2017
A N N U A L R E P O R T
年 報
Units 3001-02, 30/F, CNT Tower, 338 Hennessy Road, Wanchai, Hong Kong
香港灣仔軒尼詩道338號北海中心30樓3001-02室
22 Tianling Road, Wuzhong Economic Development District, Suzhou, Jiangsu, PRC.
中國江蘇省蘇州市吳中經濟開發區天靈路22號
D
AW
N
RAYS PH
ARM
ACEU
TICAL (H
O
LD
IN
G
S) LIM
ITED
東
瑞
製
葯
(控
股
)有
限
公
司
AN
N
UAL REPO
RT 2017
年
報
ANNUAL REPORT 2017 二零一七年年報 01
Contents
目錄
Corporate Information 2
公司資料
Group Structure 4
本集團架構圖
Chairman’s Statement 5
主席報告
Management Discussion and Analysis 9
管理層討論及分析
Corporate Governance Report 19
企業管治報告
Directors’ and Senior Management’s Biographies 32
董事及高級管理層履歷
Report of the Directors 35
董事會報告
Independent Auditor’s Report 50
獨立核數師報告
Consolidated Statement of Profit or Loss 57
綜合損益表
Consolidated Statement of Comprehensive Income 58
綜合全面收益表
Consolidated Statement of Financial Position 59
綜合財務狀況表
Consolidated Statement of Changes in Equity 61
綜合權益變動表
Consolidated Statement of Cash Flows 63
綜合現金流量表
Notes to Financial Statements 65
財務報表附註
Five Year Financial Summary 158
五年財務概要
Information for Shareholders 159
股東資料
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司02
Corporate Information
公司資料
董事會
執行董事
李其玲女士（主席）
熊融禮先生
李東明先生（於二零一八年二月二十三日辭任）
陳紹軍先生（於二零一八年一月八日被委任）
非執行董事
梁康民先生
獨立非執行董事
潘學田先生（於二零一七年七月一日辭任）
蔡達英先生
勞同聲先生
EDE, Ronald Hao Xi先生（於二零一七年七月一日由
非執行董事調任為獨立非執行董事）
總裁
陳紹軍先生
審核委員會
蔡達英先生（主席）
潘學田先生（於二零一七年七月一日辭任）
勞同聲先生
EDE, Ronald Hao Xi先生（於二零一七年七月一日
被委任）
薪酬委員會
潘學田先生（主席）（於二零一七年七月一日辭任）
EDE, Ronald Hao Xi先生（主席）（於二零一七年
七月一日被委任）
李其玲女士
蔡達英先生
勞同聲先生
提名委員會
李其玲女士（主席）
潘學田先生（於二零一七年七月一日辭任）
蔡達英先生
勞同聲先生
EDE, Ronald Hao Xi先生（於二零一七年七月一日
被委任）
BOARD OF DIRECTORS
EXECUTIVE DIRECTORS
Ms. LI Kei Ling (Chairman)
Mr. HUNG Yung Lai
Mr. LI Tung Ming (resigned on 23 February 2018)
Mr. CHEN Shaojun (appointed on 8 January 2018)
NON-EXECUTIVE DIRECTOR
Mr. LEUNG Hong Man
INDEPENDENT NON-EXECUTIVE DIRECTORS
Mr. PAN Xue Tian (resigned on 1 July 2017)
Mr. CHOI Tat Ying Jacky
Mr. LO Tung Sing Tony
Mr. EDE, Ronald Hao Xi (re-designated from Non-executive Director to
Independent Non-executive Director on 1 July 2017)
CHIEF EXECUTIVE OFFICER
Mr. CHEN Shaojun
AUDIT COMMITTEE
Mr. CHOI Tat Ying Jacky (Chairman)
Mr. PAN Xue Tian (resigned on 1 July 2017)
Mr. LO Tung Sing Tony
Mr. EDE, Ronald Hao Xi (appointed on 1 July 2017)
REMUNERATION COMMITTEE
Mr. PAN Xue Tian (Chairman) (resigned on 1 July 2017)
Mr. EDE, Ronald Hao Xi (Chairman) (appointed on 1 July 2017)
Ms. LI Kei Ling
Mr. CHOI Tat Ying Jacky
Mr. LO Tung Sing Tony
NOMINATION COMMITTEE
Ms. LI Kei Ling (Chairman)
Mr. PAN Xue Tian (resigned on 1 July 2017)
Mr. CHOI Tat Ying Jacky
Mr. LO Tung Sing Tony
Mr. EDE, Ronald Hao Xi (appointed on 1 July 2017)
ANNUAL REPORT 2017 二零一七年年報 03
Corporate Information
公司資料
核數師
安永會計師事務所
執業會計師，香港
主要往來銀行
中國銀行（香港）有限公司，香港
香港上海滙豐銀行有限公司，香港
中國工商銀行蘇州市吳中支行
中國農業銀行蘇州市南門支行
總辦事處及主要營業地點
香港灣仔軒尼詩道338號
北海中心30樓3001–02室
註冊辦事處
Cricket Square
Hutchins Drive
. Box 2681
Grand Cayman KY1-1111
Cayman Islands
主要股份過戶登記處
Conyers Trust Company (Cayman) Limited
Cricket Square, Hutchins Drive, . Box 2681,
Grand Cayman KY1-1111, Cayman Islands
香港股份過戶登記分處
卓佳雅柏勤有限公司
香港皇后大道東183號
合和中心22樓
AUDITORS
Ernst & Young
Certified Public Accountants, Hong Kong
PRINCIPAL BANKERS
Bank of China (Hong Kong) Limited, Hong Kong
The Hong Kong and Shanghai Banking Corporation Limited, Hong Kong
Industrial and Commercial Bank of China Suzhou Wuzhong Sub-Branch
Agricultural Bank of China Suzhou Nanmen Sub-Branch
HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS
Units 3001–02, 30/F, CNT Tower, 338 Hennessy Road,
Wanchai, Hong Kong
REGISTERED OFFICE
Cricket Square
Hutchins Drive
. Box 2681
Grand Cayman KY1-1111
Cayman Islands
PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE
Conyers Trust Company (Cayman) Limited
Cricket Square, Hutchins Drive, . Box 2681,
Grand Cayman KY1-1111, Cayman Islands
HONG KONG BRANCH SHARE REGISTRAR AND
TRANSFER OFFICE
Tricor Abacus Limited
Level 22, Hopewell Centre,
183 Queen’s Road East, Hong Kong
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司04
Group Structure
本集團架構圖
Dawnrays Pharmaceutical (Holdings) Ltd.
東瑞製葯(控股)有限公司
(incorporated in the Cayman Islands with limited liability)
(於開曼群島註冊成立的有限公司)
Listed on the Main Board of SEHK (Stock Code: 2348)
香港聯交所主板上市（股份代號：2348）
Dawnrays International Co. Ltd.
東瑞國際有限公司
(incorporated in the British Virgin Islands with limited liability)
（於英屬維爾京群島註冊成立的有限公司）
100% 100% 100% 100% 100%
100%
Dawnrays Biotechnology Capital (Asia) Ltd.
東瑞生物投資發展(亞洲)有限公司
(incorporated in Hong Kong with limited liability )
（於香港註冊成立的有限公司）
Dawnrays International Company Limited
東瑞國際股份有限公司
(incorporated in Hong Kong with limited liability)
（於香港註冊成立的有限公司）
Suzhou Dawnrays
Pharmaceutical
Co., Ltd.
蘇州東瑞製藥
有限公司
Dawnrays Pharma
(Hong Kong) Ltd.
東瑞葯業(香港)
有限公司
100% 100%
Guangdong Dawnrays
Pharmaceutical
Co., Ltd.*
廣東東瑞藥業
有限公司*
Dawnrays (Nantong)
Pharmaceutical
Science and
Technology Co., Ltd.
東瑞(南通)醫藥科技
有限公司
Su Zhou Dawnrays
Pharmaceutical
Science and
Technology Co., Ltd.
蘇州東瑞醫藥科技
有限公司
*Dawnrays International Company Limited (東瑞國際股份有限公司) entered into an equity transfer agreement with an independent third party on 1 February
2018 to sell all of its shares held in Guangdong Dawnrays Pharmaceutical Co. Ltd. As at the date of this report,the share transfer procedure is still processing.
*東瑞國際股份有限公司與獨立第三方於二零一八年二月一日訂立股權轉讓協議出售其持有的所有廣東東瑞藥業有限公司股份，於本報告日，有關之股份轉
讓手續仍在辦理中。
ANNUAL REPORT 2017 二零一七年年報 05
Chairman’s Statement
主席報告
致各股東：
本人欣然代表東瑞製葯（控股）有限公司（「本公司」）
之董事（「董事」）會（「董事會」）提呈本公司及其附屬
公司（統稱「本集團」）截至二零一七年十二月三十一
日止年度（「報告期間」）之業績報告。
本集團業績
本集團截至二零一七年十二月三十一日止年度錄得
營業額約人民幣882,483,000元（二零一六年：人民
幣824,351,000元），較二零一六年增加%。母公
司 擁 有 人 應 佔 溢 利 約 人 民 幣292,978,000元（二 零
一六年：人民幣265,917,000元），較二零一六年增
加%。
營業額與利潤的增加主要由於本集團二零一六年因
取消抗乙肝病毒藥物「雷易得」總代理協議收回之產
品按計劃銷售完畢，得以於報告期間全面恢復新貨
源的生產和銷售。此外，中間體和原料藥業務虧損較
二零一六年大幅減少。
末期派息
董事會建議派發截至二零一七年十二月三十一日止
年 度 末 期 股 息 為 每 股 港 幣元， 合 共 約 港 幣
95,183,000元（約相當於人民幣76,826,000元）予於
二零一八年五月二十九日（星期二）已登記在股東名
冊上之股東，惟須待股東在即將舉行之二零一八年
股東週年大會（「二零一八年股東週年大會」）上批准
通過，方可作實。連同中期股息每股港幣元計
算，本年度全年共派息每股港幣元，派息比例
約 %。
業務回顧與展望
二零一七年全球經濟逐漸復甦，中國經濟增速自二
零一一年以來首次回升，內部消費、創新和投資等方
面均呈現良好態勢，未來經濟發展將更為穩健有力。
就中國製藥行業而言，整體仍然維持增長。在政府持
續頒佈的各項醫療醫藥政策和措施主導下，製藥企
業依然面對各種各樣的經營壓力，且必需調配更多
資源以應對產業運營變化的要求。基於醫療服務的
特殊性以及人均醫療消費持續增加，社會的剛性需
求持續強勁，中國醫藥健康產業維持良好發展狀況。
Dear SHAREHOLDERS,
On behalf of the board (the “Board”) of the directors (the “Directors”) of
Dawnrays Pharmaceutical (Holdings) Limited (the “Company”) and its
subsidiaries (collectively referred to as the “Group”), I am pleased to
present the results of the Group for the year ended 31 December 2017 (the
“reporting period”).
GROUP RESULTS
The Group has recorded revenue of approximately RMB882,483,000 for
the year ended 31 December 2017 (2016: RMB824,351,000), representing
an increase of % as compared to 2016. Profit attributable to owners of
the parent was approximately RMB292,978,000 (2016: RMB265,917,000),
representing an increase of % over 2016.
The increase in the revenue and the profit was primarily attributable to
complete resumption of production and sales of new products in the
reporting period due to sales of products taken back by the Group as a
result of cancellation of the master agency agreement for “Leiyide” （雷易
得） for treating hepatitis B virus in 2016 was completed by the Group as
planned. In addition, losses on intermediate and bulk medicine businesses
reduced significantly compared with 2016.
FINAL DIVIDEND
The Board recommends the payment of a final dividend of HK$ per
share for the year ended 31 December 2017, amounting to the total sum
of approximately HK$95,183,000 (equivalent to approximately
RMB76,826,000), to the shareholders whose names appeared in the
register of members as of Tuesday, 29 May 2018 subject to the approval
of the shareholders at the forthcoming 2018 Annual General Meeting (the
“2018 AGM”). Taking into consideration the interim dividend of HK$
per share, the total annual dividend distributed for the year is HK$ per
share. The dividend payout ratio is approximately %.
BUSINESS REVIEW AND PROSPECT
With gradual recovery of the global economy in 2017 and pick-up in
economic growth of China for the first time since 2011, there was a good
trend in domestic consumption, innovation, investment, etc. Under this
background, future economic development will be more steady and
vigorous. The pharmaceutical industry of China sustained growth as a
whole. Under the guidance of various medical and pharmaceutical policies
and measures continuously published by the government, pharmaceutical
firms were still under various business pressures and needed to allocate
more resources in response to industry operation change. Based on
particularity of medical service and continuous increase in per capita
medical consumption, rigid social demands remained strong, and the
China’s medical and health industry maintained favorable development
momentum.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司06
Chairman’s Statement
主席報告
於報告期間，本集團錄得之營業額和利潤與二零一六
年比較均有所增長，專科藥的銷售數量維持平穩。其
中，「雷易得」（恩替卡韋分散片）由本集團直接處理
營銷工作後，取得較預期理想的成果，在銷售指標和
地區覆蓋等方面均超過計劃，這將有利於未來之市
場拓展。至於本集團通過合作夥伴葛蘭素史克有限
公司供應香港市場的恩替卡韋片劑合約，整體運作
暢順，各方均滿意本集團的產品質量和供應服務。
期內，中國抗菌素終端市場趨向平穩但增長幅度有
限，部分同質化品種的競爭依然激烈，業務運營難度
未有大幅緩解。於二零一七年上半年，本集團之頭孢
菌素原料藥生產車間曾因調整改造停產，有關改造
已基本完成，為未來數年的生產質量和產能提供更
有力的保證。本集團頭孢菌素類中間體和原料藥業
務仍然有所虧損，惟虧損金額較去年有所下降。本集
團預期，於業務計劃順利落實且無重大不可預見之
不利情況下，本集團頭孢菌素中間體和原料藥之業
務將持續改善，並於可見未來恢復盈利貢獻。
誠如本公司於二零一七年十二月二十日於聯交所網
站刊載之「須予披露交易 — 拆遷補償」公告，由於蘇
州市人民政府對吳中經濟開發區城市規劃要求的一
部分，本集團全資附屬公司蘇州東瑞製藥有限公司
（「蘇州東瑞製藥」）已經與所在地政府簽署拆遷補償
協 議， 雙 方 協 定 之 拆 遷 補 償 金 額 約 人 民 幣
351,200,000元。有關協議主要詳情，可查閱前述之
公告內容。本集團將以此拆遷項目為契機，加快蘇州
東瑞製藥之設備改造，推動其技術升級，因而提升本
集團的設備水平及生產能力，推動產品及技術轉型
升級，提高頭孢菌素類抗生素產品的製造工藝水準、
產品質量、生產效率及產能，提升企業形象及綜合競
爭力。
本公司全資附屬公司東瑞生物投資發展（亞洲）有限
公司與中山康方生物醫藥有限公司合資的康融東方
（廣東）醫藥有限公司（「康融東方」）獲中國國家食品
藥品監督管理總局藥品審評中心於二零一七年五月
承辦康融東方的單抗藥物AK102一類新藥註冊申請
（乃屬臨床試驗申請）。至本報告日期，該申請仍在審
理中。另外，康融東方另一支在研藥物AK109的各
項工作亦在積極進行中。
In the reporting period, the revenue and profit of the Group increased
compared with 2016, and the sales volume of specific medicines remained
stable. For “Leiyide” （雷易得） (Entecavir Dispersible Tablets), after direct
marketing by the Group, a better-than-expected achievement was made,
with the sale target, regional coverage, etc. exceeding the planned ones,
which will be conducive to future market expansion. The Group’s contract
for supply of Entecavir Tablets in Hong Kong market through
GlaxoSmithKline Limited, a partner of the Group, was performed smoothly
as a whole, and all parties concerned were satisfied with the Group’s
product quality and supply service.
During the period, the antibiotics end market of China tended to be stable
with limited growth. The difficulty in business operation was not significantly
mitigated, as some homogeneous varieties competed fiercely. In the first
half of 2017, the Group’s workshops for production of cephalosporin bulk
medicines suspended production due to adjustment and reconstruction.
Relevant reconstruction was basically completed, which provided a
stronger guarantee of the production quality and capacity for years to
come. The Group recorded losses on cephalosporin intermediate and bulk
medicine businesses, but the amount of such losses decreased, compared
with last year. The Group expects that with successful implementation of
business plans and in the absence of any major unforeseeable adversity,
cephalosporin intermediate and bulk medicine businesses of the Group
would be improved continuously and return to profitability in the
foreseeable future.
As disclosed in the announcement titled “DISCLOSEABLE TRANSACTION
— RELOCATION COMPENSATION”, which was published on the Stock
Exchange’s website on 20 December 2017, Suzhou Dawnrays
Pharmaceutical Co., Ltd. (“Suzhou Dawnrays Pharmaceutical”), a wholly-
owned subsidiary of the Group has signed a relocation compensation
agreement with the local government, due to certain requirements of
Suzhou Municipal People’s Government on urban planning of Wuzhong
Economic Development Zone, and the amount of relocation compensation
agreed by both parties was approximately RMB351,200,000. Refer to the
aforesaid announcement for major details of relevant agreement. The
Group will take this relocation project as an opportunity to speed up
equipment rebuilding of Suzhou Dawnrays Pharmaceutical and promote its
technical upgrade, thus boosting the equipment level and manufacturing
capacity of the Group, stimulating product and technology transformation
and upgrade, improve the manufacturing process level of cephalosporin
antibiotic products, product quality, production efficiency and capacity,
and enhance the corporate image and comprehensive competitiveness.
In May 2017, the Center for Drug Evaluation, CFDA accepted the
application of clinical trial for Class 1 new drug registration of AK102, a
monoclonal antibody agent, from AD Pharmaceuticals Co., Ltd. (“AD
Pharmaceuticals”), which was jointly invested by Dawnrays Biotechnology
Capital (Asia) Limited, a wholly-owned subsidiary of the Company, and
Akeso Biopharma Inc. （中山康方生物醫藥有限公司）. As at the date of
this report, the application is still being processed. In addition, active efforts
are being made for AK109, another drug of AD Pharmaceuticals under
development.
ANNUAL REPORT 2017 二零一七年年報 07
Chairman’s Statement
主席報告
為提高本集團管理效率需調整企業架構。本集團之
全資附屬公司東瑞國際股份有限公司（「東瑞國際股
份」）於二零一八年二月一日，與獨立第三方簽訂「股
權轉讓協議」（「該轉讓」），以人民幣2,900,000元之
代價出讓東瑞國際股份持有之本集團全資附屬公司
廣東東瑞藥業有限公司（「廣東東瑞」）的全部股權（含
廣東東瑞之資產及營業資質證照）。本公司董事認為
該轉讓對本集團業務並無實質重大之影響。
於過去數年間，政府針對醫藥行業的研發、生產、流
通和終端等方面頻繁頒佈不同政策和推行各種規範
措施，主導了中國醫藥產業的未來發展方向。總括而
言，行業將加速向更高層次升級，企業在全過程中必
須就市場、資本、技術和管理等不同範疇保持高效運
作，並須有力回應宏觀商業環境的各項變化和要求。
本集團將緊貼國家各項政策，充分運用內部財務資
源，實施各項業務計劃，尤其於維護專科藥物的銷售
和利潤水平方面，以期保持內生式的適度增長，亦將
繼續尋求外延式的擴張機會，以加快本集團企業規
模的發展。與此同時，由於各個社會因素的影響，中
國醫藥市場未來可發展空間依然龐大，對優質藥物
需求極其殷切。因此，在新產品和技術創新方面，本
集團仍將以市場導向為重要原則，主力發展各系統
專科藥物，以期適時投放品質優良，療效確切且具有
高度市場價值的創新及首仿產品，藉此滿足社會需
求，並同時維持本集團可持續發展態勢。
本集團管理層將秉承一貫的務實經營作風，以股東
長遠利益為依歸，審慎決策，專注發展本集團業務；
同時將不斷引進優秀人才，優化管理體系，穩定管理
人員隊伍，以期為本公司股東的投資創造合理回報。
In order to enhance the management efficiency of the Group, it is
necessary to adjust the corporate structure. On 1 February 2018,
Dawnrays International Company Limited (“Dawnrays International”), a
wholly-owned subsidiary of the Group entered into the “Equity Transfer
Agreement” (“the Agreement”) with an independent third party, in order to
transfer all equity interests held by Dawnrays International in Guangdong
Dawnrays Pharmaceutical Co., Ltd. (“Guangdong Dawnrays”), a wholly-
owned subsidiary of the Group (including assets, business qualification
certificates and licenses of Guangdong Dawnrays), for a consideration of
RMB2,900,000. Directors of the Company believed that such transfer did
not have any material influence on businesses of the Group.
Over the past few years, the government has frequently published different
policies and implemented various standardization measures in terms of
research, development, production, circulation, terminal and other aspects
of the medical and pharmaceutical industry, leading the future development
of the China’s medical and pharmaceutical industry. In general, the
industry will accelerate its upgrade to a higher level, so in the whole
process, an enterprise must maintain efficient operation in terms of market,
capital, technology, management, etc., and must effectively respond to all
changes and requirements of the macro business environment. The Group
will, in strict compliance with all national policies, implement all business
plans, sufficiently using internal financial resources, in order to maintain a
moderate endogenous growth especially in terms of sales and the profit
level of specific medicines. It will also continue to seek opportunities for
external expansion, so as to accelerate expansion of the size of the Group.
Meanwhile, affected by social factors, the China’s pharmaceutical market
has significant room to grow in the future and eagerly demands for quality
drugs. Therefore, in terms of new products and technical innovation, the
Group will still take market orientation as an important policy and focus on
development of system specific medicines, so as to launch high-quality
innovative and first generic products with an obvious curative effect and a
high market value in due course, and by doing so, satisfy social demands.
Meanwhile, the Group will maintain the sustainable development
momentum.
The Group’s management will continue to practice its time-honored
pragmatic style of operation, aim at the long-term shareholder interest,
make prudent decisions and focus on our business. Meanwhile, the
management will continue to recruit outstanding talents, optimize the
management system and stabilise the management team in a bid to create
reasonable returns for the shareholders of the Company.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司08
Chairman’s Statement
主席報告
感謝
藉此機會，本人衷心感謝本公司股東、董事及本集團
各業務夥伴、管理人員和員工於過去一年在各項工
作上給予本人的大力支持。
承董事會命
李其玲
主席
香港，二零一八年三月二十二日
APPRECIATION
Meanwhile, I would like to take this opportunity to express my appreciation
for the great support to me in various tasks from the Company’s
shareholders and directors and the Group’s business partners,
management personnel and all staff in the previous year.
By Order of the Board
Li Kei Ling
Chairman
Hong Kong, 22 March 2018
ANNUAL REPORT 2017 二零一七年年報 09
Management Discussion and Analysis
管理層討論與分析
業務營運回顧
於回顧期內，在競爭激烈的市場環境下，本集團治療
高血壓的「安」系列產品及抗過敏藥物「西可韋」（鹽
酸西替利嗪片）的銷售，與二零一六年度比較基本持
平。「雷易得」（恩替卡韋分散片）取得了可觀的銷售
增長。頭孢菌素類成品藥銷售相對穩定，其中「先可
美」（注射用頭孢美唑鈉）於投放市場後獲得快速增
長。頭孢菌素中間體及原料藥銷售也趨於良好。
期內，本集團營銷管理人員緊密檢查各項業務計劃
成效，因應市場急促變化，適當調整本集團產品營銷
思路和銷售策略並加強配置資源，優化供銷體系，力
保市場份額。本集團營銷管理人員將持續深化市場
工作，以促使各層級市場的組織管控更趨完善，盡力
確保該等系列產品銷售金額在二零一八年取得合理
增長，於本集團的盈利作出貢獻。
抗高血壓產品
高血壓是最常見的慢性非傳染性疾病，據醫療統計，
中國18歲及以上居民高血壓患病率為25%以上，因
此抗高血壓用藥市場前景廣闊。本集團特別注重在
此領域的市場發展，過去曾參與國家「中國高血壓綜
合防治研究」(CHIEF)，與150多個醫療機構合作，為
10,000多名患者提供高血壓用藥，所以本集團在醫
生以及高血壓患者中擁有良好品牌口碑。目前，本集
團也正在與世界衛生組織 (WHO)的高血壓項目管理
部門接觸，爭取再次取得學術合作，為未來「安」系
列產品的推廣提供學術支持。
REVIEW OF OPERATIONS
During the review period, under the pressure of intense market competition,
sales of the Group’s anti-hypertensive drug in “An” (安 ) series medicines
and anti-allergic drug “Xikewei” (西可韋 ) (Cetirizine Hydrochloride Tablets)
kept almost even as compared to 2016. “Leiyide” (雷 易 得 ) (Entecavir
Dispersible Tablets) achieved remarkable increase in sales. Sales of
cephalosporin finished medicines was relatively stable, of which
“Xiankemei” (先 可 美 ) (Cefmetazole Sodium for Injection) achieved rapid
growth once launched on the market. Sales of cephalosporin bulk
medicines and intermediates tended to be better as well.
During the period, the Group’s marketing management team closely
checked the effectiveness of various business plans, adjusted the Group’s
marketing ideas and sales strategies properly in line with the rapid market
changes, strengthened allocation of resources, and optimized supply and
sales system, in an effort to maintain the market shares. The Group’s
marketing management team will continue deepening the market, make
efforts to further improve the organization control over the market at
various levels, and endeavor to ensure the reasonable increase in sales
amount of that series of medicines in 2018, thereby making contributions
to the Group’s profitability.
ANTI-HYPERTENSIVE PRODUCTS
Hypertension is the most common chronic non-communicable disease.
According to medical statistics, the prevalence rate of hypertension among
Chinese residents aged 18 and above is over 25%, so anti-hypertensive
drugs have a broad market prospect. The Group paid special attention to
market development in this field, and participated in the national “Chinese
Hypertension Intervention Efficacy Study” (CHIEF). The Group cooperated
with more than 150 medical institutions to provide anti-hypertensive drugs
for over 10,000 patients, so the Group enjoyed favorable brand reputation
among doctors and hypertension patients. At present, the Group is also
contacting with the administrative department for hypertension of the
World Health Organization (WHO), in an attempt to achieve academic
cooperation again, and provide academic support for the promotion of
“An” (安) series products in future.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司10
Management Discussion and Analysis
管理層討論與分析
期內，針對治療高血壓常用藥產品市場從第一終端
向下延伸的趨勢，本集團營銷管理人員對主要產品
「安內真」（苯磺酸氨氯地平片）的銷售渠道，銷售價
格等市場營銷關鍵影響點作出了較嚴密的設計和控
制，並且加強資源配置，注重加強了對第二及第三終
端的推廣活動，確保了該等產品在該等市場的持續
銷售並保證了市場份額的穩定。據本集團綜合市場
調研機構調查資料，「安內真」於多個省市在第二及
第三終端的銷售處於同類產品領先位置，佔據可觀
的市場份額。此外，本集團另一高血壓產品「安內喜」
（氯沙坦鉀氫氯噻嗪片）也有了較大的銷售增長。自
二零一六年起，營銷管理人員對「安內喜」作出了銷
售模式轉型的決策，於兩年內取得了較大進步，在國
產品牌的銷售位處前領位置。隨著未來進一步的精
細化管理，本集團預期「安內喜」將成為本集團第二
個抗高血壓的明星產品。於未來本集團營銷管理層
將著重關注「安」系列產品的品牌規劃、渠道規劃、
價格規劃和學術推廣，緊隨國家慢性病管理相關政
策，加強對不同市場的產品准入設計，進一步開拓新
的市場。
抗病毒產品
據市場訊息，恩替卡韋是當下臨床治療乙肝的「基礎」
用藥，佔據核苷類藥物的一半以上；二零一六年恩替
卡韋單品種在中國的市場規模超過人民幣50億元。
本集團於二零一六年七月取消了「雷易得」毫克的
總代理協議後，隨即自行直接計劃和組織「雷易得」
的營銷工作，著力鞏固原有的銷售渠道，並且加強開
拓其他地區市場。在2016–2017年度（「本輪」）招標
中，營銷管理層充分研究各地招標政策，在招標策略
方面做出了聚焦區域優勢市場的「穩價」決策，確保
了產品的價格優勢，保證了在區域優勢市場做強做
大的可能性。在本輪的招標過後，「雷易得」的招標
策略得以體現，說明本集團策略定位正確。未來「雷
易得」可以憑藉「獨特的環糊精包合技術」和「國際品
質」的質量優勢，加大學術推廣力度，全面發揮該產
品市場潛力。期內在本集團銷售團隊的全面努力下，
將各項市場推廣工作成功落實，於銷售方面取得比
預期較好的結果，銷售金額較二零一六年取得了可
觀增長，並且長遠建構了「雷易得」較穩固的市場根
基。
During the period, considering the tendency that the product market of
common anti-hypertensive drugs extended downwards from the first
terminal, the Group’s marketing management carried out precise design
and control of the key marketing impact points such as sales channels and
sales price of major product “Anneizhen” (安 內 真 ) (Amlodipine Besylate
Tablets), strengthened allocation of resources, and attached importance to
reinforcing the promotion activities of the second and third market terminals,
thereby ensuring the continual sales of such products on the market and
guaranteeing the stability of market shares. Based on the Group’s
integration of the survey data of market research institutions, the sales of
“Anneizhen” (安 內 真 ) was placed the leading position among similar
products on the second and third market terminals in many cities
and provinces, and occupied considerable market shares. Moreover,
another anti-hypertensive drug “Anneixi” (安內喜 ) (Losartan Potassium and
Hydrochlorothiazide Tablets) of the Group also recorded high sales growth.
Ever since 2016, the Group’s marketing management team made a
decision on transformation of the sales model of “Anneixi” (安內喜 ), which
made great progress in 2 years, and was placed the leading position
among domestic brands in terms of sales. Along with the further refined
management in future, it is anticipated that “Anneixi” (安內喜 ) will become
the Group’s second star product for anti-hypertension. In the future, the
Group’s marketing management team will focus more attention on brand
planning, channel planning, price planning and academic promotion of the
“An” (安) series products, strengthen the access design of products to
different markets by closely following up national policies related to chronic
disease management, and further expand the new market.
ANTIVIRAL PRODUCTS
According to market information, Entecavir is currently “basic” medicine for
clinical treatment of hepatitis B, accounting for more than half of the
nucleoside drugs. In 2016, the market scale of the single variety of
Entecavir in China exceeded RMB5 billion. Since the Master Agency
Agreement for “Leiyide” (雷易得 ) was terminated in July 2016, the
Group has directly planned and organized the marketing of “Leiyide” (雷易
得 ). Apart from reinforcing the original marketing channels, the Group also
attached great importance to expanding other regional markets. For the
tenders in 2016-2017 (“this round”), the marketing management fully
researched the tender policies in various places, and made the “stable
price” decision of focusing on regional superior market in terms of tender
strategy, thereby guaranteeing the price advantages of the product, and
ensuring the probability of developing the regional superior market bigger
and stronger. After this round of tenders, the tender strategy for “Leiyide”
( 雷 易 得 ) was demonstrated, proving the correct positioning of the
Group’s strategy. In further, the Group can reinforce academic promotion
and bring into full play the market potential of “Leiyide” (雷易得 ) by virtue
of the “unique cyclodextrin inclusion technology” and the “international
quality” strengths. During the period, under the full efforts of the Group’s
sales teams, all the market promotion work was successfully implemented,
better sales results than expected were obtained, remarkable growth in
sales amount as compared to 2016 was recorded, and the long-term
stable market foundation was laid for “Leiyide” (雷易得 ).
ANNUAL REPORT 2017 二零一七年年報 11
Management Discussion and Analysis
管理層討論與分析
抗過敏產品
鹽酸西替利嗪是無中樞鎮靜作用的抗組胺藥，是社
區治療抗過敏的首選藥物，同時也是國家低價藥目
錄產品。但由於受全國招標影響，價格不斷下降，整
體用藥金額及數量表現為下降的趨勢。期內，本集團
營銷管理層對「西可韋」產品、競爭產品、商業客戶
等進行深入研究，在營銷政策上作出相應調整，確保
了穩定的市場份額。由於此類產品目前銷售價格過
低，很多競品企業對此類產品關注度下降，所以本集
團將結合銷售優勢不遺餘力的推進「西可韋」一致性
評價的工作，率先取得一致性評價的質量優勢，以便
進一步鞏固和提升「西可韋」銷售數量和市場份額。
本集團另一產品「西可新」（鹽酸左西替利嗪片）也有
一定規模的銷售，從而在銷售價格和商業渠道等方
面，起著補缺效能，很好的彌補了「西可韋」在營銷
政策調整過程所產生的市場衝擊。
頭孢菌素類成品
頭孢菌素類成品由於其療效及安全性較好，長期在
中國抗生素市場佔有重要的比重，並且由於環境污
染（如霧霾）及社會人口龐大等因素，在未來始終存
在廣闊的市場空間。本集團由於近年來受限抗、招標
等因素影響，制約了產品的研發、生產和銷售。對此
本集團管理層針對市場實際情況，結合企業優勢，優
化了產品結構，在滿足產能、盈利以及銷售方面取得
了一定成效。尤其在銷售終端取得了突破性的進展。
如「先可美」在部分省區率先通過了醫療機構的一致
性評價的審評，為本集團頭孢菌素重返核心醫院使
用開闢了良好的開端，同時也重塑了本集團抗生素
業務的專業形象。本集團預期，隨著「先可美」在醫
療機構一致性評價的評審推進，本集團的頭孢菌素
抗生素業務將有突破性的進展。
中間體及原料藥
至於本集團的頭孢菌素抗生素中間體及原料藥業務，
於回顧期內，原料藥車間改造後，生產條件有利於控
制生產成本和穩定產品質量，本集團中間體及原料
藥分部業務雖仍錄得虧損，惟虧損金額較二零一六
年大幅下降。
ANTI-ALLERGIC PRODUCTS
Cetirizine Hydrochloride is a kind of antihistamine drug without central
nervous sedation. It is the first choice for community clinics to treat
allergies, as well as one of the national low price drug catalog products.
However, as affected by national tenders, its price has dropped
continuously, and the overall sales amount and volume both showed
downward tendency. During the period, the Group’s marketing
management deeply research the product of “Xikewei” (西 可 韋 ), the
competitive products, business customers, etc., and made corresponding
adjustment in marketing policy, thereby ensuring its stable market shares.
As the sales price of such products is too low, many competitive
enterprises have reduced their concern of similar products. However, the
Group will combine the sales advantages and spare no effort to promote
consistency evaluation of “Xikewei” (西可韋 ) and take the lead in acquiring
the quality advantages of consistency evaluation, so as to further reinforce
and enhance the sales volume and market share of “Xikewei” (西 可 韋 ).
Another product of the Group — “Xikexin” ( 西 可 新 ) (Levocetirizine
Dihydrochloride Tablets) also recorded certain sales scale, which
performed effect of filling up the vacancy in terms of sales price and
business channels, and made up the market impacts arising from
adjustment of the marketing policy for “Xikewei” (西可韋 ).
FINISHED CEPHALOSPORIN PRODUCT
The finished cephalosporin product has long been occupying a significant
share of China’s antibiotics market due to its good efficacy and safety, and
will always have a broad market space because of factors such as
environmental pollution (., haze) and enormous social population. In
recent years, the restriction of antibiotics, tenders and other factors have
inhibited the R&D, production and sales of the Group’s products. In view
of this, the Group’s management optimized the product mix by referring to
the actual market circumstances and by combining the corporate
strengths, and made certain achievements in satisfying the productivity,
profitability and sales volume. In particular, the Group has made
breakthroughs in sales terminals. For instance, “Xiankemei” (先可美 ) took
the lead in passing the consistency evaluation of medical institutions in
some provinces and regions, which not only blazed a new beginning for
the Group’s cephalosporin products to return to core hospitals, but also
reshaped the professional image of the Group’s antibiotics business. As
the Group expects, as the consistency evaluation of medical institutions on
“Xiankemei” (先 可 美 ) advances, the Group’s cephalosporin antibiotics
business will develop with breakthroughs.
INTERMEDIATES AND BULK MEDICINES
In terms of the Group’s business of intermediates and bulk medicines for
cephalosporin antibiotics during the review period, after the renovation of
bulk medicine workshops, the production conditions were favorable for
controlling the production cost and maintaining the product quality, but the
Group still recorded losses from the business of intermediates and bulk
medicines, and only the amount of losses shrank sharply as compared to
2016.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司12
Management Discussion and Analysis
管理層討論與分析
由於中國頭孢菌素市場環境（限抗等）及競爭異常激
烈，本集團自年前評估各項因素和市場趨勢調整策
略後，除原有品種外，並且加強生產銷售附加值較高
的頭孢菌素品種。因此，管理層預期於成功執行各項
相關計劃後，該等板塊業務將持續改善，並有信心在
二零一八年恢復盈利貢獻。
產品研發
除於下列「新產品和專利授權情況」一節所述外，本
集團在研項目覆蓋治療領域包括循環系統、消化系
統、內分泌系統和抗病毒藥物等。本集團將持續投入
更多資源於生產技術和產品的研發創新，並對外尋
求各種科研合作機會，以加強產品結構和盈利基礎。
其他事宜
期內，本集團於生產、產品質量及人力資源等方面亦
不斷進行優化，提高風險管控能力及完善各體系運
作水平，以確保本集團於激烈的業務競爭環境中保
持可持續發展。
生產銷售情況
截至二零一七年十二月三十一日止年度，本集團中
間體及原料藥的生產量及銷售量與二零一六年比較，
分別為生產量持平，銷售量增長%；下半年由於
本集團原料藥生產產品質量穩定提升和原料藥銷售
市場回暖，增長幅度較大。頭孢菌素粉針劑的生產量
較去年上升%，銷售量較去年減少%。粉針
劑銷售量的減少與品種結構調整有關。固型劑的生
產量比去年增長%，銷售量與去年持平。國際業
務方面，本集團不斷拓展海外市場，海外市場銷售佔
本集團總體銷售份額的%，比上年增長個百
分點。
新產品和專利授權情況
(1) 二零一七年度共有7個品種向江蘇省食品藥品
監督管理局進行了新註冊申報申請（其中補充
申請或備案件7個、再註冊申請3個）；共獲得
批件12個（補充申請備案件9個、再註冊批件3
個）。
(2) 二零一七年有2個品種已獲國家食品藥品監督
管理局藥品審評中心 (CDE)受理待審評。
In consideration of the environment (restriction of antibiotics, etc.) and
fierce competition at China’s cephalosporin market, the Group determined
to adjust the strategy after evaluating various factors and market tendency
before the year, and focused attention on production and sales of
cephalosporin varieties with higher added values, apart from existing
varieties. Therefore, the management expects to continuously improve the
business performance of such segment upon successful implementation
of various plans, and has the confidence in restoring its profitability
contributions in 2018.
PRODUCT R&D
Apart from the description in the following section of “NEW PRODUCTS
AND PATENT LICENSING”, the Group’s ongoing projects cover the
therapeutic areas of circulatory system, digestive system, endocrine
system, antiviral drugs, etc. The Group will continue investing more
resources in production technology and product R&D and innovation, and
seek after various scientific research cooperation opportunities so as to
strengthen our product mix and profitability foundation.
OTHER MATTERS
During the period, the Group continued optimizing production, product
quality, human resources, etc., and endeavored to enhance the risk control
capability and improve the operating level of various systems, in an attempt
to maintain the Group’s sustainable development in the fierce business
competition environment.
PRODUCTION AND SALES
For the year ended 31 December 2017, the Group’s production volume
and sales volume of intermediates and bulk medicines respectively
remained the same and increased by % as compared to that in 2016.
Due to stable increase in product quality of the Group’s bulk medicines
and bulk medicines sales market pickup in the second half of the year,
greater increase was achieved. The production volume of cephalosporin
powder for injection increased by % while the sales volume decreased
by % as compared to last year, where the decrease in sales volume of
powder for injection was attributable to specie structure adjustment. The
production volume of solid-dosage-forms increased by % as compared
to last year, but the sales volume remained the same with that in last year.
As for the international business, the Group kept expanding its overseas
market, making the overseas sales accounted for % of total sales
volume of the Group, representing a y-o-y growth of percentage
points.
NEW PRODUCTS AND PATENT LICENSING
(1) In 2017, a total of 7 species’ declarations for registration were filed
with the Food and Drug Administration of Jiangsu Province (including
7 supplementary applications for approval or record and 3
applications for re-registration); a total of 12 approval documents
were obtained (including 9 supplementary application documents for
record, and 3 re-registration approval documents).
(2) In 2017, 2 species have been accepted by Center for Drug
Evaluation of China Food and Drug Administration (CDE) for
evaluation.
ANNUAL REPORT 2017 二零一七年年報 13
Management Discussion and Analysis
管理層討論與分析
(3) In 2017, the filing of bio-equiavailability (BE) for the consistency
evaluation as to a total of 3 species has been completed.
(4) In 2017, a total of 4 invention patents has been granted:
(i) “A Kind of Rosuvastatin Calcium Tablet and its Preparation
Processes” were granted the invention patent certificate on 28
July 2017.
(ii) “A Kind of Levamlodipine Besylate Tablet and its Preparation
Processes” were granted the invention patent certificate on 24
October 2017.
(iii) “A Kind of Cefoperazone Sodium Hydrolysate and its
Preparation Methods and Purposes” were granted the
invention patent certificate on 27 October 2017.
(iv) “A kind of Entecavir Dispersible Tablet and its Preparation
Processes” were granted the invention patent certificate on 7
November 2017.
HONORS AWARDED IN 2017
TIME OF
AWARDS
HONORS
June 2017 Suzhou Dawnrays Pharmaceutical Co., Ltd. (R&D
Center) was awarded one of the foreign-funded R&D
centers approved in the first batch to enjoy tax rebate
policy as to purchase of domestic equipment and tax
policy as to import.
November 2017 Suzhou Dawnrays Pharmaceutical Co., Ltd. passed
the qualification certification for “Jiangsu Provincial
High-tech Enterprise”.
November 2017 Suzhou Dawnrays Pharmaceutical Co., Ltd. was
awarded as “Top 100 Enterprises of China’s Chemical
Pharmaceutical Industry in Integrated Corporate
Strength in 2017”. The Group’s product “Amlodipine
Besylate Tablet” (“Anneizhen”, 安內真 ) was awarded
as “Excellent Product Brand in China’s Pharmaceutical
Industry in Anti-Hypertensive Class in 2017”.
November 2017 “Levamlodipine Besylate Tablet (“Anmeiping”, 安 美
平 )” was recognized as “High-tech Product of Jiangsu
Province”.
February 2018 Suzhou Dawnrays Pharmaceutical Co., Ltd. was
awarded by Wuzhong Distr ict Government as
“Landmark Technology (Patent) Enterprise” and
“Advanced Enterprise in Energy Saving and Emission
Reduction” of Wuzhong District in 2017.
(3) 二零一七年共有3個品種完成一致性評價的生
物等效性試驗 (BE)備案。
(4) 二零一七年共獲得四項國家發明專利：
(i) 「一種瑞舒伐他汀鈣片及其製備工藝」於
二零一七年七月二十八日獲發明專利證
書。
(ii) 「一種苯磺酸左旋氨氯地平片及其製備工
藝」於二零一七年十月二十四日獲發明專
利證書。
(iii) 「一種頭孢哌酮鈉水解產物及其製備方法
和用途」於二零一七年十月二十七日獲發
明專利證書。
(iv) 「一種恩替卡韋分散片及其製備工藝」於
二零一七年十一月七日獲發明專利證書。
二零一七年獲得之榮譽
頒授時間 榮譽
二零一七年六月 蘇州東瑞製藥有限公司（研發中
心）被評為江蘇省2017年度第
一批覆核通過的符合採購國產
設備退稅政策及符合進口稅收
政策的外資研發中心。
二零一七年十一月 蘇州東瑞製藥有限公司通過「江
蘇省高新技術企業」資格認定。
二零一七年十一月 蘇 州 東 瑞 製 藥 有 限 公 司 榮 獲
「2017中國化學製藥行業工業企
業綜合實力百強」；本集團產品
「苯磺酸氨氯地平片（安內真）」
榮獲2017中國化學製藥行業降
血壓類優秀產品品牌。
二零一七年十一月 「苯磺酸左旋氨氯地平片（安美
平）」榮獲江蘇省高新技術產品。
二零一八年二月 蘇州東瑞製藥有限公司被吳中
區政府評為吳中區2017年度「地
標型科技（專利）企業」及「節能
減排先進企業」。
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司14
Management Discussion and Analysis
管理層討論與分析
財務回顧
銷售及毛利
截至二零一七年十二月三十一日止年度，本集團全
年 銷 售 額 約 人 民 幣882,483,000元， 比 上 年 增 長
%，銷售額增長人民幣58,132,000元。其中中間
體及原料藥銷售額人民幣156,882,000元，比去年下
降%，銷售額下降人民幣6,704,000元；成藥銷售
額人民725,601,000元，比去年上升%，銷售額
增長人民幣64,836,000元。營業額增長的主要原因
乃由於收回「雷易得」（恩替卡韋分散片）代理權後銷
售恢復性增長所致。
成藥包括系統專科藥、頭孢菌素的粉針劑、片劑及其
他 口 服 抗 生 素 固 型 劑， 銷 售 金 額 約 人 民 幣
725,601,000元。成藥的銷售金額佔總體銷售金額的
比重約%，較去年的銷售比重增加了個百分
點。其中系統專科藥佔成藥銷售的比重約%。
毛利額約人民幣561,549,000元，比去年增加約人民
幣50,070,000元， 增 長 幅 度 為%。 毛 利 率 為
%，較去年的%增加了約個百分點。主
要是專科藥銷售佔比增加的影響。
營業額分析 — 按產品劃分
費用
年內，費用總支出約共人民幣219,536,000元，較去
年人民幣202,605,000元增加人民幣16,931,000元。
佔營業額的比例為%（二零一六年：%）。由
於 銷 售 模 式 調 整， 銷 售 費 用 比 去 年 減 少 人 民 幣
10,809,000元。 行 政 費 用 較 去 年 增 加 人 民 幣
17,866,000元，主要是調整員工激勵機制的影響。其
他費用較去年增加人民幣10,018,000元，主要是一
致性評價費用和匯兌損失的增加。
FINANCIAL REVIEW
SALES AND GROSS PROFIT
For the year ended 31 December 2017, the Group recorded a turnover of
app rox ima te l y RMB882 ,483 ,000 , wh i ch was i nc reased by
RMB58,132,000 or % compared with last year. Of which the turnover
of intermediates and bulk medicines was RMB156,882,000 which was
decreased by RMB6,704,000 or % compared with last year. The
turnover of finished drugs was RMB725,601,000 which was increased by
RMB64,836,000 or % compared with last year. The reasons for
increase in turnover mainly attributed to recovery of growth in sales volume
upon the Group’s revocation of agency rights for “ Leiyide” (Entecavir
Dispersible Tablets).
Sales amount of finished drugs, comprising system specific medicines,
powder for injection and tablets of cephalosporin and other oral solid-
dosage-form of antibiotics, reached approximately RMB725,601,000.
Taking into account of the total turnover, sales amount of finished drugs
was approximately % which was increased by percentage points
compared with last year. Sales amount of system specific medicines
accounted for % of sales of finished drugs.
Gross profit was approximately RMB561,549,000, which was increased
by RMB50,070,000 compared with last year, representing an increase of
%. Gross profit margin increased by approximately percentage
points to % from % as in last year. It was mainly due to the
influence of increased sales proportion of system specific medicines.
TABLE OF TURNOVER ANALYSIS
PRODUCT TURNOVER (RMB’000) SALES BREAKDOWN (%)
產品 營業額 (人民幣千元 ) 銷售比例 (%)
Percentage
points
百分點
2017 2016 Changes 2017 2016 Changes
二零一七年 二零一六年 變幅 二零一七年 二零一六年 變幅
Intermediates and Bulk Medicines 中間體及原料藥 156,882 163,586 –6,704 –
Finished Drugs 成藥 725,601 660,765 64,836
Overall 總體 882,483 824,351 58,132
EXPENSES
During the year, the total expenses incurred were approximately
RMB219,536,000, equivalent to % of turnover (2016: %). The
total expenses increased by approximately RMB16,931,000 compared
with last year which was RMB202,605,000. The selling and distribution
expenses decreased by RMB10,809,000 compared with last year due to
adjustment in sales model. Administrative expenses increased by
RMB17,866,000 compared with last year mainly due to the influence by
adjustment in employee incentive mechanism. Other expenses increased
by RMB10,018,000 compared with last year, mainly due to the increase in
consistency evaluation expenses and exchange loss.
ANNUAL REPORT 2017 二零一七年年報 15
Management Discussion and Analysis
管理層討論與分析
SEGMENT PROFIT
For the year ended 31 December 2017, the segment profit of finished
drugs segment was approximately RMB488,211,000, which was
increased by approximately RMB68,306,000 when compared with that in
2016 which was RMB419,905,000. The segment results of intermediates
and bulk medicines segment recorded losses of approximately
RMB5,355,000. The loss was reduced by RMB9,134,000 compared with
the loss of RMB14,489,000 in 2016. As the Group had strict control in the
production cost of cephalosporin bulk medicines, the overall production
cost was reduced and the loss situation of the Group’s bulk medicines
business had larger improvement compared with last year.
INTERESTS AND RIGHTS IN ASSOCIATE
During the year, Dawnrays Biotechnology Capital (Asia) Ltd. (Dawnrays
Biotechnology) — subsidiary of the Group invested Phase 1 registered
capital of RMB50,330,000 as agreed in a joint venture contract (as agreed
in such contract, Dawnrays Biotechnology proposed to acquire 35%
shares of AD Pharmaceuticals at RMB150,000,000 in total). According to
this contract, Dawnrays Biotechnology shall invest the remaining capital by
installments as per the completion of the clinical trial of the project by AD
Pharmaceuticals. For the year ended 31 December 2017, the R&D and
administrative expenses occurred by AD Pharmaceuticals have totaled
approximately RMB19,090,000. As a result, the Group shared, in
proportion to the investment percentage, an investment loss approximately
of RMB6,682,000.
PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT
For the year ended 31 December 2017, profit attributable to owners of the
parent amounted to approximately RMB292,978,000, representing an
increase of RMB27,061,000 or % compared with RMB265,917,000 in
last year. Such increase was primarily attributable to recovery of sales of
Leiyide, one of the system specific medicines, and decrease in loss of bulk
medicines and intermediates.
ANALYSIS ON THE RETURN ON ASSETS
As at 31 December 2017, net assets attributable to owners of the parent
were approximately RMB1,806,158,000. The return on net assets, which
is defined as the profit attributable to owners of the parent divided by net
assets attributable to owners of the parent was % (2016: %). The
current ratio and quick ratio was and respectively. Turnover days
for trade receivables were approximately 60 days. The turnover days for
trade receivables including bills receivables were 110 days. Turnover days
for inventory were approximately 138 days.
分類溢利
截至二零一七年十二月三十一日止年度，成藥分部
的分類溢利約人民幣488,211,000元，較二零一六年
人 民 幣419,905,000元 增 加 盈 利 人 民 幣68,306,000
元。中間體及原料藥分部的分類業績為虧損約人民
幣5,355,000元， 較 二 零 一 六 年 虧 損 人 民 幣
14,489,000元，減少虧損人民幣9,134,000元。由於
本集團嚴格控制頭孢菌素原料藥的生產成本，總體
成本有所下降，故本集團原料藥業務虧損狀況與去
年同比有較大改善。
於聯營公司之權益
年內，本集團附屬子公司東瑞生物投資發展（亞洲）
有限公司（「東瑞生物」）按合資經營合同約定（按合同
協定東瑞生物擬投資總額為人民幣150,000,000元以
持有康融東方35%之股權）投入第一期註冊資本金人
民幣50,330,000元。根據合資經營合同，按康融東
方完成項目的臨床試驗情況，東瑞生物將分階段投
入餘下的投資款。於二零一七年十二月三十一日止
年度內康融東方共發生研發及各項行政費用約人民
幣19,090,000元，本集團按投資比例承擔投資損失
約人民幣6,682,000元。
母公司擁有人應佔溢利
截至二零一七年十二月三十一日止年度，母公司擁
有人應佔溢利約人民幣292,978,000元，比去年人民
幣265,917,000元增加人民幣27,061,000元，上升幅
度%。利潤上升的主要原因是系統專科藥中「雷
易得」銷售恢復和原料藥及中間體減虧所致。
資產盈利能力分析
於二零一七年十二月三十一日，母公司擁有人應佔
淨資產約人民幣1,806,158,000元，淨資產收益率（界
定為母公司擁有人應佔溢利除以母公司擁有人應佔
淨資產）為%（二零一六年：%）。流動比率
和速動比率分別為和，應收賬款周轉期約
60日，應收賬款（含應收票據）周轉期約110日，存
貨周轉期約138日。
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司16
Management Discussion and Analysis
管理層討論與分析
流動資金及財政資源
於二零一七年十二月三十一日，本集團持有現金及
銀 行 存 款 約 人 民 幣611,077,000元（於 二 零 一 六 年
十二月三十一日：人民幣663,296,000元）；此外，
其他應收款中的人民幣449,000,000元為本集團為增
加利息收益於多間國內銀行購買的保本類型理財產
品，該等保本類型理財產品的本息可在到期日收回。
年 內， 經 營 業 務 的 現 金 流 入 淨 額 約 人 民 幣
390,741,000元（ 二 零 一 六 年： 人 民 幣320,258,000
元）；使 用 在 投 資 活 動 的 現 金 流 出 淨 額 約 人 民 幣
452,396,000元（ 二 零 一 六 年： 人 民 幣105,739,000
元）；使 用 在 融 資 活 動 的 現 金 流 出 淨 額 約 人 民 幣
137,862,000元（ 二 零 一 六 年： 人 民 幣117,271,000
元）。
於二零一七年十二月三十一日，本集團之銀行信貸
總額約人民幣918,341,000元（於二零一六年十二月
三 十 一 日： 人 民 幣724,397,000元 ）， 其 中 港 幣
22,000,000元銀行信貸額度以本公司擔保。於二零
一七年十二月三十一日，本集團沒有任何銀行貸款，
負債比率（界定為計息銀行貸款除以資產總值）為0%
（於二零一六年十二月三十一日：%）。
於二零一七年十二月三十一日，本集團應收貿易賬
款額約人民幣184,853,000元（於二零一六年十二月
三十一日：人民幣110,684,000元），主要是由於中
國內地醫藥行業「兩票制」的實施，製藥企業銷售模
式發生改變的影響。
於二零一七年十二月三十一日，本集團存貨餘額約
人民幣121,133,000元（於二零一六年十二月三十一
日：人民幣124,746,000元）。
於二零一七年十二月三十一日，本集團已訂約但未
作 撥 備 的 廠 房 及 機 器 資 本 開 支 承 擔 約 人 民 幣
4,500,000元（於二零一六年十二月三十一日：人民
幣3,060,000元），主要涉及東瑞（南通）醫藥科技有
限公司的污水處理及車間GMP改造工程。
由於蘇州市人民政府對吳中經濟開發區城市規劃調
整，蘇州東瑞製藥於二零一七年十二月二十日與所
在地政府簽署拆遷補償協議，雙方協定之拆遷補償
金額約人民幣351,200,000元，該補償金將按相關會
計準則作為政策性搬遷賠償並於賬務處理時列入「遞
延收益」，在處置資產、支付搬遷費用和以後年度隨
固定資產折舊時確認收入。
LIQUIDITY AND FINANCIAL RESOURCES
As at 31 December 2017, the Group had cash and bank balance
approx imate ly RMB611,077,000 (as a t 31 December 2016:
RMB663,296,000). In addition, in Other Receivables, an amount of
RMB449,000,000 was used by the Group to purchase principal-
preservation type of wealth management products from several banks in
Mainland China in order to increase interest income. The principal and
interest of these principal-preservation type of wealth management
products can be received on maturity date. During the year, the net cash
inflows from operating activities was approximately RMB390,741,000
(2016: RMB320,258,000). Net cash outflows used in investing activities
was approximately RMB452,396,000 (2016: RMB105,739,000). Net cash
outflows used in financing activities was approximately RMB137,862,000
(2016: RMB117,271,000).
As at 31 December 2017, the Group had aggregate bank facilities of
approx imate ly RMB918,341,000 (as a t 31 December 2016:
RMB724,397,000), of which, bank facilities of HK$22,000,000 were
secured by corporate guarantee of the Company. As at 31 December
2017, the Group has no bank loans. Its debt ratio (defined as sum of
interest-bearing bank loans over total assets) was 0% (as at 31 December
2016: %).
As at 31 December 2017, the Group had trade receivables of
approx imate ly RMB184,853,000 (as a t 31 December 2016:
RMB110,684,000), mainly due to the influence of changes in sales model
of pharmaceutical enterprises resulted from the implementation of “two-
invoice system” throughout pharmaceutical industry in Mainland China.
As at 31 December 2017, the Group had the inventory balance of
approx imate ly RMB121,133,000 (as a t 31 December 2016:
RMB124,746,000).
As at 31 December 2017, the Group’s contracted but not provided for
plant and machinery capital commitments amounted to approximately
RMB4,500,000 (as at 31 December 2016: RMB3,060,000), which mainly
derived from the sewage treatment works and workshop GMP renovation
in Dawnrays (Nantong) Pharmaceutical Science and Technology Co., Ltd.
Due to the urban planning adjustment of Wuzhong Economic Development
District by Suzhou Municipal People’s Government, Suzhou Dawnrays
Pharmaceutical entered into the Relocation Compensation Agreement with
the government where it operates on 20 December 2017. Both parties
agreed re locat ion compensat ion amount was approx imate ly
RMB351,200,000. According to related accounting standards, such
compensation shall be regarded as policy-based relocation compensation,
included into “deferred income” in accounting, and recognized as income
in case of disposal of assets, paying the relocation fees, and subsequent
depreciation of fixed assets.
ANNUAL REPORT 2017 二零一七年年報 17
Management Discussion and Analysis
管理層討論與分析
蘇州東瑞製藥已於二零一六年申請增加註冊資本
8,650萬美元並將於二零四五年一月一日前分期投
入。本集團將投入資本開支以購置新土地及興建新
廠房。
本集團有充足的財政及內部資源足以支付上述資本
開支承擔、搬遷計劃資本開支、投資項目及增加註冊
資本。
年內，除上述披露外，本集團並無對外作出重大投
資、購入或出售附屬公司及聯營公司。
鑒於廣東東瑞近年連續虧損，預期廣東東瑞業務因
兩票制推行受到進一步影響。於報告期後，為配合集
團管理及未來發展，東瑞國際股份於二零一八年二
月一日與獨立第三方訂立股權轉讓協議，以人民幣
2,900,000元出售廣東東瑞的全部股權。廣東東瑞的
註冊資本為人民幣3,000,000元。截至本報告日，有
關股權轉讓手續仍在辦理中。
外幣及庫務政策
於二零一六年，由於人民幣眨值趨勢，本集團把部份
外幣貨款收入保留為外幣定期存款，因而於二零一六
年錄得匯兌收益約人民幣6,966,000元。於二零一七
年，由於人民幣升值趨勢，本集團雖適時為其中部份
外幣定期存款訂立外匯遠期合約以對沖匯率風險，
惟截至二零一七年十二月三十一日止年度，本集團
仍錄得匯兌損失約人民幣6,289,000元。本集團大部
分業務交易、資產、負債均主要以人民幣結算，故本
集團所承受的外匯風險不大。惟本集團以港幣派付
股息，因此，外匯風險主要是與港幣有關。本集團的
庫務政策為只會在外匯風險或利率風險（如有）對本
集團有潛在重大影響時進行管理。本集團將繼續監
察其外匯和利率市場狀況，並於有需要時以外匯遠
期合約對沖外匯風險及利息掉期合約對沖利率風險。
In 2016, Suzhou Dawnrays Pharmaceutical already applied to increase the
registered share capital by USD86,500,000 and would be injected by
installments before 1 January 2045. The Group will invest capital
expenditure to acquire new lands and build new plants.
The Group has sufficient financial and internal resources to pay the capital
commitments, capital expenditure for relocation plans, investment projects
and increased registered share capital described above.
Save as aforesaid disclosure, the Group had no significant external
investments or material acquisitions or disposal of subsidiaries and
associated companies during the year.
Given consecutive loss of Guangdong Dawnrays in recent years, it is
expected that the business of Guangdong Dawnrays will be further
affected by the implementation of two-invoice system. After the reporting
period, for matching the Group’s management and future development,
Dawnrays International entered into an equity transfer agreement with an
independent third party on 1 February 2018. According to this agreement,
Dawnrays International would sell all of its shares held in Guangdong
Dawnrays at RMB2,900,000. The registered capital of Guangdong
Dawnrays was RMB3,000,000. As at date of this report, the formalities for
such equity transfer are still under process.
FOREIGN EXCHANGE AND TREASURY POLICIES
In 2016, the Group kept a part of foreign currency payments for goods as
foreign currency fixed deposits due to the depreciation trend of Renminbi
and thus recorded approximately RMB6,966,000 exchange gain. As the
appreciation trend of Renminbi in 2017, although the Group timely hedged
against foreign exchange rate risk with foreign exchange forward contracts
for part of foreign currency fixed deposits, the Group still recorded
approximately RMB6,289,000 exchange loss for the year ended 31
December 2017. The Group’s substantial business activities, assets and
liabilities are denominated in Renminbi, so the risk derived from the foreign
exchange to the Group is not high, except for the Group pays dividends in
Hong Kong Dollars. Therefore, the foreign exchange risks are primarily with
respect to Hong Kong Dollars. The treasury policy of the Group is to
manage any risk of foreign exchange or interest rate (if any) only if it will
potentially impose a significant impact on the Group. The Group continues
to observe the foreign exchange and interest rate market, and may hedge
against foreign currency risk with foreign exchange forward contracts and
interest rate risk with interest rate swap contracts if necessary.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司18
Management Discussion and Analysis
管理層討論與分析
僱員及薪酬政策
於二零一七年十二月三十一日，本集團約有員工862
名， 員 工 費 用 總 額 約 人 民 幣120,615,000元（ 二 零
一六年：人民幣99,191,000元）。由於銷售模式發生
改變增加部分員工及員工激勵機制調整導致員工費
用較去年上升。本集團視人力資源為最寶貴的財富，
深明吸納及挽留表現稱職的員工的重要性。薪酬政
策一般參考市場薪酬指標及個別員工的資歷而定。
本集團為員工提供的其他褔利包括定額供款退休計
劃、購股權計劃及醫療福利。本集團並在中國為其若
干中國的僱員提供宿舍。
資產抵押
於二零一七年十二月三十一日，本集團沒有資產抵
押予銀行以獲取授予其附屬公司的信貸額度。（於二
零一六年十二月三十一日：人民幣31,815,000元）。
或有負債
截至二零一七年十二月三十一日，本集團並無重大
或有負債。
未來重大投資及預期融資來源
除於上述「流動資金及財政資源」所載有關資本開支
承擔、增加註冊資本、搬遷計劃資本開支及對外投資
所披露者外，本集團並無任何未來重大投資計劃或
購入資本資產計劃。
分類資料
本集團截至二零一七年十二月三十一日止年度之分
類資料分析載於財務報表附註3。
STAFF AND REMUNERATION POLICY
As at 31 December 2017, the Group employed approximately 862
emp loyees and the to ta l r emune ra t i on was app rox ima te l y
RMB120,615,000 (2016: RMB99,191,000). The increase was due to
changes in sales model, recruiting some new employees, and adjustment
in employee incentive mechanism. The Group regards human resources
as the most valuable assets and truly understands the importance of
attracting and retaining high-performance employees. The remuneration
policy is generally based on the references of market salary index and
individual qualifications. The Group provides its employees with other fringe
benefits, including defined contribution retirement schemes, share option
scheme and medical coverage. The Group also offers some of its
employees stationed in the PRC with dormitory accommodation.
CHARGES ON ASSETS
As at 31 December 2017, the Group had not pledged any assets to banks
to secure credit facilities granted to its subsidiaries (as at 31 December
2016: RMB31,815,000).
CONTINGENT LIABILITIES
As at 31 December 2017, the Group had no material contingent liabilities.
PLANS FOR SIGNIFICANT INVESTMENTS AND EXPECTED
SOURCE OF FUNDING
Save for those disclosed above in connection with capital commitments,
increased registered share capital, capital for relocation plans, and external
investment under the section “Liquidity and Financial Resources”, the
Group does not have any plan for material investments or acquisition of
capital assets.
SEGMENT INFORMATION
An analysis of the Group’s segment information for the year ended 31
December 2017 is set out in note 3 to the financial statements.
ANNUAL REPORT 2017 二零一七年年報 19
Corporate Governance Report
企業管治報告
東瑞製葯（控股）有限公司（「本公司」）之董事會（「董
事會」）深信企業管治為本公司及其附屬公司（統稱「本
集團」）成功的關鍵，良好的企業管治能保障全體股
東權益及提升企業價值，因此董事會已採取各項措
施，以確保維持高標準的企業管治。
就董事所知、所得資料及所信，截至二零一七年十二
月三十一日年度，本公司一直遵守香港聯合交易所
有限公司（「聯交所」）證券上市規則（「上市規則」）附
錄十四的企業管治守則（「管治守則」）所載之守則條
文規定。惟下列偏離事項除外：
1. 管治守則條文第條訂明非執行董事出席
股東大會
除了一位獨立非執行董事因於海外處理事務而
未能出席二零一七年五月二十五日舉行的本公
司股東週年大會（「二零一七股東週年大會」）
外，所有非執行董事（包括獨立非執行董事）均
有出席二零一七股東週年大會。
證券交易的標準守則
本公司已採納上市規則附錄十的上市發行人董事進
行證券交易的標準守則（「標準守則」）作為董事買賣
本公司證券的行為守則。根據對所有董事作出的特
定查詢後，本公司確認所有董事於二零一七年年報
覆蓋的會計期內一直遵守標準守則所規定的準則。
董事會
董事會負責領導及監控本公司，並負責監管本集團
之業務、策略方針及表現。董事會亦轉授權力及責任
予管理層，以管理本集團。此外，董事會亦已將各種
職責分派至董事會轄下委員會。該等委員會之詳情
載於本報告內。
由於並無成立企業管治委員會，因此由董事會負責
執行企業管治職能，如制定及檢討本公司企業管治
之政策及常規、為董事及高級管理層提供培訓及持
續專業發展，制定、檢討及監察僱員及董事的操守準
則例如內幕信息披露管理制度及確保本公司之政策
及常規符合法律及監管規定等。
The board of Directors (the “Board”) of Dawnrays Pharmaceutical
(Holdings) Limited (the “Company”) believes that corporate governance is
essential to the success of the Company and its subsidiaries (collectively
referred to as the “Group”). Good corporate governance can safeguard the
interests of all shareholders and enhance corporate value. Therefore, the
Board has adopted various measures to ensure that a high standard of
corporate governance is maintained.
To the best knowledge, information and belief of the Directors, the
Company has complied with the code provisions of the Corporate
Governance Code (the “CG Code”) as set out in Appendix 14 of the Rules
Governing the Listing of Securities (the “Listing Rules”) on the Stock
Exchange of Hong Kong Ltd. (the “Stock Exchange”) for the year ended
31 December 2017, except for the following deviation:
1. Code Provision of the CG Code — Attendance of Non-
executive directors at general meeting
Other than one Independent Non-executive Director who was not in
position to attend the annual general meeting of the Company held
on 25 May 2017 (the “2017 AGM”) due to an overseas commitment,
all Non-executive Directors (including Independent Non-executive
Directors) attended the 2017 AGM.
MODEL CODE FOR SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities Transactions by
Directors of Listed Issuers (the “Model Code”) set out in Appendix 10 of
the Listing Rules as the Company’s code of conduct for dealings in
securities of the Company by the Directors. Based on specific enquiry of
all Directors, the Company confirms that all the Directors have complied
with the required standard set out in the Model Code, throughout the
accounting period covered by the 2017 annual report.
THE BOARD
The Board is responsible for the leadership and control of the Company
and oversees the Group’s businesses, strategic decisions and
performance. The management has been delegated the authority and
responsibility by the Board for the management of the Group. In addition,
the Board has also delegated various responsibilities to the board
committees. Further details of these committees are set out in this report.
No corporate governance committee has been established and so the
Board is responsible for performing the corporate governance functions
such as developing and reviewing the Company’s policies, practices on
corporate governance, training and continuous professional development
of directors and senior management, developing, reviewing and monitoring
the code of conduct to employees and directors such as inside information
disclosure regulations and assuring the Company’s policies and practices
on compliance with legal and regulatory requirements, etc.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司20
Corporate Governance Report
企業管治報告
董事會於截至二零一七年十二月三十一日止年度內
已舉行二十五次董事會會議，包括六次定期董事會
會議及十九次臨時董事會會議。定期會議是考慮（其
中包括）審閱及批准本集團中期及全年業績、整體企
業策略、年度預算、批准重大資本交易及其他重大營
運及財務事宜。臨時會議是在情況有需要時例如考
慮及批准生產設備的資本開支、授予購股權給僱員、
管理層任命、調任董事、回購股票及研發項目立項等
而召開。
於二零一七年，各董事於董事會會議、本公司股東週
年大會（「股東週年大會」）及另外三個董事委員會會
議（審核委員會、提名委員會及薪酬委員會）的出席
詳情列載於下表：
1 潘學田先生於二零一七年七月一日起辭任。
2 EDE, Ronald Hao Xi先生於二零一七年七月一日起被
調任為獨立非執行董事，彼調任後沒有薪酬委員會會
議舉行。
董事會定期會議的通告於會議舉行最少十四天前發
出予各董事。董事會及其轄下委員會會議的議程及
相關會議文件，至少在每次會議三天前送交予各董
事，使各董事有時間審閱該等文件。如有需要，董事
可在議程中加插欲討論的事項。董事會及其轄下委
員會的會議記錄均詳盡記錄會議上考慮事項及達致
的決定，並於會議後合理時間內把初稿及最終定稿
發送給董事。董事會及轄下委員會會議記錄由本公
司公司秘書存置，並於任何董事發出合理通知時供
公開查閱。
The Board held 25 board meetings including 6 regular meetings and 19
ad-hoc meetings during the year ended 31 December 2017. The regular
board meetings were to consider, among other things, reviewing and
approving the interim and annual results of the Group, overall group
strategy, annual budgets, approval of major capital transactions and other
significant operational and financial matters. The ad-hoc meetings were
convened when circumstance required such as reviewing and approving
capital expenses for production facilities, granting share option to
employee, appointment of management, re-designation of director, share
repurchase and investment in research and development project etc.
Details of the attendance of Directors at board meetings, annual general
meeting of the Company (the “AGM”) and other three board committees’
meetings (the Audit Committee, the Nomination Committee and the
Remuneration Committee) during the year 2017 are set out in the following
table:
No. of meetings attended/held
會議出席次數╱舉行次數
Board AGM
Audit
Committee
Nomination
Committee
Remuneration
Committee
Name of Directors 董事姓名 董事會 股東週年大會 審核委員會 提名委員會 薪酬委員會
Executive Directors 執行董事
Ms. Li Kei Ling (Chairman) 李其玲女士（主席） 25/25 1/1 4/4 2/2
Mr. Hung Yung Lai 熊融禮先生 25/25 1/1
Mr. Li Tung Ming 李東明先生 20/25 1/1
Non-executive Director 非執行董事
Mr. Leung Hong Man 梁康民先生 14/25 1/1
Independent Non-executive
Directors
獨立非執行董事
Mr. Pan Xue Tian1 潘學田先生 1 4/25 1/1 2/5 3/4 2/2
Mr. Choi Tat Ying Jacky 蔡達英先生 15/25 0/1 5/5 4/4 2/2
Mr. Lo Tung Sing Tony 勞同聲先生 14/25 1/1 5/5 4/4 2/2
Mr. Ede, Roanld Hao Xi2 EDE, Ronald Hao Xi先生 2 15/25 1/1 3/5 1/4 0/2
1 Mr. Pan Xue Tian resigned on 1 July 2017.
2 Mr. Ede, Ronald Hao Xi was re-designated as Independent Non-executive
Director on 1 July 2017. No remuneration committee meetings were held
since his re-designation.
At least 14 days notice of regular board meeting is given to all Directors.
The agenda and board papers are sent to the Directors at least 3 days
before the meetings of the Board and board committees so that the
Directors have the time to review the documents. Directors can include
matters for discussion in the agenda if the need arises. Minutes of
meetings of the Board and board committees are recorded in sufficient
details that matters considered and decisions reached. The draft and final
versions of the minutes will be sent to Directors within a reasonable time
after the meetings. Minutes of meetings of the Board and board
committees are kept by the company secretary of the Company and open
for inspection on reasonable notice by any Director.
ANNUAL REPORT 2017 二零一七年年報 21
Corporate Governance Report
企業管治報告
所有董事均有權取得公司秘書的意見和服務，以確
保董事會程序及所有適用規則及規例均獲得遵守；根
據合理要求並在適當情況下，董事可尋求獨立專業
意見，以妥善履行彼等之職責，費用由本公司支付。
倘董事會認為主要股東或董事在董事會將予考慮的
事項中存有董事會認為屬重大的利益衝突，將以在
該事項中本身沒有重大利益的獨立非執行董事出席
的董事會議或根據董事會會議通過之決議案就此而
成立之董事委員會會議處理。
董事會組成
董事會已採鈉董事會成員多元化政策，透過考慮多
項因素，包括但不限於教育背景、種族、工作經驗、
專業技能知識及服務年期，務求達致董事會成員多
元化。所有董事會成員委任乃基於用人唯才，而為有
效達致董事會成員多元化，將考慮候選人之客觀條
件，最終將按人選的長處及其可為董事會提供的貢
獻而作決定。
董事會現由七名董事組成，其中三位成員為執行董
事、一位為非執行董事及三位為獨立非執行董事。其
組成情況符合上市規則要求董事會成員最少須有三
分一為獨立非執行董事之做法，三位獨立非執行董
事極具才幹，在會計及工商管理各範疇擁有學術及
專業資歷；加上他們在其他機構擔任高層職位所累
積的經驗，對董事會有效地履行其職責上提供強大
的支持。各董事履歷載於二零一七年報第32至34頁，
當中載列各董事之技能、專業知識、經驗及資格。
本公司已接獲該三名獨立非執行董事根據上市規則
第條發出之年度獨立性確認書。董事會已評估
彼等之獨立性，並確定全體獨立非執行董事均屬上
市規則所界定之獨立人士。
董事會主席李其玲女士及其中一位執行董事熊融禮
先生為數家於香港及英屬維爾京群島註冊成立的私
人公司的董事及最終股東。
除上文披露外，董事會成員間並無任何財務、業務、
家族或其他重大╱相關關係。董事會以如此均衡之架
構組成，目的在確保整個董事會擁有穩固之獨立性，
能夠有效地作出獨立判斷。
All Directors are entitled to have unrestricted access to the advice and
service of the company secretary with a view to ensuring that board
procedures, and all applicable rules and regulations are followed. Upon
reasonable request and appropriate circumstances, Directors can seek
independent professional advice to assist them to discharge their duties, at
the Company’s expenses.
If a substantial shareholder or a Director has a conflict of interest in a
matter to be considered by the Board which the Board had determined to
be material, the matter will be dealt with by holding a board meeting with
the presence of disinterested Independent Non-executive Directors or a
meeting of a board committee set up for that purpose pursuant to a
resolution passed in a board meeting.
BOARD COMPOSITION
The Board has adopted a board diversity policy which seeks to achieve
board diversity through the consideration of a number of factors, including
but not limited to educational background, ethnicity, working experience,
professional ski l ls, knowledge and length of service. Al l board
appointments will be based on meritocracy, and candidates will be
considered against objective criteria, having due regard for the benefits of
diversity on the Board. The ultimate decision will be based on merit and
contribution that the selected candidates would bring to the Board.
The Board currently comprises seven Directors, of whom three are
Executive Directors, one is Non-executive Director and three are
Independent Non-executive Directors. The composition meets the
requirement of the Listing Rules for the Board to have at least one-third in
number of its members comprising Independent Non-executive Directors.
The three Independent Non-executive Directors are persons of high
caliber, with academic and professional qualifications in the fields of
accounting and business management respectively. With their experience
gained from senior positions held in other organisations, they provide
strong support towards the effective discharge of the duties and
responsibilities of the Board. The biographies of the Directors are set out in
pages 32 to 34 to the 2017 annual report, which demonstrates the skills,
expertise, experience and qualifications of the Directors.
The Company has received annual confirmation of independence from the
three Independent Non-executive Directors in accordance with Rule
of the Listing Rules. The Board has assessed their independence and
concluded that all the Independent Non-executive Directors are
independent within the definition of the Listing Rules.
Ms. Li Kei Ling, the Chairman of the Board and Mr. Hung Yung Lai, one of
the Executive Directors, are directors and ultimate shareholders of several
private companies incorporated in Hong Kong and British Virgin Islands.
Save as disclosed above, the Board members have no financial, business,
family or other material/relevant relationships with each other. The
balanced Board composition is formed to ensure strong independence
exists across the Board which can effectively exercise independent
judgement.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司22
Corporate Governance Report
企業管治報告
董事之持續培訓及發展
董事了解持續專業發展之重要性並願意發展及更新
其知識和技能，以確保其繼續在具備全面資訊及切
合所需之情況下向董事會作出之貢獻。
董事承諾遵守管治守則第條有關董事培訓，於
截至二零一七年十二月三十一日止年度，全體董事
均有參與持續專業發展，並已向本公司提供其所接
受之培訓記錄。
於截至二零一七年十二月三十一日止年度，各董事
接受培訓之個人記錄載列如下：
潘學田先生於二零一七年七月一日辭任，故沒有提
交個人培訓記錄給本公司。
董事委任及選舉
新董事之委任先經提名委員會考慮，審閱候選人之
履歷後向董事會作出建議。年內獲董事會委任填補
臨時空缺或新增加入董事會之新董事須退任並於緊
隨彼等獲委任後之股東大會上膺選連任。
非執行董事的固定委任年期為兩年，並須根據本公
司組織章程細則（「組織章程細則」）於股東週年大會
上輪席告退並重選連任。
DIRECTORS’ CONTINUOUS TRAINING AND DEVELOPMENT
Directors understand the importance of continuous professional
development and are willing to develop and refresh their knowledge and
skills. This is to ensure that their contribution into the Board remains
informed and relevant.
The Directors are committed to complying with the CG Code on
Directors’ training. All Directors had participated in continuous professional
development and provided a record of training they received for the year
ended 31 December 2017 to the Company.
The individual training record of each Director received for the year ended
31 December 2017 is set out below:
Briefings and updates on
the listing rules,
business, operations,
and corporate
governance matters
Attending or participating
in seminars/conferences
relevant to
the management
or business
Directors 董事
有關上市條例、業務、營運及
企業管治事宜之簡報及更新
出席或參加與管理或業務
有關之講座╱會議
Ms. Li Kei Ling 李其玲女士 ✓
Mr. Hung Yung Lai 熊融禮先生 ✓
Mr. Li Tung Ming 李東明先生 ✓
Mr. Leung Hong Man 梁康民先生 ✓ ✓
Mr. Ede, Ronald Hao Xi EDE, Ronald Hao Xi先生 ✓
Mr. Choi Tat Ying Jacky 蔡達英先生 ✓
Mr. Lo Tung Sing Tony 勞同聲先生 ✓
As Mr. Pan Xue Tian resigned on 1 July 2017, he did not submit his
individual training record to the Company.
APPOINTMENTS AND ELECTION OF DIRECTORS
The nomination committee will consider the appointment of new Directors
f i rs t by rev iewing the prof i les of the candidates and making
recommendations to the Board. New Directors appointed by the Board
during the year to fill a casual vacancy or as an addition to the Board shall
retire and submit themselves for re-election at the first general meeting
immediately followed their appointment.
Non-executive Directors are appointed for a fixed term of two years and
are subject to retirement by rotation and re-election by shareholders at
annual general meeting in accordance with the Company’s articles of
association (the “Articles”).
ANNUAL REPORT 2017 二零一七年年報 23
Corporate Governance Report
企業管治報告
根據組織章程細則，於每屆股東週年大會上，當時為
數三分一的董事（或如董事人數並非三的倍數，則須
為最接近但不少於三分一的董事人數）均須輪席告
退，惟每名董事（包括按特定任期委任之董事）須至
少每三年於股東週年大會上輪值告退一次。所有退
任董事符合資格膺選連任。
董事之責任
每位新委任董事均會在首次接受委任時獲得全面、
正式兼特為其而設的就任須知，以對本集團之營運
及業務有適當理解，以及完全知悉彼在法規及普通
法、上市規則、適用之法律規定及其他監管規定以及
本公司之業務及管治政策下之職責。董事將致力付
出足夠時間及精神以處理本集團事務，並獲持續更
新有關法律及規管變更、業務及市場變動以及本集
團之策略發展，以便履行彼等之職責。
獨立非執行董事在董事會會議上擔當活躍角色，可
為制訂策略及政策作出貢獻，並就策略、政策、表
現、問責、資源、重大委任及行為準則事宜作出可靠
及獨立之判斷。彼等會於潛在利益衝突出現時發揮
牽頭引導作用。彼等亦出任多個董事會轄下委員會
之成員，審查本集團在實現議定企業目標及指標時
之整體表現，並監察表現之呈報。
資料之提供及獲取
管理層有責任向董事會提供月報及充足之資料，以
供董事會對提呈事項作出知情決定。倘有任何董事
要求獲得除管理層自願提供之資料以外之其他資料，
董事於必要時可透過不同及獨立途徑接觸本集團管
理層，以作出進一步諮詢。若有董事提出問題，管理
層將儘快作出全面的回應。
According to the Company’s Articles, at each annual general meeting,
one-third of the Directors for the time being (or, if their number is not a
multiple of three, the number nearest to but not less than one-third) shall
retire from office by rotation provided that every Director (including those
appointed for a specific term) shall be subject to retirement by rotation at
least once every three years at the annual general meeting. All retiring
Directors shall be eligible for re-election.
RESPONSIBILITIES OF DIRECTORS
Every newly appointed Director will receive a comprehensive, formal and
tailored induction on his first appointment to have a proper understanding
of the operations and business of the Group and that he is fully aware of
his responsibilities under statute and common law, the Listing Rules,
applicable legal requirements and other regulatory requirements and the
business and governance policies of the Company. The Directors
endeavour to give sufficient time and attention to the Group’s affairs and
are continually updated with legal and regulatory developments, business
and market changes and the strategic development of the Group to
facilitate the discharge of their responsibilities.
The Independent Non-executive Directors take an active role in Board
meetings, contribute to the development of strategies and policies and
make sound and independent judgement on issues of strategy, policy,
performance, accountability, resources, key appointments and standard of
conduct. They will take lead where potential conflicts of interests arise.
They are also members of various board committees and scrutinize the
overall performance of the Group in achieving agreed corporate goals and
objectives, and monitoring the reporting of performance.
SUPPLY OF AND ACCESS TO INFORMATION
The management has the obligation to supply the Board with monthly
updates and adequate information to enable it to make informed decisions
on matters placed before it. Where any Director requires more information
than is volunteered by the management, each Director has separate and
independent access to the Group’s management to make further enquires
if necessary. Where queries are raised by Directors, management will
respond as promptly and fully as possible.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司24
Corporate Governance Report
企業管治報告
主席及總裁
根據管治守則規定，主席（「主席」）及行政總裁
（「行政總裁」）之職務應分開，不得由同一人兼任。董
事會委任李其玲女士為主席，彼負有執行責任及領
導董事會，如確保董事會會議上所有董事均適當知
悉當前的事項和及時收到完備可靠的資訊，使董事
會有效地運作和履行其職責。陳紹軍先生獲董事會
委任為本公司總裁並獲授予權力和責任負責推行董
事會的政策及本集團的日常業務的營運及管理工作，
總裁於每一季度向董事會提呈，會上闡述更新之市
場情況、本集團長期策略及目標，季度業績實際表現
與預算目標有所差異之分析，此舉有助董事會監控
本集團之業務營運及於必要時修訂目標。
問責及核數
管理層向董事會提供有關解釋及資料，令董事會可
對提呈董事會批准之財務及其他資料作出知情評估。
董事及總裁確認須負責為每一財政年度編製能真實
及公允地反映本集團業務狀況之財務報告及向股東
提呈中期及年度財務報表及公佈。董事會並不知悉
任何重大不確定因素會對本集團的持續經營能力投
下重大疑惑，因此，董事會仍然採用持續經營基準編
製賬目。
董事會確認，其有責任在本公司年度報表及中期報
告和根據上市規則規定須予披露的其他財務資料、
以及向監管者提交的報告書以至根據法例規定須予
披露的資料，提供平衡、清晰及易於理解之評估。
核數師向股東承擔的責任載於第50至56頁獨立核數
師報告內。
風險管理及內部監控
董事會確認其監管本集團的風險管理及內部監控系
統的責任，以及透過審核委員會至少每年檢討其成
效。審核委員會協助董事會履行其於本集團財務、營
運、合規、風險管理及內部監控，以及財務及內部審
計職能方面資源的監管及企業管治角色。
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Under Code Provision of the CG Code , the roles of the chairman (the
“Chairman”) and the chief executive officer (the “CEO”) should be
separated and should not be performed by the same individual. The Board
has appointed Ms. Li Kei Ling as the Chairman. She has executive
responsibilities and provides leadership to the Board such as ensuring all
Directors are properly briefed on issues arising at Board meetings and
received complete and reliable information in a timely manner so that the
Board works effectively and discharges its responsibilities. Mr. Chen
Shaojun was appointed by the Board as the CEO of the Company and has
been delegated with the authority and responsibility for implementing the
Board’s policies and the Group’s daily business operations and
management. The CEO will periodically present the updated market
situation, long term strategies and objectives of the Group, quarterly results
variances analysis between the actual performances and the budget
targets to the Board at the Board meeting. This helps the Board to monitor
the Group’s business operations and to adjust the targets when required.
ACCOUNTABILITY AND AUDIT
The management provides explanation and information to the Board so as
to enable the Board to make an informed assessment of the financial and
other information put before the approval by the Board.
The Directors and CEO acknowledge their responsibility to prepare
financial statements for each financial year which give a true and fair view
of the state of affairs of the Group and in presenting the interim and annual
financial statements and announcements to shareholders. The Board is
not aware of any material uncertainties that may cast significant doubt
upon the Group’s ability to continue as a going concern, the Board
therefore continues to adopt the going concern approach in preparing the
accounts.
The Board acknowledges its responsibility to present a balanced, clear
and understandable assessment in the Company’s annual and interim
reports and other financial disclosures required under the Listing Rules,
and reports to the regulators as well as the information required to be
disclosed pursuant to the statutory requirements.
The responsibilities of the auditors to the shareholders are set out in the
Independent Auditor’s Report on pages 50 and 56.
RISK MANAGEMENT AND INTERNAL CONTROLS
The Board acknowledges its responsibility for overseeing the Group’s risk
management and internal control systems and reviewing their effectiveness
at least annually through the Audit Committee. The Audit Committee
assists the Board in fulfilling its oversight and corporate governance roles
in the Group’s financial, operational, compliance, risk management and
internal controls, and the resourcing of the finance and internal audit
functions.
ANNUAL REPORT 2017 二零一七年年報 25
Corporate Governance Report
企業管治報告
本集團總裁及高級管理層負責風險管理及內部監控
系統的設計、實施及監察。適當的政策和監控已訂立
及建立，以確保保障資產不會在未經許可下使用或
處置，依從及遵守相關規則及規例，根據相關會計準
則及監管申報規定保存可靠的財務及會計記錄，以
及適當地識別及管理可能影響本集團表現的主要風
險。惟有關系統及內部監控只能作出合理而非絕對
的保證可防範重大失實陳述或損失，其訂立旨在管
理而非消除未能達致業務目標的風險。
本集團的內部監控系統乃為確保資產不會被不當挪
用及未經授權處理以及管理經營風險而設計，其中
包括：
(1) 訂明書面工作制度和主要業務與生產週期的工
作流程以確保遵照有關法律、規例和生產製造
標準；
(2) 清楚界定各業務及營運部門的權責，制訂適當
的分工，實施妥善的審批權，以確保有效之制
衡；及
(3) 訂立規則及指引以監控本集團庫務事宜、財務
與管理匯報、人力資源功能及電腦系統之運作。
本集團的風險管理框架包括以下部分：
(i) 識別本集團業務環境的重大風險及評估該等風
險對本集團業務的影響；
(ii) 制定紓緩或減少或轉移該等風險的控制措施；
及
(iii) 監察及檢討有關措施的有效性。
本集團已把其風險管理系統融入業務的核心營運常
規，業務及營運部門持續評估及識別各自可能影響
其實現本身及╱或本集團經營目標的能力的潛在的
風險，各單位主管須填寫有關風險及內部監控的自
我評估問卷，並向總裁確認已制訂及妥善遵守適當
的內部監控政策及程序；總裁須每年對風險管理有
效性進行評估並於評估後提交報告給審核委員會。
The CEO and senior management of the Group is responsible for the
design, implementation and monitoring of the risk management and
internal control systems. Appropriate policies and controls have been set
and established to ensure that assets are safeguarded against improper
use or disposal, relevant rules and regulations are adhered to and
complied with, reliable financial and accounting records are maintained in
accordance with relevant accounting standards and regulatory reporting
requirements, and key risks that may impact on the Group’s performance
are appropriately identified and managed. However the systems and
internal controls can only provide reasonable and not absolute assurance
against material misstatement or loss, as they are designed to manage,
rather than eliminate the risk of failure to achieve business objectives.
The Group’s internal control system is designed to safeguard assets
against misappropriation and unauthorized disposition and to manage
operational risks. Of which including:
(1) establishing written policies and work flow for major operations and
production cycles to ensure compliance with applicable laws,
regulations, and industry standards;
(2) clearly defined the authorities and key responsibilities of each
business and operational unit, having in place appropriate
segregation of duties and setting proper authorization levels to
ensure adequate checks and balances; and
(3) rules and guidelines are set to control treasury activities, financial and
management reporting, human resources functions and computer
systems’ operations.
The Group’s risk management framework includes the following elements:
(i) identify significant risks in the Group’s operation environment and
evaluate the impacts of those risks on the Group’s business;
(ii) develop necessary measures to mitigate, reduce or transfer such
risks; and
(iii) monitor and review the effectiveness of such measures.
The Group has embedded its risk management systems into the core
operating practices of the business. On an ongoing basis, business and
operational units assess and identify their potential risks which may impact
on their ability to achieve their business objectives and/or those of the
Group. The head of each unit has to complete relevant risk and control
self-assessment questionnaires and confirm to the CEO that appropriate
internal control policies and procedures have been established and
properly complied with. CEO conducts review of the effectiveness of risk
management annually and presents report to the Audit Committee after
review.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司26
Corporate Governance Report
企業管治報告
此外，董事會透過內部稽核程序監察及檢討其內部
監控系統是否足夠及有效。本公司設立內部審計部
以持續基準審閱本集團之主要營運及財務控制是否
遵照制定的流程和標準，及旨在以循環基準涵蓋本
集團之所有主要營運，內部審計部直接向董事會主
席及審核委員會匯報。而審核委員會則審閱內部審
計部對本集團內部監控系統運作成效的檢討結果及
意見，並向董事會作出匯報。
於二零一七年，根據內部審計部及總裁分別提交的
內部審計報告及風險管理報告，審核委員會及董事
會均無發現任何將對本集團的財務狀況或經營業績
造成重大影響而需多加關注的事項，亦認為風險管
理及內部監控系統整體而言充足並具成效，包括在
會計、內部審計及財務匯報職能方面有足夠的資源、
員工資歷及經驗，以及有足夠的員工培訓課程及預
算。
內幕消息政策
本公司已制定政策，以確保內幕消息根據適用法例
及法規公平及適時地向公眾發佈。在任何時候，只限
於相關高級管理層人員並按情況需要方能獲取內幕
消息，直至內幕消息根據適用法例及法規予以披露
或發佈，並提醒相關負責之員工及其他專業人士須
將內幕消息保密直至已公開披露。
董事會權力的轉授
董事會轉授本集團之日常管理權力給管理層，部門
主管負責各部門的日常運作。
董事會特別委託管理層執行之主要企業事宜包括籌
備中期及年度報告及通告以供董事會於公佈前批核，
執行董事會所採納之業務策略及措施、推行妥善內
部監控制度及風險管理程序以及遵守有關法定規定、
規則與規例。
In addition, the Board monitors and reviews the adequacy and
effectiveness of the internal control systems through a programme of
internal audit. The internal audit department is set up by the Company to
review the major operational and financial control of the Group in
compliance with the established processes and standards on a continuing
basis and aims to cover all major operations of the Group on a rotational
basis. The internal audit department reports directly to the Chairman of the
Board and the Audit Committee. The Audit Committee examines the
internal audit department’s review and opinions about operational
effectiveness of the Group’s internal control system and reports to the
Board.
During 2017, based on the internal audit report and the risk management
report presented by internal audit department and CEO respectively, the
Audit Committee and the Board were not aware of any areas of concern
that would have a material impact on the Group’s financial position or
results of operations and considered the risk management and internal
control systems to be generally effective and adequate including the
adequacy of resources, staff qualifications and experience, training
programs and budget of the accounting, internal audit and financial
reporting functions.
INSIDE INFORMATION POLICY
The Company has established policy to ensure that inside information is
disseminated to the public in an equal and timely manner in accordance
with applicable laws and regulations. Access to inside information is at all
times confined to relevant senior management executed on “as needed”
basis, until proper disclosure or dissemination of inside information is made
in accordance with applicable laws and regulation. Relevant personnel and
other professional parties involved are reminded to preserve confidentiality
of the inside information until it is publicly disclosed.
DELEGATION BY THE BOARD
The day-to-day management of the Group is delegated to the
management by the Board, with division heads responsible for individual
department’s daily operations.
Major corporate matters that are specifically delegated by the Board to the
management include the preparation of interim and annual reports and
announcements for the Board’s approval before publishing, execution of
business strategies and initiatives adopted by the Board, implementation
of adequate systems of internal controls and risk management procedures,
and compliance with relevant statutory requirements and rules and
regulations.
ANNUAL REPORT 2017 二零一七年年報 27
Corporate Governance Report
企業管治報告
董事會轄下的委員會
董事會成立提名委員會、薪酬委員會及審核委員會。
闡明委員會的權力及職責的職權範圍登載於本公司
網站上。
提名委員會
於二零一七年十二月三十一日，本公司提名委員會
（「提名委員會」）以李其玲女士為委員會主席及三名
獨立非執行董事蔡達英先生、勞同聲先生及EDE,
Ronald Hao Xi先生為委員會成員。提名委員會之職
權範圍概述如下：
(1) 至少每年檢討董事會之架構、人數及組成（包
括技術、知識及經驗）；並就任何為配合本公
司之公司策略而擬對董事會作出之變動提出建
議；
(2) 當董事會有空缺時，負責提名候選人予董事會
審批；
(3) 物色具備合適資格可擔任董事的人士，挑選提
名有關人士出任董事或就此向董事會提出意
見；
(4) 評核獨立非執行董事的獨立性；及
(5) 就董事委任或重新委任以及董事（尤其是主席
及總裁）繼任計劃向董事會提出建議。
於二零一七年，提名委員會舉行了四次會議評估獨
立非執行董事的獨立性、董事委任函的續期及建議
調任董事。
BOARD COMMITTEES
The Board has established the nomination committee, remuneration
committee and audit committee. The committees’ terms of references
defined their functions and responsibilities have been posted on the
Company’s website.
NOMINATION COMMITTEE
As at 31 December 2017, the nomination committee of the Company (the
“Nomination Committee”) had Ms. Li Kei Ling as the committee’s
chairman, and the three Independent Non-executive Directors, Mr. Choi
Tat Ying Jacky, Mr. Lo Tung Sing Tony and Mr. Ede, Ronald Hao Xi as the
committee’s members. The Nomination Committee’s terms of reference
are summarized as follows:
(1) to review the structure, size and composition (including the skill,
knowledge and experience) of the Board at least annually and make
recommendations on any proposed changes to the Board to
complement the Company’s corporate strategy;
(2) to nominate for the approval of the Board, candidates to fill board
vacancies as and where they arise;
(3) to identify individuals suitably qualified to become Board members
and to select or make recommendations to the Board on the
selection of individuals nominated for directorships;
(4) to assess the independence of independent non-executive directors;
and
(5) to make recommendations to the Board on the appointment or re-
appointment of directors and succession planning for directors, in
particular the chairman and the chief executive officer.
During the year 2017, the Nomination Committee had four meetings to
review the independence of independent non-executive directors and the
renewal of Directors’ letter of appointment and to recommend the re-
designation of Independent Non-executive Director.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司28
Corporate Governance Report
企業管治報告
薪酬委員會
於二零一七年十二月三十一日，本公司薪酬委員（「薪
酬委員會」）以獨立非執行董事EDE, Ronald Hao Xi先
生為委員會主席，李其玲女士及兩名獨立非執行董
事ー蔡達英先生及勞同聲先生為委員會成員。薪酬委
員會職權範圍概述如下：
(i) 就本集團董事及高級管理層的全體薪酬政策及
架構，以及就設立正規而具透明度的程序制定
薪酬政策，向董事會提出建議；
(ii) 獲董事會轉授責任釐定各執行董事及高級管理
層之薪酬待遇；
(iii) 檢討及批准向執行董事及高級管理層就其喪失
或終止職務或委任時應向彼等支付之補償金；
(iv) 檢討及批准因行為失當而遭解聘或免職之董事
所涉及的補償安排；及
(v) 確保任何董事或其任何聯繫人不得參與自行釐
定薪酬。
本集團的薪酬政策是參照市場慣例、董事及員工的
資歷、職務及責任釐訂，為招攬、挽留及激勵表現稱
職人員，本公司採納購股權計劃，從而對為本集團業
務成功作出貢獻之參與者提供獎勵。
董事會認為本公司執行董事、總裁及財務總監均為
本集團主要管理人員。截至二零一七年十二月三十一
日止年度，應付董事、總裁及財務總監之薪酬介乎以
下範圍：
董事及總裁酬金之詳情載於財務報表附註7，而購股
權計劃之詳情載於財務報表附註30。
於二零一七年，薪酬委員會舉行了二次會議以釐定
高級管理層獎金及薪酬調整。
REMUNERATION COMMITTEE
As at 31 December 2017, the remuneration committee of the Company
(the “Remuneration Committee”) had Mr. Ede, Ronald Hao Xi, an
Independent Non-executive Director, as the committee’s chairman, Ms. Li
Kei Ling, and two Independent Non-executive Directors, Mr. Choi Tat Ying
Jacky and Mr. Lo Tung Sing Tony, as the committee’s members. The
Remuneration Committee’s terms of reference are summarized as follows:
(i) to recommend to the Board on the Group’s policy and structure of
all Directors and senior management remuneration and on the
establishment of a formal and transparent procedure for developing
remuneration policy;
(ii) to determine with delegated responsibility, the remuneration
packages of individual executive Directors and senior management;
(iii) to review and approve compensation payable to executive Directors
and senior management for any loss or termination of office or
appointment;
(iv) to review and approve compensation arrangements relating to
dismissal or removal of Directors for misconduct; and
(v) to ensure that no Director or any of her/his associates is involved in
deciding her/his own remuneration.
The Group’s remuneration policy bases on the market practice, the
qualification, duties and responsibilities of Directors and employees. In
order to attract, retain, and motivate high-performance persons, the
Company has adopted share option scheme to reward those participants
who contribute to the success of the Group’s operations.
The Board considers that the executive directors of the Company, CEO and
the financial controller are the key management personnel of the Group. For
the year ended 31 December 2017, the aggregate emoluments payable to
directors, CEO and financial controller were within the following bands:
Number of individuals
人數
Nil to HK$1,000,000 零至港幣1,000,000元 8
HK$1,000,001 to HK$2,000,000 港幣1,000,001元至港幣2,000,000元 1
HK$2,000,001 to HK$3,000,000 港幣2,000,001元至港幣3,000,000元 –
HK$3,000,001 to HK$4,000,000 港幣3,000,001元至港幣4,000,000元 –
HK$4,000,001 to HK$5,000,000 港幣4,000,001元至港幣5,000,000元 –
HK$5,000,001 to HK$6,000,000 港幣5,000,001元至港幣6,000,000元 –
HK$6,000,001 to HK$7,000,000 港幣6,000,001元至港幣7,000,000元 –
HK$7,000,001 to HK$8,000,000 港幣7,000,001元至港幣8,000,000元 1
Details of the amount of Directors’ and chief executive officer’s
emoluments are set out in note 7 to the financial statements and the
details of the Share Option Scheme are set out in note 30 to the financial
statements.
The Remuneration Committee had two meetings in 2017 to determine the
bonus and salary adjustment of senior management.
ANNUAL REPORT 2017 二零一七年年報 29
Corporate Governance Report
企業管治報告
審核委員會
本公司遵照上市規則第條，以審閱及監管本集
團財務申報過程及內部監控成立審核委員會（「審核
委員會」）。審核委員會包括三名本公司獨立非執行董
事。彼等分別於會計專業、商業及醫藥行業具有豐富
之管理經驗。
於二零一七年十二月三十一日，審核委員會主席為
蔡達英先生，勞同聲先生及EDE, Ronald Hao Xi先生
為委員會成員。審核委員會的職權範圍概述如下：
(i) 就外聘核數師的獨立性、委任、重新委任及罷
免作出考慮並向董事會提供建議；
(ii) 批准外聘核數師的薪酬及聘用條款，及處理任
何有關該核數師辭職或辭退該核數師的問題；
(iii) 審閱財務資料；及
(iv) 監管財務申報制度、風險管理及內部監控系統。
於二零一七年，審核委員會開會五次，其中兩次在執
行董事不在場的情況下與外聘核數師開會。截至二
零一七年十二月三十一日止年度，審核委員會的工
作摘要如下：
(1) 審閱外聘核數師的獨立身份、聘任書及批准外
聘核數師的薪酬；
(2) 與外聘核數師檢討年度審核計劃，及討論審核
性質及範疇；
(3) 在向董事會提交半年及年度財務報表前作出審
閱，討論有關財務報告事宜及審核過程中之任
何問題，包括但不限於會計政策及慣例變動之
影響、及是否遵守會計準則、上市規則及法律
之規定；
(4) 審閱內部審計部提交的內部審計報告及每年的
內部審計計劃、及內部審核功能的有效性；
(5) 審閱本集團風險管理及內部監控系統和其有效
性。
本公司截至二零一七年十二月三十一日止年度經審
核的財務報表於提呈董事會批准前經由審核委員會
審閱。
AUDIT COMMITTEE
The Company has an audit committee (the “Audit Committee”) which was
established in compliance with Rule of the Listing Rules for the
purpose of reviewing and providing supervision over the Group’s financial
reporting process and internal controls. The Audit Committee comprises
three Independent Non-executive Directors of the Company who among
themselves possess a wealth of management experience in the accounting
profession, commercial, medical and pharmaceutical sectors.
As at 31 December 2017, the Audit Committee’s chairman was Mr. Choi
Tat Ying Jacky, Mr. Lo Tung Sing Tony and Mr. Ede, Ronald Hao Xi were
the committee’s members. The Audit Committee’s terms of reference are
summarized as follows:
(i) to consider and recommend to the board the independence,
appointment, re-appointment and removal of external auditors;
(ii) to approve the remuneration and terms of engagement of the
external auditors, and to deal with any questions of its resignation or
dismissal;
(iii) to review financial information; and
(iv) to oversee financial reporting system, risks management and internal
control system.
During the year 2017, the Audit Committee had five meetings, two of
which were held with external auditors without executive directors present.
The work performed by the Audit Committee for the year ended 31
December 2017 is summarized below:
(1) reviewed the external auditors’ independence, the terms of
engagement and approved the remuneration of the external auditors;
(2) reviewed the annual audit plan of the external auditors and discussed
with them about the nature and scope of the audit;
(3) reviewed the Group’s interim financial information and annual
financial statements, before submission to the Board, discussed the
financial reporting matters and any areas of concerns during the
audits, including but not limited to the impact of the changes in
accounting policies and practices, and on the compliance with
accounting standards, the Listing Rules and the legal requirements;
(4) reviewed internal audit report and annual audit plan of the internal
audit department and the effectiveness of internal audit function;
(5) reviewed the Group’s risk management and internal control systems
and their effectiveness.
The audited financial statements of the Company for the year ended 31
December 2017 have been reviewed by the Audit Committee before
recommending them to the Board for approval.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司30
Corporate Governance Report
企業管治報告
核數師酬金
安永會計師事務所於本公司二零一七年五月二十五
日股東週年大會上獲續聘為本公司之外聘核數師直
至應屆股東週年大會為止。於二零一七年，就所提供
服務已付或應付本公司之外聘核數師之酬金如下：
核數服務之費用共人民幣1,458,000元。
公司秘書
本公司公司秘書彭潔玲女士為本集團全職僱員，年
內，本公司公司秘書確認彼曾參加不少於15小時的
相關專業培訓。
組織章程文件
於截至二零一七年十二月三十一日止年度，本公司
之組織章程大綱及組織章程細則並無任何變動。
股東權利
根據本公司之公司組織章程細則第58條之規定，任
何一位或以上於遞呈要求日期持有不少於本公司繳
足股本（附有於本公司股東大會表決權利）十分之一
的股東，於任何時候有權透過向本公司董事會或秘
書發出書面要求，要求董事會召開股東特別大會，以
處理有關要求中指明的任何事項；且該大會應於遞
呈該要求後兩個月內舉行。倘遞呈後二十一日內，董
事會未有召開該大會，則股東（們）可親自以相同方
式召開該大會，股東因董事會未有召開會議而招致
的任何合理費用，須由本公司償還股東。
開曼群島公司法或本公司之公司組織章程細則並無
列明股東可在股東大會上提呈任何新決議案。有意
提呈決議案之股東可按上段所載程序要求本公司召
開股東大會。
關於提名董事候選人之事宜，請參閱本公司網站所
載之程序。
股東可隨時致函本公司之香港主要營業地點（地址為
香港灣仔軒尼詩道338號北海中心30樓3001–02室），
向董事會提出查詢及表達意見。
AUDITORS’ REMUNERATION
Ernst and Young has been reappointed as the Company’s external
auditors at the AGM on 25 May 2017 until the conclusion of the next AGM.
During the year 2017, the remuneration paid or payable to the Company’s
external auditors in respect of services provided is as follows:
Fees for audit services amounted to RMB1,458,000.
COMPANY SECRETARY
Ms. Pang Kit Ling, the company secretary of the Company, is a full time
employee of the Group. During the year, the company secretary of the
Company confirmed that she had taken no less than 15 hours of relevant
professional training.
CONSTITUTIONAL DOCUMENTS
There is no change in the Company’s memorandum and articles of
association during the year ended 31 December 2017.
SHAREHOLDERS’ RIGHTS
Pursuant to Articles 58 of the Company’s Articles of Association, any one
or more shareholders holding at the date of deposit of the requisition not
less than one-tenth of the paid up capital of the Company carrying the
right of voting at general meetings of the Company shall at all times have
the right, by written requisition to the Board or the secretary of the
Company, to require an extraordinary general meeting to be called by the
Board for the transaction of any business specified in such requisition; and
such meeting shall be held within two months after the deposit of such
requisition. If within twenty-one days of such deposit the Board fails to
proceed to convene such meeting the shareholder(s) himself (themselves)
may do so in the same manner, and all reasonable expenses incurred by
the shareholder(s) as a result of the failure of the Board shall be reimbursed
to the shareholder(s) by the Company.
There is no provision allowing shareholders to move new resolutions at
general meetings under the Cayman Islands Companies Law or the
Articles of Association of the Company. Shareholders who wish to move a
resolution may request the Company to convene a general meeting
following the procedures set out in the preceding paragraph.
As regards, proposing a person for election as a director, please refer to
the procedures available on the website of the Company.
Shareholders may at any time send their enquiries and concerns to the
Board in writing to the Company’s principal place of business in Hong
Kong at Units 3001–02, 30/F, CNT Tower, 338 Hennessy Road, Wanchai,
Hong Kong.
ANNUAL REPORT 2017 二零一七年年報 31
Corporate Governance Report
企業管治報告
與股東的溝通
董事會認同與所有股東有良好的溝通至為重要，本
公司設立不同渠道保持與股東溝通，包括刊印年度
報告、中期報告，本公司之網站載有公司資料、企業
管治常規、本公司刊發之中期及年度報告、公告及通
函，使本公司股東可及時地取得本公司之最新資訊。
本公司的股東週年大會提供寶貴場合讓董事會直接
與股東溝通。董事會主席出席股東週年大會，並安排
董事會轄下委員會的主席，或在該等委員會的主席
缺席時由另一名委員會成員在股東週年大會上回答
提問。主席就每項獨立之事宜個別提出決議案以供
審議，包括選舉董事，並對各項提呈之決議案以投票
方式進行表決。投票表決之結果於股東週年大會日
於本公司網站上登載。
COMMUNICATIONS WITH SHAREHOLDERS
The Board recognises the importance of good communications with all
shareholders. The Company establishes and maintains different
communication channels with its shareholders through the publication of
annual and interim reports. Our corporate website which contains
corporate information, corporate governance practice, interim and annual
reports, announcements and circulars issued by the Company enables the
Company’s shareholders to have timely and updated information of the
Company.
The Company’s AGM is a valuable forum for the Board to communicate
directly with the shareholders. The Chairman of the Board attends the
AGM and arranges the chairman of the committees or in the absence of
the chairman of such committees, another member of the committees to
be available to answer questions at the AGM. The Chairman proposes
separate resolutions for each issue to be considered, including the election
of Directors, and put each proposed resolution to the vote by way of a poll.
Voting results are posted on the Company’s website on the day of AGM.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司32
Directors’ and Senior Management’s Biographies
董事及高級管理層履歷
執行董事
李其玲女士，69歲，本公司執行董事兼主席。李女
士為本集團創辦人之一，彼於一九九五年十二月創
立本集團並於二零零二年十月被委任為董事。於二
零一五年三月一日至二零一六年四月十七日，彼亦
是本公司總裁。李女士亦是本公司之附屬公司包括
東瑞國際有限公司、東瑞國際股份有限公司、蘇州東
瑞製藥有限公司、蘇州東瑞醫藥科技有限公司、東瑞
（南通）醫藥科技有限公司、廣東東瑞藥業有限公司
及東瑞葯業（香港）有限公司之主席，彼也是提名委
員會主席及薪酬委員會的成員。李女士於企業管理、
策略規劃、業務營運及財務等方面，尤其在中國製藥
企業的上述有關方面，擁有逾二十年經驗。彼負責監
督管理決策之執行，確保制定良好的企業管治常規
和經營方針，及制定本集團的整體發展策略。
熊融禮先生，73歲，本公司執行董事及本集團創辦
人之一。熊先生於一九九五年十二月創立本集團並
於二零零二年十月被委任為董事。熊先生亦於本公
司之附屬公司包括東瑞國際有限公司、東瑞生物投
資發展（亞洲）有限公司、東瑞國際股份有限公司、
蘇州東瑞製藥有限公司、蘇州東瑞醫藥科技有限公
司、東瑞（南通）醫藥科技有限公司、廣東東瑞藥業
有限公司及東瑞葯業（香港）有限公司擔任董事職務。
熊先生持有上海音樂學院的學位。彼於企業管理與
公司發展方面擁有逾二十年經驗，並曾創立及管理
製藥及高科技企業。熊先生是聯交所創業板上市公
司新利軟件（集團）股份有限公司的執行董事兼主席。
EXECUTIVE DIRECTORS
Ms. LI, Kei Ling, aged 69, is an Executive Director and Chairman of the
Company. Ms. Li is one of the founders of the Group. She founded the
Group in December 1995 and was appointed to the Board in October 2002.
She was also the chief executive officer of the Company from 1 March 2015
to 17 April 2016. Ms. Li is also the Chairman of Dawnrays International Co.
Ltd., Dawnrays International Co., Ltd. (東瑞國際股份有限公司 ), Suzhou
Dawnrays Pharmaceutical Co., Ltd., Su Zhou Dawnrays Pharmaceutical
Science and Technology Co., Ltd., Dawnrays (Nantong) Pharmaceutical
Science and Technology Co., Ltd., Guangdong Dawnrays Pharmaceutical
Co., Ltd., and Dawnrays Pharma (Hong Kong) Ltd., which are all subsidiaries
of the Company. She is the Chairman of the Nomination Committee and a
member of the Remuneration Committee. Ms. Li has over twenty years of
experience in corporate management, strategic planning, business
operations and finance, in particular for pharmaceutical enterprises in the
PRC. She is responsible for supervising the strategic management decisions
to ensure good corporate governance practices and business policies are
established, and executing the overall developmental strategies of the
Group.
Mr. HUNG, Yung Lai, aged 73, is an Executive Director of the Company
and one of the founders of the Group. Mr. Hung founded the Group in
December 1995 and was appointed to the Board in October 2002. Mr.
Hung also holds directorship in Dawnrays International Co. Ltd., Dawnrays
Biotechnology Capital (Asia) Ltd., Dawnrays International Co. Ltd. (東瑞國
際股份有限公司 ), Suzhou Dawnrays Pharmaceutical Co., Ltd., Su Zhou
Dawnrays Pharmaceutical Science and Technology Co., Ltd., Dawnrays
(Nantong) Pharmaceutical Science and Technology Co., Ltd., Guangdong
Dawnrays Pharmaceutical Co., Ltd., and Dawnrays Pharma (Hong Kong)
Ltd., which are all subsidiaries of the Company. Mr. Hung holds a degree
from 上海音樂學院 (Shanghai Conservatory of Music). He has over twenty
years of experience in corporate management and corporate development,
and has participated in founding and managing of pharmaceutical and
high-tech enterprises. Mr. Hung is an executive director and the chairman
of Sing Lee Software (Group) Ltd., a company listed on the Growth
Enterprise Market of the Stock Exchange.
ANNUAL REPORT 2017 二零一七年年報 33
Directors’ and Senior Management’s Biographies
董事及高級管理層履歷
陳紹軍先生，40歲，本公司執行董事兼總裁，於二
零零二年八月加盟本公司之附屬公司蘇州東瑞製藥
有限公司銷售及市場推廣部擔任地區經理，負責開
拓本集團的新專科藥產品地區市場和管理其銷售業
務。陳先生長期專注於中國醫藥市場的銷售推廣、網
絡建設、品牌提升及業務拓展的計劃與管理工作，於
醫藥營銷及企業發展與管理等方面積累了近二十年
的經驗。於二零一四年十二月，陳先生被委任為本公
司常務副總裁；並於二零一六年四月十八日成為本
公司總裁，負責管理本集團日常營運事務。陳先生於
二零一八年一月八日被委任為本公司執行董事。陳
先生亦於本公司之附屬公司包括蘇州東瑞製藥有限
公司、蘇州東瑞醫藥科技有限公司、東瑞（南通）醫
藥科有限公司及廣東東瑞藥業有限公司擔任董事職
務。彼亦是本公司附屬公司東瑞葯業（香港）有限公
司總經理。
非執行董事
梁康民先生，43歲，本公司非執行董事，彼於二零
零五年十一月加盟本集團及被委任為董事。梁先生
自一九九三年開展針織機械事業，在銷售及管理工
作方面累積超過十年經驗，以及逾十年的金融及房
地產投資經驗。近年更致力拓展高新農業事務和文
化藝術行業。梁先生現時為東海國際投資有限公司
（自二零零五年九月起成為本公司根據證券及期貨條
例第XV部需要披露的主要股東之一）的股東及董事。
獨立非執行董事
蔡達英先生，49歲，本公司獨立非執行董事，蔡先
生於二零零四年九月加盟本集團。彼現分別為本公
司審核委員會主席、薪酬委員會及提名委員會的成
員。蔡先生於財務及財資管理、公司融資、投資及核
數方面擁有豐富經驗。蔡先生於一九九零年在香港
浸會大學取得工商管理學士一級榮譽學位。蔡先生
於二零一七年五月十五日至二零一七年六月六日期
間為中國多金屬礦業有限公司（一間於香港聯合交易
所有限公司主板上市的公司）擔任執行董事職務。
Mr. CHEN, Shaojun, aged 40, is an Executive Director and chief
executive officer of the Company. He joined the sales and marketing
department of Suzhou Dawnrays Pharmaceutical Company Limited, a
subsidiary of the Company, in August 2002 as area manager and was
responsible for developing area market of new specific medicines of the
Group and managing its sales business. Mr. Chen has long specialized in
sales promotion, network building, brand upgrading, planning and
managing of business development in China pharmaceutical market. He
has accumulated almost twenty years of experience in pharmaceutical
sales and marketing and corporate development and management. Mr.
Chen was appointed as executive vice president of the Company in
December 2014 and became the chief executive officer of the Company
on 18 April 2016 to take charge of daily business operations of the Group.
Mr. Chen was appointed as Executive Director of the Company on 8
January 2018. Mr. Chen also holds directorship in Suzhou Dawnrays
Pharmaceutical Co., Ltd., Su Zhou Dawnrays Pharmaceutical Science and
Technology Co., Ltd., Dawnrays (Nantong) Pharmaceutical Science and
Technology Co., Ltd. and Guangdong Dawnrays Pharmaceutical Co., Ltd.,
which are all subsidiaries of the Company. He is also the general manager
of Dawnrays Pharma (Hong Kong) Limited, a subsidiary of the Company.
NON-EXECUTIVE DIRECTOR
Mr. LEUNG, Hong Man, aged 43, is a Non-executive Director of the
Company. He joined the Group and was appointed to the Board in
November 2005. Mr. Leung has started his business career in knitting
machinery since 1993. He has over 10 years experience in sales and
management and also over 10 years experience in finance and property
investments. In recent years, Mr. Leung has strived to exploit business in
hi-tech agriculture and arts and cultural industries. Mr. Leung currently is
the shareholder and the director of Toyo International Investment Ltd.,
which has been one of the substantial shareholders (as required to be
disclosed under Part XV of the Securities and Futures Ordinance) of the
Company since September 2005.
INDEPENDENT NON-EXECUTIVE DIRECTORS
Mr. CHOI, Tat Ying Jacky, aged 49, is an Independent Non-executive
Director of the Company. Mr. Choi joined the Group in September 2004.
He is the Chairman of the Audit Committee, a member of the
Remuneration Committee and the Nomination Committee of the Company
respectively. Mr. Choi has extensive experience in financial and treasury
management, corporate finance, investment and audit. He earned his
Bachelor degree of Business Administration from Hong Kong Baptist
University with a first class honours in 1990. Mr. Choi was an executive
director of China Polymetallic Mining Limited (a company listed on the Main
Board of the Stock Exchange of Hong Kong Limited ) from 15 May 2017
to 6 June 2017.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司34
Directors’ and Senior Management’s Biographies
董事及高級管理層履歷
勞同聲先生，49歲，本公司獨立非執行董事，勞先
生於二零一零年十月加盟本集團。彼現分別為本公
司審核委員會、薪酬委員會及提名委員會的成員。勞
先生於香港及跨國公司財務管理及業務發展方面擁
有廣泛經驗。勞先生於香港中文大學取得工商管理
學士學位及於倫敦大學取得財務管理理學碩士學位。
彼亦是香港會計師公會及澳洲會計師公會會員。彼
現任香港賽馬會公司財務管制主管。
EDE, Ronald Hao Xi先生，59歲，本公司獨立非執
行董事，EDE先生於二零一五年六月加盟本集團及被
委任為非執行董事。於二零一七年七月一日起被調
任為本公司獨立非執行董事、薪酬委員會主席、審核
委員會及提名委員會的成員。EDE先生於跨國公司財
務及業務管理方面擁有廣泛經驗。彼於夏威夷大學
(The University of Hawaii)取得工商管理學士學位及於
華盛頓大學 (The University of Washington)取得工商
管理碩士學位。彼亦是新加坡特許會計師公會資深
會員。EDE先生於二零零六年九月至二零一六年三月
三日期間曾為邁瑞醫療國際有限公司（「邁瑞」）（一家
因私有化已於二零一六年三月四日起於紐約證券交
易所退市的公司）的獨立董事、審核委員會及交易委
員會之成員，並於二零一七年一月再被委任為邁瑞
的獨立董事及審核委員會主席。
高級管理層
吳義俊先生，54歲，本集團財務總監，負責本集團
的財務管理包括財務策劃、資金規劃、成本核算、預
算編制及監督工作。吳先生持有南京審計學院（於二
零一五年更名為南京審計大學）會計學士學位，並持
有經濟師和中國高級會計師資格。吳先生於審計、財
政預算、財務管理、銀行信貸、經濟管理及中國稅務
法規方面擁有超過三十多年經驗。吳先生於二零零
二年十二月加盟本集團。
Mr. LO, Tung Sing Tony, aged 49, is an Independent Non-executive
Director of the Company. Mr. Lo joined the Group in October 2010. He is
a member of the Audit Committee, the Remuneration Committee and the
Nomination Committee of the Company respectively. Mr. Lo has extensive
experience in financial management and business development in Hong
Kong and multinational companies. He obtained his Bachelor degree in
Business Administration from The Chinese University of Hong Kong and
Master of Science in Financial Management from The University of London.
Mr. Lo is an associate member of The Hong Kong Institute of Certified
Public Accountants and a full member of CPA Australia. He currently holds
the position of the Head of Corporate Financial Control at The Hong Kong
Jockey Club.
Mr. Ede, Ronald Hao Xi, aged 59, is an Independent Non-executive
Director of the Company. Mr. Ede joined the group in June 2015 and was
appointed as a Non-executive Director. He was re-designated as an
Independent Non-executive Director, the Chairman of the Remuneration
Committee, a member of the Audit Committee and the Nomination
Committee of the Company with effect from 1 July 2017. Mr. Ede has
extensive experience in financial and business management in multinational
companies. He obtained his Bachelor degree in Business Administration
from The University of Hawaii and a Master of Business Administration
degree from The University of Washington. He is also a fellow member of
the Institute of Singapore Chartered Accountants. During the period of
September 2006 to 3 March 2016, Mr. Ede was an independent director,
a member of each of the audit committee and the transactions committee
of Mindray Medical International Ltd. (“Mindray”) (a company delisted from
the New York Stock Exchange on 4 March 2016 due to privatization) and
was re-appointed as Mindray’s independent director and chairman of the
audit committee in January 2017.
SENIOR MANAGEMENT
Mr. WU Yi Jun, aged 54, is the Financial Controller of the Group. Mr. Wu
is responsible for the Group’s financial management including financial
planning, capital budgeting, execution of costing, budget planning and
monitoring. Mr. Wu obtained a Bachelor degree of Accountancy from
Nanjing Audit Institute (renamed as Nanjing Audit University in 2015). He
attained economist and senior accountant qualification in the PRC. Mr. Wu
has over thirty years’ experience in auditing, budgeting, financial
management, corporate banking, economic management and PRC’s
taxation regulations. Mr. Wu joined the Group in December 2002.
ANNUAL REPORT 2017 二零一七年年報 35
Report of the Directors
董事會報告
董事會（「董事會」）提呈其董事會報告及東瑞製葯（控
股）有限公司（「本公司」）及其附屬公司（統稱「本集
團」）截至二零一七年十二月三十一日止年度的經審
核財務報表。
主要業務
本公司的主要業務為投資控股。附屬公司的主要業
務詳情載列於財務報表附註1。本集團於年內的主要
業務性質並無重大變動。
業績及股息
本集團截至二零一七年十二月三十一日止年度的溢
利及本公司及本集團於該日的財務狀況，載於經審
核財務報表第57至157頁。
每股普通股港幣元的中期股息已於二零一七年
九月二十八日派發。董事會建議向於二零一八年五
月二十九日名列股東名冊的股東支付末期股息每股
普通股港幣元。有關建議已列入財務報表，並
以分配保留溢利的形式計入財務狀況表內權益一節
中。
業務回顧
本集團截至二零一七年十二月三十一日止年度的業
務回顧，分別載於「主席報告」第5至7頁及「管理層
討論與分析」第9至13頁。「財務回顧」第14至18頁
亦包括了本年度本集團主要財務表現指標的分析。
本集團的未來發展於「主席報告」第5至7頁及「管理
層討論與分析」第9至12頁披露。
上述互相參照之適用討論及分析是本董事會報告書
的組成部分。
報告期後事項
於報告期後，本公司間接全資附屬公司東瑞國際股
份有限公司於二零一八年二月一日與獨立第三方訂
立股權轉讓協議，以人民幣二百九十萬元轉讓其直
接全資附屬公司廣東東瑞藥業有限公司全部股權。
於本報告日，有關股權轉讓手續仍在辦理中。
The board of Directors (the “Board”) herein present their report and the
audited financial statements of Dawnrays Pharmaceutical (Holdings)
Limited (the “Company”) and its subsidiaries (collectively referred to as the
“Group”) for the year ended 31 December 2017.
PRINCIPAL ACTIVITIES
The principal activity of the Company is investment holding. Details of the
principal activities of the subsidiaries are set out in note 1 to the financial
statements. There were no significant changes in the nature of the Group’s
principal activities during the year.
RESULTS AND DIVIDENDS
The Group’s profit for the year ended 31 December 2017 and the state of
affairs of the Company and the Group at that date are set out in the
audited financial statements on pages 57 to 157.
An interim dividend of HK$ per ordinary share was paid on 28
September 2017. The Board recommends the payment of a final dividend
of HK$ per ordinary share in respect of the year, to shareholders on
the register of members on 29 May 2018. This recommendation has been
incorporated in the financial statements as an allocation of retained profits
within the equity section of the statement of financial position.
BUSINESS REVIEW
Review of the Group’s business for the year ended 31 December 2017 are
presented in “Chairman’s Statement” and “Management Discussion and
Analysis” on pages 5 to 7 and pages 9 to 13 respectively. The “Financial
Review” on pages 14 to 18 also includes an analysis of the Group’s
financial key performance indicators during the year. Future developments
in the Group’s business are disclosed in “Chairman’s Statement” on pages
5 to 7 and “Management Discussion and Analysis” on pages 9 to 12.
The applicable discussion and analysis as cross-referenced above shall
form an integral part of this Report of the Directors.
EVENT AFTER THE REPORTING PERIOD
Subsequent to the end of reporting period, on 1 February 2018, the
indirect wholly-owned subsidiary of the Company, Dawnrays International
Co. Ltd. entered into a share transfer agreement with an independent third
party to sell all its equity in the directly owned subsidiary, Guangdong
Dawnrays Pharmaceutical Co., Ltd., at million. At the date of this
report, the transfer of shares procedure is still processing.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司36
Report of the Directors
董事會報告
主要風險及不確定性
本集團的金融風險管理目標及對策載於財務報表附
註34。下列之風險及不確定性可能會影響本集團之
業績及業務經營，部份因素屬醫藥行業固有，部份則
來自外界來源。
(1) 有關開發中產品之藥品批准
開發中產品上市之實際時間可能由於多項因素
而與本集團預期之時間存在重大差異，包括臨
床前研究或臨床試驗延遲或失敗，審批流程需
時及監管批准過程結果之不確定性。倘任何開
發中產品須取得之必要批准有所延誤或未能獲
取，將影響該等產品上市之實際時間。本集團
致力投資於研發新藥品以確保擁有豐富的在研
產品線。
(2) 招標及價格控制
在本集團營銷產品的各個省份，本集團須每年
參與或每隔幾年參與政府主導的招標程序。倘
本集團未能在某個省級招標程序中中標，本集
團的產品將不能銷售至該省份的公立醫院，本
集團也將會失去該省份的市場份額；另外，最
近省級招標過程中採用若干新方法，可能對醫
藥產品價格造成進一步下調的壓力。這對本集
團的市場份額、收益及盈利能力可能會有不利
影響。本集團擁有一隊監督及處理藥品招標之
隊伍，負責為本集團產品爭取以理想之價格水
平中標。
(3) 中國醫療改革
中國當前處於醫療體制改革關鍵時期，很多監
管醫療保健及製藥業的法律、法規或執行政策
正在發展且經常變更。新政策推行均可能對本
集團造成重大影響，也可能產生高昂費用、分
散資源及管理層注意力，因而使本集團的業務
及營運面臨的不確定因素及風險。
環保政策及表現
董事會非常瞭解環境保護對本集團持續穩定發展的
重要性。本集團力求在提高產品品質的同時在成本
控制及環境保護之間取得最佳平衡，致力成為能源
資源消耗少、污染物排放低、節約資源及保護環境的
企業。本集團通過環境管理體系的建立，推行清潔生
產，減少污染，降低環境事故風險，亦定期評估供應
商的環境和社會風險，以確保其供應鏈安全。
PRINCIPAL RISKS AND UNCERTAINTIES
Details about the Group’s financial risk management objectives and
policies are disclosed in Note 34 to the financial statements. The following
risks and uncertainties may affect the results and business operations of
the Group, some of which are inherent to pharmaceutical sector and some
are from external sources.
(1) DRUG APPROVAL PROCESS IN RELATION TO PRODUCTS
UNDER DEVELOPMENT
The actual t iming of the market launch of products under
development could vary significantly from our estimates due to a
number of factors including delays or failures in our pre-clinical
studies or clinical trials, the lengthy approval process and the
uncertainties in the outcome of regulatory approval process. If any of
the necessary approvals in relation to products under development
is delayed or not obtained, this could adversely affect the timing of
the market launch of the products. The Group is committed to
investing in research and development of new drugs in order to
ensure a rich product pipeline.
(2) TENDER AND PRICE CONTROL
In each province where we market our products, the Group have to
participate in a government-led tender process every year or every
few years. In the event that the Group fails to win the tender in a
provincial tender process, the sale of the Group’s products to public
hospitals in such province will be prohibited and the Group will lose
market share in such province. In addition, certain new methods
have been recently adopted in the provincial tender process, which
may exert further downward pressure against the price of
pharmaceutical products and the Group’s market share, revenue
and profitability may be adversely affected. The Group has a team of
staff monitoring and handling the drug tenders with the objective of
winning the tenders for the Group’s products at a desirable price
level.
(3) HEALTHCARE REFORM IN CHINA
The healthcare system in the PRC is undergoing a crucial reform
period, where laws, regulations and policies in effect governing the
medical, healthcare and pharmaceutical industry are constantly
evolving. New policies implementation may have material effects to
the Group. It may also incur significant costs, divert the resources
and attention of the management and thus leading to more
uncertainties and risks in respect of the Group’s business and
operation.
ENVIRONMENTAL POLICIES AND PERFORMANCE
The Board is well aware of the importance of environmental protection on
the Group’s sustainability and stable development. The Group strives to
improve product quality while achieving the best balance between cost
control and environmental protection, devotes to be a resource-saving and
environment-fr iendly enterprise with low energy and resources
consumption and low level of discharge on wastages. The Group has
established an environmental management system to promote clean
production, to reduce pollution and to reduce the risk of environmental
accidents. The Group also evaluates environmental and social risks of its
suppliers on a regular basis to ensure the safety of its supply chains.
ANNUAL REPORT 2017 二零一七年年報 37
Report of the Directors
董事會報告
環境、社會及管治報告
根據上市規則附錄27編製的本公司環境、社會及管
治報告將於本公司年報刊發後三個月內在香港聯合
交易所有限公司及本公司網站上公佈。
遵守相關法律及規例
就董事及管理層所知，截至二零一七年十二月三十一
日止年度，本集團已遵守對本集團業務及營運有重
大影響之相關法律及規例。
重要關係
(1) 僱員
本集團以人為本，給予僱員合理待遇，同時為
挽留人才不斷完善薪酬福利、培訓、職業健康
與安全等制度，並定期檢討更新。本集團的僱
員及薪酬政策載於「管理層討論與分析」第18頁。
(2) 供應商
本集團建立了供應商管理制度，通過品質、價
格對供應商篩選及評估以挑選供應商。此外，
為求致力確保供應商在品質保證、安全及其他
環境管理等方面的能力，本集團按需要到供應
商現場調查，對其生產能力、技術水準、品質
保證能力、供貨能力、安全環境管理資質等方
面進行實地審查。
(3) 分銷商
本集團透過第三方分銷商向客戶出售部份產
品。本集團與分銷商合作緊密，以確保本集團
於提升品牌價值及客戶服務方面（尤其是專注
於吸引和維繫顧客以促進銷售增長）之觀點一
致。本集團要求分銷商遵守本集團的政策及推
廣活動標準，亦會監察分銷商之財務狀況及還
款紀錄。
(4) 客戶
本集團與顧客關係良好，不斷致力為客戶提供
優質產品及服務，對有關產品的投訴更是高度
重視，並已制定處理投訴機制，公司設有專責
人員對投訴事件進行調查，並對客戶提供及時
回饋，保障客戶利益。
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT
The environmental, social and governance report of the Company
prepared in accordance with Appendix 27 of the Listing Rules will be
announced on The Stock Exchange of Hong Kong Limited and the
Company’s website within three months after the publication of the annual
report of the Company.
COMPLIANCE WITH APPLICABLE LAWS AND
REGULATIONS
As far as the directors and management are aware, for the year ended 31
December 2017, the Group has complied in all material respects with the
relevant laws and regulations that have a significant impact on the business
and operations of the Group.
KEY RELATIONSHIPS
(1) EMPLOYEES
Being people-oriented, the Group ensures all staff are reasonable
remunerated and also continues to improve and regularly review and
update its policies on remuneration and benefits, training,
occupational health and safety. The staff and remuneration policy are
presented in “Management Discussion and Analysis” on page 18.
(2) SUPPLIERS
The Group has established a supplier management system to
handpick suppliers through a screening and evaluation process
based on quality and price. Furthermore, the Group also carries out
field audit on its suppliers when necessary, with a view to make
endeavor to ensure its suppliers are equipped to provide guarantees
on quality, as well as safety and other environmental issues that
require managerial skills. Such audit cover a number of areas,
including productivity, technical standards, quality assurance, supply
capability, as well as safety and environmental management
credentials.
(3) DISTRIBUTORS
The Group sells some of products to customers through third-party
distributors. The Group works closely with distributors to ensure that
the Group shares the view for upholding brand value and customer
services, specifically focusing on attracting and retaining customers
in order to drive sales growth. The Group also requires distributors to
comply with the Group’s policies and promotional activities
standards. The Group also monitors the financial condition and
repayment history of distributors.
(4) CUSTOMERS
The Group maintains a good relationship with its customers and
constantly endeavours to deliver quality products and services to its
customers. The Group also directs dedicated efforts to deal with
complaints about relevant products and has established relevant
processes to handle complaints. In addition the Group has assigned
staff to investigate customers’ complaint cases and provide timely
feedbacks in order to safeguard customers’ benefits.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司38
Report of the Directors
董事會報告
企業管治
本公司之企業管治常規詳情載於年報第19至31頁之
企業管治報告內。
薪酬政策
本集團的薪酬政策是參照市場慣例、董事及員工的
資歷、職務及責任釐訂。另提供其他福利包括定額供
款退休計劃、購股權計劃及醫療福利。
董事及五名最高薪人士之酬金
年內，董事及五名最高薪人士之酬金詳情載於財務
報表附註7及附註8。
財務資料概要
節錄自本集團最近五個財政年度已公佈的經審核財
務報表的已公佈業績、資產及負債概要載於第158
頁。該概要並不構成經審核財務報表的部分。
捐款
年內，本集團的慈善捐款為人民幣57,000元。
物業、廠房及設備及土地使用權
本公司及本集團於年內的物業、廠房及設備及土地
使用權的變動詳情，分別載於財務報表的附註13及
14。
計息銀行貸款
本集團於二零一七年十二月三十一日沒有計息銀行
貸款。
股本
本公司之股本於本年度之變動載於財務報表附註28。
優先購買權
本公司的公司組織章程細則或開曼群島法律並無有
關優先購買權的條文，規定本公司須按比例提呈發
售新股予現有股東。
CORPORATE GOVERNANCE
Details of the Company’s corporate governance practices are set out in
the Corporate Governance Report on pages 19 to 31 of the annual report.
EMOLUMENT POLICY
The Group’s emolument policy bases on the market practice, the
qualification, duties and responsibilities of Directors and employees. Other
fringe benefits, including defined contribution retirement schemes, share
option scheme and medical cover are also provided.
REMUNERATION OF DIRECTORS AND FIVE INDIVIDUALS
WITH HIGHEST EMOLUMENTS
Details of the emoluments of the Directors and five highest paid individuals
during the year are set out in notes 7 and 8 to the financial statements.
SUMMARY OF FINANCIAL INFORMATION
A summary of the published results and of the assets and liabilities of the
Group for the last five financial years, as extracted from the published
audited financial statements, is set out on page 158. This summary does
not form part of the audited financial statements.
DONATION
During the year, the Group made charitable donation amounting to
RMB57,000.
PROPERTY, PLANT AND EQUIPMENT AND LAND USE
RIGHTS
Details of movements in property, plant and equipment and land use rights
of the Company and the Group during the year are set out in notes 13 and
14 to the financial statements, respectively.
INTEREST-BEARING BANK LOANS
The Group did not have interest-bearing bank loans as at 31 December
2017.
SHARE CAPITAL
Details of movements in share capital of the Company during the year are
set out in note 28 to the financial statements.
PRE-EMPTIVE RIGHTS
There are no provisions for 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.
ANNUAL REPORT 2017 二零一七年年報 39
Report of the Directors
董事會報告
購買、贖回或出售本公司上市證券
年內，本公司在聯交所購回9,111,000股本公司上市
證券，本公司已於其後註銷所有購回股份，不含其他
費用之總代價為港幣45,072,000元，董事認為，購
回股份能反映本公司對其長遠業務前景之信心，最
終將為本公司帶來裨益，並為本公司股東創造價值。
於年內每月購回股份之詳情載列如下：
除上文披露者外，截至二零一七年十二月三十一日
止年度內，本公司或其任何附屬公司概無購買、贖回
或出售任何本公司上市證券。
儲備
本公司及本集團於年內的儲備變動詳情，載於綜合
權益變動表及財務報表附註31。
可供分派儲備
本公司於二零一七年十二月三十一日的可供分派儲
備 達 人 民 幣242,658,000元， 其 中 建 議 人 民 幣
76,826,000元用作宣派年內的末期股息。根據開曼
群島公司法（一九六一年第三卷，經綜合及修訂）第
二十二章，本公司於二零一七年十二月三十一日可
供 分 派 予 本 公 司 股 東 的 股 份 溢 價 賬 約 人 民 幣
26,160,000元，惟本公司須於緊接建議派發股息當
日後，本公司有能力清償其於一般業務過程中到期
的債務。股份溢價賬亦可以繳足紅股的方式分派。
PURCHASE, REDEMPTION OR SALE OF LISTED
SECURITIES OF THE COMPANY
During the year, the Company repurchased 9,111,000 shares of the
Company’s listed securities on the Stock Exchange at an aggregate
consideration of HK$45,072,000 before expenses. All the repurchased
shares were subsequently cancelled by the Company. The Directors
believe that the repurchases reflect the Company’s confidence in its long
term business prospects and would ultimately benefit the Company and
create value for the shareholders of the Company. The monthly breakdown
of shares repurchased during the year was as follows:
Month of Repurchase
Number of
Shares repurchased
The highest price
paid per share
(HK$)
The lowest price
paid per share
(HK$)
Aggregate
consideration paid
(HK$’000)
購回月份 購回股份數目
每股已付最高價格
（港幣）
每股已付最低價格
（港幣）
總代價
（港幣千元）
January 2017
二零一七年一月份 420,000 1,918
June 2017
二零一七年六月份 3,072,000 14,208
July 2017
二零一七年七月份 5,300,000 27,413
August 2017
二零一七年八月份 319,000 1,533
Total
總計 9,111,000 45,072
Save as disclosed above, neither the Company, nor any of its subsidiaries
purchased redeemed or sold any of the Company’s listed securities for the
year ended 31 December 2017.
RESERVES
Details of movements in the reserves of the Company and the Group
during the year are set out in consolidated statement of changes in equity
and note 31 to the financial statements.
DISTRIBUTABLE RESERVES
At 31 December 2017 the Company’s reserves available for distribution
amounted to RMB242,658,000, of which RMB76,826,000 has been
proposed as a final dividend for the year. Under the Companies Law, Cap.
22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands,
the share premium account of the Company of approximately
RMB26,160,000 as at 31 December 2017 is 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. The share premium account may also be distributed in the form
of fully paid bonus shares.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司40
Report of the Directors
董事會報告
主要客戶及供應商
於回顧年內，向本集團五大客戶的銷售額佔銷售總
額 的%， 而 向 其 中 最 大 客 戶 的 銷 售 額 則 佔
%。向本集團五大供應商的採購額佔年內採購總
額的%，而向其中最大供應商的採購額則佔
%。
本公司董事或其任何聯繫人或任何股東（據董事所
知，擁有本公司已發行股本逾5%權益）於本集團五
大客戶或供應商中並無擁有任何實益權益。
董事
本公司於年內及截至本報告刊發之日止的董事如下：
執行董事
李其玲女士
熊融禮先生
李東明先生（於二零一八年二月二十三日辭任）
陳紹軍先生（於二零一八年一月八日被委任）
非執行董事
梁康民先生
獨立非執行董事
潘學田先生（於二零一七年七月一日辭任）
蔡達英先生
勞同聲先生
EDE, Ronald Hao Xi先生（於二零一七年七月一日
由非執行董事調任為獨立非執行董事）
根據本公司公司組織章程細則（「組織章程細則」）第
87條，熊融禮先生將於應屆股東週年大會（「股東週
年大會」）上輪席告退，並符合資格願膺選連任。
蔡達英先生將於應屆股東週年大會上輪席告退並符
合資格重選，然而，由於彼決定投放更多時間於個人
事務，蔡先生將不會於應屆股東週年大會上重選連
任。蔡達英先生確認，彼與董事會之間並無意見分
歧，且並無有關彼自董事會退任之事宜須提請股東
及聯交所注意。於彼退任後，董事會將在實際可行情
況下儘快物色合適人選填補獨立非執行董事、提名
委員會及薪酬委員會成員及審核委員會主席之空缺，
或考慮調整委員會的組成，以符合上市規則。本公司
將適時另行刊發公告。
MAJOR CUSTOMERS AND SUPPLIERS
In the year under review, sales to the Group’s five largest customers
accounted for % of the total sales for the year and sales to the
largest customer included therein amounted to %. Purchases from the
Group’s five largest suppliers accounted for % of the total purchases
for the year and purchases from the largest supplier included therein
amounted to %.
None of the Directors of the Company or any of their associates or any
shareholders (which, to the best knowledge of the Directors, own more
than 5% of the Company’s issued share capital) had any beneficial interest
in the Group’s five largest customers or suppliers.
DIRECTORS
The Directors of the Company during the year and up to the date of this
report are:
EXECUTIVE DIRECTORS
Ms. Li Kei Ling
Mr. Hung Yung Lai
Mr. Li Tung Ming (resigned on 23 February 2018)
Mr. Chen Shaojun (appointed on 8 January 2018)
NON-EXECUTIVE DIRECTOR
Mr. Leung Hong Man
INDEPENDENT NON-EXECUTIVE DIRECTORS
Mr. Pan Xue Tian (resigned on 1 July 2017)
Mr. Choi Tat Ying Jacky
Mr. Lo Tung Sing Tony
Mr. Ede, Ronald Hao Xi (re-designated from Non-executive Director
to Independent Non-executive Director on 1 July 2017)
In accordance with the article 87 of the Company’s articles of association
(the “Articles”), Mr. Hung Yung Lai will retire by rotation and being eligible,
offer himself for re-election at the forthcoming annual general meeting
(“AGM”).
Mr. Choi Tat Ying Jacky will retire by rotation and being eligible for re-
election. However, Mr. Choi will not offer himself for re-election at the AGM
due to his decision to devote more time to his personal endeavours. Mr.
Choi Tat Ying Jacky confirmed that he has no disagreement with the
Board and there is no matter that needs to be brought to the attention of
the Shareholders and the Stock Exchange in relation to his retirement from
the Board. Upon his retirement, the Board will identify suitable candidate(s)
to fill the vacancy of an independent non-executive Director, a member of
nomination committee and remuneration committee and the chairman of
the audit committee or adjusting the composition of the committees as
soon as practicable in order to comply with the Listing Rules. The
Company will make further announcement as and when appropriate.
ANNUAL REPORT 2017 二零一七年年報 41
Report of the Directors
董事會報告
由於陳紹軍先生是根據組織章程細則第86(3)條於二
零一八年一月八日起獲董事會委任為執行董事，彼
將於應屆股東週年大會上告退，及符合資格願膺選
連任。
本 公 司 已 取 得 蔡 達 英 先 生、 勞 同 聲 先 生 及EDE,
Ronald Hao Xi先生的年度獨立確認書，並於本報告
刊發之日仍視彼等為獨立人士。
誠如本公司於二零一七年八月十四日公告披露，本
公司獲悉蔡達英先生於二零一七年八月十日作為共
同被告人被起訴，指控蔡先生於二零一二年五月至
二零一三年五月在香港商品交易所有限公司任職期
間涉嫌串謀詐騙，並且本公司獲悉蔡先生已獲准保
釋。
董事及主要管理層履歷
董事會認為本公司執行董事、總裁及財務總監均為
本集團主要管理人員。
本公司董事及財務總監的履歷詳情載於年報第32至
34頁。
董事服務合約
李其玲女士與本公司簽訂服務合約，由二零零三年
七月一日開始為期兩年。李女士的服務合約於二零
零五年七月一日獲續約三年，其後每次續期三年，其
委任可由任何一方發出不少於三個月書面通知書予
以終止。李女士目前於本集團有權享有董事袍金及
其他酬金每年共港幣1,162,800元。
熊融禮先生與本公司簽訂服務合約，由二零零三年
七月一日開始為期兩年。熊先生的服務合約由二零
零五年七月一日開始獲續約三年，其後每次續期三
年，其委任可由任何一方發出不少於三個月書面通
知書予以終止。熊先生目前於本集團有權享有董事
袍金及其他酬金每年共港幣742,800元。
陳紹軍先生與本公司訂立服務合約，由二零一八年
一月八日開始為期兩年。其委任可由任何一方發出
不少於二個月書面通知書予以終止。陳先生目前於
本集團有權享有董事袍金及其他酬金每年共港幣
1,818,000元及董事會不時酌情發放的花紅。
As Mr. Chen Shaojun was appointed as an Executive Director by the
Board since 8 January 2018 pursuant to article 86(3) of the Articles, he will
retire from office at the forthcoming AGM, and being eligible offer himself
for re-election.
The Company has received annual confirmations of independence from
Mr. Choi Tat Ying Jacky, Mr. Lo Tung Sing Tony and Mr. Ede, Ronald Hao
Xi and as at the date of this report still considers them to be independent.
As disclosed in the Company’s announcement dated 14 August 2017, the
Company has been notified that Mr. Choi Tat Ying Jacky was charged on
10 August 2017 as a co-defendant for conspiracy to defraud between May
2012 and May 2013 when Mr. Choi was employed by the Hong Kong
Mercantile Exchange Limited, and that the Company has been notified that
Mr. Choi has been released on bail.
DIRECTORS’ AND KEY MANAGEMENT’S BIOGRAPHIES
The Board considers the executive directors of the Company, CEO and
the financial controller are the key management personnel of the Group.
Biographical details of the Directors of the Company and the financial
controller are set out on pages 32 to 34 of the annual report.
DIRECTORS’ SERVICE CONTRACTS
Ms. Li Kei Ling entered into a service contract with the Company for a term
of two years which commenced on 1 July 2003. Ms. Li’s service contract
was renewed for a term of three years which commenced on 1 July 2005
and will continue thereafter for successive terms of three years. Her
appointment is subject to termination by either party giving not less than
three months’ written notice. Ms. Li is currently entitled to director’s fee
and other remuneration from the Group totally HK$1,162,800 per year.
Mr. Hung Yung Lai entered into a service contract with the Company for a
term of two years which commenced on 1 July 2003. Mr. Hung’s service
contract was renewed for a term of three years which commenced on 1
July 2005 and will continue thereafter for successive terms of three years.
His appointment is subject to termination by either party giving not less
than three months’ written notice. Mr. Hung is currently entitled to
director’s fee and other remuneration from the Group totally HK$742,800
per year.
Mr. Chen Shaojun entered into a service contract with the Company for a
term of two years which commenced on 8 January 2018. His appointment
is subject to termination by either party giving not less than two months’
written notice. Mr. Chen is currently entitled to director’s fee and other
remuneration from the Group totally HK$1,818,000 and a discretionary
bonus payable at the absolute discretion of the Board from time to time.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司42
Report of the Directors
董事會報告
梁康民先生與本公司訂立委任函，由二零零五年十一
月一日開始為期兩年，其後每次續期兩年，梁先生現
時享有年度酬金港幣180,000元。梁先生的委任均可
於任何一方發出不少於一個月書面通知書予以終止。
除上述董事袍金外，梁先生並無享有任何其他酬金。
蔡達英先生與本公司訂立委任函，由二零零四年九
月三十日開始為期兩年，其後每次續期兩年。勞同聲
先生與本公司訂立委任函，由二零一零年十月一日
開始為期兩年，其後每次續期兩 年。EDE, Ronald
Hao Xi先生於二零一五年六月十五日與本公司訂立為
期兩年的委任函並於二零一七年六月十五日續期兩
年，因EDE先生被調任為獨立非執行董事，彼與本
公司重新簽訂由二零一七年七月一日開始為期兩年
的委任函。蔡先生、勞先生及EDE先生的委任均可
分別於任何一方發出不少於一個月書面通知書予以
終止。蔡先生、勞先生及EDE先生現時各自享有年
度酬金港幣216,000元。除上述董事袍金外，三名獨
立非執行董事並無享有任何其他酬金。
擬於應屆股東週年大會上再獲推選的董事，並無與
本公司訂立不可於一年內免賠償（除法定賠償外）予
以終止的服務合約。
董事於合約的權益
概無董事於對本集團業務屬重大的任何合約中直接
或間接擁有重大權益。本集團、其控股股東或其任何
附屬公司之間並無任何重大合約。
管理合約
於年內，概無訂立或存在任何有關處理及管理本公
司全部業務或業務的重要部份的合約。
競爭及利益衝突
董事認為，本公司董事、主要股東及彼等各自任何緊
密聯繫人，概無於本年度內從事任何與本集團業務
構成或可能構成直接或間接競爭的業務，或與本集
團出現任何其他利益衝突，而須根據上市規則予以
披露。
Mr. Leung Hong Man entered into a letter of appointment with the
Company for a term of two years which commenced on 1 November 2005
and will continue thereafter for successive terms of two years. Mr. Leung is
currently entitled to a basic annual remuneration of HK$180,000. Mr.
Leung’s appointment is subject to termination by either party giving not
less than one month’s written notice. Save for the above director’s fee, Mr.
Leung is not entitled to any other remuneration.
Mr. Choi Tat Ying Jacky entered into a letter of appointment with the
Company for a term of two years which commenced on 30 September
2004 and will continue thereafter for successive terms of two years. Mr. Lo
Tung Sing Tony entered into a letter of appointment with the Company for
a term of two years which commenced on 1 October 2010 and will
continue thereafter for successive terms of two years. Mr. Ede, Ronald
Hao Xi entered into a letter of appointment with the Company for a term of
two years commenced on 15 June 2015 and renewed on 15 June 2017
for a term of two years. As Mr. Ede was re-designated as independent
non-executive director, he entered into a new letter of appointment with
the Company for a term of two years commenced on 1 July 2017. Each of
Mr. Choi’s, Mr. Lo’s and Mr. Ede’s appointment is respectively subject to
termination by either party giving not less than one month’s written notice.
Each of Mr. Choi, Mr. Lo and Mr. Ede is currently entitled to an annual
remuneration of HK$216,000. Save for the above directors’ fees, the three
Independent Non-executive Directors are not entitled to any other
remuneration.
No Director proposed for re-election at the forthcoming AGM has a service
contract with the Company which is not determinable by the Company
within one year without payment of compensation, other than statutory
compensation.
DIRECTORS’ INTERESTS IN CONTRACTS
No Director had a material interest, either directly or indirectly, in any
contract of significance to the business of the Group. There is no contract
of significance between the Group, its controlling shareholder or any of its
subsidiaries during the year.
MANAGEMENT CONTRACTS
No contracts concerning the management and administration of the whole
or any substantial part of the business of the Company were entered into
or were in existence during the year.
COMPETITION AND CONFLICT OF INTERESTS
In the opinion of the Directors, none of the Directors, the substantial
shareholders of the Company and any of their respective close associates
has engaged in any businesses that competes or may compete, either
directly or indirectly with the business of the Group or has any other
conflict of interests with the Group during the year under review which are
required to be disclosed under the Listing Rules.
ANNUAL REPORT 2017 二零一七年年報 43
Report of the Directors
董事會報告
獲准許的彌償條文
根據組織章程細則，在法律容許的範圍內，各董事有
權從公司的資產中按其可能產生或就或因其執行
及╱或履行職務及╱或行使其權力時所產生及╱或與
其職責、權力或職務有關的所有成本、費用、開支、
虧損及負債獲得彌償。
本公司已為董事及行政人員購買責任保險，為彼等
因履行其職責或相關事宜時可能要承擔的法律責任
提供若干彌償。
股票掛鈎協議
於年內曾訂立或年終仍存在之股票掛鈎協議詳情載
列如下：
購股權計劃
本公司於二零零三年六月二十一日採納購股權計劃
（「二零零三購股權計劃」）已於二零一三年六月二十
日屆滿。二零零三購股權計劃條文之所有其他方面
繼續全面有效，於二零零三購股權期限前，根據二零
零三購股權計劃條款授出之所有購股權之持有人，
繼續有權根據二零零三購股權計劃條款行使未獲行
使之購股權，直至前述購股權到期。因此，一項新購
股權計劃已於二零一三年五月二十四日之股東週年
大會上獲股東批准（「二零一三購股權計劃」），並於
二零一三年六月二十一日（即二零零三購股權計劃屆
滿後）立即生效。二零一三購股權計劃之主要條款與
二零零三購股權計劃相類似，並統稱為「該計劃」。
有關該計劃的詳情包括該計劃的目的與合資格參與
者及購股權的估值載於財務報表附註30。於本報告
日，根據該計劃可予發行的股份總數為79,478,400
股，約佔本公司已發行股份的%。
PERMITTED INDEMNITY PROVISION
Pursuant to the Articles, every Director is entitled to be indemnified out of
the assets of the Company against all costs, charges, expenses, losses
and liabilities which he may sustain or incur in or about the execution and/
or discharge of his duties and/or the exercise of his powers and/or
otherwise in relation to or in connection with his duties, powers or offices,
to the extent as permitted by laws.
The Company has acquired insurance coverage on Directors’ and officers’
liabilities which provides certain indemnities against liabilities incurred in
respect of any legal actions which may be taken against Directors and
officers in the execution and discharge of their duties or in relation thereto.
EQUITY-LINKED AGREEMENTS
Details of the equity-linked agreements entered into during the year or
subsisting at the end of the year are set out below:
SHARE OPTION SCHEME
The share option scheme adopted by the Company on 21 June 2003 (the
“2003 Share Option Scheme”) was expired on 20 June 2013. All other
respects of the provisions of the 2003 Share Option Scheme remained in
full force and holders of all options granted under the 2003 Share Option
Scheme prior to such expiry were entitled to exercise the outstanding
options pursuant to the terms of the 2003 Share Option Scheme until
expiry of the said options. As a result, on 24 May 2013, the shareholders
of the Company approved at the annual general meeting a new share
option scheme (the “2013 Share Option Scheme”), and took effect
immediately on 21 June 2013, which was after the expiry of the 2003
Share Option Scheme. The principal terms of the 2013 Share Option
Scheme and the 2003 Share Option Scheme are similar and are
collectively referred to as the “Scheme”. The detailed disclosures relating
to the Scheme including the purposes and the eligible participants of the
Scheme and valuation of options are set out in Note 30 to the financial
statements. The total number of shares available for issue under the
Scheme is 79,478,400 shares which representing approximately %
of the issued share capital of the Company at the date of this annual
report.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司44
Report of the Directors
董事會報告
Movements of Company’s share options under the Scheme during the
year were as follows:
Number of share options
購股權數目
Date of grant
of
share options
(a) (dd/mm/yy)
授出購股權日期
(a)（日／月／年）
Exercise period
of share options
(dd/mm/yy)
購股權行使期間
（日／月／年）
Exercise
price of
share
options (b)
購股權
行使價 (b)
Closing
price of the
Company’s
shares at
immediate
date before
the grant (c)
緊接授出購
股權前一天
本公司股份
收市價格 (c)
Name or category
of participant
參與者名稱或
類別
At 1
January 2017
於二零一七年
一月一日
Granted
during the
year
年內已授出
Exercised
during
the year
年內已行使
Lapsed during
the year (d)
年內已失效 (d)
At 31
December
2017
於二零一七年
十二月
三十一日
HK$
港幣
HK$
港幣
Chief Executive Officer (e) 總裁 (e)
Mr. Chen Shaojun (e) 陳紹軍先生 (e) 3,000,000 – – – 3,000,000 08/01/15 08/01/16–07/01/21
3,000,000 – – – 3,000,000 18/03/15 18/03/16–17/03/21
2,000,000 – – – 2,000,000 16/04/15 16/04/16–15/04/21
8,000,000 – – – 8,000,000
Other employees 其他僱員
In aggregate 總計 1,324,000 – (1,270,000) (54,000) – 25/03/11 25/03/12–24/03/17
1,000,000 – – – 1,000,000 17/09/14 17/09/15–16/09/20
2,900,000 – – – 2,900,000 08/01/15 08/01/16–07/01/21
4,000,000 – – – 4,000,000 16/04/15 16/04/16–15/04/21
1,400,000 – – – 1,400,000 23/11/15 23/11/16–22/11/21
1,500,000 – – – 1,500,000 11/05/16 11/05/17–10/05/22
1,200,000 – – – 1,200,000 08/09/16 08/09/17–07/09/22
– 6,000,000 – – 6,000,000 29/11/17 29/11/18–28/11/23
13,324,000 6,000,000 (1,270,000) (54,000) 18,000,000
21,324,000 6,000,000 (1,270,000) (54,000) 26,000,000
(a) The vesting period of the share options is from the date of the grant until the
commencement of the exercise period.
(b) The exercise price of the share options is subject to adjustment in the case of
rights or bonus issues, or other similar changes in the Company’s share
capital.
(c) The price of the Company’s shares disclosed as at immediate date before the
grant of the share options is the Stock Exchange closing price on the trading
day immediately prior to the date of grant of the options.
(d) Options lapsed in accordance with the terms of the Scheme due to
resignation of employees.
(e) Mr. Chen Shaojun was appointed as chief executive officer of the Company
on 18 April 2016 and then was appointed as executive director of the
Company on 8 January 2018. Mr. Chen Shaojun was granted totally
8,000,000 share options in 2015. The total number of share options granted
to Mr. Chen representing approximately % of the issued share capital of
the Company at the date of this report, which exceeds the rule “the maximum
number of shares issuable under share options to each eligible person in the
Scheme is limited to 1% of the shares of the Company issue at any time” of
the Scheme. This is due to the Company repurchased shares and cancelled
during the year, resulted in the issued share capital of the Company
decreased.
於年內，該計劃中的本公司購股權變動如下：
(a) 購股權的歸屬期為授出日期至行使期開始為止。
(b) 倘進行供股或發行紅股或本公司股本出現其他類似變
動，則購股權的行使價須予以調整。
(c) 於授予購股權前一天所披露的本公司股份價格為緊接
授予購股權當日前一個交易日的聯交所收市價。
(d) 基於僱員辭任職務，購股權根據計劃的條款而予以失
效。
(e) 陳紹軍先生於二零一六年四月十八日起被委任為本公
司總裁並於二零一八年一月八日被委任為本公司執行
董事。陳紹軍先生於二零一五年被授予共8,000,000
股購股權。於本報告日，陳先生被授予的購股權約佔
本公司已發行股份的%，超過該計劃條款「該
計劃每位合資格參與者的購股權的可予發行最高股份
數目，以本公司於任何時間的已發行股份1%為限」
的規定。此乃由於本公司於本年度購回股份並註銷，
使本公司已發行股份減少所致。
ANNUAL REPORT 2017 二零一七年年報 45
Report of the Directors
董事會報告
於緊接購股權行使日期前披露的本公司股份價格為
股份於緊接披露類別的所有購股權行使日期前一日
的聯交所股份收市價的加權平均數。其他僱員已行
使的購股權於緊接行使日前一日之加權平均股份收
市價為港幣四元六角一分。於年內，並無註銷任何根
據二零零三購股權計劃及二零一三購股權計劃授出
之購股權。
董事及總裁於股份及相關股份的權益及淡倉
於二零一七年十二月三十一日，董事及總裁於本公
司或其相聯法團（定義見證券及期貨條例（「證券及期
貨條例」第XV部）的股本、相關股份及債券中，擁有
記錄於本公司根據證券及期貨條例第352條存置的登
記冊，或根據上市公司董事進行證券交易的標準守
則須知會本公司及聯交所的權益及淡倉載列如下：
於本公司普通股中的好倉：
The price of the Company’s shares disclosed immediately before the
exercise date of the share options is the weighted average of the Stock
Exchange closing prices immediately before the dates on which the
options were exercised over all of the exercise of options within the
disclosure line. The weighted average closing price of Company’s shares
immediately before the dates on which the options were exercised by
employees was HK$. No options granted under 2003 Share Option
Scheme and 2013 Share Option Scheme were cancelled during the year.
DIRECTORS’ AND CHIEF EXECUTIVE OFFICER’S
INTERESTS AND SHORT POSITIONS IN SHARES AND
UNDERLYING SHARES
As at 31 December 2017, the interests and short positions of the Directors
and Chief Executive Officer in the shares or underlying shares or
debentures of the Company or its associated corporations (within the
meaning of Part XV of the Securities and Futures Ordinance (the “SFO”)),
as recorded in the register required to be kept by the Company pursuant
to Section 352 of the SFO, or as otherwise notified to the Company and
the Stock Exchange pursuant to the Model Code for Securit ies
Transactions by Directors of Listed Issuers, were as follows:
Long positions in ordinary shares of the Company:
Number of shares held, capacity and nature of interest
持有的股份數目、身份及權益性質
Name
名稱
Notes
附註
Directly
beneficially
owned
直接實益擁有
Share Option
granted
獲頒授的購股權
Through
controlled
corporation
通過控制公司持有
Total
總數
Approximate
percentage of
the Company’s
issued share
capital (%)
約佔本公司
已發行股本的
百分比 (%)
Directors
董事
Ms. Li Kei Ling
李其玲女士
(a) 49,612,000 – 294,072,000 343,684,000
Mr. Hung Yung Lai
熊融禮先生
(a) 312,000 – 294,072,000 294,384,000
Mr. Li Tung Ming
李東明先生
(b) 112,000 – 40,000,000 40,112,000
Mr. Leung Hong Man
梁康民先生
(c) – – 50,000,000 50,000,000
Chief Executive Officer
總裁
Mr. Chen Shaojun
陳紹軍先生
(d) 2,452,000 8,000,000 – 10,452,000
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司46
Report of the Directors
董事會報告
於相聯法團股份及相關股份中的好倉：
附註：
(a) 294,072,000股本公司股份由一家於英屬維爾京群島
註 冊 成 立 的 公 司Fortune United Group Limited所 持
有。Fortune United Group Limited的股本由李其玲女
士全資擁有的Keysmart Enterprises Limited及由熊融
禮先生全資擁有的Hunwick International Limited各自
實益擁有50%權益。
(b) 40,000,000股本公司股份由一家於英屬維爾京群島註
冊成立的公司Time Lead Investments Limited所持有。
Time Lead Investments Limited的全部已發行股本由
李東明先生實益擁有。
(c) 50,000,000股本公司股份由一家於香港註冊成立的公
司東海國際投資有限公司所持有。東海國際投資有限
公司的全部已發行股本由梁康民先生及梁耀成先生各
自實益擁有50%權益。
(d) 2,452,000股本公司股份由陳紹軍先生直接實益擁
有，8,000,000股相關股份的權益為根據本公司購股
權計劃授予彼的購股權，陳先生被視為擁有當行使該
批購股權時發行給彼之股份權益，約佔本公司於本報
告日已發行股份的%。
除上述者外，於本報告刊發之日，概無董事或總裁於
本公司或其任何相聯法團的股份、相關股份或債券
中，擁有須根據證券及期貨條例第352條予以記錄，
或根據上市公司董事進行證券交易的標準守則須知
會本公司及聯交所的權益或淡倉。
Long positions in shares and underlying shares of associated corporation:
Name of Director
董事名稱
Name of
associated
corporation
相聯法團名稱
Relationship with
the Company
與本公司的關係
Number of
Ordinary
shares
持有普通
股份數目
Capacity and
nature of
interest
身份及權益性質
Percentage of
the associated
corporation’s
issued
share capital
佔相聯法團已發行
股本的百分比
Ms. Li Kei Ling
李其玲女士
Fortune United
Group Limited
the Company’s
holding company
本公司的控股公司
2 Through a controlled
corporation
通過一間控制公司
50
Mr. Hung Yung Lai
熊融禮先生
Fortune United
Group Limited
the Company’s
holding company
本公司的控股公司
2 Through a controlled
corporation
通過一間控制公司
50
Notes:
(a) 294,072,000 shares of the Company are held by Fortune United Group
Limited, a company incorporated in the British Virgin Islands. Keysmart
Enterprises Limited, which is wholly-owned by Ms. Li Kei Ling, and Hunwick
International Limited, which is wholly-owned by Mr. Hung Yung Lai, are each
beneficially interested in 50% of the share capital of Fortune United Group
Limited.
(b) 40,000,000 shares of the Company are held by Time Lead Investments
Limited, a company incorporated in the British Virgin Islands. The entire
issued share capital of Time Lead Investments Limited is beneficially owned
by Mr. Li Tung Ming.
(c) 50,000,000 shares of the Company are held by Toyo International Investment
Limited, a company incorporated in Hong Kong. Mr. Leung Hong Man and
Mr. Leung Yiu Sing are each beneficially interested in 50% of the share capital
of Toyo International Investment Limited.
(d) 2,452,000 shares of the Company are directly beneficially owned by Mr.
Chen Shaojun and 8,000,000 underlying shares are the share options
granted to him under the share option scheme of the Company. Mr. Chen is
deemed to be interested in the shares which will be issued to him upon his
exercise of options, representing approximately % of the Company’s
issued share capital as at the date of this report.
Save as disclosed above, as at the date of this report, none of the
Directors or Chief Executive Officer had registered an interest or short
position in the shares or underlying shares or debentures of the Company
or any of its associated corporations that was required to be recorded
pursuant to Section 352 of the SFO, or as otherwise notified to the
Company and the Stock Exchange pursuant to the Model Code for
Securities Transactions by Directors of Listed Issuers.
ANNUAL REPORT 2017 二零一七年年報 47
Report of the Directors
董事會報告
董事購買股份或債券的權益
除於上述「購股權計劃」一節、「董事及總裁於股份及
相關股份的權益及淡倉」一節及財務報表附註30所
載購股權計劃披露的事宜外，年內並無任何董事、彼
等的配偶或未滿18歲的子女獲授可透過收購本公司
股份或債券的方法收購權益的權利，或彼等行使任
何該等權利，或本公司、其控股公司或其任何附屬公
司訂立任何安排，以令董事可收購任何其他法人團
體有關權利。
主要股東及其他人士於股份及相關股份的權
益
於二零一七年十二月三十一日，根據證券及期貨條
例第336條須於本公司存置的權益登記冊上記錄，於
本公司股份及相關股份的權益或淡倉載列如下：
DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR
DEBENTURES
Save as disclosed under the heading “Share option scheme”, “Directors’
and Chief Executive Officer’s interests and short positions in shares and
underlying shares” above and in the share option scheme disclosures in
note 30 to the financial statements, at no time during the year were rights
to acquire benefits by means of the acquisition of shares in or debentures
of the Company granted to any Director or their respective spouse or
minor children, or were any such rights exercised by them; or was the
Company, its holding company, or any of its subsidiaries a party to any
arrangement to enable the Directors to acquire such rights in any other
body corporate.
SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’
INTERESTS IN SHARES AND UNDERLYING SHARES
As at 31 December 2017, the following interests or short positions in the
shares and underlying shares of the Company were recorded in the
register of interests required to be kept by the Company pursuant to
Section 336 of the SFO:
Name
名稱
Notes
附註
Nature of interest
權益性質
Number of
Shares held
持有的股份數目
Approximate
percentage of
the Company’s
issued share
capital (%)
約佔本公司已發行
股本的百分比 (%)
Long position/
short position
好倉╱淡倉
Fortune United Group Limited (a) Directly Beneficial owned
直接實益擁有
294,072,000 Long position
好倉
Keysmart Enterprises Limited (a) Through controlled corporation
通過控制公司持有
294,072,000 Long Position
好倉
Hunwick International Limited (a) Through controlled corporation
通過控制公司持有
294,072,000 Long Position
好倉
Mdm. Iu Pun
姚彬女士
(b) Family interest
家屬權益
294,384,000 Long Position
好倉
Time Lead Investments Limited (c) Directly Beneficial owned
直接實益擁有
40,000,000 Long Position
好倉
Toyo International Investment
Limited
東海國際投資有限公司
(d) Directly Beneficial owned
直接實益擁有
50,000,000 Long Position
好倉
Mdm. Lo Mei Sai
羅美茜女士
(e) Family interest
家屬權益
50,000,000 Long Position
好倉
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司48
Report of the Directors
董事會報告
附註：
(a) Fortune United Group Limited的 已 發 行 股 本 由
Keysmart Enterprises Limited及Hunwick International
Limited平均實益擁有。Keysmart Enterprises Limited
及Hunwick International Limited分別由本公司的執行
董事李其玲女士及熊融禮先生全資擁有。
(b) 姚彬女士為熊融禮先生的配偶，故被視為於熊融禮先
生持有的本公司股份中擁有權益。
(c) Time Lead Investments Limited的已發行股本由李東
明先生實益擁有。
(d) 東海國際投資有限公司的已發行股本分別由本公司的
非執行董事梁康民先生及彼之父親梁耀成先生平均實
益擁有。
(e) 羅美茜女士為梁康民先生的配偶，故被視為於梁康民
先生持有的本公司股份中擁有權益。
(f) 2,000,000股本公司股份由香港註冊成立的公司東龍
實業集團有限公司所持有，東龍實業集團有限公司的
全部已發行股本由梁耀成先生及其配偶朱雪芳女士各
自實益擁有50%權益。
(g) 朱雪芳女士為梁耀成先生的配偶，故被視為於梁耀成
先生持有的本公司股份中擁有權益。
Name
名稱
Notes
附註
Nature of interest
權益性質
Number of
Shares held
持有的股份數目
Approximate
percentage of
the Company’s
issued share
capital (%)
約佔本公司已發行
股本的百分比 (%)
Long position/
short position
好倉╱淡倉
Mr. Leung Yiu Sing
梁耀成先生
(d) & (f) Through controlled corporation
通過控制公司持有
52,000,000 Long Position
好倉
Mdm. Chu Shuet Fong
朱雪芳女士
(g)
(f)
Family interest
家屬權益
Through controlled corporation
通過控制公司持有
50,000,000
2,000,000
Long Position
好倉
Long Position
好倉
UBS Group AG
(h)
Person having a security
interest in shares
對股份持有保證權益的人
Through controlled corporation
通過控制公司持有
764,000
40,700,200
Long Position
好倉
Long Position
好倉
Notes:
(a) The issued capital of Fortune United Group Limited is equally beneficially
owned by Keysmart Enterprises Limited and Hunwick International Limited
which are in turn, respectively, wholly-owned by Ms. Li Kei Ling and Mr. Hung
Yung Lai, Executive Directors of the Company.
(b) Mdm. Iu Pun is the wife of Mr. Hung Yung Lai and is deemed to be interested
in the shares of the Company held by Mr. Hung Yung Lai.
(c) The issued capital of Time Lead Investments Ltd. is beneficially owned by Mr.
Li Tung Ming.
(d) The issued capital of Toyo International Investment Limited is equally
beneficially owned by Mr. Leung Hong Man, the Non-executive Director of
the Company and his father Mr. Leung Yiu Sing.
(e) Mdm. Lo Mei Sai is the wife of Mr. Leung Hong Man and is deemed to be
interested in the shares of the Company held by Mr. Leung Hong Man.
(f) 2,000,000 shares of the Company are held by Dragon Asia Industrial
(Holdings) Limited, a company incorporated in Hong Kong. Mr. Leung Yiu
Sing and Mdm. Chu Shuet Fong, his wife, are each beneficially interested in
50% of the issued share capital of Dragon Asia Industrial (Holdings) Limited.
(g) Mdm. Chu Shuet Fong is the wife of Mr. Leung Yiu Sing and is deemed to be
interested in the shares of the Company held by Mr. Leung Yiu Sing.
ANNUAL REPORT 2017 二零一七年年報 49
Report of the Directors
董事會報告
(h) According to the corporate substantial shareholder notice of UBS Group AG
filed for the relevant event dated 22 December 2017 as shown on the website
of the Stock Exchange, UBS AG, UBS Asset Management (Hong Kong)
Limited, UBS Asset Management (Singapore) Ltd., UBS Fund Management
(Luxembourg) . and UBS Fund Management (Switzerland) AG are directly
interested in 629,200 shares, 9,376,000 shares, 537,000 shares, 30,150,000
shares and 8,000 shares respectively. Since they are all controlled by UBS
Group AG, UBS Group AG is deemed to be interested in 40,700,200 shares
for the purpose of the SFO.
Save as disclosed above, as at 31 December 2017, no person, other than
the Directors and Chief Executive Officer of the Company, whose interests
are set out in the section “Directors’ and Chief Executive Officer’s interests
and short positions in shares and underlying shares” above, had registered
an interest or short position in the shares or underlying shares of the
Company that was required to be recorded pursuant to Section 336 of the
SFO.
SUFFICIENCY OF PUBLIC FLOAT
Based on information that is publicly available to the Company and within
the knowledge of the Directors, at least 25% of the Company’s total issued
share capital was held by the public as at the date of this report.
AUDITORS
Ernst & Young will retire and a resolution for their reappointment as
auditors of the Company will be proposed at the forthcoming AGM.
ON BEHALF OF THE BOARD
Li Kei Ling
Chairman
Hong Kong, 22 March 2018
(h) 誠如聯交所網頁所示，根據UBS Group AG日期為二
零一七年十二月二十二日就相關事項存檔的公司主要
股東通知，UBS AG 、UBS Asset Management (Hong
Kong) Limited, UBS Asset Management (Singapore)
Ltd.，UBS Fund Management (Luxembourg) .及
UBS Fund Management (Switzerland) AG分別直接於
629,200股、9,376,000股、537,000股、30,150,000
股及8,000股股份中擁有權益。由於彼等全部均由
UBS Group AG所控制，故此就證券及期貨條例而
言，UBS Group AG被視為於40,700,200股股份中擁
有權益。
除上文披露者外，於二零一七年十二月三十一日，並
無其他人士（本公司董事及總裁除外，有關彼等的權
益載於上文「董事及總裁於股份及相關股份的權益及
淡倉」一節）登記於本公司股份或相關股份中擁有的
權益或淡倉（須根據證券及期貨條例第336條予以登
記）。
足夠的公眾持股量
根據本公司獲得的已公開資料及據董事所知，於本
報告刊發之日，公眾人士持有本公司已發行股本總
額至少25%。
核數師
安永會計師事務所將退任，而重新委任彼等為本公
司核數師的決議案，將於應屆股東週年大會上提呈。
代表董事會
李其玲
主席
香港，二零一八年三月二十二日
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司50
Independent Auditor’s Report
獨立核數師報告
TO THE SHAREHOLDERS OF
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED
(Incorporated in the Cayman Islands with limited liability)
OPINION
We have audited the consolidated financial statements of Dawnrays
Pharmaceutical (Holdings) Limited (the “Company”) and its subsidiaries set
out on pages 57 to 157, which comprise the consolidated statement of
financial position as at 31 December 2017, and the consolidated statement
of profit or loss, the consolidated statement of comprehensive income, the
consolidated statement of changes in equity and the consolidated
statement of cash flows for the year then ended, and notes to the
consolidated financial statements, including a summary of significant
accounting policies.
In our opinion, the consolidated financial statements give a true and fair
view of the consolidated financial position of the Group as at 31 December
2017, and of its consolidated financial performance and its consolidated
cash flows for the year then ended in accordance with International
Financial Reporting Standards (“IFRSs”) issued by the International
Accounting Standards Board (“IASB”) and have been properly prepared in
compliance with the disclosure requirements of the Hong Kong Companies
Ordinance.
BASIS FOR OPINION
We conducted our audit in accordance with Hong Kong Standards on
Auditing (“HKSAs”) issued by the Hong Kong Institute of Certified Public
Accountants (“HKICPA”). Our responsibilities under those standards are
further described in the Auditor’s responsibilities for the audit of the
consolidated financial statements section of our report. We are
independent of the Group in accordance with the HKICPA’s Code of
Ethics for Professional Accountants (the “Code”), and we have fulfilled our
other ethical responsibilities in accordance with the Code. We believe that
the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
致東瑞製葯（控股）有限公司
（在開曼群島註冊成立的有限公司）
全體股東
意見
本核數師（以下簡稱「我們」）已審計列載於第57至
157頁東瑞製葯（控股）有限公司（以下簡稱「貴公司」）
及其附屬公司的綜合財務報表，此綜合財務報表包
括於二零一七年十二月三十一日的綜合財務狀況表
與截至該日止年度的綜合損益表、綜合全面收益表、
綜合權益變動表及綜合現金流量表，以及載有主要
會計政策概要的綜合財務報表附註。
我們認為，該等綜合財務報表已根據國際會計準則
委員會（「國際會計準則委員會」）頒佈的國際財務報
告準則（「國際財務報告準則」）真實而公允地反映 貴
集團於二零一七年十二月三十一日的綜合財務狀況，
及其截至該日止年度的綜合財務表現及綜合現金流
量，並已按照香港《公司條例》的披露要求妥為編製。
意見的基礎
我們已根據香港會計師公會（「香港會計師公會」）頒
佈的香港審計準則（「香港審計準則」）進行審計。我
們就該等準則承擔的責任在本報告「核數師就審計綜
合財務報表須承擔的責任」一節中闡述。根據香港會
計師公會頒佈的職業會計師道德守則（「守則」），我
們獨立於 貴集團，並已履行守則中的其他職業道德
責任。我們相信，我們所獲得的審計憑證能充足和適
當地為我們的審計意見提供基礎。
51
Independent Auditor’s Report
獨立核數師報告
ANNUAL REPORT 2017 二零一七年年報
關鍵審計事項
關鍵審計事項是根據我們的職業判斷，認為對本期
綜合財務報表的審計最為重要的事項。該等事項是
在對整體綜合財務報表進行審計及出具意見的背景
下進行處理的，且我們不會對該等事項提供單獨的
意見。我們對下述每一事項在審計中是如何應對的
描述也以此為背景。
我們已履行本報告「核數師就審計綜合財務報表須承
擔的責任」一節所述的責任，包括有關該等事項的責
任。相應地，我們的審計工作包括執行為應對綜合財
務報表重大錯報風險的評估而設的程序。審計程序
的結果包括處理以下事項的程序，為我們就隨附的
綜合財務報表整體的審計意見提供基礎。
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgement,
were of most significance in our audit of the consolidated financial
statements of the current period. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. For each matter below, our description of how
our audit addressed the matter is provided in that context.
We have fulf i l led the responsibi l i t ies described in the Auditor’s
responsibilities for the audit of the consolidated financial statements
section of our report, including in relation to these matters. Accordingly,
our audit included the performance of procedures designed to respond to
our assessment of the risks of material misstatement of the consolidated
financial statements. The results of our audit procedures, including the
procedures performed to address the matters below, provide the basis for
our audit opinion on the accompanying consolidated financial statements.
Key audit matter How our audit addressed the key audit matter
關鍵審計事項 我們的審計如何處理關鍵審計事項
Impairment testing of Property, plant and equipment
(“PPE”) and Construction in progress (“CIP”)
物業、廠房及設備（「物業、廠房及設備」）及在建工程（「在建
工程）減值測試
As at 31 December 2017, the Group reported PPE and CIP of
million and RMB10 million, respectively. There is a
risk of impairment of the Group’s PPE and CIP particularly in
the intermediates and bulk medicines segment as this segment
reported losses in recent years. For this reason, the non-
current assets in the manufacture and sale of intermediates
and bulk medicines segment were subject to an impairment
test. Value-in-use models were used to assess the risk of
impairment and based on estimates including future sales,
gross margins, operating costs, the discount rate and the
assumptions inherent in those estimates. We focused on this
area because of the inherent judgement involved in the
impairment testing and the magnitude of the assets under
consideration.
於二零一七年十二月三十一日， 貴集團公佈物業、廠房及設
備以及在建工程分別為人民幣百萬元及人民幣10百萬
元。 貴集團的物業、廠房及設備以及在建工程，特別是中
間體及原料藥分類（因該分類近年來錄得虧損）存在減值風險。
故此，須對中間體及原料藥分類內的非流動資產進行減值測
試。我們採取使用價值模式，基於對未來銷售、毛利率、營
運成本折現率估測及該等估測使用的假設，評估減值風險。
我們關注於此，是因為年度減值測試涉及內在判斷及大量資
產須予考慮。
Our audit procedures included, amongst others, an evaluation
of the group’s policies and procedures to identify indicators for
potential impairment of PPE and CIP. We also assessed the
assumptions and methods used by the Group in the
impairment testing. In doing so, we involved our own valuation
experts. We assessed the assumptions adopted by the Group
which included the discount rate, the expected trend in
turnover, the gross margins, and the operating costs. We paid
attention to the forecasts used with respect to future revenues
and operating results by comparing the forecasts with the
historical performance of the respective CGU and the business
development plan.
我們的審計程序其中包括評估 貴集團用於確定物業、廠房
及設備以及在建工程是否出現潛在減值指標的政策及程序。
我們亦對 貴集團於減值測試使用的假設及方法進行評估，
在此過程中，我們引入了自己的估值專家。我們評估 貴集
團採用的假設包括有關折現率、營業額預期趨勢、毛利率及
營運成本。我們將估測與各自現金產生單位的歷史表現及業
績發展規劃進行比較，特別注重就未來收入及經營業績作出
的估測。
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司52
Independent Auditor’s Report
獨立核數師報告
Key audit matter How our audit addressed the key audit matter
關鍵審計事項 我們的審計如何處理關鍵審計事項
The Group’s disclosures about impairment test of PPE and CIP
are included in note summary of significant accounting
policies — Impairment of non-financial assets, note
significant accounting judgements, estimates and assumptions
— Impairment of non-financial assets, note 13 Property, plant
and equipment and note 15 Construction in progress to the
financial statements.
貴集團有關物業、廠房及設備以及在建工程的減值測試的披
露資料載於財務報表附註主要會計政策概要、附註主
要會計判斷、估計及假設—非財務資產減值、附註13物業、
廠房及設備及附註15在建工程內。
Provision for inventories
存貨撥備
The Group reported inventories of million as at 31
December 2017. The Group had exposure to the impairment
risks of inventories arising from certain obsolete, slow-moving
and due to expiration. We focused on this area because
inventories were material to the Group as at 31 December
2017 and the determination of the impairment provision for
inventories involved a high level of management’s judgement
and estimates in future sales and technique innovation.
於二零一七年十二月三十一日， 貴集團公佈存貨為人民幣
百萬元。 貴集團存在因過時、滯銷及過期而產生的存
貨減值風險。我們關注於此，是因為 貴集團於二零一七年
十二月三十一日的存貨屬重大，且存貨減值撥備涉及高級管
理層對未來銷售及技術創新的判斷及估計。
The Group’s disclosures about provision for inventories are
contained in note summary of significant accounting
policies — Inventories, note significant accounting
judgements, estimates and assumptions — Net realisable
value of inventories, note 6 Profit before tax and note 18
Inventories to the financial statements.
貴集團有關存貨撥備的披露資料載於財務報告附註主要會
計政策概要—存貨、附註主要會計判斷、估計及假設—可
變現存貨淨值、附註6除稅前溢利及附註18存貨內。
We evaluated the inventory impairment assessments made by
management, including expected selling prices and expiration
dates of the related inventories, and the Group’s future plan of
usage o r sa le . We assessed the ag ing repor ts o f
pharmaceutical products, by tracing the production dates back
to the product release reports. We checked the condition of
inventories by physical inspection on a sample basis.
Furthermore, we checked the regulation updates to identify if
there were any potential indicators of impairment.
我們評估管理層就滯銷存貨所作的減值估計，包括相關存貨
的預期售價及到期日，以及 貴集團的未來使用或銷售計劃。
我們透過產品檢驗合格報告追蹤其生產日期，來評定藥品的
庫齡報告。我們對存貨抽樣進行實地盤點，測試存貨是否保
存完好。此外，我們審查最新法規，來確認撥備產生的任何
潛在因素。
KEY AUDIT MATTERS (Cont’d) 關鍵審計事項（續）
53
Independent Auditor’s Report
獨立核數師報告
ANNUAL REPORT 2017 二零一七年年報
年報所載的其他資料
貴公司董事須對其他資料負責。其他資料包括年報
所載資料（綜合財務報表及我們就此發出的核數師報
告除外）。
我們對綜合財務報表的意見並不涵蓋其他資料，我
們亦不會就其發表任何形式的鑒證結論。
就審計綜合財務報表而言，我們的責任是閱讀其他
資料，及在此過程中考慮其他資料是否與綜合財務
報表或我們在審計過程中所瞭解的情況有重大不符，
或者似乎有重大錯報。基於我們已執行的工作，如果
我們認為其他資料有重大錯報，我們需要報告有關
事實。就此而言，我們無需報告任何事項。
董事就綜合財務報表須承擔的責任
貴公司董事須負責根據國際會計準則委員會頒佈的
國際財務報告準則及香港《公司條例》披露要求編製真
實而公允列報的綜合財務報表，以及對於編製不存
在由於舞弊或錯誤而導致的重大錯報的綜合財務報
表所需的內部控制負責。
在編製綜合財務報表時， 貴公司董事負責評估 貴
集團持續經營的能力，並在適用情況下披露與持續
經營有關的事項，以及使用持續經營為會計基礎，除
非 貴公司董事有意將 貴集團清盤或停止經營，或
別無其他實際的替代方案。
審核委員會協助 貴公司董事履行監督 貴集團財務
報告過程的責任。
OTHER INFORMATION INCLUDED IN THE ANNUAL
REPORT
The directors of the Company are responsible for the other information.
The other information comprises the information included in the Annual
Report, other than the consolidated financial statements and our auditor’s
report thereon.
Our opinion on the consolidated financial statements does not cover the
other information and we do not express any form of assurance conclusion
thereon.
In connection with our audit of the consolidated financial statements, our
responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit
or otherwise appears to be materially misstated. If, based on the work we
have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to
report in this regard.
RESPONSIBILITIES OF THE DIRECTORS FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
The directors of the Company are responsible for the preparation of the
consolidated financial statements that give a true and fair view in
accordance with IFRSs issued by the IASB 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.
In preparing the consolidated financial statements, the directors of the
Company are responsible for assessing the Group’s ability to continue as
a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors of the Company either intend to liquidate the Group or to cease
operations or have no realistic alternative but to do so.
The directors of the Company are assisted by the Audit Committee in
discharging their responsibilities for overseeing the Group’s financial
reporting process.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司54
Independent Auditor’s Report
獨立核數師報告
核數師就審計綜合財務報表須承擔的責任
我們的目標是對綜合財務報表整體是否不存在由於
舞弊或錯誤而導致的任何重大錯報取得合理保證，
並出具包括我們意見的核數師報告。我們僅向全體
股東（作為一個整體）報告，除此之外本報告不可用
作其他用途。我們不會就本報告的內容向任何其他
人士負上或承擔任何責任。
合理保證是高水平的保證，但不能保證按香港審計
準則進行的審計總能發現重大錯報。錯報可以由舞
弊或錯誤引起，如果按合理預期而錯報個別或匯總
起來可能影響綜合財務報表使用者所作出的經濟決
定，則有關的錯報可被視作重大。
在根據香港審計準則進行審計的過程中，我們運用
了職業判斷，保持了職業懷疑態度。我們亦：
• 識別及評估由於舞弊或錯誤而導致綜合財務報
表存在重大錯報的風險，設計及執行審計程序
以應對該等風險，以及取得充足及適當的審計
憑證，作為我們意見的基礎。由於舞弊可能涉
及串謀、偽造、蓄意遺漏、虛假陳述，或淩駕
於內部控制之上，因此未能發現因舞弊而導致
的重大錯報的風險高於未能發現因錯誤而導致
的重大錯報的風險。
• 瞭解與審計相關的內部控制，以設計適當的審
計程序，但目的並非對 貴集團內部控制的有
效性發表意見。
• 評價董事所採用會計政策的恰當性及作出會計
估計及相關披露資料的合理性。
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE
CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the
consolidated financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Our 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.
Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with HKSAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with HKSAs, we exercise professional
judgement and maintain professional scepticism throughout the audit. We
also:
• Identify and assess the risks of material misstatement of the
consolidated financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit 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 Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures
made by the directors.
55
Independent Auditor’s Report
獨立核數師報告
ANNUAL REPORT 2017 二零一七年年報
核數師就審計綜合財務報表須承擔的責任
（續）
• 對董事採用持續經營會計基礎的恰當性作出結
論，並根據所得的審計憑證，決定是否存在與
事 件 或 情 況 有 關 的 重 大 不 確 定 性， 而 可 能
對 貴集團持續經營的能力構成重大疑慮。如
果我們認為存在重大不確定性，則有必要在核
數師報告中提請報表使用者關注綜合財務報表
中的相關披露資料，假若有關披露資料不足，
則我們應當發表非無保留意見。我們的結論是
基於截至核數師報告日止所取得的審計憑證。
然而，未來事件或情況可能導致 貴集團不能
繼續持續經營。
• 評價綜合財務報表的整體列報方式、結構及內
容，包括披露資料，以及綜合財務報表是否公
允反映相關交易及事項。
• 就 貴集團實體或業務活動的財務資料獲取充
分、適當的審計憑證，以對綜合財務報表發表
意見。我們負責指導、監督及執行集團審計。
我們對審計意見承擔全部責任。
我們與審核委員會溝通計劃審計範圍、時間安排、重
大審計發現等事項，包括我們於審計期間識別出內
部控制的任何重大缺陷。
我們亦向審核委員會提交聲明，說明我們已符合有
關獨立性的相關道德要求，並與彼等溝通所有合理
地被認為會影響我們獨立性的關係及其他事項，以
及（倘適用）相關的防範措施。
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE
CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)
• Conclude on the appropriateness of the directors’ use of the going
concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to
continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated financial
statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future events or
conditions may cause the Group to cease to continue as a going
concern.
• Evaluate the overall presentation, structure and content of the
consolidated financial statements, including the disclosures, and
whether the consolidated financial statements represent the
underlying transactions and events in a manner that achieves fair
presentation.
• Obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business activities within the Group to
express an opinion on the consolidated financial statements. We are
responsible for the direction, supervision and performance of the
group audit. We remain solely responsible for our audit opinion.
We communicate with the Audit Committee regarding, among other
matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the Audit Committee with a statement that we have
complied with relevant ethical requirements regarding independence and
to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where
applicable, related safeguards.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司56
Independent Auditor’s Report
獨立核數師報告
核數師就審計綜合財務報表須承擔的責任
（續）
從與審核委員會溝通的事項中，我們釐定哪些事項
對本期綜合財務報表的審計最為重要，因而構成關
鍵審計事項。我們於核數師報告中描述該等事項，除
非法律或法規不允許對某件事項作出公開披露，或
在極端罕見的情況下，若有合理預期於我們報告中
溝通某事項而造成的負面後果將會超過其產生的公
眾利益，我們將不會在此等情況下在報告中溝通該
事項。
本獨立核數師報告的審計項目合夥人為黎志光。
安永會計師事務所
執業會計師
香港中環
添美道1號
中信大廈22樓
2018年3月22日
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE
CONSOLIDATED FINANCIAL STATEMENTS (Cont’d)
From the matters communicated with the Audit Committee, we determine
those matters that were of most significance in the audit of the
consolidated financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor’s report
unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
The engagement partner on the audit resulting in this independent
auditor’s report is Lai Chee Kong.
Ernst & Young
Certified Public Accountants
22/F, CITIC Tower,
1 Tim Mei Avenue,
Central, Hong Kong
22 March 2018
57
Consolidated Statement of Profit or Loss
綜合損益表
ANNUAL REPORT 2017 二零一七年年報
Year ended 31 December 2017 截至二零一七年十二月三十一日止年度
2017 2016
二零一七年 二零一六年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
REVENUE 收入 4 882,483 824,351
Cost of sales 銷售成本 (320,934) (312,872)
Gross profit 毛利 561,549 511,479
Other income and gains 其他收入及收益 4 30,372 24,425
Selling and distribution expenses 銷售及分銷費用 (88,086) (98,895)
Administrative expenses 行政費用 (82,491) (64,625)
Other expenses 其他費用 (48,946) (38,928)
Finance costs 財務費用 5 (13) (157)
Share of profits and losses of an associate 應佔一間聯營公司之盈利及虧損 (6,682) –
PROFIT BEFORE TAX 除稅前溢利 6 365,703 333,299
Income tax expense 所得稅 10 (72,725) (67,382)
PROFIT FOR THE YEAR 本年度溢利 292,978 265,917
Attributable to: 以下各項應佔：
Owners of the parent 母公司擁有人 292,978 265,917
EARNINGS PER SHARE
ATTRIBUTABLE TO ORDINARY
EQUITY HOLDERS OF THE PARENT
母公司普通股權益持有人
應佔每股盈利
12
Basic, for profit for the year 基本，以本年度溢利計算
Diluted, for profit for the year 攤薄，以本年度溢利計算
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司58
Consolidated Statement of Comprehensive Income
綜合全面收益表
Year ended 31 December 2017 截至二零一七年十二月三十一日止年度
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
PROFIT FOR THE YEAR 本年度溢利 292,978 265,917
Other comprehensive (loss)/income to be
reclassified to profit or loss in subsequent
periods:
以後期間將被重分類至損益表的
其他全面（虧損）╱收益：
Exchange differences 匯兌差額 (4,794) 4,373
OTHER COMPREHENSIVE (LOSS)/INCOME
FOR THE YEAR, NET OF TAX
本年度除稅後
其他全面（虧損）╱收益總額 (4,794) 4,373
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR, NET OF TAX
本年度除稅後全面
收益總額 288,184 270,290
Attributable to: 以下各項應佔：
Owners of the parent 母公司擁有人 288,184 270,290
59
Consolidated Statement of Financial Position
綜合財務狀況表
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
2017 2016
二零一七年 二零一六年
Notes 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 13 520,860 566,321
Land use rights 土地使用權 14 39,134 40,175
Construction in progress 在建工程 15 9,991 5,776
Intangible assets 無形資產 16 35,748 24,909
Investments in an associate 於一間聯營公司之投資 17 43,648 –
Deferred tax assets 遞延稅項資產 27 4,688 6,729
Total non-current assets 非流動資產總額 654,069 643,910
CURRENT ASSETS 流動資產
Inventories 存貨 18 121,133 124,746
Trade and notes receivables 應收貿易及票據款項 19 313,214 225,660
Prepayments, deposits and other
receivables
預付款、按金及
其他應收款項 20 472,975 220,958
Equity investments at fair value through
profit or loss
透過損益以公允值列賬之
股權投資 21 8,743 7,794
Cash and bank 現金及銀行存款 22 611,077 663,296
Total current assets 流動資產總額 1,527,142 1,242,454
CURRENT LIABILITIES 流動負債
Trade and notes payables 應付貿易及票據款項 23 143,404 87,938
Other payables and accruals 其他應付款及預提費用 24 160,997 98,104
Interest-bearing bank loans 計息銀行貸款 25 – 9,104
Income tax payable 應付所得稅 15,648 5,510
Total current liabilities 流動負債總額 320,049 200,656
NET CURRENT ASSETS 淨流動資產 1,207,093 1,041,798
TOTAL ASSETS LESS CURRENT
LIABILITIES
資產總額減流動負債
1,861,162 1,685,708
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司60
Consolidated Statement of Financial Position
綜合財務狀況表
31 December 2017 於二零一七年十二月三十一日
2017 2016
二零一七年 二零一六年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
NON-CURRENT LIABILITIES 非流動負債
Government grants 政府撥款 26 1,878 2,248
Deferred tax liabilities 遞延稅項負債 27 53,126 46,704
Total non-current liabilities 非流動負債總額 55,004 48,952
Net assets 淨資產 1,806,158 1,636,756
EQUITY 權益
Equity attributable to owners of
the parent
母公司擁有人應佔權益
Issued capital 已發行股份 28 84,197 84,952
Treasury shares 庫存股份 29 – (74)
Reserves 儲備 31 1,721,961 1,551,878
Total equity 權益總額 1,806,158 1,636,756
LI Kei Ling HUNG Yung Lai
李其玲 熊融禮
Director Director
董事 董事
61
Consolidated Statement of Changes in Equity
綜合權益變動表
ANNUAL REPORT 2017 二零一七年年報
Year ended 31 December 2017 截至二零一七年十二月三十一日止年度
Attributable to owners of the parent
母公司擁有人應佔權益
Notes
Issued
capital
Treasury
shares
Share
premium
account
Capital
redemption
reserve
Share
option
reserve
Contributed
surplus
Statutory
surplus
reserve
Exchange
fluctuation
reserve
Retained
profits
Total
equity
附註
已發行
股本 庫存股份 股份溢價
資本購回
儲備
購股權
儲備 繳入盈餘
法定盈餘
公積金
匯兌
波動儲備 保留溢利 權益總額
RMB’000 RMB’000 RMB’000 RMB’000 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 人民幣千元 人民幣千元 人民幣千元 人民幣千元
(note 28) (note 29) (note 30) (note 31) (note 31) (note 31)
（附註28） （附註29） （附註30） （附註31） （附註31） （附註31）
At 1 January 2017 於二零一七年一月一日 84,952 (74) 60,281 3,400 24,220 100,175 221,559 (6,046) 1,148,289 1,636,756
Profit for the year 本年度溢利 – – – – – – – – 292,978 292,978
Other comprehensive loss
for the year:
本年度其他全面虧損：
Exchange differences 匯兌差額 – – – – – – – (4,794) – (4,794)
Total comprehensive income
for the year
本年度全面收益總額
– – – – – – – (4,794) 292,978 288,184
Exercise of share options 行使購股權 30 112 – 4,499 – (1,100) – – – – 3,511
Final 2016 dividend declared 宣派二零一六年末期股息 – – – – – – – – (71,082) (71,082)
Dividend on shares issued for
employee share options exercised
after 31 December 2016
二零一六年十二月三十一日
後行使的僱員購股權
所發行股份的股息 – – – – – – – – (70) (70)
Shares repurchased and cancelled 已購回的股份及註銷 28 (793) – (38,620) 793 – – – – (793) (39,413)
Shares repurchased in previous
year and cancelled this year
往年已購回的股份
及於本年註銷 29 (74) 74 – – – – – – – –
Equity-settled share option
arrangements
以股權支付的購股權安排
30 – – – – 8,511 – – – – 8,511
Interim 2017 dividend 二零一七年中期股息 11 – – – – – – – – (20,239) (20,239)
Transfer from retained profits 自保留溢利中轉發 – – – – – – 33,980 – (33,980) –
At 31 December 2017 於二零一七年十二月三十一日 84,197 – 26,160* 4,193* 31,631* 100,175* 255,539* (10,840)* 1,315,103* 1,806,158
* These reserve accounts comprise the consol idated reserves of
RMB1,721,961,000 (2016: RMB1,551,878,000) in the consolidated
statement of financial position.
* 此等儲備合共人民幣1,721,961,000元（二零一六年：
人民幣1,551,878,000元）構成綜合財務狀況表上的
儲備金額。
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司62
Consolidated Statement of Changes in Equity
綜合權益變動表
Year ended 31 December 2017 截至二零一七年十二月三十一日止年度
Attributable to owners of the parent
母公司擁有人應佔權益
Notes
Issued
capital
Treasury
shares
Share
premium
account
Capital
redemption
reserve
Share
option
reserve
Contributed
surplus
Statutory
surplus
reserve
Exchange
fluctuation
reserve
Retained
profits
Total
equity
附註
已發行
股本 庫存股份 股份溢價
資本
購回儲備
購股權
儲備 繳入盈餘
法定盈餘
公積金
匯兌
波動儲備 保留溢利 權益總額
RMB’000 RMB’000 RMB’000 RMB’000 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 人民幣千元 人民幣千元 人民幣千元 人民幣千元
(note 28) (note 29) (note 30) (note 31) (note 31) (note 31)
（附註28） （附註29） （附註30） （附註31） （附註31） （附註31）
At 1 January 2016 於二零一六年一月一日 85,206 – 76,861 3,025 13,334 100,175 190,382 (10,419) 1,015,312 1,473,876
Profit for the year 本年度溢利 – – – – – – – – 265,917 265,917
Other comprehensive income for
the year:
本年度其他全面收益：
Exchange differences 匯兌差額 – – – – – – – 4,373 – 4,373
Total comprehensive income
for the year
本年度全面收益總額
– – – – – – – 4,373 265,917 270,290
Exercise of share options 行使購股權 30 47 – 2,122 – (537) – – – – 1,632
Final 2015 dividend declared 宣派二零一五年末期股息 – – – – – – – – (80,648) (80,648)
Dividend on shares issued for
employee share options exercised
after 31 December 2015
二零一五年十二月三十一日
後行使的僱員購股權
所發行股份的股息 – – – – – – – – (5) (5)
Shares repurchased and
cancelled
已購回的
股份及註銷 28 (301) – (15,349) 301 – – – – (301) (15,650)
Shares repurchased and
subsequently cancelled
已購回的股份及隨後註銷
29 – (74) (3,353) 74 – – – – (74) (3,427)
Equity-settled share option
arrangements
以股權支付的購股權安排
30 – – – – 11,423 – – – – 11,423
Interim 2016 dividend 二零一六年中期股息 11 – – – – – – – – (20,735) (20,735)
Transfer from retained profits 自保留溢利中轉發 – – – – – – 31,177 – (31,177) –
At 31 December 2016 於二零一六年十二月三十一日 84,952 (74) 60,281 3,400 24,220 100,175 221,559 (6,046) 1,148,289 1,636,756
63
Consolidated Statement of Cash Flows
綜合現金流量表
ANNUAL REPORT 2017 二零一七年年報
Year ended 31 December 2017 截至二零一七年十二月三十一日止年度
2017 2016
二零一七年 二零一六年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
CASH FLOWS FROM OPERATING
ACTIVITIES
經營活動的現金流量
Profit before tax 除稅前溢利 365,703 333,299
Adjustments for: 就下列調整：
Finance costs 財務費用 5 13 157
Share of profits and losses of
an associate
應佔一間聯營公司之
盈利及虧損 6,682 –
Interest income 利息收入 4 (21,284) (13,185)
Dividend income from equity investments
at fair value through profit or loss
透過損益以公允值列賬之
股權投資的股息收入 4 (346) (367)
Loss on disposal of items of property,
plant and equipment
出售物業、廠房及設備項目的
虧損 6 375 36
Depreciation 折舊 6 51,974 51,988
Amortisation of intangible assets 無形資產攤銷 16 671 828
Recognition of land use rights 土地使用權確認 6 1,041 1,041
Gain on disposal of equity investments
at fair value through profit or loss
出售透過損益以公允值列賬之
股權投資的收益 6 (304) (101)
Fair value gains, net: 公允值收益，淨額：
Equity investments at fair value through
profit or loss
透過損益以公允值列賬之
股權投資 6 (1,475) (402)
Equity-settled share option expense 以股權支付的購股權開支 6 8,511 11,423
Write-down of inventories to net
realisable value
存貨撇減至可變現淨值
6 2,058 8,087
Impairment of property,
plant and equipment
物業、廠房、設備減值
13 – 755
Reversal of impairment of trade
receivables
應收貿易款項減值回撥
19 (219) –
413,400 393,559
Decrease in inventories 存貨減少 1,555 14,914
(Increase)/decrease in trade and notes
receivables
應收貿易及票據款項
（增加）╱減少 (87,335) 56,513
Increase in prepayments 預付款增加 (4,210) (708)
Increase in deposits and other
receivables
按金及其他應收款項增加
(649) (323)
Decrease in pledged bank deposits 已抵押銀行存款減少 – 10
Increase/(decrease) in trade and
notes payables
應付貿易及票據款項
增加╱（減少） 55,466 (55,190)
Increase/(decrease) in other payables
and accruals
其他應付款項及預提費用
增加╱（減少） 67,008 (14,514)
Decrease in government grants 政府撥款減少 (370) (435)
Income tax paid 已付所得稅 (54,124) (73,568)
Net cash flows from operating activities 經營活動產生的現金流量淨額 390,741 320,258
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司64
Consolidated Statement of Cash Flows
綜合現金流量表
Year ended 31 December 2017 截至二零一七年十二月三十一日止年度
2017 2016
二零一七年 二零一六年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
CASH FLOWS FROM INVESTING
ACTIVITIES
投資活動的現金流量
Interest received 已收利息 13,126 17,088
Dividend income from equity investments
at fair value through profit or loss
已收透過損益以公允值列賬之
股權投資的股息收入 4 346 367
Proceeds from disposal of items of
property, plant and equipment
出售物業、廠房及設備項目的
所得款項 169 455
Proceeds from disposal of equity
investments at fair value through
profit or loss
出售透過損益以公允值列賬之
股權投資的所得款項
1,520 452
(Increase)/decrease in term deposits with
maturity over three months
（增加）╱減少到期日超過三個月
之定期存款 (150,330) 122,500
Purchase of wealth management products 購買理財產品 (449,000) (210,000)
Redemption of wealth management
products
贖回理財產品
210,000 –
Purchases of items of property,
plant and equipment and
construction in progress
購置物業、廠房及設備項目及
在建工程
(15,697) (25,433)
Purchases of intangible assets 購置無形資產 16 (11,510) (7,108)
Purchases of equity investments at fair
value through profit or loss
購置透過損益以公允值列賬之
股權投資 (690) (4,060)
Purchase of a shareholding in an associate 購置於一間聯營公司的股權 (50,330) –
Net cash flows used in investing activities 投資活動使用的現金流量淨額 (452,396) (105,739)
CASH FLOWS FROM FINANCING
ACTIVITIES
融資活動的現金流量
Proceeds from exercise of share options 行使購股權的所得款項 3,511 1,633
Repurchase of shares 購回公司股份 (41,532) (16,960)
Proceeds from bank loans 取得銀行貸款所收到的現金 – 17,992
Repayment of bank loans 償還銀行貸款的現金 (8,437) (18,391)
Interest paid 已付利息 5 (13) (157)
Dividends paid 已付股息 (91,391) (101,388)
Net cash flows used in financing activities 融資活動使用的現金流量淨額 (137,862) (117,271)
NET (DECREASE)/INCREASE IN CASH
AND CASH EQUIVALENTS
現金及現金等價物（減少）╱
增加淨額 (199,517) 97,248
Cash and cash equivalents at
beginning of year
年初現金及現金等價物
663,296 563,280
Effect of foreign exchange rate
changes, net
匯率變動之影響，淨額
(3,032) 2,768
CASH AND CASH EQUIVALENTS AT
END OF YEAR
年終現金及現金等價物
460,747 663,296
ANALYSIS OF BALANCES OF CASH
AND CASH EQUIVALENTS
現金及現金等價物結餘分析
Cash and bank balances 現金及銀行結存 138,045 129,407
Short-term deposits 短期銀行存款 322,702 533,889
460,747 663,296
65
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
1. CORPORATE AND GROUP INFORMATION
Dawnrays Pharmaceutical (Holdings) Limited (the “Company”) was
incorporated as an exempted company with limited liability in the
Cayman Islands on 20 September 2002 under the Companies Law,
Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman
Islands. The registered office address of the Company is Cricket
Square, Hutchins Drive, . Box 2681, Grand Cayman KY1-1111,
Cayman Islands and the principal place of business is located at
Units 3001–02, 30/F, CNT Tower, 338 Hennessy Road, Wanchai,
Hong Kong.
The Company and its subsidiaries (collectively referred to as the
“Group”) underwent a reorganisation on 21 June 2003 to rationalise
the Group’s structure in preparation for the listing of the shares of
the Company on the Main Board of The Stock Exchange of Hong
Kong Limited (the “Stock Exchange”), pursuant to which the
Company became the holding company of the Group (the “Group
Reorganisation”).
The shares of the Company were listed on the Main Board of the
Stock Exchange on 11 July 2003.
During the year, the Group was principally engaged in the
development, manufacture and sale of non-patented pharmaceutical
medicines including intermediate pharmaceuticals, bulk medicines
and finished drugs. In the opinion of the directors, Fortune United
Group Limited, a company incorporated in the British Virgin Islands,
is the ultimate holding company of the Company.
1. 公司及本集團資料
東瑞製葯（控股）有限公司（「本公司」）於二零零
二年九月二十日根據開曼群島公司法（一九六一
年第三卷，經綜合及修訂）第二十二章於開曼
群島註冊成立為獲豁免有限公司。本公司之註
冊辦事處地址是Cricket Square, Hutchins Drive,
. Box 2681, Grand Cayman KY1-1111,
Cayman Islands，而主要營業地點之地址則是
香港灣仔軒尼詩道338號北海中心30樓3001–
02室。
通過集團重組優化本公司及其附屬公司（統稱
「本集團」）的架構以籌備本公司的股份在香港
聯合交易所有限公司（「聯交所」）主板上市，於
二零零三年六月二十一日，本公司成為組成本
集團的附屬公司的控股公司（「集團重組」）。
本公司股份於二零零三年七月十一日於聯交所
主板上市。
本集團於年內主要從事非專利藥物開發、製造
及銷售，包括中間體、原料藥及成藥。董事認
為，於英屬維爾京群島註冊成立的公司Fortune
United Group Limited，是本公司的最終控股公
司。
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司66
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
1. 公司及本集團資料（續）
附屬公司資料
本公司之附屬公司詳情如下：
1. CORPORATE AND GROUP INFORMATION (Cont’d)
INFORMATION ABOUT SUBSIDIARIES
Particulars of the Company’s subsidiaries are as follows:
Place of
incorporation/
Percentage
of equity
registration Issued share/ attributable to
Name and operations paid-up capital the Company Principal activities
公司名稱
註冊成立╱
註冊及營業地點
已發行╱
已繳足股本
本公司應佔
股權百分比 主要業務
Directly held
直接持有
Dawnrays International Company Limited
東瑞國際有限公司
British Virgin Islands
英屬維爾京群島
US$100
100美元
100% Investment holding
投資控股
Dawnrays Biotechnology Capital
(Asia) Limited
東瑞生物投資發展（亞洲）
有限公司
Hong Kong
香港
HK$100
港幣100元
100% Investment holding
投資控股
Indirectly held
間接持有
Dawnrays International Company Limited
東瑞國際股份有限公司
Hong Kong
香港
HK$500,000
港幣500,000元
100% Investment holding and sale of
pharmaceutical products
投資控股及銷售醫藥產品
Suzhou Dawnrays Pharmaceutical Co., Ltd.#
蘇州東瑞製藥有限公司 #
Mainland China
中國大陸
US$45,000,000
45,000,000美元
100% Manufacture and sale of
pharmaceutical products
製造及銷售醫藥產品
Su Zhou Dawnrays Pharmaceutical
Science and Technology Co., Ltd.#
蘇州東瑞醫藥科技有限公司 #
Mainland China
中國大陸
US$6,000,000
6,000,000美元
100% Manufacture and sale of
pharmaceutical intermediates
製造及銷售醫藥中間體
Dawnrays Pharma (Hong Kong) Limited
東瑞葯業（香港）有限公司
Hong Kong
香港
HK$500,000
港幣500,000元
100% Sale of pharmaceutical products
銷售醫藥產品
Guangdong Dawnrays Pharmaceutical
Co., Ltd. #*
廣東東瑞藥業有限公司 #*
Mainland China
中國大陸
RMB3,000,000
人民幣3,000,000元
100% Sale of pharmaceutical products
銷售醫藥產品
Dawnrays (Nantong) Pharmaceutical
Science and Technology Co., Ltd. #
東瑞（南通）醫藥科技有限公司 #
Mainland China
中國大陸
US$13,500,000
13,500,000美元
100% Manufacture and sale of
pharmaceutical intermediates
製造及銷售醫藥中間體
# These subsidiaries were registered under PRC law as foreign-owned
enterprises.
* Dawnrays International Company limited (東 瑞 國 際 股 份 有 限 公 司 )
entered into an equity transfer agreement with an independent third
party on 1 February 2018 to sell all of its shares held in Guangdong
Dawnrays Pharmaceutical Co., Ltd..
# 該等附屬公司按中國法律註冊為外商投資企
業。
* 東瑞國際股份有限公司於二零一八年二月一日
與獨立第三方訂立股權轉讓協議出售持有的所
有廣東東瑞藥業有限公司股份。
67
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
編製基準
綜合財務報表已根據國際會計準則理事會（「國
際會計準則理事會」）頒佈的國際財務報告準則
（「國際財務報告準則」）（包括所有國際財務報
告準則，國際會計準則（「國際會計準則」）及詮
釋）、香港一般公認會計原則及香港《公司條例》
披露要求而編製。除透過損益以公允值列賬之
財務資產外，這些財務報表按歷史成本原則編
製，並以人民幣（「人民幣」）列示，除另有指明
外，所有金額均四捨五入至最接近千位。
合併基準
綜合財務報表包括本公司及其附屬公司截至二
零一七年十二月三十一日止年度的財務報表。
附屬公司乃指本公司直接或間接控制的實體（包
括一個結構性實體）。當集團擁有權力從被投
資方獲得變量回報或通過對投資方的控制權
（如：既存權力賦予集團指揮被投資方相關活
動的現實能力）影響其回報。
當並未直接或間接擁有被投資方大多數投票權
或類似的權力時，本集團會考慮所有相關因素
或外部環境以評估其是否對被投資方具有控制
權，包括：
(a) 與其他投票權持有者之間的契約式協定；
(b) 從其他契約式協定中獲取的權力；及
(c) 本集團的投票權和潛在投票權。
編製附屬公司財務報表的報告期間與本公司相
同，會計政策亦貫徹一致。附屬公司業績由本
集團取得控制權當日起全面合併入賬，並一直
合併入賬直至控制權終止日為止。
BASIS OF PREPARATION
The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards
(“IFRSs”) (which include all International Financial Reporting
Standards, International Accounting Standards (“IASs”) and
Interpretations) as issued by the International Accounting Standards
Board (“IASB”), accounting principles generally accepted in Hong
Kong and the disclosure requirements of the Hong Kong Companies
Ordinance. They have been prepared under the historical cost
convention, except for financial assets at fair value through profit or
loss that have been measured at fair value. These financial
statements are presented in Renminbi (“RMB”) and all values are
rounded to the nearest thousand except when otherwise indicated.
BASIS OF CONSOLIDATION
The consolidated financial statements comprise the financial
statements of the Company and its subsidiaries for the year ended
31 December 2017. A subsidiary is an entity (including a structured
entity), directly or indirectly, controlled by the Company. Control is
achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to
affect those returns through its power over the investee (., existing
rights that give the Group the current ability to direct the relevant
activities of the investee).
When the Company has, directly or indirectly, less than a majority of
the voting or similar rights of an investee, the Group considers all
relevant facts and circumstances in assessing whether it has power
over an investee, including:
(a) the contractual arrangement with the other vote holders of the
investee;
(b) rights arising from other contractual arrangements; and
(c) the Group’s voting rights and potential voting rights.
The financial statements of the subsidiaries are prepared for the
same reporting period as the Company, using consistent accounting
policies. The results of the subsidiaries are consolidated from the
date on which the Group obtains control, and continue to be
consolidated until the date that such control ceases.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司68
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
編製基準（續）
合併基準（續）
損益及其他綜合收益各組成部分歸屬至本集團
母公司擁有人及非控股權益，即使此舉會導致
非控股權益出現虧絀結餘。本集團內公司間的
資產與負債、股權、收入、開支及與本集團成
員公司間交易相關的現金流已於合併賬目時全
數抵銷。
當事實及情況表明上述所列之控制權的三個元
素中的一個或多個有變時，本集團重新評估是
否控制投資對象。於附屬公司擁有權權益發生
變動，如不會導致對其失去控制權，將作為權
益交易入賬。
倘本集團失去對一間附屬公司的控制權，則其
終止確認 (i)該附屬公司的資產（包括商譽）及負
債、(ii)任何非控股權益的賬面值及 (iii)於權益內
記錄的累計折算差額；及確認 (i)所收代價的公
允值、(ii)所保留任何投資的公允值及 (iii)損益賬
中任何因此產生的收益或虧損。先前於其他綜
合收益內確認的本集團應佔部份以如同本集團
已直接出售相關資產或負債的相同基準要求，
重新分類為損益或保留溢利（視何者屬適當）。
2. 2 會計政策及披露的變動
本集團已於本年度財務報表中首次採納以下新
訂及經修訂的國際財務報告準則。
國際會計準則第7號
（修訂本）
披露動議
國際會計準則第12號
（修訂本）
就未實現虧損確認
遞延稅項資產
二零一四年至二零一六年
週期之年度改進所包括
之國際財務報告準則
第12號（修訂本）
於其他實體權益之
披露：國際財務
報告準則第12號
範圍之澄清
採納上述財務報告準則修訂本不會對本集團之
財務報表產生任何重大財務影響。採納國際會
計準則第7號的修訂本（規定一個實體需作出披
露讓財務報表使用者可評估融資活動所產生負
債的變動，包括因現金流及非現金變動）已於
財務報表附註35作出披露。
BASIS OF PREPARATION (Cont’d)
BASIS OF CONSOLIDATION (Cont’d)
Profit or loss and each component of other comprehensive income
are attributed to the owners of the parent of the Group and to the
non-controlling interests even if this results in the non-controlling
interests having a deficit balance. All intra-group assets and liabilities,
equity, income, expenses and cash flows relating to transactions
between members of the Group are el iminated in fu l l on
consolidation.
The Group reassesses whether or not it controls an investee if facts
and circumstances indicate that there are changes to one or more of
the three elements of control described above. A change in the
ownership interest of a subsidiary, without a loss of control, is
accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises (i) the
assets (including goodwill) and liabilities of the subsidiary, (ii) the
carrying amount of any non-controlling interest and (iii) the cumulative
translation differences recorded in equity; and recognises (i) the fair
value of the consideration received, (ii) the fair value of any investment
retained and (iii) any resulting surplus or deficit in profit or loss. The
Group’s share of components previously recognised in other
comprehensive income is reclassified to profit or loss or retained
profits, as appropriate, on the same basis as would be required if the
Group had directly disposed of the related assets or liabilities.
CHANGES IN ACCOUNTING POLICIES AND
DISCLOSURES
The Group has adopted the following revised IFRSs for the first time
for the current year’s financial statements.
Amendments to IAS 7 Disclosure Initiative
Amendments to IAS 12 Recognition of Deferred Tax Assets
for Unrealised Losses
Amendments to IFRS 12
included in Annual
Improvements to IFRSs
2014–2016 Cycle
Disclosure of Interests in Other Entities:
Clarification of the Scope of IFRS 12
None of the above amendments to IFRSs has had a significant
financial effect on these financial statements. Disclosure has been
made in note 35 to the financial statements upon the adoption of
amendments to IAS7, which require an entity to provide disclosures
that enable users of financial statements to evaluate change in
liabilities arising from financing activities, including both changes
arising from cash flows and non-cash changes.
69
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
已頒佈但尚未生效的國際財務報告準則
本集團並未於該等財務報表中應用以下已頒佈
但尚未生效的新訂及經修訂國際財務報告準則。
國際財務報告準則第2號
（修訂本）
以股份為基礎之付款交易之
分類及計量 1
國際財務報告準則第4號
（修訂本）
一併應用國際財務報告準則
第9號金融工具及國際財務
報告準則第4號保險合約 1
國際財務報告準則第9號 金融工具 1
國際財務報告準則第9號
（修訂本）
具有負補償的提前還款特性 2
國際財務報告準則第10號
及國際會計準則第28號
（修訂本）
投資者與其聯營或合營企業
之間的資產出售或注資 4
國際財務報告準則第15號 來自客戶合約之收入 1
國際財務報告準則第15號
（修訂本）
國際財務報告準則第15號來
自客戶合約之收入之澄清 1
國際財務報告準則第16號 租賃 2
國際財務報告準則第17號 保險合約 3
國際會計準則第28號
（修訂本）
於聯營公司或合營企業之
長期權益 2
國際會計準則第40號
（修訂本）
轉讓投資物業 1
國際財務報告詮釋委員會
詮釋第22號
外匯交易及預付代價 1
國際財務報告詮釋委員會
詮釋第23號
所得稅會計處理的不確定性 2
二零一四年至二零一六年
週期之年度改進
對國際財務報告準則第1號
及國際會計準則第28號
的修訂 1
二零一五年至二零一七年
週期之年度改進
對國際財務報告準則第3號、
國際財務報告準則第11號、
國際會計準則第12號及
國際會計準則第23號
的修訂 2
1 於二零一八年一月一日或之後開始的年度期間
生效
2 於二零一九年一月一日或之後開始的年度期間
生效
3 於二零二一年一月一日或之後開始的年度期間
生效
4 並無釐定強制生效日期惟可供採納
ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL
FINANCIAL REPORTING STANDARDS
The Group has not applied the following new and revised IFRSs, that
have been issued but are not yet effective, in these financial
statements.
Amendments to IFRS 2 Classification and Measurement of Share-based
Payment Transactions1
Amendments to IFRS 4 Applying IFRS 9 Financial Instruments with
IFRS 4 Insurance Contracts1
IFRS 9 Financial Instruments1
Amendments to IFRS 9 Prepayment Features with Negative
Compensation2
Amendments to IFRS 10
and IAS 28
Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture4
IFRS 15 Revenue from Contracts with Customers1
Amendments to IFRS 15 Clarifications to IFRS 15 Revenue from
Contracts with Customers1
IFRS 16 Leases2
IFRS 17 Insurance Contracts3
Amendments to IAS 28 Long-term Interest in Associates and
Joint Venture2
Amendments to IAS 40 Transfers of Investment Property1
IFRIC 22 Foreign Currency Transactions and Advance
Consideration1
IFRIC 23 Uncertainty over Income Tax Treatments2
Annual Improvements
2014–2016 Cycle
Amendments to IFRS 1 and IAS 281
Annual Improvements
2015–2017 Cycle
Amendments to IFRS 3, IFRS 11, IAS 12
and IAS 232
1 Effective for annual periods beginning on or after 1 January 2018
2 Effective for annual periods beginning on or after 1 January 2019
3 Effective for annual periods beginning on or after 1 January 2021
4 No mandatory effective date yet determined but available for adoption
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司70
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
已頒佈但尚未生效的國際財務報告準則
（續）
預期適用於本集團之有關該等國際財務報告準
則的其他資料如下：
國際會計準則委員會於二零一六年六月頒佈國
際財務報告準則第2號之修訂本，主要解決三
個方面的問題：歸屬條件對計量現金結算以股
份支付交易的影響；預扣若干金額以履行僱員
與以股份支付有關的納稅義務，具有股份淨額
結算特徵的以股份支付交易的分類；以及對於
以股份支付交易的條款及條件所作修改導致其
分類由以現金結算變更為以權益結算時的會計
處理。該等修訂本闡明，在計量權益結算以股
份支付時就歸屬條件所用的入賬方法亦適用於
現金結算以股份支付。該等修訂本引入一項例
外情況，對於預扣若干金額以履行僱員的納稅
義務的具有股份淨額結算特徵的以股份支付交
易，在符合若干條件時，可整體獲分類為以權
益結算的股份支付交易。另外，該等修訂本闡
明，倘因修改現金結算以股份支付交易的條件
及條款導致其成為權益結算以股份支付交易，
則交易自修改日期起作為一項權益結算交易入
賬。在採納有關規定時，實體須在不重列以往
期間的情況下應用該等修訂，惟倘實體選擇採
納全部三項修訂並符合其他準則時，則可以追
溯應用。本集團將自二零一八年一月一日起採
納該等修訂本。該等修訂本預期不會對本集團
之財務報表產生任何重大影響。
ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL
FINANCIAL REPORTING STANDARDS (Cont’d)
Further information about those IFRSs that are expected to be
applicable to the Group is described below:
The IASB issued amendments to IFRS 2 in June 2016 that address
three main areas: the effects of vesting condit ions on the
measurement of a cash-settled share-based payment transaction;
the classification of a share-based payment transaction with net
settlement features for withholding a certain amount in order to meet
an employee’s tax obligation associated with the share-based
payment; and accounting where a modification to the terms and
conditions of a share-based payment transaction changes its
classification from cash-settled to equity-settled. The amendments
clarify that the approach used to account for vesting conditions when
measuring equity-settled share-based payments also applies to
cash-settled share-based payments. The amendments introduce an
exception so that a share-based payment transaction with net share
settlement features for withholding a certain amount in order to meet
the employee’s tax obligation is classified in its entirety as an equity-
settled share-based payment transaction when certain conditions
are met. Furthermore, the amendments clarify that if the terms and
conditions of a cash-settled share-based payment transaction are
modified, with the result that it becomes an equity-settled share-
based payment transaction, the transaction is accounted for as an
equity-settled transaction from the date of the modification. On
adoption, entities are required to apply the amendments without
restating prior periods, but retrospective application is permitted if
they elect to adopt for all three amendments and other criteria are
met. The Group will adopt the amendments from 1 January 2018.
The amendments are not expected to have any significant impact on
the Group’s financial statements.
71
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
已頒佈但尚未生效的國際財務報告準則
（續）
於二零一四年七月，國際會計準則委員會頒佈
國際財務報告準則第9號的最終版本，將金融
工具項目的所有階段集於一起以代替國際會計
準則第39號及全部先前版本的國際財務報告準
則第9號。該準則引入分類及計量、減值及對
沖會計法的新規定。本集團將自二零一八年一
月一日起採納國際財務報告準則第9號。本集
團將不會重列可比較資料，並將於二零一八年
一月一日確認對年初權益結餘之任何過渡性調
整。於二零一七年，本集團已對採用國際財務
報告準則第9號的影響作出詳細評估。預期影
響與分類及計量以及減值規定有關，概述如
下：
(a) 分類及計量
於採納國際財務報告準則第9號後，財
務資產的分類及計量根據兩項評估：財
務資產的合約性現金流量特性及該實體
管理財務資產的業務模式。於二零一七
年十二月三十一日本集團管理應收票據
款人民幣40,535,000元的業務模式為不
持有該批應收票據款到期收取合約性現
金流量因本集團經常在到期前背書應收
票據給供應商。因此，該批應收票據將
被重分類為透過損益以公允值列賬的財
務資產。
(b) 減值
國際財務報告準則第9號規定，並無根
據國際財務報告準則第9號按公允值計
入損益之項目以攤銷成本或按公允值計
入其他綜合收益的債務工具、租賃應收
款項、貸款承諾及財務擔保合約須作減
值，並 將 根 據 預 期 信 貸 虧 損 模 式 或 按
十二個月基準或可使用基準入賬。本集
團將採納簡化方式，並將根據於所有其
貿易應收款項餘下年期內的所有現金差
額現值估計的可使用預期虧損入賬。此
外，本集團將採用一般方法，並根據其
他應收款項於未來十二個月內可能發生
的違約事件估計十二個月預期信貸虧損。
本集團已經確定，初步採納該準則後減
值撥備將不會增加或減少。
ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL
FINANCIAL REPORTING STANDARDS (Cont’d)
In July 2014, the IASB issued the final version of IFRS 9, bringing
together all phases of the financial instruments project to replace IAS
39 and all previous versions of IFRS 9. The standard introduces new
requirements for classification and measurement, impairment and
hedge accounting. The Group will adopt IFRS 9 from 1 January
2018. The Group will not restate comparative information and will
recognise any transition adjustments against the opening balance of
equity at 1 January 2018. During 2017, the Group has performed a
detailed assessment of the impact of the adoption of IFRS 9. The
expected impacts relate to the classification and measurement and
the impairment requirements are summarised as follows:
(a) CLASSIFICATION AND MEASUREMENT
Upon adoption of IFRS 9, the classification and measurement
of financial assets depends on two assessments: the financial
asset’s contractual cash flow characteristics and the entity’s
business model for managing the financial asset. The Group’s
bills receivable of RMB40,535,000 as at 31 December 2017
are managed with a business model under which bil ls
receivable are not held to collect contractual cash flows as the
Group regularly endorses bills receivable to suppliers prior to
their expiry date. Accordingly, these bills receivable will be
reclassified as financial assets at fair value through profit or
loss.
(b) IMPAIRMENT
IFRS 9 requires an impairment on debt instruments recorded
at amortised cost or at fair value through other comprehensive
income, lease receivables, loan commitments and financial
guarantee contracts that are not accounted for at fair value
through profit or loss under IFRS 9, to be recorded based on
an expected credit loss model either on a twelve-month basis
or a lifetime basis. The Group will apply the simplified approach
and record lifetime expected losses that are estimated based
on the present values of all cash shortfalls over the remaining
life of all of its trade receivables. Furthermore, the Group will
apply the general approach and record twelve-month expected
credit losses that are estimated based on the possible default
events on its other receivables within the next twelve months.
The Group has determined that no provision for impairment will
increase or decrease upon the initial adoption of the standard.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司72
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
已頒佈但尚未生效之國際財務報告準則
（續）
國際財務報告準則第10號及國際會計準則第
28號之修訂本解決國際財務報告準則第10號
及國際會計準則第28號之間對於處理投資者與
其聯營公司或合營企業之間的資產出售或投入
的規定的不一致性。該等修訂本要求於投資者
與其聯營公司或合營企業之間的資產出售或投
入構成一項業務時，確認全部收益或虧損。對
於不構成業務的資產交易，交易所產生的收益
或虧損僅以無關連的投資者於該聯營公司或合
營企業的權益為限，於投資者的損益中確認。
該等修訂本將於未來期間應用。國際會計準則
委員會已於二零一五年十二月剔除了國際財務
報告準則第10號及國際會計準則第28號之修
訂本的以往強制生效日期，而新的強制生效日
期將於對聯營公司及合營企業的會計處理完成
更廣泛的檢討後釐定。然而，該等修訂本可於
現時採納。
國際財務報告準則第15號於二零一四年五月頒
佈，建立一個新的五步模式，將應用於自客戶
合約產生之收入。根據國際財務報告準則第15
號，收益按能反映實體預期就交換向客戶轉讓
貨物或服務而有權獲得之代價金額確認。國際
財務報告準則第15號之原則為計量及確認收入
提供更加結構化之方法。該準則亦引入廣泛定
性及定量披露規定，包括分拆收入總額，關於
履行責任、不同期間之間合約資產及負債賬目
結餘之變動以及主要判斷及估計之資料。該準
則將取代國際財務報告準則項下所有現時收入
確認之規定。於初步應用該準則時，需要全面
追溯應用或經修改追溯應用。於二零一六年四
月，國際會計準則委員會頒佈國際財務報告準
則第15號之修訂本，就確定履約責任、有關委
託人與代理人及知識產權許可證方面的應用指
引以及過渡方面解決實施問題。該等修訂本亦
旨在幫助確保實體於採用國際財務報告準則第
15號時具有更高的應用一致性，並降低應用該
準則的成本和複雜性。本集團計劃採納國際財
務報告準則第15號的過渡性條文確認初步採納
的累積效應，作為對二零一八年一月一日保留
溢利的年初結餘之調整。此外，本集團計劃僅
於二零一八年一月一日之前尚未完成的合約中
應用新規定。本集團預期於初步採納國際財務
報告準則第15號後於二零一八年一月一日作出
的過渡性調整並不重大。
ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL
FINANCIAL REPORTING STANDARDS (Cont’d)
Amendments to IFRS 10 and IAS 28 address an inconsistency
between the requirements in IFRS 10 and in IAS 28 in dealing with
the sale or contribution of assets between an investor and its
associate or joint venture. The amendments require a full recognition
of a gain or loss when the sale or contribution of assets between an
investor and its associate or joint venture constitutes a business. For
a transaction involving assets that do not constitute a business, a
gain or loss resulting from the transaction is recognised in the
investor’s profit or loss only to the extent of the unrelated investor’s
interest in that associate or joint venture. The amendments are to be
applied prospectively. The previous mandatory effective date of
amendments to IFRS 10 and IAS 28 was removed by the IASB in
December 2015 and a new mandatory effective date will be
determined after the completion of a broader review of accounting
for associates and joint ventures. However, the amendments are
available for adoption now.
IFRS 15, issued in May 2014, establishes a new five-step model to
account for revenue arising from contracts with customers. Under
IFRS 15, revenue is recognised at an amount that reflects the
consideration to which an entity expects to be entitled in exchange
for transferring goods or services to a customer. The principles in
IFRS 15 provide a more structured approach for measuring and
recognising revenue. The standard also introduces extensive
qualitative and quantitative disclosure requirements, including
disaggregation of total revenue, information about performance
obligations, changes in contract asset and liability account balances
between periods and key judgements and estimates. The standard
will supersede all current revenue recognition requirement, under
IFRSs. Either a ful l retrospective application or a modified
retrospective adoption is required on the initial application of the
standard. In April 2016, the IASB issued amendments to IFRS 15 to
address the implementation issues on identifying performance
obligations, application guidance on principal versus agent and
licences of intellectual property, and transition. The amendments are
also intended to help ensure a more consistent application when
entities adopt IFRS 15 and decrease the cost and complexity of
applying the standard. The Group plans to adopt the transitional
provisions in IFRS 15 to recognise the cumulative effect of initial
adoption as an adjustment to the opening balance of retained
earnings at 1 January 2018. In addition, the Group plans to apply the
new requirements only to contracts that are not completed before 1
January 2018. The Group expects that the transitional adjustment to
be made on 1 January 2018 upon initial adoption of IFRS 15 will not
be material.
73
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
已頒佈但尚未生效之國際財務報告準則
（續）
本集團之主要業務包括生產及銷售藥品。預期
採納國際財務報告準則第15號對本集團的影響
概述如下：
呈列及披露
國際財務報告準則第15號之呈列及披露規定較
現時國際會計準則第18號所列者更為詳細。該
等呈列規定引致現有方式出現重大變動，且會
引致須於本集團財務報表披露之內容大幅增
加。國際財務報告準則第15號中的多項披露規
定為新規定，而本集團認為當中部分披露規定
將產生重大影響。尤其是，本集團預期財務報
表附註將因披露決定該等合約（包括可變代價）
之交易價格、將交易價格分配至履約責任之方
式所作重大判斷以及估計各項履約責任之獨立
售價所作假設而增加。此外，根據國際財務報
告準則第15號的規定，本集團將分拆自客戶合
約確認收入為多個類別，其中說明收入及現金
流之性質、金額、時間及不確定性受經濟因素
影響之程度。其亦會披露有關分拆收入之披露
與就各報告分部披露收入資料之關係。
ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL
FINANCIAL REPORTING STANDARDS (Cont’d)
The Group’s principal activities consist of the manufacture and sale
of pharmaceutical products. The expected impacts arising from the
adoption of IFRS 15 on the Group are summarised as follows:
PRESENTATION AND DISCLOSURE
The presentation and disclosure requirements in IFRS 15 are more
detailed than those under the current IAS 18. The presentation
requirements represent a significant change from current practice
and will significantly increase the volume of disclosures required in
the Group’s f inancial statements. Many of the disclosure
requirements in IFRS 15 are new and the Group has assessed that
the impact of some of these disclosure requirements will be
significant. In particular, the Group expects that the notes to the
financial statements will be expanded because of the disclosure of
significant judgements made on determining the transaction prices of
those contracts that include variable consideration, how the
transaction prices have been allocated to the performance
obligations, and the assumptions made to estimate the stand-alone
selling price of each performance obligation. In addition, as required
by IFRS 15, the Group will disaggregate revenue recognised from
contracts with customers into categories that depict how the nature,
amount, timing and uncertainty of revenue and cash flows are
affected by economic factors. It will also disclose information about
the relationship between the disclosure of disaggregated revenue
and revenue information disclosed for each reportable segment.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司74
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
已頒佈但尚未生效之國際財務報告準則
（續）
國際財務報告準則第16號於二零一六年一月頒
佈，取代國際會計準則第17號租賃、國際財務
報告詮釋委員會詮釋第4號釐定安排是否包括
租賃、詮釋常務委員會詮釋第15號經營租賃一
優惠及詮釋常務委員會詮釋第27號評估涉及租
賃法律形式交易的實質。該準則載列確認、計
量、呈列及披露租賃的原則，並要求承租人就
大多數租賃確認資產及負債。該準則包括給予
承租人兩項可選擇的租賃確認豁免一低價值資
產租賃及短期租賃。於租賃開始日期，承租人
將確認於租賃期作出租賃付款為負債（即租賃
負債）及代表可使用相關資產的權利為資產（即
使用權資產）。除非有使用權資產符合國際會
計準則第40號投資物業的定義，或涉及應用重
估模型的物業、廠房及設備類別，否則有使用
權資產其後按成本減累計折舊及任何減值虧損
計量。租賃負債其後會就反映租賃負債利息而
增加及因租賃付款而減少。承租人將須分別確
認租賃負債的利息開支及有使用權資產的折舊
開支。承租人亦將須於若干事件發生時重新計
量租賃負債，例如由於租賃期變更或用於釐定
該等付款的一項指數或比率變更而引致未來租
賃付款變更。承租人一般將重新計量租賃負債
的數額確認為有使用權資產的調整。國際財務
報告準則第16號大致沿用國際會計準則第17
號內出租人的會計處理方式。出租人將繼續使
用與國際會計準則第17號相同的分類原則對所
有租賃進行分類，並將之分為經營租賃及融資
租賃。國際財務報告準則第16號要求承租人及
出租人較根據國際會計準則第17號作出更多披
露。承租人可選擇以全面追溯應用或部分追溯
應用方式應用該準則。本集團預期於二零一九
年一月一日起採納國際財務報告準則第16號。
本集團現正評估採納國際財務報告準則後的影
ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL
FINANCIAL REPORTING STANDARDS (Cont’d)
IFRS 16, issued in January 2016, replaces IAS 17 Leases, IFRIC 4
Determining whether an Arrangement contains a Lease, SIC-15
Operating Leases — Incentives and SIC-27 Evaluating the Substance
of Transactions Involving the Legal Form of a Lease. The standard
sets out the principles for the recognit ion, measurement,
presentation and disclosure of leases and requires lessees to
recognise assets and liabilities for most leases. The standard
includes two elective recognition exemptions for lessees — leases of
low-value assets and short-term leases. At the commencement date
of a lease, a lessee will recognise a liability to make lease payments
(., the lease liability) and an asset representing the right to use the
underlying asset during the lease term (., the right-to-use asset).
The right-of-use asset is subsequently measured at cost less
accumulated depreciation and any impairment losses unless the
right-of-use asset meets the definition of investment property in IAS
40, or relates to a class of property, plant and equipment to which
the revaluation model is applied. The lease liability is subsequently
increased to reflect the interest on the lease liability and reduced for
the lease payments. Lessees will be required to separately recognise
the interest expense on the lease liability and the depreciation
expense on the right-of-use asset. Lessees will also be required to
remeasure the lease liability upon the occurrence of certain events,
such as change in the lease term and change in future lease
payments resulting from a change in an index or rate used to
determine those payments. Lessees will generally recognise the
amount of the remeasurement of the lease liability as an adjustment
to the right-of-use asset. Lessor accounting under IFRS 16 is
substantially unchanged from the accounting under IAS 17. Lessors
will continue to classify all leases using the same classification
principle as in IAS 17 and distinguish between operating leases and
finance leases. IFRS 16 requires lessees and lessors to make more
extensive disclosures than under IAS 17. Lessees can choose to
apply the standard using either a full retrospective or a modified
retrospective approach. The Group expects to adopt IFRS 16 from 1
January 2019. The Group is currently assessing the impact of IFRS
16 upon adoption and is considering whether it will choose to take
advantage of the practical expedients available and which transition
75
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
響，且正考慮會否選擇利用現有可行權宜方
式，以及將會採用的過渡方式及寬免。誠如財
務報表附註36(a)所披露，於二零一七年十二月
三十一日，本集團根據不可撤銷經營租賃應付
的未來最低租金總額約為人民幣579,000元。
採納國際財務報告準則第16號後，當中所列部
分金額或需確認為新有使用權資產及租賃負
債。然而，本集團需作進一步分析，以確定將
予確認的新有使用權資產及租賃負債，包括但
不限於涉及低價值資產租賃及短期租賃的金
額、所選其他可行權宜方式及寬免以及採用該
準則日期前訂立的新租賃。
國際會計準則第40號的修訂本於二零一六年
十二月頒佈，澄清實體應將物業（包括建設中
或發展中物業）轉撥至或轉撥出投資物業的時
間。該等修訂本指明，物業的用途發生變動需
要其符合或不再符合投資物業的定義且有證據
證明用途發生變動。單憑管理層對物業用途的
意向產生變動不足以證明其用途有所變動。實
體應就其首次應用該等修訂本的年度報告期初
或其後產生的物業用途變動，以未來適用法應
用該等修訂本。實體應重新評估於其首次採用
該等修訂本當日所持有的物業分類，並（如適
用）重新分類物業以反映當日的實際情況。倘
毋須採用事後確認，方可追溯應用。本集團預
期自二零一八年一月一日起以未來適用法採納
該等修訂本。該等修訂本預期不會對本集團的
財務報表產生任何重大影響。
approach and reliefs will be adopted. As disclosed in note 36(a) to
the financial statements, at 31 December 2017, the Group had future
minimum lease payments under non-cancellable operating leases in
aggregate of approximately RMB579,000. Upon adoption of IFRS
16, certain amounts included therein may need to be recognised as
new right-of-use assets and lease liabilities. Further analysis,
however, will be needed to determine the amount of new rights of
use assets and lease liabilities to be recognised, including, but not
limited to, any amounts relating to leases of low-value assets and
short term leases, other practical expedients and reliefs chosen, and
new leases entered into before the date of adoption.
Amendments to IAS 40, issued in December 2016, clarify when an
entity should transfer property, including property under construction
or development, into or out of investment property. The amendments
state that a change in use occurs when the property meets, or
ceases to meet, the definition of investment property and there is
evidence of the change in use. A mere change in management’s
intentions for the use of a property does not provide evidence of a
change in use. The amendments should be applied prospectively to
the changes in use that occur on or after the beginning of the annual
reporting period in which the entity first applies the amendments. An
entity should reassess the classification of property held at the date
that it first applies the amendments and, if applicable, reclassify
property to reflect the conditions that exist at that date. Retrospective
application is only permitted if it is possible without the use of
h indsight. The Group expects to adopt the amendments
prospectively from 1 January 2018. The amendments are not
expected to have any significant impact on the Group’s financial
statements.
ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL
FINANCIAL REPORTING STANDARDS (Cont’d)
已頒佈但尚未生效之國際財務報告準則
（續）
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司76
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
已頒佈但尚未生效之國際財務報告準則
（續）
國際財務報告詮釋委員會詮釋第22號於二零
一六年十二月頒佈，在應用國際會計準則第21
號至為在實體以外幣收取或支付預付代價及確
認非貨幣性資產或負債的情況下如何釐定交易
日期提供指引。該詮釋澄清，就釐定於初步確
認有關資產、開支或收入（或其中部分）所用的
匯率時，交易日期為實體初步確認因支付或收
取預付代價而產生的非貨幣性資產（如預付款）
或非貨幣負債（如遞延收入）之日。倘確認有關
項目前存在多筆預付款或預收款，實體須就每
筆付款或收款釐定交易日期。實體可自實體首
次應用詮釋的報告期初或將其於實體首次應用
該詮釋的報告期之財務報表呈列為比較資料的
先前報告期初以全面追溯基準或未來適用基準
應用該詮釋。本集團預期自二零一八年一月一
日起以未來適用基準採納該詮釋。預期該等詮
釋本將不會對本集團之財務報表產生任何重大
影響。
國際財務報告詮釋委員會詮釋第23號於二零
一七年六月頒佈，於稅項處理涉及影響國際會
計準則第12號應用的不確定性時，處理該情況
下的所得稅（當期及遞延）會計。該詮釋並不適
用於國際會計準則第12號範圍外的稅項或徵
稅，尤其亦不包括不確定稅項處理相關的權益
及處罰相關規定。該詮釋具體處理 (i)實體是否
考慮分開處理不確定稅項；(ii)實體對稅務機關
的稅項處理檢查所作的假設；(iii)實體如何釐定
應課稅溢利或稅項虧損、稅基、未動用稅項虧
損、未動用稅收抵免及稅率；及 (iv)實體如何考
慮事實及情況變動。該詮釋將可追溯應用，在
毌需採用事後確認時可全面追溯或以應用的累
積影響作為對首次應用當日的期初權益的調整
追溯，而不重列比較資料。本集團預期自二零
一九年一月一日起採納該詮釋。預期該等詮釋
本不會對本集團之財務報表產生任何重大影響。
ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL
FINANCIAL REPORTING STANDARDS (Cont’d)
IFRIC 22, issued in December 2016, provides guidance on how to
determine the date of the transaction when applying IAS 21 to the
situation where an entity receives or pays advance consideration in a
foreign currency and recognises a non-monetary asset or liability.
The interpretation clarifies that the date of the transaction for the
purpose of determining the exchange rate to use on initial recognition
of the related asset, expense or income (or part of it) is the date on
which an entity initially recognises the non-monetary asset (such as a
prepayment) or non-monetary liability (such as deferred income)
arising from the payment or receipt of the advance consideration. If
there are multiple payments or receipts in advance of recognising the
related item, the entity must determine the transaction date for each
payment or receipt of the advance consideration. Entities may apply
the interpretation on a full retrospective basis or on a prospective
basis, either from the beginning of the reporting period in which the
entity first applies the interpretation or the beginning of the prior
reporting period presented as comparative information in the financial
statements of the reporting period in which the entity first applies the
interpretation. The Group expects to adopt the interpretation
prospectively from 1 January 2018. The interpretation is not
expected to have any significant impact on the Group’s financial
statements.
IFRIC 23, issued in June 2017, addresses the accounting for income
taxes (current and deferred) when tax treatments involve uncertainty
that affects the application of IAS 12 (often referred to as “uncertain
tax positions”). The interpretation does not apply to taxes or levies
outside the scope of IAS 12, nor does it specifically include
requirements relating to interest and penalties associated with
uncertain tax treatments. The interpretation specifically addresses (i)
whether an entity considers uncertain tax treatments separately; (ii)
the assumptions an entity makes about the examination of tax
treatments by taxation authorities; (iii) how an entity determines
taxable profits or tax losses, tax bases, unused tax losses, unused
tax credits and tax rates; and (iv) how an entity considers changes in
facts and circumstances. The interpretation is to be applied
retrospectively, either fully retrospectively without the use of hindsight
or retrospectively with the cumulative effect of application as an
adjustment to the opening equity at the date of initial application,
without the restatement of comparative information. The Group
expects to adopt the interpretation from 1 January 2019. The
interpretation is not expected to have any significant impact on the
Group’s financial statements.
77
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要
於聯營公司的投資
聯營公司為本集團於其一般不少於20%股本投
票權中擁有長期權益的實體，且可對其發揮重
大影響力。重大影響力是指參與投資對象的財
務及經營決策的權力，但並非控制或共同控制
該等決策的權力。
本集團於聯營公司的投資乃按權益會計法以本
集團應佔淨資產減任何減值虧損於綜合財務狀
況表列賬。已就理順可能存在的任何不同會計
政策作出調整。本集團應佔聯營公司的收購後
業績及其他全面收益乃分別計入綜合損益及其
他全面收益表。此外，當聯營公司的權益內直
接確認一項變動，則本集團在適當情況下會在
綜合權益變動表確認其應佔的任何變動金額。
本集團與其聯營公司交易的未變現盈利及虧損
乃按本集團應佔該聯營公司的投資撇銷，惟當
未變現虧損提供所轉讓資產減值的憑證時則除
外。收購聯營公司所產生的商譽列為本集團於
聯營公司的投資之一部分。
倘於聯營公司的投資成為於合營企業的投資抑
或於合營企業的投資成為於聯營公司的投資，
保留權益不予重新計量。相反，投資繼續按權
益法列賬。在所有其他情況下，失去對聯營公
司之重大影響力或對合營企業之共同控制權
後，本集團按其公允值計量及確認任何剩餘投
資。聯營公司或合營企業於失去重大影響力或
共同控制權時的賬面值與剩餘投資及出售所得
款項的公允值之間的任何差額乃於損益賬內確
認。
當於聯營公司的投資歸類為持作出售時，則按
國際財務報告準則第5號持作出售及已終止營
運的非流動資產入賬。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVESTMENTS IN ASSOCIATES
An associate is an entity in which the Group has a long term interest
of generally not less than 20% of the equity voting rights and over
which it is in a position to exercise significant influence. Significant
influence is the power to participate in the financial and operating
policy decisions of the investee, but is not control or joint control over
those policies.
The Group’s investments in associates are stated in the consolidated
statement of financial position at the Group’s share of net assets
under the equity method of accounting, less any impairment losses.
Adjustments are made to bring into line any dissimilar accounting
policies that may exist. The Group’s share of the post-acquisition
results and other comprehensive income of associates is included in
the consolidated statement of profit or loss and consolidated other
comprehensive income, respectively. In addition, when there has
been a change recognised directly in the equity of the associate, the
Group recognises its share of any changes, when applicable, in the
consolidated statement of changes in equity. Unrealised gains and
losses resulting from transactions between the Group and its
associates are eliminated to the extent of the Group’s investments in
the associates, except where unrealised losses provide evidence of
an impairment of the assets transferred. Goodwill arising from the
acquisition of associates is included as part of the Group’s
investments in associates.
If an investment in an associate becomes an investment in a joint
venture or vice versa, the retained interest is not remeasured.
Instead, the investment continues to be accounted for under the
equity method. In all other cases, upon loss of significant influence
over the associate or joint control over the joint venture, the Group
measures and recognises any retained investment at its fair value.
Any difference between the carrying amount of the associate or joint
venture upon loss of significant influence or joint control and the fair
value of the retained investment and proceeds from disposal is
recognised in profit or loss.
When an investment in an associate is classified as held for sale, it is
accounted for in accordance with IFRS 5 Non-current Assets Held
for Sale and Discontinued Operations.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司78
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
業務合併及商譽
業務合併採用收購法列賬。轉讓的代價乃以收
購日的公允值計算，該公允值為本集團轉讓的
資產、本集團向被收購方之前度擁有人承擔的
負債，及本集團發行以換取被收購方控制權的
股本權益於收購日的公允值的總和。於各業務
合併中，本集團對於現時持有的權益及賦予其
持有人於清盤時按比例分享資產淨值的權益的
被收購方非控股權益，可選擇以公允值抑或被
收購方可識別淨資產的應佔比例計算。所有其
他非控股權益部份乃按公允值計量。收購成本
於產生時列為開支。
當本集團購入一項業務時，會根據合約條款、
於收購日的經濟環境及相關條件，評估將承接
的財務資產及負債，以作出適合的分類及標
示，其中包括將被收購方主合約中的嵌入式衍
生工具進行分離。
倘企業合併分階段進行，收購方先前持有的被
收購方股權應按收購日的公允值重新計量，而
任何收益或虧損於損益中確認。
收購方將予轉讓的任何或然代價將於收購日按
公允值確認。分類為一項資產或負債的或然代
價根據公允值的變動按公允值計量，並確認於
損益。分類為權益的或然代價並無重新計量，
而其後結算於權益中入賬。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
BUSINESS COMBINATIONS AND GOODWILL
Business combinations are accounted for using the acquisition
method. The consideration transferred is measured at the acquisition
date fair value which is the sum of the acquisition date fair values of
assets transferred by the Group, liabilities assumed by the Group to
the former owners of the acquiree and the equity interests issued by
the Group in exchange for control of the acquiree. For each business
combination, the Group elects whether to measure the non-
controlling interests in the acquiree that are present ownership
interests and entitle their holders to a proportionate share of net
assets in the event of liquidation either at fair value or at the
proportionate share of the acquiree’s identifiable net assets. All other
components of non-controlling interests are measured at fair value.
Acquisition-related costs are expensed as incurred.
When the Group acquires a business, it assesses the financial assets
and liabilities assumed for appropriate classification and designation
in accordance with the contractual terms, economic circumstances
and pertinent conditions as at the acquisition date. This includes the
separation of embedded derivatives in host contracts of the
acquiree.
If the business combination is achieved in stages, the previously held
equity interest is remeasured at its acquisition date fair value and any
resulting gain or loss is recognised in profit or loss.
Any contingent consideration to be transferred by the acquirer will be
recognised at fair value at the acquisition date. Contingent
consideration classified as an asset or liability is measured at fair
value with changes in fair value recognised in profit or loss.
Contingent consideration that is classif ied as equity is not
remeasured and subsequent settlement is accounted for within
equity.
79
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
業務合併及商譽（續）
商譽起初按成本計量，即已轉讓總代價、已確
認非控股權益及本集團先前持有的被收購方股
權的公允值總額，超逾與所收購可識別淨資產
及所承擔負債的差額。如總代價及其他項目低
於所收購子公司資產淨值的公允值，於評估後
其差額將於損益內確認為議價收購收益。
於初始確認後，商譽按成本減任何累積減值虧
損列賬。商譽須每年作減值測試，若有事件發
生或情況改變顯示賬面值有可能減值時，則會
更頻密地進行測試。本集團於十二月三十一日
進行商譽的年度減值測試。為進行減值測試，
自收購日起業務合併產生之商譽將分配至預計
將受益於合併之協同效應之本集團各個現金產
生單位或各個現金產生單位組別，而毋須慮及
本集團有否將其他資產或負債分配至該等單位
或該等單位組別。
減值乃通過評估商譽有關之現金產生單位（或
現金產生單位組別）之可收回金額釐定。倘現
金產生單位（或現金產生單位組別）之可收回金
額低於賬面值，則確認減值虧損。就商譽確認
之減值虧損不得於其後期間撥回。
倘商譽已分配予現金產生單位（或現金產生單
位組別）而該單位的部份業務已出售，則在釐
定所出售業務的收益或虧損時，與所出售業務
相關的商譽會計入該業務的賬面值。在該情況
下出售的商譽，乃根據所出售業務的相對價值
及現金產生單位的保留份額進行計量。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
BUSINESS COMBINATIONS AND GOODWILL (Cont’d)
Goodwill is initially measured at cost, being the excess of the
aggregate of the consideration transferred, the amount recognised
for non-controlling interests and any fair value of the Group’s
previously held equity interests in the acquiree over the identifiable
net assets acquired and liabilities assumed. If the sum of this
consideration and other items is lower than the fair value of the net
assets of the subsidiary acquired, the dif ference is, after
reassessment, recognised in profit or loss as a gain on bargain
purchase.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses. Goodwill is tested for impairment
annually or more frequently if events or changes in circumstances
indicate that the carrying value may be impaired. The Group
performs its annual impairment test of goodwill as at 31 December.
For the purpose of impairment testing, goodwill acquired in a
business combination is, from the acquisition date, allocated to each
of the Group’s cash-generating units, or groups of cash-generating
units, that are expected to benefit from the synergies of the
combination, irrespective of whether other assets or liabilities of the
Group are assigned to those units or groups of units.
Impairment is determined by assessing the recoverable amount of
the cash-generating unit (group of cash-generating units) to which
the goodwill relates. Where the recoverable amount of the cash-
generating unit (group of cash-generating units) is less than the
carrying amount, an impairment loss is recognised. An impairment
loss recognised for goodwill is not reversed in a subsequent period.
Where goodwill has been allocated to a cash-generating unit (or
group of cash-generating units) and part of the operation within that
unit is disposed of, the goodwill associated with the operation
disposed of is included in the carrying amount of the operation when
determining the gain or loss on the disposal. Goodwill disposed of in
these circumstances is measured based on the relative value of the
operation disposed of and the portion of the cash-generating unit
retained.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司80
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
公允值計量
本集團於每一報告期末以公允值計量金融工
具。公允值為市場參與者於計量日期在有序交
易中出售資產所收取的價格或轉讓負債所支付
的價格。公允值計量乃根據假設出售資產或轉
讓負債的交易於資產或負債主要市場或（在無
主要市場情況）最具優勢市場進行而作出。主
要及最具優勢市場須為本集團可進入之市場。
資產或負債的公允值乃按假設市場參與者於資
產或負債定價時會以最佳經濟利益行事計量。
非財務資產的公允值計量須計及市場參與者能
自最大限度使用該資產達致最佳用途，或將該
資產出售予將最大限度使用該資產達致最佳用
途的其他市場參與者，所產生的經濟效益。
本集團採納適用於不同情況且具備充分數據以
供計量公允值的估值方法，以儘量使用相關可
觀察輸入值及儘量減少使用不可觀察輸入值。
所有於本財務報表計量或披露的資產及負債乃
基於對公允值計量整體而言屬重大的最低級輸
入值按以下公允值等級分類：
第一級 — 基於相同資產或負債於活躍市場
的報價（未經調整）
第二級 — 基於對公允值計量而言屬重大的
可觀察（直接或間接）最低級輸入
值的估值方法
第三級 — 基於對公允值計量而言屬重大的
不可觀察最低級輸入值的估值方
法
就按經常性基準於本財務報表確認的資產及負
債而言，本集團透過於各報告期間結束時重新
評估分類（基於對公允值計量整體而言屬重大
的最低級輸入值）確定是否發生不同等級轉移。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
FAIR VALUE MEASUREMENT
The Group measures financial instruments at fair value at the end of
each reporting period. Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to
sell the asset or transfer the liability takes place either in the principal
market for the asset or liability, or in the absence of a principal
market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible
by the Group. The fair value of an asset or a liability is measured
using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in
their economic best interest.
A fair value measurement of a non-financial asset takes into account
a market participant’s ability to generate economic benefits by using
the asset in its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure
fair value, maximising the use of relevant observable inputs and
minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed
in the financial statements are categorised within the fair value
hierarchy, described as follows, based on the lowest level input that
is significant to the fair value measurement as a whole:
Level 1 — based on quoted prices (unadjusted) in active
markets for identical assets or liabilities
Level 2 — based on valuation techniques for which the lowest
level input that is significant to the fair value
measurement is observable, either directly or
indirectly
Level 3 — based on valuation techniques for which the lowest
level input that is significant to the fair value
measurement is unobservable
For assets and liabilities that are recognised in the financial
statements on a recurring basis, the Group determines whether
transfers have occurred between levels in the hierarchy by
reassessing categorisation (based on the lowest level input that is
significant to the fair value measurement as a whole) at the end of
each reporting period.
81
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
外幣
該等財務報表以人民幣呈列。人民幣是本集團
內大多數公司的功能貨幣。本集團各實體釐定
其本身的功能貨幣，而各實體財務報表載列的
項目以功能貨幣計量。
本集團實體記錄的外幣交易最初以交易當日各
功能貨幣匯率記錄入賬。以外幣列值的貨幣性
資產及負債，則按報告期末的適用功能貨幣現
貨匯率換算。所有由貨幣性項目結算或折算產
生的匯兌差額計入損益表。
以外幣列值及按歷史成本計算的非貨幣項目，
乃按首次交易當日的匯率換算。
本公司、東瑞國際有限公司（「東瑞（BVI）」）、
東瑞生物投資發展（亞洲）有限公司（「東瑞生
物」）、東瑞國際股份有限公司（「東瑞國際股
份」）及東瑞葯業（香港）有限公司（「東瑞葯業」）
（統稱「海外公司」）的功能貨幣為港幣。於報告
期末，該等公司的資產與負債按報告期末的匯
率換算為人民幣，而損益表則按年度的加權平
均匯率換算為人民幣。因此而產生的匯兌差額
在其他全面收益中予以確認並記入匯兌波動儲
備中。於出售國外業務時，就該特定境外業務
在其他全面收益中的部分將於損益表確認。
就綜合現金流量表而言，境外公司的現金流量
按現金流量日期適用的匯率換算為人民幣。海
外公司在年內產生的經常性現金流量會按該年
度的加權平均匯率換算為人民幣。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
FOREIGN CURRENCIES
These financial statements are presented in RMB, which is the
functional currency of most of the group companies. Each entity in
the Group determines its own functional currency and items included
in the financial statements of each entity are measured using that
functional currency.
Foreign currency transactions recorded by the entities in the Group
are initially recorded using their respective functional currency rates
prevailing at the dates of the transactions. Monetary assets and
liabilities denominated in foreign currencies are translated at the
functional currency rates of exchange ruling at the end of the
reporting period. Differences arising on settlement or translation of
monetary items are recognised in the statement of profit or loss.
Non-monetary items are measured in terms of historical cost in a
foreign currency are translated using the exchange rates at the dates
of the initial transactions.
The functional currency of the Company, Dawnrays International
Company Limited (“Dawnrays (BVI)”), Dawnrays Biotechnology
Capital (Asia) Limited (“Dawnrays Biotechnology”), Dawnrays
International Company Limited (“Dawnrays International”) and
Dawnrays Pharma (Hong Kong) Limited (“Dawnrays Pharma”)
(collectively the “Overseas Companies”) is the Hong Kong dollar. As
at the end of the reporting period, the assets and liabilities of these
companies are translated into RMB at the exchange rate prevailing
at the end of the reporting period and their statements of profit or
loss are translated into RMB at the weighted average exchange rate
for the year. The resulting exchange differences are recognised in
other comprehensive income and accumulated in the exchange
fluctuation reserve. On disposal of a foreign operation, the
component of other comprehensive income relating to that particular
foreign operation is recognised in the statement of profit or loss.
For the purpose of the consolidated statement of cash flows, the
cash flows of the Overseas Companies are translated into RMB at
the exchange rates ruling at the dates of the cash flows. Frequently
recurring cash flows of the Overseas Companies which arise
throughout the year are translated into RMB at the weighted average
exchange rate for the year.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司82
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
收入確認
收入乃於經濟利益極有可能流入本集團，並能
以可靠方式計算時確認。收入按已收或將會收
取的代價之公允值，扣除折扣、回扣以及其他
銷售稅或關稅後計量。收入按下列基準確認：
銷售貨品
銷售貨品收入會在貨品擁有權的重大風險及回
報已轉移至買方時確認入賬，屆時本集團不再
擁有一般與擁有權相關的管理權或已售出的貨
品的控制權。
租金收入
租金收入乃根據租賃年期以時間比例作基準確
認。
利息收入
利息收入按實際利率法以累計基準計算，實際
利率即將於金融工具估計可用年期或更短期間
（視情況而定）所收取估計日後現金流量準確折
算至該財務資產賬面淨值的利率。
股息
股息收入會在股東收取款項的權利被確立時確
認。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
REVENUE RECOGNITION
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Group and the revenue can be
reliably measured. Revenue is measured at the fair value of the
consideration received or receivable, excluding discounts, rebates
and sales taxes or duties. Revenue is recognised on the following
bases:
Sale of goods
Sale of goods is recognised when the significant risks and rewards
of ownership of the goods have passed to the buyer, provided that
the Group maintains neither managerial involvement to the degree
usually associated with ownership, nor effective control over the
goods sold.
Rental income
Rental income is recognised on a time proportion basis over the
lease terms.
Interest income
Interest income is recognised on an accrual basis using the effective
interest method by applying the rate that exactly discounts the
estimated future cash receipts over the expected life of the financial
instrument or a shorter period, when appropriate, to the net carrying
amount of the financial asset.
Dividends
Dividend income is recognised when the shareholders’ right to
receive payment has been established.
83
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
稅項
所得稅包括當期及遞延稅項有關損益外確認項
目的所得稅在損益表外確認，即在其他全面收
益中確認或直接在權益中確認。
當期所得稅
當期所得稅資產及負債按預期可收回或支付予
稅務機構的金額計量，該等金額乃基於考慮本
集團營運的國家現有銓釋及慣例在報告期末已
立例制定或大致上已立例制定的稅率（及稅務
法例）計算。
遞延稅項
在報告期末資產及負債的稅基與其就財務報告
而言的賬面值之間的所有時間性差異，須按負
債法計提遞延所得稅撥備。
所有應課稅暫時性差異均會確認遞延稅項負
債，惟下列情況除外：
• 倘若遞延稅項負債的起因，是由於初始
確認商譽或在一宗非屬業務綜合的交易
中初始確認的資產或負債，而且在交易
時，對會計利潤或應課稅利潤或虧損均
無影響；及
• 對於涉及附屬公司投資的應課稅暫時性
差異而言，倘若撥回暫時性差異的時間
可以控制，以及暫時性差異不甚可能在
可見將來撥回。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
INCOME TAX
Income tax comprises current and deferred tax. Income tax relating
to items recognised outside profit or loss is recognised outside profit
or loss, either in other comprehensive income or directly in equity.
Current income tax
Current income tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the taxation authorities,
based on tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period, taking into
consideration interpretations and practices prevailing in the countries
where the Group operates.
Deferred tax
Deferred tax is provided using the liability method on temporary
differences at the end of the reporting period between the tax bases
of assets and liabilities and their carrying amounts for financial
reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary
differences, except:
• when the deferred tax liability arises from the initial recognition
of goodwill or an asset or liability in a transaction that is not a
business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss;
and
• in respect of taxable temporary differences associated with
investments in subsidiaries, when the timing of the reversal of
the temporary differences can be controlled and it is probable
that the temporary differences wil l not reverse in the
foreseeable future.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司84
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
稅項（續）
遞延稅項（續）
對於所有可扣減暫時性差異、結轉的未用稅項
抵扣及未用稅項虧損，若日後有可能出現應課
稅利潤，可用以抵扣該等可扣減暫時性差異、
結轉的未用稅項抵扣及未用稅項虧損的，則遞
延稅項資產一律確認入賬，惟下列各點除外：
• 倘若有關可扣減暫時性差異的遞延稅項
資產的起因，是由於在一宗非屬業務綜
合的交易中初始確認資產或負債，而且
在交易時，對會計利潤或應課稅利潤或
虧損均無影響；及
• 對於涉及附屬公司投資的可扣減暫時性
差異而言，只有在時間性差異有可能在
可見將來撥回，而且日後有可能出現應
課稅利潤，可用以抵扣該等暫時性差異
時，方會確認遞延稅項資產。
遞延稅項資產的賬面值，在每個報告期末予以
審閱。若不再可能有足夠應課稅利潤用以抵扣
相關稅項資產的全部或部份，則扣減遞延稅項
資產賬面值。未被確認遞延稅項資產於各報告
期末進行重新評估，並當可能有足夠應課稅溢
利讓全部或部份遞延稅項資產被動用時確認。
遞延稅項資產和負債仍按資產變現或負債清償
的期間預期適用的稅率計算，並以報告期末已
經生效或大致上已經生效的稅率（及稅法）為基
準。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
INCOME TAX (Cont’d)
Deferred tax (Cont’d)
Deferred tax assets are recognised for all deductible temporary
differences, the carryforward of unused tax credits and any unused
tax losses. Deferred tax assets are recognised, to the extent that it is
probable that taxable profit will be available against which the
deductible temporary differences, the carryforward of unused tax
credits and unused tax losses can be utilised, except:
• when the deferred tax asset relating to the deductible
temporary difference arises from the initial recognition of an
asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither
the accounting profit nor taxable profit or loss; and
• in respect of deductible temporary differences associated with
investments in subsidiaries, deferred tax assets are recognised
only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future and taxable
profit will be available against which the temporary differences
can be utilised.
The carrying amount of deferred tax assets is reviewed at the end of
each reporting period and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or
part of the deferred tax asset to be utilised. Unrecognised deferred
tax assets are reassessed at the end of each reporting period and
are recognised to the extent that it has become probable that
sufficient taxable profit will be available to allow all or part of the
deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that
are expected to apply to the year when the asset is realised or the
liability is settled, based on tax rates (and tax laws) that have been
enacted or substantively enacted by the end of the reporting period.
85
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
稅項（續）
遞延稅項（續）
僅於本集團擁有依法執行權利，可抵銷本期稅
項資產、本期稅項負債與遞延稅項資產及遞延
稅項負債，而有關所得稅由同一稅務機關就同
一稅務實體或不同稅務實體徵收，且該不同稅
務實體計劃在日後每個預計有大額遞延稅項負
債需清償或有大額遞延稅項資產可以收回的期
間內，按淨額基準結算本期稅項負債及資產，
或同時變現資產及清償負債時，遞延稅項資產
及遞延稅項負債予以對銷。
政府撥款
政府撥款於可合理地保證將會獲得撥款，以及
將遵守所有附帶條件時以公允值予以確認。倘
撥款與一項費用有關，即按其擬補貼成本予以
支出之期間內有系統地確認為收入。
倘撥款與一項資產有關，即將其公允值撥入遞
延收入，並於有關資產的預計可使用年期內以
等額年金撥往損益表或扣減資產賬面值，以減
少折舊形式撥往損益表。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
INCOME TAX (Cont’d)
Deferred tax (Cont’d)
Deferred tax assets and deferred tax liabilities are offset if and only if
the Group has a legally enforceable right to set off current tax assets
and current tax liabilities and the deferred tax assets and deferred
tax liabilities relate to income taxes levied by the same taxation
authority on either the same taxable entity or different taxable entities
which intend either to settle current tax liabilities and assets on a net
basis, or to realise the assets and settle the liabilities simultaneously,
in each future period in which significant amounts of deferred tax
liabilities or assets are expected to be settled or recovered.
GOVERNMENT GRANTS
Government grants are recognised at their fair value where there is
reasonable assurance that the grant will be received and all attaching
conditions will be complied with. When the grant relates to an
expense item, it is recognised as income on a systematic basis over
the periods that the costs, which it is intended to compensate, are
expensed.
Where the grant relates to an asset, the fair value is credited to a
deferred income account and is released to the statement of profit or
loss over the expected useful life of the relevant asset by equal
annual instalments or deducted from the carrying amount of the
asset and released to the statement of profit or loss by way of a
reduced depreciation charge.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司86
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
退休福利計劃
本集團根據強制性公積金計劃條例為合資格參
加強制性公積金計劃的僱員設立一個定額供款
強制性公積金計劃（「強積金計劃」）。供款數目
乃按僱員基本薪金若干百分比而作出，並根據
強積金計劃的規則於到期支付時自損益表中扣
除。強積金計劃的資產與本集團資產分開，由
獨立管理的基金保管。本集團的僱主供款於向
強積金計劃供款時全數歸僱員所有；惟根據強
積金計劃的規則，本集團的僱主自願供款，在
僱員未能享有全數供款前離職的情況下，可退
回本集團。
本集團於中國大陸營運的附屬公司（「中國大陸
附屬公司」）的員工均須參與由當地政府運作的
中央退休計劃。供款根據中央退休計劃的規則
於到期日支付時自損益表中扣除。
住房福利
有關對由中國大陸公積金管理中心管理的住房
公積金的供款，乃於產生時自損益表扣除。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
RETIREMENT BENEFIT SCHEMES
The Group operates a defined contribution Mandatory Provident
Fund retirement benefit scheme (the “MPF Scheme”) under the
Mandatory Provident Fund Schemes Ordinance for those employees
who are eligible to participate in the MPF Scheme. Contributions are
made based on a percentage of the employees’ basic salaries and
charged to the statement of profit or loss as they become payable in
accordance with the rules of the MPF Scheme. The assets of the
MPF Scheme are held separately from those of the Group in an
independent ly administered fund. The Group’s employer
contributions vest fully with the employees when contributed into the
MPF Scheme, except for the Group’s employer voluntary
contributions, which are refunded to the Group when the employee
leaves employment prior to the contributions vesting fully, in
accordance with the rules of the MPF Scheme.
The employees of the Group’s subsidiaries which operate in
Mainland China (the “Mainland China Subsidiaries”) are required to
participate in a central pension scheme operated by the local
municipal government. The contributions are charged to the
statement of profit or loss as they become payable in accordance
with the rules of the central pension scheme.
ACCOMMODATION BENEFITS
Contributions to an accommodation fund administered by the Public
Accumulation Funds Administration Centre in Mainland China are
charged to the statement of profit or loss as incurred.
87
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
借貸成本
直接歸屬於收購、建造或生產符合條件的資產
（即需要經過相當長時間才能達到預定可使用
或可銷售狀態的資產）的借貸成本，經資本化
後計入該等資產的成本。當該等資產基本達到
預定可使用或可銷售狀態後，借貸成本停止資
本化。專項借款作臨時投資所賺取的投資收
入，在該借款撥作符合條件的資產的開支之
前，從資本化借貸成本中扣除。所有其他借款
成本在其發生的當期確認為開支。借貸成本由
利息及企業就借款所產生的其他成本所組成。
當已為取得合資格資產借入一般借款時，個別
資產之開支按適當資本化比率撥作資本。
以股份支付款項
本公司設立一項購股權計劃作為給予為本集團
業務成功作出貢獻的合資格參與者的激勵及獎
勵。本集團的合資格參與者（本公司董事、本
集團僱員及其他合資格參與者）按以股份支付
款項的方式收取酬金，合資格參與者則提供服
務以作為收取股本工具的代價（「股本結算交
易」）。
與合資格參與者進行股本結算交易的成本，乃
參考授出股本當日的公允值計算。公允值乃按
柏力克 — 舒爾斯估值模式釐定，有關詳情載
於財務報表附註30。股本結算交易的成本於達
到績效及╱或服務條件的期間內連同權益相應
增加部份確認於僱員福利開支。由每個結算日
直至歸屬日就股本結算交易確認的累積支出，
反映歸屬期屆滿部份以及本集團對最終將會歸
屬的股本工具數目的最佳估計。在某一期間損
益表內的扣除或進賬，乃反映累計開支於期初
與期終確認時的變動。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
BORROWING COSTS
Borrowing costs directly attributable to the acquisition, construction
or production of qualifying assets, ., assets that necessarily take a
substantial period of time to get ready for their intended use or sale,
are capitalised as part of the cost of those assets. The capitalisation
of such borrowing costs ceases when the assets are substantially
ready for their intended use or sale. Investment income earned on
the temporary investment of specific borrowings pending their
expenditure on qualifying assets is deducted from the borrowing
costs capitalised. All other borrowing costs are expensed in the
period in which they are incurred. Borrowing costs consist of interest
and other costs that an entity incurs in connection with the borrowing
of funds.
Where funds have been borrowed generally, and used for the
purpose of obtaining qualifying assets, an appropriate capitalisation
rate shall be applied to the expenditure on the individual assets.
SHARE-BASED PAYMENTS
The Company operates a share option scheme for the purpose of
providing incentives and rewards to eligible participants who
contribute to the success of the Group’s operations. Eligible
participants (the Company’s directors, employees of the Group and
other eligible participants) of the Group receive remuneration in the
form of share-based payments, whereby eligible participants render
services as consideration for equity instruments (“equity-settled
transactions”).
The cost of equity-settled transactions with eligible participants is
measured by reference to the fair value at the date at which they are
granted. The fair value is determined using the Black-Scholes-Merton
valuation model, further details of which are given in note 30 to the
financial statements. The cost of equity-settled transactions is
recognised in employee benef it expense, together with a
corresponding increase in equity, over the period in which the
performance and/or service conditions are fulfilled. The cumulative
expense recognised for equity-settled transactions at each reporting
date until the vesting date reflects the extent to which the vesting
period has expired and the Group’s best estimate of the number of
equity instruments that will ultimately vest. The charge or credit to
the statement of profit or loss for a period represents the movement
in cumulative expense recognised as at the beginning and end of
that period.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司88
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
以股份支付款項（續）
釐定報酬之授出日公允值並不考慮服務及非市
場表現條件，惟能達成條件之可能性則被評定
為將最終歸屬為本集團權益工具數目之最佳估
計之一部份。市場表現條件將反映在授出日之
公允值。附帶於報酬中但並無相關聯服務要求
之其他任何條件皆視為非歸屬條件。非歸屬條
件之報酬以公允值反映並即時確認為開支。除
非該報酬當中也包含服務及╱或表現條件。
因未能達至非市場表現及╱或服務條件，而最
終並無歸屬之報酬並不會確認開支，倘報酬包
含一項市場或非歸屬條件，則無論市場或非歸
屬條件是否達成，交易會被視為已歸屬，惟需
達成所有其他表現及╱或服務條件。
當股本結算報酬的條款修訂時，倘符合原始報
酬條款，以如同條款並無修訂情況下的最少支
出確認支出。因修訂而導致以股份支付款項的
總公允值有所增加，或對參與者帶來利益，均
會按修訂當日的計算確認額外支出。
當股本結算報酬註銷時，會視作報酬已於註銷
當日經已歸屬，而報酬尚未確認的任何支出會
即時確認。該報酬包括當非歸屬條件在實體或
僱員的控制下未能得到滿足時的報酬。然而，
倘註銷的報酬有任何替代的新報酬，並指定為
授出當日的替代報酬，則該項註銷及新報酬會
如上段所述被視為原有報酬的修訂般處理。
未行使購股權的攤薄影響會入賬為計算每股攤
薄盈利時的額外股份攤薄（詳情載於附註12內）。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
SHARE-BASED PAYMENTS (Cont’d)
Service and non-market performance conditions are not taken into
account when determining the grant date fair value of awards, but
the likelihood of the conditions being met is assessed as part of the
Group’s best estimate of the number of equity instruments that will
ultimately vest. Market performance conditions are reflected within
the grant date fair value. Any other conditions attached to an award,
but without an associated service requirement, are considered to be
non-vesting conditions. Non-vesting conditions are reflected in the
fair value of an award and lead to an immediate expensing of an
award unless there are also service and/or performance conditions.
For awards that do not ultimately vest because non-market
performance and/or service conditions have not been met, no
expense is recognised. Where awards include a market or non-
vesting condition, the transactions are treated as vesting irrespective
of whether the market condition is satisfied, provided that all other
performance conditions are satisfied.
Where the terms of an equity-settled award are modified, as a
minimum an expense is recognised as if the terms had not been
modified, if the original terms of the award are met. An additional
expense is recognised for any modification that increases the total
fair value of the share-based payments, or is otherwise beneficial to
the participants as measured at the date of modification.
Where an equity-settled award is cancelled, it is treated as if it had
vested on the date of cancellation, and any expense not yet
recognised for the award is recognised immediately. This includes
any award where non-vesting conditions within the control of either
the entity or the employee are not met. However, if a new award is
substituted for the cancel led award, and designated as a
replacement award on the date that it is granted, the cancelled and
new awards are treated as if they were a modification of the original
award, as described in the previous paragraph.
The dilutive effect of outstanding options is reflected as additional
share dilution in the computation of diluted earnings per share (further
details are given in note 12).
89
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
投資及其他財務資產
初始確認及計量
財務資產於初始確認時乃視情況分類為透過損
益以公允值列賬的財務資產、貸款及應收款
項、持至到期日的投資及可供出售財務投資或
在有效對沖中被指定為對沖工具的衍生工具（如
適用）。除透過損益以公允值列賬的財務資產
的情況外，財務資產於初始確認時以公允值另
加因收購該財務資產所產生的交易成本計量。
所有一般買賣之財務資產概於交易日（即本集
團承諾買賣該資產之日期）予以確認。一般買
賣乃指按照一般市場規定或慣例在一定期間內
交付資產之財務資產買賣。
後續計量
財務資產的後續計量取決於其分類，如下：
透過損益以公允值列賬的財務資產
透過損益以公允值列賬的財務資產包括以交易
為目的而持有的財務資產及於首次確認時指定
為透過損益以公允值列賬的財務資產。財務資
產如以短期賣出或購回為目的而購買，則分類
為以交易為目的而持有的投資。衍生工具（包
括單獨的嵌入式衍生工具），除非其被指定為
有效對沖工具（定義見國際會計準則第39號），
亦被分類為以交易為目的而持有的財務資產。
透過損益以公允值列賬的財務資產於財務報表
按公允值入賬，公允值收益變動呈列於損益表
的其他收入及收益，及公允值虧損變動呈列於
損益表的財務費用。該等公允值變動淨額不包
括任何透過損益以公允值列賬的財務資產的股
利或利息收入。該等收入根據上述「收入確認」
中的會計政策確認。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
INVESTMENTS AND OTHER FINANCIAL ASSETS
Initial recognition and measurement
Financial assets are classified, at initial recognition, as financial assets
at fair value through profit or loss, loans and receivables, held-to-
maturity investments and available-for-sale financial investments, or
as derivatives designated as hedging instruments in an effective
hedge, as appropriate. When financial assets are recognised initially,
they are measured at fair value plus transaction costs that are
attributable to the acquisition of the financial assets, except in the
case of financial assets recorded at fair value through profit or loss.
All regular way purchases and sales of financial assets are
recognised on the trade date, that is, the date that the Group
commits to purchase or sell the asset. Regular way purchases or
sales are purchases or sales of financial assets that require delivery
of assets within the period generally established by regulation or
convention in the marketplace.
Subsequent measurement
The subsequent measurement of financial assets depends on their
classification as follows:
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial
assets held for trading and financial assets designated upon initial
recognition as at fair value through profit or loss. Financial assets are
classified as held for trading if they are acquired for the purpose of
selling or repurchasing in the near term. Derivatives, including
separated embedded derivatives, are also classified as held for
trading unless they are designated as effective hedging instruments
as defined by IAS 39. Financial assets at fair value through profit or
loss are carried in the statement of financial position at fair value with
positive net changes in fair value presented as other income and
gains and negative net changes in fair value presented as finance
costs in the statement of profit or loss. These net fair value changes
do not include any dividends or interest earned on these financial
assets, which are recognised in accordance with the policies set out
for “Revenue recognition” above.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司90
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
投資及其他財務資產（續）
後續計量（續）
透過損益以公允值列賬的財務資產（續）
僅在滿足國際會計準則第39號時，於初始確認
日將財務資產指定為透過損益以公允值列賬的
財務資產。
如果嵌入式衍生工具的經濟特徵和風險與主合
同的經濟特徵和風險並不緊密相關，且主合同
並非交易性或指定以公允值計入損益，則主合
同內的嵌入式衍生工具單獨列為衍生工具，並
以公允值入賬。該等嵌入式衍生工具以公允值
計量，而公允值變動於損益表確認。僅當合同
條款發生變更，致使合同相關的現金流量發生
重大變化時或財務資產重分類為非以公允值計
入損益類別時，該嵌入式衍生工具才須進行重
估。
貸款和應收款項
貸款和應收款項為沒有在市場上市，具有固定
的或可確定現金支付的非衍生工具財務資產。
於初步計量後，這類資產其後使用實際利率法
按攤銷成本減去任何減值來列賬。攤銷成本乃
經計及收購折讓或溢價及實際利率法相關的費
用或成本計算。實際利率法攤銷計入損益表之
其他收入及收益。貸款的減值虧損於損益表確
認為財務費用及應收款項的減值虧損於損益表
確認為其他費用。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
INVESTMENTS AND OTHER FINANCIAL ASSETS (Cont’d)
Subsequent measurement (Cont’d)
Financial assets at fair value through profit or loss (Cont’d)
Financial assets designated upon initial recognition as at fair value
through profit or loss are designated at the date of initial recognition
and only if the criteria in IAS 39 are satisfied.
Derivatives embedded in host contracts are accounted for as
separate derivatives and recorded at fair value if their economic
characteristics and risks are not closely related to those of the host
contracts and the host contracts are not held for trading or
designated as at fair value through profit or loss. These embedded
derivatives are measured at fair value with changes in fair value
recognised in the statement of profit or loss. Reassessment only
occurs if there is either a change in the terms of the contract that
significantly modifies the cash flows that would otherwise be required
or a reclassification of a financial asset out of the fair value through
profit or loss category.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed
or determinable payments that are not quoted in an active market.
After initial measurement, such assets are subsequently measured at
amortised cost using the effective interest rate method less any
allowance for impairment. Amortised cost is calculated by taking into
account any discount or premium on acquisition and includes fees or
costs that are an integral part of the effective interest rate. The
effective interest rate amortisation is included in other income and
gains in the statement of profit or loss. The loss arising from
impairment is recognised in the statement of profit or loss in finance
costs for loans and in other expenses for receivables.
91
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
投資及其他財務資產（續）
後續計量（續）
持至到期日的投資
持至到期日的投資乃指付款金額固定或可以確
定，有固定到期日且本集團管理層有明確意向
及能力持有至到期日之非衍生工具財務資產。
其後，持至到期日的投資以實際利率法按攤銷
成本減去任何減值來列賬。攤銷成本乃經計及
收購折讓或溢價及實際利率法相關的費用或成
本計算。實際利率法攤銷計入損益表之財務收
入。減值虧損於損益表確認為其他費用。
可供出售財務投資
可供出售財務投資是在上市和非上市的股權投
資及債務證券中的非衍生財務資產。分類為可
供出售之股權投資為並非歸類為持有以作買賣
或劃分為透過損益以公允值列賬之股權投資。
該類債務証券為打算無限期持有並可因流動性
需求或市況變化出售的債券。
經初始確認後，可供出售財務投資日後按公允
值計量，其未變現損益將作為其他全面收益，
在可供出售投資估值儲備中確認，直至該投資
被取消確認（屆時累積損益確認為損益表中的
其他收入），或直至該投資被認定出現減值（屆
時累積損益確認到損益表中其他收益或虧損
內，並從可供出售投資估值儲備中剔除）。所
賺取的利息和股息將分別作為利息收入和股息
收入進行呈報，按照上文「收入確認」所載政
策，確認為損益表中的其他收入。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
INVESTMENTS AND OTHER FINANCIAL ASSETS (Cont’d)
Subsequent measurement (Cont’d)
Held-to-maturity investments
Non-derivative financial assets with fixed or determinable payments
and fixed maturity are classified as held to maturity when the Group
has the positive intention and ability to hold them to maturity. Held-
to-maturity investments are subsequently measured at amortised
cost using the effective interest rate method less any allowance for
impairment. Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are an
integral part of the effective interest rate. The effective interest rate
amortisation is included in finance income in the statement of profit
or loss. The loss arising from impairment is recognised in the
statement of profit or loss in other expenses.
Available-for-sale financial investments
Available-for-sale financial investments are non-derivative financial
assets in listed and unlisted equity investments and debt securities.
Equity investments classified as available for sale are those which are
neither classified as held for trading nor designated as at fair value
through profit or loss. Debt securities in this category are those
which are intended to be held for an indefinite period of time and
which may be sold in response to needs for liquidity or in response
to changes in market conditions.
After initial recognition, available-for-sale financial investments are
subsequently measured at fair value, with unrealised gains or losses
recognised as other comprehensive income in the available-for-sale
investment revaluation reserve until the investment is derecognised,
at which time the cumulative gain or loss is recognised in the
statement of profit or loss in other income, or until the investment is
determined to be impaired, when the cumulative gain or loss is
reclassified from the available-for-sale investment revaluation reserve
to the statement of profit or loss in other gains or losses. Interest and
dividends earned whilst holding the available-for-sale financial
investments are reported as interest income and dividend income,
respectively and are recognised in the statement of profit or loss as
other income in accordance with the policies set out for “Revenue
recognition” above.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司92
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
投資及其他財務資產（續）
後續計量（續）
可供出售財務投資（續）
倘非上市股權投資的公允值因 (a)合理公允值估
計範圍的變動對該投資而言影響重大或 (b)範圍
內的若干估計可能性無法合理地評估及用作估
計公允值而不能可靠地計量，則該等投資按成
本減任何減值虧損入賬。
本集團對可供出售財務資產進行估值以評估短
期內經其出售的能力和意向是否仍然適當。當
在罕有情況下，因市場不活躍，以致本集團未
能交易該等財務資產時，如管理層有意向及能
力於可見未來持有該等資產或持有至到期，本
集團或會選擇將該等財務資產重新分類。
就從可供出售類別重分類的財務資產而言，於
重分類日期的公允賬面值將成為其新攤銷成
本，而之前在權益中確認的該資產的任何收益
或虧損使用實際利率法在投資的剩餘年限攤銷
並計入損益。新攤銷成本與預期現金流量之間
的任何差額也使用實際利率法按資產的剩餘年
期攤銷。倘資產其後出現減值，則計入權益的
金額應重新分類至損益表。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
INVESTMENTS AND OTHER FINANCIAL ASSETS (Cont’d)
Subsequent measurement (Cont’d)
Available-for-sale financial investments (Cont’d)
When the fair value of unlisted equity investments cannot be reliably
measured because (a) the variability in the range of reasonable fair
value estimates is significant for that investment or (b) the
probabilities of the various estimates within the range cannot be
reasonably assessed and used in estimating fair value, such
investments are stated at cost less any impairment losses.
The Group evaluates whether the ability and intention to sell its
available-for-sale f inancial assets in the near term are sti l l
appropriate. When, in rare circumstances, the Group is unable to
trade these financial assets due to inactive markets, the Group may
elect to reclassify these financial assets if management has the ability
and intention to hold the assets for the foreseeable future or until
maturity.
For a financial asset reclassified from the available-for-sale category,
the fair value carrying amount at the date of reclassification becomes
its new amortised cost and any previous gain or loss on that asset
that has been recognised in equity is amortised to profit or loss over
the remaining life of the investment using the effective interest rate.
Any difference between the new amortised cost and the maturity
amount is also amortised over the remaining life of the asset using
the effective interest rate. If the asset is subsequently determined to
be impaired, then the amount recorded in equity is reclassified to the
statement of profit or loss.
93
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
取消確認財務資產
在下列情況下，將基本取消確認（即於本集團
綜合財務狀況表移除）財務資產（或（如適當）一
項財務資產的一部份或一組同類財務資產的一
部份）：
• 可獲取資產所得現金流量的權利期滿；
或
• 本集團已轉讓其可獲取資產所得現金流
量的權利或已承擔根據交付協議須無重
大延誤地按「轉移」協議向其向第三方悉
數支付所得現金流量，及 (a)本集團轉讓
資產絕大部份的風險及回報，或 (b)本集
團既無轉讓亦無保留資產絕大部份的風
險及回報，但已轉讓資產的控制權。
當本集團已轉讓其收取一項資產所得現金流量
的權利或已訂立一項轉移協議，會評估是否及
何種程度上保留該資產的風險及回報。當並無
轉讓或保留該項資產的絕大部份風險及回報，
亦並無轉讓該項資產的控制權，則本集團將繼
續確認該轉讓資產，條件為本集團須持續涉及
該項資產。在該情況下，本集團亦確認相關負
債。已轉讓資產及相關負債按反映本集團已保
留權利及責任的基準計量。
本集團以擔保形式持續涉及轉讓資產，該已轉
讓資產乃以該項資產之原賬面值及本集團可能
需要支付之最高代價兩者之較低者計量。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
DERECOGNITION OF FINANCIAL ASSETS
A financial asset (or, where applicable, a part of a financial asset or
part of a group of similar financial assets) is primarily derecognised
(., removed from the Group’s consolidated statement of financial
position) when:
• the rights to receive cash flows from the asset have expired; or
• the Group has transferred its rights to receive cash flows from
the asset or has assumed an obligation to pay the received
cash flows in full without material delay to a third party under a
“pass-through” arrangement; and either (a) the Group has
transferred substantially all the risks and rewards of the asset,
or (b) the Group has neither transferred nor retained
substantially all the risks and rewards of the asset, but has
transferred control of the asset.
When the Group has transferred its rights to receive cash flows from
an asset or has entered into a pass-through arrangement, it
evaluates if and to what extent it has retained the risk and rewards of
ownership of the asset. When it has neither transferred nor retained
substantially all of the risks and rewards of the asset nor transferred
control of the asset, the Group continues to recognise the transferred
asset to the extent of the Group’s continuing involvement. In that
case, the Group also recognises an associated liability. The
transferred asset and the associated liability are measured on a basis
that reflects the rights and obligations that the Group has retained.
Continuing involvement that takes the form of a guarantee over the
transferred asset is measured at the lower of the original carrying
amount of the asset and the maximum amount of consideration that
the Group could be required to repay.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司94
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
財務資產減值
本集團於各報告日評估是否有客觀證據顯示財
務資產或一組財務資產出現減值。倘且僅倘因
初始確認資產後發生的一項或多項事件而對該
項或該組財務資產的估計未來現金流量所造成
的影響能可靠地估計，則減值存在。減值跡象
可包括一名或一組借款人正面臨重大經濟困
難、違約或未能償還利息或本金、彼等有可能
破產或進行其他財務重組，以及有可觀察得到
的數據顯示估計未來現金流量出現可計量的減
少，例如欠款數目變動或出現與違約相關的經
濟狀況。
按攤銷成本列賬的財務資產
就按攤銷成本列賬的財務資產而言，本集團首
先會按個別基準就個別屬重大的財務資產或按
組合基準就個別不屬重大的財務資產，個別評
估是否存在客觀減值跡象。倘本集團認定按個
別基準經評估的財務資產（無論具重要性與否）
並無客觀跡象顯示存有減值，則該項資產會歸
入一組具有相似信貸風險特性的財務資產內，
並共同評估該組財務資產是否存在減值。經個
別評估減值的資產，其減值虧損會予確認或繼
續確認入賬，而不會納入綜合減值評估之內。
計量任何認定為減值虧損的金額會按該項資產
的賬面值與估計未來現金流量現值（不包括尚
未產生的未來預期信貸虧損）的差額計量。估
計未來現金流量的現值以財務資產的初始實際
利率（即初始確認時的實際利率）折現。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
IMPAIRMENT OF FINANCIAL ASSETS
The Group assesses at each reporting date whether there is any
objective evidence that a financial asset or a group of financial assets
is impaired. An impairment exists if one or more events that occurred
after the initial recognition of the asset have an impact on the
estimated future cash flows of the financial asset or the group of
financial assets that can be reliably estimated. Evidence of
impairment may include indications that a debtor or a group of
debtors is experiencing significant financial difficulty, default or
delinquency in interest or principal payments, the probability that
they will enter bankruptcy or other financial reorganisation and where
observable data indicating that there is a measurable decrease in the
estimated future cash flows, such as changes in arrears or economic
conditions that correlate with defaults.
Financial assets carried at amortised cost
For financial assets carried at amortised cost, the Group first
assesses whether impairment exists individually for financial assets
that are individually significant, or collectively for financial assets that
are not individually significant. If the Group determines that no
objective evidence of impairment exists for an individually assessed
financial asset, whether significant or not, it includes the asset in a
group of financial assets with similar credit risk characteristics and
collectively assesses them for impairment. Assets that are individually
assessed for impairment and for which an impairment loss is, or
continues to be, recognised are not included in a collective
assessment of impairment.
The amount of any impairment loss identified is measured as the
difference between the asset’s carrying amount and the present
value of estimated future cash flows (excluding future expected credit
losses that have not yet been incurred). The present value of the
estimated future cash flows is discounted at the financial asset’s
original effective interest rate (., the effective interest rate computed
at initial recognition).
95
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
財務資產減值（續）
按攤銷成本列賬的財務資產（續）
該資產的賬面值會通過使用備抵賬而減少，而
虧損於損益表確認。利息收入於經縮減賬面值
中持續累計，且採用計量減值虧損時用以折現
未來現金流量的利率。當日後收回不可實現及
所有抵押品已變現或已轉至本集團時，會撇銷
貸款及應收款項連同任何相關撥備。
倘於隨後年度，因在確認減值後發生事件導致
估計減值虧損數額增加或減少，則會透過調整
撥備數額調高或調低先前確認的減值虧損。倘
撇銷數額其後獲收回，則收回的數額會於損益
表計作其他費用。
按成本列賬的資產
倘有客觀證據證明因未能可靠地計量其公允值
而不按公允值列賬的非上市股本工具或屬衍生
工具資產而繫於此非上市股本工具並須以其交
收結算出現減值虧損，虧損金額按該項資產之
賬面值與估算未來現金流量之現值（按類似財
務資產目前市場回報率折現）之差額計算。該
等資產之減值虧損不會回撥。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
IMPAIRMENT OF FINANCIAL ASSETS (Cont’d)
Financial assets carried at amortised cost (Cont’d)
The carrying amount of the asset is reduced through the use of an
allowance account and the loss is recognised in the statement of
profit or loss. Interest income continues to be accrued on the
reduced carrying amount using the rate of interest used to discount
the future cash flows for the purpose of measuring the impairment
loss. Loans and receivables together with any associated allowance
are written off when there is no realistic prospect of future recovery
and all collateral has been realised or has been transferred to the
Group.
If, in a subsequent year, the amount of the estimated impairment
loss increases or decreases because of an event occurring after the
impairment was recognised, the previously recognised impairment
loss is increased or reduced by adjusting the allowance account. If a
write-off is later recovered, the recovery is credited to other expenses
in the statement of profit or loss.
Assets carried at cost
If there is objective evidence that an impairment loss has been
incurred on an unquoted equity instrument that is not carried at fair
value because its fair value cannot be reliably measured, or on a
derivative asset that is linked to and must be settled by delivery of
such an unquoted equity instrument, the amount of the loss is
measured as the difference between the asset’s carrying amount
and the present value of estimated future cash flows discounted at
the current market rate of return for a similar financial asset.
Impairment losses on these assets are not reversed.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司96
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
財務資產減值（續）
可供出售財務投資
就可供出售財務投資而言，本集團會於每個報
告期末評估有否客觀跡象顯示一項投資或一組
投資出現減值。
如可供出售資產已出現減值，其成本（扣除任
何所付本金及攤銷）及現有公允值之差額，扣
除以往於損益表確認之減值虧損後，將由其他
全面收益轉出，並於損益表內確認。
倘股權投資被列作可出售類別，則客觀跡象將
包括該項投資的公允值重大或長期跌至低於其
成本值。「重大」乃指相對投資的原始成本進行
評估，而「長期」則指相對公允值低於其原始
成本期間進行評估。倘出現減值跡象，則累計
虧損（按收購成本與現時公允值的差額減該項
投資先前在損益表內確認的任何減值虧損計量）
將從其他全面收益中移除，並於損益表內確
認。被列作可供出售的股權工具之減值虧損不
可透過損益表撥回，而其公允值於減值後的增
加部份會直接於其他全面收益中確認。
對於重大的以及長期的定義需要進行判斷。本
集團根據一項投資的公允價值低於其成本的持
續時間或程度，結合其他因素進行判斷。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
IMPAIRMENT OF FINANCIAL ASSETS (Cont’d)
Available-for-sale financial investments
For available-for-sale financial investments, the Group assesses at
the end of each reporting period whether there is objective evidence
that an investment or a group of investments is impaired.
If an available-for-sale asset is impaired, an amount comprising the
difference between its cost (net of any principal payment and
amortisation) and its current fair value, less any impairment loss
previously recognised in the statement of profit or loss, is removed
from other comprehensive income and recognised in the statement
of profit or loss.
In the case of equity investments classified as available for sale,
objective evidence would include a significant or prolonged decline in
the fair value of an investment below its cost. “Significant” is
evaluated against the original cost of the investment and “prolonged”
against the period in which the fair value has been below its original
cost. Where there is evidence of impairment, the cumulative loss —
measured as the difference between the acquisition cost and the
current fair value, less any impairment loss on that investment
previously recognised in the statement of profit or loss — is removed
from other comprehensive income and recognised in the statement
of profit or loss. Impairment losses on equity instruments classified
as available for sale are not reversed through the statement of profit
or loss. Increases in their fair value after impairment are recognised
directly in other comprehensive income.
The determination of what is “significant” or “prolonged” requires
judgement. In making this judgement, the Group evaluates, among
other factors, the duration or extent to which the fair value of an
investment is less than its cost.
97
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
財務資產減值（續）
可供出售財務投資（續）
對於分類作可供出售之債務工具，評估減值的
標準與按攤銷成本計值之財務資產所採用者相
同。然而，減值的入賬金額乃按攤銷成本與其
現行公允值之差額，扣除先前在損益表確認之
投資減值虧損計量。未來利息收益乃按資產之
經削減賬面值持續累計，並以於計量減值虧損
時用於貼現未來現金流量之利率。利息收益乃
作為財務收入之一部分記錄入賬。倘債務工具
的公允值隨後增加可客觀上與在損益表確認減
值虧損後發生的事件相關，則債務工具之減值
虧損於損益表回撥。
財務負債
初始確認及計量
財務負債於初始確認時乃視情況分類為透過損
益以公允值列賬的財務負債、貸款及借款、或
在有效對沖中被指定為對沖工具的衍生工具。
所有財務負債初始按公允值確認，惟貸款及借
款則扣除直接應佔交易成本。
本集團的財務負債包括應付貿易及票據款項及
其他應付款項、貸款及借款。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
IMPAIRMENT OF FINANCIAL ASSETS (Cont’d)
Available-for-sale financial investments (Cont’d)
In the case of debt instruments classified as available for sale,
impairment is assessed based on the same criteria as financial
assets carried at amortised cost. However, the amount recorded for
impairment is the cumulative loss measured as the difference
between the amortised cost and the current fair value, less any
impairment loss on that investment previously recognised in the
statement of profit or loss. Future interest income continues to be
accrued based on the reduced carrying amount of the asset using
the rate of interest used to discount the future cash flows for the
purpose of measuring the impairment loss. The interest income is
recorded as part of finance income. Impairment losses on debt
instruments are reversed through the statement of profit or loss if the
subsequent increase in fair value of the instruments can be
objectively related to an event occurring after the impairment loss
was recognised in the statement of profit or loss.
FINANCIAL LIABILITIES
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial
liabilities at fair value through profit or loss, loans and borrowings, or
as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the
case of loans and borrowings, net of directly attributable transaction
costs.
The Group’s financial liabilities include trade and notes payables,
other payables and loans and borrowings.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司98
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
財務負債（續）
後續計量
財務負債的後續計量取決於其分類，如下：
透過損益以公允值列賬的財務負債
透過損益以公允值列賬的財務負債包括以交易
為目的而持有財務負債及於首次確認時指定為
按公允值列賬且變動計入損益的財務負債。
以近期內回購為目的而買入的財務負債被分類
為交易性財務負債。此類別包括本集團訂立的
未被指定為對沖關係（定義見國際會計準則第
39號）中對沖工具的衍生金融工具。單獨的嵌
入式衍生工具，除非其被指定為有效對沖工
具，否則亦分類為交易性財務負債。交易性財
務負債所產生的損益在損益表中確認。在損益
表中確認的公允值淨損益並不包含就該等財務
負債所支付的任何利息。
僅在滿足國際會計準則第39號時，於初始確認
日將財務負債指定為透過損益以公允值列賬的
財務負債。
貸款及借款
於初始確認後，計息貸款及借款其後會使用實
際利率法按攤銷成本計量，若折現沒有重大影
響，則按成本值列賬。當負債被取消確認或透
過實際利率法進行攤銷時，盈虧於損益表內確
認。
攤銷成本於計及收購事項任何折讓或溢價及屬
實際利率不可或缺一部分的費用或成本後計
算。實際利率攤銷計入損益表的財務費用內。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
FINANCIAL LIABILITIES (Cont’d)
Subsequent measurement
The subsequent measurement of financial liabilities depends on their
classification as follows:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial
liabilities held for trading and financial liabilities designated upon initial
recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are
acquired for the purpose of repurchasing in the near term. This
category includes derivative financial instruments entered into by the
Group that are not designated as hedging instruments in hedge
relationships as defined by IAS 39. Separated embedded derivatives
are also classified as held for trading unless they are designated as
effective hedging instruments. Gains or losses on liabilities held for
trading are recognised in the statement of profit or loss. The net fair
value gain or loss recognised in the statement of profit or loss does
not include any interest charged on these financial liabilities.
Financial liabilities designated upon initial recognition as at fair value
through profit or loss are designated at the date of initial recognition
and only if the criteria in IAS 39 are satisfied.
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are
subsequently measured at amortised cost, using the effective
interest rate method unless the effect of discounting would be
immaterial, in which case they are stated at cost. Gains and losses
are recognised in the statement of profit or loss when the liabilities
are derecognised as well as through the effective interest rate
amortisation process.
Amortised cost is calculated by taking into account any discount or
premium on acquisition and fees or costs that are an integral part of
the effective interest rate. The effective interest rate amortisation is
included in finance costs in the statement of profit or loss.
99
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
取消確認財務負債
債務被解除或取消或到期時，取消確認財務負
債。
倘現有財務負債由同一貸方授予條款迥異的其
他債項取代，或現有財務負債的條款經重大修
訂，則該等變更或修訂視作取消確認原負債及
確認新負債，各賬面值的差額於損益表確認。
抵銷金融工具
倘現時存在一項可依法強制執行的權利，可抵
銷已確認金額，且亦有意以淨額結算或同時變
現資產及償付債務，則財務資產及負債均可予
抵銷，並將淨金額列入綜合財務狀況表內。
物業、廠房、設備與折舊
除在建工程以外之物業、廠房及設備乃按成本
值減去累計折舊及任何減值虧損列賬。物業、
廠房及設備項目之成本包括其購入價及將資產
達至運作狀況及運抵有關位置作擬定用途之任
何直接應佔成本。
物業、廠房及設備項目投入運作後產生的開
支，例如維修和保養開支，一般於產生期間自
損益表扣除。於符合確認條件的情況下，主要
檢修的開支於資產賬面值中資本化為一項重
置。倘物業、廠房及設備的重要部分須分階段
更換，本集團將此組成部份作為一項單獨資
產，分別確定其使用壽命並相應計提折舊。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
DERECOGNITION OF FINANCIAL LIABILITIES
A financial liability is derecognised when the obligation under the
liability is discharged or cancelled, or expires.
When an existing financial liability is replaced by another from the
same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or
modification is treated as a derecognition of the original liability and
the recognition of a new liability, and the difference in the respective
carrying amounts is recognised in the statement of profit or loss.
OFFSETTING OF FINANCIAL INSTRUMENTS
Financial assets and financial liabilities are offset and the net amount
reported in the consolidated statement of financial position if, and
only if, there is a currently enforceable legal right to offset the
recognised amounts and there is an intention to settle on a net basis,
or to realise the assets and settle the liabilities simultaneously.
PROPERTY, PLANT AND EQUIPMENT AND DEPRECIATION
Property, plant and equipment, other than construction in progress,
are stated at cost less accumulated depreciation and any impairment
losses. The cost of an item of property, plant and equipment
comprises its purchase price and any directly attributable costs of
bringing the asset to its working condition and location for its
intended use.
Expenditure incurred after items of property, plant and equipment
have been put into operation, such as repairs and maintenance, is
normally charged to the statement of profit or loss in the period in
which it is incurred. In situations where the recognition criteria are
satisfied, the expenditure for a major inspection is capitalised in the
carrying amount of the asset as a replacement. Where significant
parts of property, plant and equipment are required to be replaced at
intervals, the Group recognises such parts as individual assets with
specific useful lives and depreciates them accordingly.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司100
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
物業、廠房、設備與折舊（續）
折舊以直線基準於資產的估計可使用年期內計
算如下：
租賃土地 按租賃年期
樓宇 20年至25年
機器及其他設備 5年至10年
辦公設備 3年至25年
汽車 4年
如物業、廠房及設備的某項目部分具有不同可
使用年期，則該項目的成本按合理基準分配在
各部分中，而每一部分個別計算折舊。殘值，
可使用年期和折舊方法至少於每個會計年度末
復核，並在合適的情況下調整。
當一項物業、廠房及設備包含初始確認的任何
重大部分被處置或其使用或出售估計並無未來
經濟效益時，則取消確認。於取消確認該資產
時產生的任何收益或虧損（以處置所得款項淨
額與該項目的賬面值的差額計算）乃計入該資
產取消確認時的損益表內。
資產的剩餘價值、可使用年期及折舊方法於每
個結算日進行檢討並作適當未來調整。
在建工程
在建工程指興建中的物業、廠房及設備，並以
成本扣除減值虧損入賬及不予折舊。成本包括
直接興建成本及於建築期間相關的借貸資金產
生的資本化借貸成本。當在建工程完工並可使
用時，即會轉撥為適當類別的物業、廠房及設
備。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
PROPERTY, PLANT AND EQUIPMENT AND DEPRECIATION
(Cont’d)
Depreciation is calculated on the straight-line basis over the
estimated useful life of the asset as follows:
Leasehold land Over the lease terms
Buildings 20 to 25 years
Machinery and other equipment 5 to 10 years
Office equipment 3 to 25 years
Motor vehicles 4 years
Where parts of an item of property, plant and equipment have
different useful lives, the cost of that item is allocated on a reasonable
basis among the parts and each part is depreciated separately.
Residual values, useful lives and the depreciation method are
reviewed, and adjusted if appropriate, at least at each financial year
end.
An item of property, plant and equipment including any significant
part initially recognised is derecognised upon disposal or when no
future economic benefits are expected from its use or disposal. Any
gain or loss arising on derecognition of the asset (calculated as the
difference between the net disposal proceeds and the carrying
amount of the asset) is included in the statement of profit or loss
when the asset is derecognised.
The assets’ residual values, useful lives and methods of depreciation
are reviewed at each financial year end, and adjusted prospectively,
if appropriate.
CONSTRUCTION IN PROGRESS
Construction in progress represents property, plant and equipment
under construction, which are stated at cost less any impairment
losses, and are not depreciated. Cost comprises the direct costs of
construction and capitalised borrowing costs on related borrowed
funds during the period of construction. Construction in progress is
transferred to the appropriate category of property, plant and
equipment when completed and ready for use.
101
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
租賃
把資產所有權絕大部分回報及風險（不包括合
法業權）轉讓給本集團的租賃視為融資租賃入
賬。訂立融資租賃時，租賃資產的成本會按最
低租賃付款的現值（不包括利息部分）撥充資本
化，連同有關責任一併入賬，以反映相關購買
及融資。根據撥作資本的融資租賃持有的資產
（包括融資租賃下的預付土地租賃款項）計入物
業、廠房及設備，於租期或資產估計可用年期
之較短的期間內折舊。該等租約的財務費用自
損益表扣除，以計算租期內固定的定期收費比
率。
凡資產擁有權的絕大部分回報及風險仍歸出租
人所有的租約，均列作經營租約。如本集團是
出租人，則本集團根據經營租約出租的資產均
計入非流動資產，而經營租約的應收租金則以
直線法在租賃期內計入損益表。如本集團是承
租人，則經營租約的應付租金（扣除得自出租
人的任何激勵）以直線法在租賃期內自損益表
扣除。
土地使用權
土地使用權指按經營租約而支付的預付土地租
賃款項，最初以成本列賬，隨後以直線法按租
賃期予以確認。
當租賃支出不能可靠地劃分入土地及樓宇部
分，全數租賃支出作為融資租賃計入物業、廠
房設備中的土地及樓宇成本中。
無形資產（商譽除外）
單獨收購的無形資產初步確認時按成本計算。
於企業合併中購入的無形資產的成本為收購當
日的公允值。無形資產的可使用年期可分為有
限或無限。年期有限的無形資產其後於可使用
經濟年期內攤銷。並當有跡象顯示無形資產可
能減值時，管理層將評估其減值金額。可使用
年期有限的無形資產的攤銷期間及方法，最少
會於每個財政年度末檢查。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
LEASES
Leases that transfer substantially all the rewards and risks of
ownership of assets to the Group, other than legal title, are
accounted for as finance leases. At the inception of a finance lease,
the cost of the leased asset is capitalised at the present value of the
minimum lease payments and recorded together with the obligation,
excluding the interest element, to reflect the purchase and financing.
Assets held under capitalised finance leases, including prepaid land
lease payments under finance leases, are included in property, plant
and equipment, and depreciated over the shorter of the lease terms
and the estimated useful lives of the assets. The finance costs of
such leases are charged to the statement of profit or loss so as to
provide a constant periodic rate of charge over the lease terms.
Leases where substantially all the rewards and risks of ownership of
assets remain with the lessor are accounted for as operating leases.
Where the Group is the lessor, assets leased by the Group under
operating leases are included in non-current assets, and rentals
receivable under the operating leases are credited to the statement
of profit or loss on the straight-line basis over the lease terms. Where
the Group is the lessee, rentals payable under operating leases net
of any incentives received from the lessor are charged to the
statement of profit or loss on the straight-line basis over the lease
terms.
LAND USE RIGHTS
Land use rights represent prepaid land lease payments under
operating leases, which are initially stated at cost and subsequently
recognised on the straight-line basis over the lease terms.
When the lease payments cannot be allocated reliably between the
land and buildings elements, the entire lease payments are included
in the cost of the land and buildings as a finance lease in property,
plant and equipment.
INTANGIBLE ASSETS (OTHER THAN GOODWILL)
Intangible assets acquired separately are measured on initial
recognition at cost. The cost of intangible assets acquired in a
business combination is the fair value at the date of acquisition. The
useful lives of intangible assets are assessed to be either finite or
indefinite. Intangible assets with finite lives are subsequently
amortised over the useful economic life and assessed for impairment
whenever there is an indication that the intangible asset may be
impaired. The amortisation period and the amortisation method for
an intangible asset with a finite useful life are reviewed at least at
each financial year end.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司102
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
無形資產（商譽除外）（續）
可使用年期無限的無形資產每年按個別或按視
作現金產出單位進行減值測試。該無形資產不
予攤銷。可使用年期無限的無形資產的可使用
年期每年進行檢查，以確定是否仍然可以支持
年期無限的評估。如不支持，將按未來適用法
將可使用年期評估由無限改為有限的變化記錄
入賬。
研發成本
所有研究費用於產生時自損益表扣除。
開發新產品的項目所產生的支出僅在本集團可
以證實以下情況時予以資本化和遞延：使無形
資產完成並可使用或銷售在技術上可行；有完
成的意向且有能力使用或出售資產；資產如何
產生未來經濟效益；具備完成項目的資源；及
能夠可靠地計量開發期間的支出。不符合上述
標準的產品開發支出在發生時記作費用。
遞延開發成本乃按成本值減任何減值虧損列
賬，並以直線法由有關產品開始商業生產之日
起按相關產品之商業期限攤銷。估計殘值為零。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
INTANGIBLE ASSETS (OTHER THAN GOODWILL) (Cont’d)
Intangible assets with indefinite useful lives are tested for impairment
annually either individually or at the cash-generating unit level. Such
intangible assets are not amortised. The useful life of an intangible
asset with an indefinite life is reviewed annually to determine whether
the indefinite life assessment continues to be supportable. If not, the
change in the useful life assessment from indefinite to finite is
accounted for on a prospective basis.
Research and development costs
All research costs are charged to the statement of profit or loss as
incurred.
Expenditure incurred on projects to develop new products is
capitalised and deferred only when the Group can demonstrate the
technical feasibility of completing the intangible asset so that it will be
available for use or sale, its intention to complete and its ability to use
or sell the asset, how the asset will generate future economic
benefits, the availability of resources to complete the project and the
ability to measure reliably the expenditure during the development.
Product development expenditure which does not meet these criteria
is expensed when incurred.
Deferred development costs are stated at cost less any impairment
losses and are amortised using the straight-line basis over the
commercial lives of the underlying products commencing from the
date when the products are put into commercial production. The
estimated residual value is zero.
Category
Estimated
useful life
Annual
amortisation
rate
類別 估計可使用年期 每年攤銷比率
Software
軟件
10 years
十年
10%
Deferred development costs
遞延開發成本
10 years
十年
10%
103
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
非財務資產減值
如有跡象顯示資產出現減值，或須對資產進行
年度減值測試（存貨、財務資產及非流動資產
除外），則會估計該項資產的可收回金額。資
產的可收回金額為資產或現金產出單位的使用
價值或其公允值減出售成本的較高者，並就個
別資產釐定，惟該項資產並無產生大部分獨立
於其他資產或其他組別資產的現金流入則除
外，於此情況下，就該項資產所屬的現金產出
單位釐定可收回金額。
減值虧損僅於資產賬面值超逾可收回金額時確
認。於評估使用價值時，估計未來現金流量以
反映當時市場對貨幣時間價值及該項資產的特
有風險的估計的稅前折現率折減至現值。減值
虧損於產生期間自損益表與被減值資產功能一
致的開支類別扣除。
於各報告期末，均會評估是否有跡象顯示過往
已確認的減值虧損不再存在或可能減少。如出
現該跡象，則會估計可收回金額。過往確認的
資產減值虧損（商譽除外）僅於用於釐定該項資
產的可收回金額所採用的估計出現變化時撥
回。但回撥之數額不應高於資產於以往年度未
確認減值虧損時原將確定之賬面值（扣除任何
折舊╱攤銷）。該項減值虧損的回撥於發生時
撥入損益表。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
IMPAIRMENT OF NON-FINANCIAL ASSETS
Where an indication of impairment exists, or when annual impairment
testing for an asset is required (other than inventories, financial
assets and non-current assets), the asset’s recoverable amount is
estimated. An asset’s recoverable amount is the higher of the asset’s
or cash-generating unit’s value in use and its fair value less costs of
disposal, and is determined for an individual asset, unless the asset
does not generate cash inflows that are largely independent of those
from other assets or groups of assets, in which case the recoverable
amount is determined for the cash-generating unit to which the asset
belongs.
An impairment loss is recognised only if the carrying amount of an
asset exceeds its recoverable amount. In assessing value in use, the
estimated future cash flows are discounted to their present value
using a pre-tax discount rate that ref lects current market
assessments of the time value of money and the risks specific to the
asset. An impairment loss is charged to the statement of profit or
loss in the period in which it arises in those expense categories
consistent with the function of the impaired asset.
An assessment is made at the end of each reporting period as to
whether there is an indication that previously recognised impairment
losses may no longer exist or may have decreased. If such an
indication exists, the recoverable amount is estimated. A previously
recognised impairment loss of an asset other than goodwill is
reversed only if there has been a change in the estimates used to
determine the recoverable amount of that asset, but not to an
amount higher than the carrying amount that would have been
determined (net of any depreciation/amortisation) had no impairment
loss been recognised for the asset in prior years. A reversal of such
an impairment loss is credited to the statement of profit or loss in the
period in which it arises.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司104
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
庫存股份
本公司或本集團購回及持有之自身的權益工具
（庫存股份）按成本直接於權益中確認。本集團
購買、出售、發行或註銷自身的權益工具所得
損益並無於損益表中確認。
存貨
存貨按成本及可變現淨值兩者的較低者列賬。
將產品運至現址和變成現狀的成本的會計處理
方法如下：
原材料 採購成本（按加權平均法釐定）
製成品及在製品 直接材料、直接人工成本，以
及根據正常運作能力按適當
比例分配的制造費用比例，
但不包括借貸成本
可變現淨值則按估計售價減完成及出售時產生
的任何估計成本計算。
現金及現金等價物
就綜合現金流量表而言，現金及現金等價物是
指手頭現金及活期存款，以及購入後通常於三
個月內到期，可隨時轉換為已知金額現金的短
期高變現能力但價值改變風險不大的投資，減
按要求償還且組成本集團現金管理的不可或缺
部分的銀行透支。
就綜合財務狀況表而言，現金及現金等價物包
括手頭現金及銀行存款，包括定期存款，以及
性質類似現金的資產，其用途不受限制或已抵
押。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
TREASURY SHARES
Own equity instruments which are reacquired and held by the
Company or the Group (treasury shares) are recognised directly in
equity at cost. No gain or loss is recognised in the statement of profit
or loss on the purchase, sale, issue or cancellation of the Group’s
own equity instruments.
INVENTORIES
Inventories are stated at the lower of cost and net realisable value.
Costs incurred in bringing each product to its present location and
condition are accounted for as follows:
Raw materials Purchase cost on a weighted-average basis
Finished goods and
work in progress
Cost of direct materials and labour and a
proportion of manufacturing overheads
based on the normal operating capacity
but excluding borrowing costs
Net realisable value is based on estimated selling prices less any
estimated costs to be incurred to completion and disposal.
CASH AND CASH EQUIVALENTS
For the purpose of the consolidated statement of cash flows, cash
and cash equivalents comprise cash on hand and demand deposits,
and short term highly liquid investments that are readily convertible
into known amounts of cash, are subject to an insignificant risk of
changes in value, and have a short maturity of generally within three
months when acquired, less bank overdrafts which are repayable on
demand and form an integral part of the Group’s cash management.
For the purpose of the consolidated statement of financial position,
cash and cash equivalents comprise cash on hand and at banks,
including term deposits, and assets similar in nature to cash, which
are not restricted or pledged as to use.
105
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
撥備
倘本集團因過往事件須承擔現時的責任（法定
或推定），而承擔該責任可能導致將來資源外
流，且該責任所涉及金額能夠可靠地估計時，
則確認撥備。
如折現影響重大，則就撥備而確認的金額為預
期清償債務所需的未來開支於報告期末的現
值。因時間流逝而引致的折現現值的增加計入
損益表內的財務費用。
於業務合併時確認的或然負債在起始以公允值
計量。隨後，會以以下較高者計量 (i)根據上述
撥備指引確認的金額；(ii)起始時確認較少的金
額，當合適時，按收入確認指引確認累計攤消。
關聯方
倘符合下列條件，則被視為本集團的關聯方：
(a) 關聯方可為下述人士或下述人士關係親
切的家庭成員
(i) 對本集團有控制權或聯合控制權；
(ii) 對本集團可施加重大影響；或
(iii) 為本集團或其母公司的重要管理層
人員的成員；
或
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
PROVISIONS
A provision is recognised when a present obligation (legal or
constructive) has arisen as a result of a past event and it is probable
that a future outflow of resources will be required to settle the
obligation, provided that a reliable estimate can be made of the
amount of the obligation.
When the effect of discounting is material, the amount recognised for
a provision is the present value at the end of the reporting period of
the future expenditures expected to be required to settle the
obligation. The increase in the discounted present value amount
arising from the passage of time is included in finance costs in the
statement of profit or loss.
A contingent liability recognised in a business combination is initially
measured at its fair value. Subsequently, it is measured at the higher
of (i) the amount that would be recognised in accordance with the
general guidance for provisions above; and (ii) the amount initially
recognised less, when appropriate, cumulative amortisation
recognised in accordance with the guidance for revenue recognition.
RELATED PARTIES
A party is considered to be related to the Group if:
(a) the party is a person or a close member of that person’s family
and that person
(i) has control or joint control over the Group;
(ii) has significant influence over the Group; or
(iii) is a member of the key management personnel of the
Group or of a parent of the Group;
or
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司106
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
關聯方（續）
(b) 如相關實體滿足下列條件之一，則視為
關聯方：
(i) 該實體與本集團屬於同一集團的成
員；
(ii) 該實體為另一實體的聯營方或合營
方（或為另一實體的母公司、附屬
公司或同系附屬公司）；
(iii) 該實體與本集團為同一第三方的合
營企業；
(iv) 其中一方為第三方之合營企業，而
另一方為第三方之聯營公司；
(v) 該實體為本集團或與本集團有關實
體為僱員福利設立的退休福利計
劃；
(vi) 該實體受上述 (a)項中所述人士所
控制或共同控制；
(vii) 上述 (a)(i)項中所述人士對該實體具
有重大影響或為該實體（或該實體
的母公司）的主要管理層人員的成
員；及
(viii) 該實體或該實體所屬集團的任何成
員公司，為本集團或本集團的母公
司提供主要管理人員服務。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
RELATED PARTIES (Cont’d)
(b) the party is an entity where any of the following conditions
applies:
(i) the entity and the Group are members of the same
group;
(ii) one entity is an associate or joint venture of the other
entity (or of a parent, subsidiary or fellow subsidiary of
the other entity);
(iii) the entity and the Group are joint ventures of the same
third party;
(iv) one entity is a joint venture of a third entity and the other
entity is an associate of the third entity;
(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); and
(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 parent of the Group.
107
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
重大會計政策概要（續）
股息
末期股息於股東週年大會獲股東批准後確認為
負債。擬派發末期股息於財務報表附註披露。
由於本公司組織章程大綱及公司組織章程細則
賦予董事宣派中期股息的權力，本公司可同時
建議及宣派中期股息。因此，中期股息於建議
及宣派時即時確認為負債。
主要會計判斷、估計及假設
管理層對本集團財務報表的編製需要作出會影
響所呈報收入、支出、資產與負債之金額及各
自之披露，以及或然負債之披露的判斷、估計
及假設。然而，該等假設及估計之不確定性可
能導致未來對受影響資產或負債之賬面值作出
重大調整。
判斷
於應用本集團之會計政策時，管理層已作出如
下判斷，對財務報表確認之金額具有最重大影
響：
開發成本
開發成本乃根據財務報表附註內的會計政
策予以資本化。成本初始資本化乃通常當一個
產品開發項目達到一個界定里程碑時根據管理
層對確定技術與經濟可行性作出之判斷。
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
DIVIDENDS
Final dividends are recognised as a liability when they are approved
by the shareholders in a general meeting. Proposed final dividends
are disclosed in the notes to the financial statements.
Interim dividends are simultaneously proposed and declared,
because the Company’s memorandum and articles of association
grant the directors the authority to declare interim dividends.
Consequently, interim dividends are recognised immediately as a
liability when they are proposed and declared.
SIGNIFICANT ACCOUNTING JUDGEMENTS,
ESTIMATES AND ASSUMPTIONS
The preparation of the Group’s financial statements requires
management to make judgements, estimates and assumptions that
affect the reported amounts of revenues, expenses, assets and
liabilities, and their accompanying disclosures, and the disclosure of
contingent liabilities. Uncertainty about these assumptions and
estimates could result in outcomes that require a material adjustment
to the carrying amounts of the assets or liabilities affected in the
future.
JUDGEMENTS
In the process of applying the Group’s accounting policies,
management has made the following judgement which has the most
significant effect on the amounts recognised in the financial
statements:
Development costs
Development costs are capital ised in accordance with the
accounting policy in note to the financial statements. Initial
capitalisation of costs is based on management’s judgements that
technological and economic feasibility is confirmed, usually when a
product development project has reached a defined milestone
according to an established project management model.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司108
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
主要會計判斷、估計及假設（續）
估計不確定性
於報告期末會對日後及其他估計不確定性的主
要來源作出重大假設，很大機會導致下一財政
年度的資產及負債的賬面值須作出重大調整的
假設討論如下。
應收賬款減值
應收賬款的減值是根據其可收回性的評估而產
生。應收賬款減值需管理層的判斷和估計來鑑
定。當將來實際結果或預期與原先的估計不同
時，在該估計發生變化的期間內，該差異將影
響應收賬款及減值虧損╱減值撥回的賬面價值。
存貨的可變現淨值
存貨的可變現淨值是在日常業務過程中減去估
計的銷售費用的估計售價。這些估計是基於對
當前市場狀況及銷售近似性質的產品的歷史經
驗。它會因顧客口味的變化或競爭對手的行動
而產生顯著的改變。管理層在每個報告日重新
評估該等估計。
非財務資產之減值
本集團於各報告期末評估全部非財務資產是否
存在任何減值跡象。其他非財務資產於出現其
賬面值可能不可收回之跡象時進行減值測試。
SIGNIFICANT ACCOUNTING JUDGEMENTS,
ESTIMATES AND ASSUMPTIONS (Cont’d)
ESTIMATION UNCERTAINTY
The key assumptions concerning the future and other key sources of
estimation uncertainty at the end of the reporting period, that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year, are
described below.
Impairment of receivables
Impairment of receivables is made based on assessment of their
recoverability. The identification of impairment of receivables requires
management’s judgements and estimates. Where the actual
outcome or expectation in future is different from the original
estimate, such differences will impact the carrying value of the
receivables and impairment loss/reversal of impairment in the period
in which such an estimate has been changed.
Net realisable value of inventories
Net realisable value of inventories is the estimated selling price in the
ordinary course of business less estimated selling expenses. These
estimates are based on the current market condition and the
historical experience of selling products of a similar nature. It could
change significantly as a result of changes in customer taste or
competitor actions. Management reassesses these estimates at
each reporting date.
Impairment of non-financial assets
The Group assesses whether there are any indications of impairment
for all non-financial assets at the end of each reporting period. Non-
financial assets are tested for impairment when there are indicators
that the carrying amounts may not be recoverable.
109
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
3. 分類資料
為方便管理，本集團將業務單位按其產品劃分
并由下列兩個可報告分類組成：
(a) 製造及銷售中間體及原料藥（「中間體及
原料藥」分類）
(b) 製造及銷售成藥（包括抗生素製劑藥及非
抗生素製劑藥）（「成藥」分類）
管理層監察經營分類之經營業績，以作出有關
資源分配及表現評估的決策。分類表現乃根據
可報告分類溢利（其為經調整除稅前溢利的計
量）予以評估。經調整除稅前溢利乃貫徹以本
集團的除稅前溢利計量，惟利息收入、財務費
用、政府撥款、股息收入、來自本集團金融工
具的公允值收益╱虧損、以及總部及企業行政
費用不包含於該計量。
分類資產不包括遞延稅項資產、現金及銀行存
款、透過損益以公允值列賬的股權投資及其他
未分配總部及企業資產，乃由於該等資產以集
團為基準管理。
分類負債不包括計息銀行貸款、應付稅項、遞
延稅項負債及其他未分配總部及企業負債，乃
由於該等負債以集團為基準管理。
分類間的銷售與轉讓乃參照按當時售價向第三
者出售時所用的市場價格進行。
3. SEGMENT INFORMATION
For management purposes, the Group is organised into business
units based on their products and has two reportable segments as
follows:
(a) Manufacture and sale of intermediates and bulk medicines (the
“intermediates and bulk medicines” segment)
(b) Manufacture and sale of finished drugs (including antibiotics
finished drugs and non-antibiotics finished drugs) (the “finished
drugs” segment)
Management monitors the operating results of these operating
segments for the purpose of making decisions about resources
allocation and performance assessment. Segment performance is
evaluated based on reportable segment profit, which is a measure of
adjusted profit before tax. The adjusted profit before tax is measured
consistently with the Group’s profit before tax except that interest
income, finance costs, government grants, dividend income, fair
value gains/losses from the Group’s financial instruments as well as
head office and corporate expenses are excluded from such
measurement.
Segment assets exclude deferred tax assets, cash and bank, equity
investments at fair value through profit or loss and other unallocated
head office and corporate assets as these assets are managed on a
group basis.
Segment liabilities exclude interest-bearing bank loans, tax payable,
deferred tax liabilities and other unallocated head office and
corporate liabilities as these liabilities are managed on a group basis.
Intersegment sales and transfers are transacted with reference to the
selling prices used for sales made to third parties at the then
prevailing market prices.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司110
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
3. 分類資料（續）3. SEGMENT INFORMATION (Cont’d)
Year ended 31 December 2017
截至二零一七年
十二月三十一日止年度
Intermediates
and bulk
medicines
Finished
drugs
Elimination of
intersegment
sales Total
中間體及
原料藥 成藥
抵銷
分類間銷售 總數
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
Segment revenue: 分類收入：
Sales to external customers 對外銷售 156,882 725,601 – 882,483
Intersegment sales 分類間銷售 37,671 – (37,671) –
194,553 725,601 (37,671) 882,483
Segment results 分類業績 (5,355) 488,211 – 482,856
Reconciliation: 調整：
Unallocated gains 未分配收益 25,946
Corporate and other
unallocated expenses
企業及其他
未分配支出 (143,086)
Finance costs 財務費用 (13)
Profit before tax 除稅前溢利 365,703
Year ended 31 December 2016
截至二零一六年
十二月三十一日止年度
Intermediates
and bulk
medicines
Finished
drugs
Elimination of
intersegment
sales Total
中間體及
原料藥 成藥
抵銷
分類間銷售 總數
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
Segment revenue: 分類收入：
Sales to external customers 對外銷售 163,586 660,765 – 824,351
Intersegment sales 分類間銷售 50,028 – (50,028) –
213,614 660,765 (50,028) 824,351
Segment results 分類業績 (14,489) 419,905 – 405,416
Reconciliation: 調整：
Unallocated gains 未分配收益 23,598
Corporate and other
unallocated expenses
企業及其他
未分配支出 (95,558)
Finance costs 財務費用 (157)
Profit before tax 除稅前溢利 333,299
111
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
3. 分類資料（續）3. SEGMENT INFORMATION (Cont’d)
Intermediates
and bulk
medicines
Finished
drugs Total
中間體及原料藥 成藥 總數
RMB’000 RMB’000 RMB’000
As at 31 December 2017 於二零一七年十二月三十一日 人民幣千元 人民幣千元 人民幣千元
Segment assets: 分類資產： 432,066 560,628 992,694
Reconciliation: 調整：
Corporate and other
unallocated assets
企業及其他
未分配資產 1,188,517
Total assets 總資產 2,181,211
Segment liabilities: 分類負債： 114,929 125,182 240,111
Reconciliation: 調整：
Corporate and other
unallocated liabilities
企業及其他未分配負債
134,942
Total liabilities 總負債 375,053
Intermediates
and bulk
medicines
Finished
drugs Total
中間體及原料藥 成藥 總數
RMB’000 RMB’000 RMB’000
As at 31 December 2016 於二零一六年十二月三十一日 人民幣千元 人民幣千元 人民幣千元
Segment assets: 分類資產： 368,763 531,042 899,805
Reconciliation: 調整：
Corporate and other
unallocated assets
企業及其他
未分配資產 986,559
Total assets 總資產 1,886,364
Segment liabilities: 分類負債： 72,345 65,146 137,491
Reconciliation: 調整：
Corporate and other
unallocated liabilities
企業及其他
未分配負債 112,117
Total liabilities 總負債 249,608
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司112
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
3. 分類資料（續）
地區分類
(a) 來自外部客戶的收入
上述收入資料是根據客戶所在地釐定。
(b) 非流動資產
本集團的營運主要集中在中國大陸，本
集團95%的非流動資產（不包括遞延稅
項資產及於聯營公司之投資）集中在中國
大陸，故非流動資產的地區資料進一步
分析並未呈報。
3. SEGMENT INFORMATION (Cont’d)
GEOGRAPHICAL INFORMATION
(a) Revenue from external customers
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Mainland China 中國大陸 759,088 723,982
Other countries 其他國家 123,395 100,369
882,483 824,351
The revenue information above is based on the locations of the
customers.
(b) Non-current assets
The Group’s operations are substantially based in Mainland
China and 95% of the non-current assets, excluding deferred
tax assets and investments in associates, of the Group are
located in Mainland China. Therefore, no further analysis of
geographical information is presented.
113
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
4. 收入、其他收入及收益
收入指銷售貨品扣除退貨、貿易折扣的發票淨
額。
本集團收入、其他收入及收益分析如下：
5. 財務費用
4. REVENUE, OTHER INCOME AND GAINS
Revenue, represents the net invoiced value of goods sold, after
allowances for returns and trade discounts.
An analysis of the Group’s revenue, other income and gains is as
follows:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Revenue 收入
Sale of goods 銷售貨品 882,483 824,351
Other income 其他收入
Bank interest income 銀行利息收入 21,284 13,185
Dividend income from equity investments
at fair value through profit or loss
透過損益以公允值列賬之
股權投資的股息收入 346 367
Gross rental income 總租金收入 2,241 309
Foreign exchange differences 匯兌差額 – 6,966
Government grants 政府撥款 2,957 2,580
Others 其他 719 515
27,547 23,922
Gains 收益
Gain on sales of scrapped materials 出售廢品的收益 1,046 –
Gain on disposal of equity investments
at fair value through profit or loss
出售透過損益以公允值列賬之
股權投資的收益 304 101
Fair value gains, net: 公允值收益，淨額：
Equity investments at fair value through
profit or loss
透過損益以公允值列賬之
股權投資 1,475 402
2,825 503
30,372 24,425
5. FINANCE COSTS
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Interest on bank loans wholly repayable
within five years
須於五年內悉數償還的
銀行貸款之利息 13 157
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司114
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
6. 除稅前溢利
本集團的除稅前溢利乃經扣除╱（計入）下列各
項後釐定：
6. PROFIT BEFORE TAX
The Group’s profit before tax is arrived at after charging/(crediting):
2017 2016
二零一七年 二零一六年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
Cost of inventories sold* 已售存貨成本 * 317,544 310,144
Depreciation 折舊 13 51,974 51,988
Recognition of land use rights** 土地使用權確認 ** 14 1,041 1,041
Research and development costs: 研究及開發成本：
Amortisation of intangible assets*** 無形資產攤銷 *** 16 460 596
Current year expenditure 本年度支出 35,189 26,132
35,649 26,728
Minimum lease payments under
operating leases:
經營租約下之最低租金：
Buildings 樓宇 289 984
Auditors’ remuneration 核數師酬金 1,458 1,388
Employee benefit expense (including
directors’ and chief executive officer’s
remuneration (note 7)):
僱員福利開支（包括董事及
總裁酬金（附註7））：
Wages and salaries 工資及薪金 87,225 64,799
Equity-settled share option expense 以股權支付的購股權開支 8,511 11,423
Retirement benefits 退休福利 7,343 7,331
Accommodation benefits 住房福利 3,621 3,549
Other benefits 其他福利 13,915 12,089
120,615 99,191
Foreign exchange differences, net 匯兌差額，淨額 6,289 (6,966)
Impairment of property, plant
and equipment
物業、廠房、設備減值 13
– 755
Write-down of inventories to
net realisable value
存貨撇減至可變現淨值
2,058 8,087
Fair value gains, net: 公允值收益，淨額：
Equity investments at fair value through
profit or loss
透過損益以公允值列賬之
股權投資
4
(1,475) (402)
Bank interest income 銀行利息收入 4 (21,284) (13,185)
Loss on disposal of items of property,
plant and equipment
出售物業、廠房及設備等
項目的虧損 375 36
Gain on disposal of equity investments
at fair value through profit or loss
出售透過損益以公允值列賬之
股權投資收益 4 (304) (101)
115
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
6. 除稅前溢利（續）
* 本年度折舊其中人民幣42,160,000元已計入
「已售存貨成本」。
** 年內的土地使用權確認計入綜合損益表的「行
政費用」。
*** 年內的無形資產攤銷計入綜合損益表的「其他
費用」。
7. 董事及總裁酬金
根據上市規則及香港公司條例第383(1)(a), (b),
(c)及 (f)節及公司條例第二部（董事利益資料披
露）所披露年內的董事及總裁酬金如下：
6. PROFIT BEFORE TAX (Cont’d)
* The depreciation of RMB42,160,000 for the year is included in “Cost of
inventories sold”.
** The recognition of land use rights for the year is included in
“Administrative expenses” on the face of the consolidated statement of
profit or loss.
*** The amortisation of intangible assets for the year is included in “Other
expenses” on the face of the consolidated statement of profit or loss.
7. DIRECTORS’ AND CHIEF EXECUTIVE OFFICER’S
REMUNERATION
Directors’ and chief executive officer’s remuneration for the year,
disclosed pursuant to the Listing Rules, section 383(1)(a), (b), (c) and
(f) of the Hong Kong Companies Ordinance and Part 2 of the
Companies (Disclosure of Information about Benefits of Directors)
Regulation, is as follows:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Fees 袍金 935 978
Other emoluments: 其他薪酬：
Salaries, allowances and benefits in kind 薪金、津貼及實物福利 3,669 3,502
Bonus 獎金 4,680 3,757
Equity-settled share option expense 以股權支付的購股權開支 2,612 4,198
Pension scheme contributions 退休金計劃供款 76 65
11,037 11,522
11,972 12,500
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司116
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
7. 董事及總裁酬金（續）
(a) 獨立非執行董事
本年度獨立非執行董事的袍金如下：
本年度並無應付獨立非執行董事的其他
酬金（二零一六年：無）。
7. DIRECTORS’ AND CHIEF EXECUTIVE OFFICER’S
REMUNERATION (Cont’d)
(a) INDEPENDENT NON-EXECUTIVE DIRECTORS
The fees paid to independent non-executive directors during
the year were as follows:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Mr. Pan Xue Tian
(resigned on 1 July 2017)
潘學田先生（於二零一七年
七月一日辭任） 94 177
Mr. Choi Tat Ying, Jacky 蔡達英先生 187 177
Mr. Lo Tung Sing, Tony 勞同聲先生 187 177
Mr. Ede, Ronald Hao Xi**
(re-designated on 1 July 2017)
EDE, Ronald Hao Xi 先生 **
（於二零一七年七月一日被調任） 94 –
562 531
There were no other emoluments payable to the independent
non-executive directors during the year (2016: Nil).
117
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
7. 董事及總裁酬金（續）
(b) 執行董事、非執行董事及總裁
7. DIRECTORS’ AND CHIEF EXECUTIVE OFFICER’S
REMUNERATION (Cont’d)
(b) EXECUTIVE DIRECTORS, NON-EXECUTIVE DIRECTORS
AND THE CHIEF EXECUTIVE OFFICER
Fees
Salaries,
allowances
and benefits
in kind Bonus
Equity-settled
share option
expense
Pension
scheme
contributions
Total
remuneration
袍金
薪金、津貼及
實物福利 獎金
以股權支付的
購股權開支
退休金
計劃供款 酬金總額
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
2017 二零一七年
Executive directors: 執行董事：
Ms. Li Kei Ling 李其玲女士 41 946 – – 20 1,007
Mr. Hung Yung Lai 熊融禮先生 41 582 – – 20 643
Mr. Li Tung Ming*** 李東明先生 *** 41 582 – – 20 643
123 2,110 – – 60 2,293
Non-executive directors: 非執行董事：
Mr. Leung Hong Man 梁康民先生 156 – – – – 156
Mr. Ede, Ronald Hao Xi**
(re-designated on 1 July 2017)
EDE, Ronald Hao Xi先生 **
（於二零一七年七月一日
被調任） 94 – – – – 94
250 – – – – 250
Chief executive officer: 總裁：
Mr. Chen Shaojun 陳紹軍先生 – 1,559 4,680 2,612 16 8,867
373 3,669 4,680 2,612 76 11,410
2016 二零一六年
Executive directors: 執行董事：
Ms. Li Kei Ling* 李其玲女士 * 41 936 – – 20 997
Mr. Hung Yung Lai 熊融禮先生 41 576 – – 20 637
Mr. Li Tung Ming 李東明先生 41 576 – – 20 637
123 2,088 – – 60 2,271
Non-executive directors: 非執行董事：
Mr. Leung Hong Man 梁康民先生 147 – – – – 147
Mr. Ede, Ronald Hao Xi EDE, Ronald Hao Xi先生 177 – – – – 177
324 – – – – 324
Chief executive officer: 總裁：
Mr. Chen Shaojun*
(appointed on 18 April 2016)
陳紹軍先生 *
（於二零一六年
四月十八日被委任） – 1,414 3,757 4,198 5 9,374
447 3,502 3,757 4,198 65 11,969
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司118
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
7. 董事及總裁酬金（續）
(b) 執行董事、非執行董事及總裁（續）
年內概無董事放棄或同意放棄任何酬金
的安排。
* 李其玲女士於二零一五年三月一日被委
任為本公司總裁及於二零一六年四月
十八日辭任；陳紹軍先生於二零一六年
四月十八日被委任為本公司總裁。
** EDE, Ronald Hao Xi 先生於二零一七年
七月一日起由非執行董事調任為獨立非
執行董事。
*** 李東明先生於二零一八年二月二十三日
辭任本公司執行董事。
8. 五位最高薪僱員
年內五位最高薪僱員包括總裁及一位董事，彼
等之酬金詳情載於上文附註7。餘下三位（二零
一六年：三位）非董事及非總裁最高薪僱員於
年內的薪酬如下：
7. DIRECTORS’ AND CHIEF EXECUTIVE OFFICER’S
REMUNERATION (Cont’d)
(b) EXECUTIVE DIRECTORS, NON-EXECUTIVE DIRECTORS
AND THE CHIEF EXECUTIVE OFFICER (Cont’d)
There was no arrangement under which a director waived or
agreed to waive any remuneration during the year.
* Ms. Li Kei Ling was appointed to act as the chief executive
officer of the Company with effect from 1 March 2015 and
resigned on 18 April 2016. Mr. Chen Shaojun was appointed to
act as the chief executive officer of the Company with effect
from 18 April 2016.
** Mr. Ede, Ronald Hao Xi was re-designated from Non-executive
Director to Independent Non-executive Director with effect from
1 July 2017.
*** Mr. Li Tung Ming resigned as executive director of the Company
on 23 February 2018.
8. FIVE HIGHEST PAID EMPLOYEES
The five highest paid employees during the year included the chief
executive officer and a director, details of whose remuneration are
set out in note 7 above. Details of the remuneration of the remaining
three (2016: three) non-director and non-chief executive officer
highest paid employees for the year are as follows:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Salaries, allowances and benefits in kind 薪金、津貼及實物福利 2,860 2,141
Equity-settled share option expense 以股權支付的購股權開支 633 1,342
Pension scheme contributions 退休金計劃供款 75 125
3,568 3,608
119
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
8. 五位最高薪僱員（續）
酬金金額介乎下列組別的非董事及非總裁最高
薪酬僱員的人數如下：
年內，一名非董事及非總裁最高薪酬僱員因彼
為本集團服務而獲授予購股權，詳情載於財務
報表附註30披露中。該批在歸屬期間於損益表
確認之購股權公允值於授予日釐定及包含在本
年度財務報表之金額已在上述非董事非總裁最
高薪酬僱員的薪酬披露之內。
9. 退休福利及住房福利
遵照《強制性公積金計劃條例》（「強積金條例」）
的規定，本公司、東瑞國際股份有限公司、東
瑞葯業（香港）有限公司及東瑞生物投資發展（亞
洲）有限公司已加入一項強積金計劃（由獨立信
託人管理之定額供款計劃），為香港僱員提供
退休福利。向強積金計劃作出的供款乃按照強
積金條例所訂明的規定限額為定。
8. FIVE HIGHEST PAID EMPLOYEES (Cont’d)
The number of non-director and non-chief executive officer, highest
paid employees whose remuneration fell within the following bands is
as follows:
Number of employees
僱員人數
2017 2016
二零一七年 二零一六年
Nil to HK$1,000,000 零至港幣1,000,000元 – 3
HK$1,000,001 to HK$1,500,000 港幣1,000,001元至港幣1,500,000元 2 –
HK$1,500,001 to HK$2,000,000 港幣1,500,001元至港幣2,000,000元 1 –
3 3
During the year, share options were granted to one non-director and
non-chief executive officer highest paid employee in respect of his
service to the Group, further details of which are included in the
disclosures in note 30 to the financial statements. The fair value of
such options, which has been recognised in the statement of profit
or loss over the vesting period, was determined as at the date of
grant and the amount included in the financial statements for the
current year is included in the above non-director and non-chief
executive officer highest paid employee’s remuneration disclosures.
9. RETIREMENT BENEFITS AND ACCOMMODATION
BENEFITS
In compliance with the Mandatory Provident Fund Schemes
Ordinance (the “MPF Ordinance”), the Company, Dawnrays
International Company Limited, Dawnrays Pharma (Hong Kong)
Limited and Dawnrays Biotechnology Capital (Asia) Limited have
participated in the MPF Scheme, a defined contribution scheme
managed by an independent trustee, to provide retirement benefits
to their respective Hong Kong employees. Contributions to the MPF
Scheme are made in accordance with the statutory limits prescribed
by the MPF Ordinance.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司120
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
9. 退休福利及住房福利（續）
據中國國家法規規定，中國大陸附屬公司須參
與養老保險計劃。所有僱員於其退休日均有權
享按彼等最後受聘地的平均基本薪金的固定比
例計算的年度退休金。中國大陸附屬公司須向
當地社會保障局供款，供款按僱員受僱於中國
大陸附屬公司地區去年的平均基本薪金的20%
至22%（二零一六年：20%至22%）計算。
除上述的年度供款外，本集團並無義務支付其
他退休福利。
根據中國的有關規則及法規，中國大陸附屬公
司及彼等僱員各自須按僱員的薪金及工資的8%
至10%（二零一六年：8%至10%）向一項由公
積金管理中心管理的住房基金供款。除該項向
有關住房基金的供款外，本集團並無其他責任。
於二零一七年十二月三十一日，除上述供款
外，本集團並無其他重大責任。
10. 所得稅
截至二零一七年及二零一六年十二月三十一日
止年度所得稅支出的主要組成部分如下：
9. RETIREMENT BENEFITS AND ACCOMMODATION
BENEFITS (Cont’d)
As stipulated by the People’s Republic of China (the “PRC”) state
regulations, the Mainland China Subsidiaries participate in a defined
contribution retirement scheme. All employees are entitled to an
annual pension equal to a fixed proportion of the average basic
salary amount of the geographical area of their last employment at
their retirement dates. The Mainland China Subsidiaries are required
to make contributions to the local social security bureau at 20% to
22% (2016: 20% to 22%) of the previous year’s average basic salary
amount of the geographical area where the employees are employed
by the Mainland China Subsidiaries.
The Group has no further obligation for the payment of pension
benefits beyond the annual contributions as set out above.
According to relevant rules and regulations of the PRC, the Mainland
China Subsidiaries and their employees are each required to make
contributions to an accommodation fund at 8% to 10% (2016: 8% to
10%) of the salaries and wages of the employees which is
administered by the Public Accumulation Funds Administration
Centre. There is no further obligation on the part of the Group except
for such contributions to the accommodation fund.
As at 31 December 2017, the Group had no significant obligation
apart from the contributions as stated above.
10. INCOME TAX
The major components of income tax expense for the years ended
31 December 2017 and 2016 are:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Current income tax 當期所得稅
Current income tax charge 當期所得稅支出 64,262 61,028
Deferred income tax (note 27) 遞延稅項（附註27） 8,463 6,354
Total tax charge for the year 本年度稅項支出總額 72,725 67,382
121
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
10. 所得稅（續）
根據開曼群島稅務豁免法（一九九九年修訂本）
第6條，本公司已獲得總督會同行政局保證：
開曼群島並無法律對本公司或其業務的所得溢
利、收入、收益或增值徵稅。對本公司的承諾
將由二零零二年十月八日起有效二十年。因
此，本公司毋須納稅。
於英屬維爾京群島註冊成立的附屬公司無須繳
納所得稅，因這附屬公司於英屬維爾京群島並
無營業地點（惟註冊辦事處除外）或經營任何業
務。
根據香港的所得稅規則與規例，香港附屬公司
須按法定企業所得稅率%（二零一六年：
%）繳稅。由於本集團於本年度在香港的各
附屬公司並無產生應課稅溢利，故並無就香港
利得稅作出撥備（二零一六年：無）。
根據於二零零八年一月一日起生效的中國企業
所得稅法，中國大陸附屬公司須按其各自應課
稅收入的25%所得稅率繳稅。
於二零零八年十月二十一日，蘇州東瑞製藥有
限公司（「蘇州東瑞製藥」）獲取江蘇省高新技術
企業（「高新技術企業」）資格。因此，蘇州東瑞
製藥有權自二零零八年一月一日起的三年內享
受15%的優惠所得稅率並每三年申請資格續期。
中國大陸的所有其他附屬公司於二零一七年須
按25%稅率繳納企業所得稅。
10. INCOME TAX (Cont’d)
Pursuant to section 6 of the Tax Concessions Law (1999 Revision) of
the Cayman Islands, the Company has obtained an undertaking from
the Governor-in-Council that no law which is enacted in the Cayman
Islands imposing any tax to be levied on profits, income, gain or
appreciation shall apply to the Company or its operations. The
undertaking for the Company is for a period of 20 years from 8
October 2002. Accordingly, the Company is not subject to tax.
The subsidiary incorporated in the British Virgin Islands (the “BVI”) is
not subject to income tax, as this subsidiary does not have a place
of business (other than a registered office only) or carry out any
business in the BVI.
The Hong Kong subsidiaries are subject to tax at a statutory
corporate income tax rate of % (2016: %) under the income
tax rules and regulations of Hong Kong. No provision for Hong Kong
profits tax has been made as the Group had no assessable profits
arising in its respective Hong Kong subsidiaries during the year
(2016: Nil).
According to the PRC Enterprise Income Tax Law effective from 1
January 2008, the Mainland China Subsidiaries are all subject to
income tax at the rate of 25% on their respective taxable income.
On 21 October 2008, Suzhou Dawnrays Pharmaceutical Co., Ltd.
(“Suzhou Dawnrays Pharmaceutical”) was qualified as a High-New
Technology Enterprise (“HNTE”) of Jiangsu Province. As a result,
Suzhou Dawnrays Pharmaceutical had been ent it led to a
concessionary rate of income tax at 15% for three years commenced
on 1 January 2008 and would apply for renewal of the qualification
every three years.
All other subsidiaries in Mainland China were subject to the corporate
income tax rate of 25% in 2017.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司122
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
10. 所得稅（續）
根據中國企業所得稅法，於中國大陸成立的外
商投資企業向外商投資者宣派的股息，須按
10%的稅率徵收預扣稅。該規定自二零零八年
一月一日起生效，並適用於二零零七年十二月
三十一日後的盈利。倘中國大陸與外商投資者
所在司法權區已簽訂稅務協議，則可採用較低
的預扣稅率。本集團的適用稅率為5%。因此，
自二零零八年一月一日起，本集團須就在中國
大陸成立的附屬公司所產生的盈利而分配的股
息履行徵收預扣稅的義務。
適用於除稅前溢利並以本公司及其大部份附屬
公司註冊國家╱司法權區法定稅率計算之稅項
支出與以實際稅率計算之稅項支出對賬，以及
適用稅率與實際稅率之對賬如下：
10. INCOME TAX (Cont’d)
Pursuant to the PRC Corporate Income Tax Law, a 10% withholding
tax is levied on dividends declared to foreign investors from the
foreign investment enterprises established in Mainland China. The
requirement is effective from 1 January 2008 and applies to earnings
after 31 December 2007. A lower withholding tax rate may be
applied if there is a tax treaty between Mainland China and the
jurisdiction of the foreign investors. For the Group, the applicable rate
is 5%. The Group is therefore liable to withholding taxes on dividends
distributed by those subsidiaries established in Mainland China in
respect of earnings generated from 1 January 2008.
A reconciliation of the tax expense applicable to profit before tax at
the statutory rate for the country or jurisdiction in which the Company
and the majority of its subsidiaries are domiciled to the tax expense
at the effective tax rate, and a reconciliation of the applicable rate to
the effective tax rate, are as follows:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Accounting profit before income tax 除所得稅前會計溢利 365,703 333,299
At the PRC’s statutory income tax
rate of 25% (2016: 25%)
按中國法定所得稅稅率25%
（二零一六年：25%） 91,426 83,325
Tax effect of profits entitled to tax concession
or lower tax rate enacted by local authority
可享稅項優惠溢利或當地機關
實行較低稅率之稅務影響 (37,161) (34,499)
Effect of withholding tax on the distributable
profits of the Group’s PRC subsidiaries
本集團中國附屬公司之可分配
利潤之預扣稅影響 15,291 13,848
Adjustments in respect of current income
tax of previous years
有關過往年度當期
所得稅之調整 79 (9)
Expenses not deductible for tax 不可扣稅之開支 3,439 3,120
Tax credit for qualified research
and development expense
符合加計扣除條件的研發費
抵免所得稅 (2,347) (1,747)
Tax losses not recognised 未確認稅項虧損 3,152 3,378
Tax losses utilised from previous periods 利用以前年度可抵扣稅項虧損 (1,154) (34)
At the effective income tax rate of %
(2016: %)
按實際所得稅稅率%
（二零一六：%） 72,725 67,382
123
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
11. 股息
擬派發的末期股息需待本公司股東於股東週年
大會通過。
12. 母公司普通股權益持有人應佔每股盈利
每股基本盈利是按母公司普通股權益持有人應
佔本年度溢利及年內已發行普通股股份之加權
平 均 股 數797,416,901股（ 二 零 一 六 年：
802,423,749股）計算。
用作計算攤薄後每股盈利的普通股股份之加權
平均股數是指用作計算每股基本盈利的年內已
發行普通股股數，加上可能因行使或轉換具攤
薄作用的普通股而假設將會無償發行的普通股
之加權平均股數。
11. DIVIDENDS
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Interim — HK$ (2016: HK$)
per ordinary share
中期股息：每普通股港幣元
（二零一六年：港幣元） 20,239 20,735
Proposed final — HK$ (2016: HK$)
per ordinary share
擬派末期股息：每普通股港幣元
（二零一六年：港幣元） 76,826 71,082
97,065 91,817
The proposed final dividend for the year is subject to the approval of
the Company’s shareholders at the forthcoming annual general
meeting.
12. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY
EQUITY HOLDERS OF THE PARENT
The calculation of basic earnings per share is based on the profit for
the year attributable to ordinary equity holders of the parent, and the
weighted average number of ordinary shares of 797,416,901 (2016:
802,423,749) in issue during the year.
The weighted average number of ordinary shares used in the
calculation of diluted earnings per share is the number of ordinary
shares in issue during the year, as used in the basic earnings per
share calculation, and the weighted average number of ordinary
shares assumed to have been issued at no consideration on the
deemed exercise or conversion of all dilutive potential ordinary shares
into ordinary shares.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司124
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
12. 母公司普通股權益持有人應佔每股盈利
（續）
下列為用作計算每股基本盈利及攤薄後每股盈
利的數據：
12. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY
EQUITY HOLDERS OF THE PARENT (Cont’d)
The calculations of basic and diluted earnings per share are based
on:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Earnings 盈利
Profit attributable to ordinary equity holders
of the parent
母公司普通股權益持有人應佔溢利
292,978 265,917
Number of shares
股份數量
2017 2016
二零一七年 二零一六年
Thousands Thousands
千位 千位
Shares 股份
Weighted average number of ordinary shares
in issue during the year used in the basic
earnings per share calculation
計算每股基本盈利所採用年內
已發行普通股加權平均數
797,417 802,424
Effect of dilution — weighted average
number of ordinary shares:
具攤薄影響 — 加權
平均普通股股數：
Share options 購股權 – 557
Weighted average number of ordinary shares
adjusted for the effect of dilution
就攤薄影響作出調整後之
加權平均普通股股數 797,417 802,981
125
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
13. 物業、廠房及設備13. PROPERTY, PLANT AND EQUIPMENT
Machinery
Leasehold and other Office Motor
land Buildings equipment equipment vehicles Total
租賃土地 樓宇
機器及
其他設備 辦公室設備 汽車 總額
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
Cost: 成本：
As at 1 January 2016 於二零一六年一月一日 26,249 262,612 629,666 10,694 12,448 941,669
Additions 添置 – 43 1,517 478 553 2,591
Transferred from construction
in progress (note 15)
在建工程轉撥（附註15）
– 5,683 5,105 13 6,669 17,470
Disposal 出售 – – (2,789) (167) (1,952) (4,908)
Transfers (a) 轉移 (a) – 241 (263) 22 – –
Exchange realignment 匯兌調整 1,944 313 – 98 – 2,355
As at 31 December 2016
and 1 January 2017
於二零一六年十二月三十一日
及二零一七年一月一日 28,193 268,892 633,236 11,138 17,718 959,177
Additions 添置 – – 612 882 – 1,494
Transferred from construction
in progress (note 15)
在建工程轉撥（附註15）
– 306 6,378 68 1,239 7,991
Disposals 出售 – – (3,845) (412) (783) (5,040)
Exchange realignment 匯兌調整 (2,066) (332) – (105) (41) (2,544)
As at 31 December 2017 於二零一七年十二月三十一日 26,127 268,866 636,381 11,571 18,133 961,078
Accumulated depreciation
and impairment:
累計折舊及減值：
As at 1 January 2016 於二零一六年一月一日 100 76,944 249,495 7,457 10,440 344,436
Depreciation provided for the year 年內折舊撥備 33 11,755 37,911 823 1,466 51,988
Impairment for the year 年內減值 – – 755 – – 755
Disposals 出售 – – (2,510) (150) (1,757) (4,417)
Transfers (a) 轉移 (a) – 21 (28) 7 – –
Exchange realignment 匯兌調整 7 48 – 39 – 94
As at 31 December 2016
and 1 January 2017
於二零一六年十二月三十一日
及二零一七年一月一日 140 88,768 285,623 8,176 10,149 392,856
Depreciation provided for the year 年內折舊撥備 31 11,844 37,161 771 2,167 51,974
Disposals 出售 – – (3,420) (371) (705) (4,496)
Exchange realignment 匯兌調整 (10) (56) – (48) (2) (116)
As at 31 December 2017 於二零一七年十二月三十一日 161 100,556 319,364 8,528 11,609 440,218
Net book value: 賬面淨值：
As at 31 December 2017 於二零一七年十二月三十一日 25,966 168,310 317,017 3,043 6,524 520,860
As at 31 December 2016 於二零一六年十二月三十一日 28,053 180,124 347,613 2,962 7,569 566,321
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司126
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
13. 物業、廠房及設備（續）
(a) 轉移代表樓宇、辦公室設備、機器及其
他設備的重分類。
(b) 於二零一六年十二月三十一日，本集團
若干香港租賃土地及樓宇淨賬面值約人
民幣31,815,000元已抵押擔保一筆銀行
貸款（附註25）。
14. 土地使用權
本集團之土地使用權指按經營租約預付之土地
租賃款及其賬面值分析如下：
15. 在建工程
13. PROPERTY, PLANT AND EQUIPMENT (Cont’d)
(a) Transfers represented the reclassification between buildings,
office equipment, machinery and other equipment.
(b) At 31 December 2016, certain of the Group’s leasehold land
and building in Hong Kong with a net carrying amount of
approximately RMB31,815,000 were mortgaged to secure a
bank loan (note 25).
14. LAND USE RIGHTS
The Group’s land use rights represent prepaid land lease payments
under operating leases and their carrying amounts are analysed as
follows:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Carrying amount at 1 January 於一月一日賬面值 40,175 41,216
Recognised during the year 年內確認 (1,041) (1,041)
Carrying amount at 31 December 於十二月三十一日賬面值 39,134 40,175
15. CONSTRUCTION IN PROGRESS
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
As at 1 January 於一月一日 5,776 4,304
Additions 添置 12,206 19,420
Transferred to property,
plant and equipment (note 13)
轉往物業、廠房及設備（附註13）
(7,991) (17,470)
Disposals 出售 – (478)
As at 31 December 於十二月三十一日 9,991 5,776
127
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
16. 無形資產16. INTANGIBLE ASSETS
2017 2016
二零一七年 二零一六年
Deferred Deferred
development development
costs Software Total costs Software Total
遞延開發成本 軟件 總額 遞延開發成本 軟件 總額
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
Cost: 成本：
As at 1 January 於一月一日 42,239 1,129 43,368 35,226 2,312 37,538
Additions 添置 9,988 1,522 11,510 7,013 95 7,108
Disposals 出售 – (177) (177) – (1,278) (1,278)
As at 31 December 於十二月三十一日 52,227 2,474 54,701 42,239 1,129 43,368
Accumulated amortisation
and impairment:
累計攤銷及減值：
As at 1 January 於一月一日 17,677 782 18,459 17,081 1,828 18,909
Amortisation provided for
the year
年內攤銷
460 211 671 596 232 828
Disposals 出售 – (177) (177) – (1,278) (1,278)
As at 31 December 於十二月三十一日 18,137 816 18,953 17,677 782 18,459
Net book value: 賬面淨值：
As at 31 December 於十二月三十一日 34,090 1,658 35,748 24,562 347 24,909
As at 1 January 於一月一日 24,562 347 24,909 18,145 484 18,629
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司128
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
17. 於一間聯營公司之投資
主要聯營公司之詳情如下：
年內，本集團附屬子公司東瑞生物按合資經營
合同約定（按合同協定東瑞生物擬投資總額為
人民幣150,000,000元以持有康融東方（廣東）
醫藥有限公司（「康融東方」）35%之股權）投入
第一期註冊資本金人民幣50,330,000元。根據
合資經營合同，按康融東方完成項目的臨床試
驗情況，東瑞生物將分階段投入餘下的投資
款。於二零一七年十二月三十一日止年度內康
融東方公佈研發及各項行政費用共計約人民幣
19,090,000元，因此，本集團按投資比例承擔
投資損失約人民幣6,682,000元。
17. INVESTMENTS IN AN ASSOCIATE
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Share of net assets 應佔淨資產 43,648 –
Particulars of the material associate are as follows:
Name
名稱
Place of
incorporation/
registration
and business
註冊╱登記及
經營地點
Percentage of
ownership interest
attributable
to the Group
本集團應佔
擁有權權益
百分比
Principal activity
主要業務
AD Pharmaceuticals Co., Ltd. Mainland China 35 Research and Development of biotechnology
and bio-pharmaceutical products
康融東方（廣東）醫藥有限公司 中國大陸 生物技術及生物醫藥產品研發
During the year, Dawnrays Biotechnology, a wholly-owned subsidiary
of the Group, invested Phase 1 registered capital of RMB50,330,000
as agreed in a joint venture contract (as agreed in such contract,
Dawnrays Biotechnology proposed to acquire 35% shares of AD
Pha rmaceu t i ca l s Co . , L td . ( “AD Pha rmaceu t i ca l s ” ) a t
RMB150,000,000 in total). According to this contract, Dawnrays
Biotechnology shall invest the remaining capital by installments as
per the completion of the clinical trial of the project by AD
Pharmaceuticals. For the year ended 31 December 2017, AD
Pharmaceuticals reported the R&D and administrative expenses
approximately RMB19,090,000 in total. As a result, the Group
shared, in proportion to the investment percentage, an investment
loss approximately of RMB6,682,000.
129
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
17. 於一間聯營公司之投資（續）
下表列示就會計政策任何差異作出調整並與財
務報表內賬面值對賬的康融東方的財務資料概
要：
18. 存貨
於二零一七年十二月三十一日，以估計銷售價
減估計成本的存貨賬面值為人民幣27,215,000
元（二零一六年：人民幣32,912,000元）。
17. INVESTMENTS IN AN ASSOCIATE (Cont’d)
The following table illustrates the summarised financial information in
respect of AD Pharmaceuticals adjusted for any differences in
accounting policies and reconciled to the carrying amount in the
financial statements:
2017
二零一七年
RMB’000
人民幣千元
Current assets 流動資產 22,942
Non-current assets 非流動資產 104,212
Current liabilities 流動負債 (2,445)
Non-current liabilities 非流動負債 –
Net assets 淨資產 124,709
Reconciliation to the Group’s interest in the associate: 與本集團於聯營公司的權益對賬：
Proportion of the Group’s ownership 本集團擁有權比例 35%
Carrying amount of the investment 投資賬面值 43,648
Revenue 收入 –
Loss for the year 本年度虧損 (19,090)
18. INVENTORIES
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
At cost or net realisable value: 以成本或可變現淨值計價：
Raw materials 原材料 33,568 24,353
Work in progress 在製品 47,659 35,011
Finished goods 製成品 39,906 65,382
121,133 124,746
As at 31 December 2017, the carrying amount of inventories carried
at estimated selling prices less estimated costs was RMB27,215,000
(2016: RMB32,912,000).
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司130
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
19. 應收貿易及票據款項
除新客戶一般需預繳款項外，本集團主要按信
貸方式與客戶交易。而主要客戶信貸期一般為
三個月。每位客戶均設有信貸限額。本集團嚴
謹監察其未償還應收款項，並設有信貸監控部
門管理信貸風險。高級管理層更會定期檢討逾
期欠款。鑒於以上所述及目前本集團的應收貿
易款項涉及大量不同客戶，因此並無高度集中
的信貸風險。應收貿易及票據款項不計利息。
扣除撥備後，於報告期末的應收貿易款項的賬
齡分析如下：
19. TRADE AND NOTES RECEIVABLES
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Trade receivables 應收貿易款項 184,853 111,121
Impairment 減值 – (437)
184,853 110,684
Notes receivable 應收票據款項 128,361 114,976
313,214 225,660
The Group’s trading terms with its customers are mainly on credit,
except for new customers, where payment in advance is normally
required. The credit period is generally three months for major
customers. Each customer has a credit limit. The Group seeks to
maintain strict control over its outstanding receivables and has a
credit control department to manage credit risk. Overdue balances
are reviewed regularly by senior management. In view of the
aforementioned and the fact that the Group’s trade receivables relate
to a large number of diversified customers, there is no significant
concentration of credit risk. Trade and notes receivables are non-
interest-bearing.
An aging analysis of the trade receivables as at the end of the
reporting period, net of provisions, is as follows:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Trade receivables 應收貿易款項
Outstanding balances with ages: 按賬齡劃分的尚欠餘額：
Within 90 days 90日內 168,676 108,463
Between 91 and 180 days 91至180日 13,218 2,125
Between 181 and 270 days 181至270日 2,845 96
Between 271 and 360 days 271至360日 30 –
Over one year 1年以上 84 –
184,853 110,684
131
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
19. 應收貿易及票據款項（續）
應收貿易款項的減值撥備變動如下：
認為並無減值的應收貿易款項賬齡分析如下：
19. TRADE AND NOTES RECEIVABLES (Cont’d)
The movements in provision for impairment of trade receivables are
as follows:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
At beginning of year 於年初 437 437
Written off for uncollectible amount 因無法收回而撇賬金額 (218) –
Impairment losses reversed 減值虧損回撥 (219) –
— 437
The aging analysis of the trade receivables that are not considered to
be impaired is as follows:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Neither past due nor impaired 未逾期及並無減值 168,676 108,463
Less than three months past due 逾期少於3個月 13,218 2,125
Over three months past due 逾期3個月以上 2,959 96
184,853 110,684
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司132
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
19. 應收貿易及票據款項（續）
未逾期及並無減值的應收款項乃與大量近期並
無違約歷史的多名客戶有關。
逾期但並無減值的應收款項乃與多名與本集團
維持良好往績記錄的獨立客戶有關。基於以往
經驗，本集團董事認為毋須就該等結餘作出減
值撥備，因為信貸質素並無出現重大變動，而
有關結餘仍被認為可全數收回。本集團並無就
該等結餘而持有任何抵押品或採取其他信貸加
強措施。
未全部終止確認之財務資產
於二零一七年十二月三十一日，於中國的銀行
接納本集團背書若干面值人民幣40,535,000元
之應收票據（「背書票據」）予其若干供應商，以
支付結欠該等供應商之應付貿易款（「背書」）。
董事認為，本集團實質上仍保留風險及回報，
當中包括相關背書票據之違約風險，因此，本
集團持續確認背書票據之全額賬面值及結付相
關應付貿易款。背書後，本集團並無保留任何
使用背書票據之任何權利，包括出售、轉讓或
抵押背書票據予任何其他第三方。年內，透過
背書票據支付之供應商有追索權之應付貿易款
及其他應付款項於二零一七年十二月三十一日
之總賬面值分別為人民幣40,281,000元和人
民幣254,000元。
19. TRADE AND NOTES RECEIVABLES (Cont’d)
Receivables that were neither past due nor impaired relate to a large
number of diversified 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, the directors of the Group are of
the opinion that no provision for impairment 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. The
Group does not hold any collateral or other credit enhancements
over these balances.
FINANCIAL ASSETS THAT ARE NOT DERECOGNISED IN
THEIR ENTIRETY
At 31 December 2017, the Group endorsed certain notes receivable
accepted by banks in the PRC (the “Endorsed Notes”) with a
carrying amount of RMB40,535,000 to certain of its suppliers in
order to settle the trade payables due to such suppliers (the
“Endorsement”). In the opinion of the directors, the Group has
retained the substantial risks and rewards, which include default risks
relating to such Endorsed Notes, and accordingly, it continued to
recognise the full carrying amounts of the Endorsed Notes and the
associated trade payables settled. Subsequent to the Endorsement,
the Group does not retain any rights on the use of the Endorsed
Notes, including sale, transfer or pledge of the Endorsed Notes to
any other third parties. The aggregate carrying amounts of the trade
payables and other payables settled by the Endorsed Notes during
the year to which the suppliers have recourse were RMB40,281,000
and RMB254,000 as at 31 December 2017, respectively.
133
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
20. PREPAYMENTS, DEPOSITS AND OTHER
RECEIVABLES
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Prepayments 預付款 11,970 7,760
Deposits and other receivables 按金及其他應收款項 12,005 3,198
Wealth management products 理財產品 449,000 210,000
472,975 220,958
None of the above assets is either past due or impaired. The financial
assets included in the above balances relate to receivables for which
there was no recent history of default.
21. EQUITY INVESTMENTS AT FAIR VALUE THROUGH
PROFIT OR LOSS
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Listed equity investments, at market value 上市股權投資，按市值 8,743 7,794
The above equity investments at 31 December 2017 and 2016 were
classified as held for trading and were, upon initial recognition,
designated by the Group as equity investments at fair value through
profit or loss.
20. 預付款、按金及其他應收款項
上述資產未有逾期及並無減值。上述結餘包括
之財務資產與近期並無違約歷史的應收款項有
關。
21. 透過損益以公允值列賬之股權投資
於二零一七年及二零一六年十二月三十一日，
上述股權投資分類為以交易為目的而持有的投
資，在初始確認時被本集團指定為透過損益以
公允值列賬的股權投資。
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司134
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
22. 現金及銀行存款
於二零一七年十二月三十一日，本集團於中國
大陸有原幣為人民幣的現金及銀行結存與短期
存款總值人民幣539,051,000元（二零一六年：
人民幣503,633,000元）。人民幣並不可自由兌
換為其他貨幣，然而，根據中國大陸外匯管制
法規及結匯、售匯與付匯管理法規，本集團獲
准透過特許進行外匯業務的銀行將人民幣兌換
為其他貨幣。
銀行存款（包括已抵押銀行存款及到期日超過
三個月的定期存款）的利息按照活期存款的利
率賺取。短期定期存款期限界乎一日至三個月
不等，視乎本集團的現金需求而定，並以相應
的短期定期存款利率賺取利息。銀行結餘已存
入近期沒有不良拖欠、信譽良好的銀行中。現
金和現金等價物的賬面值接近其公允值。
22. CASH AND BANK
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Cash and cash in banks 現金及銀行存款 138,045 129,407
Short-term deposits 短期存款 473,032 533,889
611,077 663,296
Term deposit with maturity over three months 到期日超過三個月的定期存款 (150,330) –
Cash and cash equivalents 現金及現金等價物 460,747 663,296
As at 31 December 2017, the cash and bank balances and short-
term deposits of the Group denominated in RMB amounted to
RMB539,051,000 (2016: RMB503,633,000) in Mainland China. The
RMB is not freely convertible into other currencies. However, under
Mainland China’s Foreign Exchange Control Regulations and
Administration of Settlement, Sale and Payment of Foreign Exchange
Regulations, the Group is permitted to exchange RMB for other
currencies through banks authorised to conduct foreign exchange
business.
Cash at banks (including the pledged bank deposits and term
deposit with maturity over three months) earns interest at floating
rates based on daily bank deposit rates. Short-term time deposits
are made for varying periods of between one day and three months
depending on the immediate cash requirements of the Group, and
earn interest at the respective short-term time deposit rates. The
bank balances are deposited with creditworthy banks with no recent
history of default. The carrying amounts of the cash and cash
equivalents approximate to their fair values.
135
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
23. 應付貿易及票據款項
於報告期末的應付貿易及應付票據款項賬齡分
析如下：
應付貿易款項乃不計利息及一般按九十日賒賬
期繳付。應付貿易及票據款項之賬面值與其公
允值相若。透過背書票據支付之供應商有追索
權之應付貿易款之總賬面值於二零一七年十二
月三十一日為人民幣40,281,000元（附註19）。
24. 其他應付款及預提費用
其他應付款乃不計利息及平均六個月結算期。
其他應付款及預提費用之賬面值與其公允值相
若。透過背書票據支付之供應商有追索權之其
他 應 付 款 之 總 賬 面 值 於 二 零 一 七 年 十 二 月
三十一日為人民幣254,000元（附註19）。
23. TRADE AND NOTES PAYABLES
An aging analysis of the trade payables and notes payable as at the
end of the reporting period is as follows:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Outstanding balances with ages: 按賬齡劃分的尚欠餘額：
Within 90 days 90日內 102,872 33,765
Between 91 and 180 days 91至180日 39,485 53,238
Between 181 and 270 days 181至270日 155 228
Between 271 and 360 days 271至360日 138 3
Over one year 一年以上 754 704
143,404 87,938
The trade payables are non-interest-bearing and are normally settled
on 90-day terms. The carrying amounts of the trade and notes
payables approximate to their fair values. The aggregate carrying
amount of the trade payables settled by the Endorsed Notes during
the year to which the suppliers have recourse was RMB40,281,000
as at 31 December 2017 (note 19).
24. OTHER PAYABLES AND ACCRUALS
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Advances from customers 預收賬款 14,760 6,929
Accruals 預提費用 83,280 41,542
Taxes other than corporate income tax 除企業所得稅外的稅項 27,396 14,966
Payable for purchases of machinery and
construction of buildings
新增機器及樓宇建築的應付款
4,475 6,472
Other payables 其他應付款 31,086 28,195
160,997 98,104
Other payables are non-interest-bearing and have an average
settlement term of six months. The carrying amounts of the other
payables and accruals approximate to their fair values. The
aggregate carrying amount of the other payables settled by the
Endorsed Notes during the year to which the suppliers have recourse
was RMB254,000 as at 31 December 2017 (note 19).
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司136
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
25. 計息銀行貸款
* 香港銀行同業拆息。
(a) 該筆銀行貸款由本集團於二零一六年十二月
三十一日淨賬面值約人民幣31,815,000元的
香港租賃土地及樓宇抵押擔保（附註13）。
(b) 該筆銀行貸款由本公司作公司擔保。
於二零一七年十二月三十一日，本集團的銀行
信貸總額約人民幣918,341,000元（於二零一六
年十二月三十一日：人民幣724,397,000元），
其中港幣22,000,000元（於二零一六年十二月
三十一日：港幣40,000,000元）銀行信貸額度
以本公司作公司擔保。
25. INTEREST-BEARING BANK LOANS
2016
二零一六年
Effective interest
rate (%) Maturity Original Equivalent
實際利率 (%) 到期日 原幣 相等於
HK$’000 RMB’000
港幣千元 人民幣千元
Current 短期
Bank loan — secured 已抵押的銀行貸款 HIBOR*+% 2017 120(a) 108
Bank loan — secured 已抵押的銀行貸款 HIBOR*+% 2017 10,000(b) 8,996
10,120 9,104
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Analysed into: 分為：
Bank loans repayable: 銀行貸款的還款期：
Within one year or on demand 少於一年或按需求 – 9,104
* Hong Kong Inter-Bank Offered Rate
(a) The bank loan was secured by the mortgage of the Group’s leasehold
land and building in Hong Kong with a net carrying amount of
approximately RMB31,815,000 at 31 December 2016 (note 13).
(b) The bank loan was secured by the corporate guarantees of the
Company.
As at 31 December 2017, the Group had aggregate bank facilities of
approximately RMB918,341,000 (as at 31 December 2016:
RMB724,397,000), of which bank facilities of HK$22,000,000 (as at
31 December 2016: HK$40,000,000) were secured by corporate
guarantees of the Company.
137
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
26. 政府撥款
27. 遞延稅項
年內遞延稅項資產及負債之變動如下：
遞延稅項資產
本 集 團 於 中 國 大 陸 錄 得 稅 項 虧 損 人 民 幣
37,416,000元（ 二 零 一 六 年： 人 民 幣
46,066,000元），可用作抵銷將於一至五年內
到期的未來應課稅溢利，與該等虧損有關的遞
延稅項資產尚未確認，因其出現於產生虧損已
有一段時間的附屬公司，不確定是否會有應課
稅溢利可用於抵銷該等稅項損失。
26. GOVERNMENT GRANTS
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
At 1 January 於一月一日 2,248 2,683
Released to the statement of profit or loss 計入損益表 (370) (435)
At 31 December 於十二月三十一日 1,878 2,248
27. DEFERRED TAX
The movements in deferred tax assets and liabilities during the year
are as follows:
DEFERRED TAX ASSETS
Accrued
expenses
Government
grants Provisions Total
預提費用 政府撥款 撥備 總數
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
At 1 January 2016 於二零一六年一月一日 3,919 205 5,007 9,131
Deferred tax charged to the consolidated
statement of profit or loss during the year
(note 10)
年內於綜合損益表扣除之
遞延稅項（附註10）
(1,085) (37) (1,280) (2,402)
At 31 December 2016 and 1 January 2017 於二零一六年十二月三十一日
及二零一七年一月一日 2,834 168 3,727 6,729
Deferred tax charged to the consolidated
statement of profit or loss during the year
(note 10)
年內於綜合損益表扣除之
遞延稅項（附註10）
(865) (27) (1,149) (2,041)
At 31 December 2017 於二零一七年十二月三十一日 1,969 141 2,578 4,688
The Group has tax losses ar is ing in Main land Ch ina o f
RMB37,416,000 (2016: RMB46,066,000) that will expire in one to
five years for offsetting against future taxable profits for which no
deferred tax assets have been recognised, as they have arisen in
subsidiaries that have been loss-making for some time and it is
uncertain that taxable profits will be available against which the tax
losses can be utilised.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司138
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
27. 遞延稅項（續）
年內遞延稅項資產及負債之變動如下（續）：
遞延稅項負債
本集團的遞延稅項負債為中國大陸實體的未分配保
留溢利的預扣稅撥備。根據中國企業所得稅法，於中
國大陸成立的外商投資企業向外商投資者宣派的股
息，須按10%的稅率徵收預扣稅。該規定自二零零
八年一月一日起生效，並適用於二零零七年十二月
三十一日後的盈利。倘中國大陸與外商投資者所在
司法權區已簽訂稅務協議，則可採用較低的預扣稅
率。本集團的適用稅率為5%。因此，自二零零八年
一月一日起，本集團須就在中國大陸成立的附屬公
司所產生的盈利而分配的股息履行徵收預扣稅的義
務。
27. DEFERRED TAX (Cont’d)
The movements in deferred tax assets and liabilities during the year
are as follows (Cont’d):
DEFERRED TAX LIABILITIES
RMB’000
人民幣千元
At 1 January 2016 於二零一六年一月一日 42,752
Deferred tax charged to the consolidated statement of
profit or loss during the year (note 10)
年內於綜合損益表扣除之
遞延稅項（附註10） 3,952
At 31 December 2016 and 1 January 2017 於二零一六年十二月三十一日及
二零一七年一月一日 46,704
Deferred tax charged to the consolidated statement of
profit or loss during the year (note 10)
年內於綜合損益表扣除之
遞延稅項（附註10） 6,422
At 31 December 2017 於二零一七年十二月三十一日 53,126
The deferred tax liability of the Group is the withholding tax provided
for the undistributed retained profits of the Mainland China entities.
Pursuant to the PRC Corporate Income Tax Law, a 10% withholding
tax is levied on dividends declared to foreign investors from the
foreign investment enterprises established in Mainland China. The
requirement is effective from 1 January 2008 and applies to earnings
after 31 December 2007. A lower withholding tax rate may be
applied if there is a tax treaty between Mainland China and the
jurisdiction of the foreign investors. For the Group, the applicable rate
is 5%. The Group is therefore liable for withholding taxes on
dividends distributed by those subsidiaries established in Mainland
China in respect of earnings generated from 1 January 2008.
139
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
28. 股本
股份
28. SHARE CAPITAL
SHARES
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
港幣千元 港幣千元
Authorised: 法定：
10,000,000,000 (2016: 10,000,000,000)
ordinary shares of HK$ each
每股面值港幣元的普通股
10,000,000,000股（二零一六年：
10,000,000,000股） 1,000,000 1,000,000
Issued and fully paid: 已發行及繳足：
793,191,000 (2016: 801,852,000)
ordinary shares of HK$ each
每股面值港幣元的普通股
793,191,000股（二零一六年：
801,852,000股） 79,319 80,185
Equivalent to RMB’000 等值人民幣千元 84,197 84,952
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司140
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
28. SHARE CAPITAL (Cont’d)
SHARES (Cont’d)
A summary of movements in the Company’s share capital is as
follows:
Number of
shares in
issue
Issued
capital
Share
premium
account Total
已發行股份
數目 已發行股本 股份溢價 總額
Note HK$’000 HK$’000 HK$’000
附註 港幣千元 港幣千元 港幣千元
At 1 January 2016 於二零一六年一月一日 804,848,000 80,485 75,224 155,709
Shares repurchased 已購回的股份 (3,536,000) (354) (21,756) (22,110)
Share options exercised 已行使的購股權 540,000 54 2,460 2,514
At 31 December 2016
and 1 January 2017
於二零一六年
十二月三十一日及
二零一七年一月一日 801,852,000 80,185 55,928 136,113
Shares repurchased in
2016 and cancelled
於二零一六年已購回的
股份及註銷 29 (820,000) (82) – (82)
Shares repurchased (1) 已購回的股份 (1) (9,111,000) (911) (44,359) (45,270)
Share options exercised (2) 已行使的購股權 (2) 1,270,000 127 5,088 5,215
At 31 December 2017 於二零一七年
十二月三十一日 793,191,000 79,319 16,657 95,976
(1) During the year, the Company repurchased 9,111,000 of its ordinary
shares on the Hong Kong Stock Exchange for a total consideration of
HK$45,072,000 before expenses. The repurchased shares were
cancelled during the year. The nominal value of the cancelled shares of
HK$911,100 was transferred to the capital redemption reserve and the
premium on repurchase, and the related costs incurred for share
repurchase, HK$44,359,000 in total, were charged against the share
premium account of the Company.
(2) During the year of 2017, 1,270,000 share options under the
Company’s share option scheme were exercised. Accordingly,
1,270,000 ordinary shares of HK$ each were issued as a result of
the exercise of share options.
Details of the Company’s share option scheme are included in note
30 to the financial statements.
28. 股本（續）
股份（續）
本公司股本的變動綜合如下：
(1) 年內，本公司在聯交所購回9,111,000股本公
司 普 通 股 份， 不 含 費 用 之 總 代 價 為 港 幣
45,072,000元，購回的股份於年內註銷。與註
銷股份面值相等之數額港幣911,100元已撥往
資本購回儲備，而股份購回所付之溢價及相關
費用共港幣44,359,000元已記入本公司之股
份溢價賬。
(2) 2017年內，1,270,000股根據本公司購股權計
劃之購股權已獲行使。因此，1,270,000股每
股面值港幣元之普通股已因該等購股權獲
行使而發行。
有關本公司購股權計劃之詳細內容，載列於財
務報表附註30。
141
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
29. 庫存股份
二 零 一 六 年 十 二 月， 本 公 司 在 聯 交 所 購 回
820,000股本公司普通股份，不含費用之總代
價為港幣3,801,000元。與註銷股份面值相等
之數額港幣82,000元已撥往資本購回儲備，而
股 份 購 回 所 付 之 溢 價 及 相 關 費 用 共 港 幣
3,734,000元已記入本公司於二零一六年十二
月三十一日之股份溢價賬。購回的股份其後於
2017年1月26日註銷。
30. 購股權計劃
本公司於二零零三年採納的購股權計劃（「二零
零三購股權計劃」），旨在為對本集團業務成就
作出貢獻的合資格人士（包括本公司董事、獨
立非執行董事、本集團員工及於二零零三購股
權計劃界定的其他合資格參與者）提供鼓勵及
獎勵。二零零三購股權計劃於二零零三年六月
二十一日生效並於該日起計十年內持續有效至
二零一三年六月二十日。
在任何12個月期間內授予二零零三購股權計劃
的每位合資格參與者的購股權的可予發行最高
股份數目，以本公司於任何時間的已發行股份
1%為限。凡進一步授出超逾此限額的購股權，
須在股東大會上獲股東批准。
新購股權計劃（於二零一三年五月二十四日股
東週年大會上獲股東批准）於二零一三年六月
二十一日起生效（「二零一三購股權計劃」，與
二零零三購股權計劃統稱「該計劃」）並持續十
年有效至二零二三年六月二十日。二零一三購
股權計劃之主要條款與二零零三購股權計劃相
類似。
授予本公司董事、總裁或主要股東或彼等任何
關聯方購股權須事先取得獨立非執行董事批
准。此外，如於任何12個月期間授予本公司主
要股東或獨立非執行董事或彼等任何關聯方的
任何購股權超逾本公司於任何時間的已發行股
份的%，或有關購股權的總值（根據本公司
股份於購股權授出日期的價格計算）超逾港幣
5,000,000元，則須事先在股東大會上取得股
東批准。
29. TREASURY SHARES
The Company repurchased 820,000 of its ordinary shares on the
Hong Kong Stock Exchange for a tota l considerat ion of
HK$3,801,000 before expenses in December 2016. The nominal
value of those shares of HK$82,000 was transferred to the capital
redemption reserve and the premium on repurchase, and the related
costs incurred for share repurchase, HK$3,734,000 in total, were
charged against the share premium account of the Company as at
31 December 2016. The repurchased shares were subsequently
cancelled on 26 January 2017.
30. SHARE OPTION SCHEME
The Company adopted a share option scheme in 2003 (the “2003
Share Option Scheme”) for the purpose of providing incentives and
rewards to eligible persons (including the Company’s directors,
independent non-executive directors, employees of the Group and
other eligible participants as defined under the 2003 Share Option
Scheme) who contribute to the success of the Group’s operations.
The 2003 Share Option Scheme became effective on 21 June 2003
and remained in force for 10 years from that date until 20 June 2013.
The maximum number of shares issuable under share options to
each eligible person in the 2003 Share Option Scheme within any
12-month period is limited to 1% of the shares of the Company in
issue at any time. Any further grant of share options in excess of this
limit is subject to shareholders’ approval in a general meeting.
A new share option scheme, which was approved by the
shareholders at the annual general meeting on 24 May 2013,
became effective on 21 June 2013 (the “2013 Share Option
Scheme”, together with the 2003 Share Option Scheme, the
“Scheme”) and will remain in force for 10 years until 20 June 2023.
The principal terms of the 2013 Share Option Scheme are similar to
the 2003 Share Option Scheme.
Share options granted to a director, chief executive officer or
substantial shareholder of the Company, or to any of their associates,
are subject to approval in advance by the independent non-executive
directors. In addition, any share options granted to a substantial
shareholder or an independent non-executive director of the
Company, or to any of their associates, in excess of % of the
shares of the Company in issue at any time or with an aggregate
value (based on the closing price of the Company’s shares at the
date of grant) in excess of HK$5 million, within any 12-month period,
are subject to shareholders’ approval in advance in a general
meeting.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司142
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
30. 購股權計劃（續）
授予購股權的建議應於建議日期起計21日內獲
接納，承授人接納購股權時無須支付其他代
價，惟須支付港幣10元的象徵式代價。由董事
會在授出購股權之日或其後所釐定的日期起至
董事會在授出購股權時釐定的日期的營業時間
結束時止，可隨時（無論如何不得超過由授出
日期起計十年）根據該計劃的條款行使購股權。
購股權的行權價由董事釐定，惟不得低於以下
各項的較高者：(i)本公司股份於授出購股權當
日在聯交所所報的收市價；及 (ii)本公司股份於
緊接授出日期前五個交易日在聯交所所報的平
均收市價，惟行權價不得少於本公司普通股的
面值。
購股權並無賦予持有人可享有股息或於股東大
會上投票的權利。
以下為該計劃於年內未行使的購股權：
年內，於購股權行使日的加權平均股價為港幣
元（二零一六年：港幣元）。
30. SHARE OPTION SCHEME (Cont’d)
The offer of a grant of share options may be accepted within 21 days
from the date of offer, upon payment of a nominal consideration of
HK$10 by each grantee with no other consideration being payable
by the grantee. An option may be exercised in accordance with the
terms of the Scheme at any time during a period commencing on
such date on or after the date on which the option is granted as the
Board may determine in granting the option and expiring at the close
of business on such date as the Board may determine in granting
the option but in any event shall not exceed 10 years from the date
of grant.
The exercise price of share options is determined by the directors,
but may not be less than the higher of (i) the Stock Exchange closing
price of the Company’s shares on the date of offer of the share
options; and (ii) the average Stock Exchange closing price of the
Company’s shares for the five trading days immediately preceding
the date of offer, provided that the exercise price shall not be less
than the nominal value of the ordinary shares of the Company.
Share options do not confer rights on the holders to dividends or to
vote at shareholders’ meetings.
The following share options were outstanding under the Scheme
during the year:
2017
二零一七年
2016
二零一六年
Weighted
average
exercise price
Number of
options
Weighted
average
exercise price
Number of
options
加權平均
行權價 購股權數目
加權平均
行權價 購股權數目
HK$ ’000 HK$ ’000
港幣 港幣
per share per share
每股 每股
At 1 January 於一月一日 21,324 19,164
Granted during the year 年內已授出 6,000 3,000
Exercised during the year 年內已行使 (1,270) (540)
Lapsed during the year 年內已失效 (54) (300)
At 31 December 於十二月三十一日 26,000 21,324
The weighted average share price at the date of exercise for share
options exercised during the year was HK$ (2016:
HK$).
143
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
30. 購股權計劃（續）
於報告期末，未行使的購股權行權價及行使期
間如下：
* 倘進行供股或發行紅股或本公司股本出現
其他類似變動，則購股權的行權價須予以
調整。
30. SHARE OPTION SCHEME (Cont’d)
The exercise prices and exercise periods of the share options
outstanding as at the end of the reporting period are as follows:
2017
二零一七年
Number of options Exercise price* Exercise period
購股權數目 行權價 * 行使期間
’000 HK$
港幣
per share
每股
1,000 17-09-2015 to 至16-09-2020
5,900 08-01-2016 to 至 07-01-2021
3,000 18-03-2016 to 至 17-03-2021
6,000 16-04-2016 to 至 15-04-2021
1,400 23-11-2016 to 至 22-11-2021
1,500 11-05-2017 to 至 10-05-2022
1,200 08-09-2017 to 至 07-09-2022
6,000 29-11-2018 to 至 28-11-2023
26,000
2016
二零一六年
Number of options Exercise price* Exercise period
購股權數目 行權價 * 行使期間
’000 HK$
港幣
per share
每股
1,324 25-03-2012 to 至 24-03-2017
1,000 17-09-2015 to 至 16-09-2020
5,900 08-01-2016 to 至 07-01-2021
3,000 18-03-2016 to 至 17-03-2021
6,000 16-04-2016 to 至 15-04-2021
1,400 23-11-2016 to 至 22-11-2021
1,500 11-05-2017 to 至 10-05-2022
1,200 08-09-2017 to 至 07-09-2022
21,324
* The exercise price of the share options is subject to adjustment in case
of rights or bonus issues, or other similar changes in the Company’s
share capital.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司144
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
30. 購股權計劃（續）
授予以股本結算的購股權的公允值乃於授予購
股權當日以柏力克 — 舒爾斯估值模式估計，
並已考慮授予購股權的條款及條件。鑑於有關
假設及所使用的估值模式存在限制，有關價值
本身含主觀成分及不確定因素。下表列出該模
式的輸入數值：
購股權預計年期乃根據過去五年的歷史資料釐
定，未必能顯示行使購股權的方式。預期波幅
反映過往波幅可顯示未來趨勢的假設，惟未來
趨勢未必是實際結果。
並無其他授予購股權的因素列入公允值的計算
當中。
年內，行使的1,270,000份購股權引致本公司
發行1,270,000股普通股份、增加新股本港幣
127,000元及股份溢價港幣3,848,100元，詳情
載於財務報表附註28。
於二零一七年十二月三十一日，本公司根據該
計劃擁有26,000,000份購股權尚未獲行使，相
當於當日本公司已發行股份約%。根據本
公司現時的資本架構，悉數行使餘下購股權將
引致本公司發行26,000,000股額外普通股，增
加港幣2,600,000元的股本以及股份溢價港幣
144,809,000元（不含股份發行開支）。
30. SHARE OPTION SCHEME (Cont’d)
The fair value of equity-settled share options granted was estimated
as at the date of grant, using the Black-Scholes-Merton valuation
model, taking into account the terms and conditions upon which the
options were granted. This value is inherently subjective and
uncertain due to the assumptions made and the limitation of the
valuation model used. The following table lists the inputs to the
model:
Date of grant 授出日期
25/3/
2011
17/9/
2014
8/1/
2015
18/3/
2015
16/4/
2015
23/11/
2015
11/5/
2016
8/9/
2016
29/11/
2017
Dividend yield (%) 股息率 (%)
Expected volatility (%) 預期波幅 (%) 40 42 43 43 43 43 43 43 41
Historical volatility (%) 過往波幅 (%) 40 42 43 43 43 43 43 43 41
Risk-free interest rate (%) 無風險折現率 (%)
Expected life of option (year) 購股權預計年期（年） 6 6 6 6 6 6 6 6 6
Fair value at the date of
grant(HK$)
於授出日期的公允值
（港幣）
The expected life of the options is based on the historical data over
the past five years and is not necessarily indicative of the exercise
patterns that may occur. The expected volatility reflects the
assumption that the historical volatility is indicative of future trends,
which may also not necessarily be the actual outcome.
No other feature of the options granted was incorporated into the
measurement of fair value.
The 1,270,000 share options exercised during the year resulted in
the issue of 1,270,000 ordinary shares of the Company and new
share capital of HK$127,000 and share premium of HK$3,848,100
as further detailed in note 28 to the financial statements.
As at 31 December 2017, the Company had 26,000,000 share
options outstanding under the Scheme, which represented
approximately % of the Company’s shares in issue as at that
date. The exercise in full of the outstanding share options would,
under the present capital structure of the Company, result in the
issue of 26,000,000 additional ordinary shares of the Company,
additional share capital of HK$2,600,000 and share premium of
HK$144,809,000 (before share issue expenses).
145
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
31. 儲備
本集團儲備於本年度及過往年度的金額及變動
已載於財務報表第61頁至62頁的綜合權益變
動表內。
(i) 繳入盈餘
本集團的繳入盈餘指根據附註1所載的
集團重組所收購附屬公司當時的綜合資
產淨值與本公司為換取有關資產而發行
的本公司股份面值的差額。
(ii) 法定盈餘公積金
根據中國公司法及中國附屬公司的公司
章程，中國附屬公司各自須按中國公認
會計準則，將其稅後溢利的10%分配至
法定盈餘公積金，直至法定盈餘公積金
達到其註冊資本的50%。部分法定盈餘
公積金可轉為繳足股本以增加股本，惟
資本化後的餘額不可低於註冊資本的
25%。
(iii) 匯兌波動儲備
匯兌波動儲備乃用作記錄換算外國附屬
公司的財務報表所產生的匯兌差額。
31. RESERVES
The amounts of the Group’s reserves and the movements therein for
the current and prior years are presented in the consolidated
statement of changes in equity on pages 61 to 62 of the financial
statements.
(i) CONTRIBUTED SURPLUS
The contributed surplus of the Group represents the difference
between the then consolidated net assets of the subsidiaries
acquired pursuant to the Group Reorganisation as set out in
note 1, and the nominal value of the Company’s shares issued
in exchange therefor.
(ii) STATUTORY SURPLUS RESERVE (THE “SSR”)
In accordance with the Company Law of the PRC and the
articles of association of the Mainland China Subsidiaries, each
of the Mainland China Subsidiaries is required to allocate 10%
of their profit after tax, as determined in accordance with the
PRC generally accepted accounting principles, to the SSR until
this reserve reaches 50% of its registered capital. Part of the
SSR may be converted to increase the paid-up capital,
provided that the remaining balance after the capitalisation is
not less than 25% of the registered capital.
(iii) EXCHANGE FLUCTUATION RESERVE
The exchange fluctuation reserve is used to record exchange
differences arising from the translation of the financial
statements of foreign subsidiaries.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司146
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
32. 按類別劃分之金融工具32. FINANCIAL INSTRUMENTS BY CATEGORY
Financial assets 2017 2016
財務資產 二零一七年 二零一六年
Equity
investments
at fair value
through
profit or loss
Loans and
receivables Total
Equity
investments
at fair value
through
profit or loss
Loans and
receivables Total
透過損益以
公允值列賬
之股權投資
貸款及
應收款項 總額
透過損益以
公允值列賬
之股權投資
貸款及
應收款項 總額
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
Trade and notes receivables 應收貿易及票據款項 – 313,214 313,214 – 225,660 225,660
Financial assets included in prepayments,
deposits and other receivables
計入預付款、按金及其他
應收款之財務資產 – 461,005 461,005 – 213,198 213,198
Equity investments at fair value through
profit or loss
透過損益以公允值列賬之
股權投資 8,743 – 8,743 7,794 – 7,794
Cash and bank 現金及銀行存款 – 611,077 611,077 – 663,296 663,296
8,743 1,385,296 1,394,039 7,794 1,102,154 1,109,948
Financial liabilities 2017 2016
財務負債 二零一七年 二零一六年
Financial
liabilities at
amortised cost
Financial
liabilities at
amortised cost
按攤銷成本計量
之財務負債
按攤銷成本計量
之財務負債
RMB’000 RMB’000
人民幣千元 人民幣千元
Trade and notes payables 應付貿易及票據款項 143,404 87,938
Financial liabilities included in other
payables and accruals
計入其他應付款及預提費用
之財務負債 62,957 49,633
Interest-bearing bank loans 計息銀行貸款 – 9,104
206,361 146,675
147
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
33. 金融工具之公允值層級
下表列明本集團金融工具的公允值計量層級：
於二零一七年十二月三十一日按公允值計量的
資產：
截至二零一七年十二月三十一日止年度，第一
級與第二級間並無公允值計量轉移，亦無轉入
或移出第三級。
現金及銀行存款、應收賬款及應收票據、應付
賬款及應付票據、計入預付款，按金及其他應
收款之財務資產、計入其他應付款及預提費用
之財務負債，以及計息銀行貸款的賬面值與其
公允值相若。
33. FAIR VALUE HIERARCHY OF FINANCIAL
INSTRUMENTS
The following tables illustrate the fair value measurement hierarchy of
the Group’s financial instruments:
Assets measured at fair value as at 31 December 2017:
Fair value measurement using
使用以下各項進行公允值計量
Quoted prices
in active
markets
Significant
observable
inputs
Significant
unobservable
inputs
於活躍市場的
報價
重大可觀察
輸入值
重大不可
觀察輸入值
(Level 1) (Level 2) (Level 3) Total
第一級 第二級 第三級 合計
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
Equity investments at
fair value through
profit or loss
透過損益以公允值
列賬之股權投資
8,743 – – 8,743
During the year ended 31 December 2017, there were no transfers
of fair value measurements between Level 1 and Level 2 and no
transfers into or out of Level 3.
The carrying amounts of cash and bank, trade and notes receivables,
trade and notes payables, financial assets included in prepayments,
deposits and other receivables, financial liabilities included in other
payables and accruals, and interest-bearing bank loans approximate
to their fair values.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司148
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
34. 金融風險管理目標及對策
本集團擁有應收貿易款項及應付貿易款項等其
他各種財務資產及負債，此乃由其經營直接產
生。
本集團金融工具所涉及的主要風險為外匯風
險、信貸風險及流動資金風險。以下為董事會
檢討並同意管理上述每項風險的政策之概要。
外匯風險
外匯風險即金融工具的公允值或未來現金流量
將因匯率變動產生波動的風險。本集團承擔的
匯率變動風險主要與本集團業務（倘收益或開
支以不同於本集團功能貨幣的貨幣計價）及本
集團於外國附屬公司的淨投資有關。
目前，中國政府仍實施外匯管制。中國官方貨
幣人民幣不可自由兌換。於中國大陸經營之企
業可透過中國人民銀行或其他認可金融機構從
事外匯交易。支付進口原料或服務之貨價及將
盈利匯出中國大陸境外地區均受外幣供應數額
限制，並依賴企業以外幣計值之盈利，或必須
透過中國人民銀行或其他認可金融機構作出安
排。於中國經營之企業在具充分理據下，如需
購入進口原料及匯出盈利，可獲授批准於中國
人民銀行或其他認可金融機構進行兌換。雖然
人民幣兌換港幣或其他外幣一般可在中國人民
銀行或其他認可金融機構進行，但無法保證於
任何時間均能進行。
34. FINANCIAL RISK MANAGEMENT OBJECTIVES AND
POLICIES
The Group has various other financial assets and liabilities such as
trade receivables and trade payables, which arise directly from its
operations.
The main risks arising from the Group’s financial instruments are
foreign currency risk, credit risk and liquidity risk. The board of
directors reviews and agrees policies for managing each of these
risks and they are summarised below.
FOREIGN CURRENCY RISK
Foreign currency risk is the risk that the fair value or future cash flows
of a financial instrument will fluctuate because of changes in foreign
exchange rates. The Group’s exposure to the risk of changes in
foreign exchange rates relates primarily to the Group’s operating
activities (when revenue or expenses are denominated in a different
currency from the Group’s functional currency) and the Group’s net
investments in foreign subsidiaries.
Currently, the PRC government imposes control over foreign
currencies. RMB, the official currency in the PRC, is not freely
convertible. Enterprises operating in Mainland China can enter into
exchange transactions through the People’s Bank of China or other
authorised financial institutions. Payments for imported materials or
services and remittance of earnings outside of Mainland China are
subject to the availability of foreign currencies which depends on the
foreign currency denominated earnings of the enterprises, or must
be arranged through the People’s Bank of China or other authorised
financial institutions. Approval for exchanges at the People’s Bank of
China or other authorised financial institutions is granted to
enterprises in the PRC for valid reasons such as purchases of
imported materials and remittance of earnings. While conversion of
RMB to the Hong Kong dollar or other foreign currencies can
generally be effected at the People’s Bank of China or other
authorised financial institutions, there is no guarantee that it can be
effected at all times.
149
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
34. 金融風險管理目標及對策（續）
外匯風險（續）
本集團於中國大陸以外並無任何重大投資。然
而，本集團仍面對交易貨幣風險。有關風險來
自以本集團的中國大陸附屬公司以其功能貨幣
以外之貨幣進行之銷售。截至二零一七年十二
月三十一日止年度，本集團約%之銷售
（二零一六年：%）乃以本集團的中國大
陸附屬公司的功能貨幣以外之貨幣計值。於收
到功能貨幣以外之貨幣後，本集團的中國大陸
附屬公司會適時將該等貨幣售予銀行以兌換為
功能貨幣。
下表列示在所有其他可變因素維持不變之情況
下，本集團的除稅前溢利對外幣匯率出現合理
可能變動的敏感度（由於貸幣資產及負債的公
允值變動）。
34. FINANCIAL RISK MANAGEMENT OBJECTIVES AND
POLICIES (Cont’d)
FOREIGN CURRENCY RISK (Cont’d)
The Group does not have any significant investment outside of
Mainland China. However, the Group has transactional currency
exposures. These exposures arise from sales of the Group’s
subsidiaries denominated in currencies other than the subsidiaries’
functional currencies. Approximately % of the Group’s sales for
the year ended 31 December 2017 (2016: %) were
denominated in currencies other than the functional currencies of the
subsidiaries. Upon receipt of currencies other than the functional
currency, the subsidiaries sell them to the banks at suitable time.
The following table demonstrates the sensitivity to a reasonably
possible change in foreign currency exchange rate, with all other
variables held constant, of the Group’s profit before tax (due to
changes in the fair value of monetary assets and liabilities).
Change in
foreign
currency rate
Increase/
(decrease)
in profit
before tax
外幣匯率變動
對除稅前溢利
之增加╱（減少）
RMB’000
人民幣千元
2017 二零一七年
If RMB strengthens against the United
States dollar
倘人民幣兌美元升值
+5% (5,954)
If RMB weakens against the United
States dollar
倘人民幣兌美元貶值
–5% 5,954
2016 二零一六年
If RMB strengthens against the United
States dollar
倘人民幣兌美元升值
+5% (5,289)
If RMB weakens against the United
States dollar
倘人民幣兌美元貶值
–5% 5,289
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司150
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
34. 金融風險管理目標及對策（續）
信貸風險
本集團僅與該等信譽可靠的第三者進行交易。
按照本集團的政策，所有擬按信貸期進行交易
的客戶，必須經過信貸核實程序後，方可落
實。此外，本集團會持續監察應收款項及結餘
的情況，而本集團的壞賬風險並不重大。
就有關本集團其他財務資產的信貸風險，其中
包括現金及短期存款、其他應收款項及透過損
益以公允值列賬之股權投資，本集團因對方違
約所產生的信貸風險，上限相等於該等工具的
賬面值。
由於本集團僅與該等享譽盛名兼信譽可靠的第
三者進行交易，故不需要任何抵押。集中信貸
風險由客戶╱交易對手管理，因此本集團內並
無任何重大集中信貸風險。
有關本集團因應收貿易賬款所產生信貸風險的
進一步定量資料乃披露於財務報表附註19。
流動資金風險
本集團透過採用經常性流動資金計劃工具，監
察其資金短缺的風險。此工具會考慮其金融工
具及財務資產（如應收貿易賬款）的到期日以及
來自經營業務的預期現金流量。
34. FINANCIAL RISK MANAGEMENT OBJECTIVES AND
POLICIES (Cont’d)
CREDIT RISK
The Group trades only with recognised and creditworthy third
parties. It is the Group’s policy that all customers who wish to trade
on credit terms are subject to credit verification procedures. In
addition, receivables and balances are monitored on an ongoing
basis and the Group’s exposure to bad debts is not significant.
With respect to credit risk arising from the other financial assets of
the Group, which comprise cash and short-term deposits, other
receivables and equity investments at fair value through profit or loss,
the Group’s exposure to credit risk arises from default of the
counterparty, with a maximum exposure equal to the carrying
amounts of these instruments.
Since the Group trades only with recognised and creditworthy third
parties, there is no requirement for collateral. Concentrations of
credit risk are managed by customer/counterparty. There are no
significant concentrations of credit risk within the Group.
Further quantitative data in respect of the Group’s exposure to credit
risk arising from trade receivables are disclosed in note 19 to the
financial statements.
LIQUIDITY RISK
The Group monitors its risk to a shortage of funds using a recurring
liquidity planning tool. This tool considers the maturity of both its
financial instruments and financial assets (., trade receivables) and
projected cash flows from operations.
151
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
34. 金融風險管理目標及對策（續）
流動資金風險（續）
於報告期末本集團根據合約未貼現付款計算的
財務負債之到期日簡述如下：
34. FINANCIAL RISK MANAGEMENT OBJECTIVES AND
POLICIES (Cont’d)
LIQUIDITY RISK (Cont’d)
The maturity profile of the Group’s financial liabilities as at the end of
the reporting period, based on the contractual undiscounted
payments, was as follows:
2017
二零一七年
On
demand
Less than
3 months
3 to less
than
12 months
1 to 5
years
Over
5 years Total
按要求 少於三個月
三至少
於十二個月 一至五年 五年以上 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
Trade and notes
payables
應付貿易及
票據款項 12,698 93,113 37,593 – – 143,404
Other payables 其他應付款 62,957 – – – – 62,957
75,655 93,113 37,593 – – 206,361
2016
二零一六年
On demand
Less than
3 months
3 to less
than
12 months
1 to 5
years
Over
5 years Total
按要求 少於三個月
三至少
於十二個月 一至五年 五年以上 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
Interest-bearing
bank loans
計息銀行貸款
– 9,104 – – – 9,104
Trade and notes
payables
應付貿易及
票據款項 9,631 66,939 11,368 – – 87,938
Other payables 其他應付款 49,633 – – – – 49,633
59,264 76,043 11,368 – – 146,675
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司152
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
34. 金融風險管理目標及對策（續）
資本管理
本集團管理資本的首要目標是保障本集團的持
續經營能力及維持穩健的資本比率，以支援其
業務發展及提升股東價值。
本集團會因應經濟環境變化管理其資本架構並
對其作出調整。為維持或調整資本架構，本集
團或會調整支付予股東的股息款額、返還資本
予股東或發行新股份。於截至二零一七年十二
月三十一日及二零一六年十二月三十一日止年
度內，有關資本管理的目標、政策及過程並無
作出任何變動。
本集團採用資本負債比率監察其資本情況，而
資本負債比率乃淨負債除以總資本加淨負債之
總和計算。淨負債包括應付貿易及票據款項、
其他應付款、預提費用、計息銀行貸款，並扣
除現金及銀行存款。資本包括母公司擁有人應
佔權益。於報告期末之資本負債比率如下：
34. FINANCIAL RISK MANAGEMENT OBJECTIVES AND
POLICIES (Cont’d)
CAPITAL MANAGEMENT
The primary objectives of the Group’s capital management are to
safeguard the Group’s ability to continue as a going concern and to
maintain healthy capital ratios in order to support its business and
maximise shareholders’ value.
The Group manages its capital structure and makes adjustments to
it in light of changes in economic conditions. To maintain or adjust
the capital structure, the Group may adjust the dividend payment to
shareholders, return capital to shareholders or issue new shares. No
changes were made in the objectives, policies or processes for
managing capital during the years ended 31 December 2017 and 31
December 2016.
The Group monitors capital using a gearing ratio, which is net debt
divided by the total capital plus net debt. The net debt includes trade
and notes payables, other payables and accruals, interest-bearing
bank loans, less cash and bank. Capital represents equity
attributable to the owners of the parent. The gearing ratios as at the
end of the reporting periods were as follows:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Trade and notes payables 應付貿易及票據款項 143,404 87,938
Other payables and accruals 其他應付款及預提費用 160,997 98,104
Interest-bearing bank loans 計息銀行貸款 – 9,104
Less: Cash and bank 減：現金及銀行存款 (611,077) (663,296)
Net debt 淨負債 (306,676) (468,150)
Equity attributable to owners of the parent 母公司擁有人應佔權益 1,806,158 1,636,756
Capital and net debt 資本及淨負債 1,499,482 1,168,606
Gearing ratio 資本負債比率 (20)% (40)%
153
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
35. 綜合現金流量表附註
由融資活動產生的負債變動
36. 承擔
(a) 經營租賃承擔
本集團根據經營租賃安排承租若干辦公
物業。物業租賃的商定期限介乎一至五
年之間。
於二零一七年十二月三十一日，本集團
根據不可撤銷經營租約於日後未來應付
最低租賃款項總額如下：
(b) 資本承擔
35. NOTES TO THE CONSOLIDATED STATEMENT OF
CASH FLOWS
CHANGES IN LIABILITIES ARISING FROM FINANCING
ACTIVITIES
Bank and
other loans
銀行及其他貸款
RMB’000
人民幣千元
At 1 January 2017 於二零一七年一月一日 9,104
Changes from financing cash flows 融資現金流的變動 (8,437)
Foreign exchange movement 滙率變動 (667)
–
36. COMMITMENTS
(a) OPERATING LEASE COMMITMENTS
The Group leases certain of its office properties under
operating lease arrangements. Leases for properties are
negotiated for terms ranging from one to five years.
At 31 December 2017, the Group had total future minimum
lease rentals payable under non-cancellable operating leases
falling due as follows:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Within one year 一年內 436 624
After one year but within five years 一年後至不多於五年 143 335
579 959
(b) CAPITAL COMMITMENTS
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Contracted, but not provided for: 已訂約，但未作撥備：
Plant and machinery 廠房及機器 4,500 3,060
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司154
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
37. 關聯方交易
本集團主要管理人員酬金：
董事及總裁酬金詳情載於財務報表附註7。
38. 其他重大事件
於二零一七年十二月二十日，本公司間接全資
附屬公司蘇州東瑞製藥與城南街道辦事處（受
中國江蘇省蘇州市吳中經濟開發區人民政府管
轄）訂立拆遷補償協議，據此，蘇州東瑞將收
取合共約人民幣百萬元作為交出土地的
拆遷補償。拆遷補償協議的條款乃參考獨立合
資格中國物業估值師對土地的估值，並經蘇州
東瑞製藥與城南街道辦事處公平磋商後釐定。
於二零一八年一月三十一日，蘇州東瑞製藥收
到首20%拆遷補償（人民幣百萬元）。
37. RELATED PARTY TRANSACTIONS
Compensation of key management personnel of the Group:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
Salaries, allowances and benefits in kind 薪金、津貼及實物福利 9,711 8,237
Employee share option benefits 員工購股權福利 2,705 4,198
Pension scheme contributions 退休金計劃供款 106 65
Total compensation paid to key management
personnel
主要管理人員酬金總額
12,522 12,500
Further details of the directors’ and the chief executive officer’s
emoluments are included in note 7 to the financial statements.
38. OTHER MAJOR EVENTS
On 20 December 2017, Suzhou Dawnrays Pharmaceutical, an
indirect wholly-owned subsidiary of the Company, entered into the
Relocation Compensation Agreement with the Chengnan Street
Office (which is under the People’s Government of Wuzhong
Economic Development District of Suzhou City, Jiangsu Province,
the PRC), where Suzhou Dawnrays Pharmaceutical will receive an
aggregate of approximately million as Relocation
Compensation for surrender of the land. The terms of the Relocation
Compensation Agreement were arrived after arms’ length negotiation
between Suzhou Dawnrays Pharmaceutical and the Chengnan
Street Office, with reference to the valuation of the land by an
independent qualified PRC property valuer.
As at 31 January 2018, Suzhou Dawnrays Pharmaceutical received
the first 20% of the Relocation Compensation ( million).
155
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
39. 本公司財務狀況表
於報告期末本公司的財務狀況表資料如下：
39. STATEMENT OF FINANCIAL POSITION OF THE
COMPANY
Information about the statement of financial position of the Company
at the end of the reporting period is as follows:
2017 2016
二零一七年 二零一六年
RMB’000 RMB’000
人民幣千元 人民幣千元
NON-CURRENT ASSETS 非流動資產
Interests in subsidiaries 於附屬公司的權益 271,399 327,701
Total non-current assets 非流動資產總額 271,399 327,701
CURRENT ASSETS 流動資產
Prepayments, deposits and other receivables 預付款、按金及其他應收款項 196 237
Equity investments at fair value through
profit or loss
透過損益以公允值列賬之股權投資
8,743 7,794
Cash and bank 現金及銀行存款 8,302 5,083
Total current assets 流動資產總額 17,241 13,114
CURRENT LIABILITIES 流動負債
Other payables and accruals 其他應付款及預提費用 462 2,310
Total current liabilities 流動負債總額 462 2,310
NET CURRENT ASSETS 淨流動資產 16,779 10,804
TOTAL ASSETS LESS CURRENT
LIABILITIES
資產總額減流動負債
288,178 338,505
Net assets 淨資產 288,178 338,505
EQUITY 權益
Equity attributable to owners of the parent 母公司擁有人應佔權益
Issued capital 已發行股份 84,197 84,952
Treasury shares 庫存股份 – (74)
Reserves 儲備 203,981 253,627
Total equity 權益總額 288,178 338,505
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司156
Notes to Financial Statements
財務報表附註
31 December 2017 於二零一七年十二月三十一日
39. 本公司財務狀況表（續）
附註：
本公司之儲備總結如下：
39. STATEMENT OF FINANCIAL POSITION OF THE
COMPANY (Cont’d)
Note:
A summary of the Company’s reserves is as follows:
Share
premium
account
Contributed
surplus
Share
option
reserve
Capital
redemption
reserve
Exchange
fluctuation
reserve
Retained
profits
Proposed
final
dividend Total
股份溢價 繳入盈餘 購股權儲備
資本
購回儲備
匯兌
波動儲備 保留溢利
擬派
末期股息 總額
RMB’000 RMB’000 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 人民幣千元 人民幣千元
At 1 January 2016 於二零一六年一月一日 76,861 100,175 13,334 3,025 (70,981) 110,863 – 233,277
Profit for the year 本年度溢利 – – – – – 111,592 – 111,592
Other comprehensive income for the year: 本年度其他全面收益：
Exchange differences 匯兌差額 – – – – 15,840 – – 15,840
Total comprehensive income
for the year
本年度全面收益總額
– – – – 15,840 111,592 – 127,432
Exercise of share options 行使購股權 2,122 – (537) – – – – 1,585
Final 2015 dividend declared 宣派二零一五年末期股息 – – – – – (80,648) – (80,648)
Dividend on shares issued for employee
share options exercised after
31 December 2015
二零一五年十二月三十一日
後行使的僱員購股權所
發行股份的股息 – – – – – (5) – (5)
Share repurchased and cancelled 已購回的股份及註銷 (15,349) – – 301 – (301) – (15,349)
Share repurchased subsequently cancelled 已購回的股份及隨後註銷 (3,353) – – 74 – (74) – (3,353)
Equity-settled share option arrangements 以股權支付的購股權安排 – – 11,423 – – – – 11,423
Interim 2016 dividend 二零一六年中期股息 – – – – – (20,735) – (20,735)
At 31 December 2016 and 1 January 2017 於二零一六年十二月三十一日
及二零一七年一月一日 60,281 100,175 24,220 3,400 (55,141) 120,692 – 253,627
Profit for the year 本年度溢利 – – – – – 87,815 – 87,815
Other comprehensive loss for the year: 本年度其他全面虧損：
Exchange differences 匯兌差額 – – – – (19,360) – – (19,360)
Total comprehensive income for the year 本年度全面收益總額 – – – – (19,360) 87,815 – 68,455
Exercise of share options 行使購股權 4,499 – (1,100) – – – – 3,399
Final 2016 dividend declared 宣派二零一六年末期股息 – – – – – (71,082) – (71,082)
Dividend on shares issued for employee
share options exercised after
31 December 2016
二零一六年十二月三十一日
後行使的僱員購股權所
發行股份的股息 – – – – – (70) – (70)
Share repurchased and cancelled 已購回的股份及註銷 (38,620) – – 793 – (793) – (38,620)
Equity-settled share option arrangements 以股權支付的購股權安排 – – 8,511 – – – – 8,511
Interim 2017 dividend 二零一七年中期股息 – – – – – (20,239) – (20,239)
At 31 December 2017 於二零一七年十二月三十一日 26,160 100,175 31,631 4,193 (74,501) 116,323 – 203,981
157
Notes to Financial Statements
財務報表附註
ANNUAL REPORT 2017 二零一七年年報
31 December 2017 於二零一七年十二月三十一日
39. 本公司財務狀況表（續）
本公司的繳入盈餘如附註31(i)所述指根據集團重組所
收購附屬公司當時的綜合資產淨值超逾本公司為換取
有關資產而發行的本公司股份面值的部份。
購股權儲備包括已授出但尚未行使購股權的公允值，
其進一步資料載於財務報表附註以股份支付款項
的會計政策內。當有關購股權獲行使時，其數額將轉
至已發行股本賬及股份溢價賬，或當有關購股權到期
或被取消時，其數額將轉至保留溢利。
40. 財務報表的批准
財務報表已於二零一八年三月二十二日獲董事
會批准及授權發行。
39. STATEMENT OF FINANCIAL POSITION OF THE
COMPANY (Cont’d)
The contributed surplus of the Company represents the excess of the then
consolidated net assets of the subsidiaries acquired pursuant to the Group
Reorganisation referred to in note 31(i), over the nominal value of the
Company’s shares issued in exchange therefor.
The share option reserve comprises the fair value of share options granted
which are yet to be exercised, as further explained in the accounting policy
for share-based payments in note to the financial statements. The amount
will either be transferred to the issued capital account and the share premium
account when the related options are exercised, or be transferred to retained
profits should the related options expire or be forfeited.
40. APPROVAL OF THE FINANCIAL STATEMENTS
The financial statements were approved and authorised for issue by
the board of directors on 22 March 2018.
Five Year Financial Summary
五年財務概要
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司158
A summary of the results and of the assets and liabilities of the Group for
the last five financial years, as extracted from the published audited
financial statements, is set out below.
Year ended 31 December
截至十二月三十一日止年度
2017 2016 2015 2014 2013
二零一七年 二零一六年 二零一五年 二零一四年 二零一三年
RESULTS 業績 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 882,483 824,351 985,000 783,803 914,973
Cost of sales 銷售成本 (320,934) (312,872) (415,612) (323,884) (511,725)
Gross profit 毛利 561,549 511,479 569,388 459,919 403,248
Other income and gains 其他收入及收益 30,372 24,425 31,481 18,728 17,197
Selling and distribution
expenses
銷售及分銷費用
(88,086) (98,895) (94,471) (99,412) (112,749)
Administrative expenses 行政費用 (82,491) (64,625) (74,940) (61,009) (61,609)
Other expenses 其他費用 (48,946) (38,928) (52,745) (56,529) (53,521)
Finance costs 財務費用 (13) (157) (1,524) (2,804) (3,600)
Share of profits and losses of
an associate
應佔一間聯營公司之
盈利及虧損 (6,682) — — — —
PROFIT BEFORE TAX 除稅前溢利 365,703 333,299 377,189 258,893 188,966
Income tax expense 所得稅 (72,725) (67,382) (74,991) (53,748) (35,867)
PROFIT FOR THE YEAR 本年度溢利 292,978 265,917 302,198 205,145 153,099
Attributable to: 以下各項應佔：
Owners of the parent 母公司擁有人 292,978 265,917 302,198 205,145 153,099
ASSETS AND LIABILITIES 資產及負債
TOTAL ASSETS 總資產 2,181,211 1,886,364 1,803,736 1,693,400 1,721,148
TOTAL LIABILITIES 總負債 (375,053) (249,608) (329,860) (445,120) (629,411)
NET ASSETS 淨資產 1,806,158 1,636,756 1,473,876 1,248,280 1,091,737
以下為本集團於過去五個財政年度之業績、資產及
負債概要，此乃摘錄自已公佈經審核財務報表。
ANNUAL REPORT 2017 二零一七年年報159
Information for Shareholders
股東資料
暫停辦理股份過戶登記
本公司將於下列時段暫停辦理股份過戶登記手續：
(i) 由二零一八年五月十八日（星期五）至二零一八
年五月二十四日（星期四）（包括首尾兩天），暫
停辦理股份過戶登記手續，以釐定有權出席二
零一八年股東週年大會並於會上投票之股東身
份。為確保符合資格出席二零一八年股東週年
大會並於會上投票之權利，所有本公司的股份
轉讓連同有關股票及股票轉讓書，須於二零
一八年五月十七日（星期四）下午四時三十分
前，送達本公司之香港股份過戶登記分處卓佳
雅柏勤有限公司辦理過戶登記手續，地址為香
港皇后大道東183號合和中心22樓。
(ii) 由二零一八年五月三十日（星期三）至二零一八
年五月三十一日（星期四）（包括首尾兩天），暫
停辦理股份過戶登記手續，以釐定享有建議派
發末期股息的股東身份。為確保享有收取建議
派發末期股息之權利，所有本公司的股份轉讓
連同有關股票及股票轉讓書，須於二零一八年
五月二十九日（星期二）下午四時三十分前，送
達本公司之香港股份過戶登記分處卓佳雅柏勤
有限公司辦理過戶登記手續，地址為香港皇后
大道東183號合和中心22樓。
於上述分段 (i)及 (ii)的時段期間內，將不會辦理股份過
戶登記手續。
股東週年大會
二零一八年股東週年大會將於二零一八年五月二十四
日（星期四）舉行。二零一八年股東週年大會通告的
詳情已載於發給股東通函內，該通函連同本年報一
併寄發給股東。
CLOSURE OF REGISTER OF MEMBERS
The register of members of the Company will be closed during the
following periods:
(i) from Friday, 18 May 2018 to Thursday, 24 May 2018, both days
inclusive, for the purpose of ascertaining shareholders’ entitlement to
attend and vote at the 2018 AGM. In order to be eligible to attend
and vote at the 2018 AGM, all transfer of shares of the Company
accompanied by the relevant share certificates and the appropriate
share transfer forms must be lodged for registration not later than
4:30 . on Thursday, 17 May 2018 with the Company’s branch
share registrar and transfer office in Hong Kong, Tricor Abacus
Limited, at Level 22, Hopewell Centre, 183 Queen’s Road East,
Hong Kong.
(ii) from Wednesday, 30 May 2018 to Thursday, 31 May 2018, both
days inclusive, for the purpose of ascertaining shareholders’
entitlement to the proposed final dividend. In order to establish
entitlements to the proposed final dividend, all transfer of shares of
the Company accompanied by the relevant share certificates and the
appropriate share transfer forms must be lodged for registration not
later than 4:30 . on Tuesday, 29 May 2018 with the Company’s
branch share registrar and transfer office in Hong Kong, Tricor
Abacus Limited, at Level 22, Hopewell Centre, 183 Queen’s Road
East, Hong Kong.
During the periods mentioned in sub-paragraphs (i) and (ii) above, no
transfers of shares will be registered.
ANNUAL GENERAL MEETING
The 2018 AGM will be held on Thursday, 24 May 2018. Details of the 2018
AGM are set out in the notice of AGM with constitutes part of the circular
to Shareholders sent together with this annual report.
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司160
Information for Shareholders
股東資料
財務日誌
二零一七年股東週年大會 二零一七年五月二十五日
公佈二零一七年中期業績 二零一七年八月二十二日
公佈二零一七年全年業績 二零一八年三月二十二日
二零一八年股東週年大會 二零一八年五月二十四日
股息
二零一七年中期股息 每股港幣元
二零一七年中期股息
派付日期
二零一七年九月二十八日
建議派發二零一七年
末期股息
每股港幣元
二零一七年末期股息
除息日期
二零一八年五月二十八日
二零一七年末期股息截止
過戶日期
二零一八年五月三十日至
五月三十一日
建議派發之二零一七年
末期股息派付日期
二零一八年六月十三日
或前後
FINANCIAL CALENDAR
2017 AGM 25 May 2017
Announcement of 2017
interim results
22 August 2017
Announcement of 2017
annual results
22 March 2018
2018 AGM 24 May 2018
DIVIDENDS
2017 Interim dividend HK$ per share
Payment date for 2017 interim
dividend
28 September 2017
Proposed 2017 final dividend HK$ per share
Ex-dividend date for 2017
final dividend
28 May 2018
Book closing dates for 2017
final dividend
30 May 2018–31 May 2018
Payment date for proposed
2017 final dividend
on or about 13 June 2018
2017
A N N U A L R E P O R T
年 報
Units 3001-02, 30/F, CNT Tower, 338 Hennessy Road, Wanchai, Hong Kong
香港灣仔軒尼詩道338號北海中心30樓3001-02室
22 Tianling Road, Wuzhong Economic Development District, Suzhou, Jiangsu, PRC.
中國江蘇省蘇州市吳中經濟開發區天靈路22號
D
AW
N
RAYS PH
ARM
ACEU
TICAL (H
O
LD
IN
G
S) LIM
ITED
東
瑞
製
葯
(控
股
)有
限
公
司
AN
N
UAL REPO
RT 2017
年
報
封面
目錄
公司資料
本集團架構圖
主席報告
管理層討論及分析
企業管治報告
董事及高級管理層履歷
董事會報告
獨立核數師報告
綜合損益表
綜合全面收益表
綜合財務狀況表
綜合權益變動表
綜合現金流量表
財務報表附註
五年財務概要
股東資料
封底
