20
22 A
n
n
u
al R
ep
o
rt 年
報
Annual Report
年 報
2022
Financial Highlights
財務概要
Financial Highlights 財務概要
REVENUE
收入
2018
4,
2019
4,
2020
5,
HK$ million
百萬港元
Year
年
2022
8,
2021
7,
0
2,000
4,000
6,000
8,000
10,000
年度增長
Annual Growth
12%
CAGR複合年增長率
16%
SALES BY GEOGRAPHICAL REGION
按地區銷售額
LACIS EMEA APAC USCA
3,252,078
1,881,410
793,145
1,269,349
7,195,982
Total 總計
2021
HK$'000
千港元
2,992,477
1,073,595
2,661,843
1,334,787
8,062,702
Total 總計
2022
HK$'000
千港元
Financial Highlights
財務概要
Year ended 31 December
截至十二月三十一日止年度
(in HK$’000) （千港元）
2022
二零二二年
2021
二零二一年 +/(-)
Revenue 收入 8,062,702 7,195,982 +%
Gross profit 毛利 3,306,141 2,827,197 +%
Operating profit 經營溢利 1,429,342 1,277,972 +%
Profit before income tax 除所得稅前溢利 1,431,108 1,274,447 +%
Profit for the year 年度溢利 1,268,203 1,092,242 +%
Profit attributable to the owners of
the Company
本公司持有人應佔溢利
1,264,675 1,083,774 +%
Research and development costs (included in
administrative expenses)
研發成本（包括在行政費用內）
(567,141) (512,119) +%
As at 31 December
於十二月三十一日
2022 2021
(in HK$’000) （千港元） 二零二二年 二零二一年 +/(-)
Total current assets 流動資產總值 8,173,014 7,790,106 +%
Total assets 資產總值 9,490,329 8,821,278 +%
Net current assets 流動資產淨值 5,663,508 5,526,563 +%
Total equity 權益總額 6,905,850 6,456,556 +%
EARNINGS PER SHARE & DIVIDEND
每股盈利及股息
Year ended 31 December
截至十二月三十一日止年度
2022 2021
Per Share (in HK$) 每股（港元） 二零二二年 二零二一年 +/(-)
Earnings per share 每股盈利
– Basic －基本 +%
– Diluted －攤薄 +%
Proposed final dividend per ordinary share 建議每股普通股末期股息 +%
Financial Highlights
財務概要
FINANCIAL RATIOS
財務比率
2022 2021
二零二二年 二零二一年
Gross profit margin 毛利率 % %
Operating profit margin 經營溢利率 % %
Net profit margin 淨利潤率 % %
Current ratio (times) 流動比率(倍)
Return on equity1 權益回報1 % %
Return on assets2 資產回報2 % %
TURNOVER DAYS
週轉日數
2018 2019 2020 2021 2022
Year 年度 二零一八年 二零一九年 二零二零年 二零二一年 二零二二年
Inventory3 存貨3 146 164 183 175 194
Trade and bills receivables4 應收賬款及應收票據4 155 134 102 96 106
Trade and bills payables5 應付賬款及應付票據5 140 158 152 127 129
Cash conversion6 現金轉換6 161 140 133 144 171
Notes
1 Return on equity = Profit attributable to the owners of the Company/Total
equity as at year end
2 Return on assets = Profit attributable to the owners of the Company/Total
assets as at year end
3 Inventory turnover days = Average gross inventory balance/(Cost of sales
for the year/365 days)
4 Trade and bills receivables turnover days = Average gross trade and bills
receivables balance/(Revenue for the year/365 days)
5 Trade and bills payables turnover days = Average trade and bills payables
balance/(Cost of sales for the year/365 days)
6 Cash conversion days = Inventory turnover days + Trade and bills
receivables turnover days – Trade and bills payables turnover days
附註
1 權益回報＝本公司持有人應佔溢利╱年末權
益總額
2 資產回報＝本公司持有人應佔溢利╱年末資
產總值
3 存貨週轉日數＝平均存貨結餘總餘額╱（年度
銷售成本╱365日）
4 應收賬款及應收票據週轉日數＝平均應收賬
款及應收票據結餘總餘額╱（年度收入╱365
日）
5 應付賬款及應付票據週轉日數＝平均應付賬
款及應付票據餘額╱（年度銷售成本╱365日）
6 現金轉換日數＝存貨週轉日數＋應收賬款及
應收票據週轉日數－應付賬款及應付票據週
轉日數
Bank Card Transaction Flow of Electronic Payment
銀行卡電子支付交易流程
Bank Card Transaction Flow of Electronic Payment 銀行卡電子支付交易流程
The following is a simplified diagram illustrating the transaction flow in
a typical electronic payment transaction
E-payment
Terminals Solutions
Cardholder
持卡人
1
4
5 3
6
2
7
(. hotels, restaurants, retailers )
Merchant
商戶
（例如酒店、餐廳、零售商）
(. Bank of China, HSBC)
Card Issuer
發卡機構
（例如中國銀行、滙豐銀行）
(. Visa, MasterCard, China UnionPay)
Card Association
卡組織
（例如Visa、MasterCard、中國銀聯）
(. First Data, Fiserv, Global Payments,
Hang Seng Bank)
Acquirer
收單機構
(例如First Data、Fiserv、Global Payments、恆生銀行)
電子支付終端解決方案
(. PAX Global)
E-payment Terminals
Solutions Provider
電子支付終端解決
方案供應商
（例如百富環球）
“ ” E-payment Terminals solutions provider sells E-payment Terminals
solutions to acquirer directly or through distributor.
“ ”
1: Cardholder purchases with card at a merchant through an
E-payment Terminal.
2: The E-payment Terminal sends transaction data to the acquirer.
3&4: The acquirer sends authorisation request and verifies with the card
issuer that the card number and transaction amount are both valid
through the network of card association.
5&6: The card issuer verifies that the cardholder’s credit is sufficient and
grants authorisation.
7: The acquirer receives the response and relays it to the merchant.
以下簡圖所示為一般銀行卡電子支付交易的
交易流程
「 」 電子支付終端解決方案供應商透過直銷
或分銷商銷售電子支付解決方案予收單
機構。
「 」
1： 持卡人於商戶透過電子支付終端以卡
支付。
2： 電子支付終端傳送交易數據予收單
機構。
3及4： 收單機構發送授權要求，並透過卡組織
的網絡向發卡機構核實卡號碼及交易金
額均屬有效。
5及6： 發卡機構核實持卡人的信用額度足夠，
並給予授權。
7： 收單機構接收回應及轉達予商戶。
Products Highlights (for reference only)
公司產品（僅供參考）
ANDROID SMART E-PAYMENT SOLUTIONS
安卓智能電子支付解決方案
General features: Powered by Android operating system and PCI PTS certified. Compact, portable, equipped with a large
high resolution touch screen and inbuilt camera. Support various kinds of payment options, including
bank card payments, Near Field Communication (“NFC”) contactless and QR code payments.
一般特點： 以安卓作業系統操作，並獲得PCI PTS認証。外型小巧，方便手持，具有特大高清觸控屏及內置攝像
頭。支援各種支付方式，包括銀行卡支付、NFC非觸式及二維碼支付等。
A920Pro A800 A50 AR6A35
Products Highlights (for reference only) 公司產品（僅供參考）
Products Highlights (for reference only)
公司產品（僅供參考）
INTEGRATED ECR SOLUTIONS
一體化智能解決方案
General Features: Powered by Android operating system, the all-in-one integrated solution delivers cost efficient and space
saving features to merchants. Stylish, large color touch screen, customer-facing display and an inbuilt
camera.
一般特點： 以安卓作業系統操作的一體化解決方案，使商戶更節省成本和空間。外型時尚，擁有特大彩色觸控
屏、面向顧客的顯示屏及內置攝像頭。
E700 E800
UNATTENDED SOLUTIONS
自助服務解決方案
General features: Ideal for self-service sales points such as railway stations, petrol stations, parking lots and kiosks.
Products are certified with PCI PTS and have met required standards for anti-vandalism and
waterproofing. Support various kinds of payment options and connectivity options include 3G, 4G, WiFi
and Bluetooth.
一般特點： 適用於火車站、加油站、停車場、售貨亭等自助銷售場景。產品獲得PCI PTS認證，符合防爆和防水標
準。可支援各種支付方式及3G、4G、WiFi和藍牙多個連接選項。
SK700IM30
Products Highlights (for reference only)
公司產品（僅供參考）
ANDROID SMART PAYPHONE & PAYTABLET SOLUTIONS
安卓智能手機及平板支付解決方案
General Features: Powered by Android operating system and PCI PTS certified. The M30 and M8 are the first-ever Android
smartphone and Android tablet with integrated payment module, which are perfect for retail and
hospitality industries. Support various kinds of payment options and allow merchants to browse the
web, read emails, check social media, make phone calls, take product pictures or record product videos,
etc.
一般特點： 以安卓作業系統操作，並獲得 PCI PTS 認証。M30 和 M8 是首款搭載集成支付模組的安卓智能手機
和安卓平板，適合零售和餐飲業採用。支援各種支付方式，商戶可瀏覽網頁、查閱電郵、查看社交媒
體、通話、拍攝產品相片或錄製產品視頻等。
M30 M8
CLASSIC E-PAYMENT SOLUTIONS
傳統電子支付解決方案
General Features: Traditional Linux portfolio with PCI PTS certified, ranging from the D-Series, Q-Series, S-Series, and more.
Support bank card payments, NFC contactless payments, and more.
一般特點： 具備PCI PTS認證的傳統Linux產品，涵蓋D系列、Q系列、 S系列等。支援銀行卡支付、NFC非接觸式支
付等。
S920 Q92 Q30 D230 D188
Products Highlights (for reference only)
公司產品（僅供參考）
MAXSTORE
MAXSTORE為雲端軟件即服務(「SaaS」)平台，連
接支付服務商、收單銀行、應用程式開發商和商
戶，提供一站式終端管理及支付服務。
完善的終端管理
設有業界領先的終端管理功能，為支付服務商
和收單銀行提供即時管理支付終端服務
強大的支付服務中心
擁有豐富的支付行業增值工具，為不同業務的
商戶提供支付、業務管理及消費者數據分析等
服務。
MAXSTORE
MAXSTORE, a cloud-based Software as a Service (“SaaS”) platform,
connects payment service providers (“PSPs”), acquiring banks,
application developers and merchants, providing one-stop terminal
management and payment services.
Advanced Terminal Management
Industry-leading terminal management features designed to enable PSPs
and acquiring banks manage payment terminals in real time.
Powerful Payment Services Hub
Rich payment industry value-added tools, deliver payment, business
management and consumer data analysis for merchants across diverse
business segments.
8,000,000+
Connected terminals
接入終端
8,500+
Applications
應用程式
2,500+
Application developers
應用程式開發人員
百富環球科技有限公司 二零二二年年報 1
Content
目錄
2 Corporate Information 84 Consolidated Income Statement
公司資料 綜合收益表
4 Simplified Corporate Chart 85 Consolidated Statement of Comprehensive Income
公司架構簡表 綜合全面收益表
6 Directors and Senior Management 86 Consolidated Balance Sheet
董事及高級管理層 綜合資產負債表
10 Chairman’s Statement 88 Consolidated Statement of Changes in Equity
主席報告 綜合權益變動表
13 Management Discussion and Analysis 90 Consolidated Cash Flow Statement
管理層之討論與分析 綜合現金流量表
28 Corporate Governance Report 91 Notes to the Consolidated Financial Statements
企業管治報告 綜合財務報表附註
49 Report of the Directors 187 Five Years Financial Summary
董事會報告 五年財務概要
73 Independent Auditor’s Report 188 Particulars of Properties Under Development
獨立核數師報告 在建物業詳情
Content 目錄
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 20222
Corporate Information
公司資料
董事會
執行董事
聶國明（主席）
蘆 杰（行政總裁）
李文晉
獨立非執行董事
葉偉明
吳 敏
文國權
聯席公司秘書
張仕揚
陳耀光
授權代表
李文晉
張仕揚
陳耀光（替任）
百慕達註冊處代表
Conyers Corporate Services (Bermuda) Limited
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
法律顧問
香港法律
禮德齊伯禮律師行有限法律責任合夥
百慕達法律
Conyers Dill & Pearman
BOARD OF DIRECTORS
Executive Directors
NIE Guoming (Chairman)
LU Jie (Chief Executive Officer)
LI Wenjin
Independent Non-Executive Directors
YIP Wai Ming
WU Min
MAN Kwok Kuen, Charles
JOINT COMPANY SECRETARIES
CHEUNG Shi Yeung
CHAN Yiu Kwong
AUTHORISED REPRESENTATIVES
LI Wenjin
CHEUNG Shi Yeung
CHAN Yiu Kwong (alternate)
BERMUDA RESIDENT REPRESENTATIVE
Conyers Corporate Services (Bermuda) Limited
AUDITOR
PricewaterhouseCoopers
Certified Public Accountants
Registered Public Interest Entity Auditor
LEGAL ADVISERS
As to Hong Kong Law
Reed Smith Richards Butler LLP
As to Bermuda Law
Conyers Dill & Pearman
Corporate Information 公司資料
百富環球科技有限公司 二零二二年年報 3
Corporate Information
公司資料
主要往來銀行
新加坡銀行有限公司
恒生銀行有限公司
中國工商銀行（亞洲）有限公司
香港上海滙豐銀行有限公司
註冊辦事處
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
香港主要營業地點
香港
灣仔
港灣道30號
新鴻基中心
25樓2504室
百慕達股份過戶登記處
Conyers Corporate Services (Bermuda) Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
股份過戶登記處香港分處
卓佳證券登記有限公司
香港
夏慤道16號
遠東金融中心17樓
公司網站
股份代號
327
PRINCIPAL BANKERS
Bank of Singapore Limited
Hang Seng Bank Limited
Industrial and Commercial Bank of China (Asia) Limited
The Hongkong and Shanghai Banking Corporation Limited
REGISTERED OFFICE
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
PRINCIPAL PLACE OF BUSINESS IN HONG KONG
Room 2504, 25th Floor
Sun Hung Kai Centre
30 Harbour Road
Wanchai
Hong Kong
SHARE REGISTRAR IN BERMUDA
Conyers Corporate Services (Bermuda) Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
BRANCH SHARE REGISTRAR AND
TRANSFER OFFICE IN HONG KONG
Tricor Investor Services Limited
17/F, Far East Financial Centre
16 Harcourt Road
Hong Kong
COMPANY’S WEBSITE
STOCK CODE
327
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 20224
Simplified Corporate Chart
公司架構簡表
Simplified Corporate Chart 公司架構簡表
The following is a simplified corporate chart of the Group’s principal operating subsidiaries up to the date of this report.
100%
95%
87%
70%
100%
100%
100% 100%
100%
PAX Global Technology Limited
(Stock code: 327)
(Bermuda)
Pax Technology Limited
(HK)
Wonder Pax
Technology
(Shenzhen) Co., Ltd.
(PRC)
Pax Japan
Kabushiki Kaisha
(Japan)
Pax Pos
Solutions India
Private Limited
(India)
Kwang Woo
Information &
Communication
Co., Ltd.
(Korea)
CSC Italia
(Italy)
Pax Computer
Technology
(Shenzhen) Co., Ltd.
(PRC)
Pax Italia .
(Italy)
Pax Technology Inc.
(USA)
百富環球科技有限公司 二零二二年年報 5
Simplified Corporate Chart
公司架構簡表
下表為截至本報告日期本集團主要營運附屬公司的公司架構簡表。
100%
95%
87%
70%
100%
100%
100% 100%
100%
百富環球科技有限公司
（股份代號：���）
（百慕達）
百富科技有限公司
（香港）
萬達百滙科技
（深圳）有限公司
（中國）
Pax Japan
株式会社
（日本）
Pax Pos
Solutions India
Private Limited
（印度）
Kwang Woo
Information &
Communication
Co., Ltd.
（韓國）
CSC Italia
（意大利）
百富計算機技術
（深圳）有限公司
（中國）
Pax Italia .
（意大利）
Pax Technology Inc.
（美國）
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 20226
Directors and Senior Management
董事及高級管理層
於二零二三年三月二十二日（即董事會報告日
期），百富環球科技有限公司（「本公司」）董事
（「董事」）及高層管理人員的履歷詳情如下：
董事會
執行董事
聶國明主席
聶先生，60歲，為本公司主席兼執行董事，並
為百富計算機技術（深圳）有限公司（「百富科
技（深圳）」）的�經理。彼負責本公司及其附
屬公司（統稱「本集團」）的整體管理及策略發
展。聶先生於卡支付行業擁有逾25年經驗。彼
自百富科技有限公司（「百富科技」）於二零零
零年三月成立日起加入該公司出任副總裁至
二零零一年一月，再出任總裁，直至二零一零
年六月獲委任為主席。聶先生於一九九六年至
一九九九年曾於中華人民共和國（「中國」）的中
國招商銀行總部的信息科技部門任職工程師。
聶先生於一九八四年畢業於清華大學，持有無
線電電子學學士學位，其後於一九九一年獲東
南大學頒授無線電工程碩士學位。彼於二零一
零年十二月獲委任為本公司主席及執行董事。
蘆杰行政總裁
蘆先生，58歲，為本公司行政總裁兼執行董
事，及本公司多間附屬公司董事。彼於二零零
一年八月加入本集團，負責管理本集團的所有
業務發展、銷售及營銷工作。蘆先生於電子支
付行業的銷售及營銷方面擁有逾20年經驗，
曾於一九九八年至二零零一年在北京方正奧
德計算機系統有限公司（「北京方正奧德」），
一間系統集成公司，擔任多個管理職位及行
政角色，包括保險部總經理、營銷部總經理及
副總裁。彼亦於一九八六年至一九九四年及
一九九四年至一九九五年分別在中國地質礦
產部及中國地質科學院擔任工程師。蘆先生持
有成都地質學院的學士學位。彼於二零一零年
獲長江商學院頒授高級管理人員工商管理碩
士學位。彼於二零一三年五月獲委任為本公司
行政總裁兼執行董事。
As at 22 March 2023, the date of the Report of the Directors, the
biographical details of the directors (the “Director(s)”) and senior
management of PAX Global Technology Limited (the “Company”) are as
follows:
BOARD OF DIRECTORS
Executive Directors
NIE Guoming Chairman
Mr. Nie, aged 60, is the Chairman and an Executive Director of the
Company and the general manager of Pax Computer Technology
(Shenzhen) Co., Ltd. (“Pax Technology (Shenzhen)”). He is responsible
for the overall management and strategic development of the Company
and its subsidiaries (collectively, the “Group”). Mr. Nie has over 25 years
of experience in the card payment industry. He joined Pax Technology
Limited (“Pax Technology”) at its founding in March 2000 as the vice
president until January 2001 and subsequently as the president prior
to his appointment as the chairman in June 2010. Mr. Nie previously
worked as an engineer in the Information Technology Department of
the Headquarters of China Merchants Bank in the People’s Republic
of China (the “PRC”) from 1996 to 1999. Mr. Nie graduated from
Tsinghua University in 1984 with a bachelor’s degree in Radio Electronics
and obtained a master’s degree in Radio Electronics Engineering from
Southeast University in 1991. He was appointed as the Chairman and an
Executive Director of the Company in December 2010.
LU Jie Chief Executive Officer
Mr. Lu, aged 58, is the Chief Executive Officer and an Executive Director
of the Company and a director in a number of subsidiaries of the
Company. He joined the Group in August 2001 and is responsible for
managing the business development, sales and marketing functions
of the Group. Mr. Lu has over 20 years of experience in sales and
marketing in the electronic payment industry and served a number of
management positions and executive role at Beijing Order Computer
Company (“Beijing Order”), a system integration company, from 1998
to 2001, including general manager of insurance department, general
manager of marketing department and vice president. He also worked
as an engineer of the Ministry of Geology and Mineral Resources of
the PRC and the Chinese Academy of Geological Sciences from 1986
to 1994 and from 1994 to 1995 respectively. Mr. Lu holds a bachelor’s
degree from Chengdu Geology Institute. He obtained an Executive
Master of Business Administration degree from the Cheung Kong
Graduate School of Business in 2010. He was appointed as the Chief
Executive Officer and an Executive Director of the Company in May
2013.
Directors and Senior Management 董事及高級管理層
百富環球科技有限公司 二零二二年年報 7
Directors and Senior Management
董事及高級管理層
李文晉
李先生，59歲，為本公司執行董事及本公司多
間附屬公司董事。彼負責本公司的風險管理及
財務管理。彼自二零零零年四月起亦出任百富
科技的董事，負責監察百富科技的營運。李先
生於投資及行政事務擁有逾30年經驗。李先生
於一九九七年八月至二零零五年五月擔任高
陽信息產品服務有限公司（「高陽信息」）（一家
進行一般買賣及提供諮詢服務的香港公司）的
董事。高陽信息於二零零二年至二零零三年向
百富科技提供諮詢服務。李先生亦自一九九九
年八月起擔任高陽有限公司的董事總經理，並
自二零零一年六月起出任高陽科技（中國）有
限公司（「高陽」）的執行董事，而高陽則為本
公司的��股東。彼亦獲委任為高陽有限公司
及高陽以及兩者的若干附屬公司的執行董事。
彼於一九九九年加入高陽有限公司前，曾在中
國及香港多家公司工作，包括於一九九四年至
一九九五年在北京方正奧德負責投資及行政
事務。李先生於一九八九年獲北京大學頒授法
律碩士學位。彼於二零一零年二月獲委任為本
公司執行董事。
獨立非執行董事
葉偉明
葉先生，57歲，於二零一零年十二月獲委任為
本公司獨立非執行董事。葉先生目前為巨騰國
際控股有限公司、遠東宏信有限公司、億達中
國控股有限公司、新火科技控股有限公司（原
名為火幣科技控股有限公司）及沛嘉醫療有限
公司的獨立非執行董事，所有上述公司均於香
港聯合交易所有限公司（「聯交所」）上市。於二
零一三年十二月至二零二二年六月，葉先生亦
擔任保利文化集團股份有限公司（一家於聯交
所上市的公司）的獨立非執行董事。葉先生在
一九八七年畢業於香港大學，持有社會科學學
士學位。彼亦持有倫敦大學法律學士學位。葉
先生為特許公認會計師公會資深會員及香港
會計師公會及中國註冊會計師協會會員。
LI Wenjin
Mr. Li, aged 59, is an Executive Director of the Company and a
director in a number of subsidiaries of the Company. He is responsible
for the Company’s risk management and treasury management and
overseeing operations of Pax Technology, of which he has been serving
as a director since April 2000. Mr. Li has over 30 years of experience
in investment and administrative affairs. Mr. Li was the director of Hi
Sun Information Technology Services Limited (“HSITSL”) from August
1997 to May 2005, a Hong Kong company engaging in general trading
and provision of consultancy services. HSITSL provided consultancy
services to Pax Technology from 2002 to 2003. Mr. Li has also been
the managing director of Hi Sun Limited since August 1999 and an
executive director of Hi Sun Technology (China) Limited (“Hi Sun”), a
controlling shareholder of the Company, since June 2001. He has also
been appointed as an executive director of both Hi Sun Limited and Hi
Sun and certain of their subsidiaries. Prior to joining Hi Sun Limited in
1999, he worked for several companies in the PRC and Hong Kong,
including Beijing Order from 1994 to 1995 where he was responsible for
investment and administrative affairs. Mr. Li obtained a master’s degree
in laws from the Peking University in 1989. He was appointed as an
Executive Director of the Company in February 2010.
Independent Non-Executive Directors
YIP Wai Ming
Mr. Yip, aged 57, was appointed as an Independent Non-Executive
Director of the Company in December 2010. Mr. Yip is currently an
independent non-executive director of Ju Teng International Holdings
Limited（巨騰國際控股有限公司）, Far East Horizon Limited（遠東宏
信有限公司）, Yida China Holdings Limited（億達中國控股有限公
司）, New Huo Technology Holdings Limited（新火科技控股有限公
司）(formerly known as Huobi Technology Holdings Limited（火幣科技
控股有限公司）) and Peijia Medical Limited（沛嘉醫療有限公司）, all
of which are companies listed on The Stock Exchange of Hong Kong
Limited (the “Stock Exchange”). From December 2013 to June 2022,
Mr. Yip was also an independent non-executive director of Poly Culture
Group Corporation Limited（保利文化集團股份有限公司）, a company
listed on the Stock Exchange. Mr. Yip graduated from The University of
Hong Kong with a bachelor’s degree in social sciences in 1987. He also
holds a bachelor’s degree in laws from the University of London. Mr. Yip
is a fellow of the Association of Chartered Certified Accountants, and a
member of the Hong Kong Institute of Certified Public Accountants and
the Chinese Institute of Certified Public Accountants.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 20228
Directors and Senior Management
董事及高級管理層
吳敏
吳博士，51歲，於二零一零年十二月獲委任為
本公司的獨立非執行董事。吳博士之前為香港
科技大學商學院和香港大學商學院助理教授。
吳博士一直教授國際會計準則、美國公認會計
準則及中國會計準則。其於識別美國會計重列
及欺詐的學術研究成果廣獲華爾街日報、紐約
時報、商業周刊、財富、CNN等多家媒體報道。
吳博士過去曾與主要會計公司及美國上市公
司會計監察委員會合作研究美國上市公司的
會計操縱及欺詐領域。彼亦為投資資金提供有
關會計準則及上市公司財務報表的專業詮釋
及分析服務。吳博士於一九九四年畢業於北京
大學，獲經濟學士學位，及於一九九六年獲塔
夫斯大學頒授經濟碩士學位，並於二零零三年
獲紐約大學Stern School of Business頒授會計
博士學位。
文國權
文先生，64歲，於二零一零年十二月獲委任為
本公司獨立非執行董事。文先生於一九八一年
畢業於香港大學，獲法學學士學位。文先生於
一九八四年成為香港律師，自此一直在香港的
陳順祖、文國權、潘慧妍律師行（前稱Chan and
Lo）執業。彼目前為陳順祖、文國權、潘慧妍律
師行的合夥人。
WU Min
Dr. Wu, aged 51, was appointed as an Independent Non-Executive
Director of the Company in December 2010. Previously, Dr. Wu was an
assistant professor at The Hong Kong University of Science & Technology
Business School and The University of Hong Kong School of Business. Dr.
Wu has been teaching International Accounting Standards, US Generally
Accepted Accounting Principles and Chinese Accounting Standards.
Her academic research achievements in identifying US accounting
restatements and frauds were reported by various media, including the
Wall Street Journal, New York Times, Business Week, Fortune, CNN, etc..
Dr. Wu used to cooperate with major accounting firms and the Public
Company Accounting Oversight Board (US) in conducting research in the
areas of accounting manipulation and frauds by US listed companies.
She also provides professional interpretation and analysis services for
investment funds on accounting standards and on listed companies’
financial statements. Dr. Wu graduated from the Peking University
with a bachelor’s degree in Economics in 1994 and obtained a master’s
degree in Economics from the Tufts University in 1996 and a . in
Accounting from the Stern School of Business, New York University in
2003.
MAN Kwok Kuen, Charles
Mr. Man, aged 64, was appointed as an Independent Non-Executive
Director of the Company in December 2010. Mr. Man graduated from
The University of Hong Kong with a bachelor’s degree in laws in 1981.
Mr. Man was admitted as a solicitor in Hong Kong in 1984 and has
practised as a solicitor at Joseph S. C. Chan & Co. (formerly known as
Chan and Lo) in Hong Kong since then. He is currently a partner of
Joseph . Chan & Co.
百富環球科技有限公司 二零二二年年報 9
Directors and Senior Management
董事及高級管理層
高級管理層
羅韶文
羅先生，54歲，為百富科技（深圳）的常務副總
裁、董事長及法定代表人。彼負責公司智能電
子支付銷售點終端（「電子支付終端」）產品的研
發管理及供應鏈業務，並監察在深圳營運的財
務及建設項目。羅先生畢業於武漢大學，獲經
濟管理學士學位。羅先生於卡支付行業擁有逾
25年經驗，及於財務管理及供應鏈管理方面擁
有逾20年經驗。彼於二零零四年十二月加入百
富科技（深圳）。羅先生於加入本集團前，曾在
北京方正奧德及北京高陽萬為電力信息技術
有限公司擔任多個管理職位。
張仕揚
張先生，39歲，為本公司的首席財務官及本公
司聯席公司秘書（「公司秘書」）之一。彼於二
零一六年十月加入本集團，並負責監督本集團
業務發展、財務、合規、併購以及投資者關係
事宜。張先生於二零零六年畢業於香港中文大
學，持有工商管理學士學位，及於二零二一年
獲得美國哥倫比亞大學、英國倫敦商學院及香
港大學聯合頒授的工商管理碩士學位。張先生
擁有逾15年財務及會計相關經驗。彼為香港會
計師公會之會員及特許管理會計師公會之會
員。於加入本集團前，張先生任職於一間國際
會計師事務所，並參與多項審計及鑒證、資本
市場交易及諮詢項目，為全球各地上市公司及
企業集團等公司客戶提供意見。
SENIOR MANAGEMENT
LUO Shaowen
Mr. Luo, aged 54, is the executive vice president, chairman and
legal representative of Pax Technology (Shenzhen). He is responsible
for the research and development management of the Company’s
smart electronic payment point-of-sale terminals (“E-payment
Terminals”) products and supply chain business and oversees the
finance of the operations in Shenzhen and construction matters. Mr.
Luo graduated from Wuhan University with a bachelor’s degree in
economic management. Mr. Luo has over 25 years of experience in
the card payment industry and over 20 years of experience in financial
administration and supply chain management. He joined Pax Technology
(Shenzhen) in December 2004. Prior to joining the Group, Mr. Luo
served various management positions in Beijing Order and Beijing Hi Sun
Electric Power Information Technology Limited.
CHEUNG Shi Yeung
Mr. Cheung, aged 39, is the Chief Financial Officer and one of the joint
company secretaries of the Company (the “Company Secretary(ies)”).
He joined the Group in October 2016 and is responsible for overseeing
the business development, finance, compliance, merger and acquisition,
and investor relations of the Group. Mr. Cheung graduated from The
Chinese University of Hong Kong with a bachelor’s degree in Business
Administration in 2006 and obtained a master’s degree in Business
Administration jointly from Columbia University, United States, London
Business School, United Kingdom and The University of Hong Kong
in 2021. Mr. Cheung has over 15 years of financial and accounting
related experience. He is a member of the Hong Kong Institute of
Certified Public Accountants and an associate of The Chartered Institute
of Management Accountants. Prior to joining the Group, Mr. Cheung
worked for an international public accountancy firm and was involved
in a number of audit and assurance, capital market transaction and
advisory projects advising corporate clients including listed companies
and conglomerates worldwide.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202210
Chairman’s Statement
主席報告
各位股東：
本人謹代表百富環球科技有限公司（「百富」或
「本公司」，連同其附屬公司統稱「本集團」）董
事會（「董事會」），欣然提呈本集團截至二零
二二年十二月三十一日止年度的年報。
財務業績
於回顧年度，本集團收入、年度溢利、本公司
的持有人應佔年度溢利及建議末期股息均錄
得歷史新高。
本集團收入於二零二二年達8,百萬港元，
較二零二一年的7,百萬港元增加%。
收入增加主要由於安卓智能支付終端銷售提
升。
於二零二二年，年度溢利達1,百萬港元，
較二零二一年的1,百萬港元上升%。
本公司的持有人應佔年度溢利為1,百萬
港元，較二零二一年的1,百萬港元上升
%。本年度每股基本盈利為港元（二
零二一年：港元）。
董事會已建議宣派截至二零二二年十二月
三十一日止年度之末期股息每股普通股
港元（二零二一年：港元），總金額約為
205,165,000港元（二零二一年：162,855,000
港元）（假設已發行股份數目於為釐定末期股
息之權利的記錄日期或之前概無變動），須經
本公司即將舉行的股東周年大會上批准。
前景
二零二二年是本集團再次表現出色、成績斐然
的一年，百富終端在世界各地日益普及是有目
共睹。百富在支付終端行業深耕逾二十載，擁
有穩固的國際業務根基及雄厚的資本實力、以
及遍及一百二十多個國家的忠實國際客戶群。
本集團專注於支付終端技術領域的產品創新，
致力提供高水平的產品安全和質量，力求做到
精益求精。百富現已成為支付終端解決方案的
領先供應商之一， 獲得全球收單銀行、支付處
理商、支付服務商和獨立銷售機構的認可。
Dear Shareholders,
On behalf of the board of Directors (the “Board”) of PAX Global
Technology Limited (“PAX” or “the Company”, together with its
subsidiaries, the “Group”), I am pleased to present the annual report of
the Group for the year ended 31 December 2022.
FINANCIAL RESULTS
For the year under review, the Group’s revenue, profit for the year,
profit for the year attributable to the owners of the Company and the
proposed final dividend have achieved record highs.
The Group’s revenue amounted to HK$8, million in 2022,
representing an increase of % compared to HK$7, million in
2021. The growth was mainly driven by the increase in sales of Android
payment terminals.
In 2022, profit for the year was HK$1, million, representing an
increase of % compared to HK$1, million in 2021. Profit for
the year attributable to the owners of the Company was HK$1,
million, representing an increase of % as compared to HK$1,
million in 2021. Basic earnings per share for the year was HK$
(2021: HK$).
The Board has recommended to declare a final dividend of HK$
per ordinary share (2021: HK$) for the year ended 31 December
2022, amounting to a total of approximately HK$205,165,000 (2021:
HK$162,855,000) (assuming there will be no change in the number
of shares in issue on or before the record date for determining the
entitlement of final dividend) subject to the approval of the shareholders
at the forthcoming annual general meeting of the Company.
OUTLOOK
2022 was another financial year of stellar performance and excellent
achievements for the Group. The increasing popularity of PAX
terminals worldwide is evident for all to see. PAX has been dedicated
to the payment terminal industry for over 20 years, having a solid
international business foundation and strong financials, and a loyal
base of international customers in more than 120 countries. With a
persistent focus on product innovation in the field of payment terminal
technology, the Group is committed to providing high levels of product
security and quality, and always aims for excellence. PAX has now
become one of the leading providers of payment terminal solutions,
recognised by acquiring banks, payment processors, payment service
providers (“PSPs”) and independent sales organisations (“ISOs”) around
the world.
Chairman’s Statement 主席報告
百富環球科技有限公司 二零二二年年報 11
Chairman’s Statement
主席報告
儘管全球經濟面臨通貨膨脹和加息等挑戰，但
支付領域繼續蓬勃發展。在後疫情時代的新常
態下，商戶對全渠道零售的需求急增，加上各
國政府持續推進數碼化及無現金化政策，拉動
了對新一代支付終端解決方案的需求。
二零二二年，百富在全球取得令人矚目的業
績。集團收入再創新高達8,百萬港元，來
自歐洲、中東及非洲（「EMEA」）和美國與加拿大
（「USCA」）區的增長最為強勁，銷售額分別上
升%及%。
本集團的安卓支付終端解決方案已在多個市
場獲得廣泛採用，銷售額同比大幅上升%
至4,百萬港元，確立本集團在新一代電子
支付終端解決方案行業的全球領先位置。
在EMEA，二零二二年銷售額為2,百萬港
元，同比增長%。百富繼續在該區實現大
規模終端部署（尤其是安卓智能支付終端解決
方案），成為歐洲領先收單銀行、支付服務商的
首選支付終端供應商。英國、意大利和德國已
成為本集團日益重要的增長動力，同時百富在
法國、西班牙和土耳其都取得可觀的增長。
中東及非洲的業務對本集團來說別具意義，憑
藉與領先收單銀行和支付服務商的成功合作，
百富在該區的市場份額持續大幅增長。沙特阿
拉伯作為海灣阿拉伯國家合作委員會(「GCC」)
最大的經濟體，在政府持續推行「 2030年願景」
計劃和沙特阿拉伯金融管理局(SAMA)對創新
科技金融持開放態度的推動下，為百富支付終
端解決方案的大規模部署創造了更多機遇，百
富實現強勁的銷售增長。在尼日利亞和南非，
百富繼續取得市場份額，並進一步擴大了收單
銀行和支付服務商的客戶群。
在USCA，本集團進一步擴大客戶群，加上市
場對安卓產品需求旺盛，帶動銷售額同比上升
%，並首次突破10億港元的水平。隨著更
多支付處理商和獨立銷售機構了解到創新安
卓智能終端方案的潛在應用價值，百富在北美
的品牌力進一步體現。在過去的三年，安卓終
端在北美錄得高銷售，帶動百富連續三年均在
該區取得逾30%的按年銷售增長。
The payments sector itself continues to flourish, despite challenges
faced by the world economy such as inflation and interest rate hikes.
Under the new normal of consumption in the post-COVID time, the
rapid increase in merchants’ demand for omni-channel retailing, coupled
with the ongoing promotion of digitalisation and cashless policies by
governments worldwide, are fuelling demand for a new generation of
payment terminal solutions.
In 2022, PAX achieved remarkable performance globally. Group revenue
reached a new high of HK$8, million, with the strongest growth
coming from Europe, the Middle East and Africa (“EMEA”) and United
States of America and Canada (“USCA”) regions, where sales surged
respectively by % and %.
The Group’s Android payment terminal solutions have been widely
adopted in many countries, resulting in a significant year-on-year sales
increase of % to HK$4, million. This affirms PAX’s leading
position in the global market for new-generation electronic payment
terminal solutions.
In EMEA, sales were HK$2, million in 2022, representing a year-
on-year increase of %. In Europe, PAX continues to undergo large-
scale deployments of terminals (especially Android smart payment
terminal solutions) across the region, establishing itself as the preferred
payment terminal choice for leading acquiring banks and PSPs. The
United Kingdom, Italy and Germany have become the increasingly
important growth drivers for the Group, while France, Spain and Turkey
have all achieved significant growth.
The Middle East and Africa is of special significance to the Group.
Thanks to the successful collaboration with leading acquiring banks
and PSPs, PAX continues to achieve remarkable growth of market
share in the region. In Saudi Arabia, the largest economy of the Gulf
Cooperation Council (“GCC“), PAX achieved strong sales growth driven
by the government’s ongoing implementation of its “Vision 2030”
program and the Saudi Arabian Monetary Authority’s (SAMA) openness
to innovative financial technology, creating more opportunities for
large scale deployments of PAX Android payment terminal solutions.
In Nigeria and South Africa, PAX continues to gain market share and
further expand its customer base of acquiring banks and PSPs.
In USCA, the Group further expanded its strong customer base with
strong sales of Android products, driving a % year-on-year
increase in regional sales, surpassing the HK$1 billion for the first
time. Recognition of the PAX brand has been going from strength to
strength in North America, as more payment processors and ISOs realise
the potential application values of innovative Android smart payment
terminal solutions. In the past three years, the high sales of the PAX
Android terminals recorded in North America have driven a year-on-
year sales growth of more than 30% in the region for three consecutive
years.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202212
Chairman’s Statement
主席報告
在拉丁美洲和獨聯體國家（「 LACIS」），根據國
際支付報告Nilson report，百富已經連續五年
蟬聯拉丁美洲第一大支付終端供應商。在墨西
哥、智利和阿根廷等關鍵市場，百富安卓智能
支付終端解決方案的需求持續增長。
在亞太區（「APAC」），本集團繼續深化在多個
市場的拓展，整體銷售表現穩步上揚。本集團
在印度的銷售額持續增長，創下歷史新高，當
中A系列產品銷售佔比進一步上升。百富繼續
在印尼取得佳績，銷售增長超過一倍。在政府
升級電子支付基礎設施的推動下，預期印尼未
來將成為亞太區另一重點增長動力。在新加
坡，百富於二零二一年成立了子公司，不僅作
為區域中心為客戶提供支援，亦是進一步拓展
東南亞的業務平台。
展望未來，在金融技術進步及政府政策推動
下，我們預計全球無現金化和數字經濟的發展
將持續推進，為電子支付終端行業尤其是本集
團帶來黃金機遇。我們將繼續加大投入聚焦研
發安卓支付終端技術，以及相關雲端軟件平
台，並加強我們的國際銷售網絡和客戶關係，
為百富的長遠業務發展奠定堅實基礎。
鳴謝
本人藉此機會代表董事會向所有不懈努力的
集團董事、管理層和全體員工的辛勤付出致以
最衷心的謝意。我們亦向各客戶、供應商、業
務夥伴及股東多年來對本集團堅定不移的信
任和支持表示誠摯的感謝。
主席
聶國明
香港，二零二三年三月二十二日
In Latin America and the Commonwealth of Independent States
(“LACIS”), PAX has been ranked as the number one payment terminal
provider in Latin America for five consecutive years, according to the
international payment report, Nilson report. In key markets such as
Mexico, Chile and Argentina, the demand for PAX Android smart
payment terminal solutions continues to grow.
In the Asia Pacific region (“APAC”), the Group continued to expand
its presence in many markets, achieving a steady increase in sales. The
Group’s sales in India continued to grow, hitting record highs. The
sales of A-series products have taken up further share. PAX continued
to achieve brilliant results in Indonesia, with sales more than doubled.
Indonesia is expected to become another key growth driver for the
Asia Pacific region, driven by the Indonesian government’s upgrades
of its electronic payment infrastructure. In Singapore, PAX established
a subsidiary in 2021, serving not only as a regional hub to support
customers, but also a platform for further business expansion in
Southeast Asia.
Looking to the future, we expect the world’s development of cashless
and digital economies will continue to progress at a sustained pace,
as steered by advances in financial technology and local government
policies, delivering golden opportunities for the electronic payment
terminal industry in general, and for the Group in particular. We shall
continue to focus on investing significant resources in research and
development of Android payment terminal technology and related
cloud-based software platform, while at the same time strengthening
our international sales network and customer relationships, laying a
solid foundation for the long-term business development of PAX.
ACKNOWLEDGEMENT
On behalf of the Board of Directors, I would like to take this opportunity
to express my heartfelt thanks to all the directors, management, as
well as our employees for their dedication. We would also extend our
gratitude and appreciation to our loyal customers, suppliers, business
partners and shareholders for their unwavering trust and support to the
Group over the years.
Nie Guoming
Chairman
Hong Kong, 22 March 2023
百富環球科技有限公司 二零二二年年報 13
Management Discussion and Analysis
管理層之討論與分析
財務回顧
主要財務數據摘錄如下：
FINANCIAL REVIEW
The key financial figures are extracted as follows:
Year ended 31 December
截至十二月三十一日止年度
2022 2021
二零二二年 二零二一年
HK$’000 HK$’000
千港元 千港元 +/(-)
Revenue 收入 8,062,702 7,195,982 +%
Gross profit 毛利 3,306,141 2,827,197 +%
Other income 其他收入 64,915 96,315 %
Selling expenses 銷售開支 (821,605) (716,234) +%
Administrative expenses 行政費用 (1,121,022) (958,185) +%
Net reversal of impairment
losses/(impairment losses) on financial assets
金融資產之減值虧損
撥回淨額╱（減值淨虧損） 3,091 (21,580) N/A 不適用
Profit before income tax 除所得稅前溢利 1,431,108 1,274,447 +%
Income tax expense 所得稅開支 (162,905) (182,205) %
Profit for the year 年度溢利 1,268,203 1,092,242 +%
Profit attributable to the owners of the Company 本公司持有人應佔溢利 1,264,675 1,083,774 +%
Research and development costs (included in
administrative expenses)
研發成本（包括在行政
費用內） (567,141) (512,119) +%
As at 31 December
於十二月三十一日
2022 2021
二零二二年 二零二一年
HK$’000 HK$’000
千港元 千港元 +/(-)
Total current assets 流動資產總值 8,173,014 7,790,106 +%
Total non-current assets 非流動資產總值 1,317,315 1,031,172 +%
Total assets 資產總值 9,490,329 8,821,278 +%
Total current liabilities 流動負債總額 2,509,506 2,263,543 +%
Total non-current liabilities 非流動負債總額 74,973 101,179 %
Total liabilities 負債總額 2,584,479 2,364,722 +%
Net current assets 流動資產淨值 5,663,508 5,526,563 +%
Total equity 權益總額 6,905,850 6,456,556 +%
Management Discussion and Analysis 管理層之討論與分析
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202214
Management Discussion and Analysis
管理層之討論與分析
收入
i) 按地區銷售額
Year ended 31 December
截至十二月三十一日止年度
2022 2021
二零二二年 二零二一年 +/(-)
PER SHARE (IN HK$) 每股（港元）
Earnings per share for the profit attributable
to the owners of the Company
本公司持有人應佔
溢利的每股盈利
– Basic －基本 +%
– Diluted －攤薄 +%
Year ended 31 December
截至十二月三十一日止年度
2022 2021
二零二二年 二零二一年
FINANCIAL RATIOS 財務比率
Gross profit margin 毛利率 % %
Net profit margin 淨利潤率 % %
Revenue
i) Sales by Geographical Region
LACIS EMEA APAC USCA
3,252,078
1,881,410
793,145
1,269,349
7,195,982
Total 總計
2021
HK$'000
千港元
2,992,477
1,073,595
2,661,843
1,334,787
8,062,702
Total 總計
2022
HK$'000
千港元
百富環球科技有限公司 二零二二年年報 15
Management Discussion and Analysis
管理層之討論與分析
收入由截至二零二一年十二月三十一日
止年度的7,百萬港元增加%至
截至二零二二年十二月三十一日止年度
的8,百萬港元。大部分地區均錄得
增長，特別是EMEA及USCA地區。其增長
主要由於安卓智能支付終端的市場需求
及銷售急劇增長所帶動。來自LACIS地區
的收入略為下降是由於採購訂單下跌，
主要歸因於二零二二年拉丁美洲經濟的
不確定性。
Year ended 31 December
截至十二月三十一日止年度
2022 2021
二零二二年 二零二一年
HK$’000 HK$’000
千港元 千港元 +/(-)
Latin America and the Commonwealth of
Independent States (“LACIS”)
拉丁美洲和獨聯體國家
（「LACIS」） 2,992,477 3,252,078 %
Europe, the Middle East and
Africa (“EMEA”)
歐洲、中東及非洲（「EMEA」）
2,661,843 1,881,410 +%
Asia Pacific Region (“APAC”) 亞太區（「APAC」） 1,334,787 1,269,349 +%
United States of America and
Canada (“USCA”)
美國與加拿大（「USCA」）
1,073,595 793,145 +%
Total 總額 8,062,702 7,195,982 +%
Revenue increased by % to HK$8, million for the year
ended 31 December 2022 from HK$7, million for the year
ended 31 December 2021. Most of the regions recorded growth,
especially in the EMEA and USCA regions. The increase was
mainly driven by the surging market demand for and thereby the
sales of Android smart payment terminals. The slight decrease in
revenue generated from the LACIS region was driven by the drop
in purchase orders, which is mainly attributed to the uncertainty in
Latin America’s economies in 2022.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202216
Management Discussion and Analysis
管理層之討論與分析
ii) 按產品分類銷售額
銷售電子支付終端產品
電子支付終端產品包括安卓智能電子支
付解決方案、自助服務解決方案、安卓智
能手機及平板支付解決方案、傳統電子
支付解決方案及其他產品。
銷售電子支付終端產品的收入由截至
二零二一年十二月三十一日止年度的
7,百萬港元上升%至截至二零
二二年十二月三十一日止年度的7,
百萬港元。收入增加主要由於安卓智能
終端在不同地區的銷售額於年內上升。
提供服務
服務收入主要包括提供維護及安裝服務
及支付解決方案服務（例如：SaaS（軟件即
服務）解決方案）所產生的收入。
提供服務收入由截至二零二一年十二月
三十一日止年度的百萬港元上升
%至截至二零二二年十二月三十一
日止年度的百萬港元。提供服務所
產生的收入的增長主要由於來自SaaS解
決方案的收入增加。
ii) Sales by Product Category
Year ended 31 December
截至十二月三十一日止年度
2022 2021
二零二二年 二零二一年
HK$’000 HK$’000
千港元 千港元 +/(-)
Sales of E-payment Terminals products 銷售電子支付終端產品 7,836,695 7,015,249 +%
Provision of services 提供服務 226,007 180,733 +%
Total 總額 8,062,702 7,195,982 +%
Sales of E-payment Terminals products
E-payment Terminals products include Android smart E-payment
solutions, unattended solutions, Android smart PayPhone and
PayTablet solutions, classic E-payment solutions and other
products.
Revenue from the sales of E-payment Terminals products increased
by % to HK$7, million for the year ended 31 December
2022 from HK$7, million for the year ended 31 December
2021. The increase was mainly due to the increase in sales of
Android smart terminals across different regions during the year.
Provision of services
Services income mainly consists of the income generated from
the provision of maintenance and installation services and the
payment solutions services, . SaaS (Software as a Service)
solutions.
Revenue from provision of services increased by % to
HK$ million for the year ended 31 December 2022 from
HK$ million for the year ended 31 December 2021. The
increase in revenue from provision of services was mainly due to
the growth in revenue generated from the SaaS solutions.
百富環球科技有限公司 二零二二年年報 17
Management Discussion and Analysis
管理層之討論與分析
毛利率
截至二零二二年十二月三十一日止年度的
毛利率為%，較截至二零二一年十二月
三十一日止年度%上升170基點。上升主
要由於人民幣貶值所致的成本下降。
其他收入
其他收入主要包括利息收入、政府補貼及增埴
稅退稅。其他收入由截至二零二一年十二月
三十一日止年度的百萬港元下降%至
截至二零二二年十二月三十一日止年度的
百萬港元，主要由於利息收入及政府補貼減
少。
銷售開支
銷售開支由截至二零二一年十二月三十一日
止年度的百萬港元增加%至截至二
零二二年十二月三十一日止年度的百萬
港元。其增幅主要來自銷售佣金及配送貨物所
產生的運輸費用的上升。
行政費用
行政費用由截至二零二一年十二月三十一日
止年度的百萬港元增加%至截至二
零二二年十二月三十一日止年度的1,百
萬港元。其增加主要由於行政及研發人員的僱
員福利開支上升。
金融資產之減值虧損撥回淨額
本集團於截至二零二二年及二零二一年十二
月三十一日止年度分別確認金融資產之減值
虧損撥回淨額百萬港元及金融資產之減值
淨虧損百萬港元。所確認之金額包括以個
別及共同基準計量之預期信貸虧損。
年度溢利及本公司持有人應佔溢利
由於以上所述，年度溢利為1,百萬港元，
較截至二零二一年十二月三十一日止年度的
1,百萬港元上升%。本公司持有人應
佔年度溢利由截至二零二一年十二月三十一
日止年度的1 ,083 .8百萬港元上升16 .7%至
截至二零二二年十二月三十一日止年度的
1,百萬港元。
Gross Profit Margin
Gross profit margin for the year ended 31 December 2022 was %,
representing an increase of 170 basis points as compared to %
for the year ended 31 December 2021. The increase was mainly driven
by the decrease in costs as a result of the depreciation of Renminbi
(“RMB”).
Other Income
Other income comprises primarily interest income, government subsidies
and value-added tax refunds. It decreased by % to HK$ million
for the year ended 31 December 2022 from HK$ million for the
year ended 31 December 2021, mainly due to the decrease in interest
income and government subsidies.
Selling Expenses
Selling expenses increased by % to HK$ million for the year
ended 31 December 2022 from HK$ million for the year ended 31
December 2021. The increase was mainly driven by the increase in sales
commission and transportation costs arising from the distribution of
goods.
Administrative Expenses
Administrative expenses increased by % to HK$1, million
for the year ended 31 December 2022 from HK$ million for the
year ended 31 December 2021. The increase was mainly due to the
increase in employee benefit expenses of administrative and research
and development (“R&D”) staff.
Net Reversal of Impairment Losses on Financial Assets
The Group recognised net reversal of impairment losses on financial
assets of HK$ million and net impairment losses on financial assets
of HK$ million for the years ended 31 December 2022 and 2021
respectively. The amount recognised consisted of the expected credit
losses assessed on both individual and collective basis.
Profit for the Year and Profit Attributable to the Owners of
the Company
As a result of the foregoing, profit for the year was HK$1, million,
representing an increase of % compared to HK$1, million for
the year ended 31 December 2021. Profit for the year attributable to
the owners of the Company increased by % to HK$1, million
for the year ended 31 December 2022 from HK$1, million for the
year ended 31 December 2021.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202218
Management Discussion and Analysis
管理層之討論與分析
其他事項
上海卡說清盤
謹此提述本公司於二零一七年十一月十六日
之公佈及本公司二零一七年年報有關上海新
卡說信息技術有限公司（「上海卡說」）及其附屬
公司之相關披露。
於二零一八年七月，上海一所擁有適當管轄權
的法院根據《中華人民共和國企業破產法》作出
了民事裁定，接受上海卡說的破產清盤申請。
法院於二零二三年三月終結上海卡說的破產
程序。上海卡說的清盤程序正在進行中。若上
海卡說清盤，本集團預期將確認不多於約60百
萬港元的潛在收益，以撥回其現有負債。
市場分析及行業趨勢
二零二二年，全球支付市場繼續實現蓬勃增
長，在全球經濟面臨加息及高通脹等多重挑戰
下，展現出強大的韌性。數字及無現金經濟的
發展繼續是各國的關鍵投資重點，金融科技成
為其中不可或缺的一部分，為消費者帶來更高
的效率、便利性和可及性，從而實現普惠金融
的深度發展。
雖然各地電子支付發展進程不一，但全球更多
消費者逐漸以電子支付作為主要的支付方式。
在過去幾十年，我們越來越少使用現金支付，
並見証著實體銀行卡的廣泛採用。如今，我們
處於消費新時代，消費方式更為廣泛、便捷，
從數字錢包到二維碼和可穿戴設備，未來將迎
來更多支付創新。隨著支付技術的持續提升，
電子支付將繼續拓展至更多消費層面。根據市
場報告，預計全球非接觸式支付市場規模將於
二零二七年市場達到245億美元，二零二一年
至二零二七年的複合年增長率為%。
Other Event
Liquidation of Shanghai Kashuo
Reference is made to the announcement of the Company dated 16
November 2017 and the relevant disclosure in the Company’s 2017
annual report concerning Shanghai New Kashuo Information Technology
Company Limited (“Shanghai Kashuo”) and its subsidiaries.
In July 2018, a court of competent jurisdiction in Shanghai rendered
a civil ruling in acceptance of Shanghai Kashuo’s application for
bankruptcy liquidation in accordance with the Enterprise Bankruptcy
Law of the People’s Republic of China. The court concluded the
bankruptcy proceedings of Shanghai Kashuo in March 2023. The
liquidation process of Shanghai Kashuo is still underway. Should
Shanghai Kashuo liquidate, the Group is expected to recognise a
potential gain of up to approximately HK$60 million in reversal of its
existing liabilities.
Market Analysis and Industry Trends
The world’s payments sector continued to boom and grow in 2022,
showing great resilience in face of multiple challenges such as interest
rate hikes and higher inflation in the global economy. The development
of digital and cashless economies continues to be a key investment
priority for all countries, with fintech becoming an indispensable part
of such progress, providing increased efficiency, convenience and
accessibility to consumers, thereby achieving the in-depth development
of financial inclusion.
While electronic payment development varies from country to country,
electronic payments have emerged as the primary payment methods
among consumers worldwide. Over the past decades, we have been
paying less and less with cash and have seen the widespread usage
of physical bank cards. Today we are in the midst of a new era of
consumption, with more extensive and convenient ways to spend,
ranging from digital wallets to QR codes and wearable smart devices,
with even more payment innovation ahead. With the continual
advancement of payment technology, electronic payments will continue
to expand to a wider range of consumption aspects. According to the
market report, the global contactless payment market size is expected
to reach US$ billion in 2027, with a compound annual growth rate
(CAGR) of % from 2021 to 2027.
百富環球科技有限公司 二零二二年年報 19
Management Discussion and Analysis
管理層之討論與分析
在過去幾十年，百富品牌穩步贏得行業美譽，
成為國際間卓越創新、高品質和安全性的代名
詞。百富致力強化與全球銀行和支付服務商的
合作，共同引領他們所服務的商戶及消費者
邁進更智能化的電子支付新時代。本集團已在
一百二十多個國家部署超過七千萬台支付終
端，業務規模穩居行業前列。根據國際支付報
告Nilson Report二零二二年十月期刊，百富成
功躍升為第二大全球支付終端供應商。
二零二二年，百富進一步鞏固作為全球首選支
付終端解決方案供應商之一的地位，收入創
歷史新高達8,百萬港元。本集團來自歐
洲、中東及非洲地區(EMEA)和美國與加拿大區
(USCA)業務表現最為強勁，分別增長%及
%。本集團的盈利水平持續提升，主要由
於市場對百富安卓智能支付終端的高需求所
驅動。年內，年度溢利上升%至1,百
萬港元。
獨立銷售機構、支付服務商和收單銀行為了
在當今市場中保持競爭力，比以往追求更創
新的支付及業務解決方案。百富的安卓智能
支付終端技術及SaaS解決方案（如行業領先的
MAXSTORE），使他們能夠更靈活及降本增效
地將核心支付服務與金融和非金融應用相結
合。百富的安卓智能終端解決方案賦能商戶
數字化運營，更快地處理訂單、更好地分析消
費者行為、創建自動化營銷活動以及管理存庫
等，為商戶帶來集中及無縫方式，應對日益複
雜的商業環境。以安卓操作系統驅動的支付終
端解決方案已成為行業新趨勢，現正重塑商務
的未來。
二零二二年，百富的安卓智能支付終端的銷售
實現強勁的增長軌跡，同比大幅上升%至
4,百萬港元，佔集團總收入超過50%。亮
麗的銷售增長突顯了本集團在安卓支付終端
技術領域的實力，以及全球的領先地位。本集
團亦持續投入資源以強化MAXSTORE平台。截
至二零二二年十二月三十一日，平台已接入支
付終端超過800萬台，為商戶提供超過8,500款
不同的軟件和業務應用程式。
Over the past couple of decades, the PAX brand has steadily garnered
a reputation for being synonymous with superior innovation, high
quality and security internationally. PAX is committed to strengthening
the cooperation with banks and PSPs around the world. Together, we
are helping to lead the merchants they serve and their consumers into
a new era of smarter electronic payments. The Group has deployed
over 70 million payment terminals in more than 120 countries, and its
business scale places it at the forefront of the industry. According to
the October 2022 issue of the Nilson Report, the international payment
industry report, PAX has successfully become the second-largest global
payment terminal provider.
In 2022, PAX further cemented its position as one of the world’s
preferred payment terminal solutions providers, achieving record-high
revenue of HK$8, million. The Group’s strongest performances
came from EMEA and USCA, with growth in these regions surging
respectively by % and %. The Group’s profit continued to
increase, which was mainly attributed to the huge demand for PAX
Android smart payment terminals. During the year, profit for the year
surged by % to HK$1, million.
To remain competitive in today’s market, ISOs, PSPs and acquiring
banks require more innovative payment and business solutions than
ever before. PAX Android smart payment terminal technology and SaaS
solutions – such as the market leading MAXSTORE platform – provide
them with the ability to combine core payment services with financial
and non-financial applications in a more flexible and cost-effective
way. PAX Android smart payment terminal solutions empower their
merchants to operate digitally, allowing them to process orders faster,
better analyse consumer behaviour, develop automated marketing
campaigns, manage inventory, and much more. It offers a centralised
and seamless way for merchants to navigate the increasingly complex
world of business. Payment terminals running Android-based operating
systems have become a new trend in the industry and are reshaping the
future of commerce.
In 2022, sales of PAX Android smart payment terminals experienced
strong growth, increasing by % year-on-year to HK$4, million
and representing over 50% of the Group’s total revenue. This impressive
rise highlights the Group’s expertise and global leadership in the field
of Android payment terminal technology solutions. The Group also
continued to invest resources in strengthening the MAXSTORE platform.
As of 31 December 2022, the platform had over 8 million payment
terminals connected, offering merchants over 8,500 software and
business applications.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202220
Management Discussion and Analysis
管理層之討論與分析
全球各地區分析
LACIS
在拉丁美洲和獨聯體國家，數字基礎設施發展
穩步向前。憑著多元化的產品組合及具規模的
銷售渠道合作夥伴網絡，百富持續拓展業務佈
局。根據Nilson report，百富已經連續五年蟬聯
拉丁美洲第一大支付終端供應商。
二零二二年，儘管巴西不穩定經濟環境為市
場帶來挑戰，百富繼續保持領先的市場位置。
與此同時，巴西央行推出的P IX即時支付系統
促進數字化進程，有利巴西電子支付的長遠發
展，百富支付終端亦全力支援PIX支付方式。
百富在鞏固巴西市場份額的同時，著力深化周
邊拉美國家的市場滲透率。在墨西哥、智利和
阿根廷等關鍵市場，本集團加緊與支付服務商
及分銷商的合作，進一步開拓超市、餐廳、停
車場等領域的應用場景，市場對百富安卓智能
支付終端解決方案的需求持續增長。
EMEA
在歐洲、中東和非洲，百富透過大規模部署安
卓智能支付終端，拓展了業務佈局。二零二二
年，本集團在EMEA區延續高增長態勢，同比增
長%，並首次突破25億港元的里程碑。我
們在歐洲及中東市場取得的成功帶動了該區
的高速增長。
憑著本集團對歐洲市場持續投入進行產品創
新，百富已成為眾多領先收單銀行、支付服務
商的首選支付終端供應商。我們在推行高質量
安卓智能終端方面具有先發優勢，如最暢銷的
A920和A920Pro型號，以及自助服務 IM30終
端，進一步深化我們在整個歐洲的市場份額。
英國、意大利和德國已成為本集團日益重要的
增長動力，而我們在法國、西班牙和土耳其的
銷售呈現可觀的增長。隨著歐洲對百富解決方
案的需求不斷增長，我們已做好充份準備在未
來幾年取得更多市場份額。
Global Regional Analysis
LACIS
In Latin America and the Commonwealth of Independent States, the
development of digital infrastructures continues to progress steadily.
With its array of diversified product portfolios and a well-established
sales channel partner network, PAX continued to expand its presence.
According to the Nilson Report, PAX has been ranked as the largest
payment terminal provider in Latin America for five consecutive years.
In 2022, despite the challenges posed by the Brazilian unstable
economic environment, yet PAX continued to stay ahead of the curve.
The implementation of the “PIX” instant payment system by the Central
Bank of Brazil contributed to the advancement of the digitalisation
process, which is favourable for the long-term development of digital
payments in Brazil. PAX terminals fully support the PIX payment method.
While strengthening its market share in Brazil, PAX is expanding its
presence in neighbouring Latin American countries. In key markets such
as Mexico, Chile and Argentina, the Group stepped up cooperation
with PSPs and distributors to further expand application scenarios in
supermarkets, restaurants, parking lots and other fields. The demand for
PAX Android smart payment terminal solutions continues to grow.
EMEA
In Europe, the Middle East and Africa, PAX expanded its footprint
through large-scale deployments of Android smart payment terminals. In
2022, the Group continued its high-growth trend in the EMEA region,
with sales increased year-on-year by %, and reached the milestone
of HK$ billion for the first time. The region’s impressive growth was
primarily driven by success in Europe and the Middle East.
Thanks to the Group’s ongoing investment in product innovation
tailored for the European market, PAX has become the preferred
provider of payment terminals to many leading acquiring banks and
PSPs. Our first-mover advantage in launching high-quality Android smart
payment terminals, such as the best-selling A920 and A920Pro models,
as well as the unattended IM30 terminal, has strengthened our market
share throughout Europe. The United Kingdom, Italy and Germany have
become increasingly important growth drivers for the Group, while
France, Spain and Turkey achieved a significant growth. With growing
demand for PAX solutions in Europe, the Group is well-positioned to
capture even more market share in the years to come.
百富環球科技有限公司 二零二二年年報 21
Management Discussion and Analysis
管理層之討論與分析
在中東和非洲，百富繼續加大投入力度以抓緊
龐大的市場潛力，加深與支付系統集成商及其
服務的收單銀行的聯繫。作為海灣阿拉伯國家
合作委員會(GCC)最大的經濟體，沙特阿拉伯
的「2030年願景」經濟改革計劃，以及沙特阿拉
伯金融管理局(SAMA)對創新科技金融持開放
態度，推動當地電子支付的快速發展，為安卓
支付終端市場創造巨大的機遇。沙特的商戶正
加快將傳統支付終端升級至百富智能支付終
端解決方案。二零二二年，百富在沙特阿拉伯
實現高雙位數的銷售增長。在南非及尼日利
亞，本集團與主要收單銀行和支付服務商的新
合作取得成果，百富品牌的市場曝光率進一步
提升。
APAC
在亞太區，本集團繼續深化在多個市場的拓
展，整體銷售表現穩步上揚。作為印度最大的
支付終端解決方案供應商，百富憑著與當地主
要收單銀行和支付服務商的強大合作夥伴關
係，進一步提高市場份額。年內，百富在印度
的銷售額持續增長，並創下歷史新高。受惠於
市場需求從傳統支付終端轉向百富的安卓智
能支付解決方案，A系列產品銷售佔比進一步
上升，本集團在印度持續取得成功。
在日本，市場對百富的安卓產品需求殷切，尤
其是A920的市場反饋良好，更多客戶陸續進行
認証及採用。隨著日本疫情限制逐步放寬，我
們預期A920和自助服務 IM10將拉動新一輪增
長。
二零二二年，本集團繼續強化在東南亞的佈
局，而印尼、新加坡及泰國的銷售增長最為亮
眼。在「 2025年印尼支付系統藍圖」政府措施的
推動下，當地的核心支付基礎設施持續完善。
年內，百富在印尼取得佳績，銷售增長超過一
倍，我們預期印尼未來將成為亞太業務另一重
點增長動力。
In the Middle East and Africa, PAX continued to focus resources on
capturing the region’s tremendous potential, deepening ties with
payment system integrators and the acquiring banks. As the largest
economy in the GCC region, Saudi Arabia’s “Vision 2030” program
for economic reform, and the Saudi Arabian Monetary Authority’s
(SAMA) openness to innovative technology finance, promoted the
rapid development of electronic payments in the region and created
huge opportunities for the Android payment terminal market. Saudi
merchants are accelerating the upgrade of legacy POS terminals models
to PAX smart payment terminal solutions. In 2022, PAX reported high
double-digit sales growth in Saudi Arabia. In South Africa and Nigeria,
the Group’s new partnerships with major acquiring banks and PSPs have
borne fruit, further increasing market exposure of the PAX brand.
APAC
In the Asia Pacific region, the Group continued to expand its presence
in many markets, achieving a steady increase in sales. As the largest
provider of payment terminal solutions in India, PAX successfully
leveraged its strong partnerships with major acquiring banks and PSPs
to further increase market share. PAX’s sales in India continued to grow
during the year, reaching record highs. Bolstered by the shift in demand
from legacy payment terminals to PAX Android smart payment terminal
solutions, the sales of A-series products continue to take up further
share, contributing to continuous success of the Group in India.
There is a strong demand in Japan for PAX Android products, especially
the A920, which has received very positive feedback from merchants.
This model continues to be certified and adopted by more and more
customers. With the easing of COVID restrictions in Japan, we expect
our A920 and unattended IM10 to propel another round of growth.
In 2022, the Group continued to strengthen its presence in Southeast
Asia, where sales growth was particularly impressive in Indonesia,
Singapore and Thailand. Driven by the government initiative of the
“Indonesia Payment System Blueprint 2025”, the core payment
infrastructure has continued to improve. During the year, PAX achieved
good results in Indonesia and recorded a year-on-year more than
doubled sales. It is expected that Indonesia will become another key
growth driver for the Asia-Pacific business in the future.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202222
Management Discussion and Analysis
管理層之討論與分析
Since establishing a Singapore subsidiary in 2021, PAX has made
important breakthroughs with local financial institutions. The
government’s “Retail Industry Transformation Map 2025” is
encouraging retailers to adopt innovative business models, which is
expected to drive market demand for PAX Android smart payment
terminal solutions. The Group’s Singapore subsidiary now plays a
pivotal role in the Asia Pacific region, serving not only as a regional
hub to support customers, but also a platform for business expansion
in Southeast Asia, promoting PAX products to a wide range of sectors,
including transportation, self-service and retail.
USCA
Across the United States of America and Canada, PAX is increasingly
recognised by PSPs and ISOs as a market leader in the Android smart
payment terminal solutions field. With year-on-year sales growth of
more than 30% for the last three consecutive years, PAX has become
one of the fastest-growing payment terminal solutions providers in
North America. In 2022, PAX sales increased year-on-year by %,
and reached the milestone of HK$1 billion for the first time. Demand
for the Group’s Android smart series continued to show strong growth
momentum, with Android products sales in North America increasing by
more than 60% compared with the previous year.
North American consumers increasingly expect more convenience
when transacting, which is why contactless ordering and payment
methods, such as mobile wallets, online ordering, curbside pickup and
self-service ordering and checkout, have become the new normal.
PAX Android smart payment terminal solutions effectively integrate
diversified payment methods and provide business solutions that meet
the growing needs of North American businesses operating in the retail,
supermarket, hospitality and unattended segments.
During 2022, PAX entered into a new strategic partnership with one
of the largest banks in the United States to promote various Android
models to its nationwide merchant network, and cooperated with a
leading PSP to further expand the Group’s market exposure.
According to a market report, the total digital payment transaction value
in the United States is expected to reach more than US$2 trillion in
2023, and the CAGR between 2023 and 2027 is expected to be %.
The future of the North American payment sector looks bright, and PAX
will continue to work closely with more regional payment processors,
PSPs and ISOs to strengthen the deployment of the PAX Android smart
terminals in North America.
自二零二一年在新加坡成立子公司以來，百富
與當地金融機構取得了重要突破。政府推行的
「 2025年零售業轉型藍圖」鼓勵零售商採用創
新業務模式，預期將推動百富安卓智能支付終
端解決方案的市場需求。如今，本集團的新加
坡子公司在亞太地區發揮著舉足輕重的作用，
不僅作為區域中心為客戶提供支援，更是進一
步拓展東南亞的業務平台，將百富產品推展至
更多層面如在運輸、自助服務和零售領域。
USCA
在美國與加拿大區，百富作為安卓智能解決方
案領域的市場領導者，正陸續獲得更多支付服
務商及獨立銷售機構的認可。百富過往連續三
年取得逾30%的按年銷售增長，成為北美快速
增長的支付終端供應商之一。二零二二年，該
區銷售額更同比上升%，並首次突破10億
港元的里程碑。本集團安卓智能系列的需求繼
續呈現強勁的增長勢頭，北美的安卓產品銷售
額較前一年增長超過60%。
如今，北美消費者更加追求交易的便利性，因
此電子錢包、線上下單及到店自取、自助點餐
及結賬等非接觸式下單和支付方式已成為新
常態。百富安卓智能支付解決方案有效整合多
元化支付方式，以及提供業務解決方案，滿足
北美企業在零售、超市、酒店和自助服務領域
日益增長的需求。
二零二二年，百富與美國最大的銀行之一達成
戰略伙伴關係，向其全國商戶網絡推廣各種安
卓機型，並與領先支付服務商合作，進一步擴
展本集團的市場曝光率。
根據市場報告，預期二零二三年美國的電子支
付總交易額將超過20,000億美元，而二零二三
至二零二七年的複合年增長率預計為%。
北美支付行業的前景一片光明，百富將繼續與
更多區域支付處理商、支付服務商和獨立銷售
機構緊密合作，強化百富安卓智能終端在北美
市場的佈局。
百富環球科技有限公司 二零二二年年報 23
Management Discussion and Analysis
管理層之討論與分析
Management Strategy
Looking to 2023, PAX will remain steadfast in its commitment to
advancing payment acceptance technology solutions, with a strong
focus on product innovation, quality and security. The Group will
continue to roll out a wide range of state-of-the-art, secure electronic
payment terminals and related software solutions which will help our
global customers leverage the opportunities of increasing diversified
payment scenarios.
Focus on research and development of Android smart
payment terminals and SaaS solutions to create
differentiated advantages
For banks and PSPs to provide better services to their merchants,
continuous innovation in payments and merchant services is critical.
This is why PAX is dedicated to research and development of its
Android product portfolio and the MAXSTORE platform, delivering a
value proposition which goes well beyond payments, to help small and
medium-sized merchants to embrace advanced payment technology,
and support multiple in-store payment acceptances methods for
retailers.
The PAX product portfolio supports many use cases: portable wireless
terminals for pay at table in restaurants; mobile terminals with
advanced camera functionalities for ticketing or inventory lookup;
desktop terminals with multiple connectivity options for traditional
retail environments; unattended products for integration with vending
and parking machines; or standalone self-service kiosks with integrated
payment acceptance.
As part of the Group’s strategy to maximise the value of its core Android
payment terminals, PAX will continue to increase investment in the
cloud-based SaaS solutions, explore cooperation with more acquirers
banks and providers of value-added software applications, with an aim
to jointly create a powerful SaaS ecosystem.
Strengthen the global sales network to expand PAX
presence in the international market
As the leading provider of electronic payment terminal solutions, PAX
has a large and powerful partner network all over the world, which is
the cornerstone for the Group’s success in the international market. PAX
places high importance on relationships with partners, and will continue
to invest significant resources to strengthen its ties with partners, and
expand PAX products and solutions to wider market segments and
customer bases.
管理層策略
展望二零二三年，百富將繼續堅定不移地投入
發展支付受理技術解決方案，聚焦產品創新、
質量和安全性。本集團將繼續推出一系列先
進、安全的電子支付終端和相關軟件解決方
案，助力我們的全球客戶抓緊日益多元化的支
付應用場景帶來的機遇。
聚焦研發安卓智能支付終端及SaaS解決方
案，打造差異化優勢
對於銀行及支付服務商來說，支付及商戶服務
領域的持續創新至關重要。百富聚焦安卓產品
組合及MAXSTORE平台研發，帶來不只支付的
增值價值，協助中小商戶擁抱先進的支付技
術，並為零售商帶來多種店內支付受理方式。
百富產品組合支持多種場景，包括用於餐廳餐
桌支付的便攜式無線終端；具有高級鏡頭功能
的移動終端可用於售票或庫存查詢；為傳統零
售環境提供多種連接選項的桌面終端；與售貨
機和停車收費機集成的自助服務產品；或具有
集成支付受理功能的獨立自助服務亭。
為了最大化安卓支付終端的應用價值，本集團
將進一步加大雲端SaaS解決方案的投入，與更
多收單機構及增值軟件應用供應商探索合作，
共同打造強大的SaaS生態圈。
深化全球銷售網絡，提升百富在國際市場的
份額
百富作為電子支付終端解決方案供應商，遍及
全球龐大及具實力的合作夥伴網絡是本集團
在國際市場取得成功的基石。百富高度重視與
夥伴之間的關係，並將繼續投入大量資源以強
化與合作夥伴的聯繫，拓展百富產品和解決方
案至更廣泛的細分市場和客戶群。
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202224
Management Discussion and Analysis
管理層之討論與分析
PAX has set clear goals for its development and is determined to explore
potential markets across Southeast Asia, the Middle East and Africa.
In the future, PAX will cooperate with more acquiring banks, PSPs and
distribution partners to meet the huge opportunities in the international
payment terminal market. In addition, the Group will also examine
the current investment situation, explore mergers and acquisitions
and further investigate any investments that could have synergistic
and complimentary benefits, bolstering the PAX distribution network
and payments-based cutting-edge technology, with a view to further
strengthening the Group’s leading global market position.
Enhance supply chain management and flexibility to capture
future market opportunities
With the growth of the global business of the Group, we are
determined to strengthen the Group’s supply chain management
capabilities by building stronger, closer partnerships with component
suppliers, assembly contractors and other key stakeholders in the supply
chain.
Amid the supply chain disruptions in many sectors in the recent years,
the Group has successfully weathered these challenges thanks to its
expertise in the supply chain field, and has actively monitored and
increased its procurement plan of components throughout the year.
In order to support future demand for payment terminal growth and its
own long-term strategic development, PAX has started construction of
an industrial park in Zhongkai High-tech Zone, Huizhou City, China. It is
expected to be completed by the end of 2023 at the earliest. The new
industrial park will further enhance the Group’s global competitiveness
and lay a foundation for future business growth.
百富已訂立明確的發展目標，銳意開拓東南
亞、中東及非洲等具潛力的市場，未來與更多
收單銀行、支付服務商及分銷夥伴合作，迎接
國際支付終端市場的龐大機遇。與此同時，本
集團將審視當前的投資形勢，探索具有協同和
互補效益的併購及投資機會，加強百富的銷售
網絡及支付相關的創新技術，進一步強化本集
團在國際市場的領先地位。
強化供應鏈管理和靈活性，捕捉未來的市場
機遇
隨著本集團的全球業務日益壯大，我們致力強
化本集團供應鏈管理的實力，與零部件供應
商、組裝承包商和供應鏈中的其他主要利益相
關者建立更穩固、更緊密的合作關係。
儘管過去幾年眾多行業曾出現供應鏈中斷的
情況，但憑藉我們在供應鏈領域的專業知識，
本集團成功克服這些挑戰，年內我們積極進行
把控，並加大了零部件採購計劃。
為支持未來的支付終端增長需求，以及自身的
長遠策略部署，百富已落實於中國惠州市仲愷
高新區建設產業園，預期最早將於二零二三年
底完成。新產業園將進一步提升本集團的全球
競爭力，為未來的業務增長奠定基礎。
百富環球科技有限公司 二零二二年年報 25
Management Discussion and Analysis
管理層之討論與分析
Liquidity and Financial Resources
During the years of 2022 and 2021, the main source of funding to
the Group was the proceeds generated from operating activities in the
Group’s usual course of business. Certain financial data is summarised as
follows:
As at 31 December
於十二月三十一日
2022 2021
二零二二年 二零二一年
Current ratio (times) 流動比率（倍）
Quick ratio (times) 速動比率（倍）
As at 31 December 2022, the Group had cash and cash equivalents
of HK$3, million (2021: HK$3, million) and no borrowing
(2021: same). As at 31 December 2022, the Group reported net current
assets of HK$5, million (2021: HK$5, million). For the year
ended 31 December 2022, net cash generated from operating activities
was HK$ million (2021: HK$ million). As at 31 December
2022, the Group had no borrowing, therefore the gearing ratio is not
applicable (2021: same).
Capital Structure and Details of Charges
As at 31 December 2022, the Group had no significant borrowing and
banking facility (2021: same) and no charge on any assets (2021: same).
流動資金及財務資源
於二零二二及二零二一年度，本集團的主要資
金來源為本集團一般商業活動中營運所產生
的收入。若干財務數據概述如下：
於二零二二年十二月三十一日，本集團擁有現
金及現金等價物3,百萬港元（二零二一
年：3,百萬港元），並無借貸（二零二一
年：同上）。於二零二二年十二月三十一日，本
集團錄得流動資產淨值5,百萬港元（二零
二一年：5,百萬港元）。截至二零二二年
十二月三十一日止年度，經營業務所得的現金
淨額為百萬港元（二零二一年：百
萬港元）。於二零二二年十二月三十一日，本集
團並無借貸，故資本負債比率並不適用（二零
二一年：同上）。
資本架構及抵押詳情
於二零二二年十二月三十一日，本集團並無重
大借貸及銀行信貸額度（二零二一年：同上）及
並無以任何資產作抵押（二零二一年：同上）。
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202226
Management Discussion and Analysis
管理層之討論與分析
As at 31 December 2022 and 2021, the Group’s cash and cash
equivalents were denominated in the following currencies:
As at 31 December
於十二月三十一日
2022 2021
二零二二年 二零二一年
HK$’000 HK$’000
千港元 千港元
Renminbi (“RMB”) 人民幣 1,465,309 2,455,509
United States dollar (“US$”) 美元 1,055,539 741,970
Hong Kong dollar (“HK$”) 港元 400,391 200,190
European dollar (“EUR”) 歐元 129,471 84,944
Japanese Yen (“JPY”) 日元 52,771 10,508
Indian Rupee (“INR”) 盧比 45,527 27,291
Others 其他 11,230 12,542
3,160,238 3,532,954
Significant Investment
The Group had no significant investment held as at 31 December 2022
(2021: Nil).
Material Acquisition and Disposal of Subsidiaries, Associates
and Joint Ventures
The Group did not have any material acquisition or disposal of
subsidiaries, associates and joint ventures during the year ended 31
December 2022 (2021: Nil).
Future Plans for Material Investments or Capital Assets
Save as disclosed in this annual report, there was no specific plan for
material investments or capital assets as at 31 December 2022 (2021:
same).
Exchange Rates Exposure
The Group derives its revenue, makes purchases and incurs expenses
denominated mainly in RMB, US$, HK$, EUR and INR. The majority of
assets and liabilities are denominated in RMB, US$, HK$, EUR and INR
and there are no significant assets and liabilities that are denominated in
other currencies. Currently, the Group has not entered into agreements
or purchased instruments to hedge the Group’s exchange rate risks. Any
material fluctuation in the exchange rates of HK$ or RMB may have an
impact on the operating results of the Group.
The management considers the foreign exchange risk with respect
to US$ is not significant as HK$ is pegged to US$ and transactions
denominated in US$ are mainly carried out by entities with the
functional currency of HK$ or US$. The Group manages foreign
exchange risk by closely monitoring the movement of the foreign
currency rates.
於二零二二年及二零二一年十二月三十一日，
本集團的現金及現金等價物分別以下列貨幣
計值：
重大投資
本集團於二零二二年十二月三十一日並無持
有任何重大投資（二零二一年：無）。
附屬公司、聯營公司及合營企業的重大收購
及出售
本集團於截至二零二二年十二月三十一日止
年度並無任何重大的附屬公司、聯營公司及合
營企業收購或出售（二零二一年：無）。
重大投資或資本資產的未來計劃
除本年報所披露者外，於二零二二年十二月
三十一日，概無重大投資或資本資產的具體計
劃（二零二一年：同上）。
匯率風險
本集團的收入、採購及開支主要以人民幣、美
元、港元、歐元及盧比計值。大部分資產及負
債以人民幣、美元、港元、歐元及盧比計值，並
無重大資產及負債以其他貨幣計值。目前，本
集團並無訂立協議或購買工具以對沖本集團
的匯率風險。港元或人民幣匯率的重大波動或
會影響本集團的經營業績。
管理層認為，與美元相關的外匯風險並不重
大，乃因港元與美元掛鈎，加上以美元計值的
交易主要由採用港元或美元作為其功能貨幣
的實體進行。本集團透過密切監控外幣匯率的
變動以管控其外幣風險。
百富環球科技有限公司 二零二二年年報 27
Management Discussion and Analysis
管理層之討論與分析
Contingent Liabilities
The Group had no material contingent liabilities as at 31 December
2022 (2021: Nil).
Human Resources and Remuneration Policies
The total number of employees of the Group as at 31 December 2022
was 1,712 (2021: 1,654). The following table shows a breakdown of
employees of the Group by functions as at 31 December 2022 and
2021:
As at 31 December
於十二月三十一日
2022 2021
二零二二年 二零二一年
Management 管理層 13 13
Sales and after-sales services and marketing 銷售及售後服務以及市場推廣 355 356
Research and development 研發 920 855
Quality assurance 質檢 72 76
Administration and human resources 行政及人力資源 68 58
Accounting 會計 38 36
Production, procurement and inventory control 生產、採購及存貨控制 246 260
1,712 1,654
The Group ensures that its remuneration packages are comprehensive
and competitive. Directors are entitled to a fixed director’s fee,
discretionary bonus and other benefits, which are determined with
reference to the performance of the individual and the Company,
market practice and conditions as well as the Group’s corporate goals
and objectives in accordance with the remuneration policy of the
Company. Employees are remunerated with a fixed monthly income
plus discretionary annual performance related bonuses. Share options
are granted to certain Directors and employees of the Group as long-
term incentives to reward their contributions under the share option
scheme of the Company, details of which are set out in the Report of
the Directors. The Group also sponsors selected employees to attend
external training courses that suit the needs of the Group’s business.
Disclaimer:
Non-GAAP measures
Certain non-GAAP (generally accepted accounting principles) measures are
used for assessing the Group’s performance. These non-GAAP measures are
not expressly permitted measures under GAAP in Hong Kong and may not be
comparable to similarly titled measures for other companies. Accordingly, such
non-GAAP measures should not be considered as an alternative to operating
income as an indicator of the operating performance of the Group or as an
alternative to cash flows from operating activities as a measure of liquidity.
The use of non-GAAP measures is provided solely to enhance the overall
understanding of the Group current financial performance. Additionally because
the Group has historically reported certain non-GAAP results to investors, the
Group considers the inclusion of non-GAAP measures provides consistency in our
financial reporting.
或然負債
本集團於二零二二年十二月三十一日並無任
何重大或然負債（二零二一年：無）。
人力資源及薪酬政策
於二零二二年十二月三十一日，本集團僱員總
數為1,712人（二零二一年：1,654人）。下表載列
於二零二二年及二零二一年十二月三十一日
根據職能劃分的各類僱員數目：
本集團確保其薪酬待遇全面及具吸引力。董事
有權享有固定董事酬金、酌情花紅及其他福
利，這些乃參考個人及本公司的表現、市場常
規及情況以及本集團所訂企業方針及目標後
釐定，並根據本公司的薪酬政策而釐定。僱員
的薪酬為每月固定薪金，另加酌情性的與表現
有關的年度花紅。購股權乃根據本公司的購股
權計劃授予本集團若干董事及僱員作為長期
獎勵，以酬謝彼等作出的貢獻，有關詳情已載
於董事會報告。本集團亦會資助僱員參加符合
本集團業務需要的外部培訓課程。
免責聲明：
非公認會計原則指標
若干非公認會計原則指標乃用於評估本集團的表
現。但該等非公認會計原則指標並非香港公認會計
原則所明確認可的指標，故未必可與其他公司的同
類指標作比較，因此，該等非公認會計原則指標不
應視作經營收入（作為本集團業務表現指標）的替補
或經營活動現金流量（作為衡量流動資金）的替補。
提供非公認會計原則指標純綷為加強對本集團現時
財務表現的整體理解，此外由於本集團以往曾向投
資者報告若干採用非公認會計原則計算的業績，因
此本集團認為包括非公認會計原則指標可為本集團
的財務報表提供一致性。
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202228
Corporate Governance Report
企業管治報告
董事會欣然提呈截至二零二二年十二月
三十一日止年度的企業管治報告。
本公司謹此表明，董事會確保本公司有效領導
及監控，在各方面營運的透明度及問責性的重
要性，以及根據適用法律及法規進行其業務。
本公司亦明暸良好企業管治對本集團穩健發
展的重要性，已努力確立及制定符合本集團需
要的企業管治常規。
企業文化
作為一家為具領導地位的電子支付終端解決
方案供應商及最活躍的全球同業公司之一，
本集團致力培養一個尊重和促進創新、可持續
性、良好企業管治及法律及法規的合規性的文
化。董事會為本公司之企業文化定下基調並加
以塑造，而該文化之基礎為本集團可持續發展
的願景，以及本集團於各層面以合法、合乎道
德及負責任之方式行事之核心價值觀。董事會
在確定本集團之宗旨、價值觀及策略方針以及
培養具前瞻性、接納改變及專注於競爭力之文
化方面發揮主導作用。本集團所期望之文化在
其經營實務、工作場所政策和常規以及與利益
相關人士之關係中得到發展及一致反映。董事
會對企業文化之監督涵蓋一系列長期措施及
方法，包括員工參與、僱員挽留及培訓、嚴謹
財務匯報、有效及易於使用之舉報框架、法律
及規管合規（包括遵守員工守則及本集團的企
業管治政策），以及員工安全、福祉與支援。考
慮到各種背景下之企業文化，董事會認為該文
化與本集團之宗旨、價值觀及策略一致。
The Board is pleased to present this Corporate Governance Report for
the year ended 31 December 2022.
The Company wishes to highlight the importance of the Board in
ensuring effective leadership and control of the Company, transparency
and accountability of all aspects of operations and that its business is
conducted in accordance with applicable laws and regulations.
The Company also recognises the importance of good corporate
governance to the Group’s healthy growth and has devoted
considerable efforts to identifying and formulating corporate
governance practices appropriate to the Group’s needs.
CORPORATE CULTURE
As a leading E-payment Terminals solutions provider and one of the
most active global players, the Group instils a culture that respects and
promotes innovation, sustainability, good corporate governance and
compliance with relevant laws and regulations. The Board sets the tone
and shapes the corporate culture of the Company, which is underpinned
by the Group’s vision of sustainable growth, and the core values of
acting lawfully, ethically and responsibly across all levels of the Group.
The Board plays a leading role in defining the purpose, values and
strategic direction of the Group and in fostering a culture that is forward
looking, change embracing and competitiveness focused. The desired
culture is developed and reflected consistently in the operating practices
of the Group, workplace policies and practices as well as relations
with stakeholders. Board oversight of culture encompasses a range
of measures and tools over time, including workforce engagement,
employee retention and training, stringent financial reporting, effective
and accessible whistleblowing framework, legal and regulatory
compliance (including compliance with the employee’s code of conduct
and corporate governance policies of the Group), as well as staff safety,
wellbeing and support. Taking into account the corporate culture in a
range of contexts, the Board considers that the culture and the purpose,
value and strategy of the Group are aligned.
Corporate Governance Report 企業管治報告
百富環球科技有限公司 二零二二年年報 29
Corporate Governance Report
企業管治報告
企業管治常規
本公司的企業管治常規乃以上市規則附錄14
所載企業管治守則（「企業管治守則」）當中原則
（「原則」）及守則條文（「守則條文」）為基礎。
於年內，本公司在制定及實施其企業管治常規
時已應用原則，並一直遵守所有適用的守則條
文。
董事會定期檢討及監察本公司的企業管治政
策及慣例或法律及監管規定及員工合規手冊
的遵守情況，確保本集團營運符合企業管治守
則的標準及適用之披露要求。董事及高級管理
層已得到合適之持續培訓及持續專業發展，以
定期更新與其職務相關之法律及法規要求。
遵守進行證券交易的標準守則
本集團已採納規管董事及名列本年報的行政
人員進行本公司證券交易之書面守則（「證券交
易守則」），其條款不會較上市規則附錄10所載
標準守則訂明的標準寬鬆。
經向全體董事作出具體查詢後，各董事確認於
年內及截至本年報日期一直遵守標準守則及
證券交易守則所訂明的標準。
本公司亦已就董事、高級管理層及任何因其職
務或僱員關係而可能會管有關於本公司或本公
司證券的內幕消息的僱員制定書面指引，以規
管其進行本公司之證券交易，其條款不會較標
準守則訂明的標準寬鬆。
CORPORATE GOVERNANCE PRACTICES
The Company’s corporate governance practices are based on the
principles (the “Principles”) and code provisions (the “Code Provisions”)
in the Corporate Governance Code (the “CG Code”) as set out in
Appendix 14 to the Listing Rules.
In formulating and implementing its corporate governance practices,
the Company has applied the Principles and complied with all applicable
Code Provisions for the year.
The Board periodically reviews and monitors the Company’s policies
and practices on corporate governance or compliance with legal and
regulatory requirements and employees’ compliance manual to ensure
that the Group’s operations are conducted in accordance with the
standards of the CG Code and applicable disclosure requirements.
Directors and senior management are provided with appropriate
ongoing training, continuing professional development for regular
updates of the legal and regulatory requirements relevant to their
duties.
COMPLIANCE WITH THE MODEL CODE FOR
SECURITIES TRANSACTIONS
The Group has adopted a written code regulating the securities
transaction of Directors and executive officers named in this annual
report (“Securities Transaction Code”) on terms no less exacting than
the required standard set out in the Model Code as set out in Appendix
10 to the Listing Rules.
Specific enquiry had been made to all Directors, whereas each of them
has confirmed compliance with the required standard set out in the
Model Code and Securities Transaction Code throughout the year and
up to the date of this annual report.
The Company has also established written guidelines on terms no
less exacting than the Model Code regulating the Directors, senior
management and employees, who because of his/her office or
employment is likely to possess inside information in relation to the
Company or its securities, in respect of their transactions of securities of
the Company.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202230
Corporate Governance Report
企業管治報告
本公司主要企業管治原則及常規概述如下：
董事會
職責
本公司業務整體管理賦予董事會負責，董事會
承擔領導及監控本公司的責任，並透過指導及
監管事務，集體負責促進本公司的成就。全體
董事均客觀就本公司最佳利益作出決定。
董事會保留就所有重要事項作出決策的權力，
包括（尤其是）批准及監控所有政策、整體策
略及預算、內部監控及風險管理制度、重大交
易（特別是可能涉及主要股東或董事的利益衝
突者）、財務資料、委任董事及其他重大財務與
營運事宜。
全體董事可全面及時獲得所有董事會文件及
相關資料以及獲取公司秘書的意見及服務，以
確保董事會程序及所有適用法律、規則及規例
獲得遵守。
各董事一般可於合適情況下，經向董事會提出
要求，徵求獨立專業意見協助其履行董事職
責，而費用由本公司承擔。
本公司日常管理、行政及營運授權予高級管理
層負責。高級管理層就其權力、授權範圍及相
關安排獲得清晰指引及指示，並定期檢討，以
確保其合適符合本公司需要。
高級管理層訂立任何重大交易及代本公司履
行重大承諾前，須向董事會報告並獲得董事會
批准。
董事會履行職責時可獲得高級管理層全面支
援。
The key corporate governance principles and practices of the Company
are summarised as follows:
THE BOARD
Responsibilities
The overall management of the Company’s business is vested in the
Board, which assumes the responsibility for leadership and control of
the Company and is collectively responsible for promoting the success of
the Company by directing and supervising its affairs. All Directors make
decisions objectively in the best interests of the Company.
The Board reserves its powers over decision of all major matters which
include, inter alia, the approval and monitoring of all policy matters,
overall strategies and budgeting, internal control and risk management
systems, material transactions (in particular those which may involve
conflict of interests of substantial shareholder(s) or Director(s)), financial
information, appointment of Directors and other significant financial
and operational matters.
All Directors are provided with full and timely access to Board papers
and relevant information, as well as the advice and services of the
Company Secretary(ies), with a view to ensuring that Board procedures
and all applicable laws, rules and regulations are followed.
Upon request to the Board, each Director may seek independent
professional advice in appropriate circumstances to assist with the
discharge of his/her duties as a director at the Company’s expense.
The day-to-day management, administration and operation of the
Company are delegated to the senior management. Clear directions as
to the powers, scope of delegation and relevant arrangements were
given to the senior management and subject to periodic review to
ensure that they remain appropriate to the Company’s needs.
Reporting to the Board and prior approval of the Board are necessary
before the senior management entering into any material transactions
and assuming significant commitments on behalf of the Company.
The Board has the full support of the senior management to discharge
its responsibilities.
百富環球科技有限公司 二零二二年年報 31
Corporate Governance Report
企業管治報告
組成
董事會根據本集團業務而具備適當所需技巧、
經驗及多樣的觀點與角度。
董事會現由六名成員組成，包括三名執行董事
及三名獨立非執行董事。執行董事與獨立非執
行董事（作為擁有同等地位的董事會成員）的組
合保持均衡，有利於董事會有效地作出獨立判
斷。
董事會現由以下董事組成：
執行董事：
聶國明（主席）
蘆 杰（行政總裁）
李文晉
獨立非執行董事：
葉偉明
吳 敏
文國權
董事名單（按類別計）亦於本公司根據上市規則
不時發出的所有企業通訊披露。
最新的董事會成員名單（按類別計），並列明
其角色或職能，已於本公司及聯交所之網站設
存。
董事的履歷資料及董事會成員之間（特別是主
席與行政總裁之間）的關係（如有）在本年報「董
事及高級管理層」一節已有披露。
委任、重選及罷免董事
本公司已制定正式且具透明度的董事委任及
繼任規劃程序。
全體董事均通過特定任期委任產生，須至少每
三年輪席告退一次，並可於股東週年大會膺選
連任，而委任彼等的主要條款及條件載於正式
委任函中。
執行董事已各自與本公司訂立服務合約，蘆杰
先生的任期自二零二二年五月二十三日起，聶
國明先生和李文晉先生的任期自二零二二年
十二月一日起，為期三年，除非其中一方根據
其服務合約的條款予以終止。
Composition
The Board has a balance of skills, experience and diversity of perspective
appropriate to the requirements of the business of the Group.
The Board currently comprises six members, consisting of three
executive Directors and three independent non-executive Directors.
The balanced composition of executive and independent non-executive
members, as equal board members, upholds the effective exercise of
independent judgment of the Board.
The Board currently comprises the following Directors:
Executive Directors:
NIE Guoming (Chairman)
LU Jie (Chief Executive Officer)
LI Wenjin
Independent Non-Executive Directors:
YIP Wai Ming
WU Min
MAN Kwok Kuen, Charles
The list of Directors (by category) is also disclosed in all corporate
communications issued by the Company pursuant to the Listing Rules
from time to time.
An updated list of Directors (by category) identifying their role and
function is maintained on the Company’s and the Stock Exchange‘s
websites.
The biographical information of the Directors and the relationship, if
any, among members of the Board, in particular, between the Chairman
and the Chief Executive, are provided in the “Directors and Senior
Management” section of this annual report.
Appointment, Re-election and Removal of Directors
The Company has established formal and transparent procedures for the
appointment and succession planning of Directors.
All Directors are appointed for specific tenures, subject to retirement by
rotation at least once every three years and re-election at annual general
meeting and the key terms and conditions of their appointment are set
out in formal letters of appointment.
Each of the executive Directors has entered into a service contract with
the Company for a term of three years commencing on 23 May 2022
for Mr. Lu Jie and 1 December 2022 for Mr. Nie Guoming and Mr. Li
Wenjin, unless otherwise terminated in accordance with the terms of
the respective service contracts.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202232
Corporate Governance Report
企業管治報告
董事及公司秘書培訓
新委任董事及公司秘書於獲委任時獲得就職
介紹，確保彼恰當了解本公司業務及運作，及
全面了解其於適用法律、規定及法規以及本集
團各類管治及內部監控政策下的職責。此外，
本公司亦自費就上市公司董事的角色、功能及
職責的重要性安排及舉辦合適的培訓。
本公司鼓勵全體董事參與持續專業發展，以發
展及更新彼等的知識及技能。本公司已透過舉
行研討會及提供培訓資料為董事安排及資助
內部培訓，並適切着重上市公司董事的角色、
職能及責任。根據董事提供的記錄，董事於截
至二零二二年十二月三十一日止年度接受的
培訓概要如下：
年內，公司秘書已接受不少於15小時的相關專
業陪訓，以更新其技能及知識。
董事及高級職員的責任
本公司已就本集團董事及高級職員履行職責
須承擔或產生或附帶產生的損失或責任而面
對的法律行動安排適當保險。投保範圍乃每年
或董事會認為適當的任何時候進行檢討。
Training for Directors and Company Secretaries
Newly appointed Directors and Company Secretaries receive induction
on the occasion of his/her appointment, so as to ensure that he/she
has a proper understanding of the business and operations of the
Company and is fully aware of his/her responsibilities under applicable
laws, rules and regulations and the Group’s various governance and
internal control policies. The Company also, at its expense, arranges and
provides suitable training, placing an appropriate emphasis on the roles,
functions and duties of a listed company director.
All Directors are encouraged to participate in continuous professional
development to develop and refresh their knowledge and skills. The
Company has arranged and funded in-house trainings for Directors in
the form of seminar and provision of training materials, with emphasis
on directors’ duties and responsibilities. A summary of training received
by the Directors during the year ended 31 December 2022 according to
the records as provided by the Directors is as follows:
Name of Directors
Training on regulatory updates,
corporate governance, inside
information or other
relevant topics
董事姓名
法規更新、企業管治、內幕消息或
其他相關主題的培訓
Executive Directors 執行董事
Nie Guoming 聶國明 ✓
Lu Jie 蘆 杰 ✓
Li Wenjin 李文晉 ✓
Independent Non-Executive Directors 獨立非執行董事
Yip Wai Ming 葉偉明 ✓
Wu Min 吳 敏 ✓
Man Kwok Kuen, Charles 文國權 ✓
During the year, the Company Secretaries received no less than 15 hours
of relevant professional training to update their skills and knowledge.
Directors’ and Officers’ Liabilities
The Company has arranged for appropriate insurance coverage
in respect of legal action against the Directors and officers of the
Group against losses or liabilities sustained or incurred arising from
or incidental to execution of their duties. The insurance coverage is
reviewed on an annual basis or any intervals as deemed appropriate by
the Board.
百富環球科技有限公司 二零二二年年報 33
Corporate Governance Report
企業管治報告
董事會會議及董事出席情況
年內約每季度曾舉行共四次常規董事會會議，
以（其中包括）審閱及批准財務及營運表現，及
截至二零二一年十二月三十一日止年度的全
年業績、截至二零二二年三月三十一日止三個
月的業績、截至二零二二年六月三十日止六個
月的中期業績及截至二零二二年九月三十日
止九個月的業績，以及考慮、審閱及╱或批准
本公司整體策略及政策。
各董事於截至二零二二年十二月三十一日止
年度出席四個常規季度董事會會議（不包括其
他不時舉行的不定期董事會會議及根據企業
管治守則的董事會成員的任何其他會議）、委
員會會議及股東大會的出席記錄載列如下：
△ 根據本公司的公司細則（「公司細則」），董事
可親身、透過電話或其他視像會議方式出席
會議。
* 根據公司細則，並非全體董事均須出席主要
處理考慮及批准日常業務交易的其餘董事會
議。
年內，主席亦與獨立非執行董事舉行了一次沒
有其他董事出席的會議。
Board Meetings and Directors’ Attendance
During the year, four regular Board meetings were held at approximately
quarterly intervals for, among others, reviewing and approving the
financial and operating performance, the final results for the year ended
31 December 2021, results for the three months ended 31 March 2022,
interim results for the six months ended 30 June 2022 and results for
the nine months ended 30 September 2022, and considering, reviewing
and/or approving the overall strategies and policies of the Company.
The attendance of individual Directors at the four regular quarterly
Board meetings (not including other ad hoc Board meetings held
from time to time and any other meeting(s) of members of the Board
in compliance with the CG Code), committee meetings and general
meeting during the year ended 31 December 2022 is set out below:
Attendance/Number of Meetings△
會議出席╱舉行次數△
Audit
Committee
Meetings
Nomination
Committee
Meetings
Remuneration
Committee
Meeting
Regular
Board
Meetings *
General
Meeting
Name of Directors 董事姓名
審核委員會
會議
提名委員會
會議
薪酬委員會
會議
常規董事會
會議 * 股東大會
Nie Guoming 聶國明 N/A 不適用 N/A 不適用 N/A 不適用 4/4 1/1
Lu Jie 蘆杰 N/A 不適用 N/A 不適用 N/A 不適用 4/4 1/1
Li Wenjin 李文晉 N/A 不適用 2/2 1/1 4/4 1/1
Yip Wai Ming 葉偉明 2/2 2/2 1/1 4/4 1/1
Wu Min 吳敏 2/2 2/2 1/1 4/4 1/1
Man Kwok Kuen, Charles 文國權 2/2 N/A 不適用 N/A 不適用 4/4 1/1
△ Directors may attend meetings in person, by telephone or through other
means of video conference in accordance with the Bye-laws of the
Company (“Bye-laws”).
* Pursuant to the Bye-laws, not all Directors were required to attend the
rest of the Board meetings which mainly dealt with the consideration and
approval of ordinary business transactions.
During the year, the Chairman also held a meeting with the
independent non-executive Directors without the presence of other
Directors.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202234
Corporate Governance Report
企業管治報告
董事會會議常規及程序
董事會會議時間表及會議議程已預先發給董
事。
常規董事會會議通告已最少於會議日期前
十四天發給全體董事。根據公司細則按有關情
況所允許或另行同意，所有相關會議議程及附
連之董事會文件已在開會前一段合理時間內
派發予所有董事，其他董事會及委員會會議一
般給予合理通知。
公司秘書由主席委託負責擬備董事會會議議
程，並包括董事提議載入的任何事項，確保全
體董事皆有機會提出商討事項列入議程及批
准議程。為使董事能作出知情有根據的決定，
議程及相關的董事會文件連同所有合適、完整
及可靠資料，至少在董事會會議及委員會會議
的舉行三天前向全體董事或全體委員會成員，
致令董事知悉本公司最新發展及╱或財務狀
況。董事會及個別董事亦可自行接觸高級管理
層作進一步查詢，或當其要求進一步資料時，
除高級管理層自願提供者之外。
公司秘書出席所有常規董事會會議及於有需
要時出席其他董事會會議及委員會會議，就
（其中包括）法定守章、企業管治事宜提供意
見，並確保本公司的政策及程序得到妥當遵
守。
公司秘書負責擬備所有董事會會議及委員會
會議之會議記錄並加以存管。會議記錄充分詳
細記錄所考慮事項、達成的決定、提出的疑慮
及所表達的反對意見（如有）。會議記錄的初稿
及最終定稿於各會議後合理時段內，予董事傳
閱，作出意見，最終定稿將由公司秘書備存並
可供董事查閱。
根據現行董事會常規，任何涉及主要股東或董
事利益衝突的重大交易或事宜，須經由正式召
開的實質董事會會議（於交易無重大利益關係
的獨立非執行董事應出席會議）處理。任何於
交易或事宜擁有重大權益的董事或彼等之緊
密聯繫人須在批准該等交易的會議放棄表決
及不獲計入法定人數內。
Practices and Conduct of Board Meetings
Board meeting schedules and agendas are made available to the
Directors in advance.
Notices of regular Board meetings have been served to all Directors at
least fourteen days in advance and relevant agenda and accompanying
board papers have been disseminated in full to the Directors within
reasonable time before the meeting. Reasonable notice, as permitted
by the Bye-laws under relevant circumstances or otherwise agreed, has
been given for other Board and committee meetings.
The Company Secretary(ies), as delegated by the Chairman, are
responsible for preparing the agendas of board meetings, taking into
account any matters the Directors may propose to include, ensuring that
all Directors are given opportunity to include matters in the agendas
and approving the agendas. In order to enable the Directors to make
informed decision, agendas and accompanying board papers, together
with all appropriate, complete and reliable information are sent to all
Directors or all committees members at least three days before each
Board meeting or committee meeting to keep the Directors appraised
of the latest developments and/or financial position of the Company.
The Board and the individual Directors also have independent access to
the senior management to make further enquires or when they require
further information, in addition to those volunteered by the senior
management.
The Company Secretary(ies) attended all regular Board meetings and,
when necessary, other Board and committee meetings to advise on,
among others, statutory compliance, corporate governance matters and
to ensure that the Company’s policies and procedures were properly
followed.
The Company Secretary(ies) is responsible for preparing and keeping
minutes of all Board meetings and committee meetings. The minutes
recorded sufficient details of matters considered, decisions reached,
concerns raised and dissenting views expressed, if any. Draft and final
versions of minutes are circulated to the Directors for comment and
records within a reasonable time after each meeting. The final version
is kept by the Company Secretary(ies) and open for the Directors’
inspection.
According to current Board practice, any material transaction or matter
which involves conflicting interests of a substantial shareholder or a
Director, are dealt with by a duly convened physical Board meeting, at
which independent non-executive Directors having no material interest
in the transaction should be present. Any Directors or any of their close
associates having material interests in the transaction or matter shall
abstain from voting and not to be counted in the quorum at meetings
for approving such transactions.
百富環球科技有限公司 二零二二年年報 35
Corporate Governance Report
企業管治報告
主席及行政總裁
聶國明先生及蘆杰先生分別為本公司董事會
主席及行政總裁（「行政總裁」）的職責已明確劃
分。董事會管理與業務日常管理明確劃分，確
保決策權力及授權分佈均衡，權力不集中於任
何個人。
主席提供領導及負責董事會按照良好企業管
治常規有效運作及建立企業管治程序。在公司
秘書及高級管理層的協助及支持下，主席亦負
責確保董事及時收到準確、清晰、完整及可靠
的充份資訊，及負責確保就董事會會議上所有
當前事項作出簡報，及所有主要及適當的議程
由董事會及時地審議。
主席亦鼓勵董事全力投入董事會事務，並以身
作則，確保董事會行事符合本公司最佳利益。
主席亦提倡促進作出有效貢獻的文化，鼓勵董
事表達不同的意見及關注的事宜，允許在作出
決策前給予充足時間討論該事宜。
行政總裁主要負責執行經董事會批准及授權
的目標、政策及策略。彼負責本公司的日常管
理及運作及負責制定策略計劃、擬定及審閱組
織架構、監控制度及內部程序，以供董事會批
准。
獨立非執行董事
獨立非執行董事擁有廣泛的商業及財務專業
知識與經驗，並透過參與董事會會議，在涉及
策略、政策、公司表現、問責性、資源、主要委
任及操守準則等事宜上，提供獨立的意見。獨
立非執行董事透過在出現潛在利益衝突時發
揮牽頭引導作用、出任各董事會委員會成員、
審查本公司的表現是否達到企業目標和目的
並監察匯報公司表現的事宜，已成為本公司穩
健增長的重要力量。
Chairman and Chief Executive
The roles and responsibilities of Mr. Nie Guoming and Mr. Lu Jie
respectively as Chairman of the Board and Chief Executive Officer of
the Company (the “CEO”) have been clearly divided and defined. The
clear division of the management of the Board and the day-to-day
management of business ensures a balanced power and authority such
that no concentration of power should vest in any one individual.
The Chairman provides leadership and is responsible for the effective
functioning of the Board in accordance with good corporate governance
practices and establishes corporate governance procedures. With the
assistance and support of the Company Secretary(ies) and the senior
management, the Chairman is also responsible for ensuring that the
Directors receive in a timely manner adequate information, which must
be accurate, clear, complete and reliable, and appropriate briefing on
issues arising at Board meetings, and that all key and appropriate issues
are discussed by the Board in a timely manner.
The Chairman also encourages the Directors to fully and actively
participate in the Board’s affairs, taking the lead to assure that the Board
acts in the best interests of the Company. The Chairman also promotes
a culture to facilitate effective contribution and encourages the Directors
to express dissenting views and concerns and allow sufficient discussion
of issues before decisions are made.
The CEO focuses on implementing objectives, policies and strategies
approved and delegated by the Board. He is in charge of the Company’s
day-to-day management and operations and is also responsible for
developing strategic plans, formulating and reviewing the organisational
structure, control systems and internal procedures and processes for the
Board’s approval.
Independent Non-Executive Directors
The independent non-executive Directors possess a wide range of
business and financial expertise, experiences and, through participation
in board meetings, offer independent judgment on issues of strategy,
policy, performance, accountability, resources, key appointments and
standard of conducts. Through taking the lead where potential conflicts
of interests arise, serving on the Board committees, examining the
Company’s performance in achieving corporate goals and objectives
and monitoring performance reporting, the independent non-executive
Directors has become an integral part of the healthy growth of the
Company.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202236
Corporate Governance Report
企業管治報告
年內，獨立非執行董事已出席本公司的股東週
年大會（詳情載於第33頁），有助於彼等對股東
的意見有更公正的了解。
獨立非執行董事葉偉明先生、吳敏博士及文國
權先生各自獲委任，合約年期為一年，可每年
重續，並根據公司細則重選連任。倘（以較早
者為準）( i )任何一方向另一方發出不少於兩個
月的書面通知，則有關任期可予終止；( i i )因該
董事喪失資格、嚴重或蓄意不當行為或疏忽職
守；或(iii)未能獲本公司股東通過決議案重選為
董事，則有關任期立即終止而毋須賠償。
截至二零二二年十二月三十一日止年度，董
事會一直遵守上市規則第(1)、(2)及
條有關委任最少三名獨立非執行董事，
須佔董事會成員人數至少三份之一而其中最
少一名獨立非執行董事須具備合適專業資歷
或會計或相關財務管理專業知識的規定。
本公司確認已接獲各獨立非執行董事根據上
市規則第條規定所作出有關其獨立身分的
年度確認書，根據上市規則第條所載獨立
性標準，所有獨立非執行董事為獨立。
董事會委員會
董事會下設三個委員會：審核委員會、提名委
員會及薪酬委員會，以掌管本公司特定事務。
各董事會委員會均設有明確書面職權範圍，載
列其要求董事委員會向董事會報告其決定或
意見的權限及職責（適用法律或監管規定限制
者除外）。為提供透明度董事會委員會的職權
範圍於本公司及聯交所網站刊載，其複印件亦
可供股東索閱。
During the year, the independent non-executive Directors attended the
annual general meeting of the Company, details of which are set out
on page 33, enabling them to develop a balanced understanding of the
views of the shareholders.
Each of the independent non-executive Directors, namely Mr. Yip Wai
Ming, Dr. Wu Min and Mr. Man Kwok Kuen, Charles, was appointed
for a contractual term of one year subject to renewal on a yearly
basis and re-election in accordance with the Bye-laws. Such term shall
be terminated: (i) by either party giving the other not less than two
months’ written notice; (ii) forthwith without compensation, on ground
of disqualification, gross or willful misconduct or negligence of such
Director, or (iii) any failure of passing a resolution by the shareholders to
be re-elected as a Director, whichever is earlier.
During the year ended 31 December 2022, the Board at all times met
the requirements of Rules (1), (2) and of the Listing
Rules relating to the appointment of at least three independent non-
executive Directors, representing at least one-third of the Board and
with at least one of the independent non-executive Directors possessing
appropriate professional qualifications, or accounting or related financial
management expertise.
The Company confirms that it has received written annual confirmation
from each independent non-executive Director concerning his/her
independence pursuant to Rule of the Listing Rules and all
independent non-executive Directors are considered independent
having regard to the independence criteria as set out in Rule of
the Listing Rules.
BOARD COMMITTEES
The Board has established three committees, namely, the Audit
Committee, the Nomination Committee and the Remuneration
Committee, for overseeing specific aspects of the Company’s affairs.
Each Board committee was established with defined written terms
of reference setting out its authorities and duties and requiring the
Board Committees to report back to the Board on their decisions
or recommendations (unless otherwise restricted by applicable legal
or regulatory requirements). To provide transparency, the terms of
reference of the Board committees are made available on the Company’s
and the Stock Exchange’s websites and hard copies of the same are
available to the shareholders upon request.
百富環球科技有限公司 二零二二年年報 37
Corporate Governance Report
企業管治報告
各董事會委員會由獨立非執行董事佔多數並
擔任主席。於本報告日期，各董事會委員會主
席及成員如下：
審核委員會
∆葉偉明（主席）
∆吳 敏
∆文國權
提名委員會
∆吳 敏（主席）
∆葉偉明
*李文晉
薪酬委員會
∆葉偉明（主席）
∆吳 敏
*李文晉
∆ 獨立非執行董事
* 執行董事
董事會委員會已獲提供充足資源履行職責及
可於適當情況下，合理要求徵求獨立專業意
見，費用由本公司承擔。
審核委員會
審核委員會由董事會於二零一零年十二月一
日成立。審核委員會由三名獨立非執行董事組
成，當中包括至少一名具備合適專業資歷或會
計或相關財務管理專業知識的成員。審核委員
會全體成員均非本公司現任外聘核數師的前
合夥人。
根據職權範圍，審核委員會的主要職責其中包
括：
(a) 審閱財務報表、報告及會計政策及常規，
並於提交董事會前，考慮本公司的會計
及財務匯報職員、監察主任（或擔任相同
職位之人士）或外聘核數師提出的任何重
大或不尋常項目；
(b) 參考外聘核數師所進行工作、費用及聘
用條款，檢討公司與外聘核數師的關係，
並就委任、續聘及（如合適）罷免外聘核數
師向董事會提出意見；
Each Board committee consists of a majority of independent non-
executive Directors and is respectively chaired by an independent non-
executive Director. Chairman and members of each Board committee as
at the date of this report are set out below:
Audit Committee
∆YIP Wai Ming (Chairman)
∆WU Min
∆MAN Kwok Kuen, Charles
Nomination Committee
∆WU Min (Chairman)
∆YIP Wai Ming
*LI Wenjin
Remuneration Committee
∆YIP Wai Ming (Chairman)
∆WU Min
*LI Wenjin
∆ Independent non-executive Director
* Executive Director
The Board committees have been provided with sufficient resources to
perform their duties and, upon reasonable request, are able to seek
independent professional advice in appropriate circumstances at the
Company’s expense.
Audit Committee
The Audit Committee was established by the Board on 1 December
2010. The Audit Committee comprises three independent non-
executive Directors (including at least one member possessing
appropriate professional qualifications or accounting or related financial
management expertise). None of the members of the Audit Committee
is a former partner of the Company’s existing external auditor.
The main duties of the Audit Committee include, among others, the
followings:
(a) to review the financial statements, reports, accounting policies and
practices and consider any significant or unusual items raised by
the Company’s staff responsible for the accounting and financial
reporting function, compliance officer (or person occupying the
same position) or external auditor before submission to the Board;
(b) to review the Company’s relationship with the external auditor
with reference to its work performed, fees and terms of
engagement, and make recommendation to the Board on the
appointment, re-appointment and, if appropriate, removal of
external auditor;
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202238
Corporate Governance Report
企業管治報告
(c) 審閱本公司財務報告制度、審核程序、本
集團的財務監控、內部監控及風險管理
制度是否充份及具備效益，其中包括但
不限於是否有足夠資源履行其各職能員
工資歷及經驗及培訓計劃；及
(d) 審議及識別本集團的風險，並檢視本集
團處理危機及緊急情況時的決策程序之
成效，以及批准影響本集團風險概況的
重要決策。
已根據企業管治守則、國際證券事務監察委員
會組織技術委員會所發出的《核數師獨立性原
則及企業管治對監察核數師獨立性所起的作
用》及由香港會計師公會發出的「成立審核委員
會指引」編製及採納列明審核委員會的職權及
責任的書面職權範圍。
審核委員會於截至二零二二年十二月三十一
日止年度曾舉行兩次會議，審閱中期及年度財
務業績及報告，財務申報及合規程序、內部監
控及風險管理制度、內部審核職能的有效性、
核數師的獨立性及客觀性，以及本公司的環
境、社會及管治(「環境、社會及管治」)表現及
報告。根據相關守則條文，完整的會議記錄由
公司秘書妥善保管，且會議記錄的草稿及最終
稿已於隨後合理時間內發給所有委員會成員
評論及記錄。審核委員會亦於年內與本公司核
數師羅兵咸永道會計師事務所兩次會面，並向
董事會建議續聘該核數師為本公司外部核數
師，而董事會就建議續聘事宜與審核委員會並
無意見分歧。
年內，在審核委員會的建議下，董事會亦已設
立反貪污及舉報政策與制度，此有利於建立健
全之企業文化及良好之企業管治常規。
截止二零二二年年底及於本報告日期，並無有
關或會對本公司按持續基準經營的能力產生
重大疑問的事件或情況。
本公司截至二零二二年十二月三十一日止年
度的全年業績已經由審核委員會審閱。
(c) to review the adequacy and effectiveness of the Company’s
financial reporting system, audit process, the Group’s financial
control, internal control and risk management systems, including
but not limited to adequacy of resources available to its respective
functions, staff qualifications and experience and tra
