– 1 –
香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不
負責，對其準確性或完整性亦不發表任何聲明，且明確表示概不就因本公佈全
部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。
IDT INTERNATIONAL LIMITED
（於百慕達註冊成立之有限公司）
（股份代號：167）
萬威國際有限公司*
截至二零二一年十二月三十一日止年度
經審核全年業績之進一步公佈
茲提述萬威國際有限公司（「本公司」）日期為二零二二年三月三十一日有關本
公司及其附屬公司（「本集團」）截至二零二一年十二月三十一日止年度的未經
審核全年業績公佈（「未經審核全年業績公佈」）。除非文義另有所指，否則本公
佈所用詞彙與未經審核全年業績公佈所界定者具有相同涵義。
經審核全年業績
董事會欣然宣佈，本公司核數師中審眾環（香港）會計師事務所有限公司（「中審
眾環」）已根據香港會計師公會頒佈的香港核數準則完成本集團截至二零二一
年十二月三十一日止年度綜合財務報表的審核。截至二零二一年十二月三十一
日止年度經審核全年業績於二零二二年五月三十一日由董事會批准，詳情載
於隨附之年報全文內。
未經審核全年業績與經審核全年業績之間的重大差異
由於未經審核全年業績公佈所載之財務資料於其刊發日期未經中審眾環審核
或認可，且其後已對該等資料作出調整，本公司股東及潛在投資者務請注意本
集團未經審核全年業績與經審核全年業績之財務資料間存在之若干差異。現
根據上市規則第(3)(ii)(b)條將該等財務資料存在的重大差異的主要詳情及
理由載列如下。
– 2 –
綜合損益及其他全面收益表
截至二零二一年十二月三十一日止年度
經審核 未經審核 差額 附註
港幣百萬元 港幣百萬元 港幣百萬元
收益 () 1
銷售成本 () () 2
毛利 ()
其他收入 3
其他虧損，淨額 () () 4
扣除金融資產虧損撥備 () – () 5
研究開支 () () –
分銷及銷售開支 () () –
一般行政開支 () () 6
減值虧損 () – () 7
融資成本 () () –
除稅前虧損 () () ()
稅項 – – –
本年度虧損 () () ()
其他全面虧損：
其後可能會重新分類至
損益賬的項目：
換算海外業務產生的匯兌
差額 () () –
本年度全面虧損總額 () () ()
以下各項應佔本年度虧損：
－本公司擁有人 () () ()
－非控股權益 – – –
() () ()
以下各項應佔本年度全面
虧損總額：
－本公司擁有人 () () ()
－非控股權益 – – –
() () ()
每股虧損（港仙）
－基本及攤薄 () () ()
– 3 –
綜合財務狀況表
於二零二一年十二月三十一日
經審核 未經審核 差額 附註
港幣百萬元 港幣百萬元 港幣百萬元
非流動資產
物業、機器及設備 –
投資物業 () 8
使用權資產 () 8
融資租賃應收款項 – () 9
商譽 – – –
租金按金 –
()
流動資產
存貨 –
應收賬款及其他應收款項 10
融資租賃應收款項 () 9
受限制銀行結餘 – 11
現金及等同現金項目 () 11
()
流動負債
應付賬款及其他應付款項 12
借款 – 13
租賃負債 14
應付稅款 –
合約負債 () 15
股東貸款 –
流動負債淨值 () () ()
非流動負債
租賃負債 () 14
借款 –
()
負債淨值 () () ()
股本及儲備
股本 –
儲備 () () ()
本公司擁有人應佔權益 () () ()
非控股權益 –
虧絀淨額 () () ()
– 4 –
附註：
1 收益的差額乃主要由於將銷售廢料重新分類至其他收入。
2 已售貨物成本的差額乃主要由於將銷售廢料成本重新分類至其他收入及重新分類於應
付賬款及其他應付款項入賬的計提訴訟虧損結付款項。
3 其他收入的差額乃主要由於上文附註1及2所述將銷售廢料由收益及銷售廢料成本重新
分類，以及將投資物業╱經營租賃租用物業項下分類的使用權資產的分租收入由一般行
政開支重新分類。
4 其他虧損，淨額的差額乃主要由於 (a)將計提訴訟虧損由一般行政開支重新分類；(b)根據
法律程序最新進展撥回計提訴訟虧損及 (c)核數工作完成後匯兌換算對應付賬款及其他
應付款項的影響。
5 扣除金融資產虧損撥備的差額乃主要由於根據可收回性評估結果確認應收賬款虧損撥
備及融資租賃應收款項。
6 一般行政開支的差額乃主要由於如上文附註3及4所述將投資物業╱租用物業項下分類的
使用權資產的分租收入及計提訴訟虧損重新分類至其他收入及其他虧損淨額。
7 減值虧損差額乃主要由於基於減值評估結果確認向供應商提供墊款之減值虧損、投資物
業及使用權資產。
8 誠如上文附註7所述，投資物業及使用權資產之差額乃主要由於確認減值虧損。
9 誠如上文附註5所述，融資租賃應收款項的差額乃主要由於確認虧損撥備。
10 誠如上文附註5及7所述，應收賬款及其他應收款項的差額乃主要由於核數工作完成後將
結餘重新分類為應付賬款及其他應付款項及借款以及基於可回收性╱減值評估結果確認
應收賬款減值撥備及供應商墊款減值虧損。
11 受限制銀行結餘與現金及現金等價物的差額乃主要由於受限制銀行結餘由現金及現金
等價物重新分類。
12 應付賬款及其他應付款項的差額乃主要由於 (a)誠如上文附註10所述重新分類應收賬款
及其他應收款項的結餘；(b)誠如上文附註4所述，撥回計提訴訟虧損；(c)誠如上文附註4
所述，匯兌換算對結餘之影響；及 (d)在核數工作完成後將結餘由合約負債及借款重新分
類。
13 誠如上文附註10及12所述，借款的差額乃主要由於的應收賬款及其他應收款項及應付賬
款及其他應付款項的結餘獲重新分類。
14 租賃負債的差額乃主要由於核數工作完成後將結餘由非流動負債重新分類為流動負債。
15 誠如上文附註12所述，合約負債的差額乃主要由於將結餘重新分類至應付賬款及其他應
付款項。
– 5 –
審核委員會及審閱經審核公佈
本公司截至二零二一年十二月三十一日止年度之經審核全年業績已由本公司
審核委員會審閱。本經審核公佈所載有關本集團截至二零二一年十二月三十一
日止年度之綜合損益及其他全面收益表、綜合財務狀況表及相關附註之數字
已獲得中審眾環認可，該等數字與本集團本年度的經審核綜合財務報表所載
之數額一致。中審眾環在此方面的工作並不屬於根據香港會計師公會頒佈的
香港核數準則、香港審閱委聘準則或香港審計委聘準則而進行的審計，因此，
中審眾環對於本公佈並無作出任何保證。
核數師不發表意見及有關持續經營之重大不確定因素
誠如本公佈隨附之年報內之獨立核數師報告所載，由於獨立核數師報告不發
表意見之基準一節所載事宜之重大，故本集團核數師中審眾環並無對本集團
截至二零二一年十二月三十一日止年度的綜合財務報表發表意見。有關更多
詳情，請參閱隨附的獨立核數師報告。
股東及潛在投資者於買賣本公司股份時務請審慎行事。
承董事會命
萬威國際有限公司
執行董事兼行政總裁
朱永寧
香港，二零二二年五月三十一日
於本公佈日期，
1. 本公司執行董事為朱永寧先生（行政總裁）；
2. 本公司非執行董事為崔嘯先生；及
3. 本公司獨立非執行董事為周美林先生、徐錦文先生及周銳先生。
* 僅供識別
Contents
目錄
2 Corporate Information
公司資料
6 Chairman’s Statement
主席報告書
10 Directors and Senior Management of the Group
本集團董事及高級管理層
16 Management Discussion and Analysis
管理層討論及分析
25 Corporate Governance Report
企業管治報告書
52 Environmental, Social and Governance Report
環境、社會及管治報告
77 Directors’ Report
董事會報告書
93 Independent Auditor’s Report
獨立核數師報告
96
Consolidated Statement of Profit or Loss and
Other Comprehensive Income
綜合損益及其他全面收益表
97 Consolidated Statement of Financial Position
綜合財務狀況表
99 Consolidated Statement of Changes in Equity
綜合權益變動表
100 Consolidated Statement of Cash Flows
綜合現金流量表
102 Notes to the Consolidated Financial Statements
綜合財務報表附註
204 Group Financial Summary
集團財務概要
Corporate Information
公司資料
IDT INTERNATIONAL LIMITED 萬威國際有限公司
2 Annual Report 2021 年報
BOARD OF DIRECTORS
Executive Director:
Zhu Yongning (Chief Executive Officer)
Non-Executive Director:
Cui Xiao
Independent Non-Executive Directors:
Zhou Meilin
Zhou Rui
Xu Jinwen
EXECUTIVE COMMITTEE
Zhu Yongning
AUDIT COMMITTEE
Zhou Meilin (Chairman)
Xu Jinwen
Zhou Rui
NOMINATION AND CORPORATE GOVERNANCE COMMITTEE
Zhou Rui (Chairman)
Zhou Meilin
Xu Jinwen
REMUNERATION COMMITTEE
Xu Jinwen (Chairman)
Zhou Meilin
Zhou Rui
COMPANY SECRETARY
Chen Kun (Appointed on 1 April 2021)
AUTHORISED REPRESENTATIVES
Shum Shing Kei (Resigned on 31 March 2021)
Zhu Yongning
Chen Kun (Appointed on 1 April 2021)
PRINCIPAL BANKERS
The Hongkong and Shanghai Banking Corporation Limited
Hang Seng Bank Limited
董事會
執行董事：
朱永寧（行政總裁）
非執行董事：
崔嘯
獨立非執行董事：
周美林
周銳
徐錦文
執行委員會
朱永寧
審核委員會
周美林（主席）
徐錦文
周銳
提名及企業管治委員會
周銳（主席）
周美林
徐錦文
薪酬委員會
徐錦文（主席）
周美林
周銳
公司秘書
陳坤（於二零二一年四月一日獲委任）
授權代表
沈成基（於二零二一年三月三十一日辭任）
朱永寧
陳坤（於二零二一年四月一日獲委任）
主要往來銀行
香港上海滙豐銀行有限公司
恒生銀行有限公司
Corporate Information
公司資料
IDT INTERNATIONAL LIMITED 萬威國際有限公司
3Annual Report 2021 年報
核數師
中審眾環（香港）會計師事務所有限公司
法律顧問
百慕達：
Conyers Dill & Pearman
香港：
陳坤律師行
股份過戶登記處
百慕達：
Conyers Corporate Services (Bermuda) Limited
Clarendon House
2 Church Street
Hamilton, HM 11 Bermuda
香港：
聯合證券登記有限公司
香港
北角
英皇道338號
華懋交易廣場2期
33樓3301–04室
百慕達註冊辦事處
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
香港主要營業地點
香港
九龍
紅磡
民裕街41號
凱旋工商中心1期9樓E座
股份代號
167
網址
AUDITOR
Mazars CPA Limited
LEGAL ADVISORS
Bermuda:
Conyers Dill & Pearman
Hong Kong:
Peter Chen Law Office
SHARE REGISTRARS
Bermuda:
Conyers Corporate Services (Bermuda) Limited
Clarendon House
2 Church Street
Hamilton, HM 11 Bermuda
Hong Kong:
Union Registrars Limited
Suites 3301–04, 33/F.
Two Chinachem Exchange Square
338 King’s Road
North Point
Hong Kong
BERMUDA REGISTERED OFFICE
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
PRINCIPAL PLACE OF BUSINESS IN HONG KONG
Block E, 9th Floor, Phase 1, Kaiser Estate
41 Man Yue Street
Hunghom
Kowloon
Hong Kong
STOCK CODE
167
WEBSITES
智能家居
洞悉先機
Ahead of Time
Connected Home & Communication
Chairman’s
Statement
主席報告書
IDT INTERNATIONAL LIMITED 萬威國際有限公司
6 Annual Report 2021 年報
DEAR SHAREHOLDERS,
On behalf of the board (the “Board”) of directors (each, a “Director”) of IDT International
Limited (the “Company”, together with its subsidiaries, collectively, the “Group” or “we” or
“us”), I am pleased to present the Group’s annual results for the year ended 31 December
2021 (“FY2021” or the “Year” and for the year ended 31 December 2020, “FY2020”).
FINANCIAL RESULTS
The Group’s total revenue for the Year amounted to approximately HK$ million
(FY2020: approximately HK$ million), which was due to the global impact of the
COVID-19, leading to the economic downturn.
致各股東：
本人謹代表萬威國際有限公司（「本公司」，連
同其附屬公司統稱為「本集團」或「我們」）之董
事（各「董事」）會（「董事會」）欣然提呈本集團
截至二零二一年十二月三十一日止年度（「二
零二一年年度」或「本年度」及截至二零二零年
十二月三十一日止年度「二零二零年年度」）之
年度業績。
財務業績
於本年度，本集團錄得總收益約為港幣百
萬元（二零二零年年度：約港幣百萬元）。
這是由於全球範圍內的COVID-19造成的疫情
影響，導致經濟低迷。
Chairman’s Statement
主席報告書
IDT INTERNATIONAL LIMITED 萬威國際有限公司
7Annual Report 2021 年報
Gross profit of the Year totalled approximately HK$ million (FY2020: approximately
HK$ million). Gross profit was decreased by approximately % for the Year,
the Group continues to face with the challenges with the unprecedent impact of the
COVID-19 in the Year, the reduction of overseas sales leads to a decrease in gross
profit. The gross profit margin was increased from approximately % for FY2020 to
approximately % for FY2021.
The Group continued to execute stringent cost controls and streamline organisational
structure and operational procedures. Total operating expenses of the Group, including
research costs, distribution and selling expenses and general administrative expenses,
amounted to approximately HK$ million for the Year (FY2020: approximately
HK$ million). The total operating expense was decreased by approximately %
since the distribution and selling expense has dropped for approximately % which was
attributable to the decrease in turnover. Further, research expense reduced by %.
Other income during the Year was mainly come from subleasing of right-of-use assets/
rented premises amounted to approximately HK$ million (FY2020: approximately
HK$ million). The other losses, net during the Year was recorded as approximately
HK$ million (FY2020: approximately HK$ million), and it was mainly attributable to
provision for losses on litigations.
Charge of loss allowance on financial assets for the Year was recorded as approximately
HK$ million (FY2020: approximately HK$ million) due to decrease in credit loss of
trade receivables.
Loss for FY2021 was approximately HK$ million (FY2020: approximately HK$
million).
本年度毛利總額約為港幣百萬元（二零二
零年年度：約港幣百萬元）。於本年度毛
利減少約%，本集團於本年度持續面臨
COVID-19前所未有的影響帶來的挑戰，海外
銷售量減少，導致毛利下降。毛利率由二零
二零年年度之約%增加至二零二一年年度
之約%。
本集團繼續實施嚴格的成本控制、精簡組織
架構和運營程序。本集團於本年度的總營運
開支約為港幣百萬元（二零二零年年度：
約港幣百萬元）。該等開支包括研究費
用、分銷及銷售開支及一般行政開支。總營
運開支減少約%乃因分銷及銷售開支下跌
約%，可歸因於營業額減少。此外，本集
團研究開支減少%。
本年度其他收入乃主要來自分租使用權資
產╱出租物業約港幣百萬元（二零二零年年
度：約港幣百萬元）。本年度錄得其他虧
損，淨額約港幣百萬元（二零二零年年度：
約港幣百萬元），其乃主要由於訴訟虧損撥
備。
本年度扣除金融資產虧損撥備約為港幣百
萬元（二零二零年年度：約港幣百萬元），
乃由於應收賬款的信貸虧損減少。
二零二一年年度之虧損約為港幣百萬元
（二零二零年年度：約港幣百萬元）。
Chairman’s Statement
主席報告書
IDT INTERNATIONAL LIMITED 萬威國際有限公司
8 Annual Report 2021 年報
前景
由於COVID-19自二零二零年年初開始於內地
及全球其他地區爆發（並出現數波大規模蔓延
浪潮），本集團業務受到嚴重影響。由於二
零二一年COVID-19疫情反覆及貿易戰對全球
供應鏈的衝擊，消費電子產品行業發展深受
其害。由於疫情爆發，本集團客戶已經或預
計將下達的訂單大量取消或不再執行。隨著
COVID-19對海外國家的不利影響緩解，以及
中國政府或會最終調整COVID-19清零政策而
放棄封鎖措施，中國供應商終將解除封鎖干
擾，海外客戶訂單有望重拾動力及信心。
因此，董事會認為COVID-19影響是暫時性
的，後續形勢勢必大幅好轉。本集團業務將
保持長期可持續發展。
長遠來看，本公司正在調整業務重點，以專
注於僅需輕資產的設計及銷售。
OUTLOOK
Because of the outbreak of COVID-19 since early 2020 (and there had been several major
waves of spread) in the Mainland as well as other parts of the globe, the Group’s business
has been significantly affected. Due to resurgence of the COVID-19 pandemic in 2021 and
the impact of the trade war on the global supply chain, the consumer electronic industry
has suffered serious disruption in development. Because of such outbreak, a significant
number of orders placed or expected to be placed by the customers of the Group had
been cancelled or not proceeded. With ease of adverse impact of COVID-19 in overseas
countries and that the PRC government might ultimately adjust its zero-COVID policy by
abandoning lockdown measures, it is hopeful that the orders from overseas customers will
regain momentum and confidence in the China-based suppliers which will no longer be
disrupted by lockdown.
Thus, the Board considered that the impact of COVID-19 should only be temporary, and
the situation should improve substantially thereafter. The business of the Group should
remain sustainable in the long run.
In long term, the Company is adjusting its business focus on design and sales which only
require light asset.
Chairman’s Statement
主席報告書
IDT INTERNATIONAL LIMITED 萬威國際有限公司
9Annual Report 2021 年報
APPRECIATION
On behalf of the Board of Directors, I wish to express my gratitude to all shareholders
and business associates for the continuous support. Our deep appreciation also goes to
the management team and staff members for their hard work and dedication in the past
financial period.
Zhu Yongning
Chief Executive Officer
31 May 2022
Hong Kong
致謝
本人謹代表董事會感謝各股東及業務夥伴一
直對本集團之支持，亦感謝管理團隊及全體
員工於上個財政期間內的辛勤工作及盡心服
務。
行政總裁
朱永寧
二零二二年五月三十一日
香港
Directors and Senior Management of the Group
本集團董事及高級管理層
IDT INTERNATIONAL LIMITED 萬威國際有限公司
10 Annual Report 2021 年報
EXECUTIVE DIRECTOR
Zhu Yongning
Executive Director and Chief Executive Officer, aged 53. Mr. Zhu graduated from Fudan
University of Shanghai with a master degree in international finance, and is a senior
economist. He has over 30 years of working experience in the financial sector. Mr. Zhu
is the director of Christine International Holding Limited, whose stock code is 01210,
and Jiangsu Nandasoft Technology Company Limited, whose stock code is 08045. Since
1990, Mr. Zhu served successively of the international business department of China
Construction Bank in Jiangsu province, president of a sub-branch of China Investment Bank
under its Jiangsu branch, sub-branch of China Everbright Bank.
NON-EXECUTIVE DIRECTOR
Cui Xiao
Non-Executive Director, aged 44, joined Hongtu SanPower Advanced Technology
Limited* (“Hongtu Sanbao”), a wholly-owned subsidiary of Jiangsu Hongtu High
Technology Co., Ltd.* (“Jiangsu Hongtu”) in 2001 and served as Hongtu Sanbao’s director
of information department, network maintenance department, and is currently working at
the human resources corporate governance and administration centre of Hongtu Sanbao.
Since 28 February 2020, Mr. Cui is a supervisor of Jiangsu Hongtu, a company established in
the People’s Republic of China with limited liability, whose shares are listed on the Shanghai
Stock Exchange (stock code: 600122). He obtained a bachelor degree in economics and
administration management from Nanjing Politics College of People’s Liberation Army of
China in 2012.
執行董事
朱永寧
行政總裁兼執行董事，53歲。朱先生畢業於
上海復旦大學國際金融專業，取得碩士學
位，為高級經濟師，彼有超過30年金融專業
工作經驗。朱先生現亦擔任克莉絲汀國際控
股有限公司（股份代號：01210）及江蘇南大蘇
富特科技股份有限公司（股份代號：08045）之
董事。自一九九零年起，朱先生曾先後供職
於江蘇省中國建設銀行國際業務部、中國投
資銀行江蘇省分行支行行長、中國光大銀行
某支行行長。
非執行董事
崔嘯
非執行董事，44歲，於二零零一年加盟江蘇
宏圖高科技股份有限公司（「江蘇宏圖」）之全
資附屬公司宏圖三胞高科技術有限公司（「宏
圖三胞」），並曾擔任宏圖三胞之信息部部
長、網絡維護部部長，現就職於宏圖三胞
之人力企管行政中心。自二零二零年二月
二十八日為江蘇宏圖（一間於中華人民共和國
成立的有限公司，其股份於上海證券交易所
上市（股份代號：600122））之監事。崔先生於
二零一二年自中國人民解放軍南京政治學院
獲取經濟與行政管理學士學位。
Directors and Senior Management of the Group
本集團董事及高級管理層
IDT INTERNATIONAL LIMITED 萬威國際有限公司
11Annual Report 2021 年報
獨立非執行董事
周美林
獨立非執行董事、審核委員會主席以及提名
及企業管治委員會和董事會薪酬委員會成
員，55歲。周先生是中國執業律師、中國註
冊會計師（非執業）、稅務師、南京財經大學
兼職教師。
自二零一六年一月至今，周先生加入江蘇德
擎律師事務所任律師。在此之前，周先生於
一九八五年七月至二零一五年十二月期間
在江蘇省南京市玄武區稅務局工作，從事過
稅政、徵管、財務管理、稽查等崗位（其中
一九九五年至一九九六年，周先生就職於南
京石城會計（稅務）師事務所）。在稅務局任
職期間，周先生被聘為稅務系統兼職教師，
多次參加省市稅務系統風險平台和稽查指南
的編寫，參加過數十起企業破產、改制、重
組、併購工作，憑藉其深厚的業務功力多次
獲得稅務系統業務能手的稱號。自二零二零
年十二月三日起，周先生獲委任為江蘇南大
蘇富特科技股份有限公司（香港上市公司，股
份代號：08045）獨立非執行董事。自二零二一
年四月二十二日起，周先生獲委任為江蘇中
旗科技股份有限公司（股份代號：SZ300575）
獨立非執行董事。
周先生在會計、企業內部控制、財務報表分
析、稅務籌劃及相關法律等方面有豐富的經
驗，擅長企業上市、重組、併購、破產、稅
收爭議的解決、稅務風險防範和稅務籌劃。
周先生擁有南京師範大學本科學歷。
INDEPENDENT NON-EXECUTIVE DIRECTORS
Zhou Meilin
Independent Non-Executive Director, the chairman of the audit committee, a member
of nomination and corporate governance committee and remuneration committee of
the Board, aged 55. Mr. Zhou is a Chinese practicing lawyer, Chinese certified public
accountant (Non-practicing), tax agent, and part-time teacher of Nanjing University of
finance and economics.
From January 2016, Mr. Zhou joined Jiangsu Deqing law firm as lawyer. Before that, Mr.
Zhou worked for Nanjing Xuanwu Tax Bureau from July 1985 to December 2015, took
the different positions including tax administration, tax collection and management, financial
management, tax audit (from 1995 to 1996, Mr. Zhou worked for Nanjing Shicheng
Accounting (Tax) Firm). During the period in the tax bureau, Mr. Zhou was employed as a
part-time teacher in tax system, participated in the compilation of provincial and municipal
tax system risk platforms and inspection guidelines for many times, and participated in
dozens of enterprise bankruptcy, reform, restructuring and merger and acquisition work.
By virtue of his profound business skills, Mr. Zhou has won the title of tax system business
expert for many times. Mr. Zhou is an independent non-executive director of Jiangsu
Nandasoft Technology Company Limited* whose share are listed in Hong Kong with stock
code 08045 since 3 December 2020. Mr. Zhou is an independent non-executive director
of Jiangsu ZhongQi Technology Company Limited* (stock code: SZ300575) since 22 April
2021.
Mr. Zhou has extensive experience in accounting, internal control, financial statement
analysis, tax planning and related laws; he is good at enterprise initial public offerings,
reorganisation, merger and acquisition, bankruptcy, tax dispute settlement, tax risk
prevention and tax planning. Mr. Zhou holds a bachelor’s degree from Nanjing Normal
University.
Directors and Senior Management of the Group
本集團董事及高級管理層
IDT INTERNATIONAL LIMITED 萬威國際有限公司
12 Annual Report 2021 年報
周銳
獨立非執行董事、提名及企業管治委員會主
席兼薪酬委員會及董事會審核委員會成員，
36歲。自二零一五年至今，周銳先生任職中
國銀河證券股份有限公司副總裁，主要負責
帶領團隊開拓業務及為公眾及私人公司提供
投融資顧問服務。周銳先生於二零一二年八
月至二零一四年二月擔任北京弘毅遠方投資
顧問有限公司高級經理職務，負責投資項目
挖掘、調研、投資和投後管理等。周銳先生
於二零零九年八月至二零一二年八月擔任中
國國際金融有限公司主管，負責證券交易系
統的設計和測試工作。周銳先生持有南京大
學數學碩士學位。
Zhou Rui
Independent Non-Executive Director, the chairman of the nomination and corporate
governance committee, and a member of the remuneration committee and the audit
committee of the Board, aged 36. Mr. Zhou Rui is the vice president of China Galaxy
Securities from 2015 up to present, mainly responsible for business development and
providing investment, fund-raising consultant service to public and private company. During
August 2012 to February 2014, Mr. Zhou Rui worked in Beijing Hony Future Investment
Advisor Ltd as a senior manager, responsible for finding right investment project, executing
due diligence and investment and after investment management. During August 2009
to August 2012, Mr. Zhou Rui served as a supervisor of China International Capital
Corporation Limited, responsible for securities trading system’s design and testing. Mr.
Zhou Rui holds a master degree in Mathematics from Nanjing University.
Directors and Senior Management of the Group
本集團董事及高級管理層
IDT INTERNATIONAL LIMITED 萬威國際有限公司
13Annual Report 2021 年報
Xu Jinwen
Independent Non-Executive Director and the chairman of the remuneration committee
and the nomination and corporate governance committee and the audit committee of the
Board, aged 56. Mr. Xu is the chairman of the board, chief executive officer and executive
Director of Changjiang Securities International Financial Group Limited, and independent
non-executive Director of Shenzhen Zhongheng Hwafa Co., Ltd, the shares of which are
listed on the Shenzhen Stock Exchange (SZSE: 000020 and 200020). Mr. Xu served as the
deputy general manager of China Construction Bank Hubei Provincial Trust and Investment
Corporation (中國建設銀行湖北省信託投資公司) from December 1990 to October
1995. He worked in Guotai Securities Limited Hubei Branch* (國泰證券有限公司湖北分
公司) as the deputy general manager, and Guotai Junan Securities Limited Jiangxi Branch*
(國泰君安証券股份有限公司江西分公司 ) as the general manager from October
1995 to November 2002. Mr. Xu worked as president in Golden Sun Securities Limited*
(國盛證券有限公司) from November 2002 to April 2006. Mr. Xu served as the chairman
in Changjiang BNP Paribas Peregrine Securities Co., Ltd. from April 2006 to May 2007.
Mr. Xu was the executive vice president and the secretary of the board of Changjiang
Securities Company Limited from May 2007 to March 2016. Mr. Xu has over 30 years
of experience working in the financial industry, and he particularly worked in the area of
securities for more than 20 years. He is very familiar with China and overseas financial
markets and products, with extensive experience in the management of financial institution
and investment. Mr. Xu holds a doctorate degree in Management Science and Engineering
from Huazhong University of Science and Technology.
* For identification purpose only
徐錦文
獨立非執行董事兼薪酬委員會主席、提名及
企業管治委員會以及董事會審核委員會成
員，56歲。徐先生現任長江證券國際金融集
團有限公司董事會主席兼行政總裁，並為執
行董事，及擔任深交所上市公司深圳中恒華
髮股份有限公司（股票代碼：000020及200020）
獨立非執行董事一職。徐先生於一九九零
年十二月至一九九五年十月擔任中國建設
銀行湖北省信託投資公司副總經理。彼於
一九九五年十月至二零零二年十一月先後擔
任國泰證券有限公司湖北分公司常務副總、
國泰君安証券股份有限公司江西分公司總經
理。徐先生於二零零二年十一月至二零零六
年四月擔任國盛證券有限公司總裁。徐先生
於二零零六年四月至二零零七年五月擔任長
江巴黎百富勤證券有限責任公司董事長。徐
先生於二零零七年五月至二零一六年三月擔
任長江證券股份有限公司執行副總裁兼董事
會秘書。徐先生從事金融行業三十餘年，證
券行業二十餘年，熟知中國境內外金融市場
和產品，擁有豐富的金融機構管理和投資經
驗。徐先生擁有華中科技大學管理科學與工
程博士學位。
智能教育與學習
樂於探索
Connecting Exploration with Fun
Smart Learning & Immersive Technology
Management
Discussion and
Analysis
管理層討論及分析
16 Annual Report 2021 年報
IDT INTERNATIONAL LIMITED 萬威國際有限公司
Management Discussion and Analysis
管理層討論及分析
IDT INTERNATIONAL LIMITED 萬威國際有限公司
17Annual Report 2021 年報
BUSINESS REVIEW
Due to resurgence of the COVID-19 pandemic in 2021 and the impact of the trade war
on the global supply chain of chips, the consumer electronic industry has suffered serious
disruption in development. IDT International Limited (the “Company”) and its subsidiaries
(collectively, the “Group” or “we” or “us”) continued to devote efforts in reshaping
product development direction, customer base and commercial terms, and in streamlining
its organisational structure, operation processes and administrative costs. For the year
ended 31 December 2021 (“FY2021” or the “Year”), the Group recorded sales revenue
of approximately HK$ million (for the year ended 31 December 2020 (“FY2020”):
HK$ million) and gross profit of approximately HK$ million (FY2020: HK$
million).
Meanwhile, management implemented various measures to improve lean manufacturing,
streamline manpower and achieve business model reform. Due to the sudden resurgence
of the pandemic in the People’s Republic of China (the “PRC” or “China”), the PRC
government has called for private enterprises to minimise or suspend operations, and
imposed lockdowns in various areas. In response to the government’s appeal and to
minimise incurring non-operating costs, the Group decided to temporarily discontinue
production at our Shenzhen factory in March 2022.
The Group closely monitors cash flow through reshaping our customer base and
renegotiating commercial terms with our business partners. As at 31 December 2021,
trade receivables decreased by approximately % to approximately HK$ million
(2020: approximately HK$ million). In order to optimise inventory management,
we reduced the number of stock keeping units (“SKU”), such that inventories was
maintained at a low level of approximately HK$ million as at 31 December 2021 (2020:
approximately HK$ million).
VALUE MANUFACTURING SERVICES (“VMS”)
The global electronics industry remained sluggish in FY2021 due to the global coronavirus
pandemic, which caused logistics disruptions and difficulties in work resumption of supply
chain upstream enterprises. For FY2021, the VMS business recorded sales revenue of
approximately HK$ million (FY2020: approximately HK$ million), representing
approximately % of the Group’s total revenue.
業務回顧
於二零二一年，由於COVID-19疫情反覆，
加之貿易戰對全球芯片供應鏈帶來的影響，
嚴重衝擊了消費電子行業的發展。萬威國際
有限公司（「本公司」）及其附屬公司（統稱「本
集團」或「我們」）繼續致力於重塑產品發展方
向、客戶群及商業條款，並精簡組織架構、
營運流程及行政成本。截至二零二一年十二
月三十一日止年度（「二零二一年年度」或「本
年度」），本集團實現銷售收入約港幣百
萬元（截至二零二零年十二月三十一日止年度
（「二零二零年年度」）：港幣百萬元），及
毛利約港幣百萬元（二零二零年年度：港幣
百萬元）。
同時，管理層實施了加強精益製造、精簡人
力和實施商業模式變革的多項措施。由於中
華人民共和國（「中國」）國內疫情突然復發，
中國政府要求非民生企業盡量減少或暫停辦
公，眾多區域封閉，人員禁行，本集團響應
政府號召，同時減少非營業成本消耗，於二
零二二年三月，決定深圳工廠暫時停產。
本集團透過重整客戶群以及與業務合作夥伴
重新商議商業條款，密切監控現金流量。於
二零二一年十二月三十一日，應收賬款金額
減少約%至約港幣百萬元（二零二零
年：約港幣百萬元）。為了更有效的存貨管
理，我們縮減庫存量單位（「SKU」）數量，使於
二零二一年十二月三十一日存貨維持於約港
幣百萬元（二零二零年：約港幣百萬元）
的低水平。
價值製造服務（「VMS」）
於二零二一年年度，受全球新冠肺炎疫情的
影響，物流運輸受阻，供應鏈上游企業復工
困難，導致全球電子產品行業持續低迷。二
零二一年年度，VMS業務的銷售收入約為港幣
百萬元（二零二零年年度：約港幣百萬
元），佔本集團總收入的約%。
Management Discussion and Analysis
管理層討論及分析
IDT INTERNATIONAL LIMITED 萬威國際有限公司
18 Annual Report 2021 年報
Despite the lower sales revenue, the research and development team of VMS continued
to maintain close relationships with global innovative technology partners to explore
new partnership opportunities, such as the joint development of the E-ink watch, pulse
wave transit time (PWTT) smart blood pressure measurement and dynamic heart
rate measurement solutions, in order to maintain our technological edge and market
competitiveness.
Management decided to renegotiate more favourable commercial terms with most of our
VMS customers, with an aim to improve gross margins and speed up the recovery of trade
receivables, which will help build a robust foundation for future business development.
OREGON SCIENTIFIC (“OS”)
For FY2021, the OS business recorded total sales revenue of approximately HK$
million (FY2020: approximately HK$ million), decreasing by approximately % over
FY2020, representing approximately % of the Group’s total revenue. The decrease in
revenue was mainly due to the impact of the global coronavirus pandemic.
Smart Learning and Immersive Technology (“SLIT”) and health care will be a focus
category. The Group has commenced a partnership with a leading hospital and sleep
science research institute in Jiangsu, China, to develop projects on sleep improvement and
health tracking, with strong focus on the demand for health care assistance products from
middle-aged and elderly consumer groups, which will be significant for the Sport, Fitness
and Health (“SFH”) category. With online learning gradually becoming a major method for
education in the pandemic, opportunities in the SLIT market have increased. The Group
is building a strategic partnership with China’s Intellectual Property Publishing House to
commence development on new products, in order to satisfy the massive demand for
smart learning products from consumers in China.
WORKING CAPITAL
The inventory balance as at 31 December 2021 was approximately HK$ million,
decreased by approximately % compared to approximately HK$ million as at 31
December 2020. The inventory turnover days increased to 147 days (FY2020: 87 days).
Trade debtor balances as at 31 December 2021 was approximately HK$ million,
decreased by approximately % compared to approximately HK$ million shown as
at 31 December 2020. Trade debtor’s turnover days were decreased to 16 days (FY2020:
97 days).
儘管銷售收入較低，但為了保持技術領先性
和市場競爭力，VMS研發團隊不斷和全球新技
術創新合作夥伴保持緊密聯繫，尋求新的合
作機會，如共同開發E-ink墨水屏手錶、脈搏
波傳導時間(PWTT)智能血壓測量及心率動態
測量解決方案。
管理層決定與大多數VMS客戶重新協商達成更
優惠的商業條款，以提高毛利率為目標，及
加快回收應收賬款。這有助於為未來的業務
發展奠定更健康的基礎。
OREGON SCIENTIFIC（「OS」）
於二零二一年年度，OS業務的銷售收入總
計約為港幣百萬元（二零二零年年度：約
港幣百萬元），較二零二零年年度減少約
%，佔本集團總收入的約%，收入減少
主要因受到全球新冠肺炎疫情的影響。
智能教育與學習（「SLIT」）和醫療保健領域將
是我們重點關註的領域，本集團已著手與中
國江蘇省一家領先醫院及睡眠科學研究所開
展睡眠改善和健康監測項目，重點關注中老
年消費群體對健康輔助產品的需求，這些項
目將在運動、健體及健康（「SFH」）領域發揮重
要作用。線上教學逐步成為疫情期間的主要
學習方式，SLIT的市場機會更多，本集團正在
與中國知識產權出版社建立戰略合作夥伴關
係，開始開發新產品，以滿足中國消費者對
智能學習產品的巨大需求。
營運資金
於二零二一年十二月三十一日，存貨結餘約
為港幣百萬元，較於二零二零年十二月
三十一日之約港幣百萬元下降約%。存
貨週轉日數增加至147日（二零二零年年度：
87日）。於二零二一年十二月三十一日，應
收賬款結餘約為港幣百萬元，較二零二零
年十二月三十一日之約港幣百萬元下降約
%。應收賬款週轉日數減少至16日（二零二
零年年度：97日）。
Management Discussion and Analysis
管理層討論及分析
IDT INTERNATIONAL LIMITED 萬威國際有限公司
19Annual Report 2021 年報
The finance lease receivables relate to the subletting of factory and office space to
prospective independent third party tenants to generate revenue of the Group. It is a
reclassification of the “rights of use of assets” previously recognized by the Group as
a result of entering into the lease agreements for these properties and the expected
discounted income from the sub-leases for the remaining term of the sub-leases.
Such subleases maximise the Company’s resources from the operation perspective,
increase the Company’s cash inflow and hence are in the interest of the Company and its
shareholders.
CAPITAL STRUCTURE
The net liabilities value of the Group as at 31 December 2021 stood at approximately
HK$ million (FY2020: approximately HK$ million), approximately % higher
than that of 2020. As at 31 December 2021, there was 2,599,993,088 issued and fully paid
shares with HK$ each. The net liabilities value per share as at 31 December 2021 was
approximately cents (FY2020: approximately cents).
GEARING RATIO
As at 31 December 2021, the Group’s total assets amounted to approximately HK$
million. Total liabilities amounted to approximately HK$ million, the Group expresses
its gearing ratio as a percentage of borrowings over total assets which was approximately
% (2020: approximately %). The increase in the loan from a shareholder for
financial support of the Company resulted in the increase in the gearing ratio.
LIQUIDITY AND TREASURY MANAGEMENT
As at 31 December 2021, bank balances and cash of the Group, including restricted bank
balances, amounted to approximately HK$ million (2020: approximately HK$
million). During the Year, the Group generated its funds mainly from operating or financing
activities. The net cash position (bank balances and cash) as at 31 December 2021
amounted to approximately HK$ million (2020: approximately HK$ million).
融資租賃應收款項與將工廠及辦公室空間轉
租予潛在獨立第三方租戶以為本集團產生收
益有關。此乃本集團先前因就該等物業訂立
租賃協議而對本集團先前確認的「使用權資
產」以及就該分租餘下期間的分租預期貼現收
入的重新分類。
就運營方面而言，該等分租充分利用本公司
資源，增加本公司現金流入量，因此符合本
公司及其股東利益。
資本架構
本集團於二零二一年十二月三十一日的負債
淨值維持於約港幣百萬元（二零二零年
年度：約港幣百萬元），較二零二零年
高出約%。於二零二一年十二月三十一
日，本集團擁有2,599,993,088股每股面值港
幣元的已發行及繳足股份。於二零二一年
十二月三十一日，每股股份之負債淨值約為
港幣仙（二零二零年年度：約為港幣
仙）。
資產負債比率
於二零二一年十二月三十一日，本集團的總
資產約為港幣百萬元，總負債約為港幣
百萬元。本集團之資產負債比率（即借款
佔總資產之百分比）為約%（二零二零年：
約%）。來自一名股東為本公司提供財務
支持的貸款增加導致資產負債比率增加。
流動資金及財務管理
於二零二一年十二月三十一日，本集團之銀
行結餘及現金（包括受限制銀行結餘）約為港
幣百萬元（二零二零年：約港幣百萬
元）。於本年度，本集團之資金主要來源於經
營或融資活動。於二零二一年十二月三十一
日，淨現金狀況（銀行結餘及現金）約為港幣
百萬元（二零二零年：約港幣百萬元）。
Management Discussion and Analysis
管理層討論及分析
IDT INTERNATIONAL LIMITED 萬威國際有限公司
20 Annual Report 2021 年報
CHARGES ON GROUP ASSETS
At 31 December 2021, there were no finance charges on the Group’s assets.
CAPITAL EXPENDITURE
There was no capital expenditure on property, plant and equipment for FY2021 (FY2020:
approximately HK$ million).
There were no material acquisitions or disposals of subsidiaries and associated companies
in the course of FY2021.
DIVIDEND
The Directors of the Company do not recommend any dividend for FY2021 (FY2020: Nil).
CONTINGENT LIABILITIES/LITIGATIONS
(a) In December 2020, there was a litigation initiated by a supplier of the Group in
Hong Kong claiming the allegedly due and unpaid balance of purchase orders against
a subsidiary of the Group in Hong Kong in view of unilateral cancellation of purchase
orders by the subsidiary of the Group for a sum of approximately US$334,000
(equivalent to approximately HK$ million). The management of the Group,
having obtained the legal advice from an independent legal counsel, estimated that
the Group will likely be liable to pay for the total and, therefore, the Group had
recognised the provision for losses on litigations of approximately HK$ million
in profit or loss for the year ended 31 December 2020. During the year ended 31
December 2021, the litigation is still in process.
本集團資產抵押
於二零二一年十二月三十一日，本集團概無
任何用作財務抵押之資產。
資本開支
於二零二一年年度，並無物業、機器及設備
之資本開支（二零二零年年度：約港幣百萬
元）。
於二零二一年年度，本集團並無進行有關附
屬公司及聯營公司之重大收購或出售。
股息
本公司董事不建議派付二零二一年年度之任
何股息（二零二零年年度：無）。
或然負債╱訴訟
(a) 於二零二零年十二月，本集團於香港的
一名供應商鑒於本集團附屬公司單方面
取消金額約為334,000美元（相當於約港
幣百萬元）的採購訂單而提起訴訟，
就其聲稱的本集團於香港的一間附屬公
司採購訂單之到期未付結餘提出申索。
本集團管理層經獲取獨立法律顧問之法
律意見後，估計本集團將有可能傾向於
支付總額，因此本集團於截至二零二零
年十二月三十一日止年度之損益內確認
訴訟虧損撥備約港幣百萬元。截至二
零二一年十二月三十一日止年度，該訴
訟仍在受理中。
Management Discussion and Analysis
管理層討論及分析
IDT INTERNATIONAL LIMITED 萬威國際有限公司
21Annual Report 2021 年報
Subsequently, on 12 April 2022, the Group has filed a Consent Summons for
settlement to the District Court of the Hong Kong Special Administrative Region.
According to the Consent Summons, the settlement sum was reduced to
approximately US$130,000 (equivalent to approximately HK$ million) and was
agreed to be settled by instalments on without admission of liability basis. On 11
May 2022, the Consent Summons was approved. As a result, a reversal of provision
for losses on litigations of approximately HK$ million had been recognised in
“Provision for losses on litigations, net” in “Other losses, net” in the consolidated
statement of profit or loss and other comprehensive income for the year ended 31
December 2021.
(b) In 2020, the Group received a notice from a District Court in the PRC (the “PRC
Court”) stating that a supplier of the Group in the PRC has initiated legal action
against certain subsidiaries of the Group in the PRC by claiming the allegedly
due and unpaid balance of subcontracting fees from the Group. In respect of the
aforesaid due and unpaid balance of subcontracting fees approximately HK$
million had been recognised in “Trade payables” at 31 December 2021 and 2020.
According to judgements dated 16 August 2021 issued by the PRC Court,
the Group was liable to make payment of approximately million and
approximately million (equivalent to approximately HK$ million and
approximately HK$ million) as settlement of subcontracting fees and material
costs, respectively. The Group has then filed an appeal for such judgements to the
PRC Court.
Based on the legal advice obtained from an independent legal counsel, the
management of the Group considered no further provision for litigation was
required to be made for the year ended 31 December 2021. Subsequent to the
financial year end date of 31 December 2021 and up to the date of approving these
consolidated financial statements, the litigation is still in process.
其後，於二零二二年四月十二日，本集
團已向香港特別行政區區域法院提交和
解同意傳訊令狀。根據同意傳訊令狀，
和解金額減至約130,000美元（相當於約
港幣百萬元）並同意在不承認責任之
基礎上分期付款結清。於二零二二年
五月十一日，同意傳訊令狀獲批准。因
此，訴訟虧損撥備撥回約港幣百萬
元已於截至二零二一年十二月三十一日
止年度的綜合損益及其他全面收益表內
「其他虧損，淨額」中的「訴訟虧損撥備
淨額」確認。
(b) 於二零二零年，本集團接獲中國地方法
院（「中國法院」）的通知，稱本集團於中
國的一名供應商已針對本集團的若干中
國附屬公司提起法律訴訟，就其聲稱的
應收本集團分包費之到期未付結餘提出
申索。上述到期未付分包費結餘約為港
幣百萬元，已於二零二一年及二零二
零年十二月三十一日於「應付賬款」內確
認。
根據中國法院日期為二零二一年八月
十六日之判決，本集團須分別支付約人
民幣百萬元及約人民幣百萬元（相
當於約港幣百萬元及約港幣百萬
元）以結算分包費及材料成本。本集團
已就該等判決向中國法院提出上訴。
基於一名獨立法律顧問的法律建議，本
集團管理層認為，於截至二零二一年
十二月三十一日止年度內無須為有關訴
訟進一步計提撥備。於財政年結日二零
二一年十二月三十一日後及直至批准該
等綜合財務報表日期，訴訟仍在受理
中。
Management Discussion and Analysis
管理層討論及分析
IDT INTERNATIONAL LIMITED 萬威國際有限公司
22 Annual Report 2021 年報
(c) During the year ended 31 December 2021, the Group received several notices
from the PRC Court stating that a group of ten individual former employees and
three individual former employees of the Group in the PRC have initiated legal
action against subsidiaries of the Group in the PRC by claiming compensation of the
dismissal of labour contract in view of breach of terms in employment agreement
with the Group. Pursuant to the judgements made by the court of the PRC, the
Group was ordered to make payment amounting to approximately HK$ million
which had been recognised in “Provision for losses on litigations, net” in “Other
losses, net” in the consolidated statement of profit or loss and other comprehensive
income for the year ended 31 December 2021.
For the case against the group of ten individuals former employees, which payment
to them was approximately million (equivalent to approximately HK$
million); the Group has been trying to reach a settlement agreement with them
subsequent to the judgement issued by the PRC Court. As for the remaining cases
of three individuals former employees, which the total payments to them were
approximately million (equivalent to approximately HK$ million), the
Group has filed for appeals for such judgements to the PRC Court.
Subsequent to the year end date of 31 December 2021 and up to the date of
approving these consolidated financial statements, the Group has yet to reach a
settlement agreement with the group of ten former employees and the litigations
concerning the three individuals former employees are still in process.
Other than the disclosure of above and elsewhere in the consolidated financial
statements, at the end of the reporting period, the Group was not involved in any
other material litigation or arbitration. As far as the management of the Group was
aware, the Group had no other material litigation or claim which was pending or
threatened against the Group. At 31 December 2021 and 2020, the Group was the
defendant of certain non-material litigations, and also a party to certain litigations
arising from the ordinary course of business of the Group. The likely outcome of
these contingent liabilities, litigations or other legal proceedings cannot be ascertained
with reasonable certainty at present, but the management of the Group believes
that any possible legal liability which may be incurred from the aforesaid cases will
not have any material impact on the financial position or results of the Group.
(c) 於截至二零二一年十二月三十一日止年
度，本集團接獲中國法院的若干通知，
稱由本集團中國的十名個別前任僱員及
三名個別前任僱員組成的小組已對本集
團於中國的附屬公司提起訴訟，要求就
本集團違反僱傭協議中的條款而解除勞
動合同獲得賠償。根據中國法院的判
決，本集團被責令立即支付約港幣百
萬元，該款項已於截至二零二一年十二
月三十一日止年度的綜合損益及其他全
面收益表內「其他虧損，淨額」中的「訴
訟虧損撥備淨額」確認。
就十名前任僱員的案件而言，向彼等支
付的款項約為人民幣百萬元（相當於
約港幣百萬元）；在中國法院作出判
決後，本集團一直試圖與彼等達成和解
協議。至於餘下的三名前任僱員案件，
向彼等支付的款項總額約為人民幣百
萬元（相當於約港幣百萬元），本集團
已就該等判決向中國法院提出上訴。
於年結日二零二一年十二月三十一日後
及直至批准該等綜合財務報表日期，本
集團尚未與十名前任僱員達成和解協
議，有關三名個別前任僱員的訴訟仍在
受理中。
除上述及其他於綜合財務報表中的披露
外，於報告期末，本集團未牽涉任何其
他重大訴訟或仲裁。據本集團管理層所
知，本集團並無其他未決或威脅本集團
的重大訴訟或申索。於二零二一年及二
零二零年十二月三十一日，本集團為
若干非重大訴訟的被告，亦於本集團的
日常業務過程中牽涉若干訴訟。目前尚
無法確定該等或有負債、訴訟或其他法
律程序的可能結果，但本集團管理層認
為，上述案件可能引起的任何可能法律
責任將不會對本集團的財務狀況或業績
產生任何重大影響。
Management Discussion and Analysis
管理層討論及分析
IDT INTERNATIONAL LIMITED 萬威國際有限公司
23Annual Report 2021 年報
HUMAN RESOURCES AND REMUNERATION POLICY
As at 31 December 2021, the Group had 353 employees. The Group fully recognises the
importance of its employees who contribute significantly to its success and continues to
maintain and upgrade the capabilities of its workforce by providing them with adequate
and regular training.
The Group’s remuneration policy is to provide compensation packages at market rates
which reward individual’s performance and attract, retain and motivate high quality
employees. The compensation packages offered by the Group are comparable with
other organisations of similar size and business nature and are reviewed annually. The
components of employee’s remuneration package consist of base salary, double pay,
fringe benefits including pension scheme, medical insurance, life and personal accident
insurance, employee compensation and business travel insurance as well as incentives like
discretionary cash bonus.
In Xixiang, Shenzhen, China where the Xixiang facilities are located, staff welfare rates
are set with reference to the prevailing labour laws in China. Accommodation and leisure
facilities are also provided to local staff at Xixiang facilities.
The Group’s remuneration philosophy for senior executives is based upon creating a
strong link between performance and reward in accordance with the following principles:
1. Fixed salaries and benefits are set at median-market level against comparable
groups of companies selected on the basis of similar size and business nature and
benchmarked with the prevailing market conditions; and
2. Performance-related bonus is linked to the achievement of pre-defined performance
targets including financial targets, performance index and pre-agreed management
objectives.
人力資源及薪酬政策
於二零二一年十二月三十一日，本集團聘有
353名僱員。本集團深明僱員對本集團取得今
日成就實在功不可沒，並為員工提供充足及
定期培訓，藉以保持及不斷提升員工之工作
表現。
本集團之薪酬政策旨在提供符合市場水平的
薪津組合，以回報僱員之個人表現，並且吸
引、挽留並激勵能幹員工。本集團之薪津
組合可與其他規模和業務性質相若之機構提
供薪津組合媲美，而本集團亦會每年對此進
行檢討。僱員之薪津組合包括基本薪金、雙
糧、額外福利（包括退休保障計劃、醫療保
險、人壽及個人意外保險、僱員補償及公幹
保險），以及酌情現金花紅等獎勵。
於西鄉設施之所在地，中國深圳西鄉，員工
福利水平乃參考中國現行之勞動法而制定。
駐西鄉設施之本地員工均獲提供住宿及消閒
設施。
本集團釐定高級行政人員薪酬之理念為使其
表現與回報緊密掛鈎，當中所根據之原則如
下：
1. 本集團先選出一系列規模及業務性質相
若之公司作比較指標，使固定薪金及福
利定於市場水平的中位數，並以現行市
況作基準；及
2. 績效花紅與能否達到既定表現目標（包
括財務目標、表現指數及預先協議之管
理目標）掛鈎。
Management Discussion and Analysis
管理層討論及分析
IDT INTERNATIONAL LIMITED 萬威國際有限公司
24 Annual Report 2021 年報
董事酬金由薪酬委員會參考業務種類或規模
相若之公司，以及董事會與董事委員會（「董
事委員會」）之工作性質和工作量（包括會議次
數及議題性質）後提出建議，務求董事可就所
付出之時間及貢獻得到合理報酬。董事酬金
由董事會根據股東於股東週年大會上授予之
授權而批准。如董事獲委任為個別委員會之
成員，其將獲發袍金。除出任本公司董事而
獲得之可報銷開支外，非執行董事並不獲發
基本薪金、福利、花紅或退休保障。各董事
不得參與釐定本身薪酬福利之程序。本年度
支付予董事之薪酬及袍金的詳情載於本年報
綜合財務報表附註10。
The emolument of the Directors is recommended by the remuneration committee with
reference to companies of comparable business type or scale, and the nature and quantity
of work at both Board and Board committee (“Board Committee”) levels (including
frequency of meetings and nature of agenda items) in order to compensate Directors
reasonably for their time and efforts spent. The Directors’ emolument is approved by the
Board pursuant to the mandate granted by the shareholders at annual general meetings.
Remuneration are paid to a Director for appointment as a member of a particular
committee. Non-Executive Directors receive no base pay, benefits, bonus or pension
except reimbursement for expenses incurred in connection with their directorship of the
Company. No individual Director is allowed to participate in the procedures for deciding
his/her individual remuneration package. Full details of the remuneration of and fees paid to
the Directors for the Year are set out in note 10 of the consolidated financial statements
contained in this annual report.
Corporate Governance Report
企業管治報告書
IDT INTERNATIONAL LIMITED 萬威國際有限公司
25Annual Report 2021 年報
The Group is committed to achieving a up to stipulated standard of corporate governance
to safeguard the interests of all shareholders and to enhance corporate value and
accountability. Throughout the year ended 31 December 2021 (“FY2021” or the “Year”),
the Company has applied the principles and complied with all code provisions and where
applicable, the recommended best practices prescribed in the Corporate Governance
Code (the “CG Code”) in Appendix 14 to the Rules Governing the Listing of Securities (the
“Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”), save
for the deviation from the Code Provision , and . This report describes its
corporate governance practices, explains the applications of the principles of the CG Code
and deviations during FY2021.
BOARD OF DIRECTORS
Board
During FY2021, the Board comprised five Directors of whom one is Executive Director
and one is Non-Executive Director and three are Independent Non-Executive Directors.
Brief biographical details of the Directors appear in the Directors and Senior Management
of the Group section of this annual report. An updated list of Directors of the Company
and their respective roles and functions are posted on the Stock Exchange’s website and
the Company’s website.
Appointment, Re-election and Retirement of Directors
The nomination and corporate governance committee of the Board (“NCGC”) reviews
the profiles of the candidates and makes recommendations to the Board on the
appointment, re-election and retirement of Directors.
The Company recognises the importance of having the appropriate board composition. In
deciding the board composition, the attributes, skills and expertise among the Directors
are considered appropriate to effectively lead and control the Group, taking into account
the scope and nature of its operations. The Directors have a mix of core competencies
in areas such as accounting and finance, business and management, industry knowledge
and marketing strategies. The size of the Board is conducive to effective discussion and
decision-making and has an appropriate balance of independent Directors to exercise
independent judgment.
為保障全體股東權益及提升企業價值和問責
性，本集團一向承諾恪守奉行乎合規定水
平之企業管治。於截至二零二一年十二月
三十一日止年度（「二零二一年年度」或「本年
度」），本公司已應用並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」）附錄十四所載之企業管治守則（「企業管
治守則」）的所有原則及守則條文（惟偏離守則
條文第條、第條及第條除外），
以及建議最佳常規（如適用）。本報告書詳述
本集團於二零二一年年度之企業管治常規，
並闡釋企業管治守則之原則應用及偏離行為。
董事會
董事會
於二零二一年年度，董事會由五名董事組
成，其中一名為執行董事、一名為非執行董
事及三名為獨立非執行董事。
董事之履歷簡表載列於本年報之本集團董事
及高級管理層部分。本公司董事最新的名單
及各董事之職責及職能載於聯交所網站及本
公司網站。
董事之委任、重選及告退
董事會提名及企業管治委員會（「提名及企業
管治委員會」）負責考慮審閱候選人之履歷及
就董事委任、重選及退任之事宜向董事會作
出建議。
本公司深明具備洽當的董事會組合之重要。
在考慮董事會組合的事宜上，就本集團之業
務範疇及性質而言，董事所具備之特質、技
能及專業知識足以令彼等能有效地引領及監
控本集團。董事具有各方面如會計及財務、
商業及管理、業界知識及市場策略等專才。
董事會之規模能促使有效之討論及決策；同
時，董事會亦包含獨立董事作為恰當的平
衡，以使其能作出獨立判斷。
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企業管治報告書
IDT INTERNATIONAL LIMITED 萬威國際有限公司
26 Annual Report 2021 年報
根據本公司章程細則，於每屆股東週年大會
（「股東週年大會」）上，三分之一董事必須退
任。每年之退任董事須為彼等自上次獲選或
重選以來任期為最長者。再者，獲董事會委
任作為新增董事會成員或填補董事空缺之董
事將一直留任，直至本公司下屆股東週年大
會為止，並須於緊隨彼等獲委任後之股東週
年大會上膺選連任。於釐定股東週年大會上
須輪值告退之董事人數時，毋須計及該新任
董事。選舉及重選董事將以獨立決議案來完
成。
將於應屆股東週年大會上膺選連任董事之姓
名及履歷將載於隨附股東週年大會通告之通
函內。
董事會成員多元化政策
董事會已採納董事會成員多元化政策，其中
載有實現董事會成員多元化之方式。本公司
明白並深信擁有多元化董事會成員能提高董
事會表現質素之裨益。本公司會從多個方面
衡量董事會之多元化，包括但不限於文化及
教育背景、經驗、專長、知識、服務年期、
年齡及性別。董事會之組成每年由提名及企
業管治委員會作出檢討、考慮及商討，其於
檢討後會向董事會作出建議。本公司之業務
需要亦會被考慮在內，以釐定董事會之最佳
組合。在考慮及評估董事會組合及挑選候任
董事時，提名及企業管治委員會將根據該政
策考慮所有多元化因素，以及就董事會之適
當成員數目、適當之執行董事及非執行董事
人數，以及擔任董事會成員之先決條件制定
指引，該政策及該等指引將會定期予以檢討
及修訂以合乎本集團的業務需要。
In accordance with the Company’s Bye-Laws, at each annual general meeting (the “AGM”),
one-third of the Directors shall retire from office. The Directors to retire in every year shall
be those who have been longest in office since their last election or re-election. Further,
any Director appointed by the Board as an additional Board member or fill in a casual
vacancy shall hold office until the following AGM and shall then be eligible for re-election at
the AGM immediately following their appointments. The new Directors shall not be taken
into account in determining the number of Directors who are to retire by rotation at that
AGM. Election and re-election of Directors will be done by separate resolution.
The names and biographical details of the Directors who will offer themselves for
re-election at the forthcoming AGM will be set out in the circular accompanying the notice
of AGM.
BOARD DIVERSITY POLICY
The Board adopted a Board diversity policy setting out the approach to achieve diversity
on the Board. The Company recognises and embraces the benefits of having a diverse
Board to enhance the quality of its performance. Board diversity will be considered by the
Company from a number of aspects, including but not limited to cultural and educational
background, experience, skills, knowledge, length of service, age and gender. The Board
composition is reviewed, considered and discussed by the NCGC on an annual basis and it
will make recommendations to the Board after the review. The Company’s business needs
will also be taken into account in determining the optimum composition of the Board. In
reviewing and assessing the composition of the Board as well as selecting candidate(s),
the NCGC will consider all diversity elements according to the policy and also devised
guidelines for ideal board size, optimum number of executive and non-executive directors
and board membership criteria. The policy and those guidelines shall be reviewed and
revised periodically to meet business needs of the Group.
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IDT INTERNATIONAL LIMITED 萬威國際有限公司
27Annual Report 2021 年報
Induction and Continuous Professional Development
Newly appointed Directors of the Company will receive induction and reference materials
to enable him/her to familiarise himself/herself with the Group’s history, mission, business
operations and board and company policies. Each Director is briefed and updated from
time to time to ensure that he/she has a proper understanding of the operations and
business of the Group and that he/she is fully aware of his/her responsibilities under Statutory
and common law, the Listing Rules, applicable legal and other regulatory requirements and
the governance policies of the Company and latest Listing Rules and legislation.
Directors are encouraged to participate in continuous professional development so as to
refresh their knowledge and skills for discharging their duties and responsibilities. During
FY2021, relevant reading materials including regulatory update, seminar handouts and latest
regulatory case selection etc. have been provided to the Directors for their reference and
studying.
A summary of training activities taken by the Directors during FY2021 is set out as follows:
Training activities including in-house
activities/briefings, seminars/talks held
by professional organisations and/or
reading materials on relevant topics
Directors 董事
培訓活動（包括公司內部活動╱
會議、專業組織舉辦之研討會╱
講座及╱或閱讀相關課題之材料）
Executive Director: 執行董事：
Zhu Yongning 朱永寧 √
Non-Executive Director: 非執行董事：
Cui Xiao 崔嘯 √
Independent Non-Executive Directors: 獨立非執行董事：
Zhou Meilin 周美林 √
Zhou Rui 周銳 √
Xu Jinwen 徐錦文 √
入職及持續專業發展
本公司新委任董事將獲發指引及參考資料，
以便其熟識本集團歷史、使命、業務運作、
董事會及公司政策等。各董事不時獲簡要提
示最新資料，確保其妥為了解本集團運作及
業務，並知悉其根據法定及普通法、上市規
則、適用法例及其他監管規定與本公司管治
政策須承擔之各項責任、最新上市規則及法
例。
本集團鼓勵董事參與持續專業發展，以更新
彼等之知識及技能，以便履行其職責。於二
零二一年年度，董事已獲提供相關閱讀材料
（包括監管更新資料、研討會材料及最新監管
案例選等），以供彼等參考及學習。
以下列表概述於二零二一年年度董事所接受
之培訓活動：
Corporate Governance Report
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IDT INTERNATIONAL LIMITED 萬威國際有限公司
28 Annual Report 2021 年報
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
According to the Code Provision , the roles of the chairman and the Chief Executive
Officer (the “CEO”) should be separate and performed by different individuals to ensure a
balance of power and authority so that power is not concentrated in any one individual.
After the retirement of Mr. Xu Chiming, the then chairman, on 26 June 2019, Mr. Zhu
Yongning, the CEO of the Company, took up the responsibilities of both the chairman and
CEO of the Company. The Board has been trying to recruit a suitable candidate such that
the two roles can be separated since then. However, the Board, after Mr. Zhu has assumed
the two roles, consider that vesting two roles in the same person could provide the Group
with strong and consistent leadership in the development and execution of the Group’s
business strategies and is beneficial to the Group. The Directors will continue to review
the effectiveness of the current structure and assess whether separation of the roles of the
chairman and the CEO is necessary.
Responsibilities of the Board and delegations to management
The Board is responsible to the shareholders for leadership and control of the Company
and is collectively responsible for promoting the success of the Company and its businesses
by directing and supervising the Company’s affairs.
The Board focuses on overall strategies and policies with particular attention paid to the
growth and financial performance of the Group. The principal functions of the Board are
to:
• establish the strategic direction and development of the Group;
• determine the broad policies, strategic plans and performance objectives of the
Group;
• monitor management performance;
• approve financial plans and annual budgets, major funding proposals, key funding and
investment proposals;
• oversee the processes for evaluating the adequacy of internal controls, risk
management, financial reporting and compliance;
• approve the nominations of Directors and appointment of key personnel; and
• assume responsibility for corporate governance.
主席及行政總裁
根據守則條文第條，主席與行政總裁
（「行政總裁」）的角色應有區分，並由不同人
士擔任，以確保權力和授權分布均衡，不致
權力僅集中於一位人士。
在徐志明先生於二零一九年六月二十六日退
任後，本公司行政總裁朱永寧先生兼任主席
及本公司行政總裁職務。董事會不斷努力
招聘適合人選，以便此後將兩個角色加以區
分。然而，於朱先生擔任該等兩個角色後，
董事會認為賦予同一人士以兩個角色可就本
集團業務策略的發展及執行為本集團提供有
力且一致的領導，並對本集團有益。董事將
繼續檢討現時架構的有效性，及評估主席與
行政總裁的角色應否區分的必要性。
董事會職責及管理層指派
董事會就領導及監控本公司向股東負責，並
且透過帶領及監管本公司之事務，共同負責
促進本公司及其業務之成功。
董事會專注於整體策略及政策，尤其關注本
集團之增長及財務表現。董事會之主要功能
如下：
• 制訂本集團之策略性方向及發展；
• 決定本集團主要政策、策略計劃及績效
目標；
• 監察管理層之表現；
• 批准財政計劃及年度預算、重大撥款建
議、主要融資及投資建議；
• 監察內部監控是否足夠的評估過程、風
險管理、財務匯報及守規之程序；
• 批准提名董事及委任主要人員；及
• 就企業管治承擔責任。
Corporate Governance Report
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IDT INTERNATIONAL LIMITED 萬威國際有限公司
29Annual Report 2021 年報
The Board delegates daily operations of the Group to Executive Directors and senior
executives, while reserving certain key matters for its approval. Decisions of the Board are
communicated to the management through Executive Directors who have attended at
Board meetings and circulation of minutes of Board meetings to the management.
The Board has adopted a set of guidelines to clearly divide the responsibilities of the
Board and the management. Matters reserved for decision and consideration of the Board
include, among others, all matters of strategic importance, corporate governance practices,
legal and regulatory compliance, internal control and risk management, corporate strategy,
operating and capital budgets, statutory financial reports, changes in Board members,
major transactions and investment commitments and remuneration policy of Directors and
senior management, financial authorisation and approval limits for operating and capital
expenditure, the procurement of goods and services, and the acquisition and disposal of
investments.
INDEPENDENT NON-EXECUTIVE DIRECTORS
Coming from diverse business and professional backgrounds, the Independent Non-
Executive Directors of the Company have shared their valuable experience with the Board
in the interests of promoting the best interests of the Company and its shareholders. The
Independent Non-Executive Directors of the Company have made significant contribution
of their skills and expertise to the Board Committees. All Independent Non-Executive
Directors are appointed for a fixed term of three years and are subject to retirement by
rotation and re-election by shareholders at the AGM of the Company in accordance with
the Company’s Bye-Laws.
All Independent Non-Executive Directors are expressly identified in all corporate
communications that disclose the names of the Directors of the Company. The functions
of Independent Non-Executive Directors include, but not limited to:
• participating in Board meetings to bring in independent judgment to bear on
issues of corporate strategy, corporate performance, accountability, resources, key
appointments and standard of conducts;
• taking the lead where potential conflicts of interests arise;
• serving on Board Committees, if invited; and
• scrutinising the Group’s performance in achieving agreed corporate goals and
objectives, and monitoring the reporting of performance.
董事會委派執行董事及高級行政人員處理日
常營運事宜，惟保留批准若干重要事項之權
利。董事會之決定透過出席董事會會議之執
行董事，及給予管理層傳閱董事會會議之會
議記錄而下達至管理層。
董事會對須獲其批准之事宜採納一系列指
引，以明確界定董事會及管理層之職責。須
獲董事會決定及考慮之事宜其中包括所有重
大策略性事宜、企業管治常規、法例及規管
的遵守、內部監控及風險管理、企業策略、
營運及資金預算、法定財務報告、董事會成
員變動、主要交易及投資承諾以及董事及高
級管理人員之薪酬政策，營運及資本開支、
貨物與服務之採用及投資項目之收購與出售
之財務授權與批准限額。
獨立非執行董事
為了提高本公司及股東之最佳利益，本公司
來自不同業務及專業背景的獨立非執行董事
均向董事會分享其寶貴經驗。本公司獨立非
執行董事以其專業及技能向董事委員會作出
重要的貢獻。所有獨立非執行董事以三年固
定任期委任，並須根據本公司章程細則於本
公司股東週年大會上輪值告退並由股東重選
連任。
所有獨立非執行董事均在披露本公司董事姓
名之所有企業通訊中明確識別。獨立非執行
董事之職能包括，但不限於：
• 參加董事會會議，就公司策略、公司績
效、問責性、資源、委任要員及操守准
則作出獨立判斷；
• 在出現潛在利益衝突時引領董事會；
• 應邀出任董事會屬下委員會職務（如獲
邀請）；及
• 詳查本集團績效是否達到既定的企業目
標和目的，並監察本公司匯報表情況。
Corporate Governance Report
企業管治報告書
IDT INTERNATIONAL LIMITED 萬威國際有限公司
30 Annual Report 2021 年報
於二零二一年年度，本公司遵守上市規則
第(1)及(2)條有關委任最少三名獨立非
執行董事，其中包括最少一名獨立非執行董
事必須具有恰宜之專業資格或會計或有關財
務管理專業知識之規定。於評估董事之獨立
性時，董事會已檢查訂明於上市規則內有可
能損害董事獨立性及客觀性不同的關係。董
事會認為所有獨立非執行董事皆為獨立並滿
意彼等之能力可作出獨立之判斷。再者，每
位獨立非執行董事均按上市規則第條之規
定向本公司提供年度獨立確認書。本公司視
所有獨立非執行董事皆具獨立性。每位董事
皆需最少每三年輪值告退。如再委任任何已
服務董事會逾九年之獨立非執行董事，將須
根據本公司股東以獨立議案予以批准。
本公司亦遵守上市規則第條有關董事會
須有至少三分之一成員為獨立非執行董事之
規定。
關係
董事會其他成員之間概無任何財務、業務、
家族及其他重要關係。
董事會維持高效率及平衡之架構，並集體負
責本公司業務及事務。董事會成員可自由討
論於董事會會議上適當提出之事宜，並表達
其意見及關注。概無個別人士或小組可主導
董事會之決策過程。
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，該事項將以舉行一次董事會會議而非
以董事會書面決議進行議決。董事會在考慮
該董事應否放棄於董事會上表決有關批准其
擁用重大利益等事宜時或應否計入出席會議
之法定人數內時，將會考慮上市規則所載一
般禁止表決例外情況。
During FY2021, the Company has complied with Rules (1) and (2) of the Listing
Rules regarding the appointment of at least three Independent Non-Executive Directors
including at least one Independent Non-Executive Director with appropriate professional
qualifications or accounting or relating financial management expertise. In assessing the
independence of the Directors, the Board has examined the different relationships
identified under the Listing Rules that might impair the Directors’ independence and
objectivity. The Board considers that all of the Independent Non-Executive Directors
are independent and are satisfied with the Directors’ ability to act with independent
judgment. Furthermore, each of the Independent Non-Executive Directors has provided
to the Company an annual confirmation of independence required by Rule of the
Listing Rules. The Company considers all its Independent Non-Executive Directors to be
independent. Each Director is subject to retirement by rotation at least once every three
years. Any further re-appointment of an Independent Non-Executive Director, who has
served the Board for more than nine years, will be subject to separate resolution to be
approved by the shareholders of the Company.
The Company has also complied with Rule of the Listing Rules that the Independent
Non-Executive Directors are representing at least one-third of the Board.
RELATIONSHIP
There is no financial, business, family and other material relationship among other members
of the Board.
There has been an effective and balanced Board collectively responsible for the Company’s
activities and affairs. The Board members are free to discuss issues properly put to the
Board meetings and express their views and concerns. No individual or small group can
dominate the Board’s decision-making process.
If a substantial shareholder or a Director has a conflict of interest in a matter to be
considered by the Board which the Board has determined to be material, the matter will
be dealt with by a physical Board meeting rather than a written resolution of the Board.
The Board will take into account the exceptions to the general voting prohibition, as set
out in the Listing Rules when considering whether a director shall vote on any board
resolution approving any matters in which he has material interests or shall he be counted
in the quorum present at the meeting.
Corporate Governance Report
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IDT INTERNATIONAL LIMITED 萬威國際有限公司
31Annual Report 2021 年報
會議
董事會每年定期舉行最少四次會議及按情況
需要召開額外會議。董事委員會亦定期舉行
會議以履行其職務。本公司章程細則批准透
過電話或視像方式舉行會議。於二零二一年
年度，董事出席董事會及董事委員會會議次
數之記錄載列於下文。
全體董事均可聯絡公司秘書；公司秘書負責
確保遵守董事會╱董事委員會會議程序並向
董事會╱董事委員會就守規事宜作出建議。
為確保身兼多個董事會職務之董事能抽空出
席會議，董事會╱董事委員會會議日期於每
年年初先行擬定。定期董事會及董事委員會
會議通告最少於會議日期前十四天發出。所
有其他董事會╱董事委員會會議均給予合理
之通知時間。董事會及董事委員會會議之草
擬議程於會議舉行前給各董事審議。董事均
有機會提出將予商討事項，以供列入董事會
及董事委員會會議之議程內。
董事會議程連同隨附之文件（編製之形式及
方式須能致使董事會就提呈事項作出知情決
定，包括但不限於有關向董事會提呈之事項
背景或說明數據以及內部財務數據，例如季
度管理賬目、預測及預算，並闡釋預期與實
際業績間之重大分歧）將適時傳遞予全體董事
傳閱，期限為擬舉行會議日期前最少三日。
董事會╱董事委員會會議之會議記錄均詳盡
記錄會議所考慮之事項及達成之決定，包括
董事所關注之事宜或發表之反對意見。會議
記錄草稿於會議後一段合理時間內傳遞予有
關董事╱委員會成員審閱並將於下一次董事
會╱董事委員會會議予以批准。該等記錄由
公司秘書存置，並於任何董事發出合理通知
後於任何合理時間內供查閱。
MEETINGS
The Board meets regularly at least four times a year and holds additional meetings as
and when the Board thinks appropriate. Board Committees also hold regular scheduled
meetings to discharge their duties. Meetings via telephone or video-conference are
permitted under the Bye-Laws of the Company. Attendance record of the Board and
Board Committees meetings during FY2021 is set out below.
All Directors have access to the company secretary who is responsible for ensuring that
Board/Board Committees meeting procedures are observed and advising the Board/Board
Committees on compliance matters.
In an attempt to accommodate the competing time commitments of Directors who sit on
multiple boards, dates of Board/Board Committees meetings are scheduled well in advance
at the beginning of every calendar year. The Company has given at least 14 days’ notice
for regular Board and Board Committees meetings. For all other Board/Board Committees
meetings, reasonable notices are given. Draft agendas for Board and Board Committee
meetings are circulated to all Directors for comment before the meetings. The Directors
were given the opportunities to include matters to be discussed in the agenda for all Board
and Board Committees meetings.
The agenda accompanied by detailed Board papers (prepared in such form and manner as
will enable the Board to make an informed decision on matters placed before it, including
but not limited to, background or explanatory information relating to matters to be
brought before the Board and internal financial information such as quarterly management
accounts, forecasts and budgets with material variance between projections and actual
results explained) are circulated to all Directors in a timely manner and at least three days
before the date of scheduled meeting.
Minutes of Board/Board Committees meetings are recorded in detail regarding the matters
considered and decisions reached, including concerns raised by Directors or dissenting
views expressed. Draft minutes are circulated to relevant Directors/committee members
within a reasonable time after the meetings for comments and will then be approved
by the Board/Board Committees at the following meeting. Minutes of Board and Board
Committees meetings are kept by the company secretary and are open for inspection at
any reasonable time on reasonable notice by any Director.
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32 Annual Report 2021 年報
Directors are provided in a timely manner with complete, adequate explanation and
information about the Company and its subsidiaries, its activities, performances and its
projects particularly including any significant variances from a planned course of actions to
enable them to make an informed decision or assessment of the Group’s performance,
position and prospects and to discharge their duties and responsibilities. In case when
the Directors have queries, they are provided with the names and contact details of the
Group’s senior executives for separate and independent access to them and they are able
to obtain more information than is volunteered by the management. Senior executives
are from time to time brought into formal and informal contact with the Board at Board
meetings and other events.
The Board and Board Committees are provided with sufficient resources to properly
discharge their duties including access to independent professional advisers under agreed
procedures, upon reasonable request, at the expense of the Company.
The Board held a full board meeting each quarter.
Details of the attendance of the meetings of the members of the Board during the Year
are as follows:
Board
meetings
General
meetings
Directors 董事 董事會會議 股東大會
Executive Director: 執行董事：
Zhu Yongning 朱永寧 4/4 2/2
Non-Executive Director: 非執行董事：
Cui Xiao 崔嘯 4/4 2/2
Independent Non-Executive Directors: 獨立非執行董事：
Zhou Meilin 周美林 4/4 0/2
Zhou Rui 周銳 4/4 2/2
Xu Jinwen 徐錦文 4/4 0/2
董事適時獲提供有關本公司及其附屬公司、
其業務、績效及其項目（尤其包括與一系列已
計劃之行動有重大差異者）之完整且足夠的闡
釋及資料，以便彼等就本集團績效、狀況及
前景作出知情決定或評估，並履行彼等之職
務及責任。倘董事有任何疑問，彼等可獲取
本集團高級行政人員之姓名及聯絡資料，以
分別獨立聯絡有關人士，並可要求管理層提
供（主動提供以外）其他額外數據。高級行政
人員不時與董事會於董事會會議及其他活動
作正式及非正式的接觸。
董事會及董事委員會獲得足夠之資源以妥善
履行彼等之職責，其中包括於既定的程序
下，在合理要求，諮詢獨立專業顧問，有關
費用由本公司支付。
董事會每季均會舉行全體成員列席會議。
董事會成員在本年度內出席會議之記錄詳情
如下：
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33Annual Report 2021 年報
In addition to the above regular Board meetings during the Year, the members of the
Board of Directors followed the principles of good corporate governance and the best
practices of the relevant code provisions and recommendations of the CG Code as
set out in Appendix 14 of the Listing Rules and maintained a continuous dialogue with
shareholders, especially through the AGM or other plenary meetings to communicate with
the shareholders. Pursuant to code provision of the CG Code, Independent Non-
Executive Directors and other Non-Executive Directors should attend general meeting.
However, Mr. Zhou Melin and Mr. Xu Jinwen, the Independent Non-Executive Directors,
were unable to attend the AGM 2021 of the Company and the special general meeting of
the Company held on 29 January 2021 due to their other prior engagements.
BOARD COMMITTEES
To maximise the effectiveness of the Board and to encourage active participation and
contribution from Board members, the Board has established four Board Committees,
namely the executive committee (the “EC”), audit committee (the “AC”), NCGC and
remuneration committee (the “RC”) with specific written terms of reference that clearly
deal with their authority and duties, to oversee particular aspects of the Company’s affairs,
assist in the execution of the Board’s responsibilities enable the Board Committees to
perform their functions properly. Board Committees report to the Board on their work
and findings. They adopt as far as practicable, the principles, procedures and arrangements
of the Board in relation to scheduling and conduct of meetings, notice of meetings and
inclusion of agenda items, recording and availability of minutes. The written terms of
reference of the AC, NCGC and RC, which are in line with the CG Code, are available on
the website of the Company and the Stock Exchange and will be reviewed from time to
time. The quorum necessary for transaction of business of each Board Committee is two.
除上述本年度內定期董事會會議外，董事會
成員遵循《上市規則》附錄十四的《企業管治守
則》關於良好企業管治的原則與有關守則條
文及建議最佳常規，與股東保持持續對話，
尤其是藉股東週年大會或其他全體會議與股
東溝通。根據企業管治守則守則條文第
條，獨立非執行董事及其他非執行董事應出
席股東大會。然而，獨立非執行董事周美林
先生及徐錦文先生因有其他要務而未能出席
本公司二零二一年股東週年大會及本公司於
二零二一年一月二十九日舉行的股東特別大
會。
董事委員會
為提高董事會效能以及鼓勵董事會成員積極
參與及作出貢獻，董事會已成立四個董事委
員會分別為執行委員會（「執行委員會」）、審
核委員會（「審核委員會」）、提名及企業管治
委員會及薪酬委員會（「薪酬委員會」），並列
明特定職權範圍以協助各委員會執行職務。
該職權範圍清晰列明該等委員會之職權及職
責，以監督本公司特定方面之事務，並協助
執行董事會之職責，使董事委員會能夠正確
履行彼等的職責。董事委員會向董事會報告
其工作及調查結果。彼等按實際可行情況採
納董事會有關擬定會議時間表及會議進行方
式、會議通告及加載議程項目、保存及提供
會議記錄等之原則、程序及安排。審核委員
會、提名及企業管治委員會及薪酬委員會包
含列明符合企業管治守則之職權範圍均載於
本公司網站及聯交所網站；並不時作出檢
討。每個董事委員會處理事務之法定人數為
兩人。
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執行委員會
於二零二一年年度，執行委員會由全體執行
董事組成。
執行委員會於需要時舉行會議以便監察本集
團日常管理事務並擁有董事會的所有一般權
利，除需要董事會作出決定之特別事宜外。
執行委員會之主要職責包括：
• 透過監察本集團之營運、項目、資產與
負債、預算、守規責任及財務表現，依
照董事會之政策及指示以管理業務及投
資；
• 就本集團業務發展而制定之整體政策、
策略及財務目標向董事會作出建議，以
及確保該等建議得以實施及執行；及
• 領導員工及管理層及提名要員及確保授
予彼等適當之權力。
提名及企業管治委員會
於二零二一年年度，提名及企業管治委員會
由一位獨立非執行董事周銳先生擔任主席，
另包括兩位獨立非執行董事成員，即徐錦文
先生和周美林先生。該委員會每年最少舉行
一次會議。於二零二一年十二月三十一日，
所有提名及企業管治委員會成員均為獨立非
執行董事。
EC
During FY2021, the EC comprised of all Executive Directors.
The EC meets as and when required to oversee the day-to-day management of the Group
and has all the general powers of the Board except those matters specifically reserved for
the Board.
The principal duties of EC include:
• managing the business and investments by overseeing the Group’s operations,
projects, assets and liabilities, budgets, compliance obligations and financial
performance in accordance with the policies and directives of the Board;
• making recommendations to the Board as to the Group’s overall policies, strategies
and financial objectives in the development of its business and ensuring their
implementation and execution; and
• providing leadership to staff and management and nominating key personnel and
ensuring appropriate levels of authority are delegated to them.
NCGC
During FY2021, the NCGC is chaired by Mr. Zhou Rui, an Independent Non-Executive
Director, and comprised another two Independent Non-Executive Directors, namely,
Mr. Xu Jinwen and Mr. Zhou Meilin. The NCGC meets at least once a year. As at 31
December 2021, all NCGC members are Independent Non-Executive Directors.
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35Annual Report 2021 年報
The principal functions of the NCGC include:
• making recommendations to the Board on all new appointments or reappointments
of Directors, the establishment of a succession plan for Directors, in particular the
chairman and CEO and the composition of the Board;
• identifying and nominating qualified individuals, subject to the approval of the Board,
to be additional Directors or to fill vacancy in the Board as and when they arise;
• reviewing on an annual basis the Board structure, size and composition and the
independent element of the Board;
• developing the criteria for selection of Directors;
• assessing the independence of Independent Non-Executive Directors;
• developing and reviewing the Company’s policies and practices on corporate
governance and make recommendations to the Board;
• reviewing and monitoring the training and continuous professional development of
Directors and senior management;
• reviewing and monitoring the Company’s policies and practices on compliance with
legal and regulatory requirements;
• developing, reviewing and monitoring the code of conduct and compliance manual (if
any) applicable to employees and Directors; and
• reviewing the Company’s compliance with the CG Code and disclosure in the
Corporate Governance Report.
The chairman of the NCGC will report to the Board on its proceedings and
recommendations after each meeting.
提名及企業管治委員會之主要職責包括：
• 就新委任或續聘董事、制訂董事繼任計
劃（尤其是主席及行政總裁）及董事會組
合向董事會作出建議；
• 物色及提名合資格之人選（須待董事會
批准）為新增董事或於董事會出現空缺
時填補人選；
• 每年審閱董事會架構、規模及組成以及
董事會之獨立元素；
• 制訂挑選董事之標準；
• 評估獨立非執行董事之獨立性；
• 擬定及檢討本公司的企業管治政策及實
務守則，並向董事會作出建議；
• 檢討及監察董事及高級管理層的培訓及
持續專業發展；
• 檢討及監察本公司的政策及實務守則，
確保符合法律及監管規定；
• 制訂、檢討及監察僱員及董事的操守準
則及合規手冊（如有）；及
• 檢討本公司是否遵守企業管治守則及企
業管治報告披露的資料。
提名及企業管治委員會之主席須於每次會議
後向董事會匯報會議進程及向其作出建議。
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36 Annual Report 2021 年報
During the Year, two meetings were held by the NCGC. Details of the attendance of the
NCGC meeting are as follows:
Attendance
Directors 董事 出席次數
Zhou Rui (Chairman) 周銳（主席） 1/2
Xu Jinwen 徐錦文 1/2
Zhou Meilin 周美林 2/2
The main works performed by NCGC during the Year included reviewing the structure
and composition of the Board, assessing independence of existing Independent Non-
Executive Directors and putting forward recommendations to the Board on re-
election of retiring Directors as well as reviewing the updated board diversity policy and
recommending the same to the Board for approval.
RC
During FY2021, the RC is chaired by Mr. Xu Jinwen (an Independent Non-Executive
Director) and comprised two members, namely, Mr. Zhou Rui and Mr. Zhou Meilin. As at
31 December 2021, all RC members are Independent Non-Executive Directors.
The RC consults the chairman and the CEO about its proposals relating to the
remuneration of other Executive Directors and has access to professional advice if
considered necessary. The principal functions of the RC include:
• recommending to the Board on the Company’s policies and structure for the
remuneration of the Directors and senior management of the Group;
• recommending to the Board the remuneration packages of all Executive Directors
and senior management; and
• reviewing and approving the management’s remuneration proposals with reference
to the Board’s corporate goals and objectives.
The chairman of the RC will report to the Board on its proceedings and recommendations,
where appropriate, for the Board’ s consideration and/or approval.
於本年度內，提名及企業管治委員會共舉行
兩次會議。董事出席提名及企業管治委員會
會議之記錄詳情如下：
提名及企業管治委員會於本年度履行之主要
工作包括檢討董事會的結構和組成、評估現
任獨立非執行董事的獨立性及向董事會建議
重選退任董事與檢討及向董事會建議批准更
新的董事會多元化政策。
薪酬委員會
於二零二一年年度，薪酬委員會由徐錦文先
生（獨立非執行董事）擔任主席，並包括兩位
成員，即周銳先生及周美林先生。於二零
二一年十二月三十一日，所有薪酬委員會成
員均為獨立非執行董事。
薪酬委員會就其建議其他執行董事之薪酬事
宜徵詢主席及行政總裁之意見，並可於有需
要時諮詢專業意見。其主要職能包括：
• 就本集團董事及高級管理層薪酬之本公
司政策及架構向董事會作出建議；
• 就所有執行董事及高級管理層之薪酬計
劃向董事會作出建議；及
• 根據董事會的企業目的和目標檢討及批
准管理層的薪酬建議。
薪酬委員會主席須向董事會匯報會議進程及
（如適當）向董事會要求對其建議作出考慮
及╱或接納。
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37Annual Report 2021 年報
於二零二一年年度，薪酬委員會共舉行兩次
會議。董事出席薪酬委員會會議之記錄詳情
如下：
During FY2021, two meetings were held by the RC. Details of the attendance of the RC
meeting are as follows:
Attendance
Directors 董事 出席次數
Xu Jinwen (Chairman) 徐錦文（主席） 2/2
Zhou Meilin 周美林 2/2
Zhou Rui 周銳 2/2
The main works performed by RC during FY2021 included reviewing the annual
remuneration of Directors and senior management and recommending the remuneration
of newly appointed Directors to the Board of Directors.
A general description of the Group’s emolument policy and long-term incentive schemes
as well as the basis of determining the emolument payable to each Directors for FY2021
are disclosed in the sub-section of “Human Resources and Remuneration Policy” in the
section of “Management Discussion and Analysis” of this annual report and note 10 to the
consolidated financial statements contained in this annual report.
AC
During FY2021, the AC consisted of three Independent Non-Executive Directors, namely,
Mr. Zhou Meilin (chairman), Mr. Zhou Rui and Mr. Xu Jinwen. The Board is of the opinion
that the majority of the members of the AC possess accounting and financial management
expertise or experience required to discharge their duties.
The major duties of AC include:
• considering and recommending the appointment, re-appointment and removal of
external auditor;
• approving the remuneration and terms of engagement of external auditor, any
questions of resignation or dismissal of that auditor;
• reviewing and monitoring external auditor’s independence and objectivity and the
effectiveness of the audit process in accordance with applicable standards;
薪酬委員會於二零二一年年度履行之主要工
作包括檢討董事及高管年度薪酬狀況，及向
董事會建議新任命董事的薪酬。
有關本集團之薪酬政策及長期獎勵計劃以及
釐訂各董事於二零二一年年度應收薪酬標準
的概括說明載於本年報「管理層討論及分析」
章節下「人力資源及薪酬政策」一節以及本年
報綜合財務報表附註10。
審核委員會
於二零二一年年度，審核委員會由三位獨立
非執行董事組成，即周美林先生（主席）、周
銳先生及徐錦文先生。董事會認為，大部份
審核委員會成員均擁有所需會計及財務管理
專業知識或經驗，以履行彼等之職務。
審核委員會主要職責包括：
• 考慮及建議委任、續聘及罷免外聘核數
師；
• 批准外聘核數師之薪酬、聘用條款及該
核數師辭任或辭退之任何問題；
• 根據適用標準審閱及監察外聘核數師之
獨立性及客觀性，以及核數程序之有效
性；
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38 Annual Report 2021 年報
• discussing with external auditor the nature and scope of the audit and reporting
obligations before the audit commences;
• developing and implementing policy on the engagement of an external auditor
to supply non-audit services and making recommendation of any measures for
improvements to be taken;
• monitoring integrity of financial statements, annual and interim reports and reviewing
significant financial reporting judgment contained in them. In this regard, the AC
reviews the interim and annual financial statements and the annual and the interim
reports before submission to the Board, focusing particularly on:
(i) any changes in accounting policies and practices;
(ii) major judgmental areas;
(iii) significant adjustments resulting from audit;
(iv) the going concern assumptions and any qualifications;
(v) compliance with accounting standards;
(vi) compliance with the Listing Rules and other legal requirements in relation to
financial reporting; and
(vii) any matters that have been raised by the Company’s staff responsible for the
accounting and financial reporting function or auditors;
• 於開始進行核數前與外聘核數師討論有
關核數之性質及範疇和申報責任；
• 就聘用外聘核數師提供非審核服務制訂
及落實政策，並就需要改善之事宜提出
建議措施；
• 監察財務報表、年度及中期報告的完整
性，並審閱其所載有關財務申報之重大
判斷。就此而言，審核委員會於遞交董
事會前先行審閱中期及年度財務報表與
年度及中期報告時，尤其集中於以下各
項：
(i) 任何會計政策及慣例變動；
(ii) 涉及重要判斷的地方；
(iii) 因核數所產生之重大調整；
(iv) 企業持續經營假設及任何保留意
見；
(v) 是否遵守會計準則；
(vi) 是否遵照上市規則及其他有關財
務申報之法例規定；及
(vii) 由本公司負責會計及財務申報工
作之員工或核數師所提出之任何
事宜；
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39Annual Report 2021 年報
• 檢討本集團之財務監控、內部監控及風
險管理制度；
• 與管理層討論內部監控系統，並確保管
理層履行其職責，以維持有效之內部監
控制度，包括提供足夠資源、聘請具備
足夠資歷之員工負責本公司之會計及財
申報工作以及確保有足夠預算用作該等
員工之培訓計劃；
• 應董事會的委派或主動就有關內部監控
事宜的重要調查結果及管理層對調查結
果的回應進行重大研究；
• 檢討內部審核規劃，確保內部審計部及
外聘核數師通力合作，並確保內部審計
功能有足夠資源運作，且於本公司內有
適當的地位，以及檢討及監控內部審計
職能之有效性；
• 檢討外聘核數師呈交予管理層的函件，
以及核數師就會計記錄、財務賬目或監
控系統向管理層提出任何重大疑問及管
理層之回應，以確保董事會對提出之事
宜及時作出回應；
• 檢討本集團之財務及會計政策與慣例；
• 檢討為本集團僱員所設的保密安排，讓
他們表達關乎財務匯報、內部管控或其
他事宜之可能不當行為的關注疑慮。審
核委員會應確保設有妥當安排公平獨立
調查上述事宜，以及採取適當的跟進行
動；及
• 就上述各項所載的事宜向董事會匯報，
及研究其他由董事會界定的課題。
• reviewing the Group’s financial controls, internal control and risk management
systems;
• discussing with the management the system of internal control and ensuring that
the management has discharged its duty to have an effective internal control
system including the adequacy of resources, qualifications and experience of staff
of the Company’s accounting and financial reporting function, and their training
programmes and budget;
• considering major investigations of findings on internal control matters as delegated
by the Board or on its own initiative and management’s response to these findings;
• reviewing the internal audit programme, ensuring co-ordination between the internal
and external auditors, and ensuring that the internal audit function is adequately
resourced and has appropriate standing within the Company and reviewing and
monitoring the effectiveness of the internal audit function;
• reviewing the external auditor’s management letter, any material queries raised by
the auditor to management in respect of the accounting records, financial accounts
or systems of control and management’s response and ensuring that the Board will
provide a timely response to the issues raised;
• reviewing the Group’s financial and accounting policies and practices;
• reviewing the arrangements the Group’s employees can use, in confidence, to raise
concerns about possible improprieties in financial reporting, internal control or other
matters. The AC should ensure that proper arrangements are in place for fair and
independent investigation of these matters and for appropriate follow-up action; and
• reporting to the Board on matters set out above and to consider other topics, as
defined by the Board.
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40 Annual Report 2021 年報
審核委員會具有明確權力，按其職責範圍調
查任何事宜及有權獲取獨立專業意見，並獲
管理層提供全面的支持及通力合作。審核
委員會獲提供合理的資源，以妥為履行其職
務。在審閱本集團之財務資料的過程中，審
核委員會與董事會及財務總監緊密聯繫以取
得有關資料。
審核委員會於二零二一年年度舉行兩次會
議。審核委員會會議之出席記錄詳情如下：
The AC has explicit authority to investigate any matter under the scope of its duties
and the authority to obtain independent professional advice. It is given full access to and
cooperation of the management. It has been provided with reasonable resources to
discharge its duties properly. In the course of reviewing the Group’s financial information,
the AC members liaise closely with the Board and the chief financial officer to gather
relevant information.
During FY2021, two meetings were held by the AC. Details of the attendance of the AC
meetings are as follows:
Attendance
Directors 董事 出席次數
Zhou Meilin (Chairman) 周美林（主席） 2/2
Xu Jinwen 徐錦文 2/2
Zhou Rui 周銳 2/2
The major works performed by the AC during FY2021 included the review and
consideration of the announcements relating to the Group’s interim and annual results;
interim and annual reports; significant accounting and audit issues arising from annual
audit of the Group’s financial statements; budget; periodic reports from internal audit
department; internal audit plan; external auditor’s audit and non-audit fees as well as the
assessment and recommendation of re-appointment of auditor for the coming year.
Full minutes of the AC are kept at the Board office. Draft and finalised minutes of the
AC meetings are circulated to all members of the AC for their comment and records
respectively, in both cases within reasonable time after the conclusion of the meetings.
於二零二一年年度，審核委員會履行之主要
工作包括審閱及考慮有關本集團中期及全年
業績之公佈；中期及年度報告；年度審核
本集團財務報表所產生之重大會計及審核事
宜；預算案；內部審計部之定期報告；內部
審核計劃；外聘核數師之審核及非審核費用
以及評估及建議續聘來年公司核數師。
審核委員會之詳盡會議記錄存置於董事會辦
公室，審核委員會會議記錄之草稿及最終
稿，於會議結束後一段合理時間內傳遞予全
體審核委員會成員，以供彼等提出意見及存
檔。
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41Annual Report 2021 年報
Securities Transactions by Directors and Officers
The Company has adopted a code of conduct by Directors and officers of the Group
on terms no less favourable than the standards set out by the Model Code for Securities
Transactions by Directors of Listed Issuers (the “Model Code”) contained in Appendix 10
to the Listing Rules.
Having made specific enquiries to all Directors, save as disclosed above, all Directors
confirmed that they had complied with the required standards set out in the Model Code
throughout FY2021.
The Board members have been reminded of their obligation to comply with the Model
Code.
Directors as well as officers of the Company who are in possession of unpublished inside
information in relation to the Company or its shares are prohibited from dealing in shares
of the Company and are also prohibited from dealing in shares during the black-out period.
INSURANCE
Pursuant to code provision of the CG Code, the Company should arrange
appropriate insurance cover in respect of legal action against the Directors.
During FY2021, no such insurance cover has been arranged for the Directors due to the
insurance company refusing to provide service within the Company’s budget.
董事及高級職員進行證券交易
本公司已採納本集團董事及高級職員的行為
守則，其條款並不較上市規則附錄十所載上
市發行人董事進行證券交易的標準守則（「標
準守則」）之條款寬鬆。
向全體董事作出特定查詢後，除上文所披露
者外，全體董事確認彼等已於整個二零二一
年年度遵守標準守則所載之標準。
董事會成員獲提醒其有義務遵守標準守則。
被視為知悉有關本公司或其股份未經公佈內
幕消息數據之本公司董事及高級職員禁止買
賣本公司股份，亦禁止於禁售期間買賣股份。
保險
根據企業管治守則守則條文第條，本公
司應就董事可能會面對的法律行動作適當的
投保安排。
於二零二一年年度，由於保險公司拒絕在本
公司預算範圍內提供服務，故概無為董事安
排此類保險。
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42 Annual Report 2021 年報
ACCOUNTABILITY AND AUDIT
Financial reporting
The Directors acknowledge their responsibility for preparing the financial statements which
give a true and fair view of the state of affairs and results of the Company and of the
Group. Their responsibilities have also been stated in the section headed “Independent
Auditor’s Report” contained in this annual report. In preparing the financial statements
for FY2021, the Directors have selected suitable accounting policies and applied them
consistently and made accounting judgments and estimates that are prudent and reasonable
in the circumstances. With the assistance of the finance department, the Directors ensure
that the financial statements of the Group are prepared in accordance with statutory
requirements and appropriate financial reporting standards.
Management recognises the importance of providing the Board with appropriate and
relevant information on an accurate and timely basis. Quarterly business review and
financial reports comparing the Group’s actual performance with budget and highlighting
major relevant issues are provided to the Board to enable it to make an informed assessment
on the Group’s performance, position and prospects. Under the CG Code, monthly
updates are required to be provided to all Directors.
The Board endeavours to ensure a balanced, clear and understandable assessment
of the Group’s position and prospects to extend to the Group’s financial reporting
including annual and interim reports, other price-sensitive announcements and other
financial disclosures required under the Listing Rules, and reports to regulators as well as
information required to be disclosed pursuant to statutory requirements.
The Company publishes its interim and annual financial results and reports in accordance
with the requirements under the Listing Rules.
問責及審核
財務匯報
董事知悉其責任乃編製反映本公司及本集團
真實公平事務狀況及業績之財務報表。彼等
之責任亦於本年報之「獨立核數師報告」一
節內提及。於編製二零二一年年度之財務報
表時，董事已挑選適合之會計政策及貫徹應
用，並作出審慎合理之判斷及估計。在財務
部協助下，董事確保本集團之財務報表乃根
據法例規定及適當財務報告準則而編製。
管理層認同在準確與及時的基準上向董事會
提供適當及相關之數據的重要性。董事會獲
提供季度業務回顧及財務報告（載有本集團
實際表現與預算案之比較及主要相關事項擇
要），使其對本集團之績效、情況及前景能作
出知情評估。根據企業管治守則，每月需向
所有董事提供更新數據。
董事會致力確保對本集團之狀況及前景作出
客觀、明確及可理解之評估，並將範圍擴大
至本集團之年度及中期報告財務申報、其他
涉及股價敏感資料的公佈、其他根據上市規
則須予披露之財務資料、致監管機構之報告
書以及法定須予披露之其他數據。
本公司遵照上市規則之規定刊發中期及全年
財務業績及報告。
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43Annual Report 2021 年報
外聘核數師及核數師酬金
本公司之外聘核數師為中審眾環（香港）會計
師事務所有限公司（「中審眾環」）。審核委員
會負責考慮甄選、委任、離任及罷免外聘核
數師等事宜。董事會於續聘外聘核數師一事
並無與審核委員會持不同意見。
本公司獨立核數師中審眾環對其就本集團二
零二一年年度財務報表承擔之報告責任所作
聲明載於本年報之「獨立核數師報告」一節
內。中審眾環之代表與審核委員會成員會面
以回答問題。
於二零二一年年度，本集團已付或應付本公
司核數師中審眾環之費用如下：
External Auditor and Auditor’s Remuneration
The external auditor of the Company is Mazars CPA Limited (“Mazars”). The AC is
responsible for considering the selection, appointment, resignation or dismissal of external
auditors. The Board has no disagreement with the AC’s view on the re-appointment of
external auditor.
The statement of Mazars, the independent auditor of the Company, regarding their
reporting responsibility on the financial statements of the Group for FY2021 is set out
in the section headed “Independent Auditor’s Report” contained in this annual report.
Representatives from Mazars met up with the AC in meetings to answer questions.
For FY2021, fees paid or payable to the auditor of the Company, Mazars, by the Group are
as follows:
2021 2020
二零二一年 二零二零年
HK$ million HK$ million
港幣百萬元 港幣百萬元
– Audit services －審核服務
– Non-audit services －非審核服務
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44 Annual Report 2021 年報
風險管理及內部監控
董事會負責維護本集團健全及有效的風險管
理及內部監控制度，並審查有關設計、操作
的充分性和有效性。
本集團之風險管理及內部監控制度包含其政
策、程序、工作，連同本集團其他範疇，旨
在：
• 容許其適當地於重大業務、營運、財
務、合規及其他風險等方面作出意見，
促進營運之效率及成效以達到業務目
標。此包括保障資產免受不適當的使用
或損失及詐騙，並且保證責任得以確定
及處理；
• 確保保存妥當的會計記錄以提供可靠之
財務數據供內部使用或對外匯報；及
• 確保遵守相關法例及規定，以及有關工
作方式遵守內部政策。
風險管理及內部監控制度乃為合理但非絕對
地確保防範重大錯誤陳述或損失，以及旨在
管理而非消除營運制度失當之風險，以達致
本集團之目標。
Risk Management and Internal Controls
The Board is responsible for maintaining a sound and effective risk management and
internal control systems of the Group, and for reviewing their design, operational adequacy
and effectiveness.
The Group’s risk management and internal control systems encompass their policies,
processes, tasks, and other aspects of the Group that taken together:
• facilitate their effective and efficient operation by allowing it to respond appropriately
to significant business, operational, financial, compliance and other risks with a
view to achieving business objectives. This includes the safeguarding of assets from
inappropriate use or from loss and fraud and ensuring that liabilities are identified
and managed;
• help ensure maintenance of proper accounting records for the provision of reliable
financial information for internal or external reporting; and
• help ensure compliance with relevant legislation and regulations, and also with
internal policies with respect to the conduct of business.
The risk management and internal control systems are designed to provide reasonable,
but not absolute, assurance of no material misstatement or loss and to manage rather than
eliminate risks of failure in operational systems and achievement of the Group’s objectives.
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45Annual Report 2021 年報
The key procedures that the Board established to provide effective risk management and
internal controls are as follows:
• A distinct organisation structure exists with defined lines of authority and
responsibilities. Division/department heads are involved in preparing the strategic
plan which lays down the corporate strategies to be pursued in the coming year for
achieving the annual operating plan and the annual operational and financial targets.
Both the strategic plan and the annual operating plan lay down the foundation for
the preparation of the annual budget by which resources are allocated in accordance
with identified and prioritised business opportunities. The annual operating plan is
submitted for approval by the EC subject to regular review. The strategic plan is
presented to the Board by management subject to regular review and the annual
budget is approved by the Board yearly;
• A comprehensive monthly management reporting system is in place providing
financial and operational performance indicators to the management, and the
relevant financial information for reporting and disclosure purposes. Variances against
budgets are analysed, and explained, and appropriate actions are taken, if necessary,
to rectify deficiencies noted; and
• System and procedures are in place to identify, measure, manage and control risks
including legal, credit, market, operational, environmental, behavioral and system
risks that may have an impact on the Group.
The Group’s internal audit department (“IA”) performs audit reviews of the risks and
key controls of the Group. IA plays an important role in monitoring the Group’s internal
governance, evaluating the quality of the risk management and internal control systems
and informing the Board whether sound risk management and internal control systems are
maintained and operated by the management in compliance with agreed processes and
standards. To preserve the independence of the internal audit function, the head of IA
reports directly to the AC on audit matters and to the CEO on administrative matters.
董事會為提供有效風險管理及內部監控而制
訂之主要程序如下：
• 訂定一個權力範圍與責任界定清楚的企
業架構。分部╱部門主管參與準備策略
性計劃，當中列出來年須跟隨之企業策
略以達成年度營運計劃及年度營運與財
務目標。策略性計劃及年度營運計劃均
為準備年度預算案之基礎，其按既定及
優先的商業契機分配資源。該年度營運
計劃已經由執行委員會提交供批准並須
定期進行檢討。策略性計劃已經由管理
層向董事會匯報並須定期進行檢討；而
年度預算案則由董事會每年批准；
• 訂立每月詳細的管理匯報制度，以向管
理層提供財務及營運表現指標，並提供
財務資料，供有關匯報及披露用途。對
預算差異作出分析及闡釋，並於有需要
時採取適當之行動以彌補所知之不足；
及
• 訂立制度及程序以識別、衡量、管理及
監控可能影響本集團之法律、信貸、市
場、營運、環境、行為及制度等風險。
本集團內部審計部（「內部審計部」）就本集團
之風險及主要監控進行審核檢討。內部審計
部於監察本集團內部管治上、評估風險管理
及內部監控制度質素及向董事會匯報管理層
是否已遵照協定之程序及標準維持及實施妥
善之風險管理及內部監控制度上擔當重要角
色。為保留內部審計功能之獨立性，內部審
計部主管直接向審核委員會匯報有關審核事
宜及向行政總裁匯報行政事宜。
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46 Annual Report 2021 年報
內部審計部採用風險管理為本之審核方法，
規劃其年度內部審核規劃（會諮詢但獨立於管
理層）。內部審計部所採納之審核方法及程序
包括理解及分析業務、在主要程序上決定風
險範圍、分析及評估程序監控之有效性及傳
達結果與跟進。不同之財政、業務、功能運
作及活動之獨立檢討將配合審核資源進行，
並集中於高風險之範圍。倘審核委員會及管
理層識別出值得關注之事宜，亦會以專責方
式進行檢討。
本公司已為日常經營、流程、採用方法、評
核流程及匯報制度製定列明的政策及程序。
分部╱部門主管將獲通知監控不足之處以進
行修正，而內部審計部將跟進落實審核建議
之事宜。重要之內部監控不足將提呈審核委
員會請予注意（及如有需要提呈予董事會），
及高級管理層以作出補救行動。
於本年度內，董事會已通過審核委員會定期
對本集團風險管理及內部監控制度的有效性
（涵蓋所有重大監控、包括財務、營運及合規
監控，以及風險管理程序）進行檢討，並對資
源、員工在會計及財務匯報的合適性及經驗
作謹慎考慮。
再者，董事會採納了舉報政策以讓本集團之
僱員、顧客及供貨商對本集團任何可能處理
不當之事宜提出保密舉報。
Using a risk management-based approach audit, IA plans its internal audit projects annually
in consultation with, but independent of, management. The audit methodology and
process adopted by IA include understanding and analysing the business, determining risk
areas within key processes; analysing and evaluating the process control effectiveness and
communicating results and follow up. Independent reviews of different financial, business
and functional operations and activities will be conducted with audit resources being
focused on higher risk areas. Ad-hoc reviews will also be conducted on areas of concern
identified by the AC and the management.
The Company has established written policies and procedures on daily operations, covering
process flow, methodology adopted, reviewing process and reporting system. Division/
department heads will be notified of the control deficiencies noted for rectification, and
IA will follow up with the implementation of audit recommendations. Significant internal
control weaknesses are brought to the attention of the AC and if necessary to the Board,
and to the senior management for remedial actions.
During the Year, the Board, through the AC, has conducted reviews on a regular basis, of
the effectiveness of the Group’s risk management and internal control systems covering
all material controls, including financial, operational and compliance controls, and risk
management functions and gave due deliberation/consideration to the adequacy of
resources, staff qualifications and experience of the accounting and financial reporting
function.
Furthermore, the whistleblowing policy has been adopted by the Board for the Group’s
employees, customers and suppliers to raise concerns, in confidence, about possible
improprieties in any matters related to the Group.
Corporate Governance Report
企業管治報告書
IDT INTERNATIONAL LIMITED 萬威國際有限公司
47Annual Report 2021 年報
COMMUNICATION WITH SHAREHOLDERS AND SHAREHOLDERS’
RIGHT
Shareholders Communication
The Company strives to convey to shareholders pertinent information in a clear, detailed,
timely manner and on a regular basis and to take into consideration their views and inputs,
and address shareholders’ concerns. Their views are communicated to the Board as a
whole.
The Company communicates with its shareholders through the publication of annual and
interim reports, results announcements, other announcements and documents required
to be published pursuant to the Listing Rules, and press releases. All shareholders’
communications are also available on the Stock Exchange’s website at
or the Company’s website at .
The AGM of the Company provides a useful forum for shareholders to exchange views
with the Board. The chairman of the Board as well as chairmen of AC, NCGC and/or RC,
or in their absence, members of the Board Committees are generally available to answer
shareholders’ questions.
Separate resolutions are proposed at general meetings on each substantially separate issue,
including the election of individual directors. Votes cast on each resolution at the general
meetings are properly counted and recorded.
At each general meeting, the shareholders will be informed of the detailed procedures
for conducting a poll and answers will be provided if there are any questions from the
shareholders. The poll results are posted on the Stock Exchange’s website and the
Company’s website.
與股東之溝通及股東權益
股東溝通
本公司致力向股東傳達明確、詳盡、適時及
定期之相關數據，並考慮彼等之意見及建議
以及處理股東關注之事宜。彼等之意見會整
體向董事會傳達。
本公司透過刊發年報、中期報告、業績公
佈、根據上市規則須刊發的公佈及文件，及
新聞稿與股東溝通。所有與股東之通訊亦載
於聯交所網站或本公司網站
。
本公司股東週年大會為股東與董事會交換意
見之有用論壇。董事會主席以及審核委員
會、提名及企業管治委員會及╱或薪酬委員
會之主席（如彼等缺席，則董事委員會成員）
通常會出席回答股東之問題。
每一個實質上獨立之個別事項（包括推選個別
董事）均以獨立決議案提呈於股東大會上。股
東大會上對每項決議案的票數均獲妥為點算
及記錄在案。
在每一個股東大會上，股東將獲通知有關投
票表決之詳細程序。股東如有任何提問亦將
獲得解答。投票結果會於聯交所網站及本公
司網站公佈。
Corporate Governance Report
企業管治報告書
IDT INTERNATIONAL LIMITED 萬威國際有限公司
48 Annual Report 2021 年報
PROCEDURES FOR SHAREHOLDERS TO CONVENE A SPECIAL GENERAL
MEETING (“SGM”)
The Directors of the Company, notwithstanding anything in its Bye-Laws shall, on the
requisition of shareholders of the Company holding at the date of the deposit of the
requisition not less than one-tenth of such of the paid-up capital of the Company as at
the date of the deposit carries the right of voting at general meetings of the Company,
forthwith proceed duly to convene a SGM of the Company.
The requisition must state the purposes of the meeting, and must be signed by the
requisitionists and addressed to the company secretary and deposited at the Company’s
principal place of business in Hong Kong.
The request will be verified with the Company’s share registrars and upon their
confirmation that the request is proper and in order, the company secretary will ask the
Board to include the resolution in the agenda for the SGM.
If the Directors do not within twenty-one days from the date of the deposit of the
requisition proceed duly to convene a meeting, the requisitionists, or any of them
representing more than one half of the total voting rights of all of them, may themselves
convene a meeting, but any meeting so convened shall not be held after the expiration of
three months from the said date.
Procedures for shareholders to put forward proposals at general meetings
Shareholders who want to put forward proposals at an AGM or SGM should submit a
written notice of those proposals with their detailed contact information to the company
secretary at the Company’s principal place of business in Hong Kong. The request will be
verified with the Company’s share registrars and upon their confirmation that the request is
proper and in order, the company secretary will ask the Board to include the resolution in
the agenda for the general meeting.
股東召開股東特別大會（「股東特別大會」）
之程序
即使本公司章程細則另有任何規定，本公司
董事須於收到本公司股東（該等股東於送達要
求日期當日持有本公司截至該日附帶本公司
股東大會投票權的實繳股本不少於十分之一）
要求時，立即著手正式召開本公司之股東特
別大會。
該要求須述明有關會議之目的，並須由要求
人簽署及送達本公司之香港主要營業地點交
予公司秘書。
本公司會向本公司之股份過戶登記處核實該
要求，於獲得股份過戶登記處確認為正式及
妥為提交之要求後，公司秘書將要求董事會
在股東特別大會的議程內加入有關決議案。
倘董事於上述要求之送達日期二十一日內並
無正式召開會議，要求人（或代表要求人總投
票權超過一半以上之任何要求人）可自行召開
會議，惟所召開之任何會議不得於上述日期
起計三個月屆滿後舉行。
股東於股東大會作出提案之程序
股東若要在股東週年大會或股東特別大會上
提出提案，須書面提交該等提案，並連同詳
細聯絡資料，送達本公司之香港主要營業地
點交予公司秘書。本公司會向本公司之股份
過戶登記處核實該要求，於獲得股份過戶登
記處確認為正式及妥為提交之要求後，公司
秘書將要求董事會在股東大會的議程內加入
有關決議案。
IDT INTERNATIONAL LIMITED 萬威國際有限公司
49Annual Report 2021 年報
Corporate Governance Report
企業管治報告書
Procedures for Shareholders to Send Enquiries to the Board
Shareholders’ enquiries must be in writing setting out their contact information and
addressed to the company secretary and deposited at the Company’s principal place of
business in Hong Kong at Block C, 9th Floor, Phase 1, Kaiser Estate, 41 Man Yue Street,
Hunghom, Kowloon, Hong Kong.
COMPANY SECRETARY
The company secretary reports to the Board and is responsible for assisting the Board
to follow the Board procedures and policies. Mr. Chen Kun, the Company Secretary of
the Company during FY2021, had attended relevant professional seminars to update his
knowledge and skills. He had complied with the Listing Rules and taken no less than 15
hours of relevant professional training.
INVESTOR RELATIONS
The Board recognises that effective communication to investors is the key to establishing
investor confidence and attracting new investors.
Measures taken by the Group include:
• Annual and interim reports are prepared and issued to all shareholders within the
prescribed period stipulated by the Stock Exchange. All results announcements and
reports are posted on the Stock Exchange’s website and the Company’s website.
• The Group regularly releases corporate information such as awards received,
product launches and the latest news of the Group’s developments on the
Company’s website. The public are welcome to give their comments and make their
enquiries through the Company’s website and the management will provide their
prompt response.
• The constitutional documents of the Company can be found on the websites of
the Company
