Annual Report
年 報
2020
���� Annual Report 年
報
A920
Financial Highlights
財務概要
REVENUE
營業額
2,
2016 2017 2018 2019 2020
3,
4,
4,
5,
HK$ million
百萬港元
Year
年
CAGR複合年增長率
18%
0
1,000
2,000
3,000
4,000
5,000
6,000
SALES BY GEOGRAPHICAL REGION
按地區營業額
2,723,604
323,440
1,268,916
508,346
826,313
5,650,619
Total 總計
2020
China market 中國市場LACIS EMEA APAC USCA
HK$'000
千港元
2,514,700
397,124
927,562
345,974
740,373
4,925,733
Total 總計
2019
HK$'000
千港元
Financial Highlights 財務概要
Financial Highlights
財務概要
For the year ended 31 December
(in HK$’000)
截至十二月三十一日止年度
（千港元）
2020
二零二零年
2019
二零一九年 +/(-)
Revenue 收入 5,650,619 4,925,733 +%
Gross profit 毛利 2,337,309 1,944,833 +%
Operating profit 經營溢利 1,067,172 761,626 +%
Profit before income tax 除所得稅前溢利 1,052,841 754,673 +%
Profit for the year 年度溢利 903,850 624,864 +%
Profit attributable to the owners of
the Company
本公司持有人應佔溢利
900,123 623,873 +%
Research and development costs (included in
administrative expenses)
研發開支（包括在行政費用內）
(460,772) (398,759) +%
Net impairment losses on financial assets 金融資產之減值淨虧損 (65,083) (65,914) %
Share-based payment expenses (included in
selling and administrative expenses)
股份支付費用（包括在銷售開支
及行政費用內） (38,805) (38,686) +%
2020 2019
At 31 December (in HK$’000) 於十二月三十一日（千港元） 二零二零年 二零一九年 +/(-)
Total current assets 流動資產總值 6,955,116 6,196,703 +%
Total assets 資產總值 7,637,059 6,719,223 +%
Net current assets 流動資產淨值 5,000,797 4,321,049 +%
Total equity 權益總額 5,573,572 4,739,352 +%
EARNINGS PER SHARE & DIVIDEND
每股盈利及股息
2020 2019
Per Share (in HK$) 每股（港元） 二零二零年 二零一九年 +/(-)
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
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＝平均存貨結餘總額╱（年內銷
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額╱（年內營業額╱ 365
日）
5 應付賬款及應收票據週轉日數＝平均應付賬
款及應收票據總額╱（年內銷售成本╱ 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－應付賬款及應收票據週
轉日數
FINANCIAL RATIOS
財務比率
2020 2019
二零二零年 二零一九年
Gross profit margin 毛利率 % %
Operating profit margin 經營溢利率 % %
Net profit margin 淨利潤率 % %
Current ratio 流動比率
Return on equity1 權益回報1 % %
Return on assets2 資產回報2 % %
TURNOVER DAYS
週轉日數
2016 2017 2018 2019 2020
Year 年度 二零一六年 二零一七年 二零一八年 二零一九年 二零二零年
Inventory3 存貨3 142 138 146 164 183
Trade and bills receivables4 應收賬款及應收票據4 164 158 155 134 102
Trade and bills payables5 應付賬款及應付票據5 152 138 140 158 152
Cash conversion6 現金轉換6 154 158 161 140 133
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/(Turnover for the year/365 days)
5 Trade and bills payables turnover days = Average Gross 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
Bank Card Transaction Flow of Electronic Payment
銀行卡電子支付交易流程
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終端產品，並提
供相關服務予商業銀行及收單機構。
「 」
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，並透過發卡組
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充足並給
予授權。
7： 收單機構接收回應及轉達予商戶。
The following is a simplified diagram illustrating the transaction flow in
a typical electronic payment transaction
E-payment
Terminals Products
Cardholder
持卡人
1
4
5 3
6
2
7
(. hotels, restaurants and retailers )
Merchant
商戶
（例如酒店、餐廳及零售商...）
(. Bank of China/HSBC)
Card Issuer
發卡銀行
（例如中國銀行／滙豐銀行）
(. Visa/MasterCard/China UnionPay)
Card Association
發卡組織
（例如Visa/MasterCard/中國銀聯）
(. First Data, Worldpay, HSBC, Citibank)
Acquirers/Commercial Bank
收單機構̇商業銀行
(例如：First Data, Worldpay, 匯豐銀行, 花旗銀行)
電子支付終端產品
(. 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
products and provides related services to commercial bank and
acquirer directly or through distributor.
“ ”
1: Cardholder purchases with card at a merchant through an
E-payment Terminals.
2: The E-payment Terminals 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.
Bank Card Transaction Flow of Electronic Payment 銀行卡電子支付交易流程
Products Highlights (for reference only)
公司產品（僅供參考）
ANDROID SMART E-PAYMENT SOLUTION (A-SERIES)
安卓智能電子支付解決方案（A系列）
General features: Powered by Android operating system, PCI PTS certified, the latest certification in the industry.
Compact, portable, equipped with a large high resolution touch screen and inbuilt dual cameras.
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，獲得業內最新的PCI PTS 認証。外型小巧，方便手持，具有特大高清電觸摸
屏、內置雙攝像頭。支持各類型支付方式，包括銀行卡支付、NFC非觸式及二維碼支付。
A930 A920 A77 A50A60
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）
ANDROID SMART ELECTRONIC CASH REGISTER SOLUTION (E-SERIES)
安卓智能管理及支付解決方案（E系列）
General Features: Powered by Android operating system, the all-in-one integrated solution delivers cost efficient and
space saving features to merchants. Certified with PCI PTS , the latest certification in the industry.
Stylish, large color touch screen, customer-facing display and an inbuilt camera. Support various kinds of
payment options including bank card payments, NFC contactless and QR code payments.
一般特點： 以安卓作業系統操作的一體化解決方案，使商戶更節省空間和成本。產品擁有業內最新PCI PTS 認
証。外型時尚，擁有特大彩色觸摸屏、面向顧客的顯示屏、內置攝像頭，支持銀行卡支付，NFC非觸式
及二維碼等各類型支付方式。
E500 E800 E700
UNATTENDED SOLUTION (IM SERIES & SK SERIES)
自助服務解決方案（IM系列及SK系列）
General features: Ideal for self-service sales points such as petrol stations, parking, kiosk. PCI PTS certified and has met
required standards for anti-vandalism and waterproofing. Various payment methods are accepted and
connectivity options include 3G, 4G, WiFi and Bluetooth.
一般特點： 適用於加油站、停車場、售貨亭等多個應用場景。通過PCI PTS 認證，符合防爆和防水標準，可支援
各類型支付方式及3G、4G、WiFi和藍牙多個連接選項。
IM30
SK800
IM series
Products Highlights (for reference only)
公司產品（僅供參考）
PAXSTORE
PAXSTORE為雲端軟件即服務(SaaS)平台，連接支
付服務供應商、收單銀行、應用程式開發商和商
戶，提供一站式支付服務及終端管理。
完善的終端管理
設有業界領先的終端管理功能，為支付服務供
應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。
PAXSTORE
PAXSTORE, a cloud-based Software-as-a-Service (“SaaS”) platform,
connects payment service providers (“PSPs”) and acquiring banks with
application developers and merchants, providing one-stop payment
services and terminal management.
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.
1,900,000+
Connected
terminals
接入終端
4,000+
Applications
應用程式
80+
Countries
國家
1,500+
Application developers
應用程式開發人員
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 20201
Content
目錄
2 Corporate Information 78 Consolidated Income Statement
公司資料 綜合收益表
4 Simplified Corporate Chart 79 Consolidated Statement of Comprehensive Income
公司架構簡表 綜合全面收益表
6 Directors and Senior Management 80 Consolidated Balance Sheet
董事及高級管理層 綜合資產負債表
9 Chairman’s Statement 82 Consolidated Statement of Changes in Equity
主席報告 綜合權益變動表
13 Management Discussion and Analysis 84 Consolidated Cash Flow Statement
管理層之討論與分析 綜合現金流量表
27 Corporate Governance Report 85 Notes to the Consolidated Financial Statements
企業管治報告 綜合財務報表附註
46 Report of the Directors 185 Five Years Financial Summary
董事會報告 五年財務概要
68 Independent Auditor’s Report
獨立核數師報告
Content 目錄
百富環球科技有限公司 二零二零年年報 2
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
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
As to Bermuda Law
Conyers Dill & Pearman
Corporate Information 公司資料
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 20203
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
皇后大道東183號
合和中心54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 Ltd
Level 54, Hopewell Centre
183 Queen’s Road East
Hong Kong
COMPANY’S WEBSITE
STOCK CODE
327
百富環球科技有限公司 二零二零年年報 4
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%
87%
70%
60%
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)
Simplified Corporate Chart 公司架構簡表
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 20205
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%
87%
70%
60%
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）
百富環球科技有限公司 二零二零年年報 6
Directors and Senior Management
董事及高級管理層
於二零二一年三月二十九日（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，58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，56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 29 March 2021, 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 58, 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 56, 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 had
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
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 20207
Directors and Senior Management
董事及高級管理層
李文晉
李先生，57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25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，55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、保利文
化集團股份有限公司、億達中國控股有限公
司、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。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。
吳敏
吳博士，49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。
LI Wenjin
Mr. Li, aged 57, 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 a director
since April 2000. Mr. Li has over 25 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 is also 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 55, 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）, Poly Culture Group Corporation Limited（保利文化集團股
份有限公司）, Yida China Holdings Limited（億達中國控股有限公司）,
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”).
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.
WU Min
Dr. Wu, aged 49, 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 Peking University with a
bachelor’s degree in Economics in 1994 and obtained a master’s degree
in Economics from Tufts University in 1996 and a . in Accounting
from Stern School of Business, New York University in 2003.
百富環球科技有限公司 二零二零年年報 8
Directors and Senior Management
董事及高級管理層
文國權
文先生，62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。
高級管理層
羅韶文
羅先生，52歲，為百富科技（深圳）的常務副總
裁及董事長。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（採購生產、質量管理及資訊科技），並
監察在深圳營運的財務。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20年經驗，及於財務管理及供應鏈管
理方面擁有逾15年經驗。彼於二零零四年十二
月加入百富科技（深圳）擔任財務總監。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，37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。張先生畢業於香港中文大學，持有工商管
理學士學位及擁有逾10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。
MAN Kwok Kuen, Charles
Mr. Man, aged 62, 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.
SENIOR MANAGEMENT
LUO Shaowen
Mr. Luo, aged 52, is the executive vice president and chairman 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 (procurement production, quality management and
information technology) and oversees the finance of the operations in
Shenzhen. Mr. Luo graduated from Wuhan University with a bachelor’s
degree in economic management. Mr. Luo has over 20 years of
experience in the card payment industry and over 15 years of experience
in financial administration and supply chain management. He joined
Pax Technology (Shenzhen) in December 2004 as the chief financial
officer. 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 37, 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 and has over 10 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 20209
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
零年十二月三十一日止年度的年報。
財務業績
於回顧年度，本集團營業額、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。
本集團營業額於二零二零年達5,百萬
港元，較二零一九年的4 , 9 2 5 . 7百萬港元增
加%。收入增長主要由於海外市場營業
額較二零一九年大幅增加 1 7 . 6 %。海外各
分部業務均錄得增長，特別是在拉丁美洲區
（「 LACIS」）、美國和加拿大區（「 USCA」）及
歐洲、中東及非洲區（「 EMEA」）。海外市場營
業額佔集團總營業額比例%，去年同期為
%。
於二零二零年，年度溢利達百萬港元，較
二零一九年的百萬港元上升%。本公
司的持有人應佔年度溢利為百萬港元，
較二零一九年的百萬港元上升%。本
年度每股基本盈利為港仙（二零一九年：
港仙）。
為慶祝百富上市十週年，本集團於二零二零年
十二月十八日宣派特別股息每股普通股港
元，並於二零二一年一月二十二日向本公司股
東支付。
董事會已建議宣派截至二零二零年十二月
三十一日止年度之末期股息每股普通股
港元（二零一九年：港元），總金額約為
109,414,000港元（二零一九年：65,256,000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。
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 2020.
FINANCIAL RESULTS
For the year under review, the Group’s turnover, 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 turnover amounted to HK$5, million in 2020,
representing an increase of % compared to HK$4, million
in 2019. The growth was mainly contributed by the huge increase of
% in overseas markets. All regional overseas business recorded
growth, especially in the Latin America Region (“LACIS”), the United
State & Canada Region (“USCA”) and Europe, Middle East and Africa
Region (“EMEA”). The proportion of the total revenue of the overseas
markets over the Group’s total was %, as compared to % in
the corresponding period last year.
In 2020, profit for the year was HK$ million, representing an
increase of % compared to HK$ million in 2019. Profit for the
year attributable to the owners of the Company was HK$ million,
representing an increase of % as compared to HK$ million in
2019. Basic earnings per share for the year was HK cents (2019:
HK cents).
In celebration of PAX’s tenth anniversary of listing, the Group declared
a special dividend of HK$ per ordinary share on 18 December 2020
and paid to the shareholders of the Company on 22 January 2021.
The Board has recommended to declare a final dividend of HK$
per ordinary share (2019: HK$) for the year ended 31 December
2020, amounting to a total of approximately HK$109,414,000 (2019:
HK$65,256,000) (assuming 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.
Chairman’s Statement 主席報告
百富環球科技有限公司 二零二零年年報 10
Chairman’s Statement
主席報告
前景
隨着金融科技飛快發展，電子支付在推動智慧
城市和新興市場發展擔當重要角色，不但提升
經濟活動效率，更為產業創新帶來堅實的基
礎，全球各國正加快電子支付基建發展。
二零二零年，新型冠狀病毒疫情促使民眾在社
交、消費習慣方面形成新的生活型態。隨著各
種創新應用服務應運而生，電子商務及電子支
付的發展顯著加速，推動社會進一步邁向無現
金化發展。如今，消費者更關注使用現金支付
帶來的健康風險，進一步強化電子支付的廣泛
普及。
面對新型冠狀病毒疫情挑戰，百富的自身技術
競爭優勢愈發顯現，市場對百富安卓支付終端
的需求急增。本集團新一代的安卓支付終端連
接雲端平台PAXSTORE，為商戶提供具備商業
智能、數碼營銷等海量應用程式，同時收單銀
行及支付服務供應商能實時管理支付終端網
絡，透過平台帶來更好的支付服務體驗。
二零二零年，百富在逆境下更彰顯其龍頭實力
及商業韌性，並在全球取得令人矚目的業績，
更進一步強化百富品牌的市場認可，確立本
集團在電子支付終端解決方案行業的全球領
先位置。二零二零年，本集團於海外市場錄得
%的亮麗增長，其出貨量持續創新高超過
一千萬台。海外市場目前是百富業務的主要增
長驅動力，佔總收入約%。
OUTLOOK
With the rapid evolution of financial technology, electronic payment
plays an important role in facilitating the advancement of smart cities
and emerging market communities. It not only improves the efficiency
of economic activities, but also provides a solid foundation for industrial
innovation. Governments are encouraging the development of
electronic payment infrastructures worldwide.
In 2020, the COVID-19 pandemic has caused people to adopt new
lifestyles in social and consumer habits. E-commerce and electronic
payments are thriving thanks to the emergence of many innovative
application services, which is fueling the shift towards cashless societies.
Consumers today are also more concerned about the perceived health
risks associated with handling physical cash, which further reinforces the
wide adoption of electronic payments.
PAX’s technological competitive advantages have been even more
accentuated in amid of COVID-19 pandemic, with the surging demand
for PAX’s Android payment terminal products. The Group’s new
generation of Android payment terminal solutions is connected to the
cloud-based platform PAXSTORE, providing merchants with business
intelligence and digital marketing applications, as well as helping
acquiring banks and payment service providers to better manage
payment terminal estates in real-time and delivering better payment
service experience.
In 2020, PAX continued to demonstrate its leading competence and
business resilience even in such adverse times, with spectacular sales
successes worldwide and further reinforcement of the PAX brand
recognition, positioning the Group as one of the world’s leading
E-payment terminal solution providers. In 2020, significant revenue
growth of % was achieved in overseas markets with a record high
shipment of over 10 million units. Overseas markets are now the pillar
of our Group’s business, accounting for approximately % of total
revenue.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202011
Chairman’s Statement
主席報告
年內，百富繼續在全球多個地區取得重大突
破。在LACIS，本集團繼續強化其行業領先位
置。受惠巴西的金融科技市場高速發展，加上
百富日趨豐富的安卓智能產品線，本集團達成
多項戰略合作。
在歐洲，市場對安卓終端銷售的需求殷切，為
百富在意大利和東歐地區實現強勁的銷售增
長。英國、北歐、西班牙、法國和土耳其等其他
市場亦開始加快部署其安卓終端。在中東和非
洲地區，百富在埃及、尼日利亞、沙特阿拉伯
以及其他海灣合作委員會(GCC)國家亦實現顯
著的增長。
在亞太區（「APAC」），市場對百富全系列安卓
支付產品的需求日益增加。在印度，百富強化
與當地主要金融機構合作，進一步取得更多市
場份額。在日本，百富為當地連鎖便利店、體
育館、主題樂園以及金融機構部署更多電子支
付終端。
在USCA，來自支付服務供應商和獨立銷售機
構網絡的收入貢獻售不斷增長外，百富的解決
方案現時獲得更多美國頂級零售和連鎖快餐
店採用。年內，本集團的安卓智能產品更獲得
「 2020年Visa美國合規非接觸式支付終端計
畫獎項」，大大提升百富品牌認可。
在中國，本集團繼續優化資源配置，專注服務
信譽良好及財務穩健的客戶。年內，百富在國
內業務的毛利率有所改善。受惠中國的金融科
技蓬勃發展，電子支付應用場景愈趨多元化，
市埸對安卓智能終端的需求熱切。
展望未來，隨著消費者在支付習慣更趨向電
子化，加上商戶正在加快採用安卓支付，預期
市場對我們的支付終端需求將繼續呈現強勁
增長。百富將秉承「追求卓越、創新」的企業精
神，開發業內領先的電子支付終端解決方案，
與世界各地的銷售渠道合作伙伴、收單銀行、
支付服務供應商及商戶加強合作。百富現已準
備就緒，迎接後疫情時代的龐大發展機遇。
During the year, PAX continued to achieve major breakthroughs globally.
In LACIS, the Group continued to strengthen its market-leading position.
Thanks to the expanding fintech sector in Brazil as well as the PAX’s
advanced product portfolio, the Group achieved even more strategic
partnerships.
In Europe, strong demand for Android terminals contributed to
significant sales growth in Italy and Eastern Europe. Other markets such
as the United Kingdom (“UK”), Scandinavia, Spain, France and Turkey
have also begun accelerating the deployment of PAX Android terminals.
In the Middle East and Africa, PAX achieved significant growth in Egypt,
Nigeria, Saudi Arabia, as well as other Gulf Cooperating Council (GCC)
countries.
In the Asia-Pacific region (“APAC”), there is a strong growing demand
for the Group’s full range of Android payment products. In India, PAX
strengthened partnerships with leading financial institutions, further
gaining more market shares. In Japan, there was significant deployment
of our payment terminals in convenience stores, stadiums and theme
parks as well as financial institutions.
In the USCA, in addition to the growing revenue contribution from
PSPs and independent sale organisation (“ISOs”), PAX solutions are
now being deployed by more top US retail and quick-service restaurant
chains. During the year, the Group’s Android smart products won the
“Visa . Compliance Contactless Payment Terminal Program Award
2020”, greatly enhancing the PAX brand recognition.
In China, the Group continued to optimize resources and focus on
serving reputable and financially solid clients. During the year, PAX
achieved improved gross profit margin in China. As financial technology
evolves in China, electronic payment application scenarios have become
more diversified and demand is rising for Android smart terminal
solutions.
Looking to the future, we expect to see continued strong market
demand for our payment terminals, as consumers’ payment habits
have already experienced radical shift towards electronic transactions
and merchants are speeding up the adoption of new-generation
Android payment terminals. PAX adheres to a corporate culture of
pursuing excellence and innovation, in our quest to roll out an industry-
leading E-payment terminal solutions roadmap, while at the same time
strengthening cooperation with our channel partners and the payment
service providers, acquirers and merchants globally. PAX is very well
prepared to embrace the vast opportunities in a post COVID-19 world.
百富環球科技有限公司 二零二零年年報 12
Chairman’s Statement
主席報告
鳴謝
本人藉此機會代表董事會向所有於疫情下堅
守崗位的員工致以最衷心的謝意。儘管面對疫
情的重重挑戰，百富的員工保持著高昂的工作
熱情，彰顯其能，以各種靈活的方式堅持開展
業務，與世界各地客戶保持緊密聯繫。
本人亦向各客戶、供應商、業務夥伴及股東，
及向我們的董事及管理層在二零二零年所作
出的不懈努力及寶貴貢獻致以由衷感謝。
主席
聶國明
香港，二零二一年三月二十九日
ACKNOWLEDGEMENT
On behalf of the Board of Directors, I would like to express my heartfelt
gratitude to all our employees for their commitment and dedication
during the COVID-19 pandemic. In the face of such challenges,
our people maintained incredibly high levels of enthusiasm and
professionalism, conducting business in flexible ways and maintaining
close relationships with our clients around the world.
I would like to thank our customers, suppliers, business partners and
shareholders, as well as our directors and management team for their
unrelenting dedication and valuable contributions in 2020.
Nie Guoming
Chairman
Hong Kong, 29 March 2021
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202013
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:
For the year ended 31 December
截至十二月三十一日止年度
2020 2019
二零二零年 二零一九年
HK$’000 HK$’000
千港元 千港元 +/(-)
Revenue 收入 5,650,619 4,925,733 +%
Gross profit 毛利 2,337,309 1,944,833 +%
Other income 其他收入 77,838 79,056 %
Selling expenses 銷售開支 (499,321) (465,657) +%
Administrative expenses 行政費用 (781,456) (743,466) +%
Net impairment losses on financial assets 金融資產之減值淨虧損 (65,083) (65,914) %
Profit before income tax 除所得稅前溢利 1,052,841 754,673 +%
Income tax expense 所得稅開支 (148,991) (129,809) +%
Profit for the year 年度溢利 903,850 624,864 +%
Profit attributable to the owners of the Company 本公司持有人應佔溢利 900,123 623,873 +%
Research and development costs (included in
administrative expenses)
研發開支（包括在行政
費用內） (460,772) (398,759) +%
Share-based payment expenses (included in
selling and administrative expenses)
股份支付費用（包括在
銷售開支及行政費用內） (38,805) (38,686) +%
As at 31 December
於十二月三十一日
2020 2019
二零二零年 二零一九年
HK$’000 HK$’000
千港元 千港元 +/(-)
Total current assets 流動資產總值 6,955,116 6,196,703 +%
Total non-current assets 非流動資產總值 681,943 522,520 +%
Total assets 資產總值 7,637,059 6,719,223 +%
Total current liabilities 流動負債總額 1,954,319 1,875,654 +%
Total non-current liabilities 非流動負債總額 109,168 104,217 +%
Total liabilities 負債總額 2,063,487 1,979,871 +%
Net current assets 流動資產淨值 5,000,797 4,321,049 +%
Total equity 權益總額 5,573,572 4,739,352 +%
Management Discussion and Analysis 管理層之討論與分析
百富環球科技有限公司 二零二零年年報 14
Management Discussion and Analysis
管理層之討論與分析
收入
營業額由截至二零一九年十二月三十一日止
年度的4,百萬港元增加%或百
萬港元至截至二零二零年十二月三十一日止
年度的5,百萬港元，主要由於來自海外市
場的營業額增加。
i) 按地區分類的營業額
For the year ended 31 December
截至十二月三十一日止年度
2020 2019
二零二零年 二零一九年 +/(-)
PER SHARE (IN HK$) 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 +%
For the year ended
31 December
截至十二月三十一日止年度
2020 2019
二零二零年 二零一九年
FINANCIAL RATIOS 財務比率
Gross profit margin 毛利率 % %
Net profit margin 淨利潤率 % %
Revenue
Turnover increased by % or HK$ million to HK$5,
million for the year ended 31 December 2020 from HK$4, million
for the year ended 31 December 2019 mainly due to the increase in
turnover generated from overseas markets.
i) Sales by Geographical Region
China market 中國市場LACIS EMEA APAC USCA
2,514,700
397,124
927,562
345,974
740,373
4,925,733
Total 總計
2019
HK$'000
千港元
2,723,604
323,440
1,268,916
508,346
826,313
5,650,619
Total 總計
2020
HK$'000
千港元
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202015
Management Discussion and Analysis
管理層之討論與分析
來自海外市場的營業額由截至二零一九
年十二月三十一日止年度的4,百萬
港元增加%至截至二零二零年十二
月三十一日止年度的5,百萬港元。
截至二零二零年十二月三十一日止，海
外市場營業額佔總營業額比截至二零
一九年十二月三十一日止年度%增
長至%。海外各分部業務均錄得增
長，特別是EMEA、LACIS及USCA地區。其
增長主要由於市場滲透度及安卓電子支
付終端銷售提升。來自中國市場的營業
額由截至二零一九年十二月三十一日止
年度的百萬港元下降%至截
至二零二零年十二月三十一日止年度的
百萬港元。其下降主要是由於持續
激烈的競爭。
For the year ended 31 December
截至十二月三十一日止年度
2020 2019
二零二零年 二零一九年
HK$’000 HK$’000
千港元 千港元 +/(-)
Overseas markets 海外市場
– Latin America and the Commonwealth
of Independent States (“LACIS”)
－拉丁美洲和獨聯體國家
（「LACIS」） 2,723,604 2,514,700 +%
– Europe, Middle East and Africa
(“EMEA”)
－歐洲、中東及非洲（「EMEA」）
1,268,916 927,562 +%
– Asia Pacific Region
(Except for Mainland China) (“APAC”)
－亞太區（除中國大陸外）
（「APAC」） 826,313 740,373 +%
– United States of America and
Canada (“USCA”)
－美國與加拿大
（「USCA」） 508,346 345,974 +%
5,327,179 4,528,609 +%
China Market 中國市場 323,440 397,124 %
Total 總額 5,650,619 4,925,733 +%
Turnover generated from overseas markets increased by %
to HK$5, million for the year ended 31 December 2020
from HK$4, million for the year ended 31 December 2019.
Turnover generated from overseas markets accounted for %
of total revenue for the year ended 31 December 2020, growing
from % for the year ended 31 December 2019. All overseas
business units recorded growth, especially the EMEA, LACIS and
USCA regions. The increase was mainly driven by the increase
in market penetration and sales of Android terminals. Turnover
generated from the China Market decreased by % to
HK$ million for the year ended 31 December 2020, from
HK$ million for the year ended 31 December 2019. The
decrease was mainly due to the continuously keen competition.
百富環球科技有限公司 二零二零年年報 16
Management Discussion and Analysis
管理層之討論與分析
ii) 按產品分類的銷售額
電子支付終端產品
電子支付終端產品包括智能電子支付終
端、智能管理及支付一體化解決方案、傳
統電子支付終端、移動電子支付終端、二
維碼支付終端及其他配件。
銷售電子支付終端產品的營業額由截至
二零一九年十二月三十一日止年度的
4,百萬港元上升%至截至二零
二零年十二月三十一日止年度的5,
百萬港元，增長由於年內海外市場銷售
額上升。
服務
服務收入包括收入來自在意大利及香港
的維護及安裝服務及支付解決方案服
務，例如：平台解決方案服務及其他軟件
增值服務。
服務營業額由截至二零一九年十二月
三十一日止年度的8 8 . 7百萬港元增加
%至截至二零二零年十二月三十一
日止年度的百萬港元。服務收入增
加主要由於支付解決方案服務收入的增
長。
ii) Sales by Product Category
For the year ended 31 December
截至十二月三十一日止年度
2020 2019
二零二零年 二零一九年
HK$’000 HK$’000
千港元 千港元 +/(-)
E-payment Terminals products 電子支付終端產品 5,532,211 4,837,042 +%
Services 服務 118,408 88,691 +%
Total 總額 5,650,619 4,925,733 +%
E-payment Terminals products
E-payment Terminals products include smart E-payment Terminals,
all-in-one smart electronic cash register solution, traditional
E-payment Terminals, mobile E-payment Terminals, QR code
E-payment Terminals and other accessory items.
Turnover from the sales of E-payment Terminals products increased
by % to HK$5, million for the year ended 31 December
2020 from HK$4, million for the year ended 31 December
2019. The growth is attributed to the increase in sales in the
overseas markets during the year.
Services
Services income includes the income generated from the provision
of maintenance and installation services in Italy and Hong Kong
and payment solutions services, . platform solutions services
and other software value-added services.
Turnover from services increased by % to HK$ million
for the year ended 31 December 2020 from HK$ million
for the year ended 31 December 2019. The increase in services
income was mainly driven by the growth in payment solutions
services.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202017
Management Discussion and Analysis
管理層之討論與分析
毛利率
截至二零二�年十二月三十一日止年度的
毛利率為%，較截至二零一九年十二月
三十一日止年度%上升190基點。上升主
要由於銷售組合的變化。
其他收入
其他收入主要包括定期存款利息收入、補貼收
入及增值稅退稅。其他收入由截至二零一九年
十二月三十一日止年度的百萬港元輕微下
降%至截至二零二�年十二月三十一日止
年度的百萬港元，其下跌的原因為來自聯
營公司的服務收入下跌。
銷售開支
銷售開支由截至二零一九年十二月三十一日
止年度的百萬港元增加%至截至二
零二�年十二月三十一日止年度的百萬
港元。銷售開支隨營業額增長而大致上同幅增
加。
行政費用
行政費用由截至二零一九年十二月三十一日
止年度的百萬港元增加%至截至二零
二�年十二月三十一日止年度的百萬港
元，其增加的主要由於研發費用增加。
金融資產之減值淨虧損
本集團於二零二零年及二零一九年十二月
三十一日止年度分別計提應收款項淨減值撥備
百萬港元及百萬港元。於年內確認之
金額包括以共同基準計量之預期信貸虧損撥備
百萬港元及以個別基準計量主要有關USCA
區客戶的應收款之預期信貸虧損撥備百萬
港元。詳情載於綜合財務報表附註(b)(ii)及附
註21。
年度溢利及本公司持有人應佔溢利
由於以上所述，年度溢利為百萬港元，
較二零一九年的百萬港元上升%。
於二零二�年，本公司持有人應佔年度溢利為
百萬港元，較二零一九年的百萬港
元上升%。
Gross Profit Margin
Gross profit margin for the year ended 31 December 2020 was %,
representing an increase of 190 basis points as compared to % for
the year ended 31 December 2019. The increase was mainly driven by
the change in sales mix.
Other Income
Other income comprises primarily, interest income from time deposit,
subsidy income and value-added tax refund. It decreased slightly by
% to HK$ million for the year ended 31 December 2020 from
HK$ million for the year ended 31 December 2019, due to the
decrease in the service income from a joint venture.
Selling Expenses
Selling expenses increased by % to HK$ million for the year
ended 31 December 2020 from HK$ million for the year ended
31 December 2019. Selling expenses grew generally in line with the
turnover growth.
Administrative Expenses
Administrative expenses increased by % to HK$ million for
the year ended 31 December 2020 from HK$ million for the year
ended 31 December 2019. The increase was mainly due to the increase
in research and development (“R&D”) expenses.
Net Impairment Losses on Financial Assets
The Group has recognised a provision for net impairment of receivables
of HK$ million and HK$ million for the years ended 31
December 2020 and 2019 respectively. The amount recognised during
the year consisted of the provision for the expected credit losses on
collective basis of HK$ million and on individual basis of HK$
million mainly related to the trade receivables of customers in the
USCA region. Detail is set out in Note (b)(ii) and Note 21 to the
consolidated financial statements.
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$ million,
representing an increase of % compared to HK$ million in
2019. In 2020, profit for the year attributable to the owners of the
Company was HK$ million, representing an increase of % as
compared to HK$ million in 2019.
百富環球科技有限公司 二零二零年年報 18
Management Discussion and Analysis
管理層之討論與分析
其他事項
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算申請。於
二零二零年十二月三十一日，上海卡說的清算
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。
概述
市場分析及行業趨勢
二零二零年，新型冠狀病毒疫情為全球各國帶
來前所未見的衝擊，經濟環境及消費模式赫然
進入「新常態」，全面重塑傳統支付市場格局。
隨著全球各國實施嚴格的疫情防控措施，民眾
大幅減少使用現金，非接觸式支付迅速成為當
下消費者首選的支付交易模式。另外，世界各
地的政府機構提高非接觸式支付交易金額上
限，加速消費者從現金轉向使用NFC銀行卡及
二維碼等電子支付方式，非接觸式支付已成為
不可逆轉的趨勢。
隨著全球電子支付終端行業邁進快車道，百富
與世界各地的銀行及支付服務商加強更緊密
合作。憑藉強大的銷售網絡及卓越的支付產
品，本集團緊握發展機遇，創出業績新高。二
零二零年，本集團收入錄得5,百萬港元，
同比增長％，總收入為歷年業績新高，海
外收入佔本集團總收入超過90%。面對疫情帶
來的挑戰，百富展現強大的企業韌性及業務實
力，年內溢利增長高達%。
Other Event
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. As at 31 December 2020, the
liquidation process of Shanghai Kashuo was 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.
OVERVIEW
Market Analysis and Industry Trends
In 2020, the emergence of the COVID-19 pandemic brought
unprecedented shock to every country on the planet. The economic
environment and consumption patterns have transpired into a “new
normal”, resulting in a radical reshaping of the traditional payment
market. As countries implemented stringent pandemic control and
prevention measures, people drastically reduced the use of physical
cash. Contactless payment quickly became the preferred payment
transaction method of consumers. Governments’ uplift of transaction
limits for contactless payment has further accelerated customers’ shift
from using cash to electronic payment methods such as NFC-enabled
bank card or QR (Quick Response) code payment. Contactless payments
have become an irreversible trend.
Riding on the rapid development of the global E-payment terminals
industry, the Group continues to strengthen closer partnerships with
acquiring banks and payment service providers around the world.
Leveraging on our extensive sales network and excellent payment
products, the Group has seized the development opportunities and
achieved a new high in results performance. In 2020, the Group
achieved a record high revenue of HK$5, million, representing
a year-on-year growth of %. Revenue from overseas markets
accounted for over 90% of the total revenue of the Group. In the face
of the challenges posed by the pandemic, PAX demonstrated strong
enterprise-wide resilience and business competence, achieving a %
growth of net profit for the year.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202019
Management Discussion and Analysis
管理層之討論與分析
作為電子支付終端行業的先行者，百富成功將
挑戰重重的二零二零年轉化成加速發展的機
遇。在過去幾年，本集團對產品創新投入持之
以恆，聚焦研發新一代支付終端解決方案。百
富的安卓SmartPOS、SmartECR、SmartKiosk和
自助服務解決方案系列，應對綜合零售商（超
市和連鎖店）、中小商戶和自助服務領域的不
同需要。在百富多合一的安卓智能支付終端，
商戶可分析消費者行為、創建自動化營銷活
動、管理存庫等，強化商戶在業務管理及營銷
推廣效率。透過百富雲端PAXSTORE，支付服
務供應商能實時管理終端網絡，以及為商戶提
供新的增值應用服務。二零二零年下半年，本
集團的安卓終端銷售額較上半年大幅增長。安
卓解決方案在二零二零年佔集團總收入超過
30%。
PAXSTORE現已成為推動百富智能支付終端的
重要助力。迄今，PAXSTORE服務覆蓋已遍及全
球超過80個國家，接入終端接近二百萬台，為
商戶提供4,000多個創新的增值應用程式，涵
蓋支付、點餐、售票、會員管理、存庫管理、營
銷及退稅等。PAXSTORE亦可連接其他品牌的
安卓終端，以及將可接入非安卓系統的終端。
As a pioneer of the E-payment terminal industry, PAX succeeded in
turning the challenging year of 2020 into a surging growth opportunity.
Over the past few years, the Group has been strategically sowing the
seeds of product innovation, cultivating a new generation of payment
terminal solutions. PAX’s full range of Android SmartPOS, SmartECR,
SmartKiosk models and unattended solutions, caters to the diverse
needs of integrated multilane retailers (supermarkets and chain stores),
SMB merchants (Small & Medium-sized Businesses) and the self-service
sector. PAX’s all-in-one Android solutions enable merchants to analyse
customer behaviours, create automated marketing campaigns, manage
inventory, etc., hence strengthen their operational management and
marketing efficiency. Through PAXSTORE, payment service providers
are empowered to manage the terminal estate in real-time and deliver
new value-added application services to merchants. In the second half
of 2020, sales of Android terminal solutions increased substantially
compared to the first half of the year. Android solutions accounted for
over 30% of the Group’s total revenue in 2020.
PAXSTORE has become a boosting force in driving the roadmap of
PAX’s smart payment terminal products portfolio. Today, PAXSTORE
is running in more than 80 countries with close to 2 million devices
connected, providing merchants with over 4,000 innovative value-added
applications, covering payment, food ordering, ticketing, loyalty reward
schemes, inventory control, marketing, tax refund, etc. PAXSTORE
can also connect to other branded Android terminals, as well as non-
Android terminals in the near future.
百富環球科技有限公司 二零二零年年報 20
Management Discussion and Analysis
管理層之討論與分析
海外市場
LACIS
在拉丁美洲和獨聯體國家（後者包括俄羅斯和
獨立國家聯合體），巴西繼續成為百富在該區
主要市場。回顧年內，巴西的金融科技維持高
速增長，市場對新一代智能支付終端需求殷
切。受惠多項戰略合作及豐富的安卓產品線，
百富繼續保持在巴西電子支付終端市場的領
先位置。百富的安卓智能終端賦能商戶進行智
慧經營及支付，以及完美整合商戶多元的業務
應用，獲得市場熱烈支持。安卓智能終端A50
及A930更於年內實現可觀的銷售增長。
本集團繼續拓展其他市場佈局，在俄羅斯、阿
根廷及墨西哥等地進一步部署百富終端。在烏
克蘭，當地最大收單行與本集團合作推出人臉
識別支付服務，採用百富A930安卓終端進行
驗證，消費者無須帶備現金、信用卡或智能手
機，即可在商店內進行支付。
EMEA
在歐洲、中東和非洲地區，更多支付服務供應
商及收單銀行選用百富安卓智能解決方案，本
集團實現強勁的銷售增長，與去年同比增長達
%。
隨著二零二零年三月開始，多個歐洲國家相繼
提升非接觸支付的交易上限額度，以應對疫情
下消費者的支付模式改變。在歐洲，市場對安
卓終端銷售的需求殷切，帶動百富在意大利和
東歐地區實現強勁的銷售增長。英國、北歐、
西班牙、法國和土耳其等其他市場亦開始加快
部署安卓終端。
為應對新型冠狀病毒疫情蔓延，百富與英國零
售解決方案軟件公司達成合作，透過百富安卓
終端進行顧客的接觸史追溯，以配合英國國民
保健署(NHS)檢測和追溯計劃。
在中東和非洲地區，客戶轉向使用百富的安卓
支付解決方案呈現上升趨勢，百富在埃及、尼
日利亞、沙特阿拉伯以及其他海灣合作委員會
(GCC)國家的出貨量增長強勁。二零二零年下
半年，本集團在南非市場增加其曝光率，在當
地獲大部分大型收單銀行指定為新供應商。
Overseas markets
LACIS
In Latin America and the CIS countries (the latter including Russia and
the Commonwealth of Independent States), Brazil continued to be the
key market for PAX. During the year, Brazil’s fintech maintained robust
growth, generating strong market demand for new-generation Android
smart payment terminals. Driven by multiple strategic partnerships and
the rich diversity of the Android product line, PAX continued to uphold
its leading position as the E-payment terminal brand of choice in Brazil.
PAX’s Android smart terminals enable merchants to operate the business
and manage payments in a smarter and more efficient manner, as well
as perfectly integrate diverse business applications of merchants. These
advantages are gaining market traction. During the year, sales of the
Android POS A50 and A930 recorded substantial growth.
The Group continued to expand its presence in other markets and
further deployed PAX terminals in Russia, Argentina and Mexico. In
Ukraine, the largest acquirer has partnered with the Group to launch
a facial recognition payment service, using the PAX A930 Android
terminal for authentication and allow customers to pay in-store without
having to bring cash, bank card or smartphone.
EMEA
In Europe, the Middle East and Africa, the Group achieved a robust
sales growth of % year-on-year, primarily due to the up-take of PAX
Android smart solutions by a growing base of payment service providers
and acquiring banks.
Since March 2020, a number of European countries have successively
raised the transaction limits for contactless payment in response to the
changing consumer payment habits during the pandemic. In Europe,
strong demand for Android terminals contributed to significant sales
growth in Italy and Eastern Europe. Other markets such as the UK,
Scandinavia, Spain, France and Turkey have also begun accelerating the
deployment of Android terminals.
In response to the COVID-19 outbreak, PAX partnered with a British
retail solution software company to carry out contact tracing of in-store
customers through PAX Android terminals, in compliance with the NHS
(National Health Service) Test and Trace program.
In the Middle East and Africa, PAX achieved significant growth in
shipments to Egypt, Nigeria, Saudi Arabia, as well as other Gulf
Cooperating Council (GCC) countries, in light of the growing trend of
customers shifting towards PAX’s Android payment solutions. In the
second half of 2020, the Group increased its exposure in the South
African market and being designated as a new supplier to a majority of
the country’s large acquiring banks.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202021
Management Discussion and Analysis
管理層之討論與分析
APAC
在亞太區，各國政府著力推動無現金發展，加
上新興市場電子支付系統建設日漸完善，推動
電子支付用戶持續增長。二零二零年，疫情更
令亞太地區的零售、餐飲等行業加快採用支援
非接觸式支付及增值應用程式的智能電子支
付終端。
百富作為亞太國家主流收單銀行和機構的安
卓產品供應商之一，本集團在多個市場取得突
破。在印度，市場對百富全系列安卓支付產品
的需求日益增加。百富強化與當地龍頭收單銀
行及機構合作，進一步取得更高的市場份額。
在日本，百富為連鎖便利店、主題樂園以及金
融機構部署電子支付終端。
在東南亞市場，電子支付百花齊放，百富將抓
緊龐大的增長潛力，與當地領先收單銀行及支
付服務供應商攜手合作，在印尼、菲律賓、馬
來西亞、泰國及越南等地加快部署其智能支付
解決方案。
USCA
在美國和加拿大，更多支付服務供應商轉向採
用百富終端解決方案，帶動集團在該區二零二
零年取得%增長。本集團與美國主要支付
處理公司達成戰略合作，透過其遍佈全國的獨
立銷售機構網絡(“ISOs”)部署更多百富創新的
安卓智能終端系列。二零二零年，百富的旗艦
安卓智能產品A920的銷售額較二零一九年增
長一倍多。來自支付服務供應商和獨立銷售機
構網絡的收入貢獻不斷增長外，百富解決方案
現時獲得更多美國頂級零售和連鎖快餐店採
用。本集團與美國支付服務供應商達成合作，
以實現二零二一年四月加油站的強制性規定，
支付終端必須升級轉用接受EMV支付，帶動百
富自助服務產品線的銷售進一步增長。
為應對新型冠狀病毒疫情，百富與行業領先的
醫療保健支付技術公司AxiaMed合作，為醫療
服務機構提供可支援NFC非接觸支付方式的安
卓支付解決方案，更衛生及便捷地處理病患者
的支付交易。
APAC
In the Asia-Pacific region, the promotion of cashless initiatives by
various governments, coupled with the increasingly advanced electronic
payment systems in emerging markets, have fostered the continuous
growth of electronic payment users. In 2020, the pandemic has further
driven the adoption of smart payment terminals that support contactless
payment technology and value-added applications in the retail and
catering industries across the Asia Pacific.
As one of the Android product suppliers to mainstream acquiring
banks and institutions in Asia Pacific countries, the Group has achieved
breakthroughs in multiple markets. In India, there is a growing
demand for the Group’s full range of Android payment products.
PAX strengthened its partnerships with leading banks and financial
institutions and further gained a larger market share. In Japan, PAX
deployed payment terminals for chain convenience stores, theme parks,
as well as financial institutions.
In Southeast Asia, where E-payment is flourishing, PAX will continue
to seize the huge growth potential and partner with leading acquiring
banks and payment service providers to accelerate the roll-out of
smart Android payment solutions in countries such as Indonesia, the
Philippines, Malaysia, Thailand and Vietnam.
USCA
In the United States and Canada, more payment service providers
(“PSPs”) shifted to PAX’s terminal solutions, driving a revenue growth
of % in 2020. The Group entered into strategic cooperation with
major payment processing companies in the United States and deployed
more innovative Android terminals through its nationwide network of
Independent Sales Organizations (“ISOs”). In 2020, the sales of PAX’s
flagship Android A920 more than doubled when compared to 2019. In
addition to the growing revenue contribution from PSPs and ISOs, PAX
solutions are now being deployed by more top . retail and quick-
service restaurant chains. The Group partnered with a . payment
service provider, to comply with the April 2021 mandate that payment
terminals at gas stations shall be upgraded to accept EMV payments,
driving further sales growth for PAX’s unattended product line.
In response to the COVID-19 pandemic, PAX partnered with AxiaMed,
an industry leader in healthcare payment technology, to provide
healthcare institutions with NFC contactless-enabled Android payment
terminal solutions, handling patient payment in a more hygienic and
convenient way.
百富環球科技有限公司 二零二零年年報 22
Management Discussion and Analysis
管理層之討論與分析
中國市場
二零二零年，本集團繼續對中國業務優化資源
配置，專注服務信譽良好及財務穩健的客戶，
百富其國內業務的毛利率有所改善。受惠中國
的金融科技蓬勃發展，電子支付應用場景愈
趨多元化，市埸對安卓智能終端的需求熱切。
百富將繼續深化與國內具信譽的收單銀行及
支付服務供應商合作，加快部署百富的安卓系
列。
管理層策略
專注產品研發，打造創新及多元化終端和軟
件解決方案
百富將秉承「追求卓越、創新」的企業文化，
聚焦研發智能終端及軟件解決方案。百富的
SmartPOS、SmartECR和SmartKiosk多個旗艦安
卓智能終端系列在全球市場倍受矚目，預期未
來將成為百富強勁的增長動力。
面對疫情的挑戰，不論是大型連鎖零售商或者
中小商戶將加快擁抱新科技，採用業務電子化
以緊貼市場發展。透過PAXSTORE，我們的多
合一解決方案能滿足市場需求，並提供增值服
務。
本集團將繼續緊貼技術發展及市場需求變化
的步伐，加強投入研發創新的解決方案，升級
智能支付產品，同時持續完善PAXSTORE平台。
China market
In 2020, the Group continued to optimize resources and focus on
serving reputable and financially solid clients, resulted in an improved
gross profit margin of its China business. As financial technology evolves
in China, electronic payment application scenarios are becoming more
diversified and the market has an eager demand for Android smart
terminal solutions. PAX will continue to strengthen cooperation with
reputable acquiring banks and payment service providers in China to
accelerate the deployment of PAX’s Android series.
Management strategy
Focus on R&D to develop innovative and diversified
terminals and software solutions
PAX adheres to a corporate culture of “pursuing excellence and
innovation” with a focus on smart terminals and software solutions.
The flagship SmartPOS, SmartECR and SmartKiosk series are attracting
prominent interest globally and expected to become the Group’s main
growth engine going forward.
In face of the challenges of the pandemic, whether large-scale chain
retailers or small and medium-sized businesses, will accelerate to
embrace new technologies and adopt business digitization to keep up
with market developments. Through PAXSTORE, our all-in-one solutions
can fulfill market demand and provide value-added services.
The Group will continue to keep up with the pace of technological
development, strengthening investment in research and development
of innovative solutions, upgrading Android payment products whilst
continuously enhancing the PAXSTORE platform.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202023
Management Discussion and Analysis
管理層之討論與分析
強化百富全球銷售網絡，提升其國際領導地位
百富將以全球化的規模優勢，與渠道合作夥
伴、收單銀行、支付服務供應商及商戶攜手建
立更緊密的夥伴合作，深化現有市場份額，並
開拓具潛力的新市場。與此同時，本集團繼續
在支付領域探索具備良好市場前景的併購及
投資項目。透過拓展多元化的解決方案及支付
相關的創新技術，進一步取得全球市場份額，
提升集團的國際領導地位。
緊貼疫情發展，抓緊提速邁向無現金化的機遇
二零二零年，縱然新型冠狀病毒疫情在世界各
地一浪接一浪，對全球經濟及民眾的生活帶來
重大衝擊，百富管理層深信隨著全球加快推出
疫苗接種計劃，各國經濟活動將逐步復甦。百
富擁有穩健的業務根基和資本架構，以及創新
產品和忠實客戶群，賦予本集團充足的韌性應
對疫情挑戰。
在新型冠狀病毒疫情爆發初期，本集團的供應
鏈曾短暫受到影響，但其外包產品組裝線迅速
全面恢復生產，全年的生產活動依然按計劃推
進。本集團在全球所有辦公室採取有效的社交
距離措施，以及靈活的在家辦公模式，並透過
不同虛擬平台有效地保持業務聯繫。本集團將
密切審視市場情況，繼續評估疫情對百富營運
及財務表現的影響。
在疫情下，消費者加快採用非接觸式電子支
付，全球電子支付市場正進入高速發展期，我
們預期世界各地的主要銀行及收單機構將加
緊力度，為零售及餐飲市場復甦作準備。百富
的支付終端可支援NFC非接觸式及二維碼等移
動支付，為消費者及商戶帶來更安全、便利的
支付體驗。憑藉多元化的解決方案及龐大的銷
售網路，百富已充分準備就緒，昂首迎接全球
無現金化的龐大市場機遇。
Strengthen PAX’s global sales network to enhance its
leading international position
PAX will capitalise on its global reach advantage to strengthen closer
partnerships with channel partners, acquiring banks, payment service
providers and merchants to expand our market share and explore
potential new markets. Meanwhile, the Group will continue to explore
merger and acquisition opportunities and other investment projects
which offer good prospects in the payment sector. With a view to
further capturing global market share and enhancing its leading
international position, the Group will continue to expand diversified
solutions and innovative payment-related technologies.
Monitor the situation of COVID-19 and grasp the
opportunities of accelerated cashless adoption
Despite the multiple waves of COVID-19 outbreaks which severely
impacted the global economy and people’s daily livelihood in 2020, PAX
management is convinced that as the world accelerates the launch of
vaccination programs, economic activity across countries will gradually
recover. PAX’s solid business foundation and capital structure, as well as
innovative product portfolio and loyal customer base, have empowered
the Group with sufficient resilience to cope with challenges brought by
the pandemic.
The Group’s supply chains experienced a temporary interruption
at the beginning of the COVID-19 outbreak, outsourced assembly
lines for our products resumed full capacity shortly and production
activity throughout the year progressed as planned. The Group
has implemented efficient social distancing measures in our
offices worldwide and a flexible work from home policy. Customer
communication was effectively maintained through various virtual
platforms. The Group will closely monitor the market conditions and
continue to assess the impact of the outbreak on PAX’s operations and
financial performance.
Under the pandemic, the global electronic payment market is
skyrocketing as customers have accelerated to adopt contactless
electronic payments. We are expecting acquiring banks and payment
service providers globally to gear up for the recovery of the retail
and catering markets. PAX’s payment terminals can support mobile
payments such as NFC contactless and QR code, bringing consumers
and merchants a more secure and convenient payment experience.
Leveraging on our diversified solutions portfolio and extensive global
sales network, PAX is poised to embrace the huge market opportunities
presented by the increasingly cashless world.
百富環球科技有限公司 二零二零年年報 24
Management Discussion and Analysis
管理層之討論與分析
流動資金及財務資源
於二零二零及二零一九年度，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：
於二零二零年十二月三十一日，本集團擁有
現金及現金等價物及短期銀行存款總計為
3,百萬港元（二零一九年：3,百萬港
元），並無借貸（二零一九年：百萬港元）。
於二零二零年十二月三十一日，本集團錄得流
動資產淨值5,百萬港元，而二零一九年
十二月三十一日則為4,百萬港元。截至
二零二零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，而截至二
零一九年十二月三十一日止年度為1,百
萬港元。資本負債比率按債項總額除以資本總
額。於二零二零年十二月三十一日，本集團並
無借貸，資本負債比率不適用（二零一九年：
%）。資本負債比率被視為穩健，並適合本
集團業務持續發展。
資本架構及抵押詳情
於二零二零年十二月三十一日，本集團並無借
貸（二零一九年：百萬港元）及無銀行信貸
額度（二零一九年：同上）。於二零一九年十二
月三十一日，借貸用於韓國業務及以韓圜計值
及所有借貸均無抵押。本集團並無以任何資產
作抵押。
Liquidity and Financial Resources
During the years of 2020 and 2019, 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
2020 2019
二零二零年 二零一九年
Current ratio (times) 流動比率（倍）
Quick ratio (times) 速動比率（倍）
As at 31 December 2020, the Group had cash and cash equivalents
and short-term bank deposits in an aggregate amount of HK$3,
million (2019: HK$3, million) and no borrowings (2019: HK$
million). As at 31 December 2020, the Group reported net current
assets of HK$5, million, as compared with HK$4, million as
at 31 December 2019. For the year ended 31 December 2020, net cash
generated from operating activities was HK$ million, as compared
with HK$1, million for the year ended 31 December 2019. The
gearing ratio is calculated as total debt divided by total capital. As at 31
December 2020, the Group had no borrowings and the gearing ratio is
not applicable (2019: %). The gearing ratio is considered healthy
and suitable for the continuous growth of the Group’s business.
Capital Structure and Details of Charges
As at 31 December 2020, the Group had no borrowings (2019: HK$
million) and no banking facilities (2019: same). As at 31 December
2019, the borrowings were used in the operation in Korea and
denominated in Korean Won and all borrowings were unsecured. There
was no charge on any assets of the Group.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202025
Management Discussion and Analysis
管理層之討論與分析
於二零二零年及二零一九年十二月三十一日，
本集團的現金及現金等價物分別以下列貨幣
列值：
重大投資
本集團於二零二零年十二月三十一日並無持
有任何重大投資（二零一九年：無）。
附屬公司、關聯公司及合資企業的重大收購
及出售
本集團於截至二零二零年十二月三十一日止
年度並無任何重大的附屬公司、關聯公司及合
資企業收購或出售（二零一九年：無）。
重大投資或資本資產的未來計劃
於二零二零年十二月三十一日，概無重大投資
或資本資產的具體計劃（二零一九年：無）。
匯率風險
本集團的營業額、採購及開支主要以人民幣、
港元、美元、歐元及盧比計值。大部分資產及
負債以人民幣、港元、美元、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。
由於港元與美元掛鈎，且以美元計值的交易主
要由採用相同功能貨幣的實體進行，故管理層
認為與美元有關的外匯風險並不重大。本集團
密切監察匯率變動，以管理外幣風險。
As at 31 December 2020 and 2019, 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
2020 2019
二零二零年 二零一九年
HK$’000 HK$’000
千港元 千港元
Renminbi (“RMB”) 人民幣 2,529,613 2,095,391
US dollar (“US$”) 美元 884,286 973,745
Hong Kong dollars (“HK$”) 港元 223,603 34,418
European dollar (“EUR”) 歐元 111,167 72,968
Indian Rupee (“INR”) 盧比 25,602 23,687
Others 其他 28,470 29,796
3,802,741 3,230,005
Significant Investment
The Group had no significant investment as at 31 December 2020
(2019: 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 2020 (2019: Nil).
Future Plans for Material Investments or Capital Assets
There was no specific plan for material investments or capital assets as
at 31 December 2020 (2019: Nil).
Exchange Rates Exposure
The Group derives its turnover, makes purchases and incurs expenses
denominated mainly in RMB, HK$, US$, EUR and INR. The majority of
assets and liabilities are denominated in RMB, HK$, US$, 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 that 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 same
functional currency. The Group manages foreign currency risk by closely
monitoring the movement of the foreign currency rates.
百富環球科技有限公司 二零二零年年報 26
Management Discussion and Analysis
管理層之討論與分析
或然負債
本集團於二零二零年十二月三十一日並無任
何重大或然負債（二零一九年：無）。
人力資源及薪酬政策
於二零二零年十二月三十一日，本集團僱員總
數為1,677人。下表載列於二零二零年十二月
三十一日根據職能劃分的各類僱員數目：
本集團確保其薪酬安排全面及具吸引力。僱員
的薪酬為每月固定薪金，另加與表現有關的年
度花紅。購股權乃根據購股權計劃授予本集團
若干僱員以酬謝彼等作出的貢獻，有關詳情載
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。
Contingent Liabilities
The Group had no significant contingent liabilities as at 31 December
2020 (2019: Nil).
Human Resources and Remuneration Policies
The total number of employees of the Group as at 31 December 2020
was 1,677. The following table shows a breakdown of employees of the
Group by functions as at 31 December 2020:
Management 管理層 12
Sales and after-sales services and marketing 銷售及售後服務以及市場推廣 384
Research and development 研發 817
Quality assurance 質檢 81
Administration and human resources 行政及人力資源 55
Accounting 會計 36
Production, procurement and inventory control 生產、採購及存貨控制 292
1,677
The Group ensures that its remuneration packages are comprehensive
and competitive from time to time. Employees are remunerated with a
fixed monthly income plus annual performance related bonuses. Share
options are granted to certain employees of the Group to reward their
contributions under share option schemes, 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.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202027
Corporate Governance Report
企業管治報告
董事會欣然提呈截至二零二零年十二月
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。
企業管治常規
本公司的企業管治常規乃以聯交所證券上市
規則（「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。
The Board is pleased to present this Corporate Governance Report for
the year ended 31 December 2020.
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 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 Rules Governing the Listing of Securities on the
Stock Exchange (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.
Corporate Governance Report 企業管治報告
百富環球科技有限公司 二零二零年年報 28
Corporate Governance Report
企業管治報告
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。
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 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.
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.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202029
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。
董事的履歷資料及彼等與董事會成員，（特別
是）主席與行政總裁的關係（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
先生的任期自二零一九年五月二十三日起，聶
國明先生和李文晉先生的任期自二零一九年
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 their relationship
between the members of the Board, in particular, between the
Chairman and the Chief Executive, if any, 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 2019
for Mr. Lu Jie and 1 December 2019 for Mr. Nie Guoming and Mr. Li
Wenjin, unless otherwise terminated in accordance with the terms of
the respective service contracts.
百富環球科技有限公司 二零二零年年報 30
Corporate Governance Report
企業管治報告
董事培訓
新委任董事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
行實質研討會及提供培訓資料為董事安排及
資助內部培訓。根據董事提供的記錄，董事於
截至二零二零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
Newly appointed Directors 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 physical seminar and provision of training materials. A
summary of training received by the Directors during the year ended 31
December 2020 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.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202031
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
截至二零一九年十二月三十一日止年度的全
年業績、截至二零二零年三月三十一日止三個
月的業績、截至二零二零年六月三十日止六個
月的中期業績及截至二零二零年九月三十日
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。
各董事於截至二零二零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 2019, results for the three months ended 31 March 2020,
interim results for the six months ended 30 June 2020 and results for
the nine months ended 30 September 2020, 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 2020 is set out below:
Attendance/Number of Meetings△
會議出席╱舉行次數△
Audit
Committee
Meetings
Nomination
Committee
Meeting
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 1/1 1/1 4/4 1/1
Yip Wai Ming 葉偉明 2/2 1/1 1/1 4/4 1/1
Wu Min 吳敏 2/2 1/1 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 (“Bye-laws”)
of the Company.
* 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.
百富環球科技有限公司 二零二零年年報 32
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.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202033
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。
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.
百富環球科技有限公司 二零二零年年報 34
Corporate Governance Report
企業管治報告
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。
年內，獨立非執行董事亦已出席本公司的股東
週年大會（詳情載於第31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。
截至二零二零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一半而其中最少一名獨
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用以
評估獨立性之指引，所有獨立非執行董事為獨
立。
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.
During the year, the independent non-executive Directors also attended
the annual general meeting of the Company, details of which are set
out on page 31, 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 2020, 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 half 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 in
accordance with the guidelines for assessing independence set out in
Rule of the Listing Rules.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202035
Corporate Governance Report
企業管治報告
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。
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。
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.
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.
百富環球科技有限公司 二零二零年年報 36
Corporate Governance Report
企業管治報告
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；
(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。
審核委員會於截至二零二零年十二月三十一
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。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。
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 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;
(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 training
programmes; and
(d) to consider and identify risks of the Group and consider
effectiveness of the Group’s decision making processes in crisis
and emergency situations and approve major decisions affecting
the Group’s risk profile or exposure.
The written terms of reference describing the authority and duties of
the Audit Committee was prepared and adopted in accordance with
the CG Code, the “Principles of Auditor Independence and the Role
of Corporate Governance in Monitoring an Auditor’s Independence“
issued by the Technical Committee of the International Organization of
Securities Commissions and “A Guide for The Formation of An Audit
Committee” published by the Hong Kong Institute of Certified Public
Accountants.
The Audit Committee held two meetings during the year ended 31
December 2020 to review the half-yearly and annual financial results
and reports, financial reporting and compliance procedures, internal
control and risk management systems, effectiveness of internal audit
function, the auditor’s independence and objectivity. Full minutes of the
meetings are duly kept by the Company Secretary(ies) and draft and
final versions of the same have been sent to all committee members for
comment and records, within reasonable time afterwards in accordance
with the relevant Code Provisions. The Audit Committee also met with
the Company’s auditor, PricewaterhouseCoopers, twice during the
year and recommended its re-appointment as the Company’s external
auditor to the Board, which has taken no different view in respect of the
Audit Committee’s recommendation.
PAX GLOBAL TECHNOLOGY LIMITED ANNUAL REPORT 202037
Corporate Governance Report
企業管治報告
截止二零二零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。
本公司截至二零二零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。
提名委員會
提名委員會由董事會於二零一零年十二月一
日成立，並由兩位獨立非執行董事（其中一位
為提名委員會主席）及一位執行董事組成。其
職權範圍根據企業管治守則草擬及採納，主要
職責其中包括檢討董事會的架構、規模及組
成、建立及制定有關董事提名及委任程序以及
就董事委任及繼任規劃向董事會作出建議，並
評估獨立非執行董事的獨立性。
提名委員會負責就適當的技能、技巧、經驗、
專業知識、個人誠信及投入時間以及就本集團
業務需要及其他相關法定規則及規例，甄選及
推薦候任董事人選。有需要時或會委任外界招
聘代理進行招聘及甄選程序。於委聘程序中維
持採用多元化甄選準則，同時考慮年齡、教育
背景、專業經驗、行業技能、專業知識及經驗
等多項特質，乃本公司一直以來秉持的基本原
則，而有關政策（「董事會多元化政策」）於二
零一四年編制。為促進本公司持續、均衡的發
展，提名委員會在提名及委任方面定期審閱董
事會多元化政策，以確保董事具備多元化視野
及不同教育背景及專業知識，從對支付行業的
深入了解、銷售及市場推廣才能以至於法律及
會計範疇的專業資格。董事均於各自專業知識
範疇積逾至少10至30年經驗。無論董事有任何
背景或經驗，彼等均擁有天賦才能及驅策行業
發展的共同特質，而此亦為甄選過程中提名委
員會貫徹及守護的終極價值。
董事的委任將依據客觀標準，並充分考慮多元
化對董事會的裨益。提名委員會基於候選人的
價值與貢獻作出決策。
At the end of 2020 and the date of this report, there are no material
uncertainties relating to events or conditions that may cast significant
doubt on the Company’s ability to continue as a going concern.
The Company’s annual results for the year ended 31 December 2020
have been reviewed by the Audit Committee.
Nomination Committee
The Nomination Committee was established by the Board on 1
December 2010 and comprises two independent non-executive
Directors (one of whom being the chairman of the Nomination
Committee) and one executive Director. Its terms of reference was
prepared and adopted with reference to the CG Code and its principal
duties include, among others, the review of the structure, size and
composition of the Board, developing and formulating relevant
procedures for nomination and appointment of Directors, making
recommendations to the Board on the appointment and succession
planning of Directors, and assessing the independence of the
independent non-executive Directors.
The Nomination Committee carries out the process of selecting and
recommending candidates for directorships based on the balance of
expertise, skills, experience, professional knowledge, personal integrity
and time commitments of such individuals, business requirements of
the Group and other relevant statutory requirements and regulations.
External recruitment agency may also be engaged to carry out the
recruitment and selection process when necessary. It has been an
underpinning philosophy of the Company to maintain diversified
selection criteria in its hiring process, taking into account a wide range
of attributes including age, educational background, professional
experience, industry skills, expertise and experience and such policy (the
“Board Diversity Policy”) was reduced to writing in 2014. To facilitate
sustainable and balanced development of the Company, the Nomination
Committee regularly reviews the Board Diversity Policy from nomination
level to appointment, with a view to achieve a diversified spectrum
of Directors with varying perspectives, educational background and
expertise, ranging from in-depth knowhow in the payment industry,
sales and marketing talents to professional qualifications in the legal
and accounting fields. Each Director has accumulated experience in
his respective field of expertise for at least 10 to 30 years. Regardless
of their background or experience, the Directors commonly share and
acquire the talent and competence to drive the development of the
industry, being the ultimate attributes that the Nomination Committee
will uphold and carry through in the talent selection process.
Appointment of Directors is based on objective criteria, having due
regard to the benefits of diversity to the Board, and decisions of the
Nomination Committee are based on the merits and contribution of the
selected candidates.
百富環球科技有限公司 二零二零年年報 38
Corporate Governance Report
企業管治報告
提名委員會亦已採納一項提名政策（「提名政
策」），當中列載提名、委任及重新委任董事之
甄選準則及提名程序。用以評估候選人的甄選
準則包括（尤其是）其學歷背景及專業資格、
與行業有關之經驗、品格及誠信及彼是否能如
董事會多元化政策所述為董事會多元化作出
貢獻。新委任及重新委任董事的程序概述如
下：－
－ 由提名委員會或董事會任何成員提名及
邀請適當候選人；
－ 由董事會根據提名政策及董事會多元化
政策所載所有甄選準則評估候選人；
－ 對各候選人進行盡職審查並作出推薦建
議以供董事會考慮及批准；
－ 如提名獨立非執行董事，則根據相關企
業管治守則條文及上市規則評估候選人
的獨立性；
－ 倘於股東大會上提名獨立非執行董事膺
選，則根據守則條文第條作出審慎
考慮；
－ 如重新委任退任董事，則檢討候選人的
整體貢獻及表現並就其於股東大會進行
重選向董事會及╱或股東作出推薦建議
以供考慮；及
－ 召開董事會議以考慮委任或重新委任候
選人為董事。
The Nomination Committee has also adopted a nomination policy (the
“Nomination Policy”) which sets out the selection criteria and procedure
of nominating, appointing and re-appointing a Director. The selection
criteria used in assessing the suitability of a candidate include, inter
alia, his/her academic background and professional qualifications,
relevant industry experience, character and integrity and whether he/
she can contribute to the diversity of the Board underpinned in the
Board Diversity Policy. The procedure of appointing and re-appointing a
Director is summarised as follows:–
– nomination and invitation of suitable candidates by any member
of the Nomination Committee or the Board;
– evaluation of the candidate by the Board based on all selection
criteria as set out in the Nomination Policy and the Board Diversity
Policy;
– performing due diligence in respect of each candidate and making
recommendation for the Board’s consideration and approval;
– in case of nomination of an independent non-executive Director,
assessi
