ANNUAL REPORT2020/21 年度報告
Stock Code 股份代號: 2199
ABOUT US
關於我們
維珍妮國際（控股）有限公司（「維珍妮」或「本公司」）及
其附屬公司（統稱「本集團」）於1998年在香港創立，是
全球領先的貼身內衣製造商。透過採用創新設計製造
（「IDM」）業務模式，維珍妮為國際知名品牌夥伴提供多
種貼身內衣及功能運動類產品，包括胸圍、運動胸圍、
內褲、塑身內衣、胸杯、功能運動服裝及鞋履產品等。
本集團擁有兩大策略據點－中國深圳的研發（「研發」）及
生產基地，以及越南自本集團於2016年擴產後成為重要
的生產基地。
Founded in Hong Kong in 1998, Regina Miracle International
(Holdings) Limited (“Regina Miracle” or the “Company”) and its
subsidiaries (collectively, the “Group”) is a global leader in the
intimate wear manufacturing industry. Adopting the innovative
design manufacturer (“IDM”) business model, Regina Miracle
offers its world-renowned brand partners diverse intimate wear
and functional sports products, including bras, sports bras,
panties, shapewear, bra pads, functional sports apparel and
footwear. The Group has two strategic strongholds – its research
and development (“R&D”) and production base in Shenzhen,
China and, since the Group expanded production capacity in
2016, Vietnam has become its important production base.
CONTENTS
目錄
Corporate information 2 公司資料
Financial highlights 5 財務概要
Chairman’s statement 6 主席報告
Management discussion and analysis 12 管理層討論及分析
Profile of directors, senior management and
company secretary
31 董事、高級管理層及公司秘書
的履歷
Report of the directors 40 董事會報告
Corporate governance report 58 企業管治報告
Environmental, Social and Governance Report 75 環境、社會及管治報告
Independent auditor’s report 158 獨立核數師報告
Consolidated income statement 165 綜合損益表
Consolidated statement of comprehensive income 166 綜合全面收益表
Consolidated balance sheet 167 綜合資產負債表
Consolidated statement of changes in equity 169 綜合權益變動表
Consolidated statement of cash flows 170 綜合現金流量表
Notes to the consolidated financial statements 172 綜合財務報表附註
Financial information summary 252 財務資料概要
CORPORATE
INFORMATION
3年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
CORPORATE INFORMATION
公司資料
BOARD OF DIRECTORS
Executive Directors
Mr. HUNG Yau Lit (also known as YY Hung)
(Chairman and Chief Executive Officer)
Mr. YIU Kar Chun Antony (Chief Financial Officer)
Mr. LIU Zhenqiang
Mr. CHEN Zhiping (Chief Operating Officer)
Ms. SZE Shui Ling
Independent Non-executive Directors
Dr. OR Ching Fai
Mrs. TO WONG Wing Yue Annie
Ms. TAM Laiman
BOARD COMMITTEES
Audit Committee
Dr. OR Ching Fai (Chairman)
Mrs. TO WONG Wing Yue Annie
Ms. TAM Laiman
Remuneration Committee
Mrs. TO WONG Wing Yue Annie (Chairman)
Mr. HUNG Yau Lit (also known as YY Hung)
Ms. TAM Laiman
Nomination Committee
Mr. HUNG Yau Lit (also known as YY Hung) (Chairman)
Mrs. TO WONG Wing Yue Annie
Ms. TAM Laiman
AUTHORISED REPRESENTATIVES
Mr. YIU Kar Chun Antony
Mr. LAW Kwan Chuen
COMPANY SECRETARY
Mr. LAW Kwan Chuen
AUDITOR
PricewaterhouseCoopers
Certified Public Accountants
Registered Public Interest Entity Auditor
22/F, Prince’s Building
Central
Hong Kong
REGISTERED OFFICE
Cricket Square
Hutchins Drive
. Box 2681
Grand Cayman KY1-1111
Cayman Islands
董事會
執行董事
洪游歷（又名洪游奕）先生
（主席兼首席執行官）
姚嘉駿先生（首席財務官）
劉震強先生
陳志平先生（首席營運官）
施穗玲女士
獨立非執行董事
柯清輝博士
陶王永愉女士
譚麗文女士
董事委員會
審核委員會
柯清輝博士（主席）
陶王永愉女士
譚麗文女士
薪酬委員會
陶王永愉女士（主席）
洪游歷（又名洪游奕）先生
譚麗文女士
提名委員會
洪游歷（又名洪游奕）先生（主席）
陶王永愉女士
譚麗文女士
授權代表
姚嘉駿先生
羅鈞全先生
公司秘書
羅鈞全先生
核數師
羅兵咸永道會計師事務所
執業會計師
註冊公眾利益實體核數師
香港
中環
太子大廈22樓
註冊辦事處
Cricket Square
Hutchins Drive
. Box 2681
Grand Cayman KY1-1111
Cayman Islands
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司4
CORPORATE INFORMATION
公司資料
PRINCIPAL PLACE OF BUSINESS AND HEAD
OFFICE IN HONG KONG
10th Floor, Tower A
Regent Centre
63 Wo Yi Hop Road
Kwai Chung
Hong Kong
PRINCIPAL SHARE REGISTRAR
Conyers Trust Company (Cayman) Limited
Cricket Square
Hutchins Drive
. Box 2681
Grand Cayman KY1-1111
Cayman Islands
HONG KONG BRANCH SHARE REGISTRAR
Computershare Hong Kong Investor Services Limited
Shops 1712–1716, 17th Floor
Hopewell Centre
183 Queen’s Road East
Wanchai
Hong Kong
PRINCIPAL BANKERS
The Hongkong and Shanghai Banking Corporation Limited
Hang Seng Bank Limited
Standard Chartered Bank (Hong Kong) Limited
Bank of China (Hong Kong) Limited
China Construction Bank (Asia) Corporation Limited
Chong Hing Bank Limited
INVESTOR AND PRESS RELATIONS ADVISER
Strategic Financial Relations Limited
24/F, Admiralty Centre I
18 Harcourt Road
Hong Kong
COMPANY WEBSITE
STOCK CODE
2199
香港主要營業地點及總部
香港
葵涌
和宜合道63號
麗晶中心
A座10樓
股份過戶登記總處
Conyers Trust Company (Cayman) Limited
Cricket Square
Hutchins Drive
. Box 2681
Grand Cayman KY1-1111
Cayman Islands
香港證券登記分處
香港中央證券登記有限公司
香港
灣仔
皇后大道東183號
合和中心
17樓1712–1716號舖
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
渣打銀行（香港）有限公司
中國銀行（香港）有限公司
中國建設銀行（亞洲）股份有限公司
創興銀行有限公司
投資者及傳媒關係顧問
縱橫財經公關顧問有限公司
香港
夏愨道18號
海富中心一期24樓
公司網站
股份代號
2199
5年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
FINANCIAL HIGHLIGHTS
財務概要
The board of directors (the “Board”) of Regina Miracle
International (Holdings) Limited (“Regina Miracle” or the
“Company”) is pleased to announce the annual results of the
Company and its subsidiaries (collectively, the “Group”) for the
year ended 31 March 2021 (“Fiscal 2021”), together with the
comparative figures for the corresponding year in 2020 (“Fiscal
2020”).
COMPARISON OF KEY FINANCIAL
INFORMATION AND FINANCIAL RATIOS
Year ended 31 March
截至3月31日止年度
2021 2020
2021年 2020年
HK$’000 % HK$’000 % Change
港幣千元 百分比 港幣千元 百分比 變動
Revenue 收入 5,974,290 6,341,010 (%)
Gross profit 毛利 1,237,953 1,440,731 (%)
Profit attributable to owners
of the Company
本公司擁有人應佔溢利
125,515 289,953 (%)
Earnings before interest,
taxes, depreciation and
amortisation (“EBITDA”)#
息稅折舊及攤銷前利潤
（「EBITDA」）#
820,593 969,745 (%)
Profit attributable to owners
of the Company (excluded
restructuring costs)#
本公司擁有人應佔溢利
（不包括重組成本）#
175,253 289,953 (%)
Earnings before interest,
taxes, depreciation and
amortisation (excluded
restructuring costs)#
息稅折舊及攤銷前利潤
（不包括重組成本）#
870,331 969,745 (%)
HK cents HK cents
港仙 港仙
Earnings per share
– basic and diluted
每股盈利
－基本及攤薄
Dividend per share 每股股息
– Interim dividend －中期股息 –
– Proposed final dividend －建議末期股息
– Proposed special dividend －建議特別股息 –
# These are not measures of performance under Hong Kong Financial
Reporting Standards (“HKFRS”), but is widely used by management
for monitoring business performance of a company from operational
perspective. It may not be comparable to similar measures presented by
other companies.
# 並非香港財務報告準則（「香港財務報告準則」）
下計量表現的指標，惟管理層從營運角度監控
公司業務表現時廣泛應用。其未必可與其他公
司呈列的類似計量指標作比較。
維珍妮國際（控股）有限公司（「維珍妮」或「本
公司」）董事會（「董事會」）欣然宣佈本公司及
其附屬公司（統稱「本集團」）截至2021年3月
31日止年度（「2021財年」）的全年業績，連同
2020年（「2020財年」）的比較數字。
主要財務資料與財務比率的
比較
CHAIRMAN’S
STATEMENT
主席報告
7年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
CHAIRMAN’S STATEMENT
主席報告
The year under review was unusual as the sudden outbreak of
coronavirus disease 2019 (“COVID-19” or the “Pandemic”)
brought unprecedented challenges to various industries around
the world, especially in the first half year when many markets
in Europe and the United States suffered from lockdowns and
the global textile and apparel retail chain was faltering. In the
second half year, as the Pandemic was controlled and the market
gradually adapted to the new normal of the late-pandemic era,
market conditions recovered and most retail brands had their
operations back on track since July. Through the concerted
efforts of all colleagues of Regina Miracle, the Group was able
to grasp the opportunities brought by the market recovery in the
second half year and achieved a sales level not only higher than
the first half year but also better than that of the same period in
previous years, with a slight decline in annual revenue of %
to approximately HK$5, million, and net profit amounting
to approximately HK$ million. The Board has resolved
to propose a final dividend of cents per share for Fiscal
2021 in line with the Group’s policy of paying no less than 30%
of its net profit as dividends each year, and proposed a special
dividend of cents per share in appreciation of shareholders’
unwavering support during the challenging year.
回顧年度是非比尋常的一年，突如其來的
2019冠狀病毒病（「COVID-19」或「疫情」）令
全球各界面臨空前考驗，尤其在上半年，歐
美多個市場封城，使全球紡織服裝零售產業
鏈陷入寒冬。下半年，隨著疫情受控及市場
逐漸適應後疫情時代的新常態，市況回暖，
絕大部分零售品牌自7月起已重回正軌。憑
藉維珍妮全體同事上下一心，令本集團得以
把握下半年市場復甦的機遇，銷售不但較上
半年增長，與以往同期相比尤佳，令全年
收益僅輕微下跌%至約港幣5,百萬
元，純利則為約港幣百萬元。董事會已
議決建議就2021財年宣派末期股息每股
港仙，貫徹本集團分派財政年度純利不少於
30%的股息政策之餘，並建議派發特別股息
每股港仙，以答謝股東在過去嚴峻的一年
仍與我們風雨同行。
On behalf of the Board of the Company and the
Group, I hereby present to our shareholders the
annual report of the Group for Fiscal 2021.
本人謹代表本公司董事會及本集團，向股東提呈本集團
2021財年的全年業績報告。
YY Hung
洪游奕
Chairman,
Chief Executive Officer and Executive Director
主席、首席執行官兼執行董事
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司8
CHAIRMAN’S STATEMENT
主席報告
前所未見的嚴竣一年：審視自
身不足，積極求進
在嚴竣的市場環境挑戰下，本集團於過去致
力維持業務穩定發展。幸而本集團擁有多元
化的產品組合，而在芸芸產品中，運動相關
產品因疫下運動風盛行，因而得以展現強韌
的增長；另外，舒適的家居型產品、及近年
跨行業及跨產品線業務開拓的消費電子類產
品，則受惠於「宅在家」的趨勢。另一方面，
面對突然來襲的疫情，本集團亦積極開源，
包括開拓布口罩業務及發展中國市場，藉此
擴大收入來源及分散市場風險。更令人鼓舞
的是，核心業務訂單於下半年隨著品牌合作
夥伴重拾正軌而強勢反彈，令本集團於回顧
年度得以達致維持業務穩定發展的首要目標。
這場疫情讓我們反思良多，其中最重要的一
課，便是意識到多元市場佈局的重要。我們
一方面繼續與國際品牌構建緊密穩固的合作
夥伴關係，同時我們亦見到中國憑藉疫情控
制及雙循環國策成為全球經濟增長領頭羊，
市場蘊含龐大的發展空間，故我們於過去一
年投放更多資源拓展國內新品牌合作夥伴及
電商等新營銷渠道，並樂見初步成果，相信
此業務會將是本集團未來的主要增長動力之
一。
在危機中維珍妮一直審視自身不足，並積極
檢討內部營運及生產流程，資本開支，成本
控制，簡約架構以節用蓄力，同時加強推行
數碼化升級以優化生產及管理流程，冀能為
本集團「後疫情期」業務健康發展打穩基礎。
TAKING NOTE OF OUR SHORTCOMINGS
A N D S T A Y I N G A G I L E U N D E R T H E
UNPRECEDENTED TOUGH YEAR
Amid the tough market environment, the Group was committed
to maintaining stable business development. This was achieved
in part due to the Group’s varied product portfolio, with sports-
related products in particular showing continuous and resilient
growth driven by the growing popularity of sporting activities
during the Pandemic. In addition, the “stay-at-home” trend led to
the growth of comfortable loungewear products and consumer
electronics products in response to the cross-sector and cross-
product line business expansion in recent years. Furthermore, in
the face of sudden onset of the Pandemic, the Group’s proactive
exploration of new income sources including the development
of fabric face masks business, and focus on the PRC market,
have helped it to expand revenue streams and alleviate market
risks. Even more encouraging, orders within the core business
witnessed a sharp rebound in the second half year as the Group’s
brand partners had their operations back on track, allowing the
Group to achieve the primary goal of maintaining stable business
development during the review year.
We look at this remarkable period under the Pandemic as
an invaluable lesson. Most importantly, the significance
of diversifying our market presence has been recognized.
While we will remain committed to building closer and more
stable partnerships with international brands, we also see the
tremendous opportunities available in the PRC as it became
the locomotive of global economic growth thanks to its timely
containment of the Pandemic and the development of a national
dual circulation strategy. Hence, we have been increasingly
investing resources on developing new brand partners and new
marketing channels such as e-commerce in the PRC over the past
year and these efforts have begun to pay off. We believe that this
business will be one of the Group’s main growth drivers in future.
During the crisis, Regina Miracle has been examining its own
shortcomings, and actively reviewing its internal operations and
production processes, capital expenditures and cost controls. It
streamlined the structure for saving and reserving resources while
optimizing its production and management processes through
digital upgrades, with a view to lay a solid foundation for healthy
business development in the late-Pandemic era.
9年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
CHAIRMAN’S STATEMENT
主席報告
做好風險管理，奠定穩固根
基，致力實踐可持續業務發展
模式
疫情亦令整個供應鏈產生了巨大的變化，包
括網上電商銷售崛起，令品牌夥伴紛紛以減
少庫存為原則，落單更為快速，使生產週期
縮短。因此，本集團積極透過優化生產流程
以提升生產效率，一方面以擴大利潤為最大
目標，同時亦為生產流程作好適當的風險應
對管理；另外，我們亦加強與品牌合作夥伴
互動，繼續引領市場潮流。我們深信，凡此
種種方能穩固本集團在行業的領先地位，並
實現長遠、可持續的業務發展模式。
本集團將繼續完善越南的產能佈局，以滿足
現有國際品牌合作夥伴殷切的訂單需要。同
時，面對全球新冠病毒疫情時有反覆，越南
作為本集團最大的生產基地，我們亦為潛在
可能的風險作出合理評估，包括當地政府為
遏止疫情而實施的城市封鎖政策及社交距離
措施等；為此，本集團亦定期與品牌夥伴溝
通及協商潛在風險及交付期彈性、以及越南
與深圳廠房生產線的替代方案等。
作為創新設計製造商，我們亦致力有度有序
地實行業務數碼化和信息化，為企業長期的
發展與增長奠定良好基礎。數碼科技除有助
提升生產效率外，亦能精細化生產規劃，本
集團能夠透過有系統的產能規劃，應付訂單
及應對市場變化。此外，我們將透過大數據
掌握潮流走勢，研發引領潮流產品。與此同
時，我們亦致力在環保及可持續發展方面訂
立更清晰的實踐路線，全面提倡和實踐「創造
引領潮流產品，實現行業價值，踐行社會責
任」的企業使命及願景，冀可促進行業可持續
發展，並推動供應商合作夥伴開發環保原材
料。
COMMITTED TO A SUSTAINABLE BUSINESS
DEVELOPMENT MODEL WITH SOUND RISK
MANAGEMENT AND A SOLID FOUNDATION
The Pandemic has also brought about tremendous changes in the
whole supply chain, including the increased popularity of online
e-commerce sales, with a particular focus on fast order and short
production cycles in response to brand partners’ preference for
reduced inventories. Therefore, the Group has been actively
enhancing its production efficiency through production process
improvement, with the goal of maximizing profit, while ensuring
proper risk response management for the production process. In
addition, we also strengthened our interaction with brand partners
in order to continuously lead the market trend. We believe that
all of these efforts will help us consolidate our leading position
in the industry and realize a long-term and sustainable business
development model.
The Group will continue to improve the layout of its production
capacity in Vietnam to meet the strong order demand from our
existing international brand partners. Meanwhile, faced with the
volatility of the global Pandemic, and with the Group’s largest
production base being located in Vietnam, we have also made
a reasonable assessment of the potential risks, including city
lockdown policies and social distancing measures implemented
by the local governments for the containment of the Pandemic,
etc. To this end, the Group also regularly communicates and
negotiates with our brand partners on the potential risks and
flexibility of lead time, as well as contingency plans with regards
to alternative production lines in Vietnam and Shenzhen.
As an innovative design manufacturer, we are also committed
to carrying out business digitization and informationization in a
carefully calculated manner, so as to lay a solid foundation for
the long-term development and growth of our enterprise. In
addition to improving production efficiency, digital technology
can also enable more refined production planning. The Group
is able to deal with orders and market changes at ease through
systematic production planning. Furthermore, we will ensure
careful monitoring of major trends through big data and innovate
products that will lead market trends accordingly. At the same
time, we are also committed to establishing a clearer practical line
in environmental protection and sustainable development, and
comprehensively advocate and implement the enterprise mission
and vision of “Creating first-class products, delivering industry
value and fulfilling social responsibilities”. We are also committed
to promoting the sustainable development of the industry and
encouraging our supply chain partners to develop green raw
materials.
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司10
CHAIRMAN’S STATEMENT
主席報告
市場增長勢頭強韌：訂單增長
創高峰，全速前進，推動維珍
妮再攀高峰
在「後疫情」時代，疫苗面世為全球防疫帶來
𥌓光，經濟活動逐漸恢復，本集團樂見訂單
增長維持強勁勢頭甚至屢創高峰，管理層對
來年業務保持樂觀的看法，並將繼續發揮創
新設計製造的獨特優勢力，以及多年來於貼
身內衣與功能性運動產品領域的行業領導地
位，緊握市場機遇，推動維珍妮業務健康穩
定地發展。
本集團矢志配合國際品牌合作夥伴的發展需
求，包括與品牌夥伴攜手在經濟復甦最快的
中國內地市場拓展業務。另一方面，有見國
內時尚及電商品牌於疫情期間迅速崛起，本
集團自去年開拓的國內新品牌合作夥伴及電
商等新營銷渠道亦初見成果，加之國內對「中
國製造」的需求日增，中國市場前景廣闊，
因此本集團積極著手優化國內業務及產能佈
局，並有意落戶大灣區內的廣東省肇慶新區
內的高新產業園區，以推進維珍妮在中國內
地的長遠發展。
STRONG MARKET GROWTH: WITH SALES
ORDERS HITTING A RECORD HIGH, REGINA
MIRACLE IS IN FULL GEAR TO REACH NEW
HEIGHTS
In the late-Pandemic age, the launch of vaccines has brought a
glimmer of hope to global anti-pandemic efforts and has resulted
in a gradual recovery in economic activities. The Group was
pleased to note a continuously strong increase in sales orders
and even record highs as a result. The management thus remains
optimistic about the business in the coming year and will continue
to leverage our unique advantages in innovative design and
manufacturing, as well as our industry-leading position in the field
of intimate wear and functional sports products, in a bid to seize
market opportunities and drive the stable business development
of Regina Miracle.
The Group is committed to catering to the development demand
of international brand partners. This includes developing business
in the fastest-recovered economy, Mainland China, alongside
our brand partners. Moreover, given the swift emergence of
fashionable and e-commerce-focused domestic brands, the Group
has been developing new brand partners and marketing channels,
such as e-commerce, in the PRC since last year and these
efforts have begun to pay off. Coupled with growing demand for
products that align with the “Made in China” ethos in the PRC,
the Group has begun to optimize the business and production
layout in the PRC by setting its eyes on the high-tech industrial
park, Zhaoqing New District, Guangzhou Province, the Greater
Bay Area, targeting the vast potential of the Chinese market with
an aim to facilitate the Group’s long-term development in the
country.
11年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
CHAIRMAN’S STATEMENT
主席報告
Based on the preliminary plan, the new facilities in Zhaoqing
New District will focus on Mainland Chinese market while the
production base in Vietnam will continue to satisfy the overseas
order demands from outside the PRC for our international brand
partners. We are in the process of completing the development
details of the Zhaoqing factory and will provide an update on the
latest progress in due course.
The challenges that we have encountered during the Pandemic
have proven to be a valuable learning experience. I would like
to take this opportunity to extend my heartfelt gratitude to the
Board, the management team, and our colleagues for their
dedication and hard work to ride out the various storms during the
Pandemic, especially the colleagues who stayed overseas due
to the travel restrictions and the quarantine measures imposed
during the Pandemic. I would also like to express my sincere
gratitude for the support and trust of our brand partners and
suppliers over the years, and thank our shareholders and business
partners for their long-term trust. Currently in the best position of
the Group’s development history, the management team and I are
eagerly looking forward to and are fully confident that the Group
can maintain its strong growth momentum. Together, we will
elevate Regina Miracle to new heights and generate long-term
sustainable value for shareholders.
YY Hung
Chairman, Chief Executive Officer and Executive Director
Hong Kong, 30 June 2021
根據初部規劃，肇慶新園區將主力供應中國
市場，而越南生產基地則繼續致力供應各大
國際品牌合作夥伴於中國以外的海外訂單需
求。我們正為肇慶廠房的發展細節進行規劃
整理，並適時向各位公佈最新進展。
疫情期間我們的學習和體會將可轉化成寶貴
的經驗。本人藉此機會衷心感謝董事會、管
理團隊及同事一直謹守崗位，尤其是一眾受
疫情期間實施的出入境限制和隔離措施影響
而留守海外的同事，大家共同努力不懈，攜
手面對疫境，共渡時艱。同時，我亦謹向品
牌合作夥伴及供應商多年來的支持與信任致
以衷心謝意，並感謝各位股東及業務合作夥
伴對本集團的長期信任。本集團正處於發展
史上最好的軌道，我與管理團隊熱切期待亦
有信心本集團能夠延續強勁的增長勢頭，一
起帶領維珍妮繼往開來，再創業務新高峰，
為股東締造長遠可持續價值。
主席、首席執行官兼執行董事
洪游奕
香港，2021年6月30日
MANAGEMENT
DISCUSSION
AND ANALYSIS
管理層討論
及分析
13年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
MARKET REVIEW
During the year under review, the outbreak of coronavirus disease
2019 (“COVID-19” or the “Pandemic”) brought tremendous
changes to various industries around the world, particularly during
the first half of the year when many markets in Europe and the
United States suffered from lockdowns. The global textile and
apparel retail chain was thrust into a precarious situation. In the
second half of the year, as the Pandemic was gradually brought
under control, market confidence was restored. In addition, the
public have gradually adapted to the new normal in the late-
Pandemic era, including changes in lifestyle and consumption
patterns. As a result, most retail brands have resumed normal
operations from July onwards.
In the face of the Pandemic, the Group’s core business was
inevitably affected in the first half of Fiscal 2021. In particular, the
traditional bra and intimate wear business saw a sudden drop
in orders. However, the Pandemic has also created a growing
demand for sports, home and consumer electronics products, and
accelerated the rise of online shopping. With its innovative design
manufacturing (IDM) capabilities and a diverse product portfolio
built over the years, Regina Miracle was able to capitalize on
strong growth in sports-related products under the Pandemic. In
addition, the Group’s aggressive efforts to explore new sources
of income, including the development of fabric face masks by
focusing on growing the Chinese market, which was the first
to bring the Pandemic under control, have enabled the Group
to partially offset the impact of the traditional bra and intimate
wear business during the initial phase of the Pandemic. With
the gradual resumption of operations and orders from some of
its closer brand partners from the second quarter onwards, the
Group was pleased to see orders for its overall business being
back on track, which led to sales in the second half of the year as
a whole surpassing the pre-Pandemic levels, and that this strong
growth momentum will continue.
Meanwhile, the outbreak of Pandemic has allowed the Group to
deeply reflect as well as take note of its own shortcomings. Under
such unexpected challenge, the Group has remained prudent
and taken a multi-pronged approach to internal control, including
streamlining manpower and surrendering part of the Shenzhen
factory, in order to optimize the allocation of human resources and
production capacity in both the PRC and Vietnam. Furthermore,
the Group has also optimized its production processes, enhanced
efficiency and controlled costs through inventory utilization
and workmanship improvements in order to create a flexible
production model as well as lay a solid foundation for maintaining
its edge in the industry going forward.
市場回顧
回顧年內，2019冠狀病毒病（「COVID-19」或
「疫情」）為全球各行各業帶來巨變，尤其在上
半年歐美多個市場陷入封城狀態，全球紡織
服裝零售產業鏈一度陷入困局。下半年，隨
著疫情逐漸受控，市場陸續重拾信心，加上
大眾逐漸適應後疫情時代的新常態，包括在
生活和消費模式上的轉變，絕大部分零售品
牌自7月份起已陸續恢復正常營運。
面對疫情來襲，本集團2021財年上半年的
核心業務無可避免受到影響，尤其是傳統的
胸圍及貼身內衣業務訂單驟減。另邊廂，疫
情造就了運動、家居及消費電子類產品的需
求日盛及網上購物崛起。憑藉創新設計製造
(IDM)能力、以及多年來建立了的多元產品組
合，維珍妮得以把握運動相關產品在疫情下
的強韌增長。此外，本集團積極開源，包括
開拓布口罩業務，以及重點開拓疫情期間最
早受控的中國市場，以部份抵銷傳統胸圍及
貼身內衣業務於疫情初期所受影響。隨著部
份關係牢固的品牌合作夥伴自第二季起逐步
恢復營運及訂單，本集團欣見整體業務的訂
單重拾正軌，帶動下半年的整體銷售超越疫
情前的水平，並樂見此凌厲的增長勢頭將會
延續。
同時，疫情令本集團深刻反思，檢視自身的
不足。經歷這個突如其來的挑戰，本集團堅
守審慎態度，多管齊下地進行內部管控，包
括精簡人手及退租部分深圳廠房，務求優化
中越兩地的人力資源及產能配置。此外，本
集團亦通過庫存利用及工藝改善等，優化生
產流程、提升效率及控制成本，務求打造靈
活的生產模式，為未來繼續保持行業領先優
勢打穩基礎。
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司14
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
業務回顧
財務表現
年內，本集團在嚴峻的經營環境下，仍錄得
收益約港幣約5,百萬元（2020財年：
港幣6,百萬元），比2020財年僅減少
%，有賴下半年核心業務的訂單強勢反
彈，使整體收益較上半年大幅增加%。
收入下降令毛利減少%至約港幣1,
百萬元，毛利率為%（2020財年：分別
港幣1,百萬元及%）。全賴全體同
事上下一心、加上開源節流，本集團的息稅
折舊及攤銷前利潤(EBITDA)為約港幣百
萬元，EBITDA率為%（2020財年：分別
港幣百萬元及%）。
在經營去槓桿化的情況下，加上因精簡產能
及人力資源導致錄得兩筆一次性開支，包括
遵照中國及越南的法規向約506名員工派發
遣散補償金合共約港幣百萬元，以及退
租部分深圳廠房而錄得約港幣百萬元的
固定資產撇賬，本集團年內錄得純利約港幣
百萬元，純利率為%（2020財年：
分別港幣百萬元及%）。本公司擁有
人應佔每股基本盈利為港仙（2020財年：
港仙）。撇除上述一次性開支項目，純利
則按年下降%至約港幣百萬元，純
利率為%。
本集團財務狀況穩健，除了穩定的營運現金
流，亦擁有充裕的手頭現金及未提取貿易及
定期貸款融資總額。於2021年3月31日，兩
者分別約港幣百萬元及港幣2,百
萬元（2020年3月31日：分別為港幣百
萬元及港幣2,百萬元）。
BUSINESS REVIEW
Financial performance
During the year, the Group recorded a revenue of approximately
HK$5, million (Fiscal 2020: HK$6, million), which
was only % lower than that of Fiscal 2020, despite the tough
operating environment, thanks to the strong rebound in orders
from its core business in the second half of the year, resulting in
a significant increase of % in overall revenue as compared
with the first half of the year. Gross profit decreased by % to
approximately HK$1, million, with a gross profit margin of
% (Fiscal 2020: HK$1, million and %, respectively),
due to the decline in revenue. Thanks to the concerted efforts of
all its colleagues and the efforts to increase revenue and control
costs, the Group’s earnings before interest, taxes, depreciation
and amortisation (EBITDA) was approximately HK$ million
and EBITDA margin was % (Fiscal 2020: HK$ million
and %, respectively).
As a result of the deleveraging of operations and two one-off
expenses due to the streamlining of production capacity and
human resources, including severance payments to approximately
506 employees totaling approximately HK$ million in
compliance with regulations in the PRC and Vietnam and write
off of fixed assets of approximately HK$ million due to the
surrender of part of the Shenzhen factory, the Group recorded a
net profit of approximately HK$ million for the year with a
net profit margin of % (Fiscal 2020: HK$ million and %,
respectively). Basic earnings per share attributable to owners of
the Company amounted to cents (Fiscal 2020:
cents). Excluding the above one-off expense items, net profit
decreased by % year-on-year to approximately HK$
million with a net profit margin of %.
The Group is in a healthy financial position. In addition to stable
operating cash flows, it also holds sufficient cash in hand and total
undrawn trade and term loan facilities of approximately HK$
million and HK$2, million, respectively, as at 31 March
2021 (31 March 2020: HK$ million and HK$2, million,
respectively).
15年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
董事會議決建議就2021財年宣派末期股息每
股港仙（2020財年：每股港仙，連同中
期股息每股港仙，總股息為港仙），以
貫徹本集團分派財政年度純利不少於30%的
股息政策，同時建議派發特別股息每股港
仙，以答謝股東在過去嚴峻一年仍與本集團
風雨同路。建議末期及特別股息須待本公司
股東於2021年9月13日（星期一）舉行的股東
週年大會上批准後，方可作實。末期及特別
股息預計於2021年10月5日（星期二）或前後
向於2021年9月23日（星期四）名列本公司股
東名冊的股東派付。
胸圍及貼身內衣
胸圍及貼身內衣產品仍為本集團的主要收
益來源，於年內貢獻約港幣3,百萬元
（2020財年：港幣5,百萬元），比去年
減少%，佔整體收益%。分部毛
利為約港幣百萬元，毛利率為%
（2020財年：分別為港幣1,百萬元及
%）。分部收益下降，主要受累於本財年
首季歐美品牌合作夥伴因防疫措施縮減或延
遲訂單，當中以傳統胸圍及貼身內衣業務影
響較大。
然而疫下運動蔚然成風，加上獲得數名新國
際知名零售及運動品牌合作夥伴的青睞，帶
動運動胸圍產品表現強韌，銷售較去年增加
超過三成。此外，「宅在家」亦使舒適的家居
外穿內衣(bra top)及胸圍產品需求增加。在
中國國內市場，本集團亦新增數名新興電商
品牌合作夥伴，使客戶組合更均衡。值得欣
喜的是，下半年此分部訂單已見大幅回升，
相關收益亦較上半年攀升%。
胸杯及其他模壓產品
胸杯及其他模壓產品業務的收入約港幣
百萬元（2020財年：港幣百萬元），按
年下跌%，佔總收入%。分部毛利及
毛利率為約港幣百萬元及%（2020
財年：分別為港幣百萬元及%）。
The Board has resolved to propose a final dividend of cents
per share for Fiscal 2021 (Fiscal 2020: cents per share, plus
an interim dividend of cents per share, brought the total
dividend to cents per share) in line with the Group’s policy
of paying no less than 30% of its net profit as dividends for the
fiscal year, and proposed a special dividend of cents per
share in appreciation of shareholders’ unwavering support during
the challenging year. The proposed final and special dividends are
subject to approval by shareholders of the Company at the annual
general meeting to be held on Monday, 13 September 2021. The
final and special dividends are expected to be paid on or around
Tuesday, 5 October 2021 to shareholders whose name appears
on the register of members of the Company on Thursday, 23
September 2021.
Bras and intimate wear
Bras and intimate wear products remain the Group’s primary
source of revenue. During the year, this segment contributed
approximately HK$3, million (Fiscal 2020: HK$5,
million), representing a year-on-year decrease of % and
accounting for % of the overall revenue. Gross profit of the
segment amounted to approximately HK$ million with a
gross profit margin of % (Fiscal 2020: HK$1, million
and %). The decline in segment revenue was mainly due to
reduced or delayed orders from brand partners in Europe and the
United States in the first quarter of the fiscal year caused by anti-
pandemic measures, which dealt a major blow to the traditional
bra and intimate wear business.
However, sports bras proved to be a silver lining, delivering a
resilient performance driven by the growing popularity of sports
during the Pandemic and support from a few new internationally
renowned retail and sports brand partners, which ultimately
resulted in an increase in sales of more than 30% when
compared with last year. In addition, the “stay-at-home” trend
also led to increased demand for comfortable lounge bra tops
and bra products. In the domestic China market, the Group also
added several new e-commerce brand partners, resulting in a
more balanced customer portfolio. It was duly delighted with the
robust growth in orders from the segment and in associated rise
in revenue of % as compared with the first half of the year.
Bra pads and other molded products
Revenue from the bra pads and other molded products business
amounted to approximately HK$ million (Fiscal 2020:
HK$ million), representing a year-on-year decrease of %,
and accounting for % of the total revenue. Gross profit and
gross profit margin of the segment were approximately HK$
million and % (Fiscal 2020: HK$ million and %,
respectively).
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司16
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
胸杯的表現雖與胸圍及貼身內衣同受疫情拖
累，但下半年較上半年亦相應展現%的
強勁反彈。
另一可喜的是，維珍妮近年積極推動拓展跨
行業及跨產品線業務的努力獲得成果。疫情
下大眾「宅在家」的時間增加，對娛樂性的消
費電子類產品需求殷切，惠及本集團為知名
跨國科技夥伴生產的消費電子產品布料加工
及其他配件的銷售較去年飆升近六成。
功能運動產品
功能運動產品業務於年內貢獻收入約港幣
百萬元（2020財年：港幣百萬
元），按年增長%，佔本集團總收入
%。分部毛利為約港幣百萬元，
而毛利率為%（2020財年：分別為港幣
百萬元及%）。
此分部收入增加，主要由於運動產品大行其
道，在「疫」市下表現出強韌增長。此外，疫
情爆發令運動意識加強，而「在家工作」模
式日漸普及，加上多國實施旅遊限制，令市
場對舒適、適合居家、輕運動的產品需求殷
切，帶動運動鞋及運動服裝業務齊頭並進。
在運動鞋方面，美國休閒鞋履品牌合作夥伴
於年內保持雙位數增長。至於在運動服裝業
務上，憑藉卓越的工藝技術，維珍妮持續為
國際品牌合作夥伴開發出革新產品，因此錄
得理想表現。年內新增國內運動品牌及新興
電商品牌合作夥伴，豐富了此子分部的客戶
組合。
Although the performance of bra pads was affected by the
Pandemic, along with bras and intimate wear, it showed a strong
rebound of % in the second half of the year compared with
the first half.
On another positive note, Regina Miracle’s efforts in promoting
cross-sector and cross-product line business development in
recent years have borne fruit. The increase in “stay-at-home” time
for the public under the Pandemic has led to a strong demand
for the entertaining consumer electronic products, benefiting
the Group’s sales of fabric processing and other accessories for
consumer electronics produced for its renowned multinational
technology partners, with sales having surged by nearly 60%
compared with last year.
Functional sports products
The functional sports products business contributed approximately
HK$ million in revenue during the year (Fiscal 2020:
HK$ million), representing a year-on-year increase of %,
and accounting for % of the Group’s total revenue. The
segment also recorded a gross profit of approximately HK$
million and a gross profit margin of % (Fiscal 2020: HK$
million and %, respectively).
The increase in revenue in this segment was mainly due to
the strong growth of sports products in the market during the
Pandemic. In addition, the outbreak of the Pandemic led to
increased awareness of sports and the growing popularity of the
“work from home” model, as well as travel restrictions in many
countries, which, in turn, led to strong demand for products that
are comfortable, suitable for lounging at home and light exercising
and fueled the growth of both the sports shoes and sportswear
businesses.
With regard to sports footwear, the American casual footwear
brand partner maintained double-digit growth during the year.
As for the sportswear business, Regina Miracle continued
to develop innovative products with superior craftsmanship
for its international brand partners, resulting in a satisfactory
performance. Furthermore, with the addition of new domestic
sports brands and emerging e-commerce partners, the customer
portfolio of this sub-segment has also been enriched.
17年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
防疫產品
防疫產品為疫情下應運而生的新業務板塊，
開拓短短一年已貢獻收入約港幣百萬
元，佔本集團總收入%。分部毛利為約
港幣百萬元，毛利率為%。防疫產
品主要以布口罩為主，由越南廠房供應給歐
美品牌合作夥伴。此業務於回顧年度帶來不
俗收益貢獻，彰顯本集團在艱難經營環境下
展現靈活變通的能力，並得以善用原本在艱
難時間閒置的產能。
產能
年內，本集團於越南海防市越南新加坡工業
園（「VSIP」）內的廠房佈局已大致完成。面對
上半年歐美訂單減少或延期，本集團迅速應
變，為客戶開發及生產布口罩產品，令產能
得以善用，有助抵銷疫情對傳統胸圍及貼身
內衣業務的影響。幸而受惠於運動胸圍及舒
適居家類胸圍產品的理想增長，本集團核心
業務逐漸回復正常，因此自7月起恢復招聘，
下半年的產值已逐步回歸正常水平。截至
2021年3月31日，越南生產佔總收入的比例
由2020財年73%擴大至78%。
為提升中越兩地廠房的營運效益，本集團於
年內全面檢視內部架構組織及營運模式，精
簡人力資源，並退租部分深圳廠房，在節省
經營開支之餘，長遠亦有望改善產能配置。
於年末，本集團於越南共約有37,000名員
工，而擔當研發中心及生產基地的中國深圳
廠房約有6,500人。
Pandemic prevention products
Pandemic prevention products, a new business segment born out
of the Pandemic, has already contributed approximately HK$
million to the Group’s revenue in just one year of development,
accounting for % of the Group’s total revenue. Gross profit
of the segment was approximately HK$ million, with a
gross profit margin of %. Pandemic prevention products,
predominantly fabric face masks, were supplied to its brand
partners in Europe and the US from its Vietnam factory. This
business contributed a remarkable revenue during the review
year, which demonstrated the Group’s agility and adaptability
amid difficult operating environments, and was able to make best
use of its otherwise unutilized production capacity during the
challenging times.
Production capacity
During the year, the Group has largely completed its factory
layout at the Vietnam Singapore Industrial Park (“VSIP”) in Hài
Phòng City, Vietnam. In the face of reduced or delayed orders
from Europe and the United States in the first half of the year,
the Group responded swiftly by developing and producing fabric
face masks for customers, which enabled the production capacity
to be fully utilized and helped offset the impact of the Pandemic
on the traditional bra and intimate wear business. Fortunately,
the Group’s core business has gradually returned to normal
thanks to the satisfactory growth of sports bras and lounge
bras, and therefore recruitment has been resumed since July
and production output has gradually returned to normal levels in
the second half of the year. As of 31 March 2021, production in
Vietnam accounted for 78% of the Group’s total revenue, up from
73% in Fiscal 2020.
In order to enhance the operational effectiveness of its factories
in the PRC and Vietnam, the Group conducted a comprehensive
review of its internal structure and operation model and
streamlined its manpower resources during the year. It also
surrendered the lease part of the Shenzhen factory, which is
expected to save operating expenses and improve capacity
allocation in the long run. At the end of the year, the Group
had a total of approximately 37,000 employees in Vietnam and
approximately 6,500 employees at the Shenzhen factory in the
PRC, which serves as the research and development (“R&D”)
centre and production base.
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司18
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
隨著越南的生產漸趨純熟，效率持續提升，
同時本集團因應不斷增加的訂單需求，在現
有廠房增加生產線以更有效利用廠房規模，
因此於越南的整體產能將進一步增加。至於
鞋類生產亦已大部分由深圳遷往越南E廠，
生產已步入上正軌。然而，值得注意的是，
越南疫情於今年農曆新年前反彈，因此越南
政府在疫區實施社區隔離措施，導致本集團
約三分之一的員工無法跨區上班，產能再度
受到約四周的短暫影響。有賴越南當地政府
的快速應變及嚴謹的防疫措施，本集團的整
體營運目前已回復正常。
本集團的經營業績
收入
我們的收入主要源於我們產品的直接銷售。
收入總額由2020財年約港幣6,百萬元下
跌%至2021財年約港幣5,百萬元。
本集團2021財年及2020財年按產品類別劃分
的收入比較如下：
The overall production capacity in Vietnam will be further
increased as production in Vietnam becomes more sophisticated
and efficient, while the Group has increased production lines in
its existing factories to better utilize the factory scale in response
to the increasing demand in orders. As for footwear production,
the majority of production has been relocated from Shenzhen
to Vietnam Factory E, and is progressing on track. However, it
is worth noting that the Pandemic re-emerged in Vietnam prior
to the Lunar New Year this year. Consequently, the Vietnam
government imposed lockdown measures in the affected areas. As
a result, approximately one-third of the Group’s employees were
unable to commute to work from various districts which in turn
led once again to temporary interruption to production capacity
that lasted for approximately four weeks. Owing to the quick
response and the stringent Pandemic prevention measures taken
by the Vietnam government, the Group’s overall operations have
returned to normal at present.
THE GROUP’S OPERATING RESULTS
Revenue
We derive our revenue primarily from direct sales of our products.
Our total revenue decreased by % from approximately
HK$6, million in Fiscal 2020 to approximately HK$5,
million in Fiscal 2021. A comparison of the Group’s revenue for
Fiscal 2021 and Fiscal 2020 by product categories is as follows:
For the year ended 31 March
截至3月31日止年度
2021 2020 Change
2021年 2020年 變動
HK$’000
% of
Revenue HK$’000
% of
Revenue HK$’000 %
港幣千元
佔收入的
百分比 港幣千元
佔收入的
百分比 港幣千元 百分比
Bras and intimate wear 胸圍及貼身內衣 3,968,123 5,061,431 (1,093,308) ()
Bra pads and other molded
products
胸杯及其他模壓
產品
567,711 677,093 (109,382) ()
Functional sports products 功能性運動類產品 788,840 602,486 186,354
Pandemic prevention products 防疫產品 649,616 – – 649,616 N/A 不適用
5,974,290 6,341,010 (366,720) ()
19年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Revenue generated from sales of bras and intimate wear
decreased by HK$1, million, or %, from approximately
HK$5, million in Fiscal 2020 to approximately HK$3,
million in Fiscal 2021. The decrease was primarily attributable
to the outbreak of the Pandemic in the first half of Fiscal 2021.
The retail markets, especially in Europe and the United States
where the Group’s major markets are found, had been adversely
affected. Such impact was partially offset by the promising
sales improvement in the second half of Fiscal 2021. Revenue
generated from sales of bras and intimate wear as a percentage
of our total revenue decreased from % in Fiscal 2020 to
% in Fiscal 2021.
Revenue generated from sales of bra pads and other molded
products amounted to approximately HK$ million in Fiscal
2021, representing a decrease of HK$ million, or %, as
compared to Fiscal 2020, which was due to the outbreak of the
Pandemic around the world in the first half of Fiscal 2021, leading
to a decreased demand from our customers on bra pads. Such
impact was partially offset by promising sales improvement in the
second half of Fiscal 2021, and resilient growth in molded parts of
consumer electronics product. Revenue generated from sales of
bra pads and other molded products as a percentage of our total
revenue decreased from % in Fiscal 2020 to % in Fiscal
2021.
Revenue generated from sales of functional sports products
increased by HK$ million, or %, from approximately
HK$ million in Fiscal 2020 to approximately HK$ million
in Fiscal 2021. The increase was primarily due to the increased
demand from our customers. Revenue generated from sales of
functional sports products as a percentage of our total revenue
increased from % in Fiscal 2020 to % in Fiscal 2021.
Given the Pandemic has caused a surge in demand for pandemic
prevention products, the Group quickly seized the opportunity
to develop and produce face mask products for its customers.
Revenue generated from sales of pandemic prevention products
amounted to approximately HK$ million in Fiscal 2021,
representing % as a percentage of our total revenue in Fiscal
2021.
銷售胸圍及貼身內衣所產生收入由2020財年
約港幣5,百萬元減少港幣1,百萬
元（或%）至2021財年約港幣3,百萬
元。該減少主要由於2021財年上半年爆發疫
情。以歐洲及美國為首的零售市場受到嚴重
打擊。有關影響部分受2021財年下半年的可
觀銷售增長而有所抵銷。銷售胸圍及貼身內
衣所產生收入佔收入總額的百分比由2020財
年的%下降至2021財年的%。
2021財年銷售胸杯及其他模壓產品所產生收
入為約港幣百萬元，較2020財年減少
港幣百萬元（或%），原因為2021
財年上半年全球爆發疫情導致客戶對胸杯的
需求減少。有關影響部分受2021財年下半年
的可觀銷售增長及消費電子產品成型部件的
強韌增長而有所抵銷。銷售胸杯及其他模壓
產品所產生收入佔收入總額的百分比由2020
財年的%下降至2021財年的%。
銷售功能性運動類產品所產生收入由2020
財年約港幣百萬元增加港幣百萬
元（或%）至2021財年約港幣百萬
元。該增加主要由於客戶的需求增加所致。
銷售功能性運動類產品所產生收入佔收入總
額的百分比由2020財年的%上升至2021
財年的%。
鑒於疫情導致防疫產品需求激增，本集團迅
速把握機遇為客戶開發及生產口罩產品。銷
售防疫產品所產生收入於2021財年為約港幣
百萬元，佔於2021財年收入總額的百
分比的%。
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司20
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Cost of sales
Cost of sales primarily consists of costs of raw materials, employee
benefit expenses for personnel directly involved in our production
activities, depreciation of our production equipment and others.
For the year ended 31 March
截至3月31日止年度
2021 2020 Change
2021年 2020年 變動
HK$’000
% of
Revenue HK$’000
% of
Revenue HK$’000 %
港幣千元
佔收入的
百分比 港幣千元
佔收入的
百分比 港幣千元 百分比
Costs of raw materials 原材料成本 2,140,905 2,166,269 (25,364) ()
Employee benefit expenses 僱員福利開支 1,812,967 1,952,693 (139,726) ()
Depreciation 折舊 389,903 349,402 40,501
Others 其他 392,562 431,915 (39,353) ()
4,736,337 4,900,279 (163,942) ()
Cost of sales (excluded
depreciation)
銷售成本（不包括
折舊） 4,346,434 4,550,877 (204,443) ()
Cost of sales as a percentage of total revenue increased from
% in Fiscal 2020 to % in Fiscal 2021. This was primarily
attributable to 1) decrease in revenue, leading to a drop in capacity
utilization and operating deleverage in the first half of Fiscal 2021;
2) increase in depreciation as a percentage of revenue by %
as a result of decrease in revenue; and 3) increase in cost of raw
materials as a percentage of revenue by % due to rising raw
materials unit price. The above impact was partially offset by
the improvement in the cost of sales in the second half of Fiscal
2021.
Cost of sales decreased from approximately HK$4, million
in Fiscal 2020 to approximately HK$4, million in Fiscal 2021
primarily due to decrease in costs of raw materials and employee
benefit expenses as a result of the decrease in revenue.
Cost of sales (excluded depreciation) as a percentage of total
revenue were % and % in Fiscal 2021 and Fiscal 2020
respectively.
銷售成本
銷售成本主要包括原材料成本、直接參與生
產活動員工的僱員福利開支、生產設備折舊
及其他。
銷售成本佔收入總額的百分比由2020財年的
%上升至2021財年的%。此乃主要
由於 1）收入減少，導致2021財年上半年產能
使用率下降及經營去槓桿化；2）收入減少導
致折舊佔收入的百分比上升%；及3）由於
原材料單價上漲，原材料成本佔收入的百分
比上升%所致。上述影響部分受2021財
年下半年銷售成本減少所抵銷。
銷售成本由2020財年約港幣4,百萬元減
少至2021財年約港幣4,百萬元，主要由
於原材料成本及僱員福利開支因收入減少而
有所減少。
於2021財年及2020財年，銷售成本（不包括
折舊）佔收入總額的百分比分別為%及
%。
21年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Gross profit and gross profit margin
For the year ended 31 March
截至3月31日止年度
2021 2020
2021年 2020年
Gross
Profit
Gross
Profit
margin
Gross
Profit
Gross
Profit
margin Change
毛利 毛利率 毛利 毛利率 變動
HK$’000 % HK$’000 % HK$’000 %
港幣千元 百分比 港幣千元 百分比 港幣千元 百分比
Bras and intimate wear 胸圍及貼身內衣 835,405 1,183,845 (348,440) ()
Bra pads and other molded
products
胸杯及其他模壓
產品 128,315 144,221 (15,906) ()
Functional sports products 功能性運動類產品 136,829 112,665 24,164
Pandemic prevention products 防疫產品 137,404 – – 137,404 N/A
不適用
Gross profit 毛利 1,237,953 1,440,731 (202,778) ()
Our overall gross profit decreased from approximately HK$1,
million in Fiscal 2020 to approximately HK$1, million in
Fiscal 2021. The gross profit margin in Fiscal 2021 was %,
as compared to % in Fiscal 2020. Such decrease was mainly
due to the drop in capacity utilization and operating deleverage as
a result of the decrease in revenue caused by the Pandemic in the
first half of Fiscal 2021.
Gross profit margin of bras and intimate wear decreased from
% in Fiscal 2020 to % in Fiscal 2021, primarily due to the
reduced utilization and operating deleverage as a result of lower
sales in the first half of Fiscal 2021. Such impact was partially
offset by the gradual improvement of gross profit margin in
second of Fiscal 2021, as compared to that in first of Fiscal 2021.
Gross profit margin of bra pads and other molded products
increased from % in Fiscal 2020 to % in Fiscal 2021,
primarily due to resilient growth in molded parts of other moulded
products with relatively higher margin.
Gross profit margin of functional sports products decreased from
% in Fiscal 2020 to % in Fiscal 2021, primarily due to the
reduced utilization and operating deleverage as a result of lower
sales in the first half of Fiscal 2021, Such impact was partially
offset by the gradual improvement of gross profit margin in
second of Fiscal 2021, as compared to that in first of Fiscal 2021.
Gross profit margin of pandemic prevention products was %,
reflecting a gross profit margin improvement in second half of
Fiscal 2021 as compared to first half of Fiscal 2021, which was
under ramp up stage.
毛利及毛利率
我們的整體毛利由2020財年約港幣1,百
萬元減少至2021財年約港幣1,百萬元。
2021財年的毛利率為%，而2020財年則
為%。該減少主要由於2021財年上半年
產能使用率下降及因疫情造成收入減少而導
致經營去槓桿化。
胸圍及貼身內衣的毛利率由2020財年的
%下降至2021財年的%，主要由於
2021財年上半年銷售減少令使用率縮減及經
營去槓桿化。有關影響部分受2021財年下半
年毛利率較2021財年上半年逐步上升所抵
銷。
胸杯及其他模壓產品的毛利率由2020財年的
%上升至2021財年的%，主要由於
利潤較高的其他模壓產品成型部件的強韌增
長。
功能性運動類產品的毛利率由2020財年的
%下降至2021財年的%，主要由於
2021財年上半年銷售減少令使用率縮減及經
營去槓桿化。有關影響部分受2021財年下半
年毛利率較2021財年上半年逐步上升所抵
銷。
處於起步階段的防疫產品毛利率為%，
反映2021財年下半年毛利率較2021年上半年
有所改善。
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司22
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Other income and other gains
Our other income consists primarily of government grants and
scrap sales income. It decreased from approximately HK$
million in Fiscal 2020 to approximately HK$ million in Fiscal
2021, primarily attributable to decrease in government grants
subsidies, which depend on the government grant policies and
criteria during different time periods.
Distribution and selling expenses
Distribution and selling expenses primarily consist of freight and
transportation expenses, employee benefit expenses for our sales
personnel, travelling expenses, declaration charges, marketing
and promotion expenses and others.
The Group’s distribution and selling expenses as a percentage of
sales decreased from % in Fiscal 2020 to % in Fiscal 2021,
primarily due to streamlining of operation.
Distribution and selling expenses decreased from approximately
HK$ million in Fiscal 2020 to approximately HK$
million in Fiscal 2021, primarily due to streamlining of operation
and decrease in freight and transportation expenses as a result of
decrease in revenue in the first half of Fiscal 2021.
General and administrative expenses
General and administrative expenses primarily consist of
employee benefit expenses for our administrative personnel,
depreciation and amortisation, other taxes and surcharges,
building management fee, insurance, office and administrative
expenses, bank charges and others.
For Fiscal 2021 and Fiscal 2020, the Group’s general and
administrative expenses as a percentage of total revenue have
remained relatively stable at % and % respectively.
Genera l and administrat ive expenses decreased f rom
approximately HK$ million in Fiscal 2020 to approximately
HK$ million in Fiscal 2021, mainly due to decrease in
employee benefit expenses.
Research and development costs
Research and development costs consist of employee benefit
expenses for our research and development personnel, raw
materials and consumables used and others.
The Group’s research and development costs have remained
relatively stable in terms of absolute amount and percentage of
total revenue respectively for both Fiscal 2020 and Fiscal 2021.
其他收入及其他收益
我們的其他收入主要包括政府補助及廢料銷
售收入。其他收入由2020財年約港幣百
萬元減少至2021財年約港幣百萬元，主
要由於根據政府補助政策及不同時期標準獲
授的政府補助減少所致。
分銷及銷售開支
分銷及銷售開支主要包括貨運及運輸開支、
銷售人員的僱員福利開支、差旅開支、報關
費、市場推廣及宣傳費以及其他。
本集團的分銷及銷售開支佔銷售額的百分
比由2020財年的%下降至2021財年的
%，主要由於精簡營運。
分銷及銷售開支由2020財年約港幣百
萬元減少至2021財年約港幣百萬元，
主要由於2021財年上半年精簡營運以及收入
減少導致貨運及運輸開支減少。
一般及行政開支
一般及行政開支主要包括行政人員的僱員福
利開支、折舊及攤銷、其他稅項及附加費、
樓宇管理費用、保險、辦公室及行政開支、
銀行費用及其他。
就2021財年及2020財年而言，本集團的一般
及行政開支佔收入總額百分比分別維持相對
穩定於%及%。
一般及行政開支由2020財年約港幣百
萬元減少至2021財年約港幣百萬元，
主要由於僱員福利開支減少。
研發成本
研發成本包括研發人員的僱員福利開支、所
使用原材料及耗材和其他。
就絕對金額及佔收入總額的百分比而言，本
集團於2020財年及2021財年的研發成本維持
相對穩定。
23年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Other operating expenses
Facing the Pandemic and with an aim to achieve a better human
resources and production capacity allocation between the PRC
and Vietnam in the long run:
1) the Group decided to implement human resources
restructuring to streamline its manpower deployment during
the Period. As such, severance payment in compliance
with applicable PRC and Vietnamese rules and regulations
of approximately HK$ million was distributed to
approximately 506 staff; and
2) the Group surrendered parts of the leased factory in
Shenzhen to better utilize its production capacity and
improve operational efficiency, and the write-off of fixed
assets of approximately HK$ million was recognised
during first half of Fiscal 2021.
Due to streamlining the production capacity and human resources,
these two one-off restructuring costs totalling approximately
HK$ million were recognised during Fiscal 2021.
Finance income
Finance income represents interest income on bank deposits.
Finance costs
Finance costs represent interest expense on borrowings, net of
interest expenses capitalised. Our finance costs as a percentage
of total revenue decreased from % in Fiscal 2020 to % in
Fiscal 2021, primarily due to global trend of declining interest rate
during Fiscal 2021.
Finance costs decreased from approximately HK$ million in
Fiscal 2020 to approximately HK$ million in Fiscal 2021 was
primarily attributable to the reasons mentioned above.
Income tax expense
Income tax expense represents our total current and deferred
tax expenses under the relevant Hong Kong and PRC income tax
rules and regulations.
According to a policy promulgated by the State Tax Bureau of the
PRC and effective from 2008 onwards, enterprises engaged in
research and development activities are entitled to claim ranging
from 150% to 175% of the research and development expenses
so incurred in a period as tax deductible expenses in determining
its tax assessable profits for that period (“Super Deduction”).
Certain PRC subsidiaries have applied such Super Deduction
during the year.
其他營運開支
面對疫情來襲及為長遠地在中越兩地達致更
佳的人力資源及產能配置：
1) 本集團決定於本期間實施人力資源重
組以精簡人力部署，並遵照適用中國
及越南的規則及法規，向約506名員工
派發遣散補償金合共約港幣百萬
元；及
2) 為更善用其產能及提高營運效益，本
集團退租部分深圳廠房，因而於2021
財年上半年確認約港幣百萬元的固
定資產撇賬。
由於精簡產能及人力資源，此兩項一次性重
組成本合共約港幣百萬元已於2021財年
確認。
財務收入
財務收入指銀行存款的利息收入。
財務成本
財務成本指借款的利息開支，扣除已撥充資
本的利息開支。我們的財務成本佔收入總額
的百分比由2020財年的%下降至2021財
年的%，主要歸因於2021財年全球利率
下降的趨勢。
財務成本由2020財年約港幣百萬元減
少至2021財年約港幣百萬元，主要由
於上述原因。
所得稅開支
所得稅開支指根據香港及中國的相關所得稅
規則及法規計算的即期及遞延所得稅開支總
額。
根據中國國家稅務總局所頒佈自2008年起生
效的一項政策，從事研發活動的企業有權在
釐定於一個期間的應課稅溢利時將該期間產
生的研發開支介乎150%至175%申報為可扣
稅開支（「超額抵扣」）。若干中國附屬公司已
於年內使用該超額抵扣。
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司24
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
The subsidiaries established and operated in Vietnam were
subject to corporate income tax at a rate of 20% (2020: 20%). In
accordance with the applicable tax regulations, preferential tax
rates and tax holidays will be granted to new investment projects
based on regulated encouraged sectors, encouraged locations,
and size of the projects.
Regina Miracle International (Vietnam) Co., Ltd. is subject to a
lower tax rate of 10% for fifteen consecutive years, commencing
from the first year of making revenue. In addition, the subsidiary
is entitled to full exemption from corporate income tax for the first
four years from the earlier of (i) the year when profit is generated
for the first time or (ii) the fourth year of making revenue; and a
50% reduction in corporate income tax for the next nine years,
which is offered by the Vietnam Government and is stipulated
in the subsidiary’s investment license. The first year of this tax
reduction period of this subsidiary commenced in the financial
year ended 31 March 2018.
Regina Miracle International Hung Yen Co., Ltd. is entitled to full
exemption from corporate income tax for the first two years from
the earlier of (i) the year when profit is generated for the first time
or (ii) the fourth year of making revenue; and a 50% reduction
in corporate income tax for the next four years, which is offered
by the Vietnam Government and is stipulated in the subsidiary’s
investment license. The first year of this tax reduction period
of this subsidiary will commence in the financial year ended 31
March 2022.
The Group’s income tax expense was approximately HK$
million in Fiscal 2021 (Fiscal 2020: HK$ million). Excluding the
positive effect of Super Deduction in the amount of approximately
HK$ million (Fiscal 2020: HK$ million), income tax
expense was approximately HK$ million in Fiscal 2021 (Fiscal
2020: HK$ million).
Net profit
As a result of the cumulative effect of the above factors, our net
profit decreased from approximately HK$ million in Fiscal
2020 to approximately HK$ million in Fiscal 2021. Our net
profit margin decreased from % in Fiscal 2020 to a net profit
margin of % in Fiscal 2021.
Excluding the one-off restructuring costs (included in other
operating expenses), our net profit was approximately HK$
million in Fiscal 2021, with a net profit margin of %.
Liquidity, financial resources and bank borrowings
The Group’s current ratios (calculated as current assets over
current liabilities) were times and times as at 31 March
2021 and 31 March 2020, respectively.
於越南設立運營的附屬公司須按20%（2020
年：20%）的稅率繳納企業所得稅。根據適用
稅項法規，優惠稅率及免稅期將根據受規管
鼓勵行業、受鼓勵地區及項目規模而授予新
投資項目。
維珍妮國際（越南）有限公司自產生收入首年
起連續十五年按較低稅率10%繳稅。此外，
自(i)產生溢利首年或(ii)產生收入的第四年（按
較早者為準）起計首四年內，該附屬公司有權
全數豁免繳納企業所得稅，並於其後九年內
享有50%企業所得稅減免，該優惠稅率由越
南政府給予，並於該附屬公司的投資許可證
內訂明。該附屬公司享有的減稅期第一年由
截至2018年3月31日止財政年度開始。
自(i)產生溢利首年或(ii)產生收入第四年（以
較早者為準）起首兩年，Regina Miracle
International Hung Yen Co., Ltd.有權全數
豁免繳納企業所得稅；其後四年內享有50%
企業所得稅減免，該優惠稅率由越南政府給
予，並於該附屬公司的投資許可證內訂明。
該附屬公司享有的減稅期第一年將於截至
2022年3月31日止財政年度開始。
於2021財年，本集團的所得稅開支為約港幣
百萬元（2020財年：港幣百萬元）。
撇除超額抵扣約港幣百萬元（2020財
年：港幣百萬元）的正面影響，2021財
年的所得稅開支為約港幣百萬元（2020
財年：港幣百萬元）。
純利
由於上述因素的累計影響，純利由2020財年
約港幣百萬元減少至2021財年約港幣
百萬元。純利率由2020財年的%下
降至2021財年的純利率%。
撇除一次性重組成本（計入其他經營開支）
不計，2021財年的純利為約港幣百萬
元，純利率為%。
流動資金、財務資源及銀行借款
本集團的流動比率（以流動資產除以流動負債
計算）於2021年3月31日及2020年3月31日分
別為倍及倍。
25年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Net debt (represented by bank borrowings less the cash and
cash equivalents) was approximately HK$3, million (31
March 2020: HK$3, million). The increase of net debt was
mainly due to increase in working capital and capital expenditure
of our Vietnam factories. Net gearing ratio as at 31 March 2021
was % (30 September 2020: %; 31 March 2020:
%), which was calculated as net debt divided by total equity.
Excluding the currencies depreciation impact on the net assets
denominated in RMB and VND, the adjusted net gearing as at 31
March 2021 was % (30 September 2020: %; 31 March
2020: %).
Working capital management
As at
於
31 March
2021
31 March
2020
2021年3月31日 2020年3月31日
(days) (days)
（日數） （日數）
Receivables turnover days 應收款項周轉日數 55 44
Payables turnover days 應付款項周轉日數 31 28
The receivables turnover days was for Fiscal 2021 was 55 days.
The increase was mainly attributed to longer credit terms offered
temporarily to certain brand partners, in responding to impacts
brought by the Pandemic in the first half of Fiscal 2021. Most of
the credit terms have resumed to normal level approaching end
of Fiscal 2021. The payables turnover days for Fiscal 2021 was 31
days.
Capital expenditures
For Fiscal 2021, the total addition to property, plant and
equipment, right-of-use assets and intangible assets amounted to
approximately HK$ million (Fiscal 2020: HK$1, million),
which was mainly attributed to additions of production lines and
construction of our Vietnam facilities to cope with the Group’s
overall business expansion.
Pledged assets
As at 31 March 2021 and 31 March 2020, insurance policy
investments in the amount of approximately HK$ million and
HK$ million respectively was pledged for financing related
insurance premium.
負債淨額（即銀行借款減現金及現金等價物）
為約港幣3,百萬元（2020年3月31日：
港幣3,百萬元）。負債淨額增加主要由
於越南廠房的營運資金及資本支出增加所
致。於2021年3月31日，淨資產負債比率為
%（2020年9月30日：%；2020年
3月31日：%），其以負債淨額除以權
益總額計算。撇除貨幣貶值對以人民幣及越
南盾計值資產淨值的影響，於2021年3月31
日，經調整淨資產負債比率為%（2020
年9月30日：%；2020年3月31日：
%）。
營運資金管理
於2021財年，應收款項周轉日數為55日。該
增加主要由於在2021財年上半年，因應疫情
所帶來的衝擊，向部分品牌夥伴臨時提供較
長的信貸期。大部分信貸期在臨近2021財年
結束時已回復至正常水平。於2021財年，應
付款項周轉日數為31日。
資本支出
於2021財年，物業、廠房及設備、使用權資
產以及無形資產的添置總額為約港幣百
萬元（2020財年：港幣1,百萬元），主要
由於我們添置生產線及建設越南廠房，以配
合本集團的整體業務擴展。
已抵押資產
於2021年3月31日及2020年3月31日，分別
為約港幣百萬元及港幣百萬元的保
單投資已就融資相關保費作抵押。
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司26
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Foreign exchange risk
We mainly operate in Hong Kong, the PRC and Vietnam. Most of
our operating expenses are denominated in RMB and VND, while
most of our sales are denominated and settled in . dollar.
As the HK dollar is pegged to . dollar, our foreign exchange
exposure in respect of the HK dollar is considered minimal. Our
management will continue to monitor foreign currency exchange
exposure and will take prudent measures to minimize the
currency translation risk.
Contingent liabilities
As at 31 March 2021, the Group did not have any significant
contingent liabilities.
Material acquisitions and future plans for major
investment
Save for the investment in the construction of the production
facilities in Vietnam, during Fiscal 2021, the Group did not
conduct any material investments, acquisitions or disposals. In
addition, save for the expansion plans as disclosed in the sections
headed “Business” and “Future Plans and Use of Proceeds” in
the prospectus of the Company dated 24 September 2015 (the
“Prospectus”), and the framework construction agreements
disclosed in the announcements dated 24 July 2017 and 24
April 2018 respectively, the Group has no specific plan for
major investment or acquisition for major capital assets or other
businesses. However, the Group will continue to identify new
opportunities for business development.
Employees and remuneration policies
As at 31 March 2021, the Group employed a total of approximately
43,710 full-time staff (31 March 2020: 42,917). The total staff
cost of the Group (including salaries, bonuses, social insurances,
provident funds and share incentive schemes) amounted to
approximately HK$2, million, representing % of the total
revenue of the Group.
We believe our success depends heavily upon our employees’
provision of consistent, quality and reliable services. In order to
attract, retain and develop the knowledge, skill level and quality
of our employees, we place a strong emphasis on training our
employees. We provide on-site training periodically and across
operational functions, including introductory training for new
employees, technical training, professional and management
training, team-building and communications training.
外匯風險
我們主要在香港、中國及越南營運，且大部
分營運開支以人民幣及越南盾計值，而大部
分銷售則以美元計值及結算。由於港幣與美
元掛鈎，因此，我們就港幣承受的外匯風險
被視為微不足道。管理層將繼續監察外幣匯
兌風險，並將採取審慎措施減低貨幣兌換風
險。
或然負債
於2021年3月31日，本集團並無任何重大或
然負債。
重大收購事項及未來主要投資計劃
除投資興建越南生產廠房外，於2021財年，
本集團並無進行任何重大投資、收購事項或
出售事項。此外，除本公司日期為2015年9
月24日的招股章程（「招股章程」）中「業務」及
「未來計劃及所得款項用途」兩節所披露的擴
展計劃及日期分別為2017年7月24日及2018
年4月24日的公告所披露的框架建築協議
外，本集團並無特定計劃進行重大投資或收
購主要資本資產或其他業務。然而，本集團
將繼續物色業務發展的新機遇。
僱員及薪酬政策
於 2021年 3月 31日，本集團合共聘請約
43,710名全職員工（2020年3月31日：42,917
名）。本集團的員工成本（包括薪金、花紅、
社會保險、公積金及股份獎勵計劃）總額為
約港幣2,百萬元，佔本集團收入總額
%。
我們認為，本集團的成功在很大程度上有賴
僱員提供一致、優質及可靠的服務。為吸
引、挽留僱員以及提高僱員的知識、技能水
平及質素，我們非常注重僱員培訓。我們定
期為各營運職能提供實地培訓，包括新僱員
的入職培訓、技術培訓、專業及管理培訓、
團隊建立及溝通培訓。
27年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
We enter into individual employment contracts with our
employees to cover matters such as wages, employee benefits,
safety and sanitary conditions in the workplace, and grounds for
termination. We have designed an evaluation system to assess
the performance of our employees. This system forms the basis
of our determinations of whether an employee should receive
salary raises, bonuses or promotions. Most of our technical
personnel are trained and promoted internally, leading to greater
employee stability and loyalty.
Events after the balance sheet date
The Group has no significant events after the reporting period and
up to the date of this report.
FUTURE PROSPECTS AND STRATEGIES:
OPTIMIZING LAYOUT AND EXPANDING
CHANNELS TO FULLY CAPTURE
OPPORTUNITIES ARISING FROM STRONG
MARKET GROWTH
As vaccination rates rise, the Pandemic is expected to gradually be
brought under control globally, boosting confidence in economic
recovery. COVID-19 has had a profound impact on the industry,
with the public’s everyday lives and lifestyles having been
completely transformed, with trends such as working from home,
home exercising and shopping online becoming irreversible. On
the other hand, China has become the leader in the recovery of
the world economy, with domestic consumption upgrades gaining
steam. Despite the Pandemic, Regina Miracle, with its multi-
regional production capacity and strong IDM capabilities, was able
to build closer and stronger partnerships with international brands.
Management is confident that the challenges of the Pandemic are
largely behind us and that the growth momentum will continue
into Fiscal 2022, thus taking the Group’s business to the next
level.
In respect of products, the Group’s core bra and intimate wear
products saw a rapid rebound in orders; performing even better
than in previous years, as brand partners adapted to the new
normal of the late-Pandemic era. The growth momentum of
sports products has remained strong, especially for sports bras.
Since consumers have grown accustomed to life at home, the
comfort-driven products have consequently enjoyed high take-
up. However, once the Pandemic is kept under control and the
我們與僱員訂立個別僱傭合約，涵蓋工資、
僱員福利、工作地點的安全及衛生條件以及
終止僱傭關係理由等事宜。我們已設計一套
評核制度以評估僱員的表現。此制度作為我
們決定僱員應否獲得加薪、花紅或晉升的依
據。大部分技術人員均經內部培訓及晉升，
從而帶來更高的僱員穩定性和忠誠度。
結算日後事項
於報告期後及直至本報告日期，本集團並無
重大事項。
未來前景及策略：優化佈局，
拓展渠道，全力把握市場強韌
增長機遇
隨著疫苗接種率提升，全球疫情有望逐漸受
控，從而提振經濟復甦的信心。COVID-19為
行業帶來翻天覆地的深遠影響，一方面徹底
改變了大眾的生活方式，在家工作及運動、
網上購物等趨勢將不可逆轉；另一方面，中
國是世界經濟復甦的龍頭，國內消費升級勢
頭正盛。經此一「疫」，擁有多區域產能佈局
及強大IDM實力的維珍妮得以與國際品牌構
建更緊密穩固的夥伴關係。管理層認為疫情
帶來的挑戰已基本過去，業務增長勢頭將延
續至2022財年，因此對本集團來年業務更上
一層樓充滿信心。
在產品方面，隨著品牌合作夥伴已適應後疫
情時代的新常態，本集團的核心胸圍及貼身
內衣產品訂單快速反彈，而且更勝往年。運
動類產品的增長勢頭仍然強勁，當中以運動
胸圍尤甚，由於消費者已習慣在家活動，因
此產品仍以舒適為主；然而隨著疫情受控，
消費者開始復工，舒適及外觀設計兼備的創
新產品需求亦與日俱增。至於消費電子產品
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司28
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
布料加工及其他配件業務受惠於後疫情時代
的生活模式轉變，此業務理想增長勢頭於來
年亦將持續，本集團將繼續以創新為主導帶
動加強有關高附加值業務。而在防疫產品業
務方面，於疫情初期，本集團迅速應變，因
應市場及合作夥伴的需求，開發及生產兼具
功能及時尚的布口罩產品，亦令期間內的生
產線得以有效利用。然而，隨著疫苗面世將
有助遏止疫情，本集團預期防疫產品的需求
將大幅下降。同時，隨著胸圍及運動胸圍的
訂單回復增長，本集團已按需求重新調整生
產線以支持該等核心業務之發展，有信心增
長勢頭能夠持續。
疫情帶來的另一巨變是銷售渠道，電商將是
未來市場的關鍵字。本集團將加緊與新興線
上品牌及渠道的探索與合作，為未來增長
做好準備。有見網購胸圍需簡化尺碼以便消
費者更容易選擇合身產品，因此舒適的家居
型產品銷情往往較佳，而這正是維珍妮的專
長，因此能快速滿足品牌合作夥伴的需要。
為滿足現有國際品牌合作夥伴殷切的訂單需
要，本集團將繼續完善越南的產能佈局，包
括提升VSIP海防廠房產能的效率及效益，並
在現有廠房內增加生產線以提升產能。至於
主要應用無縫針織機技術的越南興安省廠房
一期已於2021年4月正式投產，相信隨著產
能增加，將可應付不斷增加的業務需求。
working public returns to the work place, there will be greater
demand for innovative products that offer both comfort and
aesthetic. As regards the fabric processing and other accessories
for consumer electronics segment, its satisfactory growth is
set to continue in the coming year as it benefits from changing
lifestyles arising from the late-Pandemic era. The Group will
maintain efforts to bolster this high value-added business through
innovation. With reference to the pandemic prevention products
business, the Group began developing and producing functional
and fashionable fabric face masks at the early stages of the
Pandemic. Such efforts were in response to demand from the
market and its partners, and which consequently enabled the
Group’s production capacity to be effectively utilized during the
period. Nonetheless, the Group expects the demand for these
products will significantly decrease with the rollout of vaccines
that will help curb the effects of the Pandemic. In the meantime, as
orders for bras and sports bras have resumed growth, the Group
has readjusted its production lines to support development of
these products, which constitute its core businesses. The Group is
confident that the growth momentum will continue.
Another huge change brought by the Pandemic is the shift in sales
channels, making e-commerce a key word for the future market.
The Group will intensify its exploration and cooperation with
emerging online brands and channels to prepare for future growth.
Due to the need to simplify the size range of the bras as they are
being purchased online so that consumers can conveniently pick
a product that easily fits, comfortable loungewear-type products
which tend to sell better online, and represents what Regina
Miracle is particularly adept in, and therefore is able to quickly
meet the needs of its brand partners.
In order to meet the strong order demand from its existing
international brand partners, the Group will continue to improve
the layout of its production capacity in Vietnam, including
enhancing the efficiency and effectiveness of its factories at VSIP
Hài Phòng and adding production lines in the existing factories
to increase production capacity. The first phase of the facility in
Hung Yen Province, Vietnam, which operates principally using
seamless knitting technology, officially commenced operation
in April 2021 and is expected to be able to meet the increasing
business demand through the increase in production capacity.
29年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
管理層亦留意到最大的變化之一是疫情重塑
了全球市場佈局，同時明白到多元發展市場
的重要。中國作為疫情最快受控、經濟復
甦最快的國家，不但是全球經濟增長的火車
頭，同時亦成為各大品牌的兵家必爭之地。
除了配合現有國際品牌合作夥伴在中國內地
發展的殷切需求，國內時尚及電商品牌亦如
雨後春筍般湧現，加之國內對「中國製造」的
需求日增，管理層瞄準中國市場的廣闊前
景，自去年起致力於國內開拓新品牌合作夥
伴及新銷售渠道如電商。憑藉過去多年來在
產品創新和品質上的堅持與成就於行內建立
的良好聲譽，本集團在國內業務發展有成，
於短短不足一年已迅速建立一定基礎，未來
將進一步加強國內的業務佈局，包括團隊建
設及生產支援。
本集團在深圳的廠房近年一直面對招工困難
和成本上漲等問題，為配合國際品牌合作夥
伴大力發展中國的策略，以及本集團自身在
國內的最新業務發展所需，本集團深諳必須
優化中國生產佈局，經過審慎研究，我們有
意把中國內地的生產基地，遷往位於大灣區
內的廣東省肇慶新區高新技術產業園。以全
力應付中國市場對創新內衣、運動服裝等產
品的殷切需求，而越南生產基地則繼續致力
供應各大國際品牌合作夥伴於中國以外的海
外需求。肇慶新廠房的發展細節正在規劃整
理中，未來將適時公佈最新發展進程。
經歷世紀疫情後，本集團深明優化內控風險
的重要性；因此，本集團於人力資源、原材
料及運營等方面的調配上將追求更精確謹
慎。面對原材料來年繼續上漲的趨勢，本集
團將透過適當擴大供應渠道、優化生產流
程、進一步推行自動化、提升工藝技術效益
等措施，多管齊下控制整體成本，以維持盈
利能力。
The management also noted that one of the biggest changes
brought by the Pandemic was the reshaping of the global market
landscape, and it also recognized the importance of diversifying
markets and revenue streams. As the first country to have
effectively controlled the Pandemic and thus the first economy to
have recovered from its impact, China is not only the locomotive
of global economic growth, but also a key battleground for major
brands. Due to the strong demand from existing international
brand partners to develop their business in Mainland China and
the emergence of the many fashion and e-commerce brands
in the PRC, as well as growing demand based on the “Made
in China” ethos in the PRC, the management is targeting the
vast prospects within the Chinese market. This has included the
development of new brand partners and new sales channels,
such as e-commerce, in Mainland China over the past year.
Capitalizing on its established reputation in the industry in terms of
perseverance and achievement in product innovation and quality
over the years, the Group has developed the business domestic
China with impressive results, having built a solid foundation in
less than a year. Going forward, the Group will further strengthen
its business deployment in the PRC, including team building and
production support.
In recent years, the Group’s Shenzhen factory has faced constant
difficulties in recruitment and rising costs. However, in line
with the strategy of the Group’s international brand partners
regarding their vigorous development in China and its own recent
business development in the PRC, the Group recognises the
need to optimize its production layout in China. After careful
examination, the Group is considering to relocate its production
facilities and has set its eyes on the High-Tech Industrial Park in
Zhaoqing New District, Guangdong Province in the Greater Bay
Area, which is intended to satisfy the huge demand of innovative
intimate wear and sportswear products, etc. from the Mainland
Chinese market. The production base in Vietnam will continue to
cater for the demand from outside the PRC for its international
brand partners. Details planning for the development of the new
facilities in Zhaoqing is underway and updates on its progress will
be announced in due course.
Since the Pandemic, the Group greatly recognizes the importance
of optimizing the internal risk control. It will therefore pursue
more precise and prudent deployment of human resources, raw
materials and operations. In the face of the rising trend of raw
materials in the coming year, the Group will approximately expand
its supply channels, optimize its production processes, further
implement automation and enhance the effectiveness of its
craftsmanship, etc. in order to maintain its profitability through a
multi-pronged approach to the control of overall costs.
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司30
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
管理層亦深明面對全球新冠病毒疫情時有反
覆，將為製造業供應鏈帶來一定的風險及不
確定性，集團必須積極尋求對策以便應對。
為使生產規劃更靈活，及確保即使越南或深
圳再度爆發疫情而實施社區封鎖措施，亦可
應付訂單需求，本集團積極優化業務流程同
時推行數碼化升級，打通及分析端對端業務
環節信息，在製造端壓縮生產週期、提高產
品質量、提升營運效益，在管理端提升需求
洞察敏銳度和對市場需求的反應速度，藉此
確保業務營運保持平穩。
縱然疫情未卻，但維珍妮繼續投入環保資
源，尤其加強能源管理與碳排放管理，藉以
推動自身業務以至行業的長遠可持續發展。
除在中越兩地繼續深化能耗管控及碳排放管
理措施外，本集團已在越南海防E廠安裝太
陽能光電板，亦計劃於在當地其他廠區陸續
安裝太陽能光電板，加強節能減排，以提高
能源效益。在產品方面，管理層留意到環保
概念產品成大勢所趨，從近期品牌合作夥伴
對相關產品的熱烈反應可見發展潛力，維珍
妮亦致力與策略供應商推動行業環保原材料
的開發，從而開發及製造更多含環保概念的
產品，既可豐富產品組合、創造需求，亦為
環保出一分力，符合可持續發展的理念，並
勠力帶動行業可持續發展。
維珍妮一直以創新實力及靈敏觸覺砥礪前
行，與品牌合作夥伴攜手共進，克服了不同
的經濟周期及重重挑戰。展望未來，本集團
有信心能夠延續強勁的增長勢頭，繼續發揮
於貼身內衣與功能性運動產品領域的領先優
勢，緊握新市場機遇，為品牌合作夥伴及股
東創造長遠價值。
The management also understands that the volatility of the
global novel coronavirus pandemic will introduce certain risks and
uncertainties to the manufacturing supply chain. The Group must
therefore actively devise contigencies to deal with such concerns.
To facilitate greater agility production planning and ensure that
the orders can be satisfied even if new lockdown measures
are implemented due to the resurgence of the Pandemic in
Vietnam or Shenzhen, the Group will proactively improve its
production processes as well as implement digital upgrades to
unlock and analyse end-to-end business process information,
compress production cycles, improve product quality and enhance
operational efficiency on the manufacturing side. Furthermore,
it will seek to gain greater insights into business demand and
expedite response to market needs on the management side, so
as to ensure stable operations.
While the Pandemic has not yet subsided, Regina Miracle’s
determination to invest in resources to preserve our environment
remains unchanged, especially in terms of strengthening energy
management and carbon emission management in order to
promote the long-term sustainable development of its business
and that of the industry. In addition to continuing to deepen
energy consumption control and carbon emission management
measures in the PRC and Vietnam, the Group has installed solar
panels at its Factory E in Hài Phòng, Vietnam and plans to install
solar panels at other factories in the region to enhance energy
saving and emission reduction for better overall energy efficiency.
On the product side, the management is aware of the trend
of eco-friendly products and the potential for development as
evidenced by the recent enthusiastic response from its brand
partners. Regina Miracle is also committed to working with
strategic suppliers to promote the development of eco-friendly
raw materials in the industry, so as to develop and manufacture
more products with eco-friendly concepts, which will not only
enrich its product portfolio and create demand, but also contribute
to environmental protection, is in line with the concept of
sustainable development, and drive the sustainable development
of the industry.
Regina Miracle has been progressing forward thanks to its
strengths in innovation and shrewd business acumen. By working
together with its brand partners, Regina Miracle has ridden
out various economic cycles and challenges. Looking ahead,
the Group is confident that it can maintain its strong growth
momentum and continue to leverage its leading position in
intimate wear and functional sports products to seize new market
opportunities and create long-term value for its brand partners and
shareholders.
31年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
PROFILE OF DIRECTORS, SENIOR MANAGEMENT AND COMPANY SECRETARY
董事、高級管理層及公司秘書的履歷
EXECUTIVE DIRECTORS
Mr. HUNG Yau Lit (洪游歷) (also known as YY Hung (洪游奕)),
aged 58, is the founder of the Group and has been a Director of
the Company since its incorporation on 21 September 2010. He
is also the Chairman, the Chief Executive Officer, the chairman
of the nomination committee and a member of the remuneration
committee of the Company. He is primarily responsible for
formulating the overall development strategies and business
plans and overseeing the operation of the Group. With over 21
years of experience in the intimate wear manufacturing industry,
Mr. Hung has been the key driver of our business strategies and
achievements to date and continues to oversee the management
of our operations and business. Mr. Hung is also a director of
each of the BVI, PRC and Hong Kong subsidiaries of the Group.
Mr. Hung is currently the executive vice president of Shenzhen
Underwear Association (深圳市內衣行業協會) since 2012,
the president of Shenzhen Guangming New District Charity
Association (深圳市光明新區慈善會) since January 2015 and
council member of South China Athletic Association (南華體育會).
Mr. Hung received the Young Industrialist Awards of Hong Kong
2007 from Federation of Hong Kong Industries.
Mr. Hung is the uncle of Ms. Sze Shui Ling, senior management
and executive Director of the Company. Mr. Yiu Ka So, senior
management of the Company, is a cousin of Mrs. Hung.
Mr. YIU Kar Chun Antony (姚嘉駿), aged 45, was appointed as
an executive Director of the Company on 22 June 2015. Mr. Yiu
joined the Group as a financial controller on 17 June 2002 and
was promoted to the Chief Financial Officer of the Group in 2005.
Mr. Yiu is primarily responsible for overseeing the overall financial
management, internal control, legal and compliance matters of the
Group. He also serves as a director in a number of the Company’s
subsidiaries. Mr. Yiu has over 22 years of experience in financial
management. Prior to joining the Group, Mr. Yiu worked at
PricewaterhouseCoopers Hong Kong in the tax department
from August 1998 to June 2002 and held the position of senior
consultant from July 2000 to June 2002. Mr. Yiu graduated from
the Hong Kong Polytechnic University with a first class honors
degree of bachelor of arts in accountancy in November 1998.
He is a fellow of Association of Chartered Certified Accountants,
a fellow of Hong Kong Institute of Certified Public Accountants
and a fellow of the Hong Kong Institute of Directors. Mr. Yiu is a
cousin of Mr. Yiu Ka So, senior management of the Company.
執行董事
洪游歷（又名洪游奕）先生，58歲，為本集團
創始人，自本公司於2010年9月21日註冊成
立起擔任本公司董事。彼亦為本公司主席、
首席執行官、提名委員會主席兼薪酬委員會
成員。彼主要負責制定整體發展策略及業務
計劃以及監察本集團營運。洪先生於貼身內
衣製造業擁有超過21年經驗，至今仍為推動
我們的業務策略及成就的關鍵成員，並持續
監察運作及業務管理。洪先生亦為本集團於
英屬處女群島、中國及香港各附屬公司的董
事。
洪先生自2012年起擔任深圳市內衣行業協會
常務副會長，自2015年1月起擔任深圳市光
明新區慈善會會長兼南華體育會董事。洪先
生獲香港工業總會頒發2007年香港青年工業
家獎。
洪先生為本公司高級管理層兼執行董事施穗
玲女士的舅父。本公司高級管理層姚加甦先
生為洪太太的表弟。
姚嘉駿先生，45歲，於2015年6月22日獲委
任為本公司執行董事。姚先生於2002年6月
17日加入本集團擔任財務總監，並於2005年
晉升為本集團首席財務官。姚先生主要負責
監察本集團的整體財務管理、內部監控、法
律及合規事宜。彼亦於本公司多間附屬公司
擔任董事職務。姚先生擁有超過22年財務管
理經驗。於加入本集團前，彼自1998年8月
至2002年6月期間在香港羅兵咸永道會計師
事務所稅務部工作，並於2000年7月至2002
年6月期間擔任高級顧問。姚先生於1998年
11月畢業於香港理工大學，取得甲級榮譽會
計學學士學位。彼為英國特許公認會計師公
會資深會計師、香港會計師公會資深會計師
及香港董事學會資深會員。姚先生為本公司
高級管理層姚加甦先生的堂弟。
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司32
PROFILE OF DIRECTORS, SENIOR MANAGEMENT AND COMPANY SECRETARY
董事、高級管理層及公司秘書的履歷
Mr. LIU Zhenqiang (劉震強), aged 46, was appointed as an
executive Director of the Company on 22 June 2015 and has
been the chief research and development and design officer of
Regina Miracle Intimate Apparel (Shenzhen) Co., Ltd since April
2008. He is primarily responsible for product design, research
and development management of the Group. He also serves as
a director in a number of the Company’s subsidiaries. Mr. Liu
joined the previous bra processing facilities in February 1999 and
held the positions as manager of the research and development
department from February 1999 to September 2003 and chief
research and development and design officer from September
2003 to April 2008. From August 1998 to February 1999, Mr. Liu
served as a supervisor of quality assurance department at Shun
Cheong Factory for shoulder pads manufacturing. He has over
21 years of experience in intimate wear design and research and
development management and contributed in a number of utility
model patents and invention patents on intimate wear design.
Mr. Liu graduated from Wuxi College of Light Industry (無錫輕工
大學) (later renamed as Jiangnan University (江南大學)) majoring
in textile design in June 1998 and a degree of executive master
of business administration from Cheung Kong Graduate School of
Business (長江商學院) in September 2013.
Mr. CHEN Zhiping (陳志平), aged 44, was appointed as an
executive Director of the Company and the Chief Operating
Officer of the Group on 22 June 2015 and 30 November 2015
respectively, and has been the general manager of Regina Miracle
Intimate Apparel (Shenzhen) Co., Ltd (“RMIA Shenzhen”) since
April 2008. He is primarily responsible for production management
of the Group. He is also a director of both RMIA Shenzhen and
Regina Miracle (Shenzhen) Ltd. Mr. Chen joined the previous
bra processing facilities in October 2000 and held the following
positions: production supervisor from October 2000 to June 2001,
production manager from June 2001 to September 2003, senior
production manager from September 2003 to June 2006 and
general manager from June 2006 to April 2008. He has over 19
years of experience in intimate wear manufacture management.
Mr. Chen obtained a bachelor degree in shipbuilding engineering
from East China Shipbuilding Institute (華東船舶工業學院) (later
renamed as Jiangsu University of Science and Technology (江
蘇科技大學)) in July 1999 and a degree of executive master of
business administration from Cheung Kong Graduate School
of Business (長江商學院) in September 2013. Mr. Chen is the
Committee Member of the 11th Chinese People’s Political
Consultative Conference of Zhaoqing.
劉震強先生，46歲，於2015年6月22日獲委
任為本公司執行董事，並自2008年4月起擔
任麗晶維珍妮內衣（深圳）有限公司研發及設
計總監。彼主要負責本集團產品設計及研發
管理。彼亦於本公司多間附屬公司擔任董事
職務。劉先生於1999年2月加入前胸圍加工
廠，並自1999年2月至2003年9月期間擔任研
發部經理，自2003年9月至2008年4月期間擔
任研發及設計總監。自1998年8月至1999年
2月期間，劉先生於製造墊肩的信昌廠擔任品
質保證部主管。彼在貼身內衣設計及研發管
理方面擁有超過21年經驗，為若干實用新型
專利及貼身內衣設計發明專利作出貢獻。劉
先生於1998年6月畢業於無錫輕工大學（後改
名為江南大學），主修紡織品設計專業，並於
2013年9月獲長江商學院頒發行政人員工商
管理碩士學位。
陳志平先生，44歲，分別於2015年6月22
日及2015年11月30日獲委任為本公司執行
董事及首席營運官，並自2008年4月起擔
任麗晶維珍妮內衣（深圳）有限公司（「RMIA
Shenzhen」）總經理。彼主要負責本集團生
產管理。彼亦為RMIA Shenzhen及維珍妮
內衣（深圳）有限公司董事。陳先生於2000
年10月加入前胸圍加工廠並擔任以下職位：
於2000年10月至2001年6月期間擔任生產主
管、於2001年6月至2003年9月期間擔任生產
經理、於2003年9月至2006年6月期間擔任高
級生產經理及於2006年6月至2008年4月期間
擔任總經理。彼在貼身內衣製造管理方面擁
有超過19年經驗。陳先生於1999年7月於華
東船舶工業學院（後改名為江蘇科技大學）取
得船舶工程學士學位，並於2013年9月獲長
江商學院頒發行政人員工商管理碩士學位。
陳先生為第十一屆肇慶市政協委員。
33年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
PROFILE OF DIRECTORS, SENIOR MANAGEMENT AND COMPANY SECRETARY
董事、高級管理層及公司秘書的履歷
Ms. SZE Shui Ling (施穗玲), aged 49, was appointed as an
executive Director of the Company on 22 June 2015. She
has been the sales and marketing director of Regina Miracle
International Limited since 24 June 1999 and Regina Miracle
International (Group) Limited since 18 September 2006. She
is responsible for the sales and marketing affairs of the Group.
Ms. Sze has over 22 years of experience in the sales and
marketing of intimate wear. She is also a director of a number
of the Company’s subsidiaries. Ms. Sze holds a certificate in
tourism management program in Camosun College in Canada in
December 1996. Ms. Sze is the niece of Mr. Hung.
INDEPENDENT NON-EXECUTIVE DIRECTORS
Dr. OR Ching Fai (柯清輝), aged 71, was appointed as an
independent non-executive Director of the Company on 11
September 2015 and is the chairman of the audit committee.
Dr. Or is primarily responsible for providing strategic advice and
guidance on the business development of the Group.
Dr. Or received a bachelor of social sciences degree in economics
and psychology from the University of Hong Kong in July 1972
before joining The Hongkong and Shanghai Banking Corporation
Limited as a management trainee. Dr. Or worked in a variety of
positions in personnel, securities, retail and corporate banking
divisions. Dr. Or was appointed as general manager and group
general manager in 2000 and became an executive director in
2005. Dr. Or was then appointed as vice-chairman and chief
executive of Hang Seng Bank Limited (恒生銀行有限公司), a
banking company listed on The Stock Exchange of Hong Kong
Limited (“Hong Kong Stock Exchange”), in 2005 and retired in
May 2009.
Dr. Or holds the following positions in companies listed on the
Hong Kong Stock Exchange.
施穗玲女士，49歲，於2015年6月22日獲
委任為本公司執行董事，自1999年6月24日
起擔任維珍妮國際有限公司的銷售及市場總
監，並自2006年9月18日同時擔任維珍妮國
際（集團）有限公司的銷售及市場總監。彼負
責本集團的銷售及市場推廣事務。施女士於
貼身內衣銷售及市場推廣累積超過22年經
驗。彼亦為本公司多間附屬公司董事。施女
士於1996年12月獲加拿大卡莫森學院頒發旅
遊管理課程證書。施女士為洪先生的外甥女。
獨立非執行董事
柯清輝博士，71歲，於2015年9月11日獲委
任為本公司獨立非執行董事，並擔任審核委
員會主席。柯博士主要負責就本集團的業務
發展提供策略性意見及指導。
柯博士於1972年7月自香港大學取得社會科
學學士（經濟學與心理學）學位，其後加入香
港上海滙豐銀行有限公司任管理見習生。柯
博士於人事、證券、零售及企業銀行部門擔
任不同職位。柯博士於2000年獲委任為總經
理及集團總經理，並於2005年出任執行董
事。柯博士隨後於2005年獲委任為恒生銀行
有限公司（一間於香港聯合交易所有限公司
（「香港聯交所」）上市的銀行公司）副主席兼行
政總裁，並於2009年5月退休。
柯博士於香港聯交所上市的公司擔任下列職
位。
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司34
PROFILE OF DIRECTORS, SENIOR MANAGEMENT AND COMPANY SECRETARY
董事、高級管理層及公司秘書的履歷
Company and its Principal Business Stock Exchange Position
公司及其主要業務 證券交易所 職位
Chow Tai Fook Jewellery Group Limited
(周大福珠寶集團有限公司), a jewellery company
Hong Kong Stock
Exchange
Independent non-executive
director
周大福珠寶集團有限公司，為一間珠寶公司 香港聯交所 獨立非執行董事
China Strategic Holdings Limited (中策集團有限公司),
an investment and metal trading company
Hong Kong Stock
Exchange
Chairman and non-executive
director
中策集團有限公司，為一間投資及金屬買賣公司 香港聯交所 主席兼非執行董事
Playmates Holdings Limited (彩星集團有限公司),
a property investment and toy marketing company
(effective date: 21 May 2021)
Hong Kong Stock
Exchange
Independent non-executive
director
彩星集團有限公司，為一間物業投資及
玩具市場推廣公司（生效日期：2021年5月21日）
香港聯交所 獨立非執行董事
Dr. Or has been appointed as independent non-executive director
of Industrial and Commercial Bank of China (Asia) Limited in
December 2018. He ceased to act as non-executive chairman and
non-executive director of Esprit Holdings Limited on 1 January
2021, ceased to act as independent non-executive director of
Television Broadcasts Limited on 1 January 2020 and ceased
to act as independent non-executive director of Industrial and
Commercial Bank of China Limited on 31 October 2018. He was
the vice-chairman and independent non-executive director of
G-Resources Group Limited until his retirement on 30 June 2017.
He was also an independent non-executive director of Hutchison
Whampoa Limited (和記黃埔有限公司) and Cathay Pacific Airways
Limited (國泰航空有限公司), from February 2000 to May 2009
respectively. All these companies are listed on The Hong Kong
Stock Exchange. Dr. Or was the deputy chairman and non-
executive director of Aquis Entertainment Limited, a company
listed on the Australian Securities Exchange, until his retirement
on 31 December 2017.
柯博士於2018年12月獲委任為中國工商銀
行（亞洲）有限公司的獨立非執行董事。彼自
2021年1月1日起不再擔任思捷環球控股有
限公司的非執行主席兼非執行董事、自2020
年1月1日起不再擔任電視廣播有限公司的
獨立非執行董事及自2018年10月31日起不
再擔任中國工商銀行股份有限公司的獨立非
執行董事。彼曾擔任國際資源集團有限公司
的副主席兼獨立非執行董事直至2017年6月
30日退任。彼亦曾於2000年2月至2009年
5月期間分別擔任和記黃埔有限公司及國泰
航空有限公司的獨立非執行董事。該等公司
均於香港聯交所上市。柯博士曾擔任Aquis
Entertainment Limited（一間於澳洲證券交易
所上市的公司）的副主席兼非執行董事直至
2017年12月31日退任。
35年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
PROFILE OF DIRECTORS, SENIOR MANAGEMENT AND COMPANY SECRETARY
董事、高級管理層及公司秘書的履歷
Dr. Or is a vice patron of the board of the Community Chest
of Hong Kong. He was also the chairman of the Hong Kong
Association of Banks in 2000 and 2003 and was vice chairman
of the Hong Kong Association of Banks in 2001, 2002, 2004 and
2005. He was also the chairman of the Financial Services Advisory
Committee and a member of the Services Promotion Programme
Committee of the Hong Kong Trade Development Council. He
was a member of the Risk Management Committee of the Hong
Kong Exchanges and Clearing Limited, vice president and a
council member of the Hong Kong Institute of Bankers, a member
of the Aviation Development Advisory Committee, the chairman
of Executive and Campaign Committee of the Community Chest
of Hong Kong, the deputy council chairman of the Council of City
University of Hong Kong, a council member of the University of
Hong Kong, an adviser of the Employers’ Federation of Hong
Kong and a member of the Planning Committee of the 5th East
Asian Games.
Dr. Or was awarded a Silver Bauhinia Star from the Hong Kong
Special Administrative Region and Honorary University Fellow
from the University of Hong Kong in 2009. He was conferred an
Honorary Doctor of Social Science by the City University of Hong
Kong and an Honorary Fellowship by Hang Seng Management
College in November 2014 and May 2017 respectively. Dr. Or is a
Justice of the Peace.
Mrs. TO WONG Wing Yue Annie (陶王永愉), aged 65, was
appointed as an independent non-executive Director of the
Company on 11 September 2015 and is primarily responsible
for providing strategic advice and guidance on the business
development of our Group. She is also a member of the audit
committee, the nomination committee and the chairman of the
remuneration committee of the Company. Mrs. To has extensive
experience in the garments trading industry. Prior to joining the
Group, Mrs. To was employed by Mast Industries (Far East)
Limited, the sourcing arm of LBrands, as the president from
January 2007 to May 2013 and the executive vice president from
September 1996 to December 2006. From April 1995 to August
1996, she served as a director of Li & Fung (Trading) Ltd., a
Hong Kong based global sourcing company. From January 1991
to February 1995, Mrs. To was the executive vice-president of
Bonaventure Textiles Limited, a garment manufacturing company.
From June 1979 to December 1990, Mrs. To held various
positions from executive trainee to assistant managing director of
Swire and MacLaine Limited, the trading division of John Swire &
Sons Limited. Mrs. To obtained a bachelor degree of arts from the
University of Hong Kong in November 1979.
柯博士現為香港公益金名譽副會長。此外，
彼於2000年及2003年為香港銀行公會主席，
於2001年、2002年、2004年及2005年為香
港銀行公會副主席，亦為香港貿易發展局金
融服務諮詢委員會主席和服務業拓展計劃委
員會成員。柯博士曾為香港交易及結算所有
限公司風險管理委員會成員、香港銀行學會
副會長及理事會成員、航空發展諮詢委員會
成員、香港公益金執行及籌募委員會主席、
香港城市大學校董會副主席、香港大學校務
委員會成員、香港僱主聯合會諮詢顧問及第
五屆東亞運動會籌備委員會成員。
柯博士於2009年獲香港特別行政區頒授銀紫
荊星章及獲香港大學頒發榮譽院士。彼其後
於2014年11月及2017年5月分別獲香港城市
大學及恒生管理學院頒授榮譽社會科學博士
學位及榮譽院士銜。柯博士現為太平紳士。
陶王永愉女士，65歲，於2015年9月11日獲
委任為本公司獨立非執行董事，主要負責就
本集團的業務發展提供策略性意見及指導。
彼亦為本公司審核委員會及提名委員會成員
兼薪酬委員會主席。陶女士於成衣貿易行業
具豐富經驗。加入本集團前，陶女士分別於
2007年1月至2013年5月期間及於1996年9月
至2006年12月期間獲美國萬事達（遠東）有限
公司（LBrands旗下採購部門）聘任為總裁及
副行政總裁。由1995年4月至1996年8月期
間，彼擔任利豐（貿易）有限公司（一間總部設
於香港的全球性採購公司）董事。由1991年1
月至1995年2月期間，陶女士為Bonaventure
Textiles Limited（一間成衣製造公司）的副行
政總裁。由1979年6月至1990年12月期間，
陶女士於太古貿易有限公司（英國太古集團有
限公司旗下貿易部門）擔任管理見習生至助理
董事總經理等多個職位。陶女士於1979年11
月取得香港大學文學士學位。
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司36
PROFILE OF DIRECTORS, SENIOR MANAGEMENT AND COMPANY SECRETARY
董事、高級管理層及公司秘書的履歷
Ms. TAM Laiman (譚麗文), aged 67, was appointed as an
independent non-executive Director of the Company on 11
September 2015 and is primarily responsible for providing
strategic advice and guidance on the business development of
our Group. She is also a member of the audit committee, the
remuneration committee and the nomination committee of the
Company. Ms. Tam has extensive management experience
in the consumer products marketing, distribution and retailing
industry. Ms. Tam retired from the office either as a manager
or an executive director of the following six group companies in
Swire Pacific Limited on 1 October 2018: SRM Holdings, Inc., a
holding company of brands investment; United Sheen Limited,
a holding company of brands investment; Columbia Sportswear
Commercial (Shanghai) Co., Ltd. (哥倫比亞運動服裝商貿（上海）有
限公司), a sales and distribution company of branded outdoor and
sports clothing and footwear; SCCH Limited, a holding company
of brands investment; Swire Brands Limited, a holding company
of consumer brands investment, and Swire Industrial Limited, an
investment holding company in cold storage, waste management,
environmental services, painting and sugar businesses, and
distribution and sales of motor vehicles in PRC and Hong Kong.
From January 1990 to July 2013, Ms. Tam served the positions
as managing director, director and general manager of Swire
Resources Limited, a marketing, distribution and retail company of
branded clothing and footwear product, where she was primarily
responsible for the company’s overall development and operation.
From October 1987 to December 1989, Ms. Tam was the general
manager in charge of the overall operation of Reebok Hong
Kong Ltd., a sports brand company of clothing and footwear.
From December 1983 to May 1987, Ms. Tam worked at Plough
Consumer Products (Asia) Ltd., a consumer products marketing
and distribution company, as the regional marketing manager
responsible for the Southeast Asia market. From May 1978 to
November 1983, Ms. Tam worked at the group companies of
Fung Ping Fan Group, a diversified company involving in consumer
brands distribution and real estate businesses.
Ms. Tam obtained a bachelor degree in administration from
University of Ottawa in May 1976. Ms. Tam has been an
executive committee member of Benji’s Centre (庭恩兒童中
心) and the vice chairman of the supervisory board of Macao
International Brand Enterprise Commercial Association (澳門國際
品牌企業商會) since 2009.
譚麗文女士，67歲，於2015年9月11日獲委
任為本公司獨立非執行董事，並主要負責就
本集團的業務發展提供策略性意見及指導。
彼亦為本公司審核委員會、薪酬委員會及提
名委員會的成員。譚女士於消費產品市場推
廣、分銷及零售行業內擁有廣泛管理經驗。
譚女士於2018年10月1日退休，不再擔任下
列太古股份有限公司的六間集團公司的經理
或執行董事：SRM Holdings, Inc.（一間品牌
投資控股公司）、United Sheen Limited（一
間品牌投資控股公司）、哥倫比亞運動服裝商
貿（上海）有限公司（一間品牌戶外及運動服裝
及鞋類的銷售及分銷公司）、SCCH Limited
（一間品牌投資控股公司）、太古品牌有限公
司（一間消費品牌投資控股公司）及太古實業
有限公司（一間投資控股公司，其投資業務
包括冷藏倉庫、廢物管理、環境服務、漆油
及糖業，並於中國內地及香港經銷及銷售汽
車）。
由1990年1月至2013年7月期間，譚女士擔
任太古資源有限公司（一間品牌服裝及鞋類產
品的市場推廣、分銷及零售公司）的董事總經
理、董事及總經理，主要負責公司的整體發
展及營運工作。由1987年10月至1989年12
月期間，譚女士為銳步香港有限公司（一間運
動服裝及鞋類品牌公司）的總經理，負責整體
營運。由1983年12月至1987年5月期間，譚
女士於保雅消費品（亞洲）有限公司（一間消費
產品市場推廣及分銷公司）擔任東南亞市場的
區域營銷經理。由1978年5月至1983年11月
期間，譚女士於Fung Ping Fan Group的集團
公司（一間營運消費品牌分銷及房地產業務的
多元化公司）工作。
譚女士於1976年5月取得渥太華大學行政管
理學士學位。譚女士自2009年起為庭恩兒童
中心的執行委員會成員及澳門國際品牌企業
商會監事委員會副主席。
37年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
PROFILE OF DIRECTORS, SENIOR MANAGEMENT AND COMPANY SECRETARY
董事、高級管理層及公司秘書的履歷
SENIOR MANAGEMENT
Mr. HUANG Guoxian (黃國賢), aged 56, has been the general
manager of technology development of RMIA Shenzhen since
April 2008. He is responsible for technology, research and
development and machinery improvement of the Group, and
contributed in several utility model patents and invention patents
on intimate wear design, including one-piece bra. Mr. Huang is
also the vice chairman of RMIA Shenzhen and a Director of RM
Shenzhen. He joined the previous bra processing facilities in
February 1999 and held the positions as manager of the research
and development department from February 1999 to March 2003
and chief technology officer from March 2003 to April 2008. From
June 1988 to February 1999, Mr. Huang worked as supervisor
of the research and development department at Shun Cheong
Factory for shoulder pads manufacturing. Mr. Huang has over 21
years of experience in the intimate wear manufacturing industry.
Mr. Huang obtained a high school diploma from Fuqing Jiangdou
Huaqiao Middle School (福清江兜華僑中學) in July 1982.
Mr. YIU Ka So (姚加甦), aged 47, has been the general manager
of operation of the Group since he joined the Group on 3 March
2004. He is primarily responsible for operations management of
the Group. Mr. Yiu is also the vice chairman of RMIA Shenzhen,
a director of RM Shenzhen, the legal representative and general
director of Regina Miracle International (Vietnam) Co., Ltd and of
Regina Miracle International Hung Yen Co., Ltd. Mr. Yiu has over
16 years of experience in enterprise and operations management.
Mr. Yiu served at Panda Green Energy Group Limited (formerly
known as Goldpoly New Energy Holdings Limited), a solar
company listed on the Hong Kong Stock Exchange, as an
executive director from October 2010 to December 2013. Mr. Yiu
obtained a bachelor degree in engineering and a master degree
of science in civil engineering, both from the University of Hong
Kong, in December 1997 and November 2001, respectively. Mr.
Yiu is a cousin of Mr. Yiu Kar Chun Antony and Mrs. Hung.
高級管理層
黃國賢先生，56歲，自2008年4月起擔任
RMIA Shenzhen技術發展部總經理。彼負
責本集團的技術、研發以及機械改良，亦為
若干實用新型專利及貼身內衣設計發明專利
（包括一件式胸圍發明專利）作出貢獻。黃
先生亦為RMIA Shenzhen的副董事長及RM
Shenzhen的董事。彼於1999年2月加入前胸
圍加工廠，曾擔任的職位包括由1999年2月
至2003年3月期間擔任研發部經理及由2003
年3月至2008年4月期間擔任技術總監。由
1988年6月至1999年2月期間，黃先生於製造
墊肩的信昌廠擔任研發部主管。黃先生於貼
身內衣製造業累積超過21年經驗。黃先生於
1982年7月取得福清江兜華僑中學高中文憑。
姚加甦先生，47歲，自2004年3月3日加入
本集團起擔任本集團營運總經理。彼主要負
責本集團的營運管理。姚先生亦擔任RMIA
Shenzhen副董事長、RM Shenzhen董事、
維珍妮國際（越南）有限公司及Regina Miracle
International Hung Yen Co., Ltd法定代表
兼總經理。姚先生於企業營運管理方面擁
有超過16年經驗。姚先生由2010年10月至
2013年12月期間於熊貓綠色能源集團有限公
司（前稱為Goldpoly New Energy Holdings
Limited，一間於香港聯交所上市的太陽能公
司）擔任執行董事。姚先生分別於1997年12
月及2001年11月期間獲得香港大學工程學士
學位及土木工程理科碩士學位。姚先生為姚
嘉駿先生的堂哥及洪太太的表弟。
REGINA MIRACLE INTERNATIONAL (HOLDINGS) LIMITED 維珍妮國際（控股）有限公司38
PROFILE OF DIRECTORS, SENIOR MANAGEMENT AND COMPANY SECRETARY
董事、高級管理層及公司秘書的履歷
Ms. LEUNG, Mai Ling Connie (梁美玲), aged 55, has been the
general manager of business division of the Group since she
joined the Group on 3 September 2003. She is responsible for
sales management of the Group. Ms. Leung has over 29 years of
experience in the clothing industry, of which over 17 years in the
intimate wear manufacturing industry. Prior to joining the Group,
Ms. Leung worked at PLH Fashion Group, a trading company,
as a divisional manager primarily responsible for merchandising
and management from November 2002 to September 2003.
From 1995 to 2002, Ms. Leung worked at Mast Industries (Far
East) Limited, a garments and accessories trading company, as
a merchandising manager and regional merchandising manager,
where she was primarily responsible for the regional market
management. From October 1993 to June 1995, she served as a
sourcing manager in charge of material sourcing, purchasing and
development in Lion-Redcliffe & Company Limited, an embroidery
manufacturer. In addition, Ms. Leung served as an assistant
merchandiser overseeing sample development, production and
shipment in Texunion Garment Co., Ltd., a garment manufacturer,
from July 1985 to June 1986.
Ms. Leung obtained a diploma in clothing in Hong Kong Vocational
Training Council in July 1985, a national diploma in clothing in
Hong Kong Business and Technical Education Council in March
1986, a diploma in clothing design and production management
from the Clothing and Footwear Institute in 1993. Ms. Leung
completed the modular post-graduate diplomas in textile and
clothing and clothing studies in October 1995 and November
1996, respectively, and obtained a master of arts degree in
clothing studies from the Hong Kong Polytechnic University in
December 1999.
Mr. LIANG Changming (梁長明), aged 41, has been the sample
development deputy general manager of shoe division of RMIA
Shenzhen since February 2012. He is responsible for research
and development of shoe products of the Group. He was also
the senior manager of the research and development department
of RMIA Shenzhen from April 2008 to February 2012. Mr. Liang
joined the previous bra processing facilities in June 2003 and held
the positions in the research and development department as
supervisor from June 2003 to May 2006 and manager from May
2006 to April 2008. Mr. Liang has over 17 years of experience in
intimate wear manufacturing industry, specializing in bra pads,
bras and sports bras. Mr. Liang obtained a bachelor degree in
textile examination and commerce from Donghua University (東華
大學) in July 2003.
梁美玲女士，55歲，自2003年9月3日加入
本集團起擔任本集團業務部總經理。彼負責
本集團銷售管理。梁女士於服裝業累積超過
29年經驗，當中超過17年從事貼身內衣製造
業。加入本集團前，梁女士由2002年11月
至2003年9月期間於貿易公司PLH Fashion
Group擔任部門經理，主要負責採購管理。
由1995年至2002年，梁女士於成衣及飾品貿
易公司美國萬事達（遠東）有限公司擔任採購
經理及區域採購經理，主要負責區域市場管
理。彼由1993年10月至1995年6月期間於刺
繡製造商Lion-Redcliffe & Company Limited
擔任採購經理，負責材料採購、購買及開
發。此外，梁女士由1985年7月至1986年6月
期間於成衣製造商Texunion Garment有限公
司擔任助理採購員，監督樣板開發、生產及
貨運。
梁女士於1985年7月獲香港職業訓練局頒發
服裝專業文憑，於1986年3月獲香港商業與
技術教育委員會(Hong Kong Business and
Technical Education Council)頒發服裝國家
文憑，並於1993年獲製衣及鞋類學會頒發成
衣設計及生產管理文憑。梁女士分別於1995
年10月及1996年11月完成紡織與服裝及服裝
研究深造文憑，並於1999年12月取得香港理
工大學頒授的服裝研究文學碩士學位。
梁長明先生，41歲，自2012年2月起擔任
RMIA Shenzhen運動鞋樣品研發部副總經
理，彼負責本集團運動鞋產品的研發。彼
亦由2008年4月至2012年2月期間為RMIA
Shenzhen研發部的高級經理。梁先生於
2003年6月加入前胸圍加工廠，並由2003年
6月至2006年5月期間於研發部擔任主管及由
2006年5月至2008年4月期間擔任經理。梁先
生於貼身內衣（特別是胸杯、胸圍以及運動型
胸圍）製造業累積超過17年經驗。梁先生於
2003年7月獲東華大學頒發紡織品檢驗及貿
易學士學位。
39年度報告2020/21 A N N U A L R E P O R T 2 0 2 0 / 2 1
PROFILE OF DIRECTORS, SENIOR MANAGEMENT
