS』 AND CHIEF EXECUTIVES』 INTERESTS
OR SHORT POSITIONS IN SHARES, UNDERLYING
SHARES AND DEBENTURES
As at 31 December 2015, the Directors and chief executives
of the Company had the following interests or short positions
in the shares, underlying shares and debentures of the
Company, its group members and/or associated corporations
(within the meaning of Part XV of the Securities and Futures
Ordinance (「SFO」)), as recorded in the register required to be
kept under Section 352 of the SFO or as otherwise notified to
the Company and the Stock Exchange pursuant to the Model
Code:
Name of Director Nature of Interest and Capacity
董事姓名權益性質及身份
董事及主要行政人員於股份、相關股份及債
權證之權益或淡倉
於2015年12月31日，董事及本公司主要行政人
員於本公司、其集團成員公司及
╱或相聯法團
（定義見證券及期貨條例（「證券及期貨條例」）第
XV部）的股份、相關股份及債權證中，擁有已記
入根據證券及期貨條例第
352條規定存置的登記
冊之權益或淡倉，或根據標準守則已另行知會本
公司及聯交所的權益或淡倉如下：
Approximate
Number and Class Percentage of
of Securities(1) Shareholding
證券數目及類別(1)概約股權百分比
AN Yu Bao(2) Beneficial Owner 17,447,817 Shares (L) 1.75(L)
安鬱寶(2)實益擁有人
17,447,817股(L) 1.75(L)
AN Yu Bao(3) Interest of controlled corporation 196,200,000 Shares (L) 19.66(L)
安鬱寶(3)受控制法團權益
196,200,000股(L) 19.66(L)
Sub-total 213,647,817 Shares (L) 21.41(L)
小計
213,647,817股(L) 21.41(L)
LI Qian(2) Beneficial Owner 14,105,261 Shares (L) 1.41(L)
黎倩(2)實益擁有人
14,105,261股(L) 1.41(L)
LI Qian(4) Interest of controlled corporation 121,017,000 Shares (L) 12.13(L)
黎倩(4)受控制法團權益
121,017,000股(L) 12.13(L)
Sub-total 135,122,261 Shares (L) 13.54(L)
小計
135,122,261股(L) 13.54(L)
ZHU Quan(2) Beneficial Owner 2,820,000 Shares (L) 0.28(L)
朱荃(2)實益擁有人
2,820,000股(L) 0.28(L)
Notes:
(1)
The letter 「L」 denotes the Directors』 long position in the shares
of the Company or the relevant associated corporation.
(2)
Including shares in relation to 10,000,000 Share Options,
10,000,000 Share Options and 2,820,000 Share Options
granted during the year to Mr. AN Yu Bao, Ms. LI Qian and
Professor ZHU Quan respectively under the Share Option
Scheme adopted on 2 December 2013.
(3)
The entire issued share capital of Central Success
Developments Limited (「Central Success」) is owned by Mr. AN,
therefore, Mr. AN is deemed to be interested in all the shares
held by Central Success under the provisions of SFO.
(4)
The entire issued share capital of Double Grace International
Limited (「Double Grace」) is owned by Ms. LI, therefore, Ms.
LI is deemed to be interested in all the shares held by Double
Grace under the provisions of SFO.
Save as disclosed above, as at 31 December 2015, none of
the Directors and chief executives of the Company had any
other interests or short positions in any shares, underlying
shares or debentures of the Company, any of its group
members or its associated corporations (within the meaning of
Part XV of the SFO) which were notified to the Company and
the Stock Exchange pursuant to Divisions 7 and 8 of Part XV
of the SFO (including interests or short positions which they
were taken or deemed to have under such provisions of the
SFO), or which were required, pursuant to Section 352 of the
SFO, to be entered in the register referred to therein, or which
were required, pursuant to the Model Code.
附註：
(1)
英文字母「
L」代表董事於本公司或相關相聯法
團的股份中的好倉。
(2)
包括根據於2013年12月2日採納之購股權計劃
於年內分別授予安鬱寶先生的10,000,000份購
股權、授予黎倩女士的
10,000,000份購股權及
授予朱荃教授的2,820,000份購股權之相關股
份。
(3)
中成發展有限公司（「中成」）的全部已發行股本
由安先生擁有，因此，根據證券及期貨條例的
條文，安先生被視為於中成所持全部股份中擁
有權益。
(4)
Double Grace International Limited（「Double
Grace」）的全部已發行股本由黎女士擁有，因
此，根據證券及期貨條例的條文，黎女士被視
為於Double Grace所持全部股份中擁有權益。
除上文披露者外，於
2015年12月31日，董事及
本公司主要行政人員概無於本公司、其任何集團
成員公司或其相聯法團（定義見證券及期貨條例
第XV部）任何股份、相關股份或債權證中，擁有
根據證券及期貨條例第XV部第7及第8分部須知會
本公司及聯交所的任何其他權益或淡倉（包括彼
等根據證券及期貨條例有關條文被當作或視為擁
有的權益或淡倉），或根據證券及期貨條例第
352
條須記錄在該條文所述登記冊內或根據標準守則
規定的任何其他權益或淡倉。
SUBSTANTIAL SHAREHOLDERS』 INTERESTS AND/
OR SHORT POSITION IN SHARES AND UNDERLYING
SHARES OF THE COMPANY
As at 31 December 2015, so far as was known to the
Directors, the following persons/entities (other than the
Directors or chief executives of the Company) had, or were
deemed to have, interests or short positions in the shares or
underlying shares of the Company, its group members and/
or associated corporations which would fall to be disclosed to
the Company under the provisions of Divisions 2 and 3 of Part
XV of the SFO, or which were recorded in the register required
to be kept by the Company under Section 336 of the SFO:
Name of Shareholder Nature of Interest and Capacity
股東名稱 ╱姓名權益性質及身份
主要股東於本公司股份及相關股份中之權益
及 ╱或淡倉
於2015年12月31日，就董事所知，以下人士
╱
實體（董事或本公司主要行政人員除外）於本公
司、其集團成員公司及
╱或相聯法團之股份或相
關股份中，擁有或被視為擁有根據根證券及期貨
條例第
XV部第
2及第
3分部條文須向本公司披露
的權益或淡倉，或已記入根據證券及期貨條例第
336條本公司須存置的登記冊內的權益或淡倉：
Approximate
Number and Class Percentage of
of Securities(1) Shareholding (%)
證券數目及類別(1)概約股權百分比 (%)
Guidoz Limited(2) Beneficial owner 110,050,000 shares(L) 11.03(L)
Guidoz Limited(2)實益擁有人
110,050,000股(L) 11.03(L)
YOUNG Wai Po, Peter(2) Interest of controlled corporation 110,050,000 shares(L) 11.03(L)
楊惠波(2)受控制法團權益
110,050,000股(L) 11.03(L)
Central Success(3) Beneficial owner 196,200,000 shares(L) 19.66(L)
中成(3)實益擁有人
196,200,000股(L) 19.66(L)
Double Grace(4) Beneficial owner 121,017,000 shares(L) 12.13(L)
Double Grace(4)實益擁有人
121,017,000股(L) 12.13(L)
First Kind(5) Beneficial owner 186,750,000 shares(L) 18.72(L)
First Kind(5)實益擁有人
186,750,000股(L) 18.72(L)
Hony Capital Fund III, L.P.(5) Interest of controlled corporation 186,750,000 shares(L) 18.72(L)
(「Hony Capital」)
Hony Capital Fund III, L.P.(5)受控制法團權益
186,750,000股(L) 18.72(L)
(「Hony Capital」)
Hony Capital Fund III G.P., Interest of controlled corporation 186,750,000 shares(L) 18.72(L)
L.P.(5)
Hony Capital Fund III G.P., 受控制法團權益
186,750,000股(L) 18.72(L)
L.P.(5)
Hony Capital Fund III G.P. Interest of controlled corporation 186,750,000 shares(L) 18.72(L)
Limited(5)
Hony Capital Fund III G.P. 受控制法團權益
186,750,000股(L) 18.72(L)
Limited(5)
Approximate
Number and Class Percentage of
Name of Shareholder Nature of Interest and Capacity of Securities(1) Shareholding (%)
股東名稱 ╱姓名權益性質及身份證券數目及類別(1)概約股權百分比 (%)
Hony Capital Management Interest of controlled corporation 186,750,000 shares(L) 18.72(L)
Limited(5)
Hony Capital Management 受控制法團權益
186,750,000股(L) 18.72(L)
Limited(5)
Hony Managing Partners Interest of controlled corporation 186,750,000 shares(L) 18.72(L)
Limited(5)
Hony Managing Partners 受控制法團權益
186,750,000股(L) 18.72(L)
Limited(5)
ZHAO John Huan(5) Interest of controlled corporation 186,750,000 shares(L) 18.72(L)
趙令歡(5)受控制法團權益
186,750,000股(L) 18.72(L)
Greenwoods Asset Investment manager 63,442,000 shares(L) 6.36(L)
Management Limited(6)&(7)
景林資產管理有限公司(6)及(7)投資經理
63,442,000股(L) 6.36(L)
Greenwoods Asset Interest of controlled corporation 63,442,000 shares(L) 6.36(L)
Management Holdings
Limited(6)&(7)
景林資產管理控股受控制法團權益
63,442,000股(L) 6.36(L)
有限公司(6)及(7)
Unique Element Corp.(6)&(7) Interest of controlled corporation 63,442,000 shares(L) 6.36(L)
Unique Element Corp.(6)及(7)受控制法團權益
63,442,000股(L) 6.36(L)
JIANG Jinzhi(6)&(7) Interest of controlled corporation 63,442,000 shares(L) 6.36(L)
蔣錦志(6)及(7)受控制法團權益
63,442,000股(L) 6.36(L)
Notes: 附註：
(1) The letter 「L」 denotes the person’s long position in the shares (1) 英文字母「
L」代表有關人士於本公司或相關集
of the Company or the relevant Group member. The letter 團成員公司的股份中的好倉。英文字母「
S」代
「S」 denotes the person’s short position in the shares of the 表有關人士於本公司或相關集團成員公司的股
Company or the relevant Group member. 份中的淡倉。
(2) The entire issued share capital of Guidoz Limited is legally and (2) Guidoz Limited的全部已發行股本由楊先生合
beneficially owned by Mr. YOUNG. By virtue of the SFO, Mr. 法及實益擁有。根據證券及期貨條例，楊先生
YOUNG is deemed to be interested in all the Shares held by 被視為於
Guidoz Limited所持全部股份中擁有
Guidoz Limited.權益。
(3) The entire issued share capital of Central Success is legally (3)
and beneficially owned by Mr. AN. By virtue of the SFO, Mr. AN
is deemed to be interested in all the Shares held by Central
Success.
(4) The entire issued share capital of Double Grace is legally (4)
and beneficially owned by Ms. LI. By virtue of the SFO, Ms. LI
is deemed to be interested in all the Shares held by Double
Grace.
(5) The entire issued share capital of First Kind International (5)
Limited (「First Kind」) is legally and beneficially owned by Hony
Capital. Hony Capital is controlled by its sole general partner,
Hony Capital Fund III G.P., L.P..Hony Capital Fund III G.P., L.P.
is in turn controlled by its sole general partner, Hony Capital
Fund III G.P. Limited. Hony Capital Fund III G.P. Limited is
wholly owned by Hony Capital Management Limited, which is
in turn owned as to 80.0% by Mr. ZHAO John Huan (through
Hony Managing Partners Limited, a company wholly owned by
him).
(6) Greenwoods Asset Management Limited controls 6.36% of (6)
the Company’s shares through Golden China Master Fund,
Golden China Plus Master Fund and Greenwoods China Alpha
Master Fund in the capacity of Manager of the funds. The
entire issued share capital of Greenwoods Asset Management
Limited is legally and beneficially owned by Greenwoods
Asset Management Holdings Limited. Greenwoods Asset
Management Holdings Limited is ultimately owned as to 81%
by Unique Element Corp which is controlled by Mr. JIANG
Jinzhi.
(7) The Company has been informed by Greenwoods Asset (7)
Management Limited that it acquired a net total of 2,862,000
shares from the market for funds and accounts under its
management during the period from 18 February 2014 to 31
December 2015.
中成的全部已發行股本由安先生合法及實益擁
有。根據證券及期貨條例，安先生被視為於中
成所持全部股份中擁有權益。
Double Grace的全部已發行股本由黎女士合
法及實益擁有。根據證券及期貨條例，黎女士
被視為於Double Grace所持全部股份中擁有權
益。
First Kind International Limited（「First
Kind」）的全部已發行股本由
Hony Capital合法
及實益擁有。
Hony Capital受其唯一普通合夥
人Hony Capital Fund III G.P., L.P.控制，而
Hony Capital Fund III G.P., L.P.受其唯一普
通合夥人Hony Capital Fund III G.P. Limited
控制。Hony Capital Fund III G.P. Limited由
Hony Capital Management Limited全資擁
有，而Hony Capital Management Limited則
由趙令歡先生（通過其全資擁有的公司
Hony
Managing Partners Limited）擁有
80.0%。
景林資產管理有限公司通過作為金色中國基
金、金色中國加強基金及景林中國阿爾法基
金之基金管理人的方式控制本公司6.36%的股
份。景林資產管理有限公司全部已發行股本由
景林資產管理控股有限公司合法及實益擁有。
景林資產管理控股有限公司由蔣錦志先生所控
制的Unique Element Corp最終擁有81%。
本公司獲景林資產管理有限公司通知，其於
2014年2月18日至2015年12月31日期間透過其
管理的基金和賬戶於市場合共淨購入2,862,000
股股份。
Save as disclosed above, as at 31 December 2015, the
Directors were not aware of any other persons/entities (other
than the Directors and chief executive of the Company) who
had interests or short positions in the shares or underlying
shares of the Company, its group members or associated
corporations which would fall to be disclosed to the Company
under the provisions of Divisions 2 and 3 of Part XV of the SFO
or which were recorded in the register required to be kept by
the Company under Section 336 of the SFO.
COMPETITION AND CONFLICT OF INTERESTS
During the year ended 31 December 2015, none of the
Directors or Controlling Shareholders of the Company or any
of their respective associates has engaged in any business
that competes or may compete with the business of the Group
or has any other conflict of interests with the Group.
PURCHASE, SALE OR REDEMPTION OF THE
COMPANY』S LISTED SECURITIES
During the year ended 31 December 2015, the Company
repurchased 2,243,000 shares of its own ordinary shares
through the Stock Exchange at a total consideration of
HK$10,542,000 (approximately RMB8,840,000) and the
Trustee purchased 10,472,000 awarded shares according
to the Share Award Scheme at a total consideration of
HK$56,357,000 (approximately RMB44,638,000).
除上文披露者外，於
2015年12月31日，董事並
不知悉任何其他人士
╱實體（董事及本公司主要
行政人員除外）於本公司、其集團成員公司或相
聯法團之股份或相關股份中，擁有根據證券及期
貨條例第XV部第2及3分部之條文須向本公司披露
之權益或淡倉，或已記入根據證券及期貨條例第
336條本公司須存置的登記冊內的權益或淡倉。
競爭及利益衝突
於截至2015年12月31日止年度，概無董事或本
公司控股股東或任何彼等各自的聯繫人從事與本
集團業務構成或可能構成競爭的任何業務或與本
集團有任何其他利益衝突。
購買、出售或贖回本公司上市證券
於截至2015年12月31日止年度，本公司以總代
價10,542,000港元（約人民幣
8,840,000元）透
過聯交所購回其自身普通股中的
2,243,000股
股份，而受託人則根據股份獎勵計劃以總代價
56,357,000港元（約人民幣
44,638,000元）購入
10,472,000股獎勵股份。
Details of the Company’s own shares repurchased by the 本公司購回其自身股份的詳情如下：
Company are as follows:
Number of ordinary
shares of HK$0.10 each Aggregate
Month of repurchase of the Company Price per share consideration paid
本公司每股面值
購回月份0.10 港元的普通股數目每股價格已付總代價
Hightest Lowest
最高最低
HK$ HK$ HK$』000 RMB』000
港元港元千港元人民幣千元
For the year ended 31 December 2015
截至2015年12月31日止年度
November 2015 1,183,000 4.78 4.56 5,536 4,642
2015年11月
December 2015 1,060,000 4.80 4.57 5,006 4,198
2015年12月
2,243,000 10,542 8,840
Save for the above, neither the Company nor any of its
subsidiaries purchased, sold or redeemed any of the
Company’s listed securities during the year ended 31
December 2015.
PRE-EMPTIVE RIGHTS
There is no provision for the pre-emptive rights under the
Company’s Articles of Association, or the laws of the Cayman
Islands, which would oblige the Company to offer new shares
on a pro-rata basis to existing shareholders.
除上述披露外，於截至
2015年12月31日止年
度，本公司及其任何附屬公司均無購買、出售或
贖回本公司任何上市證券。
優先購股權
本公司組織章程細則或開曼群島法例並無有關優
先購股權的條文，致使本公司有責任按比例向現
有股東發售新股份。
PERMITTED INDEMNITY PROVISION
The Company has arranged for appropriate insurance cover
for Directors』 and officers』 liabilities in respect of legal actions
against its Directors and senior management arising out of
corporative activities. The permitted indemnity provision is in
force for the benefit of the Directors as required by section
470 of the Hong Kong Companies Ordinance when the
Report of the Directors prepared by the Directors is approved
in accordance with section 391(1)(a) of the Hong Kong
Companies Ordinance.
SUFFICIENCY OF PUBLIC FLOAT
Based on information that is publicly available to the Company
and within the knowledge of the Directors, the Company has
maintained the prescribed public float under the Listing Rules
during the year ended 31 December 2015.
CORPORATE GOVERNANCE REPORT
Details of the Group’s corporate governance practices can
be found in the Corporate Governance Report contained on
pages 36 to 52 in this annual report.
EVENTS AFTER THE REPORTING PERIOD
After the end of the reporting period, the Company
repurchased 9,501,000 shares of its own ordinary shares
through the Stock Exchange at a total consideration of
HK$40,642,000 (approximately RMB34,288,000). The shares
repurchased by the Company were subsequently cancelled
on 26 February 2016.
ANNUAL GENERAL MEETING
The annual general meeting will be held on Friday, 27 May
2016. Shareholders should refer to details regarding the
annual general meeting in the circular of the Company to be
issued in due course and the notice of the annual general
meeting and form of proxy accompanying thereto.
獲準許的彌償條文
本公司已就其董事及高級管理人員因企業活動產
生之法律訴訟，為董事及行政人員之責任安排投
保適當之保險。當董事編製之董事會報告根據香
港公司條例第391(1)(a)條獲批准時，該獲準許的
彌償條文已按香港公司條例第
470條的規定基於
董事利益生效。
充足公眾持股量
根據本公司可公開取得的資料以及據董事所知，
本公司於截至2015年12月31日止年度一直維持
上市規則所訂明的公眾持股量。
企業管治報告
本集團企業管治常規的詳情，載於本年報第
36至
52頁的企業管治報告內。
報告期後事項
於報告期結束後，本公司透過聯交所以總代價
40,642,000港元（約人民幣
34,288,000元）購回
其自身普通股中的
9,501,000股股份。其後該等
本公司購回的股份於2016年2月26日被註銷。
股東周年大會
股東周年大會將在2016年5月27日（星期五）舉
行。股東應參閱本公司將於適時刊發之通函中關
於股東周年大會之詳情，以及隨附的股東周年大
會通告及代表委任表格。
CLOSURE OF THE REGISTER OF MEMBERS
To determine the eligibility of the shareholders of the Company
to attend the annual general meeting to be held on Friday, 27
May 2016, the Company’s register of members will be closed
from Tuesday, 24 May 2016 to Friday, 27 May 2016 (both
days inclusive), during which period no transfer of shares will
be effected. In order to be entitled to attend and vote at the
annual general meeting, all completed transfer documents
accompanied by the relevant share certificates must be
lodged with the Company’s Hong Kong branch share registrar,
Computershare Hong Kong Investor Services Limited, at
Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s
Road East, Wanchai, Hong Kong, for registration not later than
4:30 p.m. on Monday, 23 May 2016.
In addition, to determine shareholders』 entitlement to the
final dividend, the Company’s register of members will be
closed from Thursday, 2 June 2016 to Tuesday, 7 June 2016
(both days inclusive). In order to qualify for the entitlements
to the final dividend, all completed transfers documents
accompanied by the relevant share certificates must be
lodged with the Company’s Hong Kong branch share registrar,
Computershare Hong Kong Investor Services Limited, at
Shops 1712-1716, 17th Floor, Hopewell Centre 183 Queen’s
Road East, Wan Chai, Hong Kong, not later than 4:30 pm on
Wednesday, 1 June 2016.
AUDITORS
A resolution to re-appoint the retiring auditors, KPMG, is to be
proposed at the forthcoming annual general meeting of the
Company.
By order of the Board
Consun Pharmaceutical Group Limited
AN Yubao
Chairman and Executive Director
Hong Kong, 30 March 2016
暫停辦理股份過戶登記
為釐定本公司股東出席將於2016年5月27日（星
期五）舉行之股東周年大會之資格，本公司將於
2016年5月24日（星期二）至
2016年5月27日（星
期五）期間（包括首尾兩天）暫停辦理股份登記
手續，期間將不會辦理任何股份過戶登記。為符
合資格出席股東周年大會並於會上表決，所有填
妥之股份過戶文件連同相關股票最遲須於2016
年5月23日（星期一）下午
4時30分送交本公司之
香港證券登記分處香港中央證券登記有限公司，
地址為香港灣仔皇后大道東
183號合和中心
17樓
1712-1716號舖以辦理登記。
再者，為釐定股東獲得末期股息的權利，本公
司將於2016年6月2日（星期四）至
2016年6月7
日（星期二）期間（包括首尾兩天）暫停辦理股份
登記手續。為符合獲得末期股息的資格，所有填
妥之股份過戶文件連同相關股票最遲須於2016
年6月1日（星期三）下午
4時30分送交本公司之
香港證券登記分處香港中央證券登記有限公司，
地址為香港灣仔皇后大道東
183號合和中心
17樓
1712-1716號舖。
核數師
本公司即將舉行之股東週年大會上，將提呈再度
委任退任核數師畢馬威會計師事務所的決議案。
承董事會命
康臣葯業集團有限公司
安鬱寶
主席兼執行董事
香港，2016年3月30日
Independent auditor’s report to the shareholders of
Consun Pharmaceutical Group Limited
(Incorporated in the Cayman Islands with limited liability)
We have audited the consolidated financial statements of
Consun Pharmaceutical Group Limited (the 「Company」) and
its subsidiaries (together the 「Group」), set out on pages 75 to
159, which comprise the consolidated statement of financial
position as at 31 December 2015, the consolidated statement
of profit or loss, the consolidated statement of profit or loss
and other comprehensive income, the consolidated statement
of changes in equity and the consolidated cash flow statement
for the year then ended and a summary of significant
accounting policies and other explanatory information.
DIRECTORS』 RESPONSIBILITY FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
The directors of the Company are responsible for the
preparation of consolidated financial statements that give a
true and fair view in accordance with Hong Kong Financial
Reporting Standards issued by the Hong Kong Institute of
Certified Public Accountants and the disclosure requirements
of the Hong Kong Companies Ordinance and for such internal
control as the directors determine is necessary to enable the
preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
AUDITOR』S RESPONSIBILITY
Our responsibility is to express an opinion on these
consolidated financial statements based on our audit. This
report is made solely to you, as a body, and for no other
purpose. We do not assume responsibility towards or accept
liability to any other person for the contents of this report.
We conducted our audit in accordance with Hong Kong
Standards on Auditing issued by the Hong Kong Institute of
Certified Public Accountants. Those standards require that
we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether
the consolidated financial statements are free from material
misstatement.
致康臣葯業集團有限公司
股東的獨立核數師報告
（於開曼群島註冊成立的有限公司）
我們已審核載於第
75頁至159頁內的康臣葯業集
團有限公司（「貴公司」）及其附屬公司（統稱為
「貴集團」）的綜合財務報表，包括於
2015年12月
31日的綜合財務狀況表，以及截至該日止年度的
綜合損益表、綜合損益及其他全面收益表、綜合
權益變動表及綜合現金流量表，以及主要會計政
策概要及其他說明資料。
董事就綜合財務報表須承擔的責任
貴公司董事負責根據香港會計師公會頒佈的香港
財務報告準則及香港公司條例的披露規定編製並
真實及公允地呈列此等綜合財務報表，以及負責
執行董事認為必要的內部控制，以使綜合財務
報表不存在由於欺詐或錯誤而導致的重大錯誤陳
述。
核數師的責任
我們的責任是根據我們的審核對該等綜合財務
報表發表意見。本報告僅向閣下（作為整體）提
呈，而不可用作其他用途。我們不會就本報告的
內容向任何其他人士負上或承擔責任。
我們已根據香港會計師公會頒佈的香港核數準則
進行審核。該等準則要求我們遵守道德規範，並
規劃及執行審核，以合理確定綜合財務報表是否
不存在任何重大錯誤陳述。
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected
depend on the auditor’s judgement, including the assessment
of the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control
relevant to the entity’s preparation of the consolidated financial
statements that give a true and fair view in order to design
audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. An audit also
includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made
by the directors, as well as evaluating the overall presentation
of the consolidated financial statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
OPINION
In our opinion, the consolidated financial statements give a
true and fair view of the financial position of the Group as at 31
December 2015 and of the Group’s financial performance and
cash flows for the year then ended in accordance with Hong
Kong Financial Reporting Standards and have been properly
prepared in compliance with the disclosure requirements of
the Hong Kong Companies Ordinance.
KPMG
Certified Public Accountants
8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong
30 March 2016
審核涉及執行程序以獲取有關綜合財務報表所載
金額及披露資料的審核憑證。選取的該等程序取
決於核數師的判斷，包括評估由於欺詐或錯誤而
導致綜合財務報表存在重大錯誤陳述的風險。在
評估該等風險時，核數師考慮與公司編製真實而
公允地列報綜合財務報表有關的內部監控，以設
計於不同情況下屬恰當的審核程序，但並非為對
公司的內部監控效用發表意見。審核亦包括評價
董事所採用會計政策的合適性及作出會計估計的
合理性，以及評價綜合財務報表的整體列報方
式。
我們相信，我們所獲得的審核憑證能充足和適當
地為我們的審核意見提供基礎。
意見
我們認為，該等綜合財務報表已根據香港財務報
告準則真實而公允地反映貴集團於2015年12月
31日的財務狀況和貴集團截至該日止年度的財務
表現及現金流量，並已遵照香港公司條例的披露
規定妥為編製。
畢馬威會計師事務所
執業會計師
香港中環
遮打道10號
太子大廈八樓
2016年3月30日
2015 2014
2015年 2014年
Note RMB』000 RMB』000
附註人民幣千元人民幣千元
Revenue收入 2 831,108 730,683
Cost of sales銷售成本
(160,542) (158,916)
Gross profit毛利 670,566 571,767
Other revenueOther net lossDistribution costsAdministrative expenses
其他收入
其他淨虧損
分銷成本
行政開支
3(a)
3(b)
32,830
(1,501)
(259,043)
(122,946)
37,585
(96)
(230,971)
(114,126)
Profit from operation稅前溢利 319,906 264,159
Finance costs財務成本
4(a) (441) –
Share of loss of an associate應佔聯營公司虧損
13 (4,683) –
Profit before taxation稅前溢利 4 314,782 264,159
Income tax所得稅
5(a) (65,093) (52,959)
Profit for the year attributable 本公司權益股東應佔
to equity shareholders 年內溢利
of the Company249,689 211,200
Earnings per share (RMB yuan)每股盈利（人民幣元）
– Basic－基本
8(a) 0.25 0.21
– Diluted－攤薄
8(b) 0.25 0.21
The notes on page 81 to 159 form part of these financial 第81頁至第
159頁之附註為該等財務報表的組成
statements. 部份。
2015 2014
2015年 2014年
RMB』000 RMB』000
人民幣千元人民幣千元
Profit for the year
Other comprehensive income for the year
that may be reclassified to profit or loss:
Exchange differences on translation of financial
statements of operations outside the People’s
Republic of China (the 「PRC」), net of tax
年內溢利 249,689 211,200
可能重新分類至損益的年內
其他全面收益：
轉換中華人民共和國（「中國」）
境外業務的財務報表的
匯兌差異，扣除稅項
40 348
Total comprehensive income for the year 本公司權益股東應佔年內
attributable to equity shareholders 全面收益總額
of the Company249,729 211,548
The notes on page 81 to 159 form part of these financial 第81頁至第
159頁之附註為該等財務報表的組成
statements. 部份。
2015 2014
2015年 2014年
Note RMB』000 RMB』000
附註人民幣千元人民幣千元
Non-current assets非流動資產
Property, plant and equipment物業、廠房及設備
9 223,773 229,914
Lease prepayments租賃預付款項
10 23,574 24,201
Other investments其他投資
11 2,600 2,600
Interest in an associate於一間聯營公司的權益
13 636,659 –
Prepayment for equity investment股權投資預付款
14 62,458 –
Deferred tax assets遞延稅項資產
21 8,639 9,697
Total non-current assets非流動資產總值 957,703 266,412
Current assetsInventoriesTrade and other receivablesOther investmentsCash and cash equivalents
流動資產
存貨
貿易及其他應收款項
其他投資
現金及現金等值項目
15
16
11
17
71,014
399,187
–
489,987
53,482
248,478
250,900
843,669
Total current assets流動資產總值 960,188 1,396,529
Current liabilitiesTrade and other payablesDeferred incomeCurrent tax payable
流動負債
貿易及其他應付款項
遞延收益
應付即期稅款
18
19
21
201,235
436
27,679
150,678
436
27,133
Total current liabilities流動負債總額 229,350 178,247
Net current assets流動資產淨值 730,838 1,218,282
Total assets less current liabilities總資產減流動負債 1,688,541 1,484,694
The notes on page 81 to 159 form part of these financial 第81頁至第
159頁之附註為該等財務報表的組成
statements.部份。
2015 2014
2015年 2014年
Note RMB』000 RMB』000
附註人民幣千元人民幣千元
Non-current liabilities非流動負債
Deferred income遞延收益
19 11,582 12,018
Deferred tax liabilities遞延稅項負債
21 40,204 39,490
Total non-current liabilities非流動負債總額 51,786 51,508
Net assets資產淨值 1,636,755 1,433,186
Capital and reserves資本及儲備
Share capital股本
22(c) 78,074 78,250
Reserves儲備
22(d) 1,558,681 1,354,936
Total equity總權益 1,636,755 1,433,186
Approved and authorised for issue by the board of directors 於2016年3月30日經董事會批准及授權刊發。
on 30 March 2016.
AN Yubao LI Qian
安鬱寶黎倩
Chairman Executive Director
主席執行董事
The notes on page 81 to 159 form part of these financial 第81頁至第
159頁之附註為該等財務報表的組成
statements.部份。
Shares
held under
share PRC
Share Share Exchange Capital Other award statutory Retained
capital premium reserve reserves reserves scheme reserve earnings Total
根據股份
獎勵計劃中國法定
股本股份溢價匯兌儲備資本儲備其他儲備持有的股份儲備保留盈利總計
Note RMB』000 RMB』000 RMB』000 RMB』000 RMB』000 RMB』000 RMB』000 RMB』000 RMB』000
附註人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
Note 22 Note 22 Note 22 Note 22 Note 22 Note 22
(c) (d)(i) (d)(ii) (d)(iii) (d)(iv) (d)(v)
附註22 附註22 附註22 附註22 附註22 附註22
(c)(d)(i)(d)(ii)(d)(iii)(d)(iv)(d)(v)
As at 1 January 2014於2014年1月1日 78,250 722,601 (181) – 80,769 – 58,083 317,842 1,257,364
Changes in equity for 2014: 2014年的權益變動：
Profit for the year年內溢利
– – – – – – – 211,200 211,200
Other comprehensive income其他全面收益
– –348 – – – – –348
Total comprehensive income全面收益總額
– – 348 – – – – 211,200 211,548
Appropriations to statutory 轉撥至法定儲備
reserve22(d) – – – – – – 1,732(1,732) –
Interim dividends approved 批准及支付的中期股息
and paid22(b) – (38,000) – – – – – – (38,000)
Employees』 Share Option Scheme僱員購股權計劃
20(a) – – –47,633 – – – –47,633
Shares purchased under the 根據股份獎勵計劃購買
Share Award Scheme的股份
20(b) – – – – – (45,359) – – (45,359)
As at 31 December 2014於2014年12月31日 78,250 684,601 167 47,633 80,769 (45,359) 59,815 527,310 1,433,186
As at 1 January 2015於2015年1月1日 78,250 684,601 167 47,633 80,769 (45,359) 59,815 527,310 1,433,186
Changes in equity for 2015: 2015年權益變動：
Profit for the year年內溢利
– – – – – – – 249,689 249,689
Other comprehensive income其他全面收益
– – 40 – – – – – 40
Total comprehensive income全面收益總額
– – 40 – – – – 249,689 249,729
Cancellation of shares during 年內註銷股份
the year(176) (8,664) – – – – – – (8,840)
Appropriations to statutory 轉撥至法定儲備
reserve22(d) – – – – – – 613 (613) –
Dividends approved and paid批准及支付的股息
22(b) – (28,000) – – – – – – (28,000)
Employees』 Share Option Scheme僱員購股權計劃
20(a) – – – 34,762 – – – – 34,762
Shares purchased under the 根據股份獎勵計劃購買
Share Award Scheme的股份
20(b) – – – – – (44,638) – – (44,638)
Shares granted under the 根據股份獎勵計劃授予4(b)/
Share Award Scheme的股份
20(b) – – – 556 – – – – 556
As at 31 December 2015於2015年12月31日 78,074 647,937 207 82,951 80,769 (89,997) 60,428 776,386 1,636,755
The notes on page 81 to 159 form part of these financial 第81頁至第
159頁之附註為該等財務報表的組成
statements.部份。
2015 2014
2015年 2014年
Note RMB』000 RMB』000
附註人民幣千元人民幣千元
Operating activities經營活動
Cash generated from operations經營活動所得現金
17(b) 246,818 337,346
PRC income tax paid已付中國所得稅
(62,775) (42,625)
Net cash generated from operating
activities
Investing activities
Interest receivedPayment for acquisition of an associatePrepayment for equity investmentPayment for purchase of property,
plant and equipmentProceeds received from disposal of
property, plant and equipmentChanges in available-for-sale
financial assets
經營活動所得現金
淨額 184,043 294,721
投資活動
已收利息
收購一間聯營公司的款項
股權投資預付款
購買物業、廠房及
設備的款項
出售物業、廠房及
設備所得款項
可供出售金融資產變動
14
13,849
(641,342)
(62,458)
(17,281)
526
250,900
23,593
–
–
(20,972)
–
(250,900)
Net cash used in investing activities投資活動所用現金 (455,806) (248,279)
Financing activities融資活動
Proceeds of loans and borrowings貸款及借款所得款項
95,000 20,000
Repayments of loans and borrowings貸款及借款還款額
(95,000) (20,000)
Listing expenses paid已付上市開支
– (21,440)
Dividends paid已付股息
(28,000) (38,000)
Interest paid已付利息
(441) –
Payment for purchase of shares under 認購股份獎勵計劃項下
Share Award Scheme股份的款項
(44,638) (45,359)
Payment for purchase of shares which 購買其後被註銷股份的
were subsequently cancelled款項
(8,840) –
Net cash used in financing activities融資活動所用現金淨額 (81,919) (104,799)
Net decrease in cash and 現金及現金等值項目的
cash equivalents減少淨額 (353,682) (58,357)
Cash and cash equivalents at 於1月1日的現金及現金
1 January等值項目 843,669 902,026
Cash and cash equivalents at 於12月31日的現金及現金
31 December等值項目 489,987 843,669
The notes on page 81 to 159 form part of these financial 第81頁至第
159頁之附註為該等財務報表的組成
statements.部份。
80
1 SIGNIFICANT ACCOUNTING POLICIES 1
(a) Statement of compliance
These financial statements have been prepared
in accordance with all applicable Hong Kong
Financial Reporting Standards (「HKFRSs」), which
collective term includes all applicable individual
Hong Kong Financial Reporting Standards, Hong
Kong Accounting Standards (「HKASs」) and
Interpretations issued by the Hong Kong Institute
of Certified Public Accountants (「HKICPA」) and
accounting principles generally accepted in
Hong Kong and the disclosure requirements of
the Hong Kong Companies Ordinance. These
financial statements also comply with the
applicable disclosure provisions of the Rules
Governing the Listing of Securities (「the Listing
Rules」) on The Stock Exchange of Hong Kong
Limited (「the Stock Exchange」). A summary of
the significant accounting policies adopted by
the Group is set out below.
The HKICPA has issued certain new and revised
HKFRSs that are first effective or available
for early adoption for the current accounting
period of the Group and the Company. Note
1(c) provides information on any changes
in accounting policies resulting from initial
application of these developments to the extent
that they are relevant to the Group for the current
and prior accounting periods reflected in these
financial statements.
重大會計政策
(a) 合規聲明
該等財務報表乃根據所有適用的香
港財務報告準則（「香港財務報告準
則」）編製，其集合條款包括香港會
計師公會（「香港會計師公會」）頒
佈的所有適用的個別香港財務報告
準則、香港會計師公會（「香港會
計師公會」）頒佈的香港會計準則
（「香港會計準則」）及詮釋、以及香
港公認會計準則及香港公司條例的
披露規定。該等財務報表亦符合香
港聯合交易所有限公司（「聯交所」）
證券上市規則（「上市規則」）的適
用披露條文。本集團所採納的重大
會計政策概要載於下文。
香港會計師公會已頒佈若干於本集
團及本公司現行會計期間首次生效
或可供提早採納的新訂及經修訂香
港財務報告準則。附註
1(c)就與於
本會計期間及過往會計期間與本集
團有關並已於該等財務報表內反映
之初步應用該等發展而導致之任何
會計政策變動提供資料。
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(b) Basis of preparation of the financial statements
The consolidated financial statements for the
year ended 31 December 2015 comprise the
Company and its subsidiaries (together referred
to as the 「Group」) and the Group’s interest in an
associate.
The consolidated financial statements are
presented in Renminbi (「RMB」), rounded to
the nearest thousand, which is the functional
currency of the subsidiaries carrying out the
principal activities of the Group.
The measurement basis used in the preparation
of the financial statements is the historical cost
basis.
The preparation of financial statements in
conformity with HKFRSs requires management
to make judgements, estimates and assumptions
that affect the application of policies and
reported amounts of assets, liabilities, income
and expenses. The estimates and associated
assumptions are based on historical experience
and various other factors that are believed to be
reasonable under the circumstances, the results
of which form the basis of making the judgements
about carrying values of assets and liabilities
that are not readily apparent from other sources.
Actual results may differ from these estimates.
The estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in the
period in which the estimate is revised if the
revision affects only that period, or in the period
of the revision and future periods if the revision
affects both current and future periods.
Judgements made by management in the
application of HKFRSs that have significant effect
on the financial statements and major sources of
estimation uncertainty are discussed in Note 26.
(b) 財務報表之編製基準
截至2015年12月31日止年度的綜
合財務報表包括本公司及其附屬公
司（統稱為「本集團」）及本集團於
一間聯營公司的權益。
綜合財務報表以人民幣（「人民幣」）
呈列，並約整至最接近千元。人民
幣是從事本集團主要業務的附屬公
司的功能貨幣。
編製財務報表所使用的計量基準為
歷史成本基準。
按照香港財務報告準則編製財務報
表需要管理層作出判斷、估計及假
設，該等判斷、估計及假設會影
響政策應用以及所呈報的資產、
負債、收益及開支金額。該等估計
及相關假設乃基於過往經驗及在有
關情況下相信為合理的各項其他因
素，而所得結果構成用作判斷顯然
無法透過其他來源獲得的有關資產
與負債帳面值的依據，實際結果或
有別於該等估計。
該等估計及相關假設將獲持續審
閱。倘會計估計的修訂僅對作出修
訂的期間產生影響，則有關修訂只
會在該期間內確認；或倘會計估計
的修訂對現時及未來期間均產生影
響，則會在作出該修訂期間及未來
期間內確認。
有關管理層在應用香港財務報告準
則時所作的對財務報表有重大影響
的判斷及估計不確定性的主要來
源，載於附註26。
1
SIGNIFICANT ACCOUNTING POLICIES (continued) 1
(c)
Changes in accounting policies
The HKICPA has issued the following
amendments to HKFRSs that are first effective for
the current accounting period of the Group and
the Company:
.
Amendments to HKAS 19, Employee
benefits: Defined benefit plans: Employee
contribution
.
Annual Improvements to HKFRSs 20102012
Cycle
.
Annual Improvements to HKFRSs 20112013
Cycle
The Group has not applied any new standard
or interpretation that is not yet effective for
the current accounting period. Impacts of the
adoption of the amended HKFRSs are discussed
below:
Amendments to HKAS 19, Employee benefits:
Defined benefit plans: Employee contribution
The amendments introduce a relief to reduce the
complexity of accounting for certain contributions
from employees or third parties under defined
benefit plans. When the contributions are eligible
for the practical expedient provided by the
amendments, a company is allowed to recognise
the contributions as a reduction of the service
cost in the period in which the related service is
rendered, instead of including them in calculating
the defined benefit obligation. The amendments
do not have an impact on these financial
statements as the Group do not have defined
benefit plans.
重大會計政策（續）
(c)
會計政策變動
香港會計師公會已頒佈以下多項對
香港財務報告準則的修訂，而該等
修訂於本集團及本公司的本會計期
間首次生效：
.
香港會計準則第19號修訂
本，僱員福利：定額福利計
劃：僱員供款
.
香港財務報告準則2010年至
2012年週期的年度改進
.
香港財務報告準則2011年至
2013年週期的年度改進
本集團並無應用任何於本會計期間
尚未生效的新訂準則或詮釋。採用
該等經修訂香港財務報告準則之影
響討論如下：
香港會計準則第19號修訂本，僱員
福利：定額福利計劃：僱員供款
該等修訂引入了一項豁免，旨在簡
化對僱員或第三方按定額福利計劃
繳納的若干供款的會計處理。當
供款滿足該等修訂所設定的標準
時，公司可以將供款確認為在提供
相關服務期間對服務成本的扣減，
而不將其包含於定額福利責任的計
算中。由於本集團並無定額福利計
劃，故該等修訂對該等財務報表並
無影響。
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(c) Changes in accounting policies (continued)
Annual Improvements to HKFRSs 2010-2012
and 2011-2013 Cycle
These two cycles of annual improvements
contain amendments to nine standards with
consequential amendments to other standards.
Among them, HKAS 24, Related party disclosures
has been amended to expand the definition
of a 「related party」 to include a management
entity that provides key management personnel
services to the reporting entity, and to require the
disclosure of the amounts incurred for obtaining
the key management personnel services provided
by the management entity. These amendments
do not have an impact on the Group’s related
party disclosures as the Group does not obtain
key management personnel services from
management entities.
(d) Subsidiaries
Subsidiaries are entities controlled by the
Group. The Group controls an entity when it is
exposed, or has rights, to variable returns from
its involvement with the entity and has the ability
to affect those returns through its power over the
entity. When assessing whether the Group has
power, only substantive rights (held by the Group
and other parties) are considered.
An investment in a subsidiary is consolidated
into the consolidated financial statements from
the date that control commences until the date
that control ceases. Intra-group balances,
transactions and cash flows and any unrealised
profits arising from intra-group transactions are
eliminated in full in preparing the consolidated
financial statements. Unrealised losses resulting
from intra-group transactions are eliminated in
the same way as unrealised gains but only to the
extent that there is no evidence of impairment.
(c) 會計政策變動（續）
香港財務報告準則2010年至2012
年及2011年至2013年週期的年度
改進
此兩個週期之年度改進包括九項準
則之修訂及連同其他準則之相應修
訂。其中，香港會計準則第
24號
「關聯方披露」已予以修改，藉以將
「關聯方」的釋義擴展為包括提供主
要管理人員服務予申報實體的管理
實體，並要求披露為獲得管理實體
提供的主要管理人員服務而產生的
金額。由於本集團並無自管理實體
獲得主要管理人員服務，故該等修
訂對本集團的關聯方披露並無任何
影響。
(d) 附屬公司
附屬公司是指本集團控制的實體。
本集團可以或有權從參與實體之業
務分享非固定回報，且有能力行
使對實體的權力而影響該等回報
時，本集團即被視為對實體擁有控
制權。評估本集團是否擁有控制權
時，僅考慮（本集團及其他方持有
的）實質權利。
於附屬公司的投資均於控制權開始
當日至終止當日期間合併入綜合財
務報表內。集團內公司間之結餘、
交易及現金流以及因此而產生之任
何未變現溢利於編製財務報表時悉
數抵銷。倘並無出現減值跡象，集
團內公司間之交易所產生的未變現
虧損則按照未變現收益的相同方式
抵銷。
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(d) Subsidiaries (continued) (d) 附屬公司（續）
In the Company’s statement of financial position,
an investment in a subsidiary is stated at cost
less impairment losses (see Note 1(j)).
於本公司的財務狀況表中，於附屬
公司的投資按成本減減值虧損列賬
（參閱附註1(j)）。
(e) Associates (e) 聯營公司
An associate is an entity in which the Group
or Company has significant influence, but not
control or joint control, over its management,
including participation in the financial and
operating policy decisions.
聯營公司指本集團或本公司擁有重
大影響力，但並無單獨或共同控制
其管理事宜（包括參與財務及營運
決策）之實體。
An investment in an associate is accounted 於聯營公司的投資在綜合財務報表
for in the consolidated financial statements
under the equity method. Under the equity
method, the investment is initially recorded at
cost, adjusted for any excess of the Group’s
share of the acquisition-date fair values of
the investee’s identifiable net assets over the
中以權益法入賬。根據權益法，投
資初步按成本入賬，並就本集團應
佔被投資公司收購當日可識別資產
淨值之公允值超出投資成本的部份
（如有）作出調整。此後，該投資因
應本集團所佔被投資公司資產淨值
cost of the investment (if any). Thereafter, the
investment is adjusted for the post acquisition
change in the Group’s share of the investee’s
net assets and any impairment loss relating to
the investment (see Note 1(j)). Any acquisitiondate
excess over cost, the Group’s share of the
post-acquisition, post-tax results of the investees
and any impairment losses for the year are
recognised in the consolidated statement of
profit or loss, whereas the Group’s share of the
post-acquisition post-tax items of the investees』
other comprehensive income is recognised in the
consolidated statement of profit or loss and other
comprehensive income.
份額於收購後的變動及與投資（見
附註1(j)）有關之任何減值虧損作出
調整。收購當日超出成本的任何部
份、本集團年內應佔被投資公司收
購後的稅後業績以及任何減值虧損
於綜合損益表確認，而本集團應佔
被投資公司收購後的稅後其他全面
收益項目於綜合損益及其他全面收
益表內確認。
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(f) Other investments (f) 其他投資
(i) Investment in equity securities that does
not have a quoted market price in an
active market for an identical instrument
(i) 相同工具於活躍市場並無報
價且其公允價值無法可靠計
量的股本證券投資乃按成本
and whose fair value cannot otherwise be 減減值虧損後於財務狀況表
reliably measured are recognised in the
statement of financial position at cost less
impairment losses (Note 1(j)).
內確認（附註
1(j)）。
(ii) Financial assets at fair value through profit
or loss are initially stated at fair value,
which is their transaction price unless fair
value can be more reliably estimated using
valuation techniques whose variables
include only data from observable markets.
Cost includes attributable transaction cost.
(ii) 按公允值計入損益的金融資
產初步按公允值（即其交易
價格）列賬，除非公允值可
採用估值技術（其可變因素
僅包括來自可觀察市場的數
據）更可靠地予以估計。成
本包括應佔交易成本。
Financial assets at fair value through profit
or loss are classified as current assets.
按公允值計入損益的金融資
產分類為流動資產。任何應
Any attributable transaction costs are
recognised in profit or loss as incurred. At
the end of each reporting period the fair
value is remeasured, with any resultant
gain or loss being recognised in profit or
loss. The net gain or loss recognised in
profit or loss does not include any interest
earned on these financial assets as these
佔交易成本於發生時在損益
內確認。公允值於各報告期
間結束時重新計量，而任何
由此產生的收益或虧損均在
損益內確認。於損益確認的
收益或虧損淨額不包括該等
金融資產賺取的任何利息，
因為該等項目於產生時採用
are recognised as it accrues using the
effective interest method.
實際利率法予以確認。
1
SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(g)
Property, plant and equipment
The following items of property, plant and
equipment are stated at cost less accumulated
depreciation and impairment losses (Note 1(j)):
–
Buildings held for own use which are
situated on leasehold land classified as
held under operating leases (Note 1(i));
and
–
Other items of plant and equipment.
Gains or losses arising from the retirement
or disposal of an item of property, plant and
equipment are determined as the difference
between the net disposal proceeds and the
carrying amount of the item and are recognised
in profit or loss on the date of retirement or
disposal.
Depreciation is calculated to write off the cost of
items of property, plant and equipment, less their
estimated residual value, if any, using the straight
line method over their estimated useful lives as
follows:
–
Buildings situated on leasehold land
are depreciated over the shorter of
the unexpired term of lease and their
estimated useful lives, being no more than
50 years after the date of completion
–
Machinery and equipment 10 years
–
Motor vehicles 5 years
–
Office equipment 5 years
Where parts of an item of property, plant and
equipment have different useful lives, the cost
of the item is allocated on a reasonable basis
between the parts and each part is depreciated
separately. Both the useful life of an asset and its
residual value, if any, are reviewed annually.
(g)
物業、廠房及設備
下列物業、廠房及設備項目按成本
減累計折舊及減值虧損列賬（附註
1(j)）：
－位於分類為根據經營租賃持
有的租賃土地的持作自用建
築物（附註
1(i)）；及
－
其他廠房及設備項目。
報廢或出售物業、廠房及設備項目
所產生的收益或虧損按出售所得款
項淨額與該項目賬面值之間的差額
釐定，並於報廢或出售日期在損益
表內確認。
折舊按下列物業、廠房及設備項目
的預計可使用年期，以直線法撇
銷該等項目的成本（減去估計殘值
（如有））計算：
－位於租賃土地上的建築物按
未屆滿的租賃期及其估計可
使用年期（以較短者為準，
且不超過竣工日期後50年）
折舊
－
機器及設備 10年
－
汽車 5年
－
辦公室設備 5年
倘物業、廠房及設備項目各部份的
可使用年期不同，則該項目的成本
按合理基準於各部份之間分配，每
部份分開折舊。資產的可使用年期
及其殘值（如有）將每年檢討。
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(h) Research and development costs (h) 研發成本
Research and development costs comprise
all costs that are directly attributable to
research and development activities or that
can be allocated on a reasonable basis to such
activities. Because of the nature of the Group’s
research and development activities, the criteria
for the recognition of such costs as an asset are
generally not met until late in the development
stage of the project when the remaining
development costs are immaterial. Hence both
research costs and development costs are
generally recognised as expenses in the period
in which they are incurred.
研發成本包括所有與研發活動直接
相關或可按合理基準分配至該等活
動的成本。基於本集團研發活動的
性質，該等成本一般要直至項目較
後的發展階段，當餘下開發成本並
不重大時，才會符合標準確認為資
產。因此，研究成本及開發成本一
般均於其產生的期間確認為開支。
(i) Lease prepayments (i) 租賃預付款項
Lease prepayments represent cost of land use
rights paid to the PRC government authorities.
Land use rights are stated as cost less
accumulated amortisation and impairment losses
(Note 1(j)). Amortisation is recognised in profit or
loss on a straight-line basis over the respective
period of the rights.
租賃預付款項指向中國政府當局支
付的土地使用權成本。土地使用權
按成本減累計攤銷及減值虧損列賬
（附註
1(j)）。攤銷於相關使用權期
間內以直線法於損益表確認。
1
SIGNIFICANT ACCOUNTING POLICIES (continued) 1
(j)
Impairment of assets
(i)
Impairment of trade and other receivables
Investments in trade and other receivables
that are stated at cost or amortised
cost are reviewed at the end of each
reporting period to determine whether
there is objective evidence of impairment.
Objective evidence of impairment includes
observable data that comes to the
attention of the Group about one or more
of the following loss events:
–
significant financial difficulty of the
debtor;
–
a breach of contract, such as a
default or delinquency in interest or
principal payments;
–
it becoming probable that the
debtor will enter bankruptcy or other
financial reorganisation; and
–
significant changes in the
technological, market, economic
or legal environment that have an
adverse effect on the debtor;
重大會計政策（續）
(j)
資產減值
(i)
貿易及其他應收款項的減值
按成本或攤銷成本列賬的於
貿易及其他應收款項的投資
乃於各報告期末檢討，以確
定是否有減值的客觀證據。
減值的客觀證據包括本集團
注意到有關下列一項或多項
損失事件的可觀察數據：
－債務人有重大財務困
難；
－違約，如拖欠或無法
如期償還利息或本
金；
－債務人可能破產或進
行其他財務重組；及
－科技、市場、經濟或
法律環境出現重大變
化對債務人造成不利
影響；
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(j) Impairment of assets (continued) (j) 資產減值（續）
(i) Impairment of trade and other receivables (i) 貿易及其他應收款項的減值
(continued) （續）
If any such evidence exists, any 倘出現任何該等證據，則任
impairment loss is determined and 何減值虧損會按以下方式釐
recognised as follows: 定及確認：
– For trade and other receivables －就以攤銷成本列賬的
carried at amortised cost, the 貿易及其他應收款項
impairment loss is measured as 而言，減值虧損乃根
the difference between the asset’s 據資產的賬面值與估
carrying amount and the present 計未來現金流量現值
value of estimated future cash 兩者間的差額計量，
flows, discounted at the financial 如折現影響屬重大，
asset’s original effective interest 則按金融資產原實際
rate (i.e. the effective interest rate 利率（即初始確認該
computed at initial recognition of 等資產時計算的實際
these assets), where the effect 利率）折現。倘該等
of discounting is material. This 金融資產具備類似風
assessment is made collectively 險特徵（如類似的逾
where these financial assets share 期情況）及並未單獨
similar risk characteristics, such as 評估為已減值，則有
similar past due status, and have 關評估會一同進行。
not been individually assessed 集合評估減值的金融
as impaired. Future cash flows 資產的未來現金流量
for financial assets which are 乃根據與該類資產具
assessed for impairment collectively 有類似信貸風險特徵
are based on historical loss 的資產的過往虧損經
experience for assets with credit 驗計算。
risk characteristics similar to the
collective group.
1
SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(j)
Impairment of assets (continued)
(i)
Impairment of trade and other receivables
(continued)
–
If in a subsequent period the
amount of an impairment loss
decreases and the decrease can
be linked objectively to an event
occurring after the impairment loss
was recognised, the impairment loss
is reversed through profit or loss. A
reversal of an impairment loss shall
not result in the asset’s carrying
amount exceeding that which would
have been determined had no
impairment loss been recognised in
prior years.
Impairment losses are written off
against the corresponding assets
directly, except for impairment losses
recognised in respect of trade and
other receivables included within trade
and other receivables, whose recovery
is considered doubtful but not remote.
In this case, the impairment losses for
doubtful debts are recorded using an
allowance account. When the Group is
satisfied that recovery is remote, the
amount considered irrecoverable is written
off against trade and other receivables
directly and any amounts held in the
allowance account relating to that debt
are reversed. Subsequent recoveries
of amounts previously charged to the
allowance account are reversed against
the allowance account. Other changes in
the allowance account and subsequent
recoveries of amounts previously written
off directly are recognised in profit or loss.
(j)
資產減值（續）
(i)
貿易及其他應收款項的減值
（續）
－倘若其後期間減值虧
損金額減少，而有關
減少與確認減值虧損
後發生的事件可客
觀地聯繫，則有關減
值虧損透過損益表撥
回。減值虧損的撥回
不應導致資產的賬面
值超過倘在過往年度
沒有確認任何減值虧
損而應釐定的金額。
減值虧損從相應的資產中直
接撇銷，惟若對可收回的可
能性有疑問但未至於可能性
極低的貿易及其他應收款項
中的貿易及其他應收款項的
已確認減值虧損則例外。在
此情況下，應使用撥備賬記
錄呆賬的減值虧損。倘本集
團信納收回的可能性極低，
則被視為不可收回的金額從
貿易及其他應收款項中直接
撇銷，而在撥備賬中持有有
關該債務的任何金額將會被
撥回。其後收回之前從撥備
賬中扣除的款項撥回相關撥
備賬。撥備賬的其他變動及
之前直接撇銷的其後收回款
項，均在損益表中確認。
1
SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(j)
Impairment of assets (continued) (j) 資產減值（續）
(ii)
Impairment of other assets (ii) 其他資產減值
Internal and external sources of 內部及外間資料來源乃於各
information are reviewed at the end 報告期末評估，以識別有否
of each reporting period to identify 跡象顯示下列資產可能出現
indications that the following assets 減值，或先前已確認的減值
may be impaired or, an impairment loss 虧損已不存在或可能已減
previously recognised no longer exists or 少：
may have decreased:
–
property, plant and equipment, －物業、廠房及設備，
–
lease prepayments, －租賃預付款項，
–
interest in associates, －於聯營公司的權益，
–
available-for-sale securities, and －可供出售證券，及
–
investment in subsidiaries in the －本公司財務狀況表中
Company’s statement of financial 於附屬公司的投資
position
If any such indication exists, the asset’s 倘出現任何該等跡象，則會
recoverable amount is estimated. 估計資產的可收回金額。
–
Calculation of recoverable amount －計算可收回金額
The recoverable amount of an 資產的可收回金額為
asset is the greater of its fair 公允值減銷售成本以
value less costs to sell and value 及使用價值兩者間的
in use. In assessing value in use, 較高者。在評估使
the estimated future cash flows 用價值時，會按反映
are discounted to their present 當時市場對貨幣時間
value using a pre-tax discount 價值及資產特定風險
rate that reflects current market 評估的稅前折現率，
assessments of time value of 將估計未來現金流量
money and the risks specific to 折現至其現值。倘資
the asset. Where an asset does 產並無產生大致獨立
not generate cash inflows largely 於其他資產的現金流
independent of those from other 入，則以能獨立產生
assets, the recoverable amount is 現金流入的最小資
determined for the smallest group 產組別（即現金產生
of assets that generates cash 單位）釐定可收回金
inflows independently (i.e. a cash-額。
generating unit).
1
SIGNIFICANT ACCOUNTING POLICIES (continued) 1
(j)
Impairment of assets (continued)
(ii)
Impairment of other assets (continued)
–
Recognition of impairment losses
An impairment loss is recognised in
profit or loss if the carrying amount
of an asset, or the cash-generating
unit to which it belongs, exceeds
its recoverable amount. Impairment
losses recognised in respect of
cash-generating units are allocated
to reduce the carrying amount of the
assets in the unit (or group of units)
on a pro rata basis, except that the
carrying value of an asset will not
be reduced below its individual fair
value less costs to sell, or value in
use, if determinable.
–
Reversals of impairment losses
An impairment loss is reversed if
there has been a favourable change
in the estimates used to determine
the recoverable amount.
A reversal of an impairment loss
is limited to the asset’s carrying
amount that would have been
determined had no impairment loss
been recognised in prior years.
Reversals of impairment losses
are credited to profit or loss in the
year in which the reversals are
recognised.
重大會計政策（續）
(j)
資產減值（續）
(ii)
其他資產減值（續）
－確認減值虧損
倘資產或其所屬現金
產生單位的賬面值超
過其可收回金額時，
則於損益表中確認減
值虧損。就現金產生
單位確認的減值虧損
予以分配，以按比例
減少該單位（或單位
組別）內資產的賬面
值，惟某資產的賬面
值不會減至低於其個
別公允值減去銷售成
本或使用價值（如能
釐定）的金額。
－
撥回減值虧損
倘用於釐定可收回金
額的估計出現有利變
動，則撥回減值虧
損。
減值虧損撥回僅限於
若在過往年度並未確
認減值虧損時原應釐
定的資產賬面值。
減值虧損撥回在確認
撥回的年度計入損益
表。
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1
(j) Impairment of assets (continued)
(iii) Interim financial reporting and impairment
Under the Listing Rules, the Group is
required to prepare an interim financial
report in compliance with HKAS 34, Interim
financial reporting, in respect of the first
six months of the financial year. At the end
of the interim period, the group applies
the same impairment testing, recognition,
and reversal criteria as it would at the end
of the financial year (see Notes 1(j)(i) and
(ii)).
Impairment losses recognised in an
interim period in respect of availablefor-
sale equity securities and unquoted
equity securities carried at cost are not
reversed in a subsequent period. This
is the case even if no loss, or a smaller
loss, would have been recognised had
the impairment been assessed only at
the end of the financial year to which the
interim period relates. Consequently, if the
fair value of an available-for-sale equity
security increases in the remainder of
the annual period, or in any other period
subsequently, the increase is recognised
in other comprehensive income and not
profit or loss.
重大會計政策（續）
(j) 資產減值（續）
(iii) 中期財務報告及減值
根據上市規則，本集團須就
財政年度首六個月編製符合
香港會計準則第34號中期
財務報告規定的中期財務報
告。於中期期末，本集團應
用與財政年度末所應用者相
同的減值測試、確認及撥回
準則（見附註
1(j)(i)及(ii)）。
於中期期間內就按成本列賬
的可供出售股本證券及無報
價股本證券確認的減值虧損
不會於其後期間撥回。倘有
關中期期間的減值評估僅於
財政年度末進行，即使並無
確認虧損或所確認的虧損屬
較輕微，亦不會撥回減值虧
損。因此，倘可供出售股本
證券的公允值於年度餘下期
間或其後任何其他期間內增
加，則該增幅於其他全面收
益（而非損益）內確認。
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(k) Inventories (k) 存貨
Inventories are carried at the lower of cost and
net realisable value.
存貨乃按成本及可變現淨值的較低
者列賬。
Cost is calculated using the weighted average
cost formula and comprises all costs of purchase,
costs of conversion and other costs incurred in
bringing the inventories to their present location
and condition.
成本乃按加權平均成本法計算，並
包括所有採購成本、轉換成本及將
存貨保存於現時所在地點及保持現
有狀況所產生的其他成本。
Net realisable value is the estimated selling
price in the ordinary course of business less the
estimated costs of completion and the estimated
costs necessary to make the sale.
可變現淨值是在日常業務過程中的
估計售價減估計完成成本及作出銷
售的估計所需成本。
When inventories are sold, the carrying amount
of those inventories is recognised as an expense
in the period in which the related revenue is
recognised. The amount of any write-down of
inventories to net realisable value and all losses
of inventories are recognised as an expense in
the period the write-down or loss occurs. The
amount of any reversal of any write-down of
inventories is recognised as a reduction in the
amount of inventories recognised as an expense
in the period in which the reversal occurs.
在售出存貨時，該等存貨的賬面值
是在確認相關收入的期內確認為開
支。將存貨撇減至可變現淨值的數
額和所有存貨虧損均在出現撇減
或虧損的期內確認為開支。任何存
貨撇減撥回金額乃確認為存貨金額
減少，並於撥回發生期間確認為開
支。
(l) Trade and other receivables (l) 貿易及其他應收款項
Trade and other receivables are initially
recognised at fair value and thereafter stated
at amortised cost using the effective interest
method, less allowance for impairment of doubtful
debts (Note 1(j)).
貿易及其他應收款項初步按公允值
確認，其後使用實際利率法按攤
銷成本減呆賬減值撥備列賬（附註
1(j)）。
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(m) Interest-bearing borrowings (m) 計息借款
Interest-bearing borrowings are recognised
initially at fair value less attributable transaction
costs. Subsequent to initial recognition, interestbearing
borrowings are stated at amortised
cost with any difference between the amount
initially recognised and redemption value being
recognised in profit or loss over the period of the
borrowings, together with any interest and fees
payable, using the effective interest method.
計息借款初步按公允值減應佔交易
成本確認。於初步確認後，計息借
款乃按攤銷成本及初步確認金額與
按借款期於損益表內確認的贖回
價值之間的任何差額，連同任何應
付利息及費用，使用實際利率法列
賬。
(n) Trade and other payables (n) 貿易及其他應付款項
Trade and other payables are initially recognised
at fair value and are subsequently stated at
amortised cost unless the effect of discounting
would be immaterial, in which case they are
stated at cost.
貿易及其他應付款項初步按公允值
確認，而其後則按攤銷成本列賬，
除非貼現的影響並不重大，在該情
況下則按成本列賬。
(o) Cash and cash equivalents (o) 現金及現金等值項目
Cash and cash equivalents comprise cash
at bank and on hand, demand deposits with
banks and other financial institutions, and shortterm,
highly liquid investments that are readily
convertible into known amounts of cash and
現金及現金等值項目包括銀行存款
及手頭現金、於銀行及其他金融機
構的活期存款，以及可隨時兌換為
已知金額現金且承受的價值變動風
險並不重大的短期、高流動性投資
which are subject to an insignificant risk of
changes in value, having been within three
months of maturity at acquisition.
（在購入時距離到期日不超過
3個
月）。
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(p) Employee benefits (p) 僱員福利
(i) Short term employee benefits and
contributions to defined contribution
(i) 短期僱員福利及界定供款退
休計劃的供款
retirement plans
Salaries, annual bonuses, paid annual
leave, contributions to defined contribution
retirement plans and the cost of nonmonetary
benefits are accrued in the
year in which the associated services are
rendered by employees. Where payment
or settlement is deferred and the effect
薪金、年度花紅、有薪年
假、向界定供款退休計劃供
款及非金錢利益的成本乃於
僱員提供相關服務的年度內
累計。倘延期付款或結算而
影響屬重大，則該等金額乃
按其現值列賬。
would be material, these amountsstated at their present values.
are
Annual contributions to retirement benefit 向中國政府所營運的退休福
schemes operated by the government in
the PRC are recognised in the profit or
loss as and when incurred.
利計劃作出的年度供款於產
生時在損益表中確認。
(ii) Share-based payments (ii) 以股份為基礎的付款
The fair value of share options granted to
employees is recognised as an employee
cost with a corresponding increase in
a capital reserve within equity. The fair
value is measured at grant date using the
binomial tree model, taking into account
the terms and conditions upon which
the options were granted. Where the
employees have to meet vesting conditions
before becoming unconditionally entitled
to the options, the total estimated fair value
of the options is spread over the vesting
period, taking into account the probability
that the options will vest.
授予僱員之購股權公允值於
股本中的資本儲備相應增加
而確認為僱員成本。公允值
於授出當日按照二叉樹模型
計量，並考慮購股權之授出
條款及條件。倘僱員必須達
成歸屬條件才可無條件地有
權獲授購股權，則購股權之
估計總公允值在歸屬期內攤
分，並需考慮購股權歸屬的
可能性。
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(p) Employee benefits (continued) (p) 僱員福利（續）
(ii) Share-based payments (continued) (ii) 以股份為基礎的付款（續）
During the vesting period, the number 於歸屬期內，將檢討預期歸
of share options that is expected to vest 屬之購股權數目。任何對過
is reviewed. Any resulting adjustment 往年度已確認累計公允值所
to the cumulative fair value recognised 作之相應調整於回顧年度的
in prior years is charged/credited to the 損益表內扣除
╱計入，除非
profit or loss for the year of the review, 原有僱員開支合資格確認為
unless the original employee expenses 資產，並對資本儲備作出相
qualify for recognition as an asset, with a 應調整。於歸屬日，已確認
corresponding adjustment to the capital 為開支的金額會作調整，以
reserve. On vesting date, the amount 反映所歸屬的實際購股權數
recognised as an expense is adjusted to 量（同時亦相應調整資本儲
reflect the actual number of options that 備），惟僅於未能達到有關
vest (with a corresponding adjustment to 本公司股份市價之歸屬條件
the capital reserve) except where forfeiture 而被沒收的購股權除外。股
is only due to not achieving vesting 本金額於資本儲備確認，直
conditions that relate to the market price of 至購股權獲行使（計入就已
the Company’s shares. The equity amount 發行股份於股本確認的金額
is recognised in the capital reserve until 時）或購股權到期（直接撥
either the option is exercised (when it 至保留溢利時）為止。
is included in the amount recognised in
share capital for the shares issued) or the
option expires (when it is released directly
to retained profits).
(iii) Termination benefits (iii) 終止福利
Termination benefits are recognised at the 終止福利會在本集團不再能
earlier of when the Group can no longer 夠撤回所提供的終止福利或
withdraw the offer of those benefits and 確認涉及終止福利付款的重
when it recognises restructuring costs 組成本（以較早者為準）時
involving the payment of termination 確認。
benefits.
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1
(q) Income tax
Income tax for the year comprises current tax
and movements in deferred tax assets and
liabilities. Current tax and movements in deferred
tax assets and liabilities are recognised in profit
or loss except to the extent that they relate
to items recognised in other comprehensive
income or directly in equity, in which case the
relevant amounts of tax are recognised in other
comprehensive income or directly in equity,
respectively.
Current tax is the expected tax payable on the
taxable income for the year, using tax rates
enacted or substantively enacted at the end of
the reporting period, and any adjustment to tax
payable in respect of previous years.
Deferred tax assets and liabilities arise from
deductible and taxable temporary differences
respectively, being the differences between the
carrying amounts of assets and liabilities for
financial reporting purposes and their tax bases.
Deferred tax assets also arise from unused tax
losses and unused tax credits.
重大會計政策（續）
(q) 所得稅
年內所得稅包括即期稅項及遞延稅
項資產與負債的變動。即期稅項及
遞延稅項資產與負債的變動均於損
益表內確認，惟於其他全面收益或
直接於權益內確認的項目有關者則
除外，在此情況下有關稅項金額分
別於其他全面收益或直接於權益內
確認。
即期稅項為就年內應課稅收入採用
於報告期末已生效或實質已生效的
稅率計算的預期應付稅項，並就過
往年度的應付稅項作出任何調整。
遞延稅項資產及負債分別自可扣稅
及應課稅的暫時差額產生，即就財
務報告而言資產和負債的賬面值與
其稅基之間的差額。遞延稅項資產
亦自未動用稅項虧損及未動用稅項
抵免產生。
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(q) Income tax (continued)
Apart from certain limited exceptions, all deferred
tax liabilities, and all deferred tax assets to the
extent that it is probable that future taxable
profits will be available against which the asset
can be utilised, are recognised. Future taxable
profits that may support the recognition of
deferred tax assets arising from deductible
temporary differences include those that will arise
from the reversal of existing taxable temporary
differences, provided those differences relate to
the same taxation authority and the same taxable
entity, and are expected to reverse either in the
same period as the expected reversal of the
deductible temporary difference or in periods
into which a tax loss arising from the deferred tax
asset can be carried back or forward. The same
criteria are adopted when determining whether
existing taxable temporary differences support
the recognition of deferred tax assets arising
from unused tax losses and credits, that is, those
differences are taken into account if they relate to
the same taxation authority and the same taxable
entity, and are expected to reverse in a period,
or periods, in which the tax loss or credit can be
utilised.
The limited exceptions to recognition of deferred
tax assets and liabilities are those temporary
differences arising from the initial recognition of
assets or liabilities that affect neither accounting
nor taxable profit (provided they are not part
of a business combination), and temporary
differences relating to investments in subsidiaries
to the extent that, in the case of taxable
differences, the Group controls the timing of the
reversal and it is probable that the differences
will not reverse in the foreseeable future, or in
the case of deductible differences, unless it is
probable that they will reverse in the future.
(q) 所得稅（續）
除若干有限的例外情況外，所有遞
延稅項負債及所有遞延稅項資產
（以未來可能有應課稅溢利致使可
動用該等資產作抵扣為限）均會予
以確認。可支持確認自可扣稅暫時
差額所產生的遞延稅項資產的未來
應課稅溢利包括因撥回現有應課稅
暫時差額而產生的金額；惟此等差
額必須與同一稅務機關及同一應課
稅實體有關，並預期在可扣稅暫時
差額預計撥回的同一期間或遞延稅
項資產所產生稅項虧損可承後或承
前結轉的期間內撥回。在釐定現有
應課稅暫時差額是否支持確認自未
動用稅項虧損和抵免產生的遞延稅
項資產時，亦會採用同一準則，即
該等差額若與同一稅務機關及同一
應課稅實體有關，並預期在稅項虧
損或抵免可動用的期間內撥回，則
予以考慮。
確認遞延稅項資產和負債的有限例
外情況，為不影響會計或應課稅溢
利的資產或負債的初步確認（前提
是其並不屬業務合併的一部份）所
產生的暫時差額，以及有關於附屬
公司的投資的暫時差額（如屬應課
稅差額，則只限於本集團可控制撥
回的時間，而且在可見將來不大可
能撥回的差額；或如屬可扣稅差
額，則只限於很可能在將來撥回的
差額）。
1
SIGNIFICANT ACCOUNTING POLICIES (continued) 1
(q)
Income tax (continued)
The amount of deferred tax recognised is
measured based on the expected manner of
realisation or settlement of the carrying amount
of the assets and liabilities, using tax rates
enacted or substantively enacted at the end of
the reporting period. Deferred tax assets and
liabilities are not discounted.
The carrying amount of a deferred tax asset is
reviewed at the end of each reporting period
and is reduced to the extent that it is no longer
probable that sufficient taxable profits will be
available to allow the related tax benefit to be
utilised. Any such reduction is reversed to the
extent that it becomes probable that sufficient
taxable profits will be available.
Current tax balances and deferred tax balances,
and movements therein, are presented separately
from each other and are not offset. Current tax
assets are offset against current tax liabilities,
and deferred tax assets against deferred tax
liabilities, if the Company or the Group has the
legally enforceable right to set off current tax
assets against current tax liabilities and the
following additional conditions are met:
–
in the case of current tax assets and
liabilities, the Group intends either to settle
on a net basis, or to realise the asset and
settle the liability simultaneously; or
重大會計政策（續）
(q)
所得稅（續）
已確認的遞延稅項金額按照資產與
負債賬面值的預期變現或清償方
式，使用報告期末已生效或實質已
生效的稅率計算。遞延稅項資產與
負債均不作折現。
遞延稅項資產的賬面值乃於各報告
期末檢討，並在不可能再獲得足夠
的應課稅溢利可抵扣相關稅項利益
時予以扣減。倘有可能獲得足夠
的應課稅溢利，則扣減金額予以撥
回。
即期稅項結餘及遞延稅項結餘及其
變動額均各自分開呈報且不予抵
銷。倘本公司或本集團有法定強制
執行權利以即期稅項資產抵銷即
期稅項負債，並且符合以下附加條
件，則即期稅項資產可抵銷即期稅
項負債，以及遞延稅項資產可抵銷
遞延稅項負債：
－倘為即期稅項資產與負債，
本集團擬按淨額基準結算，
或同時變現該資產及清償該
負債；或
1
SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(q)
Income tax (continued) (q) 所得稅（續）
–
in the case of deferred tax assets and －倘為遞延稅項資產及負債，
liabilities, if they relate to income taxes 而此等資產及負債與同一稅
levied by the same taxation authority on 務機關就以下其中一項徵收
either: 的所得稅有關：
.
the same taxable entity; or .同一應課稅實體；或
.
different taxable entities, which, .不同的應課稅實體，
in each future period in which 而此等實體計劃在日
significant amounts of deferred tax 後每個預期有大額遞
liabilities or assets are expected to 延稅項負債需要清償
be settled or recovered, intend to 或大額遞延稅項資產
realise the current tax assets and 可以收回的期間內，
settle the current tax liabilities on 按淨額基準變現即期
a net basis or realise and settle 稅項資產及清償即期
simultaneously. 稅項負債，或同時變
現該資產及清償該負
債。
(r)
Provisions and contingent liabilities (r) 撥備及或然負債
Provisions are recognised for other liabilities 撥備乃於本集團或本公司因過往事
of uncertain timing or amount when the Group 件而產生法律或推定責任，而可能
or the Company has a legal or constructive 需要經濟利益流出以清償責任及能
obligation arising as a result of a past event, it 作出可靠估計時，就不確定時間或
is probable that an outflow of economic benefits 金額的其他負債進行確認。倘金錢
will be required to settle the obligation and a 的時間值屬重大時，撥備乃按預期
reliable estimate can be made. Where the time 清償責任的開支的現值列賬。
value of money is material, provisions are stated
at the present value of the expenditure expected
to settle the obligation.
Where it is not probable that an outflow of 當需要經濟利益流出的可能性較低
economic benefits will be required, or the amount 或當金額不能可靠估計時，責任會
cannot be estimated reliably, the obligation is 作為或然負債披露，除非經濟利益
disclosed as a contingent liability, unless the 流出的可能性極低。可能的責任
probability of outflow of economic benefits is （其存在將僅由一項或以上未來事
remote. Possible obligations, whose existence 件的出現或不出現確認）亦作為或
will only be confirmed by the occurrence or non-然負債披露，除非經濟利益流出的
occurrence of one or more future events are 可能性極低者，則另當別論。
also disclosed as contingent liabilities unless
the probability of outflow of economic benefits is
remote.
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(s) Revenue recognition (s) 收入確認
Revenue is measured at the fair value of the
consideration received or receivable. Provided
收入按已收或應收代價的公允值計
量。倘有經濟利益可能流入本集
it is probable that the economic benefits will
flow to the Group and the revenue and costs, if
applicable, can be measured reliably, revenue is
recognised in profit or loss as follows:
團，而收入及成本（如適用）能可
靠地計量時，則收入會根據下列方
法於損益表中確認：
(i) Sale of goods (i) 銷售貨品
Revenue is recognised when goods are
delivered at the customers』 premises
which is taken to be the point in time when
the customer has accepted the goods and
the related risks and rewards of ownership.
Revenue excludes value added tax or
收入是在貨品送達客戶的場
所時（亦即於客戶接收貨品
及與擁有權相關的風險及回
報之時）確認。收入不包括
增值稅或其他銷售稅，並已
扣除任何貿易折扣。
other sales taxes and is after deduction of
any trade discounts.
(ii) Interest income (ii) 利息收益
Interest income is recognised as it accrues
using the effective interest method.
利息收益在產生時按實際利
率法確認。
(iii) Government grants (iii) 政府補助
Government grants are recognised in the
statement of financial position initially
when there is reasonable assurance that
they will be received and that the Group
will comply with the conditions attaching to
them. Grants that compensate the Group
for expenses incurred are recognised as
revenue in profit or loss on a systematic
basis in the same periods in which the
expenses are incurred. Grants that
compensate the Group for the cost of an
asset are recognised initially as deferred
income and amortised to profit or loss on
a straight-line basis over the useful life of
the asset by way of reduced depreciation
當可以合理確定本集團將會
收到政府補助並會遵守其附
帶條件時，政府補助會初步
於財務狀況表內予以確認。
用作補償本集團所產生的開
支的補助於產生開支的同一
期間有系統地於損益表內確
認為收入。補償本集團資產
成本的補助初步確認為遞延
收入，並於該項資產的可使
用年期以減少折舊開支方式
按直線法於損益表內攤銷。
expense.
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1 重大會計政策（續）
(t) Related parties (t) 關連人士
(a) A person, or a close member of that
person’s family, is related to the Group if
that person:
(a) 在以下情況下，某人士或其
近親家庭成員與本集團有關
聯：
(i) has control or joint control over the
Group;
(i) 可控制或共同控制本
集團；
(ii) has significant influence over the
Group; or
(ii) 對本集團有重大影響
力；或
(iii) is a member of the key management
personnel of the Group or the
Group’s parent.
(iii) 為本集團或本集團母
公司的主要管理層成
員。
(b) An entity is related to the Group if any of
the following conditions applies:
(b) 在以下任何情況下，某實體
與本集團有關聯：
(i) The entity and the Group are
members of the same group (which
means that each parent, subsidiary
and fellow subsidiary is related to
the others).
(i) 該實體及本集團均是
同一集團的成員公司
（即母公司、附屬公
司及同系附屬公司各
自與其他方有關聯）。
(ii) One entity is an associate or joint
venture of the other entity (or an
associate or joint venture of a
member of a group of which the
other entity is a member).
(ii) 某實體是另一實體的
聯營公司或合營公司
（或另一實體為成員
公司的某集團的成員
公司的聯營公司或合
營公司）。
(iii) Both entities are joint ventures of
the same third party.
(iii) 兩家實體均是同一第
三方的合營公司。
(iv) One entity is a joint venture of a
third entity and the other entity is an
associate of the third entity.
(iv) 某實體是第三方實體
的合營公司而另一實
體則是該第三方實體
的聯營公司。
1
SIGNIFICANT ACCOUNTING POLICIES (continued) 1
(t)
Related parties (continued)
(b)
An entity is related to the Group if any
of the following conditions applies:
(continued)
(v)
The entity is a post-employment
benefit plan for the benefit of
employees of either the Group or an
entity related to the Group.
(vi)
The entity is controlled or jointly
controlled by a person identified in
(a).
(vii)
A person identified in (a)(i) has
significant influence over the
entity or is a member of the key
management personnel of the entity
(or of a parent of the entity).
(viii)
The entity, or any member of a
group of which it is a part, provides
key management personnel services
to the Group or to the Group’s
parent.
Close family members of an individual
are those family members who may be
expected to influence, or be influenced
by, that individual in their dealings with the
entity.
重大會計政策（續）
(t)
關連人士（續）
(b)
在以下任何情況下，某實體
與本集團有關聯：（續）
(v)
該實體為本集團或與
本集團有關聯的實體
為其僱員利益而設立
的離職後福利計劃。
(vi)
該實體受
(a)所識別
人士控制或受共同控
制。
(vii)
於(a)(i)所識別人士對
該實體有重大影響力
或屬該實體（或該實
體的母公司）主要管
理層成員。
(viii)
向本集團或向本集團
之母公司提供主要管
理人員服務之實體或
其所屬集團之任何成
員公司。
某人士的近親家庭成員為在
與實體交易時預期會影響該
名人士或受到該名人士影響
的家庭成員。
1 SIGNIFICANT ACCOUNTING POLICIES (continued) 1
(u) Segment reporting
Management has determined operating segments
with reference to the reports reviewed by the
chief operating decision maker of the Group that
are used to assess the performance and allocate
resources.
The chief operating decision maker of the
Group assesses the performance and allocates
the resources of the Group as a whole, as all
of the Group’s activities are considered to be
primarily dependent on the performance on
sales of pharmaceutical products. Therefore,
management considers there to be only one
operating segment under the requirements of
HKFRS 8, Operating Segments. In this regard, no
segment information is presented for the years.
No geographic information is shown as the
Group’s operating profit is entirely derived
from activities of manufacturing and sale of
pharmaceutical products in the PRC.
重大會計政策（續）
(u) 分部報告
管理層乃參照本公司最高營運決策
者所審閱用以評估表現及分配資源
的報告以釐定經營分部。
由於本集團全部業務活動被視為主
要依賴藥品銷售的表現，故本集團
的最高經營決策者評估本集團整體
表現並分配其資源。因此，根據香
港財務報告準則第8號經營分部的
規定，管理層認為僅存在一個經營
分部。就此而言，並無呈列有關年
度的分部資料。
本集團的經營溢利全部來自中國的
產銷藥品業務，故並無展示地理資
料。
2 REVENUE 2 收入
The principal activities of the Group are manufacturing
and sales of pharmaceuticals.
本集團的主要業務為藥品生產及銷售。
Revenue represents the sales value of goods supplied
to customers. Revenue excludes sales taxes and
surcharges and is after deduction of any trade
discounts. The amount of each significant category of
revenue recognised during the year is as follows:
收入指供應給客戶的貨品的銷售價值。收
入不包括銷售稅及附加費，並已扣除任何
貿易折扣。於年內確認的各主要收入類別
的金額如下：
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Kidney medicines腎病藥物
645,164 580,309
Contrast medium對比劑
121,460 107,083
Others其他
64,484 43,291
Revenue from major customers contributing over 10% of
the revenue of the Group, is as follows, including sales
to entities which are known to the Group to be under
common control with these customers:
831,108 730,683
來自貢獻本集團收入超過10%的主要客戶
的收入（包括向本集團得悉與該等客戶受
共同控制之實體作出的銷售）如下：
2015 2014
2015年 2014年
RMB』000 RMB』000
人民幣千元人民幣千元
Customer A客戶甲
287,064 225,276
Customer B客戶乙
N/A 不適用 85,739
Revenue from customer B contributed less than 10% 於截至
2015年12月31日止年度，來自客
of the revenue of the Group for the year ended 31 戶乙的收入貢獻少於本集團收入的10%。
December 2015.
3 OTHER REVENUE AND OTHER NET LOSS 3 其他收入及其他淨虧損
(a) Other revenue (a) 其他收入
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Government grants政府補助
– Unconditional subsidies (i)－無條件補貼(i) 509 7,211
– Conditional subsidies (Note 19)－有條件補貼（附註
19）
436 1,549
Interest income利息收益
27,531 28,791
Others其他
4,354 34
32,830 37,585
(i) Government grants represent various
forms of incentives and subsidies granted
to the Group by the local government
authorities in the PRC.
(i) 政府補貼指中國地方政府機
關授予本集團的不同形式獎
勵及補貼。
(b) Other net loss (b) 其他淨虧損
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Loss on disposal of property, 處置物業、廠房及設備
plant and equipment 產生的虧損
(1,554) (95)
Others其他
53 (1)
(1,501) (96)
4 PROFIT BEFORE TAXATION 4 稅前溢利
Profit before taxation is arrived at after charging: 稅前溢利乃扣除以下各項後得出：
(a) Finance costs (a) 融資成本
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Interest on bank loans銀行貸款利息
441 –
(b) Staff costs (b) 員工成本
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Salaries, wages, bonuses and
benefitsContribution to retirement schemesEquity settled share-based
payments:
Employees』 Share Option Scheme
(Note 20(a))
Share Award Scheme
(Note 20(b))
薪金、工資、花紅及
福利
114,243 122,917
退休計劃供款
4,566 4,565
以股權結算並以股份為
基礎的付款：
僱員購股權計劃
（附註20(a)）
34,762 47,633
股份獎勵計劃
（附註20(b)）
556 –
Pursuant to the relevant labour rules and
regulations in the PRC, the PRC subsidiaries
participate in defined contribution retirement
benefit schemes (the 「Schemes」) organised
by the local government authorities whereby
the PRC subsidiaries are required to make
contributions to the Schemes based on certain
percentages of the eligible employee’s salaries.
The local government authorities are responsible
for the entire pension obligations payable to
the retired employees. The Group has no other
obligations for payments of retirement and other
post-retirement benefits of employees other than
the contributions described above.
154,127 175,115
根據中國的相關勞動規則及規例，
中國附屬公司參與由地方政府機關
組織的界定供款退休福利計劃（「計
劃」），據此，中國附屬公司須按
照合資格僱員薪金的某百分比向計
劃作出供款。地方政府機關承擔向
退休僱員支付全部退休金的責任。
除上述供款外，本集團並無其他責
任支付僱員的退休及其他退休後福
利。
4 PROFIT BEFORE TAXATION (continued) 4 稅前溢利（續）
(c) Other items (c) 其他項目
Note
附註
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Depreciation折舊
9 18,589 15,230
Amortisation攤銷
10 627 627
Auditor’s remuneration核數師酬金
– audit services－審計服務
2,100 1,150
– non-audit services－非審計服務
450 450
Impairment losses (reversed)/ （撥回）╱確認的
recognised for doubtful debts呆賬減值虧損
16(b) (513) 175
Operating lease charges經營租賃費用
970 1,024
Research and development cost#研發成本# 31,287 27,475
Cost of inventories*存貨成本* 15 160,542 158,916
Listing expenses上市費用
– 420
# During the year ended 31 December 2015, #截至2015年12月31日止年度，
research and development cost include 研發成本包括與員工成本、折
RMB6,497,000 (2014: RMB6,448,000) relating 舊及攤銷開支和經營租賃費
to staff costs, depreciation and amortisation 用相關的人民幣6,497,000元
expenses and operating lease charges, which （2014年：人民幣
6,448,000amount is also included in the respective total 元），以上金額亦計入上文或附
amounts disclosed separately above or in the 註4(b)就各開支類別獨立披露
Note 4(b) for each of these types of expenses. 的相應總金額內。
* During the year ended 31 December 2015, * 截至2015年12月31日止年度，
cost of inventories include RMB36,809,000 存貨成本包括與員工成本、折
(2014: RMB33,839,000) relating to staff costs, 舊及攤銷開支和經營租賃費用
depreciation and amortisation expenses and 相關的人民幣36,809,000元
operating lease charges, which amount is （2014年：人民幣
33,839,000also included in the respective total amounts 元），以上金額亦計入上文或附
disclosed separately above or in the Note 4(b) 註4(b)就各開支類別獨立披露
for each of these types of expenses. 的相應總金額內。
5 INCOME TAX IN THE CONSOLIDATED STATEMENT 5 綜合損益表內的所得稅
OF PROFIT OR LOSS
(a) Taxation in the consolidatedprofit or loss represents:
statement of (a) 綜合損益表內的稅項指：
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Current tax即期稅項
Provision for PRC income tax for 年內中國所得稅撥備
the year61,120 58,507
Under-provision for PRC income tax 過往年度中國所得稅
in respect of prior years撥備不足
2,201 –
63,321 58,507
Deferred tax遞延稅項
Origination and reversal of 產生及撥回暫時性差額
temporary differences1,772 (5,548)
65,093 52,959
(i) Pursuant to the rules and regulations of
the Cayman Islands and the British Virgin
Islands (the 「BVI」), the Group is not
subject to any income tax in the Cayman
Islands and the BVI.
(i) 根據開曼群島及英屬處女群
島（「英屬處女群島」）的規
則及規例，本集團毋須於開
曼群島及英屬處女群島繳納
任何所得稅。
(ii) No provision was made for Hong Kong
Profits Tax as the Group did not earn
income subject to Hong Kong Profits Tax
for the years ended 31 December 2014
and 2015.
(ii) 由於本集團於截至2014年及
2015年12月31日止年度並
無賺取須繳納香港利得稅的
收入，故並無就香港利得稅
作出撥備。
(iii) Taxable income for the subsidiaries of the
Company in the PRC is subject to PRC
income tax rate of 25%, unless otherwise
(iii) 除非另有規定，否則本公司
的中國附屬公司的應課稅收
益須按25%的稅率繳納中國
specified. 所得稅。
Consun Pharmaceutical (Inner Mongolia)
Co., Ltd. (「Inner Mongolia Consun」) and
Guangzhou Consun Pharmaceutical
Company Limited (「GZ Consun」) were
qualified as an 「Advanced and New
Technology Enterprise」, Inner Mongolia
Consun and GZ Consun are entitled to
康臣藥業（內蒙古）有限責任
公司（「內蒙古康臣」）及廣
州康臣藥業有限公司（「廣州
康臣」）獲認證為高新技術企
業，內蒙古康臣及廣州康臣
可分別從
2015年至
2017年及
2014年至2016年享受優惠所
the preferential income tax rate of 15% 得稅稅率15%。
from 2015 to 2017 and 2014 to 2016,
respectively.
5
INCOME TAX IN THE CONSOLIDATED STATEMENT 5
OF PROFIT OR LOSS (continued)
(a)
Taxation in the consolidated statement of
profit or loss represents: (continued)
(iv)
According to the relevant tax law and its
implementation rules, dividends receivable
by non-PRC-resident corporate investors
from PRC-resident enterprises are subject
to withholding tax at 10%, unless reduced
by tax treaties or arrangements, for profits
earned since 1 January 2008. The Group
has adopted the 10% withholding tax rate
for PRC withholding tax purposes.
As GZ Consun is wholly owned by the
Company, the Company can control the
payments of dividends by GZ Consun.
According to the Group’s plan and
intention of reinvesting its earnings in
its PRC business, it will not distribute
any earnings of GZ Consun and its
PRC subsidiaries generated after 1
January 2014 in the foreseeable future.
As at 31 December 2015, the Group
has undistributed earnings of the PRC
subsidiaries totaling RMB449,328,000
(2014: RMB204,212,000) which will
not be distributed in the foreseeable
future. Accordingly, the Company has
not provided for the related deferred
tax liabilities on the undistributed
earnings of the PRC subsidiaries totalling
RMB44,933,000 as of 31 December 2015
(2014: RMB20,421,000).
綜合損益表內的所得稅（續）
(a)
綜合損益表內的稅項指：（續）
(iv)
根據有關稅法及其實施細
則，除非自
2008年1月1日
起賺取的溢利獲稅務條例或
安排寬減，否則非中國居民
企業投資者應收中國居民企
業的股息須按10%繳納預扣
稅。就中國預扣稅而言，本
集團已採用10%的預扣稅
率。
由於廣州康臣是本公司全資
所有，本公司可控制廣州康
臣的股息支付。根據本集團
為將其於中國業務的盈利再
投資的計劃及意向，其於可
預見的未來將不會派發廣州
康臣及其中國附屬公司於
2014年1月1日後產生的任
何盈利。於
2015年12月31
日，本集團在中國的附屬公
司於可預見的未來將不會派
發的未分配盈利總額為人
民幣449,328,000元（2014
年：人民幣
204,212,000
元）。據此，本公司並未就
其中國附屬公司截至2015年
12月31日的未分配盈利計
提相關的遞延稅項負債總計
人民幣44,933,000元（2014
年：人民幣
20,421,000元）。
5 INCOME TAX IN THE CONSOLIDATED STATEMENT
OF PROFIT OR LOSS (continued)
5 綜合損益表內的所得稅（續）
(b) Reconciliation between tax expensesaccounting profit at applicable tax rates:
and (b) 稅項開支與按適用稅率計算的會計
溢利的對賬：
2015 2014
2015年 2014年
RMB』000 RMB』000
人民幣千元人民幣千元
Profit before taxation for the year年內稅前溢利 314,782 264,159
Notional tax on profit before taxation,
calculated at the rates applicable
to profits in the jurisdictions
concerned
Effect of non-deductible expensesEffect of tax concessionEffect of unrecognised tax lossesRecognition of previous year
unrecognised tax lossesUnder-provision in respect of
prior years
按相關司法權區
溢利適用稅率計算
的稅前溢利的
名義稅項
不可扣稅開支的影響
稅務寬減的影響
未確認稅務虧損的影響
確認過往年度
未確認稅務虧損
過往年度撥備不足
79,491 64,198
16,915 13,688
(31,324) (27,117)
– 2,190
(2,190) –
2,201 –
Actual tax expenses實際稅項開支 65,093 52,959
6 DIRECTORS』 REMUNERATION 6 董事酬金
The details of directors』 remuneration are disclosed as
follows:
董事酬金的詳情披露如下：
Year ended 31 December 2015
截至2015年12月31日止年度
Salaries,
allowances Retirement Share-
Directors』 and benefits Discretionary scheme based
fees in kind bonus contribution payment (i) Total
以股份
薪金、津貼退休為基礎的
董事袍金及實物福利酌情花紅計劃供款付款 (i)總計
RMB』000 RMB』000 RMB』000 RMB』000 RMB』000 RMB』000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
Executive directors執行董事
Mr. AN Yubao安鬱寶先生
1,300 1,080 4,778 – 8,782 15,940
Ms. LI Qian黎倩女士
1,320 974 4,778 19 8,782 15,873
Mr. ZHU Quan朱荃先生
435 729 – – 2,157 3,321
Non-executive directors非執行董事
Mr. WANG Shunlong王順龍先生
– – – – – –
Independent 獨立非執行董事
non-executive directorsMr. SU Yuanfu蘇元福先生
120 – – – – 120
Mr. FENG Zhongshi馮仲實先生
120 – – – – 120
Ms. CHENG Xinxin成欣欣女士
120 – – – – 120
3,415 2,783 9,556 19 19,721 35,494
6 DIRECTORS』 REMUNERATION (continued) 6 董事酬金（續）
Year ended 31 December 2014
截至2014年12月31日止年度
Salaries,
allowances Retirement Share-
Directors』
fees
董事袍金
RMB』000
and benefits
in kind
薪金、津貼
及實物福利
RMB』000
Discretionary
bonus
酌情花紅
RMB』000
scheme
contribution
退休
計劃供款
RMB』000
based
payment (i)
以股份
為基礎的
付款 (i)
RMB』000
Total
總計
RMB』000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
Executive directors執行董事
Mr. AN Yubao安鬱寶先生
1,300 1,080 3,353 – 8,668 14,401
Ms. LI Qian黎倩女士
1,320 974 3,353 25 8,668 14,340
Mr. ZHU Quan朱荃先生
435 771 – – 2,645 3,851
Non-executive directors非執行董事
Mr. WANG Shunlong王順龍先生
– – – – – –
Independent 獨立非執行董事
non-executive directorsMr. SU Yuanfu蘇元福先生
120 – – – – 120
Mr. FENG Zhongshi馮仲實先生
120 – – – – 120
Ms. CHENG Xinxin成欣欣女士
120 – – – – 120
3,415 2,825 6,706 25 19,981 32,952
(i)
These represent the estimated value of share
options granted to the directors under the
Company’s Share Option Scheme. The value of
these share options is measured according to
the Group’s accounting policies for share-based
payment transactions as set out in Note 1(p)(ii).
The details of these benefits in kind, including the
principal terms and number of options granted,
are disclosed under the paragraph 「Share Award
Scheme」 in the directors』 report and Note 20.
(i)
這代表根據本公司購股權計劃授予
董事之購股權的估計價值。該等購
股權的價值按照本集團對以股份為
基礎的付款交易的會計政策（載於
附註1(p)(ii)）計量。
該等實物福利的詳情（包括授出購
股權的主要條款及數目）在董事會
報告「股份獎勵計劃」一段及附註
20披露。
7 INDIVIDUALS WITH HIGHEST EMOLUMENTS 7 最高薪酬人士
Of the five individuals with highest emoluments, three
(2014: three) are directors of the Company whose
emoluments are disclosed in Note 6. The aggregate of
the emoluments in respect of the other two (2014: two)
individuals are as follows:
本公司的五名最高薪酬人士中有三名
（2014年：三名）為董事，其薪酬於附註
6
披露。另外兩名（
2014年：兩名）人士的
薪酬總額如下：
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Salaries, allowance and benefits in kind薪金、津貼及實物福利
1,309 1,441
Contributions to retirement scheme退休計劃供款
15 12
Employee share-based payment以股份為基礎支付僱員款項
1,654 2,027
2,978 3,480
The emoluments of the two (2014: two) individuals with 兩名（
2014年：兩名）最高薪酬人士的薪
the highest emoluments are within the following bands: 酬介乎以下範圍：
2015 2014
2015年 2014年
Number of Number of
individuals individuals
人士數目人士數目
HK$1,500,000 – HK$2,000,000 1,500,000港元至2,000,000港元
1 1
HK$2,000,000 – HK$2,500,000 2,000,000港元至2,500,000港元
1 1
8 EARNINGS PER SHARE 8
(a) Basic earnings per share
The calculation of basic earnings per share for
the year ended 31 December 2015 is based
on the profit attributable to equity shareholders
of the Company of RMB249,689,000 (2014:
RMB211,200,000) and the weighted average
number of ordinary shares of 981,567,000 shares
(2014: 998,519,000 shares) in issue during the
year.
每股盈利
(a) 每股基本盈利
截至2015年12月31日止年度的每
股基本盈利乃根據年內本公司權益
股東應佔溢利人民幣249,689,000
元（2014年：人民幣
211,200,000
元）及已發行普通股的加權平均
數981,567,000股股份（
2014年：
998,519,000股股份）計算。
2015 2014
2015年 2014年
』000 shares 』000 shares
千股千股
Issued ordinary shares at 1 January於1月1日已發行普通股
1,000,000 1,000,000
Effect of purchase of shares under 購入股份獎勵計劃項下
Share Award Scheme股份的影響
(18,147) (1,481)
Effect of cancellation of shares during 年內註銷股份的影響
the year(286) –
Weighted average number of 普通股加權平均數
ordinary shares981,567 998,519
8 EARNINGS PER SHARE (continued) 8
(b) Diluted earnings per share
The calculation of diluted earnings per share
for the year ended 31 December 2015 is based
on the profit attributable to equity shareholders
of the Company of RMB249,689,000 (2014:
RMB211,200,000) and the weighted average
number of ordinary shares of 981,786,000 shares
(2014: 998,519,000 shares).
每股盈利（續）
(b) 每股攤薄盈利
截至2015年12月31日止年度的每股
攤薄盈利乃根據本公司權益股東應
佔溢利人民幣249,689,000元（2014
年：人民幣
211,200,000元）及普通
股的加權平均數981,786,000股股份
（2014年：998,519,000股股份）計
算。
2015 2014
2015年 2014年
』000 shares 』000 shares
千股千股
Weighted average number of 普通股的加權平均數
ordinary shares981,567 998,519
Effect of Awarded Shares under 股份獎勵計劃項下
the Share Award Scheme獎勵股份的影響
219 –
Weighted average number of 普通股加權平均數
ordinary shares (diluted)（攤薄）
981,786 998,519
For the years ended 31 December 2015 and 於截至2015年及2014年12月31日
2014, the effect of the Company’s Share Option 止年度，本公司購股權計劃（見附
Scheme (see Note 20(a)) was anti-dilutive. 註20(a)）具反攤薄影響。
9 PROPERTY, PLANT AND EQUIPMENT 9 物業、廠房及設備
Buildings
樓宇
RMB』000
人民幣千元
Machinery
機器
RMB』000
人民幣千元
Motor
vehicles
汽車
RMB』000
人民幣千元
Office
equipment
辦公設備
RMB』000
人民幣千元
Construction
in progress
在建工程
RMB』000
人民幣千元
Total
總計
RMB』000
人民幣千元
Cost:成本：
At 1 January 2014於2014年1月1日
136,029 58,733 8,990 10,348 81,032 295,132
Transfer from CIP自在建工程轉移
43,957 38,049 – – (82,006) –
Other additions其他添置
1,457 1,425 1,545 841 7,701 12,969
Disposals處置
– (349) – (260) – (609)
At 31 December 2014 and 於2014年12月31日及
1 January 20152015年1月1日
181,443 97,858 10,535 10,929 6,727 307,492
Transfer from CIP自在建工程轉移
6,991 523 – – (7,514) –
Other additions其他添置
1,437 4,347 2,979 1,055 4,710 14,528
Disposals處置
(87) (8,197) (553) (921) – (9,758)
At 31 December 2015於2015年12月31日
189,784 94,531 12,961 11,063 3,923 312,262
Accumulated depreciation:
At 1 January 2014Charge for the yearWritten back on disposal
累計折舊：
於2014年1月1日
年內扣除
於處置時撥回
(28,042)
(6,289)
–
(23,134)
(7,050)
287
(7,027)
(499)
–
(4,659)
(1,392)
227
–
–
–
(62,862)
(15,230)
514
At 31 December 2014 and於2014年12月31日及
1 January 2015於2015年1月1日
(34,331) (29,897) (7,526) (5,824) – (77,578)
Charge for the year年內扣除
(7,442) (9,318) (578) (1,251) – (18,589)
Written back on disposal於處置時撥回
49 6,404 498 727 – 7,678
At 31 December 2015於2015年12月31日
(41,724) (32,811) (7,606) (6,348) – (88,489)
Net book value:賬面淨值：
At 31 December 2014於2014年12月31日
147,112 67,961 3,009 5,105 6,727 229,914
At 31 December 2015於2015年12月31日
148,060 61,720 5,355 4,715 3,923 223,773
As at 31 December 2015 and up to the date of this
report, the Group is in the process of applying for
certificates of ownership for certain properties, with
carrying value of RMB29,381,000 (31 December 2014:
RMB29,534,000). The directors of the Company are of
the opinion that the use of and the conduct of operating
activities at the properties referred to above are not
affected by the fact that the Group has not yet obtained
the relevant property title certificates.
於2015年12月31日及截至本報告日期，
本集團正在就賬面值人民幣29,381,000元
（2014年12月31日：人民幣
29,534,000
元）的若干物業申請所有權證書。本公司
董事認為，使用上述物業及在上述物業從
事經營活動並不會因本集團尚未取得相關
物業業權證書而受到影響。
10 LEASE PREPAYMENTS 10 租賃預付款項
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Cost:
As at the beginning and the end of the year
成本：
年初及年末
29,808 29,808
Accumulated amortisation:
As at the beginning of the yearCharge for the year
累計攤銷：
年初
年內扣除
(5,607)
(627)
(4,980)
(627)
As at the end of the year年末
(6,234) (5,607)
Net book value:賬面淨值：
As at the end of the year年末
23,574 24,201
Lease prepayments represent prepayments for land
use rights paid to the PRC authorities. The leasehold
lands are located in the PRC, on which the Group’s
manufacturing plants were built. The Group was granted
land used rights for a period of 50 years initially and the
remaining period range from 34 to 44 years.
租賃預付款項指已付予中國機關的土地使
用權預付款項。租賃土地位於中國，建於
其上的是本集團的生產廠房。本集團最初
獲授為期50年的土地使用權，餘下年期介
乎34至44年。
11
OTHER INVESTMENTS 11 其他投資
2015 2014
2015年 2014年
RMB』000 RMB』000
人民幣千元人民幣千元
Non-current assets非流動資產
Available-for-sale equity securities-unlisted (i)可供出售股本證券
－非上市
(i) 2,600 2,600
Current assets流動資產
Financial assets at fair value through 按公允值計入損益的
profit or loss (ii)金融資產(ii) – 250,900
(i)
Other investment of the Group represents an
investment in a domestic medicine manufacturer
located in Inner Mongolia autonomous region of
the PRC. The Group owns a 5% equity interest
in the domestic medicine manufacturer. There is
not a quoted market price in an active market for
the investment. Quoted prices in active market
for similar investment or observable market data
as significant inputs for valuation techniques are
also not available. Therefore, the unlisted other
investment is stated at cost less impairment, if
any, in the consolidated financial statement.
(ii)
As at 31 December 2014, the Group held
investment in certain wealth management
products issued by banks in the PRC with
principal amount of RMB250,900,000. The wealth
management products matured in January and
February 2015. Based on the agreements, the
minimum and maximum return rate of the wealth
management products would be 4.0% and 4.9%
per annum respectively, which was subject to
the fluctuation of Shanghai Shenzhen CSI 300
Index during the investment period. The principal
amounts of the wealth management products
were fully paid back upon maturity in 2015.
(i)
本集團的其他投資是指其投資於中
國內蒙古自治區的一家國內醫藥生
產商。本集團擁有該國內醫藥生產
商的5%股權。有關投資於活躍市
場並無市場報價。作為估值技術的
重要輸入數據的類似投資於活躍市
場的報價或可觀察市場數據亦無法
獲得。因此，非上市的其他投資
於綜合財務報表中按成本減去減值
（如有）列賬。
(ii)
於2014年12月31日，本集團持有
中國銀行發行的若干理財產品投
資，本金額為人民幣
250,900,000
元。該等理財產品於
2015年1月及
2月到期。根據協議，理財產品的
最低及最高每年回報率分別為4.0%
至4.9%，具體視乎投資期間滬深
300指數的波動而定。該等理財產
品的本金額於2015年到期日全數收
回。
12 INVESTMENTS IN SUBSIDIARIES 12 於附屬公司的投資
As at 31 December 2015, the Company had direct or
indirect interests in the following subsidiaries, all of
which are private companies, particulars of which are
set out below:
於2015年12月31日，本公司於下列附屬
公司（全部為私人公司）擁有直接或間接
權益，詳情載列如下：
Place of Attributable
Name of company
公司名稱
incorporation
and business
註冊成立及
營業地點
Authorised and fully
paid up capital
法定及繳足股本
equity interest held
by the Company
由本公司持有的
應佔股本權益
Direct
直接
Indirect
間接
Principal activities
主要業務
Brilliant Reach Group Limited
智達集團有限公司
Immense Value Holdings Limited
Century International Develop Limited
世紀國際拓展有限公司
Grand Reach Company Limited
宏致有限公司
GZ Consun
廣州康臣*
Guangzhou Consun Medicine
Company Limited
廣州康臣醫藥有限公司*
Guangzhou Consun Pharmaceutical
Research Company Limited
廣州康臣藥物研究有限公司*
BVI
英屬處女群島
BVI
英屬處女群島
Hong Kong
香港
Hong Kong
香港
PRC
中國
PRC
中國
PRC
中國
United States Dollars
(「US$」)50,000/US$1
50,000美元（「美元」）╱
1美元
US$50,000/US$1
50,000美元
╱
1美元
HK$10,000/HK$1
10,000港元
╱
1港元
HK$10,000/HK$1,000
10,000港元
╱
1,000港元
RMB300,000,000/
RMB300,000,000
人民幣300,000,000元╱
人民幣300,000,000元
RMB3,000,000/
RMB3,000,000
人民幣3,000,000元╱
人民幣3,000,000元
RMB10,000,000/
RMB10,000,000
人民幣10,000,000元╱
人民幣10,000,000元
100% – Investment holding
投資控股
100% – Investment holding
投資控股
– 100% Investment holding
投資控股
– 100% Investment holding
投資控股
–
100% Production and sales of
pharmaceutical products
產銷藥品
–
100% Trading of pharmaceutical
products
藥品貿易
–
100% Research and development
of pharmaceutical
products
研發藥品
12 INVESTMENTS IN SUBSIDIARIES (continued) 12 於附屬公司的投資（續）
Name of company
公司名稱
Place of
incorporation
and business
註冊成立及
營業地點
Authorised and fully
paid up capital
法定及繳足股本
Attributable
equity interest held
by the Company
由本公司持有的
應佔股本權益
Direct
直接
Indirect
間接
Principal activities
主要業務
Inner Mongolia ConsunPRC
內蒙古康臣* 中國
Inner Mongolia Kangyuan PRCPharmaceutical Company Limited中國
內蒙古康源藥業有限公司
* The official name of the entity is in Chinese. The English
translation of the entity’s name is for reference only.
RMB25,000,000/
RMB25,000,000
人民幣25,000,000元╱
人民幣25,000,000元
RMB19,161,000/
RMB19,161,000
人民幣19,161,000元╱
人民幣19,161,000元
*
–
100% Production and sales of
pharmaceutical products
產銷藥品
–
100% Production and sales of
pharmaceutical products
產銷藥品
實體的官方名稱為中文。實體名稱的英
文譯名僅供參考。
13 INTEREST IN AN ASSOCIATE 13 於一間聯營公司的權益
During the year ended 31 December 2015, the Group 於截至
2015年12月31日止年度，本集團
acquired 30.91% and 14.36% of equity interests in 從廣西玉林製藥集團有限責任公司（「玉林
Guangxi Yulin Pharmaceutical Group Co., Ltd. (「廣西製藥」）的前股東及一位獨立第三方代理分
玉林製藥集團有限責任公司」) (「Yulin Pharmaceutical」) 別收購了玉林製藥的30.91%及14.36%股
from predecessor shareholders of Yulin Pharmaceutical 權。總代價為人民幣
641,342,000元，而
and an independent third party agent, respectively. The 本集團於2015年12月31日實質持有玉林
aggregate consideration was RMB641,342,000 and the 製藥的45.27%股權。
Group effectively held 45.27% equity interest in Yulin
Pharmaceutical as at 31 December 2015.
On 23 November 2015, the Group entered into 於2015年11月23日，本集團與一名獨立
a conditional equity transfer agreement with an 第三方代理訂立一份有條件的股權轉讓協
independent third party agent to further acquire 議，以人民幣
69,361,000元的代價進一步
5.76% equity interest in Yulin Pharmaceutical at a 收購玉林製藥5.76%股權。進一步詳情於
consideration of RMB69,361,000. Further details are 附註14披露。
disclosed in Note 14.
Details of the Group’s interest in Yulin Pharmaceutical, 有關本集團於玉林製藥（為無法獲得市場
which is an unlisted corporate entity whose quoted 報價的非上市公司實體）之權益詳情如
market price is not available, are as follows: 下：
Proportion of
ownership interest
所有權權益比率
Form of Place of Particulars of Group’s
business incorporation registered and effective Held by a
Name of associatestructureand businesspaid up capitalinterestsubsidiaryPrincipal activity
註冊成立及本集團之附屬公司
聯營公司名稱 業務架構形式 營業地點 註冊及繳足股本詳情 實益權益 持有 主要業務
Yulin PharmaceuticalLimited liability The PRCRMB148,834,10245.27% 45.27% Research,
玉林製藥
company中國
人民幣
Manufacturing and
有限責任公司
148,834,102元
sales of Chinese
medicines and
natural medicines
研究、生產及銷售中藥
及天然藥物
The associate is accounted for using the equity method 聯營公司於綜合財務報表中使用權益法入
in the consolidated financial statements. 賬。
13 INTEREST IN AN ASSOCIATE (continued) 13 於一間聯營公司的權益（續）
Summarised financial information of Yulin 就任何會計政策差異作出調整後，玉林製
Pharmaceutical, adjusted for any differences in 藥之財務資料概要以及於綜合財務報表中
accounting policies, and reconciled to the carrying 賬面值對賬披露如下：
amounts in the consolidated financial statements, are
disclosed below:
From date of
As atacquisition to
31 December 31 December
2015 2015
自收購日
於2015年 至2015年
12月31日12月31日
RMB』000 RMB』000
人民幣千元人民幣千元
Gross amounts of Yulin Pharmaceutical玉林製藥的總金額
Current assets流動資產
331,126
Non-current assets非流動資產
759,837
Current liabilities流動負債
257,030
Non-current liabilities非流動負債
99,831
Equity權益
734,102
Revenue收入
85,649
Loss for the period期內虧損
(12,173)
Total comprehensive income for the period期內全面收益總額
(12,173)
Reconciled to the Group’s interests in 與本集團於玉林製藥
Yulin Pharmaceutical的權益對賬
Gross amounts of net assets of the associate聯營公司資產淨值總額
734,102
Group’s effective interest本集團之實益權益
45.27%
Group’s share of net assets of the associate本集團應佔聯營公司
資產淨值
332,328
Goodwill商譽
304,331
Carrying amount in the consolidated financial 於綜合財務報表的賬面值
statements636,659
14 PREPAYMENT FOR EQUITY INVESTMENT 14 股權投資預付款
On 23 November 2015, the Group entered into
a conditional equity transfer agreement with an
independent third party agent to further acquire 5.76%
equity interest in Yulin Pharmaceutical at a consideration
of RMB69,361,000 (「Proposed Acquisition」).
於2015年11月23日，本集團與一名獨立
第三方代理訂立一份有條件的股權轉讓協
議，以人民幣
69,361,000元的代價進一步
收購玉林製藥5.76%股權（「建議收購事
項」）。
As at 31 December 2015, the Proposed Acquisition
was not yet completed and the advance payment of
RMB62,458,000 paid by the Group was recognised as
prepayments for equity investment.
於2015年12月31日，該建議收購事項
尚未完成，而本集團支付之墊款人民幣
62,458,000元獲確認為股權投資預付款。
15 INVENTORIES 15 存貨
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Raw materials原材料
25,049 16,552
Work in progress在製品
17,197 10,653
Finished goods製成品
28,768 26,277
71,014 53,482
The analysis of the amount of inventories recognised as 已確認為開支並計入損益的存貨金額分析
an expense and included in profit or loss is as follows: 如下：
2015 2014
2015年 2014年
RMB』000 RMB』000
人民幣千元人民幣千元
Cost of inventories sold已售存貨成本
160,376 159,078
Write down of inventories存貨撇減
166 –
Reversal of write-down of 存貨撇減撥回
inventories– (162)
160,542 158,916
16 TRADE AND OTHER RECEIVABLES 16 貿易及其他應收款項
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Trade debtors應收賬款
120,854 81,929
Bills receivable應收票據
242,868 154,538
Less: Allowance for doubtful 減：應收呆賬撥備
debtors(19) (4,323)
Trade receivables貿易應收款項
363,703 232,144
Other receivables其他應收款項
22,756 11,534
Prepayments預付款項
12,728 4,800
399,187 248,478
(a) Ageing analysis (a) 賬齡分析
As of the end of the reporting period, the ageing 於報告期末，應收賬款及應收票據
analysis of trade debtors and bills receivables （已計入貿易及其他應收款項）以發
(which are included in trade and other 票日期為基準並扣除呆賬撥備的賬
receivables), based on the invoice date and net 齡分析如下：
of allowance for doubtful debts, is as follows:
2015 2014
2015年 2014年
RMB』000 RMB』000
人民幣千元人民幣千元
Within 3 months 3個月內
362,954 231,910
3 to 12 months 3至12個月
749 233
Over 12 months 12個月以上
– 1
363,703 232,144
Trade receivables are due within 90 days from 貿易應收款項自發出賬單日期起計
the date of billing. 90日內到期。
16 TRADE AND OTHER RECEIVABLES (continued) 16
(b) Impairment of trade debtors and bills receivable
Impairment losses in respect of trade debtors
and bills receivable are recorded using an
allowance account unless the Group is satisfied
that recovery of the amount is remote, in which
case the impairment loss is written off against
trade debtors and bills receivable directly (Note
1(j)).
The movement in the allowance for doubtful
debts during the year, including both specific
and collective loss components, is as follows:
貿易及其他應收款項（續）
(b) 應收賬款及應收票據的減值
有關應收賬款及應收票據的減值虧
損記入撥備賬戶，除非本集團信納
收回款項的機會極微，則減值虧損
將直接在應收賬款及應收票據中撇
銷（附註
1(j)）。
年內呆賬撥備（包括特定及整體虧
損部份）的變動如下：
2015 2014
2015年 2014年
RMB』000 RMB』000
人民幣千元人民幣千元
At 1 January於1月1日
4,323 4,917
Impairment loss (reversed)/ （撥回）╱確認的
recognised減值虧損
(513) 175
Uncollectible amounts written off撇銷無法收回款項
(3,791) (769)
At 31 December於12月31日
19 4,323
As at 31 December 2015, the Group’s trade
debtors of RMB19,000 (31 December 2014:
RMB5,964,000) were individually determined
to be impaired. The individually impaired
receivables related to customers that were in
financial difficulties and management assessed
that only a portion of the receivables is expected
to be recovered. Consequently, specific
allowances for doubtful debts of RMB19,000
(2014: RMB4,323,000) respectively were
recognised.
於2015年12月31日，本集團的應
收賬款人民幣19,000元（2014年12
月31日：人民幣
5,964,000元）已
個別確定減值。個別已減值的應收
款項涉及的客戶處於財務困境，管
理層經評估預計只能收回部份應收
款項。因此，分別確認呆賬之特別
撥備為人民幣19,000元（2014年：
人民幣4,323,000元）。
16 TRADE AND OTHER RECEIVABLES (continued) 16 貿易及其他應收款項（續）
(c) Trade debtors and bills receivable that are not (c) 未減值的應收賬款及應收票據
impaired
The ageing analysis of trade debtors and bills 未個別或整體被視為減值的應收賬
receivable that are neither individually nor 款及應收票據的賬齡分析如下：
collectively considered to be impaired are as
follows:
2015 2014
2015年 2014年
RMB』000 RMB』000
人民幣千元人民幣千元
Neither past due nor impaired未逾期亦未減值
362,954 230,270
Less than 1 month past due1 to 3 months past dueMore than 3 months but less
than 12 months past due
逾期1個月以下
逾期1至3個月
逾期3個月以上但
不足12個月
465
186
98
95
71
67
Receivables that were neither past due nor
impaired relate to a wide range of customers for
whom there was no recent history of default.
Receivables that were past due but not impaired
relate to a number of independent customers
that have a good track record with the Group.
Based on past experience, management believes
that no impairment allowance is necessary in
respect of these balances as there has not been
a significant change in credit quality and the
balances are still considered fully recoverable.
749 233
363,703 230,503
未逾期亦未減值的應收款項與近期
並無拖欠記錄的多名客戶有關。
已逾期但未減值的應收款項涉及若
幹與本集團維持良好交易記錄的獨
立客戶。根據過往經驗，管理層認
為毋須就該等結餘作出減值撥備，
因信貸質素並無重大變動且結餘仍
被視為可全數收回。
17 CASH AND CASH EQUIVALENTS 17 現金及現金等值項目
(a) Cash and cash equivalents comprise: (a) 現金及現金等值項目包括：
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Cash at bank and on hand銀行及手頭現金
489,987 843,669
(b) Reconciliation of profit before taxation to cash
generated from operations:
(b) 稅前溢利與經營所得現金的對賬：
2015
2015年
2014
2014年
RMB』000 RMB』000
人民幣千元人民幣千元
Profit before taxation稅前溢利
314,782 264,159
Adjustments for經調整
Depreciation折舊
18,589 15,230
Amortisation攤銷
627 627
Provision (reversed)/ 就呆賬（撥回）
╱
recognised for 確認撥備
doubtful debts(513) 175
Interest income利息收益
(27,531) (28,791)
Interest expense利息開支
441 –
Loss on disposal of property, 出售物業、廠房及
plant and equipment設備產生的虧損
1,554 95
Share-base payment 以股份為基礎的付款交易
transactions35,318 47,633
Provision for inventories存貨撥備
166 –
Share of loss of an associate應佔一間聯營公司虧損
4,683 –
Adjustments for經調整
Increase in inventories存貨增加
(17,698) (4,516)
Increase in trade and other 貿易及其他應收款項增加
receivables(136,548) (1,779)
Increase in trade and other 貿易及其他應付款項增加
payables53,384 42,062
(Decrease)/increase in 遞延收益（減少）╱增加
deferred income(436) 2,451
Cash generated from 經營所得現金
operations246,818 337,346
18 TRADE AND OTHER PAYABLES 18 貿易及其他應付款項
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Trade payables貿易應付款項
39,760 36,416
Receipts in advance預收款項
1,276 3,666
Accrued expenses應計開支
54,635 26,909
Employee benefits payable應付僱員福利
40,143 46,381
Other payables其他應付款項
65,421 37,306
201,235 150,678
As of the end of the reporting period, the ageing 於報告期末，基於發票日期的貿易應付款
analysis of trade payables, based on the invoice date, 項賬齡分析如下：
is as follows:
2015 2014
2015年 2014年
RMB』000 RMB』000
人民幣千元人民幣千元
Within 1 month 1個月內
29,169 25,665
1 to 12 months 1至12個月
10,591 10,512
Over 12 months 12個月以上
– 239
39,760 36,416
19 DEFERRED INCOME 19 遞延收益
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
At 1 January於1月1日
12,454 10,003
Additions添置
– 4,000
Credited to profit or loss (Note 3(a))計入損益（附註
3(a)）
(436) (1,549)
At 31 December於12月31日
12,018 12,454
Representing:表示：
Current portion即期部份
436 436
Non-current portion非即期部份
11,582 12,018
As at 31 December 2015 and 2014, deferred income
of the Group mainly includes various conditional
government grants for research and development
projects of new or existing pharmaceutical products
and subsidies relating to purchase of land use rights.
Deferred government grants relating to research and
development projects will be recognised as income
in the same periods in which the expenses for the
development project are incurred. Deferred government
grants relating to purchase of land use rights will be
recognised as income on a straight-line basis over the
expected useful life of the relevant land use rights.
12,018 12,454
於2015年及2014年12月31日，本集團的遞
延收益主要包括新藥品或現有藥品研發項
目的多項有條件政府補助，以及與購買土
地使用權有關的補貼。
有關研發項目的遞延政府補助將會在產生
開發項目開支的同一期間確認為收益。有
關購買土地使用權的遞延政府補助將會在
相關土地使用權的預計可使用年期內以直
線法確認為收益。
20 EQUITY SETTLED SHARE-BASED PAYMENTS 20
(a) Employees』 Share Option Scheme
The Company adopted a share option scheme on
2 December 2013 (the 「Share Option Scheme」)
whereby the board of directors of the Company
is authorised, at its discretion, to grant options
to the directors and employees of the Group to
subscribe for ordinary shares of the Company.
The Company can issue options exercisable up
to 100,000,000 ordinary shares under the Share
Option Scheme.
During the year ended 31 December 2014,
the Company granted 60,000,000 share
options to certain directors and employees
at a consideration of HK$1 for each grantee.
The exercise price of these share options
was HK$6.64 per share, and the aggregate
fair value of these share options amounted to
RMB138,095,000. The options vest after one year
to five years from the date of grant and are then
exercisable on or before 23 March 2024.
以股權結算並以股份為基礎的付款
(a) 僱員購股權計劃
本公司於
2013年12月2日採納一項
購股權計劃（「購股權計劃」）。根據
購股權計劃，本公司董事會獲授權
可酌情決定向本集團董事及僱員授
出可認購本公司普通股的購股權。
根據購股權計劃，本公司可發行可
行使認購最多100,000,000股普通
股的購股權。
截至2014年12月31日止年度，本
公司以每位承授人1港元的代價授
予若干董事及僱員
60,000,000份
購股權。該等購股權行使價為每股
6.64港元，該等購股權公允值合計
達人民幣138,095,000元。該等購
股權於授出日期後1年至5年歸屬，
然後可以於
2024年3月23日或之前
行使。
20
EQUITY SETTLED SHARE-BASED PAYMENTS 20 以股權結算並以股份為基礎的付款
(continued)
（續）
(a)
Employees』 Share Option Scheme (continued) (a) 僱員購股權計劃（續）
(i)
The terms and conditions of the grants (i) 授出條款與條件如下：
are as follows:
Number of Contractual
Tranche options life of
Date of grant number granted Vesting conditions options
已授出購股權的
授出日期批號購股權數目歸屬條件合約年期
Options granted to employees:
授予僱員的購股權：
28 March 2014
2014年3月28日
Tranche 1
第1批
9,100,000 1 year after the date of grant
授出日期後1年
10 years
10年
28 March 2014
2014年3月28日
Tranche 2
第2批
9,100,000 2 years after the date of grant
授出日期後2年
10 years
10年
28 March 2014
2014年3月28日
Tranche 3
第3批
10,800,000 3 years after the date of grant
授出日期後3年
10 years
10年
28 March 2014
2014年3月28日
Tranche 4
第4批
4,000,000 4 years after the date of grant
授出日期後4年
10 years
10年
28 March 2014
2014年3月28日
Tranche 5
第5批
4,000,000 5 years after the date of grant
授出日期後5年
10 years
10年
Options granted to directors:
授予董事的購股權：
28 March 2014
2014年3月28日
Tranche 1
第1批
900,000 1 year after the date of grant
授出日期後1年
10 years
10年
28 March 2014
2014年3月28日
Tranche 2
第2批
900,000 2 years after the date of grant
授出日期後2年
10 years
10年
28 March 2014
2014年3月28日
Tranche 3
第3批
1,200,000 3 years after the date of grant
授出日期後3年
10 years
10年
28 May 2014
2014年5月28日
Tranche 6
第6批
6,000,000 1 year after the date of grant
授出日期後1年
9.8 years
9.8年
28 May 2014
2014年5月28日
Tranche 7
第7批
6,000,000 2 years after the date of grant
授出日期後2年
9.8 years
9.8年
28 May 2014
2014年5月28日
Tranche 8
第8批
8,000,000 3 years after the date of grant
授出日期後3年
9.8 years
9.8年
Total share options granted
授出購股權總數 60,000,000
20
EQUITY SETTLED SHARE-BASED PAYMENTS 20 以股權結算並以股份為基礎的付款
(continued)
（續）
(a)
Employees』 Share Option Scheme (continued) (a) 僱員購股權計劃（續）
(ii)
The number and weighted average (ii) 購股權數目及加權平均行使
exercise prices of share options are as 價如下：
follows:
2015 2014
2015年 2014年
Weighted
Weighted
average Number of average Number of
exercise price options exercise price options
加權平均行使價購股權數目加權平均行使價購股權數目
HKD 』000 HKD 』000
港元千股港元千股
Outstanding at the beginning of 年初尚未行使
the year6.64 59,600 – –
Granted during the year年內授出
– – 6.64 60,000
Forfeit during the year年內沒收
6.64 (6,754) 6.64 (400)
Outstanding at the end of the year年末尚未行使
6.64 52,846 6.64 59,600
Exercisable at the end of the year年末可行使
6.64 10,866 ––
The options outstanding at 31 December 於2015年12月31日，尚未
2015 had an exercise price of HK$6.64 行使購股權行使價為6.64港
and a weighted-average remaining 元，加權平均剩餘合約年期
contractual life of 8.3 years. 為8.3年。
20 EQUITY SETTLED SHARE-BASED PAYMENTS
(continued)
20 以股權結算並以股份為基礎的付款
（續）
(a) Employees』 Share Option Scheme (continued) (a) 僱員購股權計劃（續）
(iii) Fair value of
assumptions:
share options and (iii) 購股權公允值及假設：
The fair value of services received in
return for the share options granted is
measured by reference to the fair value
of share options granted. The estimated
fair value of the share options granted
is measured based on a binomial tree
model. The contractual life of the share
options is used as an input into this
model. Expectations of early exercise are
incorporated into the binomial tree model.
Set out below are the fair value of share
用以換取授出購股權所獲服
務的公允值乃參考所授出購
股權之公允值計量。授出購
股權的估計公允值乃基於二
叉樹模型計量。購股權合約
年期在此模型中用作為一項
輸入數據。提前行使的預期
已納入此二叉樹模型。以下
為購股權公允值及假設。
options and assumptions.
Tranche number
批號
1 2 3 4 5 6 7 8
Fair value at 計量日公允值
measurement date （港元）
(HK$)2.60 2.83 3.04 3.23 3.39 2.57 2.82 3.05
Share price (HK$)股價（港元）
5.85 5.85 5.85 5.85 5.85 6.01 6.01 6.01
Exercise price (HK$)行使價（港元）
6.64 6.64 6.64 6.64 6.64 6.64 6.64 6.64
Expected volatility預期波幅
57.98% 57.98% 57.98% 57.98% 57.98% 57.97% 57.97% 57.97%
Expected option life預期購股權年期
10 years 10 years 10 years 10 years 10 years 9.8 years 9.8 years 9.8 years
10年
10年
10年
10年
10年
9.8年
9.8年
9.8年
Expected dividends預期股息
– – – – – – – –
Risk-free rate無風險利率
2.26% 2.26% 2.26% 2.26% 2.26% 1.91% 1.91% 1.91%
20
EQUITY SETTLED SHARE-BASED PAYMENTS 20 以股權結算並以股份為基礎的付款
(continued)
(a)
Employees』 Share Option Scheme (continued)
(iii)
Fair value of share options and
assumptions: (continued)
The expected volatility is based on the
historic volatility (calculated based on the
weighted average remaining life of the
share options), adjusted for any expected
changes to future volatility based on
publicly available information. Expected
dividends are based on historical
dividends. Changes in the subjective input
assumptions could materially affect the fair
value estimate.
Share options were granted under service
conditions. The conditions had not been
taken into account in the grant date
fair value measurement of the services
received. There was no market conditions
associated with the share option grants.
(b)
Share Award Scheme
On 21 July 2014, the Board of Directors of the
Company approved the adoption of a share
award scheme (the 「Share Award Scheme」)
under which shares of the Company (the
「Awarded Shares」) may be awarded to selected
employees (the 「Selected Employees」) in
accordance with the provisions of the Share
Award Scheme and the nominal value of the
shares awarded under the Share Award Scheme
shall not exceed 10% of the issued share capital
of the Company from time to time.
The purposes of the Share Award Scheme are
to recognise the contributions by the Selected
Employees and provide them with incentives in
order to retain them for the continual operation
and development of the Group and attract
suitable personnel for the further development of
the Group.
（續）
(a)
僱員購股權計劃（續）
(iii)
購股權公允值及假設：（續）
預期波幅以歷史波幅為基準
（根據購股權的加權平均剩
餘年期計算），並根據可公
開獲得的資料導致未來波幅
之任何預期變化予以調整。
預期股息以歷史股息為基
準。主觀輸入數據假設的變
動可對公允值之估計產生重
大影響。
購股權附帶服務條件授出。
此條件並未計入所獲服務於
授出日期的公允值計量。購
股權之授出並無附帶市場條
件。
(b)
股份獎勵計劃
於2014年7月21日，本公司董事會
批准採納一項股份獎勵計劃（「股
份獎勵計劃」），據此可根據股份獎
勵計劃的規定授予特定僱員（「特
定僱員」）本公司的股份（「獎勵股
份」），股份獎勵計劃項下獎勵的股
份面值不得超過本公司不時已發行
股本的10%。
股份獎勵計劃旨在嘉許特定僱員所
做的貢獻並提供獎勵，以挽留彼等
助力本集團之持續經營及發展，同
時吸引合適人才推動本集團進一步
發展。
20 EQUITY SETTLED SHARE-BASED PAYMENTS 20 以股權結算並以股份為基礎的付款
(continued) （續）
(b) Share Award Scheme (continued) (b) 股份獎勵計劃（續）
Unless terminated earlier by the Board of 除非獲董事會根據股份獎勵計劃的
Directors in accordance with the rules of the 規則提早終止，股份獎勵計劃的有
Share Award Scheme, the Share Award Scheme 效期自採納之日起計為期10年。
will be valid and effective for a term of 10 years
commencing on the date of adoption.
(i) Details of the shares held under the Share (i) 根據股份獎勵計劃持有的股
Award Scheme are set out below: 份詳情如下：
Average
purchase No. of
price shares held Value of shares
平均認購價持有股份數目股份價值
HK$ 』000 HK$』000 RMB』000
港元千股千港元人民幣千元
At 1 January 2015於2015年1月1日
9,528 57,207 45,359
Shares purchased during the year年內購買股份
5.38 10,472 56,357 44,638
20,000 113,564 89,997
At 31 December 2015於2015年12月31日
Average
purchase No. of
price shares held Value of shares
平均認購價持有股份數目股份價值
HK$ 』000 HK$』000 RMB』000
港元千股千港元人民幣千元
At 1 January 2014於2014年1月1日
–––
Shares purchased during the year年內購買股份
5.99 9,528 57,207 45,359
At 31 December 2014於2014年12月31日
9,528 57,207 45,359
20 EQUITY SETTLED SHARE-BASED PAYMENTS
(continued)
20 以股權結算並以股份為基礎的付款
（續）
(b) Share Award Scheme (continued) (b) 股份獎勵計劃（續）
(ii) During the year ended 31 December 2015,
the Company granted 2,192,324 shares
to 517 employees of the Group. The fair
value of these Awarded Shares amounted
to RMB9,852,000. Details are as follows:
(ii) 於截至
2015年12月31日止
年度，本公司向本集團
517
名僱員授出
2,192,324股股
份。該等獎勵股份的公允值
為人民幣9,852,000元。詳
情如下：
Date of grant
授出日期
Vesting date
歸屬日期
Number of Awarded Shares
獎勵股份數目
Granted Forfeited Unvested
已授出已沒收尚未歸屬
7 May 2015 30 June 2016 1,096,162 939,839 156,323
2015年5月7日
2016年6月30日
7 May 2015 31 December 2016 1,096,162 917,345 178,817
2015年5月7日
2016年12月31日
Total 總數
2,192,324 1,857,184 335,140
The estimated fair value of the Awarded
Shares on the grant date is determined
by reference to the market price of the
Company’s shares.
The Group recognised share award
expenses of RMB556,000 during the year
ended 31 December 2015 (2014: nil) with
a corresponding increase in a capital
reserve within equity.
該等獎勵股份於授出日期的
估計公允值乃參考本公司股
份的市價而決定。
截至2015年12月31日止年
度，本集團確認股份獎勵開
支人民幣556,000元（2014
年：無），權益內資本儲備
相應增加。
21 I NCOME TAX IN THE CONSOLIDATED 21 綜合財務狀況表內的所得稅
STATEMENT OF FINANCIAL POSITION
(a) Current taxation in the consolidated statement
of financial position represents:
(a) 綜合財務狀況表內的即期稅項指：
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
At 1 January於1月1日
27,133 11,251
Provision of PRC income tax for 年內中國所得稅撥備
the year61,120 58,507
Under-provision for PRC income 過往年度的中國所得稅
tax in respect of prior years撥備不足
2,201 –
PRC income tax paid during 年內已付中國所得稅
the year(62,775) (42,625)
At 31 December於12月31日
27,679 27,133
(b) Deferred tax assets and liabilities recognised: (b) 已確認遞延稅項資產及負債：
The components of deferred tax assets/(liabilities)
recognised in the consolidated statement of
financial position and the movements during the
year are as follows:
於綜合財務狀況表內確認的遞延稅
項資產
╱（負債）的組成部份及年
內變動如下：
Deferred tax assets/
(liabilities) arising from:
Withholding
tax on future
dividend
income
from PRC
subsidiaries
Unused tax
losses #
Provisions
and accruals
Fair value
adjustment
from
business
acquisition
Intra group
unrealised
profits
Share of
loss of an
associate Total
來自中國附屬
來自下列各項的遞延稅項公司未來股息未動用撥備及業務收購的集團間應佔聯營
資產 ╱（負債）：收益的預扣稅
RMB』000
稅務虧損#
RMB』000
應計費用
RMB』000
公允值調整
RMB』000
未變現溢利
RMB』000
公司虧損
RMB』000
總計
RMB』000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
At 1 January 2014於2014年1月1日
(40,850) 1,343 3,215 (2,171) 3,122 – (35,341)
(Charged)/credited to profit or loss（扣除）╱計入損益
– (74) 5,213 128 281 – 5,548
At 31 December 2014 and 於2014年12月31日及
1 January 2015 2015年1月1日
(40,850) 1,269 8,428 (2,043) 3,403 – (29,793)
(Charged)/credited to profit or loss（扣除）
╱計入損益
– (781) (979) 66 (780) 702 (1,772)
At 31 December 2015於2015年12月31日
(40,850) 488 7,449 (1,977) 2,623 702 (31,565)
21 I NCOME TAX IN THE CONSOLIDATED 21 綜合財務狀況表內的所得稅（續）
STATEMENT OF FINANCIAL POSITION
(continued)
(b) Deferred tax assets and liabilities recognised: (b) 已確認遞延稅項資產及負債：（續）
(continued)
# Deferred tax assets are recognised on unused #遞延稅項資產乃就本集團若干
tax losses of certain PRC subsidiaries of the 中國附屬公司的未動用稅務虧
Group. They are now progressing to their 損而確認。該等公司目前正逐
normal operation stage and are deriving profits. 漸發展至正常營運階段並產生
Accordingly, it is considered probable that 溢利。因此，被視為於未來可
sufficient taxable profits will be available in the 能會有足夠的應課稅溢利以在
future to utilize their unused tax losses before 虧損到期前使用彼等之未動用
they expire. As at 31 December 2015, tax losses 稅務虧損。於
2015年12月31of RMB446,000, RMB509,000 and RMB998,000 日，稅項虧損人民幣
446,000will expire in 2018, 2019 and 2020 respectively. 元、人民幣
509,000元及人民幣
998,000元將分別於
2018年、
2019年及2020年到期。
(c) Reconciliation to the consolidated statement (c) 綜合財務狀況表的對賬
of financial position
2015 2014
2015年 2014年
RMB』000 RMB』000
人民幣千元人民幣千元
Net deferred tax asset
recognised in the
consolidated statement of
financial position
Net deferred tax liability
recognised in the
consolidated statement of
financial position
於綜合財務狀況表確認的
遞延稅項資產淨值
於綜合財務狀況表確認的
遞延稅項負債淨額
8,639 9,697
(40,204) (39,490)
(31,565) (29,793)
21 I NCOME TAX IN
STATEMENT OF
THE CONSOLIDATED
FINANCIAL POSITION
21 綜合財務狀況表內的所得稅（續）
(continued)
(d) Deferred tax liabilities not recognised: (d) 未確認的遞延稅項負債：
As at 31 December 2015, temporary differences
relating to the undistributed profits of the Group’s
PRC subsidiaries amounted to RMB449,328,000
(2014: RMB204,212,000). Deferred tax liabilities
of RMB44,933,000 (2014: RMB20,421,000) have
not been recognised in respect of the withholding
tax that would be payable on the distribution of
these retained profits as the Company controls
the dividend policy of its PRC subsidiaries and
the directors have determined that the profits will
not be distributed in the foreseeable future.
於2015年12月31日，有關本集團
中國附屬公司未分配溢利的暫時差
額達人民幣449,328,000元（2014
年：人民幣
204,212,000元）。由於
本公司控制其中國附屬公司的股息
政策，且董事已確定在可預見的未
來將不會分配溢利，故並未就分配
此等保留溢利時應繳付的預扣稅確
認44,933,000元（2014年：人民幣
20,421,000元）的遞延稅項負債。
22 CAPITAL, RESERVE AND DIVIDENDS 22 資本、儲備及股息
(a) Movement in components of equity (a) 權益組成部份的變動
The reconciliation between the opening and
closing balances of each component of the
Group’s consolidated equity is set out in the
consolidated statement of changes in equity.
Details of the changes in the Company’s
individual components of equity between the
beginning and the end of the year are set out
below:
本集團綜合權益的各個組成部份於
期初及期末結餘之間的對賬載於綜
合權益變動表。本公司權益的個別
組成部份於年初及年末之間的變動
詳情載於下文：
22 C APITAL ,
(continued)
RESERVE AND DIVIDENDS 22 資本、儲備及股息（續）
(a) Movement in components of equity (continued) (a) 權益組成部份的變動（續）
The Company
本公司
Shares
held under
Share
capital
股本
RMB』000
Share
premium
股份溢價
RMB』000
Other
reserves
其他儲備
RMB』000
Capital
reserves
資本儲備
RMB』000
Share Award
Scheme
在股份獎勵
計劃項下
持有的股份
RMB』000
Retained
earnings
保留盈利
RMB』000
Total
總計
RMB』000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
At 1 January 2014於2014年1月1日
78,250 722,601 356,472 – – 3,596 1,160,919
Interim dividends approved and 批准及支付的中期股息
paid– (38,000) – – – – (38,000)
Employees』 Share 僱員購股權計劃
Option Scheme– – – 47,633 – – 47,633
Shares purchased under the 在股份獎勵計劃項下認
Share Award Scheme購的股份
– – – – (45,359) – (45,359)
Total comprehensive income for 年內全面收益總額
the year– – – – – 7,758 7,758
At 31 December 2014 and 1 於2014年12月31日及
January 2015 2015年1月1日
78,250 684,601 356,472 47,633 (45,359) 11,354 1,132,951
Dividends approved and paid批准及支付的股息
– (28,000) – – – – (28,000)
Employees』 Share 僱員購股權計劃
Option Scheme– – – 34,762 – – 34,762
Shares purchased under the 在股份獎勵計劃項下
Share Award Scheme認購的股份
– – – – (44,638) – (44,638)
Shares granted under the Share 在股份獎勵計劃項下
Award Scheme授予的股份
– – – 556 – – 556
Cancellation of shares during the 年內註銷股份
year(176) (8,664) – – – – (8,840)
Total comprehensive income for 年內全面收益總額
the year– – – – – (3,004) (3,004)
At 31 December 2015於2015年12月31日
78,074 647,937 356,472 82,951 (89,997) 8,350 1,083,787
22 C APITAL , RESERVE AND DIVIDENDS 22 資本、儲備及股息（續）
(continued)
(b) Dividends (b) 股息
(i) Dividends payable to equity shareholders (i) 年內應付本公司權益股東的
of the Company attributable to the year 股息
2015 2014
2015年 2014年
RMB』000 RMB』000
人民幣千元人民幣千元
Interim dividend declared
and paid of RMB nil per
ordinary share (2014:
RMB0.038)
Final dividend proposed
after the end of the year
of RMB0.075 per ordinary
share (2014: RMB0.028)
已宣派及支付的
中期股息每股普通股
人民幣零元（
2014年：
人民幣0.038元）
– 38,000
年末後建議的
末期股息每股普通股
人民幣0.075元
（2014年：人民幣
0.028元）
74,119 28,000
74,119 66,000
The final dividend proposed after the end 年末後建議的末期股息並無
of the year has not been recognised as 於年末時確認為負債。
liabilities as at the end of the year.
22 C APITAL , RESERVE AND DIVIDENDS 22 資本、儲備及股息（續）
(continued)
(b) Dividends (continued) (b) 股息（續）
(ii) Dividends payable to equity shareholders (ii) 上一財政年度應付本公司權
of the Company attributable to the 益股東的股息，於年內批准
previous financial year, approved and 及支付
paid during the year
2015 2014
2015年 2014年
RMB』000 RMB』000
人民幣千元人民幣千元
Final dividend in respect of 年內批准及支付的上一
the previous financial year, 財政年度末期
approved and paid during 股息每股普通股
the year, of RMB0.028 per 人民幣0.028元
ordinary share (2014: Nil)（2014年：無）
28,000 –
(c) Share capital (c) 股本
Authorised and issued share capital 法定及已發行股本
2015
2015年
2014
2014年
Number of
Shares
股份數目
HK$』000
千港元
Number of
Shares
股份數目
HK$』000
千港元
Authorised法定
Ordinary shares of 每股面值0.10港元
HK$0.10 each的普通股
5,000,000,000 500,000 5,000,000,000 500,000
22 CAPITAL,
(continued)
RESERVE AND DIVIDENDS 22 資本、儲備及股息（續）
(c) Share capital (continued) (c) 股本（續）
Ordinary shares, issued and fully paid 已發行及繳足普通股
2015
2015年
2014
2014年
Nominal Nominal Nominal Nominal
Number of
shares
股份數目
』000
千股
value of fully
paid shares
繳足股份面值
HK$』000
千港元
value of fully
paid shares
繳足股份面值
RMB』000
人民幣千元
Number of
shares
股份數目
』000
千股
value of fully
paid shares
繳足股份面值
HK$』000
千港元
value of fully
paid shares
繳足股份面值
RMB』000
人民幣千元
At 1 January於1月1日
1,000,000 100,000 78,250 1,000,000 100,000 78,250
Cancellation of shares during 年內註銷股份(i)
the year (i)(2,243) (224) (176) – – –
As at 31 December於12月31日
997,757 99,776 78,074 1,000,000 100,000 78,250
(i) During the year ended 31 December (i) 截至
2015年12月31日止年
2015, 2,243,000 ordinary shares were 度，本公司以平均購買價
repurchased at the average purchase 每股4.70港元購回及註銷
price of HK$4.70 per share by the 2,243,000股普通股。
Company and cancelled.
(ii) At 31 December 2015, 20,000,000 ordinary (ii) 於2015年12月31日，本公
shares were held by the Company under 司根據股份獎勵計劃持有
the Share Award Scheme (31 December 20,000,000股普通股（
20142014: 9,528,000) (see Note 20(b)). 年12月31日：9,528,000
股）（見附註20(b)）。
22 C APITAL ,
(continued)
RESERVE AND DIVIDENDS 22 資本、儲備及股息（續）
(d) Nature and purpose of reserves (d) 儲備的性質及用途
(i) Share premium (i) 股份溢價
The share premium represents the
difference between the par value of the
shares of the Company and proceeds
received from the issuance of the shares
股份溢價指本公司股份面值
與自發行本公司股份收取的
所得款項之間的差額。
of the Company.
Under the Companies Law (Revised)
of the Cayman Islands, the funds in the
share premium account of the Company
are distributable to the shareholders of
the Company provided that immediately
following the date on which the dividend is
proposed to be distributed, the Company
will be in a position to pay off its debts
as they fall due in the ordinary course of
business.
根據開曼群島公司法（經修
訂），本公司股份溢價賬中
的資金可供分派予本公司股
東，惟緊隨建議分派股息當
日後，本公司將須有能力償
還其於日常業務過程中到期
的債務。
(ii) Exchange reserve (ii) 匯兌儲備
The exchange reserve comprises all
foreign exchange differences arising from
the translation of the financial information
of operations with functional currency
other than RMB.
匯兌儲備包括換算以人民幣
以外的功能貨幣列值的業務
的財務資料所產生的所有外
匯差額。
(iii) Capital reserve (iii) 資本儲備
The capital reserve represents the portion
of the grant date fair value of unexercised
share options granted to employees of
the Company that has been recognised
in accordance with the accounting policy
adopted for share-based payments in Note
1(p)(ii).
資本儲備指按照附註1(p)(ii)
就以股份為基礎的付款所採
納之會計政策，就授予本公
司僱員的未行使購股權已確
認的授出日期公允值之部
份。
22 C APITAL ,
(continued)
RESERVE AND DIVIDENDS 22 資本、儲備及股息（續）
(d) Nature and purpose of reserves (continued) (d) 儲備的性質及用途（續）
(iv) Other reserves (iv) 其他儲備
The other reserves of the Group represent
the difference between (a) the nominal
value of share capital of GZ Consun; and
(b) the nominal value of the shares issued
by the Company in exchange under the
reorganisation of the Group completed on
24 December 2012.
本集團的其他儲備是指下列
兩者之間的差額：(a)廣州康
臣股本的面值；及
(b)本公
司根據於
2012年12月24日
完成的本集團重組所發行用
作交換的股份面值。
The other reserves of the Company
represent the difference between (a) the
consolidated net assets of the subsidiaries
acquired; and (b) the nominal value of
the shares issued by the Company in
exchange under the reorganisation of the
Group completed on 24 December 2012.
本公司的其他儲備指下列兩
者之間的差額：
(a)所收購
附屬公司的綜合淨資產；及
(b)本公司根據2012年12月
24日完成的本集團重組所發
行用作交換的股份面值。
(v) PRC statutory reserves (v) 中國法定儲備
Pursuant to the articles of association 根據本集團現時旗下各中國
of the Group’s PRC subsidiaries now
comprising the Group, appropriations to
the PRC statutory reserves were made
at a certain percentage of profit after
taxation determined in accordance with
the accounting rules and regulations
of the PRC, until the PRC statutory
reserves was equal to 50% of the entity’s
registered capital. The percentage for this
appropriation was decided by the directors
of the respective subsidiaries. This
reserve fund can be utilised in setting off
accumulated losses or increasing capital
of the subsidiaries and is non-distributable
附屬公司的組織章程細則，
本集團已按照中國會計規則
及法規釐定的稅後溢利的某
個百分比向中國法定儲備作
出撥款，直至中國法定儲
備相等於實體註冊資本的
50%。該撥款的百分比由相
關附屬公司的董事釐定。該
儲備金可用於抵銷附屬公司
的累計虧損或增資，惟不可
用於分派（清盤除外）。
other than in liquidation.
22 C APITAL ,
(continued)
RESERVE AND DIVIDENDS 22 資本、儲備及股息（續）
(d) Nature and purpose of reserves (continued) (d) 儲備的性質及用途（續）
(v) PRC statutory reserves (continued) (v) 中國法定儲備（續）
During 2015, GZ Consun transferred
10% of their net profit of RMB613,000
to the PRC statutory reserves. The PRC
statutory reserves balances of Inner
Mongolia Consun had reached 50% of
their registered capital, and no further
appropriation was made for the year
ended 31 December 2015. Other PRC
於2015年，廣州康臣將其純
利人民幣613,000元的10%
撥入中國法定儲備。內蒙古
康臣的中國法定儲備結餘已
達致其註冊資本的50%，
因而於截至2015年12月31
日止年度並無作出進一步撥
款。本集團的其他中國附屬
subsidiaries of the Group had made losses
during 2015 or had accumulated losses,
no appropriation was made accordingly.
公司於2015年錄得虧損或累
計虧損，故並無作出撥款。
(e) Distributability of reserves (e) 可供分派儲備
The aggregate amount of distributable reserves
of the Company as at 31 December 2015
was RMB1,005,713,000 (31 December 2014:
RMB1,052,427,000).
本公司於2015年12月31日的可供分
派儲備總額為人民幣1,005,713,000
元（2014年12月31日：人民幣
1,052,427,000元）。
(f) Capital management (f) 資本管理
The Group’s primary objectives when managing
capital are to safeguard the Group’s ability to
continue as a going concern, so that it can
continue to provide returns for shareholders
and benefits for other stakeholders, by pricing
products and services commensurately with the
level of risk and by securing access to finance at
a reasonable cost.
本集團管理資本的主要目的是維護
其持續經營的能力，從而使其能夠
透過按相應的風險水平為產品及服
務定價，以及憑藉以合理成本取得
融資而繼續為股東提供回報，並為
其他利益相關者提供利益。
22 CAPITAL, RESERVE AND DIVIDENDS 22
(continued)
(f) Capital management (continued)
The Group monitors its capital structure on the
basis of an adjusted net debt-to-capital ratio.
For this purpose, adjusted net debt is defined as
total debt (which includes interest-bearing loans
and borrowings) less cash and cash equivalents.
Adjusted capital comprises all components of
equity. The Group did not have adjusted net debt
during the year.
During the year, the Group’s strategy was
to maintain the debt-to-equity ratio at a
level considered reasonable by the Group’s
management from time to time with reference
to the prevailing market conditions. In order
to maintain or adjust the ratio, the Group may
adjust the amount of dividends paid to equity
shareholders, issue new shares or raise new debt
financing.
Neither the Company nor any of its subsidiaries
are subject to externally imposed capital
requirements.
資本、儲備及股息（續）
(f) 資本管理（續）
本集團按照經調整淨債務與資本比
率監察其資本架構。就此而言，經
調整淨債務乃界定為總債務（包括
計息貸款及借款）減現金及現金等
值項目。經調整資本包括權益的所
有組成部份。本集團於年內並無經
調整淨債務。
年內，本集團的策略旨在將債務與
股權比率維持於本集團管理層不時
參考當前市況而認為合理的水平。
為了維持或調整比率，本集團可調
整派付予權益持有人的股息金額、
發行新股或籌募新債務融資。
本公司及其任何附屬公司概不受限
於外部施加的資本要求。
23 FINANCIAL RISK MANAGEMENT AND FAIR 23 財務風險管理及公允值
VALUES
Exposure to credit and liquidity risks arises in the
normal course of the Group’s business. The Group’s
exposure to these risks and the financial risk
management policies and practices used by the Group
to manage these risks are described below.
(a) Credit risk
The Group’s credit risk is primarily attributable to
trade and other receivables. Management has a
credit policy in place and the exposures to these
credit risks are monitored on an ongoing basis.
In respect of trade and other receivables,
individual credit evaluations are performed on all
customers requiring credit over a certain amount.
These evaluations focus on the customer’s
past history of making payments when due and
current ability to pay, and take into account
information specific to the customer as well
as pertaining to the economic environment in
which the customer operates. Trade receivables
are due within 90 days from the date of billing.
Debtors with balances that are more than 12
months past due are requested to settle all
outstanding balances before any further credit
is granted. Normally, the Group does not obtain
collateral from customers.
The Group’s exposure to credit risk is influenced
mainly by the individual characteristics of each
customer rather than the industry or country
in which the customers operate and therefore
significant concentrations of credit risk primarily
arise when the Group has significant exposure
to individual customers. As at 31 December
2014 and 2015, 29% and 28% of the total trade
receivables were due from the Group’s largest
customer and 43% and 45% of the total trade
receivables were due from the five largest
customers respectively.
Further quantitative disclosures in respect of the
Group’s exposure to credit risk arising from trade
and other receivables are set out in Note 16.
本集團須面對於日常業務過程中產生的信
貸及流動資金風險。本集團所面對的該等
風險及本集團用以管理該等風險的財務風
險管理政策及慣例載述如下。
(a) 信貸風險
本集團的信貸風險主要來自貿易及
其他應收款項。管理層已制定適當
的信貸政策，並且持續監察該等信
貸風險的額度。
就貿易及其他應收款項而言，本集
團會對所有要求授予一定金額信貸
的客戶進行個別信貸評估。該等評
估著重客戶過去到期還款記錄以及
目前的還款能力，並會考慮關於客
戶以及客戶經營所在經濟環境的特
定資料。貿易應收款項自發出賬單
日期起計90日內到期。欠款結餘逾
期超過12個月的債務人須清償所有
未償還結餘，方可獲授任何進一步
信貸。一般而言，本集團不會收取
客戶提供的抵押品。
本集團面對的信貸風險主要受到每
名客戶的個別特性所影響多於客戶
營運所在行業或國家，因此，重大
信貸集中風險主要於本集團面臨個
別客戶重大風險時產生。於
2014年
及2015年12月31日，貿易應收款
項總額中分別有
29%及28%來自本
集團最大客戶，而貿易應收款項總
額中分別有
43%及45%來自本集團
五大客戶。
有關本集團所承受因貿易及其他應
收款項而產生的信貸風險的進一步
定量披露載於附註16。
23
FINANCIAL RISK MANAGEMENT AND FAIR 23
VALUES (continued)
(b)
Liquidity risk
The Group’s approach in managing liquidity is
to ensure, as far as possible, that the Group
maintains sufficient reserves of liquid funds to
meet its liabilities when they fall due, under both
normal and stressed conditions.
The following are the contractual maturities of
financial liabilities (exclude receipts in advance),
which are based on contractual undiscounted
cash flows (including interest payments
computed at contracted rates) and the earliest
date the Group can be required to repay:
財務風險管理及公允值（續）
(b)
流動資金風險
本集團管理流動資金的方式是要盡
力確保本集團維持充足的流動資金
儲備，以在正常及受壓的情況下均
能應付其到期負債。
下文是金融負債（不包括預收款項）
的合約到期情況，此乃基於合約未
折現現金流量（包括按合約利率計
算的利息付款）及本集團被要求還
款的最早日期：
At 31 December 2015
Contractual undiscounted cash outflow
於2015年12月31日
合約未折現現金流出
More than
1 year but
Within 1 year less than Carrying
or on demand 5 years Total amount
超過1年
1年內或按要求但少於5年總計賬面值
RMB』000 RMB』000 RMB』000 RMB』000
人民幣千元人民幣千元人民幣千元人民幣千元
Trade and other payables貿易及其他應付款項
199,959 – 199,959 199,959
At 31 December 2014
Contractual undiscounted cash outflow
於2014年12月31日
合約未折現現金流出
More than
1 year but
Within 1 year less than Carrying
or on demand 5 years Total amount
超過1年
1年內或按要求但少於5年總計賬面值
RMB』000 RMB』000 RMB』000 RMB』000
人民幣千元人民幣千元人民幣千元人民幣千元
Trade and other payables貿易及其他應付款項
147,012 – 147,012 147,012
23 FINANCIAL RISK MANAGEMENT AND FAIR
VALUES (continued)
23 財務風險管理及公允值（續）
(c) Fair values (c) 公允值
The carrying amounts of all financial assets and
liabilities carried at amortised cost approximate
their respective fair values as at 31 December
2014 and 2015 due to the short maturities of
由於該等工具到期日甚近，於
2014
年及2015年12月31日，按攤銷成
本列賬的所有金融資產及負債的賬
面值與其各自的公允值相若。
these instruments.
(d) Interest rate risk (d) 利率風險
The Group does not have significant exposure
to interest rate risk as it does not expect interest
rate fluctuation would have any significant impact
on the fair value or cash flows of its cash and
bank deposits held as at 31 December 2015.
本集團並無承受重大利率風險，因
為預期利率波動將不會對其於2015
年12月31日所持的現金及銀行存款
的公允值或現金流量造成任何重大
影響。
(e) Currency risk (e) 貨幣風險
As the Group’s principal activities are carried out
in the PRC, the Group’s transactions are mainly
denominated in Renminbi, which is not freely
convertible into foreign currencies. All foreign
exchange transactions involving Renminbi must
take place through the People’s Bank of China
or other institutions authorised to buy and sell
foreign exchange. The exchange rates adopted
for the foreign exchange transactions are the
rates of exchange quoted by the People’s Bank
of China that are determined largely by supply
and demand.
由於本集團的主要業務在中國進
行，本集團的交易主要以人民幣計
值，而人民幣不可自由兌換為外
幣。所有涉及人民幣的外匯交易必
須透過中國人民銀行或其他獲批准
買賣外匯的機構進行。外匯交易採
用的匯率乃中國人民銀行所報的匯
率，該匯率主要按供求釐定。
The Group is exposed to currency risk primarily
from cash balances that are denominated in a
foreign currency, i.e. a currency other than the
functional currency of the operations to which the
transactions relate. The currencies giving rise to
this risk are primarily Hong Kong dollars.
本集團面臨的貨幣風險主要來自以
外幣計值的現金結餘，即該外幣並
非交易相關業務的功能貨幣。引起
此種風險的貨幣主要為港元。
23
FINANCIAL RISK MANAGEMENT AND FAIR 23
VALUES (continued)
(e)
Currency risk (continued)
Exposure to currency risk
The following table details the Group’s and the
Company’s exposure at the end of reporting
period to currency risk arising from recognised
assets or liabilities denominated in a currency
other than the functional currency of the entity
to which they relate. For presentation purposes,
the amounts of the exposure are shown in RMB
translated using the spot rate at the period end
date. Differences resulting from the translation of
the financial statements of foreign operations into
the Group’s presentation currency are excluded.
財務風險管理及公允值（續）
(e)
貨幣風險（續）
面對的貨幣風險
下表詳列本集團及本公司於報告期
間結束時所承受的貨幣風險，該等
貨幣風險乃因為以相關實體之功能
貨幣以外的貨幣列值的已確認資產
或負債而產生。就呈報而言，風險
承擔額以人民幣列示，並以年結日
的即期匯率換算。由於將外國業務
之財務報表換算成本集團呈報貨幣
而產生的差額已經剔除。
Exposure to foreign currencies
外幣風險
(expressed in Renminbi)
（以人民幣列示）
2015 2014
2015年 2014年
Hong Kong Hong Kong
Dollars Dollars
港元港元
RMB』000 RMB』000
人民幣千元人民幣千元
Cash and cash equivalents現金及現金等值項目
2,040 6,982
The Group had no significant foreign exchange 由於本集團持有以人民幣以外的貨
exposure as at 31 December 2015, as the 幣計值的現金及現金等值項目微不
cash and cash equivalents held by the Group 足道，故本集團於
2015年12月31denominated in the currency other than Renminbi 日並無重大外匯風險。
was insignificant.
24 CAPITAL COMMITMENTS 24 資本承擔
Capital commitments outstanding as at 31 December
2015 not provided for in the consolidated financial
statements were as follows:
於2015年12月31日並未在綜合財務報表
撥備的未履行資本承擔如下：
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Contracted for已訂約
3,776 1,809
Authorised but not contracted for已批准但未訂約
4,320 7,242
Total總計
8,096 9,051
25 MATERIAL RELATED PARTY TRANSACTIONS 25 重大關聯方交易
Key management personnel remuneration 主要管理人員酬金
Remuneration for key management personnel of the
Group, including amounts paid to the Company’s
directors as disclosed in Note 6 and certain of the
highest paid employees as disclosed in Note 7, is as
follows:
本集團主要管理人員的酬金，包括向本公
司董事支付的款項（於附註
6披露）以及向
若干最高薪僱員支付的款項（於附註
7披
露）載列如下：
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Salaries and other benefits薪金及其他福利
19,961 17,776
Retirement scheme of defined 界定供款退休計劃
contribution95 100
Equity settled share-based 以股權結算並以股份為
payment expenses基礎的付款開支
23,100 24,124
43,156 42,000
Total remuneration is included in 「staff costs」 (see Note 總酬金計入「員工成本」內（見附註
4(b)）。
4(b)).
None of the above related party transactions falls under 概無上述關聯方交易屬上市規則第14A章
the definition of connected transaction or continuing 所界定的關連交易或持續關連交易。
connected transaction as defined in Chapter 14A of the
Listing Rules.
26 ACCOUNTING ESTIMATES AND JUDGEMENTS 26 會計估計及判斷
The key sources of estimation uncertainty and critical 應用本集團的會計政策時涉及的估計不確
accounting judgements in applying the Group’s 定因素及重要會計判斷的主要來源描述如
accounting policies are described below. 下。
(a) Depreciation (a) 折舊
Property, plant and equipment are depreciated 物業、廠房及設備均在考慮估計殘
on a straight-line basis over the estimated useful 值後，在估計可使用年期內按直線
lives, after taking into account the estimated 法計提折舊。
residual value.
The Group reviews annually the useful life of 本集團每年檢討資產的可使用年期
an asset and its residual value, if any. The 及其殘值（如有）。倘早前所作估計
depreciation expense for future years is adjusted 出現重大變動，未來年度的折舊開
if there are significant changes from previous 支則予以調整。
estimation.
(b) Impairments (b) 減值
(i) In considering the impairment losses that (i) 考慮若干物業、廠房及設備
may be required for certain property, plant 以及租賃預付款項可能須作
and equipment and lease prepayments, 出的減值虧損時，須釐定該
recoverable amount of these assets needs 等資產的可收回金額。可收
to be determined. The recoverable amount 回金額為淨售價與使用價值
is the greater of the net selling price and 兩者中的較高者。由於未必
the value in use. It is difficult to precisely 能輕易取得該等資產的市場
estimate selling price because quoted 報價，故難以精確估計售
market prices for these assets may not be 價。釐定使用價值時，資
readily available. In determining the value 產產生的預期現金流量會折
in use, expected cash flows generated by 現至其現值，此舉須對收入
the asset are discounted to their present 水平及經營成本金額等有關
value, which requires significant judgment 項目作出重大判斷。本集團
relating to items such as level of revenue 於釐定可收回金額的合理近
and amount of operating costs. The Group 值時使用所有輕易可得的資
uses all readily available information in 訊，包括根據合理及可支持
determining an amount that is reasonable 假設作出的估計及收入和經
approximation of recoverable amount, 營成本等項目預測。
including estimates based on reasonable
and supportable assumptions and
projections of items such as revenue and
operating costs.
26 ACCOUNTING ESTIMATES AND JUDGEMENTS
(continued)
26 會計估計及判斷（續）
(b) Impairments (continued) (b) 減值（續）
(ii) Impairment losses for doubtful debts
are assessed and provided based on
the directors』 regular review of ageing
analysis and evaluation of collectability.
A considerable level of judgment is
exercised by the directors when assessing
the credit worthiness and past collection
history of each individual customer.
(ii) 呆賬減值虧損按董事定期檢
討的賬齡分析及可收回程度
評估進行評估及計提撥備。
董事在評估各個別客戶的信
用評級及過往收賬記錄時作
出大量判斷。
An increase or decrease in the above
impairment losses would affect the net
profit or loss in future years.
上述減值虧損的任何增減均
會影響未來年度的純利或淨
虧損。
27 COMPANY-LEVEL STATEMENT OF FINANCIAL 27 公司層面財務狀況表
POSITION
Note
附註
2015
2015年
RMB』000
人民幣千元
2014
2014年
RMB』000
人民幣千元
Non-current assets非流動資產
Investment in subsidiaries於附屬公司的投資
342,444 342,444
Trade and other receivables貿易及其他應收款項
– 6,104
Total non-current assets非流動資產總值 342,444 348,548
Current assetsTrade and other receivablesCash and cash equivalents
流動資產
貿易及其他應收款項
現金及現金等值項目
353,276
401,185
281,003
513,293
Total current assets流動資產總值 754,461 794,296
Current liabilities流動負債
Other payables其他應付款項
13,118 9,893
Net current assets流動資產淨值 741,343 784,403
Total assets less current liabilities總資產減流動負債 1,083,787 1,132,951
Capital and reserves資本及儲備
Share capital股本
22(c) 78,074 78,250
Reserves儲備
1,005,713 1,054,701
Total equity權益總額 1,083,787 1,132,951
28 N ON -ADJUSTING EVENTS AFTER THE 28 報告期後的非調整事項
REPORTING PERIOD
(a) After the end of the reporting period, the
Company repurchased 9,501,000 shares of its
own ordinary shares through the Stock Exchange
at a total consideration of HK$40,642,000
(approximately RMB34,288,000). The shares
repurchased by the Company were subsequently
cancelled on 26 February 2016.
(a) 於報告期末後，本公司透過聯交
所以
40,642,000港元（約人民幣
34,288,000元）的總代價購回其自
身普通股中的9,501,000股股份。
該等本公司所購回的股份已於其後
在2016年2月26日被註銷。
(b) After the end of the reporting period the directors
proposed a final dividend. Further details are
disclosed in Note 22(b).
(b) 於報告期末後，董事建議宣派末期
股息。進一步詳情於附註
22(b)披
露。
29 POSSIBLE IMPACT OF AMENDMENTS, NEW
STANDARDS AND INTERPRETATIONS ISSUED
29 截至2015年12月31日止年度已頒佈但
尚未生效的修訂、新準則及詮釋的潛
BUT NOT YET EFFECTIVE FOR THE YEAR 在影響
ENDED 31 DECEMBER 2015
Up to the date of issue of these financial statements,
the HKICPA has issued a few amendments and new
standards which are not yet effective for the year ended
31 December 2015 and which have not been adopted in
these financial statements. These include the following
which may be relevant to the Group.
截至刊發該等財務報表日期，香港會計師
公會已頒佈於截至2015年12月31日止年
度尚未生效且未於該等財務報表採納的多
項修訂及新準則。該等修訂及新準則包括
可能與本集團有關的下列各項。
29 POSSIBLE IMPACT OF AMENDMENTS, NEW 29 截至2015年12月31日止年度已頒佈但
STANDARDS AND INTERPRETATIONS ISSUED 尚未生效的修訂、新準則及詮釋的潛
BUT NOT YET EFFECTIVE FOR THE YEAR 在影響（續）
ENDED 31 DECEMBER 2015 (continued)
Effective for
accounting periods
beginning on or after
於下列日期或以後
開始的會計期間生效
Annual Improvements to HKFRSs 2012-2014 Cycle 1 January 2016
香港財務報告準則2012年至2014年週期之年度改進
2016年1月1日
Amendments to HKFRS 10 and HKAS 28, Sale or contribution of 1 January 2016assets between an investor and its associate or joint venture
香港財務報告準則第10號及香港會計準則第28號修訂本，2016年1月1日
投資者與其聯營或合營企業之資產出售或注資
Amendments to HKAS 1, Disclosure initiative 1 January 2016
香港會計準則第1號修訂本，披露措施
2016年1月1日
Amendments to HKAS 16 and HKAS 38, Clarification of 1 January 2016acceptable methods of depreciation and amortisation
香港會計準則第16號修訂本及香港會計準則第38號修訂本，2016年1月1日
折舊及攤銷可接受方法之澄清
HKFRS 15, Revenue from contracts with customers 1 January 2017
香港財務報告準則第15號，來自與客戶訂立之合約的收入
2017年1月1日
HKFRS 9, Financial instruments 1 January 2018
香港財務報告準則第9號，金融工具
2018年1月1日
The Group is in the process of making an assessment 本集團正在評估該等修訂於初次應用期間
of what the impact of these amendments is expected 預期產生的影響。截至目前為止，本集團
to be in the period of initial application. So far it has 認為，採納該等修訂不大可能會對本集團
concluded that the adoption of them is unlikely to have 的經營業績及財務狀況構成重大影響。
a significant impact of the Group’s results of operations
and financial position.
The Company was incorporated on 13 December 2010 and
became the holding company of the subsidiaries through a
reorganization in preparation of the listing of the Company’s
shares on the main board of the Stock Exchange on 24
December 2012. The consolidated financial statements of
the Group for the years ended 31 December 2011 to 2012
have been prepared as if the Group had been in existence
throughout the years presented, or since the respective dates
of incorporation or establishment of the group companies.
2015
2015年
本公司註冊成立於2010年12月13日，並於
2012
年12月24日通過重組成為各附屬公司的控股公
司，以籌備本公司股份在聯交所主板上市。本集
團截至2011年至2012年12月31日止年度的綜合
財務報表的編制猶如本集團於所呈列年度或自集
團公司各自的註冊成立或成立日期起一直存在。
2014 2013 2012 2011
2014年
2013年
2012年
2011年
RMB』000 RMB』000 RMB』000 RMB』000 RMB』000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
Revenue收入
831,108 730,683 571,765 457,801 389,305
Gross Profit毛利
670,566 571,767 452,234 346,689 293,798
Profit before taxation稅前溢利
314,782 264,159 210,462 179,062 145,407
Income tax所得稅
65,093 52,959 57,580 42,856 38,106
Profit for the year年內溢利
249,689 211,200 152,882 136,206 107,301
Earnings per share 每股盈利（以每股
(expressed in RMB Yuan 人民幣元列示）
per share)
– basic－基本
0.25 0.21 0.20 0.18 N/A不適用
– diluted－攤薄
0.25 0.21 0.20 0.18 N/A不適用
Assets and liabilities資產及負債
Non-current assets非流動資產
957,703 266,412 264,256 200,949 181,070
Current assets流動資產
960,188 1,396,529 1,192,689 445,058 315,951
Current liabilities流動負債
229,350 178,247 150,115 260,347 235,299
Non-current liabilities非流動負債
51,786 51,508 49,466 30,482 15,702
Net assets資產淨值
1,636,755 1,433,186 1,257,364 355,178 246,020
Capital and reserves資本及儲備
Share Capital股本
78,074 78,250 78,250 1 80,770
Reserves儲備
1,558,681 1,354,936 1,179,114 355,177 165,250
Total equity總權益
1,636,755 1,433,186 1,257,364 355,178 246,020
The summary above does not form part of the audited 以上摘要並不構成經審核綜合財務報表的組成部
consolidated financial statements.份。
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